MIRA INFORM REPORT
|
Report Date : |
21.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
SIAM
STABILIZERS AND CHEMICALS
CO., LTD. |
|
|
|
|
Registered Office : |
16th Floor, Rajanakarn Building, 183 South Sathorn Road, Sathorn, Bangkok 10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
23.08.1990 |
|
|
|
|
Com. Reg. No.: |
0105533101160 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Pvc Compound Stabilizer |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
SIAM STABILIZERS
AND CHEMICALS CO.,
LTD.
SUMMARY
ADDRESS : 16th FLOOR,
RAJANAKARN BUILDING,
183 SOUTH
SATHORN ROAD, SATHORN,
BANGKOK 10120,
THAILAND
TELEPHONE :
[66] 2676-6550-1
FAX : [66] 2676-6050
E-MAIL ADDRESS : sscmk@loxinfo.co.th
siamry@loxinfo.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1990
REGISTRATION NO. : 0105533101160 [Former
: 10116/2533]
CAPITAL REGISTERED : BHT.
190,000,000
CAPITAL PAID-UP : BHT.
190,000,000
SHAREHOLER’S
PROPORTION : THAI
:
65.00%
FOREIGN :
35.00%
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
ATTHAWUTH KARUNANONT, THAI
MANAGING DIRECTOR
NO. OF STAFF : 59
LINES OF BUSINESS : PVC
COMPOUND STABILIZER
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was established
on August 23, 1990
as a private limited company
under the name style SIAM STABILIZERS AND CHEMICALS CO., LTD., by
Thai and Japanese
groups, with the
business objective to
manufacture PVC compound stabilizer
to both local
and overseas markets.
It currently employs
59 staff.
The subject’s registered address is 16th
Floor, Rajanakarn Building, 183 South
Sathorn Rd., Sathorn, Bangkok
10120, and this
is the company’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr.
Kanes Kaochan |
|
Thai |
58 |
|
Mr.
Virat Mongkolpiyathana |
|
Thai |
57 |
|
Mr.
Atthawuth Karunanont |
[x] |
Thai |
50 |
|
Mrs. Chantanida Sarikaphuti |
|
Thai |
42 |
|
Mr. Samphan Lueveeraphan |
|
Thai |
48 |
|
Ms. Varangkana Suwanno |
|
Thai |
47 |
|
Mr.
Hideo Ogawa |
|
Japanese |
42 |
|
Mr.
Hiroshi Sawada |
|
Japanese |
56 |
|
Mr.
Shinya Sato |
[x] |
Japanese |
33 |
|
Mr. Ikutaka Shimisu |
|
Japanese |
52 |
AUTHORIZED PERSON
Both of
the above directors [x] can jointly
sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr.
Atthawuth Karunanont is
the Managing Director.
He
is Thai nationality
with the age
of 50 years
old.
Mr.
Shinya Sato is
the Deputy Managing
Director.
He
is Japanese nationality
with the age
of 33 years
old.
Mr.
Prachit Amornchai is
the Marketing & Sales Manager.
He
is Thai nationality.
Mr.
Namsak Chunhajutha is
the Administration Manager.
He
is Thai nationality.
Mr.
Prachak Aungprasert is
the Factory Manager.
He
is Thai nationality.
BUSINESS OPERATIONS
The subject’s activities are manufacturer,
exporter and distributor of PVC compound
stabilizer, including lead compound stabilizers,
Ca/Zn compound stabilizers
for plastic industries.
BRAND
NAME
“STABINEX”
PRODUCTION
CAPACITY
1,180
tons per year
PURCHASE
Raw
materials and chemicals are
purchased from both
local and overseas
suppliers in Indonesia,
Germany, Japan and
Republic of China.
MAJOR
SUPPLIER
Mizuzawa
Industrials Chemical Ltd.
: Japan
EXPORT
[COUNTRIES]
70% of
the product is exported to Japan, Indonesia, Malaysia,
Vietnam, Singapore, India, Bangladesh
and Pakistan.
SALES
[LOCAL]
30%
of the product
is sold locally
to manufacturers, wholesalers
and end-users.
MAJOR
CUSTOMER
Thai
Plastic and Chemical
Public Co. Ltd.
: Thailand
SUBSIDIARY
AND AFFILIATED COMPANY
The
subject is not found
to have any
subsidiary or affiliated
company here in
Thailand.
LITIGATION
Bankruptcy and
Receivership
There
are no litigation
on bankruptcy and
receivership cases filed
against the subject
found at Legal
Execution Department for
the past five
years.
Others
There
are no legal
suits filed against
the subject for
the past two
years.
CREDIT
Sales
are by cash
or on the
credits term of
30-60 days.
Local
bills are paid
on the credits
term of 30-60
day.
Imports
are by L/C
at sight or
on the credit
term of 90
days or T/T.
Exports
are against L/C
at sight or
on the credit
term of 90
days or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office
: Silom Road]
& [Mabtapud Branch]
Sumitomo Mitzui
Banking Corporation
[Bangkok Office]
EMPLOYMENT
The
subject employs 59
staff. [office staff
and factory workers]
LOCATION
DETAILS
The premise
is rented for operating administrative office
at the heading
address. Premise is
located in commercial
area.
Factory
is located at
5 Hemaraj Eastern
Industrial Estate, Pakornsongkroh Rd.,
T.
Mabtapud, A. Muang,
Rayong 21000.
Tel: [66]
38 683-450-3 Fax:
[66] 38 683-449
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
5,000,000.
COMMENT
The
subject’s products are
substantial raw material
for plastic industries.
The subject’s demand of
the products is in
relation to the growth
and fall of
the plastic industries.
Subject has solid
performance in the past
years with rising
sales from both
domestic and export markets.
Due to a
current flooding disaster
in many parts
of Thailand, the
subject might more
or less have an
impact from slow
demand of the
products from local
market for the rest
of this year. However,
it is still
doing good business
in overseas markets.
FINANCIALS INFORMATION
The
capital was initially
registered at Bht.
40 million, divided
into 400,000 shares
of Bht. 100
each.
The
capital was increased
later as followings
:
Bht. 90
million on January
14, 1992
Bht. 190
million on May 12,
1998
The
latest registered capital
was increased to
Bht. 190 million,
divided into 1,900,000
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTE WERE: [as
at April 20,
2011]
|
NAME |
HOLDING |
% |
|
Thai Plastic
and Chemical Public Co.,
Ltd. Nationality: Thai Address
: 14th - 15th Floors, 183
Rajanakarn Bldg., South Sathorn
Rd., Yannawa, Sathorn,
Bangkok |
1,140,000 |
60.00 |
|
Mizusawa
Industrial Chemicals Ltd.
Nationality: Japanese Address
: Tokyo, Japan |
570,000 |
30.00 |
|
Mitsui
& Co., Ltd. Nationality: Japanese Address
: Chiyoda-ku, Japan |
95,000 |
5.00 |
|
Mitsiam
International Ltd. Nationality: Thai Address
: 15th – 16th
Floors, 175 Sathorncity Tower, South Sathorn Rd., Thungmahamek, Sathorn,
Bangkok |
94,990 |
5.00 |
|
Mr.
Asawin Surasarang Nationality: Thai Address
: 9 Soi
12, Seree 2,
Pattanakarn Rd., Suanluang,
Phrakanong, Bangkok |
2 |
- |
|
Mr.
Thongyoo Thienkaow Nationality: Thai Address
: 1836/365 Soi
Panurungsee, Charansanitwong Rd.,
Bangplad, Bangkoknoi,
Bangkok |
2 |
- |
|
Mr.
Prasert Pengsomboon Nationality: Thai Address
: 38/106 Trok
Watchannok, Charoenkrung Rd.,
Bangkorlaem, Yannawa,
Bangkok |
2 |
- |
|
Mr.
Vinai Tattipong Nationality: Thai Address
: 134/211 Pracharat Rd.,
Bangsue, Dusit, Bangkok |
2 |
- |
|
Mr.
Pong Vimuktanont Nationality: Thai Address
: 128 Phaholyothin 53
Rd., Anusaowaree, Bangkhen, Bangkok |
2 |
- |
Total
shareholders : 9
Share Structure [as
at April 20,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
1,235,000 |
65.00% |
|
Foreign |
2 |
665,000 |
35.00% |
|
Total |
9 |
1,900,000 |
100.00% |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Pornthip Rimdusit
No. 5565
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents
|
105,556,475 |
102,314,995 |
|
Trade Accounts Receivable |
99,028,452 |
79,859,073 |
|
Inventories |
115,991,052 |
83,764,974 |
|
Other Current Assets
|
2,185,906 |
359,208 |
|
Total Current Assets
|
322,761,885 |
266,298,250 |
|
|
|
|
|
Fixed Assets |
67,267,972 |
69,317,246 |
|
Intangible Assets |
1,310,604 |
1,573,873 |
|
Other Assets |
196,300 |
196,300 |
|
Total Assets |
391,536,761 |
337,385,669 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
95,988,621 |
41,639,309 |
|
Other Payable - Related Company
|
1,836,167 |
1,423,076 |
|
Accrued Income Tax |
13,802,921 |
14,440,046 |
|
Other Current Liabilities |
3,898,930 |
5,857,078 |
|
Total Current Liabilities |
115,526,639 |
63,359,509 |
|
Total Liabilities |
115,526,639 |
63,359,509 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 1,900,000 shares |
190,000,000 |
190,000,000 |
|
Capital Paid |
190,000,000 |
190,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
19,000,000 |
19,000,000 |
|
Unappropriated |
67,010,122 |
65,026,160 |
|
Total Shareholders' Equity |
276,010,122 |
274,026,160 |
|
Total Liabilities &
Shareholders' Equity |
391,536,761 |
337,385,669 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
756,366,371 |
612,554,529 |
|
Gain on Exchange Rate |
524,373 |
361,670 |
|
Other Income |
1,856,166 |
1,713,538 |
|
Total Sales |
758,746,910 |
614,629,737 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
621,402,950 |
483,063,641 |
|
Selling Expenses |
15,005,073 |
12,690,885 |
|
Administrative Expenses |
29,996,388 |
27,779,257 |
|
Total Expenses |
666,404,411 |
523,533,783 |
|
Profit before Income Tax |
92,342,499 |
91,095,954 |
|
Income Tax |
[27,658,537] |
[27,238,082] |
|
Net Profit / [Loss] |
64,683,962 |
63,857,872 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.79 |
4.20 |
|
QUICK RATIO |
TIMES |
1.77 |
2.88 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
11.24 |
8.84 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.93 |
1.82 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
68.13 |
63.29 |
|
INVENTORY TURNOVER |
TIMES |
5.36 |
5.77 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
47.79 |
47.59 |
|
RECEIVABLES TURNOVER |
TIMES |
7.64 |
7.67 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
56.38 |
31.46 |
|
CASH CONVERSION CYCLE |
DAYS |
59.54 |
79.42 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
82.16 |
78.86 |
|
SELLING & ADMINISTRATION |
% |
5.95 |
6.61 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
18.16 |
21.48 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
12.21 |
14.87 |
|
NET PROFIT MARGIN |
% |
8.55 |
10.42 |
|
RETURN ON EQUITY |
% |
23.44 |
23.30 |
|
RETURN ON ASSET |
% |
16.52 |
18.93 |
|
EARNING PER SHARE |
BAHT |
34.04 |
33.61 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.30 |
0.19 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.42 |
0.23 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
23.48 |
|
|
OPERATING PROFIT |
% |
1.37 |
|
|
NET PROFIT |
% |
1.29 |
|
|
FIXED ASSETS |
% |
(2.96) |
|
|
TOTAL ASSETS |
% |
16.05 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
18.16 |
Satisfactory |
Industrial Average |
19.53 |
|
Net Profit Margin |
8.55 |
Impressive |
Industrial Average |
5.68 |
|
Return on Assets |
16.52 |
Impressive |
Industrial Average |
5.54 |
|
Return on Equity |
23.44 |
Impressive |
Industrial Average |
10.70 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company's figure is 18.16%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company was originated from the problems with control over its
costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. Net Profit Margin is 8.55%, higher figure
when compared with those of its
average competitors in the same industry, indicated that business was an
efficient operator in a dominant position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is 16.52%, higher figure when compared
with those of its average competitors in the same industry, indicated that
business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 23.44%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a
dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
2.79 |
Impressive |
Industrial Average |
1.99 |
|
Quick Ratio |
1.77 |
|
|
|
|
Cash Conversion Cycle |
59.54 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets are
readily available to pay off its short-term liabilities. The company's figure
is 2.79 times in 2010, decrease from 4.2 times, then it is generally considered
to have good short-term financial strength. When compared with the industry
average, the ratio of the company was higher, indicated that company was an
efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 1.77 times in 2010,
decrease from 2.88 times, although excluding inventory so the company still
have good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 60 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.30 |
Impressive |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
0.42 |
Impressive |
Industrial Average |
1.18 |
|
Times Interest Earned |
- |
|
Industrial Average |
5.79 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.3 less than 0.5, most of the company's assets
are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
11.24 |
Impressive |
Industrial Average |
2.28 |
|
Total Assets Turnover |
1.93 |
Impressive |
Industrial Average |
1.38 |
|
Inventory Conversion Period |
68.13 |
|
|
|
|
Inventory Turnover |
5.36 |
Acceptable |
Industrial Average |
7.97 |
|
Receivables Conversion Period |
47.79 |
|
|
|
|
Receivables Turnover |
7.64 |
Impressive |
Industrial Average |
7.01 |
|
Payables Conversion Period |
56.38 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.71 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.68.05 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.