MIRA INFORM REPORT
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Report Date : |
27.09.2011 |
IDENTIFICATION DETAILS
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Name : |
GRAND
CHEMICAL LIMITED PARTNERSHIP |
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Registered Office : |
321/18 Nanglinchee Road, Chongnonsee, Yannawa, Bangkok 10120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
22.02.1982 |
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Com. Reg. No.: |
0103525005589 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Importer & Distributor of Industrial
Chemicals |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
GRAND CHEMICAL
LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 321/18 NANGLINCHEE
ROAD, CHONGNONSEE,
YANNAWA, BANGKOK
10120, THAILAND
TELEPHONE : [66] 2286-1591,
2678-3700-3, 2286-0062, 2286-9354 2287-0701, 2286-0059
FAX :
[66] 2287-0702,
2678-3704
E-MAIL
ADDRESS : grandkem@grandkem.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1982
REGISTRATION
NO. : 0103525005589
CAPITAL REGISTERED : BHT. 6,000,000
CAPITAL PAID-UP : BHT.
6,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR. ANANT PICHAYASAJJA,
THAI
MANAGING PARTNER
NO.
OF STAFF : 51
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was established on February 22, 1982 as
a limited partnership
under the name
style GRAND CHEMICAL LIMITED
PARTNERSHIP, by Mr. Anant
Pichayasajja and partners, in order to import and distribute industrial
chemicals to local
market. Subject currently 51
staff.
The subject’s registered
address is 321/18 Nanglinchee
Rd., Chongnonsee, Yannawa, Bangkok
10120, and this
is the company’s
operation address.
AUTHORIZED PERSON
Mr. Anant Pichayasajja can
sign on behalf of the subject
with seal affixed.
He also bears
full financial responsibility by
law.
MANAGEMENT
Mr. Anant Pichayasajja is
the Managing Partner.
He is Thai
nationality with the
age of 60
years old.
Mr. Veerakij Techatarathip is
the Sales Manager I.
He is Thai
nationality.
Mr. Somnuek Kanwuthikul is
the Sales Manager
II.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activities are
importer and distributor
various kinds of
industrial chemicals, with
over 200 items
as the followings:
Agricultural Chemical,
Animal Feed Additives
Sodium Bicarbonate [Feed] Grade, Potassium Chloride, Cobalt Sulphate, Magnesium
Sulphate, Manganese Sulphate and etc.
Cleaning
products
Specific Food &
Additives
STPP Food
Grade Citric Acid, Sodium
Citrate, Xanthan Gum,
Tartaric Acid,
Cream
of Tartar, Sodium
Bicarbonate, Food Grade,
Calcium Chloride Food
Grade
and etc.
Animal Feed
Minerals, vitamin and
feed ingredient
Foods
Food ingredient & food additive
Others
Electroplating, Construction, Tannery, Water treatment, Printing, Beverage, etc.
PURCHASE
80% of the
products is imported
from Republic of China, Japan,
Taiwan, India, Germany, United Kingdom, France, Belgium, United
States of America, Brazil, Netherlands and
Australia, the remaining
20% is purchased
from local supplier.
MAJOR SUPPLIERS
|
Name |
Country |
|
|
|
|
B A S F |
Germany |
|
Chemicals of Mitsubishi
Corp. |
Japan |
|
Arco Chemical Ltd. |
Japan |
|
Dow Chemical Inc. |
U.S.A. |
|
Tembec Avebene S.A. |
France |
|
Jungbun Zlauer AG. |
Brazil |
|
Thermphos International BV. |
Netherlands |
|
Solvay S.A. |
Belgium |
|
Brotherton Ltd. |
U.K. |
|
Molymet Inc. |
U.S.A. |
|
Ineos Group |
U.K. |
|
K & S Group |
Germany |
|
Jungbunzlawer AG. |
Germany |
SALES [LOCAL]
100% of its
products is sold
locally to manufacturers, wholesalers,
Thai Government &
end-users.
MAJOR CUSTOMERS
Ministry of
Public Health : Thailand
RELATED/AFFILIATED COMPANIES
Grand Chemical Fareast
Ltd.
Business Type :
Importer and distributor
of industrial chemicals.
Ecograng Co., Ltd.
Business Type :
Importer and distributor
of industrial chemicals.
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 by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or on the
credit term of
120 days &
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Bangkapi Branch : Sukhumvit
Rd., Klongtonnua, Wattana,
Bangkok]
EMPLOYMENT
The subject employs
51 staff.
LOCATION DETAILS
The premise is
owned for administrative office
and warehouse in
a 3 storey
building of 2 row shop houses
at the heading
address in commercial/residential area.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 500,000.
COMMENT
Demand of industrial chemicals has continued increasing since last year.
Domestic consumption remains strong
from industrial improvement.
Overall industrial conditions
have positive outlook.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 3 million, which
was carried by
3 persons as
followed:
Mr. Pithaya Pichayasajja Bht. 900,000
Ms. Chamaiporn Pichayasajja Bht. 450,000
Mr. Anant Pichayasajja Bht 1,650,000
[Unlimited Partner]
On December 27,
2001, the capital
was increased to
Bht. 6,000,000 which was
carried by 3
persons as followed:
Name Age Amount
Mr. Pithaya Pichayasajja 63 Bht. 1,400,000
Ms. Chamaiporn Pichayasajja 70 Bht. 1,800,000
Mr. Anant Pichayasajja 60 Bht. 2,800,000
[Unlimited Partner]
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Boonchai Chintakaviwat No.
4670
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
& at Bank |
127,378.90 |
179,466.49 |
|
Short-term Investment |
1,037,353.64 |
1,031,916.60 |
|
Trade Accounts &
Notes Receivable |
25,984,998.79 |
19,128,947.53 |
|
Inventories |
13,065,432.21 |
20,302,251.96 |
|
Other Current Assets |
1,323,557.05 |
397,470.84 |
|
|
|
|
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Total Current Assets
|
41,538,720.59 |
41,040,053.42 |
|
Fixed Assets |
25,956,554.35 |
5,677,379.37 |
|
Other Assets |
476,845.61 |
458,345.61 |
|
Total Assets |
67,972,120.55 |
47,175,778.40 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
17,337,668.12 |
14,082,477.04 |
|
Trade Accounts &
Notes Payable |
806,035.51 |
7,415,677.50 |
|
Short-term Loan from Person or Related
Company |
12,538,792.66 |
- |
|
Other Current Liabilities |
5,314,769.07 |
1,285,409.29 |
|
|
|
|
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Total Current Liabilities |
35,997,265.36 |
22,783,563.83 |
|
Total Liabilities |
35,997,265.36 |
22,783,563.83 |
|
|
|
|
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Shareholders' Equity |
|
|
|
|
|
|
|
Capital Paid |
6,000,000.00 |
6,000,000.00 |
|
Retained Earning -
Unappropriated |
25,974,855.19 |
18,392,214.57 |
|
Total Shareholders' Equity |
31,974,855.19 |
24,392,214.57 |
|
Total Liabilities & Shareholders' Equity |
67,972,120.55 |
47,175,778.40 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales & Service
Income |
146,767,256.29 |
107,442,110.81 |
|
Gain on Exchange
Rate |
2,684,145.06 |
420,337.48 |
|
Other Income |
158,115.72 |
52,811.21 |
|
Total Sales |
149,609,517.07 |
107,915,259.50 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
117,838,495.92 |
87,328,325.05 |
|
Selling Expenses |
4,506,830.94 |
3,369,415.55 |
|
Administrative Expenses |
15,422,716.61 |
14,274,306.65 |
|
Total Expenses |
137,768,043.47 |
104,972,047.25 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
11,841,473.60 |
2,943,212.25 |
|
Financial Cost |
[1,006,222.41] |
[696,126.51] |
|
Income Tax |
[3,252,610.57] |
[676,824.93] |
|
|
|
|
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Net Profit / [Loss] |
7,582,640.62 |
1,570,260.81 |
|
Retained Earning,
beginning of year |
18,392,214.57 |
16,821,953.76 |
|
Retained Earning, end of
year |
25,974,855.19 |
18,392,214.57 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.15 |
1.80 |
|
QUICK RATIO |
TIMES |
0.75 |
0.89 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.65 |
18.92 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.16 |
2.28 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
40.47 |
84.86 |
|
INVENTORY TURNOVER |
TIMES |
9.02 |
4.30 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
64.62 |
64.98 |
|
RECEIVABLES TURNOVER |
TIMES |
5.65 |
5.62 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
2.50 |
30.99 |
|
CASH CONVERSION CYCLE |
DAYS |
102.60 |
118.85 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
80.29 |
81.28 |
|
SELLING & ADMINISTRATION |
% |
13.58 |
16.42 |
|
INTEREST |
% |
0.69 |
0.65 |
|
GROSS PROFIT MARGIN |
% |
21.65 |
19.16 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.07 |
2.74 |
|
NET PROFIT MARGIN |
% |
5.17 |
1.46 |
|
RETURN ON EQUITY |
% |
23.71 |
6.44 |
|
RETURN ON ASSET |
% |
11.16 |
3.33 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.53 |
0.48 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.13 |
0.93 |
|
TIME INTEREST EARNED |
TIMES |
11.77 |
4.23 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
36.60 |
|
|
OPERATING PROFIT |
% |
302.33 |
|
|
NET PROFIT |
% |
382.89 |
|
|
FIXED ASSETS |
% |
357.19 |
|
|
TOTAL ASSETS |
% |
44.08 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
21.65 |
Impressive |
Industrial Average |
10.07 |
|
Net Profit Margin |
5.17 |
Impressive |
Industrial Average |
1.40 |
|
Return on Assets |
11.16 |
Impressive |
Industrial Average |
3.65 |
|
Return on Equity |
23.71 |
Impressive |
Industrial Average |
10.59 |
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 21.65%. When compared with the industry average, the ratio of the
company was higher. This indicated that company was more profitable than the
same industry.
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. The company’s figure
is 5.17%, 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 11.16%, 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 23.71%, 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 Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.15 |
Satisfactory |
Industrial Average |
1.43 |
|
Quick Ratio |
0.75 |
|
|
|
|
Cash Conversion Cycle |
102.60 |
|
|
|
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 1.15 times in 2010, decrease from 1.8 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 lower.
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 0.75 times in 2010,
decrease from 0.89 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 103 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.53 |
Impressive |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
1.13 |
Satisfactory |
Industrial Average |
1.69 |
|
Times Interest Earned |
11.77 |
Impressive |
Industrial Average |
2.08 |
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.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 11.77 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.53 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
5.65 |
Acceptable |
Industrial Average |
10.80 |
|
Total Assets Turnover |
2.16 |
Satisfactory |
Industrial Average |
2.62 |
|
Inventory Conversion Period |
40.47 |
|
|
|
|
Inventory Turnover |
9.02 |
Impressive |
Industrial Average |
7.53 |
|
Receivables Conversion Period |
64.62 |
|
|
|
|
Receivables Turnover |
5.65 |
Impressive |
Industrial Average |
4.81 |
|
Payables Conversion Period |
2.50 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.62 |
|
UK Pound |
1 |
Rs.76.68 |
|
Euro |
1 |
Rs.66.47 |
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.