MIRA INFORM REPORT
|
Report Date : |
04.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
OSC
SIAM SILICA CO.,
LTD. |
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|
Formerly Known As : |
TOKUYAMA SIAM
SILICA CO., LTD. |
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Registered Office : |
38th Floor, Ocean Tower Ii, 75/106 Soi Sukhumvit 19 [Wattana], Sukhumvit Road, Klongtoeynua, Wattana, Bangkok 10110 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
13.06.1988 |
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Com. Reg. No.: |
0105531042921 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, distributor
and exporter of industrial chemicals |
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No. of Employees
: |
155 |
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 |
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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 – 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
OSC SIAM
SILICA CO., LTD.
[ FORMER :
TOKUYAMA SIAM SILICA
CO., LTD. ]
SUMMARY
BUSINESS
ADDRESS : 38th FLOOR,
OCEAN TOWER II,
75/106 SOI
SUKHUMVIT 19 [WATTANA],
SUKHUMVIT ROAD,
KLONGTOEYNUA,
WATTANA, BANGKOK
10110
TELEPHONE : [66] 2665-2903
FAX :
[66] 2665-2912
E-MAIL
ADDRESS : osc-siam@apsilica.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1988
REGISTRATION
NO. : 0105531042921
CAPITAL REGISTERED : BHT. 389,267,500
CAPITAL PAID-UP : BHT.
389,267,500
SHAREHOLDER’S PROPORTION : FOREIGNER : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PAO YI
KENG, TAIWANESE
PRESIDENT
NO.
OF STAFF : 155
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
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 June 13,
1988 as a
private limited company under
the originally registered name “Pornpat Chemicals
Co., Ltd.”, by Thai
and Japanese groups in order to
produce precipitated silica
products, which it is
the first silica
factory in Asean.
On May 31 2004, the
subject underwent a
major change when it
merged with Siam Silica Co., Ltd. (co-investing with
Lih Hsiang International
Ltd. of Taiwan
and Oriental Silica
Corporation, Taiwan), then
its name was changed to “Tokuyama Siam
Silica Co., Ltd.”
On
March 1, 2012,
its finally registered
name was changed
to OSC SIAM
SILICA CO., LTD.
The subject currently
employs 155 staff.
The subject’s registered address is 38th
Flr.,Ocean Tower II, 75/106 Sukhumvit 19
Rd., Klongtoeynua, Wattana, Bangkok
10110, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Lin Shiou Chyi |
[x] |
Taiwanese |
56 |
|
Mr. Hsu Chen Chi |
|
Taiwanese |
62 |
|
Mr. Li Wen Chun |
|
Taiwanese |
61 |
|
Mr. Pao Yi Keng |
[x] |
Taiwanese |
50 |
|
Mr. Li Ming Wei |
|
Taiwanese |
33 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Pao Yi Keng
is the President.
He is Taiwanese
nationality with the
age of 50
years old.
Mr. Pongthorn Maitreemitr is the
Plant Manager.
He is Thai
nationality.
Mr. Prachak Nuengla-or is
the Deputy Plant
Manager.
He is Thai
nationality.
Ms. Sudsaward Sanguansak is
the General Manager - Finance
& Accounting Manager.
She is Thai
nationality.
Mr. Sombat Hongpaitoon is
the General Manager - Sales & Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, exporting and
distributing industrial chemicals,
specialize in silicon dioxide and
sodium silica, under
the “TOKUSIL” trademark, Its
products are widely used
in diverse applications
including footwear, elastomeric, rubbers, tire,
agricultural products, food ingredients and
dentifrice production industries.
PRODUCTION CAPACITY
Approximately 33,000 metric
tons per annum.
PURCHASE
Raw materials and chemicals
are purchased from
suppliers both domestic and
overseas, in Taiwan,
Japan and Germany.
MAJOR
SUPPLIERS
Oriental
Silica Corporation : Taiwan
Witcorp
Chemicals Ltd. : Thailand
PTT
Public Company Limited :
Thailand
SALES
80% of the
products is exported
to Japan, Vietnam,
Indonesia, Singapore, Philippines,
India, Taiwan, Republic
of China, and the remaining 20% is
sold locally.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
nor 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 by cash
or on the
credits term of
30-60 days.
Imports are by
T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs 155
staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Factory
I is located
at 2 I-3A
Road, Maptaphut Industrial
Estate, T. Maptaphut,
A. Muang,
Rayong 21150. Tel. : [66] 38 683-366-8,
Fax. : [66] 38 683-839.
Factory
II is located
at 6 I-3A
Road, Maptaphut Industrial
Estate, T. Maptaphut,
A. Muang,
Rayong 21150. Tel. : [66] 38 683-366-8,
Fax.: [66] 38 683-839.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
10,000,000.
COMMENT
Tokuyama
group is producing and selling
mainly chemical products such as soda
ash and caustic soda, vinyl
chloride monomer/polymer, film products, fine chemicals, medical materials, electronics materials, cement,
plastic window sashes
and so on, as well
as providing services related
to those products.
The
company is a
member of Tokuyama Group, which
its core business
is a manufacture high
quality precipitated silica.
Since establishment the
company has gained
its expertise in
specialty chemical, which
consistently excellent products.
This has enabled
the company to play
a greater role
internationally and constitutes
a good reason
that healthy growth
can be expected in future.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 100,000,000
divided into 1,000,000
shares of Bht.
100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 150,000,000
on June 6,
1989
Bht. 182,000,000
on April 29,
1999
Bht. 389,267,500
on May 31,
2004
The latest
registered capital was increased to Bht. 389,267,500 divided into 3,892,675 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
March 1, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Oriental Silica Corporation Nationality: Taiwanese Address : Taipei,
Taiwan |
3,041,475 |
78.13 |
|
Lih Hsiang International Ltd. Nationality: British Virgin
Island Address : I-Lan,
Taiwan |
851,199 |
21.87 |
|
Mr. Lin Shiou Chyi Nationality: Taiwanese Address : 75/106
Sukhumvit 19 Rd.,
Klongtoeynua,
Wattana, Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure [as
at March 1,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Taiwanese |
2 |
3,041,476 |
78.13 |
|
British Virgin Island |
1 |
851,199 |
21.87 |
|
Total |
3 |
3,892,675 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Pornthip Rimdusit No.
5565
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2011 & 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalent |
12,871,200 |
68,851,502 |
|
Trade Accounts Receivable |
197,910,968 |
178,795,088 |
|
Inventories |
193,606,589 |
136,963,101 |
|
Other Current Assets |
22,003,900 |
18,464,572 |
|
|
|
|
|
Total Current Assets
|
426,392,657 |
403,074,263 |
|
|
|
|
|
Fixed Assets |
413,551,421 |
373,876,841 |
|
Intangible Assets |
685,041 |
1,222,298 |
|
Deposit |
1,817,423 |
1,855,423 |
|
Total Assets |
842,446,542 |
780,028,825 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Short-term Loan from
Financial Institutions |
119,000,000 |
- |
|
Trade Accounts Payable |
129,618,092 |
114,584,815 |
|
Other Payable - Related Company |
2,434,564 |
1,628,410 |
|
Current Portion of Financial
Lease Contract Liabilities |
- |
60,000,000 |
|
Accrued Income Tax |
7,267,917 |
10,973,700 |
|
Other Current Liabilities |
45,423,898 |
42,654,983 |
|
|
|
|
|
Total Current Liabilities |
303,744,471 |
229,841,908 |
|
|
|
|
|
Estimated Liabilities for
Employees’ Benefits |
9,741,602 |
- |
|
Total Liabilities |
313,486,073 |
229,841,908 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share capital
3,892,675 shares |
389,267,500 |
389,267,500 |
|
|
|
|
|
Capital Paid |
389,267,500 |
389,267,500 |
|
Retained Earnings Appropriated for
Statutory Reserve |
28,378,882 |
24,534,193 |
|
Unappropriated |
111,314,087 |
136,385,224 |
|
Total Shareholders' Equity |
528,960,469 |
550,186,917 |
|
Total Liabilities & Shareholders' Equity |
842,446,542 |
780,028,825 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
1,185,993,040 |
1,067,157,463 |
|
Gain on Exchange
Rate |
10,219,272 |
- |
|
Other Income |
1,358,655 |
2,964,186 |
|
Total Revenues |
1,197,570,967 |
1,070,121,649 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,032,995,630 |
854,617,570 |
|
Selling Expenses |
98,452,596 |
91,958,274 |
|
Administrative Expenses |
27,952,380 |
13,896,304 |
|
Loss on Exchange Rate |
- |
3,607,754 |
|
Total Expenses |
1,159,400,606 |
964,079,902 |
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
38,170,361 |
106,041,747 |
|
Financial Cost |
[2,838,717] |
[4,418,384] |
|
Profit before Income Tax |
35,331,644 |
101,623,363 |
|
Income Tax |
[17,631,342] |
[24,729,570] |
|
|
|
|
|
Net Profit / [Loss] |
17,700,302 |
76,893,793 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.40 |
1.75 |
|
QUICK RATIO |
TIMES |
0.69 |
1.08 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.87 |
2.85 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.41 |
1.37 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
68.41 |
58.50 |
|
INVENTORY TURNOVER |
TIMES |
5.34 |
6.24 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
60.91 |
61.15 |
|
RECEIVABLES TURNOVER |
TIMES |
5.99 |
5.97 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
45.80 |
48.94 |
|
CASH CONVERSION CYCLE |
DAYS |
83.52 |
70.71 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
87.10 |
80.08 |
|
SELLING & ADMINISTRATION |
% |
10.66 |
9.92 |
|
INTEREST |
% |
0.24 |
0.41 |
|
GROSS PROFIT MARGIN |
% |
13.88 |
20.19 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.22 |
9.94 |
|
NET PROFIT MARGIN |
% |
1.49 |
7.21 |
|
RETURN ON EQUITY |
% |
3.35 |
13.98 |
|
RETURN ON ASSET |
% |
2.10 |
9.86 |
|
EARNING PER SHARE |
BAHT |
4.55 |
19.75 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.37 |
0.29 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.59 |
0.42 |
|
TIME INTEREST EARNED |
TIMES |
13.45 |
24.00 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
11.14 |
|
|
OPERATING PROFIT |
% |
(64.00) |
|
|
NET PROFIT |
% |
(76.98) |
|
|
FIXED ASSETS |
% |
10.61 |
|
|
TOTAL ASSETS |
% |
8.00 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
13.88 |
Acceptable |
Industrial
Average |
21.03 |
|
Net Profit Margin |
1.49 |
Deteriorated |
Industrial
Average |
4.29 |
|
Return on Assets |
2.10 |
Deteriorated |
Industrial Average |
5.61 |
|
Return on Equity |
3.35 |
Deteriorated |
Industrial
Average |
11.26 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues 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 13.88%. When
compared with the industry average, the ratio of the company was lower,
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. The company's figure is 1.49%.
When compared with the industry average, the ratio of the company was lower.
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. When compared with the
industry average, it was lower, the company's figure is 2.1%.
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. When compared with the
industry average, it was lower, the company's figure is 3.35%.
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 |
1.40 |
Acceptable |
Industrial
Average |
1.96 |
|
Quick Ratio |
0.69 |
|
|
|
|
Cash Conversion Cycle |
83.52 |
|
|
|
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 1.4 times in 2011, decreased from 1.75 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 0.69 times in 2011,
decreased from 1.08 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 84 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.37 |
Acceptable |
Industrial
Average |
0.33 |
|
Debt to Equity Ratio |
0.59 |
Impressive |
Industrial
Average |
0.52 |
|
Times Interest Earned |
13.45 |
Impressive |
Industrial
Average |
8.97 |
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 13.45 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 0.37 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.87 |
Impressive |
Industrial
Average |
2.59 |
|
Total Assets Turnover |
1.41 |
Impressive |
Industrial
Average |
1.24 |
|
Inventory Conversion Period |
68.41 |
|
|
|
|
Inventory Turnover |
5.34 |
Impressive |
Industrial
Average |
4.66 |
|
Receivables Conversion Period |
60.91 |
|
|
|
|
Receivables Turnover |
5.99 |
Impressive |
Industrial
Average |
5.35 |
|
Payables Conversion Period |
45.80 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.56 |
|
UK Pound |
1 |
Rs.81.05 |
|
Euro |
1 |
Rs.67.49 |
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.