MIRA INFORM REPORT
|
Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
BST
SPECIALTY CO., LTD. |
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Registered Office : |
22nd
Floor, Sathorn, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
20.12.2010 |
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Com. Reg. No.: |
0105553153874 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturer of synthetic
latex products |
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No. of Employees
: |
03 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
BST SPECIALTY
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 22nd FLOOR,
SATHORN CITY TOWER,
175 SOUTH SATHORN
ROAD, THUNGMAHAMEK,
SATHORN,
BANGKOK 10120, THAILAND
TELEPHONE : [66] 2679-5120
FAX :
[66] 2679-5119
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0105553153874
CAPITAL REGISTERED : BHT. 600,000,000
CAPITAL PAID-UP : BHT.
600,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PICHIT NITHIVASIN,
THAI
PRESIDENT
NO.
OF STAFF : 3
LINES
OF BUSINESS : SYNTHETIC LATEX
PRODUCTS
MANUFACTURER
CORPORATE PROFILE
OPERATING
TREND : EARLY
STAGE
PRESENT
SITUATION : -
REPUTATION : -
MANAGEMENT
STANDARD : -
HISTORY
The
subject was established
on December 20,
2010 as a
private limited company under
the registered name
BST SPECIALTY CO.,
LTD., by Thai groups, with the
business objective to
produce synthetic latex
products in Chonburi
province. However, its
plant is currently 40% completion
and expected to
be ready for production in
the late of
2012. It currently
employs 3 staff.
The
subject is a
wholly owned subsidiary
of Bangkok Synthetics
Co., Ltd.
The subject’s registered address is 22nd
Flr., Sathorn City Tower, 175 South Sathorn Rd., Thungmahamek,
Sathorn, Bangkok 10120,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Dr.. Pichit Nithivasin |
|
Thai |
66 |
|
Mr. Cholanath Yanaranop |
|
Thai |
53 |
|
Mr. Supachol Nithivasin |
|
Thai |
37 |
|
Mr. Chaiyos Wongpayak |
|
Thai |
62 |
|
Mr. Noparat Kiatpipattanakul |
|
Thai |
51 |
|
Mr. Oo Soon Hee |
|
Singaporean |
68 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Dr. Pichit Nithivasin is
the Managing Director.
He is Thai nationality with
the age of 66 years
old.
He is also a President of
Bangkok Industrial Gas
Co., Ltd., Bangkok Synthetics
Co., Ltd. and BST
Elastomers Co., Ltd. and
as well as holding
a Managing Director
and Director position in
the following companies:
- BIG Marketing Co., Ltd. - Managing
director
- Bangkok Cogeneration Co.,
Ltd., - Managing
director
- Hau Kee Paper Co., Ltd.
- Director
- HMC Polymer Co., Ltd.
- Director
- Polymer Marketing Co.,
Ltd. - Director
- Rayong Olefins Co., Ltd.
- Director
- Thai MMA Co., Ltd.
- Director
- Basell Advance Polyolefins [Thailand] Co., Ltd. -
Director
- Mab Taphut Terminal Co., Ltd. - Director
and etc.
BUSINESS OPERATIONS
The subject aims to operate as
a manufacturer and
distributor of synthetic
latex products. However,
its production expected
to be started in
the late of
2012.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
3 staff [only
office staff].
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Its
plant is located
at Bo-win Industrial
Estate, T. Bo-win, Sriracha,
Chonburi 20230.
REMARK
MAXIMUM
CREDIT OF USD
1,000,000 SHOULD BE IN
ORDER.
COMMENT
The
subject has yet started
its business as
its plant is under
construction. It is a subsidiary
company of Bangkok
Synthetics Co., ltd., the major
leading manufacture in C4
products, which it
is now able
to produce a
wide array of Mixed
C4 products and is
ideally positioned to
meet the compelling
demand of various downstream.
As one of the
region’s largest manufacturers of Mixed C4 products, it produces and delivers
various “C4 Products” for enhancement of energy life using Mixed C4,
produced extensively in the Map Ta Phut Industrial Estate. its current products
are Butadiene, Butene-1, MTBE, C4-Raffinate and C4-LPG with the following
capacities:
|
FINANCIAL INFORMATION
The
capital was registered
at Bht. 100,000,000
divided into 1,000,000 shares
of Bht. 100
each with fully
paid.
On
July 6, 2011,
capital was increased
to Bht. 600,000,000 divided into
6,000,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
July 4, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Bangkok Synthetics Co.,
Ltd. Nationality: Thai Address : 175
South Sathorn Rd.,
Thungmahamek,
Sathorn, Bangkok |
5,999,997 |
100.00 |
|
Dr. Pichit Nithivasin Nationality: Thai Address : 95/99
Moo 7, Suanyai,
Muang, Nonthaburi |
1 |
- |
|
Mr. Supachol Nithivasin Nationality: Thai Address : 95/99
Moo 7, Suanyai,
Muang, Nonthaburi |
1 |
- |
|
Mr. Cholanath Yanaranop Nationality: Thai Address : 69/31
Moo 1, Taladkwan,
Muang, Nonthaburi |
1 |
- |
Total Shareholders : 7
Share Structure [as
at July 4,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
6,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
6,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Sureerat
Thongsaeng-aroon No. 4409
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 was :
ASSETS
|
Current Assets |
2010 |
|
|
|
|
Cash and Cash Equivalent |
29,722,945 |
|
Refundable Value Added Tax
|
119,481 |
|
|
|
|
Total Current Assets
|
29,842,429 |
|
Total Assets |
29,842,426 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2010 |
|
|
|
|
Related Company Payable |
1,826,356 |
|
Other Current Liabilities |
45,000 |
|
|
|
|
Total Current Liabilities |
1,871,356 |
|
Total Liabilities |
1,871,356 |
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,000,000 shares |
100,000,000 |
|
|
|
|
Capital Paid |
30,000,000 |
|
Retained Earning Unappropriated |
[2,028,930] |
|
Total Shareholders' Equity |
27,971,070 |
|
Total Liabilities & Shareholders' Equity |
29,842,426 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
Dec. 20,
2010 – Dec. 31,
2010 |
|
Total Revenues |
- |
|
Expenses |
|
|
|
|
|
Administrative Expenses |
2,028,930 |
|
Total Expenses |
2,028,930 |
|
|
|
|
Net Profit / [Loss] |
2,028,930 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
CURRENT RATIO |
TIMES |
15.95 |
|
QUICK RATIO |
TIMES |
15.95 |
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
COST OF GOODS SOLD |
% |
- |
|
SELLING & ADMINISTRATION |
% |
- |
|
INTEREST |
% |
- |
|
GROSS PROFIT MARGIN |
% |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
- |
|
NET PROFIT MARGIN |
% |
- |
|
RETURN ON EQUITY |
% |
7.25 |
|
RETURN ON ASSET |
% |
6.80 |
|
EARNING PER SHARE |
BAHT |
6.76 |
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
DEBT RATIO |
TIMES |
0.06 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.07 |
|
TIME INTEREST EARNED |
TIMES |
- |
PROFITABILITY
RATIO
|
Gross Profit Margin |
- |
|
Industrial
Average |
18.45 |
|
Net Profit Margin |
- |
|
Industrial
Average |
12.16 |
|
Return on Assets |
6.80 |
Acceptable |
Industrial
Average |
12.09 |
|
Return on Equity |
7.25 |
Deteriorated |
Industrial
Average |
18.82 |
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 6.8%.
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 7.25%.
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 |
15.95 |
Impressive |
Industrial
Average |
2.20 |
|
Quick Ratio |
15.95 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 15.95 times in 2010, increased from 0 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 15.95 times in 2010,
increased from 0 times, although excluding inventory so the company still have
good short-term financial strength.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.06 |
Impressive |
Industrial
Average |
0.34 |
|
Debt to Equity Ratio |
0.07 |
Impressive |
Industrial
Average |
0.51 |
|
Times Interest Earned |
- |
|
Industrial
Average |
48.32 |
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 0.06 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 |
- |
|
Industrial Average |
1.70 |
|
Total Assets Turnover |
- |
|
Industrial Average |
0.99 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
12.89 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
9.74 |
|
Payables Conversion Period |
- |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.20 |
|
UK Pound |
1 |
Rs.81.50 |
|
Euro |
1 |
Rs.67.15 |
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.