MIRA
INFORM REPORT
|
Report Date : |
30.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
UNION COMPOUNDCO., LTD |
|
|
|
|
Registered Office : |
41/1 Moo 5,
Soi Tedsaban 10,
Petchkasem Road, Raikhing,
Sampran, Nakornpathom 73210 |
|
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Country : |
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|
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Financials (as on) : |
31.12.2010 |
|
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Date of Incorporation : |
1991 |
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|
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Com. Reg. No.: |
0105534108516 |
|
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|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor Textile Chemicals |
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|
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No. of Employees : |
52 |
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 : |
Usually Correct |
|
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 30, 2011
|
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
UNION COMPOUND CO., LTD.
SUMMARY
BUSINESS ADDRESS : 41/1 MOO 5,
SOI TEDSABAN 10,
PETCHKASEM ROAD,
RAIKHING, SAMPRAN,
NAKORNPATHOM 73210
TELEPHONE : [66] 2811-4414-6,
2812-2417-9
FAX : [66] 2811-6411,
2431-2232
E-MAIL ADDRESS : unicom@unioncompound.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1991
REGISTRATION NO. : 0105534108516 [Former : 10850/2534]
CAPITAL REGISTERED : BHT.
88,000,000
CAPITAL PAID-UP : BHT.
88,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
THEERAPOJ UDOMKAEWKANCHANA, THAI
MANAGING DIRECTOR
NO. OF STAFF : 52
LINES OF BUSINESS : TEXTILE CHEMICALS
IMPORTER AND
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 May
15, 1991 as
a private limited
company under the
name style UNION COMPOUND
CO., LTD., by Thai
Groups, in order to import
and distribute textile
chemicals to local market.
It currently employs 52 staff.
The subject’s registered address
is 41/1 Moo 5, Soi Tedsaban 10, Petchkasem
Rd., Raikhing, Sampran,
Nakornpathom 73210, and
this is the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Theerapoj Udomkaewkanchana |
[x] |
Thai |
63 |
|
Mr. Chatchawal Ngamsri |
|
Thai |
60 |
|
Mr. Rungrat Chuengthanachote |
|
Thai |
53 |
*Mr. Rungrat Chuengthanachote changed
his name and
last name from
Rungrueng Saechueng, on
April 24, 2007.*
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign or both
of the rest
directors can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Theerapoj Udomkaewkanchana is
the Managing Director.
He is Thai
nationality with the
age of 63
years old.
Ms. Jiraporn Kamolpanus is
the Import & Export Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s main business is engaged in importing,
re-packing and distributing of industrial
chemicals, as well as
manufacturing and distributing
of chemicals, under
its own brand
“UNION” for tannery, textile spinning, weaving and dyeing industries.
PRODUCTION CAPACITY
280 tons/month
PURCHASE
80% of its products is
imported from Taiwan, United
States of America, France,
Singapore, Republic of China,
Spain, Germany, United Kingdom, India
and Japan, while
the remaining 20% is purchased
locally.
MAJOR SUPPLIERS
Aegis Intelligent Chemicals
Pte. Ltd. : Singapore
Pulcra Chemicals LLC : U.S.A.
SALES
90% of its products is sold
locally by wholesale to
textile factories mainly in Nakornpathom and
Samutsakorn provinces, and the
remaining 10% is
exported to Laos,
Indonesia and Bangladesh.
RELATED/AFFILIATED COMPANIES
Tawan Bleaching Co., Ltd.
Business Type :
Textile dyeing &
bleaching service
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
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
credits term of
30-150 days or
T/T.
Exports are against
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
[Omyai Branch : 10/85 Moo 8,
Petchkasem Rd., Omyai,
Sampran, Nakornpathom]
EMPLOYMENT
The subject employs
52 staff. [office
staff and workers]
LOCATION DETAILS
The premise is
owned for administrative office,
factory and warehouse
at the heading
address. Premise is
located in provincial,
on the outskirts
of Bangkok.
COMMENT
The subject was
formed in 1991 as
an importer and
distributor of textile
chemicals and related
products. The products are served to
industrial users. Slowdown of domestic
consumption from sluggish
industry had declined
demand of such
products in 2010.
However, current overall industries has
significantly improved, therefore, it
is estimated that subject’s
business would have a better
change this year.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
The capital was
increased later as
followings:
Bht. 7,000,000
on January 29,
1993
Bht. 12,000,000
on April 17,
1995
Bht. 30,000,000
on September 12,
2007
Bht. 60,000,000
on December 4,
2008
Bht. 88,000,000
on September 23,
2010
The latest registered
capital was increased
to Bht. 88,000,000 divided
into 880,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE: [as at September 21, 2010]
|
NAME |
HOLDING |
% |
|
Mr. Theerapoj Udomkaewkanchana Nationality: Thai Address : 41/18
Moo 5, Petchkasem Rd.,
Raikhing, Sampran, Nakornpathom |
339,000 |
38.52 |
|
Allo Court Co.,
Ltd. Nationality: Thai Address : 41/18
Moo 5, Petchkasem Rd.,
Raikhing, Sampran, Nakornpathom |
280,000 |
31.82 |
|
Mrs. Duangrat Udomkaewkanchana Nationality: Thai Address : 41/18
Moo 5, Petchkasem Rd.,
Raikhing, Sampran, Nakornpathom |
77,000 |
8.75 |
|
Mr. Panop Udomkaewkanchana Nationality: Thai Address : 41/18
Moo 5, Petchkasem Rd.,
Raikhing, Sampran, Nakornpathom |
38,500 |
4.38 |
|
Ms. Passawee Udomkaewkanchana Nationality: Thai Address : 41/18
Moo 5, Petchkasem Rd.,
Raikhing, Sampran, Nakornpathom |
38,500 |
4.38 |
|
Mr. Sompop Chittangtrong Nationality: Thai Address : 98/12
Rama 1 Rd.,
Rongmuang,
Pathumwan, Bangkok 10330 |
28,000 |
3.18 |
|
Mr. Rungruang Saechueng Nationality: Thai Address : 136/41
Nares Rd., Siphya,
Bangrak,
Bangkok |
23,000 |
2.61 |
|
Mr. Chatchawal Ngamsri Nationality: Thai Address : 130/10
Sathupradit Rd., Tungwatdon,
Sathorn,
Bangkok 10120 |
20,000 |
2.27 |
|
Mr. Anek Patrakitticharoen Nationality: Thai Address : 82/132
Moo 11, Jomthong
Rd.,
Bangkhunthien, Jomthong, Bangkok
10150 |
14,000 |
1.59 |
|
Mr. Thavornchai Suvithyapornsakul Nationality: Thai Address : 93
Boromratchonnee 2 Rd.,
Bangbamru,
Bangplad, Bangkok |
14,000 |
1.59 |
|
Mr. Boonying Osathanuphan Nationality: Thai Address : 94
Sukhumvit 23 Rd.,
Klongtoey, Bangkok
10110 |
8,000 |
0.91 |
Total Shareholders
: 11
Share Structure
[as at September
21, 2010]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
11 |
880,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
11 |
880,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT NO.:
Mrs. Ratchanee Kotisin No.
5043
Note
The 2011 financial
statement was not
submitted to the
commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The latest financial
figures published as
at December 31,
2010 & 2009
were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
5,522,592.01 |
15,436.75 |
|
Trade Accounts Receivable |
53,134,333.26 |
56,553,406.98 |
|
Inventories |
30,369,839.24 |
28,031,179.86 |
|
Prepayment for Goods |
1,427,032.00 |
591,460.00 |
|
Other Current Assets |
2,591,587.50 |
3,137,756.64 |
|
|
|
|
|
Total Current Assets
|
93,045,384.01 |
88,329,240.23 |
|
|
|
|
|
Other Non Current Assets |
2,718,993.00 |
2,721,993.00 |
|
Investment in Project |
12,075,840.00 |
12,075,840.00 |
|
Fixed Assets |
68,089,627.90 |
60,208,789.55 |
|
Total Assets |
175,929,844.91 |
163,335,862.78 |
LIABILITIES &
SHAREHOLDERS' EQUITY
|
Current Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft from
Financial Institution |
24,691,878.89 |
35,422,273.26 |
|
Trade Accounts Payable |
16,836,901.92 |
27,389,305.51 |
|
Other Current Liabilities |
3,768,988.12 |
2,785,379.93 |
|
|
|
|
|
Total Current Liabilities |
45,297,768.93 |
65,596,958.70 |
|
|
|
|
|
Accrued Payable |
14,800,000.00 |
14,800,000.00 |
|
Loan from Financial
Institution |
4,946,304.99 |
5,851,202.57 |
|
Total Liabilities |
65,044,073.92 |
86,248,161.27 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Share Capital :
Baht. 100 par
value authorized issued
and fully paid
share capital 880,000
& 600,000 shares in 2010 &
2009 respectively |
88,000,000.00 |
60,000,000.00 |
|
|
|
|
|
Capital Paid |
88,000,000.00 |
60,000,000.00 |
|
Retained Earning - Unappropriated |
22,885,770.99 |
17,087,701.51 |
|
Total Shareholders' Equity |
110,885,770.99 |
77,087,701.51 |
|
Total Liabilities &
Shareholders' Equity |
175,929,844.91 |
163,335,862.78 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
151,824,252.49 |
158,106,851.34 |
|
Other Income |
6,253,191.98 |
1,188,653.31 |
|
Total Revenues |
158,077,444.47 |
159,295,504.65 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
133,427,249.59 |
141,781,620.46 |
|
Selling and Administrative
Expenses |
2,880,928.27 |
1,843,897.92 |
|
Interest Expenses |
12,787,869.17 |
11,111,115.58 |
|
Total Expenses |
149,096,047.03 |
154,736,633.96 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
8,981,397.44 |
4,558,870.69 |
|
Financial Cost |
[689,961.44] |
[467,118.89] |
|
Income Tax |
[2,493,366.52] |
[1,301,798.74] |
|
Net Profit / [Loss] |
5,798,069.48 |
2,789,953.06 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.05 |
1.35 |
|
QUICK RATIO |
TIMES |
1.29 |
0.86 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.23 |
2.63 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.86 |
0.97 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
83.08 |
72.16 |
|
INVENTORY TURNOVER |
TIMES |
4.39 |
5.06 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
127.74 |
130.56 |
|
RECEIVABLES TURNOVER |
TIMES |
2.86 |
2.80 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
46.06 |
70.51 |
|
CASH CONVERSION CYCLE |
DAYS |
164.76 |
132.21 |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
87.88 |
89.67 |
|
SELLING & ADMINISTRATION |
% |
1.90 |
1.17 |
|
INTEREST |
% |
7.97 |
6.73 |
|
GROSS PROFIT MARGIN |
% |
16.24 |
11.08 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.92 |
2.88 |
|
NET PROFIT MARGIN |
% |
3.82 |
1.76 |
|
RETURN ON EQUITY |
% |
5.23 |
3.62 |
|
RETURN ON ASSET |
% |
3.30 |
1.71 |
|
EARNING PER SHARE |
BAHT |
6.59 |
4.65 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.37 |
0.53 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.59 |
1.12 |
|
TIME INTEREST EARNED |
TIMES |
0.74 |
0.43 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(3.97) |
|
|
OPERATING PROFIT |
% |
97.01 |
|
|
NET PROFIT |
% |
107.82 |
|
|
FIXED ASSETS |
% |
13.09 |
|
|
TOTAL ASSETS |
% |
7.71 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
16.24 |
Impressive |
Industrial Average |
11.76 |
|
Net Profit Margin |
3.82 |
Impressive |
Industrial Average |
1.93 |
|
Return on Assets |
3.30 |
Acceptable |
Industrial Average |
4.69 |
|
Return on Equity |
5.23 |
Deteriorated |
Industrial Average |
13.38 |
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. Gross Profit Margin is 16.24%. 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. Net Profit Margin ratio is 3.82%,
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. When compared with the
industry average, it was lower, the company's figure is 3.3%.
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 5.23%.
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 |
2.05 |
Impressive |
Industrial Average |
1.47 |
|
Quick Ratio |
1.29 |
|
|
|
|
Cash Conversion Cycle |
164.76 |
|
|
|
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 2.05 times in 2010, increase from 1.35 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 1.29 times in 2010,
increase from 0.86 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 165 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.37 |
Impressive |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
0.59 |
Impressive |
Industrial Average |
1.70 |
|
Times Interest Earned |
0.74 |
Risky |
Industrial Average |
3.51 |
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 0.75 lower than 1, so the company is not generating
enough cash from its operations EBIT to meet its interest obligations.
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 |
2.23 |
Deteriorated |
Industrial Average |
10.60 |
|
Total Assets Turnover |
0.86 |
Deteriorated |
Industrial Average |
2.43 |
|
Inventory Conversion Period |
83.08 |
|
|
|
|
Inventory Turnover |
4.39 |
Acceptable |
Industrial Average |
7.33 |
|
Receivables Conversion Period |
127.74 |
|
|
|
|
Receivables Turnover |
2.86 |
Acceptable |
Industrial Average |
4.40 |
|
Payables Conversion Period |
46.06 |
|
|
|
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.52.68 |
|
|
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.69.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.