MIRA
INFORM REPORT
|
Report Date : |
05.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
TOC
GLYCOL COMPANY LIMITED |
|
|
|
|
Registered Office : |
15th
Floor, Energy Complex
Building A, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
27.11.2003 |
|
|
|
|
Com. Reg. No.: |
0105546143745 [former : 10454602393] |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, exporter &
distributor of Petrochemicals |
|
|
|
|
No. of Employees : |
120 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy,
generally pro-investment policies, and strong export industries, Thailand enjoyed
solid growth from 2000 to 2007 - averaging more than 4% per year - as it
recovered from the Asian financial crisis of 1997-98. Thai exports - mostly
machinery and electronic components, agricultural commodities, and jewelry -
continue to drive the economy, accounting for more than half of GDP. The global
financial crisis of 2008-09 severely cut Thailand's exports, with most sectors
experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010,
Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports
rebounded from their depressed 2009 level. Steady economic growth at just below
4% during the first three quarters of 2011 was interrupted by historic flooding
in October and November in the industrial areas north of Bangkok, crippling the
manufacturing sector and leading to a revised growth rate of only 0.1% for the
year. The industrial sector is poised to recover from the second quarter of
2012 onward, however, and the government anticipates the economy will probably
grow between 5.5 and 6.5% for 2012, while private sector forecasts range
between 3.8% and 5.7%.
|
Source : CIA |
Company name
TOC GLYCOL
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 15th FLOOR,
ENERGY COMPLEX BUILDING
A,
555/1 VIBHAVADI-RANGSIT ROAD,
CHATUCHAK,
BANGKOK 10900,
THAILAND
TELEPHONE : [66] 2265-8100,
2265-8400
FAX :
[66] 2265-8111,
2265-8500
E-MAIL
ADDRESS : egmarketing@glycol.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION
NO. : 0105546143745 [Former
: 10454602393]
TAX
ID NO. : 3031160354
CAPITAL REGISTERED : BHT. 5,395,000,000
CAPITAL PAID-UP : BHT.
5,395,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SERMSAK SRIYAPHAI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 120
LINES
OF BUSINESS : PETROCHEMICALS
MANUFACTURER, EXPORTER
& DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH BORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMENCE
HISTORY
The
subject was established
on November 27,
2003 as a
private limited company under
the name style TOC GLYCOL COMPANY LIMITED by
Thai groups, in
order to produce
ethylene glycol and
ethylene oxide. The
subject currently employs
approximately 120 staff.
The subject
is a wholly owned subsidiary
of PTT Global Chemical Public Company
Limited, which is
also a member
of PTT group
of companies.
The subject’s registered address was
initially at 555 Vibhavadi-Rangsit Rd., Chomphol, Chatuchak,
Bangkok 10900.
On
September 1, 2004 the
subject’s registered address
was relocated to 123
Vibhavadi-Rangsit Rd., Chomphol,
Chatuchak, Bangkok 10900.
On
March 22, 2010, it
was finally relocated
to 15th Floor,
Energy Complex Building
A, 555/1 Vibhavadi-Rangsit Rd.,
Chatuchak, Bangkok 10900,
and this is the
subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sermsak Sriyaphai |
|
Thai |
57 |
|
Mr. Patiphan Sukontamarn |
|
Thai |
51 |
|
Mr. Suvit Tinnachote |
|
Thai |
56 |
|
Mrs. Phanthip Ungphasuk |
|
Thai |
52 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sermsak Sriyaphai is
the Managing Director.
He is Thai
nationality with the
age of 57 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
of ethylene glycol
and ethylene oxide.
The products have
been used mainly in
polyester fibers and
polyethylene teraphthalate (PET plastic bottles)
industries.
Range of products
are as follows:
·
Monoethylene
Glyco [MEG] is a
key raw material in the
manufacture of polyester
for textile industry
and PET plastic for
the plastic bottle
and film industries.
·
Diethylene Glycol [DEG] and Triethylene Glycol [TEG] are additives of
polyurethane and both
elastic and more rigid types foam,
and also used
in solvents production.
·
Ethylene Oxide [EO]
is an intermediate in the production of other industrial chemicals, including
ethoxylate, ethanol amine
and cloline chloride.
PRODUCTION
CAPACITY
Monoethylene
Glyco [MEO] :
423,000 tons per
annum
Diethylene Glycol [DEG] : 43,000
tons per annum
Triethylene Glycol [TEG] : 42,000
tons per annum
Ethylene Oxide [EO] : 85,000
tons per annum
PURCHASE
Some of
raw material and chemicals
for the
production are imported from
Japan, Germany, U.S.A. and
Singapore.
MAJOR
SUPPLIER
PTT
Global Chemical Public
Company Limited :
Thailand
SALES
80%
of the products
is sold locally
by wholesale to
manufacturers, the remaining
20% is exported
to Republic of
China, India, Sri
Lanka, Indonesia and
Malaysia.
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 by cash or
on the credits
term of 30-60
days.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
TMB
Bank Public Co.,
Ltd.
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The subject employs
approximately 120 office
staff and factory
workers.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in
commercial/residential area.
Factory
I : 9 Soi G-12,
Eastern Industrial Estate,
Pakorn Songkhraorat Rd.,
Map Ta Phut, Muang, Rayong
21150.
Tel : [66] 38 922-000,
Fax : [66] 38 925-988.
Factory
II : 9/1 Soi
G-12, Eastern Industrial
Estate, Pakorn Songkhraorat
Rd.,
Map Ta Phut, Muang, Rayong
21150.
COMMENT
The company was established
under strong determination to diversify
business of PTT
Global Chemical Public Company Limited, a leader in Thailand’s
chemical industry. Subject
is created for
the purposes of giving
added value to
PTT Chemical’s olefins
stream and filling
the gap in the
country’s PET plastic
and textile industries.
Since the production
has been started
in 2004, the products
have been supplied
to textile, plastic film and
clear plastic bottles
in Thailand and
worldwide.
Subject
is considered a
strong business in
petrochemical industry. Its
operating performance remains
profitable for many
consecutive years.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 4,515,000,000
divided into 45,150,000
shares of Bht. 100
each.
On
March 28, 2005 the capital
was increased to Bht. 5,395,000,000
divided into 53,950,000
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
PTT Global Chemical
Public Company Limited Nationality : Thai Address : 555/1 Vibhavadi-Rangsit Rd.,
Chatuchak,
Bangkok 10900 |
53,949,998 |
100.00 |
|
Mr. Suvit Tinnachote Nationality : Thai Address : 71/1 Moo
3, T. Sothorn, A. Muang,
Chachoengsao |
1 |
- |
|
Mr. Nathavuth Puthikarant Nationality : Thai Address : 164 Rajvithi
Rd., Samsennai, Phyathai,
Bangkok 10400 |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
53,950,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
53,950,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Vairoj Chindamaneepitak No.
3565
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2011 & 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Cash and Cash Equivalents
|
38,098,875 |
508,207,010 |
|
Trade Accounts Receivable
|
1,328,138,677 |
1,252,985,888 |
|
Other Receivable |
13,146,910 |
13,025,938 |
|
Inventories |
398,970,469 |
417,844,196 |
|
Short-term Loan to Receivable Company |
1,200,769,349 |
- |
|
Other Current Assets
|
29,954,024 |
17,530,444 |
|
Total Current Assets
|
3,009,078,304 |
2,209,593,476 |
|
|
|
|
|
Fixed Assets |
8,317,032,061 |
8,617,180,583 |
|
Intangible Assets |
31,144,224 |
26,125,186 |
|
Deferred Income Tax Assets |
9,742,674 |
14,799,140 |
|
Other Non-current Assets |
887,389,345 |
686,405,458 |
|
Total Assets |
12,254,386,608 |
11,554,103,843 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Trade Accounts Payable |
539,215,397 |
575,427,841 |
|
Other Receivable |
144,603,341 |
121,938,710 |
|
Payable-Construction |
31,528,078 |
6,276,787 |
|
Current Portion of Financial
Lease Contract Liabilities
|
2,088,775 |
6,231,179 |
|
Accrued Income Tax |
11,628,654 |
- |
|
Pre-received Income |
18,497,620 |
59,088,476 |
|
Other Current Liabilities |
56,648,243 |
32,665,913 |
|
Total Current Liabilities |
804,210,108 |
801,628,906 |
|
|
|
|
|
Financial Lease Contract
Liabilities |
3,673,259 |
909,020 |
|
Employee Benefits Obligation |
8,182,921 |
4,685,590 |
|
Total Liabilities |
816,066,288 |
807,223,516 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 53,950,000 shares |
5,395,000,000 |
5,395,000,000 |
|
Capital Paid |
5,395,000,000 |
5,395,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
539,500,000 |
539,500,000 |
|
Unappropriated |
5,503,820,320 |
4,812,380,327 |
|
Total Shareholders' Equity |
11,438,320,320 |
10,746,880,327 |
|
Total Liabilities &
Shareholders' Equity |
12,254,386,608 |
11,554,103,843 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 [Adjusted] |
|
Sales Income |
12,647,287,956 |
10,505,983,998 |
|
Interest Income |
37,907,937 |
16,046,630 |
|
Gain on Exchange Rate |
16,962,329 |
6,288,666 |
|
Gain on Derivative |
- |
11,921 |
|
Other Income |
49,087,360 |
37,002,216 |
|
Total Revenues |
12,751,245,582 |
10,565,333,431 |
|
Expenses |
|
|
|
Cost of Goods
Sold |
7,766,222,098 |
7,370,286,160 |
|
Selling Expenses |
58,427,076 |
83,898,907 |
|
Administrative Expenses |
111,265,966 |
96,599,492 |
|
Cost of Financial |
850,125 |
1,365,841 |
|
Total Expenses |
7,936,765,265 |
7,552,150,400 |
|
Profit Before Income Tax |
4,814,480,317 |
3,013,183,031 |
|
Income Tax |
[22,840,324] |
[10,357,436] |
|
Net Profit / [Loss] |
4,791,539,993 |
3,003,121,562 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
3.74 |
2.76 |
|
QUICK RATIO |
TIMES |
1.72 |
2.21 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.52 |
1.22 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.03 |
0.91 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
18.75 |
20.69 |
|
INVENTORY TURNOVER |
TIMES |
19.47 |
17.64 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
38.33 |
43.53 |
|
RECEIVABLES TURNOVER |
TIMES |
9.52 |
8.38 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
25.34 |
28.50 |
|
CASH CONVERSION CYCLE |
DAYS |
31.74 |
35.73 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
61.41 |
70.15 |
|
SELLING & ADMINISTRATION |
% |
1.34 |
1.72 |
|
INTEREST |
% |
0.01 |
0.01 |
|
GROSS PROFIT MARGIN |
% |
39.42 |
30.41 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
38.07 |
28.68 |
|
NET PROFIT MARGIN |
% |
37.89 |
28.58 |
|
RETURN ON EQUITY |
% |
41.89 |
27.94 |
|
RETURN ON ASSET |
% |
39.10 |
25.99 |
|
EARNING PER SHARE |
BAHT |
88.81 |
55.66 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.07 |
0.07 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.07 |
0.08 |
|
TIME INTEREST EARNED |
TIMES |
5,663.26 |
2,206.10 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
20.38 |
|
|
OPERATING PROFIT |
% |
59.78 |
|
|
NET PROFIT |
% |
59.55 |
|
|
FIXED ASSETS |
% |
(3.48) |
|
|
TOTAL ASSETS |
% |
6.06 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
39.42 |
Impressive |
Industrial Average |
2.15 |
|
Net Profit Margin |
37.89 |
Impressive |
Industrial Average |
1.60 |
|
Return on Assets |
39.10 |
Impressive |
Industrial Average |
9.73 |
|
Return on Equity |
41.89 |
Impressive |
Industrial Average |
17.80 |
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 39.42%. 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 37.89%,
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
39.1%, 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 41.89%, 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 |
3.74 |
Impressive |
Industrial Average |
1.95 |
|
Quick Ratio |
1.72 |
|
|
|
|
Cash Conversion Cycle |
31.74 |
|
|
|
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 3.74 times in 2011, increase from 2.76 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 1.72 times in 2011,
decrease from 2.21 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 32 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.07 |
Impressive |
Industrial Average |
0.41 |
|
Debt to Equity Ratio |
0.07 |
Impressive |
Industrial Average |
0.80 |
|
Times Interest Earned |
5,663.26 |
Impressive |
Industrial Average |
11.11 |
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 5663.27 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 0.07 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 |
1.52 |
Deteriorated |
Industrial Average |
7.79 |
|
Total Assets Turnover |
1.03 |
Deteriorated |
Industrial Average |
4.63 |
|
Inventory Conversion Period |
18.75 |
|
|
|
|
Inventory Turnover |
19.47 |
Impressive |
Industrial Average |
16.80 |
|
Receivables Conversion Period |
38.33 |
|
|
|
|
Receivables Turnover |
9.52 |
Acceptable |
Industrial Average |
18.90 |
|
Payables Conversion Period |
25.34 |
|
|
|
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.54.95 |
|
UK Pound |
1 |
Rs.88.42 |
|
Euro |
1 |
Rs.71.71 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.