MIRA
INFORM REPORT
|
Report Date : |
10.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
BEHN MEYER & CO. [T]
LIMITED |
|
|
|
|
Registered Office : |
|
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|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
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|
Date of Incorporation : |
03.01.1982 |
|
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|
|
Reg. No.: |
0105525002182 [Former :
218/2525] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
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|
Line of Business : |
Subject is engaged in providing
wide range of
services as follows: ·
Commission
agent, importing and
distributing wide range
of industrial chemicals. ·
Business
administration management, as
well as holding
and investment in
the group of
companies ·
Warehouse
rental service to
the group of
companies. |
|
|
|
|
No. of Employees : |
80 |
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 : |
Good |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
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
BEHN MEYER &
CO. [T] LIMITED
SUMMARY
BUSINESS ADDRESS : 70/1
LIABKLONGMORN ROAD,
T. TABYAO,
A. LADKRABANG,
BANGKOK 10520,
THAILAND
TELEPHONE : [66]
2327-9800
FAX : [66] 2360-6194
E-MAIL ADDRESS : info@behnmeyer.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1982
REGISTRATION NO. : 0105525002182 [Former
: 218/2525]
TAX ID NO. : 3101218855
CAPITAL REGISTERED : BHT.
2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI
: 51%
GERMAN :
49%
FISCALYEAR CLOSING DAT : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VINIJ SANGUANSAPPAYAKORN, THAI
MANAGING DIRECTOR
NO. OF STAFF : 80
LINES OF BUSINESS
: TRADING, MANAGEMENT
AND PROPERTY
IMPORTER, DISTRIBUTOR, BROKER AND SERVICE
PROVIDER
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 January
3, 1982 as
a private limited
company under the
name style BEHN MEYER & CO.
[T] LIMITED, with the
initial business objective to
distribute wide range of
industrial chemicals in
Thailand. It is a
joint venture between
Thai and German
groups. The subject
is an affiliated company of Arnold
Otto Meyer Hamburg GmbH,
Germany, which today
is renamed to be
Behn Meyer [D] Holding
AG & Co. KG.
Its current business
activity is to
provide commission service
to import, distribute,
as well as business
administrative management, renting
and holding business to the
subsidiaries. It currently
employs approximately 80
staff.
The subject’s initial
registered address was
189 Moo 6, Bangkok-Chonburi Rd.,
Tabyao, Ladkrabang, Bangkok
10520.
On January 27, 2009, its
registered address was
relocated to 70/1 Liabklongmorn
Rd., T. Tabyao,
A. Ladkrabang, Bangkok 10520,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sumeth Tanthuvanit |
|
Thai |
65 |
|
Mr. Vinij Sanguansappayakorn |
|
Thai |
64 |
|
Mr. Prasong Aramwittaya |
|
Thai |
53 |
|
Mr. Thiem Song Kang |
|
Malaysian |
66 |
|
Mr. Oliver Meyer |
|
Indonesian |
44 |
|
Mr. Tay Kin
Bee |
|
Singaporean |
57 |
|
Mr. Nantakorn Puthapornpattana |
|
Thai |
51 |
|
Ms. Kevalin Petcharat |
|
Thai |
44 |
|
Mr. Sarapong Ratanakulvaranont |
|
Thai |
46 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Vinij Sanguansappayakorn is
the Managing Director.
He is Thai
nationality with the
age of 64
years old.
Mr. Prasong Aramwittaya is
the Deputy Managing
Director.
He is Thai
nationality with the
age of 53
years old.
BUSINESS OPERATIONS
The subject’s core
business is engaged
in providing wide range
of services as
follows:
·
Commission
agent, importing and
distributing wide range
of industrial chemicals.
·
Business
administration management, as
well as holding
and investment in the group
of companies, consists of
Behn Meyer Chemical [T] Ltd.,
and Behn Meyer
Techno Chemical [T] Co.,
Ltd.
·
Warehouse
rental service to
the group of
companies.
IMPORT
The products are
imported from Germany,
Italy, Singapore, Korea,
India, Hong Kong,
Japan, Malaysia and
Republic of China.
SALES [LOCAL]
The products are
sold and serviced
locally by wholesale
to manufacturers and
end-users.
MAJOR CUSTOMERS
Behn Meyer Chemical
[T] Ltd.
Behn Meyer Techno
Chemical [T] Co., Ltd.
PARENT COMPANY
Behn Meyer [D]
Holding AG & Co. KG.
Address: Ballindamm 1,
20095 Hamburg, Germany
SUBSIDIARIES/AFFILIATED COMPANIES
Behn Meyer Techno
Chemical [T] Co., Ltd.
Business Type: Importer and distributor
of industrial chemicals, machinery
and cranes
Behn Meyer Chemical
[T] Ltd.
Business Type : Importer and
distributor of industrial
chemicals
CREDIT
Sales and services
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
Hongkong & Shanghai
Banking Corp.
[Bangkok Office : 64
Silom Rd., Silom,
Bangrak, Bangkok 10500]
Bangkok Bank Public
Co., Ltd.
[Ladkrabang Branch : 223
Onnuch, Ladkrabang Rd., Ladkrabang,
Bangkok 10510]
Kasikornbank Public Co.,
Ltd.
[Ladkrabang Branch : 220
Onnuch, Ladkrabang Rd., Ladkrabang,
Bangkok 10510]
EMPLOYMENT
The subject currently
employs approximately 80
staff.
LOCATION DETAILS
The premise is
rented for administrative office at
the heading address.
Premise is located
on the outskirts
of Bangkok.
COMMENT
Subject is a holding
and investment company of
Behn Meyer Group Companies. Subject
is currently an
importer and distributor of chemicals
and providing investment
and management for
its subsidiary companies.
Subject reported good
business in the
year 2011, as
well as continued
expanding in the
year 2012 in line
with industrial improvement.
FINANCIAL INFORMATION
The capital was
registered at Bht.
500,000 divided into
5,000 shares of
Bht. 100 each.
On June 15, 1992,
the capital was
increased to Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE
[as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Behn Meyer [D] Holding AG & Co. KG. Nationality: German Address : Ballindamm
1, 20095 Hamburg,
Germany |
9,797 |
48.99 |
|
Mr. Thanit Huppanon Nationality: Thai Address : 289
Moo 2, T. Luangnua, A. Doi-saked, Chiangmai |
5,794 |
28.97 |
|
Mr. Sumeth Tanthuvanit Nationality: Thai Address : 57
Sukhumvit 55 Rd., Klongton,
Wattana, Bangkok 10110 |
4,000 |
20.00 |
|
Mr. Prasong Aramwittaya Nationality: Thai Address : 79/118
Panyaindra Rd., Bangchan,
Klongsamwa, Bangkok |
293 |
1.46 |
|
Mr. Vinij Sanguansappayakorn Nationality: Thai Address : 295/41
Ramindra 119/1 Rd., Minburi, Bangkok |
113 |
0.57 |
|
W.M. Oswald AG. Nationality: German Address : Ballindamm
1, 20095 Hamburg,
Germany |
2 |
0.01 |
|
Eurasia Handels GmbH. Nationality: German Address : Ballindamm
1, 20095 Hamburg,
Germany |
1 |
- |
Total Shareholders : 7
Share Structure
[as at April
30, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
10,200 |
51.00 |
|
Foreign - German |
3 |
9,800 |
49.00 |
|
Total |
7 |
20,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Ms. Vissuda Jariyatanakorn No.
3853
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2011
& 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
16,040 |
46,105 |
|
Trade Accounts & Other
Receivable |
15,468,803 |
10,051,732 |
|
Inventories |
- |
780,497 |
|
Other Current Assets
|
3,164,670 |
305,730 |
|
|
|
|
|
Total Current Assets
|
18,649,513 |
11,184,064 |
|
Investment in Subsidiaries
& Associated Company |
34,700,000 |
34,700,000 |
|
Fixed Assets |
165,828,462 |
102,278,270 |
|
Real Estate for Investment |
9,809,267 |
3,907,286 |
|
Intangible Assets |
2,761,060 |
3,305,470 |
|
Other Non-current Assets |
3,372,698 |
3,846,089 |
|
Total Assets |
235,121,000 |
159,221,179 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft & Short-term Loan from Bank |
21,051,084 |
1,960,170 |
|
Other Payable |
7,307,269 |
2,690,860 |
|
Short-term Loan from
Related Company |
41,300,000 |
- |
|
Accrued Income Tax |
94,504 |
16,172 |
|
Other Current Liabilities |
3,857,044 |
2,992,553 |
|
|
|
|
|
Total Current Liabilities |
73,609,901 |
7,659,755 |
|
|
|
|
|
Reserve for Employees’ Retirement Pension |
524,500 |
303,700 |
|
Total Liabilities |
74,134,401 |
7,963,455 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000 |
2,000,000 |
|
|
|
|
|
Capital Paid |
2,000,000 |
2,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
200,000 |
200,000 |
|
Unappropriated |
158,786,599 |
149,057,724 |
|
Total Shareholders' Equity |
160,986,599 |
151,257,724 |
|
Total Liabilities & Shareholders' Equity |
235,121,000 |
159,221,179 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
4,562,280 |
2,691,616 |
|
Commission Income |
19,044,251 |
18,366,177 |
|
Service Income |
30,924,150 |
24,616,000 |
|
Rental Income |
13,440,000 |
11,064,000 |
|
Dividend Income |
11,467,911 |
7,645,911 |
|
Other Income |
276,738 |
377,513 |
|
Total Revenues |
79,715,330 |
64,761,217 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
4,391,802 |
2,597,654 |
|
Cost of Rental
& Service |
40,410,748 |
32,827,580 |
|
Administrative Expenses |
17,216,635 |
16,650,718 |
|
Total Expenses |
62,019,185 |
52,075,952 |
|
|
|
|
|
Profit before Financial Expenses & Income Tax |
17,696,145 |
12,685,265 |
|
Financial Expenses |
[882,486] |
[182,238] |
|
Profit before Income Tax |
16,813,659 |
12,503,027 |
|
Income Tax |
[1,512,184] |
[1,239,093] |
|
|
|
|
|
Net Profit / [Loss] |
15,301,475 |
11,263,934 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.25 |
1.46 |
|
QUICK RATIO |
TIMES |
0.21 |
1.32 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.41 |
0.55 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.29 |
0.36 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
8.04 |
|
INVENTORY TURNOVER |
TIMES |
- |
45.39 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
83.07 |
64.66 |
|
RECEIVABLES TURNOVER |
TIMES |
4.39 |
5.64 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
83.07 |
72.71 |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
65.91 |
62.44 |
|
SELLING & ADMINISTRATION |
% |
25.33 |
29.35 |
|
INTEREST |
% |
1.30 |
0.32 |
|
GROSS PROFIT MARGIN |
% |
51.36 |
51.70 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
26.03 |
22.36 |
|
NET PROFIT MARGIN |
% |
22.51 |
19.85 |
|
RETURN ON EQUITY |
% |
9.50 |
7.45 |
|
RETURN ON ASSET |
% |
6.51 |
7.07 |
|
EARNING PER SHARE |
BAHT |
765.07 |
563.20 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.32 |
0.05 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.46 |
0.05 |
|
TIME INTEREST EARNED |
TIMES |
20.05 |
69.61 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
19.80 |
|
|
OPERATING PROFIT |
% |
39.50 |
|
|
NET PROFIT |
% |
35.84 |
|
|
FIXED ASSETS |
% |
62.13 |
|
|
TOTAL ASSETS |
% |
47.67 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
51.36 |
Impressive |
Industrial Average |
30.38 |
|
Net Profit Margin |
22.51 |
Impressive |
Industrial Average |
4.05 |
|
Return on Assets |
6.51 |
Impressive |
Industrial Average |
4.37 |
|
Return on Equity |
9.50 |
Impressive |
Industrial Average |
8.63 |
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
51.36%. 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 22.51%,
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
6.51%, 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 9.5%, 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 |
0.25 |
Risky |
Industrial Average |
1.82 |
|
Quick Ratio |
0.21 |
|
|
|
|
Cash Conversion Cycle |
83.07 |
|
|
|
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 0.25 times in 2011, decrease from 1.46 times, then the company may
not be efficiently using its current assets. 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 0.21 times in 2011,
decrease from 1.32 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 |
0.32 |
Impressive |
Industrial Average |
0.46 |
|
Debt to Equity Ratio |
0.46 |
Impressive |
Industrial Average |
0.91 |
|
Times Interest Earned |
20.05 |
Impressive |
Industrial Average |
3.61 |
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 20.06 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 0.32 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 |
0.41 |
Deteriorated |
Industrial Average |
2.22 |
|
Total Assets Turnover |
0.29 |
Deteriorated |
Industrial Average |
1.06 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
5.44 |
|
Receivables Conversion Period |
83.07 |
|
|
|
|
Receivables Turnover |
4.39 |
Impressive |
Industrial Average |
3.45 |
|
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 Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.20 |
|
|
1 |
Rs.86.99 |
|
Euro |
1 |
Rs.70.22 |
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.