MIRA INFORM REPORT
|
Report Date : |
31.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
SRITHEPTHAI CHEMICAL
CO., LTD. |
|
|
|
|
Registered Office : |
Unit B2, 10th Floor,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
14.04.1981 |
|
|
|
|
Com. Reg. No.: |
0105524008039 [Former :
802/2524] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer & Distributor of Plastic and
Rubber Chemicals |
|
|
|
|
No. of Employees : |
15 Employees |
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 : |
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
With a well-developed infrastructure, a free-enterprise
economy, generally pro-investment policies, and strong export industries,
|
Source : CIA |
COMPANY NAME & ADDRESS
SRITHEPTHAI CHEMICAL
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : UNIT
B2, 10th FLOOR,
1/21 SOI
BANGNA-TRAD 34, K.M. 3,
BANGNA,
TELEPHONE : [66] 2399-2450-1,
2398-0027
FAX :
[66] 2399-2452
E-MAIL
ADDRESS : srithepthai_chemical@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1981
REGISTRATION
NO. : 0105524008039 [Former : 802/2524]
TAX
ID NO. : 3101132847
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : MARCH 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
CHAOVALIT PHRAESRITRAKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 15
LINES
OF BUSINESS : PLASTIC AND
RUBBER CHEMICALS
IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was established on
April 14, 1981
as a private
limited company under
the name style SRITHEPTHAI CHEMICAL
CO., LTD. by Thai groups,
in order to import and distribute
plastic and rubber chemicals
for various industries. The subject is
an affiliated company
of Srithepthai Corporation
Ltd., a member
of Srithepthai Group
of companies. It
currently employs 15
staff.
The subject’s registration
address was initially
located at 121/2
Chongnonsee Rd.,
Chongnonsee, Yannawa,
On May 26,
1989 the registered
address was relocated
to 4th Floor, Srithepthai Building, 109
Moo 8, Bangna-Trad
Rd., KM. 2.5 Bangna,
Prakanong, Bangkok 10260,
On April 29, 2010 it
was relocated to
Unit B2, 10th Flr.,
Bangnathani Bldg, 1/21
Soi Bangna-Trad 34,
K.M. 3, Bangna, Bangkok
10260, and this
is the company’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sorasin Traijakrapop |
: Chairman |
Thai |
66 |
|
Mr. Pramote Traijakrapop |
|
Thai |
36 |
|
Ms. Prapassorn Traijakrapop |
|
Thai |
34 |
|
Mr. Vichien
Techatasanasoonthorn |
|
Thai |
66 |
|
Mr. Chaovalit Phraesritrakul |
|
Thai |
64 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Chaovalit Phraesritrakul is
the Managing Director.
He is Thai
nationality with the
age of 64 years
old.
He has been
the Managing Director
since the subject’s
commencement its operation
in 1981.
Ms. Wanthana Natrujiroj
is the Import
Manager.
She is Thai
nationality. She has
been in this
position for over
10 years.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing around
100 kinds of plastic
and rubber chemicals. Range of
products are divided into
10 categories, including PVC
group, plasticizer group,
secondary plasticizer group,
epoxydized soy bean
oil group, stabilizer
group, Vulcabond VP
group, impact modifiers
and processing aid
group, blowing agent
group, titanium dioxide
group, and stearic
acid group.
The products are
used in various
industries, such as
PVC pipes & tubes, artificial
leather, wallpaper, floor
tile, canvas, PVC
film, rubber tubes,
PVC doors and windows,
electric wires and
cables, electronic parts,
automotive parts, etc.
MAJOR BRANDS
LAB-O-SIL and TI-PURE
PURCHASE
The products are
purchased from both
domestic and overseas
suppliers. 80% of
the products is
imported from United Kingdom, United
States of America,
Belgium, Germany, Japan, Republic of
China, Malaysia, Singapore and Taiwan,
and the remaining
20% is purchased
from local agents.
MAJOR SUPPLIERS
Dow Pacific [
Akcros Chemical Ltd. :
U-kzo Chemical Co., Ltd.
:
B.A.S.F. :
Ferro
Mitsubishi Chemical Corporation
:
Clariant Chemical Co., Ltd. :
Union Carbide [
FACI
Kaneka [
SALES [LOCAL]
100% of the products
are sold to
local manufacturers and dealers.
MAJOR CUSTOMERS
Thai Pipe Industry
Co., Ltd. :
Srithepthai Plaschem Co., Ltd. :
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
SUBSIDIARIES &
AFFILIATED COMPANIES
Subject is a
member of Srithepthai
Group which consists of :
Srithepthai Corporation Ltd.
Business Type : Importer
& distributor of
thermoplastics
Srithepthai Rubber Co., Ltd.
Business Type: Manufacturer
& export of
rubber products
Srithepthai Plaschem Co., Ltd.
Business Type: Manufacturer
of polystyrene plastic
Srithepthai Industries Co., Ltd.
Business Type : Manufacturer
of automobile assembly
[body car]
Srithepthai Latex Co., Ltd.
Business Type : Manufacturer
of latex concentrated
Srithepthai Marketing Co., Ltd.
Business Type : Distributor
of rubber products
Srithepthai Leasing Co., Ltd.
Business Type : Service
of warehouse for
rent
Srithepthai Organics Co., Ltd.
Business Type : Land
development
Srithepthai Autosales Co., Ltd.
Business Type : Distributor
of automobile parts
& accessories
Srithepthai Engineering Co., Ltd.
Business Type : Manufacturer &
distributor of automobile
assembly & automobile
parts
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.
BUSINESS TRANSACTION
Most of the
company’s products are
sold directly to
local manufacturers with
maximum credit given
at 60 days.
The products are
purchased from overseas
suppliers either by
L/C or T/T
as agreed between
two parties, and
also has no
payment problem for
purchasing.
BANKING
Krung Thai Bank
Public Co., Ltd.
[Head Office
: 35 Sukhumvit
Road, Klongtonnua, Wattana,
Bangkok 10110]
Thanachart Public Co., Ltd.
[New Petchburi
Branch : 1101 New Petchburi Road,
Makkasan, Rajthevi,
Bangkok 10400]
United Overseas Bank
[Thai] Public Co., Ltd.
[Head Office
: 191 South
Sathorn Road, Thungmahamek,
Sathorn, Bangkok 10120]
TMB Bank Public Co., Ltd.
[Head Office
: 3000 Phaholyothin
Road, Ladyao, Jatujak,
Bangkok 10900]
Bank of Ayudhya Public Co., Ltd.
[Head Office
: 1222 Rama
3 Road, Bangpongpang,
Yannawa, Bangkok 10120]
Kasikornbank Public Co., Ltd.
[Bangna Branch :
120 Bangna-Trad Rd.,
Bangna, Bangkok 10260]
The Siam Commercial
Bank Public Co., Ltd.
[Bangna Branch :
13 Soi Udomsuk,
Sukhumvit Rd., Bangna,
Bangkok 10260]
EMPLOYMENT
The subject employs
15 staff. [office
and sales staff]
LOCATION DETAILS
The premise is
rented for administrative office
at the heading address. The
premise is located in
residential/commercial area.
COMMENT
As demand for high-quality
chemicals continues growing
through the industries,
strong demand has brightened subject’s market prospect and also
maintains its outstanding
business.
FINANCIAL INFORMATION
The capital was
registered at Bht. 2,000,000 divided
into 20,000 shares of
Bht. 100 each
with fully paid.
The capital was
increased later as
following:
Bht. 4,000,000
on July 30,
1987
Bht. 20,000,000
on April 9,
1991
The latest registered
capital was increased
to Bht. 20,000,000 divided into
200,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at
July 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Malee Phraesritrakul Nationality: Thai Address : 211/105 Pattanakarn Rd.,
Praves, Bangkok |
65,881 |
32.94 |
|
Tripple R [Thailand]
Co., Ltd. Nationality: Thai Address : 1/36
Soi Bangna-Trad 34,
Bangna,
Bangkok 10260 |
60,000 |
30.00 |
|
Mr. Wanchai Chanprapawuth Nationality: Thai Address : 291
Pattanakarn 53 Rd., Suanluang, Bangkok |
28,235 |
14.11 |
|
Mr. Prathan Traijakrapop Nationality: Thai Address : 14
Soi Premier 1 Yaek 22,
Nongbon, Praves,
Bangkok |
16,470 |
8.24 |
|
Suanluang Saran Co., Ltd.
Nationality: Thai Address : 1/36
Bangna-Trad 34 Rd., Bangna,
Bangkok |
16,000 |
8.00 |
|
Mr. Prasert Traijakrapop Nationality: Thai Address : 10
Soi Premier 1 Yaek 22,
Nongbon, Praves,
Bangkok |
13,414 |
6.71 |
Total Shareholders: 6
Share Structure [as
at July 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
200,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
200,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sathien Sathenpanich
No. 2893
BALANCE SHEET [BAHT]
The
latest financial figures
published for March
31, 2012 & 2011 were:
ASSETS
|
Current Assets |
2012 |
2011 |
|
|
|
|
|
Cash in Hand
& at Bank |
24,607,499.98 |
10,448,165.86 |
|
Trade Accounts &
Other Receivable |
204,934,327.30 |
295,308,023.61 |
|
Inventories |
75,271,585.80 |
58,148,092.13 |
|
|
|
|
|
Total Current Assets
|
304,813,413.08 |
363,904,281.60 |
|
Long-term Investment |
69,543,290.00 |
72,964,987.50 |
|
Long-term Lending |
- |
16,704,000.00 |
|
Fixed Assets |
594,098.65 |
861,445.31 |
|
Other Non-current Assets
|
10,626,585.22 |
10,774,245.22 |
|
Total Assets |
385,577,386.95 |
465,208,959.63 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
40,154,900.36 |
61,257,864.44 |
|
Trade Accounts &
Other Payable |
199,934,714.39 |
228,195,538.68 |
|
Current Portion of Long-term
Loan |
- |
1,205,065.85 |
|
Accrued Income Tax |
2,507,734.15 |
2,626,436.23 |
|
|
|
|
|
Total Current Liabilities |
242,597,348.90 |
293,284,905.20 |
|
Long-term Loan |
81,750,539.86 |
98,502,727.36 |
|
Obligation from Employee
Benefits |
3,155,169.41 |
- |
|
Other Non-current Liabilities |
30,000.00 |
30,000.00 |
|
Total Liabilities |
327,533,058.17 |
391,817,632.56 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par
value authorized, issued
and fully paid share
capital 200,000 shares |
20,000,000.00 |
20,000,000.00 |
|
|
|
|
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning Appropriated for Statutory Reserve |
1,000,000.00 |
- |
|
Unappropriated |
37,044,328.78 |
53,391,327.07 |
|
Total Shareholders' Equity |
58,044,328.78 |
73,391,327.07 |
|
Total Liabilities & Shareholders' Equity |
385,577,386.95 |
465,208,959.63 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
|
|
|
|
|
Sales |
736,631,177.14 |
769,459,850.45 |
|
Other Income |
3,265,871.64 |
6,238,002.72 |
|
Total Revenues |
739,897,048.78 |
775,697,853.17 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
698,067,027.92 |
730,453,523.86 |
|
Selling Expenses |
14,353,212.67 |
11,751,580.49 |
|
Administrative Expenses |
9,170,287.84 |
6,772,696.96 |
|
Other Expenses |
188,240.00 |
- |
|
Total Expenses |
721,778,768.43 |
748,977,801.31 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
18,118,280.35 |
26,720,051.86 |
|
Financial Cost |
[10,118,586.66] |
[10,965,963.67] |
|
Income Tax |
[3,346,691.98] |
[4,764,108.06] |
|
|
|
|
|
Net Profit / [Loss] |
4,653,001.71 |
10,989,980.13 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.26 |
1.24 |
|
QUICK RATIO |
TIMES |
0.95 |
1.04 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1,239.91 |
893.22 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.91 |
1.65 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
39.36 |
29.06 |
|
INVENTORY TURNOVER |
TIMES |
9.27 |
12.56 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
101.54 |
140.08 |
|
RECEIVABLES TURNOVER |
TIMES |
3.59 |
2.61 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
104.54 |
114.03 |
|
CASH CONVERSION CYCLE |
DAYS |
36.36 |
55.11 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
94.76 |
94.93 |
|
SELLING & ADMINISTRATION |
% |
3.19 |
2.41 |
|
INTEREST |
% |
1.37 |
1.43 |
|
GROSS PROFIT MARGIN |
% |
5.68 |
5.88 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.46 |
3.47 |
|
NET PROFIT MARGIN |
% |
0.63 |
1.43 |
|
RETURN ON EQUITY |
% |
8.02 |
14.97 |
|
RETURN ON ASSET |
% |
1.21 |
2.36 |
|
EARNING PER SHARE |
BAHT |
23.27 |
54.95 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.85 |
0.84 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.64 |
5.34 |
|
TIME INTEREST EARNED |
TIMES |
1.79 |
2.44 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(4.27) |
|
|
OPERATING PROFIT |
% |
(32.19) |
|
|
NET PROFIT |
% |
(57.66) |
|
|
FIXED ASSETS |
% |
(31.03) |
|
|
TOTAL ASSETS |
% |
(17.12) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.68 |
Deteriorated |
Industrial
Average |
12.45 |
|
Net Profit Margin |
0.63 |
Deteriorated |
Industrial
Average |
1.94 |
|
Return on Assets |
1.21 |
Deteriorated |
Industrial
Average |
4.52 |
|
Return on Equity |
8.02 |
Acceptable |
Industrial Average |
11.78 |
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 5.68%. 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 0.63%.
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 1.21%.
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 8.02%.
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 |
1.26 |
Satisfactory |
Industrial
Average |
1.53 |
|
Quick Ratio |
0.95 |
|
|
|
|
Cash Conversion Cycle |
36.36 |
|
|
|
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 1.26 times in 2012, increased from 1.24 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 0.95 times in 2012,
decreased from 1.04 times, by excluding inventory, the company may have
problems meeting current liabilities.
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 37 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.85 |
Acceptable |
Industrial
Average |
0.57 |
|
Debt to Equity Ratio |
5.64 |
Risky |
Industrial
Average |
1.35 |
|
Times Interest Earned |
1.79 |
Deteriorated |
Industrial
Average |
3.70 |
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 1.8 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 0.85 greater than 0.5, most of the
company's assets are financed through debt.
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 |
1,239.91 |
Impressive |
Industrial
Average |
9.72 |
|
Total Assets Turnover |
1.91 |
Satisfactory |
Industrial
Average |
2.29 |
|
Inventory Conversion Period |
39.36 |
|
|
|
|
Inventory Turnover |
9.27 |
Impressive |
Industrial
Average |
6.82 |
|
Receivables Conversion Period |
101.54 |
|
|
|
|
Receivables Turnover |
3.59 |
Satisfactory |
Industrial
Average |
4.52 |
|
Payables Conversion Period |
104.54 |
|
|
|
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.54.84 |
|
UK Pound |
1 |
Rs.88.39 |
|
Euro |
1 |
Rs.72.62 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.