MIRA INFORM REPORT
|
Report Date : |
22.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
PTT
PHENOL COMPANY LIMITED |
|
|
|
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Registered Office : |
4th Floor, Energy Complex Building, 555/1 Vibhavadi-Rangsit Road, Jatujak, Bangkok 10900 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
04.06.2004 |
|
|
|
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Com. Reg. No.: |
0105547075484 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
manufacturer
and distributor of petrochemical |
|
|
|
|
No. of Employees
: |
150 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
|
Payment
Behaviour : |
No Complaints |
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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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
PTT PHENOL
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 4th FLOOR,
ENERGY COMPLEX BUILDING,
555/1 VIBHAVADI-RANGSIT ROAD,
JATUJAK,
BANGKOK 10900
TELEPHONE : [66] 2140-3600-3
FAX :
[66] 2140-3614,
2140-3611
E-MAIL
ADDRESS : info@pttphenol.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0105547075484 [Former : 0108354704515]
CAPITAL REGISTERED : BHT. 9,252,000,000
CAPITAL PAID-UP : BHT. 8,351,200,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SUVANANT CHATUDOMPHANT, THAI
CHIEF EXECUTIVE
OFFICER
EMPLOYEES : 150
LINES
OF BUSINESS : PETROCHEMICAL
MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on June 4,
2004 as a
private limited company
under the name style
PTT PHENOL COMPANY LIMITED,
by PTT group
of companies, initially by
a joint venture
among PTT Public
Company Limited, PTT Chemical Public Company Limited and PTT Aromatics and Refining Public
Company Limited, with
shareholding around 40%, 30%
and 30% of
the subject’s shares
respectively.
In
2011, there was a
merger between PTT
Chemical Public Company
Limited and PTT
Aromatics and Refining Public Company Limited, under the new name PTT
Global Chemical Public Company Limited, then
the major shareholders
became to be PTT Global Chemical Public
Company, and PTT
Public Company Limited,
with shareholding around
60% and 40%
of the subject’s shares
respectively.
Its business objective is to manufacture petrochemical products,
specialized in Phenol for petrochemical
production and refinery
industry. It currently
employs approximate 150
staff.
The subject’s registered address was initially
located at 123 Vibhavadi-Rangsit Rd., Chompol, Jatujak,
Bangkok 10900.
On
March 2, 2010, it was
relocated to 4th Flr., Energy Complex Bldg.,
555/1 Vibhavadi-Rangsit Rd., Jatujak,
Bangkok 10900, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Sriwan Eiamrungroj |
[-] |
Thai |
54 |
|
Mr. Suvanant Chatudomphant |
[x] |
Thai |
60 |
|
Mr. Thanes Charoensap |
|
Thai |
58 |
|
Mrs. Panthip Ungphasook |
|
Thai |
52 |
|
Mr. Veerasak Kositpaisarn |
|
Thai |
57 |
|
Mr. Kanja Pathumraj |
|
Thai |
55 |
|
Mr. Virat Uanaruemit |
[-] |
Thai |
49 |
|
Mr. Bovorn Wongsin-udom |
|
Thai |
58 |
|
Mr. Chaovalit Thippavanich |
[-] |
Thai |
50 |
|
Mr. Narong Banditkamol |
|
Thai |
58 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign or any of
the mentioned directors
[-] can jointly
sign with anyone
of the rest
directors on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Suvanant Chatudomphant is
the Chief Executive
Officer.
He is Thai
nationality with the
age of 60
years old.
Mrs. Fonthip Wanlayasaeree is
the Office Manager.
She is Thai
nationality.
Mr. Thevarak Rojanapruk is
the Project Manager.
He is Thai
nationality.
Mr. Kamphon Chaikijkosri is
the Deputy Manager
of Operation.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s objective
is a manufacturer
and distributor of Phenol,
Acetone and BPA
for petrochemical and
oil refinery industries.
PRODUCTION
Phenol : 200,000
tons per annum
Acetone : 124,000
tons per annum
BPA : 150,000
tons per annum
PURCHASE
100% of raw
materials are purchased
from local suppliers
and agents.
MAJOR SUPPLIERS
PTT Global Chemical
Public Company Limited : Thailand
SALES
100% of the
products is sold locally
by wholesale to petrochemical
industry and oil
refinery.
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 credit terms
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
BANKING
Bangkok Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
Krung Thai Bank
Public Co., Ltd.
TMB Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 150 office
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
and warehouse are
located at 9
Soi G9, Pakornsongkrohraj Rd.,
Maptaphut, Muang, Rayong
21000. Premise is
on 214,400 square
meters of land
area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT EUR
20,000,000.
COMMENT
PTT Phenol was the
first company to produce phenol in Southeast Asia , the world's largest market
for this chemical. Phenol is used as a raw material in the production of
plastic polycarbonate.
The
company started its
production in the
third quarter of
2008. Its products have been
supported to petrochemical
and oil refinery industries
in the PTT
Group. Since 2009 subject reported
a significant growth
on rising sale from
its production.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 800,000,000 divided
into 8,000,000 shares
of Bht. 100
each.
The
capital was increased
later as following:
Bht. 4,000,000,000 on
April 10, 2006
Bht. 5,400,000,000 on
September 1, 2006
Bht. 7,000,000,000 on
August 1, 2008
Bht. 9,252,000,000 on
March 24, 2009
The
latest registered capital
was increased to Bht. 9,252,000,000 divided
into 92,520,000 shares of
Bht. 100 each.
THE
SHAREHOLDERS LISTED WERE
: [as at
December 28, 2011]
at Bht. 8,351,200,000
of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
PTT Global Chemical
Public Company Limited Nationality: Thai Address : 14th - 18th Floor, 555/1 Energy Complex
Building A,
Vibhavadi-Rangsit Rd., Jatujak,
Bangkok |
55,511,997 |
60.00 |
|
PTT Public Company
Limited Nationality: Thai Address : 555
Vibhavadi-Rangsit Rd., Jatujak, Bangkok |
37,007,999 |
40.00 |
|
Mr. Supoj Laosu-arpa Nationality: Thai Address : 48
Mahaprutharam, Bangrak, Bangkok |
1 |
- |
|
Mrs. Vilawan Songcharoen Nationality: Thai Address : 71/8
Moo 3, Chimplee,
Talingchan, Bangkok |
1 |
- |
|
Mr. Suwit Tinnachote Nationality: Thai Address : 71/1
Moo 3, Sothorn,
Muang,
Chachoengsao |
1 |
- |
|
Mr. Permsak Chewawattananond Nationality: Thai Address : 133
Rimnam Rd., Chengnoen,
Muang, Rayong |
1 |
- |
Total Shareholders : 6
Share Structure [as
at December 28, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
9,252,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
9,252,000 |
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, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash
Equivalents |
1,173,140,162 |
800,203,564 |
|
Trade Account Receivable - Related Company |
238,125,243 |
146,714,463 |
|
Trade Account Receivable - Other Company |
1,297,016,871 |
1,039,010,503 |
|
Other Receivable - Related Company |
2,279,259 |
2,043,988 |
|
Inventories |
620,625,783 |
497,849,115 |
|
Raw Material |
70,622,882 |
90,613,961 |
|
Advance Payment - Related Company
|
649,605 |
9,634,936 |
|
Advance Payment - Other Company |
771,585 |
102,082,804 |
|
Refundable Value Added Tax |
94,140,238 |
79,694,827 |
|
Other Current Assets
|
55,114,170 |
24,393,841 |
|
Total Current Assets
|
3,552,485,798 |
2,792,242,002 |
|
|
|
|
|
Fixed Assets |
15,954,599,887 |
15,727,112,194 |
|
Intangible Assets |
441,637,531 |
383,360,475 |
|
Rental Right - Related Company |
28,221,607 |
30,528,557 |
|
Other Assets |
99,743,854 |
105,347,339 |
|
Total Assets |
20,076,688,677 |
19,038,590,567 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Short-term Loan from Financial
Institution |
- |
340,000,000 |
|
Trade Account Payable - Related Company |
991,894,032 |
819,031,516 |
|
Trade Account Payable - Other Company |
- |
1,363,180 |
|
Other Payable - Related Company |
62,678,786 |
40,611,294 |
|
Other Payable - Other Company |
84,697,530 |
62,745,158 |
|
Payable Construction Project - Related Company |
33,807,282 |
1,830,331 |
|
Payable Construction Project - Other Company |
16,230,301 |
952,004,288 |
|
Current Portion of
Long-term Loan from Financial Institution |
158,000,000 |
632,000,000 |
|
Current Portion of Financial
Least Contract Liabilities |
4,117,191 |
5,670,297 |
|
Current Portion of Guarantee |
4,673 |
338,967,315 |
|
Other Current Liabilities |
44,148,743 |
43,400,898 |
|
Total Current Liabilities |
1,395,578,538 |
3,237,624,277 |
|
Long Term Loan
from Financial Institution |
8,737,836,432 |
8,892,460,470 |
|
Lease Contract Liabilities |
11,467,506 |
17,046,741 |
|
Total Liabilities |
10,144,882,476 |
12,147,131,488 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized & issued
share capital 92,520,000
shares |
9,252,000,000 |
9,252,000,000 |
|
Capital Paid |
8,351,200,000 |
7,985,250,000 |
|
Retained Earning -
Unappropriated |
1,580,606,201 |
[1,093,790,921] |
|
Total Shareholders' Equity |
9,931,806,201 |
6,891,459,079 |
|
Total Liabilities & Shareholders' Equity |
20,076,688,677 |
19,038,590,567 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
13,167,033,402 |
7,286,250,830 |
|
Gain on Exchange Rate |
59,094,352 |
- |
|
Other Income |
194,042,737 |
11,025,190 |
|
Total Sales |
13,420,170,491 |
7,297,276,020 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
10,116,455,566 |
7,014,506,899 |
|
Selling Expenses |
194,492,092 |
191,910,569 |
|
Administrative Expenses |
204,967,715 |
201,348,873 |
|
Director Remuneration |
10,083,244 |
8,327,220 |
|
Loss on Exchange
Rate |
- |
5,623,984 |
|
Total Expenses |
10,525,998,617 |
7,421,717,545 |
|
Loss Before Interest
Expenses |
2,894,171,874 |
[124,441,525] |
|
Interest Expenses |
[219,774,752] |
[198,451,631] |
|
Net Profit / [Loss] |
2,674,397,122 |
[322,893,156] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.55 |
0.86 |
|
QUICK RATIO |
TIMES |
1.94 |
0.61 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.83 |
0.46 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.66 |
0.38 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
24.94 |
30.62 |
|
INVENTORY TURNOVER |
TIMES |
14.64 |
11.92 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
35.95 |
52.05 |
|
RECEIVABLES TURNOVER |
TIMES |
10.15 |
7.01 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
0.07 |
|
CASH CONVERSION CYCLE |
DAYS |
60.89 |
82.60 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
76.83 |
96.27 |
|
SELLING & ADMINISTRATION |
% |
3.03 |
5.40 |
|
INTEREST |
% |
1.67 |
2.72 |
|
GROSS PROFIT MARGIN |
% |
25.09 |
3.88 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
21.98 |
(1.71) |
|
NET PROFIT MARGIN |
% |
20.31 |
(4.43) |
|
RETURN ON EQUITY |
% |
26.93 |
(4.69) |
|
RETURN ON ASSET |
% |
13.32 |
(1.70) |
|
EARNING PER SHARE |
BAHT |
32.02 |
(4.04) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.51 |
0.64 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.02 |
1.76 |
|
TIME INTEREST EARNED |
TIMES |
13.17 |
(0.63) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
80.71 |
|
|
OPERATING PROFIT |
% |
(2,425.73) |
|
|
NET PROFIT |
% |
928.26 |
|
|
FIXED ASSETS |
% |
1.45 |
|
|
TOTAL ASSETS |
% |
5.45 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
25.09 |
Impressive |
Industrial
Average |
25.03 |
|
Net Profit Margin |
20.31 |
Impressive |
Industrial
Average |
(1.41) |
|
Return on Assets |
13.32 |
Impressive |
Industrial
Average |
2.25 |
|
Return on Equity |
26.93 |
Impressive |
Industrial
Average |
7.58 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 25.09%. 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. The company’s figure is
20.31%, 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
13.32%, 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 26.93%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
2.55 |
Deteriorated |
Industrial
Average |
18.85 |
|
Quick Ratio |
1.94 |
|
|
|
|
Cash Conversion Cycle |
60.89 |
|
|
|
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 2.55 times in 2010, increased from 0.86 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 1.94 times in 2010,
increased from 0.61 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 61 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.51 |
Impressive |
Industrial
Average |
0.64 |
|
Debt to Equity Ratio |
1.02 |
Satisfactory |
Industrial
Average |
2.03 |
|
Times Interest Earned |
13.17 |
Deteriorated |
Industrial
Average |
609.62 |
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 13.17 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 0.51 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.83 |
Deteriorated |
Industrial
Average |
3,447.02 |
|
Total Assets Turnover |
0.66 |
Deteriorated |
Industrial
Average |
1.61 |
|
Inventory Conversion Period |
24.94 |
|
|
|
|
Inventory Turnover |
14.64 |
Satisfactory |
Industrial
Average |
18.76 |
|
Receivables Conversion Period |
35.95 |
|
|
|
|
Receivables Turnover |
10.15 |
Impressive |
Industrial
Average |
9.76 |
|
Payables Conversion Period |
- |
|
|
|
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.49.08 |
|
UK Pound |
1 |
Rs.77.79 |
|
Euro |
1 |
Rs.65.17 |
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.