MIRA INFORM REPORT
|
Report Date : |
23.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
ALLIED
CHEMICALS INTERNATIONAL CO.,
LTD. |
|
|
|
|
Registered Office : |
255/2 Bangpoo Industrial Estate, Soi 3, Praeksa, Muang, Samutprakarn 10280 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.10.2010 |
|
|
|
|
Date of Incorporation : |
06.11.1991 |
|
|
|
|
Com. Reg. No.: |
0105534105169 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter
and Distributor of Chemicals |
|
|
|
|
No. of Employees
: |
120 |
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 – 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
ALLIED CHEMICALS
INTERNATIONAL CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 255/2
BANGPOO INDUSTRIAL ESTATE,
SOI 3,
PRAEKSA, MUANG,
SAMUTPRAKARN 10280,
THAILAND
TELEPHONE : [66] 2323-9930-1,
2323-1626, 2323-1164
FAX :
[66] 2323-1627,
2709-4672
E-MAIL
ADDRESS : acicth@yahoo.com
acicth@allied-chemical.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1991
REGISTRATION
NO. : 0105534105169 [Former : 10515/2534]
CAPITAL REGISTERED : BHT.
40,000,000
CAPITAL PAID-UP : BHT.
40,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : OCTOBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SUTHAM CHOOSROYPIN, THAI
MANAGING DIRECTOR
AND MARKETING DIRECTOR
NO.
OF STAFF : 120
LINES
OF BUSINESS : CHEMICALS
MANUFACTURER, EXPORTER
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 November
6, 1991 as
a private limited
company under the name
style ALLIED CHEMICALS
INTERNATIONAL CO., LTD., by
Thai group, Choosroypin family,
in order to manufacture and
market wide range
of industrial chemicals
to both domestic
and overseas. It
currently employs approximate
120 staff.
The subject’s registered address is 255/2 Bangpoo Industrial Estate, Soi
3, Praeksa, Muang, Samutprakarn 10280,
and this is
the subject’s current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sutham Choosroypin |
|
Thai |
64 |
|
Mrs. Tassanee Choosroypin |
|
Thai |
57 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sutham Choosroypin
is the Managing
Director & Marketing Director.
He is Thai
nationality with the
age of 64
years old.
Mrs. Tassanee Choosroypin
is the Deputy
Managing Director &
Factory Manager.
She is Thai
nationality with the
age of 57
years old.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer,
exporter and distributor
wide range of industrial
chemicals for tannery, textile and
paint industries. Types of the
products are beamhouse
chemical, tanning agent &
auxiliary, fat liquoring
agent, dyeing auxiliary, binder,
lacquer, finishing auxiliary
& pigment, phosphate oil,
silicone oil, sulfated
and etc.
PURCHASE
Most of raw
materials are purchased
from local suppliers,
and the rest
is imported from
Japan, Republic of
China, Germany and
Norway.
MAJOR SUPPLIERS
P. General L.P. : Thailand
Well Trading Co., Ltd. : Japan
BASF [Thai] Co.,
Ltd. : Thailand
SALES [LOCAL]
30% of its
products is sold
locally to manufacturers
and wholesalers.
EXPORT [COUNTRY]
70% of its
products is exported
to Taiwan, Indonesia, India,
Pakistan, U.S.A., Republic
of China, Malaysia
and Europe.
MAJOR CUSTOMERS
Udomphan Tannery Factory : Thailand
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.
[Sukhumvit 43
Road Branch, Sukhumvit
43 Rd., Klongtonnua,
Wattana, Bangkok]
EMPLOYMENT
The subject employs
approximately 120 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise
is owned for
operating office and factory
on a 16,000 square
meters at the
heading address. Premise
is located in
industrial area.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 500,000.
COMMENT
The
subject’s operating performance
in 2010 was
excellent with an
increase in both
sales sale and
net profits comparing
to the previous
year. With a
continuous demand of
the products from
related industries, the
subject anticipated an increase in
sales sale and
good performance in the
year 2011.
The subject
declared to have
some impact from
a recent severe flood
by decreasing an
orders from some
manufactures, but there
was only slight
effect.
FINANCIAL INFORMATION
The capital was
registered at Bht.
5 million, divided
into 5,000 shares
of Bht. 1,000
each.
The capital was
increased later as
followings:
Bht. 10,000,000
on December 19,
1994
Bht. 20,000,000
on May 12,
1995
Bht. 40,000,000
on May 9,
2003
The latest registered
capital was increased
to Bht. 40 million,
divided into 40,000
shares of Bht.
1,000 each with
fully paid.
MAIN SHAREHOLDERS : [as at
February 28, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sutham Choosroypin Nationality: Thai Address : 55 Sukhumvit 55 Rd., Klongton, Klongtoey, Bangkok |
19,650 |
49.12 |
|
Mrs. Tassanee Choosroypin Nationality: Thai Address : 55 Sukhumvit 55 Rd., Klongton, Klongtoey, Bangkok |
19,650 |
49.12 |
|
Mr. Yos Choosroypin Nationality: Thai Address : 55 Sukhumvit 55 Rd., Klongton, Klongtoey, Bangkok |
298 |
0.75 |
|
Mr. Poj Choosroypin Nationality: Thai Address : 55 Sukhumvit 55 Rd., Klongton, Klongtoey, Bangkok |
200 |
0.50 |
|
Ms. Nualphan Choosroypin Nationality: Thai Address : 55 Sukhumvit 55 Rd., Klongton, Klongtoey, Bangkok |
200 |
0.50 |
|
Mr. Surachai Fong-amornkul Nationality: Thai Address : 321/4 Charoenkrung Rd., Bangkorlaem, Bangkok |
1 |
0.01 |
|
Mrs. Chuanpis Vorachart Nationality: Thai Address : 467/21 Thungmahamek, Sathorn, Bangkok |
1 |
- |
Total Shareholders : 7
Share Structure [as
at February 28,
2011]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
40,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
40,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Araya Mahavanich
No. 4995
BALANCE SHEET [BAHT]
The
latest financial figures
published as at
October 31, 2010
& 2009 were :
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent
|
8,783,404.04 |
1,543,979.47 |
|
Trade Accounts Receivable |
23,321,310.65 |
30,933,497.38 |
|
Inventories |
33,665,300.98 |
40,458,706.47 |
|
Others Current Assets |
1,012,956.02 |
783,267.50 |
|
|
|
|
|
Total Current Assets
|
66,782,971.69 |
73,719,450.82 |
|
Long Term Investment |
100,000.00 |
100,000.00 |
|
Fixed Assets |
31,985,246.69 |
27,339,553.16 |
|
Intangible Assets |
115,504.32 |
148,745.01 |
|
Others Assets |
589,097.54 |
574,997.77 |
|
Total Assets |
99,572,820.24 |
101,882,746.76 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft & Loan from
Financial Institution |
25,000,000.00 |
35,481,140.54 |
|
Trade Accounts Payable |
17,316,339.65 |
14,324,485.19 |
|
Current Portion of
Long Term Loan |
293,386.01 |
1,758,000.00 |
|
Current Portion of
Hire-purchase Payable |
145,992.00 |
145,992.00 |
|
Other Current Liabilities |
12,553,667.81 |
7,561,658.43 |
|
Total Current Liabilities |
55,309,385.47 |
59,271,276.16 |
|
Long Term Loans |
- |
587,574.55 |
|
Hire-purchase Payable |
243,319.82 |
389,311.82 |
|
Total Liabilities |
55,552,705.29 |
60,248,162.53 |
|
Shareholders' Equity |
|
|
|
Share capital, Bath
1,000 par value
Authorized, issued
and fully paid
share capital 40,000 shares |
40,000,000.00 |
40,000,000.00 |
|
Capital Paid |
40,000,000.00 |
40,000,000.00 |
|
Unappropriated |
4,020,114.95 |
1,634,584.23 |
|
Total Shareholders' Equity |
44,020,114.95 |
41,634,584.23 |
|
Total Liabilities & Shareholders' Equity
|
99,572,820.24 |
101,882,746.76 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
149,726,001.73 |
146,383,321.28 |
|
Others Income |
445,114.72 |
794,387.65 |
|
Total Sales |
150,171,116.45 |
147,177,708.93 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
106,377,767.59 |
107,633,208.01 |
|
Selling Expenses |
22,354,216.15 |
17,898,174.55 |
|
Administrative Expenses |
14,139,984.60 |
16,200,642.95 |
|
Other Expenses |
2,105,050.19 |
921,553.91 |
|
Total Expenses |
144,977,018.53 |
142,653,579.42 |
|
Profit / [Loss] before Finance
Cost & Income Tax |
5,194,097.92 |
4,524,057.51 |
|
Finance Cost |
[1,384,584.28] |
[2,330,344.73] |
|
Profit / [Loss] before Income Tax |
3,809,513.64 |
2,193,712.78 |
|
Income Tax |
[1,423,982.92] |
[1,214,731.47] |
|
Net Profit / [Loss] |
2,385,530.72 |
978,981.31 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.21 |
1.24 |
|
QUICK RATIO |
TIMES |
0.58 |
0.55 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.68 |
5.35 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.50 |
1.44 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
115.51 |
137.20 |
|
INVENTORY TURNOVER |
TIMES |
3.16 |
2.66 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
56.85 |
77.13 |
|
RECEIVABLES TURNOVER |
TIMES |
6.42 |
4.73 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
59.42 |
48.58 |
|
CASH CONVERSION CYCLE |
DAYS |
112.95 |
165.76 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
71.05 |
73.53 |
|
SELLING & ADMINISTRATION |
% |
24.37 |
23.29 |
|
INTEREST |
% |
0.92 |
1.59 |
|
GROSS PROFIT MARGIN |
% |
29.25 |
27.01 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.47 |
3.09 |
|
NET PROFIT MARGIN |
% |
1.59 |
0.67 |
|
RETURN ON EQUITY |
% |
5.42 |
2.35 |
|
RETURN ON ASSET |
% |
2.40 |
0.96 |
|
EARNING PER SHARE |
BAHT |
59.64 |
24.47 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.56 |
0.59 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.26 |
1.45 |
|
TIME INTEREST EARNED |
TIMES |
3.75 |
1.94 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
2.28 |
|
|
OPERATING PROFIT |
% |
14.81 |
|
|
NET PROFIT |
% |
143.67 |
|
|
FIXED ASSETS |
% |
16.99 |
|
|
TOTAL ASSETS |
% |
(2.27) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
29.25 |
Impressive |
Industrial
Average |
25.03 |
|
Net Profit Margin |
1.59 |
Impressive |
Industrial Average |
(1.41) |
|
Return on Assets |
2.40 |
Impressive |
Industrial
Average |
2.25 |
|
Return on Equity |
5.42 |
Acceptable |
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 29.25%. 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 1.59%,
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
2.4%, 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. When compared with the
industry average, it was lower, the company's figure is 5.42%.
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 |
1.21 |
Deteriorated |
Industrial
Average |
18.85 |
|
Quick Ratio |
0.58 |
|
|
|
|
Cash Conversion Cycle |
112.95 |
|
|
|
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 1.21 times in 2010, decreased 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 0.58 times in 2010,
increased from 0.55 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 113 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.56 |
Impressive |
Industrial
Average |
0.64 |
|
Debt to Equity Ratio |
1.26 |
Satisfactory |
Industrial
Average |
2.03 |
|
Times Interest Earned |
3.75 |
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 3.76 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 0.56 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 |
4.68 |
Deteriorated |
Industrial
Average |
3,447.02 |
|
Total Assets Turnover |
1.50 |
Satisfactory |
Industrial
Average |
1.61 |
|
Inventory Conversion Period |
115.51 |
|
|
|
|
Inventory Turnover |
3.16 |
Deteriorated |
Industrial
Average |
18.76 |
|
Receivables Conversion Period |
56.85 |
|
|
|
|
Receivables Turnover |
6.42 |
Acceptable |
Industrial
Average |
9.76 |
|
Payables Conversion Period |
59.42 |
|
|
|
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.49.25 |
|
UK Pound |
1 |
Rs.76.75 |
|
Euro |
1 |
Rs.65.16 |
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.