MIRA
INFORM REPORT
|
Report Date : |
04.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
THAI PEROXIDE CO., LTD. |
|
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|
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Registered Office : |
16th
Floor, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
13.11.1985 |
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Com. Reg. No.: |
0105528039605 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor & Exporter of Hydrogen Peroxide and Related Products |
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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 : |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
THAI
PEROXIDE CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 16th FLOOR,
PATHUMWAN,
TELEPHONE : [66] 2253-6745-54, 2253-6758,
2254-3719
FAX
:
[66] 2253-1534,
2254-9030-1, 2254-3607
E-MAIL
ADDRESS : sales@thaiperoxide.com
tplplant@thaiperoxide.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1985
REGISTRATION
NO. : 0105528039605 [Former:
3958/2528]
TAX
ID NO. : 3101390742
CAPITAL REGISTERED : BHT. 130,000,000
CAPITAL PAID-UP : BHT.
130,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
FOREIGN :
49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SORINDAR PAL SACHDEV,
INDIAN
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 80
LINES
OF BUSINESS : HYDROGEN PEROXIDE
AND RELATED PRODUCTS
MANUFACTURER, DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was established on November
13, 1985 as
a private limited
company under the
name style THAI
PEROXIDE CO., LTD., by Thai
and foreign groups,
with the business
objective to manufacture
and distribute 35% and
50% hydrogen peroxide concentrate,
used in various
environmental application, which
the production facility
is located in
Saraburi province. It
currently employs approximate
80 staff.
During in 1994-1995
it has achieved
the international standard
ISO 9001 and OHSAS
18001 certification, production
quality management, by
Bureau Veritas [Thailand] Ltd.;
and ISO 14001 certification, environmental
quality management by
MASCI, in 2001;
and also upgrading
to ISO 9002
: 2000 certification, by
MASCI in August
2002.
The
subject’s registered address
is 16th Floor,
Mahathun Plaza, Building,
888/160-161 Ploenchit Rd.,
Lumpini, Pathumwan, Bangkok 10330, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Shyam Sundar Mahanasaria |
|
Indian |
77 |
|
Mr. Kumar Mancalam Birla |
|
Indian |
46 |
|
Mr. Sorindar Pal Sachdev |
|
Indian |
76 |
|
Mrs. Rajashree Birla |
|
Indian |
67 |
|
Mr. Bruce Andrew Lerner |
|
American |
46 |
|
Mr. Stefel Robert Scott |
|
American |
45 |
|
Mr. Ronald Cuizon Caug
|
|
Filipino |
66 |
|
Mr. Sujan Ghost |
|
American |
66 |
|
Mr. Lalit Kumar Shantaram
Naik |
|
Indian |
51 |
|
Mr. John Zhan Sun |
|
American |
55 |
AUTHORIZED PERSON
Any two of the above
directors can jointly
sign on behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Sorindar Pal
Sachdev is the
Chief Executive Officer.
He is Indian
nationality with the
age of 76 years
old.
Mr. Y. S. Tatil is
the Senior General Manager.
He is Indian
nationality.
BUSINESS OPERATIONS
The subject’s activity is a
manufacturer 35% and 50% of
Hydrogen Peroxide [H2O2] concentrate
solution for oxidizing
and bleaching used in textile,
mining, pulp &
paper, leather-hide, electronics,
aquaculture, detergent & bleaches, chemicals, cosmetics & environment
industries, as well as Calcium Peroxide [CaO2] used in
aquaculture, agricultural, detergent,
bleaching, cosmetics, dental, bakery, environmental industries
and etc.
The production technology
was supported by FMC corporation,
MAJOR BRANDS
“TPL”
PURCHASE
90% of raw
material mainly base
chemical is purchased
from local supplier
and agents, the
remaining 10%, as
well as machinery
are imported from Singapore, Japan, Republic
of China, Germany
and Taiwan.
MAJOR SUPPLIER
PTT Public Co., Ltd. :
SALES [LOCAL]
85% of the products
is sold locally
to manufacturers, dealers
and end-users.
EXPORT [COUNTRY]
15% of the products
is exported to
United States of
America, Singapore, Malaysia,
Vietnam, Japan, Republic
of China, India,
Indonesia and Korea.
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
T/T.
Exports are against
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
[Phaholyothin Branch :
The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office :
Bank of Ayudhya
Public Co., Ltd.
[Ploenchit Branch :
Bangkok Bank Public
Co., Ltd.
[Head Office :
EMPLOYMENT
The subject employs
approximately 80 staff.
[office, sales staff
and factory workers]
LOCATION DETAILS
The premise is
rented for administrative office at
the heading address. Premise is
located in a
prime commercial area.
Factory
and warehouse are
located at 70
Moo 4, Sudbanthad
Rd., T. Taldiew,
A.
Kaengkoy, Saraburi 18110.
Tel: [66] 36
240-210, Fax [66] 36
240-211
COMMENT
Thai Peroxide is
the pioneer producer
of Hydrogen Peroxide
in Thailand, using the
same technology from
FMC, the 4th largest
producer in the
world.
Industrial
improvement was the
key driven demand
of hydrogen peroxide.
Subject’s products have been
used as a raw
material of various
application from foods
to industrial goods
productions. Subject is a
leading supplier to
domestic market. Since
economic started improving
in the late
2009, demand of products has
continued rising and
also grown significantly
in the year
2011.
Its
business outlook for
the year 2012 is
positive.
FINANCIAL INFORMATION
The capital was
originally registered at
Bht. 100,000 divided into
100 shares of
Bht. 1,000 each.
On August 18, 1987, the capital
was increased to Bht.
130,000,000 divided into 130,000
shares of Bht.
1,000 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
FMC Corporation Nationality: Dutch Address : |
42,900 |
33.00 |
|
Thai Poly Phosphate
and Chemical Co., Ltd. Nationality: Thai Address : 77 Moo
1, Samrong, Phrapradaeng, Samutprakarn |
37,660 |
28.97 |
|
H2 O2
Co., Ltd. Nationality: Thai Address : 253 Sukhumvit 21 Rd.,
Klongtoey, |
22,100 |
17.00 |
|
Halloch International Ltd.
Nationality: Liberian Address : |
20,800 |
16.00 |
|
Thai Rayon Public
Co., Ltd. Nationality: Thai Address :
Pathumwan, |
6,520 |
5.02 |
|
|
|
|
|
Thai Industry Management
and Trading Co., Ltd. Nationality: Thai Address :
Pathumwan, |
10 |
= 0.01 |
|
Rama Trading Co.,
Ltd. Nationality: Thai Address : |
10 |
|
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
66,300 |
51.00 |
|
Foreign |
2 |
63,700 |
49.00 |
|
Total |
7 |
130,000 |
100.00 |
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT NO. :
Mr. Narong Pantawong No. 3315
BALANCE SHEET [BAHT]
The
latest financial figures
published for December 31,
2011 & 2010
were:
ASSETS
|
Current Assets |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Cash in Hand
& at Bank |
5,183,464 |
18,401,568 |
|
Trade Accounts & Notes
Receivable |
98,672,374 |
95,846,607 |
|
Inventories |
78,194,292 |
43,974,700 |
|
Other Current Assets
|
5,880,242 |
3,565,527 |
|
|
|
|
|
Total Current Assets
|
187,930,372 |
161,788,402 |
|
|
|
|
|
Fixed Assets |
375,023,391 |
332,473,172 |
|
Intangible Assets |
28,329,733 |
24,010,652 |
|
Other Assets |
831,879 |
896,879 |
|
Total Assets |
592,115,375 |
519,169,105 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Bank Overdraft |
- |
1,679,642 |
|
Trade Accounts & Notes Payable |
88,460,288 |
78,508,375 |
|
Short-term Loan from Related Company |
79,000,000 |
97,400,000 |
|
Accrued Income Tax |
15,002,652 |
12,833,940 |
|
Other Current Liabilities |
2,057,321 |
783,305 |
|
|
|
|
|
Total Current Liabilities |
184,520,261 |
191,205,262 |
|
|
|
|
|
Reserve for Employee
Benefit |
9,160,324 |
8,927,115 |
|
Total Liabilities |
193,680,585 |
200,132,377 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 130,000 shares |
130,000,000 |
130,000,000 |
|
|
|
|
|
Capital Paid |
130,000,000 |
130,000,000 |
|
Retained Earning Appropriated for Statutory Reserve |
6,589,514 |
6,589,514 |
|
Unappropriated |
261,845,276 |
182,447,214 |
|
Total Shareholders' Equity |
398,434,790 |
319,036,728 |
|
Total Liabilities & Shareholders' Equity |
592,115,375 |
519,169,105 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Sales |
698,509,463 |
576,679,719 |
|
Other Income |
2,635,177 |
1,674,385 |
|
Total Revenues |
701,144,640 |
578,354,104 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
460,021,199 |
394,226,212 |
|
Selling Expenses |
94,275,936 |
89,424,861 |
|
Administrative Expenses |
30,754,112 |
31,227,668 |
|
Total Expenses |
585,051,247 |
514,878,741 |
|
|
|
|
|
Profit before Financial Expenses & Income Tax |
116,093,393 |
63,475,363 |
|
Financial Expenses |
[2,567,644] |
[1,342,744] |
|
Profit before Income Tax |
113,525,749 |
62,132,619 |
|
Income Tax |
[34,127,687] |
[18,833,952] |
|
|
|
|
|
Net Profit / [Loss] |
79,398,062 |
43,298,667 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.02 |
0.85 |
|
QUICK RATIO |
TIMES |
0.56 |
0.60 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.86 |
1.73 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.18 |
1.11 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
62.04 |
40.71 |
|
INVENTORY TURNOVER |
TIMES |
5.88 |
8.96 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
51.56 |
60.66 |
|
RECEIVABLES TURNOVER |
TIMES |
7.08 |
6.02 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
70.19 |
72.69 |
|
CASH CONVERSION CYCLE |
DAYS |
43.41 |
28.69 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
65.86 |
68.36 |
|
SELLING & ADMINISTRATION |
% |
17.90 |
20.92 |
|
INTEREST |
% |
0.37 |
0.23 |
|
GROSS PROFIT MARGIN |
% |
34.52 |
31.93 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
16.62 |
11.01 |
|
NET PROFIT MARGIN |
% |
11.37 |
7.51 |
|
RETURN ON EQUITY |
% |
19.93 |
13.57 |
|
RETURN ON ASSET |
% |
13.41 |
8.34 |
|
EARNING PER SHARE |
BAHT |
610.75 |
333.07 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.33 |
0.39 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.49 |
0.63 |
|
TIME INTEREST EARNED |
TIMES |
45.21 |
47.27 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
21.13 |
|
|
OPERATING PROFIT |
% |
82.90 |
|
|
NET PROFIT |
% |
83.37 |
|
|
FIXED ASSETS |
% |
12.80 |
|
|
TOTAL ASSETS |
% |
14.05 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
34.52 |
Impressive |
Industrial Average |
21.03 |
|
Net Profit Margin |
11.37 |
Impressive |
Industrial Average |
4.29 |
|
Return on Assets |
13.41 |
Impressive |
Industrial Average |
5.61 |
|
Return on Equity |
19.93 |
Impressive |
Industrial Average |
11.26 |
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 34.52%. 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 11.37%,
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
13.41%, 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 19.93%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.02 |
Acceptable |
Industrial Average |
1.96 |
|
Quick Ratio |
0.56 |
|
|
|
|
Cash Conversion Cycle |
43.41 |
|
|
|
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 1.02 times in 2011, increase from 0.85 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 0.56 times in 2011,
decrease from 0.6 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 44 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.33 |
Impressive |
Industrial Average |
0.33 |
|
Debt to Equity Ratio |
0.49 |
Impressive |
Industrial Average |
0.52 |
|
Times Interest Earned |
45.21 |
Impressive |
Industrial Average |
8.97 |
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 45.22 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 0.33 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 |
1.86 |
Acceptable |
Industrial Average |
2.59 |
|
Total Assets Turnover |
1.18 |
Satisfactory |
Industrial Average |
1.24 |
|
Inventory Conversion Period |
62.04 |
|
|
|
|
Inventory Turnover |
5.88 |
Impressive |
Industrial Average |
4.66 |
|
Receivables Conversion Period |
51.56 |
|
|
|
|
Receivables Turnover |
7.08 |
Impressive |
Industrial Average |
5.35 |
|
Payables Conversion Period |
70.19 |
|
|
|
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.54.81 |
|
|
1 |
Rs.86.04 |
|
Euro |
1 |
Rs.69.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.