MIRA
INFORM REPORT
|
Report Date : |
09.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
BASF [THAI] LIMITED |
|
|
|
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Registered Office : |
23rd
Floor, |
|
|
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Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
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|
|
Date of Incorporation : |
13.12.1966 |
|
|
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Com. Reg. No.: |
0105509004737 |
|
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|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter & Distributor of Industrial Chemicals |
|
|
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|
No. of Employees : |
350
|
RATING & COMMENTS
|
MIRAs Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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
BASF [THAI] LIMITED
SUMMARY
BUSINESS
ADDRESS : 23rd FLOOR,
622 SUKHUMVIT 24
ROAD, KLONGTON,
KLONGTOEY,
TELEPHONE : [66] 2664-9222
FAX :
[66] 2664-9221,
2664-9267, 2664-9259
E-MAIL
ADDRESS : kampanp@basf-thai.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1966
REGISTRATION
NO. : 0105509004737 [Former : 587/2509]
TAX
ID NO. : 3101028942
CAPITAL REGISTERED : BHT. 700,000,000
CAPITAL PAID-UP : BHT.
700,000,000
SHAREHOLDERS PROPORTION : FOREIGN
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
BOONCHAI OPAS-IAM-LIKIT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 350
LINES
OF BUSINESS : INDUSTRIAL
CHEMICALS
MANUFACTURER, EXPORTER
& DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on December 13,
1966 as a
private limited company
under the registered name B A S F
[THAI] LTD. by
German groups, in
order to manufacture
and distribute industrial
chemicals for both
local and overseas
markets. It is a
wholly owned subsidiary
of BASF SE.,
On September 4,
1995, the subjects
name was changed
to BASF [THAI]
LIMITED.
It currently employs
approximate 350 staff.
The subject was granted the promotional privilege from the Board of
Investment for manufacturing of Sodium Polyacrylate [super absorbent polymer] from
December 15, 2000 to
November 6, 2004.
During 2009-2011, the
subject took over
the chemical business
of Ciba Thailand
Limited, Cognis Thai
Ltd., and BASF
Polyurethanes [Thailand] Limited.
The subjects registered
address was initially
located at 17th Flr.,
Asoke Tower, 219/56-59
Sukhumvit 21 Rd.,
Klongtoeynua, Watana, Bangkok
10110.
On June 6,
2002, the registered
address was relocated
to 23rd Floor,
Emporium Tower, 622 Sukhumvit 24 Rd., Klongton, Klongtoey,
Bangkok 10110, and this
is the companys
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Naree Wongmanee |
|
Thai |
50 |
|
Mr. Boonchai Opas-iam-likit |
|
Thai |
48 |
|
Mr. Dean Trevor Draper |
|
Australian |
44 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with companys affixed.
MANAGEMENT
Mr. Boonchai Opas-iam-likit is
the Managing Director.
He is Thai
nationality with the
age of 48
years old.
Mrs. Naree Wongmanee is
the Director, Corporate
Financial Controlling.
She is Thai
nationality with the
age of 50
years old.
Mr. Chansit Nilchai
is the Sales
& Marketing Manager
[Construction Chemical].
He is Thai
nationality.
Mr. Somsak Ngamsuriyaroj is
the Sales &
Marketing Manager [General
Chemical].
He is Thai
nationality.
Mr. Anupong Tangsa-nga
is the Factory
Manager [Samutprakarn].
He is Thai
nationality.
Mr. Rungchai Hongthong
is the Factory
Manager [Rayong].
He is Thai
nationality.
Mr. Krachang Likitsinsopol is
the Import & Export Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subjects activities
are manufacturer, importer,
exporter and distributor
various kinds of
industrial chemicals, which
are divided into 9 divisions as
the followings:
-
Crop
Protection Division
-
Chemicals
and Catalysts Division
-
Construction
Chemicals Division
-
Performance
Chemicals Division
-
Care
Chemical Division
-
Hygiene Products Division
-
Styrenic
and Performance Polymer Division
-
Polyurethane
Division
-
Catalyst
Division.
The products are
supplied to tanning, plastic, animal
feed, paper, ceramic,
paint, agriculture, construction
industries and etc.
The products are
Albigen, Basosoft, Condensol,
Cyclanon, Dekol, Fixapret, Helizarin
Binder, Helizarin, Kieralon,
Leophen, Lutibrol, Lusynton,
Palegal, Prestogen, Primasol,
Size CB, Trilon, Amollan,
Astacin, Basozym, Corial,
Decatal, Lepton, Lipoderm,
Luron, Mollescal, Luconyl,
Choline Chloride, Lutavit
Blend, Lutavit Mix
and etc.
MAJOR BRAND
BASF
IMPORT
Most of raw
materials are imported
from Germany, Singapore,
Republic of China, Taiwan, Switzerland, Netherlands,
Italy, United States of America
and Korea, and
the remaining is
purchased from local
suppliers.
MAJOR SUPPLIERS
BASF SE. :
BASF
BASF Agro B.V. :
SALES
70% of the products is
exported to Germany, Taiwan, Singapore,
United States of
America, Korea, India,
Hong Kong, Malaysia,
Philippines, Republic of China,
Japan and Middle
East countries, the
remaining 30% is
sold locally.
MAJOR CUSTOMERS
BASF SE. :
BASF
BASF Taiwan Ltd. :
PARENT COMPANY
BASF SE. :
RELATED COMPANY
BASF Chemcat [
Business Type :
Manufacturing and distributing
of automobile parts
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
Local bills are
paid by cash
or on the
credit terms of
30-60 days.
Sales are by
cash or on
the credit terms
of 30-60 days.
Imports are by
L/C at sight
or on the
credit term of
120 days & T/T.
Exports are against
L/C at sight
& T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
:
[Bangkapi Branch
:
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 350 staff.
[office, sales staff
and factory workers]
LOCATION DETAILS
The premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory I is
located at 307-308
Bangpoo Industrial Estate, T.
Praeksa, A. Muang,
Samutprakarn 10270. Tel. [66]
2324-0517-20 Fax [66]
2324-0517
Factory II is
located at 111/3
Moo 4, Eastern
Seaboard Industrial Estate,
Pruakdaeng, Rayong 21140.
Tel. [66] 38
955-100 Fax [66]
38 955-102
COMMENT
BASF
is the worlds leading chemical company
with nearly 385 production sites worldwide that serve customers and partners in almost all
countries of the world.
Over four decades of BASFs presence in Thai chemical industry, the name BASF has
been entrusted as reliable quality products that enhance and improve the countrys industrial
sector and quality of
life.
The subject has long been
in the market
because of its reputation on
products quality, marketing
and sales strategy
as well as
well established a strong
fundamental management. However, after
the floods swept through
many industries, causing
damage to thousands
of factories, their
operations have been
totally affected which demand
of chemicals would also
decline.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,250,000 divided
into 1,250 shares
of Bht. 1,000 each.
The capital was
increased later as
followings:
Bht.
100,000,000 on March
10, 2000
Bht.
200,000,000 on February
7, 2001
Bht.
1,000,000,000 on September
28, 2001
On November 18,
2005, the capital
was decreased to
Bht. 700,000,000 divided
into 700,000 shares
of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 26,
2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
BASF SE. Nationality: German Address : 67056 |
699,996 |
100.00 |
|
BASF New Zealand
Ltd. Nationality: New Zealander Address : |
1 |
- |
|
BASF Philippines Ltd. Nationality: Filipino Address :
Carmelray, 4028 Calubang, Calamba |
1 |
- |
|
BASF Nationality: Australian Address : |
1 |
- |
|
BASF Nationality: Singaporean Address : Tower |
1 |
- |
Total Shareholders : 5
Share Structure [as
at April 26,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Foreign |
5 |
700,000 |
100.00 |
|
Thai |
- |
- |
- |
|
Total |
5 |
700,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT
NO. :
Mr. Santi Pongcharoenphit No.
4623
BALANCE SHEET
The
latest financial figures
published for December
31, 2011 & 2010
were:
ASSETS
|
Current Assets |
2011 |
(Adjusted) 2010 |
|
|
|
|
|
Cash and Cash Equivalents |
240,093,926 |
168,351,455 |
|
Trade Account Receivable |
3,163,402,707 |
1,356,030,242 |
|
Inventories |
1,883,048,830 |
835,342,733 |
|
Short-term Investment in Subsidiaries |
- |
119,470,000 |
|
Other Current Assets
|
186,775,960 |
26,603,336 |
|
|
|
|
|
Total Current Assets
|
5,473,321,423 |
2,505,797,766 |
|
Investment in Related Co-ventures |
210,000,000 |
- |
|
Long-term Investment |
100 |
100 |
|
Fixed Assets |
1,557,499,075 |
464,160,653 |
|
Intangible Assets |
192,605,206 |
212,454,579 |
|
Deferred Income Tax |
46,519,203 |
69,367,319 |
|
Others Non-current Assets |
13,379,585 |
12,774,993 |
|
Total Assets |
7,493,324,592 |
3,264,555,410 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
(Adjusted) 2010 |
|
|
|
|
|
Trade Account Payable |
3,615,316,188 |
1,920,429,690 |
|
Reserve for Employee Benefit |
- |
3,514,049 |
|
Payable - Purchase
of Business |
14,394,459 |
- |
|
Accrued Income Tax |
4,733,133 |
8,026,184 |
|
Accrued Expenses |
329,738,099 |
188,163,611 |
|
Other Current Liabilities |
200,502,648 |
126,701,182 |
|
|
|
|
|
Total Current Liabilities |
4,164,684,527 |
2,246,834,716 |
|
Long-term Loan from Related
Company |
5,480,000,000 |
- |
|
Liabilities from Employee
Benefit |
201,199,266 |
118,027,824 |
|
Total Liabilities |
9,845,883,793 |
2,364,862,540 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized,
issued and fully
paid share
capital 700,000 shares
|
700,000,000 |
700,000,000 |
|
|
|
|
|
Capital Paid |
700,000,000 |
700,000,000 |
|
Reserve for Business
Expansion |
[3,216,422,437] |
- |
|
Retained Earning Appropriated for Statutory Reserve |
70,000,000 |
70,000,000 |
|
Unappropriated |
93,863,236 |
129,692,870 |
|
Total Shareholders' Equity |
[2,352,559,201] |
899,692,870 |
|
Total Liabilities &
Shareholders' Equity |
7,493,324,592 |
3,264,555,410 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
(Adjusted) 2010 |
|
|
|
|
|
Sales Income |
10,413,419,936 |
6,305,242,967 |
|
Commission Income |
165,008,899 |
205,178,865 |
|
Other Income |
267,173,702 |
70,055,274 |
|
Total Revenues |
10,845,602,537 |
6,580,477,106 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
9,529,023,635 |
5,653,639,664 |
|
Selling Expenses |
920,596,978 |
663,487,453 |
|
Administrative Expenses |
225,259,363 |
118,319,569 |
|
Loss on Exchange Rate |
37,686,484 |
- |
|
Total Expenses |
10,712,566,460 |
6,435,446,686 |
|
|
|
|
|
Profit before Finance Cost & Income Tax
|
133,036,077 |
145,030,420 |
|
Finance Cost |
[100,489,379] |
[3,350,767] |
|
Profit before Income Tax |
32,546,698 |
141,679,653 |
|
Income Tax |
[68,376,332] |
[41,048,273] |
|
Net Profit / [Loss] |
[35,829,634] |
100,631,380 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.31 |
1.12 |
|
QUICK RATIO |
TIMES |
0.82 |
0.68 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.69 |
13.58 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.39 |
1.93 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
72.13 |
53.93 |
|
INVENTORY TURNOVER |
TIMES |
5.06 |
6.77 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
110.88 |
78.50 |
|
RECEIVABLES TURNOVER |
TIMES |
3.29 |
4.65 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
138.48 |
123.98 |
|
CASH CONVERSION CYCLE |
DAYS |
44.53 |
8.44 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
91.51 |
89.67 |
|
SELLING & ADMINISTRATION |
% |
11.00 |
12.40 |
|
INTEREST |
% |
0.96 |
0.05 |
|
GROSS PROFIT MARGIN |
% |
12.64 |
14.70 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.28 |
2.30 |
|
NET PROFIT MARGIN |
% |
(0.34) |
1.60 |
|
RETURN ON EQUITY |
% |
1.52 |
11.19 |
|
RETURN ON ASSET |
% |
(0.48) |
3.08 |
|
EARNING PER SHARE |
BAHT |
(51.19) |
143.76 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
1.31 |
0.72 |
|
DEBT TO EQUITY RATIO |
TIMES |
(4.19) |
2.63 |
|
TIME INTEREST EARNED |
TIMES |
1.32 |
43.28 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
65.15 |
|
|
OPERATING PROFIT |
% |
(8.27) |
|
|
NET PROFIT |
% |
(135.60) |
|
|
FIXED ASSETS |
% |
235.55 |
|
|
TOTAL ASSETS |
% |
129.54 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
12.64 |
Impressive |
Industrial
Average |
12.07 |
|
Net Profit Margin |
(0.34) |
Deteriorated |
Industrial
Average |
1.82 |
|
Return on Assets |
(0.48) |
Deteriorated |
Industrial
Average |
4.28 |
|
Return on Equity |
1.52 |
Deteriorated |
Industrial
Average |
11.66 |
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 companys figure is 12.64%. 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 -0.34%.
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 -0.48%.
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 1.52%.
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 |
1.31 |
Satisfactory |
Industrial
Average |
1.50 |
|
Quick Ratio |
0.82 |
|
|
|
|
Cash Conversion Cycle |
44.53 |
|
|
|
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 1.31 times in 2011, increased from 1.12 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 0.82 times in 2011,
increased from 0.68 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 45 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
1.31 |
Risky |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
(4.19) |
Risky |
Industrial
Average |
1.51 |
|
Times Interest Earned |
1.32 |
Deteriorated |
Industrial
Average |
3.36 |
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 1.33 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 1.31 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 |
6.69 |
Acceptable |
Industrial Average |
10.00 |
|
Total Assets Turnover |
1.39 |
Acceptable |
Industrial Average |
2.32 |
|
Inventory Conversion Period |
72.13 |
|
|
|
|
Inventory Turnover |
5.06 |
Acceptable |
Industrial Average |
6.90 |
|
Receivables Conversion Period |
110.88 |
|
|
|
|
Receivables Turnover |
3.29 |
Acceptable |
Industrial Average |
4.46 |
|
Payables Conversion Period |
138.48 |
|
|
|
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.55.36 |
|
|
1 |
Rs.85.64 |
|
Euro |
1 |
Rs.69.21 |
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 SCs 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.