MIRA
INFORM REPORT
|
Report Date : |
09.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
THE SUN CHEMICAL CO. LTD. |
|
|
|
|
Registered Office : |
701/301 Soi Pattanakarn
30, |
|
|
|
|
Country : |
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|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
28.06.2001 |
|
|
|
|
Com. Reg. No.: |
0105544060486 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Industrial Chemicals |
|
|
|
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No. of Employees : |
39 |
RATING & COMMENTS
|
MIRAs 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
THE
SUN CHEMICAL CO. LTD.
SUMMARY
BUSINESS
ADDRESS : 701/301 SOI
PATTANAKARN 30,
PATTANAKARN ROAD,
SUANLUANG,
BANGKOK 10250,
THAILAND
TELEPHONE : [66] 2319-1026
FAX :
[66] 2318-1158,
2319-5791
E-MAIL
ADDRESS : tanachok@thesunchemical.co.th
WEB
SITE :
http://www.thesunchemical.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2001
REGISTRATION
NO. : 0105544060486 [Former :
[5] 1122/2544]
TAX
ID NO. : 3030301378
CAPITAL REGISTERED : BHT. 28,000,000
CAPITAL PAID-UP : BHT.
28,000,000
SHAREHOLDERS PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
TANACHOK KRISADAPONG, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 39
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on June
28, 2001 as
a private limited
company under the name style THE
SUN CHEMICAL CO., LTD. by Mr.
Tanachok Krisadapong and
Thai groups, in order to
import and distribute
industrial chemicals to
local market. It currently
employs 39 staff.
The subjects registered address
was initially located
at 19 Soi Panya Village 3, Pattanakarn Rd., Suanluang,
Bangkok 10250.
On August 16,
2002, the registered
address was relocated
to 701/301 Soi
Pattanakarn 30, Pattanakarn
Rd., Suanluang, Bangkok 10250,
and this is
subjects current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Tanachok Krisadapong |
[x] |
Thai |
40 |
|
Mrs. Panisara Krisadapong |
|
Thai |
35 |
AUTHORIZED PERSON
The above director
[x] can sign
on behalf of the subject
with companys affixed.
MANAGEMENT
Mr. Tanachok Krisadapong
is the Managing
Director.
He is Thai
nationality with the
age of 40 years old.
He has been
the Managing Director
since the subjects
inception in 2001.
Mr. Jittapan Hongsiri is
the General Manager.
He is Thai
nationality.
Mrs. Panisara Krisadapong is
the Accounting and
Financial Director.
She is Thai
nationality with the
age of 35
years old.
Mr. Kriangkrai Prasitiphol
is the New
Business Development Manager.
He is Thai
nationality.
Ms. Ravisada Wongpadsa is
the Sales Manager.
She is Thai
nationality.
Mr. Piyachart Anansri is
the Warehouse Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in
importing and distributing chemical base
and specialty chemicals
for various industries such
as petroleum, construction,
cosmetics, detergents, households,
pharmaceutical, rubbers, textiles,
toiletry, foods and
etc. The subject
has been approved as
a sole distributor of
BASF AG, WACKER
Chemie AG, and
SASOL in Germany.
IMPORT
80% of the
products is imported
from United States of
America, United Kingdom, Germany, France,
Italy, Japan, Netherlands,
Denmark, Singapore, Republic
of China and
Taiwan, the remaining
20% is purchased
from local suppliers.
MAJOR SUPPLIERS
BASF AG. : Germany
Jos. H. Lowenstein & Sons
Inc. : U.S.A.
Merkur Vaseline GmbH. & Co. KG. : Germany
Sasol Olefins &
Surfactants GmbH. : Germany
Strahl & Pitsch
Inc. : U.S.A.
Wacker-Chemie GmbH. : Germany
Venture Chemical Ltd. : Japan
Alzo International Incorporation :
Brenntag Specialties Inc. : U.S.A.
3V Group Spa. :
Elementis Specialties Netherlands
BV. : Netherlands
Feixiang Chemicals
[Zhangjiagang] Co., Ltd. : Republic
of China
Vertellus Specialties Inc. : U.S.A.
Tayca Corporation : Japan
Kalon Life Science
Inc. : U.S.A.
Danisco A/S : Denmark
Genencor International Ltd. : U.K.
SALES [LOCAL]
The products are
sold locally by
wholesale to manufacturers, dealers
and retail sales
to end-users.
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
and T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
Kasikornbank Public Co.,
Ltd.
Export-Import Bank of
Thailand
[Head Office
: Phaholyothin Rd.,
Samsennai, Phyathai, Bangkok
10400]
EMPLOYMENT
The subject employs
approximately 39 staff.
LOCATION DETAILS
The premise is owned for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Warehouse is located at 11/37 Soi Watnamdaeng, Srinakarin Rd.,
Bangkaew, Bangplee, Samutprakarn
10540. Tel :
[66] 2753-5281, Fax. 2753-5672.
COMMENT
The subjects business has
grown viable in
line with industrial upturn. Its
business is still
promising and anticipates
an increasing demand
of industrial chemicals
in 2012. As
the market leader, the subject has
committed itself to provide
the best services and
quality product to
focus on sustainable
growth of domestic
industries.
FINANCIAL INFORMATION
The capital was
initially registered at Bht.
1,870,000 divided into 187,000
shares of Bht.
10 each.
The capital was
increased later as
follows:
Bht. 8,700,000
on August 16, 1997
Bht. 18,700,000
on October 22, 2001
Bht. 28,000,000
on June 28,
2006
The latest registered
capital was increased
to Bht. 28,000,000 divided
into 2,800,000 shares
of Bht. 10
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Tanachok Krisadapong Nationality: Thai Address : 19 Soi
Panya Village 3, Pattanakarn
Rd., Suanluang, Bangkok
10250 |
2,799,994 |
100.00 |
|
Mrs. Panisara Krisadapong Nationality: Thai Address : 19
Soi Panya Village
3, Pattanakarn Rd., Suanluang, Bangkok
10250 |
1 |
- |
|
Mr. Soonthorn Kittikarnjanakorn Nationality: Thai Address : 368/82
Moo 2, Bangmod, Thungkru,
Bangkok |
1 |
- |
|
Mrs. Patima Kittikarnjanakorn Nationality: Thai Address : 368/82
Moo 2, Bangmod, Thungkru,
Bangkok |
1 |
- |
|
Mr. Chatchai Krisadapong Nationality: Thai Address : 19
Soi Panya Village
3, Pattanakarn Rd., Suanluang, Bangkok
10250 |
1 |
- |
|
Mrs. Pornpayao Krisadapong Nationality: Thai Address : 25/205
Moo 5, Bangbor, Samutprakarn |
1 |
- |
|
Mrs. Teerabul Krisadapong Nationality: Thai Address : 19
Soi Panya Village
3, Pattanakarn Rd., Suanluang, Bangkok
10250 |
1 |
- |
Total Shareholders : 7
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
2,800,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
2,800,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sivachai Komethongsathit No.
6314
Note:
The 2011 financial
statement has yet
been submitted to
the Commercial Registration
Department during investigation.
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents
|
83,559,165.64 |
12,363,047.02 |
|
Trade Accounts & Notes Receivable |
257,474,426.05 |
199,672,929.53 |
|
Inventories |
328,264,473.53 |
235,342,201.16 |
|
Other Current Assets |
5,686,640.94 |
2,950,228.80 |
|
|
|
|
|
Total Current Assets
|
674,984,706.16 |
450,328,406.51 |
|
Cash at Bank under Commitment
|
52,120,017.15 |
44,718,527.46 |
|
Fixed Assets |
23,508,226.05 |
11,063,945.78 |
|
Other non-current Assets |
924,169.70 |
521,017.64 |
|
Total Assets |
751,537,119.06 |
506,631,897.39 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
373,010,147.98 |
189,533,219.55 |
|
Trade Accounts & Notes Payable |
110,969,269.38 |
132,234,338.01 |
|
Current Portion of
Hire-purchase Contract Liabilities |
3,490,852.37 |
651,713.42 |
|
Accrued Income Tax |
18,481,141.90 |
14,189,701.35 |
|
Accrued Expenses |
10,346,435.94 |
6,293,187.33 |
|
Accrued Dividend |
30,987,322.66 |
1,043,199.82 |
|
Accrued Other Expenses |
1,890,995.07 |
1,574,445.75 |
|
|
|
|
|
Total Current Liabilities |
549,176,165.30 |
345,519,805.23 |
|
|
|
|
|
Long-term Loan from Related
Person |
10,012,025.05 |
10,182,225.05 |
|
Hire-purchase Liabilities
- Net |
8,493,277.10 |
- |
|
Total Liabilities |
567,681,467.45 |
355,702,030.28 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 2,800,000 shares |
28,000,000.00 |
28,000,000.00 |
|
|
|
|
|
Capital Paid |
28,000,000.00 |
28,000,000.00 |
|
Retained Earnings Appropriated for
Statutory Reserve |
2,800,000.00 |
2,800,000.00 |
|
Unappropriated |
153,055,651.61 |
120,129,867.11 |
|
Total Shareholders' Equity |
183,855,651.61 |
150,929,867.11 |
|
Total Liabilities &
Shareholders' Equity |
751,537,119.06 |
506,631,897.39 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
1,281,184,096.19 |
1,031,020,089.54 |
|
Gain on Exchange Rate |
33,796,209.57 |
16,301,864.15 |
|
Interest Income |
287,618.05 |
557,857.12 |
|
Other Income |
280,573.39 |
1,299,202.45 |
|
Total Revenues |
1,315,548,497.20 |
1,049,179,013.26 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,131,244,655.27 |
908,214,894.69 |
|
Selling Expenses |
21,791,989.12 |
13,101,637.88 |
|
Administrative Expenses |
51,743,912.97 |
46,659,697.07 |
|
Total Expenses |
1,204,780,557.36 |
967,976,229.64 |
|
|
|
|
|
Profit before Finance Cost
& Income Tax |
110,767,939.84 |
81,202,783.62 |
|
Finance Cost - Interest
Expenses |
[8,248,240.32] |
[9,721,012.93] |
|
|
|
|
|
Profit before Income
Tax |
102,519,699.52 |
71,481,770.69 |
|
Income Tax |
[32,596,042.36] |
[22,221,771.14] |
|
|
|
|
|
Net Profit / [Loss] |
69,923,657.16 |
49,259,999.55 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.23 |
1.30 |
|
QUICK RATIO |
TIMES |
0.62 |
0.61 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
54.50 |
93.19 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.70 |
2.04 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
105.92 |
94.58 |
|
INVENTORY TURNOVER |
TIMES |
3.45 |
3.86 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
73.35 |
70.69 |
|
RECEIVABLES TURNOVER |
TIMES |
4.98 |
5.16 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
35.80 |
53.14 |
|
CASH CONVERSION CYCLE |
DAYS |
143.46 |
112.13 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
88.30 |
88.09 |
|
SELLING & ADMINISTRATION |
% |
5.74 |
5.80 |
|
INTEREST |
% |
0.64 |
0.94 |
|
GROSS PROFIT MARGIN |
% |
14.39 |
13.67 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.65 |
7.88 |
|
NET PROFIT MARGIN |
% |
5.46 |
4.78 |
|
RETURN ON EQUITY |
% |
38.03 |
32.64 |
|
RETURN ON ASSET |
% |
9.30 |
9.72 |
|
EARNING PER SHARE |
BAHT |
24.97 |
17.59 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.76 |
0.70 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.09 |
2.36 |
|
TIME INTEREST EARNED |
TIMES |
13.43 |
8.35 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
24.26 |
|
|
OPERATING PROFIT |
% |
36.41 |
|
|
NET PROFIT |
% |
41.95 |
|
|
FIXED ASSETS |
% |
112.48 |
|
|
TOTAL ASSETS |
% |
48.34 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
14.39 |
Deteriorated |
Industrial
Average |
30.27 |
|
Net Profit Margin |
5.46 |
Impressive |
Industrial
Average |
2.72 |
|
Return on Assets |
9.30 |
Impressive |
Industrial
Average |
2.02 |
|
Return on Equity |
38.03 |
Impressive |
Industrial
Average |
5.29 |
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 14.39%. 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
5.46%, 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
9.3%, 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 38.03%, 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 |
1.23 |
Satisfactory |
Industrial
Average |
1.53 |
|
Quick Ratio |
0.62 |
|
|
|
|
Cash Conversion Cycle |
143.46 |
|
|
|
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 1.23 times in 2010, decreased from 1.3 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 0.62 times in 2010,
increased from 0.61 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 144 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.76 |
Acceptable |
Industrial
Average |
0.56 |
|
Debt to Equity Ratio |
3.09 |
Risky |
Industrial
Average |
1.46 |
|
Times Interest Earned |
13.43 |
Impressive |
Industrial
Average |
1.63 |
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 13.43 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 0.76 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 |
54.50 |
Impressive |
Industrial
Average |
1.34 |
|
Total Assets Turnover |
1.70 |
Impressive |
Industrial
Average |
0.74 |
|
Inventory Conversion Period |
105.92 |
|
|
|
|
Inventory Turnover |
3.45 |
Deteriorated |
Industrial
Average |
8.83 |
|
Receivables Conversion Period |
73.35 |
|
|
|
|
Receivables Turnover |
4.98 |
Impressive |
Industrial
Average |
2.73 |
|
Payables Conversion Period |
35.80 |
|
|
|
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.