MIRA
INFORM REPORT
|
Report Date : |
14.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
HUNTSMAN [
|
|
|
|
|
Registered Office : |
899 Moo 4, Bangpoo Industrial Estate, Soi 6, Sukhumvit Road, Praeksa, Muang,
Samutprakarn 10260 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
2010 |
|
|
|
|
Date of Incorporation : |
1999 |
|
|
|
|
Com. Reg. No.: |
0115542003825 [Former: SOR POR.
9031] |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor
And Exporter Industrial
Chemicals |
|
|
|
|
No. of Employees : |
400 |
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 30, 2011
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
HUNTSMAN
[THAILAND] LIMITED
SUMMARY
BUSINESS
ADDRESS : 899
MOO 4, BANGPOO
INDUSTRIAL ESTATE,
SOI 6,
SUKHUMVIT ROAD, PRAEKSA,
MUANG, SAMUTPRAKARN
10260
TELEPHONE : [66] 2709-4466
FAX :
[66] 2709-4351,
2709-4360
E-MAIL
ADDRESS : surapol_chatanantavej@huntsman.com
contact_th@huntsman.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0115542003825 [Former: SOR
POR. 9031]
CAPITAL REGISTERED : BHT. 6,000,000
CAPITAL PAID-UP : BHT.
6,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SURAPOL CHATANANTAVEJ, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 400
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 July 26,
1999 as a
private limited company under
the originally registered
name “Huntsman ICI
[Thailand] Limited”, by
foreign groups. On
November 3, 2000, the subject’s name was changed to HUNTSMAN
[THAILAND] LIMITED. It
currently employs approximate
400 staff.
Its
business objective is
to manufacture wide
range of industrial
chemicals for domestic
and international markets.
In the
beginning of 2006,
the subject has
taken over textile
chemical division and
all facilities from Ciba
Specialty Chemical [Thailand]
Ltd.
The
subject’s registered address
is 899 Moo
4, Bangpoo Industrial
Estate, Soi 6, Sukhumvit
Rd., Praeksa, Muang,
Samutprakarn 10260, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Lawrence Russell Healy |
[x] |
American |
56 |
|
Mr. Peter Railey Huntsman |
[x] |
American |
- |
|
Mr. Surapol Chatanantavej |
[x] |
Thai |
49 |
|
Mr. Santachai Rattanyupong |
[x] |
Thai |
58 |
|
Ms. Pang Ai Chee |
|
Singaporean |
57 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Surapol Chatanantavej is
the Managing Director.
He is Thai
nationality with the
age of 49
years old.
Mrs. Paveena Chansripiboon is
the Customer Service
Manager.
She is Thai
nationality.
Mr. Robert Mercier
is the Technical
Operation Manager
[Samutsakorn Factory].
He is
American nationality.
Mr. Saravuth Kaewsom is
the Operation Manager.
He is Thai
nationality.
Ms. Kachira Chanputeekul is
the Export Manager.
She is Thai
nationality.
Ms. Wacharin Wichitwong is the
Human Resources &
Administration Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
wide range of industrial
chemicals mainly for
construction, appliance, footwear, textile, plastic, aviation,
construction, technology, agriculture,
healthcare, detergent, personal
care, furniture, packaging,
paint, coating and
automotive industries, under
its own brand “HUNTSMAN”.
PURCHASE
Raw material and
chemicals are purchased
from both domestic
and international suppliers
such as United States of America,
Germany, France, Netherlands,
U.K., Taiwan, Singapore,
India and Republic
of China.
MAJOR SUPPLIER
Huntsman International
LLC. : U.S.A.
SALES
70% of the
products is sold
locally by wholesale to
dealers, manufacturers and
end-users.
EXPORT
30% of the
products is exported
to Vietnam, Malaysia, Singapore,
Indonesia, Philippines, Japan,
Korea, India, U.S.A.,
Republic of China
and Taiwan.
MAJOR CUSTOMER
Summit Footwear Co.,
Ltd. : 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
according to 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
Kasikornbank Public Co.,
Ltd.
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
400 office staff
and factory workers.
LOCATION DETAILS
The
premise is owned
for administrative office and
factory I at the
heading address. Premise
is located in
industrial area.
Factory II
[Textile Chemical Division]
is located at
90/2 Moo 4,
Bangpla Rd., Bangkhoh,
Muang, Samutsakorn 74000.
Sales
Office : 27th Flr., Shinawatra Tower
III, 1010 Vibhavadee
Rangsit Rd., Jatujak,
Bangkok
10900. Tel :
[66] 2966-2678 Fax
: [66] 2966-2694
Branches :
·
44/1
Ladkrabang Industrial Estate,
Moo 4, Chalongkrung
Rd., Lamplatiw, Ladkrabang,
Bangkok.
·
90/2
Moo 4, Bangpla,
Bankoh, Muang, Samutsakorn
province 10280
·
19 Moo 5,
Sethakij 1 Rd.,
Thamai, Krathumban, Samutsakorn
province
·
90/122
Moo 4, Bangpla,
Bankoh, Muang, Samutsakorn
province 10280
·
119/1 Moo
1, Klongmai, Sampran,
Nakornpathom province
·
222 Moo
6, Suksawad Rd.,
Naiklongbangplakod,
Phrasamutjadee, Samutprakarn
·
90/123 Moo
4, Bangpla, Bankoh, Muang,
Samutsakorn province
COMMENT
Subject is a manufacturer, distributor and exporter of industrial chemicals. The
products have been served to industrial
users. Despite economy
slowdown during 2008-2009, its
business had been performed well.
Meanwhile industrial sector
started improvement in
the beginning of 2010 has enabled the subject subsequently expanded
its production and
continue growing steadily
into the year 2011-2012.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 4,000,000 divided into
40,000 shares of
Bht. 100 each.
On
August 20, 1999,
the capital was
increased to Bht. 6,000,000 divided
into 60,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE
[as
at August 9,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Huntsman International L.L.C. Nationality: American Address : 500
Utah, U. S. A. |
30,590 |
50.98 |
|
Huntsman Investment [Netherlands] BV. Nationality: Dutch Address : 3221
Rotterdam, Netherlands |
29,400 |
49.00 |
|
Huntsman Polyurethane Fund
I L.L.C. Nationality: American
Address : 500
Utah, U. S. A. |
2 |
|
|
Huntsman Polyurethane Fund
II L.L.C. Nationality: American Address : 500
Utah, U. S. A. |
2 |
|
|
Huntsman Polyurethane Fund
III L.L.C. Nationality: American Address : 500
Utah, U. S. A. |
2 |
= 0.02 |
|
Huntsman Polyurethane Fund
IV L.L.C. Nationality: American Address : 500
Utah, U. S. A. |
2 |
|
|
Huntsman Polyurethane Venture
1 L.L.C. Nationality: American Address : 500
Utah, U. S. A. |
2 |
|
Total Shareholders : 7
Share Structure
[as at August
9, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
American |
7 |
60,000 |
100.00 |
|
Total |
7 |
60,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Pranee Pholngam No.
4987
Note
The 2011 financial
statement has yet been
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
99,464,027 |
79,115,993 |
|
Trade Accounts Receivable
|
728,866,892 |
917,160,013 |
|
Related Company Receivable |
2,038,477 |
1,949,526 |
|
Inventories |
1,068,743,702 |
713,959,426 |
|
Revenue Department Receivable |
159,187,545 |
116,415,935 |
|
Deferred Refundable Input
Tax |
344,891 |
3,098,322 |
|
Other Current Assets
|
9,062,146 |
5,370,603 |
|
|
|
|
|
Total Current Assets
|
2,067,707,680 |
1,837,069,818 |
|
Fixed Assets |
865,779,412 |
795,428,554 |
|
Other Assets |
50,178,937 |
49,385,337 |
|
Total Assets |
2,983,666,029 |
2,681,883,709 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
Current Liabilities
|
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
410,643,633 |
497,139,588 |
|
Related Company Payable |
271,011,337 |
160,500,918 |
|
Accrued Expenses |
94,309,277 |
70,397,750 |
|
Accrued Income Tax |
75,461,056 |
95,312,311 |
|
Other Current Liabilities |
36,057,728 |
30,194,342 |
|
|
|
|
|
Total Current Liabilities |
887,483,031 |
853,544,909 |
|
Long-term Loan from Related Company |
671,166,627 |
671,166,627 |
|
Total Liabilities |
1,558,649,658 |
1,524,711,536 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 60,000 shares |
6,000,000 |
6,000,000 |
|
|
|
|
|
Capital Paid |
6,000,000 |
6,000,000 |
|
Premium on Share
Capital |
185,395,200 |
185,395,200 |
|
Retained Earning Appropriated for
Statutory Reserve |
9,846,357 |
9,846,357 |
|
Unappropriated |
1,223,774,814 |
955,930,616 |
|
Total Shareholders' Equity |
1,425,016,371 |
1,157,172,173 |
|
Total Liabilities & Shareholders' Equity |
2,983,666,029 |
2,681,883,709 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
4,485,653,203 |
3,922,233,367 |
|
Other Income |
16,929,174 |
13,559,303 |
|
Total Revenues |
4,502,582,377 |
3,935,792,670 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,538,618,942 |
3,044,464,718 |
|
Selling Expenses |
66,426,798 |
62,435,754 |
|
Administrative Expenses |
455,248,362 |
380,540,926 |
|
Loss on Exchange
Rate |
220,493 |
8,313,051 |
|
Total Expenses |
4,060,514,595 |
3,495,754,449 |
|
|
|
|
|
Profit Before Financial
Cost & Income Tax |
442,067,782 |
440,038,221 |
|
Financial Cost |
[31,962,876] |
[29,101,837] |
|
Profit Before Income Tax |
410,104,906 |
410,936,384 |
|
Income Tax |
[137,411,900] |
[133,757,751] |
|
|
|
|
|
Net Profit / [Loss] |
272,693,006 |
277,178,633 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.33 |
2.15 |
|
QUICK RATIO |
TIMES |
0.94 |
1.17 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.18 |
4.93 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.50 |
1.46 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
110.24 |
85.60 |
|
INVENTORY TURNOVER |
TIMES |
3.31 |
4.26 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
59.31 |
85.35 |
|
RECEIVABLES TURNOVER |
TIMES |
6.15 |
4.28 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
42.36 |
59.60 |
|
CASH CONVERSION CYCLE |
DAYS |
127.19 |
111.34 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
78.89 |
77.62 |
|
SELLING & ADMINISTRATION |
% |
11.63 |
11.29 |
|
INTEREST |
% |
0.71 |
0.74 |
|
GROSS PROFIT MARGIN |
% |
21.49 |
22.73 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.86 |
11.22 |
|
NET PROFIT MARGIN |
% |
6.08 |
7.07 |
|
RETURN ON EQUITY |
% |
19.14 |
23.95 |
|
RETURN ON ASSET |
% |
9.14 |
10.34 |
|
EARNING PER SHARE |
BAHT |
4,544.88 |
4,619.64 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.52 |
0.57 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.09 |
1.32 |
|
TIME INTEREST EARNED |
TIMES |
13.83 |
15.12 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
14.36 |
|
|
OPERATING PROFIT |
% |
0.46 |
|
|
NET PROFIT |
% |
(1.62) |
|
|
FIXED ASSETS |
% |
8.84 |
|
|
TOTAL ASSETS |
% |
11.25 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
21.49 |
Impressive |
Industrial
Average |
13.18 |
|
Net Profit Margin |
6.08 |
Impressive |
Industrial
Average |
4.46 |
|
Return on Assets |
9.14 |
Impressive |
Industrial
Average |
4.46 |
|
Return on Equity |
19.14 |
Impressive |
Industrial
Average |
8.08 |
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 21.49%. 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 6.08% 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
9.14%, 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 19.14%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profits 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 |
2.33 |
Impressive |
Industrial
Average |
1.66 |
|
Quick Ratio |
0.94 |
|
|
|
|
Cash Conversion Cycle |
127.19 |
|
|
|
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 2.33 times in 2010, increased from 2.15 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 0.94 times in 2010,
decreased from 1.17 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 128 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.52 |
Acceptable |
Industrial
Average |
0.40 |
|
Debt to Equity Ratio |
1.09 |
Risky |
Industrial
Average |
0.71 |
|
Times Interest Earned |
13.83 |
Impressive |
Industrial
Average |
6.37 |
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 13.84 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 0.52 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 |
5.18 |
Impressive |
Industrial
Average |
1.78 |
|
Total Assets Turnover |
1.50 |
Impressive |
Industrial
Average |
1.00 |
|
Inventory Conversion Period |
110.24 |
|
|
|
|
Inventory Turnover |
3.31 |
Acceptable |
Industrial
Average |
5.66 |
|
Receivables Conversion Period |
59.31 |
|
|
|
|
Receivables Turnover |
6.15 |
Impressive |
Industrial
Average |
4.56 |
|
Payables Conversion Period |
42.36 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.85 |
|
|
1 |
Rs.86.88 |
|
Euro |
1 |
Rs.69.88 |
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.