MIRA
INFORM REPORT
|
Report Date : |
16.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
GOODWILL
CHEMICALS CO., LTD. |
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|
|
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Registered Office : |
150/93
Moo 4, Rama
2 Road, Thakam,
Bangkhunthien, |
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Country : |
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Financials (as on) : |
30.11.2011 |
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Date of Incorporation : |
09.12.2002 |
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Com. Reg. No.: |
0105545129218 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Distributor of industrial
chemicals |
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No. of Employees : |
03 |
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 |
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Payment Behaviour : |
No Complaints |
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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 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
GOODWILL CHEMICALS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 150/93 MOO
4, RAMA 2
ROAD, THAKAM,
BANGKHUNTHIEN,
TELEPHONE : [66] 2896-5374,
2896-5756
FAX :
[66] 2896-5690
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION NO. : 0105545129218
TAX
ID NO. : 3030767202
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : NOVEMBER 30
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PAIRACH TANGSRIWATTANAKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 3
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on December 9,
2002 as a
private limited company under
the name style GOODWILL CHEMICALS
CO., LTD. by Thai groups. Its business
objective is to
distribute wide range
of industrial chemicals. It
currently employs 3 staff.
The
subject’s registered address
is 150/93 Moo 4,
Rama 2
Rd., Thakam, Bangkhunthien, Bangkok
10150,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
Mr. Pairach Tangsriwattanakul
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Pairach Tangsriwattanakul is the
Managing Director.
He is Thai
nationality with the
age of 51 years
old.
BUSINESS OPERATIONS
The subject
is engaged in distributing wide
range of industrial chemicals
for paints, textiles,
plastics, rubbers, papers
industries and others.
PURCHASE
100%
of the products
is purchased from
local suppliers.
MAJOR
SUPPLIER
Bayer
Thai Co., Ltd. :
SALES
100% of the
products is sold
locally to wholesalers,
manufacturers and 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.
BANKING
Bangkok
Bank Public Co.,
Ltd
EMPLOYMENT
The
subject employs 3 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in industrial area.
COMMENT
The
subject was formed
in 2002 as a distributor of industrial
chemicals. The products
are mainly served
industrial users. Growth of
industrial sector has
spurred demand of chemicals. Subject
reported moderate sales in
2011 and continue expanding
into the year 2012.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
March 31, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pairach Tangsriwattanakul Nationality: Thai Address : 150/93
Moo 4, Thakam,
Bangkhunthien, |
9,994 |
99.94 |
|
Mr. Pailek Pattanavanichkit Nationality: Thai Address : 20/156
Moo 11, Jomthong,
|
1 |
0.01 |
|
Mr. Somchai Jongdeepaisal Nationality: Thai Address : 67
Pattanakarn 1 Rd.,
Bangpongpang,
Yannawa, |
1 |
0.01 |
|
Ms. Anukorn Pattanavanichkit Nationality: Thai Address : Sathorn, |
1 |
0.01 |
|
Mrs. Chamnien Saelim Nationality: Thai Address : Sathorn, |
1 |
0.01 |
|
Ms. Vilainee Pattanavanichkit Nationality: Thai Address : Sathorn, |
1 |
0.01 |
|
Mr. Manu Homkaenchan Nationality: Thai Address : 83
Moo 4, Kluaypae,
Muang, Lampang |
1 |
0.01 |
Total Shareholders : 7
Share
Structure [as at
March 31, 2010]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Voranuch Maneenai No.
1858
BALANCE SHEET [BAHT]
The
latest financial figures
published for November
30, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
308,034.07 |
1,957,180.45 |
|
Trade Accounts Receivable |
3,189,846.55 |
1,511,963.50 |
|
Inventories |
5,126,655.85 |
2,561,226.20 |
|
Other Current Assets
|
111,895.57 |
26,895.25 |
|
Total Current
Assets |
8,736,432.04 |
6,057,265.40 |
|
|
|
|
|
Fixed Assets |
41,619.55 |
32,616.60 |
|
Total Assets
|
8,778,051.59 |
6,089,882.00 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
|
|
|
|
|
Other Current Liabilities |
1,145,346.81 |
717,911.40 |
|
Total Current
Liabilities |
1,145,346.81 |
717,911.40 |
|
|
|
|
|
Long-term Loan from
Related Person |
5,440,000.00 |
3,600,000.00 |
|
Total Liabilities |
6,585,346.81 |
4,317,911.40 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized &
issued share capital
10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning -
Unappropriated |
1,192,704.78 |
771,970.60 |
|
Total
Shareholders' Equity |
2,192,704.78 |
1,771,970.60 |
|
Total
Liabilities & Shareholders' Equity |
8,778,051.59 |
6,089,882.00 |
PROFIT & LOSS ACCOUNT
|
|
2011 |
2010 |
|
|
|
|
|
Sales Income |
13,264,408.42 |
8,220,007.00 |
|
Less: Discount |
[0.09] |
[3.00] |
|
Other Income |
17,886.91 |
2,256.13 |
|
Total Sales
|
13,282,295.24 |
8,222,260.13 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
11,453,435.96 |
6,882,761.87 |
|
Selling Expenses |
1,012,585.01 |
634,476.46 |
|
Administrative Expenses |
347,721.72 |
335,925.56 |
|
Total Expenses |
12,813,742.69 |
7,853,163.89 |
|
Profit / [Loss] before Financial Cost & Income Tax |
468,552.55 |
369,096.24 |
|
Financial Cost |
- |
[1,028.27] |
|
Profit / [Loss] before Income Tax |
468,552.55 |
368,067.97 |
|
Income Tax |
[47,818.37] |
[32,720.21] |
|
Net Profit / [Loss] |
420,734.18 |
335,347.76 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
7.63 |
8.44 |
|
QUICK RATIO |
TIMES |
3.05 |
4.83 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
318.71 |
252.02 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.51 |
1.35 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
163.38 |
135.82 |
|
INVENTORY TURNOVER |
TIMES |
2.23 |
2.69 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
87.78 |
67.14 |
|
RECEIVABLES TURNOVER |
TIMES |
4.16 |
5.44 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
251.15 |
202.96 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
86.35 |
83.73 |
|
SELLING & ADMINISTRATION |
% |
10.26 |
11.81 |
|
INTEREST |
% |
- |
0.01 |
|
GROSS PROFIT MARGIN |
% |
13.79 |
16.30 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.53 |
4.49 |
|
NET PROFIT MARGIN |
% |
3.17 |
4.08 |
|
RETURN ON EQUITY |
% |
19.19 |
18.93 |
|
RETURN ON ASSET |
% |
4.79 |
5.51 |
|
EARNING PER SHARE |
BAHT |
42.07 |
33.53 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.75 |
0.71 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.00 |
2.44 |
|
TIME INTEREST EARNED |
TIMES |
- |
358.95 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
61.37 |
|
|
OPERATING PROFIT |
% |
26.95 |
|
|
NET PROFIT |
% |
25.46 |
|
|
FIXED ASSETS |
% |
27.60 |
|
|
TOTAL ASSETS |
% |
44.14 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
13.79 |
Impressive |
Industrial
Average |
12.07 |
|
Net Profit Margin |
3.17 |
Impressive |
Industrial Average |
1.82 |
|
Return on Assets |
4.79 |
Impressive |
Industrial
Average |
4.28 |
|
Return on Equity |
19.19 |
Impressive |
Industrial
Average |
11.66 |
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 13.79%. 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 3.17%, 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
4.79%, 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 19.19%, 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 |
7.63 |
Impressive |
Industrial
Average |
1.50 |
|
Quick Ratio |
3.05 |
|
|
|
|
Cash Conversion Cycle |
251.15 |
|
|
|
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 7.63 times in 2011, decreased from 8.44 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 3.05 times in 2011,
decreased from 4.83 times, although excluding inventory so the company still
have good short-term financial strength.
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 252 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.75 |
Acceptable |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
3.00 |
Risky |
Industrial
Average |
1.51 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.75 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 |
318.71 |
Impressive |
Industrial
Average |
10.00 |
|
Total Assets Turnover |
1.51 |
Acceptable |
Industrial
Average |
2.32 |
|
Inventory Conversion Period |
163.38 |
|
|
|
|
Inventory Turnover |
2.23 |
Deteriorated |
Industrial
Average |
6.90 |
|
Receivables Conversion Period |
87.78 |
|
|
|
|
Receivables Turnover |
4.16 |
Satisfactory |
Industrial
Average |
4.46 |
|
Payables Conversion Period |
- |
|
|
|
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.55.76 |
|
UK Pound |
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.70.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.