MIRA
INFORM REPORT
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Report Date : |
02.10.2012 |
IDENTIFICATION DETAILS
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Name : |
NITRO CHEMICAL INDUSTRY LIMITED |
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Registered Office : |
24 Rama 1
Road, Rongmuang Pathumwan, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
25.01.1982 |
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Com. Reg. No.: |
0105525002719 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and Exporter of Chemicals |
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No. of Employees : |
120 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
|
B1 |
B1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
With a well-developed infrastructure,
a free-enterprise economy, generally pro-investment policies, and strong export
industries,
Source : CIA
Company name
NITRO
CHEMICAL INDUSTRY LIMITED
SUMMARY
BUSINESS
ADDRESS : 24
RAMA 1 ROAD, RONGMUANG,
PATHUMWAN,
TELEPHONE : [66] 2215-9079,
2215-5934, 2214-5275
FAX :
[66] 2215-9282
E-MAIL
ADDRESS : export@nitrochemical.com
REGISTRATION
ADDRESS : 84/2
MOO 4, RAMA
2 ROAD, BANGTORAD,
MUANG, SAMUTSAKORN
74000
ESTABLISHED
: 1982
REGISTRATION
NO. : 0105525002719
TAX
ID NO. : 3101239171
CAPITAL REGISTERED : BHT. 300,000,000
CAPITAL PAID-UP : BHT.
300,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
AMPHAN VIPRAKASIT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 120
LINES
OF BUSINESS : CHEMICALS
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 January 25,
1982 as a
private limited company
under the name
style NITRO CHEMICAL
INDUSTRY LIMITED by
Thai groups, in
order to manufacture specialty
chemicals for paint
industry of both
domestic and overseas.
It currently employs
approximate 120 staff.
The
subject received the
promotion privilege from
the Board of
Investment and was
granted industrial nitrocellulose manufacturing
and marketing rights
from Defense Ministry
of Thailand.
The subject’s registered
address is 84/2
Moo 4, Rama 2 Rd.,
Bangtorad, Muang, Samutsakorn
74000, while the
subject’s current operation
address is at
24 Rama 1 Rd.,
Rongmuang, Pathumwan, Bangkok
10330.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Sumarat Viprakasit |
[+] |
Thai |
70 |
|
Mr. Chavalit Viprakasit |
[+] |
Thai |
49 |
|
Mr. Thaksin Viprakasit |
[x] |
Thai |
79 |
|
Mr. Amphan Viprakasit |
[x] |
Thai |
74 |
|
Mr. Pichet Viprakasit |
|
Thai |
38 |
|
Mr. Yim Tanangteerapong |
|
Thai |
83 |
|
Mr. Eiam Eiamvananontachai |
[+] |
Thai |
75 |
AUTHORIZED PERSON
Both of the
mentioned directors [x]
can jointly sign
or one of
the mentioned directors
[x] can jointly
sign with one of
the directors [+]
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Amphan Viprakasit
is the Managing
Director.
He is Thai
nationality with the
age of 74
years old.
Mr. Siripong Rojluechai
is the Factory
Manager.
He is Thai
nationality.
Mr. Pichet Viprakasit is
the Marketing Manager.
He is Thai
nationality with the
age of 38
years old.
Mr. Prakorn Veerasombat is
the Sales Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
various kinds of
specialty chemicals, mainly
Nitrocellulose, which has
two grades “SS”
and “RS” for use
in various coating
applications including wood
coating, paper coating,
printing ink, aircraft
lacquer, protective finishes
for metal, automotive
lacquer, aluminum foil coating
and etc.
PRODUCTION CAPACITY
2,500 tons/month
PURCHASE
Most
of raw materials
are purchased from
local suppliers, the
rests are imported
from United States of America, Taiwan, United Kingdom, Germany, Japan,
Belgium and Singapore.
MAJOR
SUPPLIER
Inabata & Co., Ltd. : Japan
SALES
[LOCAL]
80% of the
products is sold
locally to manufacturers, and
the remaining 20% is exported
to Bangladesh, Republic
of China, Sri
Lanka, India, Indonesia,
Japan, Korea, Malaysia,
Vietnam, Singapore, Turkey,
Saudi Arabia and
other Middle East
countries.
MAJOR
CUSTOMERS
J.B.P. International Co., Ltd. :
Thailand
I.C.I Paints [Thailand]
Co., Ltd. : Thailand
TOA Paints group
of companies :
Thailand
Nagase & Co., Ltd. : Japan
Nam Giao Co.,
Ltd. : Vietnam
ABC Chemicals Pvt.
Ltd. : India
Getdd Welson Chemicals
Ltd. : Republic of
China
CSP Enterprise Ltd. : Korea
Multiform Chemicals Ltd. : Sri
Lanka
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.
RELATED/ASSOCIATED COMPANIES
V.S. General Chem
Co., Ltd.
Business Type: Manufacturer &
distributor of industrial
chemicals
RCI Labscan Ltd.
Business Type: Manufacturer &
distributor of industrial
chemicals
Nobel NC Co., Ltd.
Business Type: Manufacturer &
distributor of industrial
chemicals
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.
Exports
are against L/C
at sight and
T/T.
BANKING
Bangkok
Bank Public Co., Ltd.
[Bangkoknoi Branch :
Bangkoknoi, Bangkok 10700]
Krung
Thai Bank Public
Co., Ltd.
[Sapanlueng Branch :
Banthadthong Rd., Rongmuang,
Pathumwan, Bangkok 10330]
[Pathumwan Branch: Wangmai,
Pathumwan, Bangkok 10330]
EMPLOYMENT
The
subject employs approximately 120
staff [office staff
and factory workers].
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial
area.
Factory is
located on 96,000 square meters of
area, at 84/2 Moo 4,
Rama 2 Rd., Bangtorad,
Muang, Samutsakorn 74000.
Tel : [66] 34 839-467-8,
Fax: [66] 34 839-469.
COMMENT
The
subject was formed in 1982 as a
manufacture of paint chemicals. Since its
establishment, the subject
has become a
leading manufacturer of Nitrocellulose product.
NCI’s market covers
more than 25
countries worldwide including
Asian Pacific region,
North America, Canada,
Australia, Middle East
and etc. The
products under the NCI
all manufactured “Continuous Process” by most advanced
high-tech machinery and equipments,
all computerized control. The great technology
capacity developed has
allowed the company to
develop different products
for the most diverse
application within industry
in general.
The
subject had excellent business in
2010 and 2011,
while current business
outlook is active.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
15,000,000 divided into 15,000 shares of
Bht. 1,000 each.
The
capital was increased
later as follows:
Bht. 90,000,000
on May 24,
1990
Bht.
150,000,000 on August
15, 1991
Bht.
300,000,000 on December
9, 1998
The
latest registered capital
was increased to
Bht. 300,000,000 divided
into 30,000,000 shares of
Bht. 10 each
with fully paid.
MAIN
SHAREHOLDERS : [as
at March 29,
2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Thaksin Viprakasit Nationality: Thai Address : 73
Thaklang Rd., Thubthieng,
Muang, Trang |
7,232,400 |
24.11 |
|
Mr. Amphan Viprakasit Nationality: Thai Address : 24
Rama 1 Rd., Rongmuang,
Pathumwan,
Bangkok |
3,500,000 |
11.67 |
|
Mrs. Sumarat Viprakasit Nationality: Thai Address : 24
Rama 1 Rd., Rongmuang, Pathumwan,
Bangkok 10330 |
3,500,000 |
11.67 |
|
Mr. Pichet Viprakasit Nationality: Thai Address : 24
Rama 1 Rd., Rongmuang,
Pathumwan,
Bangkok |
3,437,300 |
11.46 |
|
Mr. Eiam Eiamvananontachai Nationality: Thai Address : 14/68
Rajvithi-Nakornchaisri
Rd.,
Bangkoknoi, Bangkok 10700 |
3,000,000 |
10.00 |
|
Ms. Punnarat Viprakasit Nationality: Thai Address : 24
Rama 1 Rd., Rongmuang,
Pathumwan,
Bangkok |
1,637,300 |
5.46 |
|
Mr. Yim Tanangteerapong Nationality: Thai Address : 39-41
Visetkul Rd., Thubthieng,
Muang, Trang |
1,500,000 |
5.00 |
|
Others |
6,193,000 |
20.63 |
Total Shareholders : 20
Share Structure [as
at March 29,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
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|
Thai |
20 |
30,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
20 |
30,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Vorarat Kiatthanawit
No. 8334
NITRO CHEMICAL INDUSTRY
LIMITED
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
63,302,595.36 |
8,825,387.07 |
|
Short-term Investment |
22,488,252.83 |
26,633,892.58 |
|
Trade Accounts &
Other Receivable |
422,471,042.81 |
372,045,649.72 |
|
Short-term Lending |
255,000,000.00 |
153,000,000.00 |
|
Inventories |
203,940,705.21 |
90,715,454.27 |
|
Other Current Assets
|
2,244,448.68 |
1,422,832.18 |
|
|
|
|
|
Total Current Assets
|
969,447,044.89 |
652,643,215.82 |
|
Investment in Associated
Companies |
499,025,000.00 |
499,024,980.00 |
|
Real Estate for
Investment |
845,000.00 |
845,000.00 |
|
Fixed Assets |
229,939,567.43 |
194,486,002.34 |
|
Intangible Assets |
1,641,911.61 |
1,399,912.98 |
|
Other Non-current Assets |
11,025,927.00 |
11,987,972.35 |
|
Total Assets |
1,711,924,450.93 |
1,360,387,083.49 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft & Short-term Loan
from Financial Institution |
182,105,747.30 |
63,522,303.41 |
|
Trade Accounts & Other Payable |
94,249,344.57 |
78,108,113.43 |
|
Current Portion of
Long-term Liabilities |
33,336,000.00 |
- |
|
Accrued Income Tax |
82,344,254.88 |
74,300,507.86 |
|
|
|
|
|
Total Current Liabilities |
392,035,346.75 |
215,930,924.70 |
|
Long-term Loan |
44,440,000.00 |
- |
|
Employee Benefits Obligation |
74,209,952.02 |
- |
|
Total Liabilities |
510,685,298.77 |
215,930,924.70 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 30,000,000 shares |
300,000,000.00 |
300,000,000.00 |
|
|
|
|
|
Capital Paid |
300,000,000.00 |
300,000,000.00 |
|
Retained Earning Appropriated for Statutory Reserve |
30,000,000.00 |
30,000,000.00 |
|
Other Reserves |
55,380,123.49 |
55,380,123.49 |
|
Unappropriated |
815,859,028.67 |
759,076,035.30 |
|
Total Shareholders' Equity |
1,201,239,152.16 |
1,144,456,158.79 |
|
Total Liabilities &
Shareholders' Equity |
1,711,924,450.93 |
1,360,387,083.49 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales & Services |
1,504,086,609.48 |
1,188,256,440.53 |
|
Gain on Sales of
Investment |
- |
50,512,705.49 |
|
Other Income |
41,702,705.40 |
44,689,539.35 |
|
Total Revenues |
1,545,789,314.88 |
1,283,458,685.37 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
1,094,702,277.63 |
893,065,302.98 |
|
Selling Expenses |
56,224,666.02 |
55,349,447.63 |
|
Administrative Expenses |
128,846,932.35 |
74,988,691.52 |
|
Total Expenses |
1,279,773,876.00 |
1,023,403,442.13 |
|
|
|
|
|
Profit before financial
Cost & Income
Tax |
266,015,438.88 |
260,055,243.24 |
|
Financial Cost |
[10,141,175.01] |
[5,875,806.70] |
|
Profit before Income Tax |
255,874,263.87 |
254,179,436.54 |
|
Income Tax |
[82,344,254.88] |
[74,300,507.86] |
|
|
|
|
|
Net Profit / [Loss] |
173,530,008.99 |
179,878,928.68 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.47 |
3.02 |
|
QUICK RATIO |
TIMES |
1.95 |
2.60 |
|
|
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|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.54 |
6.11 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.88 |
0.87 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
68.00 |
37.08 |
|
INVENTORY TURNOVER |
TIMES |
5.37 |
9.84 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
102.52 |
114.28 |
|
RECEIVABLES TURNOVER |
TIMES |
3.56 |
3.19 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
31.42 |
31.92 |
|
CASH CONVERSION CYCLE |
DAYS |
139.10 |
119.43 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
72.78 |
75.16 |
|
SELLING & ADMINISTRATION |
% |
12.30 |
10.97 |
|
INTEREST |
% |
0.67 |
0.49 |
|
GROSS PROFIT MARGIN |
% |
29.99 |
32.85 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
17.69 |
21.89 |
|
NET PROFIT MARGIN |
% |
11.54 |
15.14 |
|
RETURN ON EQUITY |
% |
14.45 |
15.72 |
|
RETURN ON ASSET |
% |
10.14 |
13.22 |
|
EARNING PER SHARE |
BAHT |
5.78 |
6.00 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.30 |
0.16 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.43 |
0.19 |
|
TIME INTEREST EARNED |
TIMES |
26.23 |
44.26 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
26.58 |
|
|
OPERATING PROFIT |
% |
2.29 |
|
|
NET PROFIT |
% |
(3.53) |
|
|
FIXED ASSETS |
% |
18.23 |
|
|
TOTAL ASSETS |
% |
25.84 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
29.99 |
Impressive |
Industrial
Average |
13.98 |
|
Net Profit Margin |
11.54 |
Impressive |
Industrial
Average |
4.31 |
|
Return on Assets |
10.14 |
Impressive |
Industrial
Average |
4.00 |
|
Return on Equity |
14.45 |
Impressive |
Industrial
Average |
7.52 |
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
29.99%. 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
11.54%, 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
10.14%, 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 14.45%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
2.47 |
Impressive |
Industrial
Average |
1.63 |
|
Quick Ratio |
1.95 |
|
|
|
|
Cash Conversion Cycle |
139.10 |
|
|
|
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 2.47 times in 2011, decreased from 3.02 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 1.95 times in 2011,
decreased from 2.6 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 140 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.30 |
Impressive |
Industrial Average |
0.41 |
|
Debt to Equity Ratio |
0.43 |
Impressive |
Industrial
Average |
0.75 |
|
Times Interest Earned |
26.23 |
Impressive |
Industrial
Average |
6.16 |
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 26.24 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 0.3 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 |
6.54 |
Impressive |
Industrial
Average |
1.65 |
|
Total Assets Turnover |
0.88 |
Satisfactory |
Industrial
Average |
0.94 |
|
Inventory Conversion Period |
68.00 |
|
|
|
|
Inventory Turnover |
5.37 |
Satisfactory |
Industrial
Average |
5.52 |
|
Receivables Conversion Period |
102.52 |
|
|
|
|
Receivables Turnover |
3.56 |
Satisfactory |
Industrial
Average |
4.67 |
|
Payables Conversion Period |
31.42 |
|
|
|
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.78 |
|
|
1 |
Rs.85.16 |
|
Euro |
1 |
Rs.67.78 |
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.