MIRA INFORM REPORT
|
Report Date : |
18.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHEMICAL
HOUSE & LAB INSTRUMENT CO.,
LTD. |
|
|
|
|
Registered Office : |
98 Soi Ramkhamhaeng 21 [Navasri], Phlabphla, Wangthonglang, Bangkok 10310 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
19.01.1993 |
|
|
|
|
Com. Reg. No.: |
0105536006052 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, distributor & service provider of laboratory testing instruments |
|
|
|
|
No. of Employees : |
30 employees |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy,
generally pro-investment policies, and strong export industries, Thailand
enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as
it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly
machinery and electronic components, agricultural commodities, and jewelry -
continue to drive the economy, accounting for more than half of GDP. The global
financial crisis of 2008-09 severely cut Thailand's exports, with most sectors
experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010,
Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports
rebounded from their depressed 2009 level. Steady economic growth at just below
4% during the first three quarters of 2011 was interrupted by historic flooding
in October and November in the industrial areas north of Bangkok, crippling the
manufacturing sector and leading to a revised growth rate of only 0.1% for the
year. The industrial sector is poised to recover from the second quarter of
2012 onward, however, and the government anticipates the economy will probably
grow between 5.5 and 6.5% for 2012, while private sector forecasts range
between 3.8% and 5.7%.
|
Source : CIA |
Company name
CHEMICAL HOUSE & LAB INSTRUMENT CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 98
SOI RAMKHAMHAENG 21 [NAVASRI],
PHLABPHLA,
WANGTHONGLANG, BANGKOK
10310, THAILAND
TELEPHONE : [66] 2184-4000
FAX : [66] 2184-4006,
2314-0489
E-MAIL
ADDRESS : chemical@chemihouse.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1993
REGISTRATION
NO. : 0105536006052
TAX
ID NO. : 3011219959
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI : 100 %
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. VAN-ON ARKALEEPHAN,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : LABORATORY TESTING
INSTRUMENTS
IMPORTER, DISTRIBUTOR
& SERVICE PROVIDER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on January 19,
1993 as a private
limited company under the
registered name CHEMICAL HOUSE &
LAB INSTRUMENT CO.,
LTD., by Thai groups, with business
objective to supply
product and service
wide range of
laboratory testing instruments
for various industries.
It currently employs
approximate 30 staff.
The
subject was originally
set up in
1977 under the
name “Chemical House Limited
Partnership” by Mr. Van-on
Arkaleephan, who is
the Managing Partner,
with the business
initially as a
general dealer for
all type of
laboratory equipment, re-agents
glassware and other
items related to laboratory
uses. In 1993,
the subject became
to be private
company limited, namely,
CHEMICAL HOUSE & LAB INSTRUMENT
CO., LTD. Its
business was diversified
into more specific
areas that strive
for higher technology
lab’s instruments, such
as various Government
and Private Research
Center - Department of
Science Services, PTT
Research and Technology
Institute, SCG R&D
Centre and others.
In
2001, the subject
was accredited the
standard ISO 9001 certification.
The subject’s registered address is 98 Soi
Ramkhamhaeng 21 [Navasri], Phlabphla,
Wangthonglang, Bangkok 10310,
and this is
the subject’s current
operation address.
THE BOARD OF
DIRECTOR
Mrs. Van-on Arkaleephan
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Van-on Arkaleephan is
the Managing Director.
She is Thai
nationality with the
age of 62
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
various kinds of
laboratory testing instruments
for various industries,
such as petroleum,
petrochemical, pulp &
paper and packaging [corrugated box,
plastic film, foil
and PET] industries,
as well as
providing after sales
service, including installation
& training, preventive
maintenance & calibration,
full service contract
and repair service.
MAJOR BRANDS
“KRUSS”, “LAWLER”, “FORT’E”,
“REGMED”, “CANNON”, “KALTEC”,
“HUYGEN”, “HANATEK”, “EMCO”
and etc.
PURCHASE
100%
of the products
is imported from
U.S.A., U.K., Germany
and Japan.
MAJOR
SUPPLIERS
Fort’e
Technology Inc. : U.S.A.
Kaltec
Scientific Inc. : U.S.A.
Cannon
Instrument Company :
U.S.A.
Thwing - Albert Instrument
Company : U.S.A.
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.
Imports are by
T/T.
BANKING
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
approximately 30 office,
sales and service
staff.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
Subject’s
business performance remains
upbeat as its
products have been
widely used in
various industries. Domestic
sales has maintained
a strong level. Its
business trend is
expanding steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
July 23, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Van-on Arkaleephan Nationality: Thai Address : 73
Soi Ramkhamhaeng 21
[Navasri],
Phlabphla, Wangthonglang, Bangkok |
10,099 |
50.50 |
|
Ms. Punvadee Arkaleephan Nationality: Thai Address : 73
Soi Ramkhamhaeng 21
[Navasri],
Phlabphla, Wangthonglang, Bangkok |
4,900 |
24.50 |
|
Mrs. Tachsaran Arkaleephan Vibawa Nationality: Thai Address : 75
Soi Ramkhamhaeng 21
[Navasri],
Phlabphla, Wangthonglang, Bangkok |
3,000 |
15.00 |
|
Mr. Pattavuth Arkaleephan Nationality: Thai Address : 71
Soi Ramkhamhaeng 21
[Navasri],
Phlabphla, Wangthonglang, Bangkok |
2,000 |
10.00 |
|
Ms. Somjai Mongkolpitaksuk Nationality: Thai Address : 322/60
Asoke-Dindaeng Rd., Huaykwang, Bangkok |
1 |
- |
Total Shareholders : 5
Share Structure [as
at July 23,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
20,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
20,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Niwest Chintanarkvichai
No. 5832
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
20,931,725.95 |
20,008,290.52 |
|
Trade Accounts & Other Receivable |
19,137,690.83 |
14,454,943.49 |
|
Inventories |
10,102,902.90 |
2,074,847.33 |
|
Goods & Prepaid Services |
24,931,594.30 |
195,499.68 |
|
Other Current Assets
|
854,484.70 |
893,569.38 |
|
|
|
|
|
Total Current Assets
|
75,958,398.68 |
37,627,150.40 |
|
Amount Lending to Related Company |
15,000,000.00 |
15,000,000.00 |
|
Long-term Investment |
- |
33,528.00 |
|
Fixed Assets |
3,277,634.02 |
1,323,567.88 |
|
Other Non-current Assets |
1,377,548.66 |
1,592,392.55 |
|
Total Assets |
95,613,581.36 |
55,576,638.83 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
16,348,407.81 |
4,867,753.56 |
|
Current Portion of Financial
Lease Contract Liabilities |
261,297.12 |
- |
|
Accrued Commission |
3,805,048.74 |
2,882,080.41 |
|
Accrued Expenses |
3,271,516.58 |
4,191,318.76 |
|
Goods & Prepaid Services |
24,975,277.66 |
2,126,828.46 |
|
Other Current Liabilities |
2,306,234.74 |
1,139,899.95 |
|
|
|
|
|
Total Current Liabilities |
50,967,782.65 |
15,207,881.14 |
|
|
|
|
|
Financial Lease Contract
Liabilities |
609,693.12 |
- |
|
Other Non-current Liabilities |
152,389.25 |
338,183.88 |
|
Total Liabilities |
51,729,865.02 |
15,546,065.02 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
|
|
|
|
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
|
Unrealized gain |
46,143.39 |
20,365.77 |
|
Retained Earning |
|
|
|
Appropriated for
Statutory Reserve |
217,174.23 |
217,174.23 |
|
Unappropriated |
41,620,398.72 |
37,793,033.81 |
|
Total Shareholders' Equity |
43,883,716.34 |
40,030,573.81 |
|
Total Liabilities & Shareholders' Equity |
95,613,581.36 |
55,576,638.83 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
81,459,026.42 |
69,917,556.40 |
|
Services Income |
9,144,278.52 |
8,105,769.19 |
|
Other Income |
1,551,933.27 |
753,073.17 |
|
Total Revenues |
92,155,238.21 |
78,776,398.76 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
55,249,382.68 |
46,016,799.93 |
|
Cost of Services |
2,921,021.26 |
2,492,174.48 |
|
Selling Expenses |
10,306,383.28 |
7,633,872.05 |
|
Administrative Expenses |
18,424,710.00 |
17,437,520.31 |
|
Total Expenses |
86,901,497.22 |
73,580,366.77 |
|
|
|
|
|
Profit before Interest
Expenses & Income Tax |
5,253,740.99 |
5,196,031.99 |
|
Interest Expenses |
[15,209.92] |
- |
|
|
|
|
|
Profit before Income Tax |
5,238,531.07 |
5,196,031.99 |
|
Income Tax |
[1,411,166.16] |
[1,305,985.69] |
|
Net Profit / [Loss] |
3,827,364.91 |
3,890,046.30 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.49 |
2.47 |
|
QUICK RATIO |
TIMES |
0.79 |
2.27 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
27.64 |
58.95 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.95 |
1.40 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
63.39 |
15.61 |
|
INVENTORY TURNOVER |
TIMES |
5.76 |
23.38 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
77.10 |
67.62 |
|
RECEIVABLES TURNOVER |
TIMES |
4.73 |
5.40 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
102.58 |
36.63 |
|
CASH CONVERSION CYCLE |
DAYS |
37.91 |
46.61 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
64.20 |
62.17 |
|
SELLING & ADMINISTRATION |
% |
31.71 |
32.13 |
|
INTEREST |
% |
0.02 |
- |
|
GROSS PROFIT MARGIN |
% |
37.51 |
38.79 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.80 |
6.66 |
|
NET PROFIT MARGIN |
% |
4.22 |
4.99 |
|
RETURN ON EQUITY |
% |
8.72 |
9.72 |
|
RETURN ON ASSET |
% |
4.00 |
7.00 |
|
EARNING PER SHARE |
BAHT |
191.37 |
194.50 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.54 |
0.28 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.18 |
0.39 |
|
TIME INTEREST EARNED |
TIMES |
345.42 |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
16.12 |
|
|
OPERATING PROFIT |
% |
1.11 |
|
|
NET PROFIT |
% |
(1.61) |
|
|
FIXED ASSETS |
% |
147.64 |
|
|
TOTAL ASSETS |
% |
72.04 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
37.51 |
Impressive |
Industrial Average |
12.07 |
|
Net Profit Margin |
4.22 |
Impressive |
Industrial Average |
1.82 |
|
Return on Assets |
4.00 |
Satisfactory |
Industrial Average |
4.28 |
|
Return on Equity |
8.72 |
Acceptable |
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. Gross Profit Margin is 37.51%. 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. Net Profit Margin ratio is 4.22%,
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. When compared with the
industry average, it was lower, the company's figure is 4%.
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 8.72%.
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 |
1.49 |
Satisfactory |
Industrial Average |
1.50 |
|
Quick Ratio |
0.79 |
|
|
|
|
Cash Conversion Cycle |
37.91 |
|
|
|
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 1.49 times in 2011, decrease from 2.47 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 0.79 times in 2011,
decrease from 2.27 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 38 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.54 |
Impressive |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
1.18 |
Acceptable |
Industrial Average |
1.51 |
|
Times Interest Earned |
345.42 |
Impressive |
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 345.42 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 0.54 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 |
27.64 |
Impressive |
Industrial Average |
10.00 |
|
Total Assets Turnover |
0.95 |
Deteriorated |
Industrial Average |
2.32 |
|
Inventory Conversion Period |
63.39 |
|
|
|
|
Inventory Turnover |
5.76 |
Satisfactory |
Industrial Average |
6.90 |
|
Receivables Conversion Period |
77.10 |
|
|
|
|
Receivables Turnover |
4.73 |
Impressive |
Industrial Average |
4.46 |
|
Payables Conversion Period |
102.58 |
|
|
|
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.52.75 |
|
UK Pound |
1 |
Rs.85.08 |
|
Euro |
1 |
Rs.69.04 |
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.