MIRA
INFORM REPORT
|
Report Date : |
18.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
W.R.
GRACE [ |
|
|
|
|
Registered Office : |
253/2
Bangpoo Industrial Estate, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
25.07.1979 |
|
|
|
|
Com. Reg. No.: |
0105522013809 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer,
Importer & Distributor of Container Sealants
& Construction Materials |
|
|
|
|
No. of Employees : |
190 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 – March 31st, 2012
|
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 |
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
W.R. GRACE [THAILAND] LTD.
SUMMARY
BUSINESS
ADDRESS : 253/2
BANGPOO INDUSTRIAL ESTATE,
SUKHUMVIT ROAD,
K.M. 34, PRAEKSA,
MUANG, SAMUTPRAKARN 10280,
THAILAND
TELEPHONE : [66] 2709-4470-84
FAX :
[66] 2709-3522,
2323-1386-7
E-MAIL ADDRESS : naiyana.kulratanarak@grace.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1979
REGISTRATION
NO. : 0105522013809
TAX
ID NO. : 3101138542
CAPITAL REGISTERED : BHT. 6,100,000
CAPITAL PAID-UP : BHT.
1,525,000
SHAREHOLDER’S PROPORTION : AMERICAN : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS.
TUANGTIP PUNTANITISARN, THAI
CHIEF EXECUTIVE OFFICER
[FINANCE]
NO.
OF STAFF : 190
LINES
OF BUSINESS : CONTAINER SEALANTS
& CONSTRUCTION MATERIALS
MANUFACTURER, IMPORTER
& 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 July
25, 1979 as
a private limited
company under the
name style W.R.
GRACE [THAILAND] LTD.
by W.R. Grace
& Co.-Conn in
U.S.A., a global
flexible packaging and
specialty chemicals company. The
company has more
than 17,000 employees
and customers in
more than 110 countries.
The subject was a
subsidiary of W.R. Grace & Co.-Conn, initially
incorporated to sell
products imported from
other locations. In 1982, the
company commenced
manufacturing operations at its Bangpoo
manufacturing site in the
Bangpoo Industrial Estate, Samutprakarn, Thailand. The subject
manufactures high-quality
can and
bottle sealing compounds
and coatings for the
food industry, cement
additives and concrete admixtures
for the construction
industry. It also received
ISO 9002 certification from SGS
Yarsley International Certification
Services Ltd., on March
24, 1997. Subject
currently employs approximate
190 staff.
The subject’s registered
address is 253/2
Bangpoo Industrial Estate,
Sukhumvit Rd., K.M.
34, Praeksa, Muang,
Samutprakarn 10280, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pairach Harnravee |
[x] |
Thai |
78 |
|
Mrs. Rasamee Intarathachang |
[x] |
Thai |
52 |
|
Mrs. Tuangtip
Puntanitisarn |
[x] |
Thai |
59 |
|
Mr. Tay Pei Pei |
|
Singaporean |
42 |
AUTHORIZED PERSON
One of the
directors [x] can
jointly sign with
the rest director
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mrs. Tuangtip Puntanitisarn is
the Chief Executive
Officer [Finance].
She is Thai
nationality with the
age of 59
years old.
Mrs. Rasamee Intarathachang is
Chief Executive Officer
[Factory].
She is Thai
nationality with the
age of 52
years old.
Ms. Naiyana Kulratanarat is
the Human Resources
& Administrative Manager.
She is Thai
nationality.
Ms. Ratchanee Phongprakorn is
the Purchasing Manager.
She is Thai
nationality.
Mr. Pongthep Sirikulpratum is
the Sales Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activities are manufacturer,
importer and distributor
wide range of
industrial chemicals, petrochemicals and
construction materials, which
are divided into 2
main divisions as
follows:
- Grace
Division
Importer
and distributor of catalysts,
special chemical, silica,
additive chemical, and construction chemical
for petroleum, plastic
and industrial chemical
industry, as well
as sealant & coating
for foods, beverages
and packaging industries.
- Grace
Construction Products Division
Manufacturer
and distributor of
cement and concrete
products, consist of
concrete admixtures, cement additives, architecture concrete, roofing
underlayment and structure water proofing
materials.
PRODUCTION
3,000 tons per
annum.
MAJOR BRAND
“GRACE”, “SERVISTRIP”, “PREPRUFE”,
“PROCOR”, “MONOKOTE”, “FLAMESAFE”
& etc.
IMPORT [COUNTRIES]
60% of finished
products and raw
material for production
are imported from
United States of
America, Malaysia, Singapore,
Indonesia, Taiwan, Japan,
Germany, Republic of
China and Hong
Kong.
MAJOR SUPPLIERS
W.R. Grace &
Co. : United
States of America
W.R. Grace [Malaysia]
Snd. Bhd. : Malaysia
Grace Silica GmbH. : Germany
Grace Japan Ltd. : Japan
W.R. Grace [Singapore]
Pte. Ltd. :
Singapore
SALES [LOCAL]
100% of its
products is sold
locally to manufacturers, wholesalers
and end-users.
MAJOR CUSTOMERS
SCG group of
companies
TPI Polene Public
Company Limited
Rayong Refinery Co.,
Ltd.
Bangchak Petroleum Public
Company Limited
PTT group
Thai Oil Public
Company Limited
Chevron group
Grand Midas Limited
Partnership
Neotech S.K. Co.,
Ltd.
PARENT COMPANY
W.R. Grace &
Co.-Conn
Address : 7500
Grace Drive, Columbia,
U.S.A.
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 credit term of
30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60-90 days.
Imports are by
L/C at sight
or T/T.
BANKING
Bank of America
NT & SA
[Bangkok Office :
2/2 Wireless Rd.,
Lumpini, Pathumwan, Bangkok
10330]
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Silom Rd.,
Bangrak, Bangkok 10500]
EMPLOYMENT
The subject employs
approximately 190 staff.
[office, sales staff
and factory workers]
LOCATION DETAILS
The premise is rented
for administrative office,
factory and warehouse at
the heading address.
Premise is located
in an industrial
area.
COMMENT
Today can and
bottle coatings and
sealants products by
W.R. Grace Thailand help
to insure the quality
and safety of the
world’s foods supply
as well as
cement additives and
concrete admixtures manufactured from its plant are helping to
strengthen the construction
worldwide.
As demand for high-quality container packaging systems and
construction products continues
to grow throughout the Asia
Pacific region, strong demand has
brightened subject’s market prospect and
also maintains its
outstanding business.
FINANCIAL INFORMATION
The capital was
registered at Bht.
100,000 divided into
1,000 shares of
Bht. 100 each.
On February 21, 1984, the
capital was increased to Bht. 6,100,000 divided into 61,000 shares of
Bht. 100 each,
with the current
capital paid-up at
Bht. 1,525,000.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2012] at Bht.
1,525,000 capitalization]
|
NAME |
HOLDING |
% |
|
|
|
|
|
W.R. Grace &
Co.-Conn Nationality: American Address : 7500
Grace Drive, Columbia,
U.S.A. |
60,994 |
100.00 |
|
Hanover Square Corporation Nationality: American Address : 1114
Avenue of the
Americas, New York N.Y. U.S.A. |
1 |
- |
|
Water Street Corporation Nationality: American Address : 1114
Avenue of the
Americas, New York N.Y. U.S.A. |
1 |
- |
|
W.R. Grace [Hong
Kong] Ltd. Nationality: Chinese Address : Republic
of China |
1 |
- |
|
W.R. Grace [Malaysia]
Sdn. Bhd. Nationality: Malaysian Address : Malaysia |
1 |
- |
|
W.R. Grace [Singapore]
Pte., Ltd. Nationality: Singaporean Address : 25
Tanjong Penjuru, Jurong, Singapore |
1 |
- |
|
Davy and Almy
Company Nationality: American Address : Massachusetts, U.S.A.
|
1 |
- |
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
7 |
61,000 |
100.00 |
|
Total |
7 |
61,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Skulna Yaemsakul No.
4906
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2011 & 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash in hand
& at Bank
|
102,496,604 |
65,433,398 |
|
Trade Accounts Receivable |
227,844,221 |
238,516,888 |
|
Inventories
|
72,773,292 |
73,000,293 |
|
Other Current Assets
|
5,329,710 |
1,444,351 |
|
|
|
|
|
Total Current Assets
|
408,443,827 |
378,394,930 |
|
|
|
|
|
Fixed Assets
|
51,670,765 |
46,781,399 |
|
Other Assets |
15,000 |
76,851 |
|
Total Assets |
460,129,592 |
425,253,180 |
LIABILITIES & SHAREHOLDERS' EQUITY
[BAHT]
|
Current Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
204,773,239 |
181,002,968 |
|
Accrued Expenses |
18,416,742 |
17,235,066 |
|
Accrued Income Tax |
22,309,822 |
26,529,967 |
|
Accrued Withholding Tax |
12,329,260 |
2,821,248 |
|
Other Current Liabilities |
2,190,604 |
2,306,927 |
|
|
|
|
|
Total Current Liabilities |
260,019,667 |
229,896,176 |
|
Estimated Liabilities from
Employee Benefit |
4,968,777 |
- |
|
Total Liabilities |
264,988,444 |
229,896,176 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized & issued share
capital 61,000 shares |
6,100,000 |
6,100,000 |
|
Capital Paid |
1,525,000 |
1,525,000 |
|
Retained Earning Appropriated for
Statutory Reserve
|
610,000 |
610,000 |
|
Unappropriated |
193,006,148 |
193,222,004 |
|
Total Shareholders' Equity |
195,141,148 |
195,357,004 |
|
Total Liabilities &
Shareholders' Equity |
460,129,592 |
425,253,180 |
pROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
1,265,677,494 |
1,221,688,507 |
|
Other Income |
27,122,444 |
28,361,891 |
|
Total Revenues |
1,292,799,938 |
1,250,050,398 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
942,837,667 |
859,795,165 |
|
Selling Expenses |
192,621,415 |
196,341,829 |
|
Administrative Expenses |
20,673,955 |
18,038,601 |
|
Total Expenses |
1,156,133,037 |
1,074,175,595 |
|
|
|
|
|
Profit before Income
Tax |
136,666,901 |
175,874,803 |
|
Income Tax |
[42,922,627] |
[52,292,593] |
|
Net Profit / [Loss] |
93,744,274 |
123,582,210 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.57 |
1.65 |
|
QUICK RATIO |
TIMES |
1.27 |
1.32 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
24.50 |
26.11 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.75 |
2.87 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
28.17 |
30.99 |
|
INVENTORY TURNOVER |
TIMES |
12.96 |
11.78 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
65.71 |
71.26 |
|
RECEIVABLES TURNOVER |
TIMES |
5.56 |
5.12 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
79.27 |
76.84 |
|
CASH CONVERSION CYCLE |
DAYS |
14.61 |
25.41 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
74.49 |
70.38 |
|
SELLING & ADMINISTRATION |
% |
16.85 |
17.55 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
27.65 |
31.94 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
10.80 |
14.40 |
|
NET PROFIT MARGIN |
% |
7.41 |
10.12 |
|
RETURN ON EQUITY |
% |
48.04 |
63.26 |
|
RETURN ON ASSET |
% |
20.37 |
29.06 |
|
EARNING PER SHARE |
BAHT |
6,147.17 |
8,103.75 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.58 |
0.54 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.36 |
1.18 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
3.60 |
|
|
OPERATING PROFIT |
% |
(22.29) |
|
|
NET PROFIT |
% |
(24.14) |
|
|
FIXED ASSETS |
% |
10.45 |
|
|
TOTAL ASSETS |
% |
8.20 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
27.65 |
Impressive |
Industrial
Average |
13.98 |
|
Net Profit Margin |
7.41 |
Impressive |
Industrial
Average |
4.31 |
|
Return on Assets |
20.37 |
Impressive |
Industrial
Average |
4.00 |
|
Return on Equity |
48.04 |
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. Gross Profit Margin is 27.65%. 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 7.41%,
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
20.37%, 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 48.04%, 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 |
1.57 |
Satisfactory |
Industrial
Average |
1.63 |
|
Quick Ratio |
1.27 |
|
|
|
|
Cash Conversion Cycle |
14.61 |
|
|
|
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 1.57 times in 2011, decrease from 1.65 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 1.27 times in 2011,
decrease from 1.32 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 15 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.58 |
Acceptable |
Industrial
Average |
0.41 |
|
Debt to Equity Ratio |
1.36 |
Risky |
Industrial
Average |
0.75 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.58 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 |
24.50 |
Impressive |
Industrial
Average |
1.65 |
|
Total Assets Turnover |
2.75 |
Impressive |
Industrial
Average |
0.94 |
|
Inventory Conversion Period |
28.17 |
|
|
|
|
Inventory Turnover |
12.96 |
Impressive |
Industrial
Average |
5.52 |
|
Receivables Conversion Period |
65.71 |
|
|
|
|
Receivables Turnover |
5.56 |
Impressive |
Industrial
Average |
4.67 |
|
Payables Conversion Period |
79.27 |
|
|
|
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.53.97 |
|
UK Pound |
1 |
Rs.87.52 |
|
Euro |
1 |
Rs.70.84 |
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.