MIRA
INFORM REPORT
|
Report Date : |
24.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
IMPERIAL
INDUSTRIAL CHEMICALS [THAILAND]
CO., LTD. |
|
|
|
|
Registered Office : |
11th
Floor, Unico House
Building, 29/1 Soi Langsuan,
Ploenchit Road, Lumpini, Pathumwan,
Bangkok 10330 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.08.2010 |
|
|
|
|
Date of Incorporation : |
03.09.1980 |
|
|
|
|
Com. Reg. No.: |
0105523015619 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor
and Exporter of Industrial Chemicals |
|
|
|
|
No. of Employees : |
70 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
IMPERIAL INDUSTRIAL CHEMICALS [THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 11th FLOOR,
UNICO HOUSE BUILDING,
29/1 SOI
LANGSUAN, PLOENCHIT ROAD,
LUMPINI, PATHUMWAN,
BANGKOK 10330
TELEPHONE : [66] 2255-4268-70
FAX :
[66] 2255-4267
E-MAIL
ADDRESS : deshpande@iic.co.th
REGISTRATION
ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED
: 1980
REGISTRATION
NO. : 0105523015619
TAX
ID NO. : 3101120233
CAPITAL REGISTERED : BHT. 47.000,000
CAPITAL PAID-UP : BHT.
47,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : AUGUST 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
S.G. DESHPANDE, INDIAN
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 70
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on September 3,
1980 as a
private limited company under
the name style
IMPERIAL INDUSTRIAL CHEMICALS
[THAILAND] CO., LTD.
by Thai groups.
Its business objective
is to manufacture
wide range of
industrial chemicals for
both domestic and
overseas markets. It
currently employs approximately
70 staff.
The
subject’s registered address
is 11th Flr., Unico
House Bldg., 29/1
Soi Langsuan, Ploenchit Rd., Lumpini,
Pathumwan, Bangkok 10330,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Haruthai Puaknoi |
|
Thai |
52 |
|
Mr. Seksan Yuthavichayanont |
|
Thai |
48 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. S.G. Deshpande
is the Chief
Executive Officer, Sales
& Marketing Manager.
He is Indian
nationality.
Mrs. Haruthai Puaknoi is
the Managing Director.
She is Thai
nationality with the
age of 52
years old.
Mr. Theera Navamee is
the General Manager
and Plant Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in manufacturing, distributing
and exporting wide
range of industrial
chemicals, such as
stearic acid, oleic
acid, distilled soyabean
fatty acid, distilled
coconut fatty acid,
lauric acid, myristic
acid, palmitic acid,
tallow fatty acid,
extreme hard tallow,
stearine wax, coconut / oleic diethanolamide, sodium / potassium stearate / oleate, zinc
stearate, lead stearate,
glycerol monostearate, glycerol
monooleate, sorbitan mono
stearate / oleate, medium chain
triglycerides, epoxidised oil,
butyl stearate, PEG 400
monosterate and etc.,
with approximately 40
different items, supplying
to various industries,
such as plastics,
textiles, agricultural, cosmetics,
papers, consumer goods,
paints, oil & gas, construction
and etc.
PURCHASE
Most
of raw materials
are purchased from
local suppliers, the
remaining is imported
from Japan and
Germany.
SALES
90% of the
products is sold
locally by wholesale
to manufacturers and
end-users, the remaining 10%
is exported to
Indonesia, Malaysia, India,
Republic of China
and Taiwan.
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.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
70 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Factory
and warehouse are
located at 101/61
Navanakorn Industrial Estate,
Phaholyothin
Rd., Klongnueng, Klongluang,
Pathumthani 12120.
Tel : [66] 2529-0114, 2529-0327
Fax : [66] 2529-0329
COMMENT
The
subject was inevitably
affected from a severe
flood crisis during
October - December
2011, which caused its
factory to stop the
production temporarily during
that time. However,
the situation is now
back to normal,
and the factory
resumes the production
normally in 2012.
The subject’s customer
base remains the same
this year. The subject
plans to expand
its market aggressively in
the last quarter
of 2012 with the hope
to accelerate its
sales revenue at
the end of
year.
As
the subject has
accumulated large amount of
deficit retained earning
and deficit total
shareholder’s equity, also
there was no
company’s 2011 financial statement available,
small credit amount
should be treated
on a secured
basis only.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 30,000,000
divided into 300,000
shares of Bht.
100 each with
fully paid.
On
March 21, 1984,
the capital was
increased to Bht.
47,000,000 divided into
470,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
December 28, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Seksan Yuthavichayanont Nationality: Thai Address : 29/109
Rama 9 Rd.,
Huaykwang, Bangkok |
90,650 |
19.29 |
|
Mrs. Haruthai Puaknoi Nationality: Thai Address : 7
Nawamin 47 Rd.,
Kannayao, Bangkok |
90,650 |
19.29 |
|
Ms. Cholticha Samran-art Nationality: Thai Address : 107/27
Moo 3, Trok Mooban Nokkhet,
Bangna, Bangkok |
80,000 |
17.02 |
|
Mr. Supachai Tuanchuen Nationality: Thai Address : 47
Moo 12, Krungthep-Kreetha Rd.,
Sapansung, Bangkok |
79,350 |
16.88 |
|
Mr. Nucha Chaichana Nationality: Thai Address : 29/78
Rama 9 Rd.,
Huaykwang, Bangkok |
50,000 |
10.64 |
|
Ms. Sarinna Budsaboon Nationality: Thai Address : 94/13
Phaholyothin 5 Rd.,
Samsennai,
Phyathai, Bangkok |
49,350 |
10.50 |
|
Mr. Pornsak Hiran Nationality: Thai Address : 44/11
Moo 10, Suanpak
Rd., Talingchan, Bangkok |
15,000 |
3.19 |
|
Mr. Samrerng Budsaboon Nationality: Thai Address : 29/157
Rama 9 Rd.,
Huaykwang, Bangkok |
6,000 |
1.28 |
|
Mr. Somchai Sangwalpetch Nationality: Thai Address : 603
Bamrungmuang Rd., Klongmahanark,
Pomprab, Bangkok |
6,000 |
1.28 |
|
Mr. Charoon Budsaboon Nationality: Thai Address : 94/13
Phaholyothin 5 Rd., Samsennai,
Phyathai, Bangkok |
3,000 |
0.63 |
Total Shareholders : 10
Share Structure [as
at December 28,
2010]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
10 |
470,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
10 |
470,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Buppha Chawapong No.
7640
Note:
The 2011 financial
statement was not
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for August
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash
Equivalents |
2,506,497.16 |
2,436,484.67 |
|
Trade Accounts Receivable |
12,186,984.45 |
11,020,830.30 |
|
Inventories |
17,529,528.90 |
12,015,000.45 |
|
Other Current Assets
|
643,175.45 |
802,264.26 |
|
Total Current Assets |
32,866,185.96 |
26,274,579.67 |
|
Advance Payment &
Loan to Related Company |
4,043,000.00 |
4,043,000.00 |
|
Long-term Investment |
500,000.00 |
500,000.00 |
|
Fixed Assets |
12,327,705.07 |
12,484,553.40 |
|
Other Non-current Assets |
320,273.69 |
1,325,381.24 |
|
Total Assets |
50,057,164.72 |
44,627,514.31 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts &
Notes Payable |
24,471,468.42 |
14,033,186.86 |
|
Short-term Loan from
Related Person |
2,834,493.99 |
2,834,493.99 |
|
Other Current Liabilities |
3,744,945.51 |
3,399,991.92 |
|
Total Current Liabilities |
31,050,907.92 |
20,267,672.77 |
|
Accrued Service &
Administration |
24,829,037.52 |
24,829,037.52 |
|
Accrued Interest |
298,932,475.42 |
309,667,031.49 |
|
Long-term Loan |
93,579,102.44 |
98,870,903.31 |
|
Total Liabilities |
448,391,523.30 |
453,634,645.09 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 470,000 shares |
47,000,000.00 |
47,000,000.00 |
|
Capital Paid |
47,000,000.00 |
47,000,000.00 |
|
Retained Earning -
Unappropriated |
[445,334,358.58] |
[456,007,130.78]
|
|
Total Shareholders' Equity |
[398,334,358.58] |
[409,007,130.78] |
|
Total Liabilities & Shareholders' Equity |
50,057,164.72 |
44,627,514.31 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
122,965,933.01 |
105,774,067.01 |
|
Other Income |
234,618.14 |
204,342.66 |
|
Gain on Exchange
Rate |
21,590,560.43 |
1,183,981.01 |
|
Total Revenues |
144,791,111.58 |
107,162,390.68 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
111,544,425.59 |
91,810,053.77 |
|
Selling Expenses |
7,555,201.81 |
7,035,030.53 |
|
Administrative Expenses |
7,754,125.83 |
8,558,151.44 |
|
Total Expenses |
126,853,753.23 |
107,403,235.74 |
|
Profit / [Loss] before Financial
Cost & Income Tax |
17,937,358.35 |
[240,845.07] |
|
Financial Cost |
[7,070,239.84] |
[6,255,434.83] |
|
Income Tax |
[194,346.31] |
- |
|
Net Profit / [Loss] |
10,672,772.20 |
[6,496,279.90] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.06 |
1.30 |
|
QUICK RATIO |
TIMES |
0.47 |
0.66 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
9.97 |
8.47 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.46 |
2.37 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
57.36 |
47.77 |
|
INVENTORY TURNOVER |
TIMES |
6.36 |
7.64 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
36.17 |
38.03 |
|
RECEIVABLES TURNOVER |
TIMES |
10.09 |
9.60 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
80.08 |
55.79 |
|
CASH CONVERSION CYCLE |
DAYS |
13.46 |
30.01 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
90.71 |
86.80 |
|
SELLING & ADMINISTRATION |
% |
12.45 |
14.74 |
|
INTEREST |
% |
5.75 |
5.91 |
|
GROSS PROFIT MARGIN |
% |
27.04 |
14.51 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
14.59 |
(0.23) |
|
NET PROFIT MARGIN |
% |
8.68 |
(6.14) |
|
RETURN ON EQUITY |
% |
- |
- |
|
RETURN ON ASSET |
% |
21.32 |
(14.56) |
|
EARNING PER SHARE |
BAHT |
22.71 |
(13.82) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
8.96 |
10.16 |
|
DEBT TO EQUITY RATIO |
TIMES |
(1.13) |
(1.11) |
|
TIME INTEREST EARNED |
TIMES |
2.54 |
(0.04) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
16.25 |
|
|
OPERATING PROFIT |
% |
(7,547.68) |
|
|
NET PROFIT |
% |
264.29 |
|
|
FIXED ASSETS |
% |
(1.26) |
|
|
TOTAL ASSETS |
% |
12.17 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
27.04 |
Impressive |
Industrial
Average |
13.18 |
|
Net Profit Margin |
8.68 |
Impressive |
Industrial
Average |
4.46 |
|
Return on Assets |
21.32 |
Impressive |
Industrial
Average |
4.46 |
|
Return on Equity |
- |
|
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. Gross Profit Margin is 27.04%. 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 8.68%,
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
21.32%, 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 |
1.06 |
Acceptable |
Industrial
Average |
1.66 |
|
Quick Ratio |
0.47 |
|
|
|
|
Cash Conversion Cycle |
13.46 |
|
|
|
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 1.06 times in 2010, decrease from 1.3 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 0.47 times in 2010,
decrease from 0.66 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 14 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
8.96 |
Risky |
Industrial
Average |
0.40 |
|
Debt to Equity Ratio |
(1.13) |
Risky |
Industrial
Average |
0.71 |
|
Times Interest Earned |
2.54 |
Deteriorated |
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 2.54 higher than 1, so the company can pay interest
expenses on outstanding 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 |
9.97 |
Impressive |
Industrial Average |
1.78 |
|
Total Assets Turnover |
2.46 |
Impressive |
Industrial Average |
1.00 |
|
Inventory Conversion Period |
57.36 |
|
|
|
|
Inventory Turnover |
6.36 |
Impressive |
Industrial Average |
5.66 |
|
Receivables Conversion Period |
36.17 |
|
|
|
|
Receivables Turnover |
10.09 |
Impressive |
Industrial Average |
4.56 |
|
Payables Conversion Period |
80.08 |
|
|
|
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.53.91 |
|
UK Pound |
1 |
Rs.87.60 |
|
Euro |
1 |
Rs.70.01 |
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.