MIRA INFORM REPORT
|
Report Date : |
10.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHEMICAL PLUS CO., LTD. |
|
|
|
|
Registered Office : |
999/99 Rama 9 Road, Suanluang, Bangkok 10250 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
1993 |
|
|
|
|
Com. Reg. No.: |
0105536098712 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Industrial Chemicals |
|
|
|
|
No. of Employees : |
35 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies, and
strong export industries, Thailand achieved steady growth due largely to
industrial and agriculture exports - mostly electronics, agricultural
commodities, automobiles and parts, and processed foods. Unemployment, at less
than 1% of the labor force, stands as one of the lowest levels in the world,
which puts upward pressure on wages in some industries. Thailand also attracts
nearly 2.5 million migrant workers from neighboring countries. The Thai
government in 2013 implemented a nation-wide 300 baht ($10) per day minimum
wage policy and deployed new tax reforms designed to lower rates on
middle-income earners. The Thai economy has weathered internal and external
economic shocks in recent years. The global economic recession severely cut
Thailand's exports, with most sectors experiencing double-digit drops. In late
2011 Thailand's recovery was interrupted by historic flooding in the industrial
areas in Bangkok and its five surrounding provinces, crippling the
manufacturing sector. The government approved flood mitigation projects worth
$11.7 billion, which were started in 2012, to prevent similar economic damage,
and an additional $75 billion for infrastructure over the following seven
years. This was expected to lead to an economic upsurge but growth has remained
slow, in part due to ongoing political unrest and resulting uncertainties.
Spending on infrastructure will require re-approval once a new government is
seated.
|
Source
: CIA |
Company
name
CHEMICAL PLUS CO.,
LTD.
SUMMARY
BUSINESS ADDRESS : 999/99 RAMA 9
ROAD, SUANLUANG,
BANGKOK 10250,
THAILAND
TELEPHONE : [66] 2718-3994-9
FAX : [66] 2718-3989-90
E-MAIL ADDRESS : contact@chemical-plus.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1993
REGISTRATION NO. : 0105536098712
TAX ID NO. : 3011329085
CAPITAL REGISTERED : BHT.
5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SUCHET LERTVIRIYASAWAT, THAI
MANAGING DIRECTOR
NO. OF STAFF : 35
LINES OF BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER AND
DISTRIBUTOR
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 August
27, 1993 as a
private limited company
under the registered
name CHEMICAL PLUS
CO., LTD., by Thai groups,
with the business objective
to distribute various
kinds of industrial chemicals
to domestic market. It
currently employs 35
staff.
It was granted
the standard ISO 9001 : 2008 certification
by MASCI on in November
2010. The subject
is also a
member of B.T.
Group of companies.
The subject’s registered
address is 999/99 Rama
9 Road, Suanluang, Bangkok 10250,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Thawatchai Tantipoj |
[x] |
Thai |
70 |
|
Mr. Suchet Lertviriyasawat |
[x] |
Thai |
58 |
|
Mr. Chusak Lertskulyangyuen |
|
Thai |
47 |
|
Mrs. Somsri Chantawong |
|
Thai |
54 |
|
Mrs. Pornprapa Kengpol |
|
Thai |
46 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign or any two
of the rest
directors can jointly
sign on behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Suchet Lertviriyasawat is
the Managing Director.
He is Thai
nationality with the
age of 58 years
old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of industrial
chemicals, e.g. organic and
inorganic pigments, fluorescent
pigments, phosphorescent pigments,
solvent dyestuff, chronic
colors, additives for
coating and inks,
inkjet ink, curing
for powder coating,
photo initiator and
amine for UV
coating, resins, pearl
pigment and etc.
PURCHASE
The products are
purchased from suppliers
both domestic and
overseas, mainly in
Japan, United Kingdom
and Republic of
China.
MAJOR SUPPLIERS
Kusumoto Chemical Ltd. : Japan
Thomas Swan & Co., Ltd. : U.K.
Lambson Fine Chemical
Ltd. : U.K.
Swada Ltd. : U.K.
Chogging Sushow Phosphorescent Pigment
Co., Ltd. : Republic of
China
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
according 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
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject currently
employs 35 staff.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The subject distributes
industrial chemicals in
order to serve
various industries. Its services
are mainly related to
industrial condition, which
is likely to
expand at slow
pace.
Decline consumption in
domestic market has
caused to decrease
subject’s sales, as
well as, the
impact of slow
spending and delay
of industrial expansion would
pressure subject’s performance
this year.
FINANCIAL INFORMATION
The capital was
registered at Bht.
1,000,000 divided into
100,000 shares of
Bht. 10 each
with fully paid.
On October 12,
2000, the registered
capital was increased
to Bht. 5,000,000
divided into 500,000
shares of Bht. 10
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE
[as at October
15, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Wanna Tantipoj Nationality: Thai Address : 65
Sutthisarnvinijchai Road, Samsennok,
Huaykwang, Bangkok |
125,000 |
25.00 |
|
Mrs. Jiraporn Kanjanapayap Nationality: Thai Address : 60
Sutthisarnvinijchai Road, Samsennok, Huaykwang, Bangkok
|
125,000 |
25.00 |
|
Mrs. Siriporn Lertviriyasawat Nationality: Thai Address : 60
Sutthisarnvinijchai Road, Samsennok,
Huaykwang, Bangkok |
125,000 |
25.00 |
|
Ms. Sunisa Phosuwan Nationality: Thai Address : 30/172
Pracharuamjai Road, Minburi,
Minburi, Bangkok |
75,000 |
15.00 |
|
Mr. Pitan Tantipoj Nationality: Thai Address : 65
Sutthisarnvinijchai Road, Samsennok,
Huaykwang, Bangkok |
25,000 |
5.00 |
|
Ms. Pornnapa saelim Nationality: Thai Address : 65
Sutthisarnvinijchai Road, Samsennok,
Huaykwang, Bangkok |
25,000 |
5.00 |
Total Shareholders : 6
Share Structure [as
at October 15,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
50,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Sukit Panvisavas No.
3595
BALANCE
SHEET [BAHT]
The latest financial
figures published for
December 31, 2012,
2011 & 2010
were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
2,244,797 |
1,843,247 |
1,491,668 |
|
Short-term Investment |
1,685,997 |
6,929,200 |
8,361,848 |
|
Trade Accounts & Other Receivable |
37,010,950 |
28,421,751 |
28,992,921 |
|
Inventories |
21,633,479 |
23,567,275 |
14,804,943 |
|
Receivables from Banks to Foreign Forward Contracts |
17,742 |
41,446 |
34,928 |
|
Other Current Assets
|
106,724 |
239,492 |
71,939 |
|
|
|
|
|
|
Total Current Assets
|
62,699,689 |
61,042,411 |
53,758,247 |
|
|
|
|
|
|
Fixed Assets |
145,309 |
34,289 |
50,332 |
|
Other Non-current Assets |
102,840 |
102,840 |
83,220 |
|
Total Assets |
62,947,838 |
61,179,540 |
53,891,799 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts Payable |
7,620,420 |
6,226,516 |
6,423,834 |
|
Related Company Payable |
677,836 |
2,882,731 |
2,130,000 |
|
Accrued Expenses |
4,875,384 |
4,427,812 |
5,286,373 |
|
|
|
|
|
|
Total Current Liabilities |
13,173,640 |
13,537,059 |
13,840,207 |
|
|
|
|
|
|
Loan from Related Person |
5,000,000 |
5,000,000 |
- |
|
Obligation for Employee
Benefits |
200,000 |
- |
- |
|
Total Liabilities |
18,373,640 |
18,537,059 |
13,840,207 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 500,000 shares |
5,000,000 |
5,000,000 |
5,000,000 |
|
|
|
|
|
|
Capital Paid |
5,000,000 |
5,000,000 |
5,000,000 |
|
Retained Earning Appropriated for Statutory
Reserve |
1,300,356 |
1,300,356 |
1,300,356 |
|
Unappropriated |
38,273,842 |
36,342,125 |
33,751,236 |
|
Total Shareholders' Equity |
44,574,198 |
42,642,481 |
40,051,592 |
|
Total Liabilities &
Shareholders' Equity |
62,947,838 |
61,179,540 |
53,891,799 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
118,623,436 |
101,240,212 |
99,055,406 |
|
Other Income |
2,970,059 |
2,374,186 |
2,029,790 |
|
Total Revenues |
121,593,495 |
103,614,398 |
101,085,196 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
90,455,605 |
73,230,343 |
71,804,219 |
|
Selling Expenses |
1,420,705 |
1,399,176 |
1,347,034 |
|
Administrative Expenses |
19,709,300 |
17,780,408 |
17,159,244 |
|
Other Expenses |
594,839 |
269,000 |
217,000 |
|
Total Expenses |
112,180,449 |
92,678,927 |
90,527,497 |
|
Profit before Financial
Expenses & Income Tax |
9,413,046 |
10,935,471 |
10,557,699 |
|
Financial Expenses |
[250,013] |
[233,088] |
[991] |
|
Income Tax |
[2,231,316] |
[3,111,494] |
[3,095,983] |
|
Net Profit / [Loss] |
6,931,717 |
7,590,889 |
7,460,725 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
4.76 |
4.51 |
3.88 |
|
QUICK RATIO |
TIMES |
3.11 |
2.75 |
2.81 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
816.35 |
2,952.56 |
1,968.04 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.88 |
1.65 |
1.84 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
87.29 |
117.47 |
75.26 |
|
INVENTORY TURNOVER |
TIMES |
4.18 |
3.11 |
4.85 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
113.88 |
102.47 |
106.83 |
|
RECEIVABLES TURNOVER |
TIMES |
3.21 |
3.56 |
3.42 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
30.75 |
31.03 |
32.65 |
|
CASH CONVERSION CYCLE |
DAYS |
170.43 |
188.90 |
149.44 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
76.25 |
72.33 |
72.49 |
|
SELLING & ADMINISTRATION |
% |
17.81 |
18.94 |
18.68 |
|
INTEREST |
% |
0.21 |
0.23 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
26.25 |
30.01 |
29.56 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.94 |
10.80 |
10.66 |
|
NET PROFIT MARGIN |
% |
5.84 |
7.50 |
7.53 |
|
RETURN ON EQUITY |
% |
15.55 |
17.80 |
18.63 |
|
RETURN ON ASSET |
% |
11.01 |
12.41 |
13.84 |
|
EARNING PER SHARE |
BAHT |
13.86 |
15.18 |
14.92 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.29 |
0.30 |
0.26 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.41 |
0.43 |
0.35 |
|
TIME INTEREST EARNED |
TIMES |
37.65 |
46.92 |
10,653.58 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
17.17 |
2.21 |
|
|
OPERATING PROFIT |
% |
(13.92) |
3.58 |
|
|
NET PROFIT |
% |
(8.68) |
1.74 |
|
|
FIXED ASSETS |
% |
323.78 |
(31.87) |
|
|
TOTAL ASSETS |
% |
2.89 |
13.52 |
|
ANNUAL
GROWTH : SATISFACTORY
An annual sales growth is 17.17%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
26.25 |
Satisfactory |
Industrial Average |
34.05 |
|
Net Profit Margin |
5.84 |
Impressive |
Industrial Average |
2.12 |
|
Return on Assets |
11.01 |
Impressive |
Industrial Average |
4.25 |
|
Return on Equity |
15.55 |
Impressive |
Industrial Average |
9.42 |
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 26.25%. When compared with
the industry average, the ratio of the company was lower, this indicated that
company may have problems with control over its costs.
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 5.84% 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
11.01%, 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 15.55%, 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 :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
4.76 |
Impressive |
Industrial Average |
1.40 |
|
Quick Ratio |
3.11 |
|
|
|
|
Cash Conversion Cycle |
170.43 |
|
|
|
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 4.76 times in 2012, increased from 4.51 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 3.11 times in 2012,
increased from 2.75 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 171 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.29 |
Impressive |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
0.41 |
Impressive |
Industrial Average |
1.56 |
|
Times Interest Earned |
37.65 |
Impressive |
Industrial Average |
- |
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 37.66 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 0.29 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
816.35 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.88 |
Satisfactory |
Industrial Average |
2.01 |
|
Inventory Conversion Period |
87.29 |
|
|
|
|
Inventory Turnover |
4.18 |
Deteriorated |
Industrial Average |
8.42 |
|
Receivables Conversion Period |
113.88 |
|
|
|
|
Receivables Turnover |
3.21 |
Acceptable |
Industrial Average |
4.61 |
|
Payables Conversion Period |
30.75 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.21 and
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has decreased from 117 days at the
end of 2011 to 87 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 3.11 times in year 2011 to 4.18 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.88 times and 1.65
times in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.05 |
|
|
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.83.07 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NNA |
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.