MIRA INFORM REPORT
|
Report No. : |
332347 |
|
Report Date : |
18.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
OLEOFINE ORGANICS [THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
126/1 Moo 1,
T. Deelang, A. Pattananikom,
Lopburi 15220 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
27.05.1994 |
|
|
|
|
Com. Reg. No.: |
016553700210 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is engaged
in manufacturing and
distributing various kinds
of specialty chemicals
for various industries such as
foods, plastics, cosmetics,
pharmaceuticals, paints. |
|
|
|
|
No. of Employee : |
80 |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
A2 |
A2 |
|
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
has historically had a strong economy due in part to industrial and agriculture
exports - mostly electronics, agricultural commodities, automobiles and parts,
and processed foods. The economy experienced slow growth and declining exports
in 2014, in part due to domestic political turmoil and sluggish global demand.
With full employment, Thailand attracts an estimated 4 million migrant workers
from neighboring countries, and faces labor shortages. Following the May 2014
coup d’�tat, tourism decreased 6-7% but is beginning
to recover. The household debt to GDP ratio is over 80%. 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 baht has remained stable.
|
Source
: CIA |
company
name
OLEOFINE ORGANICS [THAILAND] CO., LTD.
SUMMARY
BUSINESS ADDRESS : 126/1 MOO 1, T.
DEELANG, A. PATTANANIKOM,
LOPBURI 15220,
THAILAND
TELEPHONE : [66] 36
491-507
FAX : [66] 36
491-506, 36 491-442
E-MAIL ADDRESS : mktoft@oft.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1994
REGISTRATION NO. : 016553700210
TAX ID NO. : 3032026086
CAPITAL REGISTERED : BHT.
12,000,000
CAPITAL PAID-UP : BHT.
12,000,000
SHAREHOLDER’S PROPORTION : THAI
: 75.00%
FOREIGN :
25.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KIATIKUL MONSEREENUSORN, THAI
MANAGING DIRECTOR
NO. OF STAFF : 80
LINES OF BUSINESS : SPECIALTY CHEMICALS
MANUFACTURER 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 May
27, 1994 as
a private limited
company under the
registered name OLEOFINE
ORGANICS [THAILAND] CO.,
LTD., by Thai and foreign
groups, with the business
objective to manufacture
and distribute specialty
chemicals for domestic
market. It currently
employs approximately 80
staff.
The subject’s registered
address is 126/1
Moo 1, T. Deelang,
A. Pattananikom,
Lopburi 15220, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kiatikul Monsereenusorn |
|
Thai |
61 |
AUTHORIZED
PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Kiatikul Monsereenusorn is
the Managing Director.
He is Thai
nationality with the
age of 61 years
old.
BUSINESS
OPERATIONS
The subject is engaged
in manufacturing and
distributing various kinds
of specialty chemicals
for various industries such as
foods, plastics, cosmetics,
pharmaceuticals, paints.
PURCHASE
Raw chemicals are
purchased from suppliers
both domestic and
overseas in India,
Singapore, Malaysia and
Republic of China.
MAJOR
SUPPLIERS
Fine Organics Pte.
Ltd. : Singapore
Oleofine Organics Sdn.
Bhd. : Malaysia
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
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 80 staff.
LOCATION
DETAILS
The premise is owned for
administrative office and
factory at the heading address.
Premise is located
in provincial.
Warehouses:
- 8/140 Moo 3,
Soi Srisamarn 2,
Srisamarn Road, T. Banmai,
A. Pakkred,
Nonthaburi 11120.
- 3/12 Moo 3,
Soi Srisamarn 2,
Srisamarn Road, T. Banmai,
A. Pakkred,
Nonthaburi 11120.
COMMENT
The subject remains
optimistic and expects
domestic sales to
continue growing this
year. The subject expects to
maintain profit from local
consumption despite slowdown of industrial
sector.
FINANCIAL
INFORMATION
The capital was
registered at Bht.
12,000,000 divided into
1,200,000 shares of
Bht. 10 each
with fully paid.
MAIN
SHAREHOLDERS
[as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Nong Monsereenusorn Nationality: Thai Address : 97/57
Moo 8, T. Bangkrasor, A. Muang,
Nonthaburi |
852,998 |
71.08 |
|
Oleofine Organics Sdn. Bhd. Nationality: Malaysian Address : Selangor,
Malaysia |
150,000 |
12.50 |
|
Smoothex Chemicals Pvt.
Ltd. Nationality: Indian Address : Bombay,
India |
150,000 |
12.50 |
|
Mr. Kiatikul Monsereenusorn Nationality: Thai Address : 195/3
Trok Charoenniwas, Rongmuang,
Pathumwan, Bangkok |
44,996 |
3.75 |
|
Mr. Ukrit Juthatemee Nationality: Thai Address : 23
Tapeecharoen Road, T. Thakam, A.
Punpin, Suratthani |
2,000 |
0.16 |
|
Others |
6 |
0.01 |
Total Shareholders : 11
Share
Structure [as at
April 30, 2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
9 |
900,000 |
75.00 |
|
Foreign |
2 |
300,000 |
25.00 |
|
Total |
11 |
1,200,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Kongkiat Yimsakul No.
5450
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
4,401,051.62 |
6,489,000.70 |
16,318,863.81 |
|
Trade Accounts &
Other Receivable |
33,428,295.47 |
21,119,665.21 |
20,883,876.35 |
|
Short-term Loan |
193,939.00 |
193,939.00 |
193,939.00 |
|
Inventories |
28,349,414.01 |
22,664,802.60 |
22,107,710.25 |
|
Other Current Assets
|
3,191,418.06 |
709,533.25 |
195,198.96 |
|
|
|
|
|
|
Total Current Assets
|
69,564,118.16 |
51,176,940.76 |
59,699,588.37 |
|
Cash at Bank pledged as a Collateral |
457,322.17 |
454,155.64 |
451,058.13 |
|
Fixed Assets |
26,712,322.61 |
26,480,464.51 |
20,102,988.14 |
|
Other Non - current Assets |
9,272,269.40 |
9,930,161.06 |
10,503,367.12 |
|
Total Assets |
106,006,032.34 |
88,041,721.97 |
90,757,001.76 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
12,564,758.80 |
- |
2,215,980.00 |
|
Trade Accounts & Other
Payable |
19,097,343.12 |
10,710,888.52 |
10,453,988.01 |
|
Current Portion of
Long-term Liabilities |
3,775,883.20 |
5,103,938.11 |
4,994,056.36 |
|
Accrued Income Tax |
274,153.84 |
- |
44,705.86 |
|
Other Current Liabilities |
124,957.86 |
51,749.55 |
95,270.86 |
|
|
|
|
|
|
Total Current Liabilities |
35,837,096.82 |
15,866,576.18 |
17,804,001.09 |
|
Long-term Loans |
6,959,865.64 |
10,679,497.64 |
11,164,207.44 |
|
Employee Benefits Obligation |
1,151,750.75 |
762,199.00 |
444,826.00 |
|
Total Liabilities |
43,948,713.21 |
27,308,272.82 |
29,413,034.53 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10.00
par value authorized, issued
and fully paid share
capital 1,200,000 shares |
12,000,000.00 |
12,000,000.00 |
12,000,000.00 |
|
|
|
|
|
|
Capital Paid |
12,000,000.00 |
12,000,000.00 |
12,000,000.00 |
|
Retained Earning - Unappropriated |
50,057,319.13 |
48,733,449.15 |
49,343,967.23 |
|
Total Shareholders' Equity |
62,057,319.13 |
60,733,449.15 |
61,343,967.23 |
|
Total Liabilities & Shareholders' Equity |
106,006,032.34 |
88,041,721.97 |
90,757,001.76 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
150,899,635.19 |
111,479,360.64 |
116,076,131.73 |
|
Other Income |
547,004.35 |
510,580.92 |
843,315.28 |
|
Total Revenues |
151,446,639.54 |
111,989,941.56 |
116,919,447.01 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
128,798,897.93 |
89,962,340.32 |
96,609,943.42 |
|
Selling Expenses |
9,593,143.86 |
11,057,191.41 |
8,436,457.40 |
|
Administrative Expenses |
10,388,522.21 |
10,594,228.97 |
9,001,535.24 |
|
Total Expenses |
148,780,564.00 |
111,613,760.70 |
114,047,936.06 |
|
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income
Tax |
2,666,075.54 |
376,180.86 |
2,871,510.95 |
|
Financial Cost |
[806,092.66] |
[934,256.07] |
[1,094,373.41] |
|
Profit / [Loss] before Income
Tax |
1,859,982.88 |
[558,075.21] |
1,777,137.54 |
|
Income Tax |
[536,112.90] |
[52,442.87] |
[45,593.86] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,323,869.98 |
[610,518.08] |
1,731,543.68 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.94 |
3.23 |
3.35 |
|
QUICK RATIO |
TIMES |
1.06 |
1.75 |
2.10 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.65 |
4.21 |
5.77 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.42 |
1.27 |
1.28 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
80.34 |
91.96 |
83.52 |
|
INVENTORY TURNOVER |
TIMES |
4.54 |
3.97 |
4.37 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
80.86 |
69.15 |
65.67 |
|
RECEIVABLES TURNOVER |
TIMES |
4.51 |
5.28 |
5.56 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
54.12 |
43.46 |
39.50 |
|
CASH CONVERSION CYCLE |
DAYS |
107.08 |
117.65 |
109.70 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
85.35 |
80.70 |
83.23 |
|
SELLING & ADMINISTRATION |
% |
13.24 |
19.42 |
15.02 |
|
INTEREST |
% |
0.53 |
0.84 |
0.94 |
|
GROSS PROFIT MARGIN |
% |
15.01 |
19.76 |
17.50 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.77 |
0.34 |
2.47 |
|
NET PROFIT MARGIN |
% |
0.88 |
(0.55) |
1.49 |
|
RETURN ON EQUITY |
% |
2.13 |
(1.01) |
2.82 |
|
RETURN ON ASSET |
% |
1.25 |
(0.69) |
1.91 |
|
EARNING PER SHARE |
BAHT |
1.10 |
(0.51) |
1.44 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.41 |
0.31 |
0.32 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.71 |
0.45 |
0.48 |
|
TIME INTEREST EARNED |
TIMES |
3.31 |
0.40 |
2.62 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
35.36 |
(3.96) |
|
|
OPERATING PROFIT |
% |
608.72 |
(86.90) |
|
|
NET PROFIT |
% |
316.84 |
(135.26) |
|
|
FIXED ASSETS |
% |
0.88 |
31.72 |
|
|
TOTAL ASSETS |
% |
20.40 |
(2.99) |
|
ANNUAL GROWTH : EXCELLENT
An annual sales growth is 35.36%. Turnover has increased from THB
PROFITABILITY : RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
15.01 |
Deteriorated |
Industrial Average |
30.90 |
|
Net Profit Margin |
0.88 |
Deteriorated |
Industrial Average |
1.80 |
|
Return on Assets |
1.25 |
Deteriorated |
Industrial Average |
2.88 |
|
Return on Equity |
2.13 |
Deteriorated |
Industrial Average |
5.64 |
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 15.01%. 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 0.88%. When
compared with the industry average, the ratio of the company was lower.
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 1.25%.
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 2.13%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Uptrend
LIQUIDITY : ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.94 |
Impressive |
Industrial Average |
1.71 |
|
Quick Ratio |
1.06 |
|
|
|
|
Cash Conversion Cycle |
107.08 |
|
|
|
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 1.94 times in 2014, decreased from 3.23 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 1.06 times in 2014,
decreased from 1.75 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 108 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.41 |
Impressive |
Industrial Average |
0.48 |
|
Debt to Equity Ratio |
0.71 |
Impressive |
Industrial Average |
0.94 |
|
Times Interest Earned |
3.31 |
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 3.31 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 0.41 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 |
5.65 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.42 |
Satisfactory |
Industrial Average |
1.55 |
|
Inventory Conversion Period |
80.34 |
|
|
|
|
Inventory Turnover |
4.54 |
Acceptable |
Industrial Average |
7.02 |
|
Receivables Conversion Period |
80.86 |
|
|
|
|
Receivables Turnover |
4.51 |
Satisfactory |
Industrial Average |
5.42 |
|
Payables Conversion Period |
54.12 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.51 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 92 days at the
end of 2013 to 80 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 3.97 times in year 2013 to 4.54 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.42 times and 1.27
times in 2014 and 2013 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.63.49 |
|
|
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SDA |
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.