MIRA INFORM REPORT
|
Report No. : |
327552 |
|
Report Date : |
27.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
BEN TECH CHEMICAL CO., LTD. |
|
|
|
|
Registered Office : |
97/30 Moo 4, Bangna-Trad Road, T. Bangchalong, A. Bangplee, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.05.2014 |
|
|
|
|
Date of Incorporation : |
04.06.2009 |
|
|
|
|
Com. Reg. No.: |
0115552005278 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Textile Dyestuff and Chemicals. |
|
|
|
|
No. of Employees : |
14 |
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
BEN TECH CHEMICAL CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 97/30
MOO 4, BANGNA-TRAD
ROAD,
T.
BANGCHALONG, A. BANGPLEE,
SAMUTPRAKARN 10540,
THAILAND
TELEPHONE : [66] 2452-0325-8
FAX :
[66] 2452-0324
E-MAIL
ADDRESS : thaimh@hotmail.com
Sasiwimon_bentech@gmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION
NO. : 0115552005278
TAX
ID NO. : 3033509267
CAPITAL REGISTERED : BHT. 18,000,000
CAPITAL PAID-UP : BHT.
18,000,000
SHAREHOLDER’S PROPORTION : THAI : 51.06%
FOREIGN :
48.94%
FISCAL YEAR CLOSING DATE : MAY
31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. LIANG CHING
LIU, CHINESE
MANAGING DIRECTOR
NO.
OF STAFF : 14
LINES
OF BUSINESS : TEXTILE DYESTUFF
AND 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 June 4,
2009 as a
private limited company
under the registered name BEN
TECH CHEMICAL CO., LTD., by Thai and
Foreign groups, with the
business objective to
import and distribute
textile dyestuff and
chemicals. It currently employs
14 staff.
The
subject’s registered address
is 97/30 Moo 4,
Bangna-Trad Road, T. Bangchalong,
A. Bangplee,
Samutprakarn 10540, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Liang Ching Liu |
|
Chinese |
55 |
|
Mr. Teerawat Tangchalermkul |
|
Thai |
41 |
|
Mr. Hsieh Ming Liu |
|
Chinese |
26 |
AUTHORIZED
PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Liang Ching Liu
is the Managing
Director.
He is Chinese
nationality with the
age of 55 years
old.
Mr. Teerawat Tangchalermkul is
the Deputy Managing
Director.
He is Thai
nationality with the
age of 41 years
old.
BUSINESS
OPERATIONS
The subject
is engaged in
importing and distributing
of textile dyestuff
and chemicals.
PURCHASE
90% of the
products is imported
from Republic of
China, Taiwan, Germany,
India and Spain,
the remaining 10%
is purchased from
local supplier.
SALES
100% of the
products is sold
locally by wholesale
to manufacturers and
end-users.
RELATED
AND AFFILIATED COMPANY
Ming Hen [Thailand]
Co., Ltd.
Business Type :
Manufacturer and distributor
of industrial chemicals
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 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.
EMPLOYMENT
The
subject currently employs
14 staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in provincial, on the
outskirts of Bangkok.
COMMENT
The
subject is an
importer and distributor
of textile dyestuff and
chemicals. The subject’s
operating performance in 2014
was moderate with
net profit at
the end of
year. Generally, its business
has a good
prospect in line
with continue growing
of related business.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 3,000,000 divided
into 30,000 shares
of Bht. 100
each
with fully paid.
The
capital was increased
later as follows:
Bht. 13,000,000
on June 7, 2012
Bht. 18,000,000
on August 29, 2012
The
latest registered capital
was increased to
Bht. 18,000,000 divided into
180,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
[as
at September 30,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Teerawat Tangchalermkul Nationality: Thai Address : 233/239 Moo
5, T. Bangmuang, A.
Muang, Samutprakarn |
51,600 |
28.67 |
|
Mr. Michael Chung-Li Liu Nationality: Australian Address : Queensland,
Australia |
36,000 |
20.00 |
|
Mr. Liang Ching
Liu Nationality: Chinese Address : 34/42
Soi Sukhumvit 59,
Klongtonnua,
Wattana, Bangkok |
34,100 |
18.94 |
|
Mr. Chayutpol Chanpisitsophon Nationality: Thai Address : 45/7
Moo 7, Praves,
Bangkok |
32,800 |
18.22 |
|
Mr. Liu, Hsieh-Ming Nationality: Chinese Address : 34/42
Soi Sukhumvit 59,
Klongtonnua, Wattana,
Bangkok |
18,000 |
10.00 |
|
Ms. Saowanee Dermjiw Nationality: Thai Address : 758
Soi Petchkasem 4,
Wadthaphra,
Bangkokyai, Bangkok |
7,500 |
4.17 |
Total Shareholders : 6
Share Structure [as
at September 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
91,900 |
51.06 |
|
Foreign |
3 |
88,100 |
48.94 |
|
Total |
6 |
180,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Prasert Chaikarnjanasak No.
2251
BALANCE
SHEET [BAHT]
The latest financial figures published
as at May 31,
2014, 2013 &
2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
5,513,894.86 |
6,117,652.05 |
3,354,244.00 |
|
Trade Accounts &
Other Receivable |
18,853,067.99 |
14,428,161.64 |
13,839,972.64 |
|
Inventories |
9,705,253.70 |
4,992,250.05 |
2,467,326.60 |
|
Revenue Department Receivable |
2,522,959.75 |
3,022,341.67 |
2,169,070.56 |
|
Other Current Assets
|
863,730.41 |
330,272.48 |
1,228,038.50 |
|
|
|
|
|
|
Total Current Assets
|
37,458,906.71 |
28,890,677.89 |
23,058,652.30 |
|
|
|
|
|
|
Fixed Assets |
17,229,807.73 |
17,454,643.70 |
1,063,143.39 |
|
Intangible Assets |
15,407.67 |
19,527.67 |
- |
|
Other Non - current Assets |
800.00 |
800.00 |
112,520.00 |
|
Total Assets |
54,704,922.11 |
46,365,649.26 |
24,234,315.69 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
12,976,768.61 |
10,166,761.08 |
8,688,390.06 |
|
Trade Accounts & Other
Payable |
16,536,759.50 |
14,415,023.96 |
9,507,074.18 |
|
Accrued Income Tax |
569,943.12 |
152,684.61 |
238,789.37 |
|
Other Current Liabilities |
33,377.06 |
12,983.07 |
20,563.82 |
|
|
|
|
|
|
Total Current Liabilities |
30,116,848.29 |
24,747,452.72 |
18,454,817.43 |
|
Total Liabilities |
30,116,848.29 |
24,747,452.72 |
18,454,817.43 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share capital
180,000 shares in 2014 & 2013; 30,000 shares in 2012 |
18,000,000.00 |
18,000,000.00 |
3,000,000.00 |
|
|
|
|
|
|
Capital Paid |
18,000,000.00 |
18,000,000.00 |
3,000,000.00 |
|
Retained Earning Unappropriated |
6,588,073.82 |
3,618,196.54 |
2,779,498.26 |
|
Total Shareholders' Equity |
24,588,073.82 |
21,618,196.54 |
5,779,498.26 |
|
Total Liabilities &
Shareholders' Equity |
54,704,922.11 |
46,365,649.26 |
24,234,315.69 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
104,468,488.25 |
99,233,663.44 |
64,184,995.53 |
|
Compensation Income |
110,833.80 |
246,739.39 |
117,705.17 |
|
Gain on Exchange Rate |
1,357,399.05 |
31,308.45 |
531,713.43 |
|
Interest Income |
22,470.41 |
23,295.56 |
10,118.77 |
|
Other Income |
649.78 |
300.00 |
1,222.00 |
|
Total Revenues |
105,959,841.29 |
99,535,306.84 |
64,845,754.90 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
89,913,602.57 |
87,131,405.12 |
56,288,067.16 |
|
Selling Expenses |
7,564,508.95 |
8,320,596.41 |
5,125,287.07 |
|
Administrative Expenses |
3,088,446.70 |
2,019,025.13 |
1,541,972.76 |
|
Total Expenses |
100,566,558.22 |
97,471,026.66 |
62,955,326.99 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
5,393,283.07 |
2,064,280.18 |
1,890,427.91 |
|
Financial Cost |
[1,503,341.53] |
[911,890.33] |
[627,661.37] |
|
Profit / [Loss] before Income
Tax |
3,889,941.54 |
1,152,389.85 |
1,262,766.54 |
|
Income Tax |
[920,064.26] |
[313,691.57] |
[276,289.37] |
|
|
|
|
|
|
Net Profit / [Loss] |
2,969,877.28 |
838,698.28 |
986,477.17 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.24 |
1.17 |
1.25 |
|
QUICK RATIO |
TIMES |
0.81 |
0.83 |
0.93 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.06 |
5.69 |
60.37 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.91 |
2.14 |
2.65 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
39.40 |
20.91 |
16.00 |
|
INVENTORY TURNOVER |
TIMES |
9.26 |
17.45 |
22.81 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
65.87 |
53.07 |
78.70 |
|
RECEIVABLES TURNOVER |
TIMES |
5.54 |
6.88 |
4.64 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
67.13 |
60.39 |
61.65 |
|
CASH CONVERSION CYCLE |
DAYS |
38.14 |
13.60 |
33.05 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
86.07 |
87.80 |
87.70 |
|
SELLING & ADMINISTRATION |
% |
10.20 |
10.42 |
10.39 |
|
INTEREST |
% |
1.44 |
0.92 |
0.98 |
|
GROSS PROFIT MARGIN |
% |
15.36 |
12.50 |
13.33 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.16 |
2.08 |
2.95 |
|
NET PROFIT MARGIN |
% |
2.84 |
0.85 |
1.54 |
|
RETURN ON EQUITY |
% |
12.08 |
3.88 |
17.07 |
|
RETURN ON ASSET |
% |
5.43 |
1.81 |
4.07 |
|
EARNING PER SHARE |
BAHT |
16.50 |
4.66 |
32.88 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.55 |
0.53 |
0.76 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.22 |
1.14 |
3.19 |
|
TIME INTEREST EARNED |
TIMES |
3.59 |
2.26 |
3.01 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
5.28 |
54.61 |
|
|
OPERATING PROFIT |
% |
161.27 |
9.20 |
|
|
NET PROFIT |
% |
254.11 |
(14.98) |
|
|
FIXED ASSETS |
% |
(1.29) |
1,541.80 |
|
|
TOTAL ASSETS |
% |
17.99 |
91.32 |
|
ANNUAL
GROWTH: IMPRESSIVE
An annual sales growth of 5.28%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
15.36 |
Impressive |
Industrial
Average |
0.91 |
|
Net Profit Margin |
2.84 |
Impressive |
Industrial
Average |
2.22 |
|
Return on Assets |
5.43 |
Satisfactory |
Industrial
Average |
7.20 |
|
Return on Equity |
12.08 |
Satisfactory |
Industrial
Average |
12.95 |
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. This good performance in 15.36%. When
compared with the industry average, the ratio of the company was higher,
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. Which the high ratio in 2.84%
compared with those of its average competitors in the same industry, indicated
that business was an efficient operators 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, its was lower, the company's figure is 5.43%.
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 12.08%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.24 |
Acceptable |
Industrial
Average |
1.76 |
|
Quick Ratio |
0.81 |
|
|
|
|
Cash Conversion Cycle |
38.14 |
|
|
|
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 1.24 times in 2014, decrease from 1.17 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 0.81 times in 2014,
decrease from 0.83 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 39 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.55 |
Acceptable |
Industrial
Average |
0.51 |
|
Debt to Equity Ratio |
1.22 |
Risky |
Industrial
Average |
1.05 |
|
Times Interest Earned |
3.59 |
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 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 3.59 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 0.55 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.06 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.91 |
Acceptable |
Industrial
Average |
3.24 |
|
Inventory Conversion Period |
39.40 |
|
|
|
|
Inventory Turnover |
9.26 |
Deteriorated |
Industrial
Average |
25.28 |
|
Receivables Conversion Period |
65.87 |
|
|
|
|
Receivables Turnover |
5.54 |
Satisfactory |
Industrial
Average |
6.54 |
|
Payables Conversion Period |
67.13 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.54 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 increased from 21 days at the
end of 2013 to 39 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 17.45 times in year 2013 to 9.26
times in year 2014.
The company's Total Asset Turnover is calculated as 1.91 times and 2.14
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.63.60 |
|
|
1 |
Rs.100.09 |
|
Euro |
1 |
Rs.71.23 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.