MIRA INFORM REPORT
|
Report No. : |
340647 |
|
Report Date : |
16.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
TANATEX CHEMICALS [THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
Hemaraj Eastern Seaboard Industrial Estate, 500/107 Moo 2, T. Tasit, A. Pluakdaeng, Rayong 21140 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
01.11.2010 |
|
|
|
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Com. Reg. No.: |
0105553134853 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
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Line of Business : |
Subject is
engaged in manufacturing, distributing and exporting wide range of industrial
chemicals, including dyeing chemical, coating chemical and printing chemical
for textile, carpet and automotive industries. |
|
|
|
|
No. of Employees : |
160 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
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|
Payment Behaviour : |
Slow |
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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 |
B1 |
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, and generally pro-investment policies Thailand has historically had a strong economy due in part to competitive 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 2-4 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
TANATEX CHEMICALS
[THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : HEMARAJ EASTERN SEABOARD INDUSTRIAL ESTATE,
500/107 MOO
2, T. TASIT, A. PLUAKDAENG,
RAYONG 21140,
THAILAND
TELEPHONE : [66] 33
010-460
FAX :
[66] 33
010-461
E-MAIL ADDRESS : sunisa.jan@tanatexchemicals.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0105553134853
TAX
ID NO. : 3034176239
CAPITAL REGISTERED : BHT. 85,000,000
CAPITAL PAID-UP : BHT.
85,000,000
SHAREHOLDER’S PROPORTION : DUTCH
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
RAINER WILHELM TOSTMANN,
GERMAN
MANAGING DIRECTOR
NO.
OF STAFF : 160
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 November 1, 2010
as a private
limited company under
the registered name TANATEX CHEMICALS
[THAILAND] CO., LTD., by Dutch groups,
with the business objective to
manufacture and distribute
wide range of
industrial chemicals to both
domestic and international markets.
It currently employs approximately 160 staff.
The subject
is a wholly
owned subsidiary of
Tanatex International B.V.,
Netherlands.
The
subject’s registered address is Hemaraj Eastern Seaboard Industrial
Estate, 500/107 Moo 2, T.
Tasit, A. Pluakdaeng, Rayong 21140,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Arthur Hopmans |
|
Dutch |
53 |
|
Mr. Theodorus Cornelis Uitendaal |
|
Dutch |
50 |
|
Mr. Rainer Wilhelm Tostmann |
|
German |
58 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Rainer Wilhelm Tostmann
is the Managing
Director.
He is German
nationality with the
age of 58
years old.
Mrs. Sunisa Jantanasombat is
the Assistant Managing
Director.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, distributing and
exporting wide range
of industrial chemicals,
including dyeing chemical,
coating chemical and
printing chemical for
textile, carpet and
automotive industries.
BRAND NAME
“TANATEX”
PURCHASE
Raw materials are
purchased from suppliers both
domestic and overseas
in Republic of
China, Japan and
Netherlands.
MAJOR SUPPLIER
Tanatex International B.V. : Netherlands
SALES
The
products are sold
by wholesale to
manufacturers both local
and overseas in
Vietnam, Cambodia, India,
Malaysia and Indonesia.
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
T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 160
staff.
LOCATION DETAILS
The
premise is owned for
administrative office, factory
and warehouse at the heading
address. Premise is
located in industrial
area.
COMMENT
Unfavorable
market sentiment had
led to weak
demand from industrial
sector, and this
had caused to
slow demand of
industrial chemicals in
the previous year.
However, slow recovery
of industrial sector
in the year
2015 would pressure the
subject’s business performance.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into
10,000 shares of
Bht. 100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 75,000,000
on June 28,
2012
Bht. 85,000,000
on July 8,
2014
The
latest registered capital
was increased to Bht. 85,000,000 divided into
850,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE
[as at April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Tanatex International B.V. Nationality: Dutch Address : Einsteinstraat 11, 6716 AC Ede,
Netherlands |
849,998 |
100.00 |
|
Tanatex Chemicals B.V. Nationality: Dutch Address : Einsteinstraat 11, 6716 AC Ede, Netherlands |
1 |
- |
|
TPC Holding B.V. Nationality: Dutch Address : Einsteinstraat 11, 6716 AC Ede,
Netherlands |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - Dutch |
3 |
850,000 |
100.00 |
|
Total |
3 |
850,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Kwanjit Yenwatana No. 7041
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December 31,
2014, 2013 & 2012
were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
14,186,492.82 |
1,337,459.13 |
518,160.27 |
|
Trade Accounts & Other Receivable
|
|
|
|
|
- Other companies |
1,064,888.50 |
115,499.33 |
32,273.34 |
|
- Related companies |
12,799,340.08 |
- |
- |
|
Inventories |
29,645,385.23 |
- |
- |
|
Advance Payment for Goods |
- |
21,855,380.60 |
43,979.25 |
|
Revenue Department Receivable |
18,192,000.67 |
4,305,061.18 |
102.37 |
|
Other Current Assets
|
3,418,389.99 |
72,000.00 |
- |
|
Total Current
Assets |
79,306,497.29 |
27,685,400.24 |
594,515.23 |
|
|
|
|
|
|
Fixed Assets |
255,055,527.81 |
53,244,113.93 |
29,995,691.69 |
|
Intangible Assets |
12,993,551.11 |
- |
- |
|
Loan to Related Person |
- |
- |
800,000.00 |
|
Deposits |
485,772.74 |
130,000.00 |
- |
|
Total Assets
|
347,841,348.94 |
81,059,514.17 |
31,390,206.92 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
|
|
|
|
- Other companies |
18,897,953.74 |
13,446,603.00 |
2,242,842.30 |
|
- Related companies |
13,910,394.86 |
- |
- |
|
Advance Paid from Related Company |
19,453,486.47 |
44,153,290.06 |
16,596,290.06 |
|
Accrued Expenses |
1,700,950.00 |
181,044.00 |
231,000.00 |
|
Other Current Liabilities |
374,526.64 |
754,179.43 |
24,700.00 |
|
Total Current
Liabilities |
54,337,311.70 |
58,535,116.49 |
19,094,832.36 |
|
|
|
|
|
|
Long-term Loan from Related Company |
226,407,193.59 |
- |
- |
|
Total Liabilities |
280,744,505.29 |
58,535,116.49 |
19,094,832.36 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized and
issued share capital 850,000 shares
in 2014; 750,000 shares
in 2013 & 2012 |
85,000,000.00 |
75,000,000.00 |
75,000,000.00 |
|
Capital Paid |
85,000,000.00 |
38,000,000.00 |
19,500,000.00 |
|
Retained Earning - Unappropriated
[Deficit] |
[17,903,156.35] |
[7,204,625.44] |
[7,204,625.44] |
|
Total
Shareholders' Equity |
67,096,843.65 |
30,795,374.56 |
12,295,374.56 |
|
Total
Liabilities & Shareholders' Equity |
347,841,348.94 |
89,330,491.05 |
31,390,206.92 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
32,637,799.10 |
- |
- |
|
Other Income |
19,631,649.05 |
14,918.00 |
10,237.08 |
|
Total Revenues
|
52,269,448.15 |
14,918.00 |
10,237.08 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
28,519,586.99 |
- |
- |
|
Selling Expenses |
5,464,645.55 |
- |
- |
|
Administrative Expenses |
20,712,769.64 |
8,285,894.88 |
6,898,862.52 |
|
Total Expenses |
54,697,002.18 |
8,285,894.88 |
[6,898,862.52] |
|
Net Profit / [Loss] |
[2,427,554.03] |
[8,270,976.88] |
[6,888,625.44] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.46 |
0.47 |
0.03 |
|
QUICK RATIO |
TIMES |
0.52 |
0.02 |
0.03 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.13 |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.09 |
- |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
379.41 |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
0.96 |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
11.91 |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
30.65 |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
241.86 |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
149.46 |
- |
- |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
87.38 |
- |
- |
|
SELLING & ADMINISTRATION |
% |
80.21 |
- |
- |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
72.77 |
- |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(7.44) |
- |
- |
|
NET PROFIT MARGIN |
% |
(7.44) |
- |
- |
|
RETURN ON EQUITY |
% |
(3.62) |
(36.72) |
(56.03) |
|
RETURN ON ASSET |
% |
(0.70) |
(10.20) |
(21.95) |
|
EARNING PER SHARE |
BAHT |
(2.86) |
(21.77) |
(35.33) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.81 |
0.72 |
0.61 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.18 |
2.60 |
1.55 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
- |
- |
|
|
OPERATING PROFIT |
% |
(70.65) |
(219.71) |
|
|
NET PROFIT |
% |
70.65 |
(20.07) |
|
|
FIXED ASSETS |
% |
379.03 |
77.51 |
|
|
TOTAL ASSETS |
% |
329.12 |
158.23 |
|
ANNUAL GROWTH :
SATISFACTORY
Net profit has increased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
72.77 |
Impressive |
Industrial
Average |
66.21 |
|
Net Profit Margin |
(7.44) |
Deteriorated |
Industrial
Average |
(1.51) |
|
Return on Assets |
(0.70) |
Deteriorated |
Industrial
Average |
(1.56) |
|
Return on Equity |
(3.62) |
Deteriorated |
Industrial
Average |
(2.56) |
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 72.77%. 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. The company's figure is -7.44%.
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. Return on Assets ratio is
-0.7%, 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. When compared with the
industry average, it was lower, the company's figure is -3.62%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.46 |
Satisfactory |
Industrial
Average |
1.46 |
|
Quick Ratio |
0.52 |
|
|
|
|
Cash Conversion Cycle |
149.46 |
|
|
|
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 1.46 times in 2014, increased from 0.47 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 0.52 times in 2014,
increased from 0.02 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 150 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.81 |
Acceptable |
Industrial
Average |
0.50 |
|
Debt to Equity Ratio |
4.18 |
Risky |
Industrial
Average |
0.98 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.81 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 |
0.13 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.09 |
Deteriorated |
Industrial Average |
0.78 |
|
Inventory Conversion Period |
379.41 |
|
|
|
|
Inventory Turnover |
0.96 |
Deteriorated |
Industrial
Average |
2.20 |
|
Receivables Conversion Period |
11.91 |
|
|
|
|
Receivables Turnover |
30.65 |
Impressive |
Industrial
Average |
4.40 |
|
Payables Conversion Period |
241.86 |
|
|
|
The company's Account Receivable Ratio is calculated as 30.65 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 0 days at the end
of 2013 to 379 days at the end of 2014. This represents a negative trend. And
Inventory turnover has increased from 0 times in year 2013 to 0.96 times in
year 2014.
The company's Total Asset Turnover is calculated as 0.09 times and 0
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.44 |
|
UK Pound |
1 |
Rs.102.41 |
|
Euro |
1 |
Rs.75.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
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.