%20LIMITED%2010-Nov-2006_files/image002.jpg)
MIRA
INFORM REPORT
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Report Date : |
10th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
INDO
POLY (THAILAND) LIMITED |
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Registered Office : |
35/8 Moo 4, Petchkasem Road,
Nakornchaisri, Nakornpathom 73120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1987 |
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Com. Reg. No.: |
0105530041417 [Former : 4142/2530] |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturer
of polyester resins yarns and staple fibres. |
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 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Company Name
INDO POLY
[THAILAND] LIMITED
SUMMARY
BUSINESS ADDRESS : 37th FLOOR,
OCEAN TOWER 2,
75/101-102
SOI SUKHUMVIT 19,
ASOKE ROAD,
KLONGTOEY
NUA, WATTANA,
BANGKOK
10110, THAILAND
TELEPHONE : [66] 2661-6657-63
FAX : [66]
2661-6664
E-MAIL ADDRESS : info@indopoly.co.th, am@indopoly.co.th
REGISTRATION ADDRESS : 35/8 MOO 4, PETCHKASEM
ROAD,
NAKORNCHAISRI, NAKORNPATHOM 73120
ESTABLISHED : 1987
REGISTRATION NO.
: 0105530041417 [Former : 4142/2530]
CAPITAL REGISTERED : BHT. 700,000,000
CAPITAL PAID-UP
: BHT. 700,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. DILIP KUMAR ARGAWAL,
INDIAN
MANAGING
DIRECTOR
NO. OF
STAFF : 820
LINES OF
BUSINESS : PACKAGING PRODUCTS
AND MATERIALS
MANUFACTURER, DISTRIBUTOR & EXPORTER
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 19, 1987
as a private limited company
under the registered
name Siam Polyester Co., Ltd., to produce packaging
products and materials
for packaging and
soft drink industry.
On January
21, 1998 the subject
was taken over
by Indo-Rama Group
at a cost of 1.7
billion baht and
changed its name to INDO
POLY [THAILAND] LIMITED.
It currently employs
820 staff.
At present,
the subject’s major
shareholders are Indo Worth [Thailand] Ltd.
and Indorama International Finance Plc. of
England, which are holding around
53.60% and 43.52%
of the subject’s shares
respectively.
The subject’s
registered address is
35/8 Moo 4, Petchkasem
Rd., Khunkaew, Nakornchaisri, Nakornpathom 73120, while
the subject’s current
operation address is
75/101-102 Soi Sukhumvit 19, Asoke Rd., Klongtoey
Nua, Wattana, Bangkok 10110.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
Mr. Mohalal
Lohia |
|
Indian |
76 |
|
Mr. Alok
Lohia |
[x] |
Indian |
- |
|
Mr. Dilip
Kumar Argawal |
[x] |
Indian |
49 |
|
Mr. Ashok
Mathur |
[x] |
Indian |
47 |
|
Mrs.
Suchitra Lohia |
[x] |
Indian |
42 |
|
Mr.
Siri Prakash |
|
Indian |
54 |
|
Mr. Prabeer
Kumar Mukherjee |
[x] |
Indian |
50 |
|
Mr. Hans
Jurgen Hertel |
|
Dutch |
59 |
AUTHORIZED PERSON
One of
the mentioned directors
[x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr.
Dilip Kumar Argawal
is the Managing Director &
Marketing Director.
He is
Indian nationality with
the age of
49 years old.
Mr.
Nerandra Kumar Singhal
is the Deputy Managing Director
& Factory Manager.
He is
Indian nationality.
Mr. Ashok
Mathur is
the Deputy Managing
Director.
He is
Indian nationality with
the age of
47 years old.
Mr.
S.N. Motha is the Finance
Manager.
He is
Indian nationality.
Mr.
Prabeer Kumar Mukherjee
is the Sales & Marketing
Manager [Polyester].
He is
Indian nationality.
Mr.
Pramod Dubey
is the Sales & Marketing
Manager [Packaging].
He is
Indian nationality.
BUSINESS OPERATIONS
The subject
is a manufacturer of polyester
resins yarns and
staple fibres. With
its two polymerisation plants and modifications and renovations that
can meet all
clients requirements. The
company’s main product
includes:
-
Film grade
resins and antiblock
masterbatches
-
POY,
including catonic brights,
dope dyed and
high count yarns
-
FDY including
super bright and
bright trilobal specialties
-
PSF including
micro, hollow, optically
white fibres for
non-woven
-
Draw textured
yarns
IMPORT [COUNTRIES]
Some
of raw
materials such as
PVC resin, polyester
yarns, fibres and
equipments are imported
from Japan, Switzerland, United States of America,
France, Germany, India
and Singapore. At present,
the raw material
and equipment are purchased from 20
suppliers both domestic
and overseas.
MAJOR SUPPLIER
Dow Chemical
[Thailand] Co., Ltd. :
Thailand
SALES [LOCAL]
Some of
the products is
sold locally to
manufacturers and wholesalers.
EXPORT [COUNTRY]
Polyester yarn
products are exported
to around 15
countries in Europe
and Asian regions
such as Singapore,
Japan, Korea, Taiwan,
India, Pakistan, Vietnam,
Indonesia, Germany, United
Kingdom, United States
of America, Australia
and etc.
MAJOR CUSTOMERS
-
Serm Suk Public Co., Ltd. : Thailand
-
Worraporn Spinning Co., Ltd. : Thailand
-
Indo-Pet [Thailand] Co., Ltd. : Thailand
-
Thai Melon Textile Co., Ltd. : Thailand
PARENT COMPANY
Indo
Worth [Thailand] Ltd.
Business Type
: Manufacturer of
wool yarn products
RELATED & AFFILIATED
COMPANY
Indo-Rama
Chemicals [Thailand] Co., Ltd.
Business
Type : Manufacturer of
textile chemical
Indo-Rama Textile [Thailand] Ltd.
Business
Type : Manufacturer of
wool yarn products
Indo-Pet
[Thailand] Co., Ltd.
Business
Type : Manufacturer of
plastic resin
Pet-Form
[Thailand] Ltd.
Business
Type : Manufacturer of
plastic bottle
Indo-Rama
Polymer Public Co.,
Ltd.
Business Type : Manufacturer and
distributor of PET
polymer, and PET
bottle products.
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 to
IRICO’S DATABASE 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, T/T
& D/A.
Exports are
against L/C at
sight & T/T.
BUSINESS TRANSACTION
The products
are sold by
cash and credit,
with the maximum credit
given at 30-60
days. There are
some late payment
by customers, but
they can negotiate.
BANKING
Bangkok
Bank Public Co., Ltd.
[Head
Office : 333
Silom Rd., Silom,
Bangrak, Bangkok 10500]
TMB
Bank Public Co., Ltd.
[Head
Office : 3000
Phaholyothin Rd., Ladyao,
Jatujak, Bangkok 10900]
Kasikornbank Public Co., Ltd.
[Nakornpathom Branch : 124/8
Rajvithee Rd., Phrapathomjadee, Muang, Nakornpathom]
EMPLOYMENT
The subject
employs 820 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise
is rented for
administrative office at the
heading address. Premise
is located in
a prime commercial area.
The factory
is located at
35/8 Moo 4, Petchkasem
Road, Nakornchaisri, Nakornpathom 73120, Thailand on
128,000 square meters of
area.
Tel :
[66] 34 222-192-8, Fax : [66] 34
324-169-70.
COMMENT
The company’s is
a leading manufacturer of intermediate products
focusing on wool,
polyester fibre, polyester
packaging and chemicals.
Establishing a leading
manufacturing with a
worldwide network, supreme
quality and professional management team.
The company’s
products meet international standards and have
been tested and
certified as follows:
Resins for
packaging applications are
FDA approved.
Yarns and
staple fibres and
ranked “Product Class I” according
to Oeko-Tex Standard
100 by BTTG, Manchester, UK
and meet human ecological
current requirement standards
for baby use.
Yarns and
staple fibres are
certified by ISEGA,
Aschaffenburg, Germany for
food packaging and
hygiene product applications, especially
baby diapers.
FINANCIAL INFORMATION
The capital
was initially registered
at Bht. 1,000,000
divided into 10,000
shares of Bht.
100 each.
The
capital was increased later as follows
:
Bht. 195,000,000 on December 18,
1987
Bht. 217,000,000 on March 11,
1988
Bht. 800,000,000 on February 1,
1989
Bht. 1,100,000,000 on October 10,
1994
Decreased :
Bht. 500,000,000 on
September 21, 1988
On December 26,
2002, the capital
was increased to
Bht. 700,000,000 divided
into 7,000,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 27, 2006]
|
NAME |
HOLDING |
% |
|
Indo
Worth [Thailand] Ltd. Nationality: Thai Address :
75/101, 102 Sukhumvit 19
Rd., Klongtoeynua, Wattana,
Bangkok 10110 |
3,752,580 |
53.61 |
|
Indorama
International Finance Plc.
Nationality:
British Address : 22 Bendrik Rd., WIU 2 EY, London, England |
3,046,716 |
43.52 |
|
DEG
GmbH Nationality:
German Address : Germany |
120,000 |
1.71 |
|
Mrs.
Rungthiwa Techanavakul Nationality:
Thai Address : 245/18 Pinklao-Nakornchaisri
Rd., Talingchan, Bangkok |
9,375 |
0.13 |
|
Mr.
Puthawong Charoensawadsiri Nationality:
Thai Address : 75 Pohpanich Rd., Chakrawad, Samphantawong, Bangkok
10100 |
5,704 |
0.08 |
|
Mr. Soravuth Chaiwongkajorn Nationality:
Thai Address : 544
Mahajak Rd., Samphantawong, Bangkok 10100 |
3,594 |
0.05 |
|
Others |
62,031 |
0.90 |
Total
Shareholders : 70
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Vairoj Chiwdamaneepitak No. 3565
BALANCE SHEET [BAHT]
The latest financial
figures published as
at December 31,
2005 & 2004
were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in
hand & at
Bank |
2,425,791 |
1,652,668 |
|
Trade Accts.
Receivable |
537,110,263 |
487,583,061 |
|
Inventories [note 1] |
583,826,203 |
641,113,976 |
|
Other Current
Assets [note 2] |
70,925,532 |
52,988,055 |
|
|
|
|
|
Total
Current Assets |
1,194,287,789 |
1,183,337,760 |
|
Fixed Assets |
2,594,135,497 |
1,781,385,902 |
|
Other
Assets |
19,536,868 |
17,917,883 |
|
Total
Assets |
3,807,960,154 |
2,982,641,545 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft
& Short-term Loan from
Bank |
582,285,266 |
42,345,869 |
|
Trade Accts.
Payable |
808,136,060 |
1,113,300,984 |
|
Current Portion of Long-term Loan |
259,113,155 |
267,544,755 |
|
Current Portion of Finance Lease
Contract Liabilities |
783,600 |
561,600 |
|
Other Current
Liabilities |
49,075,846 |
34,804,784 |
|
|
|
|
|
Total Current Liabilities |
1,699,393,927 |
1,458,557,992 |
|
|
|
|
|
Long-term Loan
from Bank -
Net of Current
Portion |
397,038,556 |
669,787,621 |
|
Long-term Loan
from Shareholders |
53,752,421 |
53,752,421 |
|
Long-term Finance
Lease Contract Liabilities - Net
of Current Portion |
958,333 |
890,933 |
|
Total
Liabilities |
2,151,143,237 |
2,182,988,967 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued and fully
paid
share capital 7,000,000 shares |
700,000,000 |
700,000,000 |
|
|
|
|
|
Capital Paid |
700,000,000 |
700,000,000 |
|
Surplus on
Revaluation of Land,
Building & Equipment |
1,257,421,291 |
350,657,468 |
|
Unappropriated [Deficit] |
[300,604,374] |
[251,004,890] |
|
Total Shareholders' Equity |
1,656,816,917 |
799,652,578 |
|
Total Liabilities & Shareholders' Equity |
3,807,960,154 |
2,982,641,545 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
3,871,141,054 |
3,674,185,917 |
|
Gain on
Exchange Rate |
- |
14,710,457 |
|
Other Income |
28,408,676 |
17,451,113 |
|
Total
Revenues |
3,899,549,730 |
3,706,347,487 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold |
3,625,631,331 |
3,412,488,119 |
|
Selling &
Administrative Expenses |
230,928,400 |
198,248,053 |
|
Loss on
Exchange Rate |
21,011,802 |
- |
|
Total Expenses
|
3,877,571,533 |
3,610,736,172 |
|
|
|
|
|
Profit
/ [Loss] before Interest Expenses
|
21,978,197 |
95,611,315 |
|
Interest Expenses |
71,577,681 |
[53,854,078] |
|
Net
Profit / [Loss] |
[49,599,484] |
41,757,237 |
FINANCIAL NOTE
NOTE 1 Inventories
[Thousand Baht]
|
|
2005 |
2004 |
|
|
|
|
|
Finished Goods
|
171,174 |
198,679 |
|
Goods in
Progress |
22,044 |
16,217 |
|
Raw Material
& Chemical |
293,413 |
319,027 |
|
Packaging Material
& Spare Parts |
52,165 |
48,856 |
|
Goods
under Transit |
50,614 |
58,335 |
|
Total |
589,410 |
641,114 |
|
Less:
Allowance for Obsolescent Stock |
[5,584] |
- |
|
|
|
|
Total
|
583,826 |
641,114 |
NOTE 2 Other Current Assets
[Thousand Baht]
|
|
2005 |
2004 |
|
|
|
|
|
Receivable Value
Added Tax |
42,368 |
32,426 |
|
Compensation Packing Credit |
27,127 |
19,881 |
|
Other |
1,431 |
681 |
|
|
|
|
Total
|
70,926 |
52,988 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
5.36 |
|
|
Operating |
[57.32] |
|
|
Net Profit |
[218.78] |
|
|
Fixed Assets |
45.62 |
|
|
Total Assets |
27.67 |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
93.66 |
92.88 |
|
Operating Profit
Margin |
1.11 |
2.60 |
|
S&A expenses |
5.97 |
5.40 |
|
Interest |
1.85 |
1.47 |
|
Other Revenues |
0.73 |
0.88 |
|
Net Profit
Margin |
[1.28] |
1.14 |
|
Earning Per
Shares |
[7.09] |
5.97 |
|
No. of
Shares |
7,000,000 |
7,000,000 |
Net Sales was
increased by 5.36%,
Operating Profit was
decreased by 57.32%,
Net Profit was
decreased by 218.78%,
Fixed Assets was
increased by 45.62%,
Total Assets was
increased by 27.67%.
%20LIMITED%2010-Nov-2006_files/image004.gif)
Compare each cost
with sales, Cost
of Goods Sold
was increased from
92.88% to 93.66%,
Operating Profit Margin
was decreased from
2.60% to 1.11%,
S & A
Expenses were increased
from 5.40% to
5.97%, Interest Paid
was increased from
1.47% to 1.85%,
Other Revenues was
decreased from 0.88%
to 0.73%, Net
Profit Margin was
decreased from 1.14%
to -1.28%.
Earning Per
Shares was decreased
from 5.97 baht
per share to
-7.09 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.70 |
0.81 |
|
Quick
- assets ratio |
0.32 |
0.34 |
Current Ratio
was decreased from
0.51 to 0.70,
show Current Assets
can not cover
Current Liabilities, Liquidity
Ratio of the
company was not
good, and Quick-assets Ratio was decreased
from 0.34 to
0.32, capacity to
pay Short Term
Loan was not
good too, because
Current Assets without
Inventory can not
cover Current Liabilities.
%20LIMITED%2010-Nov-2006_files/image006.gif)
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
1.30 |
2.73 |
|
Times Interest
Earned |
0.60 |
1.78 |
D/E Ratio was
decreased from 2.73
to 1.30, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium
and Times Interest
Earned was decreased
from 1.78 to
0.60, capacity to
pay interest paid
was not good.
%20LIMITED%2010-Nov-2006_files/image008.gif)
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
1.49 |
2.06 |
|
Total Assets
Turnover |
1.02 |
1.23 |
|
Return on
Assets |
[1.30] |
1.40 |
|
Return on
Equity |
[2.99] |
5.22 |
|
Day’s Payable |
75.15 |
109.08 |
|
Day’s Inventories |
54.29 |
62.82 |
|
Days’ Receivables |
49.95 |
47.77 |
Fixed Assets Turnover
was decreased from
2.06 times to
1.49 times, Total
Assets Turnover was
decreased from 1.23
times to 1.02
times, show the
company could not
use Assets so
efficiently, and Return
on Assets was
decreased from 1.40
to -1.30, Return
on Equity was
decreased from 5.22
to -2.99, capacity
to use Assets to make
profit was not
good.
Day’s Payable
was decreased from
110 days to
76 days, and
Day’s Inventories was
decreased from 63
days to 55
days, while Day’s
Receivables was increased
from 48 days
to 50 days.
%20LIMITED%2010-Nov-2006_files/image010.gif)
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|