MIRA
INFORM REPORT
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Report Date : |
20.08.2007 |
IDENTIFICATION DETAILS
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Name : |
PTT POLYMER MARKETING COMPANY LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2005 |
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Com. Reg. No.: |
0105548082506 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Distributing and exporting
wide range of polymers |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
name
PTT POLYMER MARKETING COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS :
TELEPHONE : [66] 2348-6399,
2348-6323-4
FAX : [66] 2348-6311
E-MAIL ADDRESS : export@pttpm.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2005
REGISTRATION NO. : 0105548082506
CAPITAL
REGISTERED : BHT.
40,000,000
CAPITAL
PAID-UP : BHT.
40,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PAILIN CHUCHOTTAWORN, THAI
MANAGING DIRECTOR
NO. OF STAFF : 86
LINES OF
BUSINESS : POLYMER PRODUCTS
DISTRIBUTOR AND
EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on June 24,
2005 as a private limited company under
the name style
PTT POLYMER MARKETING
COMPANY LIMITED, by
Thai groups, to distribute
wide range of
polymer products to
both domestic and
international markets. It currently
employs 86 staff.
The
subject is a
joint venture between
PTT Public Company
Limited and PTT
Chemical Public Company
Limited, which are
member of PTT
group of companies.
The
subject’s registered address
is 555 Ardnarong
Rd., Klongtoey, Bangkok
10110, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mr. Prajya Pinyawat |
[-] |
Thai |
56 |
|
Mr. Chitrapongse Kwangsukstith |
[-] |
Thai |
58 |
|
Mr. Surong Bulakul |
[-] |
Thai |
52 |
|
Mr. Pailin Chuchotttaworn |
[x] |
Thai |
50 |
|
Mr. Veerasak Kositpaisal |
|
Thai |
52 |
|
Mrs. Phanthip Ungphasuk |
|
Thai |
46 |
|
Ms. Siriwan Chiarapong |
[-] |
Thai |
52 |
AUTHORIZED PERSON
Only the mentioned
director [x] signs or
one of the
mentioned directors [-]
can jointly sign
with one of the rest
directors on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Pailin Chuchottaworn is
the Managing Director.
He is Thai
nationality with the
age of 50
years old.
Mr. Narongchai Pisutpunya
is the Senior
Manager.
He is Thai
nationality.
Mr. Paiboon Prapussornchaikul is
the Manager-Domestic Department.
He is Thai
nationality.
Ms. Somsri Phanichrungruang is
the Manager-Export Department.
She is Thai
nationality.
Mrs. Rattana Nakasiri
is the Manager-Planning & Technical Service
Department.
She is Thai
nationality.
Mr. Nirun Jiensnong
is the Manager-Logistics Department.
He is Thai
nationality.
Mr. Saravut Damrichob
is the Manager-Finance & Accounting Department.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in distributing
and exporting wide
range of polymers,
specialized in polyethylene
products, including High
Density Polyethylene, Low
Density Polyethylene, Linear
Low Density Polyethylene,
as well as
polypropylene.
PURCHASE
100% of the
products is purchased
from local suppliers.
MAJOR SUPPLIERS
- Bangkok Polyethylene Public
Company Limited
- HMC Polymer Company
Limited
- PTT Chemical Public
Company Limited
SALES
The products are
sold to customers
both local and
overseas, mainly in
U.S.A., Republic of
China, Korea, Singapore,
Vietnam, Malaysia, and
European countries.
PARENT COMPANY
PTT
Public Company Limited
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor 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.
Exports are against
L/C or T/T.
BANKING
Standard Chartered Bank [Thai]
Public Co., Ltd.
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 86
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The industry
which produces chemicals
using oil and
natural gas as
principal raw materials,
plays a prominent
role in the
manufacturing sector and
the production of
consumer goods in particular.
Petrochemicals can be
transformed into thousands
of industrial and
consumer products, from
plastic to paints
and rubber to
textiles.
The
subject has been
established as an arms
of PTT group
to bring with
many advantages for
PTT’s wide portfolio
of petrochemical subsidiaries. It
will not only
optimise marketing management efficiency, but
also reinforce the
group’s competitive edge over
its rivals.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 40,000,000
divided into 400,000
shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 19,
2007]
|
NAME |
HOLDING |
% |
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PTT Public
Company Limited Nationality: Thai Address : |
299,997 |
75.00 |
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PTT Chemical
Public Company Limited Nationality: Thai Address : Jatujak, |
99,998 |
25.00 |
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Mr. Prasert Boonsamphan Nationality: Thai Address : 91/34
Samsennok, Huaykwang, |
1 |
- |
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Mr. Supoj Laosu-arpha Nationality: Thai Address : 48
Mahaprutharam, Bangrak, |
1 |
- |
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Mrs.
Vilawan Songcharoen Nationality: Thai Address : 34/42
Moo 3, Salathammasop,
Taweewattana, |
1 |
- |
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Mrs.
Phanthip Ungphasuk Nationality: Thai Address : 114/99
Moo 3, Saima,
Muang, Nonthaburi |
1 |
- |
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Mr. Prajya Pinyawat Nationality: Thai Address : 255/2
Phaholyothin 45 Rd.,
Ladyao, Jatujak, |
1 |
- |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Office of the Auditor-General
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
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Cash in hand
& at Bank
|
376,349,850 |
495,140,829 |
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Short Term Investment |
290,000,000 |
- |
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Trade Accts. Receivable |
926,432,993 |
1,003,212,441 |
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Finished Goods & Goods in
Transit |
74,733,923 |
119,070,223 |
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Other Receivable-Related Company |
90,533 |
6,384,656 |
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Refundable Value Added Tax |
161,913,652 |
329,576,707 |
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Other Current Assets
|
4,976,308 |
8,497,057 |
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Total Current
Assets |
1,834,497,259 |
1,961,881,913 |
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Fixed Assets |
18,432,595 |
8,352,913 |
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Other Assets |
20,535,709 |
12,705,490 |
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Total Assets
|
1,873,465,563 |
1,982,940,316 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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Trade Accts. Payable-Related Company |
1,696,271,848 |
1,809,907,713 |
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Trade Accts. Payable-Other Company |
15,041,095 |
22,996,233 |
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Other Payable-Related Company |
28,538,964 |
9,859,905 |
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Current Portion of Hire-purchase Contract Liabilities |
1,930,351 |
- |
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Pre-receipt from Custom |
42,282,770 |
62,066,180 |
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Accrued Income Tax |
1,524,944 |
2,569,397 |
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Other Current Liabilities |
18,804,679 |
25,955,104 |
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Total Current
Liabilities |
1,804,394,651 |
1,933,354,532 |
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Long Term Loan |
7,051,927 |
- |
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Total Liabilities |
1,811,446,578 |
1,933,354,532 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 400,000 shares |
40,000,000 |
40,000,000 |
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Capital Paid |
40,000,000 |
40,000,000 |
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Retained Earning -
Unappropriated |
22,018,985 |
9,585,784 |
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Total
Shareholders' Equity |
62,018,985 |
49,585,784 |
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Total
Liabilities & Shareholders' Equity |
1,873,465,563 |
1,982,940,316 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
June
24, 2005- Dec.
31, 2005 |
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Sales |
21,748,134,759 |
6,941,285,435 |
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Interest Income |
7,417,681 |
1,511,992 |
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Gain on Exchange
Rate |
- |
8,122,354 |
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Other Income |
2,465,817 |
5,051,845 |
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Total Revenues
|
21,758,018,257 |
6,955,971,626 |
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Expenses |
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Cost of Goods
Sold |
21,103,839,942 |
6,623,819,144 |
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Loss on Exchange
Rate |
41,317,041 |
- |
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Selling & Administrative Expenses |
591,763,292 |
314,696,729 |
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Remuneration’s Director |
1,510,000 |
3,750,000 |
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Total Expenses |
21,738,430,275 |
6,942,265,873 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
19,587,982 |
13,705,753 |
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Interest Expenses |
[1,696,923] |
- |
|
Income Tax |
[5,457,858] |
[4,119,969] |
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Net Profit / [Loss] |
12,433,201 |
9,585,784 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
213.32 |
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Operating Profit |
14.12 |
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Net Profit |
29.70 |
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Fixed Assets |
120.67 |
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Total Assets |
[5.52] |
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Profitability |
|
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Cost of Good
Sold |
97.04 |
95.43 |
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Operating Profit Margin |
0.29 |
0.25 |
|
S & A
Expenses |
2.72 |
4.53 |
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Interest Paid |
0.01 |
0.00 |
|
Other Revenues |
0.05 |
0.21 |
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Net Profit Margin |
0.06 |
0.14 |
|
Earning Per Shares |
31.08 |
23.96 |
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No. of Shares |
400,000 |
400,000 |
Net Sales was
increased by 213.32%,
Operating Profit was
increased by 14.12%,
Net Profit was
increased by 29.70%,
Fixed Assets was
increased by 120.67%,
Total Assets was
decreased by 5.52%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 95.43%
to 97.04%, Operating
Profit Margin was
increased from 0.25%
to 0.29%, S
& A Expenses
was decreased from
4.53% to 2.72%,
Interest Paid was increased
from 0.00% to
0.01%, Other Revenues
was decreased from
0.21% to 0.05%,
Net Profit Margin
was decreased from
0.14% to 0.06%.
Earning Per Shares
was increased from
23.96 baht per
share to 31.08
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.02 |
1.01 |
|
Quick-Assets Ratio |
0.88 |
0.78 |
Current Ratio was
increased from 1.01
to 1.02, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.78 to 0.88,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
29.21 |
38.99 |
|
Times Interest Earned |
36.78 |
0.00 |
D/E Ratio was
decreased from 38.99
to 29.21, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was increased from
0.00 to 36.78,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1,179.87 |
831.00 |
|
Total Assets Turnover |
11.61 |
3.50 |
|
Return on Assets |
0.66 |
0.48 |
|
Return on Equity |
20.05 |
19.33 |
|
Day's Payable |
0.25 |
1.19 |
|
Day’s Inventories |
1.24 |
6.18 |
|
Day’s Receivables |
15.34 |
52.03 |
Fixed Assets Turnover
was increased from
831.00 times to
1,179.87 times, Total
Assets Turnover was
increased from 3.50
times to 11.61
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
0.48 to 0.66,
Return on Equity
was increased from
19.33 to 20.05,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 2
days to 1
days, Day’s Inventories
was decreased from
7 days to
2 days, and
Day’s Receivables was
decreased from 53
days to 16
days.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)