MIRA
INFORM REPORT
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Report Date : |
29.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
KLOECKNER
PENTAPLAST [ |
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Registered Office : |
10th
Floor, Klongtoey, |
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Country : |
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Financials (as on) : |
30.09.2006 |
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Date of Incorporation : |
2001 |
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Com. Reg. No.: |
0105544028493 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing and exporting
various kinds of
hard plastic films |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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
KLOECKNER
PENTAPLAST [
SUMMARY
BUSINESS ADDRESS : 10th FLOOR,
TELEPHONE : [66] 2264-0450
FAX : [66] 2264-0451
E-MAIL ADDRESS : t.kuehn@asia.kpfilms.com, kpt.hr@kpfilms.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2001
REGISTRATION NO. : 0105544028493 [Former : [5] 515/2544]
CAPITAL
REGISTERED : BHT.
430,000,000
CAPITAL
PAID-UP : BHT.
430,000,000
FISCAL
YEAR CLOSING DATE : SEPTEMBER 30
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. THORSTEN KUEHN,
GERMAN
MANAGING DIRECTOR
NO. OF
STAFF : 175
LINES OF
BUSINESS : PLASTIC FILM
PRODUCTS
MANAFACTURER 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 March
21, 2001 as
a private limited
company under the name
style KLOECKNER PENTAPLAST
[THAILAND] LIMITED, by
German groups, in order
to manufacture hard
plastic film for
exports. Its production
facilities are located
in Rayong province.
It currently employs
approximately 175 staff.
The
subject was granted
a privilege promotional
from Thailand’s Board
of Investment [BOI]
for the production.
The
subject’s registered address
is 193/36 Ratchadapisek
Rd., Klongtoey, Bangkok
10110, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Bobby Jenkins |
[-] [+] |
American |
45 |
|
Mr. Joaakhim Kroisburg |
[-] [+] |
German |
49 |
|
Mr. Kiatisak Boonruangthavorn |
[-] [*] |
Thai |
42 |
|
Mr. Walter Stroeder |
[-] [*] |
German |
41 |
|
Mr. Thorsten Kuehn |
[x] |
German |
35 |
|
Mr. Thomas Joseph Goeke |
[-] [+] |
German |
48 |
|
Mr. Yongyuth Taweekulwat |
|
Thai |
69 |
AUTHORIZED PERSON
A. The mentioned
director [x] can jointly
sign with one
of the directors
[-] on
behalf of
the subject with
company’s affixed.
B.
Two of the
mentioned directors [+] can
jointly sign on
behalf of the
subject with company’s
affixed.
C.
One of the
mentioned directors [+] can
jointly sign with
one of the
directors
[*] on
behalf of the
subject’s with company’s
affixed.
MANAGEMENT
Mr. Thorsten Kuehn
is the Managing
Director.
He is German
nationality with the
age of 35
years old.
Mr. Marwaha Alok
is the Sales
& Marketing Director.
He is German
nationality.
Mr. Sonthaya Rajniyom
is the Logistics
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and exporting various
kinds of hard
plastic films including PVC
film, and PVC
coated film, used
in foods, consumer
goods, electronics
industries and etc.
BRAND NAME
“KP”
PRODUCTION
PVC film :
4,000 Tons/year
PET film :
5,500 Tons/year
PVC coated film : 2,000
Tons/year
PURCHASE
Raw materials mainly,
resin & chemical
are purchased from
suppliers both in
domestic [70%], and overseas
[30%], mainly in
Japan, Taiwan, Singapore,
Republic of China
and Germany, where
there are more
than 20 suppliers.
MAJOR SUPPLIER
Kloeckner Pentaplast GmbH. :
SALES [LOCAL]
10% of the
products is sold
to manufactures.
EXPORT
90% of the
products is exported
to over 100
customers in Asian
countries, such as
Japan, Republic of
China, Hong Kong,
Singapore, Malaysia, Taiwan,
Korea, India and
others.
PARENT COMPANY
Kloeckner
Pentaplast GmbH &
Co. KG. :
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
Local bills are
paid by cash
or on the
credits term of
30 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T on
negotiated term.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office :
Kasikornbank Public
Co., Ltd.
[Head Office :
EMPLOYMENT
The
subject employs approximately 175
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
and warehouse are
located at 64/48
Moo 4, Eastern
Seaboard Industrial Estate,
Pluakdaeng, Rayong 21140
Tel: [66] 38
955-520 Fax: [66]
38 955-462.
COMMENT
The subject’s
operation was brisk by
the strong consumption
of both domestic
and export markets.
The subject has
maintained its good
business.
FINANCIAL INFORMATION
The capital was
registered at Bht.
2,100,000 divided into
21,000 shares of
Bht. 100 each.
The
capital was increased
later as following:
Bht. 150,000,000 on
August 15, 2001
Bht. 250,000,000 on
November 6, 2003
Bht. 430,000,000 on
August 7, 2006
The
latest registered capital
was increased to
Bht. 430,000,000 divided into
4,300,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
January 23,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Kloeckner Pentaplast
GmbH & Co.
KG. Nationality: German Address : |
4,299,400 |
99.99 |
|
Kloeckner Pentaplast
of Nationality: American Address : Virginia,
|
100 |
|
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Mr. Bobby Jenkins Nationality: American Address : |
100 |
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Mr.
Joaakhim Kroisburg Nationality: German Address : |
100 |
=0.01 |
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Mr. Tom Joke Nationality: American Address : Virginia,
|
100 |
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Mr. Asman Lambert Nationality: German Address : |
100 |
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Mr.
Thorsten Kuehn Nationality: German Address : |
100 |
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Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Boonsri Techavarutama No.
3336
BALANCE SHEET
[BAHT]
The
latest financial figures
published for September
30, 2006 &
2005 were:
ASSETS
[Thousand
Baht]
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
67,368 |
32,283 |
|
Trade Accounts Receivable |
100,513 |
138,950 |
|
Receivable Person &
Related Company |
6,318 |
- |
|
Inventories
[note 1] |
107,959 |
70,723 |
|
Account Receivable -
Revenue Department |
41,183 |
17,657 |
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Other Current Assets
|
13,327 |
4,235 |
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|
|
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Total Current
Assets |
336,668 |
263,848 |
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|
|
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Fixed Assets [note 2] |
599,508 |
320,592 |
|
Deferred Income Tax |
89,583 |
74,898 |
|
Deposit |
1,178 |
979 |
|
Total Assets
|
1,026,937 |
660,317 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
[Thousand Baht]
|
Current Liabilities |
2006 |
2005 |
|
|
|
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Trade Accounts Payable |
183,867 |
132,019 |
|
Trade Accounts Payable
- Related Company |
11,612 |
11,375 |
|
Other Payable-Person or
Related Company |
22,979 |
10,631 |
|
Current Portion of Other
Long-term Loan |
32,000 |
32,000 |
|
Accrued Right-Person &
Related Company |
- |
28,000 |
|
Estimation Liabilities-Bonus |
21,779 |
18,000 |
|
Estimation
Liabilities-Import Tax |
23,283 |
18,000 |
|
Other Current Liabilities |
73,156 |
35,875 |
|
|
|
|
|
Total Current
Liabilities |
368,676 |
277,817 |
|
Other Long-term Loan – Net of
Current Portion |
96,000 |
128,000 |
|
Total Liabilities |
464,676 |
405,814 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 4,300,000 &
2,500,000 shares in
2006 & 2005 |
430,000 |
250,000 |
|
|
|
|
|
Capital Paid |
430,000 |
250,000 |
|
Retained Earning -
Unappropriated [Deficit] |
132,261 |
4,503 |
|
Total
Shareholders' Equity [Deficit] |
562,261 |
254,503 |
|
Total
Liabilities & Shareholders' Equity |
1,026,937 |
660,317 |
PROFIT &
LOSS ACCOUNT
[Thousand Baht]
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
920,290 |
911,489 |
|
Other Income |
23,483 |
22,595 |
|
Total Revenues
|
943,773 |
934,084 |
|
Expenses |
|
|
|
|
|
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Cost of
Goods Sold |
715,018 |
682,751 |
|
Selling & Administrative Expenses |
106,109 |
157,417 |
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Total Expenses |
821,127 |
840,168 |
|
|
|
|
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Profit / [Loss] before Interest Expenses & Income Tax |
122,646 |
93,916 |
|
Interest Expenses |
[9,573] |
[10,827] |
|
Income Tax |
14,685 |
11,476 |
|
Net Profit / [Loss] |
127,758 |
94,565 |
FINANCIAL NOTE
NOTE 1
Inventories
[Million Baht]
|
|
2006 |
2005 |
|
|
|
|
|
Raw Material |
68,849 |
44,045 |
|
Finished Goods |
23,594 |
16,951 |
|
Goods in Process |
12,925 |
8,407 |
|
Factory Material |
5,385 |
5,527 |
|
Material Supplies |
2,664 |
3,071 |
|
Total |
113,417 |
78,001 |
|
Less: Allowance
for Obsolescent Stock |
[5,458] |
[7,278] |
|
Total
|
107,959 |
70,723 |
NOTE 2
Fixed Assets
[Million Baht]
|
|
2006 |
2005 |
|
|
|
|
|
Land |
46,076 |
46,076 |
|
Building |
196,538 |
109,713 |
|
Building Improvement |
9,949 |
8,269 |
|
Machine & Equipment |
445,494 |
237,260 |
|
Furniture, Fitting |
2,838 |
2,456 |
|
Office Equipment |
9,702 |
8,463 |
|
Vehicle |
9,468 |
9,468 |
|
Computer System |
2,587 |
2,572 |
|
Building under Construction |
19,060 |
- |
|
Total |
741,712 |
424,277 |
|
Less: Depreciation |
[142,204] |
[103,685] |
|
Total
|
599,508 |
320,592 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
0.97 |
|
|
Operating Profit |
29.34 |
|
|
Net Profit |
35.10 |
|
|
Fixed Assets |
87.00 |
|
|
Total Assets |
55.52 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
77.69 |
74.91 |
|
Operating Profit Margin |
13.33 |
10.30 |
|
S & A
Expenses |
11.53 |
17.27 |
|
Interest Paid |
1.04 |
1.19 |
|
Other Revenues |
2.55 |
2.48 |
|
Net Profit Margin |
13.88 |
10.37 |
|
Earning Per Shares |
0.30 |
0.38 |
|
No. of Shares |
4,300,000 |
2,500,000 |
Net Sales was
increased by 0.97%,
Operating Profit was
increased by 29.34%,
Net Profit was
increased by 35.10%,
Fixed Assets was
increased by 87.00%,
Total Assets was
increased by 55.52%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 74.91%
to 77.69%, Operating
Profit Margin was
increased from 10.30%
to 13.33%, S
& A Expenses
was decreased from
17.27% to 11.53%,
Interest Paid was decreased
from 1.19% to
1.04%, Other Revenues
was increased from
2.48% to 2.55%,
Net Profit Margin
was increased from
10.37% to 13.88%.
Earning Per Shares
was decreased from
0.38 baht per
share to 0.30
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.91 |
0.95 |
|
Quick-Assets Ratio |
0.47 |
0.62 |
Current Ratio was
decreased from 0.95
to 0.91, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
Quick-Assets Ratio was
decreased from 0.62
to 0.47, capacity
to pay Short
Term Loan was
not good too,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.83 |
1.59 |
|
Times Interest Earned |
12.81 |
8.67 |
D/E Ratio was
decreased from 1.59
to 0.83, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low, Times
Interest Earned was
increased from 8.67
to 12.81, capacity
to pay interest
paid was good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1.54 |
2.84 |
|
Total Assets Turnover |
0.90 |
1.38 |
|
Return on Assets |
12.44 |
14.32 |
|
Return on Equity |
22.72 |
37.16 |
|
Day's Payable |
71.93 |
52.14 |
|
Day’s Inventories |
42.23 |
27.93 |
|
Day’s Receivables |
39.32 |
54.88 |
Fixed Assets Turnover
was decreased from
2.84 times to
1.54 times, Total
Assets Turnover was
decreased from 1.38
times to 0.90 times, show
the company could
not use Assets
so efficiently, Return
on Assets was
decreased from 14.32
to 12.44, Return
on Equity was
decreased from 37.16
to 22.72, capacity
to use Assets
to make profit
was good.
Day's Payable was
increased from 53
days to 72
days, and Day’s
Inventories was increased
from 28 days
to 43 days,
while Day’s Receivables
was decreased from
55 days to
40 days.
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 |
|
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%)