MIRA
INFORM REPORT
|
Report Date : |
02.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
LAMPHUN
PLASPACK COMPANY LIMITED |
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Registered Office : |
55
Moo 15, Ommuang-Pasang Road, Pasak, Muang, Lamphun
51000 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1995 |
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Com. Reg. No.: |
0515538000431 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing and servicing wide
range of plastic
packaging products, such
as Electronic Packaging, Clam Shell, Conductive Trays, OTOP Packaging, Slide Pack, Blister
Packaging, Carrier Tape,
Cover Tape, Plastic
Reel, Paper Reel,
PP Board Reel,
Protective Brand and
etc. |
RATING &
COMMENTS
|
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 : |
Slow but correct |
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Litigation : |
Clear |
name
LAMPHUN PLASPACK COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 55
MOO 15, OMMUANG-PASANG ROAD,
PASAK, MUANG,
LAMPHUN 51000
TELEPHONE : [66] 53 537-661
FAX : [66] 53
637-663
E-MAIL ADDRESS : info@lplastpack.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1995
REGISTRATION NO.
: 0515538000431
CAPITAL
REGISTERED : BHT. 48,000,000
CAPITAL
PAID-UP : BHT. 48,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. SUWAT RATANAKIJ, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 350
LINES OF
BUSINESS : PLASTIC PACKAGING PRODUCTS
MANUFACTURER AND
CONTRACTOR
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 October 13,
1995 as a
private limited company under the name style
LAMPHUN PLASPACK COMPANY
LIMITED, by Thai
groups, with the business
objective to manufacture
and distribute wide
range of plastic
packaging products to
both domestic and
international markets. It
currently employs approximately 350 staff.
Subject
achieved the ISO 9001:2000 and ISO 14001 certification for the production
and environmental quality systems.
The
subject’s registered address
is 55 Moo
15, Ommuang-Pasang Rd.,
Pasak, Muang, Lamphun
51000, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTOR
Mr. Suwat Ratanakij
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Suwat Ratanakij
is the Managing Director.
He is Thai nationality with
the age of
51 years old.
Mr. Vichien Khanti
is the Factory Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and servicing wide
range of plastic
packaging products, such
as Electronic Packaging,
Clam Shell, Conductive
Trays, OTOP Packaging,
Slide Pack, Blister
Packaging, Carrier Tape,
Cover Tape, Plastic
Reel, Paper Reel,
PP Board Reel,
Protective Brand and
etc.
PURCHASE
90% of raw material, mainly
plastic resin [PVC, PP,
HDPE, LDPE] are purchased
from local supplier,
and the remaining
10% is imported from Taiwan,
Singapore and Republic
of China.
SALES
80% of the products is
exported to Japan,
Taiwan, Republic of
China and Malaysia,
the remaining 20%
is sold locally.
RELATED AND AFFILIATED COMPANY
Northern Precision
Technology Co., Ltd.
Business Type : Manufacturer of plastic 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
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 or T/T.
Exports are against
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 350 staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading address. Premise
is located in
provincial.
Factory II
is located at
29/50 Moo 2,
345 Road, Lampho,
Bangbuathong, Nonthaburi 11110.
COMMENT
The
subject commits to international and
global standard of
design, manufacturing of
plastic packaging products
through continual quality
improvement.
The
subject’s business has strong
growth and expanding
steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 6,000,000 on June 5,
1997
Bht. 10,000,000
on March 27,
2001
Bht. 48,000,000
on January 9,
2006
The
latest registered capital
was increased to
Bht. 48,000,000 divided
into 480,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
: [as at
April 30, 2007]
|
NAME |
HOLDING |
% |
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|
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Mr. Suwat Ratanakij Nationality: Thai Address : 192/27
Moo 15, Pasak,
Muang, Lamphun |
279,936 |
58.32 |
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Mrs. Darin Ratanakij Nationality: Thai Address : 192/27
Moo 15, Pasak,
Muang, Lamphun |
72,000 |
15.00 |
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Mrs.
Thewika Vithayakornkomol Nationality: Thai Address : 493-493/1 Sukhumvit 63
Rd., Klongtoeynua,
Klongtoey, Bangkok |
72,000 |
15.00 |
|
Mr. Vichai
Vithayakornkomol Nationality: Thai Address : 493-493/1
Sukhumvit 63 Rd., Klongtoeynua,
Klongtoey, Bangkok |
31,872 |
6.64 |
|
Ms.
Chonmanee Vithayakornkomol Nationality: Thai Address : 493-493/1
Sukhumvit 63 Rd., Klongtoeynua,
Klongtoey, Bangkok |
8,064 |
1.68 |
|
Ms. Vithada Vithayakornkomol Nationality: Thai Address : 493-493/1
Sukhumvit 63 Rd., Klongtoeynua,
Klongtoey, Bangkok |
8,064 |
1.68 |
|
Ms.
Kwanthicha Chuadee Nationality: Thai Address : 192/7
Moo 15, Pasak,
Muang, Lamphun |
8,064 |
1.68 |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Jiraporn Pimphuraj No.
6023
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand
& at Bank |
2,853,600 |
996,760 |
|
Trade Accts. Receivable |
33,785,559 |
34,150,641 |
|
Loan to Directors |
10,382,795 |
- |
|
Inventories |
34,666,451 |
39,133,635 |
|
Refundable Value Added
Tax |
2,172,816 |
468,551 |
|
Prepayment for Goods |
100,000 |
233,642 |
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Retention |
- |
211,000 |
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Other Current Assets
|
1,221,262 |
631,593 |
|
|
|
|
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Total Current
Assets |
85,182,483 |
75,825,822 |
|
Deposit under Restriction |
892,522 |
385,373 |
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Fixed Assets |
136,742,633 |
135,566,884 |
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Total Assets |
222,817,638 |
211,778,079 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
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Bank Overdraft |
4,498,296 |
3,808,567 |
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Trade Accts. Payable |
46,453,543 |
49,439,500 |
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Loan from Bank |
79,919,521 |
59,133,852 |
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Current Portion of Hire-purchase Agreement Payable |
3,876,973 |
710,413 |
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Related Company Payable |
3,022,224 |
4,513,571 |
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Accrued Expenses |
553,259 |
368,325 |
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Other Current Liabilities |
269,252 |
210,804 |
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Total Current
Liabilities |
138,593,068 |
118,185,032 |
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Long-term Loan |
35,696,029 |
51,421,157 |
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Hire-purchase Contract Payable
- Net of
Current Portion |
8,065,855 |
1,423,781 |
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Total Liabilities |
182,345,952 |
171,029,970 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid
share capital 480,000
& 300,000 shares
in 2006 &
2005 respectively |
48,000,000 |
30,000,000 |
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|
|
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Capital Paid |
48,000,000 |
30,000,000 |
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Retained Earning Appropriated for
Statutory Reserve
|
|
1,050,000 |
|
Unappropriated [Deficit] |
[9,478,314] |
9,698,109 |
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Total
Shareholders' Equity |
40,471,686 |
40,748,109 |
|
Total
Liabilities & Shareholders' Equity |
222,817,638 |
211,778,079 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
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Sales |
210,825,009 |
180,731,248 |
|
Gain on Disposal
of Assets |
172,498 |
- |
|
Gain on Exchange
Rate |
- |
253,184 |
|
Other Income |
494,829 |
21,693 |
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Total Revenues
|
211,492,336 |
181,006,125 |
|
Expenses |
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|
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Cost of Goods
Sold |
192,796,042 |
161,833,342 |
|
Selling & Administrative Expenses |
21,302,790 |
25,481,746 |
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Total Expenses |
214,098,832 |
187,315,088 |
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Profit / [Loss] before Interest
Expenses |
[2,606,496] |
[6,308,963] |
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Interest Expenses |
[7,569,927] |
[3,387,304] |
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|
|
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Net Profit / [Loss] |
[10,176,423] |
[9,696,267] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
16.65 |
|
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Operating Profit |
[64.58] |
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Net Profit |
[4.95] |
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Fixed Assets |
0.87 |
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Total Assets |
5.21 |
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Profitability |
|
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Cost of Good
Sold |
91.45 |
89.54 |
|
Operating Profit Margin |
[1.24] |
[3.49] |
|
S & A
Expenses |
10.10 |
14.10 |
|
Interest Paid |
3.59 |
1.87 |
|
Other Revenues |
0.32 |
0.15 |
|
Net Profit Margin |
[4.83] |
[5.37] |
|
Earning Per Shares |
[21.20] |
[32.32] |
|
No. of Shares |
480,000 |
300,000 |
Net Sales was
increased by 16.65%,
Operating Profit was
decreased by 64.58%,
Net Profit was
decreased by 4.95%,
Fixed Assets was
increased by 0.87%,
Total Assets was
increased by 5.21%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 89.54%
to 91.45%, Operating
Profit Margin was
increased from -3.49%
to -1.24%, S &
A Expenses was
decreased from 14.10%
to 10.10%, Interest Paid was increased from
1.87% to 3.59%,
Other Revenues was
increased from 0.15%
to 0.32%, Net
Profit Margin was
increased from -5.37%
to -4.83%.
Earning Per Shares
was increased from
-32.32 baht per
share to -21.20 baht
per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.61 |
0.64 |
|
Quick-Assets Ratio |
0.34 |
0.30 |
Current Ratio was
decreased from 0.64
to 0.61, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was increased from
0.30 to 0.34,
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 |
4.51 |
4.20 |
|
Times Interest Earned |
[0.34] |
[1.86] |
D/E Ratio was
increased from 4.20
to 4.51, 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
-1.86 to -0.34,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1.54 |
1.33 |
|
Total Assets Turnover |
0.95 |
0.85 |
|
Return on Assets |
[4.57] |
[4.58] |
|
Return on Equity |
[25.14] |
[23.80] |
|
Day's Payable |
79.32 |
98.48 |
|
Day’s Inventories |
59.20 |
77.95 |
|
Day’s Receivables |
57.69 |
68.02 |
Fixed Assets Turnover
was increased from
1.33 times to
1.54 times, Total
Assets Turnover was
increased from 0.85
times to 0.95
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
-4.58 to -4.57,
Return on Equity
was decreased from
-23.80 to -25.14,
capacity to use
Assets to make
profit was not
good.
Day's Payable was
decreased from 99
days to 80
days, Day’s Inventories
was decreased from
78 days to
60 days, and
Day’s Receivables was
decreased from 69
days to 58
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. |
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 |
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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%)