MIRA
INFORM REPORT
|
Report Date : |
25.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
PANJAPOL PAPER
INDUSTRY CO., LTD. |
|
|
|
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Registered Office : |
44th
Floor, United |
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Country : |
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Financials (as on) : |
31.12.2004 |
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Date of Incorporation : |
1987 |
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Com. Reg. No.: |
0105530043126 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturer of Kraft Paper, Corrugated Paper, Kraft liner board paper, corrugated medium paper and etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
NAME
PANJAPOL
PAPER INDUSTRY CO.,
LTD.
SUMMARY
|
ADDRESS |
44th
FLOOR, UNITED |
|
TELEPHONE |
[66] 2231-1005, 2231-1100-10 |
|
FAX |
[66] 2237-1608 |
|
E-MAIL ADDRESS |
|
|
REGISTRATION
ADDRESS |
SAME AS BUSINESS ADDRESS |
|
|
|
|
ESTABLISHED |
1987 |
|
REGISTRATION NO. |
0105530043126 |
|
CAPITAL REGISTERED |
BHT. 4,497,496,600 |
|
CAPITAL PAID-UP |
BHT. 4,497,496,600 |
|
FISCAL YEAR CLOSING
DATE |
DECEMBER 31. |
|
LEGAL STATUS |
PRIVATE LIMITED COMPANY |
|
EXECUTIVE |
MR. SURAPONG TECHAWIBOON, THAI |
|
|
MANAGING DIRECTOR |
|
|
|
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NO. OF STAFF |
462 |
|
LINES OF
BUSINESS |
KRAFT PAPER & CORRUGATED PAPER MANUFACTURER, DISTRIBUTOR & EXPORTER |
CORPORATE PROFILE
|
OPERATING TREND |
STABLE |
|
PRESENT
SITUATION |
OPERATING NORMALLY |
|
REPUTATION |
GOOD WITH |
|
MANAGEMENT STANDARD |
MANAGEMENT WITH FAIR PERFORMANCE |
HISTORY
The subject was established on August 26, 1987 as a private limited company under the name style PANJAPOL PAPER INDUSTRY CO., LTD., by Thai Group, the Techaviboon family, with the business objective to manufacture and market Kraft and corrugated papers to both domestic and international markets.
Subject has entered into a rehabilitated plan, by P S M Planner Co., Ltd. who is the Plan Administer since April 3, 2000. It currently employs 462 staff.
The subject’s registered address is 323 Silom Rd., Silom, Bangrak, Bangkok 10500, and this is the subject’s current operation address.
THE BOARD
OF DIRECTORS
Name Nationality Age
Mr. Surapong Techaviboon Thai 60
Mr. Supoj Techaviboon Thai 52
AUTHORIZED PERSON
Both of the above directors jointly sign on behalf of the subject with company’s affixed.
MANAGEMENT
Mr. Surapong Techaviboon is the Managing Director.
He is Thai nationality with the age of 60 years old.
Dr. Supoj Techaviboon is the Deputy Managing Director.
He is Thai nationality with the age of 52 years old.
Mr. Adul Winaiphet is the Executive Director.
He is Thai nationality.
BUSINESS OPERATIONS
The subject’s activity is a manufacturer of Kraft Paper, Corrugated Paper, Kraft liner board paper, corrugated medium paper and etc.
PRODUCTION
1,000 metric tons/day.
IMPORT [COUNTRIES]
Machineries spare parts, coals and chemicals are imported from United States of America, Australia, Canada, Finland, Germany, United Kingdom, Japan and Korea.
MAJOR SUPPLIERS
Panjapol Pulp Industry
Public Co., Ltd. :
SALES [LOCAL]
80% of its products is sold to manufacturers & end-users.
EXPORT [COUNTRIES]
20% of its products is exported to Hong Kong, Taiwan, Singapore, India, Vietnam & Republic of China.
MAJOR CUSTOMERS
|
Company |
Country |
|
Hiang Seng Fibre Container Co., Ltd. |
|
|
Paper Packaging Manufacturers |
|
|
U - Thai Co., Ltd. |
|
|
Union Carton Co., Ltd. |
|
|
Union Paper Co., Ltd. |
|
|
Bangkok Packaging Co., Ltd. |
|
PARENT COMPANY
Panjapol Pulp Industry Public Co., Ltd.
RELATED & AFFILIATED
COMPANY
Hiang Seng Fibre Container Co., Ltd.
LITIGATION
Bankruptcy and
Receivership
On August 23, 1999, the Central Bankruptcy Court has ordered the company in accordance with a decided court case No. F. 8/ 2542, to rehabilitate its organization. On April 3, 2000, the court has approved the company’s rehabilitation plan and approved Siam Mun Co., Ltd. and Delpitte Touche Tohmatsu Planner Co., Ltd. as the joint Plan Administer. Since August 22, 2002, the Plan Administer has become to P S M Planner Co., Ltd.
CREDIT
Sales are 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 on negotiated term or D/A & T/T.
Exports are against L/C at sight & T/T.
BANKING
Krung Thai Bank Public Co., Ltd.
[Head Office :
Kasikornbank Public Co., Ltd.
[Head Office :
TMB Bank Public Co., Ltd.
[Head Office :
Siam City Bank Public Co., Ltd.
[Head Office :
1101 New
EMPLOYMENT
The subject employs 462 staff. [office and factory]
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 51 Moo 3 Pathumthani-Sena Road, K.M. 28, T. Hor-mok, Bangsai, Ayudhya 13190, Tel : [66] 35 201-997-8, [66] 35 201-993
NOTE
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$ 100,000
ON SECURED BASIS.
COMMENT
The demand for kraft paper was depending upon growing of country’s industrial sectors of which the needs of paper packaging for industrial products for both domestic and exports had been substantial increased, therefore demand of Kraft paper were risen as well.
However, during these few years the industrial sectors were expanded steadily, demand for kraft paper has continued growing and expected to continue growing for the next few years.
FINANCIAL INFORMATION
The capital was originally registered at Bht. 1 million, divided into 10,000 shares of Bht. 100 each.
The capital were increased and decreased later as follows:
Increased were : Bht. 300 ,000,000 on October 3, 1989
Bht. 900,000,000 on July 28, 1994
Bht. 3,998,626,600 on October 2, 2000
Bht. 4,513,756,800 on October 9, 2000
Bht. 5,814,548,100 on October 10, 2000
Decreased were : Bht. 5,825,287,900 on June 28, 2002
Bht. 4,497,496,600 on November 6, 2003
The latest registered capital was decreased to Bht. 4,497,496,600, divided into 44,974,966 shares of Bht. 100 each with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2005]
|
NAME |
HOLDING |
% |
|
Panjapol Pulp
Industry Public Co.,
Ltd. Nationality: Thai Address : 95 Sukhumvit 55 Rd., Prakanong,
Klongtoey, |
44,974,959 |
99.99 |
|
Mr. Surapong
Techaviboon Nationality: Thai Address : 95 Sukhumvit 55 Rd., Prakanong,
Klongtoey, |
1 |
|
|
Mr. Supoj
Techaviboon Nationality: Thai Address : 69 Sukhumvit 55 Rd., Prakanong, Klongtoey, |
1 |
|
|
Mr. Suthee
Techaviboon Nationality: Thai Address : 77 Sukhumvit 38 Rd., Prakanong,
Klongtoey, |
1 |
|
|
Mr. Liang
Techaviboon Nationality: Thai Address : 26 Sukhumvit 25 Rd., Prakanong,
Klongtoey, |
1 |
=0.01 |
|
Mrs. Hong
Techaviboon Nationality: Thai Address : 26 Sukhumvit 25 Rd., Prakanong,
Klongtoey, |
1 |
|
Miss Suthimalee
Techaviboon Nationality: Thai Address : 77 Sukhumvit 38 Rd., Prakanong,
Klongtoey, |
1 |
|
|
Mr. Boonsong
Supakpongsakul Nationality: Thai Address : 108/8 Sukhumvit 38 Rd.,
Prakanong, Klongtoey, |
1 |
|
Total Shareholders
8
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Navee Patisampitanont No. 2552
BALANCE SHEET
[BAHT]
The latest financial figures published as at December 31, 2004 & 2003 were:
ASSETS
|
Current Assets |
2004 |
2003 |
|
|
|
|
|
Cash in hand & at Bank |
264,576,911 |
167,065,133 |
|
Trade Accts. Receivable [note 1] - Parent Company |
7,443,285 |
3,729,145 |
|
- Other Companies |
660,129,022 |
516,826,218 |
|
Inventories [note 2] |
406,133,313 |
214,776,367 |
|
Refundable Value Added Tax |
29,454,435 |
14,163,823 |
|
Other Current Assets [note 3] |
25,492,228 |
64,930,442 |
|
|
|
|
|
Total Current Assets |
1,393,229,194 |
981,491,128 |
|
Reserve for Liabilities Repayment according to Rehabilitation Plan |
61,639,426 |
34,531,523 |
|
Parent Company Receivable - Net of Current Portion |
65,990,943 |
65,990,943 |
|
Fixed Assets [note 4] |
3,521,483,249 |
3,639,446,176 |
|
Other Assets |
5,542,155 |
5,542,155 |
|
Total Assets |
5,047,884,967 |
4,727,001,925 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2004 |
2003 |
|
|
|
|
|
Trade Accts. Payable - Parent Company |
1,164,380,547 |
568,286,896 |
|
- Other Companies |
61,643,860 |
103,990,444 |
|
Current Portion of Liabilities under Debt Restructuring Plan |
250,928,089 |
160,473,296 |
|
Related Companies Payable |
9,091,664 |
10,008,182 |
|
Other Short-term Loans |
- |
14,000,001 |
|
Other Current Liabilities |
19,714,514 |
16,221,896 |
|
|
|
|
|
Total Current Liabilities |
1,505,758,674 |
872,980,715 |
|
Liabilities under Debt Restructuring Plan - Parent Company [Note 6] |
229,940,278 |
229,940,278 |
|
- Other Companies [Note 6] |
6,687,600,942 |
6,926,902,270 |
|
Total Liabilities |
8,423,299,894 |
8,029,823,263 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value authorized, issued and fully paid share capital 44,974,966 shares |
4,497,496,600 |
4,497,496,600 |
|
|
|
|
|
Capital Paid |
4,497,496,600 |
4,497,496,600 |
|
Unappropriated [Deficit] |
[7,872,911,527] |
[7,800,317,938] |
|
Total Shareholders' Equity [Deficit] |
[3,375,414,927] |
[3,302,821,338] |
|
Total Liabilities
& Shareholders' Equity |
5,047,884,967 |
4,727,001,925 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2004 |
2003 |
|
|
|
|
|
Sales |
2,944,101,322 |
2,587,395,577 |
|
Insurance Compensation |
200,000,000 |
- |
|
Other Income |
35,576,332 |
18,147,639 |
|
Total Revenues |
3,179,677,654 |
2,605,543,216 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods Sold before the Devaluation of Fixed Assets |
3,187,700,473 |
2,334,344,087 |
|
Less: Devaluation of Fixed Assets |
[77,758,328] |
[77,950,972] |
|
|
|
|
|
Cost of Goods Sold - Net |
3,109,942,145 |
2,256,393,115 |
|
Selling & Administrative Expenses |
102,176,142 |
66,394,421 |
|
Factory Expenses during Stop Manufacturing |
7,230,687 |
56,891,383 |
|
Repairing Expenses of Assets on Fire |
32,922,269 |
- |
|
Total Expenses |
3,252,271,243 |
2,379,678,919 |
|
|
|
|
|
Profit / [Loss] before Interest Expenses |
[72,593,589] |
225,864,297 |
|
Interest Expenses [Note 6] |
- |
[134,564] |
|
|
|
|
|
Net Profit / [Loss] |
[72,593,589] |
225,729,733 |
|
Retained Earning [Deficit], beginning of year |
[7,800,317,938] |
[8,026,047,671] |
|
Retained Earning
[Deficit], end of year |
[7,872,911,527] |
[7,800,317,938] |
FINANCIAL NOTE
NOTE 1 Trade Accts. Receivable
|
|
2004 |
2003 |
|
|
|
|
|
Trade Accts. Receivable - Other company |
502,457,635 |
384,184,792 |
|
Notes Receivable & Refundable Cheque |
182,648,975 |
179,865,367 |
|
Total |
685,106,610 |
564,050,159 |
|
Less: Allowance for Doubtful Account |
[24,977,588] |
[47,223,941] |
|
Total |
660,129,022 |
516,826,218 |
NOTE 2 Inventories
|
|
2004 |
2003 |
|
|
|
|
|
Finished Goods |
376,929,076 |
143,311,977 |
|
Work in Process |
1,088,549 |
919,934 |
|
Raw Material |
15,088,596 |
21,274,327 |
|
Material Supplies |
30,155,669 |
33,355,620 |
|
Goods in Transit |
- |
15,914,509 |
|
Total |
423,261,890 |
214,776,367 |
|
Less: Allowance for Obsolescent Stock |
[17,128,577] |
- |
|
Total |
406,133,313 |
214,776,367 |
NOTE 3 Other Current Assets
|
|
2004 |
2003 |
|
|
|
|
|
Other Receivable |
4,601 |
21,066,349 |
|
Prepaid Expenses |
1,151,403 |
22,741,033 |
|
Advanced Paid |
20,460,056 |
19,200,016 |
|
Other |
5,561,701 |
3,632,652 |
|
Total |
27,177,761 |
66,640,050 |
|
Less: Allowance for Assets Account |
[1,685,533] |
[1,709,608] |
|
Total |
25,492,228 |
64,930,442 |
NOTE 4
Fixed Assets
|
|
2004 |
2003 |
|
|
|
|
|
Land |
258,574,190 |
258,574,190 |
|
Land Improvement |
72,907,154 |
68,316,676 |
|
|
2,348,990,977 |
2,347,080,903 |
|
Machine |
3,660,005,495 |
3,610,336,204 |
|
Office Automation & Furniture |
28,065,650 |
27,470,793 |
|
Factory Equipment |
60,228,978 |
57,737,048 |
|
Vehicle |
83,152,114 |
91,448,016 |
|
Total |
6,511,924,558 |
6,460,963,830 |
|
Less: Depreciation |
[1,617,454,923] |
[1,481,610,374] |
|
Decreased of Doubtful Account |
[1,391,663,288] |
[1,391,663,288] |
|
|
3,502,806,347 |
3,587,690,168 |
|
Works under Construction |
18,676,902 |
51,756,008 |
|
Total |
3,521,483,249 |
3,639,446,176 |
NOTE 5 : Debt Rehabilitation Plan
5.1 Capital Restructuring
On October 2, 2000 the subject registered for an increase of share capital with the Ministry of Commerce by issuing 30.986 million new ordinary shares at par value of Bht. 100 each to Parent Company to support the conversion of debt to equity. The Parent Company had converted debt to equity at Bht. 3,099 million.
On October 9, 2000 the subject registered for an increase of share capital with the Ministry of Commerce by issuing 5.151 million new ordinary shares at par value of Bht. 100 each to support the Parent Company’s right in following-up the related companies creditors and directors who use their right to purchase the capital share increase of parent company at Bht. 515.5 million.
On October 10, 2000 the subject registered for an increase of share capital with the Ministry of Commerce by issuing 13.278 million new ordinary shares at par value of Bht. 100 each to support the Parent Company’s right in following-up the subject’s financial creditors Tranche 5 for each time they use their right to purchase the capital share increase of parent company at Bht. 1,327.82 million.
On June 28, 2002 the subject registered for a decrease of share capital with the Ministry of Commerce by decreasing 0.163 million ordinary shares at par value of Bht. 100 each according to the Central Bankruptcy Court’s order on May 15, 2002.
This is due to the Receivership had an order indicating that debt repayment for directors’ liabilities was less than liabilities burden occurred from the subject’s share capital increase. In addition, the subject’s share capital increase to support Parent company’s following-up right for the subject’s related creditors and directors remained at 4.988 million shares at par value of Bht. 100 each.
Within 90 days effective from the date that the Court agreed with the amendment rehabilitation plan approved by the creditors’ meeting on December 19, 2002 or according to the extension period specified by the creditors. Related companies creditors and the subject’s directors agreed to purchase share capital increase of Parent Company at 49.887 million shares at the par value of Bht. 10 each. In addition, the Parent Company agreed to make debt repayment on behalf of the subject to related companies creditors and subject’s directors.
In 2003, the related companies creditors and the subject’s directors had completely purchased share increased capital of parent company.
5.2
Debt
Restructuring
Major debt restructurings are conversion some of debt to equity and extension of debt repayment period, a decrease in accrued interest before debt restructuring. Details of debt restructuring are mentioned in note 6.
NOTE 6 : Liabilities under Debt Restructuring Plan
The subject had restructured its debt according to the debt rehabilitation plan as mentioned in note 5. The subject had to reclassify its outstanding liabilities by transferring its original outstanding liabilities comprising bank overdraft and loan from bank, trust receipt payable, loan from financial institution, trade account payable, related companies payable, director loan payable and other liabilities amounted Bht. 9,826 million and accrued interest amounted Bht. 2,147 million to Liabilities under Debt Restructuring Plan.
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2004 |
2003 |
|
Sales |
13.79 |
|
|
Operating |
72.98 |
|
|
Net Profit |
[132.16] |
|
|
Fixed Assets |
[3.24] |
|
|
Total Assets |
6.79 |
|
|
Profitability |
|
|
|
Cost of Goods Sold |
108.27 |
90.22 |
|
Operating Profit Margin |
[8.27] |
9.78 |
|
S&A expenses |
3.47 |
87.21 |
|
Other Revenues |
8.00 |
0.70 |
|
Net Profit Margin |
[2.47] |
8.72 |
|
Earning Per Shares |
[1.61] |
5.02 |
|
No. of Shares |
44,974,966 |
44,974,966 |
Net Sales was increased by 13.79%, Operating Profit was increased by 72.98%, Net Profit was decreased by 132.16%, Fixed Assets was decreased by 3.24%, Total Assets was increased by 6.79%.
Compare each cost with sales, Cost of Goods Sold was increased from 90.22% to 108.27%, Operating Profit Margin was decreased from 9.78% to -8.27%, S & A Expenses were decreased from 87.21% to 3.47%, Other Revenues was increased from 0.70% to 8.00%, Net Profit Margin was decreased from 8.72% to -2.47%.
Earning Per Shares was decreased from 5.02 baht per share to -1.61 baht per share.
Liquidity
|
Liquidity |
2004 |
2003 |
|
Current Ratio |
0.93 |
1.12 |
|
Quick - assets ratio |
0.62 |
0.79 |
Current Ratio was decreased from 1.12 to 0.93, show Current Assets can not cover Current Liabilities, Liquidity Ratio of the company was not good, and Quick-assets Ratio was decreased from 0.79 to 0.62, capacity to pay Short Term Loan was not good too, because Current Assets without Inventory can not cover Current Liabilities.
Leverage
|
Leverage |
2004 |
2003 |
|
D/E Ratio |
[2.50] |
[2.43] |
D/E Ratio was decreased from -2.43 to -2.50, show the company had fund from Loan more than fund from Equity, investment risked of the company is medium.
Efficiency
|
Efficiency |
2004 |
2003 |
|
Fixed Assets Turnover |
0.84 |
0.71 |
|
Total Assets Turnover |
0.58 |
0.55 |
|
Return on Assets |
[1.44] |
4.78 |
|
Return on Equity |
[2.15] |
6.83 |
|
Day’s Payable |
7.06 |
16.26 |
|
Day’s Inventories |
46.50 |
33.58 |
|
Days’ Receivables |
81.84 |
72.91 |
Fixed Assets Turnover was increased from 0.71 times to 0.84 times, Total Assets Turnover was increased from 0.55 times to 0.58 times, show the company could use Assets so efficiently, and Return on Assets was decreased from 4.78 to -1.44, Return on Equity was decreased from 6.83 to -2.15, capacity to use Assets to make profit was not good.
Day’s Payable was decreased from 17 days to 8 days, while Day’s Inventories was increased from 34 days to 47 days, and Day’s Receivables was increased from 73 days to 82 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 |
|
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%)