MIRA
INFORM REPORT
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Report Date : |
12.10.2007 |
IDENTIFICATION DETAILS
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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) : |
31.12.2006 |
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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 |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
No Complaints |
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Litigation : |
Exists |
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 : exports@ppi.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1987
REGISTRATION NO. : 0105530043126 [Former : 4312/2530]
CAPITAL REGISTERED : BHT. 449,749,660
CAPITAL PAID-UP : BHT.
449,749,660
FISCAL YEAR
CLOSING DATE : DECEMBER 31.
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SURAPONG TECHAVIBOON,
THAI
MANAGING DIRECTOR
NO. OF
STAFF : 450
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 450
staff.
It
has been achievement
the ISO 9001:20000 certification
by AJA institutes,
on January 9,
2007.
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 61
Mr.
Supoj Techaviboon Thai 53
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
61 years old.
Dr. Supoj
Techaviboon is the
Deputy Managing Director.
He is Thai
nationality with the
age of 53
years old.
Mr. Teerapong Wongkulwat
is the Marketing & Overseas Manager.
He is Thai
nationality.
Mr. Poj Nainapalert is
the Factory Manager.
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]
Some
of paper pulps, coals,
chemicals and machine’s
spare parts, 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]
60% of its
products is sold
locally by wholesale
to manufacturers &
end-users.
EXPORT [COUNTRIES]
40%
of its products
is exported mainly
to Asian countries
such as Hong
Kong, Taiwan, Singapore,
India, Vietnam, Malaysia,
Philippines, Cambodia and
Republic of China,
and the remaining
to Egypt, Dubai,
Saudi Arabia, Germany,
Italy and South Africa.
MAJOR CUSTOMERS
|
Company |
Country |
|
Hiang Seng Fibre
Container Co., Ltd. |
|
|
Paper Packaging Manufacturers |
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|
U - Thai Co., Ltd. |
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|
Union Carton Co.,
Ltd. |
|
|
Union Paper Co.,
Ltd. |
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|
Bangkok Packaging Co.,
Ltd. |
|
PARENT COMPANY
Panjapol Pulp Industry
Public Co., Ltd.
RELATED & AFFILIATED
COMPANY
Hiang Seng
Fibre Container Co.,
Ltd.
Business Type : Manufacturer
of packaging products.
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
450 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
REMARK
CREDIT OF US$
15,000,000 IS TOO
HIGH TO RECOMMEND.
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.
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.
However, the subject’s operating
performance in 2006
was not satisfactory
as it still
obtained a net
loss in 2006.
Moreover, the subject has
obtained accumulated deficit
retained earning for many
consecutive years. Due
to this, any
credit amount given
to the subject
should be treated
on a secured
basis.
FINANCIAL INFORMATION
The capital was
originally registered at
Bht. 1,000,000, 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
Bht. 449,749,660 on
June 1, 2007
The latest registered
capital was decreased
to Bht. 449,749,660
divided into 44,974,966 shares
of Bht. 10
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2007]
|
NAME |
HOLDING |
% |
|
Panjapol Pulp
Industry Public Co.,
Ltd. Nationality: Thai Address : |
44,974,959 |
99.99 |
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Mr. Surapong
Techaviboon Nationality: Thai Address : 95
Sukhumvit 55 Rd.,
Prakanong, Klongtoey, |
1 |
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Mr. Supoj
Techaviboon Nationality: Thai Address : 69 Sukhumvit 55
Rd., Prakanong, Klongtoey, |
1 |
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Mr. Suthee
Techaviboon Nationality: Thai Address : 77
Sukhumvit 38 Rd.,
Prakanong, Klongtoey, |
1 |
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Mr. Liang
Techaviboon Nationality: Thai Address : 26
Sukhumvit 25 Rd.,
Prakanong, Klongtoey, |
1 |
=0.01 |
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Mrs. Hong
Techaviboon Nationality: Thai Address : 26
Sukhumvit 25 Rd.,
Prakanong, Klongtoey, |
1 |
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Miss Suthimalee
Techaviboon Nationality: Thai Address : 77
Sukhumvit 38 Rd.,
Prakanong, Klongtoey, |
1 |
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Mr. Boonsong
Supakpongsakul Nationality: Thai Address : 108/8
Sukhumvit 38 Rd.,
Prakanong,
Klongtoey, |
1 |
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Total Shareholders
8
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Navee Patisampitanont No. 2552
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 |
302,307,761 |
124,436,538 |
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Trade Accts. Receivable - Parent
Company |
6,924,084 |
1,567,150 |
|
- Other
Company |
679,897,908 |
690,041,111 |
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Inventories |
398,634,202 |
387,018,625 |
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Refundable Value Added
Tax |
20,533,102 |
33,223,323 |
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Other Current Assets
|
36,155,762 |
50,624,028 |
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Total Current
Assets |
1,444,452,819 |
1,286,910,775 |
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Reserve for Debt
Repayment under Rehabilitation Plan
|
109,749,794 |
98,139,698 |
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Account Receivable - Parent
Company, Net of Current Portion |
65,990,943 |
65,990,943 |
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Fixed Assets |
3,290,374,918 |
3,383,672,582 |
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Other Assets |
5,356,380 |
5,576,955 |
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Total Assets
|
4,915,924,854 |
4,840,290,953 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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Trade Accts. Payable - Parent
Company |
1,610,341,687 |
1,334,140,737 |
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- Other
Company |
88,100,424 |
87,126,677 |
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Current Portion of
Liabilities under Debt
Restructuring Plan |
970,678,486 |
335,428,105 |
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Related Company Payable |
7,034,213 |
8,604,873 |
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Other Short-term Loan |
24,122,347 |
89,643,307 |
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Other Current Liabilities |
16,169,997 |
14,947,668 |
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Total Current
Liabilities |
2,716,447,154 |
1,869,891,367 |
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Liabilities under Debt
Restructuring Plan - Parent
Company |
229,940,278 |
229,940,278 |
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- Other Company |
5,668,364,091 |
6,380,620,132 |
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Total Liabilities |
8,614,751,523 |
8,480,451,777 |
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Shareholders'
Equity |
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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 |
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Capital Paid |
4,497,496,600 |
4,497,496,600 |
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Retained Earning -
Unappropriated [Deficit] |
[8,196,323,269] |
[8,137,657,424] |
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Total
Shareholders' Equity [Deficit] |
[3,698,826,669] |
[3,640,160,824] |
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Total
Liabilities & Shareholders' Equity |
4,915,924,854 |
4,840,290,953 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
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Sales |
3,329,972,090 |
3,072,249,908 |
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Other Income |
27,197,480 |
19,459,492 |
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Total Revenues
|
3,357,169,570 |
3,091,709,400 |
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Expenses |
|
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Cost of Goods
Sold |
3,281,533,587 |
3,243,078,107 |
|
Selling & Administrative Expenses |
71,267,092 |
75,490,835 |
|
Factory Expenses during
Non-manufacturing |
43,272,386 |
35,028,561 |
|
Total Expenses |
3,396,073,065 |
3,353,597,503 |
|
|
|
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Profit / [Loss] before Interest
Expense |
[38,903,495] |
[261,888,103] |
|
Interest Expenses |
[19,762,350] |
[2,857,794] |
|
|
|
|
|
Net Profit / [Loss] |
[58,665,845] |
[264,745,897] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
8.39 |
|
|
Operating Profit |
[101.78] |
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|
Net Profit |
77.84 |
|
|
Fixed Assets |
[2.76] |
|
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Total Assets |
1.56 |
|
|
Profitability |
|
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|
Cost of Good
Sold |
98.55 |
105.56 |
|
Operating Profit Margin |
0.13 |
[7.38] |
|
S & A
Expenses |
2.14 |
2.46 |
|
Other Revenues |
0.82 |
0.63 |
|
Net Profit Margin |
[1.76] |
[8.62] |
|
Earning Per Shares |
[1.30] |
[5.89] |
|
No. of Shares |
44,974,966 |
44,974,966 |
Net Sales was increased by 8.39%, Operating Profit was decreased by 101.78%, Net Profit was increased by 77.84%, Fixed Assets was decreased by 2.76%, Total Assets was increased by 1.56%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 105.56%
to 98.55%, Operating
Profit Margin was
increased from -7.38%
to 0.13%, S
& A Expenses
was decreased from
2.46% to 2.14%,
Other Revenues was
increased from 0.63%
to 0.82%, Net
Profit Margin was
increased from -8.62%
to -1.76%.
Earning Per Shares
was increased from
-5.89 baht per
share to -1.30
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.53 |
0.69 |
|
Quick-Assets Ratio |
0.36 |
0.44 |
Current Ratio was
decreased from 0.69
to 0.53, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
Quick-Assets Ratio was
decreased from 0.44
to 0.36, 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 |
[2.33] |
[2.33] |
D/E Ratio was
increased from -2.33
to -2.33, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1.01 |
0.91 |
|
Total Assets Turnover |
0.68 |
0.63 |
|
Return on Assets |
[1.19] |
[5.47] |
|
Return on Equity |
[1.59] |
[7.27] |
|
Day's Payable |
9.52 |
10.21 |
|
Day’s Inventories |
43.10 |
45.35 |
|
Day’s Receivables |
73.50 |
80.86 |
Fixed Assets Turnover
was increased from
0.91 times to
1.01 times, Total
Assets Turnover was
increased from 0.63
times to 0.68
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
-5.47 to -1.19,
Return on Equity
was increased from
-7.27 to -1.59,
capacity to use
Assets to make
profit was not
good.
Day's Payable was
decreased from 11
days to 10
days, Day’s Inventories
was decreased from
46 days to
44 days, and
Day’s Receivables was
decreased from 81
days to 74
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%)