MIRA
INFORM REPORT
|
Report Date : |
04.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
IRPC POLYOL COMPANY LIMITED |
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Registered Office : |
30th Floor,
La Peng Nguan
1 Building, |
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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.: |
0105530048659 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer wide range
of Polyurethane based
raw material for
thermal insulation, bedding
and furniture, footwear
and flexible packaging production. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
No Complaints |
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Litigation : |
Exists |
name
IRPC POLYOL COMPANY LIMITED
FORMER
T P I POLYOL COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 30th FLOOR,
LA PENG NGUAN
1 BUILDING,
333
JATUJAK,
TELEPHONE : [66] 2649-7000,
2646-6555-7
FAX : [66] 2646-6556-7
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1987
REGISTRATION NO. : 0105530048659 [Former : 4860/2530]
CAPITAL
REGISTERED : BHT.
300,000,000
CAPITAL
PAID-UP : BHT.
300,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PRAVES ASAVADAKORN, THAI
GENERAL MANAGER
NO. OF STAFF
: 250
LINES OF
BUSINESS : POLYURETHANE BASED
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 September
24, 1987 as
a private limited
company under registered name ABS
Plastic Co., Ltd.
by Thai groups,
a wholly owned
polyurethane business of
Thai Petrochemcial Industry
Public Co., Ltd. On
May 11, 1992
the subject was changed
its name to “TPI
Polyol Company Limited”,
and on February
28, 2007, its
name was changed
again to be
IRPC POLYOL COMPANY
LIMITED. It currently
employs 250 staff.
Subject is a
wholly owned subsidiary
of IRPC Public
Company Limited [Former: Thai
Petrochemical Industry Public
Company Limited].
The subject is
recognized as the
largest manufacturer of
polyurethane based raw
material in Thailand,
and is also
one of a few
suppliers in the country.
It also achieved the international
standard ISO 9001 and
ISO 9002 certification
for products quality
system.
The subject’s registered
address was initially
located at 26/56
Chan Tadmai Rd.,
Thungmahamek, Sathorn, Bangkok
10120.
On December 1,
2006, it was
relocated to 30th Flr.,
Lao Peng Nguan
1 Bldg., 333
Vibhavadi-Rangsit Rd., Chompol,
Jatujak, Bangkok 10900,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
As of July 28, 2003,
the Ministry of
Finance appointed the
Board of Director as follows:
|
Name |
|
Nationality |
Age |
|
|
|
|
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|
Gen. Mongkol Ampornpisith |
|
Thai |
66 |
|
Mr. Piti Yimprasert |
|
Thai |
66 |
|
Mr. Prasit Damrongchai |
|
Thai |
66 |
|
Mr. Prasert Boonsamphan |
|
Thai |
55 |
|
Mr. Visith Tantisunthorn |
|
Thai |
47 |
MANAGEMENT
Mr. Praves
Asavadakorn is the
General Manager.
He is Thai
nationality.
Mr. Tisadee
Watanagul is the
Plant Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity is
a manufacturer wide
range of Polyurethane
based raw material
for thermal insulation,
bedding and furniture,
footwear and flexible packaging
production.
Its products include,
polyether polyether polyols,
unsaturated polyester, prepolymer,
polyurethane systems and
CASE products coatings,
adhesives, sealants and
elastomers].
The subject also
engages in co-producing of Unsaturated
Polyester Resin.
PRODUCTION CAPACITY
33,000 metric tonnes per
annum of Polyether
and Polyester Polyol,
Prepolymer and System.
MAJOR BRANDS
“RAYPOL”, “RAYCORE”, “RAYELAST”
IMPORT [COUNTRIES]
80% of raw
materials such as propylene
oxide and related
feed stock chemicals
are imported from
Singapore, Korea, United
States of America,
Japan, Republic of
China, Taiwan, Malaysia
and Germany.
MAJOR SUPPLIERS
|
- ARCO |
: |
|
- BAYER |
: |
|
- BASF |
: |
LOCAL SALES
60% of its
products is sold
locally to manufacturers, wholesalers
and end-users.
EXPORT [COUNTRY]
40% of the
products is exported
to Pakistan, Malaysia, Taiwan,
Indonesia, Australia, Singapore,
Vietnam and Middle
East countries.
MAJOR CUSTOMERS
|
- ICI [ |
: |
|
- Vianova Resins |
: |
|
- |
: |
|
- Saha Pattanapibul Group |
: |
PARENT COMPANY
IRPC Public
Company Limited [Former :Thai Petrochemical
Industry Public Company
Limited]
Business Type: Manufacturer of
Petrochemicals
LITIGATION
On December 15,
2000, the Central
Bankruptcy Court has
ordered the company
in accordance with a decide
court case no.
534/2543 to rehabilitate
its organization and
has initially appointed
Effective Planers Co., Ltd. as
the plan administer.
On May 13,
2003, the Central
Bankruptcy Court has
ordered Effective Planers
Co., Ltd., to
retire from the
plan administration, then
it has appointed
The Ministry of
Finance as the
new plan administer
on July 28,
2003.
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 120
days and T/T
in advance.
Exports are against
L/C at sight
or T/T in
advance.
BUSINESS TRANSACTION
Most of the
products are sold by
credit, with the maximum credit
given at
60 days. The
subject is not
found to have
problem on its
account receivable.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office :
EMPLOYMENT
The subject employs
250 staff.
LOCATION DETAILS
The premise is
rented for administrative office on
the 30th floor
in a multi-storey
building at the
heading address in
commercial/residential area.
Factory is located
on 12,000 square
meters of area
at 299 Sukhumvit
Road, Muang, Rayong
21000 Tel: [66]
38 613-984-6, Fax:
[66] 38 613-988.
COMMENT
Its business has stable grown over the past few years and
sale has been driven by the growing of industrial goods directly in
accordance with rebounding economy.
Despite the industrial sector is
likely to drop expansion from domestic consumption, the
subject still maintains
its leading in the
industry.
The strong demand of petrochemical, an important raw material based for
various industries like plastic goods, electrical appliances, household
products, automotive parts and etc, has increased significantly in line with
boosting trade and investment in the past years, but
expected to slightly decline in short
term prospect.
FINANCIAL INFORMATION
The capital was
registered at Bht.
100 million, divided
into 1,000,000 shares of
Bht. 100 each.
The capital was
increased later as
followings:
Bht. 150
million on February
15, 1990
Bht. 177
million on August
10, 1995
Bht. 300
million on February
10, 1997
The
latest registered capital
was increased to
Bht. 300 million,
divided into 3,000,000
shares of Bht.
100 each with
fully paid.
MAIN SHAREHOLDERS
: [as at
May 11, 2007]
|
NAME |
HOLDING |
% |
|
IRPC Public
Co., Ltd. Nationality: Thai Address : 299 Moo 5,
Choengnone, Muang, Rayong |
2,999,991 |
100.00 |
|
Mr. Prachai
Liewpairatana Nationality: Thai Address : 229/14 Sukhumvit
39 Rd., Klongtonnua, Wattana, |
1 |
- |
|
Mr. Prateep
Liewpairatana Nationality: Thai Address : 211 Sukhumvit
39 Rd., Klongtonnua, Wattana, |
1 |
- |
|
Mr. Pramual
Liewpairatana Nationality: Thai Address : Muang, Nonthaburi |
1 |
- |
|
Mr. Prayad
Liewpairatana Nationality: Thai Address : 211 Sukhumvit 39 Rd.,
Klongnnua, Wattana, |
1 |
- |
|
Ms. Malinee
Liewpairatana Nationality: Thai Address : Bangrak, |
1 |
- |
|
Mr. Chavin
Eiamsophana Nationality: Thai Address : 143
Sukhumvit, Klongtonnua, Wattana, |
1 |
- |
|
Mr. Mangkorn
Kriengwattana Nationality: Thai Address : 1486 Moo 2,
Sukhumvit 107 Rd., Muang, Samutprakarn |
1 |
- |
|
Mr. Banlue Chanthadisai Nationality: Thai Address : 191/103
Sukhumvit 31 Rd.,
Klongtonnua, Wattana, |
1 |
|
|
Mrs. Chitra Thavara Nationality: Thai Address : 70/150 Moo
7, Thasai, Muang,
Nonthaburi |
1 |
|
Total Shareholders
10
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Narong Laktharn
No. 4200
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 [Adjustment] |
|
|
|
|
|
Cash in Hand &
at Bank |
33,228,498 |
48,050,607 |
|
Trade Accts. Receivable |
200,475,895 |
211,510,428 |
|
Short-term Loan to Person or
Related Company |
4,189,688 |
425,929 |
|
Inventories [note 1] |
348,327,283 |
314,193,949 |
|
Tax Compensation from
Export |
5,520,894 |
4,419,064 |
|
Other Receivable |
105,714,174 |
62,302,948 |
|
Other Current Assets
|
4,494,964 |
6,604,587 |
|
Total Current
Assets |
701,951,396 |
647,507,512 |
|
Fixed Assets |
211,314,718 |
210,399,313 |
|
Other Assets |
417,960 |
- |
|
Total Assets
|
913,684,074 |
857,906,825 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 [Adjustment] |
|
|
|
|
|
Trade Accts. Payable |
278,162,205 |
234,669,586 |
|
Short-term Loan from
Related Company |
5,100,522 |
8,630,521 |
|
Accrued Income Tax |
5,881,123 |
14,043,286 |
|
Other Current Liabilities |
32,274,644 |
28,627,322 |
|
Total Current
Liabilities |
321,418,494 |
285,970,715 |
|
Long-term Loan from
Related Company |
151,725,629 |
145,461,759 |
|
Total Liabilities |
473,144,123 |
431,432,474 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 3,000,000 shares |
300,000,000 |
300,000,000 |
|
|
|
|
|
Capital Paid |
300,000,000 |
300,000,000 |
|
Retained Earning - Unappropriated |
140,539,951 |
126,474,351 |
|
Total
Shareholders' Equity |
440,539,951 |
426,474,351 |
|
Total
Liabilities & Shareholders' Equity |
913,684,074 |
857,906,825 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 [Adjustment] |
|
|
|
|
|
Sales |
1,330,643,052 |
1,192,747,233 |
|
Gain on Exchange
Rate |
- |
5,333,987 |
|
Other Income |
5,181,116 |
5,208,013 |
|
Total Revenues
|
1,335,824,168 |
1,203,289,233 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,191,187,572 |
1,036,660,741 |
|
Selling & Administrative Expenses |
86,457,185 |
71,381,511 |
|
Loss on Exchange
Rate |
13,563,665 |
- |
|
Total Expenses |
1,291,208,422 |
1,108,042,252 |
|
Profit / [Loss] before Interest
Expenses & Income Tax |
44,615,746 |
95,246,981 |
|
Interest Expenses |
[19,815,327] |
[12,470,789] |
|
Income Tax |
[10,734,819] |
[23,800,861] |
|
Profit / [Loss] before
Extraordinary Item |
14,065,600 |
58,975,331 |
|
Extraordinary Item -
Gain on Debt
Restructuring |
- |
168,503,813 |
|
Net Profit |
14,065,600 |
227,479,144 |
FINANCIAL NOTE
NOTE 1
Inventories
|
|
2006 |
2005 |
|
|
|
|
|
Finished Goods |
139,572,617 |
147,097,783 |
|
Goods in Progress |
9,172,692 |
10,023,930 |
|
Raw Material &
Chemical |
181,630,713 |
133,210,877 |
|
Less: Allowance for
Stock Obsolescence |
[5,448,921] |
[3,996,326] |
|
|
176,181,792 |
129,214,551 |
|
Maintenance Material |
6,900,910 |
6,143,225 |
|
Less: Allowance for Stock Obsolescence |
[207,028] |
[184,297] |
|
|
6,693,882 |
5,958,928 |
|
Spare Part |
12,780,065 |
15,359,404 |
|
Less: Allowance for
Stock Obsolescence |
[383,402] |
[460,782] |
|
|
12,396,663 |
14,898,622 |
|
Raw Material & Spare
Parts in Transit
|
4,309,637 |
7,000,135 |
|
Total
|
348,327,283
|
314,193,949 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
11.56 |
|
|
Operating Profit |
[45.25] |
|
|
Net Profit |
[93.82] |
|
|
Fixed Assets |
0.44 |
|
|
Total Assets |
6.50 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
89.52 |
86.91 |
|
Operating Profit Margin |
4.37 |
7.99 |
|
S & A
Expenses |
6.50 |
5.98 |
|
Interest Paid |
1.49 |
1.05 |
|
Other Revenues |
0.39 |
0.88 |
|
Net Profit Margin |
1.06 |
19.07 |
|
Earning Per Shares |
4.69 |
75.83 |
|
No. of Shares |
3,000,000 |
3,000,000 |
Net Sales was
increased by 11.56%,
Operating Profit was
decreased by 45.25%,
Net Profit was
decreased by 93.82%,
Fixed Assets was
increased by 0.44%,
Total Assets was
increased by 6.50%.
Compare each cost with sales, Cost of Good Sold was increased from 86.91% to 89.52%, Operating Profit Margin was decreased from 7.99% to 4.37%, S & A Expenses was increased from 5.98% to 6.50%, Interest Paid was increased from 1.05% to 1.49%, Other Revenues was decreased from 0.88% to 0.39%, Net Profit Margin was decreased from 19.07% to 1.06%.
Earning Per Shares
was decreased from
75.83 baht per
share to 4.69
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
2.18 |
2.26 |
|
Quick-Assets Ratio |
0.74 |
0.91 |
Current Ratio was
decreased from 2.26
to 2.18, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.91 to 0.74,
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 |
1.07 |
1.01 |
|
Times Interest Earned |
2.94 |
7.64 |
D/E Ratio was
increased from 1.01
to 1.07, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was decreased from
7.64 to 2.94,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
6.30 |
5.67 |
|
Total Assets Turnover |
1.46 |
1.39 |
|
Return on Assets |
1.54 |
26.52 |
|
Return on Equity |
3.19 |
53.34 |
|
Day's Payable |
75.26 |
70.83 |
|
Day’s Inventories |
94.24 |
94.83 |
|
Day’s Receivables |
54.24 |
63.84 |
Fixed Assets Turnover
was increased from
5.67 times to 6.30 times,
Total Assets Turnover
was increased from
1.39 times to
1.46 times, show
the company could
use Assets so
efficiently, Return on
Assets was decreased
from 26.52 to
1.54, Return on
Equity was decreased
from 53.34 to
3.19, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 71
days to 76
days, while Day’s
Inventories was stable
at 95 days,
but Day’s Receivables
was decreased from
64 days to
55 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%)