MIRA
INFORM REPORT
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Report Date : |
25.09.2007 |
IDENTIFICATION DETAILS
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Name : |
PANJAPOL PULP INDUSTRY PUBLIC 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 : |
1989 |
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Com. Reg. No.: |
0107536001397 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Engaged in manufacturing and
distributing of eucalyptus
pulp products. |
RATING & COMMENTS
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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 : |
Unknown |
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Litigation : |
Exists |
name
PANJAPOL PULP INDUSTRY PUBLIC CO., LTD.
SUMMARY
BUSINESS ADDRESS : 44th FLOOR,
UNITED
323
TELEPHONE : [66] 2231-1100
FAX : [66] 2231-1422
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1989
REGISTRATION NO. : 0107536001397 [Former
: BOR MOR JOR. 213]
CAPITAL
REGISTERED : BHT.
3,249,787,930
CAPITAL
PAID-UP : BHT.
3,249,787,930
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
POJ NAINAPALERT, THAI
CHIEF OPERATION
OFFICER
NO. OF
STAFF : 290
LINES OF
BUSINESS : EUCALYPTUS PULP
PRODUCTS
MANUFACTURER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established on September
26, 1989 as a
private limited company under
the name style PANJAPOL
PULP INDUSTRY CO., LTD. by Thai groups,
in order to
manufacture eucalyptus pulp
products. It currently
employs 290 staff.
On
November 19, 1993
the subject was
changed its status
to public limited
company under the name style
PANJAPOL PULP INDUSTRY
PUBLIC CO., LTD.
The
subject’s registered address
is 323 Silom Rd., Silom, Bangrak, Bangkok 10500, and
this is the
subject current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
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|
Mr. Jarae Jutharatanakul |
|
Thai |
66 |
|
Mr. Surapong Techavibul |
[x] |
Thai |
61 |
|
Mr. Adul Vinaiphaet |
|
Thai |
61 |
|
Mr. Supoj Techavibul |
[x] |
Thai |
53 |
|
Mr. Prabier Kumar
Paul |
|
Indian |
63 |
AUTHORIZED PERSON
Both the mentioned
directors [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Poj
Nainapalert is the
Chief Operation Officer.
He is Thai
nationality.
Mr. Surapong
Techavibul is the
Executive Director.
He is Thai
nationality with the
age of 61
years old.
Mr. Supoj
Techavibul is the
Executive Director.
He is Thai
nationality with the
age of 53
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and distributing of
eucalyptus pulp products.
PRODUCTION CAPACITY
700 metric tons/day
PURCHASE
Raw
materials; scrap paper and
chemical are purchased
from suppliers both
domestic and overseas
in Singapore, Japan,
Taiwan, Republic of
China, Hong Kong,
Korea and European Countries.
SALES
100%
of its products
is sold locally
by wholesale to
Panjapol Paper Industry
Co., Ltd., the subject’s related
company.
SUBSIDIARY AND
AFFILIATED COMPANIES
Panjapol Paper
Industry Co., Ltd.
Business Type : Manufacturer &
distributor of paper
products
Address :
Hiang Seng
Fiber Container Co., Ltd.
Business Type : Manufacturer &
distributor of paper
container products
Address :
LITIGATION
On June 29, 1999, the Central
Bankruptcy Court has ordered
the company in accordance
with a decided
court case number
Lor. For. 10/2542 to rehabilitate
its organization by
initially approved Siam
Mun Co., Ltd. and Deloitte
Touche Tomhmatsu Planner
Co., Ltd. as the plan
administer.
On October 21,
2002, the Central
Bankruptcy Court has
ordered to appoint
P S M Planner Co., Ltd.,
as the present
administer.
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 and
T/T on the
credits term of
30-60 days.
BUSINESS TRANSACTION
The
products has no
problem on its
account receivable, due to the
products is sold
to the Panjapol
Group of companies,
which they can negotiate.
BANKING
Kasikornbank Public Co.,
Ltd.
[Silom Branch :
Bangkok Bank
Public Co., Ltd.
[Head Office :
EMPLOYMENT
The
subject employs approximately
290 staff [office
staff and factory].
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 on 1,440,000
square meter of land at 51 Moo
3, Pathum-Sena Rd., T. Hormok, A. Bangsai,
Ayuthaya 13190, Tel : [66] 35
201-997-8, Fax: [66] 35 201-993.
REMARK
CREDIT
OF US$ 15,000,000
D/A SHOULD BE
ON SECURED BASIS.
COMMENT
The
subject and the
companies in the
group have improved
production continuously as
well as sales
have been better
than ever before.
The key to
this success in
putting the company’s
financial position back
in the black
was the cost
effectiveness and efficiency
works. As well
with its own
steam-powered electrical generating
facility, the company’s turbines pump out
37 megawatts a day, more
than enough for
its own use.
The left over
electricity is then
sold to the
Electricity Generating Authority
of Thailand, earning
the group three million
bath a month.
The
group including company
sells 70% of its
product or processed
wood fibre, and
corrugated paper to
local box factories.
The remaining has
been exported to
many overseas countries
and will broaden
its focus to
include exports to
countries in the
Middle East.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
1,800,000,000 divided into 18,000,000
shares of Bht.
100 each.
The
capital was increased
later as follows:
Bht. 2,750,917,930 on
June 29, 2001
Bht. 3,249,787,930 on
July 24, 2003
The latest
registered capital was increased
to Bht. 3,249,787,930 divided
into 324,978,793 shares
of Bht. 10 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2007] at Bht.
3,249,787,930 of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
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Mr. Kris Techavibul
Nationality: Thai Address : 95
Sukhumvit 55 Rd.,
Klongtonnua,
Klongtoey, |
108,239,149 |
33.31 |
|
Mr. Supoj Techavibul Nationality: Thai Address : 69
Sukhumvit 55 Rd.,
Prakanong,
Klongtoey, |
91,694,389 |
28.21 |
|
Delling Assets
Co., Ltd. Nationality: Address : |
31,845,192 |
9.80 |
|
Mr.
Chotinont Techavibul Nationality: Thai Address : 26
Sukhumvit 26 Rd.,
Klongton,
Klongtoey, |
27,079,024 |
8.33 |
|
Mr.
Chotiwit Techavibul Nationality: Thai Address : 26
Sukhumvit 26 Rd.,
Klongton,
Klongtoey, |
27,079,024 |
8.33 |
|
Mr. Visith Supakpongkul Nationality: Thai Address : |
16,629,000 |
5.12 |
|
Evergreen International Service
Co., Ltd. Nationality: Address : 12th Floor,
|
14,077,101 |
4.33 |
|
Hinland Investment
Co., Ltd. Nationality: Address : 12th Floor,
|
8,239,004 |
2.53 |
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Others |
96,910 |
0.04 |
Total Shareholders
24
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Navee Patisampitawong No.
2552
BALANCE SHEET
[BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
10,330,726 |
46,604,090 |
|
Trade Account Receivable
- Other Company |
3,686,783 |
962,499 |
|
- Subsidiaries Company |
1,610,341,687 |
1,334,140,737 |
|
Deferred Income |
3,391,719 |
608,504 |
|
Inventories |
94,303,976 |
91,842,117 |
|
Other Current Assets
|
5,932,923 |
15,330,085 |
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Total Current
Assets |
1,727,987,814 |
1,489,488,032 |
|
Reserve for Debt
Repayment according to Rehabilitation Plan |
32,808 |
32,645 |
|
Long-term Loan to
Related - Net of Current Portion |
229,940,278 |
229,940,278 |
|
Fixed Assets |
2,340,757,951 |
2,479,215,063 |
|
Other Assets |
799,155 |
799,155 |
|
Total Assets
|
4,299,518,006 |
4,199,475,173 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accounts Payable-Other company |
78,043,300 |
60,061,700 |
|
Trade Accounts Payable-
Subsidiary |
6,924,084 |
1,567,150 |
|
Other Payable -
Related Company |
7,029,979 |
8,373,694 |
|
Current Portion of Liabilities
under Debt Restructuring Plan - Other
Person |
1,142,463,281 |
345,201,978 |
|
- Hire-purchase Payable |
47,400 |
- |
|
Short-term Loan from
Related Company |
50,000,000 |
50,000,000 |
|
Other Current Liabilities |
30,285,567 |
22,123,765 |
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|
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Total
Current Liabilities |
1,314,793,611 |
487,328,287 |
|
Liabilities under Debt
Restructuring Plan - Net of
Current Portion - Subsidiary |
65,990,943 |
65,990,943 |
|
- Other
Person |
6,199,899,113 |
7,099,821,192 |
|
Reserve for Loss
from Investment in Subsidiary |
3,722,098,251 |
3,672,185,356 |
|
Hire-purchase Payable |
71,100 |
- |
|
Total Liabilities |
11,302,853,018 |
11,325,325,778 |
|
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Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 324,978,793 shares |
3,249,787,930 |
3,249,787,930 |
|
|
|
|
|
Capital Paid |
3,249,787,930 |
3,249,787,930 |
|
Retained Earning -
Unappropriated [Deficit] |
[10,253,122,942] |
[10,375,638,535] |
|
Total
Shareholders' Equity [Deficit] |
[7,003,335,012] |
[7,125,850,605] |
|
Total
Liabilities & Shareholders' Equity |
4,299,518,006 |
4,199,475,173 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
1,966,905,626 |
1,859,264,558 |
|
Other Income |
15,239,028 |
13,657,715 |
|
Total Revenues
|
1,982,144,654 |
1,872,922,273 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold before the
Impact on Diminution of
Fixed Assets |
1,797,161,655 |
1,557,244,498 |
|
Less: Impact on
Diminution of Fixed Assets |
[49,229,145] |
[49,229,145] |
|
|
|
|
|
Cost of Goods
Sold - Net |
1,747,932,510 |
1,508,015,353 |
|
Selling & Administrative Expenses |
32,270,830 |
30,426,576 |
|
Factory Expenses during
Production Suspending |
26,410,811 |
27,881,294 |
|
Share of Loss
from Investment accounted
for under Equity
Method |
49,912,894 |
225,815,190 |
|
Total Expenses |
1,856,527,045 |
1,792,138,413 |
|
|
|
|
|
Profit / [Loss] before Income
Tax |
125,617,609 |
80,783,860 |
|
Income Tax |
[3,102,016] |
- |
|
Net Profit / [Loss] |
122,515,593 |
80,783,860 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
5.79 |
|
|
Operating Profit |
[42.93] |
|
|
Net Profit |
51.66 |
|
|
Fixed Assets |
[5.58] |
|
|
Total Assets |
2.38 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
88.87 |
81.11 |
|
Operating Profit Margin |
10.27 |
17.99 |
|
S & A
Expenses |
1.64 |
1.64 |
|
Other Revenues |
0.77 |
0.73 |
|
Net Profit Margin |
6.23 |
4.34 |
|
Earning Per Shares |
0.38 |
0.25 |
|
No. of Shares |
324,978,793 |
324,978,793 |
Net Sales was
increased by 5.79%,
Operating Profit was
decreased by 42.93%,
Net Profit was
increased by 51.66%,
Fixed Assets was
decreased by 5.58%,
Total Assets was
increased by 2.38%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 81.11%
to 88.87%, Operating
Profit Margin was
decreased from 17.99%
to 10.27%, S
& A Expenses
was increased from
1.64% to 1.64%,
, Other Revenues
was increased from
0.73% to 0.77%,
Net Profit Margin
was increased from
4.34% to 6.23%.
Earning Per Shares
was increased from
0.25 baht per
share to 0.38
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.31 |
3.06 |
|
Quick-Assets Ratio |
1.24 |
2.84 |
Current Ratio was
decreased from 3.06
to 1.31, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
2.84 to 1.24,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
[1.61] |
[1.59] |
D/E Ratio was
decreased from -1.59
to -1.61, 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 |
0.84 |
0.75 |
|
Total Assets Turnover |
0.46 |
0.44 |
|
Return on Assets |
2.85 |
1.92 |
|
Return on Equity |
1.75 |
1.13 |
|
Day's Payable |
14.28 |
11.63 |
|
Day’s Inventories |
17.26 |
17.78 |
|
Day’s Receivables |
0.67 |
0.19 |
Fixed Assets Turnover
was increased from
0.75 times to
0.84 times, Total
Assets Turnover was
increased from 0.44
times to 0.46
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
1.92 to 2.85,
Return on Equity
was increased from
1.13 to 1.75,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 12
days to 15
days, while Day’s
Inventories was stable
at 18 days,
and Day’s Receivables
was stable at
1 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%)