MIRA
INFORM REPORT
|
Report Date : |
15.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INDO POLY
[THAILAND] LIMITED |
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Formerly Known As : |
SIAM
POLYESTER CO., LTD |
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Registered Office : |
37th Floor, Ocean
Tower 2, 75/101-102 Soi
Sukhumvit 19, Asoke
Road, Klongtoey Nua, Wattana, Bangkok 10110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
19.08.1987 |
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Com. Reg. No.: |
0105530041417 |
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Legal Form : |
Private Limited Company
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Line of Business : |
Manufacturer, Distributor and
Exporter of Packaging
Products and Materials |
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 |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
INDO POLY
[THAILAND] LIMITED
SUMMARY
BUSINESS ADDRESS : 37th FLOOR,
OCEAN TOWER 2,
75/101-102 SOI
SUKHUMVIT 19, ASOKE
ROAD,
KLONGTOEY NUA,
WATTANA,
BANGKOK 10110,
THAILAND
TELEPHONE : [66]
2661-6657-63
FAX : [66] 2661-6664
E-MAIL ADDRESS : info@indopoly.co.th, am@indopoly.co.th
REGISTRATION ADDRESS : 35/8
MOO 4, PETCHKASEM ROAD,
NAKORNCHAISRI, NAKORNPATHOM 73120
ESTABLISHED : 1987
REGISTRATION NO.
: 0105530041417 [Former : 4142/2530]
CAPITAL REGISTERED
: BHT.
700,000,000
CAPITAL PAID-UP
: BHT.
700,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
DILIP KUMAR ARGAWAL,
INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 800
LINES OF
BUSINESS : PACKAGING PRODUCTS AND MATERIALS
MANUFACTURER, DISTRIBUTOR
& EXPORTER
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 August
19, 1987 as
a private limited
company under the
registered name Siam
Polyester Co., Ltd., to
produce packaging products
and materials for
packaging and soft
drink industry.
On January
21, 1998 the subject
was taken over
by Indo-Rama Group
at a cost of 1.7
billion baht and
changed its name to INDO
POLY [THAILAND] LIMITED.
It currently employs
approximately 800 staff.
At present, the
subject’s major shareholders are Indo Worth
[Thailand] Ltd. and
Indorama International Finance Plc. of England, which are
holding around 54.46%
and 44.38% of
the subject’s shares respectively.
The subject’s registered address
is 35/8 Moo 4, Petchkasem Rd., Khunkaew, Nakornchaisri, Nakornpathom 73120, while
the subject’s current
operation address is
75/101-102 Soi Sukhumvit 19, Asoke Rd., Klongtoey
Nua, Wattana, Bangkok 10110.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
Mr. Mohalal Lohia |
|
Indian |
78 |
|
Mr. Alok Lohia |
[x] |
Indian |
- |
|
Mr. Dilip Kumar
Argawal |
[x] |
Indian |
51 |
|
Mr. Ashok Mathur |
[x] |
Indian |
49 |
|
Mrs. Suchitra Lohia |
[x] |
Indian |
44 |
|
Mr. Siri Prakash |
|
Indian |
56 |
|
Mr. Prabeer Kumar
Mukherjee |
[x] |
Indian |
52 |
AUTHORIZED PERSON
One of the mentioned directors
[x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Dilip Kumar
Argawal is the Managing Director
& Marketing Director.
He is Indian nationality with
the age of
51 years old.
Mr. Ashok Mathur is
the Deputy Managing
Director.
He is Indian nationality with
the age of
49 years old.
Mr. S.N. Motha
is the Finance Manager.
He is Indian nationality.
Mr. Prabeer Kumar
Mukherjee is the Sales &
Marketing Manager [Polyester].
He is Indian nationality.
Mr. Pramod Dubey
is the Sales & Marketing
Manager [Packaging].
He is Indian nationality.
BUSINESS OPERATIONS
The subject is
a manufacturer of
polyester resins yarns
and staple fibres.
With its two
polymerisation plants and
modifications and renovations
that can meet
all clients requirements. The company’s main
product includes:
-
Film grade resins
and antiblock masterbatches
-
POY, including catonic brights, dope dyed and
high count yarns
-
FDY including super
bright and bright
trilobal specialties
-
PSF including micro,
hollow, optically white
fibres for non-woven
-
Draw textured yarns
IMPORT [COUNTRIES]
Some of raw materials
such as PVC
resin, polyester yarns,
fibres and equipments
are imported from
Japan, Switzerland, United
States of America,
France, Germany, India,
Taiwan and Singapore.
At present, the raw
material and equipment
are purchased from
20 suppliers both
domestic and overseas.
MAJOR SUPPLIER
Dow Chemical [Thailand]
Co., Ltd. : Thailand
SALES [LOCAL]
Some of the
products is sold
locally to manufacturers and wholesalers.
EXPORT [COUNTRY]
Polyester yarn products
are exported to
around 15 countries
in Europe and
Asian regions such
as Singapore, Japan,
Korea, Taiwan, India,
Pakistan, Vietnam, Indonesia,
Republic of China,
Germany, United Kingdom,
United States of
America, Australia and
etc.
MAJOR CUSTOMERS
- Serm Suk Public
Co., Ltd. : Thailand
- Worraporn Spinning Co., Ltd. : Thailand
- Indo-Pet [Thailand] Co., Ltd. : Thailand
PARENT COMPANY
Indo Worth [Thailand]
Ltd.
Business Type :
Manufacturer of wool
yarn products
RELATED & AFFILIATED
COMPANIES
Indo-Rama Chemicals [Thailand]
Co., Ltd.
Business Type : Manufacturer of
textile chemical
Indo-Rama Textile
[Thailand] Ltd.
Business Type : Manufacturer of
wool yarn products
Indo-Pet [Thailand] Co., Ltd.
Business Type : Manufacturer of
plastic resin
Pet-Form [Thailand] Ltd.
Business Type : Manufacturer of
plastic bottle
Indo-Rama Polymer Public
Co., Ltd.
Business Type :
Manufacturer and distributor
of PET polymer, and PET
bottle 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, T/T &
D/A.
Exports are against
L/C at sight & T/T.
BUSINESS TRANSACTION
The products are
sold by cash
and credit, with the maximum credit given
at 30-60 days.
There are some
late payment by
customers, but they
can negotiate.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom Rd., Silom,
Bangrak, Bangkok 10500]
TMB Bank Public Co., Ltd.
[Head Office : 3000
Phaholyothin Rd., Ladyao,
Jatujak, Bangkok 10900]
Kasikornbank Public Co., Ltd.
[Nakornpathom Branch : 124/8 Rajvithee Rd., Phrapathomjadee, Muang, Nakornpathom]
EMPLOYMENT
The subject employs
approximately 800 staff.
[office staff and
factory workers]
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 35/8 Moo 4, Petchkasem Road,
Nakornchaisri, Nakornpathom 73120,
Thailand on 128,000
square meters of area.
Tel : [66] 34 222-192-8, Fax : [66] 34
324-169-70.
COMMENT
The company is
a leading manufacturer of intermediate products
focusing on wool,
polyester fibre, polyester
packaging and chemicals.
Establishing a leading
manufacturing with a
worldwide network, supreme
quality and professional management team.
The company’s
products meet international standards and have
been tested and
certified as follows:
Resins for packaging
applications are FDA
approved.
Yarns and staple
fibres and ranked “Product Class I” according to
Oeko-Tex Standard 100 by BTTG, Manchester, UK and
meet human ecological current
requirement standards for
baby use.
Yarns and staple
fibres are certified by
ISEGA, Aschaffenburg,
Germany for food packaging and
hygiene product
applications, especially baby
diapers.
Despite Subject has
solid business and
also reported strong
growth in the
past several years,
its business performance
is likely slowdown
due to world economic meltdown
and declined purchasing
power.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
The capital was increased
later as follows :
Bht. 195,000,000 on December 18,
1987
Bht. 217,000,000 on March 11,
1988
Bht. 800,000,000 on February 1,
1989
Bht. 1,100,000,000 on October 10,
1994
Decreased : Bht.
500,000,000 on September
21, 1988
On December
26, 2002, the
capital was increased
to Bht. 700,000,000 divided
into 7,000,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
[as at
September 30, 2008]
|
NAME |
HOLDING |
% |
|
Indo Worth [Thailand] Ltd. Nationality: Thai Address : 75/101, 102 Sukhumvit 19 Rd.,
Klongtoeynua, Wattana, Bangkok
10110 |
3,812,580 |
54.46 |
|
Indorama Ventures Limited
Nationality: Mauritius Address : 75/101, 102 Sukhumvit
19 Rd.,
Klongtoeynua, Wattana, Bangkok
10110 |
3,106,716 |
44.38 |
|
Mr. Charoen
Sachamaneewongse Nationality: Thai Address : 25/3
Chransanitwong Rd., Wadthaphra,
Bangkokyai, Bangkok |
10,938 |
0.16 |
|
Mrs. Rungthiwa Techanavakul Nationality: Thai Address : 245/18 Pinklao-Nakornchaisri Rd., Talingchan, Bangkok |
9,375 |
0.13 |
|
Mr. Puthawong Charoensawadsiri Nationality: Thai Address : 75 Pohpanich Rd.,
Chakrawad,
Samphantawong, Bangkok 10100 |
5,704 |
0.08 |
|
Others |
54,687 |
0.79 |
Total Shareholders :
64
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Orawan Siriratanawong No. 3757
BALANCE SHEET [BAHT]
The latest financial figures published as at
December 31, 2007
& 2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
11,817,549 |
15,078,711 |
|
Trade Accts. Receivable |
728,662,375 |
543,519,654 |
|
Short-term Loan to Related Company |
12,944,149 |
- |
|
Inventories |
558,818,236 |
524,201,337 |
|
Other Current Assets |
59,373,388 |
66,700,974 |
|
|
|
|
|
Total Current Assets
|
1,371,615,697 |
1,149,500,676 |
|
Fixed Assets |
2,374,772,843 |
2,369,443,652 |
|
Other Assets |
26,445,147 |
23,348,309 |
|
Total Assets |
3,772,833,687 |
3,542,292,637 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institutions |
662,621,233 |
438,392,357 |
|
Trade Accts. Payable |
1,123,797,201 |
1,012,956,489 |
|
Current Portion of Long-term
Loan from Financial Institutions |
170,663,110 |
223,983,581 |
|
Short-term Loan from Related
Company |
8,416,592 |
2,696,052 |
|
Current Portion of Finance Lease Contract Liabilities |
2,072,332 |
1,548,866 |
|
Other Current Liabilities |
77,078,331 |
80,633,872 |
|
|
|
|
|
Total Current Liabilities |
2,044,648,799 |
1,760,211,217 |
|
|
|
|
|
Long-term Loan from
Financial Institutions, Net of Current Portion |
170,867,544 |
231,530,655 |
|
Long-term Loan from
Related Company |
53,752,422 |
53,752,422 |
|
Long-term Finance Lease
Contract Liabilities, Net of Current Portion |
3,907,514 |
2,995,366 |
|
Total Liabilities |
2,273,176,279 |
2,048,489,660 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 7,000,000 shares |
700,000,000 |
700,000,000 |
|
|
|
|
|
Capital Paid |
700,000,000 |
700,000,000 |
|
Surplus on Revaluation of Land, Building
& Equipment |
1,061,918,045 |
1,159,669,668 |
|
Unappropriated [Deficit] |
[262,260,637] |
[365,866,691] |
|
Total Shareholders' Equity |
1,499,657,408 |
1,493,802,977 |
|
Total Liabilities & Shareholders' Equity |
3,772,833,687 |
3,542,292,637 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales |
4,501,303,230 |
4,461,262,795 |
|
Gain on Exchange
Rate |
12,988,283 |
29,164,195 |
|
Other Income |
30,505,235 |
35,998,963 |
|
Total Revenues |
4,544,796,748 |
4,526,425,953 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
4,127,490,757 |
4,279,181,285 |
|
Selling & Administrative Expenses |
230,050,538 |
226,301,107 |
|
Total Expenses |
4,357,541,295 |
4,505,482,392 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses |
187,255,453 |
20,943,561 |
|
Interest Expenses |
[83,649,399] |
[86,205,878] |
|
Net Profit / [Loss] |
103,606,054 |
[65,262,317] |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
0.90 |
|
|
Operating Profit |
786.14 |
|
|
Net Profit |
258.75 |
|
|
Fixed Assets |
0.22 |
|
|
Total Assets |
6.51 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
91.70 |
95.92 |
|
Operating Profit Margin |
4.16 |
0.47 |
|
S & A
Expenses |
5.11 |
5.07 |
|
Interest Paid |
1.86 |
1.93 |
|
Other Revenues |
0.97 |
1.46 |
|
Net Profit Margin |
2.30 |
[1.46] |
|
Earning Per Shares |
14.80 |
[9.32] |
|
No. of Shares |
7,000,000 |
7,000,000 |
Net Sales was
increased by 0.90%,
Operating Profit was
increased by 786.14%,
Net Profit was
increased by 258.75%,
Fixed Assets was
increased by 0.22%,
Total Assets was
increased by 6.51%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 95.92%
to 91.70%, Operating
Profit Margin was
increased from 0.47%
to 4.16%, S
& A Expenses
was increased from
5.07% to 5.11%,
Interest Paid was decreased
from 1.93% to
1.86%, Other Revenues
was decreased from
1.46% to 0.97%,
Net Profit Margin
was increased from
-1.46% to 2.30%.
Earning Per Shares
was increased from
-9.32 baht per
share to 14.80
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
0.67 |
0.65 |
|
Quick-Assets Ratio |
0.37 |
0.32 |
Current Ratio was
increased from 0.65
to 0.67, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was increased from
0.32 to 0.37, capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
1.52 |
1.37 |
|
Times Interest Earned |
2.24 |
0.24 |
D/E Ratio was
increased from 1.37
to 1.52, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium, Times
Interest Earned was
increased from 0.24
to 2.24, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
1.90 |
1.88 |
|
Total Assets Turnover |
1.19 |
1.26 |
|
Return on Assets |
2.75 |
[1.84] |
|
Return on Equity |
6.91 |
[4.37] |
|
Day's Payable |
89.88 |
81.74 |
|
Day’s Inventories |
44.69 |
42.30 |
|
Day’s Receivables |
58.28 |
43.86 |
Fixed Assets Turnover
was increased from
1.88 times to
1.90 times, Total
Assets Turnover was
decreased from 1.26
times to 1.19
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was increased
from -1.84 to
2.75, Return on
Equity was increased
from -4.37 to
6.91, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 82
days to 90
days, Day’s Inventories
was increased from
43 days to
45 days, and
Day’s Receivables was
increased from 44
days to 59
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.71 |
|
UK Pound |
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.64.70 |
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%)