MIRA
INFORM REPORT
|
Report Date : |
09.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KLOECKNER
PENTAPLAST [THAILAND] LIMITED |
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Registered Office : |
10th Floor, Lake Ratchada Office Complex, 193/36 Ratchadapisek Road, Klongtoey, Bangkok
10110 |
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Country : |
Thailand |
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Financials (as on) : |
30.09.2006 |
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Date of Incorporation : |
21.03. 2001 |
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Com. Reg. No.: |
0105544028493 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Exporter of Plastic Film
Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
Clear |
name of the company
KLOECKNER
PENTAPLAST [THAILAND] LIMITED
SUMMARY
BUSINESS
ADDRESS : 10th FLOOR,
LAKE RATCHADA OFFICE
COMPLEX,
193/36 RATCHADAPISEK ROAD, KLONGTOEY,
BANGKOK 10110,
THAILAND
TELEPHONE : [66] 2264-0450
FAX :
[66] 2264-0451
E-MAIL
ADDRESS : sales@asia.kpfilms.com, kpt.hr@kpfilms.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2001
REGISTRATION NO. : 0105544028493
[Former : [5] 515/2544]
CAPITAL REGISTERED : BHT. 430,000,000
CAPITAL PAID-UP : BHT. 430,000,000
FISCAL YEAR CLOSING DATE : SEPTEMBER 30
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. JAY JIE CHENG, AMERICAN
MANAGING DIRECTOR
NO.
OF STAFF : 200
LINES
OF BUSINESS : PLASTIC FILM PRODUCTS
MANAFACTURER AND
EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The
subject was established on March 21, 2001
as a private limited company under the name style
KLOECKNER PENTAPLAST [THAILAND]
LIMITED, by German groups, in order to
manufacture hard plastic
film for exports.
Its production facilities
are located in
Rayong province. It
currently employs approximately 200 staff.
The
subject was granted
a privilege promotional
from Thailand’s Board
of Investment [BOI]
for the production.
The
subject’s registered address
is 193/36 Ratchadapisek Rd., Klongtoey, Bangkok
10110, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
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|
Mr. Jay Jie Cheng |
[-] [+] |
American |
49 |
|
Mr. Kiatisak Boonruangthavorn |
[-] [*] |
Thai |
43 |
|
Mr. Walter Stroeder |
[-] [*] |
German |
42 |
|
Mr. Thorsten Kuehn |
[x] |
German |
36 |
|
Mr. Thomas Joseph Goeke |
[-] [+] |
German |
49 |
|
Mr. Yongyuth Taweekulwat |
|
Thai |
70 |
|
Mr. Kamphol Natheethanasarn |
[-] |
Thai |
40 |
AUTHORIZED PERSON
A. The mentioned director
[x] can jointly sign with
one of the directors [-] on
behalf of
the subject with
company’s affixed.
B. Two of
the mentioned directors [+] can jointly sign
on behalf of
the subject with
company’s affixed.
C. One of
the mentioned directors [+] can jointly sign
with one of
the directors
[*] on
behalf of the
subject’s with company’s
affixed.
MANAGEMENT
Mr. Jay Jie
Cheng is the Managing Director.
He is American nationality with
the age of
49 years old.
Mr. Kamphol Natheethanasarn is
the Sales &
Marketing Director.
He is Thai nationality.
Mr. Sonthaya Rajniyom
is the Logistics Manager.
He is Thai nationality.
Mr. Nopporn Tankulsawas is
the Factory Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and exporting various
kinds of hard
plastic films including PVC
film, and PVC
coated film, used
in foods, consumer
goods, electronics industries and
etc.
BRAND NAME
“KP”
PRODUCTION
PVC film :
4,000 Tons/year
PET film : 5,500 Tons/year
PVC coated film : 2,000
Tons/year
PURCHASE
Raw materials mainly,
resin & chemical
are purchased from
suppliers both in domestic
[70%], and overseas [30%], mainly
in Japan, Taiwan,
Singapore, Republic of
China and Germany,
where there are
more than 20
suppliers.
MAJOR SUPPLIER
Kloeckner Pentaplast GmbH. : Germany
SALES [LOCAL]
10% of the products is
sold locally to
manufactures.
EXPORT
90% of the products is
exported to over
100 customers in
Asian countries, such
as Japan, Republic
of China, Hong
Kong, Singapore, Malaysia,
Taiwan, Korea, India,
Australia and others.
PARENT COMPANY
Kloeckner
Pentaplast GmbH &
Co. KG. : Germany
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor affiliated company
here in Thailand.
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
Local bills are
paid by cash
or on the credit term
of 30 days.
Imports are by
L/C at sight or T/T.
Exports are against
L/C at sight or T/T
on negotiated term.
Sales are by
cash or on
the credit term
of 30 days.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok]
Kasikornbank Public
Co., Ltd.
[Head Office : 1
Kasikorn Lane, Rajburana
Rd., Rajburana, Bangkok]
EMPLOYMENT
The
subject employs approximately 200 staff.
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 at 64/48
Moo 4, Eastern Seaboard Industrial
Estate, Pluakdaeng, Rayong
21140 Tel: [66]
38 955-520 Fax:
[66] 38 955-462.
COMMENT
The subject’s
operation was brisk by
the strong consumption
of both domestic
and export markets.
The subject has
maintained its good
business.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,100,000
divided into 21,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 150,000,000 on August 15,
2001
Bht. 250,000,000 on November 6,
2003
Bht. 430,000,000 on August 7,
2006
The
latest registered capital
was increased to
Bht. 430,000,000 divided into
4,300,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at January 23,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Kloeckner Pentaplast GmbH & Co.
KG. Nationality: German Address : Germany |
4,299,400 |
99.99 |
|
Kloeckner Pentaplast of America Nationality: American Address : Virginia,
U. S. A. |
100 |
|
|
Mr. Bobby Jenkins Nationality: American Address : U.S.A. |
100 |
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|
Mr.
Joaakhim Kroisburg Nationality: German Address : Germany |
100 |
=0.01 |
|
Mr. Tom Joke Nationality: American Address : Virginia,
U. S. A. |
100 |
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Mr. Asman Lambert Nationality: German Address : Germany |
100 |
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Mr.
Thorsten Kuehn Nationality: German Address : Germany
|
100 |
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Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Boonsri Techavarutama No.
3336
BALANCE SHEET [BAHT]
The
latest financial figures
published for September
30, 2006 &
2005 were:
ASSETS
[Thousand
Baht]
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
67,368 |
32,283 |
|
Trade Accounts Receivable |
100,513 |
138,950 |
|
Receivable Person &
Related Company |
6,318 |
- |
|
Inventories
[note 1] |
107,959 |
70,723 |
|
Account Receivable -
Revenue Department |
41,183 |
17,657 |
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Other Current Assets
|
13,327 |
4,235 |
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Total Current
Assets |
336,668 |
263,848 |
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Fixed Assets [note 2] |
599,508 |
320,592 |
|
Deferred Income Tax |
89,583 |
74,898 |
|
Deposit |
1,178 |
979 |
|
Total Assets |
1,026,937 |
660,317 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
[Thousand Baht]
|
Current Liabilities |
2006 |
2005 |
|
|
|
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Trade Accounts Payable |
183,867 |
132,019 |
|
Trade Accounts Payable
- Related Company |
11,612 |
11,375 |
|
Other Payable-Person or
Related Company |
22,979 |
10,631 |
|
Current Portion of Other
Long-term Loan |
32,000 |
32,000 |
|
Accrued Right-Person &
Related Company |
- |
28,000 |
|
Estimation Liabilities-Bonus |
21,779 |
18,000 |
|
Estimation Liabilities-Import Tax |
23,283 |
18,000 |
|
Other Current Liabilities |
73,156 |
35,875 |
|
|
|
|
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Total Current
Liabilities |
368,676 |
277,817 |
|
Other Long-term Loan –
Net of Current Portion |
96,000 |
128,000 |
|
Total Liabilities |
464,676 |
405,814 |
|
|
|
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Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 4,300,000 &
2,500,000 shares in
2006 & 2005 |
430,000 |
250,000 |
|
|
|
|
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Capital Paid |
430,000 |
250,000 |
|
Retained Earning -
Unappropriated [Deficit] |
132,261 |
4,503 |
|
Total
Shareholders' Equity [Deficit] |
562,261 |
254,503 |
|
Total
Liabilities & Shareholders' Equity |
1,026,937 |
660,317 |
PROFIT & LOSS ACCOUNT
[Thousand Baht]
|
Revenue |
2006 |
2005 |
|
|
|
|
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Sales |
920,290 |
911,489 |
|
Other Income |
23,483 |
22,595 |
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Total Revenues
|
943,773 |
934,084 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
715,018 |
682,751 |
|
Selling & Administrative Expenses |
106,109 |
157,417 |
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Total Expenses |
821,127 |
840,168 |
|
|
|
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Profit / [Loss] before Interest Expenses & Income Tax |
122,646 |
93,916 |
|
Interest Expenses |
[9,573] |
[10,827] |
|
Income Tax |
14,685 |
11,476 |
|
Net Profit / [Loss] |
127,758 |
94,565 |
FINANCIAL NOTE
NOTE 1
Inventories
[Million Baht]
|
|
2006 |
2005 |
|
|
|
|
|
Raw Material |
68,849 |
44,045 |
|
Finished Goods |
23,594 |
16,951 |
|
Goods in Process |
12,925 |
8,407 |
|
Factory Material |
5,385 |
5,527 |
|
Material Supplies |
2,664 |
3,071 |
|
Total |
113,417 |
78,001 |
|
Less: Allowance
for Obsolescent Stock |
[5,458] |
[7,278] |
|
Total
|
107,959 |
70,723 |
NOTE 2
Fixed Assets
[Million Baht]
|
|
2006 |
2005 |
|
|
|
|
|
Land |
46,076 |
46,076 |
|
Building |
196,538 |
109,713 |
|
Building Improvement |
9,949 |
8,269 |
|
Machine & Equipment |
445,494 |
237,260 |
|
Furniture, Fitting |
2,838 |
2,456 |
|
Office Equipment |
9,702 |
8,463 |
|
Vehicle |
9,468 |
9,468 |
|
Computer System |
2,587 |
2,572 |
|
Building under Construction |
19,060 |
- |
|
Total |
741,712 |
424,277 |
|
Less: Depreciation |
[142,204] |
[103,685] |
|
Total
|
599,508 |
320,592 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
0.97 |
|
|
Operating Profit |
29.34 |
|
|
Net Profit |
35.10 |
|
|
Fixed Assets |
87.00 |
|
|
Total Assets |
55.52 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
77.69 |
74.91 |
|
Operating Profit Margin |
13.33 |
10.30 |
|
S & A
Expenses |
11.53 |
17.27 |
|
Interest Paid |
1.04 |
1.19 |
|
Other Revenues |
2.55 |
2.48 |
|
Net Profit Margin |
13.88 |
10.37 |
|
Earning Per Shares |
0.30 |
0.38 |
|
No. of Shares |
4,300,000 |
2,500,000 |
Net Sales was
increased by 0.97%,
Operating Profit was
increased by 29.34%,
Net Profit was
increased by 35.10%,
Fixed Assets was
increased by 87.00%,
Total Assets was
increased by 55.52%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 74.91%
to 77.69%, Operating
Profit Margin was
increased from 10.30%
to 13.33%, S
& A Expenses
was decreased from
17.27% to 11.53%,
Interest Paid was decreased
from 1.19% to
1.04%, Other Revenues
was increased from
2.48% to 2.55%,
Net Profit Margin
was increased from
10.37% to 13.88%.
Earning Per Shares
was decreased from
0.38 baht per
share to 0.30
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.91 |
0.95 |
|
Quick-Assets Ratio |
0.47 |
0.62 |
Current Ratio was
decreased from 0.95
to 0.91, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was decreased from
0.62 to 0.47,
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 |
0.83 |
1.59 |
|
Times Interest Earned |
12.81 |
8.67 |
D/E Ratio was
decreased from 1.59
to 0.83, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low, Times
Interest Earned was
increased from 8.67
to 12.81, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1.54 |
2.84 |
|
Total Assets Turnover |
0.90 |
1.38 |
|
Return on Assets |
12.44 |
14.32 |
|
Return on Equity |
22.72 |
37.16 |
|
Day's Payable |
71.93 |
52.14 |
|
Day’s Inventories |
42.23 |
27.93 |
|
Day’s Receivables |
39.32 |
54.88 |
Fixed Assets Turnover
was decreased from
2.84 times to
1.54 times, Total
Assets Turnover was
decreased from 1.38
times to 0.90
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 14.32 to
12.44, Return on
Equity was decreased
from 37.16 to
22.72, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 53
days to 72
days, and Day’s
Inventories was increased
from 28 days to 43 days,
while Day’s Receivables
was decreased from
55 days to
40 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%)