MIRA INFORM REPORT
|
Report Date : |
16.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
POLENE
PLASTIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
26/56 Chantadmai Road,
Thungmahamek, Sathorn,
Bangkok 10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
08.05.2002 |
|
|
|
|
Com. Reg. No.: |
0105545048820 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Exporter of Petrochemical Products |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment
Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
POLENE
PLASTIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 26/56
CHANTADMAI ROAD, THUNGMAHAMEK,
SATHORN, BANGKOK
10120, THAILAND
TELEPHONE : [66] 2213-1039-49, 2285-5090
FAX :
[66] 2213-1035,
2678-7080
E-MAIL
ADDRESS : mktagent@tpipolene.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0105545048820
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PRACHAI LIEWPAIRAT,
THAI
PRESIDENT
NO.
OF STAFF : 20
LINES
OF BUSINESS : PETROCHEMICAL PRODUCTS
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 May 8,
2002 as a
private limited company
under the name
style POLENE PLASTIC COMPANY LIMITED, by
Thai groups, with
the business objective to
export petrochemical products.
It currently employs
20 staff.
The
subject is a
wholly owned subsidiary
of TPI Polene
Power Company Limited,
which is a
member of TPI
Polene Public Company
Limited.
The
subject’s registered address
is 26/56 Chantadmai
Rd., Thungmahamek, Sathorn,
Bangkok 10120, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prachai Liewpairat |
|
Thai |
67 |
|
Mr. Prateep Liewpairat |
|
Thai |
65 |
|
Mr. Pramual Liewpairat |
|
Thai |
62 |
|
Mr. Prayad Liewpairat |
|
Thai |
60 |
|
Mrs. Orapin Liewpairat |
|
Thai |
64 |
AUTHORIZED PERSON
Any two of the
above directors can jointly sign
on behalf of
the subject with company’s affixed.
MANAGEMENT
Mr. Prachai Liewpairat is
the President
He is Thai
nationality with the
age of 67
years old.
BUSINESS OPERATIONS
The subject
is engaged in
exporting of PVC
resin, mainly Low
Density Polyethylene [LDPE] and
Ethylene-Vinyl Acetate Copolymer [EVA].
The subject
also provides domestic
and international freight
forwarding and shipping
service for cements
and PVC resin
products to the
TPI group of
companies.
PURCHASE
100% of the
products is purchased
from local suppliers.
MAJOR SUPPLIER
TPI
Polene Public Company
Limited
SALES
100%
of the products
is exported to United
States of America,
Japan, Europe and
Middle East.
SERVICES
100% of freight
forwarding and shipping
services are served
to TPI group
of companies.
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
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.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
20 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT EUR 1,000,000.
COMMENT
Subject
is an exporter of
PVC resin to international
markets. Its operation were
reported at outstanding
level with over 1.7 billion
bath sales sale
in 2009, as
well as disclosed
significantly increased its sales in
2010. Subject’s business
outlook remains optimistic
with rising demand
of the products
in overseas markets.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000 divided into
100,000 shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
28, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
TPI Polene Power
Company Limited Nationality: Thai Address : 26/56
Chantadmai Rd., Thungmahamek,
Sathorn, Bangkok |
99,993 |
99.99 |
|
Mr. Prachai Liewpairat Nationality: Thai Address : 299
Moo 5, Thabkwang,
Kaengkoi, Saraburi |
1 |
|
|
Mr. Prateep Liewpairat Nationality: Thai Address : 211
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok |
1 |
|
|
Mr. Pramual Liewpairat Nationality: Thai Address : 999
Moo 5, Chengnoen,
Muang, Rayong |
1 |
= 0.01 |
|
Mrs. Orapin Liewpairat Nationality: Thai Address : 229/14
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok |
1 |
|
|
Mr. Prayad Liewpairat Nationality: Thai Address : 211
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok |
1 |
|
|
Ms. Patraphan Liewpairat Nationality: Thai Address : 999
Moo 5, Chengnoen,
Muang, Rayong |
1 |
|
|
|
|
|
|
Mr. Pakorn Liewpairat Nationality: Thai Address : 999
Moo 5, Chengnoen,
Muang, Rayong |
1 |
|
Total Shareholders : 8
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Santi Pongcharoenpith No.
4623
BALANCE SHEET [BAHT]
The 2010 financial
statement was not
available during investigation.
The
latest financial figures
published for December
31, 2009 &
2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalents |
60,772,958 |
2,369,986 |
|
Trade Account Receivable |
176,939,594 |
- |
|
Advance Payment to Related Company
|
2,996,000 |
- |
|
Payment Value Added Tax |
87,133,282 |
- |
|
Other Current Assets
|
444,510 |
- |
|
Total Current Assets
|
328,286,344 |
2,369,986 |
|
Total Assets |
328,286,344 |
2,369,986 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2009 |
2008 |
|
|
|
|
|
Trade Account Payable |
266,217,782 |
- |
|
Deposit Received from Sale |
38,545,374 |
- |
|
Accrued Income Tax |
901,596 |
- |
|
Other Current Liabilities |
9,691,300 |
40,000 |
|
Total Current Liabilities |
315,356,052 |
40,000 |
|
Total Liabilities |
315,356,052 |
40,000 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized &
issued share capital 100,000
shares |
10,000,000 |
10,000,000 |
|
Capital Paid |
10,000,000 |
2,500,000 |
|
Retained Earning -
Unappropriated |
2,930,292 |
[170,014] |
|
Total Shareholders' Equity |
12,930,292 |
2,329,986 |
|
Total Liabilities &
Shareholders' Equity |
328,286,344 |
2,369,986 |
PROFIT & LOSS ACCOUNT
|
Sale |
2009 |
2008 |
|
|
|
|
|
Sales Income |
1,688,208,646 |
- |
|
Transit Income |
33,362,448 |
- |
|
Gain on Exchange Rate |
4,902,360 |
- |
|
Other Income |
552,160 |
55,723 |
|
Total Sales |
1,727,025,614 |
55,723 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods Sold |
1,669,245,244 |
- |
|
Selling Expenses |
51,535,405 |
- |
|
Administrative Expenses |
1,855,704 |
43,247 |
|
Total Expenses |
1,722,636,353 |
43,247 |
|
Profit Before Income Tax |
4,389,261 |
12,486 |
|
Income Tax |
[1,288,955] |
- |
|
Net Profit / [Loss] |
3,100,306 |
12,476 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.04 |
59.25 |
|
QUICK RATIO |
TIMES |
1.04 |
59.25 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
5.14 |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
38.26 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
9.54 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
58.21 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
(19.96) |
- |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
98.88 |
- |
|
SELLING & ADMINISTRATION |
% |
3.16 |
- |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
3.42 |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.26 |
- |
|
NET PROFIT MARGIN |
% |
0.18 |
- |
|
RETURN ON EQUITY |
% |
23.98 |
0.54 |
|
RETURN ON ASSET |
% |
0.94 |
0.53 |
|
EARNING PER SHARE |
BAHT |
31.00 |
0.50 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.96 |
0.02 |
|
DEBT TO EQUITY RATIO |
TIMES |
24.39 |
0.02 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
- |
|
|
OPERATING PROFIT |
% |
35,081.64 |
|
|
NET PROFIT |
% |
24,750.16 |
|
|
FIXED ASSETS |
% |
- |
|
|
TOTAL ASSETS |
% |
13,751.83 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
3.42 |
Deteriorated |
Industrial Average |
14.07 |
|
Net Profit Margin |
0.18 |
Deteriorated |
Industrial Average |
7.20 |
|
Return on Assets |
0.94 |
Deteriorated |
Industrial Average |
9.40 |
|
Return on Equity |
23.98 |
Impressive |
Industrial Average |
17.49 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company's figure is 3.42%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company was originated from the problems with control over its
costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 0.18%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is 0.94%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity is
23.98%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.04 |
Satisfactory |
Industrial Average |
1.37 |
|
Quick Ratio |
1.04 |
|
|
|
|
Cash Conversion Cycle |
(19.96) |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets are
readily available to pay off its short-term liabilities. The company's figure
is 1.04 times in 2009, decrease from 59.25 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 1.04 times in 2009,
decrease from 59.25 times, although excluding inventory so the company still
have good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for -20 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.96 |
Impressive |
Industrial Average |
0.43 |
|
Debt to Equity Ratio |
24.39 |
Risky |
Industrial Average |
0.80 |
|
Times Interest Earned |
- |
|
Industrial Average |
5.39 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger
equity position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.96 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
2.03 |
|
Total Assets Turnover |
5.14 |
Impressive |
Industrial Average |
1.31 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
9.71 |
|
Receivables Conversion Period |
38.26 |
|
|
|
|
Receivables Turnover |
9.54 |
Impressive |
Industrial Average |
8.35 |
|
Payables Conversion Period |
58.21 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
UK Pound |
1 |
Rs.73.53 |
|
Euro |
1 |
Rs.64.36 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.