MIRA INFORM REPORT
|
Report Date : |
27.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
TPT
PETROCHEMICALS PUBLIC COMPANY
LIMITED |
|
|
|
|
Formerly Known As : |
TUNTEX PETROCHEMICALS [THAILAND]
PUBLIC CO., LTD |
|
|
|
|
Registered Office : |
41st Floor, Ocean Tower 2, 75/116-117 Soi Sukhumvit 19, Sukhumvit Road, Klongtoeynua, Wattana, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
22.11.1991 |
|
|
|
|
Com. Reg. No.: |
0107538000711 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, exporter and distributor of petrochemicals |
|
|
|
|
No. of Employees
: |
270 persons |
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 |
|
|
|
|
Payment
Behaviour : |
No Complaints |
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|
|
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
TPT
PETROCHEMICALS PUBLIC COMPANY
LIMITED
[ FORMER : TUNTEX PETROCHEMICALS [THAILAND]
PUBLIC CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 41st FLOOR,
OCEAN TOWER 2,
75/116-117 SOI
SUKHUMVIT 19,
SUKHUMVIT ROAD,
KLONGTOEYNUA,
WATTANA, BANGKOK
10110
TELEPHONE : [66] 2203-6900
FAX :
[66] 2661-6600
E-MAIL
ADDRESS : marketing@indorama.co.th
natnicha_k@tptpetro.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1991
REGISTRATION
NO. : 0107538000711 [Former
: BOR MOR JOR. 594]
CAPITAL REGISTERED : BHT. 2,955,000,000
CAPITAL PAID-UP : BHT.
2,955,000,000
SHAREHOLDER’S PROPORTION : THAI :
0.03%
FOREIGN :
99.97%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. SATYANARAYAN MOHTA,
INDIAN
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 270
LINES
OF BUSINESS : PETROCHEMICALS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
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 November 22,
1991 as a
private limited company under
the registered name “Tuntex Petrochemicals [Thailand] Co., Ltd.”, by
Thai and Foreign
groups, with the business objective to manufacture petrochemicals for domestic and export markets.
It currently employs
270 staff.
On December 1, 1995, the
subject became to be
a public limited
company under the name, “Tuntex Petrochemicals [Thailand]
Public Co., Ltd.”.
It was granted a promotional privilege from the Board of Investment [BOI]
for the production in 1995.
The
subject is a
subsidiary of Indorama
Ventures Public Company
Limited, in Mauritius.
Subject also achieved the
standard ISO:14001 certificate
from AJA for environmental system on
June 28, 2004
On
April 8, 2005,
the subject’s name
was changed to
TPT PETROCHEMICALS PUBLIC
COMPANY LIMITED.
The
subject’s registered address
was initially located
at 54 Sukhumvit 21
Rd., Klongtoeynua, Wattana,
Bangkok 10110.
In
2010, the subject’s
registered address was
relocated to 41st Floor,
Ocean Tower 2, 75/116-117 Soi
Sukhumvit 19, Sukhumvit Road,
Klongtoeynua, Wattana, Bangkok
10110, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Cheera Bhanupongse |
|
Thai |
80 |
|
Mrs. Nongnuch Thienpaitoon |
|
Thai |
61 |
|
Mr. Krieng Kiatfeungfoo |
|
Thai |
64 |
|
Mr. Satyanarayan Mohta |
[x] |
Indian |
54 |
|
Mr. Pisith Leeartham |
|
Thai |
60 |
|
Mr. Kanit Seeh |
|
Thai |
61 |
|
Mr. Aloke Lohia |
[x] |
Indian |
52 |
|
Mrs. Suchitra Lohia |
|
Indian |
46 |
|
Mr. Amit Lohia |
|
Indian |
35 |
|
Ms. Rapeephan Luangaramrat |
|
Thai |
55 |
|
Mr. Dilip Kumar
Agarwal |
[x] |
Indian |
54 |
|
Mr. Prem Chandra
Gupta |
[x] |
Indian |
60 |
|
Mr. Sunil Fotedar |
[x] |
Indian |
48 |
AUTHORIZED PERSON
Any of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Satyanarayan Mohta is
the Chief Executive
Officer.
He is Indian nationality with
the age of
54 years old.
Mr. Sunil Fotedar is
the General Manager
and Factory Manager.
He is Indian
nationality with the
age of 48
years old.
Mr. Atul Shridar
Badwe is the
Senior Manager [Marketing and
Sales Department].
He is Indian
nationality.
BUSINESS OPERATIONS
The subject is engaged in manufacturing of petrochemicals specialized
in Purified Terephtalic Acid
[PTA], a raw material for
textile, PET bottle,
automobile parts, photo
film, hygiene and
roof lining industries.
PRODUCTION
520,000 metric tons
per annum
PURCHASE
Most of raw
materials are purchased
from local suppliers,
the remaining and
machinery are imported
from Japan, Taiwan,
Republic of China,
Singapore, Germany, and
United States of
America.
MAJOR SUPPLIERS
BASF
[Thai] Co., Ltd. :
Thailand
PTT
Global Chemicals Public
Company Limited :
Thailand
EXPORT
80%
of the products
is exported to
India, Pakistan, United
States of America,
Taiwan, Republic of
China, Japan, Korea,
Indonesia, Hong Kong,
Germany and France.
SALES [LOCAL]
20% of the
products is sold
locally by wholesale
to manufacturers, dealers
and end-users.
SUBSIDIARY AND AFFILIATED
COMPANY
TPT Utilities Co.,
Ltd.
Business Type :
Cogeneration plant
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
or on the
credit term of
120 days &
T/T.
Exports are against
L/C at sight
or on the
credit term of
120 days &
T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head
Office : 333 Silom Rd.,
Silom, Bangrak, Bangkok]
The Siam
Commercial Bank Public
Co., Ltd.
[Head
Office : 9 Ratchadapisek
Rd., Ladyao, Jatujak, Bangkok]
Thanachart Bank
Public Co., Ltd.
[New
Petchburi Branch : 1101 New
Petchburi Rd., Makkasan,
Rajthevee, Bangkok]
EMPLOYMENT
The
subject employs approximately
270 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.
Factory
and warehouse are
located on 240,000
square meters of
area at 3,
I-7 Road, Maptaphut
Industrial Estate, Maptaphut,
Muang, Rayong.
Tel. [66]
38 683-288-98, Fax :
[66] 38 683-300
REMARK
CREDIT
OF US$ 125,000
AGAINST D/A TERMS
SHOULD BE IN
ORDER.
COMMENT
Subject is
the leading and
largest PTA manufacturer,
who is the major supplier of
such products to textile
manufactures both domestic and
international markets.
Strong domestic consumption and increased government
spending to spur economic activities has helped local consumption
increased in line with economic upturn. This
has resulted with growing
of the industry
in the past few
years.
Despite the blur
vision of industrial
outlook in the last
quarter of 2011 due to massive
floods, the market
outlook is underpinned
by consumption expanding
from both domestic
and export markets
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000
shares of Bht. 100
each.
The
capital was increased
later as following:
Bht. 250,000,000
on September 10,
1992
Bht.
4,625,000,000 on October
11, 1993
Bht.
6,903,000,000 in 2006
On
August 23, 2011,
the capital was
decreased to Bht.
2,955,000,000 divided into
492,500,000 shares of
Bht. 6 each
with fully paid.
MAIN
SHAREHOLDERS : [as at
December 15, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Indorama Ventures Public
Company Limited Nationality: Mauritius Address : 75/102
Sukhumvit 19 Rd.,
Klongtoeynua,
Wattana, Bangkok |
492,315,999 |
99.96 |
|
Other Shareholders |
184,001 |
0.04 |
Total Shareholders :
109
Share Structure
[as at December
15, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
103 |
148,149 |
0.03 |
|
Foreign |
6 |
492,351,851 |
99.97 |
|
Total |
109 |
492,500,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Veerachai
Rattanacharaskul No. 4323
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
[Unit :
Thousand Baht]
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
& at Bank |
181,202 |
182,157 |
|
Trade Accounts Receivable |
1,887,790 |
2,379,440 |
|
Inventories |
1,192,919 |
1,247,175 |
|
Other Current Assets
|
137,823 |
171,405 |
|
|
|
|
|
Total Current Assets
|
3,399,734 |
3,980,177 |
|
Cash at Bank
pledged as a
Collateral |
202 |
7,133 |
|
Investment in Subsidiary |
- |
1,260,000 |
|
Fixed Assets |
7,264,792 |
8,301,486 |
|
Intangible Assets |
1,970 |
3,854 |
|
Other Assets |
23,792 |
22,003 |
|
Total Assets |
10,690,490 |
13,574,653 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
[Unit :
Thousand Baht]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Short-term Loan from Financial Institution |
160,141 |
372,437 |
|
Trade Accounts Payable |
1,143,464 |
1,457,747 |
|
Other Payable from
Related Company |
506 |
1,558,956 |
|
Current Portion of Long-term
Loan from Financial Institution |
568,534 |
- |
|
Accrued Income Tax |
- |
26,111 |
|
Other Current Liabilities |
155,144 |
138,182 |
|
|
|
|
|
Total Current Liabilities |
2,027,789 |
3,553,433 |
|
Long-term Loan from
Financial Institution |
2,705,128 |
4,575,226 |
|
Total Liabilities |
4,732,917 |
8,128,659 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 6
par value Authorized &
issued share capital
492,500 & 1,150,500
shares in 2010
& 2009 respectively |
2,955,000 |
6,903,000 |
|
|
|
|
|
Capital Paid |
2,955,000 |
4,925,000 |
|
Surplus on Share
Capital |
61,200 |
61,200 |
|
Unrealized Gain from
Surplus on Assets
Appraisal |
2,079,054 |
2,475,382 |
|
Difference in Amount
arising from Transactions under same
control |
- |
[62,956] |
|
Retained Earning Appropriated for Statutory Reserve |
220,526 |
164,377 |
|
Unappropriated |
641,793 |
[2,117,009] |
|
Total Shareholders' Equity |
5,957,573 |
5,445,994 |
|
Total Liabilities & Shareholders' Equity |
10,690,490 |
13,574,653 |
PROFIT & LOSS ACCOUNT
[Unit :
Thousand Baht]
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
16,139,714 |
14,661,507 |
|
Gain from Disposal
of Investment |
290,142 |
- |
|
Gain from Exchange
Rate |
19,600 |
- |
|
Other Income |
18,231 |
101,460 |
|
Total Sales |
16,467,687 |
14,762,967 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
14,411,119 |
12,991,970 |
|
Selling Expenses |
168,266 |
211,602 |
|
Administrative Expenses |
93,036 |
93,587 |
|
Remuneration Expenses |
75,168 |
52,375 |
|
Loss on Exchange
Rate |
- |
52 |
|
Total Expenses |
14,747,589 |
13,349,586 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost |
1,720,098 |
1,413,381 |
|
Financial Cost |
[147,316] |
[258,123] |
|
|
|
|
|
Net Profit / [Loss] |
1,572,782 |
1,155,258 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.68 |
1.12 |
|
QUICK RATIO |
TIMES |
1.02 |
0.72 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.22 |
1.77 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.51 |
1.08 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
30.21 |
35.04 |
|
INVENTORY TURNOVER |
TIMES |
12.08 |
10.42 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
42.69 |
59.24 |
|
RECEIVABLES TURNOVER |
TIMES |
8.55 |
6.16 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
28.96 |
40.95 |
|
CASH CONVERSION CYCLE |
DAYS |
43.94 |
53.32 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
89.29 |
88.61 |
|
SELLING & ADMINISTRATION |
% |
1.62 |
2.08 |
|
INTEREST |
% |
0.91 |
1.76 |
|
GROSS PROFIT MARGIN |
% |
12.74 |
12.08 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
10.66 |
9.64 |
|
NET PROFIT MARGIN |
% |
9.74 |
7.88 |
|
RETURN ON EQUITY |
% |
26.40 |
21.21 |
|
RETURN ON ASSET |
% |
14.71 |
8.51 |
|
EARNING PER SHARE |
BAHT |
3.19 |
1.41 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.44 |
0.60 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.79 |
1.49 |
|
TIME INTEREST EARNED |
TIMES |
11.68 |
5.48 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
10.08 |
|
|
OPERATING PROFIT |
% |
21.70 |
|
|
NET PROFIT |
% |
36.14 |
|
|
FIXED ASSETS |
% |
(12.49) |
|
|
TOTAL ASSETS |
% |
(21.25) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
12.74 |
Acceptable |
Industrial
Average |
25.03 |
|
Net Profit Margin |
9.74 |
Impressive |
Industrial
Average |
(1.41) |
|
Return on Assets |
14.71 |
Impressive |
Industrial
Average |
2.25 |
|
Return on Equity |
26.40 |
Impressive |
Industrial
Average |
7.58 |
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 12.74%. 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. Net Profit Margin ratio is 9.74%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant
position within its industry.
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. Return on Assets ratio is
14.71%, 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.
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 ratio
is 26.4%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.68 |
Deteriorated |
Industrial
Average |
18.85 |
|
Quick Ratio |
1.02 |
|
|
|
|
Cash Conversion Cycle |
43.94 |
|
|
|
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 1.68 times in 2010, increase from 1.12 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 1.02 times in 2010,
increase from 0.72 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 44 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.44 |
Impressive |
Industrial
Average |
0.64 |
|
Debt to Equity Ratio |
0.79 |
Impressive |
Industrial
Average |
2.03 |
|
Times Interest Earned |
11.68 |
Deteriorated |
Industrial
Average |
609.62 |
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.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 11.68 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.44 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.22 |
Deteriorated |
Industrial
Average |
3,447.02 |
|
Total Assets Turnover |
1.51 |
Satisfactory |
Industrial
Average |
1.61 |
|
Inventory Conversion Period |
30.21 |
|
|
|
|
Inventory Turnover |
12.08 |
Acceptable |
Industrial
Average |
18.76 |
|
Receivables Conversion Period |
42.69 |
|
|
|
|
Receivables Turnover |
8.55 |
Satisfactory |
Industrial
Average |
9.76 |
|
Payables Conversion Period |
28.96 |
|
|
|
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.52.82 |
|
UK Pound |
1 |
Rs.82.07 |
|
Euro |
1 |
Rs.68.93 |
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 |
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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.