MIRA
INFORM REPORT
|
Report Date : |
21.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
KLOECKNER
PENTAPLAST [ |
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Registered Office : |
64/48 Moo 4,
Eastern Seaboard Industrial
Estate, Pluakdaeng, |
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Country : |
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Financials (as on) : |
30.09.2009 |
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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,
exporter and distributor of Plastic film
|
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 |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
KLOECKNER
PENTAPLAST [
SUMMARY
BUSINESS
ADDRESS : 64/48
MOO 4, EASTERN
SEABOARD
INDUSTRIAL ESTATE,
PLUAKDAENG,
TELEPHONE : [66] 38
955-460-1
FAX :
[66] 38
955-462
E-MAIL
ADDRESS : kpasia.salesupport@kpfilms.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2001
REGISTRATION
NO. : 0105544028493
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 : 190
LINES
OF BUSINESS : PLASTIC FILM MANAFACTURER, EXPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR 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 190
staff.
The
subject was granted
a promotional privilege
from Thailand’s Board
of Investment [BOI] for
the production.
The
subject’s registered address
was initially located
at 193/36 Ratchadapisek
Rd., Klongtoey, Bangkok
10110.
In 2009, it
was relocated to 64/48
Moo 4, Eastern Seaboard Industrial
Estate, Pluakdaeng, Rayong
21140, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Jay Jie Cheng |
|
American |
52 |
|
Mr. Kiatisak Boonruangthavorn |
|
Thai |
46 |
|
Mr. Walter Stroeder |
|
German |
45 |
|
Mr. Thorsten Kuehn |
|
German |
39 |
|
Mr. Thomas Joseph Goeke |
|
German |
52 |
|
Mr. Yongyuth Taweekulwat |
[x] |
Thai |
73 |
|
Mr. Kamphol Natheethanasarn |
|
Thai |
43 |
|
Mr. Rainer Rothermel |
|
German |
50 |
AUTHORIZED PERSON
Any two of
the above directors,
except the director
[x] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Jay Jie Cheng
is the Managing
Director.
He is American
nationality with the
age of 52
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, printing and
packaging, electronics industries
and etc.
BRAND NAME
“KP”
PRODUCTIONS
PVC film :
4,000 Tons/year
PET film :
5,500 Tons/year
PVC coated film : 2,000
Tons/year
PURCHASE
70% of raw materials
mainly resin and
chemical are purchased
from local suppliers,
the remaining 30%
are imported from
Japan, Taiwan, Singapore,
Germany and Republic
of China.
MAJOR SUPPLIER
Kloeckner Pentaplast GmbH. :
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, Laos,
Australia, New Zealand,
Vietnam, Indonesia and
others.
SALES [LOCAL]
10% of the
products is also
sold locally to
manufactures.
PARENT
COMPANY
Kloeckner
Pentaplast GmbH &
Co. KG. :
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
30-60 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 :
Kasikornbank Public Co.,
Ltd.
[Head Office :
EMPLOYMENT
The
subject employs approximately
190 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
and factory at
the heading address.
Premise is located in
provincial.
Sales Office:
15th Floor,
Lake Ratchada Office
Complex, 193/59 Ratchadapisek
Rd., Klongtoey, Bangkok
10110.
COMMENT
The subject’s
operation in 2009
was slowed down from
earlier years due
to slow expansion
in various industries. However, there
are sings for
improvement since beginning
of the year.
It is estimated
that overall industries
would expand to the level of
satisfactory.
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 28, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Kloeckner Pentaplast GmbH
& Co. KG. Nationality: German Address : |
4,299,400 |
99.99 |
|
Kloeckner Pentaplast of Nationality: American Address : Virginia,
|
100 |
|
|
Mr. Jay Jie Cheng Nationality: American Address : |
100 |
|
|
Mr. Karl Robert Rainer Nationality: German Address : |
100 |
=0.01 |
|
Mr. Tomas Joke Nationality: American Address : Virginia,
|
100 |
|
|
Mr. Albert Zesshar Nationality: German Address : |
100 |
|
|
Mr. Thorsten Kuehn Nationality: German Address : |
100 |
|
Total Shareholders : 7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Anurak Leelapiyamit No.
3462
BALANCE SHEET [BAHT]
The
latest financial figures
published for September
30, 2009 & 2008
were:
ASSETS
[Thousand
Baht]
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in hand
& at Bank
|
2,150 |
14,165 |
|
Trade Accounts Receivable |
162,587 |
256,177 |
|
Trade Accounts Receivable-Person & Related Company |
45,484 |
53,310 |
|
Receivable Person &
Related Company |
6,774 |
18,757 |
|
Inventories |
95,472 |
172,220 |
|
Other Current Assets
|
13,115 |
35,276 |
|
|
|
|
|
Total Current Assets
|
325,582 |
549,905 |
|
|
|
|
|
Fixed Assets |
925,416 |
1,025,506 |
|
Deferred Income Tax |
35,397 |
40,302 |
|
Deposit |
1,651 |
1,473 |
|
Total Assets |
1,288,046 |
1,617,186 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
[Thousand Baht]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institution |
160,000 |
115,000 |
|
Trade Accounts Payable |
119,180 |
192,606 |
|
Trade Accounts Payable
- Related Company |
67,368 |
211,759 |
|
Payable Person &
Related Company |
15,815 |
28,422 |
|
Current Portion of Other
Long-term Loan |
100,000 |
88,000 |
|
Estimation Liabilities-Bonus |
9,058 |
14,886 |
|
Estimation
Liabilities-Import Tax |
7,524 |
11,487 |
|
Accrued Expenses |
26,610 |
56,925 |
|
Other Current Liabilities |
29,512 |
27,534 |
|
|
|
|
|
Total Current Liabilities |
535,067 |
746,619 |
|
Other Long-term Loan - Net of
Current Portion |
220,000 |
320,000 |
|
Total Liabilities |
755,067 |
1,066,619 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 4,300,000 shares |
430,000 |
430,000 |
|
|
|
|
|
Capital Paid |
430,000 |
430,000 |
|
Surplus on Assets
Appraisal |
79,999 |
88,754 |
|
Retained Earning -
Unappropriated [Deficit] |
22,980 |
31,813 |
|
Total Shareholders' Equity [Deficit] |
532,979 |
550,567 |
|
Total Liabilities &
Shareholders' Equity |
1,288,046 |
1,617,186 |
PROFIT & LOSS
ACCOUNT
[Thousand Baht]
|
|
2009 |
2008 |
|
|
|
|
|
Sales |
1,222,805 |
1,550,822 |
|
Other Income |
3,509 |
21,711 |
|
Total Sales |
1,226,314 |
1,572,533 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,038,317 |
1,301,421 |
|
Selling Expenses |
117,768 |
136,697 |
|
Administrative Expenses |
59,271 |
93,881 |
|
Total Expenses |
1,215,356 |
1,531,999 |
|
|
|
|
|
Profit / [Loss] before Interest Expenses & Income Tax |
10,958 |
40,534 |
|
Interest Expenses |
[23,641] |
[35,436] |
|
Profit/[Loss] before Income Tax |
[12,683] |
5,098 |
|
Income Tax |
[4,905] |
[85,243] |
|
Net Profit / [Loss] |
[17,588] |
[80,145] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.61 |
0.74 |
|
QUICK RATIO |
TIMES |
0.41 |
0.46 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.32 |
1.51 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.95 |
0.96 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
33.56 |
48.30 |
|
INVENTORY TURNOVER |
TIMES |
10.88 |
7.56 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
48.53 |
60.29 |
|
RECEIVABLES TURNOVER |
TIMES |
7.52 |
6.05 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
41.90 |
54.02 |
|
CASH CONVERSION CYCLE |
DAYS |
40.20 |
54.58 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
84.91 |
83.92 |
|
SELLING & ADMINISTRATION |
% |
14.48 |
14.87 |
|
INTEREST |
% |
1.93 |
2.28 |
|
GROSS PROFIT MARGIN |
% |
15.37 |
17.48 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.90 |
2.61 |
|
NET PROFIT MARGIN |
% |
(1.44) |
(5.17) |
|
RETURN ON EQUITY |
% |
(3.30) |
(14.56) |
|
RETURN ON ASSET |
% |
(1.37) |
(4.96) |
|
EARNING PER SHARE |
BAHT |
(4.09) |
(18.64) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.59 |
0.66 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.42 |
1.94 |
|
TIME INTEREST EARNED |
TIMES |
0.46 |
1.14 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(21.15) |
|
|
OPERATING PROFIT |
% |
(72.97) |
|
|
NET PROFIT |
% |
78.05 |
|
|
FIXED ASSETS |
% |
(9.76) |
|
|
TOTAL ASSETS |
% |
(20.35) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
15.37 |
Impressive |
Industrial Average |
10.32 |
|
Net Profit Margin |
(1.44) |
Deteriorated |
Industrial Average |
1.88 |
|
Return on Assets |
(1.37) |
Deteriorated |
Industrial Average |
2.10 |
|
Return on Equity |
(3.30) |
Deteriorated |
Industrial Average |
4.88 |
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. Gross Profit Margin is 15.37%. When compared with
the industry average, the ratio of the company was higher, indicated that
company was more profitable than the same industry.
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 -1.44%.
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 -1.37%.
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. When compared with the
industry average, it was lower, the company's figure is -3.3%.
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 |
0.61 |
Risky |
Industrial Average |
0.91 |
|
Quick Ratio |
0.41 |
|
|
|
|
Cash Conversion Cycle |
40.20 |
|
|
|
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 0.61 times in 2009, decrease from 0.74 times, then the company may not be
efficiently using its current assets. 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 0.41 times in 2009,
decrease from 0.46 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 41 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.59 |
Impressive |
Industrial Average |
0.53 |
|
Debt to Equity Ratio |
1.42 |
Risky |
Industrial Average |
1.23 |
|
Times Interest Earned |
0.46 |
Risky |
Industrial Average |
1.57 |
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 0.47 lower than 1, so the company is not generating
enough cash from its EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.59 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.32 |
Acceptable |
Industrial Average |
2.09 |
|
Total Assets Turnover |
0.95 |
Satisfactory |
Industrial Average |
1.09 |
|
Inventory Conversion Period |
33.56 |
|
|
|
|
Inventory Turnover |
10.88 |
Impressive |
Industrial Average |
5.79 |
|
Receivables Conversion Period |
48.53 |
|
|
|
|
Receivables Turnover |
7.52 |
Impressive |
Industrial Average |
4.84 |
|
Payables Conversion Period |
41.90 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
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 |
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.