MIRA INFORM REPORT
|
Report Date : |
24.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
PTT
POLYMER MARKETING COMPANY
LIMITED |
|
|
|
|
Registered Office : |
9th Floor,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
24.06.2005 |
|
|
|
|
Com. Reg. No.: |
0105548082506 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Distributor and exporter
of polymer products |
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 |
|
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
PTT
POLYMER MARKETING COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 9th FLOOR,
555/1
CHATUCHAK,
TELEPHONE : [66] 2140-4488
FAX :
[66] 2140-4333
E-MAIL
ADDRESS : export@pttpm.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION
NO. : 0105548082506
CAPITAL REGISTERED : BHT. 40,000,000
CAPITAL PAID-UP : BHT.
40,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PRAMIN PHANTAWESAK, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 119
LINES
OF BUSINESS : POLYMER PRODUCTS
DISTRIBUTOR AND
EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on June 24,
2005 as a
private limited company
under the name
style PTT POLYMER
MARKETING COMPANY LIMITED,
by Thai groups, to
distribute wide range
of polymer products
to both domestic
and international markets.
It currently employs
119 staff.
The subject is a joint venture
between PTT Public
Company Limited and
PTT Chemical Public
Company Limited, which
are members of
PTT group of
companies.
The
subject’s registered address
was initially located
at 555 Ardnarong
Rd., Klongtoey, Bangkok
10110.
On
March 2, 2010
the subject’s registered
address was relocated
to 9th Floor,
Energy Complex Tower,
555/1 Vibhavadee Rangsit
Rd., Chatuchak, Bangkok
10900, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prajya Pinyawat |
[-] |
Thai |
60 |
|
Mr. Surong Bulakul |
[-] |
Thai |
51 |
|
Mr. Pailin Chuchotttaworn |
|
Thai |
54 |
|
Mr. Veerasak Kositpaisal |
|
Thai |
56 |
|
Ms. Siriwan Chiarapong |
[-] |
Thai |
56 |
|
Mr. Thanes Charoensap |
|
Thai |
57 |
|
Mr. Permsak Chewawattananond |
[-] |
Thai |
61 |
|
Mr. Pramin Phantawesak |
[x] |
Thai |
57 |
|
Mr. Nanthachai Prapawatvech |
|
Thai |
60 |
AUTHORIZED PERSON
Only the mentioned
director [x] signs
or one of
the mentioned directors
[-] can jointly
sign with one
of the rest
directors on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Pramin Phantawesak
is the Managing
Director.
He is Thai
nationality with the
age of 57
years old.
Mr. Narongchai Pisutpunya is
the Assistant Managing
Director.
He is Thai
nationality.
Mr. Paiboon Prapussornchaikul is
the Manager-Domestic Department.
He is Thai
nationality.
Ms. Somsri Phanichrungruang is
the Manager-Export Department.
She is Thai
nationality.
Mrs. Rattana Nakasiri is
the Manager-Planning &
Technical Service Department.
She is Thai
nationality.
Ms. Ratchaneekorn
Aksaranuwong is the
Manager-Marketing Supports Department.
She is Thai
nationality.
Mr. Saravut Damrichob is
the Manager-Finance &
Accounting Department.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in distributing
and exporting wide
range of polymers,
specialize in Polyethylene
products, including High
Density Polyethylene [HDPE],
Low Density Polyethylene [LDPE], Linear Low Density Polyethylene [LLDPE],
as well as
Polypropylene [PP] and
Polystyrene [PS].
MAJOR BRANDS
“INNO PLUS”, “MOPLEN”,
“DIAREX” and others
PURCHASE
100% of the
products is purchased
from local suppliers.
MAJOR SUPPLIERS
- Bangkok Polyethylene Public
Company Limited
- HMC Polymer Company
Limited
- PTT Chemical Public
Company Limited
- IRPC
Public Company Limited
SALES
The products are
sold to customers
both local and
overseas, mainly in
U.S.A., UAE, Republic of China, Korea,
Singapore, Taiwan, Japan,
Vietnam, Malaysia, Laos,
Australia, Africa, Middle
East and European
countries.
PARENT COMPANY
PTT Public Company Limited
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
L/C at sight
or T/T.
BANKING
· Standard Chartered Bank [Thai] Public Co., Ltd.
· Bangkok Bank Public Co., Ltd.
· Siam Commercial Bank Public Co., Ltd.
EMPLOYMENT
The subject employs
119 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
MAXIMNUM
CREDIT SHOULD BE
GRANTED AT EUR 1,000,000.
COMMENT
The industry
which produces chemicals using
oil and natural gas as principal
raw materials, plays a
prominent role in
the manufacturing sector
and the production
of consumer goods in particular. Petrochemicals can be transformed
into thousands of
industrial and consumer
products, from plastic
to paints and
rubber to textiles.
The
subject has been
established as an arm of PTT group
to bring with
many advantages for PTT’s
wide portfolio of petrochemical
subsidiaries. It will
not only optimise
marketing management
efficiency, but also
reinforce the group’s
competitive edge over its
rivals.
Subject’s
products are main raw materials for various industries which demand remain
strong. Its business
has solid growth.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 40,000,000
divided into 400,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April 8,
2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
PTT Public Company
Limited Nationality: Thai Address : |
199,997 |
50.00 |
|
IRPC Public Company
Limited Nationality: Thai Address : 299
Moo 5, Muang, Rayong |
100,000 |
25.00 |
|
PTT Chemical Public
Company Limited Nationality: Thai Address : Jatujak,
|
99,998 |
25.00 |
|
Mr. Kritaya Watanakoon Nationality: Thai Address : 29/1
Ladprao 80 Rd.,
Wangthonglang, |
1 |
- |
|
Mrs. Ratchadaporn Rajthewin Nationality: Thai Address : |
1 |
- |
|
Mr. Supoj Laosu-arpa Nationality: Thai Address : 48
Trok Songphra, Mahaprutharam,
Bangrak, |
1 |
- |
|
Mrs. Vilawan Songcharoen Nationality: Thai Address : 34/42
Moo 3, Salathamsop, Taweewatana, |
1 |
- |
|
Mrs. Pilasphan Udomjarumanee Nationality: Thai Address : |
1 |
- |
Total Shareholders : 8
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Sukhumaporn
Wongariyaporn No. 4843
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in hand
& at Bank
|
507,766,341 |
437,453,871 |
|
Short-term Investment |
250,000,000 |
- |
|
Trade Accts. Receivable-Other Company
|
1,504,425,277 |
1,049,764,522 |
|
Trade Accts. Receivable-Related Company |
23,096,807 |
94,867 |
|
Account Receivable-Related Company |
6,818,303 |
1,787,396 |
|
Short-term Loan to Subsidiaries |
16,610,350 |
- |
|
Inventories |
346,985,110 |
147,271,612 |
|
Refundable Value Added Tax |
147,028,351 |
120,568,859 |
|
Other Current Assets
|
57,652,169 |
44,838,414 |
|
Total Current Assets |
2,860,382,708 |
1,801,779,541 |
|
Investment in Subsidiaries |
1,959,695 |
- |
|
Fixed Assets |
26,157,014 |
23,642,995 |
|
Intangible Assets |
50,784,318 |
47,869,399 |
|
Other Assets |
5,369,338 |
3,285,207 |
|
Total Assets |
2,9454,653,073 |
1,876,577,142 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Trade Accts. Payable- Other Company |
86,211,714 |
20,615,241 |
|
Trade Accts. Payable- Related Company |
2,594,870,235 |
1,647,030,591 |
|
Account Payable-Related Company |
27,921,654 |
11,951,976 |
|
Current Portion of Lease
Contract Liabilities |
3,918,208 |
3,538,093 |
|
Pre-receipt from Custom |
15,137,851 |
43,346,140 |
|
Accrued Expenses |
15,548,518 |
17,101,280 |
|
Other Current Liabilities |
10,586,133 |
7,697,890 |
|
Total Current Liabilities |
2,754,194,313 |
1,751,281,211 |
|
Lease Contract Liabilities, Net of Current Portion |
6,115,459 |
7,823,442 |
|
Total Liabilities |
2,760,309,772 |
1,759,104,653 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 400,000 shares |
40,000,000 |
40,000,000 |
|
Capital Paid |
40,000,000 |
40,000,000 |
|
Retained Earning -
Unappropriated |
144,343,301 |
77,472,489 |
|
Total Shareholders' Equity |
184,343,301 |
117,472,489 |
|
Total Liabilities & Shareholders' Equity |
2,944,653,073 |
1,876,577,142 |
PROFIT & LOSS ACCOUNT
|
|
2009 |
2008 |
|
|
|
|
|
Sales |
25,888,275,029 |
28,341,891,147 |
|
Interest Income |
6,116,151 |
15,750,815 |
|
Profit on Exchange Rate |
43,712,306 |
75,066,056 |
|
Other Income |
8,498,371 |
7,042,625 |
|
Total Sales |
25,946,601,857 |
28,439,750,643 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
25,121,891,189 |
27,713,525,681 |
|
Selling Expenses |
506,332,981 |
550,307,678 |
|
Administrative Expenses |
235,841,799 |
201,772,715 |
|
Remuneration’s Director |
1,650,000 |
1,410,000 |
|
Total Expenses |
25,865,715,969 |
28,467,016,074 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
80,885,888 |
[27,265,431] |
|
Interest Expenses |
[1,330,548] |
[1,002,206] |
|
Profit / [Loss] Before Income
Tax |
79,555,340 |
[28,267,637] |
|
Income Tax |
[12,684,528] |
[4,457,433] |
|
Net Profit / [Loss] |
66,870,812 |
[32,725,070] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.04 |
1.03 |
|
QUICK RATIO |
TIMES |
0.84 |
0.85 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
989.73 |
1,198.74 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.88 |
15.10 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
5.04 |
1.94 |
|
INVENTORY TURNOVER |
TIMES |
72.40 |
188.18 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
21.21 |
13.52 |
|
RECEIVABLES TURNOVER |
TIMES |
17.21 |
27.00 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
1.25 |
0.27 |
|
CASH CONVERSION CYCLE |
DAYS |
25.00 |
15.19 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
97.04 |
97.78 |
|
SELLING & ADMINISTRATION |
% |
2.87 |
2.65 |
|
INTEREST |
% |
0.01 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
3.19 |
2.56 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.31 |
(0.10) |
|
NET PROFIT MARGIN |
% |
0.26 |
(0.12) |
|
RETURN ON EQUITY |
% |
36.28 |
(27.86) |
|
RETURN ON ASSET |
% |
0.23 |
(1.74) |
|
EARNING PER SHARE |
BAHT |
167.18 |
(81.81) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.09 |
0.94 |
|
DEBT TO EQUITY RATIO |
TIMES |
14.94 |
14.91 |
|
TIME INTEREST EARNED |
TIMES |
60.79 |
(27.21) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(8.66) |
|
|
OPERATING PROFIT |
% |
(396.66) |
|
|
NET PROFIT |
% |
304.34 |
|
|
FIXED ASSETS |
% |
10.63 |
|
|
TOTAL ASSETS |
% |
1,469.59 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
3.19 |
Deteriorated |
Industrial Average |
10.61 |
|
Net Profit Margin |
0.26 |
Deteriorated |
Industrial Average |
0.95 |
|
Return on Assets |
0.23 |
Deteriorated |
Industrial Average |
2.53 |
|
Return on Equity |
36.28 |
Impressive |
Industrial Average |
6.73 |
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 3.19%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have 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 0.26%.
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 0.23%.
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
36.28%, 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 Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.04 |
Acceptable |
Industrial Average |
1.59 |
|
Quick Ratio |
0.84 |
|
|
|
|
Cash Conversion Cycle |
25.00 |
|
|
|
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, increase from 1.03 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 0.84 times in 2009,
decrease from 0.85 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 get from payment terms from its creditors. It
meant the company could survive when no cash inflow was received from sale for
25 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.09 |
Impressive |
Industrial Average |
0.60 |
|
Debt to Equity Ratio |
14.94 |
Risky |
Industrial Average |
1.56 |
|
Times Interest Earned |
60.79 |
Impressive |
Industrial Average |
1.30 |
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 60.8 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 0.09 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 |
989.73 |
Impressive |
Industrial Average |
8.50 |
|
Total Assets Turnover |
0.88 |
Deteriorated |
Industrial Average |
2.64 |
|
Inventory Conversion Period |
5.04 |
|
|
|
|
Inventory Turnover |
72.40 |
Impressive |
Industrial Average |
6.44 |
|
Receivables Conversion Period |
21.21 |
|
|
|
|
Receivables Turnover |
17.21 |
Impressive |
Industrial Average |
4.72 |
|
Payables Conversion Period |
1.25 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.20 |
|
|
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.61.88 |
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.