MIRA INFORM
REPORT
|
Report Date : |
06.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
INTEGRATED
POLYMERS CO., LTD. |
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Registered Office : |
27/96
Moo 7, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
21.02.1995 |
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Com. Reg. No.: |
0105538022853 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
manufacturer and contractor of plastic packagings
and plastic products |
RATING & COMMENTS
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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 |
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) |
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b1 |
b1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
INTEGRATED
POLYMERS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 27/96
MOO 7,
BUENGKUM,
TELEPHONE : [66] 2993-0551-4,
081 815-5805, 081
815-5805
FAX :
[66] 2993-0550
E-MAIL
ADDRESS : sales@polymersthai.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0105538022853
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SUWAN HERANYIKANONT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 34
LINES
OF BUSINESS : PLASTIC PACKAGINGS
AND PLASTIC PRODUCTS
MANUFACTURER AND
CONTRACTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on February 21,
1995 as a
private limited company
under the name
style INTEGRATED POLYMERS CO.,
LTD., by Thai groups, with
the business objective
to provide manufacturing
service various kinds
of plastic packaging
and plastic products.
It currently employs
approximate 34 staff.
The
subject’s registered address
is 27/96 Moo
7, Nawamin Rd.,
Klongkum, Buengkum, Bangkok
10240, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Suwan Heranyikanont |
|
Thai |
50 |
|
Ms. Siriphen Chokesethakij |
|
Thai |
46 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Suwan Heranyikanont is
the Managing Director.
He is Thai
nationality with the
age of 50
years old.
Ms. Siriphen Chokesethakij is
the Deputy Managing
Director.
She is Thai
nationality with the
age of 46
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
service various kinds
of plastic packaging,
plastic products and parts,
with injection molding
and extrusion process. Its
main products are
edgeband and T-mold
according to customer’s
orders. Most of
products are supplied
to furniture and
construction products industry.
PURCHASE
Most of raw
materials mainly PVC
resin are purchased
from local supplier,
and the remaining
are imported from
Taiwan, Japan, Germany
and Republic of
China.
SALES/SERVICE
100% of
the products is
sold and serviced
locally to traders,
manufacturers and end-users.
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.
Imports are by
L/C at sight
or T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 34
staff.
LOCATION DETAILS
The
premise is owned
for administrative office at
the heading address.
Premise is located
in commercial/residential area.
Factory
and warehouse are located at
11/85 Moo 20, T. Lamlukka, A. Lamlukka,
Pathumthani 12160.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$ 100,000.
COMMENT
The
subject was formed
as a manufacturer
and distributor of
plastic packaging and
products. The products are served
mainly to industrial sector,
while domestic industrial
improvement has resulted
to positive outlook
of packaging industry.
Its business performance
in 2010 was moderate,
as well as
business condition in 2011 remains promising and
expanding steadily
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into
10,000 shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
:
[as at
April 30, 2009]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Suwan Heranyikanont Nationality: Thai Address : 27/96
Moo 7,
Bungkum, |
5,100 |
51.00 |
|
Ms. Siriphen Chokesethakij Nationality: Thai Address : 119/22
Moo 3,
Bangkhen, |
4,400 |
44.00 |
|
Mrs. Suporn Papangkorn Nationality: Thai Address : |
100 |
1.00 |
|
Mr. Pornchai Heranyikanont Nationality: Thai Address : 27/96
Moo 7, Bungkum,
|
100 |
1.00 |
|
Mr. Somkiat Heranyikanont Nationality: Thai Address : 27/96
Moo 7,
Bungkum, |
100 |
1.00 |
|
Mr. Chaimongkol Heranyikanont Nationality: Thai Address : 27/96
Moo 7,
Bungkum, |
100 |
1.00 |
|
Ms. U-sa Chokesethakij Nationality: Thai Address :
Klongtoey, |
100 |
1.00 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT NO. :
Mr. Amornphan Thanusingh No.
6234
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in Hand
& at Bank
|
57,924.93 |
29,481.36 |
|
Trade Accounts Receivable |
11,661,500.38 |
9,393,207.89 |
|
Inventories |
1,742,630.76 |
1,550,800.63 |
|
Other Current Assets
|
60,174.07 |
73,908.70 |
|
|
|
|
|
Total Current Assets
|
13,522,230.14 |
11,047,398.58 |
|
Fixed Assets |
19,100,540.51 |
21,337,274.75 |
|
Total Assets |
32,622,770.65 |
32,384,673.33 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft |
3,884,366.30 |
4,152,309.16 |
|
Trade Accounts & Notes
Payable |
6,147,009.25 |
5,685,082.01 |
|
Accrued Expenses |
3,982,512.42 |
2,659,959.90 |
|
Accrued Income Tax |
268,099.89 |
8,364.45 |
|
Current Portion of
Long-term Loan |
2,950,000.00 |
2,272,000.00 |
|
Other Current Liabilities |
200,337.96 |
349,695.25 |
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|
|
|
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Total Current Liabilities |
17,432,325.82 |
15,127,410.77 |
|
Long-term Loan - Net of
Current Portion |
4,134,322.42 |
4,159,723.40 |
|
Long-term Loan from
Related Person |
6,500,000.00 |
9,660,000.00 |
|
Other Non-current Liabilities |
- |
53,924.76 |
|
Total Liabilities |
28,066,648.24 |
29,001,058.93 |
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|
|
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Shareholders' Equity |
|
|
|
|
|
|
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning -
Unappropriated |
3,556,122.41 |
2,383,614.40 |
|
Total Shareholders' Equity |
4,556,122.41 |
3,383,614.40 |
|
Total Liabilities & Shareholders' Equity |
32,622,770.65 |
32,384,673.33 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2009 |
2008 |
|
|
|
|
|
Sales |
50,430,698.46 |
57,233,526.51 |
|
Other Income |
86,287.21 |
151,878.20 |
|
Total Revenues |
50,516,985.67 |
57,385,404.71 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
39,114,101.51 |
48,054,627.52 |
|
Selling Expenses |
4,346,415.18 |
3,129,593.45 |
|
Administrative Expenses |
4,926,957.68 |
4,868,347.54 |
|
Total Expenses |
48,387,474.37 |
56,052,568.51 |
|
|
|
|
|
Profit before Interest Expenses &
Income Tax |
2,129,511.30 |
1,332,836.20 |
|
Interest Expenses |
[664,334.75] |
[820,119.22] |
|
Profit before Income
Tax |
1,465,176.55 |
512,716.98 |
|
Income Tax |
[292,668.54] |
[73,463.43] |
|
|
|
|
|
Net Profit / [Loss] |
1,172,508.01 |
439,253.55 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.78 |
0.73 |
|
QUICK RATIO |
TIMES |
0.67 |
0.62 |
|
|
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|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.64 |
2.68 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.55 |
1.77 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
16.26 |
11.78 |
|
INVENTORY TURNOVER |
TIMES |
22.45 |
30.99 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
84.40 |
59.90 |
|
RECEIVABLES TURNOVER |
TIMES |
4.32 |
6.09 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
57.36 |
43.18 |
|
CASH CONVERSION CYCLE |
DAYS |
43.30 |
28.50 |
|
|
|
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PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
77.56 |
83.96 |
|
SELLING & ADMINISTRATION |
% |
18.39 |
13.97 |
|
INTEREST |
% |
1.32 |
1.43 |
|
GROSS PROFIT MARGIN |
% |
22.61 |
16.30 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.22 |
2.33 |
|
NET PROFIT MARGIN |
% |
2.32 |
0.77 |
|
RETURN ON EQUITY |
% |
25.73 |
12.98 |
|
RETURN ON ASSET |
% |
3.59 |
1.36 |
|
EARNING PER SHARE |
BAHT |
117.25 |
43.93 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.86 |
0.90 |
|
DEBT TO EQUITY RATIO |
TIMES |
6.16 |
8.57 |
|
TIME INTEREST EARNED |
TIMES |
3.21 |
1.63 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(11.89) |
|
|
OPERATING PROFIT |
% |
59.77 |
|
|
NET PROFIT |
% |
166.93 |
|
|
FIXED ASSETS |
% |
(10.48) |
|
|
TOTAL ASSETS |
% |
0.74 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
22.61 |
Impressive |
Industrial Average |
14.10 |
|
Net Profit Margin |
2.32 |
Satisfactory |
Industrial Average |
3.06 |
|
Return on Assets |
3.59 |
Satisfactory |
Industrial Average |
4.23 |
|
Return on Equity |
25.73 |
Impressive |
Industrial Average |
11.08 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues 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 22.61%. 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 2.32%.
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, its was lower, the company's figure is 3.59%.
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
25.73%, 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 |
0.78 |
Risky |
Industrial Average |
1.10 |
|
Quick Ratio |
0.67 |
|
|
|
|
Cash Conversion Cycle |
43.30 |
|
|
|
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 0.78 times in 2009, increase from 0.73 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 0.67 times in 2009,
increase from 0.62 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 44 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.86 |
Impressive |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
6.16 |
Risky |
Industrial Average |
1.45 |
|
Times Interest Earned |
3.21 |
Impressive |
Industrial Average |
2.83 |
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 stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 3.21 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 0.86 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 |
2.64 |
Impressive |
Industrial Average |
2.58 |
|
Total Assets Turnover |
1.55 |
Impressive |
Industrial Average |
1.38 |
|
Inventory Conversion Period |
16.26 |
|
|
|
|
Inventory Turnover |
22.45 |
Impressive |
Industrial Average |
6.50 |
|
Receivables Conversion Period |
84.40 |
|
|
|
|
Receivables Turnover |
4.32 |
Satisfactory |
Industrial Average |
4.77 |
|
Payables Conversion Period |
57.36 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.20 |
|
|
1 |
Rs.70.27 |
|
Euro |
1 |
Rs.59.99 |
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.