MIRA INFORM
REPORT
|
Report Date : |
11.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
SABIC
INNOVATIVE PLASTICS [ |
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Formerly Known As : |
GE PLASTICS [ |
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Registered Office : |
64/ 22
Moo 4, Pluakdaeng, Pluakdaeng, Rayong
21140 |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
10.02.1999 |
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Com. Reg. No.: |
0105542010830 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and
Exporter of Plastic
Engineering Parts &
Components |
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 |
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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
SABIC
INNOVATIVE PLASTICS [
[FORMER
: GE PLASTICS
[
SUMMARY
BUSINESS
ADDRESS : 64/ 22 MOO
4, PLUAKDAENG,
PLUAKDAENG, RAYONG
21140
TELEPHONE : [66] 38
927-000
FAX :
[66] 38
953-244
E-MAIL
ADDRESS : sarun.sungkatavat@sabic-ip.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0105542010830 [Former: [3] 181]/2542]
CAPITAL REGISTERED : BHT. 569,660,000
CAPITAL PAID-UP : BHT. 569,660,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SARUN SUNGKATAWAT,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 90
LINES
OF BUSINESS : PLASTIC ENGINEERING
PARTS & COMPONENTS
MANUFACTURER, 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
February 10, 1999 as a private
limited company, by
Singaporean groups under the
originally registered name “GE
Plastics [Thailand] Co.,
Ltd.”. On September 14,
2007, its registered
name was changed to SABIC INNOVATIVE
PLASTICS [THAILAND] CO.,
LTD. Its business
objective is to
provide manufacturing service of
plastic engineering parts
& plastic components
for electrical and electronic production industry.
It currently employs
approximate 90 staff.
Subject
is a wholly
owned subsidiary of Sabic
Innovative Plastics Singapore
Pte. Ltd., of
The
subject’s registered address
is 64/22 Moo
4, Pluakdaeng, Rayong
21140, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sarun Sangkatawat |
|
Thai |
55 |
|
Mr. Sirapop Kojina |
|
Thai |
55 |
|
Ms. Rujira Traingamsom |
|
Thai |
44 |
|
Ms. Thanaporn Radeethanakul |
|
Thai |
37 |
AUTHORIZED PERSON
One or two of
the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sarun Sangkatawat is
the Managing Director.
He is Thai
nationality with the
age of 55
years old.
Ms. Thanaporn Radeethanakul is the
Factory Manager.
She is Thai
nationality with the
age of 37
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
service wide range
of plastic engineering
parts, including thermoplastic, flexible
plastic, polycarbonate sheets
and plastic component
for electrical and
electronic production industry,
such as computers,
facsimile, telephone, automobile
and etc.
MAJOR BRANDS
“NORYL”, “CYCOLOY”, “LEXAN”,
“NORYL GIX”, “VALOX”
PURCHASE
Raw
materials and accessories
are purchased from
suppliers and agents
in domestic and
overseas, such as
Singapore, Japan, Germany
and Republic of
China.
SALES
[LOCAL]
50% of the
products is sold
and serviced locally by
wholesale to manufacturers
and end-users.
EXPORT
50% of the
products is exported
to Singapore, Malaysia,
Indonesia, Republic of
China, Japan, Korea,
and Taiwan.
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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office,
[Pluakdaeng Branch, Pluakdaeng,
Rayong province]
EMPLOYMENT
The
subject employs approximately
90 staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in provincial.
REMARK
CREDIT
OF US$ 125,000
AGAINST D/A TERMS
SHOULD BE IN
ORDER.
COMMENT
The
subject’s business is
based on a
highly integrated,
well-organized and interactive
managerial style, as well
as it is in position to continue
its rapid development
and quickly gauge of new
trends and market
of electronic and electrical
industries, thus its business
has grown steadily
in the market.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 500,000 divided into
5,000 shares of
Bht. 100 each.
The
capital was increased
later as follows.
Bht. 120,960,000
on May 20,
1999
Bht.
569,660,000 on November
2001
The
latest registered capital was
increased to Bht.
569,660,000 divided into
5,696,600 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Sabic Innovative Plastics
Nationality: Singaporean Address : |
5,696,594 |
100.00 |
|
Sabic Innovative Nationality: Dutch Address : |
1 |
- |
|
Sabic Polymer Safes
Nationality: Australian Address : |
1 |
- |
|
Sabic Innovative Plastics
Hong Kong Limited Nationality: Address : Kao
Loon, |
1 |
- |
|
Sabic Innovative Plastics
SIT Holding Ltd. Nationality: Address : Kao
Loon, |
1 |
- |
|
Sabic Innovative Plastics
Taiwan Holding Limited Nationality: Address : Kao
Loon, |
1 |
- |
|
Sabic Innovative Plastics
Nationality: American Address : |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Supannee Tariyanontakul No. 4498
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 &
2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in Hand
& at Bank |
23,587,485 |
6,965,009 |
|
Trade Accounts Receivable - Related
Company |
116,936,540 |
47,078,063 |
|
- Other Company |
271,809,696 |
196,653,386 |
|
|
|
|
|
Trade Accounts Receivable -
Net |
388,746,236 |
243,731,449 |
|
Advance to Related
Company |
2,631,002 |
16,432,614 |
|
Inventories |
546,746,393 |
755,056,628 |
|
Other Current Assets |
26,276,904 |
16,408,762 |
|
|
|
|
|
Total Current Assets
|
987,988,020 |
1,038,594,462 |
|
Fixed Assets |
749,371,589 |
573,719,119 |
|
Long-term Lease Contract |
- |
217,783,560 |
|
Deposit |
1,071,560 |
1,072,160 |
|
Total Assets |
1,783,431,169 |
1,831,169,301 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Short-term Loan from Bank |
98,000,000 |
- |
|
Trade Accounts Payable - Related
Company |
249,806,495 |
434,288,599 |
|
- Other
Company |
132,216,845 |
102,092,425 |
|
|
|
|
|
Trade Accounts Payable
- Net |
382,023,340 |
536,381,024 |
|
Short-term Loan from
Related company |
502,752,000 |
420,988,800 |
|
Other Receivable -
Related Company |
5,066,338 |
77,975,616 |
|
Accrued Machinery Rental |
- |
175,413,555 |
|
Other Current Liabilities Accrued Expenses |
14,866,624 |
15,406,187 |
|
Building &
Equipment Payable |
5,327,168 |
1,785,830 |
|
Accrued Income
Tax |
2,198,188 |
- |
|
Others |
24,886,172 |
9,701,372 |
|
|
|
|
|
Total Current Liabilities |
1,035,119,830 |
1,237,652,384 |
|
Total Liabilities |
1,035,119,830 |
1,237,652,384 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 5,696,600 shares |
569,660,000 |
569,660,000 |
|
|
|
|
|
Capital Paid |
569,660,000 |
569,660,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
56,966,000 |
56,966,000 |
|
Unappropriated |
76,685,339 |
[33,109,083] |
|
Total Shareholders' Equity |
703,311,339 |
593,516,917 |
|
Total Liabilities & Shareholders' Equity |
1,738,431,169 |
1,831,169,301 |
PROFIT & LOSS ACCOUNT
|
|
2009 |
2008 |
|
|
|
|
|
Sales |
2,887,175,194 |
3,287,862,333 |
|
Other Income Gain on
Exchange Rate |
38,618,397 |
- |
|
Others |
3,522,611 |
16,711,690 |
|
Total Sales |
2,929,316,202 |
3,304,574,023 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,616,116,844 |
2,925,855,499 |
|
Selling Expenses |
46,144,753 |
37,292,741 |
|
Administrative Expenses |
135,880,160 |
195,692,220 |
|
Loss on Exchange
Rate |
- |
44,321,339 |
|
Total Expenses |
2,798,141,757 |
3,203,161,799 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
131,174,445 |
101,412,224 |
|
Interest Expenses |
[19,180,538] |
[10,399,357] |
|
Income Tax |
[2,199,485] |
[3,599,413] |
|
|
|
|
|
Net Profit / [Loss] |
109,794,422 |
87,413,454 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.95 |
0.84 |
|
QUICK RATIO |
TIMES |
0.40 |
0.22 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.85 |
5.73 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.62 |
1.80 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
76.28 |
94.19 |
|
INVENTORY TURNOVER |
TIMES |
4.78 |
3.88 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
34.36 |
21.83 |
|
RECEIVABLES TURNOVER |
TIMES |
10.62 |
16.72 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
18.45 |
12.74 |
|
CASH CONVERSION CYCLE |
DAYS |
92.20 |
103.29 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
90.61 |
88.99 |
|
SELLING & ADMINISTRATION |
% |
6.30 |
7.09 |
|
INTEREST |
% |
0.66 |
0.32 |
|
GROSS PROFIT MARGIN |
% |
10.85 |
11.52 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.54 |
3.08 |
|
NET PROFIT MARGIN |
% |
3.80 |
2.66 |
|
RETURN ON EQUITY |
% |
15.61 |
14.73 |
|
RETURN ON ASSET |
% |
6.16 |
4.77 |
|
EARNING PER SHARE |
BAHT |
19.27 |
15.34 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.58 |
0.68 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.47 |
2.09 |
|
TIME INTEREST EARNED |
TIMES |
6.84 |
9.75 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(12.19) |
|
|
OPERATING PROFIT |
% |
29.35 |
|
|
NET PROFIT |
% |
25.60 |
|
|
FIXED ASSETS |
% |
30.62 |
|
|
TOTAL ASSETS |
% |
(2.61) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
10.85 |
Satisfactory |
Industrial Average |
13.16 |
|
Net Profit Margin |
3.80 |
Impressive |
Industrial Average |
1.99 |
|
Return on Assets |
6.16 |
Impressive |
Industrial Average |
2.80 |
|
Return on Equity |
15.61 |
Impressive |
Industrial Average |
6.46 |
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 10.85%. 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 3.8% 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 is 6.16%, 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 is
15.61%, 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 |
0.95 |
Risky |
Industrial Average |
1.17 |
|
Quick Ratio |
0.40 |
|
|
|
|
Cash Conversion Cycle |
92.20 |
|
|
|
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 0.95 times in 2009, increase from 0.84 times, then the company may
have problems meeting its short-term obligations. 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 0.4 times in 2009,
increase from 0.22 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 93 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.58 |
Impressive |
Industrial Average |
0.53 |
|
Debt to Equity Ratio |
1.47 |
Risky |
Industrial Average |
1.16 |
|
Times Interest Earned |
6.84 |
Impressive |
Industrial Average |
2.41 |
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 6.84 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 0.58 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 |
3.85 |
Impressive |
Industrial Average |
2.68 |
|
Total Assets Turnover |
1.62 |
Impressive |
Industrial Average |
1.41 |
|
Inventory Conversion Period |
76.28 |
|
|
|
|
Inventory Turnover |
4.78 |
Acceptable |
Industrial Average |
7.63 |
|
Receivables Conversion Period |
34.36 |
|
|
|
|
Receivables Turnover |
10.62 |
Impressive |
Industrial Average |
5.62 |
|
Payables Conversion Period |
18.45 |
|
|
|
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 |
|
|
1 |
Rs.70.38 |
|
Euro |
1 |
Rs.58.93 |
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 |
---- |
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.