MIRA
INFORM REPORT
|
Report Date : |
19.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
ASIA PET [THAILAND] LTD. |
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Registered Office : |
37th Floor, Ocean Tower 2, 75/102 Soi Sukhumvit 19 [Wattana], Asoke Road, Klongtoeynua, Wattana, Bangkok 10110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
02.07.2001 |
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Com. Reg. No.: |
0105544061679 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and Exporter of Plastic Resins |
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 |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
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
ASIA
PET [THAILAND] LTD.
SUMMARY
BUSINESS
ADDRESS : 37th FLOOR,
OCEAN TOWER 2,
75/102 SOI
SUKHUMVIT 19 [WATTANA],
ASOKE ROAD,
KLONGTOEYNUA,
WATTANA, BANGKOK
10110
TELEPHONE : [66] 2661-6661
FAX
:
[66] 2661-6655
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2001
REGISTRATION
NO. : 0105544061679
CAPITAL REGISTERED : BHT. 450,000,000
CAPITAL PAID-UP : BHT.
450,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. DILIP KUMAR
AGARWAL, INDIAN
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 144
LINES
OF BUSINESS : PLASTIC RESINS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 July 2,
2001 as a
private limited company under the registered name ASIA PET
[THAILAND] LTD. by
Indian-Thai groups. Its business
objective is to manufacture
and distribute plastic
resins for packaging
industry both in
domestic and overseas.
It currently employs
144 staff. The
subject is a
wholly owned subsidiary
of Indorama Polymers
Pcl., in Mauritius.
The subject’s registered address is 75/102
Soi Sukhumvit 19 [Wattana] Asoke Rd.,
Klongtoeynua, Wattana, Bangkok
10110, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Alok Lohia |
|
Indian |
- |
|
Mrs. Suchitra Lohia |
|
Indian |
47 |
|
Mr. Dilip Kumar Agarwal |
|
Indian |
54 |
|
Mr. Gopal Lala Nodi |
|
Indian |
57 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Dilip Kumar Agarwal
is the Chief Executive
Office.
He is Indian
nationality with the
age of 54
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing,
distributing and exporting
of plastic resins, mainly amorphous
chips and Polyethylene
Terephthalate [PET] for
plastic packaging industry.
PURCHASE
90%
of raw materials
is purchased from
local supplier, the
remaining 10% is
imported from Germany,
Republic of China
and France.
SALES
80% of the
products is sold
locally by wholesale
to manufacturers and
end-users, the remaining
20% is exported to
India, Japan, Malaysia,
Indonesia, Republic of China, Taiwan
and European countries.
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
T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 144
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Factory
and warehouse are
located at 61/1
Moo 11, T. Khaosamorkhon, A. Thawung,
Lopburi 15130. Tel. : [66] 36 489-164-5,
Fax. : [66] 36 489-115.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
5,000,000.
COMMENT
Subject’s business performance was
solid in 2010. Demand
of plastic products
from industrial sector
remains strong. Increasing
domestic consumption also
spurred demand of such products.
This has resulted
to rising productivity of plastic
resin for industrial
used.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 100,000 divided
into 10,000 shares of Bht.
10 each
with fully paid.
On
August 16, 2001,
the capital was
increased to Bht.
450,000,000 divided into
45,000,000 shares of
Bht. 10 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at May 24,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Indorama Polymers Pcl. Nationality: Mauritius Address : 75/102, 103 Soi
Sukhumvit 19, Asoke
Rd.,
Klongtoeynua, Wattana, Bangkok
|
44,999,994 |
100.00 |
|
Mr. Anuj Lohia Nationality: Thai Address : 35
Sukhumvit 11 Rd.,
Wattana, Bangkok |
5 |
- |
|
Mr. Yashovardhan Lohia Nationality: Thai Address : 35
Sukhumvit 11 Rd.,
Wattana, Bangkok |
1 |
- |
Total Shareholders : 3
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Orawan Chunhakijpaisal
No. 6105
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
6,114,551 |
670,853 |
|
Trade Accounts Receivable |
285,449,927 |
1,005,242,112 |
|
Inventories |
205,702,603 |
233,423,483 |
|
Other Current Assets |
47,073,185 |
29,924,395 |
|
|
|
|
|
Total Current Assets
|
544,340,266 |
1,269,260,843 |
|
Investment in Associated Company |
317,282,301 |
223,721,164 |
|
Fixed Assets |
1,699,415,296 |
1,765,585,568 |
|
Other Assets |
579,204 |
66,444 |
|
Total Assets |
2,561,617,067 |
3,258,634,019 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institute
|
234,000,000 |
190,594,302 |
|
Trade Accounts Payable |
670,941,165 |
1,491,869,496 |
|
Current Portion of Long-term Loan from Financial
Institute |
95,000,000 |
95,000,000 |
|
Short-term Loan from Related
Company |
423,000,000 |
- |
|
Current Portion of Lease
Contract Liabilities |
2,714,990 |
3,322,692 |
|
Other Current Liabilities |
78,520,704 |
32,213,196 |
|
|
|
|
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Total Current Liabilities |
1,504,176,859 |
1,812,999,686 |
|
Long-term Loan from
Financial Institute |
237,500,000 |
332,500,000 |
|
Lesae Contract Liabilities |
3,543,171 |
6,258,161 |
|
Total Liabilities |
1,745,220,030 |
2,151,757,847 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 45,000,000 shares |
450,000,000 |
450,000,000 |
|
|
|
|
|
Capital Paid |
450,000,000 |
450,000,000 |
|
Statutory Reserve |
45,000,000 |
45,000,000 |
|
Retained Earning-
Unappropriated |
321,397,037 |
611,876,172 |
|
Total Shareholders' Equity |
816,397,037 |
1,106,876,172 |
|
Total Liabilities & Shareholders' Equity |
2,561,617,067 |
3,258,634,019 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
6,797,355,972 |
5,888,064,501 |
|
Gain on Exchange
Rate |
79,517,664 |
6,889,950 |
|
Gain on Change in
Justice |
- |
6,688,965 |
|
Other Income |
2,037,461 |
43,042 |
|
Total Revenues |
6,878,911,097 |
5,901,686,458 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
6,490,568,551 |
5,803,541,284 |
|
Selling Expenses |
1,975,882 |
450,787 |
|
Administrative Expenses |
70,671,647 |
40,022,797 |
|
Total Expenses |
6,563,216,080 |
5,844,014,868 |
|
|
|
|
|
Profit before Financial
Cost |
315,695,017 |
57,671,590 |
|
Financial Cost |
[25,674,205] |
[26,403,019] |
|
|
|
|
|
Net Profit / [Loss] |
290,020,812 |
31,268,571 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.36 |
0.70 |
|
QUICK RATIO |
TIMES |
0.19 |
0.55 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.00 |
3.33 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.65 |
1.81 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
11.57 |
14.68 |
|
INVENTORY TURNOVER |
TIMES |
31.55 |
24.86 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
15.33 |
62.31 |
|
RECEIVABLES TURNOVER |
TIMES |
23.81 |
5.86 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
37.73 |
93.83 |
|
CASH CONVERSION CYCLE |
DAYS |
(10.83) |
(16.83) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
95.49 |
98.56 |
|
SELLING & ADMINISTRATION |
% |
1.07 |
0.69 |
|
INTEREST |
% |
0.38 |
0.45 |
|
GROSS PROFIT MARGIN |
% |
5.71 |
1.67 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.64 |
0.98 |
|
NET PROFIT MARGIN |
% |
4.27 |
0.53 |
|
RETURN ON EQUITY |
% |
35.52 |
2.82 |
|
RETURN ON ASSET |
% |
11.32 |
0.96 |
|
EARNING PER SHARE |
BAHT |
6.44 |
0.69 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.68 |
0.66 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.14 |
1.94 |
|
TIME INTEREST EARNED |
TIMES |
12.30 |
2.18 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
15.44 |
|
|
OPERATING PROFIT |
% |
447.40 |
|
|
NET PROFIT |
% |
827.52 |
|
|
FIXED ASSETS |
% |
(3.75) |
|
|
TOTAL ASSETS |
% |
(21.39) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.71 |
Acceptable |
Industrial Average |
8.06 |
|
Net Profit Margin |
4.27 |
Impressive |
Industrial Average |
3.56 |
|
Return on Assets |
11.32 |
Impressive |
Industrial Average |
6.29 |
|
Return on Equity |
35.52 |
Impressive |
Industrial Average |
12.12 |
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 5.71%. 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 4.27%,
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
11.32%, 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 35.52%, 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 |
0.36 |
Risky |
Industrial Average |
1.34 |
|
Quick Ratio |
0.19 |
|
|
|
|
Cash Conversion Cycle |
(10.83) |
|
|
|
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 0.36 times in 2010, decrease from 0.7 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 0.19 times in 2010,
decrease from 0.55 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 -11 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.68 |
Acceptable |
Industrial Average |
0.44 |
|
Debt to Equity Ratio |
2.14 |
Risky |
Industrial Average |
0.91 |
|
Times Interest Earned |
12.30 |
Impressive |
Industrial Average |
10.88 |
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 12.3 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 0.68 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 |
4.00 |
Impressive |
Industrial Average |
2.99 |
|
Total Assets Turnover |
2.65 |
Impressive |
Industrial Average |
1.67 |
|
Inventory Conversion Period |
11.57 |
|
|
|
|
Inventory Turnover |
31.55 |
Impressive |
Industrial Average |
9.95 |
|
Receivables Conversion Period |
15.33 |
|
|
|
|
Receivables Turnover |
23.81 |
Impressive |
Industrial Average |
6.25 |
|
Payables Conversion Period |
37.73 |
|
|
|
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.44.57 |
|
|
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.62.60 |
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.