MIRA INFORM REPORT
|
Report Date : |
23.07.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
KIM
PAI LIMITED PARTNERSHIP |
|
|
|
|
Registered Office : |
1741 Chan Road, Thung mahamek, Sathorn, Bangkok 10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
05.08.1947 |
|
|
|
|
Com. Reg. No.: |
0103490000896 |
|
|
|
|
Legal Form : |
Limited Partnership
|
|
|
|
|
Line of Business : |
Printing House
Service |
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 : |
Usually Correct |
|
|
|
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
KIM
PAI LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 1741
CHAN ROAD, THUNGMAHAMEK,
SATHORN,
BANGKOK 10120,
THAILAND
TELEPHONE : [66] 2213-2351-61
FAX :
[66] 2287-2039
E-MAIL
ADDRESS : info@kimpai.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1947
REGISTRATION
NO. : 0103490000896
CAPITAL REGISTERED : BHT. 30,000,000
CAPITAL PAID-UP : BHT.
30,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR.
SURIN LIM-ATIBOON, THAI
MANAGING PARTNER
NO.
OF STAFF : 300
LINES
OF BUSINESS : PRINTING HOUSE
SERVICE
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 August 5, 1947 as a limited
partnership under the
registered name “Kim
Pai Chin Tia
Heng LP.”
On December 4,
1956 the subject’s name was
changed to KIM
PAI LIMITED PARTNERSHIP
by Mr. Surin
and Mr. Chavalit Lim-atiboon,
who are the Co-Managing
Partners and bear
full financial responsibility by
law.
The subject is the
Thailand’s leading manufacturer
of printing and
packaging products, with ISO 9002 certificate achievement from SGS Yarsley International Certification Service. It
currently employs approximately
300 staff.
The registered address
is 1741 Chan
Rd., Thungmahamek, Sathorn,
Bangkok 10120, and this
is the subject’s
current operation address.
AUTHORIZED PERSON
Mr. Surin Lim-atiboon [x]
Mr. Chavalit Lim-atiboon
Mr. Boonchu Lim-atiboon [x]
One of the
partners [x] can
jointly sign with
Mr. Chavalit Lim-atiboon
on behalf of
the subject with
seal affixed.
MANAGEMENT
Mr. Surin Lim-atiboon is
the Managing Partner.
He is Thai
nationality with the
age of 76
years old.
Mr. Chavalit Lim-atiboon
is the Co- Managing
Partner.
He is Thai
nationality with the
age of 70
years old.
Mr. Boonchu Lim-atiboon
is the Production
Manager.
He is Thai
nationality with the
age of 42
years old..
Mr. Boonsom Kalakead
is the Personal
Manager.
He is Thai
nationality.
Ms. Petcharat Chalermsophon is
the Sales &
Marketing Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
services wide range
of printing and
packaging products,
specialize in offset printing system. Its
products including boxes,
labels & plaster
pack, poster, handbill,
catalogue, annual report,
form, card, diary
book, leaflets, stickers,
books, brochure, calendar
& other media
products.
PURCHASE
80% of the raw
materials such as printing ink,
chemical and etc. are
purchased from local
suppliers, the remaining 20% as well
as printing machinery and spare
parts are imported
from France, Japan, Taiwan
and Republic of China.
SALES
[LOCAL]
The subject has been serviced
to the Thailand’s
leading consumer goods
manufacturers as the
followings:
- Colgate Palmolives [Thailand]
Co., Ltd. :
Thailand
- Saha Pathanapibul Group :
Thailand
- Proctor and Gamble Manufacturing [Thailand] Co., Ltd. : Thailand
- Thai Pure Drink
Ltd. :
Thailand
- Unilever Thai Holding
Co., Ltd. :
Thailand
- Nestle Group : Thailand
- Thai President Foods
Public Company Limited :
Thailand
- Berli Jucker Public
Company Limited : Thailand
- Thai Beverage Group :
Thailand
- etc.
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.
RELATED AND AFFILIATED COMPANIES
Kim Pai Group
of companies of:
- Kim Pai Co.,
Ltd.
Business Type: Printing and
stamping services.
- Kim Pai Lamitube
Co., Ltd.
Business Type:
Manufacturer of laminate
tube
- Thai Offset Co., Ltd.
Business Type: Printing &
artworks services
- Thai OPP Public
Co., Ltd.
Business Type:
Manufacturer of film
used in packaging
CREDIT
Sales & services 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 on negotiated
term.
BANKING
Kasikornbank Public Co.,
Ltd.
[Head Office
: 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
EMPLOYMENT
The subject employs
approximately 300 office
staff and factory workers.
LOCATION DETAILS
The premise is owned for
administrative office at
the heading address. Premise is
located in commercial/residential area.
Printing house is
located at 3706/1
Raj-uthit Rd., Bangklo,
Bangkaorlaem, Bangkok 10120. Tel.
[66] 2294-0137-8, Fax.
[66] 2294-2903.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 10,000,000.
COMMENT
The subject is one of the country’s leading in printing and packaging
industries. Its business during 2009-2010 was well performed,
and continue growing significantly.
The packaging and
printing industry have been gradually
picking during the past
few years. Many
companies in the
industry currently focus
on packaging for consumer products, foods and
beverages, as the
products were in high demand from
domestic consumption and exports.
Demand for paper
packaging this year
is projected to
remain strong.
FINANCIAL INFORMATION
The capital was
registered at Bht.
30,000,000 which was
carried by 5
persona as followings
:
Mr. Siang Lim-atiboon
Bht. 14,000,000
Mr. Surin Lim-atiboon Bht. 5,000,000
[Unlimited Partners]
Mr. Chavalit Lim-atiboon Bht. 4,000,000
[Unlimited Partners]
Mr. Sumeth Lim-atiboon Bht. 3,500,000
Mr. Suthee Lim-atiboon Bht. 3,500,000
On December 11,
1997, the capital
was held by
4 persons as
followings :
Mr. Surin Lim-atiboon Bht. 8,500,000
[Unlimited Partners]
Mr. Chavalit Lim-atiboon Bht. 7,500,000
[Unlimited Partners]
Mr. Sumeth Lim-atiboon Bht. 7,000,000
Mr. Suthee Lim-atiboon Bht. 7,000,000
Presently, the capital
was carried by
5 persons as
followed:
Name Age Amount
Mr. Surin Lim-atiboon 76 Bht. 7,000,000 [Unlimited
Partners]
Mr. Chavalit Lim-atiboon 70 Bht. 7,500,000
[Unlimited Partners]
Mr. Boonchu Lim-atiboon 42 Bht. 1,500,000
[Unlimited Partners]
Mr. Sumeth Lim-atiboon 67 Bht. 7,000,000
Mr. Suthee Lim-atiboon 60 Bht. 7,000,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Vibul Kantasuk
No. 2248
BALANCE SHEET
[BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
45,417,039.59 |
107,311,327.91 |
|
Trade Accts. Receivable |
292,615,659.45 |
251,425,972.78 |
|
Loan to Related
Company |
79,300,000.00 |
43,300,000.00 |
|
Inventories |
140,764,944.10 |
88,319,792.89 |
|
Other Current Assets
|
1,987,188.80 |
1,030,996.77 |
|
|
|
|
|
Total Current Assets
|
560,084,831.94 |
491,388,090.35 |
|
Investment |
30,132,950.49 |
- |
|
Fixed Assets |
85,134,825.25 |
124,842,529.33 |
|
Total Assets |
675,352,607.68 |
616,230,619.68 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accts. Payable |
63,291,763.40 |
58,736,001.30 |
|
Accrued Income Tax |
13,314,021.71 |
9,026,106.58 |
|
Other Current Liabilities |
23,882,534.73 |
15,311,850.94 |
|
|
|
|
|
Total Current Liabilities |
100,488,319.84 |
83,073,958.82 |
|
Total Liabilities |
100,488,319.84 |
83,073,958.82 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Capital Paid |
30,000,000.00 |
30,000,000.00 |
|
Unrealized Gain on
Investment -for-Sale |
49,047.24 |
- |
|
Reserve for Business
Expansion |
1,200,000.00 |
1,200,000.00 |
|
Statutory Reserve |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning -
Unappropriated |
540,615,240.60 |
498,956,660.86 |
|
Total Shareholders' Equity |
574,864,287.84 |
533,156,660.86 |
|
Total Liabilities & Shareholders' Equity |
675,352,607.68 |
616,230,619.68 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Service Income |
977,410,713.35 |
843,498,395.82 |
|
Other Income |
29,460,246.11 |
14,925,479.62 |
|
Total Sales |
1,006,870,959.46 |
858,423,875.44 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Service
|
755,052,283.04 |
647,936,159.98 |
|
Selling Expenses |
32,531,619.28 |
30,603,155.90 |
|
Administrative Expenses |
57,713,797.03 |
47,550,472.40 |
|
Total Expenses |
845,297,699.35 |
726,089,788.28 |
|
|
|
|
|
Profit Before Interest
Expenses & Income Tax |
161,573,260.11 |
132,334,087.16 |
|
Interest Expenses |
[243,771.23] |
[273,915.10] |
|
Profit Before Income Tax |
161,329,488.88 |
132,060,172.06 |
|
Income Tax |
[48,616,142.61] |
40,256,009.06 |
|
|
|
|
|
Net Profit / [Loss] |
112,713,346.27 |
91,804,163.00 |
|
Retained Earning, Beginning
of Year |
498,956,660.86 |
419,502,497.86 |
|
Dividend |
[71,054,766.53] |
[12,350,000.00] |
|
Retained Earning, End
of Year |
540,615,240.60 |
498,956,660.86 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
5.57 |
5.92 |
|
QUICK RATIO |
TIMES |
4.15 |
4.84 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
11.48 |
6.76 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.45 |
1.37 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
68.05 |
49.75 |
|
INVENTORY TURNOVER |
TIMES |
5.36 |
7.34 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
109.27 |
108.80 |
|
RECEIVABLES TURNOVER |
TIMES |
3.34 |
3.35 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
30.60 |
33.09 |
|
CASH CONVERSION CYCLE |
DAYS |
146.72 |
125.46 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
77.25 |
76.82 |
|
SELLING & ADMINISTRATION |
% |
9.23 |
9.27 |
|
INTEREST |
% |
0.02 |
0.03 |
|
GROSS PROFIT MARGIN |
% |
25.76 |
24.95 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
16.53 |
15.69 |
|
NET PROFIT MARGIN |
% |
11.53 |
10.88 |
|
RETURN ON EQUITY |
% |
19.61 |
17.22 |
|
RETURN ON ASSET |
% |
16.69 |
14.90 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.15 |
0.13 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.17 |
0.16 |
|
TIME INTEREST EARNED |
TIMES |
662.81 |
483.12 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
15.88 |
|
|
OPERATING PROFIT |
% |
22.09 |
|
|
NET PROFIT |
% |
22.78 |
|
|
FIXED ASSETS |
% |
(31.81) |
|
|
TOTAL ASSETS |
% |
9.59 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
25.76 |
Satisfactory |
Industrial Average |
30.14 |
|
Net Profit Margin |
11.53 |
Impressive |
Industrial Average |
(3.16) |
|
Return on Assets |
16.69 |
Impressive |
Industrial Average |
0.12 |
|
Return on Equity |
19.61 |
Impressive |
Industrial Average |
4.24 |
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 25.76%. 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. Net Profit Margin is 11.53%, 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
16.69%, 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 19.61%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
5.57 |
Deteriorated |
Industrial Average |
14.45 |
|
Quick Ratio |
4.15 |
|
|
|
|
Cash Conversion Cycle |
146.72 |
|
|
|
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 5.57 times in 2010, decrease from 5.92 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 4.15 times in 2010,
decrease from 4.84 times, although excluding inventory so the company still
have good short-term financial strength.
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 147 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.15 |
Impressive |
Industrial Average |
0.84 |
|
Debt to Equity Ratio |
0.17 |
Impressive |
Industrial Average |
1.07 |
|
Times Interest Earned |
662.81 |
Impressive |
Industrial Average |
505.90 |
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 662.81 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 0.15 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
11.48 |
Deteriorated |
Industrial Average |
273.09 |
|
Total Assets Turnover |
1.45 |
Impressive |
Industrial Average |
1.33 |
|
Inventory Conversion Period |
68.05 |
|
|
|
|
Inventory Turnover |
5.36 |
Deteriorated |
Industrial Average |
25.88 |
|
Receivables Conversion Period |
109.27 |
|
|
|
|
Receivables Turnover |
3.34 |
Deteriorated |
Industrial Average |
13.57 |
|
Payables Conversion Period |
30.60 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.38 |
|
UK Pound |
1 |
Rs.72.34 |
|
Euro |
1 |
Rs.63.87 |
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.