MIRA INFORM REPORT
|
Report Date : |
04.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
PLASTICON
ASIA CO., LTD. |
|
|
|
|
Registered Office : |
69/3 Moo 6,
T. Thakam, A. Bangpakong,
Chachoengsao 24130 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.06.2010 |
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|
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Date of Incorporation : |
10.05.2006 |
|
|
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Com. Reg. No.: |
0245549000472 |
|
|
|
|
Legal Form : |
Private Limited Company |
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|
|
|
Line of Business : |
Manufacturer, Distributor And Exporter of Fiberglass Reinforce Plastic 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 : |
Moderate |
|
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 – 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
PLASTICON
ASIA CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 69/3
MOO 6, T. THAKAM,
A. BANGPAKONG,
CHACHOENGSAO 24130,
THAILAND
TELEPHONE : [66] 38
573-544-5
FAX :
[66] 38
573-546
E-MAIL
ADDRESS : sales@plasticonasia.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2006
REGISTRATION
NO. : 0245549000472
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
FISCAL YEAR CLOSING DATE : JUNE
30
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SOMSAK NAVIROJ,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 60
LINES
OF BUSINESS : FIBERGLASS REINFORCE
PLASTIC PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was formed
on May 10,
2006 as a
private limited company
under the registered
name style PLASTICON
ASIA CO., LTD., by a
joint venture between Thai
and Dutch groups.
Its business objective
is to manufacture
fiberglass reinforce plastic
products [FRP] to both domestic
and international markets.
It currently employs
approximately 60 staff.
It
achieved the standard
ISO 9001 certification, as
well as strictly
pursue international production
standard of DIN,
ANSI, BS 4994, BS 4664
and etc.
The
subject’s registered address
is 69/3 Moo
6, T. Thakam, A. Bangpakong, Chachoengsao
24130, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somsak Naviroj |
[x] |
Thai |
56 |
|
Mr. Somchai Saksirisamphan |
[x] |
Thai |
64 |
|
Mr. Leendert Stutvoet |
|
Dutch |
56 |
|
Mr. Jelle Warnar |
|
Dutch |
58 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can jointly sign
with anyone of
the rest directors
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Somsak Naviroj is
the Managing Director.
He is Thai
nationality with the
age of 56
years old.
Mr. Leendert Stutvoet is
the General Manager.
He is Dutch
nationality with the
age of 56
years old.
BUSINESS
OPERATIONS
The subject is engaged
in manufacturing, distributing
and exporting of fiberglass
reinforce plastic products [FRP], including
pipe system &
thermoplastic products, wall
materials, pipe &
fitting jointed materials,
storage tank and
accessories.
PURCHASE
Most
of raw material
and chemical are
purchased from local
supplier, the remaining,
as well as
machinery are imported
from Netherlands, U.S.A.
and Germany.
MAJOR SUPPLIER
Plasticon
Europe B.V. :
Netherlands
SALES
The products are
sold to both local
and overseas customers in
Japan, U.S.A. and
Europe.
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
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs approximately 60
staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in provincial,
on the outskirts
of Bangkok.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
500,000.
COMMENT
The
subject is a
manufacturer, distributor and
exporter of fiberglass reinforce
plastic and related
products to both
local and overseas
market. Its business
performance is in
line with the
demand of the
products from industrial
sector which seems
to improve and
grow considerably. The
subject had strong
sales in 2010
comparing to the
same period of
2009, but it
obtained less net
profit after tax
payment at the
end of year.
In general, the subject
has a good
business prospect.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each with
fully paid.
On
July 4, 2006,
the capital was
increased to Bht. 10,000,000 divided
into 100,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at November
17, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Plasticon Europe B.V. Nationality: Dutch Address : Parellelstraat 50,
7575 AH Oldenzaal, Netherlands |
49,990 |
49.99 |
|
Mr. Somsak Naviroj Nationality: Thai Address : 252/8
Silom Rd., Suriyawongse,
Bangrak, Bangkok |
40,004 |
40.00 |
|
Mr. Somchai Saksirisamphan Nationality: Thai Address : 69
Nongbon, Prawet, Bangkok |
10,001 |
10.00 |
|
Mr. Choon Laohaklintarat Nationality: Thai Address : 103/118
Moo 6, Thungsonghong, Laksi, Bangkok |
1 |
|
|
Mr. Vorawit Phannark Nationality: Thai Address : 116/6
Dowkanong Rd., Jomthong,
Bangkhor, Bangkok |
1 |
|
|
Mr. Sakol Banrerngsanoh Nationality: Thai Address : 314/259
Moo 3, Seekan,
Donmuang, Bangkok |
1 |
= 0.01 |
|
Ms. Wasana Ruanjaiman Nationality: Thai Address : 18/191
Moo 1, Thasai,
Muang, Nonthaburi |
1 |
|
|
Mrs. Somnuek Chumsaeng Nationality: Thai Address : 577/15
Trok Pracha-uthis, Wat Phrayakrai,
Bangkorlaem, Bangkok |
1 |
|
Total Shareholders : 8
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Ekarat Mananarasak No.
4014
BALANCE SHEET [BAHT]
The
latest financial figures
published for June
30, 2010 & 2009
were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
194,070.70 |
2,418,644.22 |
|
Trade Accounts Receivable |
12,181,559.29 |
15,281,014.91 |
|
Inventories |
22,315,128.90 |
21,955,621.12 |
|
Loan to Related
Company |
- |
694,892.00 |
|
Other Current Assets |
4,210,170.62 |
3,095,570.77 |
|
|
|
|
|
Total Current Assets
|
38,900,929.51 |
43,445,743.02 |
|
|
|
|
|
Fixed Assets |
9,415,051.31 |
9,603,572.65 |
|
Other Assets |
522,140.00 |
500,000.00 |
|
Total Assets |
48,838,120.82 |
53,549,315.67 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
18,139,497.59 |
17,287,231.74 |
|
Short-term Loan from Person
Related |
5,100,000.00 |
5,100,000.00 |
|
Short-term Loan from Other |
- |
10,000,000.00 |
|
Advance Received Income |
1,870,376.95 |
- |
|
Accrued Expenses |
4,583,114.69 |
2,517,817.62 |
|
Other Current Liabilities |
80,977.41 |
273,596.14 |
|
|
|
|
|
Total Current Liabilities |
29,773,966.64 |
35,178,645.50 |
|
Total Liabilities |
29,773,966.64 |
35,178,645.50 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 100,000 shares |
10,000,000.00 |
10,000,000.00 |
|
|
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
|
Premium on Share Capital |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning-
Unappropriated |
[935,845.82] |
[1,629,329.83] |
|
Total Shareholders' Equity |
19,064,154.18 |
18,370,670.17 |
|
Total Liabilities & Shareholders' Equity |
48,838,120.82 |
53,549,315.67 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
63,347,503.38 |
50,163,457.54 |
|
Interest Income |
23,092.70 |
47,008.47 |
|
Other Income |
2,413,224.74 |
251,801.56 |
|
Total Sales |
65,783,820.82 |
50,462,267.57 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
52,668,678.00 |
35,005,455.22 |
|
Selling Expenses |
3,131,348.71 |
2,643,353.80 |
|
Administrative Expenses |
8,413,763.11 |
8,737,661.49 |
|
Total Expenses |
64,213,789.82 |
46,386,470.51 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
1,570,031.00 |
4,075,797.06 |
|
Financial Cost |
[327,849.28] |
[314,688.17] |
|
Profit / [Loss] before Income
Tax |
1,242,181.72 |
3,761,108.89 |
|
Income Tax |
[548,697.71] |
- |
|
|
|
|
|
Net Profit / [Loss] |
693,484.01 |
3,761,108.89 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.31 |
1.24 |
|
QUICK RATIO |
TIMES |
0.42 |
0.50 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.73 |
5.22 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.30 |
0.94 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
154.65 |
228.93 |
|
INVENTORY TURNOVER |
TIMES |
2.36 |
1.59 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
70.19 |
111.19 |
|
RECEIVABLES TURNOVER |
TIMES |
5.20 |
3.28 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
125.71 |
180.25 |
|
CASH CONVERSION CYCLE |
DAYS |
99.13 |
159.86 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
83.14 |
69.78 |
|
SELLING & ADMINISTRATION |
% |
18.23 |
22.69 |
|
INTEREST |
% |
0.52 |
0.63 |
|
GROSS PROFIT MARGIN |
% |
20.70 |
30.81 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.48 |
8.13 |
|
NET PROFIT MARGIN |
% |
1.09 |
7.50 |
|
RETURN ON EQUITY |
% |
3.64 |
20.47 |
|
RETURN ON ASSET |
% |
1.42 |
7.02 |
|
EARNING PER SHARE |
BAHT |
6.93 |
37.61 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.61 |
0.66 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.56 |
1.91 |
|
TIME INTEREST EARNED |
TIMES |
4.79 |
12.95 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
26.28 |
|
|
OPERATING PROFIT |
% |
(61.48) |
|
|
NET PROFIT |
% |
(81.56) |
|
|
FIXED ASSETS |
% |
(1.96) |
|
|
TOTAL ASSETS |
% |
(8.80) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
20.70 |
Acceptable |
Industrial Average |
34.85 |
|
Net Profit Margin |
1.09 |
Deteriorated |
Industrial Average |
10.48 |
|
Return on Assets |
1.42 |
Deteriorated |
Industrial Average |
16.60 |
|
Return on Equity |
3.64 |
Deteriorated |
Industrial Average |
26.40 |
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 20.7%. 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 1.09%.
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 1.42%.
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. When compared with the
industry average, it was lower, the company's figure is 3.64%.
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 |
1.31 |
Satisfactory |
Industrial Average |
1.46 |
|
Quick Ratio |
0.42 |
|
|
|
|
Cash Conversion Cycle |
99.13 |
|
|
|
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 1.31 times in 2010, increase from 1.24 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 0.42 times in 2010,
decrease from 0.5 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 100 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.61 |
Impressive |
Industrial Average |
0.43 |
|
Debt to Equity Ratio |
1.56 |
Risky |
Industrial Average |
0.54 |
|
Times Interest Earned |
4.79 |
Deteriorated |
Industrial Average |
1,168,036.87 |
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 4.79 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 0.61 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 |
6.73 |
Impressive |
Industrial Average |
4.87 |
|
Total Assets Turnover |
1.30 |
Satisfactory |
Industrial Average |
1.62 |
|
Inventory Conversion Period |
154.65 |
|
|
|
|
Inventory Turnover |
2.36 |
Deteriorated |
Industrial Average |
44.21 |
|
Receivables Conversion Period |
70.19 |
|
|
|
|
Receivables Turnover |
5.20 |
Acceptable |
Industrial Average |
10.16 |
|
Payables Conversion Period |
125.71 |
|
|
|
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.85 |
|
UK Pound |
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
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.