MIRA INFORM
REPORT
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Report Date : |
25.05.2011 |
IDENTIFICATION DETAILS
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Name : |
POLENE
PLASTIC COMPANY LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
08.05.2002 |
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Com. Reg. No.: |
0105545048820 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Exporter and distributor of petrochemical products |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 |
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Risk Category |
ECGC
Classification |
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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
POLENE
PLASTIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS :
SATHORN,
TELEPHONE : [66] 2213-1039-49
FAX :
[66] 2213-1035,
2678-7080
E-MAIL
ADDRESS : mktagent@tpipolene.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0105545048820
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PRACHAI LIEWPAIRAT,
THAI
PRESIDENT
NO.
OF STAFF : 26
LINES
OF BUSINESS : PETROCHEMICAL PRODUCTS
EXPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on May 8,
2002 as a
private limited company
under the name
style POLENE PLASTIC
COMPANY LIMITED, by Thai
groups, with the business
objective to distribute
and export petrochemical
products. It currently
employs 26 staff.
The subject is
a wholly owned
subsidiary of TPI
Polene Power Company
Limited, which is
a member of
TPI Polene Public
Company Limited.
The
subject’s registered address
is 26/56 Chantadmai
Rd., Thungmahamek, Sathorn,
Bangkok 10120, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
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Nationality |
Age |
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Mr. Prachai Liewpairat |
|
Thai |
66 |
|
Mr. Prateep Liewpairat |
|
Thai |
64 |
|
Mr. Pramual Liewpairat |
|
Thai |
61 |
|
Mr. Prayad Liewpairat |
|
Thai |
59 |
|
Mrs. Orapin Liewpairat |
|
Thai |
63 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Prachai Liewpairat is
the President
He is Thai
nationality with the
age of 66
years old.
BUSINESS OPERATIONS
The subject
is engaged in
distributing and exporting
of PVC resin,
mainly Low Density
Polyethylene [LDPE] and Ethylene-Vinyl Acetate
Copolymer [EVA].
The subject
also provides land
transportation service for
cements and PVC
resin products to
the TPI group
of companies.
Note:
Its business activities
have been started in 2009.
PURCHASE
100% of the
products is purchased
from local suppliers.
MAJOR SUPPLIER
TPI
Polene Public Company
Limited
SALES
The products are
sold locally by
wholesale to traders,
manufacturers, and end-users,
the rest is exported to
United States of
America, Japan, Europe
and Middle East.
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.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 26
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT EUR 25,000
COMMENT
Since
the subject was
established in 2002, there
was no activity.
Subject stated its business
activities in 2009
to distribute and export of PVC
resin to
both domestic and international
markets. Its first year
operation was reported
at outstanding level with over 1.7 billion
bath sales revenue.
Its business outlook in
2010 is also
upbeat and expand
significantly.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000 divided into 100,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 28, 2010]
|
NAME |
HOLDING |
% |
|
|
|
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TPI Polene Power
Company Limited Nationality: Thai Address :
Sathorn, |
99,993 |
99.99 |
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Mr. Prachai Liewpairat Nationality: Thai Address : 299
Moo 5, Thabkwang,
Kaengkoi, Saraburi |
1 |
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Mr. Prateep Liewpairat Nationality: Thai Address : 211
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, |
1 |
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Mr. Pramual Liewpairat Nationality: Thai Address : 999
Moo 5, Chengnoen,
Muang, Rayong |
1 |
= 0.01 |
|
Mrs. Orapin Liewpairat Nationality: Thai Address : 229/14
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, |
1 |
|
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Mr. Prayad Liewpairat Nationality: Thai Address : 211
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, |
1 |
|
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Ms. Patraphan Liewpairat Nationality: Thai Address : 999
Moo 5, Chengnoen,
Muang, Rayong |
1 |
|
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Mr. Pakorn Liewpairat Nationality: Thai Address :
999 Moo 5,
Chengnoen, Muang, Rayong |
1 |
|
Total Shareholders : 8
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Santi Pongcharoenpith No.
4623
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalents |
60,772,958 |
2,369,986 |
|
Trade Account Receivable |
176,939,594 |
- |
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Advance Payment to Related Company
|
2,996,000 |
- |
|
Payment Value Added Tax |
87,133,282 |
- |
|
Other Current Assets
|
444,510 |
- |
|
Total Current Assets
|
328,286,344 |
2,369,986 |
|
Total Assets |
328,286,344 |
2,369,986 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
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Trade Account Payable |
266,217,782 |
- |
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Deposit Received from |
38,545,374 |
- |
|
Accrued Income Tax |
901,596 |
- |
|
Other Current Liabilities |
9,691,300 |
40,000 |
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Total Current Liabilities |
315,356,052 |
40,000 |
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Total Liabilities |
315,356,052 |
40,000 |
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Shareholders' Equity |
|
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Share capital : Baht 100
value Authorized &
issued share capital 100,000
shares |
10,000,000 |
10,000,000 |
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Capital Paid |
10,000,000 |
2,500,000 |
|
Retained Earning -
Unappropriated |
2,930,292 |
[170,014] |
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Total Shareholders' Equity |
12,930,292 |
2,329,986 |
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Total Liabilities &
Shareholders' Equity |
328,286,344 |
2,369,986 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2009 |
2008 |
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|
|
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Sales Income |
1,688,208,646 |
- |
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Transit Income |
33,362,448 |
- |
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Gain on Exchange Rate |
4,902,360 |
- |
|
Other Income |
552,160 |
55,723 |
|
Total Revenues |
1,727,025,614 |
55,723 |
|
Expenses |
|
|
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|
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Cost of Goods Sold |
1,669,245,244 |
- |
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Selling Expenses |
51,535,405 |
- |
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Administrative Expenses |
1,855,704 |
43,247 |
|
Total Expenses |
1,722,636,353 |
43,247 |
|
Profit Before Income Tax |
4,389,261 |
12,486 |
|
Income Tax |
[1,288,955] |
- |
|
Net Profit / [Loss] |
3,100,306 |
12,476 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
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|
LIQUIDITY RATIO |
|
|
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CURRENT RATIO |
TIMES |
1.04 |
59.25 |
|
QUICK RATIO |
TIMES |
1.04 |
59.25 |
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ACTIVITY RATIO |
|
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FIXED ASSETS TURNOVER |
TIMES |
- |
- |
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TOTAL ASSETS TURNOVER |
TIMES |
5.14 |
- |
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INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
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INVENTORY TURNOVER |
TIMES |
- |
- |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
38.26 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
9.54 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
58.21 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
(19.96) |
- |
|
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PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
98.88 |
- |
|
SELLING & ADMINISTRATION |
% |
3.16 |
- |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
3.42 |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.26 |
- |
|
NET PROFIT MARGIN |
% |
0.18 |
- |
|
RETURN ON EQUITY |
% |
23.98 |
0.54 |
|
RETURN ON ASSET |
% |
0.94 |
0.53 |
|
EARNING PER SHARE |
BAHT |
31.00 |
0.50 |
|
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LEVERAGE RATIO |
|
|
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DEBT RATIO |
TIMES |
0.96 |
0.02 |
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DEBT TO EQUITY RATIO |
TIMES |
24.39 |
0.02 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
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ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
- |
|
|
OPERATING PROFIT |
% |
35,081.64 |
|
|
NET PROFIT |
% |
24,750.16 |
|
|
FIXED ASSETS |
% |
- |
|
|
TOTAL ASSETS |
% |
13,751.83 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
3.42 |
Deteriorated |
Industrial Average |
14.07 |
|
Net Profit Margin |
0.18 |
Deteriorated |
Industrial Average |
7.20 |
|
Return on Assets |
0.94 |
Deteriorated |
Industrial Average |
9.40 |
|
Return on Equity |
23.98 |
Impressive |
Industrial Average |
17.49 |
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 3.42%. When compared with
the industry average, the ratio of the company was lower. 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 0.18%.
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 0.94%.
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 23.98%, 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 |
1.04 |
Satisfactory |
Industrial Average |
1.37 |
|
Quick Ratio |
1.04 |
|
|
|
|
Cash Conversion Cycle |
(19.96) |
|
|
|
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 1.04 times in 2009, decrease from 59.25 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 1.04 times in 2009,
decrease from 59.25 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 -20 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.96 |
Impressive |
Industrial Average |
0.43 |
|
Debt to Equity Ratio |
24.39 |
Risky |
Industrial Average |
0.80 |
|
Times Interest Earned |
- |
|
Industrial Average |
5.39 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.96 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 |
- |
|
Industrial Average |
2.03 |
|
Total Assets Turnover |
5.14 |
Impressive |
Industrial Average |
1.31 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
9.71 |
|
Receivables Conversion Period |
38.26 |
|
|
|
|
Receivables Turnover |
9.54 |
Impressive |
Industrial Average |
8.35 |
|
Payables Conversion Period |
58.21 |
|
|
|
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.45.25 |
|
|
1 |
Rs.72.82 |
|
Euro |
1 |
Rs.63.58 |
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 |
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.