MIRA INFORM REPORT
|
Report Date : |
03.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
STARFLEX
CO., LTD. |
|
|
|
|
Registered Office : |
189/48-49 Moo
3, T. Bangprieng, A. Bangsaothong, Samutprakarn 10560 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
20.08.2003 |
|
|
|
|
Com. Reg. No.: |
0115546007272 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and
Distributor of Flexible
Packaging 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 : |
Satisfactory |
|
Payment
Behaviour : |
Regular |
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
STARFLEX CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 189/48-49 MOO
3, T. BANGPRIENG,
A. BANGSAOTHONG,
SAMUTPRAKARN 10560
TELEPHONE : [66] 2708-2555,
2708-2888
FAX :
[66] 2708-2355,
2708-2356
E-MAIL
ADDRESS : info@starflex.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION
NO. : 0115546007272
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. EK PIJARNJITR,
THAI
PRESIDENT
NO.
OF STAFF : 300
LINES
OF BUSINESS : FLEXIBLE PACKAGING
PRODUCTS
MANUFACTURER AND
DISTRIBUTOR
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 20, 2003
as a private
limited company under
the name style
STARFLEX CO., LTD., by
Thai groups, with
the business objective
to manufacture and
distribute the flexible
packaging products for
food, drink and
consumer products industries
in domestic market.
It currently employs
300 staff.
The
subject’s registered address
was initially located
at 128/345 Moo 1, Theparak Rd.,
T.
Bangsaothong, A. Bangsaothong,
Samutprakarn 10540.
In
2009, the subject’s
registered address was
relocated to 189/48-49
Moo 3,
T.
Bangprieng, A. Bangsaothong,
Samutprakarn 10560, and
this is the
subject’s
current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Prapasri Taithongchai |
[x] |
Thai |
46 |
|
Mr. Ek Pijarnjitr |
|
Thai |
61 |
|
Mr. Prinya Taithongchai |
|
Thai |
47 |
AUTHORIZED PERSON
Only the above
director [x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Ek Pijarnjitr is
the President.
He is Thai
nationality with the
age of 61
years old.
Ms. Prapasri Taithongchai is the
Managing Director
She is Thai
nationality with the
age of 46
years old.
Mr. Noppanut Manuseongtham is
the Marketing Manager
He is Thai
nationality.
Mr. Thanit Nitiyaprapas is
the Production Manager
He is Thai
nationality.
Mr. Virinpol Muenra is
the Human Resources
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in manufacturing and distributing flexible
packaging products for food, beverage
and consumer products
industries.
BRAND NAME
“SF”
PURCHASE
80% of its
raw materials is
purchased from local
suppliers.
IMPORT
20%
of the rest
such as plastic resin
[PP, PU, PE] and
film sheet are
imported from Taiwan,
Japan, Malaysia, Singapore, Republic of
China, Germany and
France.
MAJOR SUPPLIERS
- Thai
Petrochemical Industry Public
Co., Ltd.
- Nissho
Iwai [Thailand] L. P.
- etc.
SALES
100% of
the products is
sold locally by wholesale
to manufactures.
MAJOR CUSTOMERS
- Saha Pathanapibul Group
- Unilever Thai Holding
Ltd.
- Thai President Food
Public Co., Ltd.
- Wan Thai Foods
Industry Co., Ltd.
- Thai Preserved Food
Factory Co., Ltd.
- etc.
SUBSIDIARY AND
AFFILIATED COMPANY
Starprint Public Co.,
Ltd.
Business: Manufacturer
and distributor of
packaging and printing
services.
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.
BANKING
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
300 staff.
LOCATION DETAILS
The premise is rented for administrative office, factory and
warehouse at the heading address. Premise
is located in
industrial area.
REMARK
MAXIMUM
CREDIT OF US$ 1,000,000
SHOULD BE IN
ORDER.
COMMENT
Subject
is a manufacturer
and distributor of flexible packaging products. The products
are mainly for industrial
users. In 2010,
subject was found
increasing sales revenue compared to
the previous year.
Since 2010 overall
industrial conditions have subsequently improved,
as well as demand
of packaging products
has significantly increased
with the
strong growth outlook.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
450,000,000 divided into
4,500,000 shares of
Bht. 100 each.
The
capital was decreased
later as follows:
Bht. 200,000,000
on July 28,
2004
Bht. 150,000,000
on March 3,
2008 [decreased]
Bht. 100,000,000
on June 17,
2008 [decreased]
The latest
registered capital was
decreased to Bht. 100,000,000 divided
into 1,000,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
July 22, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Ek Pijarnjitr Nationality: Thai Address : 26
Soi Ramkhamhaeng 9, Wangthonglang, Bangkok |
405,000 |
40.50 |
|
Ms. Prapasri Taithongchai Nationality: Thai Address : 6/207
Soi Mahadlekluang 2,
Rachdamri Rd.,
Lumpini, Pathumwan |
200,000 |
20.00 |
|
Ms. Kochakorn Vanichanuwatr Nationality: Thai Address : 96
Soi Rungpracha, Bangbamru,
Bangplad,
Bangkok |
150,000 |
15.00 |
|
Ms. Pachara Chinapongpaisal Nationality: Thai Address : 279/5 Sathupradit Rd., Chongnonsi,
Yannawa, Bangkok |
50,000 |
5.00 |
|
Ms. Jarupee Chinapongpaisal Nationality: Thai
Address : 279/3-4
Sathupradit Rd., Chongnonsi,
Yannawa, Bangkok |
50,000 |
5.00 |
|
Mr. Prinya Taithongchai Nationality: Thai Address :
96 Soi Rungpracha,
Bangbamru, Bangplad,
Bangkok |
50,000 |
5.00 |
|
Starprint Public Co.,
Ltd. Nationality: Thai Address : 144-144/1
Moo 7, Bangna-Trad Rd.,
Bangsaothong, Samutprakarn |
45,000 |
4.50 |
|
Mr. Chamnan Chaiwattanarat Nationality: Thai Address : 380/1 Pichaironnarongsongkram Rd.,
Pakpreaw, Muang, Saraburi
|
25,000 |
2.50 |
|
Mrs. Ampai Chaiwattanarat Nationality: Thai Address : 380/1 Pichaironnarongsongkram Rd.,
Pakpreaw, Muang, Saraburi |
25,000 |
2.50 |
Total Shareholders : 9
Share Structure [as
at July 22,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
9 |
1,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
9 |
1,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Kamol Tanraphan
No. 6966
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 & 2009
were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
11,274,811.04 |
14,791,629.27 |
|
Short-term Investment |
3,519,213.48 |
3,131,291.38 |
|
Trade Accounts Receivable |
302,047,096.23 |
233,763,372.11 |
|
Short-term Loan to
Person or Related Company |
7,619,062.53 |
8,369,062.59 |
|
Inventories |
158,697,492.60 |
84,354,336.89 |
|
Current Portion of
Leasehold Right Contract Receivable |
1,280,884.78 |
983,328.25 |
|
Other Current Assets
|
36,596,821.75 |
1,432,300.01 |
|
|
|
|
|
Total Current Assets
|
521,035,382.41 |
346,825,320.50 |
|
Leasehold Right Contract
Receivable |
28,777,064.33 |
19,376,567.18 |
|
Fixed Assets |
153,305,608.02 |
115,086,954.94 |
|
Intangible Assets |
347,086.46 |
618,652.30 |
|
Other Assets |
7,020,278.04 |
5,018,158.88 |
|
Total Assets |
710,485,419.26 |
486,925,653.80 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
224,299,189.61 |
95,136,374.86 |
|
Trade Accounts Payable |
281,063,451.56 |
199,135,306.76 |
|
Current Portion of Finance
Lease Contract Payable |
7,702,110.76 |
7,305,806.08 |
|
Current Portion of Long-term
Loan |
1,200,150.12 |
1,099,189.32 |
|
Short-term Loan from
Person or Related Company |
18,742,201.70 |
12,000,000.00 |
|
Other Current Liabilities |
20,270,296.57 |
27,122,152.68 |
|
|
|
|
|
Total Current Liabilities |
553,277,400.32 |
341,798,829.70 |
|
Finance Lease Contract
Payable |
24,157,747.38 |
29,592,334.14 |
|
Other Long-term Loan |
728,448.81 |
1,979,100.57 |
|
Total Liabilities |
578,163,596.51 |
373,370,264.41 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par
value authorized, issued
and fully paid share
capital 1,000,000 shares |
100,000,000.00 |
100,000,000.00 |
|
|
|
|
|
Capital Paid |
100,000,000.00 |
100,000,000.00 |
|
Retained Earning -
Unappropriated |
32,321,822.75 |
13,555,389.39 |
|
Total Shareholders' Equity |
132,321,822.75 |
113,555,389.39 |
|
Total Liabilities & Shareholders' Equity |
710,485,419.26 |
486,925,653.80 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
1,031,721,265.22 |
824,253,697.90 |
|
Other Income |
3,451,513.35 |
8,590,612.35 |
|
Total Sales |
1,035,172,778.57 |
832,844,310.25 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
941,878,428.76 |
724,218,725.74 |
|
Selling Expenses |
8,509,895.13 |
7,451,018.42 |
|
Administrative Expenses |
46,511,844.28 |
41,989,959.98 |
|
Total Expenses |
996,900,168.17 |
773,659,704.14 |
|
|
|
|
|
Profit / [Loss] before
Financial Expenses & Income Tax |
38,272,610.40 |
59,184,606.11 |
|
Financial Expenses |
[10,336,118.79] |
[9,397,314.33] |
|
Profit / [Loss] before Income Tax |
27,936,491.61 |
49,787,291.78 |
|
Income Tax |
[9,170,058.25] |
[14,385,084.98] |
|
|
|
|
|
Net Profit / [Loss] |
18,766,433.36 |
35,402,206.80 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.94 |
1.01 |
|
QUICK RATIO |
TIMES |
0.59 |
0.76 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.73 |
7.16 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.45 |
1.69 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
61.50 |
42.51 |
|
INVENTORY TURNOVER |
TIMES |
5.94 |
8.59 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
106.86 |
103.52 |
|
RECEIVABLES TURNOVER |
TIMES |
3.42 |
3.53 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
108.92 |
100.36 |
|
CASH CONVERSION CYCLE |
DAYS |
59.44 |
45.67 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
91.29 |
87.86 |
|
SELLING & ADMINISTRATION |
% |
5.33 |
6.00 |
|
INTEREST |
% |
1.00 |
1.14 |
|
GROSS PROFIT MARGIN |
% |
9.04 |
13.18 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.71 |
7.18 |
|
NET PROFIT MARGIN |
% |
1.82 |
4.30 |
|
RETURN ON EQUITY |
% |
14.18 |
31.18 |
|
RETURN ON ASSET |
% |
2.64 |
7.27 |
|
EARNING PER SHARE |
BAHT |
18.77 |
35.40 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.81 |
0.77 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.37 |
3.29 |
|
TIME INTEREST EARNED |
TIMES |
3.70 |
6.30 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
25.17 |
|
|
OPERATING PROFIT |
% |
(35.33) |
|
|
NET PROFIT |
% |
(46.99) |
|
|
FIXED ASSETS |
% |
33.21 |
|
|
TOTAL ASSETS |
% |
45.91 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
9.04 |
Deteriorated |
Industrial Average |
22.60 |
|
Net Profit Margin |
1.82 |
Satisfactory |
Industrial Average |
2.14 |
|
Return on Assets |
2.64 |
Impressive |
Industrial Average |
2.61 |
|
Return on Equity |
14.18 |
Impressive |
Industrial Average |
5.81 |
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 9.04%. 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 1.82%.
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. Return on Assets ratio is
2.64%, 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 14.18%, 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 |
0.94 |
Risky |
Industrial Average |
1.39 |
|
Quick Ratio |
0.59 |
|
|
|
|
Cash Conversion Cycle |
59.44 |
|
|
|
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 0.94 times in 2010, decrease from 1.01 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 0.59 times in 2010,
decrease from 0.76 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 60 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.81 |
Acceptable |
Industrial Average |
0.55 |
|
Debt to Equity Ratio |
4.37 |
Risky |
Industrial Average |
1.21 |
|
Times Interest Earned |
3.70 |
Impressive |
Industrial Average |
1.84 |
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 3.71 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 0.81 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.73 |
Impressive |
Industrial Average |
2.45 |
|
Total Assets Turnover |
1.45 |
Impressive |
Industrial Average |
1.23 |
|
Inventory Conversion Period |
61.50 |
|
|
|
|
Inventory Turnover |
5.94 |
Impressive |
Industrial Average |
4.81 |
|
Receivables Conversion Period |
106.86 |
|
|
|
|
Receivables Turnover |
3.42 |
Satisfactory |
Industrial Average |
3.58 |
|
Payables Conversion Period |
108.92 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
UK Pound |
1 |
Rs.78.73 |
|
Euro |
1 |
Rs.67.64 |
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.