MIRA INFORM REPORT
|
Report Date : |
15.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
TPC
PASTE RESIN CO.,
LTD. |
|
|
|
|
Formerly Known As : |
TPC - OXY
CO., LTD |
|
|
|
|
Registered Office : |
16th Floor, Rajanakarn
Building,183 South Sathorn
Road, Yannawa, Sathorn, Bangkok
10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
10.08.1993 |
|
|
|
|
Com. Reg. No.: |
0105536090843 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor & Exporter of Pvc Paste Resin |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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
TPC PASTE
RESIN CO., LTD.
[FORMER: TPC - OXY
CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 16th FLOOR,
RAJANAKARN BUILDING,
183 SOUTH
SATHORN ROAD, YANNAWA,
SATHORN, BANGKOK
10120, THAILAND
TELEPHONE : [66] 2676-6200
FAX :
[66] 2676-6206
E-MAIL
ADDRESS : info@tpcpasteresin.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1993
REGISTRATION
NO. : 0105536090843 [Former
: 6675/2536]
CAPITAL REGISTERED : BHT. 333,000,000
CAPITAL PAID-UP : BHT.
333,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PITAKPONG SANTASIRI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 220
LINES
OF BUSINESS : PVC
PASTE RESIN
MANUFACTURER, DISTRIBUTOR & 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
established on August 10,
1993 as a
private limited company
under the registered
name “NKTC [Thailand]
Ltd.,” by Thai
and American groups.
On March 21,
1994 its name
was changed to “TPC
- OXY Co., Ltd.”.
The subject was
established as a
joint venture between
Thai Plastic and
Chemicals Public Co., Ltd., the
Thailand’s largest chemical
groups, and the US
- based Occidental Chemical
Corporation, or OxyChem,
the world’s largest
producer of PVC
resin.
In August, 2001
the subject was
held 100% by
Thai Plastic and
Chemical Public Co., Ltd.
and its name
was finally changed to
“TPC PASTE RESIN
CO., LTD.” on August
31, 2001.
In 2007, subject
became a wholly
owned subsidiary of
Total Plant Service
Co., Ltd. It
currently employs approximate
220 staff.
The subject received
an investment privilege
promotional from Board of
Investment [BOI] in
1998.
The subject’s registered
address is 16th Flr.,
Rojanakarn Bldg., 183
South Sathorn Rd.,
Yannawa, Sathorn, Bangkok
10120, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kanes Khaochan |
|
Thai |
58 |
|
Mr. Prachak Sothornsak |
|
Thai |
53 |
|
Mrs. Chantanida Sarikabhuti |
|
Thai |
42 |
|
Mr. Wisith Reechaipichaikul |
|
Thai |
50 |
|
Mr. Pitakpong Santasiri |
|
Thai |
49 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Pitakpong Santasiri a
Thai is the
Managing Director.
He is Thai
nationality with the
age of 49
years old.
Mr. Wisith Reechaipichaikul is
the Deputy Managing
Director.
He is Thai
nationality with the
age of 50
years old.
Mr. Thavatchai Nawacharoenwong is
the Marketing &
Sales Director.
He is Thai
nationality.
Ms. Pornthip Rompho
is the Financial
Controller Director.
She is Thai
nationality.
Dr. Sombat Praiharnvijitnuj is
the Factory Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity is
a manufacturer of PVC
[Polyvinyl chloride] paste resin
which was divided
into 4 categories as the followings:
- General purpose
resin [GP]
- General for
foamed resin [GF]
- High clarity
gloss resin [HC]
- Special foam
resin [SF]
Rang of products
consist of TPC - OXY 62 GP, TPC - OXY 68 GP, TPC - OXY 74 GP, TPC - OXY 67 SF and
TPC - OXY 80 HC.
Subject produces PVC
paste resin of
higher quality and
value for various
applications such as
imitation leather goods,
wall-paper, canvas, gloves,
toys and other
decorative products.
PRODUCTION CAPACITY
30,000 tons/year
MAJOR BRAND
“TPC PASTE RESIN”
PURCHASE
Raw materials, mainly Vinyl Chloride Monomer [VCM] is purchased from the
parent company and the rest is imported from U.S.A. [70%] and Germany, India,
Republic of China, Taiwan & Japan [30%].
MAJOR SUPPLIERS
|
Name |
Country |
Products |
|
Thai Plastic and
Chemical Public Co., Ltd. |
Thailand |
Raw material,
VCM |
|
Occidental Chemical Corporation
|
U.S.A. |
“Hybrid” Technology |
SALES
[LOCAL]
Most of products
are sold locally
to manufacturers and
wholesalers.
EXPORT
[COUNTRIES]
Subject exports world standard
PVC paste resin
to global markets, such
as Australia, Hong
Kong, Japan, Taiwan,
U.S.A., and Singapore.
Oversea Sales Offices
Network
Occidental Chemical Corporation
Pty. Ltd. : Australia
Occidental Chemical Far
East Ltd. : Taiwan
Occidental Chemical China
Ltd. : Hong
Kong/ Republic of China
Occidental Chemical Asia Ltd. : Japan
Occidental Chemical Far
East Pte., Ltd. : Singapore
AFFILIATED
COMPANIES
The member of T P
C Group
are as the
followings:
|
Name |
Country |
Business Type |
|
Riken [Thailand] Co., Ltd. |
Thailand |
PVC compound special grade |
|
Siam Stabilizer and
Chemical Co., Ltd. |
Thailand |
Compound stabilizers |
|
Total Plant Service
Co., Ltd. |
Thailand |
Engineering & maintenance service |
|
Nawa Plastic Industry
[Saraburi] Co., Ltd. |
Thailand |
PVC pipe & plastic finished
products |
|
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.
CREDIT
Sales are by
cash or on
the credits term
of 30-60-90 days.
Local bills are
paid by cash
or on the
credits term of
30-60-90 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head
Office : 333 Silom Road,
Silom, Bangrak, Bangkok]
United Overseas
Bank [Thai] Public
Co., Ltd..
[Head
Office : South Sathorn
Road, Yannawa, Sathorn,
Bangkok]
Chase Manhattan Bank
[Bangkok
Branch, 20 North
Sathorn Rd., Silom,
Bangrak, Bangkok]
Bank of America
NT & SA
[Bangkok
Branch, 2/2 Wireless
Rd., Lumpini, Bangkok]
EMPLOYMENT
The subject employs
approximately 220 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
rented for operating
office on 500
square meters of
area at the
heading address in
a prime commercial
area.
Factory is located
on 44,800 square
meters of area
at 16 I-1 Rd.,
Map Ta Phut Industrial
Estate, T. Map Ta
Phut, A. Muang,
Rayong 21150, Tel:
[66] 38 683-670-2
Fax: [66] 38
683-669.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 15,000,000.
COMMENT
Situated on 28 rai of land in Mab
Ta Phut Industrial Estate, Rayong Province,
TPC-OXY’s plant is equipped with
the world’s most
advanced technology to offer
the highest possible
standard of PVC paste
resin production on
the market. In
addition, OxyChem provides
licensed “Hybrid” technology,
the fully computerized
technology. Its advantages
are high productivity, low energy
consumption, minimum off-grade
product, high flexibility
in product design
and environmental responsibility.
Subject had a
good business performance in the
year 2010 with higher sales and
net profit compared to the previous year. As well current industry’s outlook is
impressive and industrial
consumption has significantly
improved.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 100,000 divided into 1,000
shares of Bht.
100 each.
The capital was
increased and decreased
later as followings:
Bht. 400,000,000 on
July 14, 1995
Bht. 510,000,000 on
November 13, 1995
Bht. 1,180,000,000
on May 7,
1998
Bht. 1,620,000,000
on April 18,
2000
Bht. 1,753,000,000
on May 9, 2001
Bht. 1,960,000,000
on December 25,
2007
Bht. 1,330,000,000
on September 5, 2008
[decreased]
Bht. 333,000,000 on
June 29, 2010
[decreased]
The latest registered
capital was decreased
to Bht. 333,000,000 divided
into 3,330,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as at
April 21, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Total Plant Service
Co., Ltd. Nationality: Thai Address : 8
I-One Rd., Mabtaphut,
Muang, Rayong |
3,329,998 |
100.00 |
|
Ms. Chantima Noineam Nationality: Thai Address : 1064
Charoennakorn Rd., Banglampulang,
Klongsan, Bangkok |
1 |
- |
|
Mr. Kanes Khaochan Nationality: Thai Address : 179/7
Soi Songsa-ard, Chomphon,
Jatujak, Bangkok |
1 |
- |
Total Shareholders : 3
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Pornthip Rimdusit No.
5565
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents
|
35,300,682 |
138,751,992 |
|
Trade Accounts Receivable
|
221,464,275 |
222,328,541 |
|
Short-term Loan to Related
Company |
54,285 |
240,056,320 |
|
Inventories |
86,991,318 |
93,567,853 |
|
Other Current Assets
|
20,247,346 |
20,725,833 |
|
Total Current Assets
|
364,057,906 |
715,430,539 |
|
|
|
|
|
Investment in Subsidiaries & Associated Company |
363,242,480 |
363,242,480 |
|
Other Long-term Investment |
5,345 |
5,345 |
|
Fixed Assets |
501,130,330 |
551,282,968 |
|
Intangible Assets |
198,751 |
258,350 |
|
Other Assets |
7,715,902 |
7,172,835 |
|
Total Assets |
1,236,350,714 |
1,637,392,517 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
34,243,124 |
144,212,039 |
|
Current Portion of
Financial Lease Contract Liabilities |
82,060,691 |
- |
|
Other Payable - Related Company |
6,918,202 |
3,540,360 |
|
Other Payable |
12,564,947 |
9,154,584 |
|
Accrued Expenses |
9,202,033 |
9,062,034 |
|
Accrued Income Tax |
17,437,935 |
- |
|
Other Current Liabilities |
1,356,347 |
2,221,835 |
|
Total Current Liabilities |
163,783,279 |
168,190,852 |
|
Financial Lease Contract Liabilities |
617,957,005 |
- |
|
Total Liabilities |
781,740,284 |
168,190,852 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 3,330,000 & 13,300,000 shares in
2010 & 2009
respectively |
333,000,000 |
1,330,000,000 |
|
Capital Paid |
333,000,000 |
1,330,000,000 |
|
Statutory Reserve |
9,130,000 |
- |
|
Retained Earning - Unappropriated |
112,480,430 |
139,201,665 |
|
Total Shareholders' Equity |
454,610,430 |
1,469,201,665 |
|
Total Liabilities &
Shareholders' Equity |
1,236,350,714 |
1,637,392,517 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
1,486,292,935 |
1,158,699,004 |
|
Gain on Exchange Rate |
4,205,224 |
4,148,425 |
|
Other Income |
5,013,404 |
4,852,714 |
|
Total Sales |
1,495,511,563 |
1,167,700,143 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,213,821,651 |
1,002,530,712 |
|
Selling Expenses |
47,833,480 |
41,913,228 |
|
Administrative Expenses |
30,593,412 |
25,404,234 |
|
Total Expenses |
1,292,248,543 |
1,069,848,174 |
|
Profit Before Financial Cost & Income Tax |
203,263,020 |
97,851,969 |
|
Financial Cost |
[14,491,141] |
- |
|
Profit Before Income Tax |
188,771,879 |
97,851,969 |
|
Income Tax |
[34,128,114] |
- |
|
Net Profit / [Loss] |
154,643,765 |
97,851,969 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.22 |
4.25 |
|
QUICK RATIO |
TIMES |
1.57 |
3.57 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.97 |
2.10 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.20 |
0.71 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
26.16 |
34.07 |
|
INVENTORY TURNOVER |
TIMES |
13.95 |
10.71 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
54.39 |
70.04 |
|
RECEIVABLES TURNOVER |
TIMES |
6.71 |
5.21 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
10.30 |
52.50 |
|
CASH CONVERSION CYCLE |
DAYS |
70.25 |
51.60 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
81.67 |
86.52 |
|
SELLING & ADMINISTRATION |
% |
5.28 |
5.81 |
|
INTEREST |
% |
0.97 |
- |
|
GROSS PROFIT MARGIN |
% |
18.95 |
14.25 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
13.68 |
8.44 |
|
NET PROFIT MARGIN |
% |
10.40 |
8.44 |
|
RETURN ON EQUITY |
% |
34.02 |
6.66 |
|
RETURN ON ASSET |
% |
12.51 |
5.98 |
|
EARNING PER SHARE |
BAHT |
46.44 |
7.36 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.63 |
0.10 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.72 |
0.11 |
|
TIME INTEREST EARNED |
TIMES |
14.03 |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
28.27 |
|
|
OPERATING PROFIT |
% |
107.73 |
|
|
NET PROFIT |
% |
58.04 |
|
|
FIXED ASSETS |
% |
(9.10) |
|
|
TOTAL ASSETS |
% |
(24.49) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
18.95 |
Impressive |
Industrial
Average |
8.06 |
|
Net Profit Margin |
10.40 |
Impressive |
Industrial
Average |
3.56 |
|
Return on Assets |
12.51 |
Impressive |
Industrial
Average |
6.29 |
|
Return on Equity |
34.02 |
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 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 18.95%. When
compared with the industry average, the ratio of the company was higher. This
indicated that company was more profitable than the same industry.
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 10.4% compared with those of its average
competitors in the same industry, indicated that business was an efficient
operators 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 12.51%,
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 34.02%, 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 |
2.22 |
Impressive |
Industrial
Average |
1.34 |
|
Quick Ratio |
1.57 |
|
|
|
|
Cash Conversion Cycle |
70.25 |
|
|
|
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 2.22 times in 2010, decrease from 4.25 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 1.57 times in 2010,
decrease from 3.57 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 71 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.63 |
Acceptable |
Industrial
Average |
0.44 |
|
Debt to Equity Ratio |
1.72 |
Risky |
Industrial
Average |
0.91 |
|
Times Interest Earned |
14.03 |
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 14.03 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 0.63 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 |
2.97 |
Satisfactory |
Industrial
Average |
2.99 |
|
Total Assets Turnover |
1.20 |
Acceptable |
Industrial
Average |
1.67 |
|
Inventory Conversion Period |
26.16 |
|
|
|
|
Inventory Turnover |
13.95 |
Impressive |
Industrial
Average |
9.95 |
|
Receivables Conversion Period |
54.39 |
|
|
|
|
Receivables Turnover |
6.71 |
Impressive |
Industrial
Average |
6.25 |
|
Payables Conversion Period |
10.30 |
|
|
|
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.49.07 |
|
UK Pound |
1 |
Rs.77.42 |
|
Euro |
1 |
Rs.67.72 |
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.