MIRA INFORM REPORT
|
Report Date : |
18.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
COTCO
PLASTICS COMPANY LIMITED |
|
|
|
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Registered Office : |
6, 8 Mom
Chao Sanga-Ngam Supadit
Road, Minburi, Bangkok 10510 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
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Date of Incorporation : |
15.03.1988 |
|
|
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Com. Reg. No.: |
0105531018265 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
manufacturer of Artificial Leather & Pvc Sheet |
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 |
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Payment
Behaviour : |
Unknown |
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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 – 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
COTCO PLASTICS
COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 6, 8
MOM CHAO SANGA-NGAM
SUPADIT ROAD,
MINBURI, BANGKOK
10510, THAILAND
TELEPHONE : [66] 2517-0978-9
FAX : [66] 2517-1968,
2517-9454
E-MAIL
ADDRESS : cs@cotcoplastics.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1988
REGISTRATION NO. : 0105531018265
CAPITAL
REGISTERED : BHT.
110,000,000
CAPITAL
PAID-UP : BHT.
110,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
VORAPHOT PIAN-APITHAM, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 220
LINES OF
BUSINESS : ARTIFICIAL LEATHER
& PVC SHEET
MANUFACTURER
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 March 15,
1988 as a
private limited company
under the registered
name “C.O.T. Metal Co., Ltd.” to
manufacture artificial leather
and PVC sheet
& film for
local and oversea
markets.
On May 3,
1998 subject’s name
was changed to
“COTCO PLASTICS COMPANY LIMITED”. The subject is also a member of The
Chamnan group of
companies. It currently employs
220 staff.
The subject’s registered
address was initially located at
25-25/1 Sereethai Rd.,
Bangchan, Minburi, Bangkok
10510.
On
May 3, 2006
the subject’s registered
address was changed
to “6, 8 Mom
Chao Sanga-Ngam Supadit
Rd., Minburi, Bangkok 10510” by district government, but
both address are the
same location, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Voraphot Pian-apitham |
|
Thai |
50 |
|
Mrs. Usanee Meeprasertsakul |
|
Thai |
48 |
|
Ms. Sirichan Wanawathanawong |
|
Thai |
59 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Voraphot Pian-apitham is
the Managing Director.
He is Thai
nationality with the
age of 50 years
old.
Mr. Somnuek
Phuripanyapinan is the General
Manager.
He is Thai
nationality.
Mr. Anan
Phusap is the
Marketing Manager.
He is Thai
nationality.
Mrs. Usanee Meeprasertsakul is the
Finance & Procurement
Manager.
She is Thai
nationality with the
age of 48
years old.
BUSINESS OPERATIONS
The subject’s activity is a manufacturer and distributor of PVC artificial
leather: solid/sponge leather, sponge foam; PVC
sheet and films:
transparent, translucent, opaque/color
sheet.
MAJOR BRAND
“COTCO”
PRODUCTION CAPACITY
Artificial leather :
4,800,000 yards per
annum
PVC sheet :
10,000 tons per
annum
IMPORT
[COUNTRIES]
Most of raw
materials and machinery
are imported from Germany,
Japan, Taiwan and
Republic of China,
the rest is
purchased from local
suppliers.
SALES
[LOCAL]
80% of its
products is sold
locally to manufacturers
and wholesalers.
EXPORT
[COUNTRY]
20% of its products
is exported to Hong Kong,
Singapore, Malaysia, United
Kingdom, South America,
Philippines, Australia, Republic
of China, Japan,
Taiwan, Indonesia and United
States of America.
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.
SUBSIDIARY AND
AFFILIATED COMPANIES
The Chamnan Group
of Companies consists
of :
Cotco NCR Paper
Co., Ltd.
Business Type : Manufacturer
of copy paper
United Coating Co., Ltd.
Business Type : Manufacturer
of artificial solid
leather
Cotco Metal Works
Limited
Business Type :
Manufacturer of metal
Chamnan Overseas Trade
Co., Ltd.
Business Type : Holding
company
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 on the
credit term of
90 days or
T/T.
Exports are against
L/C at sight
or on the
credit term of
90 days or
T/T.
BUSINESS TRANSACTION
The products are
sold to customer
both cash and
credit with credit
given at 30-60
days. There are
some delay payments
by customer, but
it can be
negotiated.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Krung Thai
Bank Public Co.,
Ltd.
[Minburi
Branch: 547-550 Sihaburanamukit Rd.,
Minburi, Bangkok ]
Siam City
Bank Public Co., Ltd.
[Head Office : 1101 New
Petchburi Rd., Makkasan,
Rajthevee, Bangkok 10400]
Kasikornbank Public
Co., Ltd.
[Sukhapibal
2 Branch: 97/140-146 Sukhapibal
2 Rd., Kannayao,
Bangkok]
EMPLOYMENT
The subject employs
approximately 220 staff. [office
staff and factory
workers]
LOCATION DETAILS
The premise is
owned for administrative office,
factory and warehouse
on 6,305 square
meters of area
at the heading
address. Premise is
located in an
industrial area.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 500,000.
COMMENT
The subject is a manufacturer,
distributor and exporter of
artificial leather, PVC sheet, films, sponge
form and etc.
The products mainly served
to various industries.
Demand of products is
strong in line
with industrial expansion,
as well as
its business outlook is promising.
FINANCIAL INFORMATION
The capital was
registered at Bht.
10,000,000 divided into
100,000 shares of
Bht. 100 each.
The capital was
increased later as
follows:
Bht. 15,000,000
on May 3,
1988
Bht. 30,000,000
on April 21,
1989
Bht. 50,000,000
on December 19,
1989
Bht. 100,000,000
on March 26,
2004
Bht. 110,000,000
on September 27,
2007
The latest registered
capital was increased
to Bht. 110,000,000
divided into 1,100,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Cotco Manufacturers Co., Ltd. Nationality: Thai Address : 8 Mom
Chao Sanga - Ngam Supadit
Rd., Minburi, Bangkok
|
1,066,357 |
96.94 |
|
Mr. Meth
Chokechaicharn Nationality: Thai Address : 113 Phrapanvasa
Rd., Thapeeling, Muang,
Suphanburi |
23,800 |
2.16 |
|
Mr. Naruenart
Attasamphan Nationality: Thai Address : 99/457 Moo
8, Ratanathibeth Rd.,
Bangkrasor, A. Muang,
Nonthaburi |
5,039 |
0.46 |
|
Ms. Sirichan Wanawathanawong Nationality: Thai Address : 28 Soi
Sereethai Yaek 6, Kannayao,
Bangkok |
4,800 |
0.44 |
|
Mr. Chamnan
Pian-apitham Nationality: Thai Address : 242
Damrongrak Rd., Klongmahanak,
Pomprab, Bangkok 10100 |
1 |
- |
|
Mrs. Kanthiya
Tantipidok Nationality: Thai Address : 242
Damrongrak Rd., Klongmahanak,
Pomprab, Bangkok 10100 |
1 |
- |
|
Mrs. Usanee Meeprasertsakul Nationality: Thai Address : 41/1 Pracharajbamphen Rd.,
Huaykwang, Bangkok |
1 |
- |
|
Ms. Orawan
Pian-apitham Nationality: Thai Address : 59/7 Damrongrak
Rd., Klongmahanak,
Pomprab, Bangkok 10100 |
1 |
- |
Total Shareholders
: 8
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Athipong Athipongsakul
No. 3500
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in Hand
& at Bank |
160,367.95 |
207,517.00 |
|
Trade Accounts Receivable |
48,502,206.60 |
35,757,646.40 |
|
Inventories |
70,664,381.03 |
55,748,463.16 |
|
Director Receivable |
|
- |
|
Sale Department Receivable |
5,286,717.21 |
5,359,662.99 |
|
Other Current Assets
|
832,150.58 |
1,138,626.45 |
|
|
|
|
|
Total Current Assets
|
125,445,823.37 |
98,211,916.00 |
|
Investment in Securities
available for Sale |
85,995.00 |
49,686.00 |
|
Cash at Bank
pledged as a
Collateral |
8,600,000.00 |
8,600,000.00 |
|
Fixed Assets |
302,609,191.34 |
317,675,341.26 |
|
Non-operating Land |
3,520,000.00 |
3,999,600.00 |
|
Other Assets |
94,327.72 |
84,540.49 |
|
Total Assets |
440,355,337.43 |
428,621,083.75 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
66,244,199.56 |
63,598,107.69 |
|
Trade Accounts Payable |
71,035,417.86 |
42,969,589.32 |
|
Current Portion of Long-term
Loan from Bank |
10,008,000.00 |
10,008,000.00 |
|
Other Current Liabilities |
16,600,235.55 |
20,169,961.28 |
|
|
|
|
|
Total Current Liabilities |
163,887,852.97 |
136,745,658.29 |
|
Long-term Loan from
Bank |
1,644,000.00 |
11,652,000.00 |
|
Total Liabilities |
165,531,852.97 |
148,397,658.29 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,100,000 shares |
110,000,000.00 |
110,000,000.00 |
|
|
|
|
|
Capital Paid |
110,000,000.00 |
110,000,000.00 |
|
Surplus on Assets
Appraisal |
214,277,117.29 |
223,376,613.83 |
|
Unrealized Loss from
Securities available for Sale |
[210,405.00] |
[246,714.00] |
|
Retained Earning -
Unappropriated |
[49,243,227.83] |
[52,906,474.37] |
|
Total Shareholders' Equity |
274,823,484.46 |
280,223,425.46 |
|
Total Liabilities & Shareholders' Equity |
440,355,337.43 |
428,621,083.75 |
PROFIT & LOSS ACCOUNT
|
Sale |
2009 |
2008 |
|
|
|
|
|
Sales |
272,545,959.88 |
330,502,000.55 |
|
Other Income |
1,954,928.59 |
3,146,845.56 |
|
Total Sales |
274,500,888.47 |
333,648,846.11 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
236,643,347.35 |
300,334,688.55 |
|
Selling Expenses |
8,178,326.55 |
9,484,218.51 |
|
Administrative Expenses |
20,622,940.77 |
26,362,127.66 |
|
Total Expenses |
265,444,614.67 |
336,181,034.72 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses |
9,056,273.80 |
[2,532,188.61] |
|
Interest Expenses |
[5,393,027.26] |
[6,267,856.37] |
|
|
|
|
|
Net Profit / [Loss] |
3,663,246.54 |
[8,800,044.98] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.77 |
0.72 |
|
QUICK RATIO |
TIMES |
0.30 |
0.26 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.90 |
1.04 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.62 |
0.77 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
108.99 |
67.75 |
|
INVENTORY TURNOVER |
TIMES |
3.35 |
5.39 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
64.96 |
39.49 |
|
RECEIVABLES TURNOVER |
TIMES |
5.62 |
9.24 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
109.57 |
52.22 |
|
CASH CONVERSION CYCLE |
DAYS |
64.38 |
55.02 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
86.83 |
90.87 |
|
SELLING & ADMINISTRATION |
% |
10.57 |
10.85 |
|
INTEREST |
% |
1.98 |
1.90 |
|
GROSS PROFIT MARGIN |
% |
13.89 |
10.08 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.32 |
(0.77) |
|
NET PROFIT MARGIN |
% |
1.34 |
(2.66) |
|
RETURN ON EQUITY |
% |
1.33 |
(3.14) |
|
RETURN ON ASSET |
% |
0.83 |
(2.05) |
|
EARNING PER SHARE |
BAHT |
3.33 |
(8.00) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.38 |
0.35 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.60 |
0.53 |
|
TIME INTEREST EARNED |
TIMES |
1.68 |
(0.40) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(17.54) |
|
|
OPERATING PROFIT |
% |
(457.65) |
|
|
NET PROFIT |
% |
141.63 |
|
|
FIXED ASSETS |
% |
(4.74) |
|
|
TOTAL ASSETS |
% |
2.74 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
13.89 |
Impressive |
Industrial Average |
13.16 |
|
Net Profit Margin |
1.34 |
Acceptable |
Industrial Average |
1.99 |
|
Return on Assets |
0.83 |
Deteriorated |
Industrial Average |
2.80 |
|
Return on Equity |
1.33 |
Deteriorated |
Industrial Average |
6.46 |
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 13.89%. When compared with the industry
average, the ratio of the company was higher, 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 1.34%.
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 0.83%.
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 1.33%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
0.77 |
Risky |
Industrial Average |
1.17 |
|
Quick Ratio |
0.30 |
|
|
|
|
Cash Conversion Cycle |
64.38 |
|
|
|
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 0.77 times in 2009, increase from 0.72 times, then the company may
not be efficiently using its current assets. 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 0.3 times in 2009,
increase from 0.26 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 65 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.38 |
Impressive |
Industrial Average |
0.53 |
|
Debt to Equity Ratio |
0.60 |
Impressive |
Industrial Average |
1.16 |
|
Times Interest Earned |
1.68 |
Acceptable |
Industrial Average |
2.41 |
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 1.68 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 0.38 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.90 |
Deteriorated |
Industrial Average |
2.68 |
|
Total Assets Turnover |
0.62 |
Deteriorated |
Industrial Average |
1.41 |
|
Inventory Conversion Period |
108.99 |
|
|
|
|
Inventory Turnover |
3.35 |
Deteriorated |
Industrial Average |
7.63 |
|
Receivables Conversion Period |
64.96 |
|
|
|
|
Receivables Turnover |
5.62 |
Satisfactory |
Industrial Average |
5.62 |
|
Payables Conversion Period |
109.57 |
|
|
|
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.48.89 |
|
UK Pound |
1 |
Rs.77.31 |
|
Euro |
1 |
Rs.67.79 |
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.