MIRA INFORM REPORT
|
Report Date : |
12.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
FANCY
PAPER CO., LTD. |
|
|
|
|
Registered Office : |
88
Moo 4, Soi
Watcharapol, Ramintra
Road, Klongthanon,
Saimai, Bangkok 10220 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
26.02.1991 |
|
|
|
|
Com. Reg. No.: |
0105534018479 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer, Distributor and
Service of Paper 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 : |
Usually Correct |
|
|
|
|
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
FANCY PAPER
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 88
MOO 4, SOI
WATCHARAPOL,
RAMINTRA ROAD,
KLONGTHANON,
SAIMAI, BANGKOK
10220, THAILAND
TELEPHONE : [66] 2994-2882
FAX :
[66] 2994-2883
E-MAIL
ADDRESS : sales@fancypaper.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1991
REGISTRATION
NO. : 0105534018479 [Former : 1846/ 2534]
CAPITAL REGISTERED : BHT. 75,000,000
CAPITAL PAID-UP : BHT.
75,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VARODOM PANYAVANICH,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 80
PAPER PRODUCTS
IMPORTER, DISTRIBUTOR
AND SERVICE
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 February 26,
1991 as a
private limited company under
the name style
FANCY PAPER CO., LTD.,
by Thai groups,
in order to provide product
and service of
paper to local
market. It currently
employs approximate 80
staff.
The subject’s registered
address is 88 Moo 4, Soi
Watcharapol, Ramintra Rd., Klongthanon,
Saimai, Bangkok 10220, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Varodom Panyavanich |
|
Thai |
61 |
|
Mrs. Suthida Panyavanich |
|
Thai |
61 |
|
Mr. Montri Kriengwattana |
|
Thai |
53 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Varodom Panyavanich is
the Managing Director.
He is Thai nationality with
the age of 61 years
old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of paper
products,
Recycled Paper and
Non Optical Brighten
Agent (OBA) such as
packaging board paper,
printing & writing
paper, recycled paper,
special paper, etc., mainly supply to
printing and packaging
industry. Its products
are used for
decorative accessories, annual
report, art card,
brochure and card,
calendar, ECO-Copier, ECO-laser
jet, foil, kraft
pak, package, stationery
and etc., as
well as paper
sheeting service under
customer’s request.
IMPORT
80% of the
products is imported from France, Sweden, Norway, Spain, U.S.A., Germany,
United Kingdom, Taiwan, Republic
of China, and etc.,
the remaining 20%
is purchased locally.
MAJOR
SUPPLIERS
Buttenpapierfabrik Gmund
GmbH & Co. AG. : Germany
SCG
Paper Group : Thailand
Thai
Paper Co., Ltd. : Thailand
SALES
98% of the
products is sold
locally by wholesale
to dealers, end-users,
printing house and
packaging industry throughout
the country.
EXPORT
2% of the
products is exported
to Laos, Indonesia
and Vietnam.
SUBSIDIARY AND
AFFILIATED COMPANY
The
subject is not
found to have
any subsidiary or
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
according to IRICO’S
DATABASE 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
Siam Commercial Bank
Public Co., Ltd.
Krung Thai Bank
Public Co., Ltd.
Bangkok Bank Public
Co., Ltd.
Bank of Ayudhya
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
80 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
and warehouse at
the heading address.
Premise is located
in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
2,000,000.
COMMENT
The
subject distributes of
excellent quality papers,
which are imported from
abroad. Its products
are of high
quality, worldwide acceptance in
paper industries, such as
brochure, annual report,
card, packaging and
decorative items. Subject
has good business
in the year
2010 and growth
remains strong.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
The
capital was increased
later as following:
Bht. 5,000,000
on May
2, 1995
Bht. 20,000,000
on August
5, 1997
Bht. 55,000,000
on August
19, 1998
Bht. 75,000,000
on November 13, 2006
The
latest registered capital
was increased to
Bht. 75,000,000 divided into 750,000
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Varodom Panyavanich Nationality: Thai Address : 88
Moo 4, Ramintra
Rd., Klongthanon,
Saimai, Bangkok |
350,000 |
46.67 |
|
Mrs. Suthida Panyavanich Nationality: Thai Address : 88
Moo 4, Ramintra
Rd., Klongthanon,
Saimai, Bangkok |
340,005 |
45.33 |
|
Mr. Montri Kriengwattana Nationality: Thai Address : 35/279
Moo 3, Sukhumvit
Rd., Bangna, Bangkok |
59,995 |
8.00 |
Total Shareholders : 3
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Prawit Luangputharangsee No.
2714
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
|
71,761.52 |
127,959.60 |
|
Trade Accounts Receivable |
67,120,304.88 |
79,250,634.62 |
|
Inventories |
110,950,705.54 |
112,331,447.03 |
|
Other Current Assets
|
321,669.15 |
329,760.75 |
|
Total Current Assets
|
178,464,441.09 |
192,039,802.00 |
|
|
|
|
|
Fixed Assets |
62,180,413.48 |
70,700,466.61 |
|
Other Assets |
142,006.68 |
118,690.76 |
|
Total Assets |
240,786,861.25 |
262,858,959.37 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Loan from Bank |
33,416,043.12 |
38,187,999.30 |
|
Short Term Loan
from Financial Institute |
65,856,369.93 |
87,025,051.89 |
|
Trade Accounts Payable |
19,777,750.90 |
30,517,636.67 |
|
Other Current Liabilities |
2,010,529.16 |
1,219,824.10 |
|
Total Current Liabilities |
121,060,693.11 |
156,950,511.96 |
|
Long Term Loan
from Related Company |
63,801,755.00 |
50,828,681.50 |
|
Other Liabilities |
145,896.00 |
30,000.00 |
|
Total Liabilities |
185,008,344.11 |
207,809,193.46 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 750,000 shares |
75,000,000.00 |
75,000,000.00 |
|
Capital Paid |
75,000,000.00 |
75,000,000.00 |
|
Retained Earning -
Unappropriated |
[19,221,482.86] |
[19,950,234.09] |
|
Total Shareholders' Equity |
55,778,517.14 |
55,049,765.91 |
|
Total Liabilities & Shareholders' Equity |
240,786,861.25 |
262,858,959.37 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales-Local |
431,247,601.47 |
421,903,047.91 |
|
Sales-Foreign |
- |
862,156.46 |
|
Transfer Income |
3,199,906.56 |
4,165,462.52 |
|
Services Income |
17,473.50 |
30,410.00 |
|
Renting Income |
156,000.00 |
140,000.00 |
|
Water Income |
3,600.00 |
3,600.00 |
|
Electrical Income |
30,000.00 |
27,000.00 |
|
Other Income |
|
|
|
Gain on
Exchange Rate |
3,798,321.00 |
1,287,772.72 |
|
Refundable on
Doubtful Account |
756,532.20 |
- |
|
Gain on Disposal of
Assets |
447,663.56 |
- |
|
Interest Income |
1,880.45 |
- |
|
Miscellaneous |
754,024.37 |
1,201,298.64 |
|
Total Sales |
440,413,003.11 |
429,620,748.25 |
|
Expenses |
|
|
|
|
|
|
|
Change in Finished Goods and Work in
Process |
1,380,421.49 |
[15,560,887.51] |
|
Purchase Finished Goods |
386,110,214.74 |
392,357,660.28 |
|
Raw Material and Material Supplies |
39,998.72 |
91,756.85 |
|
Employees Expenses |
19,194,478.00 |
17,600,152.00 |
|
Depreciation |
10,700,369.09 |
11,594,801.84 |
|
Other Expenses |
15,454,008.51 |
17,237,385.95 |
|
Total Expenses |
432,879,490.55 |
423,320,869.41 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
7,533,512.56 |
6,299,878.84 |
|
Interest Expenses |
[6,271,714.49] |
[6,293,232.82] |
|
Profit / [Loss] Before Income
Tax |
1,261,798.07 |
6,646.02 |
|
Income Tax |
[533,046.84] |
[724,947.68] |
|
Net Profit / [Loss] |
728,751.23 |
[718,301.66] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.47 |
1.22 |
|
QUICK RATIO |
TIMES |
0.56 |
0.51 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.99 |
6.04 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.80 |
1.62 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
104.87 |
104.47 |
|
INVENTORY TURNOVER |
TIMES |
3.48 |
3.49 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
56.39 |
67.75 |
|
RECEIVABLES TURNOVER |
TIMES |
6.47 |
5.39 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
18.69 |
28.38 |
|
CASH CONVERSION CYCLE |
DAYS |
142.57 |
143.84 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
88.88 |
91.92 |
|
SELLING & ADMINISTRATION |
% |
6.88 |
6.84 |
|
INTEREST |
% |
1.44 |
1.47 |
|
GROSS PROFIT MARGIN |
% |
12.49 |
8.71 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.73 |
1.48 |
|
NET PROFIT MARGIN |
% |
0.17 |
(0.17) |
|
RETURN ON EQUITY |
% |
1.31 |
(1.30) |
|
RETURN ON ASSET |
% |
0.30 |
(0.27) |
|
EARNING PER SHARE |
BAHT |
0.97 |
(0.96) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.77 |
0.79 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.32 |
3.77 |
|
TIME INTEREST EARNED |
TIMES |
1.20 |
1.00 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
1.76 |
|
|
OPERATING PROFIT |
% |
19.58 |
|
|
NET PROFIT |
% |
201.45 |
|
|
FIXED ASSETS |
% |
(12.05) |
|
|
TOTAL ASSETS |
% |
(8.40) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
12.49 |
Acceptable |
Industrial
Average |
23.81 |
|
Net Profit Margin |
0.17 |
Deteriorated |
Industrial
Average |
0.63 |
|
Return on Assets |
0.30 |
Deteriorated |
Industrial
Average |
2.09 |
|
Return on Equity |
1.31 |
Deteriorated |
Industrial
Average |
6.24 |
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 12.49%. 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 0.17%.
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 0.3%.
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 1.31%.
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 |
1.47 |
Deteriorated |
Industrial
Average |
27.59 |
|
Quick Ratio |
0.56 |
|
|
|
|
Cash Conversion Cycle |
142.57 |
|
|
|
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 1.47 times in 2010, increase from 1.22 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 0.56 times in 2010,
increase from 0.51 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 143 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.77 |
Risky |
Industrial
Average |
0.62 |
|
Debt to Equity Ratio |
3.32 |
Risky |
Industrial
Average |
1.69 |
|
Times Interest Earned |
1.20 |
Deteriorated |
Industrial
Average |
559.56 |
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 1.21 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 0.77 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 |
6.99 |
Deteriorated |
Industrial
Average |
33,724.20 |
|
Total Assets Turnover |
1.80 |
Satisfactory |
Industrial
Average |
2.05 |
|
Inventory Conversion Period |
104.87 |
|
|
|
|
Inventory Turnover |
3.48 |
Deteriorated |
Industrial
Average |
29.87 |
|
Receivables Conversion Period |
56.39 |
|
|
|
|
Receivables Turnover |
6.47 |
Deteriorated |
Industrial
Average |
14.08 |
|
Payables Conversion Period |
18.69 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.38 |
|
UK Pound |
1 |
Rs.74.01 |
|
Euro |
1 |
Rs.64.48 |
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.