MIRA
INFORM REPORT
|
Report Date : |
13.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
PTT POLYMER MARKETING COMPANY LIMITED |
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Registered Office : |
9th Floor, Energy Complex Tower A, 555/1 Vibhavadee Rangsit Road, Chatuchak, Bangkok 10900 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
24.06.2005 |
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Com. Reg. No.: |
0105548082506 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Distributor and Exporter of Polymer Products |
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No. of Employees : |
125 |
RATING & COMMENTS
|
MIRAs 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 : |
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 September 30, 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
PTT
POLYMER MARKETING COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 9th FLOOR,
ENERGY COMPLEX TOWER
A,
555/1 VIBHAVADEE
RANGSIT ROAD,
CHATUCHAK, BANGKOK
10900, THAILAND
TELEPHONE : [66] 2140-4488
FAX :
[66] 2140-4333
E-MAIL
ADDRESS : export@pttpm.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION
NO. : 0105548082506
CAPITAL REGISTERED : BHT. 40,000,000
CAPITAL PAID-UP : BHT.
40,000,000
SHAREHOLDERS PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PRAMIN PHANTAWESAK, THAI
PRESIDENT
NO.
OF STAFF : 125
LINES
OF BUSINESS : POLYMER PRODUCTS
DISTRIBUTOR AND
EXPORTER
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 June 24,
2005 as a
private limited company
under the name
style PTT POLYMER
MARKETING COMPANY LIMITED,
by Thai groups, to
distribute wide range
of polymer products
to both domestic
and international markets.
It currently employs
125 staff.
The subject is a joint venture
between PTT Public Company Limited and PTT Chemical Public
Company Limited, which
are members of
PTT group of
companies. It is Thailands
largest petroleum and petrochemical company and the leading petrochemical
producer in Asia.
The
subjects registered address
was initially located
at 555 Ardnarong Rd.,
Klongtoey, Bangkok 10110.
On
March 2, 2010
the subjects registered
address was relocated
to 9th Floor,
Energy Complex Tower A,
555/1 Vibhavadee Rangsit
Rd., Chatuchak, Bangkok
10900, and this
is the subjects
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vitawas Sawasdi-xuto |
[-] |
Thai |
- |
|
Mr. Veerasak Kositpaisal |
[+] |
Thai |
56 |
|
Mr. Supachoke Leamkaew |
[-] |
Thai |
56 |
|
Mr. Atthapol Rerkpiboon |
[-] |
Thai |
46 |
|
Mr. Thanes Charoensap |
[+] |
Thai |
57 |
|
Mr. Pramin Phantawesak |
[x] |
Thai |
57 |
|
Mr. Nanthachai Prapawatvech |
[+] |
Thai |
60 |
|
Mrs. Buppha Amornkiatkajorn |
[-] |
Thai |
53 |
AUTHORIZED PERSON
Only the mentioned
director [x] signs
or one of
the mentioned directors
[-] can jointly
sign with one
of the directors [+]
on behalf of the subject
with companys affixed.
MANAGEMENT
Mr. Pramin Phantawesak
is the President.
He is Thai
nationality with the
age of 57
years old.
Mr. Saravut Damrichob is
the Vice President,
Finance & Business
Intelligence Dept.
He is Thai
nationality.
Mr. Adisorn Smathimanant is the
Vice President, Corporate
Support Dept.
He is Thai
nationality.
Ms. Somsri Phanichrungruang is
the Vice President, Export
Sales Dept.
She is Thai
nationality.
Mr. paiboon Prapussornchaikul is
the Vice President, Domestic Sales
Dept.
He is Thai
nationality.
Ms. Ratchaneekorn
Aksaranuwong is the
Vice President, Customer
Service Dept.
She is Thai
nationality.
Mr. Narongchai Pisutpunya is
the Executive Vice
President, Commercial &
Marketing and acting
Technical Support Dept.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in distributing
and exporting wide
range of polymers,
specialized in Polyethylene
products, including High
Density Polyethylene [HDPE],
Low Density Polyethylene [LDPE], Linear Low Density
Polyethylene [LLDPE], as
well as Polypropylene
[PP] and Polystyrene
[PS], consists of
GPPS resin [purpose polystyrene]
and HIPS resin [high
impact polystyrene].
PRODUCTION CAPACITY
3 million tons per year
MAJOR BRANDS
INNO PLUS, MOPLEN,
DIAREX and others
PURCHASE
100% of the
products is purchased
from local suppliers.
MAJOR SUPPLIERS
- Bangkok Polyethylene Public
Company Limited
- HMC Polymer Company
Limited
- IRPC
Public Company Limited
- PTT
Global Chemical Public
Company Limited
SALES
The products are
sold to customers
both local and
overseas, mainly in
U.S.A., UAE, Republic of China, Korea, Singapore,
Taiwan, Japan, Indonesia,
Vietnam, Malaysia, Laos,
Australia, Africa, Middle
East and European
countries.
PARENT COMPANY
PTT Public
Company Limited
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
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
L/C at sight
or T/T.
BANKING
Standard Chartered Bank
[Thai] Public Co.,
Ltd.
Bangkok Bank Public
Co., Ltd.
Siam Commercial Bank
Public Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 125
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is located in
commercial/residential area.
Overseas
office:
Polymer
Marketing [DMCC]
-
Unit
406, Indigo Tower,
plot No. D1, Jumeirah
Lake Towers, P.O. Box 71645, Dubai,
U.A.E.
Guangzhou
Representative Office
-
Unit
1503, 15th/F, Metro
Plaza Office Building,
Tianhe Road, North,
Tienhe District, Guangzhou,
510620, Republic of
China.
Ho
Chi Minh City
Representative Office
-
Unit
900, 9th/F., 2A-4A
Ton Duc Thang
Street, Ben Nghe Ward
District 1, Ho
Chi Minh City,
Vietnam.
Shanghai
Representative Office
-
Room
No. 13-012, 13th/F., Hang
Seng Bank Tower,
1000 Lujiazui Ring
Road,
Pudong New area,
Shanghai 200120, Republic
of China.
REMARK
MAXIMNUM
CREDIT SHOULD BE
GRANTED AT EUR 10,000,000.
COMMENT
The industry
which produces chemicals using
oil and natural gas as principal
raw materials, plays a
prominent role in
the manufacturing sector
and the production
of consumer goods in particular. Petrochemicals can be transformed
into thousands of industrial
and consumer products,
from plastic to
paints and rubber
to textiles.
The
subject has been
established as an arm of PTT group
to bring with
many advantages for PTTs
wide portfolio of petrochemical
subsidiaries. It will
not only optimise
marketing management
efficiency, but also
reinforce the groups
competitive edge over its
rivals.
The
subject provides the most professional sales and marketing services to
PTT Groups polymer manufacturing units,
which makes the company growth and grow steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 40,000,000
divided into 400,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at April 20,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
PTT Public Company
Limited Nationality: Thai Address : 555
Vibhavadee Rangsit Rd.,
Jatujak, Bangkok |
199,997 |
50.00 |
|
IRPC Public Company
Limited Nationality: Thai Address : 299
Moo 5, Sukhumvit
Rd., Cherngnoen, Muang, Rayong |
100,000 |
25.00 |
|
PTT Chemical Public
Company Limited Nationality: Thai Address : 123
Vibhavadee Rangsit Rd.,
Ladyao, Jatujak, Bangkok |
99,998 |
25.00 |
|
Mr. Kritaya Watanakoon Nationality: Thai Address : 29/1
Ladprao 80 Rd.,
Wangthonglang, Bangkok |
1 |
- |
|
Mrs. Ratchadaporn Rajthewin Nationality: Thai Address : 42
Sutthisarn Rd., Samsennai,
Phyathai, Bangkok |
1 |
- |
|
Mr. Supoj Laosu-arpa Nationality: Thai Address : 48
Trok Songphra, Mahaprutharam,
Bangrak, Bangkok |
1 |
- |
|
Mrs. Vilawan Songcharoen Nationality: Thai Address : 34/42
Moo 3, Salathamsop, Taweewatana, Bangkok |
1 |
- |
|
Mrs. Pilasphan Udomjarumanee Nationality: Thai Address : 35
Srinakarin Rd., Nongbon,
Prawes, Bangkok |
1 |
- |
Total Shareholders : 8
Share Structure [as
at April 20,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
400,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
400,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Sukhumaporn
Wongariyaporn No. 4843
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 & 2009
were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in hand
& at Bank
|
1,619,712,768 |
757,766,341 |
|
Trade Accounts Receivable - Other Company |
2,320,043,249 |
1,504,425,277 |
|
- Related Company |
41,810,715 |
23,096,807 |
|
Account Receivable - Related Company |
2,861,744 |
6,818,303 |
|
Short-term Loan to Subsidiaries |
- |
16,610,350 |
|
Inventories |
392,362,091 |
346,985,110 |
|
Refundable Value Added Tax |
308,421,502 |
147,028,351 |
|
Other Current Assets
|
18,334,713 |
57,652,169 |
|
|
|
|
|
Total Current Assets
|
4,703,546,782 |
2,860,382,708 |
|
Investment in Subsidiaries |
1,959,695 |
1,959,695 |
|
Fixed Assets |
51,959,933 |
26,157,014 |
|
Intangible Assets |
62,880,871 |
50,784,318 |
|
Other Assets |
11,123,837 |
5,369,338 |
|
Total Assets |
4,831,471,118 |
2,9454,653,073 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable - Other Company |
21,906,157 |
86,211,714 |
|
- Related Company |
4,383,414,119 |
2,594,870,235 |
|
Account Payable - Related Company |
43,049,059 |
27,921,654 |
|
Current Portion of Finance Lease Contract
Liabilities |
3,272,519 |
3,918,208 |
|
Advance Income from
Customer |
25,418,621 |
15,137,851 |
|
Accrued Expenses |
22,695,608 |
15,548,518 |
|
Accrued Income Tax |
38,430,483 |
- |
|
Other Current Liabilities |
12,796,827 |
10,586,133 |
|
|
|
|
|
Total Current Liabilities |
4,550,983,393 |
2,754,194,313 |
|
Lease Contract Liabilities, Net of Current Portion |
2,842,940 |
6,115,459 |
|
Total Liabilities |
4,553,826,333 |
2,760,309,772 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 400,000 shares |
40,000,000 |
40,000,000 |
|
|
|
|
|
Capital Paid |
40,000,000 |
40,000,000 |
|
Retained Earning -
Unappropriated |
237,644,785 |
144,343,301 |
|
Total Shareholders' Equity |
277,644,785 |
184,343,301 |
|
Total Liabilities & Shareholders' Equity |
4,831,471,118 |
2,944,653,073 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
38,845,637,570 |
25,888,275,029 |
|
Other Income |
152,697,018 |
58,326,828 |
|
Total Revenues |
38,998,334,588 |
25,946,601,857 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
37,834,558,754 |
25,121,891,189 |
|
Selling Expenses |
722,438,012 |
506,332,981 |
|
Administrative Expenses |
304,625,604 |
235,841,799 |
|
Remunerations Director |
1,680,000 |
1,650,000 |
|
Total Expenses |
38,863,302,370 |
25,865,715,969 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses & Income Tax |
135,032,218 |
80,885,888 |
|
Interest Expenses |
[2,088,536] |
[1,330,548] |
|
|
|
|
|
Profit / [Loss] before Income
Tax |
132,943,682 |
79,555,340 |
|
Income Tax |
[39,642,198] |
[12,684,528] |
|
Net Profit / [Loss] |
93,301,484 |
66,870,812 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.03 |
1.04 |
|
QUICK RATIO |
TIMES |
0.88 |
0.84 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
747.61 |
989.73 |
|
TOTAL ASSETS TURNOVER |
TIMES |
8.04 |
0.88 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
3.79 |
5.04 |
|
INVENTORY TURNOVER |
TIMES |
96.43 |
72.40 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
21.80 |
21.21 |
|
RECEIVABLES TURNOVER |
TIMES |
16.74 |
17.21 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
0.21 |
1.25 |
|
CASH CONVERSION CYCLE |
DAYS |
25.37 |
25.00 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
97.40 |
97.04 |
|
SELLING & ADMINISTRATION |
% |
2.64 |
2.87 |
|
INTEREST |
% |
0.01 |
0.01 |
|
GROSS PROFIT MARGIN |
% |
3.00 |
3.19 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.35 |
0.31 |
|
NET PROFIT MARGIN |
% |
0.24 |
0.26 |
|
RETURN ON EQUITY |
% |
33.60 |
36.28 |
|
RETURN ON ASSET |
% |
1.93 |
0.23 |
|
EARNING PER SHARE |
BAHT |
233.25 |
167.18 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.94 |
0.09 |
|
DEBT TO EQUITY RATIO |
TIMES |
16.40 |
14.97 |
|
TIME INTEREST EARNED |
TIMES |
64.65 |
60.79 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
50.05 |
|
|
OPERATING PROFIT |
% |
66.94 |
|
|
NET PROFIT |
% |
39.52 |
|
|
FIXED ASSETS |
% |
98.65 |
|
|
TOTAL ASSETS |
% |
(83.60) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.00 |
Deteriorated |
Industrial
Average |
24.44 |
|
Net Profit Margin |
0.24 |
Impressive |
Industrial
Average |
(3.05) |
|
Return on Assets |
1.93 |
Impressive |
Industrial
Average |
1.60 |
|
Return on Equity |
33.60 |
Impressive |
Industrial
Average |
6.68 |
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%. 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 0.24%, higher figure when compared with those
of its average competitors in the same industry, indicated that business was an
efficient operator 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 1.93%, 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 33.6%, 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 |
1.03 |
Deteriorated |
Industrial
Average |
35.28 |
|
Quick Ratio |
0.88 |
|
|
|
|
Cash Conversion Cycle |
25.37 |
|
|
|
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 1.03 times in 2010, decrease from 1.04 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 0.88 times in 2010,
increase from 0.84 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 26 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.94 |
Acceptable |
Industrial
Average |
0.72 |
|
Debt to Equity Ratio |
16.40 |
Risky |
Industrial
Average |
1.43 |
|
Times Interest Earned |
64.65 |
Deteriorated |
Industrial
Average |
388.58 |
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 64.66 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 0.94 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
747.61 |
Deteriorated |
Industrial
Average |
28,930.34 |
|
Total Assets Turnover |
8.04 |
Impressive |
Industrial
Average |
2.23 |
|
Inventory Conversion Period |
3.79 |
|
|
|
|
Inventory Turnover |
96.43 |
Impressive |
Industrial
Average |
30.17 |
|
Receivables Conversion Period |
21.80 |
|
|
|
|
Receivables Turnover |
16.74 |
Impressive |
Industrial Average |
15.21 |
|
Payables Conversion Period |
0.21 |
|
|
|
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.51.44 |
|
|
1 |
Rs.81.96 |
|
Euro |
1 |
Rs.67.60 |
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 SCs 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.