MIRA
INFORM REPORT
|
Report Date : |
18.04.2012 |
IDENTIFICATION DETAILS
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Name : |
REPROTECH CO., LTD |
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Formerly Known As : |
REPRO-TECH CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
28.03.1983 |
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Com. Reg. No.: |
0105526012254 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and Exporter of Printing Paper and Related Equipment |
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No. of Employees : |
120
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
REPROTECH
CO., LTD
[FORMER
: REPRO-TECH CO.,
LTD. ]
SUMMARY
BUSINESS
ADDRESS : 541
SIRINTHORN ROAD, BANGBUMHRU,
BANGPLAD, BANGKOK
10700
TELEPHONE : [66] 2435-0028-31
FAX :
[66] 2435-0027,
2435-0163
E-MAIL
ADDRESS : reprotech@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1983
REGISTRATION
NO. : 0105526012254 [Former
: 1226/2526]
CAPITAL REGISTERED : BHT.
20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PISIT CHAINANPIPOB, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 120
LINES
OF BUSINESS : PRINTING PAPER
AND RELATED EQUIPMENT MANUFACTURER, DISTRIBUTOR
AND 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 March 28,
1983 as a
private limited company
under the originally
registered name “Repro-Tech Co.,
Ltd.” by Thai
group, Ongthongkham family,
with the business
objective to manufacture
various kinds of
printing paper to
both local and
overseas markets. On
May 1, 2009,
its registered name
was changed to
REPROTECH CO., LTD. It
currently employs approximate
120 staff.
The
subject’s registered address
is 541 Sirinthorn
Rd., Bangbumhru, Bangplad,
Bangkok 10700, and
this is the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kulachart Ong-arjwasana |
|
Thai |
38 |
|
Mr. Pisit Chainanpipob [Former : Mr. Charan Ongthongkham] |
|
Thai |
51 |
Note:
Mr. Pisit Chainanpipob changed
his name and
last name from Mr. Charan
Ongthongkham in April
2009.
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Pisit Chainanpipob is
the Managing Director.
He is Thai
nationality with the
age of 51
years old.
Mrs. Vilawan Ongthongkham is
the Assistant Managing
Director.
She is Thai
nationality.
Mr. Kulachart Ong-arjwasana is
the Factory Manager.
He is Thai
nationality with the
age of 38
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
various kinds of
printing paper such
as blueprint paper,
laquered paper, PPC
paper, plotter paper,
inkjet paper, tracing
paper, drafting translucent
paper, inkjet coated
opaque paper and
polyester film; as
well as distributing
of related machines:
blueprint machine, plain
paper copier machine, digital plain
paper copier machine,
scanner and plotter
under the brand
name “TERIOSTAR”.
Subject also provides
repair and maintenance
services of the printing
machines.
PAPER PRODUCTION CAPACITY
100,000 square meters
per day
IMPORT
Raw
materials including paper,
film sheet, coating
chemical as well
as printing machines
are imported from
United States of
America, Germany, France,
Italy, Japan and
Taiwan, as well
as purchased locally.
MAJOR
SUPPLIERS
3E
Technology Inc. : United
States of America
SCG
Paper Group : Thailand
SALES
90% of the
products is sold
locally by wholesale
to dealers and
end-users mainly for
printing house, and
Thai Government, the
remaining 10% is exported to
Malaysia, Singapore, Indonesia,
Republic of China
and India.
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
30-60-90 days.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
EMPLOYMENT
The
subject employs approximately 120
office staff and
factory workers.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
and warehouse are
located at 23/9
Moo 10, T. Tamaka,
A. Tamaka, Karnchanaburi
71120. Tel.: [66]
34 542-767, Fax: [66]
34 542-756.
REMARK
CREDIT
OF US$ 125,000
AGAINST D/A IN
TERMS SHOULD BE
IN ORDER.
COMMENT
Growth of printing,
consumer, foods and packaging
industries have resulted in high demand of industrial paper
and equipments. The company’s
business has potential for future growth
as long as consumption of printing industry
remains strong.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
5,000,000 divided into
50,000 shares of
Bht. 100 each.
On
June 12, 2002,
the capital was
increased to Bht.
20,000,000 divided into 200,000
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 29, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pisit Chainanpipob Nationality: Thai Address : 107
Moo 19, Kanchanapisek Rd.,
Salathamasop,
Taweewattana, Bangkok |
106,496 |
53.25 |
|
Mrs. Pasnalin Chainanpipob Nationality: Thai Address : 107
Moo 19, Kanchanapisek Rd.,
Salathamasop,
Taweewattana, Bangkok |
75,504 |
37.75 |
|
Mr. Vichit Ongthongkham Nationality: Thai Address : 170-174
Worachak Rd., Banbart,
Pomprabsattrupai, Bangkok |
18,000 |
9.00 |
Total Shareholders : 3
Share Structure [as
at April 29,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
200,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
200,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Teerawat
Sutthinaivaraporn No. 6574
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
& at Bank |
31,877,144.96 |
32,422,533.56 |
|
Trade Accounts Receivable |
20,790,044.61 |
20,983,163.21 |
|
Inventories |
27,613,646.53 |
30,049,046.44 |
|
Other Current Assets
|
2,004,708.65 |
3,230,275.73 |
|
|
|
|
|
Total Current Assets
|
82,285,544.75 |
86,685,018.94 |
|
Fixed Assets |
19,265,305.53 |
20,988,745.16 |
|
Other Assets |
630,011.22 |
339,033.59 |
|
Total Assets |
102,180,861.50 |
108,012,797.69 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
43,730,106.01 |
50,529,953.15 |
|
Other Current Liabilities |
11,727,038.21 |
12,138,232.01 |
|
|
|
|
|
Total Current Liabilities |
55,457,144.22 |
62,668,185.16 |
|
Total Liabilities |
55,457,144.22 |
62,668,185.16 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 200,000 shares |
20,000,000.00 |
20,000,000.00 |
|
|
|
|
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve
|
130,000.00 |
130,000.00 |
|
Unappropriated |
26,593,717.28 |
25,214,612.53 |
|
Total Shareholders' Equity |
46,723,717.28 |
45,344,612.53 |
|
Total Liabilities & Shareholders' Equity |
102,180,861.50 |
108,012,797.69 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
83,211,525.95 |
89,921,495.79 |
|
Sales - Overseas |
25,704,418.94 |
25,320,304.36 |
|
Others |
448,234.31 |
714,947.86 |
|
Total Revenues |
109,364,179.20 |
115,956,748.01 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
81,580,795.46 |
86,712,252.04 |
|
Selling Expenses |
10,068,975.01 |
10,266,136.82 |
|
Administrative Expenses |
11,456,392.54 |
12,187,431.37 |
|
Total Expenses |
103,106,163.01 |
109,165,820.23 |
|
|
|
|
|
Profit / [Loss] before Income
Tax |
6,258,016.19 |
6,790,927.78 |
|
Income Tax |
[1,878,911.44] |
[2,038,906.66] |
|
|
|
|
|
Net Profit / [Loss] |
4,379,104.75 |
4,752,021.12 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.48 |
1.38 |
|
QUICK RATIO |
TIMES |
0.95 |
0.85 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.65 |
5.49 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.07 |
1.07 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
123.55 |
126.49 |
|
INVENTORY TURNOVER |
TIMES |
2.95 |
2.89 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
69.67 |
66.46 |
|
RECEIVABLES TURNOVER |
TIMES |
5.24 |
5.49 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
195.65 |
212.70 |
|
CASH CONVERSION CYCLE |
DAYS |
(2.43) |
(19.75) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
74.90 |
75.24 |
|
SELLING & ADMINISTRATION |
% |
19.76 |
19.48 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
25.51 |
25.38 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.75 |
5.89 |
|
NET PROFIT MARGIN |
% |
4.02 |
4.12 |
|
RETURN ON EQUITY |
% |
9.37 |
10.48 |
|
RETURN ON ASSET |
% |
4.29 |
4.40 |
|
EARNING PER SHARE |
BAHT |
21.90 |
23.76 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.54 |
0.58 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.19 |
1.38 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(5.49) |
|
|
OPERATING PROFIT |
% |
(7.85) |
|
|
NET PROFIT |
% |
(7.85) |
|
|
FIXED ASSETS |
% |
(8.21) |
|
|
TOTAL ASSETS |
% |
(5.40) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
25.51 |
Impressive |
Industrial Average |
14.10 |
|
Net Profit Margin |
4.02 |
Impressive |
Industrial Average |
1.52 |
|
Return on Assets |
4.29 |
Impressive |
Industrial Average |
3.04 |
|
Return on Equity |
9.37 |
Impressive |
Industrial Average |
8.45 |
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 25.51%. 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 4.02%, 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
4.29%, 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 9.37%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.48 |
Satisfactory |
Industrial Average |
1.52 |
|
Quick Ratio |
0.95 |
|
|
|
|
Cash Conversion Cycle |
(2.43) |
|
|
|
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 1.48 times in 2010, increased from 1.38 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 0.95 times in 2010,
increased from 0.85 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 -3 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.54 |
Impressive |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
1.19 |
Satisfactory |
Industrial Average |
1.66 |
|
Times Interest Earned |
- |
|
Industrial Average |
2.07 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.54 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 |
5.65 |
Acceptable |
Industrial Average |
8.19 |
|
Total Assets Turnover |
1.07 |
Acceptable |
Industrial Average |
2.01 |
|
Inventory Conversion Period |
123.55 |
|
|
|
|
Inventory Turnover |
2.95 |
Acceptable |
Industrial Average |
4.96 |
|
Receivables Conversion Period |
69.67 |
|
|
|
|
Receivables Turnover |
5.24 |
Impressive |
Industrial Average |
4.24 |
|
Payables Conversion Period |
195.65 |
|
|
|
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.62 |
|
|
1 |
Rs.81.94 |
|
Euro |
1 |
Rs.67.65 |
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.