MIRA
INFORM REPORT
|
Report Date : |
06.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
PTT POLYMER MARKETING COMPANY LIMITED |
|
|
|
|
Registered Office : |
9th Floor, Energy Complex Tower A, 555/1 Vibhavadee Rangsit Road, Chatuchak, Bangkok 10900 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
24.06.2005 |
|
|
|
|
Com. Reg. No.: |
0105548082506 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Distributor and Exporter of Polymer Products |
|
|
|
|
No. of Employees : |
129 |
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 : |
Good |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
TAX
ID NO. : 3380090777
CAPITAL REGISTERED : BHT. 40,000,000
CAPITAL PAID-UP : BHT.
40,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SUPACHOKE LIAMKAEO, THAI
PRESIDENT
NO.
OF STAFF : 129
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
129 staff.
Presently,
the subject is
a joint venture
among PTT Public
Company Limited, IRPC
Public Company Limited
and PTT Global
Chemical Public Company
Limited, which are
members of PTT
group of companies, it is the Thailand’s largest petroleum and
petrochemical company and
the leading petrochemical
producer in Asia.
The
subject’s registered address
was initially located
at 555 Ardnarong
Rd., Klongtoey, Bangkok
10110.
On
March 2, 2010
the subject’s registered
address was relocated
to 9th Floor,
Energy Complex Tower A,
555/1 Vibhavadee Rangsit
Rd., Chatuchak, Bangkok
10900, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Atthawuth Hiranburana |
|
Thai |
56 |
|
Mr. Athikom Terbsiri |
|
Thai |
50 |
|
Mr. Pitiphan Theppatimakorn |
[-] |
Thai |
56 |
|
Mr. Supachoke Liamkaeo |
[x] |
Thai |
57 |
|
Mr. Pramin Phantawesak |
[-] |
Thai |
58 |
|
Mr. Nanthachai Prapawatvech |
|
Thai |
61 |
|
Mrs. Buppha Amornkiatkajorn |
[-] |
Thai |
54 |
AUTHORIZED PERSON
Only the mentioned
director [x] signs
or one of
the mentioned directors
[-] can jointly
sign with anyone
of the rest directors
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Supachoke LiamKaeo
is the President.
He is Thai
nationality with the
age of 57 years
old.
Mr. Saravut Damrichob is
the Vice President,
Finance & Accounting Dept.
He is Thai
nationality.
Mr. Amnuai Phrom-Anant is the
Vice President, Planning & 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,
specializes in Polyethylene
products, including High
Density Polyethylene [HDPE],
Low Density Polyethylene [LDPE], Linear Low Density
Polyethylene [LLDPE], under
the brand “INNOPLUS”, as
well as Polystyrene
[PS] consists of
GPPS resin [General Purpose Polystyrene]
and HIPS resin [High
Impact Polystyrene], under
the brand “DIAREX”.
PRODUCTION CAPACITY
3 million tons per year
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.
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 129
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.
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 PTT’s
wide portfolio of petrochemical
subsidiaries. It will
not only optimise
marketing management
efficiency, but also
reinforce the group’s competitive
edge over its rivals.
The
subject provides the most professional sales and marketing services to
PTT Group’s 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 26, 2012]
|
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 Global Chemical
Public Company Limited Nationality: Thai Address : Energy
Complex Tower, 555/1 Vibhavadee
Rangsit Rd., 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 26,
2012]
|
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, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
2,042,313,394 |
1,619,712,768 |
|
Trade Accounts Receivable - Other Company |
3,296,591,733 |
2,320,043,249 |
|
- Related Company |
123,902,439 |
41,810,715 |
|
Account Receivable - Related Company |
4,712,947 |
2,861,744 |
|
Inventories |
471,961,024 |
392,362,091 |
|
Refundable Value Added Tax |
470,127,945 |
308,421,502 |
|
Prepayment |
3,903,385 |
3,362,431 |
|
Other Current Assets
|
17,371,143 |
14,972,282 |
|
|
|
|
|
Total Current Assets
|
6,430,884,010 |
4,703,546,782 |
|
Investment in Subsidiaries |
1,959,695 |
1,959,695 |
|
Fixed Assets |
39,325,675 |
51,959,933 |
|
Intangible Assets |
50,117,140 |
62,880,871 |
|
Other Assets |
11,701,627 |
11,123,837 |
|
Deferred Income Tax |
5,754,803 |
7,448,038 |
|
Total Assets |
6,539,742,950 |
4,838,919,156 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable - Other Company |
35,252,395 |
21,906,157 |
|
- Related Company |
5,819,960,736 |
4,383,414,119 |
|
Account Payable - Related Company |
46,637,004 |
43,049,059 |
|
Current Portion of Financial Lease Contract Liabilities |
3,100,506 |
3,272,519 |
|
Pre-receipt from Customer |
46,113,112 |
25,418,621 |
|
Accrued Expenses |
40,381,926 |
22,695,608 |
|
Accrued Income Tax |
47,588,435 |
38,430,483 |
|
Other Current Liabilities |
29,947,459 |
12,796,827 |
|
|
|
|
|
Total Current Liabilities |
6,068,981,573 |
4,550,983,393 |
|
Reserve for Employee’s Benefit |
28,774,015 |
24,826,794 |
|
Financial Lease Contract Liabilities, Net of Current Portion |
1,333,310 |
2,842,940 |
|
Total Liabilities |
6,099,088,898 |
4,578,653,127 |
|
|
|
|
|
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 |
400,654,052 |
220,266,029 |
|
Total Shareholders' Equity |
440,654,052 |
260,266,029 |
|
Total Liabilities & Shareholders'
Equity |
6,539,742,950 |
4,838,919,156 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
62,704,682,520 |
38,845,637,570 |
|
Other Income |
267,009,487 |
152,697,018 |
|
Total Revenues |
62,971,692,007 |
38,998,334,588 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
61,185,819,617 |
37,834,558,754 |
|
Selling Expenses |
1,151,258,205 |
722,438,012 |
|
Administrative Expenses |
376,862,910 |
310,012,589 |
|
Total Expenses |
62,713,940,732 |
38,867,009,355 |
|
|
|
|
|
Profit before Financial Cost & Income Tax |
257,751,275 |
131,325,233 |
|
Financial Cost |
[258,725] |
[2,088,536] |
|
|
|
|
|
Profit before Income Tax |
257,492,550 |
129,236,697 |
|
Income Tax |
[77,104,527] |
[38,530,103] |
|
Net Profit / [Loss] |
180,388,023 |
90,706,594 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.06 |
1.03 |
|
QUICK RATIO |
TIMES |
0.90 |
0.88 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1,594.50 |
747.61 |
|
TOTAL ASSETS TURNOVER |
TIMES |
9.59 |
8.03 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
2.82 |
3.79 |
|
INVENTORY TURNOVER |
TIMES |
129.64 |
96.43 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
19.19 |
21.80 |
|
RECEIVABLES TURNOVER |
TIMES |
19.02 |
16.74 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
0.21 |
0.21 |
|
CASH CONVERSION CYCLE |
DAYS |
21.79 |
25.37 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
97.58 |
97.40 |
|
SELLING & ADMINISTRATION |
% |
2.44 |
2.66 |
|
INTEREST |
% |
0.00 |
0.01 |
|
GROSS PROFIT MARGIN |
% |
2.85 |
3.00 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.41 |
0.34 |
|
NET PROFIT MARGIN |
% |
0.29 |
0.23 |
|
RETURN ON EQUITY |
% |
40.94 |
34.85 |
|
RETURN ON ASSET |
% |
2.76 |
1.87 |
|
EARNING PER SHARE |
BAHT |
450.97 |
226.77 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.93 |
0.95 |
|
DEBT TO EQUITY RATIO |
TIMES |
13.84 |
17.59 |
|
TIME INTEREST EARNED |
TIMES |
996.24 |
62.88 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
61.42 |
|
|
OPERATING PROFIT |
% |
96.27 |
|
|
NET PROFIT |
% |
98.87 |
|
|
FIXED ASSETS |
% |
(24.32) |
|
|
TOTAL ASSETS |
% |
35.15 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
2.85 |
Deteriorated |
Industrial
Average |
46.92 |
|
Net Profit Margin |
0.29 |
Deteriorated |
Industrial
Average |
6.01 |
|
Return on Assets |
2.76 |
Deteriorated |
Industrial
Average |
9.52 |
|
Return on Equity |
40.94 |
Impressive |
Industrial
Average |
17.95 |
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 2.85%. 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 0.29%.
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 2.76%.
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 40.94%, 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 |
1.06 |
Deteriorated |
Industrial
Average |
2.78 |
|
Quick Ratio |
0.90 |
|
|
|
|
Cash Conversion Cycle |
21.79 |
|
|
|
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 1.06 times in 2011, increased from 1.03 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 0.9 times in 2011,
increased from 0.88 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 22 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.93 |
Acceptable |
Industrial
Average |
0.66 |
|
Debt to Equity Ratio |
13.84 |
Risky |
Industrial
Average |
1.24 |
|
Times Interest Earned |
996.24 |
Impressive |
Industrial
Average |
12.16 |
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 996.24 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 0.93 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 |
1,594.50 |
Impressive |
Industrial
Average |
8.23 |
|
Total Assets Turnover |
9.59 |
Impressive |
Industrial
Average |
2.30 |
|
Inventory Conversion Period |
2.82 |
|
|
|
|
Inventory Turnover |
129.64 |
Impressive |
Industrial
Average |
28.98 |
|
Receivables Conversion Period |
19.19 |
|
|
|
|
Receivables Turnover |
19.02 |
Impressive |
Industrial
Average |
3.49 |
|
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.08 |
|
UK Pound |
1 |
Rs.87.03 |
|
Euro |
1 |
Rs.68.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.