MIRA
INFORM REPORT
|
Report Date : |
17.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
OYSTAR [THAILAND] LIMITED |
|
|
|
|
Formerly Known As : |
IWK PACKAGING MACHINERY LIMITED |
|
|
|
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Registered Office : |
888/45 Moo 19, Bangplee-Tamru Road, Bangpleeyai, Bangplee, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
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Date of Incorporation : |
31.03.1999 |
|
|
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Com. Reg. No.: |
0115542001792 |
|
|
|
|
Legal Form : |
Private Limited Company |
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|
|
|
Line of Business : |
Importer, Distributor & Exporter of Packaging Machinery & Equipment |
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No. of Employees : |
60 |
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 : |
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
OYSTAR
[THAILAND] LIMITED
[FORMER
: IWK PACKAGING
MACHINERY LIMITED]
SUMMARY
BUSINESS
ADDRESS : 888/45
MOO 19, BANGPLEE-TAMRU ROAD,
BANGPLEEYAI, BANGPLEE,
SAMUTPRAKARN 10540
TELEPHONE : [66]
2382-5440-6, 081 831-2489
FAX :
[66] 2382-5447,
2382-5449
E-MAIL
ADDRESS : info@oystar-iwk-thai.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1999
REGISTRATION
NO. : 0115542001792 [Former
: SOR POR.
8828]
TAX
ID NO. : 3021012519
CAPITAL
REGISTERED : BHT.
2,100,000
CAPITAL
PAID-UP : BHT.
2,100,000
SHAREHOLDER’S PROPORTION : GERMAN :
100%
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
MATTHIAS JUNGLING, GERMAN
MANAGING DIRECTOR
NO.
OF STAFF : 60
LINES
OF BUSINESS : PACKAGING MACHINERY
& EQUIPMENT
IMPORTER, DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject was
established on March
31, 1999 as a
private limited company
under the originally
registered name “IKW
Packaging Machinery Limited”
by German groups, in
order to import
and distribute packaging
machinery and equipment
to local market.
On May 12, 2010,
its name was
changed to OYSTAR
[THAILAND] LIMITED. Subject
currently employs approximate
60 staff.
It is a
subsidiary of IWK
Verpackungstechnik GmbH from
Germany.
The subject’s registered
address was initially
located at 49/45
Moo 9, Srinakarin
Rd., Bangna, Bangkok
10260.
In June 2006,
subject’s registered address
was relocated to
888/45 Moo 19,
Bangplee-Tamru Rd., Bangpleeyai,
Bangplee, Samutprakarn 10540,
and this is
the company’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
Nationality
|
Age
|
|
|
|
|
Mr. Matthias
Jungling
|
German |
45 |
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with the
company’s affixed.
MANAGEMENT
Mr. Matthias Jungling
is the Managing
Director.
He is
German nationality with
the age of
45 years old.
Mr.
Apichart Lerschaianan
is the Sales
Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject’s activities
are importer, exporter
and distributor of
packaging machinery, spare
parts and related
equipment, mainly for
consumer goods, pharmaceutical and
cosmetic industries.
It is an
exclusive agent of
IWK Verpackungstechnik GmbH
in Germany, providing
engineering consult, repairing
and maintenance services
of the products.
MAJOR BRANDS
“IWKA” and “BENHIL”
IMPORT [COUNTRIES]
Its products are
imported from United
Kingdom, Republic of China, India,
Taiwan, United States
of America and
Germany, the rest
is purchased locally.
MAJOR SUPPLIERS
IWK Verpackungstechnik GmbH :
Germany
Hassia Ltd. : U.S.A.
Benz & Hilgers GmbH : Germany
IWKA Pacunion GmbH : Germany
SALES [LOCAL]
90% of the
products is sold
and serviced locally
to end-users mainly
manufacturers.
EXPORT
10% of the
products is exported
to Indonesia and
Vietnam.
PARENT COMPANY
IWK Verpackungstechnik GmbH :
Germany
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
credit term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BUSINESS TRANSACTION
The products
are sold to
customers by cash
and credit, with
the maximum credit
given at 30-60
days. The subject
is not found
to have problem
on both accounts
receivable and accounts payable.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Kasikornbank Public Co.,
Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 60 staff.
[office, sales staff,
engineers and workers]
LOCATION DETAILS
The premise is
rented for administrative office and
warehouse at the
heading address. Premise
is located in
industrial area.
COMMENT
The subject has attained
a solid business
status over year’s
efforts. Its general
situation was favorable
and witnessing stable
growth in its
business turnover.
The packaging sector remains healthy. High technology for the packaging
industry also has potential
for local industries
in order to upgrade
their products and
playing the great
role to improve
competitiveness in world
market.
Subject has a solid
business with continuous
expansion from strong
domestic consumption.
FINANCIAL INFORMATION
The capital was
registered at Bht.
2,100,000 divided into 21,000
shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE: [as at
March 1, 2012]
|
NAME |
HOLDING |
% |
IWK Verpackungstechnik GmbH
Nationality : German Address : Lorenzstraze 6, D-76297
Stutensee, Germany |
20,994 |
99.97 |
|
Mr. Jens Wokfgang
Torkel Nationality : German Address : Germany |
1 |
|
|
Mr. Thomas Kirk
Ingo Graph Nationality : German Address : Germany |
1 |
|
|
Mr. Earl Marcus
Adolf Nationality : German Address : Germany |
1 |
= 0.03 |
|
Mr. Matthias Jungling Nationality : German Address : Germany |
1 |
|
|
Mr. Deter V.
Grulich Nationality : German Address : Germany |
1 |
|
Mr. Frank
O. Hubner
Nationality : German Address : Germany |
1 |
|
Total Shareholders : 7
Share Structure [as
at March 1,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - German |
7 |
21,000 |
100.00 |
|
Total |
7 |
21,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Opawadee Metheetrairat
No. 3685
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2011 & 2010
were:
ASSETS
|
Current Assets |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Cash and Cash Equivalents |
9,927,145 |
2,893,473 |
|
Short-term Investment |
2,223 |
2,212 |
|
Trade Accounts & Other
Receivable |
63,627,770 |
43,225,257 |
|
Inventories |
77,103,624 |
42,901,473 |
|
Other Current Assets
|
32,574,371 |
20,514,405 |
|
Total Current Assets
|
183,235,133 |
109,536,820 |
|
Fixed Assets |
6,942,239 |
3,509,270 |
|
Intangible Assets |
1,939,410 |
3,618,102 |
|
Deposit |
6,412,014 |
6,194,800 |
|
Total Assets |
198,528,796 |
122,858,992 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Trade Accounts & Other
Payable |
129,258,566 |
78,758,606 |
|
Short-term Loans |
20,669,850 |
20,123,200 |
|
Other Current Liabilities |
11,677,770 |
3,920,179 |
|
|
|
|
|
Total Current Liabilities |
161,606,186 |
102,801,985 |
|
Reserve for Employee
Benefit |
689,938 |
- |
|
Total Liabilities |
162,296,124 |
102,801,985 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 21,000 shares |
2,100,000 |
2,100,000 |
|
|
|
|
|
Capital Paid |
2,100,000 |
2,100,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
210,000 |
210,000 |
|
Unappropriated |
33,922,672 |
17,747,007 |
|
Total Shareholders' Equity |
36,232,672 |
20,057,007 |
|
Total Liabilities &
Shareholders' Equity |
198,528,796 |
122,858,992 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Sales Income |
302,872,206 |
176,468,181 |
|
Service Income |
18,845,863 |
13,893,561 |
|
Commission Income |
10,095,299 |
10,404,059 |
|
Profit/[Loss] on Exchange Rate |
- |
20,897,233 |
|
Other Income |
1,278,097 |
1,061,165 |
|
Total Revenues |
333,091,465 |
222,724,199 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
185,649,132 |
121,893,312 |
|
Cost of Services |
29,336,663 |
22,406,003 |
|
Selling Expenses |
30,052,348 |
15,583,622 |
|
Administrative Expenses |
56,592,814 |
49,579,699 |
|
Total Expenses |
301,630,957 |
209,462,636 |
|
|
|
|
|
Profit/[Loss] before Financial
Cost & Income Tax |
31,460,508 |
13,261,563 |
|
Financial Cost |
[1,158,532] |
[841,711] |
|
Profit/[Loss] before Income Tax |
30,301,976 |
12,419,852 |
|
Income Tax |
[14,126,311] |
[4,692,632] |
|
|
|
|
|
Net Profit/[Loss] |
16,175,665 |
7,727,220 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.13 |
1.07 |
|
QUICK RATIO |
TIMES |
0.46 |
0.45 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
46.34 |
54.25 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.62 |
1.55 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
130.91 |
108.52 |
|
INVENTORY TURNOVER |
TIMES |
2.79 |
3.36 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
72.19 |
82.88 |
|
RECEIVABLES TURNOVER |
TIMES |
5.06 |
4.40 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
219.45 |
199.22 |
|
CASH CONVERSION CYCLE |
DAYS |
(16.36) |
(7.82) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
66.82 |
75.80 |
|
SELLING & ADMINISTRATION |
% |
26.93 |
34.23 |
|
INTEREST |
% |
0.36 |
0.44 |
|
GROSS PROFIT MARGIN |
% |
36.71 |
41.20 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.78 |
6.97 |
|
NET PROFIT MARGIN |
% |
5.03 |
4.06 |
|
RETURN ON EQUITY |
% |
44.64 |
38.53 |
|
RETURN ON ASSET |
% |
8.15 |
6.29 |
|
EARNING PER SHARE |
BAHT |
770.27 |
367.96 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.82 |
0.84 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.48 |
5.13 |
|
TIME INTEREST EARNED |
TIMES |
27.16 |
15.76 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
69.00 |
|
|
OPERATING PROFIT |
% |
137.23 |
|
|
NET PROFIT |
% |
109.33 |
|
|
FIXED ASSETS |
% |
97.83 |
|
|
TOTAL ASSETS |
% |
61.59 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
36.71 |
Impressive |
Industrial
Average |
21.18 |
|
Net Profit Margin |
5.03 |
Impressive |
Industrial
Average |
2.05 |
|
Return on Assets |
8.15 |
Impressive |
Industrial
Average |
2.10 |
|
Return on Equity |
44.64 |
Impressive |
Industrial
Average |
5.18 |
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 36.71%. 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 5.03%, 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 8.15%, 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 44.64%, 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 |
1.13 |
Satisfactory |
Industrial
Average |
1.46 |
|
Quick Ratio |
0.46 |
|
|
|
|
Cash Conversion Cycle |
(16.36) |
|
|
|
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 1.13 times in 2011, increased from 1.07 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 0.46 times in 2011,
increased from 0.45 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 -17 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.82 |
Acceptable |
Industrial
Average |
0.57 |
|
Debt to Equity Ratio |
4.48 |
Risky |
Industrial
Average |
1.44 |
|
Times Interest Earned |
27.16 |
Impressive |
Industrial
Average |
2.76 |
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 27.16 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 0.82 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
46.34 |
Impressive |
Industrial
Average |
2.49 |
|
Total Assets Turnover |
1.62 |
Impressive |
Industrial
Average |
1.03 |
|
Inventory Conversion Period |
130.91 |
|
|
|
|
Inventory Turnover |
2.79 |
Impressive |
Industrial
Average |
2.78 |
|
Receivables Conversion Period |
72.19 |
|
|
|
|
Receivables Turnover |
5.06 |
Impressive |
Industrial
Average |
3.83 |
|
Payables Conversion Period |
219.45 |
|
|
|
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.99 |
|
|
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.