MIRA INFORM REPORT
|
Report Date : |
01.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
ROONGTHAVORN
PLASTIC CO., LTD. |
|
|
|
|
Registered Office : |
Gateway Industrial Estate, 231-231/1 Moo 7, Huasamrong, Plaengyao, Chachoengsao 24170 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
14.09.1992 |
|
|
|
|
Com. Reg. No.: |
0115535006881 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturing contract of
plastic injection |
|
|
|
|
No. of Employees
: |
780 |
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 – September 30th, 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
ROONGTHAVORN PLASTIC
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : GATEWAY INDUSTRIAL
ESTATE,
231-231/1 MOO
7, HUASAMRONG, PLAENGYAO,
CHACHOENGSAO 24170,
THAILAND
TELEPHONE : [66] 38
575-363-6
FAX :
[66] 38
575-362
E-MAIL ADDRESS : rt2000@roongthavorn.co.th
REGISTRATION
ADDRESS : WELLGROW INDUSTRIAL
ESTATE,
83 MOO
5, BANGNA-TRAD ROAD,
BANGSAMAK,
BANGPAKONG, CHACHOENGSAO
24180
ESTABLISHED
: 1992
REGISTRATION
NO. : 0115535006881
CAPITAL REGISTERED : BHT.
180,000,000
CAPITAL PAID-UP : BHT.
180,000,000
SHAREHOLDER’S PROPORTION : THAI : 57.00%
TAIWANESE :
43.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
HU WEN CHUNG,
TAIWANESE
PRESIDENT
NO.
OF STAFF : 780
LINES
OF BUSINESS : PLASTIC INJECTION
MANUFACTURING CONTRACT
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 September 14,
1992 as a
private limited company under
the name style ROONGTHAVORN PLASTIC CO.,
LTD., by Thai and Taiwanese groups, with the business
objective to provide plastic
injection service for
industrial parts to
both domestic and
international markets. It
currently employs approximate 780 staff.
It
achieved the standard
ISO 9001:2000, TS 16949:2000
and ISO 14001:2004
certifications.
The subject’s registered
address is 83 Moo 5, Bangna-Trad Rd., Bangsamak,
Bangpakong, Chachoengsao
24180, while the subject’s current
operation address is at 231-231/1
Moo 7, Huasamrong,
Plaengyao, Chachoengsao 24170.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Hu, Wen Chung |
|
Taiwanese |
64 |
|
Mr. Hu, Hong Zen |
|
Taiwanese |
34 |
|
Ms. Oranand Rangsanchinda |
|
Thai |
39 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Hu, Wen Chung
is the President.
He is Taiwanese
nationality with the
age of 64
years old.
Mr. Ho Hadanich is
the Managing Director.
He is Australian
nationality.
Mr. Chinnapat [Former :
Suchai] Pitakmongkolsin is
the Factory Manager I
[Gateway].
He is Thai nationality.
Mr. Chokechai Sirikanchanapai is
the Factory Manager
II [Wellgrow].
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
services of plastic
injection and assembly,
as well as providing spray
painting, hot stamping to
silk screen, assembly
and insert film on plastic parts for industrial parts
and components for electrical
appliances and electronics industries,
such as monitor,
LCD, refrigerator, plasma
frame, as well
as automotive parts
and handle. The
products are supplied to
customers, such as “TOSHIBA”,
“PANASONIC”, “HITACHI”, “SHARP”, “LG”, “HAIRE”, “TOYOTA”, “OMRON”,
“ALPHA” and etc.
PURCHASE
Most of raw
materials are purchased
from local suppliers,
the remaining as
well as machinery
are imported from
Taiwan, U.S.A., Germany,
Japan and Republic
of China.
MAJOR SUPPLIER
Mitutoyu Corporation : Japan
SALES/SERVICES
80% of
the products is
sold and serviced
locally to manufacturers
and end-users, the
remaining 20% is exported
to Taiwan, Japan,
U.S.A., Hong Kong,
Korea, Germany and
Singapore.
MAJOR CUSTOMERS
World Electric
[Thailand] Co., Ltd :
Thailand
Tatung [Thailand]
Co., Ltd. : Thailand
Wistron Corporation : Taiwan
Top Wing
Auto Accessories Co.,
Ltd. : Thailand
Toshiba [Thailand]
Co., Ltd. : Thailand
SUBSIDIARY AND AFFILIATED
COMPANY
Roongthavorn Surface Technology
Co., Ltd.
Business Type : Manufacturer of
plastic parts
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/services 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
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject
employs approximately 780
staff.
LOCATION DETAILS
The
premise is owned for
administrative office and
factory I on
36,800 square meters
of land at
the heading address.
Premise is located
in industrial area.
Factory II
is located on
65,000 square meters
of land, at
Wellgrow Industrial Estate,
83 Moo 5,
Bangna-Trad Rd., Bangsamak,
Bangpakong, Chachoengsao 24180
Tel
: [66] 38
570-170-2, Fax :
[66] 38 570-169.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT USD
1,000,000.
COMMENT
The
subject was formed in 1992 as
a professional plastic
injection manufacturing
services of industrial
parts for automobile, electrical appliance, house hold goods
and etc. Its
products have been served to
domestic manufactures. Expanding
market globally and
strong domestic consumption
have enabled the
subject to become
the leading supplier
of plastic mold
and injection manufacturer.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000
divided into 50,000
shares of Bht. 100
each.
The
capital was increased
later as following:
Bht. 30,000,000
on November 17,
1995
Bht. 70,000,000
on July 3,
1998
Bht. 150,000,000
on December 14,
1999
Bht. 170,000,000
on November 30,
2000
Bht. 180,000,000
on April 11,
2005
The
latest registered capital
was increased to Bht. 180 million,
divided into 1,800,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Oranand Rangsanchinda Nationality: Thai Address : 246/20
Ramkhamhaeng 196 Rd.,
Saensab,
Minburi, Bangkok |
790,000 |
43.89 |
|
Mr. Hu, Wen Chung Nationality: Taiwanese Address : 231 Moo 7,
Huasamrong, Plaengyao,
Chachoengsao |
500,000 |
27.78 |
|
Ms. Wanphen Chitsoosuk Nationality: Thai Address : 322
Klongchan, Bangkapi, Bangkok |
220,000 |
12.22 |
|
Mr. Hu, Chao Chung Nationality: Taiwanese Address : Taiwan |
174,000 |
9.67 |
|
Mr. Hu, Hong Zen Nationality: Taiwanese Address : 231
Moo 7, Huasamrong,
Plaengyao,
Chachoengsao |
100,000 |
5.55 |
|
Mr. Chokechai Sirikarnchanapai Nationality: Thai Address : 98/68
Moo 5, Bangsamak,
Bangpakong,
Chachoengsao |
15,000 |
0.83 |
|
Mr. Chinnapat Pitakmongkolsin Nationality: Thai Address : 519
Charoenrath Rd., Klongsan,
Bangkok |
1,000 |
0.06 |
Total Shareholders : 7
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
1,026,000 |
57.00% |
|
Foreign - Taiwanese |
3 |
774,000 |
43.00% |
|
Total |
7 |
1,800,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Preeda Permpusri No.
466
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents
|
1,146,798.39 |
1,849,608.07 |
|
Trade Accounts Receivable |
263,365,736.70 |
201,555,013.73 |
|
Short-term Loan to Related Company |
31,550,000.00 |
34,232,423.48 |
|
Inventories |
118,274,388.98 |
109,614,520.12 |
|
Other Current Assets
|
3,464,361.37 |
5,804,769.70 |
|
|
|
|
|
Total Current Assets
|
417,801,285.44 |
353,056,335.10 |
|
Investment in Affiliated Company |
50,000,000.00 |
50,000,000.00 |
|
Fixed Assets |
644,100,503.77 |
713,532,607.59 |
|
Intangible Assets |
1,565,765.46 |
2,565,412.28 |
|
Other Assets |
8,699,811.07 |
13,451,191.06 |
|
Total Assets |
1,122,167,365.74 |
1,132,605,546.03 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
243,923,839.20 |
247,039,413.83 |
|
Trade Accounts Payable |
233,016,431.41 |
301,185,058.31 |
|
Current Portion of Long-term
Loans |
60,293,111.12 |
64,699,092.80 |
|
Short-term Loan from Person or Related Company |
34,071,500.85 |
25,498,327.03 |
|
Other Short-term Loan |
88,029,679.00 |
- |
|
Current Portion of Hire-purchase Payable |
7,756,675.60 |
8,083,553.68 |
|
Other Current Liabilities |
22,446,850.15 |
19,345,655.49 |
|
|
|
|
|
Total Current Liabilities |
689,538,087.33 |
665,851,101.14 |
|
Long-term Loan |
174,123,080.46 |
205,131,015.65 |
|
Hire-purchase Payable, Net of
Current Portion |
12,835,061.32 |
20,591,736.94 |
|
Total Liabilities |
876,496,229.11 |
891,573,853.73 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par
value authorized, issued
and fully paid share
capital 1,800,000 shares |
180,000,000.00 |
180,000,000.00 |
|
|
|
|
|
Capital Paid |
180,000,000.00 |
180,000,000.00 |
|
Statutory Reserve |
17,000,000.00 |
17,000,000.00 |
|
Retained Earning -
Unappropriated |
48,671,136.63 |
44,031,692.30 |
|
Total Shareholders' Equity |
245,671,136.63 |
241,031,692.30 |
|
Total Liabilities & Shareholders' Equity |
1,122,167,365.74 |
1,132,605,546.03 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales & Services Income
|
1,240,903,180.01 |
968,505,260.83 |
|
Sales-Foreign |
38,125,321.67 |
31,408,886.62 |
|
Gain on Sales of Assets |
- |
1,148,662.05 |
|
Other Income |
5,371,497.04 |
5,547,050.54 |
|
Total Sales |
1,284,399,998.72 |
1,006,609,860.04 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
1,140,979,466.88 |
874,812,899.47 |
|
Selling Expenses |
12,395,724.70 |
12,359,923.89 |
|
Administrative Expenses |
87,500,622.98 |
79,431,815.54 |
|
Total Expenses |
1,240,875,814.56 |
966,604,638.90 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
43,524,184.16 |
40,005,221.14 |
|
Financial Cost |
[35,879,078.82] |
[36,146,640.50] |
|
Profit / [Loss] before Income
Tax |
7,645,105.34 |
3,858,580.64 |
|
Income Tax |
[3,005,661.01] |
[1,295,925.46] |
|
Net Profit / [Loss] |
4,639,444.33 |
2,562,655.18 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.61 |
0.53 |
|
QUICK RATIO |
TIMES |
0.43 |
0.36 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.99 |
1.40 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.14 |
0.88 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
37.84 |
45.73 |
|
INVENTORY TURNOVER |
TIMES |
9.65 |
7.98 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
75.16 |
73.57 |
|
RECEIVABLES TURNOVER |
TIMES |
4.86 |
4.96 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
74.54 |
125.66 |
|
CASH CONVERSION CYCLE |
DAYS |
38.45 |
(6.36) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
89.21 |
87.49 |
|
SELLING & ADMINISTRATION |
% |
7.81 |
9.18 |
|
INTEREST |
% |
2.81 |
3.61 |
|
GROSS PROFIT MARGIN |
% |
11.21 |
13.18 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.40 |
4.00 |
|
NET PROFIT MARGIN |
% |
0.36 |
0.26 |
|
RETURN ON EQUITY |
% |
1.89 |
1.06 |
|
RETURN ON ASSET |
% |
0.41 |
0.23 |
|
EARNING PER SHARE |
BAHT |
2.58 |
1.42 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.78 |
0.79 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.57 |
3.70 |
|
TIME INTEREST EARNED |
TIMES |
1.21 |
1.11 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
27.91 |
|
|
OPERATING PROFIT |
% |
8.80 |
|
|
NET PROFIT |
% |
81.04 |
|
|
FIXED ASSETS |
% |
(9.73) |
|
|
TOTAL ASSETS |
% |
(0.92) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
11.21 |
Acceptable |
Industrial Average |
20.64 |
|
Net Profit Margin |
0.36 |
Impressive |
Industrial Average |
(1.27) |
|
Return on Assets |
0.41 |
Deteriorated |
Industrial Average |
2.75 |
|
Return on Equity |
1.89 |
Deteriorated |
Industrial Average |
8.12 |
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 11.21%. 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. Net Profit Margin ratio is 0.36%,
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. When compared with the
industry average, it was lower, the company's figure is 0.41%.
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 1.89%.
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 |
0.61 |
Risky |
Industrial Average |
12.38 |
|
Quick Ratio |
0.43 |
|
|
|
|
Cash Conversion Cycle |
38.45 |
|
|
|
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 0.61 times in 2010, increase from 0.53 times, then the company may not be
efficiently using its current assets. 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 0.43 times in 2010,
increase from 0.36 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 39 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.78 |
Acceptable |
Industrial Average |
0.72 |
|
Debt to Equity Ratio |
3.57 |
Risky |
Industrial Average |
2.18 |
|
Times Interest Earned |
1.21 |
Deteriorated |
Industrial Average |
270.25 |
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 1.22 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 0.78 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 |
1.99 |
Deteriorated |
Industrial Average |
1,637.05 |
|
Total Assets Turnover |
1.14 |
Acceptable |
Industrial Average |
1.61 |
|
Inventory Conversion Period |
37.84 |
|
|
|
|
Inventory Turnover |
9.65 |
Deteriorated |
Industrial Average |
19.35 |
|
Receivables Conversion Period |
75.16 |
|
|
|
|
Receivables Turnover |
4.86 |
Deteriorated |
Industrial Average |
10.01 |
|
Payables Conversion Period |
74.54 |
|
|
|
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.49.68 |
|
UK Pound |
1 |
Rs.78.17 |
|
Euro |
1 |
Rs.65.52 |
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.