MIRA
INFORM REPORT
|
Report Date : |
04.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
MENG
SENG PLASTIC CO.,
LTD. |
|
|
|
|
Registered Office : |
88/7-8 Soi Bangna-Trad
32, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
01.04.1986 |
|
|
|
|
Com. Reg. No.: |
0105529011071 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor and exporter of plastic container
for cosmetics and
related products |
|
|
|
|
No. of Employees : |
450 |
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
MENG SENG PLASTIC CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 88/7-8 SOI
BANGNA-TRAD 32,
BANGNA-TRAD ROAD,
BANGNA,
BANGKOK 10260,
THAILAND
TELEPHONE : [66] 2361-6331-4
FAX
: [66] 2361-6329
E-MAIL
ADDRESS : ekarin@mengseng.com
chaiya@mengseng.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1986
REGISTRATION
NO. : 0105529011071
CAPITAL REGISTERED : BHT. 200,000,000
CAPITAL PAID-UP : BHT.
200,000,000
SHAREHOLDER’S PROPORTION : THAI : 100.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE
: MR.
EKARIN PRAPAPYUENYONG, THAI
PRESIDENT
NO.
OF STAFF : 450
LINES
OF BUSINESS : PLASTIC CONTAINER
FOR COSMETICS AND
RELATED PRODUCTS
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 April 1,
1986 as a
private limited company under the
registered name MENG
SENG PLASTIC CO., LTD.,
by Thai group,
Prapapyuenyong family, with
the business objective
to manufacture various
kinds of plastic
containers to both
domestic and international
markets. It currently
employs approximately 450
staff.
The subject’s registered
address is 88/7-8
Soi Bangna-Trad 32,
Bangna-Trad Rd., Bangna,
Bangkok 10260, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Ekarin Prapapyuenyong |
[x] |
Thai |
57 |
|
Mr. Ouinam Prapapyuenyong |
|
Thai |
55 |
|
Mr. Vichian Prapapyuenyong |
|
Thai |
56 |
AUTHORIZED PERSON
The mentioned director
[x] can jointly
sign with anyone
of the rest
directors on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Ekarin Prapapyuenyong is
the President.
He is Thai
nationality with the
age of 57
years old.
Mr. Vichian Prapapyuenyong is
the Managing Director.
He is Thai
nationality with the
age of 56
years old.
Mr. Ouinam Prapapyuenyong is
the Deputy Managing
Director.
He is Thai
nationality with the
age of 55
years old.
Mr. Chaiya Wongsaroj
is the Marketing
Manager.
He is Thai
nationality.
Ms. Sirikarn Prapapyuenyong is
the Operation Manager.
She is Thai
nationality.
Ms. Angkana Koekerd
is the Customer
Service Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer
of high quality
plastic containers for
cosmetics, consumer goods,
personal cares, pharmaceutical, healthy & beauty products.
Its products are
bottle, jar, closure/caps,
lipstick/lip balm, compact
powder, stick, tube,
brush and etc.
The products are
used for the
following:
- Bottles [size
5-1,000 ml.] for shampoo,
conditioner, cologne, roll-on,
deodorants, and lotion
- Jars
[size 5-500 gm.] for
moisturizer, skin cream and
gel
- Closures/caps
[size 5-120 mm.]
for flip top,
screw, spray cap
- Drinking water
caps [size 28, 32
mm.] for compression press
- Lipstick/lip balm for
cosmetics and pharmaceutical products
- Compact powder
for cosmetic products
- Tubes [size x diameter 22, 25, 30, 35, 38, 40, 45, 50 mm.] for
facial foam, moisturizer, skin
cream, shampoo and
conditioner].
The production process
are by blow
mold, injection mold,
injection/blow mold [eye drop product],
silk screen printing,
hot stamping, labeling
and components packing.
PURCHASE
100% of raw
materials mainly plastic
resins such as
PVC, PE, PP, HDPE, LDPE, ABS, AS,
and PS are
purchased from local
suppliers.
MAJOR SUPPLIER
Global Connection Co., Ltd. : Thailand
SALES [LOCAL]
90% of the
products is sold
locally by wholesale
to manufacturers and
end-users.
EXPORT [COUNTRIES]
10% of the
products is exported
to Malaysia, Singapore,
Taiwan, Republic of
China, Germany, Italy,
Mexico, Japan, Korea,
United Kingdom, France
and Hong Kong.
MAJOR CUSTOMER
Almacen General Mexico
Bdf S.A. : Mexico
RELATED/AFFILIATED COMPANY
M.S. Interpack Co., Ltd.
Business Type : Manufacturer of
plastic tubes and
drinking water cap
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
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co., Ltd.
EMPLOYMENT
The subject employs
approximately 450 office
staff and factory
workers.
LOCATION DETAILS
The premise is
owned for administrative office,
factory and warehouse at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The subject is
engaged in manufacturing
high quality plastic
containers for cosmetics and
personal care products, with various
sizes, shapes and
materials to meet with customer’s
needs including, bottle,
jar, cap/closure, tube and etc.
The products are
produced from materials
such as HDPE,
LDPE, MDPE, PP,
PE and ABS.
The subject currently has
over 100 customers in
both domestic and international.
It is considered a key experience player in the country’s cosmetic
packaging industry.
Subject reported an
increase in sales
for the first
quarter of 2012
from effective market
expansion of both
local and overseas
in the past
year. It anticipates
a strong growth
for the entire year 2012
as well.
Generally, the subject has
maintained a moderate
business and consistently
grown. Despite strong competitive in plastic
products market, subject’s
business remains promising.
FINANCIAL INFORMATION
The capital was
registered at Bht.
1,000,000 divided into
10,000 shares of
Bht. 100 each.
The capital was
increased / decreased later as
the followings:
Bht.
5,000,000 on December
29, 1992
Bht. 25,000,000 on March 29, 1994
Bht. 125,000,000
on August 7,
1996
Bht. 225,000,000
on September 28,
1999
Bht. 200,000,000
on December 30,
2003 [decreased]
The latest registered capital
was decreased to
Bht. 200,000,000 divided
into 2,000,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30, 2012]
|
NAME |
HOLDING |
% |
|
Mr. Ekarin Prapapyuenyong Nationality: Thai Address : 88/7-8 Soi
Bangna-Trad 32, Bangna-Trad
Rd., Bangna, Bangkok
10260 |
314,000 |
15.70 |
|
Mr. Vichian Prapapyuenyong Nationality: Thai Address : 369/52 Trok
Wad Channai, Chan Bangkorlaem, Bangkok 10120
|
314,000 |
15.70 |
|
Mr. Ouinam Prapapyuenyong Nationality: Thai Address : 8/14 Moo 8, Soi
Ong-Eiam, Bangna-Trad Rd., Bangna,
Bangkok 10260 |
314,000 |
15.70 |
|
Mr. Sumont Prapapyuenyong Nationality: Thai Address : 97
Bangna-Trad 16, Bangna-Trad
Rd., Bangna, Bangkok 10260 |
314,000 |
15.70 |
|
Mr. Monsak Prapapyuenyong Nationality: Thai Address : 88/7-8 Soi
Bangna-Trad 32, Bangna-Trad
Rd., Bangna, Bangkok
10260 |
314,000 |
15.70 |
|
|
|
|
|
Mr. Boonsong Prapapyuenyong Nationality: Thai Address : 88/7-8 Soi
Bangna-Trad 32, Bangna-Trad
Rd., Bangna, Bangkok
10260 |
314,000 |
15.70 |
|
Mrs. Zai-ngim Saetang Nationality: Thai Address : 88/7-8 Soi
Bangna-Trad 32, Bangna-Trad
Rd., Bangna, Bangkok
10260 |
116,000 |
5.80 |
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
|
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
2,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
2,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Arthitchai Cheawsomboon
No. 5384
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
748,599.67 |
2,631,099.84 |
|
Investment |
22,393,764.98 |
22,217,800.00 |
|
Trade Account Receivable |
88,753,785.87 |
64,395,703.82 |
|
Inventories
|
101,600,441.03 |
107,769,233.54 |
|
Other Current Assets |
6,256,847.68 |
14,126,564.80 |
|
Total Current Assets
|
219,753,439.23 |
211,140,402.00 |
|
|
|
|
|
Fixed Assets |
103,177,218.83 |
86,904,705.81 |
|
Other Assets |
225,000.00 |
225,000.00 |
|
Total Assets |
323,155,658.06 |
298,270,107.81 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
Bank Overdraft from Financial
Institutions |
6,683,148.73 |
- |
|
Trade Account Payable |
53,560,896.80 |
50,239,655.80 |
|
Current Portion of
Long Term Loans from Financial Institution |
10,800,000.00 |
11,911,400.00 |
|
Current Portion of
Hire-purchase Payable |
1,757,017.00 |
118,788.84 |
|
Accrued Income Tax |
979,357.14 |
302,825.36 |
|
Other Current Liabilities |
1,282,592.94 |
1,448,157.60 |
|
Total Current Liabilities |
75,063,012.61 |
64,020,827.60 |
|
Long-term Loan from Financial Institution, Net |
16,300,000.00 |
4,800,000.00 |
|
Hire-purchase Payable, Net |
494,365.77 |
325,976.38 |
|
Total Liabilities |
91,857,378.38 |
69,146,803.98 |
|
Shareholders' Equity |
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 2,000,000 shares |
200,000,000.00 |
200,000,000.00 |
|
Capital Paid |
200,000,000.00 |
200,000,000.00 |
|
Retained Earning -
Unappropriated |
31,298,279.68 |
29,123,303.83 |
|
Total Shareholders' Equity |
231,298,279.68 |
229,123,303.83 |
|
Total Liabilities & Shareholders' Equity |
323,155,658.06 |
298,270,107.81 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
303,811,898.37 |
283,719,554.86 |
|
Other Income |
4,143,464.57 |
3,699,211.38 |
|
Total Revenues |
307,955,362.94 |
287,418,766.24 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
272,146,815.56 |
253,905,274.76 |
|
Selling Expenses |
4,165,412.23 |
3,218,112.46 |
|
Administrative Expenses |
26,408,261.00 |
25,738,174.86 |
|
Total Expenses |
302,720,488.79 |
282,861,562.08 |
|
Profit from Financial Expenses
and Income Tax |
5,234,874.15 |
4,557,204.16 |
|
Financial Expenses |
[1,405,541.16] |
[887,767.33] |
|
Profit from Income Tax |
3,829,332.99 |
3,669,436.83 |
|
Income Tax |
[1,654,357.14] |
[1,224,122.00] |
|
Net Profit / [Loss] |
2,174,975.85 |
2,445,314.83 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.93 |
3.30 |
|
QUICK RATIO |
TIMES |
1.49 |
1.39 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.94 |
3.26 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.94 |
0.95 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
136.27 |
154.92 |
|
INVENTORY TURNOVER |
TIMES |
2.68 |
2.36 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
106.63 |
82.84 |
|
RECEIVABLES TURNOVER |
TIMES |
3.42 |
4.41 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
71.84 |
72.22 |
|
CASH CONVERSION CYCLE |
DAYS |
171.06 |
165.55 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
89.58 |
89.49 |
|
SELLING & ADMINISTRATION |
% |
10.06 |
10.21 |
|
INTEREST |
% |
0.46 |
0.31 |
|
GROSS PROFIT MARGIN |
% |
11.79 |
11.81 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.72 |
1.61 |
|
NET PROFIT MARGIN |
% |
0.72 |
0.86 |
|
RETURN ON EQUITY |
% |
0.94 |
1.07 |
|
RETURN ON ASSET |
% |
0.67 |
0.82 |
|
EARNING PER SHARE |
BAHT |
1.09 |
1.22 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.28 |
0.23 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.40 |
0.30 |
|
TIME INTEREST EARNED |
TIMES |
3.72 |
5.13 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
7.08 |
|
|
OPERATING PROFIT |
% |
14.87 |
|
|
NET PROFIT |
% |
(11.06) |
|
|
FIXED ASSETS |
% |
18.72 |
|
|
TOTAL ASSETS |
% |
8.34 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
11.79 |
Satisfactory |
Industrial Average |
14.48 |
|
Net Profit Margin |
0.72 |
Deteriorated |
Industrial Average |
3.55 |
|
Return on Assets |
0.67 |
Deteriorated |
Industrial Average |
5.28 |
|
Return on Equity |
0.94 |
Deteriorated |
Industrial Average |
13.49 |
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 11.79%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company was originated from the company 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 0.72%.
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 0.67%.
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 0.94%.
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 |
2.93 |
Impressive |
Industrial Average |
1.10 |
|
Quick Ratio |
1.49 |
|
|
|
|
Cash Conversion Cycle |
171.06 |
|
|
|
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 2.93 times in 2011, decrease from 3.3 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 1.49 times in 2011,
increase from 1.39 times, although excluding inventory so the company still
have good short-term financial strength.
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 172 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.28 |
Impressive |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
0.40 |
Impressive |
Industrial Average |
1.40 |
|
Times Interest Earned |
3.72 |
Impressive |
Industrial Average |
3.52 |
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 3.73 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 0.28 less than 0.5, most of the company's
assets are financed through equity.
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 |
2.94 |
Impressive |
Industrial Average |
2.82 |
|
Total Assets Turnover |
0.94 |
Acceptable |
Industrial Average |
1.51 |
|
Inventory Conversion Period |
136.27 |
|
|
|
|
Inventory Turnover |
2.68 |
Deteriorated |
Industrial Average |
7.07 |
|
Receivables Conversion Period |
106.63 |
|
|
|
|
Receivables Turnover |
3.42 |
Acceptable |
Industrial Average |
5.04 |
|
Payables Conversion Period |
71.84 |
|
|
|
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.54.81 |
|
UK Pound |
1 |
Rs.86.04 |
|
Euro |
1 |
Rs.69.62 |
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.