MIRA
INFORM REPORT
|
Report Date : |
08.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
THAI
PET RESIN CO.,
LTD. |
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|
|
|
Registered Office : |
2nd Floor, Building
No. 26, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
31.05.2002 |
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Com. Reg. No.: |
0105545056041 |
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|
Legal Form : |
Private
Limited Company |
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|
|
|
Line of Business : |
Manufacturer, distributor and exporter of pet
resin |
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|
No. of Employees : |
200 |
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
THAI PET RESIN
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 2nd FLOOR,
BUILDING NO. 26,
1
SIAM CEMENT ROAD,
BANGSUE,
BANGKOK
10800, THAILAND
TELEPHONE : [66] 2586-6400
FAX :
[66] 2586-6401
E-MAIL
ADDRESS : tpcrmkt@cementhai.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0105545056041
TAX
ID NO. : 3030586377
CAPITAL REGISTERED : BHT. 900,000,000
CAPITAL PAID-UP : BHT.
900,000,000
SHAREHOLDER’S PROPORTION : THAI : 20%
JAPANESE :
80%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. FUMIO SONOBE,
JAPANESE
PRESIDENT
NO.
OF STAFF : 200
LINES
OF BUSINESS : PET
RESIN
MANUFACTURER, 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 May 31,
2002 as a
private limited company under
the registered name
THAI PET RESIN
CO., LTD., by
Thai and Japanese
groups, with the business
objective to manufacture
and distribute PET
resin with BOI
promoted to both
domestic and international
markets. It currently
employs approximate 200
staff.
It
is a joint
venture among Mitsui
Chemicals Inc., Japan,
Toray Industries Inc., Japan
and SCG Chemicals
Co., Ltd, Thailand,
with the holding
around 40%, 40%
and 20% of
the subject’s shares
respectively.
The
subject’s registered address
is 2nd Flr.,
Building No. 26, 1
Siam Cement Rd.,
Bangsue, Bangkok 10800,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Cholanat Yanaranop |
|
Thai |
52 |
|
Mr. Sommai Sirilertsombat |
[-] |
Thai |
53 |
|
Mr. Fumio Sonobe |
[x] |
Japanese |
59 |
|
Mr. Fumio Yoshisumi |
|
Japanese |
49 |
|
Mr. Satoshi Yamanobe |
[-] |
Japanese |
43 |
|
Mr. Masahiro Ishihara |
|
Japanese |
46 |
|
Mr. Toshiyuki Asakura |
|
Japanese |
67 |
|
Mr. Yasuo Yamashita |
|
Japanese |
67 |
|
Mr. Mikio Kanda |
[-] |
Japanese |
50 |
|
Mr. Shigeki Tirada |
|
Japanese |
50 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign or any
two of the
mentioned directors [-]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Fumio Sonobe is
the President.
He is Japanese
nationality with the
age of 59
years old.
Mr. Satoshi Yamanobe is
the Managing Director.
He is Japanese
nationality with the
age of 43
years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, distributing and
exporting of Polyethylene
Terephthalate [PET] resin, the
main raw material
for packaging and
container, automobile parts,
electric appliances industries
and etc.
PRODUCTION CAPACITY
100,000 tons per
annum
PURCHASE
Most
of raw materials
are purchased from
local suppliers, the
remaining as well
as machinery are
imported from Japan,
Singapore, U.S.A. and
Germany.
MAJOR
SUPPLIERS
Mitsui Chemicals Inc. : Japan
Toray Industries Inc. : Japan
SALES
60% of the
products is exported
to Japan, U.S.A.,
Singapore, Puerto Rico,
Malaysia and European
countries, the remaining
40% is sold
locally through SCG
Chemicals Co., Ltd..
MAJOR CUSTOMERS
Mitsui Chemicals Inc. : Japan
Mercasid S.A. : Puerto
Rico
etc.
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.
Imports are by
L/C at sight
or T/T on
negotiated terms.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
200 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area,
which is the
same office of
SCG group.
Factory
and warehouse are
located at 18
Soi G2, Eastern
Indsustrial Estate, Pakornsongkrohrath Rd.,
T. Huaypong, A. Muang, Rayong
21150.
Tel.:
[66] 38 685-900,
Fax: [66] 38
685-999.
COMMENT
The
subject is the
company in SCG
group producing PET
resin for domestic
industries and export
markets. PET resin demand has
risen sharply from
overall economy expanded
well since the first
quarter of this year
with manufacturing production
continue expansion, as
well as exports
projected to resume
positive year-on-year growth.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 900,000,000 divided
into 9,000,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 6, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mitsui Chemicals Inc. Nationality: Japanese Address : 3-2-5
Kasumigaseiki Shiyoda-ku, Tokyo, Japan |
3,600,000 |
40.00 |
|
Toray Industries Inc. Nationality: Japanese Address : 2-2-1
Nihonbashi-Muromachi
Chuo-ku, Tokyo,
Japan |
3,600,000 |
40.00 |
|
SCG Chemicals Co.,
Ltd. Nationality: Thai Address : 1
Siam Cement Rd.,
Bangsue, Bangkok |
1,800,000 |
20.00 |
Total Shareholders : 3
Share Structure [as
at April 6, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
1,800,000 |
20.00 |
|
Foreign - Japanese |
2 |
7,200,000 |
80.00 |
|
Total |
3 |
9,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Pornthip Rimdusit No.
5565
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2011 & 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
40,931,600 |
32,824,138 |
|
Trade Accounts Receivable |
|
|
|
Related company |
155,740,184 |
62,921,721 |
|
Other company |
421,170,640 |
346,839,789 |
|
Related Company Receivable |
129,350 |
66,952 |
|
Inventories |
519,322,962 |
409,189,516 |
|
Value Added Tax Receivable |
21,460,182 |
21,477,612 |
|
Other Current Assets |
27,927,851 |
19,051,305 |
|
Total Current Assets
|
1,186,682,769 |
892,371,033 |
|
|
|
|
|
Fixed Assets |
1,436,152,675 |
1,608,160,217 |
|
Intangible Assets |
10,244,859 |
9,966,481 |
|
Other Assets |
10,542,940 |
1,786,471 |
|
Total Assets |
2,643,623,243 |
2,512,284,202 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Short-term Loan from Financial Institutions |
395,000,000 |
320,877,934 |
|
Trade Accounts Payable |
|
|
|
Related company |
649,793,167 |
566,637,378 |
|
Other company |
123,870,374 |
301,652,254 |
|
Related Company Payable |
20,587,544 |
24,283,634 |
|
Current Portion of Long-term Loans from Financial Institution |
300,000,000 |
- |
|
Current Portion of Financial Lease Contract Liabilities
|
54,000 |
- |
|
Short-term Estimated Liabilities |
818,083 |
520,990 |
|
Other Current Liabilities |
44,272,862 |
25,134,873 |
|
Total Current Liabilities |
1,534,396,030 |
1,239,107,063 |
|
|
|
|
|
Long-term Loan Financial Institutions |
- |
300,000,000 |
|
Financial Lease Contract Liabilities |
135,000 |
- |
|
Reserve for Employee Benefits |
6,965,884 |
6,307,385 |
|
Total Liabilities |
1,541,496,914 |
1,545,414,448 |
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 9,000,000 shares |
900,000,000 |
900,000,000 |
|
Capital Paid |
900,000,000 |
900,000,000 |
|
Retained Earning -
Unappropriated |
202,126,329 |
66,869,754 |
|
Total Shareholders' Equity |
1,102,126,329 |
966,869,754 |
|
Total Liabilities &
Shareholders' Equity |
2,643,623,243 |
2,512,284,202 |
PROFIT & LOSS ACCOUNT
|
Sale |
2011 |
2010 |
|
|
|
|
|
Sales |
6,616,763,814 |
4,969,504,536 |
|
Gain on Exchange Rate |
40,647,430 |
41,527,365 |
|
Other Income |
32,553,323 |
33,065,053 |
|
Total Sales |
6,689,964,567 |
5,044,096,954 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
6,336,077,190 |
4,699,451,895 |
|
Selling Expenses |
99,729,366 |
125,056,220 |
|
Administrative Expenses |
107,653,187 |
97,592,324 |
|
Total Expenses |
6,543,459,743 |
4,922,100,439 |
|
Profit before Financial Costs |
146,504,824 |
121,996,515 |
|
Financial Costs |
[11,248,249] |
[13,664,983] |
|
Net Profit / [Loss] |
135,256,575 |
108,331,532 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.77 |
0.72 |
|
QUICK RATIO |
TIMES |
0.40 |
0.36 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.61 |
3.09 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.50 |
1.98 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
29.92 |
31.78 |
|
INVENTORY TURNOVER |
TIMES |
12.20 |
11.48 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
23.23 |
25.47 |
|
RECEIVABLES TURNOVER |
TIMES |
15.71 |
14.33 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
7.14 |
23.43 |
|
CASH CONVERSION CYCLE |
DAYS |
46.01 |
33.83 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
95.76 |
94.57 |
|
SELLING & ADMINISTRATION |
% |
3.13 |
4.48 |
|
INTEREST |
% |
0.17 |
0.27 |
|
GROSS PROFIT MARGIN |
% |
5.35 |
6.94 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.21 |
2.45 |
|
NET PROFIT MARGIN |
% |
2.04 |
2.18 |
|
RETURN ON EQUITY |
% |
12.27 |
11.20 |
|
RETURN ON ASSET |
% |
5.12 |
4.31 |
|
EARNING PER SHARE |
BAHT |
15.03 |
12.04 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.58 |
0.62 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.40 |
1.60 |
|
TIME INTEREST EARNED |
TIMES |
13.02 |
8.93 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
33.15 |
|
|
OPERATING PROFIT |
% |
20.09 |
|
|
NET PROFIT |
% |
24.85 |
|
|
FIXED ASSETS |
% |
(10.70) |
|
|
TOTAL ASSETS |
% |
5.23 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.35 |
Acceptable |
Industrial
Average |
10.00 |
|
Net Profit Margin |
2.04 |
Deteriorated |
Industrial
Average |
5.91 |
|
Return on Assets |
5.12 |
Acceptable |
Industrial
Average |
9.42 |
|
Return on Equity |
12.27 |
Acceptable |
Industrial
Average |
18.62 |
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 5.35%. 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 2.04%.
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 5.12%.
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 12.27%.
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 |
0.77 |
Risky |
Industrial
Average |
1.24 |
|
Quick Ratio |
0.40 |
|
|
|
|
Cash Conversion Cycle |
46.01 |
|
|
|
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 0.77 times in 2011, increased from 0.72 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 0.4 times in 2011,
increased 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 47 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.58 |
Acceptable |
Industrial
Average |
0.54 |
|
Debt to Equity Ratio |
1.40 |
Risky |
Industrial
Average |
1.02 |
|
Times Interest Earned |
13.02 |
Impressive |
Industrial
Average |
10.18 |
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 13.03 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 0.58 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 |
4.61 |
Impressive |
Industrial
Average |
2.55 |
|
Total Assets Turnover |
2.50 |
Impressive |
Industrial
Average |
1.62 |
|
Inventory Conversion Period |
29.92 |
|
|
|
|
Inventory Turnover |
12.20 |
Impressive |
Industrial
Average |
9.67 |
|
Receivables Conversion Period |
23.23 |
|
|
|
|
Receivables Turnover |
15.71 |
Impressive |
Industrial
Average |
5.87 |
|
Payables Conversion Period |
7.14 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.15 |
|
UK Pound |
1 |
Rs.85.22 |
|
Euro |
1 |
Rs.69.24 |
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.