MIRA
INFORM REPORT
|
Report Date : |
13.06.2012 |
IDENTIFICATION DETAILS
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Name : |
E.S.P. PLASTIC LIMITED PARTNERSHIP |
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Registered Office : |
8/8 Soi Kanchanapisek 005, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
04.01.1996 |
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Com. Reg. No.: |
0103539000223 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Manufacturer and Distributor of Plastic Sheets |
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No. of Employees : |
30 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
E.S.P. PLASTIC LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 8/8
SOI KANCHANAPISEK 005,
KANCHANAPISEK ROAD,
LAKSONG, BANGKAE, BANGKOK
10160, THAILAND
TELEPHONE : [66] 2802-7194-6,
2802-7717-8, 081 441-0893
FAX :
[66] 2802-7719
E-MAIL
ADDRESS : esp1@truemail.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1996
REGISTRATION
NO. : 0103539000223
TAX
ID NO. : 3102998244
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED
PARTNERSHIP
EXECUTIVE : MR. EKACHAI VISAHAPANICH, THAI
MANAGING PARTNER
NO.
OF STAFF : 30
LINES
OF BUSINESS : PLASTIC SHEETS
MANUFACTURER AND
DISTRIBUTOR
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 January 4, 1996
as a limited
partnership under the name style
E.S.P. PLASTIC LIMITED
PARTNERSHIP by Thai
partners, with the
business objective to manufacture
and distribute plastic
sheet for various
industries. It currently
employs approximate 30
staff.
The
subject’s registered address
is 8/8 Soi Kanchanapisek
005, Kanchanapisek Rd.,
Laksong, Bangkae, Bangkok
10160, and this
is the subject’s
current operation address.
AUTHORIZED PERSON
Mr. Ekachai Visahapanich can
sign on behalf
of the subject
with seal affixed.
He also bears
full financial responsibility by
law.
MANAGEMENT
Mr. Ekachai Visahapanich is
the Managing Partner.
He is Thai
nationality with the
age of 43
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and distributing of
plastic sheets, mainly
PVC sheet and
PET sheet for
packaging, stationery, printing
and advertising businesses.
PURCHASE
80%
of the products
is purchased from
local suppliers and
agents, the remaining
20% is imported
from Republic of
China and India.
SALES
100%
of the products
is sold locally
by wholesale to
manufacturers and end-users.
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 credit term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
30 staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
It was forecasted that
demand of plastic sheet
in domestic market
will grow by 10
-
15% each year.
But the company
expected its sales
to grow at
10% this year,
from increasing demand of
packaging and printing
industries. Subject posted
its higher sales
in 2011 than
the previous year.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht
400,000 which was
carried by 2
partners as follows:
Name Amount
Mr. Ekachai Visahapanich Bht. 200,000 [Unlimited
Partner]
Mr. Songsak Visahapanich Bht. 200,000
In
2012, the capital
was increased to Bht.
2,000,000 which was
carried by 2 partners
as followed:
Name Age Amount
Mr. Ekachai Visahapanich 43 Bht. 1,000,000 [Unlimited
Partner]
Mr. Songsak Visahapanich 74 Bht. 1,000,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Natenuch Kanchanalekha No.
9410
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 & 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
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Cash and Cash Equivalents |
2,678,590.69 |
2,725,030.14 |
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Trade Accounts Receivable |
3,237,263.40 |
2,202,559.81 |
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Inventories |
1,289,878.90 |
997,316.91 |
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Total Current Assets
|
7,205,732.99 |
5,924,906.86 |
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Fixed Assets |
5,389,534.70 |
6,388,712.43 |
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Other Assets |
268,363.26 |
268,363.26 |
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Total Assets |
12,863,630.95 |
12,581,982.55 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
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Trade Accounts & Notes Payable |
1,314,517.58 |
2,251,532.44 |
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Other Current Liabilities |
187,808.57 |
240,921.81 |
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Total Current Liabilities |
1,502,326.15 |
2,492,454.25 |
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Total Liabilities |
1,502,326.15 |
2,492,454.25 |
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Shareholders' Equity |
|
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Capital Paid |
400,000.00 |
400,000.00 |
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Retained Earning -
Unappropriated |
10,961,304.80 |
9,689,528.30 |
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Total Shareholders' Equity |
11,361,304.80 |
10,089,528.30 |
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Total Liabilities &
Shareholders' Equity |
12,863,630.95 |
12,581,982.55 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
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Sales |
97,738,765.60 |
86,239,451.70 |
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Total Revenues |
97,738,765.60 |
86,239,451.70 |
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Expenses |
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Cost of Goods
Sold |
92,587,668.64 |
80,965,450.44 |
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Selling and Administrative Expenses |
3,618,727.62 |
4,041,475.67 |
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Total Expenses |
96,206,396.26 |
85,006,926.11 |
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Profit/[Loss] before Income Tax |
1,532,369.34 |
1,232,525.59 |
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Income Tax |
[260,592.84] |
[283,535.94] |
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Net Profit / [Loss] |
1,271,776.50 |
948,989.65 |
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Retained Earning, Beginning
of Year |
9,689,528.30 |
8,740,538.65 |
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Retained Earning, End of
Year |
10,961,304.80 |
9,689,528.30 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
4.80 |
2.38 |
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QUICK RATIO |
TIMES |
3.94 |
1.98 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
18.13 |
13.50 |
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TOTAL ASSETS TURNOVER |
TIMES |
7.60 |
6.85 |
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INVENTORY CONVERSION PERIOD |
DAYS |
5.08 |
4.50 |
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INVENTORY TURNOVER |
TIMES |
71.78 |
81.18 |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
12.09 |
9.32 |
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RECEIVABLES TURNOVER |
TIMES |
30.19 |
39.15 |
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PAYABLES CONVERSION PERIOD |
DAYS |
5.18 |
10.15 |
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CASH CONVERSION CYCLE |
DAYS |
11.99 |
3.67 |
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PROFITABILITY
RATIO |
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COST OF GOODS SOLD |
% |
94.73 |
93.88 |
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SELLING & ADMINISTRATION |
% |
3.70 |
4.69 |
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INTEREST |
% |
- |
- |
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GROSS PROFIT MARGIN |
% |
5.27 |
6.12 |
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NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.57 |
1.43 |
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NET PROFIT MARGIN |
% |
1.30 |
1.10 |
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RETURN ON EQUITY |
% |
11.19 |
9.41 |
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RETURN ON ASSET |
% |
9.89 |
7.54 |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.12 |
0.20 |
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DEBT TO EQUITY RATIO |
TIMES |
0.13 |
0.25 |
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TIME INTEREST EARNED |
TIMES |
- |
- |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
13.33 |
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OPERATING PROFIT |
% |
24.33 |
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NET PROFIT |
% |
34.01 |
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FIXED ASSETS |
% |
(15.64) |
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TOTAL ASSETS |
% |
2.24 |
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PROFITABILITY
RATIO
|
Gross Profit Margin |
5.27 |
Deteriorated |
Industrial
Average |
15.38 |
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Net Profit Margin |
1.30 |
Satisfactory |
Industrial
Average |
1.54 |
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Return on Assets |
9.89 |
Impressive |
Industrial
Average |
3.07 |
|
Return on Equity |
11.19 |
Impressive |
Industrial
Average |
7.45 |
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 5.27%. 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 1.3%. 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. Return on Assets ratio is
9.89%, 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 11.19%, 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 |
4.80 |
Impressive |
Industrial Average |
1.70 |
|
Quick Ratio |
3.94 |
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Cash Conversion Cycle |
11.99 |
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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 4.8 times in 2011, increased from 2.38 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 3.94 times in 2011,
increased from 1.98 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 12 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.12 |
Impressive |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
0.13 |
Impressive |
Industrial
Average |
1.39 |
|
Times Interest Earned |
- |
|
Industrial Average |
2.49 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.12 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 |
18.13 |
Impressive |
Industrial
Average |
7.30 |
|
Total Assets Turnover |
7.60 |
Impressive |
Industrial
Average |
1.94 |
|
Inventory Conversion Period |
5.08 |
|
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Inventory Turnover |
71.78 |
Impressive |
Industrial
Average |
5.22 |
|
Receivables Conversion Period |
12.09 |
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Receivables Turnover |
30.19 |
Impressive |
Industrial
Average |
3.81 |
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Payables Conversion Period |
5.18 |
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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.56.05 |
|
|
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.69.98 |
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.