MIRA
INFORM REPORT
|
Report Date : |
15.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
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Registered Office : |
12/3 Moo 4, T. Nadee, A. Muang, Samutsakorn 74000 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
22.03.2005 |
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Com. Reg. No.: |
0105548040587 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Exporter and Distributor of Plastic Packaging Products |
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No. of Employees : |
180 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
US$
1,000,000. |
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Status : |
Moderate |
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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) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
SUMMARY
BUSINESS
ADDRESS : 12/3
MOO 4, T. NADEE,
A. MUANG,
TELEPHONE : [66] 34
861-348-9
FAX :
[66] 34 861-350
E-MAIL ADDRESS : sales@siamflexible.net
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION
NO. : 0105548040587
TAX
ID NO. : 3031750319
CAPITAL REGISTERED : BHT. 50,603,750
CAPITAL PAID-UP : BHT.
50,603,750
SHAREHOLDER’S PROPORTION : AUSTRALIAN : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. FRANK REGINALD
REITSEMA, AUSTRALIAN
MANAGING DIRECTOR
NO.
OF STAFF : 180
LINES
OF BUSINESS : PLASTIC PACKAGING
PRODUCTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on March 22, 2005
as a private
limited company under the
registered name SIAM
FLEXIBLE INDUSTRIES CO.,
LTD., by Australian
groups, with the business
objective to manufacture
and service various
plastic packaging products
to both domestic and
international markets. It
currently employs approximate
180 staff. The
subject is an
affiliate of Reitsema
Packaging Pty. Ltd.,
in
The
subject’s registered address
is 12/3 Moo
4, T. Nadee, A. Muang,
Samutsakorn 74000, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Frank Reginald Reitsema |
|
Australian |
51 |
|
Mr. Lukas Alexander Reitsema |
|
Australian |
45 |
|
Mr. Waight Christopher John |
|
Australian |
54 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Frank Reginald Reitsema
is the Managing
Director.
He is Australian
nationality with the
age of 51
years old.
Mr. David Conquest is
the Factory Manager.
He is British
nationality.
Ms. Anna Rita is
the Sales & Marketing Manager.
She is Filipino
nationality.
BUSINESS OPERATIONS
The subject
is engaged in manufacturing
and servicing various
kinds of plastic
packaging products as
the followings:
1. Zip Lock/Reclosable Bags
- Standard
zip lock with
or without write
on panel
-
3 or 4
wall specimen bags
-
Coin bags
-
Tamper evident bags
-
Double closure leak-proof
bags
-
Mother’s milk storage
bags
-
Bottom gusset bags
-
Wicket zip lock
bags for machine
packing
2. Wicket Bags
- LDPE
wicket bags for
Agpac and Newtech
vegetable packing machine
- LDPE
wicket bags for
high speed bread
packing
- PP
wicket bags for
bread with micro
perforations
- LDPE
bags for machine
packing of ice
- PP
and LDPE wicket
bags for lettuce
packing
- LDPE
wicket bags for
celery packing
3. Bags
- LDPE/ HDPE
bags, side and
bottom seal from
20-200 um
- LDPE/ HDPE
bags perforated on
rolls
- LDPE
bags with UV
inhibitor and anti-slip
properties
- LDPE
heat shrink bags
and films
- LDPE/ HDPE
bags perforated on
rolls for industrial
use
- LDPE
bags for fresh
and frozen food
- LDPE
bags for frozen
pet food
- LDPE/ HDPE
heavy duty bags
for fertilizer packing
5-25 kg.
4. Films
- LDPE
film for lamination
for food packing
- HDPE
film for use
in paper multi-wall
sacks
- Co-extruded
agriculture films and
mulch films
- LDPE
film for bundle
heat shrink
- LDPE
film for magazine
wrapping on flow
wrapping machines
- LDPE
film for protective
wrapping
- LDPE
film for from
fill seal machines
- LDPE
film with and
without micro perforations
for vegetable wrapping
PRODUCTION CAPACITY
750 tons per
month
PURCHASE
Most
of raw materials,
mainly plastic resin
[PE/ PP/ LDPE] are purchased
from local suppliers,
the remaining is
imported from Republic
of China, Japan
and Australia.
SALES/SERVICES
90% of the
products is exported
to U.S.A., Australia
and many countries
in Middle East
and Africa, the
remaining 10% is
sold and serviced locally.
MAJOR CUSTOMER
Reitsema Packaging Pty.
Ltd. : Australia
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
T/T.
Exports are against
T/T.
BANKING
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
180 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 provincial,
on the outskirts
of Bangkok.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
1,000,000.
COMMENT
The subject is
engaged in design
and manufacturing of plastic
bags for foods
and industrial goods,
with the different kinds of
materials and sizes
including film to meet with customer’s
demand. The products
are produced from
materials such as
HDPE, LDPE, PP and
etc.
Subject posted its strong
sales in 2010, as well
as continue growing
into the year 2011-2012.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000 divided
into 1,000,000 shares
of Bht. 10
each with fully
paid.
The
capital was increased
later as follows:
Bht. 14,000,000
on May 24,
2005
Bht. 15,400,000
on May 22,
2006
Bht. 50,603,750
on March 14,
2007
The
latest registered capital
was increased to
Bht. 50,603,750 divided
into 5,060,375 shares of Bht.
10 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 29, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Reitsema Holdings [International] Pty. Ltd. Nationality: Australian Address : 46
Cameron Street, Launceston,
TAS 7250, Australia |
2,952,355 |
58.34 |
|
Mr. Frank Reginald Reitsema Nationality: Australian Address : Mount
Nasura, Western Australia, Australia |
1,054,005 |
20.83 |
|
Mr. Lukas Alexander Reitsema Nationality: Australian Address : 46
Freshwater Point Street,
Legana, TAS 7277,
Australia |
1,054,005 |
20.83 |
|
Mr. Chanaichon Mahachanant Nationality: Thai Address : 801
Dindaeng Rd., Dindaeng,
Bangkok |
10 |
- |
Total Shareholders : 4
Share Structure [as
at April 29,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
10 |
- |
|
Foreign - Australian |
3 |
5,060,365 |
100.00 |
|
Total |
4 |
5,060,375 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Nilawan Jeeraboon No.
4401
BALANCE SHEET [BAHT]
The 2011 financial
statement has not
been submitted to
the Commercial Registration
Department during investigation.
The
latest financial figures
published for December
31, 2010 & 2009
were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
8,887,465 |
3,726,449 |
|
Trade Accounts Receivable |
29,622,766 |
30,368,611 |
|
Inventories |
29,681,093 |
28,634,090 |
|
Other Current Assets |
11,643,434 |
20,133,616 |
|
Total Current Assets
|
79,834,758 |
82,862,766 |
|
|
|
|
|
Cash at Bank Pledged as
a Collateral |
15,365,058 |
15,752,870 |
|
Fixed Assets |
65,587,883 |
73,211,356 |
|
Deposit |
1,852,700 |
1,823,200 |
|
Total Assets |
162,640,399 |
173,650,192 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Short-term Loan from Financial Institutions |
31,900,000 |
30,780,000 |
|
Short-term Loan from Related Company |
31,985,386 |
31,341,221 |
|
Trade Accounts Payable |
23,059,955 |
27,497,001 |
|
Other Payable-Machinery & Equipment |
2,095,809 |
- |
|
Current Portion of Hire-purchase Contract Liabilities |
4,794,687 |
5,739,177 |
|
Other Current Liabilities
|
7,615,441 |
11,246,944 |
|
Total Current Liabilities |
101,451,278 |
106,604,343 |
|
|
|
|
|
Hire-purchase Contract
Liabilities, Net of
Current Portion |
- |
1,000,000 |
|
Other Non-current Liabilities |
3,572,406 |
8,663,046 |
|
Total Liabilities |
105,023,684 |
116,267,389 |
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
value authorized, issued
and fully paid share
capital 5,060,375 shares |
50,603,750 |
50,603,750 |
|
Capital Paid |
50,603,750 |
50,603,750 |
|
Retained Earning -
Unappropriated |
7,012,965 |
6,779,053 |
|
Total Shareholders' Equity |
57,616,715 |
57,382,803 |
|
Total Liabilities &
Shareholders' Equity |
162,640,399 |
173,650,192 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
320,747,124 |
261,710,636 |
|
Other Income |
4,298,208 |
5,952,163 |
|
Total Revenues |
325,045,332 |
267,662,799 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
281,792,268 |
226,938,335 |
|
Selling and Administrative
Expenses |
36,405,296 |
30,021,108 |
|
Loss on Exchange Rate |
870,875 |
4,232,209 |
|
Loss on Disposal of
Assets |
238,007 |
229,324 |
|
Total Expenses |
319,306,446 |
261,420,976 |
|
Profit before Financial
Costs & Income Tax |
5,738,886 |
6,241,823 |
|
Financial Costs |
[4,487,897] |
[4,032,605] |
|
Income Tax |
[1,017,077] |
[609,136] |
|
Net Profit / [Loss] |
233,912 |
1,600,082 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.79 |
0.78 |
|
QUICK RATIO |
TIMES |
0.38 |
0.32 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.89 |
3.57 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.97 |
1.51 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
38.45 |
46.05 |
|
INVENTORY TURNOVER |
TIMES |
9.49 |
7.93 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
33.71 |
42.35 |
|
RECEIVABLES TURNOVER |
TIMES |
10.83 |
8.62 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
29.87 |
44.23 |
|
CASH CONVERSION CYCLE |
DAYS |
42.29 |
44.18 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
87.85 |
86.71 |
|
SELLING & ADMINISTRATION |
% |
11.35 |
11.47 |
|
INTEREST |
% |
1.40 |
1.54 |
|
GROSS PROFIT MARGIN |
% |
13.49 |
15.56 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.79 |
2.39 |
|
NET PROFIT MARGIN |
% |
0.07 |
0.61 |
|
RETURN ON EQUITY |
% |
0.41 |
2.79 |
|
RETURN ON ASSET |
% |
0.14 |
0.92 |
|
EARNING PER SHARE |
BAHT |
0.05 |
0.32 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.65 |
0.67 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.82 |
2.03 |
|
TIME INTEREST EARNED |
TIMES |
1.28 |
1.55 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
22.56 |
|
|
OPERATING PROFIT |
% |
(8.06) |
|
|
NET PROFIT |
% |
(85.38) |
|
|
FIXED ASSETS |
% |
(10.41) |
|
|
TOTAL ASSETS |
% |
(6.34) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
13.49 |
Impressive |
Industrial Average |
12.69 |
|
Net Profit Margin |
0.07 |
Deteriorated |
Industrial Average |
2.90 |
|
Return on Assets |
0.14 |
Deteriorated |
Industrial Average |
4.35 |
|
Return on Equity |
0.41 |
Deteriorated |
Industrial Average |
11.19 |
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. Gross Profit Margin is 13.49%. 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 0.07%.
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 0.14%.
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 0.41%.
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 |
0.79 |
Risky |
Industrial Average |
1.05 |
|
Quick Ratio |
0.38 |
|
|
|
|
Cash Conversion Cycle |
42.29 |
|
|
|
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 0.79 times in 2010, increase from 0.78 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 0.38 times in 2010,
increase from 0.32 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 43 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.65 |
Acceptable |
Industrial Average |
0.62 |
|
Debt to Equity Ratio |
1.82 |
Risky |
Industrial Average |
1.62 |
|
Times Interest Earned |
1.28 |
Deteriorated |
Industrial Average |
3.00 |
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 1.28 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 0.65 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.89 |
Impressive |
Industrial Average |
2.79 |
|
Total Assets Turnover |
1.97 |
Impressive |
Industrial Average |
1.50 |
|
Inventory Conversion Period |
38.45 |
|
|
|
|
Inventory Turnover |
9.49 |
Impressive |
Industrial Average |
7.21 |
|
Receivables Conversion Period |
33.71 |
|
|
|
|
Receivables Turnover |
10.83 |
Impressive |
Industrial Average |
5.01 |
|
Payables Conversion Period |
29.87 |
|
|
|
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.55.79 |
|
|
1 |
Rs.86.37 |
|
Euro |
1 |
Rs.70.07 |
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.