MIRA INFORM REPORT
|
Report Date : |
02.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
POLENE PLASTIC
COMPANY LIMITED |
|
|
|
|
Registered Office : |
26/56
Chantadmai Road, Thungmahamek, Sathorn, Bangkok
10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
08.05.2002 |
|
|
|
|
Com. Reg. No.: |
0105545048820 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Petrochemicals Exporter and
Service Provider |
|
|
|
|
No. of Employees : |
15 |
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 – June 30th,
2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally
pro-investment policies, and strong export industries, Thailand enjoyed solid
growth from 2000 to 2007 - averaging more than 4% per year - as it recovered
from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and
electronic components, agricultural commodities, and jewelry - continue to
drive the economy, accounting for more than half of GDP. The global financial
crisis of 2008-09 severely cut Thailand's exports, with most sectors
experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010,
Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports
rebounded from their depressed 2009 level. Steady economic growth at just below
4% during the first three quarters of 2011 was interrupted by historic flooding
in October and November in the industrial areas north of Bangkok, crippling the
manufacturing sector and leading to a revised growth rate of only 0.1% for the
year. The industrial sector is poised to recover from the second quarter of
2012 onward, however, and the government anticipates the economy will probably
grow between 5.5 and 6.5% for 2012, while private sector forecasts range
between 3.8% and 5.7%.
|
Source : CIA |
COMPANY NAME
POLENE PLASTIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 26/56
CHANTADMAI ROAD, THUNGMAHAMEK,
SATHORN, BANGKOK
10120, THAILAND
TELEPHONE : [66] 2213-1039-49
EXT. 12069, 2285-5090, 2678-5050
FAX :
[66] 2213-1035,
2678-7080
E-MAIL
ADDRESS : mktagent@tpipolene.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0105545048820
TAX
ID NO. : 3030567512
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP
: BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PRACHAI LIEWPAIRAT,
THAI
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
NO.
OF STAFF : 15
LINES
OF BUSINESS : PETROCHEMICALS
EXPORTER AND
SERVICE PROVIDER
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 8,
2002 as a
private limited company
under the name
style POLENE PLASTIC COMPANY LIMITED,
by Thai groups,
with the business objective
to export petrochemical
products, as well
as provide domestic
and international freight
forwarding and shipping
services to TPI
group of companies.
It currently employs
15 staff.
The
subject is a
wholly owned subsidiary
of TPI Polene Power Company Limited, which
is a member
of TPI Polene
Public Company Limited.
The
subject’s registered address
is 26/56 Chantadmai
Rd., Thungmahamek, Sathorn,
Bangkok 10120, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prachai Liewpairat |
|
Thai |
68 |
|
Mr. Prateep Liewpairat |
|
Thai |
66 |
|
Mr. Pramual Liewpairat |
|
Thai |
63 |
|
Mr. Prayad Liewpairat |
|
Thai |
61 |
|
Mrs. Orapin Liewpairat |
|
Thai |
65 |
AUTHORIZED PERSON
Any two of the
above directors can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Prachai Liewpairat is
the President &
Chief Executive Office.
He is Thai
nationality with the
age of 68 years
old.
BUSINESS OPERATIONS
The subject is
engaged in exporting of PVC resin,
mainly Low Density Polyethylene
[LDPE] and Ethylene-Vinyl Acetate
Copolymer [EVA], under its
“POLENE” brand.
The subject
also provides domestic and international
freight forwarding and
shipping service for
cements and PVC
resin products to
the TPI group
of companies.
PURCHASE
100% of the
products is purchased
from local suppliers.
MAJOR
SUPPLIER
TPI
Polene Public Company
Limited
EXPORT
100%
of the products is
exported to United States of
America, Japan, Singapore, Indonesia, Malaysia, India, Taiwan, Republic
of China, Vietnam, Hong
Kong, Myanmar, Laos,
Korea, Philippines, Europe
and Middle East.
SERVICES
100% of freight
forwarding and shipping
services are served
to TPI group
of companies.
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
CREDIT
Sales and 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.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 15
staff.
LOCATION DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
Subject
is an exporter of
PVC resin to international
markets. Its operation were
reported at outstanding
level with an
increase in both
sales revenue and
net profit in
2011 comparing to
the same period
of the previous year’s
level. Subject’s business
outlook remains optimistic
with rising demand
of the products
in overseas markets.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 10,000,000 divided into 100,000
shares of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as at
April 25, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
TPI Polene Power
Company Limited Nationality: Thai Address : 26/56
Chantadmai Rd., Thungmahamek,
Sathorn, Bangkok |
99,993 |
99.99 |
|
Mr. Prachai Liewpairat Nationality: Thai Address : 299
Moo 5, Thabkwang,
Kaengkoi, Saraburi |
1 |
|
|
Mr. Prateep Liewpairat Nationality: Thai Address : 211
Sukhumvit 49 Rd.,
Klongtonnua, Wattana, Bangkok |
1 |
|
|
Mr. Pramual Liewpairat Nationality: Thai Address : 999
Moo 5, Chengnoen,
Muang, Rayong |
1 |
= 0.01 |
|
Mrs. Orapin Liewpairat Nationality: Thai Address : 229/14
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok |
1 |
|
|
Mr. Prayad Liewpairat Nationality: Thai Address : 211
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok |
1 |
|
|
Ms. Patraphan Liewpairat Nationality: Thai Address : 999
Moo 5, Chengnoen,
Muang, Rayong |
1 |
|
|
Mr. Pakorn Liewpairat Nationality: Thai Address : 999
Moo 5, Chengnoen,
Muang, Rayong |
1 |
|
Total Shareholders
8
Share Structure
[as at
April 25, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
100,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
100,000 |
100.00 |
NAME
OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Santi Pongcharoenpith No.
4623
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
121,147,484 |
57,718,335 |
|
Trade Account Receivable |
982,709,528 |
221,700,860 |
|
Advance Payment to
Related Company |
341,960,690 |
201,709,523 |
|
Inventories |
1,878,548 |
185,843 |
|
Refundable Value Added Tax |
98,330,423 |
64,155,775 |
|
Other Current Assets
|
10,143,678 |
6,745,185 |
|
Total Current Assets
|
1,556,170,351 |
552,215,521 |
|
Total Assets |
1,556,170,351 |
552,215,521 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Short-term Loan from Financial
Institution |
476,207,516 |
- |
|
Trade Account Payable |
772,136,507 |
456,179,126 |
|
Advance Received from Related Company |
202,359,717 |
- |
|
Deposit Received from Sale |
13,995,800 |
65,116,468 |
|
Accrued Income Tax |
15,765,131 |
- |
|
Other Current Liabilities |
16,193,271 |
15,047,554 |
|
Total Current Liabilities |
1,496,657,942 |
536,343,148 |
|
Total Liabilities |
1,496,657,942 |
536,343,148 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized &
issued share capital 100,000
shares |
10,000,000 |
10,000,000 |
|
Capital Paid |
10,000,000 |
10,000,000 |
|
Retained Earning -
Unappropriated |
49,512,409 |
5,872,373 |
|
Total Shareholders' Equity |
59,512,409 |
15,872,373 |
|
Total Liabilities &
Shareholders' Equity |
1,556,170,351 |
552,215,521 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Income from Sales |
6,505,664,575 |
5,908,405,697 |
|
Income from Logistic |
114,570,084 |
127,229,393 |
|
Gain on Exchange Rate |
38,838,492 |
9,419,924 |
|
Interest Income |
1,729,603 |
837,287 |
|
Other Income |
13,976 |
5,010,707 |
|
Total Revenues |
6,660,816,730 |
6,050,903,008 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
6,461,242,746 |
5,881,365,017 |
|
Selling Expenses |
120,112,534 |
163,728,750 |
|
Administrative Expenses |
3,854,011 |
1,601,983 |
|
Cost of Financial Cost |
10,954,294 |
- |
|
Total Expenses |
6,596,163,585 |
6,046,695,750 |
|
Profit before Income Tax |
64,653,145 |
4,207,258 |
|
Income Tax |
[21,013,109] |
[1,265,177] |
|
Net Profit / [Loss] |
43,640,036 |
2,942,081 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.04 |
1.03 |
|
QUICK RATIO |
TIMES |
0.97 |
0.90 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
4.25 |
10.93 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
0.11 |
0.01 |
|
INVENTORY TURNOVER |
TIMES |
3,439.49 |
31,646.95 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
54.18 |
13.41 |
|
RECEIVABLES TURNOVER |
TIMES |
6.74 |
27.22 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
43.62 |
28.31 |
|
CASH CONVERSION CYCLE |
DAYS |
10.67 |
(14.89) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
97.60 |
97.44 |
|
SELLING & ADMINISTRATION |
% |
1.87 |
2.74 |
|
INTEREST |
% |
0.17 |
- |
|
GROSS PROFIT MARGIN |
% |
3.01 |
2.81 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.98 |
0.07 |
|
NET PROFIT MARGIN |
% |
0.66 |
0.05 |
|
RETURN ON EQUITY |
% |
73.33 |
18.54 |
|
RETURN ON ASSET |
% |
2.80 |
0.53 |
|
EARNING PER SHARE |
BAHT |
436.40 |
29.42 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.96 |
0.97 |
|
DEBT TO EQUITY RATIO |
TIMES |
25.15 |
33.79 |
|
TIME INTEREST EARNED |
TIMES |
5.90 |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
9.69 |
|
|
OPERATING PROFIT |
% |
1,436.71 |
|
|
NET PROFIT |
% |
1,383.31 |
|
|
FIXED ASSETS |
% |
- |
|
|
TOTAL ASSETS |
% |
181.80 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.01 |
Deteriorated |
Industrial
Average |
15.38 |
|
Net Profit Margin |
0.66 |
Deteriorated |
Industrial
Average |
1.54 |
|
Return on Assets |
2.80 |
Satisfactory |
Industrial
Average |
3.07 |
|
Return on Equity |
73.33 |
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 3.01%. 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. The company's figure is 0.66%.
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 2.8%.
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 73.33%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profits 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 |
1.04 |
Acceptable |
Industrial
Average |
1.70 |
|
Quick Ratio |
0.97 |
|
|
|
|
Cash Conversion Cycle |
10.67 |
|
|
|
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 1.04 times in 2011, increase from 1.03 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 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 0.97 times in 2011,
increase from 0.9 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 11 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.96 |
Acceptable |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
25.15 |
Risky |
Industrial
Average |
1.39 |
|
Times Interest Earned |
5.90 |
Impressive |
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.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 5.91 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 0.96 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 |
- |
|
Industrial
Average |
7.30 |
|
Total Assets Turnover |
4.25 |
Impressive |
Industrial
Average |
1.94 |
|
Inventory Conversion Period |
0.11 |
|
|
|
|
Inventory Turnover |
3,439.49 |
Impressive |
Industrial
Average |
5.22 |
|
Receivables Conversion Period |
54.18 |
|
|
|
|
Receivables Turnover |
6.74 |
Impressive |
Industrial
Average |
3.81 |
|
Payables Conversion Period |
43.62 |
|
|
|
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.54.39 |
|
UK Pound |
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
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.