MIRA
INFORM REPORT
|
Report Date : |
02.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
TPI ALL SEASONS CO., LTD. |
|
|
|
|
Registered Office : |
8th Floor, TPI Tower, 26/56 Chan Tad Mai Road, Thungmahamek, Sathorn, Bangkok 10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
10.08.1993 |
|
|
|
|
Com. Reg. No.: |
0105536090860 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and Distributor of Plastic Films For Solar Cell Production |
|
|
|
|
No. of Employees : |
50 |
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 (31.03.2011) |
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
TPI
ALL SEASONS CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 8th FLOOR,
TPI TOWER,
26/56
CHAN TAD MAI
ROAD, THUNGMAHAMEK,
SATHORN,
BANGKOK 10120, THAILAND
TELEPHONE : [66] 2678-5000,
2285-5090
FAX :
[66] 2678-7071
E-MAIL
ADDRESS : salestpias@tpipolene.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1993
REGISTRATION
NO. : 0105536090860
TAX
ID NO. : 3011373804
CAPITAL REGISTERED : BHT. 236,250,000
CAPITAL PAID-UP : BHT.
236,250,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PRACHAI LEOPHAIRATANA, THAI
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 50
LINES
OF BUSINESS : PLASTIC FILMS
FOR SOLAR CELL
PRODUCTION
MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : EARLY
STAGE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The
subject was established
on August 10,
1993 as a
private limited company under
the registered name
TPI ALL SEASONS
CO., LTD., by
Thai groups, with the
business objective to
manufacture and distribute
plastic films for
solar cell production
industry, with BOI
promoted. It currently
employs approximately 50
staff.
The
subject is a
wholly owned subsidiary
of TPI Polene
Public Company Limited,
the leading cement
manufacturers in Thailand.
The
subject’s registered address
is 8th Floor, TPI
Tower, 26/56 Chan
Tad Mai Rd.,
Thungmahamek, Sathorn, Bangkok
10120, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prachai Leophairatana |
|
Thai |
69 |
|
Mr. Prateep Leophairatana |
|
Thai |
67 |
|
Mr. Pramual Leophairatana |
|
Thai |
64 |
|
Mr. Prayad Leophairatana |
|
Thai |
62 |
|
Mrs. Orapin Leophairatana |
|
Thai |
66 |
|
Mr. Pakorn Leophairatana |
|
Thai |
33 |
|
Mrs. Nitawan Leophairatana |
|
Thai |
33 |
|
Mr. Panya taengsingtrong |
|
Thai |
61 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Prachai Leophairatana is
the Chief Executive
officer.
He is Thai
nationality with the
age of 69
years old.
Mr. Pramual Leophairatana is
the President.
He is Thai
nationality with the
age of 64
years old.
Mrs. Nitawan Leophairatana is
the Assistant VP
[Marketing].
She is Thai
nationality with the
age of 33
years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and distributing
of EVA sheet
encapsulate and EVA
film, made from
Ethylene Vinyl Acetate [EVA]
resin with special
additives for cross-linking, suited
for crystalline, laminated
glass and thin
film photovoltaic modules
production industry. The subject
started its operation
and activity in
2012.
BRAND NAME
“POLENE SOLAR”
PRODUCTION CAPACITY
158,000 tons
per annum
PURCHASE
100% of its
raw materials is
purchased from local
supplier.
MAJOR
SUPPLIER
TPI
Polene Public Company
Limited : Thailand
SALES
100% of the
products is sold
locally by wholesale
to manufacturers and
end-users.
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.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject currently employs
approximately 50 staff.
LOCATION DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
Factory
is located at
49/1 Moo 1,
Pichaironarongsongkram Road, T. Nachong,
A. Muang, Saraburi 18000.
Tel. [66] 36
731-724.
COMMENT
The
subject operates as
a manufacture of
plastic films. It
is found that
since its registration
in 1993, the
subject started its
operation and production
activity in 2012.
However, its 2012
sales revenue has
not been reported.
Any business engagement
should be on
secured basis.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 20,000,000
divided into 2,000,000
shares of Bht.
10 each with
fully paid.
The
capital was decreased
and increased later
as follows:
Bht. 5,000,000
on March 22,
1994 [decreased]
Bht. 1,250,000
on September 29,
1994 [decreased]
Bht. 36,250,000
on August 28,
2009 [increased]
Bht. 236,250,000
on April 11,
2011 [increased]
The
latest registered capital
was increased to
Bht. 236,250,000 divided
into 23,625,000 shares
of Bht. 10 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 25, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
TPI Polene Public
Company Limited Nationality: Thai Address : 26/56
Chan Tad Mai Rd.,
Thungmahamek, Sathorn, Bangkok
|
23,624,993 |
100.00 |
|
Mr. Vaipoj Kodbua Nationality: Thai Address : 299
Mitraphap Rd., T. Thabkwang, A.
Kaengkoi, Saraburi |
2 |
- |
|
Mr. Montri Kriengwattana Nationality: Thai Address : 35/279
Sukhumvit Rd., Bangna,
Prakanong, Bangkok |
1 |
- |
|
Mr. Vorawuth Asawabunyalert Nationality: Thai Address : 197
Sutthisarnvinijchai Rd., Samsennok, Huaykwang, Bangkok |
1 |
- |
|
Mr. Panya Taengsingtrong Nationality: Thai Address : 33
Israphap Rd., Somdejchaopraya,
Klongsan, Bangkok |
1 |
- |
|
Mr. Pakorn Leophairatana Nationality: Thai Address : 999
Soi Onnuch 39,
Suanluang,
Suanluang, Bangkok |
1 |
- |
|
Mrs. Nitawan Leophairatana Nationality: Thai Address : 1737/28
Chan Rd., Thungmahamek,
Sathorn, Bangkok |
1 |
- |
Total Shareholders : 7
Share Structure [as
at April 25,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
23,625,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
23,625,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Santi Pongcharoenpit No.
4623
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
1,208,076 |
4,628,642 |
21,293,531 |
|
Other Receivable |
654,882 |
2,190,188 |
- |
|
Advance Payment to
Related Company |
388,065 |
- |
- |
|
Short-term Lending to
Related Company |
- |
- |
1,544,007 |
|
Inventories |
4,571,611 |
259,160 |
- |
|
Other Current Assets
|
85,166 |
53,381 |
5,625 |
|
|
|
|
|
|
Total Current Assets
|
6,907,800 |
7,131,371 |
22,843,163 |
|
|
|
|
|
|
Equipment |
41,380,157 |
32,629,589 |
166,178 |
|
Advance receipt Machinery |
38,027,810 |
- |
4,658,993 |
|
Total Assets |
86,315,767 |
39,760,960 |
27,668,334 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Trade Accounts Payable
|
2,546,539 |
2,197,172 |
- |
|
Other Payable |
941,352 |
37,000 |
- |
|
Advance from Related Company |
1,487,556 |
3,104,566 |
152,301 |
|
Other Current Liabilities |
541,512 |
665,954 |
40,292 |
|
|
|
|
|
|
Total Current Liabilities |
5,516,959 |
6,004,692 |
192,593 |
|
Total Liabilities |
5,516,959 |
6,004,692 |
192,593 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 23,625,000 shares in 2011;
3,625,000 shares in
2010 & 2009 respectively |
236,250,000 |
36,250,000 |
36,250,000 |
|
|
|
|
|
|
Capital Paid |
86,250,000 |
36,250,000 |
27,500,000 |
|
Retained Earning Unappropriated |
[5,451,192] |
[2,493,732] |
[24,259] |
|
Total Shareholders' Equity |
80,798,808 |
33,756,268 |
27,475,741 |
|
Total Liabilities &
Shareholders' Equity |
86,315,767 |
39,760,960 |
27,668,334 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Investment-Interest Income |
347,646 |
108,304 |
63,733 |
|
Other Income |
8,652 |
1,021 |
- |
|
Total Revenues |
356,298 |
109,325 |
63,733 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Selling Expenses |
1,310,718 |
1,146,350 |
244,640 |
|
Loss on Exchange Rate |
2,003,040 |
1,432,448 |
107,566 |
|
Total Expenses |
3,313,758 |
2,578,798 |
352,206 |
|
|
|
|
|
|
Net Profit / [Loss] |
[2,957,460] |
[2,469,473] |
[288,473] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.25 |
1.19 |
118.61 |
|
QUICK RATIO |
TIMES |
0.41 |
1.14 |
118.58 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
- |
- |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
- |
- |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
- |
- |
- |
|
SELLING & ADMINISTRATION |
% |
- |
- |
- |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
- |
- |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
- |
- |
- |
|
NET PROFIT MARGIN |
% |
- |
- |
- |
|
RETURN ON EQUITY |
% |
(3.66) |
(7.32) |
(1.05) |
|
RETURN ON ASSET |
% |
(3.43) |
(6.21) |
(1.04) |
|
EARNING PER SHARE |
BAHT |
(0.34) |
(0.68) |
(0.10) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.06 |
0.15 |
0.01 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.07 |
0.18 |
0.01 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
- |
- |
|
|
OPERATING PROFIT |
% |
19.76 |
756.05 |
|
|
NET PROFIT |
% |
(19.76) |
(756.05) |
|
|
FIXED ASSETS |
% |
26.82 |
19,535.32 |
|
|
TOTAL ASSETS |
% |
117.09 |
43.71 |
|
ANNUAL GROWTH :
SATISFACTORY
Net profit has decreased from THB -2,469,473.00 in 2010 to THB -2,957,460.00
in 2011. And total assets has increased from THB 39,760,960.00 in 2010 to THB
86,315,767.00 in 2011.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
- |
|
Industrial
Average |
9.19 |
|
Net Profit Margin |
- |
|
Industrial
Average |
2.49 |
|
Return on Assets |
(3.43) |
Deteriorated |
Industrial
Average |
3.90 |
|
Return on Equity |
(3.66) |
Deteriorated |
Industrial
Average |
8.07 |
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 -3.43%.
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 -3.66%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.25 |
Satisfactory |
Industrial
Average |
1.28 |
|
Quick Ratio |
0.41 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 1.25 times in 2011, increased from 1.19 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 0.41 times in 2011,
decreased from 1.14 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.06 |
Impressive |
Industrial
Average |
0.50 |
|
Debt to Equity Ratio |
0.07 |
Impressive |
Industrial
Average |
1.03 |
|
Times Interest Earned |
- |
|
Industrial
Average |
4.71 |
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 0.06 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 Uptrend
Times Interest Earned Downtrend
ACTIVITY : RISKY
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial
Average |
3.12 |
|
Total Assets Turnover |
- |
|
Industrial
Average |
1.53 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
7.28 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
5.32 |
|
Payables Conversion Period |
- |
|
|
|
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.54.39 |
|
|
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.