MIRA
INFORM REPORT
|
Report Date : |
10.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
YULI
PLASTIC [THAILAND] CO.,
LTD. |
|
|
|
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Registered Office : |
7/334, 7/336 Moo 6, T. Mabyangporn, A. Pluakdaeng, Rayong 21140 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
04.01.2012 |
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Com. Reg. No.: |
0105555000625 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
subject is
engaged in manufacturing and
distributing of plastic
products, specialized in
PVC Coated Fabric,
Vinyl Fabric, Flex
Banner, and PVC Tarpaulins. |
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|
|
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No. of Employees : |
88 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the next seven years with a plan to start in 2013.
Source
: CIA
Company name
YULI PLASTIC [THAILAND]
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 7/334, 7/336 MOO
6, T. MABYANGPORN,
A.
PLUAKDAENG, RAYONG 21140,
THAILAND
TELEPHONE : [66] 086
369-8185, 082 569-3271
FAX :
[66] 38
027-392
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2012
REGISTRATION
NO. : 0105555000625
TAX
ID NO. : 3034828015
CAPITAL REGISTERED : BHT. 30,000,000
CAPITAL PAID-UP : BHT.
30,000,000
SHAREHOLDER’S PROPORTION : CHINESE
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. ZHANG YUDIE,
CHINESE
MANAGING DIRECTOR
NO.
OF STAFF : 88
LINES
OF BUSINESS : PLASTIC PRODUCTS
MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject
was established on January 4,
2012 as a private
limited company under the
registered name YULI
PLASTIC [THAILAND] CO., LTD.,
by Chinese groups,
with the business
objective to manufacture
and distribute plastic
products to domestic
market. It currently
employs 88 staff.
The
subject’s registered address
is 7/334, 7/336 Moo
6, T. Mabyangporn,
A. Pluakdaeng, Rayong
21140, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Zhang Yudie |
[x] |
Chinese |
26 |
|
Mr. Zhang Jianping |
|
Chinese |
51 |
|
Ms. Gao Shuihua |
|
Chinese |
52 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Zhang Yudie is
the Managing Director.
She is Chinese
nationality with the
age of 26
years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and distributing
of plastic products,
specialized in PVC
Coated Fabric, Vinyl
Fabric, Flex Banner,
and PVC Tarpaulins.
PRODUCTION CAPACITY
100,000,000 square
meters per annum
PURCHASE
Raw
materials are purchased
from suppliers both
domestic and overseas,
mainly in Republic
of China and
Taiwan.
SALES
100% of the
products is sold
locally to wholesalers,
retailers and end-users.
MAJOR CUSTOMERS
Thai Tarxen Digital
Tech Co., Ltd.
N.D. Advertising &
Supply Co., Ltd.
N.C. Advertisign [2006]
Co., Ltd.
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.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject currently employs
88 office staff
and factory workers.
LOCATION
DETAILS
The
premise is owned for administrative office
and factory at the
heading address. Premise is
located in provincial.
Branch
office is located
at Room 104, 1st Floor,
RPD Mansion Building,
298
Asoke-Dindaeng Road, Dindaeng,
Bangkok 10400. Tel. : [66] 2641-0339.
COMMENT
The
subject is a manufacturer
and distributor of
plastic products. Its
products have been
used to produce various kinds of
plastic goods, which
is related to industrial and consumer
markets. Its sales
has slowly grown
in 2013 due
to slow consumption
from domestic market.
However, its business
remains optimistic despite
shrinking economy.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 12,000,000 divided into 120,000 shares of
Bht. 100 each with
fully paid.
On March
13, 2012, the
registered capital was
increased to Bht. 30,000,000 divided
into 300,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Zhang Yudie Nationality: Chinese Address : 289
Asoke-Dindaeng Road, Dindaeng, Bangkok |
240,000 |
80.00 |
|
Mr. Zhang Jianping Nationality: Chinese Address : 289
Asoke-Dindaeng Road, Dindaeng, Bangkok |
30,000 |
10.00 |
|
Ms. Gao Shuihua Nationality: Chinese Address : 289
Asoke-Dindaeng Road, Dindaeng, Bangkok |
30,000 |
10.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign-Chinese |
3 |
300,000 |
100.00 |
|
Total |
3 |
300,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Chatchai Luengvilai No.
11373
BALANCE SHEET [BAHT]
The
latest financial figures
published for December 31,
2012 was :
ASSETS
|
Current Assets |
2012 |
|
|
|
|
Cash and Cash Equivalents
|
178,518.76 |
|
Short-term Lending to Related
Person |
2,232,295.70 |
|
Inventories |
10,425,201.49 |
|
Other Current Assets
|
9,132,634.95 |
|
|
|
|
Total Current Assets
|
21,968,650.90 |
|
|
|
|
Fixed Assets |
11,505,949.55 |
|
Other Non-current Assets |
1,033,200.00 |
|
Total Assets |
34,507,800.45 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2012 |
|
|
|
|
Trade Account & Other
Payable |
1,037,926.97 |
|
Other Current Liabilities |
6,761,731.61 |
|
|
|
|
Total Current Liabilities |
7,799,658.58 |
|
Total Liabilities |
7,799,658.58 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 300,000 shares |
30,000,000.00 |
|
|
|
|
Capital Paid |
30,000,000.00 |
|
Retained Earning - Unappropriated [Deficit] |
[3,291,858.13] |
|
Total Shareholders' Equity |
26,708,141.87 |
|
Total Liabilities & Shareholders' Equity |
34,507,800.45 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
|
Sales |
76,335,131.98 |
|
Other Income |
99,308.09 |
|
Total Revenues |
76,434,440.07 |
|
Expenses |
|
|
Cost of Goods
Sold |
75,321,602.00 |
|
Selling Expenses |
1,444,276.22 |
|
Administrative Expenses |
2,960,419.98 |
|
Total Expenses |
79,726,298.20 |
|
Net Profit / [Loss] |
[3,291,858.13] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
CURRENT RATIO |
TIMES |
2.82 |
|
QUICK RATIO |
TIMES |
0.31 |
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.63 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.21 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
50.52 |
|
INVENTORY TURNOVER |
TIMES |
7.22 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
5.03 |
|
CASH CONVERSION CYCLE |
DAYS |
45.49 |
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
COST OF GOODS SOLD |
% |
98.67 |
|
SELLING & ADMINISTRATION |
% |
5.77 |
|
INTEREST |
% |
- |
|
GROSS PROFIT MARGIN |
% |
1.46 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(4.31) |
|
NET PROFIT MARGIN |
% |
(4.31) |
|
RETURN ON EQUITY |
% |
(12.33) |
|
RETURN ON ASSET |
% |
(9.54) |
|
EARNING PER SHARE |
BAHT |
(10.97) |
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
DEBT RATIO |
TIMES |
0.23 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.29 |
|
TIME INTEREST EARNED |
TIMES |
- |
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
1.46 |
Deteriorated |
Industrial Average |
13.96 |
|
Net Profit Margin |
(4.31) |
Deteriorated |
Industrial Average |
4.30 |
|
Return on Assets |
(9.54) |
Deteriorated |
Industrial Average |
5.20 |
|
Return on Equity |
(12.33) |
Deteriorated |
Industrial Average |
10.67 |
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 1.46%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have 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 -4.31%.
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 -9.54%.
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 -12.33%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
2.82 |
Impressive |
Industrial Average |
1.12 |
|
Quick Ratio |
0.31 |
|
|
|
|
Cash Conversion Cycle |
45.49 |
|
|
|
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 2.82 times in 2012, increased from 0 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 0.31 times in 2012,
increased from 0 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 46 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.23 |
Impressive |
Industrial Average |
0.50 |
|
Debt to Equity Ratio |
0.29 |
Impressive |
Industrial Average |
1.02 |
|
Times Interest Earned |
- |
|
Industrial Average |
- |
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 0.23 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 Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.63 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
2.21 |
Impressive |
Industrial Average |
1.21 |
|
Inventory Conversion Period |
50.52 |
|
|
|
|
Inventory Turnover |
7.22 |
Impressive |
Industrial Average |
5.79 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
2.36 |
|
Payables Conversion Period |
5.03 |
|
|
|
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days is 51 days at the end of 2012. This
represents a negative trend. And Inventory turnover is 7.22 times in year 2012.
The company's Total Asset Turnover is calculated as 2.21 times in 2012.
This ratio is determined by dividing total assets into total sales turnover.
The ratio measures the activity of the assets and the ability of the firm to
generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.18 |
|
UK Pound |
1 |
Rs.102.31 |
|
Euro |
1 |
Rs.84.50 |
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.