MIRA
INFORM REPORT
|
Report Date : |
23.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
MEGA POLYMER
COMPANY LIMITED |
|
|
|
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Registered Office : |
Unit 6, 11th Floor,
|
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
27.12.2012 |
|
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Com. Reg. No.: |
0105555187164 |
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Legal Form : |
Private Limited Company |
|
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Line of Business : |
Engaged
in importing and
distributing various kinds
of PVC resin
such as Polybutylene Terephthalate [PBT], Polyphenylene Sulphide
[PPS], Polycarbonate [PC], Polyphthalamide [PPA], Acrylonitrile-Butadiene-Styrene [ABS],
Polyesthylene [PE], Polypropylene [PP],
Polyetherimide [PEI], Nylon
resin and etc.,
for various industries. |
|
|
|
|
No. of Employees : |
60 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 achieved steady growth due largely to industrial
and agriculture exports - mostly electronics, agricultural commodities,
automobiles and parts, and processed foods. 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 in 2013
implemented a nation-wide 300 baht ($10) per day minimum wage policy and
deployed 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 recession severely cut Thailand's exports, with most
sectors experiencing double-digit drops. In late 2011 Thailand's recovery was
interrupted by historic flooding in the industrial areas in Bangkok and its
five surrounding provinces, crippling the manufacturing sector. The government
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 following seven years. This was expected to lead to an
economic upsurge but growth has remained slow, in part due to ongoing political
unrest and resulting uncertainties. Spending on infrastructure will require
re-approval once a new government is seated
|
Source
: CIA |
Company name
MEGA
POLYMER COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : UNIT
6, 11th FLOOR,
SRIJULSUP TOWER,
44
RAMA 1
ROAD, RONGMUANG,
PATHUMWAN,
BANGKOK 10330, THAILAND
TELEPHONE : [66] 2613-8400
FAX :
[66] 2613-8401
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2012
REGISTRATION
NO. : 0105555187164
TAX
ID NO. : 3035536971
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
SHAREHOLDER’S PROPORTION : THAI : 40.00%
SINGAPOREAN :
60.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. WATTANA ROONGRUJIMEK,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 60
LINES
OF BUSINESS : PETROCHEMICAL
IMPORTER 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 December 27, 2012
as a private
limited company under the
registered name MEGA POLYMER COMPANY
LIMITED, by Thai and
Singaporean groups, with
the business objective to
import and distribute
PVC resin for
various industries. It currently
employs approximately 60
staff.
The
subject is also
a subsidiary of
Polymer Resources Pte. Ltd., Singapore.
The subject’s registered address is Unit
6, 11th Floor,
Srijulsup Tower, 44 Rama 1 Road, Rongmuang,
Pathumwan, Bangkok 10330,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Wattana Roongrujimek |
[x] |
Thai |
44 |
|
Mr. Pisut Srinithiwat |
|
Thai |
45 |
|
Mr. Chaimongkol Lovichit |
|
Thai |
46 |
|
Mr. Winardi Pranatajaya |
[x] |
Indonesian |
58 |
|
Mr. Harris Pranatajaya |
[x] |
Indonesian |
51 |
|
Mr. Ing Ie Tanumihardja |
[x] |
Indonesian |
51 |
AUTHORIZED PERSON
Any of the
mentioned directors [x]
can jointly sign
with anyone of
the rest directors
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Wattana Roongrujimek is
the Managing Director.
He is Thai
nationality with the
age of 44 years old.
Mr. Chaimongkol Lovichit is
the Deputy Managing
Director.
He is Thai
nationality with the
age of 46
years old.
BUSINESS OPERATIONS
The
subject is engaged
in importing and
distributing various kinds
of PVC resin such
as Polybutylene Terephthalate [PBT], Polyphenylene Sulphide
[PPS], Polycarbonate [PC], Polyphthalamide [PPA], Acrylonitrile-Butadiene-Styrene [ABS],
Polyesthylene [PE], Polypropylene
[PP], Polyetherimide
[PEI], Nylon resin
and etc., for
various industries.
PURCHASE
Most of the
products are imported
from U.S.A., Republic
of China, Germany,
India, Taiwan, and
Singapore, the rest
is purchased from
local suppliers.
MAJOR
SUPPLIERS
Polymer
Resources Pte. Ltd. : Singapore
IRPC
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
according to 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.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 60 staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at the heading
address. Premise is
located in commercial/residential area.
Warehouse
is located at
169 Moo 2, T.
Bangpleeyai, A. Bangplee, Samutprakarn
10540.
Tel.:
[66] 2173-4416-8, Fax.: [66]
2173-4419.
COMMENT
The subject
is an importer and
distributor of petrochemical
products. Its products
have mainly served
to industrial users.
Through operational excellence and customer focus, the subject
delivers products that meet
with demand to
industrial sector. Sales
were outstanding increased
in the year
2013 and continue
growing steadily.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 1,000,00 divided into
100,000 shares of Bht.
10 each with
fully paid.
On
February 26, 2013,
the registered capital
was increased to
Bht. 100,000,000 divided into 10,000,000 shares
of Bht. 10 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Polymer Resources Pte.
Ltd. Nationality: Singaporean Address : 10
UBI Crescent # 07-24 UBI
Tech Park,
Singapore |
6,000,000 |
60.00 |
|
Mr. Pisut Srinithiwat Nationality: Thai Address : 169
Moo 21, T. Bangpleeyai, A. Bangplee,
Samutprakarn |
1,500,000 |
15.00 |
|
Mr. Chaimongkol Lovichit Nationality: Thai Address : 120/501
Soi Vachirathamsathit 12,
Sukhumvit Road, Bangna,
Bangkok |
1,500,000 |
15.00 |
|
Mr. Wattana Roongrujimek Nationality: Thai Address : 111/2
Moo 5, Bnagkruay-Sainoi Road, T. Wad Chalor,
A. Bangkruay, Nonthaburi |
1,000,000 |
10.00 |
Total Shareholders : 4
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
4,000,000 |
40.00 |
|
Foreign - Singaporean |
1 |
6,000,000 |
60.00 |
|
Total |
4 |
10,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT
NO. :
Ms. Kamolthip
Lertwitworathep No. 4377
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2013 &
2012 were:
ASSETS
|
Current Assets |
2013 |
2012 |
|
|
|
|
|
Cash and Cash Equivalents
|
15,579,348 |
994,000 |
|
Trade Account & Other
Receivable |
460,072,435 |
- |
|
Advance Payment to Related Company |
43,600,000 |
- |
|
Inventories |
71,226,690 |
- |
|
Refundable Value Added Tax |
5,966,899 |
- |
|
Other Current Assets
|
7,160,348 |
- |
|
|
|
|
|
Total Current Assets
|
603,605,720 |
994,000 |
|
|
|
|
|
Fixed Assets |
5,817,249 |
- |
|
Goodwill |
31,764,491 |
- |
|
Total Assets |
641,187,460 |
994,000 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
|
|
|
|
|
Short-term Loan from Financial Institutions |
329,604,574 |
- |
|
Trade Account & Other
Payable |
201,232,117 |
- |
|
Accrued Income Tax |
169,993 |
- |
|
Accrued Expenses |
3,800,066 |
8,000 |
|
Other Current Liabilities |
965,922 |
- |
|
|
|
|
|
Total Current Liabilities |
535,772,672 |
8,000 |
|
Total Liabilities |
535,772,672 |
8,000 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
value authorized, issued
and fully paid share
capital 10,000,000 & 100,000 shares in
2013 & 2012 respectively |
100,000,000 |
1,000,000 |
|
|
|
|
|
Capital Paid |
100,000,000 |
1,000,000 |
|
Retained Earning - Unappropriated [Deficit] |
5,414,788 |
[14,000] |
|
Total Shareholders' Equity |
105,414,788 |
986,000 |
|
Total Liabilities & Shareholders' Equity |
641,187,460 |
994,000 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
Dec. 27,
2012 – Dec. 31, 2012 |
|
|
|
|
|
Sales Income |
2,278,905,870 |
- |
|
Other Income |
2,222,470 |
- |
|
Total Revenues |
2,281,128,340 |
- |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,235,889,877 |
- |
|
Selling Expenses |
4,868,443 |
- |
|
Administrative Expenses |
21,888,385 |
14,000 |
|
Total Expenses |
2,262,646,705 |
14,000 |
|
|
|
|
|
Profit / Loss] before Financial
Cost & Income Tax |
18,481,635 |
[14,000] |
|
Financial Cost |
[11,375,880] |
- |
|
|
|
|
|
Profit / [Loss] before Income Tax
|
7,105,755 |
[14,000] |
|
Income Tax |
[1,676,967] |
- |
|
Net Profit / [Loss] |
5,428,788 |
[14,000] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.13 |
124.25 |
|
QUICK RATIO |
TIMES |
0.97 |
124.25 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
391.75 |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.55 |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
11.63 |
- |
|
INVENTORY TURNOVER |
TIMES |
31.39 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
73.69 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
4.95 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
32.85 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
52.46 |
- |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
98.11 |
- |
|
SELLING & ADMINISTRATION |
% |
1.17 |
- |
|
INTEREST |
% |
0.50 |
- |
|
GROSS PROFIT MARGIN |
% |
1.99 |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.81 |
- |
|
NET PROFIT MARGIN |
% |
0.24 |
- |
|
RETURN ON EQUITY |
% |
5.15 |
(1.42) |
|
RETURN ON ASSET |
% |
0.85 |
(1.41) |
|
EARNING PER SHARE |
BAHT |
0.54 |
(0.14) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.84 |
0.01 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.08 |
0.01 |
|
TIME INTEREST EARNED |
TIMES |
1.62 |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
- |
- |
|
OPERATING PROFIT |
% |
(132,111.68) |
- |
|
NET PROFIT |
% |
38,877.06 |
- |
|
FIXED ASSETS |
% |
- |
- |
|
TOTAL ASSETS |
% |
64,405.78 |
- |
PROFITABILITY : IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
1.99 |
Deteriorated |
Industrial
Average |
18.91 |
|
Net Profit Margin |
0.24 |
Impressive |
Industrial
Average |
0.07 |
|
Return on Assets |
0.85 |
Impressive |
Industrial
Average |
0.52 |
|
Return on Equity |
5.15 |
Impressive |
Industrial
Average |
1.73 |
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 1.99%. 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 0.24%, higher figure when compared with those
of its average competitors in the same industry, indicated that business was an
efficient operator in a dominant
position within its industry.
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
0.85%, 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 5.15%, 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 :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.13 |
Impressive |
Industrial
Average |
1.07 |
|
Quick Ratio |
0.97 |
|
|
|
|
Cash Conversion Cycle |
52.46 |
|
|
|
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 1.13 times in 2013, decreased from 124.25 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 0.97 times in 2013,
decreased from 124.25 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 53 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.84 |
Acceptable |
Industrial Average |
0.65 |
|
Debt to Equity Ratio |
5.08 |
Risky |
Industrial
Average |
1.83 |
|
Times Interest Earned |
1.62 |
Impressive |
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 higher the percentage means that the company is using less equity
and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 1.63 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 0.84 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 Stable
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
391.75 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
3.55 |
Deteriorated |
Industrial
Average |
7.56 |
|
Inventory Conversion Period |
11.63 |
|
|
|
|
Inventory Turnover |
31.39 |
Acceptable |
Industrial
Average |
59.19 |
|
Receivables Conversion Period |
73.69 |
|
|
|
|
Receivables Turnover |
4.95 |
Deteriorated |
Industrial
Average |
21.78 |
|
Payables Conversion Period |
32.85 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.95 and 0.00 in
2013 and 2012 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2013
increased from 2012. This would suggest the company had good performance in the
management of its debt collections.
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 has increased from 0 day at the end
of 2012 to 12 days at the end of 2013. This represents a negative trend. And
Inventory turnover has increased from 0 time
in year 2012 to 31.39 times in year 2013.
The company's Total Asset Turnover is calculated as 3.55 times and 0 times
in 2013 and 2012 respectively. 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 Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.78 |
|
|
1 |
Rs.99.29 |
|
Euro |
1 |
Rs.78.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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.