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MIRA INFORM REPORT
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Report No. : |
485257 |
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Report Date : |
09.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
POLENE PLASTIC COMPANY LIMITED |
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Registered Office : |
26/56 Chantadmai Road, Thungmahamek, Sathorn, Bangkok 10120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
2002 |
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Com. Reg. No.: |
0105545048820 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
· The subject also provides domestic and international logistic [freight forwarding and shipping] services for cements and PVC resin products for the TPI group of Companies · exporting PVC resin, mainly Low Density Polyethylene [LDPE] and Ethylene-Vinyl Acetate Copolymer [EVA] under its brand “POLENE” as well as distributing and exporting cements and mortars |
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No. of Employees : |
25 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
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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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
THAILAND - ECONOMIC
OVERVIEW
With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two-thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farmers, contributes only 10% of GDP but employs about one-third of the labor force. Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly from neighboring countries.
Over the last few decades, Thailand has had strong growth and has reduced poverty substantially. In 2013, the Thai Government implemented a nationwide 300 baht (roughly $10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners.
Growth has slowed in the last few years, however, due to domestic political turmoil and sluggish global demand. Nevertheless, Thailand’s economic fundamentals are sound, with low inflation, low unemployment, and reasonable public and external debt levels. Tourism and government spending - mostly on infrastructure and short-term stimulus measures – have helped to boost the economy, and The Bank of Thailand has been supportive, with several interest rate reductions.
Over the longer-term, Thailand faces labor shortages, and domestic debt levels, political uncertainty, and an aging population pose risks to growth.
|
Source
: CIA |
Company
name and address
POLENE PLASTIC
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 26/56
CHANTADMAI ROAD, THUNGMAHAMEK,
SATHORN, BANGKOK
10120, THAILAND
TELEPHONE : [66] 2213-1039-49, 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 LEOPHAIRATANA, THAI
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
NO.
OF STAFF : 25
LINES
OF BUSINESS : PETROCHEMICALS
EXPORTER AND
LOGISTIC SERVICE
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 May 8, 2002
as a private
limited company under
the registered name
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 for TPI group of
companies. It currently employs 25
staff.
The
subject currently is
a wholly owned
subsidiary of Zenith
International Trading
Company Limited, which
is a member
of TPI Polene
Group.
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 Leophairatana |
|
Thai |
73 |
|
Mr. Prateep Leopairut |
|
Thai |
71 |
|
Mr. Pramuan Leophairatana |
|
Thai |
68 |
|
Mr. Prayad Liewphairatana |
|
Thai |
66 |
|
Mrs. Orapin Leophairatana |
|
Thai |
70 |
|
Ms. Pattrapan
Leopairut |
|
Thai |
38 |
|
Mr. Pakorn Leopairut |
|
Thai |
37 |
|
Mr. Pakkapol Leopairut |
|
Thai |
34 |
|
Mr. Thanakorn Liewphairatana |
|
Thai |
32 |
|
Ms. Chutinan Liewphairatana |
|
Thai |
30 |
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 President and
Chief Executive Officer.
He is Thai
nationality with the
age of 73
years old.
BUSINESS OPERATIONS
The subject is
engaged in exporting PVC resin,
mainly Low Density Polyethylene [LDPE] and Ethylene-Vinyl Acetate Copolymer [EVA] under
its brand “POLENE”
, as well as distributing and exporting
cements and mortars
under its brand
“TPIPL”.
The subject
also provides domestic
and international logistic
[freight forwarding and
shipping] services
for cements and
PVC resin products
for the TPI
group of
companies.
PURCHASE
100% of the
products is purchased
from local suppliers.
MAJOR
SUPPLIER
TPI
Polene Public Company
Limited : Thailand
EXPORT
100%
of plastic resin
products, some cement
and mortar are
exported to United States of America, Japan, Singapore, Indonesia,
Malaysia, India, Taiwan, Republic of China,
Vietnam, Hong Kong, Myanmar, Laos, Korea, Philippines, Europe, Africa, Australia, Canada Maldives
and Middle East countries.
Whereas, cement and
mortar are also
sold locally.
SERVICES
100% of freight
forwarding and shipping
services are served
to TPI group
of companies.
MAJOR OVERSEA CUSTOMERS
LDPE India Polymers
Ltd. : India
Chase Plastic Services
Inc. : U.S.A.
Island Expert Pvt.
Ltd. : Maldives
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 the past
two years.
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 Company
Limited
EMPLOYMENT
The
subject employs 25
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. The
subject reported strong sales despite
the stunning in
world market. The subject has
gained creditability and
comprehensive network in its
business.
The
subject’s business remains
solid in 2016.
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 28, 2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Zenith International Trading
Company Limited Nationality: Thai Address : 26/56
Chantadmai Rd., Thungmahamek,
Sathorn, Bangkok |
99,993 |
99.99 |
|
Mr. Prachai Leophairatana Nationality: Thai Address : 299
Moo 5, Thabkwang,
Kaengkoi, Saraburi |
1 |
|
|
Mr. Prateep Leopairut Nationality: Thai Address : 999
Soi Onnuch 39,
Suanluang, Bangkok |
1 |
|
|
Mr. Pramuan Leophairatana Nationality: Thai Address : 999
Moo 5, Chengnoen,
Muang, Rayong |
1 |
= 0.01 |
|
Mrs. Orapin Leophairatana Nationality: Thai Address : 229/14
Sukhumvit 49 Rd.,
Klongtonnua, Wattana, Bangkok |
1 |
|
|
Mr. Prayad Liewphairatana Nationality: Thai Address : 211
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok |
1 |
|
|
Ms. Pattrapan Leopairut Nationality: Thai Address : 999
Soi Onnuch 39,
Suanluang, Bangkok |
1 |
|
|
Mr. Pakorn Leopairut Nationality: Thai Address : 999
Soi Onnuch 39,
Suanluang, Bangkok |
1 |
|
Total Shareholders : 8
Share Structure [as
at April 28,
2017]
|
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. Bunyarit Thanomcharoen No. 7900
Financials
BALANCE SHEET [BAHT]
The
latest financial figures
published for December 31, 2016,
2015 and 2014
were:
ASSETS
|
Current Assets |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Cash and Cash Equivalents |
141,484,205 |
517,890,540 |
133,855,470 |
|
Trade Account and Other Receivable |
1,437,049,309 |
1,493,289,890 |
2,408,869,725 |
|
Inventories |
136,319,066 |
114,775,300 |
140,068,320 |
|
Other Current Assets
|
300,528,969 |
249,764,901 |
184,827,185 |
|
Total Current Assets
|
2,015,381,549 |
2,375,720,631 |
2,867,620,700 |
|
Deferred Income Tax Assets |
- |
- |
14,126,550 |
|
Total Assets |
2,015,381,549 |
2,375,720,631 |
2,881,747,250 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Bank Overdraft and Short-term
Loan from Financial Institution |
862,846,410 |
- |
- |
|
Trade Account and Other Payable |
1,054,717,799 |
2,246,070,828 |
2,272,209,027 |
|
Short-term Loans |
- |
- |
542,002,884 |
|
Accrued Income Tax |
13,506,896 |
925,447 |
- |
|
Other Current Liabilities |
136,578 |
310,526 |
165,936 |
|
Total Current Liabilities |
1,931,207,683 |
2,247,306,801 |
2,814,377,847 |
|
Total Liabilities |
1,931,207,683 |
2,247,306,801 |
2,814,377,847 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par value authorized and
issued share capital
100,000 shares |
10,000,000 |
10,000,000 |
10,000,000 |
|
Capital Paid |
10,000,000 |
10,000,000 |
10,000,000 |
|
Retained Earning Appropriated statutory reserve |
1,000,000 |
- |
- |
|
Unappropriated |
73,173,866 |
118,413,830 |
57,369,403 |
|
Total Shareholders' Equity |
84,173,866 |
128,413,830 |
67,369,403 |
|
Total Liabilities and
Shareholders' Equity |
2,015,381,549 |
2,375,720,631 |
2,881,747,250 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sales or Services Income |
10,887,121,490 |
10,299,860,137 |
9,615,835,593 |
|
Other Income |
32,357,949 |
61,367,304 |
28,269,584 |
|
Total Revenues |
10,919,479,439 |
10,361,227,441 |
9,644,105,177 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods Sold or Services |
10,644,149,018 |
10,095,117,322 |
9,481,195,283 |
|
Selling Expenses |
194,264,569 |
181,087,381 |
152,910,255 |
|
Administrative Expenses |
4,901,830 |
5,493,612 |
2,078,650 |
|
Financial Cost |
5,638,925 |
3,147,456 |
13,657,177 |
|
Total Expenses |
10,848,954,342 |
10,284,845,771 |
9,649,841,365 |
|
Profit before Income Tax |
70,525,097 |
76,381,670 |
[5,736,188] |
|
Expenses (Income) Income Tax |
[14,765,061] |
[15,337,243] |
1,131,280 |
|
Net Profit / [Loss] |
55,760,036 |
61,044,427 |
[4,604,908] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.04 |
1.06 |
1.02 |
|
QUICK RATIO |
TIMES |
0.82 |
0.89 |
0.90 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
5.40 |
4.34 |
3.34 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
4.67 |
4.15 |
5.39 |
|
INVENTORY TURNOVER |
TIMES |
78.08 |
87.96 |
67.69 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
48.18 |
52.92 |
91.44 |
|
RECEIVABLES TURNOVER |
TIMES |
7.58 |
6.90 |
3.99 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
36.17 |
81.21 |
87.47 |
|
CASH CONVERSION CYCLE |
DAYS |
16.69 |
(24.14) |
9.35 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
97.77 |
98.01 |
98.60 |
|
SELLING & ADMINISTRATION |
% |
1.83 |
1.81 |
1.61 |
|
INTEREST |
% |
0.05 |
0.03 |
0.14 |
|
GROSS PROFIT MARGIN |
% |
2.53 |
2.58 |
1.69 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.65 |
0.74 |
(0.06) |
|
NET PROFIT MARGIN |
% |
0.51 |
0.59 |
(0.05) |
|
RETURN ON EQUITY |
% |
66.24 |
47.54 |
(6.84) |
|
RETURN ON ASSET |
% |
2.77 |
2.57 |
(0.16) |
|
EARNING PER SHARE |
BAHT |
557.60 |
610.44 |
(46.05) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.96 |
0.95 |
0.98 |
|
DEBT TO EQUITY RATIO |
TIMES |
22.94 |
17.50 |
41.78 |
|
TIME INTEREST EARNED |
TIMES |
12.51 |
24.27 |
(0.42) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
5.70 |
7.11 |
|
|
OPERATING PROFIT |
% |
(7.67) |
(1,431.58) |
|
|
NET PROFIT |
% |
(8.66) |
1,425.64 |
|
|
FIXED ASSETS |
% |
- |
- |
|
|
TOTAL ASSETS |
% |
(15.17) |
(17.56) |
|
ANNUAL GROWTH
: RISKY
An annual sales growth is 5.7%. Turnover has increased from THB
10,299,860,137.00 in 2015 to THB 10,887,121,490.00 in 2016. While net profit
has decreased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
2.53 |
Deteriorated |
Industrial
Average |
15.08 |
|
Net Profit Margin |
0.51 |
Deteriorated |
Industrial
Average |
3.64 |
|
Return on Assets |
2.77 |
Acceptable |
Industrial
Average |
6.12 |
|
Return on Equity |
66.24 |
Impressive |
Industrial
Average |
14.83 |
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 2.53%. 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 0.51%.
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 2.77%.
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 66.24%, 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 |
1.04 |
Satisfactory |
Industrial
Average |
1.75 |
|
Quick Ratio |
0.82 |
|
|
|
|
Cash Conversion Cycle |
16.69 |
|
|
|
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 2016, decrease from 1.06 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 0.82 times in 2016,
decrease from 0.89 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 17 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.96 |
Acceptable |
Industrial
Average |
0.55 |
|
Debt to Equity Ratio |
22.94 |
Risky |
Industrial
Average |
1.23 |
|
Times Interest Earned |
12.51 |
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 12.51 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 Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial
Average |
- |
|
Total Assets Turnover |
5.40 |
Impressive |
Industrial
Average |
1.68 |
|
Inventory Conversion Period |
4.67 |
|
|
|
|
Inventory Turnover |
78.08 |
Impressive |
Industrial
Average |
3.74 |
|
Receivables Conversion Period |
48.18 |
|
|
|
|
Receivables Turnover |
7.58 |
Impressive |
Industrial
Average |
4.26 |
|
Payables Conversion Period |
36.17 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.58 and
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 4 days at the end
of 2015 to 5 days at the end of 2016. This represents a negative trend. And Inventory
turnover has decreased from 87.96 times in year 2015 to 78.08 times in year
2016.
The company's Total Asset Turnover is calculated as 5.4 times and 4.34
times in 2016 and 2015 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 Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.35 |
|
|
1 |
INR 85.89 |
|
Euro |
1 |
INR 76.15 |
|
THB |
1 |
INR 1.97 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.