MIRA
INFORM REPORT
|
Report Date : |
6th
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
ADVANCE
AGRO PUBLIC CO., LTD. |
|
|
|
|
Registered Office : |
1 Moo 2, T. Thatoom, A. Srimahaphote,
Prachinburi 25140, Thailand |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
09.03.1989 |
|
|
|
|
Com. Reg. No.: |
0107537000602
[Former : BOR MOR JOR.
307] |
|
|
|
|
Legal Form : |
Public Limited
Company |
|
|
|
|
Line of Business : |
Producer 3
kinds of product,
Bleached Eucalyptus, Kraft
Pulp [BEKP] and
Electricity. |
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 |
|
Maximum Credit Limit : |
EUR 500,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
Company Name
ADVANCE AGRO
PUBLIC CO., LTD.
SUMMARY
BUSINESS ADDRESS : 1 MOO 2, T.
THATOOM, A. SRIMAHAPHOTE,
PRACHINBURI 25140, THAILAND
TELEPHONE : [66] 37 208-800-49
FAX : [66]
37 208-850, 208-851
E-MAIL ADDRESS : webmasteraa@advanceagro.com,
prthatoom@advanceagro.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1989
REGISTRATION NO. : 0107537000602 [Former : BOR MOR
JOR. 307]CAPITAL REGISTERED :
BHT. 6,300,000,000
CAPITAL PAID-UP : BHT. 5,323,831,080
FISCAL YEAR
CLOSING DATE : DECEMBER
31
LEGAL STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : DR. VIRABONGSA RAMANGKURA,
THAI
CHAIRMAN OF
THE EXECUTIVE BOARD
NO. OF
STAFF : 700
LINES OF
BUSINESS : INTEGRATED PULP
AND PAPER MILL
MANUFACTURER, IMPORTER, EXPORTER
AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established on March
9, 1989 as a
private limited company
under the registered name
“Suan Kitti Pulp and
Paper Co., Ltd.”
by Mr. Kitti
Dumnernchanvanit, the Chairman
of Soon Hua
Seng Group. The
subject received promotional privilege from the
Board of Investment
to produce bleached
eucalyptus kraft pulp.
Its name had
been changed to “Advance
Agro Co., Ltd.”
in August 1991.
In 1993
the subject acquired
99.99% shares of
“Hi-Tech Paper Co., Ltd.”, a subsidiary of Soon Hua
Seng Group.
The
subject converted into
public limited company
on February 18,
1994 and processed
on being listed
on the Stock Exchange
of Thailand on
February 8, 1995
respectively.
The subject
has been supported
by the following financial institutions; Bangkok Bank,
Kasikornbank, Siam Commercial Bank, and Commonwealth Development
Corporation [CDC] in
U.K. at the
total loan of
USD 140 million and
Letter of Guarantee USD
300 million.
On November
18, 1997, Advance
Agro Public Co.,
Ltd., the first
integrated pulp and
paper mills in
South East Asia
was certified for
the international standard
of the Environmental
Management Systems under
the so-called category
ISO 14001 by
AJA EQS. The
subject has aimed
to progress further
to the quality standard certification ISO 9001-2000 which are
newly imposed by
the institute AJA
EQS of the U.K.
At the
present Advance Agro
Public Co., Ltd.
is one of the country's
leading pulp and paper
producers with the
current staff strength
of 700.
In 2002,
the subject set
up “Double A
Copy Center Co.,
Ltd.” to operate
Double A Copy
Center along with
its external paper
business at the
retail level by
joining businesses with
copy centers.
In 2004,
subject set up
“99 Group Trading
Center Co., Ltd.”
to be a domestic printing
and writing paper
distributors.
On February
10, 2006, subject
took over its
subsidiary, namely AA
Pulp Mill 2
Co., Ltd.
The subject’s
registered address is 1 Moo
2, T. Thatoom, A. Srimahaphote, Prachinburi 25140, and
this is the
company’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
Position |
Nationality |
Age |
|
|
|
|
|
|
Mr.
Yothin Dumnerncharnvanit |
: [+] |
Thai |
46 |
|
Mr. Narong
Srisa-an |
: [+]
|
Thai |
79 |
|
Pol. Gen.
Narong Mahanonda |
: [+] |
Thai |
81 |
|
Dr. Virabongsa Ramangkura |
: [+] |
Thai |
64 |
|
Mr. Anuthra
Asawanonda |
: [+] |
Thai |
78 |
|
Mr. Kitti
Dumnernchanvanit |
: [x]
Founder Chairman |
Thai |
77 |
|
Mrs.
Nongnuj Thienpaitoon |
|
Thai |
57 |
|
Mr. Pracha
Charutrakulchai |
: [+] |
Thai |
68 |
|
Mr. Poonsombat Dumnernchanvanit |
: [+] |
Thai |
45 |
|
Mr.
Lersak Chuladesa |
|
Thai |
53 |
|
Mr.
Sirin Nimmanahaeminda |
: [+] |
Thai |
60 |
|
Mr. Trairat
Dumnerncharnvanit |
|
Thai |
43 |
|
Mrs. Siriwan
Dumnernchanvanit |
: [+] |
Thai |
47 |
|
Dr. Somchai
Richuphan |
|
Thai |
69 |
|
Mr. Sirichai
Sakornrattanakul |
|
Thai |
58 |
|
Gen.
Chettha Thanajaro |
|
Thai |
69 |
|
Mr. Seri
Jintanasaeri |
|
Thai |
65 |
|
Mrs. Phisamai
Supanunparock |
: [+] |
Thai |
50 |
AUTHORIZED PERSON
Only the
director [x] can
sign or two
of the directors [+] can
jointly sign on behalf
of the subject with the
company’s affixed.
MANAGEMENT
Dr.
Virabongsa Ramangkura
is the Chairman of Executive
Officer.
He is
Thai nationality with
the age of
64 years old. He
obtained Honorary Doctorate
Degree in Management
and Administration from
Ramkhamhaeng University, Thailand.
Mr. Yothin
Dumnerncharnvanit is the Managing Director.
He is
Thai nationality with
the age of
46 years old.
Mr. Paisan
Srisa-an is
the Deputy Managing
Director.
He is
Thai nationality with
the age of
51 years old.
He obtained Master Degree
in Finance from
Indiana University, U.S.A. Before
joining the company,
he was Deputy Managing Director
at Sunwood Industries
Co., Ltd. from
1989 to 1994.
Mr.
Jeff Osmond
is the Chief Finance and
Accounting Officer.
He is
German nationality. He has
work experience in
Commonwealth Development Corporation, United Kingdom and Member of the
Chartered Public Accountants
Association, United Kingdom
and Wales.
Mr.
Kumpon Chayasunthorn
is the Mill Director.
He is
Thai nationality.
Mr.
Poonsak Sutanthaviboon
is the Marketing Director.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject’s
activity is a
producer 3 kinds
of product, bleached
eucalyptus, Kraft pulp
[BEKP] and electricity, as detailed as
follows:
Paper
Products
The subject’s
main products are
printing and writing paper
under the name
“DOUBLE
A” brand,
which can be
categorized into two
types:-
Uncoated
Paper. This
is for writing and printing
purposes such as
text books, magazines,
business newspapers, general
printing, writing books,
computer continuous printing
form, photo copy,
etc. The products
are produced in
different grammage ranging
from 50-180 gram/sq.m
in two forms; i.e., roll
and sheet.
Coated [Art] Paper. The paper is one-sided
or double-sided coated
with white coating
material to give
a smooth and
glossy surface, available
in both roll
and sheet forms.
PRODUCTION CAPACITY
[2004]
Shot Fiber
Pulp : 500,000 tons
Printing and
Writing Paper : 556,262 tons
Bleached
Eucalyptus Kraft Pulp
[BEKP]
Pulp produced
is categorized into
3 grades as
follows:
Slurry
Pulp. This
accounts for 40%
of all pulp produced and
is the main raw material
to produce the
subject’s paper and
is sent to
the two paper
machines through connected
pipes.
Wet
Lap Pulp. This grade contains
50% moisture and
accounts for about
10% of the total pulp
produced. All is
for domestic sale
and a part is delivered
to a subsidiary, Hi-tech Paper
Co., Ltd. for
producing paper.
Dry
Pulp. This grade contains 10%
moisture and accounts
for about 50%
of the total pulp produced.
It is for both domestic
and export sales.
Electricity
The subject
has 2 power plants consisting
of :
Power
Plant 1
: utilizing
biomass fuel has
installed generating capacities
of electricity for
37.5
MW
and steam for
196 tons/ hour at
84 bar pressure.
Power
Plant 2
: running
by black liquor
has installed generating
capacities; 37 MW for
electricity and
200
tons/ hour [at 84
bar pressure] for
steam.
PURCHASE [LOCAL]
Raw material
such as plantation
tree is purchased
locally.
IMPORT [COUNTRIES]
Chemical, paper
pulp machinery and
parts are imported
from Japan, Finland,
Germany, Canada, Europe
& United States
of America.
MAJOR SUPPLIERS
|
Name |
Country |
Products |
|
Mitsubishi Corporation |
Japan |
Machinery |
|
Siemens Aktiengesellschaft |
Germany |
Machinery |
|
Tampella Power
Inc. |
Finland |
Machinery |
|
Thai Power
Supply Co., Ltd. |
Thailand |
Machinery |
|
Agro Lines
Co., Ltd. |
Thailand |
Eucalyptus |
|
304 Industrial Park Co., Ltd. |
Thailand |
Water |
SALE
|
Sale |
Pulp Paper |
Paper |
|
|
|
|
|
Export Sale |
75% |
53% |
|
Local Sale |
25% |
47% |
|
Total |
100% |
100% |
The products
are exported mainly
to over 80
countries worldwide such
as Singapore, Hong
Kong, Republic of
China, Malaysia, Korea, United States of America,
Africa, Australia, Middle
East, Taiwan, Indonesia,
European Union and
etc., and are
sold locally by
wholesale to dealers
and printing houses.
STRUCTURE OF
REVENUES
[company
only]
Products Revenue [Unit : Thousand baht]
2005 2004
Paper 7,357,012
7,330,709
Pulp 183,290
70,452
Electricity 846,884
756,162
MAJOR CUSTOMERS
|
Name |
Country |
|
|
|
|
Hi-tech Paper
Co., Ltd. |
Thailand |
|
Advance Agro
Paper B.V. |
Netherlands |
|
Double A
International Business Co.,
Ltd. |
Thailand |
|
99 Group
Center [Australia] Pty.
Ltd. |
Australia |
|
99 Group
Center Korea Co.
Ltd.
|
Korea |
|
99 DA
Group Center Sdn.
Bhd. |
Malaysia |
SUBSIDIARIES AND
AFFILIATED COMPANIES
Hi-Tech
Paper Co., Ltd.
Address : 122
North Sathorn, Silom, Bangrak,
Bangkok 10500
Business
Type : Manufacturer of
Uncoated Paper
Investment :
The subject holds
99.99% of the
company’s shares.
Advance
Agro Holding Co.,
Ltd.
Address : 122
North Sathorn, Silom, Bangrak,
Bangkok 10500
Business
Type : Holding Company
Investment :
The subject holds
99.99% of the
company’s shares.
Double
A International Business
Co., Ltd.
Address : 122
North Sathorn, Silom, Bangrak,
Bangkok 10500
Business
Type : Agent for Printing &
Writing Paper
Investment :
The subject holds
99.99% of the
company’s shares.
Advance
Agro Capital B.V.
Address :
Herengracht 548, 1017
CG Amsterdam TL,
Netherlands
Business
Type :
Investment
Investment :
The subject holds
99.99% of the
company’s shares.
Hi-Tech
Specialty Minerals Co.,
Ltd.
Address : 122
North Sathorn, Silom, Bangrak,
Bangkok 10500
Business
Type :
Manufacturer & Distributor
of Precipitated Calcium
Carbonate
Investment :
The subject holds
51.00% of the
company’s shares.
Advance
Paper Co., Ltd.
Address : 122
North Sathorn, Silom, Bangrak,
Bangkok 10500
Business
Type :
Manufacturer of Printing & Writing Paper
Investment :
The subject holds
99.99% of the
company’s shares.
A.A. Core
Co., Ltd.
Address : 302
Moo 10, T. Tatoom,
A. Srimahapote, Prachinburi
25140
Business
Type :
Manufacturer of Paper
Core
Investment :
The subject holds 99.99%
of the company’s shares.
99
DA Group Centre
Sdn. Bhd.
Address :
No. 7, Jalan Silaug, 1st & 2nd Floor,
50050 Kuala Lumpur,
Malaysia
Business
Type :
Distributor of Printing
& Writing Paper
Investment :
The subject holds
14.8% of the
company’s shares.
99
Group Center [Australia]
Pty Ltd.
Address :
Australia
Business
Type :
Distributor of Printing
& Writing Paper
Investment :
The subject holds
100% of the
company’s shares.
99
Group Center Korea
Co., Ltd.
Address :
6th Floor, Kookminseogwan Bldg., Kongduk-Dong, Mapo-Gu,
Seoul, Korea
Business
Type :
Distributor of Printing
& Writing Paper
Investment :
The subject holds
100% of the
company’s shares.
LITIGATIONS
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
As at December 31, 2002, the Company was contingently liable as a
guarantor of liability line of
subsidiaries and related companies totalling U.S. Dollars 135 million
and Baht 4,284 million (The Company has been sued for settlement of liabilities
from joint-guarantors of Baht 200 million).
CREDIT
Purchasing terms
are by cash or on
the credits term
of 30-90 days.
Imports are
by L/C at sight and
T/T.
Selling terms
are by cash or on
the credits term
of 30-60 days.
Exports are
against L/C at
sight and T/T.
BUSINESS TRANSACTION
In term
of sales, the
products are sold
by both cash
and credit with
the maximum credit
given to customers
at 60 days, while exports are
by L/C and T/T. The
subject is not
found to have
payment problem by
customers.
BANKING
Bangkok
Bank Public Co.,
Ltd.
[Head
Office : 333
Silom Rd., Bangrak,
Bangkok 10500]
[Kabinburi
Branch]
The
Siam Commercial Bank
Public Co., Ltd.
[Head
Office : 9
Ratchadapisek Rd., Ladyao,
Jatujak, Bangkok 10900]
Kasikornbank Public Co., Ltd.
[Head
Office : 1
Kasikorn Lane, Rajburana
Rd., Rajburana, Bangkok
10140]
Krung
Thai Bank Public
Co., Ltd.
[Head
Office : 35 Sukhumvit
Rd., Klongtoeynua, Watana,
Bangkok 10110]
EMPLOYMENT
The subject
employs approximately 700
staff comprising 300
permanent staff and
400 temporary staff.
LOCATION DETAILS
The premise
is owned for
administrative office and
factory at the
heading address in
provincial.
Bangkok Office
is located at
122 North-Sathorn Rd.,
Bangrak, Bangkok 10500.
Tel.: [66]
2236-7568, 2267-0619, 2267-7164
Fax: [66] 2267-7157,
2237-1814
REMARK
MAXIMUM CREDIT
SHOULD BE GRANTED
AT EUR 500,000.
COMMENT
In
2005, the overall situation
of pulp industry
was better than
initial projection. The
statistics of 19 world’s
pulp manufacturers showed
that the manufacturers delivered 3.4
million tons of pulp as
of December 2005
of about 99
percent of their
total capacity.
The growth
of the world’s gross domestic
product (GDP) for
2006 was stood
at 4.5 percent, the same
level seen in
2005, while the
world’s pulp and
paper industry had
seen major changes
especially in North
America where many
factories have been
closed either temporarily
or permanently, while
China and other
parts of Asia
had risen production capacity
by 5.2 million tons between
2005 and 2006.
Subject has
maintained good business
in its paper industry.
FINANCIAL INFORMATION
The capital
was initially registered
at Bht. 20,000,000, divided into 2,000,000 shares of
Bht. 10 each.
The capital
was increased later
as following:
Bht. 3,000,000,000 in January, 1994
Bht. 3,550,000,000 in June, 1994
Bht. 3,960,000,000 in 1996
Bht.
5,000,000,000 in 1997
Bht. 6,300,000,000 in 1997
The latest
registered capital was
divided into 630,000,000
shares of Bht.
10 each with
the capital-paid up
of Bht. 5,323,831,080.
MAIN SHAREHOLDERS
[as at
July 21, 2006] at Bht. 5,323,831,080 of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Stora Enso
OYJ |
100,536,328 |
18.88 |
|
UBS AG
Singapore Branch |
52,998,293 |
9.95 |
|
Citibank Nominees
Singapore Pte Ltd. |
52,680,650 |
9.90 |
|
BNP Paribas
Private Bank, Hong
Kong Branch. |
38,512,404 |
7.23 |
|
Deutsche Bank
AG Singapore |
33,151,685 |
6.23 |
|
Oji Paper
Co., Ltd. |
29,450,000 |
5.53 |
|
The Bank
of New York
Limited |
26,546,000 |
4.99 |
|
Credit Suisse
Singapore Trust Account
Clients |
26,500,000 |
4.98 |
|
Mutual max
Investment Limited |
26,473,862 |
4.97 |
|
UBS AG
Hong Kong Branch |
24,364,900 |
4.58 |
|
Others |
121,168,986 |
22.76 |
Total
Shareholders : 778
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr.
Narong Puntawong No.
3315
Ernst and
Young Office Limited
33rd
Floor, Lake Ratchada Building, 193/136-137
New-Ratchadapisek Rd., Klongtoey
District, Bangkok 10110
Tel.: [66] 2264-0733,
2264-0774, 2264-0777
BALANCE SHEET [BAHT]
The latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in
hand |
359,736,179 |
72,877,701 |
|
Trade Accounts
Receivable |
|
|
|
Related
Companies |
1,912,944,498 |
1,490,590,908 |
|
Unrelated Companies |
348,833,094 |
229,924,906 |
|
Less:
Allowance for Doubtful
Accounts |
[293,373,860] |
[282,280,851] |
|
|
|
|
|
Total
Trade Accounts Receivable - Net |
1,968,403,732 |
1,438,234,963 |
|
Deferred Dividend |
299,000,000 |
- |
|
Short Term
Loan to Subsidiaries Companies |
4,410,000,000 |
- |
|
Amount due
from Related Companies |
162,203,988 |
72,475,123 |
|
Inventories |
1,444,867,772 |
1,451,298,197 |
|
Other Current
Assets Export
Subsidiary Receivable |
8,410,761 |
21,095,939 |
|
Refundable Input Tax |
32,409,893 |
220,178,960 |
|
Others |
40,541,045 |
65,058,615 |
|
|
|
|
|
Total
Current Assets |
8,725,573,370 |
3,341,219,498 |
|
Investment Accounted
for under the
Equity Method
- Subsidiary |
6,773,882,177 |
5,261,025,177 |
|
Fixed Assets |
12,369,855,386 |
11,822,795,893 |
|
Other
Assets |
131,862,042 |
79,752,978 |
|
Total
Assets |
28,001,172,975 |
20,504,793,546 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Short Term
Loan from Financial
Institute |
1,847,547,278 |
1,530,739,424 |
|
Trade Accounts
Payable |
|
|
|
Related
Companies |
316,558,143 |
298,703,193 |
|
Unrelated Companies |
213,939,048 |
218,150,694 |
|
Total Trade
Accounts Payable -
Net |
530,497,191 |
516,853,887 |
|
Amount due
to Related Companies
|
248,164,168 |
175,208,981 |
|
Current Portion
of Zero Coupon Promissory Notes |
238,294,678 |
226,881,308 |
|
Current Portion of Long-term Loan from Financial
Institutions |
20,318,842 |
524,255,528 |
|
Other Current
Liabilities |
|
|
|
Other
Payable |
281,701,307 |
361,700,759 |
|
Interest
Payable |
41,933,808 |
362,301 |
|
Accrued
Expenses |
39,241,040 |
60,605,375 |
|
Others |
44,365,070 |
34,484,339 |
|
|
|
|
|
Total Current Liabilities |
3,292,063,382 |
3,431,091,902 |
|
Zero Coupon
Promissory Notes – Net of
Current
Portion
|
1,724,701,101 |
1,609,789,842 |
|
Long Term
Share |
9,873,376,701 |
- |
|
Long-term
Loans from Financial
Institutions,
Net of Current
Portion |
30,478,017 |
5,782,760,272 |
|
Other
Liabilities |
857,589,578 |
491,878,801 |
|
Total
Liabilities |
15,778,208,779 |
11,315,520,817 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Share
capital : Registered 630,000,000 ordinary shares of Bht. 10 each |
6,300,000,000 |
6,300,000,000 |
|
Issued &
fully paid 532,383,108 ordinary shares at Bht.
10 each |
5,323,831,080 |
5,323,831,080 |
|
Premium on
Ordinary Shares |
2,144,528,919 |
5,426,117,361 |
|
Revaluation Surplus
of Fixed Assets |
2,480,604,847 |
1,596,107,904 |
|
Revaluation Surplus
of Fixed Assets
of
Subsidiaries |
272,261,912 |
138,339,873 |
|
Translation Adjustment |
[11,465,222] |
[13,535,047] |
|
Retained Earning - Unappropriated [Deficit] |
2,013,202,660 |
[3,281,588,442] |
|
Total Shareholders' Equity |
12,222,964,196 |
9,189,272,729 |
|
Total Liabilities &
Shareholders' Equity |
28,001,172,975 |
20,504,793,546 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales of
Paper |
8,229,253,697 |
9,520,052,080 |
|
Sale of
Pulp |
2,283,882,455 |
2,230,729,064 |
|
Sale of
Electricity |
1,332,207,952 |
1,107,187,496 |
|
Share of
Gains from Investments accounted for
under the Equity
Method - Subsidiaries |
1,832,556,071 |
1,362,681,997 |
|
Gain on
Exchange |
- |
62,016,489 |
|
Compensation received
from Machinery Contractor |
230,272,927 |
- |
|
Reversal Provision
for Assets Impairment |
28,242,072 |
- |
|
Other Income |
207,835,513 |
242,596,128 |
|
Total
Revenues |
14,144,250,687 |
14,525,263,254 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Paper Sold |
6,795,534,350 |
7,950,082,680 |
|
Cost of
Pulp Sold |
1,806,149,271 |
1,827,990,268 |
|
Cost of
Electricity |
1,272,771,521 |
993,565,114 |
|
Selling &
Administrative Expenses |
1,328,560,144 |
1,438,332,925 |
|
Loss on
Exchange Rate |
143,731,170 |
- |
|
Loss on
Assets Impairment |
24,802,017 |
- |
|
Directors’ Remuneration |
14,750,800 |
8,554,767 |
|
Total Expenses
|
11,386,299,273 |
12,218,525,754 |
|
|
|
|
|
Profit
/ [Loss] before Interest
Expenses |
2,757,951,414 |
2,306,737,500 |
|
Interest Expenses
& Financial Charges |
[848,423,591] |
[788,117,992] |
|
|
|
|
|
Net
Profit / [Loss] |
1,909,527,823 |
1,518,619,508 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
[7.88] |
|
|
Operating |
37.90 |
|
|
Net Profit |
25.74 |
|
|
Fixed Assets |
4.63 |
|
|
Total Assets |
36.56 |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
83.36 |
83.77 |
|
Operating Profit
Margin |
24.83 |
18.01 |
|
S&A expenses |
11.22 |
11.19 |
|
Interest |
7.16 |
6.13 |
|
Other Revenues |
19.41 |
12.97 |
|
Net Profit
Margin |
16.12 |
11.81 |
|
Earning Per
Shares |
3.59 |
2.85 |
|
No. of
Shares |
532,383,108 |
532,383,108 |
Net Sales was
decreased by 7.88%,
Operating Profit was
increased by 37.90%,
Net Profit was
increased by 25.74%,
Fixed Assets was
increased by 4.63%,
Total Assets was
increased by 36.56%.
Compare each cost
with sales, Cost
of Goods Sold
was decreased from
83.77% to 83.36%,
Operating Profit Margin
was increased from
18.01% to 24.83%,
S & A
Expenses were increased
from 11.19% to
11.22%, Interest Paid
was increased from
6.13% to 7.16%,
Other Revenues was
increased from 12.97%
to 19.41%, Net
Profit Margin was
increased from 11.81%
to 16.12%.
Earning Per
Shares was increased
from 2.85 baht
per share to
3.59 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
2.65 |
0.97 |
|
Quick
- assets ratio |
2.19 |
0.46 |
Current Ratio
was increased from
0.97 to 2.65,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was increased from
0.46 to 2.19,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
1.29 |
1.23 |
|
Times Interest
Earned |
3.47 |
2.94 |
D/E Ratio was
increased from 1.23
to 1.29, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium
and Times Interest
Earned was increased
from 2.94 to
3.47, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
0.96 |
1.09 |
|
Total Assets
Turnover |
0.42 |
0.63 |
|
Return on
Assets |
6.82 |
7.41 |
|
Return on
Equity |
15.62 |
16.53 |
|
Day’s Payable |
16.12 |
14.47 |
|
Day’s Inventories |
43.91 |
40.63 |
|
Days’ Receivables |
59.82 |
40.27 |
Fixed Assets Turnover
was decreased from
1.09 times to
0.96 times, Total
Assets Turnover was
decreased from 0.63
times to 0.42
times, show the
company could not
use Assets so
efficiently, and Return
on Assets was
decreased from 7.41
to 6.82, Return
on Equity was
decreased from 16.53
to 15.62, capacity
to use Assets to make
profit was not
good.
Day’s Payable
was increased from
15 days to
17 days, Day’s
Inventories was increased
from 41 days
to 44 days, and Day’s
Receivables was increased
from 41 days
to 60 days.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|