MIRA
INFORM REPORT
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Report Date : |
23.08.2011 |
IDENTIFICATION DETAILS
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Name : |
THAI RAYON PCL |
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Registered Office : |
Mahatun Plaza, Floor 16, 888/160-161 Ploenchit Road Lumpini, Pathumwan
Bangkok, 10330 |
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Country : |
Thailand |
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Financials (as on) : |
30.09.2010 |
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Date of Incorporation : |
13.02.1974 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Manufacturing of Synthetic Resin and Synthetic Rubber |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Usually 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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Thailand |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
COMPANY NAME AND ADDRESS
Thai Rayon PCL
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Business
Description
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Thai Rayon Public Company Limited is a Thailand-based manufacturing company.
The Company is engaged in the production of viscose rayon staple fiber (VSF).
Its products are used for woven and non-woven applications, such as apparel,
home textiles, personal care products, medical care products, home care
products and industrial products. It also produces third generation
cellulosic fiber. The Company's products are sold in both domestic and
overseas markets under the brand name Birla Cellulose. It operates a
production site in Angthong Province. As of September 30, 2010, it had a
production capacity of 151,000 metric tons of rayon fiber and 126,000 metric
tons of sodium sulfate per year. It has 10 associated companies across China,
Thailand, Indonesia, Laos, Canada and Egypt. The Company is a part of the
Aditya Birla Group. For the six months ended 31 March 2011, Thai Rayon PCL's
revenues totaled increased 26% to BAH6.49B. The Company's net income
increased 4% to BAH1.45B. Revenues reflect an increase in sales. Net income
was partially offset by an decrease in exchange gain and decreased export
incentive, as well as increased selling expenses. The Company is engaged in
the manufacture of Viscose Rayon Staple Fiber and Anhydrous Sodium Sulphate. |
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Industry
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Industry |
Chemicals - Plastics and Rubber |
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ANZSIC 2006: |
1821 - Synthetic Resin and Synthetic
Rubber Manufacturing |
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NACE 2002: |
2470 - Manufacture of man-made fibres |
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NAICS 2002: |
325221 - Cellulosic Organic Fiber
Manufacturing |
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UK SIC 2003: |
2470 - Manufacture of man-made fibres |
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US SIC 1987: |
2823 - Cellulosic Manmade Fibers |
Key Executives
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Significant
Developments
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* number of significant developments within the last 12 months |
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News
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Financial
Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = THB 32.56007
2 - Balance Sheet Item Exchange Rate: USD 1 = THB 30.35
Corporate Overview
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Corporate Structure News
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Thai Rayon PCL |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Aditya Birla Group |
Parent |
|
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|
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|
Subsidiary |
Mumbai |
India |
Miscellaneous Financial Services |
5,800.0 |
72,000 |
|
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Subsidiary |
Kolkata |
India |
Metal Mining |
1.0 |
72,000 |
|
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Subsidiary |
Mumbai |
India |
Miscellaneous Fabricated Products |
15,916.2 |
19,539 |
|
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Subsidiary |
Atlanta, GA |
United States |
Miscellaneous Fabricated Products |
10,577.0 |
10,850 |
|
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Branch |
Oswego, NY |
United States |
Miscellaneous Fabricated Products |
380.0 |
800 |
|
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Branch |
Berea, KY |
United States |
Waste Management Services |
63.3 |
121 |
|
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Branch |
Warren, OH |
United States |
Metal Mining |
69.5 |
110 |
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Branch |
Fairmont, WV |
United States |
Miscellaneous Capital Goods |
22.8 |
20 |
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Subsidiary |
Kuesnacht |
Switzerland |
Miscellaneous Fabricated Products |
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Subsidiary |
Jharkhand |
India |
Chemical Manufacturing |
55.5 |
361 |
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Subsidiary |
Mumbai |
India |
Metal Mining |
1.0 |
|
|
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Subsidiary |
Mumbai |
India |
Miscellaneous Fabricated Products |
1.0 |
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Branch |
Mumbai |
India |
Miscellaneous Fabricated Products |
1.0 |
150 |
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Branch |
New Delhi |
India |
Miscellaneous Fabricated Products |
1.0 |
70 |
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Branch |
Bangalore |
India |
Miscellaneous Fabricated Products |
1.0 |
36 |
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Branch |
Kolkata |
India |
Miscellaneous Fabricated Products |
1.0 |
35 |
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Novelis Inc |
Subsidiary |
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Subsidiary |
Toronto, ON |
Canada |
Miscellaneous Fabricated Products |
8,673.0 |
11,600 |
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Subsidiary |
Göttingen |
Germany |
Miscellaneous Fabricated Products |
2,347.5 |
2,300 |
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Subsidiary |
São Paulo, SP |
Brazil |
Miscellaneous Fabricated Products |
1,278.2 |
1,900 |
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Subsidiary |
Seoul |
Korea, Republic of |
Miscellaneous Fabricated Products |
1,170.6 |
1,135 |
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Subsidiary |
Bresso, MI |
Italy |
Metal Mining |
316.9 |
482 |
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Subsidiary |
Sierre, Valais |
Switzerland |
Miscellaneous Fabricated Products |
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375 |
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Subsidiary |
Dudelange |
Luxembourg |
Miscellaneous Fabricated Products |
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330 |
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Subsidiary |
Terre Haute, IN |
United States |
Metal Mining |
142.2 |
225 |
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Subsidiary |
Voreppe |
France |
Miscellaneous Financial Services |
26.6 |
48 |
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Subsidiary |
Villefranche Sur Saone |
France |
Fabricated Plastic and Rubber |
18.5 |
34 |
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Subsidiary |
Montaigu |
France |
Construction and Agriculture Machinery |
8.0 |
14 |
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Subsidiary |
Ans |
Belgium |
Construction - Supplies and Fixtures |
0.0 |
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Novelis Inc |
Subsidiary |
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Subsidiary |
Warrington |
United Kingdom |
Commercial Banks |
0.0 |
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Subsidiary |
Bridgnorth |
United Kingdom |
Metal Mining |
449.8 |
468 |
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Subsidiary |
Warrington |
United Kingdom |
Business Services |
45.1 |
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Subsidiary |
Mumbai |
India |
Textiles - Non Apparel |
3,793.0 |
14,724 |
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Subsidiary |
Mumbai |
India |
Insurance (Life) |
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2,609 |
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Subsidiary |
Bangalore |
India |
Business Services |
23.4 |
684 |
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Subsidiary |
London |
United Kingdom |
Business Services |
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Subsidiary |
Bangalore |
India |
Business Services |
1.0 |
500 |
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Subsidiary |
Mumbai |
India |
Investment Services |
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361 |
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Subsidiary |
Hooghly |
India |
Textiles - Non Apparel |
1.0 |
250 |
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Subsidiary |
Sultanpur |
India |
Chemical Manufacturing |
1.0 |
150 |
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Subsidiary |
Mumbai |
India |
Miscellaneous Financial Services |
1.0 |
45 |
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Subsidiary |
Dist. Sultanpur |
India |
Chemical Manufacturing |
1.0 |
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Subsidiary |
Bangalore |
India |
Textiles - Non Apparel |
1.0 |
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Subsidiary |
Veraval |
India |
Textiles - Non Apparel |
1.0 |
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Subsidiary |
Sonbhadra |
India |
Oil and Gas Operations |
1.0 |
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Subsidiary |
Panchamahals |
India |
Construction - Supplies and Fixtures |
1.0 |
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Joint Venture |
Mumbai |
India |
Investment Services |
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Subsidiary |
Mumbai |
India |
Construction - Raw Materials |
3,068.9 |
11,509 |
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Subsidiary |
Mumbai |
India |
Construction - Raw Materials |
1.0 |
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Subsidiary |
Nagda, Madhya Pradesh |
India |
Construction - Raw Materials |
4,825.3 |
6,636 |
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Subsidiary |
Nagda |
India |
Textiles - Non Apparel |
1.0 |
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Subsidiary |
Kumarpatanam |
India |
Textiles - Non Apparel |
1.0 |
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Subsidiary |
Khor |
India |
Construction - Raw Materials |
1.0 |
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Subsidiary |
Kosamba |
India |
Textiles - Non Apparel |
1.0 |
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Subsidiary |
Chittorgarh |
India |
Construction - Raw Materials |
1.0 |
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Subsidiary |
Gulbarga |
India |
Construction - Raw Materials |
1.0 |
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Subsidiary |
Ariyalur |
India |
Construction - Raw Materials |
1.0 |
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Subsidiary |
Jodhpur |
India |
Construction - Raw Materials |
1.0 |
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Subsidiary |
Malanpur |
India |
Textiles - Non Apparel |
1.0 |
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Subsidiary |
Raigad |
India |
Iron and Steel |
1.0 |
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Subsidiary |
Chhatisgarh |
India |
Construction - Raw Materials |
1.0 |
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Subsidiary |
Bhiwani |
India |
Textiles - Non Apparel |
1.0 |
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Subsidiary |
Nagda |
India |
Chemical Manufacturing |
1.0 |
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Subsidiary |
Mumbai (Bombay), Maharashtra |
India |
Computer Services |
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Subsidiary |
Mumbai |
India |
Communications Services |
3,403.1 |
6,481 |
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Subsidiary |
Chennai (Madras), Chennai (Madras) |
India |
Communications Equipment |
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Subsidiary |
Jakarta |
Indonesia |
Chemicals - Plastics and Rubber |
150.0 |
1,250 |
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Subsidiary |
Bangkok |
Thailand |
Chemicals - Plastics and Rubber |
317.2 |
1,031 |
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Subsidiary |
Jakarta Pusat |
Indonesia |
Textiles - Non Apparel |
60.0 |
1,000 |
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Branch |
West Java |
Indonesia |
Textiles - Non Apparel |
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Subsidiary |
Bulacan |
Philippines |
Textiles - Non Apparel |
12.0 |
850 |
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Subsidiary |
Pasir Gudang, Johor |
Malaysia |
Crops |
778.4 |
750 |
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Subsidiary |
Jakarta Pusat |
Indonesia |
Textiles - Non Apparel |
30.0 |
750 |
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Subsidiary |
PERTH, WA |
Australia |
Metal Mining |
436.9 |
522 |
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Joint Venture |
Giza |
Egypt |
Miscellaneous Capital Goods |
150.0 |
350 |
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Joint Venture |
Atholville, NB |
Canada |
Paper and Paper Products |
194.9 |
300 |
|
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Subsidiary |
Cuddalore |
India |
Chemical Manufacturing |
34.1 |
230 |
|
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Subsidiary |
Lumpini, Pathumwan, Bangkok |
Thailand |
Chemicals - Plastics and Rubber |
150.0 |
200 |
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Subsidiary |
Bangkok |
Thailand |
Chemical Manufacturing |
1.0 |
150 |
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Subsidiary |
Singapore |
Singapore |
Oil and Gas Operations |
2,391.5 |
125 |
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Joint Venture |
Phrapradaeng, Samut Prakan |
Thailand |
|
|
70 |
|
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Subsidiary |
Bangkok |
Thailand |
Textiles - Non Apparel |
1.0 |
50 |
|
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Subsidiary |
Mumbai |
India |
Investment Services |
1.0 |
39 |
|
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Aditya Birla Nuvo Ltd |
Subsidiary |
|
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Subsidiary |
Hooghly, West Bengal |
India |
Business Services |
|
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Subsidiary |
Toronto, ON |
Canada |
Business Services |
284.6 |
6,000 |
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Branch |
Mississauga, ON |
Canada |
Business Services |
64.0 |
1,000 |
|
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Branch |
Oshawa, ON |
Canada |
Business Services |
63.7 |
1,000 |
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Branch |
Peterborough, ON |
Canada |
Business Services |
19.0 |
300 |
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Branch |
Halifax, NS |
Canada |
Business Services |
18.6 |
300 |
|
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Subsidiary |
Chennai |
India |
Investment Services |
24.5 |
1,525 |
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Subsidiary |
Marietta, GA |
United States |
Chemical Manufacturing |
2.9 |
1,500 |
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Subsidiary |
Bath |
United Kingdom |
Chemical Manufacturing |
15.2 |
5 |
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Subsidiary |
Örnsköldsvik, Västernorrland |
Sweden |
Chemical Manufacturing |
198.4 |
370 |
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Subsidiary |
Örnsköldsvik, Västernorrland |
Sweden |
Photography |
15.5 |
6 |
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Subsidiary |
Milwaukee, WI |
United States |
Business Services |
15.0 |
65 |
Executives Report
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Significant Developments
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INDIA'S GRASIM TO
ACQUIRE 1/3RD STAKE IN DOMSJO FABRIKER
Asia Pulse Businesswire: 05 May 2011
[What follows is the full text of the news story.]
NEW DELHI, May
5Asia Pulse - Grasim Industries (BSE:500300), an Indian diversified business
group, on Tuesday said it will acquire a major stake in Swedish specialty pulp
company Domsjo Fabriker, which was recently bought by group firm Aditya Holding
AB.
Grasim will invest
Rs 280 crore in purchasing shares of Aditya Holding AB, which acquired the
foreign firm through its 100 per cent subsidiary -- Aditya Group AB.
"The board of
directors of Grasim Industries Ltd at its meeting held on Tuesday, approved the
acquisition of a 1/3rd stake in Domsjo Fabriker AB," the company said in a
filing to the Bombay Stock Exchange.
The proposed
acquisition will entail an investment of Swedish Kroner (SEK) 380 million (US$62
million) for subscribing to the equity shares of Aditya Holding AB, the
ultimate holding company of Domsjo, it said.
"This
investment is subject to required regulatory approvals. The company expects to
complete the acquisition by the month end," it added.
Aditya Holding AB,
which owned equally by Indonesia-based PT Indo-Bharat Rayon (IBR) and Thai
Rayon Public Company Ltd (TRC), Thailand, last month acquired Domsjo through
its wholly-owned subsidiary -- Aditya Group AB -- for a consideration of SEK
2.12 billion (about Rs 1,560 crore).
The filing further
said Aditya Holding AB has invested SEK 1,140 million in Aditya Group AB as
equity. Besides, an interim funding of SEK 1,022 million has been done as bank
loans.
Grasim will invest
in the equity of Aditya Holding AB at the same price at which IBR and TRC had
recently invested, the filing said.
(PTI) ry
05-05 1451
Grasim Industries
to acquire 1/3rd stake in Domsjo Fabriker
Press Trust of India: 02 May 2011
[What follows is the full text of the news story.]
New Delhi, May 03,
2011 (PTI) -- Aditya Birla Group company Grasim Industries today said it will
acquire one-third stake in Swedish specialty pulp company Domsjo Fabriker,
which was recently bought by group firm Aditya Holding AB.
Grasim will invest
Rs 280 crore in purchasing shares of Aditya Holding AB, which acquired the
foreign firm through its 100 per cent subsidiary -- Aditya Group AB.
"The Board of
Directors of Grasim Industries Ltd at its meeting held today, approved the
acquisition of a 1/3rd stake in Domsjo Fabriker AB," the company said in a
filing to the Bombay Stock Exchange.
The proposed
acquisition will entail an investment of Swedish Kroner (SEK) 380 million
(around Rs 280 crore) for subscribing to the equity shares of Aditya Holding
AB, the ultimate holding company of Domsjo, it said.
"This
investment is subject to required regulatory approvals. The company expects to
complete the acquisition by the month end," it added.
Aditya Holding AB,
which owned equally by Indonesia-based PT Indo-Bharat Rayon (IBR) and Thai
Rayon Public Company Ltd (TRC), Thailand, last month acquired Domsjo through
its wholly-owned subsidiary -- Aditya Group AB -- for a consideration of SEK
2.12 billion (about Rs 1,560 crore).
The filing further
said Aditya Holding AB has invested SEK 1,140 million (around Rs 840 crore) in
Aditya Group AB as equity. Besides, an interim funding of SEK 1,022 million
(around Rs 753 crore) has been done as bank loans.
Grasim will invest
in the equity of Aditya Holding AB at the same price at which IBR and TRC had
recently invested, the filing said. PTI VJR TR RAH 05032020
(THROUGH ASIA
PULSE)
03-05 2011
Acquisition of
Domsjo Fabriker brings raw materials, technology for Birla
Economic Times (India): 24 April 2011
[What follows is the full text of the news story.]
April 24--MUMBAI
-- For eight years it was a favoured customer of Domsjo Fabriker. Then, last
week Kumar Mangalam Birla, chairman of the Aditya Birla Group, announced the
buyout of the Swedish pulp maker to feed his fast growing viscose fibre
business (VSF) that currently controls almost a fifth of the global market.
The closely-held
100-year-old unlisted Swedish company, which was owned by six technocrats till
last week, makes dissolving grade pulp which is in demand from leading global
fibre companies and by specialised makers of high grade medical products.
For the Aditya
Birla group, the cutting-edge technology and the clientele - Domsjo will
continue to sell 25 percent of its production to high profile medical companies
even after the takeover - were the main reasons for buying it for $340 million.
Domsjo counts Spain's Viscofon and Germany's pharma major Micro Cellulose as
its key clients.
But why was Birla
not satisfied being a customer and keen to buy the unit itself? The main reason
for the acquisition is to have guaranteed long-term uninterrupted supply of
pulp. Since pulp is almost entirely imported in India due to restrictive norms
- a company can't own forests here - having a captive raw material source
through Domsjo would minimise the uncertainties for the Birlas to a large
extent.
Indeed, buying out
suppliers to meet long-term objectives isn't unusual. Larsen & Toubro, for
instance, bought a strategic stake in one of its vendors, Kalindee Rail Nirman,
to assure supply for its engineering projects. Citibank had bought a stake in
software company, Polaris, to lower costs by having a captive vendor for its
projects.
Global auto
companies like General Motors and Ford too have bought stakes or acquired their
suppliers for similar reasons. For Birla, Domsjo proved a nice fit.
"The profile
of Domsjo fits our needs perfectly," said Aditya Birla group head for
fibre and pulp KK Maheshwari, the group veteran entrusted with the task of
completing the deal. "We wanted a company that had the latest technology
and also one that is open to reaping the two-way gains," he told ET in an
interview, shunning the 'synergy' word commonly referred in acquisitions.
The group entirely
relied on insiders such as Vijay Kaul, head of the pulp business, Shree
Krishnan, business commercial head for pulp, Dev Bhattacharya group executive
president and head corporate strategy and Ashok Mehta, group legal counsel,
among others, for the deal. ABG Sundal Collier, a boutique investment bank, was
roped in to do the financial due diligence. Two unlisted Aditya Birla group
overseas subsidiaries, Thai Rayon and PT Indo Bharat Rayon, will together shell
out $180 million (about Rs 810 crore) for Domsjo.
A special purpose
vehicle created for the acquisition will borrow $160 million, which will be
taken on the books of Domsjo. Interestingly, the $30-billion Aditya Birla group
chose not to ride the acquisition through Grasim Industries, a flagship company
that has VSF as its main business. "It was agreed at the group level that
in terms of allocation of capital for the takeover, this was the best
option," said Maheshwari. Grasim is already funding a Rs 1,850 crore
greenfield VSF project at Vilayat in Gujarat, which would have no debt.
The acquisition of
Domsjo is linked directly to the expansion plans of VSF. The group is spending
a total of $1.2 billion for raising total VSF capacity to 1 million tonnes,
from the current 750,000 tonnes. The expansion will raise output at Harihar in
Karnataka, at the Indonesia unit and and at a plant in Canada. Since pulp, for
both fibre and paper makers, is difficult to source in India due to stringent
ownership norms, it is almost entirely imported.
The group owns
about 390,000 tonnes of pulp. With Domsjo, Birla would have an additional
255,000 tonnes of pulp once an ongoing expansion at the Swedish firm is
complete. The captive linkages apart, what caught Birla's attention were the
technological prowess of Domsjo.
The Swedish
company, led by CEO Ola Hildingsson, is a constant innovator with a high
profile technology team. Technology is an area that the Birla group has been
keen on, of late. It recently inducted renowned technocrat and DuPont
management member Thomas M Connelly onto the board of Grasim Industries.
Birla has also
been actively backing innovations in chemicals through an in-house research
centre, Aditya Birla Science and Technology Centre, which is led by Dr Luca
Fontana. Hindalco acquired Canadian major Novelis for the same reasons. Novelis
is a high profile aluminum product maker, proficient in rolling and recycling
technology and a marquee client list including Pepsi and Coca Cola.
___
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Copyright (c) 2011,
The Economic Times, India
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Benchmarks regain
winning momentum despite a slew of global and local headwinds
Accord Fintech (India): 23 April 2011
[What follows is the full text of the news story.]
India, April 23 --
After two weeks of consolidation, Indian stock markets regained the winning
momentum and snapped the holiday shortened week on an optimistic note by
gaining around a percentage point despite a number of global as well as local
headwinds. Indian markets got off to an abysmal start this week as inflationary
concerns loomed large not only locally but globally as well, given the fact
that China hiked bank reserve ratio by 0.50% in its endeavor to tame inflation
that hovered around 32-month high levels. While an unexpected report of
Standard & Poor's cutting US' long-term credit outlook to negative and a
warning to downgrade US credit rating from the coveted AAA status along with
aggravating European debt crisis tormented the markets across the globe, stoking
concerns that a recovery in the global economy may slow. Moreover, the earnings
announcements by Banking names like HDFC Bank, IDBI Bank, Yes Bank, IndusInd
Bank and IT majors like HCL and TCS boosted the morale of the indices through
the week. Wednesday's session remained the highlight of the week as the
euphoric Indian equities showcased an impressive performance as they got
underpinned by a series of encouraging leads. HCL's announcement of a 33% rise
in net profit for Jan-March quarter, emphatically beating street expectation
while reports that India's exports surged 37.5% in 2010-11-their fastest annual
growth since independence and projections of monsoon to remain normal this year
set the tone of an outright rally. The domestic benchmarks snapped the last
trading session of the holiday shortened week on an optimistic note, extending
the winning momentum for third back to back session. Though, the upside for the
markets remained capped because of subdued inflation data released by
government as food inflation edged up to 8.74%, year-on-year for the week ended
April 9, 2011 against 8.28% in the previous week. Mounting inflationary
pressure continues to be the biggest cause of concern for the bourses as
marketmen feels that if inflation continues to hover at elevated levels then it
will force RBI to adopt more aggressive stance in its annual monetary policy
review on May 3rd. While the markets have rebounded smartly in the last three
sessions, investors will keep a close eye on quarterly earnings reports of
companies like index heavyweight RIL and Axis bank, Indian Bank, Maruti Suzuki
and P&G for further direction.The Bombay Stock Exchange (BSE) Sensex surged
215.41 points or 1.11% to 19,602.23 during the week ended April 21, 2011. The
BSE Mid-cap index gained 26.16 points or 0.36% to 7,235.33 and the Small-cap
index advanced 70.41 points or 0.80% to 8,878.57. On the sectoral front, Oil
and Gas zoomed 277.60 points or 2.77% to 10,309.27, Auto soared 222.88 points
or 2.36% to 9,661.96, Metal surged 324.03 points or 1.98% to 16658.57, Consumer
Durables (CD) jumped 102.22 points or 1.60% to 6483.46 and Bankex gained 162.17
points or 1.21% to 13,382.96, were the top gainers on the BSE.� On the flip
side, Capital Goods declined by 335.22 points or 2.40% to 13644.07, Power
trimmed 46.53 points or 1.68% to 2728.86, Realty lost 28.88 points or 1.20% to
2,381.27, Information Technology (IT) was down by 48.25 points or 0.77% to
6,210.29 and TECk losing 9.46 points or 0.25% to 3,741.80 were the top loser on
the index. The S&P CNX Nifty surged by 60.15 points or 1.03% to 5,884.70.
On the National Stock Exchange (NSE), Bank Nifty� gained� 1.36% to
11,894.75� while CNX mid- cap lost 0.05% to 8,313.95 , CNX Nifty Junior
declined 0.63% to 11,532.85 and CNX IT tumbled 0.90% to 6,780.85.India's food
inflation inched up again during the week ended April 9, hinting that even a
strong outlook for Rabi (winter sown) crop might not bring down food prices
much. According to the data released by the commerce and industry ministry on
Thursday, the food price index rose at 8.74% during the 12 months ending April
9 compared with a corresponding figure of 8.28% a week ago. India's exports
have recorded a bumper year in fiscal 2010-11, showing the highest growth in
the post-independence period at 37.5%. Total merchandise exports of the country
reached $246 billion in FY11, comfortably crossing the target of $200 billion
worth exports set by the ministry of commerce and industry a year ago. Foreign
Institutional Investors (FIIs) were net buyers in the equity segment in the
week with gross purchases of Rs 12,448.6 crore and gross sales of Rs 10,527.8
crore, leading to a net inflow of Rs 1920.8 crore. However, they stood as net
sellers in the debt segment with gross purchases of Rs 5948.3 crore against
gross sales of Rs 6222.5 crore, resulting in a out inflow of Rs 274.2 crore.
Outlook for the coming week The passing week was good one for the Indian equity
market as a slew of encouraging leads such as positive global equities, better than
expected import data and forecast of normal monsoon led the benchmarks surge
over 1%. However, headwinds such as higher crude oil prices and foreign
Institution Investor's withdrawing money from the stock markets continues to
pose some worry for the investors in the coming week too. Next week, investor's
will be closely watching the Core Sector Growth Data for the Month of March, a
key indicator of industrial performance. The output of the six core
infrastructure industries grew by 6.8 percent in February supported by healthy
expansion of sectors like crude oil, petroleum refinery products and finished
steel.On results front, Indian Bank, Mahindra Lifespace, Gujarat NRE Coke,
Alstom Projects India, Ballarpur Industries, Geometric, Gillette India, Indiabulls
Power, Indiabulls Securities, Mahindra & Mahindra Financial Services,
Maruti Suzuki India, Merck, Procter & Gamble Hygiene & Health Care,
Sesa Goa and Sterlite Industries (India) are among the companies that will
report their earnings number next week.Meanwhile ,the second charge sheet in
the 2G spectrum scam will be filed on Monday by the Central Bureau of
Investigation court that's been set up exclusively for the trial of India's
largest-ever scam. The Central Bureau of Investigation is likely to file a
supplementary chargesheet against family members of Tamil Nadu Chief Minister
Karunanidhi and owners of three Mumbai-based firms, including real estate major
DB Realty. From the global markets investors will be eying lots of major
economic data from the US, starting with New Home Sales Data on April 25,
followed by Consumer Confidence data,� Durable Goods Orders, FOMC meeting
Announcement, GDP data, Pending Home Sales Index data and Personal Income and
Outlays data on Friday, April 29, 2011. Top Gainers HCL Technologies was one of
the top gainers of the week, up by 7.52%. The company has posted a growth of
26.38% in its net profit at Rs 331.81 crore for the quarter as compared to Rs
262.57 crore for the quarter ended March 31, 2010. Total income has increased
by 31.37% to Rs 1735.59 crore for the quarter under review from Rs 1321.17
crore for the quarter ended March 31, 2010. On the consolidated basis (as per
US GAAP), the group has posted a net income of $103.50 million for the quarter
ended March 31, 2011 as compared to $76.60 million for the quarter ended March
31, 2010, up by 35.12% . The revenue has increased by 33.46% to $914.50 million
for the quarter as compared to $685.20 million for the same quarter last
year.ONGC gained 6.35% over the week. The company's overseas arm -- ONGC Videsh
(OVL) is planning to finalize its 25% stake buy in Russia's OAO Bashneft within
six months. OVL plans to barter its 100% stake in its Russian unit Imperial
Energy - which it had acquired in 2008 for $2.1 billion - for a 25-30% interest
in Sistema-owned Bashneft. Bashneft produces 13 million tonnes (mt) of oil in
its Russian fields and owns refineries with a combined capacity of 20mt.
Besides, OVL will also get part of Sistema's 49% stake in RussNef, whose fields
in Russia produce 12mt of oil, and a stake in the Trebs and Titov fields, which
Bashneft won recently. Top Losers BHEL was one of the worst performers during
the week, down by 7.55%. Though, the company with its consortium partner Alstom
has won Rs 1,600 crore contract for steam turbine generators for the Kakrapur
nuclear power station in western India. BHEL's share of the contract is Rs 880
crore and the company has won an additional contract worth Rs 400 crore to
supply instrumentation for the same project.Grasim Industries down by 3.93% was
the other top loser. Aditya Birla group has acquired Swedish specialty pulp
maker Domsjo Fabriker for $340 million, boosting the captive raw material
supply for its viscose staple fibre (VSF) business. The diversified group said
its group companies Thai Rayon Public Company Limited (Thailand) and Indo
Bharat Rayon (Indonesia) have acquired the stake from a Swedish consortium.
Aditya Birla is the world's largest producer of VSF, with a 21% global share
and the acquisition is part of plans to further boost capacity. Most of the
capacity is operated by group firm Grasim Industries. Technical viewpoints-
S&P CNX Nifty During the week, S&P CNX Nifty touched the highest level
of 5912.90 on April 21, 2011 and the lowest point of 5693.25 on April 19, 2011.
On the last trading day, the Nifty closed at 5884.70, with a weekly gain of
60.15 points or 1.03%. For the coming week 5747.66 followed by 5610.63 are
likely to be good support levels for the Nifty, while the index may face some resistance
at 5967.31 and 6049.93 levels. US markets US markets gained for the passing
week on the back of some strong earnings number and positive economic reports.
Though, in the beginning of the week the warning from credit rating agency
Standard & Poor's that it might lower its rating on US government debt
posed some jitters. S&P said there is a 33 percent chance it would lower
the country's credit rating from AAA in the next two years if Washington fails
to pare the country's debts. However it reaffirmed the US government's top
credit rating of AAA but expressed doubts that Washington would move quickly to
curb the country's mounting budget deficits. For the week Dow was up by 1.33
percent, Nasdaq gained 2.01 percent and the S&P 500 was up by 1.34 percent.Afterwards
some positive economic reports coupled with good set of corporate results
helped the markets to move higher. The Commerce Department reported that home
construction rose 7.2 percent in March. Despite the increase, home construction
is still 14 percent below year-ago levels. Compared to the height of the
market, in 2006, construction activity is down 76 percent. Building permits
were up 11.2 percent. Home construction is normally good for the overall
economy. It creates jobs, first and foremost. It also uses building materials
and requires the purchase of equipment. The trading group said that the housing
market's downward trend may be close to hitting a bottom.A survey by Thomsan
Reuters and the University of Michigan said that Consumers' confidence in the
economy was growing more than predicted. The preliminary April reading on the
overall index on consumer sentiment came in at 69.6, up from 67.5 in March. The
sentiment reading is still below February's level, with March sentiment the
lowest in more than a year.The National Association of Realtors said on
Wednesday that existing home sales in March rose 3.7 percent from February to
an annual rate of 5.10 million units. Economists had expected a smaller
increase to a 5.0 million-unit pace.� Home sales in March rose across the
board. Purchases of multifamily dwellings rose 1.6 percent and single-family
home sales advanced 4.0 percent.� But the median home price fell 5.9 percent
in March from a year earlier to $159,600. European markets The European markets
closed with gains this week despite some weak economic reports from the region.
Portugal raised euro 1 billion ($1.4 billion) at a short-term debt auction at
higher interest rates as it negotiates terms of a badly needed bailout to avert
bankruptcy. The government debt agency said it sold euro 680 million in 3-month
bills at an average interest rate of 4 percent, up from 3.7 percent at the last
such auction in January. This news filled some confidence in the investors mind
while Greece's Finance Minister said the crisis-hit country can deal with its
mountain of debt and insisted that renewed access to bond markets is still
possible in 2012 despite spiraling borrowing costs. For the week DAX gained
1.63 percent, while FTSE 100 closed higher by 0.37 percent.German business
confidence fell again in April, according to a monthly survey report from the
Ifo institute. The sentiment index dropped to 110.4 in April from 111.1 in
March. However, the current conditions index rose to 116.3 in April from 115.8 in
March.Spain's trade deficit decreased to �3.25 billion in February from
�4.93 billion in January, data released by the Ministry of Industry, Tourism
and Trade showed. In the January-February period, exports increased 26.9% to
�33.09 billion from �26.08 billion in the same period last year. Imports
grew 20.8% to �41.27 billion from �34.15 billion in the previous year. The
trade deficit widened to �8.17 billion from �8.07 billion last year.The
Bank of Greece said that the current account deficit of Greece declined sharply
to �1.96 billion in February from a �3.16 billion shortfall recorded in
February 2010, reflecting a surge in current transfer receipts. The current
transfers balance showed a surplus of �668.7 million in February compared
with a deficit of �383.3 million in February 2010, which was largely due to
an increased general government receipts from the EU.Unemployment in the
Netherlands remained unchanged for a third straight month in March, data
released by the Central Bureau of Statistics showed on Thursday. The seasonally
adjusted jobless rate was at 5.1% in March, unchanged from the previous month.
The number of unemployed decreased to 395,000 in March from February, when it
rose to 400,000. The number of jobless youth, aged between 15 and 24,
marginally declined to 77,000 in March from 79,000 in February. Asian market
Most of the Asian equity indices ended the week on the higher note as
investors' sentiments remained positive, thanks to encouraging leads from the
US markets which surged during the week on the back of better than expected
earnings announcement, while hefty gains in technology counter and reports of
larger than predicted rise in existing home sales too aided the
sentiments.Seoul Composite surged more than two and half percent and hit a
fresh all-time closing during the week, lifted by rally in steel and memory
chip stocks including POSCO and Samsung Electronics. The rally was also
supported by rise in its biggest chemicals maker LG Chem after registering better
than expected increase in profit for first quarter. Singapore's Index, Straits
Times also gained more than one percent during the week supported by Keppel
Corp, the world's largest rig-builder's 7.8 percent rise in quarterly net
profit, on better margins from its offshore and marine business. Other indices
like Nikkei 225 and Hang Seng also surged 0.94 percent and 0.54 percent,
respectively.However, Chinese Shanghai Composite remained the lone loser among
Asian peers, lost more than one percent as Chinese central bank raised the
required reserve ratio of the country's lenders by 50 basis points for the
fourth time this year, in its latest effort to curb stubbornly high inflation.
The new tightening measure came into effect from April 21. The move would raise
the required reserve ratio for China's large financial institutions to a record
high of 20.5 percent, which means they have to lock up 20.5 percent of their
deposits as reserves. The tightening measure has been widely expected after the
government said Friday that the consumer price index (CPI), a main gauge of
inflation, had reached a 32-month high of 5.4 percent in March. Published by HT
Syndication with permission from Accord Fintech. For any query with respect to
this article or any other content requirement, please contact Editor at
htsyndication@hindustantimes.com
Aditya Birla
Acquires Swedish Specialty Pulp and Biorefinery Company for $340
Chemical Week Business Daily: 20 April 2011
[What follows is the full text of the news story.]
Million
The Aditya Birla
Group (Mumbai) says it has acquired Domsjo Fabriker
(Ornskoldsvik,
Sweden), a specialty pulp and biorefinery company, for $340
million from a
Swedish consortium. The acquisition was done through Aditya
Birla'sThai Rayon
(Bangkok) and Indo Bharat Rayon (Jakarta, Indonesia)
subsidiaries. The
acquisition will help Aditya Birla's pulp and fiber business,
a core business of
the group, to further consolidate its global position, the
company says. The
acquisition of Domsjo Fabriker with its "cutting edge
technology and
production process coupled with a state-of-the-art biorefinery,
add significant
value to our pulp and fiber operations," says Kumar Mangalam
Birla, chairman of
the Aditya Birla Group. "Its high quality pulp will enable us
enhance the supply
of premium viscose staple fiber (VSF) to our
customers."Specialty
pulp produced by Domsjo finds primary use in the textile
segment - VSF and
viscose filament yarn. Nearly 25% of the production is used in
applications such
as binding agents for medical products, particularly
pharmaceutical
tablets and in casings or wraps for the food industry. The
biorefinery
enables Domsjo to extract the full value from its operations by the
production of
ethanol and lignosulphate as by-products, Aditya Birla says.
Ethanol obtained
from its biorefinery is used in biofuel, paint and printing
sectors, and
lignosulphate is used as an additive in concrete, ceramics and dye
pigments, among
others. "This acquisition is in line with our strategy of having
a substantive part
of our specialty pulp for our consumption through our captive
source," says
K.K. Maheshwari, business head, pulp and fiber at Aditya Birla.
"As a large
manufacturer of specialty pulp, Domsjo has a synergistic fit with
us. There is a
great opportunity to further grow the company. Domsjo has an
extensive
investment program for capacity expansion from its current 210,000
m.t./year to
255,000 m.t./year by 2012. Going forward, our intent is to expand
the innovation and
research and development efforts at Domsjo."
Aditya Birla buys
Swedish Domsjo Fabriker
M&A Navigator: 19 April 2011
[What follows is the full text of the news story.]
Indian
conglomerate Aditya Birla (BOM:500303) has taken over Swedish speciality pulp
manufacturer Domsjo Fabriker for USD340m (EUR239m), in a move to expand in the
sector and ensure increased supply for its viscose staple fibre (VSF) producing
operations.
Aditya Birla said
in a statement it had bought the Swedish company through its group firms Thai
Rayon Public Company Limited in Thailand and Indo Bharat Rayon in Indonesia,
from a Swedish consortium and became the world�s largest pulp manufacturer.
Domsjo�s
speciality pulp is mainly used as raw material for viscose staple fibre and
viscose filament yarn, which serves to make garments.
The Swedish
company, with 400 employees, had revenues of USD390m last year.
Country: , Sweden
Sector: Chemicals
Target: Domsjo
Fabriker AB
Buyer: Thai Rayon
Public Company Limited, Indo Bharat Rayon, Aditya Birla Nuvo Limited Deal size
in USD: 340m
Type: Corporate
acquisition
Status: Closed
((Comments on this
story may be sent to info@m2.com))
Aditya Birla Group
buys Domsjo for $340 million
Mint: 19 April 2011
[What follows is the full text of the news story.]
New Delhi, April 19
-- The diversified Aditya Birla Group has acquired Swedish speciality pulp
maker and bio-refiner Domsjo Fabriker AB in a bid to gain control over inputs
for its viscose staple fibre (VSF) business at a time when prices of pulp have
rocketed amid a global rally in resources.
The acquisition
was made through two subsidiaries- Thai Rayon Public Co. Ltd and
Indonesia-based PT Indo Bharat Rayon-for $340 million (around '1,500 crore)
from a Swedish consortium, the group said on Monday.
Aditya Birla is
the world's largest producer of VSF, with a 21% global share and the
acquisition is part of plans to further boost capacity. Most of the capacity is
operated by group firm Grasim Industries Ltd. Speciality pulp finds primary use
in the textile segment as an alternative to cotton and synthetic textile fibres
in the form of VSF and viscose filament yarn. Other products include bioethanol
and lignosulfonates. Based on renewable raw materials, lignosulfonates are
additives used to cut energy costs.
Domsjo's
"cutting-edge technology and production process, coupled with a
state-of-the-art bio-refinery add significant value to our pulp and fibre
operations", group chairman Kumar Mangalam Birla said at a press
conference. As a large-quality manufacturer of speciality pulp, "Domsjo
has a synergestic fit with us."
The group
currently sources 52%, or 390,000 tonnes, of its requirement for pulp from
captive sources, but following the acquisition, this is expected to go up to
80% (600,000 tonnes) immediately, but fall to 64% on an expanded base of one
million tonne (mt) by June 2013.
In keeping with
its string-of-pearls acquisition strategy, the Aditya Birla Group is looking to
tie up global resources through the acquisition. This is the group's second
acquisition in the space of a week, after it announced on Saturday that it had
agreed to buy the chloro chemicals unit of Kanoria Chemicals and Industries Ltd
for '830 crore in an all-cash deal. The Domsjo buy is the 24th acquisition for
the group in the past 15 years, since Birla took over its reins.
"For natural
resources like pulp, it is produced across the globe, but most of it is
directed towards manufacturing of paper. There is not much of capacity left for
use of the dissolving rate pulp that we use for our business. So the kind of
competition that we face from the Chinese and others from the region, the race
for natural resources is hotting up," said Dev Bhattacharya, the group's
executive president for corporate strategy and business development.
"Our quest
will continue. We will continue to look at long-term sustainable
resources," he added.
The Aditya Birla
Group aims to raise its VSF capacity to 1 mt by June 2013 from 750,000 tonnes
currently.
Domsjo is
currently in the process of hiking its own capacity of speciality pulp to
255,000 tonnes by 2012 from 210,000 tonnes with a capital investment of $75
million.
Including the
capital expenditure taken on its books, the Aditya Birla Group will pay $415
million for the acquisition. Birla said that the buy is funded through a mix of
internal cash flows and debt in the ratio of 30:70.
While the two
overseas subsidiaries of the group have paid $180 million, $160 million has
been raised through a special purpose vehicle and $75 million has been raised
on Domsjo's books.
ABG Sundal Collier
AB, a Swedish investment bank, was mandated by the group to advise on the
acquisition.
"The company
has raised $160 million from Standard Chartered Bank at fine pricing from
overseas markets," said K.K. Maheshwari, director and business head of the
group's pulp and fibre business. "The money has been raised through a
special purpose vehicle formed in Sweden by the two group companies."
With revenue of
$390 million in 2010 for Domsjo and zero debt, the acquisition is effectively
cheaper than a year's revenue, Maheshwari said.
Apart from raising
margins and profits, the purchase will also lift the technological prowess of
the group.
"This gives
us cutting-edge technology in the pulp business and also access to research
capabilities. We are well-endowed on the development side, but are somewhat
limited on the research side," Birla said.
Domsjo employs
about 400 and the group will leverage its strong brand name, Birla said. He
said that the group has been tracking the firm for almost a year, but was
actively involved in talks only in the past three months.
On the specific
strategy of why the group's listed firms' books weren't used for the buy, Birla
said, "There are other growth plans that these individual companies have
charted and hence it made sense to acquire Domsjo through other group
companies."
Bhattacharya said
it was also easier to make acquisitions through overseas companies as there
would be no time lag when it came to approvals from regulatory bodies.
"It's nimbler this way," he added.
Jaspreet Singh
Arora, an analyst with Mumbai-based brokerage Anand Rathi, said that the group
could possibly look at eventually bringing the acquisition under the listed
Grasim, the core business of which is VSF and is also the largest user of the
fibre.
"There could be
issues like capital gains tax and taking approval from shareholders from the
two overseas companies through which it made this acquisition, but it makes
sense to do that and it's something that would have been factored in by Aditya
Birla Group," he said. Published by HT Syndication with permission from
MINT. For any query with respect to this article or any other content
requirement, please contact Editor at htsyndication@hindustantimes.com
Aditya Birla group
acquires Swedish specialty pulp maker Domsjo Fabriker for $340 million
Accord Fintech (India): 19 April 2011
[What follows is the full text of the news story.]
India, April 19 --
Aditya Birla group (ABG), the world's largest producer of viscose staple fibre
(VSF) with a 24 percent global share - has acquired Swedish specialty pulp
maker Domsjo Fabriker for $340 million, thereby boosting its captive raw
material supply for its VSF business. Of which, most of the capacity is
operated out of by company's group firm Grasim Industries.This acquisition is
in line with the company's strategy of having a substantive part of its
specialty pulp for the consumption through its captive source. ABG' group
companies - Thai Rayon Public Company (Thailand) and Indo Bharat Rayon
(Indonesia) - have acquired the stake from a Swedish consortium. Domsjo
currently operates a pulp capacity of 210,000 tonnes a year, but has in place
an investment plan to raise capacity to 255,000 tonnes by 2012. Specialty pulp
produced by Domsjo is mainly used as raw material for viscose staple fibre and
viscose filament yarn, which in turn are used to make garments. Further, about
a quarter of Domsjo's output is used in premium applications, such as binding
agents for medical products, and in casings for the food industry. Published by
HT Syndication with permission from Accord Fintech. For any query with respect
to this article or any other content requirement, please contact Editor at
htsyndication@hindustantimes.com
Aditya Birla Group
targets $65 billion revenue by 2015
Hindustan Times (India): 19 April 2011
[What follows is the full text of the news story.]
Mumbai, April 19
-- Acquisition seems to be the defining way for the growth of Aditya Birla
Group. With two acquisitions (one domestic and one international) in just two
working days and many more likely to come, the group plans to more than double
its revenue to $65 billion by 2015. Barely two days after announcing th
e acquisition of
Chloro Chemicals Division of Kanoria Chemicals for Rs830 crore, Aditya Birla
Group, having a total market capitalisation of Rs125,240 crore, on Monday
announced the acquisition of a Swedish speciality pulp and bio-refinery-Domsjo
Fabriker for a consideration of $340 million (Rs1,500 crore).
"We will grow
through acquisitions and will be driven by what capabilities these acquisitions
can give us," Aditya Birla Group chairman Kumar Mangalam Birla said.
The Domsjo
Fabriker buy has been done through two of the group's global companies-Thai
Rayon Public Company (Thailand) and Indo Bharat Rayon (Indonesia). The group
has already taken over the management control from the Swedish consortium.
"This acquisition is in line with our strategy to have raw material - in
this case specialty pulp - for our internal consumption. What we are doing across
our critical businesses is to gain control over raw material," said Birla.
Making its fourth
buy in the pulp and fibre business, the company wants to strengthen its global
position while it already has a market share of 21% in viscose staples fibre
(VSF).
"Its high
quality pulp will enable us enhance the supply of top quality premium VSF to
our customers," said Birla. "This is one of our core businesses and
our aspiration is to significantly ramp up our global market by the turn of the
decad," Birla added. Published by HT Syndication with permission from
Hindustan Times. For any query with respect to this article or any other
content requirement, please contact Editor at htsyndication@hindustantimes.com
Aditya Birla Group
acquires Swedish firm for USD 415 mn
Press Trust of India: 18 April 2011
[What follows is the full text of the news story.]
Mumbai, April 18,
2011 (PTI) -- The Aditya Birla Group today announced the acquisition of Swedish
specialty pulp maker Domsj? Fabriker for a total consideration of USD 415
million (over Rs 1,800 crore)
"The
enterprise value of Swedish pulp maker Domsj? Fabriker is USD 340 million.
There has been an ongoing capex plan of USD 75 million, which will take our
total investment to USD 415 million," Aditya Birla Group Chairman Kumar
Mangalam Birla told reporters here
The buyout will be
financed through 70 per cent of debt component and 30 per cent of internal
accruals, he said
Domsj? Fabriker is
a leading specialty pulp and bio-refinery company. This acquisition has been
made through two of its global companies, Thai Rayon Public Company Ltd
(Thailand) and Indo Bharat Rayon (Indonesia)
"The
production capacity of the foreign firm, which clocked a revenue of USD 390
million last year, will be increased to 2.55 lakh tonnes by June 2012 from 2.1
lakh tonnes at present," Aditya Birla Group Business Director (Pulp and
Fibre Business) K K Maheshwari said
"We have some
ambitious growth plans for out VSF (Viscose Staple Fibre) business... We will
expand our capacities to over a million tonnes by June 2013, from 7,50,000
tonnes at present," Maheshwari said
Birla said,
"We are looking for more acquisitions in this segment." PTI AP JJ RSY
SHT 04182130 (THROUGH ASIA PULSE)
18-04 2011
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Aditya Birla takes over Swedish pulp major for US$340 million |
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India Public
Sector News |
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[What follows is
the full text of the article.] Mumbai, April 21:
Mumbai-based $30-billion multinational business conglomerate Aditya Birla
Group (ABG) has very recently acquired the Swedish pulp major Domsjo Fabriker
for $340 million. This acquisition is signaling its intent to grow the fiber
business globally as it will consolidate its position as one of the leading
makers of viscose staple fiber (VSF). Besides that, it
will also help the Birla Group to lower its cost of production as pulp is
vital ram material for making the fiber. The buyout will be routed through
two ABG subsidiaries -- Thai Rayon and Indonesia-based Indo-Bharat Rayon --
investing $180 million and rest $160 million will be invested through the
external borrowing done through a Special Purpose Vehicle (SPV). With this
acquisition, ABG will become the world's largest pulp manufacturer, which
will be used in VSF. It should be noted that Aditya Birla Group accounts for
a little more than a fifth of the world's production of VSF and is closely
followed by the Chinese firms. Copyright
Contify.Com |
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INDIA,SWEDEN : Aditya Birla Group buys Sweden-based Domsjo Fabriker |
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TendersInfo News |
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[What follows is
the full text of the article.] Aditya Birla
Group had acquired Sweden-based specialty pulp and bio-refinery company
Domsjo Fabriker for $340 million (Rs.1,500 crore). The acquisition was made
through its international subsidiaries Thai Rayon Public Company and Indo
Bharat Rayon (Indonesia) from a consortium of six individual investors. For the
acquisition, Thai Rayon and Indo Bharat Rayon will jointly give $180 million.
A total of $160 million will be raised by them through a special purpose
vehicle. The current deal
is Aditya Birla Group's second acquisition in less than two days. Recently,
Aditya Birla Chemicals, a subsidiary of Hindalco Industries Ltd., purchased
the Chloro Chemical Division of Kanoria Chemicals and Industries. The
purchase price of this deal was Rs.830 crore. As a result of
the acquisition, the Group can procure 80 per cent of its pulp requirement through
captive means from the current level of 55 per cent. Domsjo Fabriker
produces dissolving grade pulp, which is mainly used in textile segment
(viscose staple fibre and viscose filament yarn). Approximately 25 per cent
of the Domsjo Fabriker production is used in premium applications, like
binding agents for medical products. Copyright 2011
Euclid Infotech Pvt. Ltd., distributed by Contify.com
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Aditya Birla acquires Swedish pulp maker for US$340 million |
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India Public
Sector News |
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[What follows is
the full text of the article.] New Delhi, April
19: Mumbai-based multinational business conglomerate Aditya Birla Group has added
another feather in its long list of merger and acquisition when it acquired
the Swedish pulp maker Domsjo Fabriker for $340 million on April 18. This is
the second acquisition in as many days for Birla Group, which is signaling
its intent to grow the fiber business globally. This acquisition will
consolidate its position as one of the leading makers of viscose staple fiber
(VSF). Besides, it will
also help the Birla Group to lower its cost of production as pulp is vital
ram material for making the fiber. This buyout will see group's two overseas
subsidiaries -- Thai Rayon and Indonesia-based Indo-Bharat Rayon -- investing
$180 million and rest $160 million will be invested through the external
borrowing done through a Special Purpose Vehicle (SPV). The pulp deal
acquisition was advised by Sweden's investment bank ABG Sundal Collier. It should be
noted that Aditya Birla Group accounts for a little more than a fifth of the
world's production of VSF and is closely followed by the Chinese firms. Copyright Contify.Com
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Financials in: USD (mil) |
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Except for share items (millions) and per
share items (actual units) |
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30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
30-Sep-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate
(Period Average) |
32.560068 |
34.717021 |
33.135699 |
34.918354 |
39.044119 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
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Net Sales |
317.2 |
179.0 |
267.8 |
208.1 |
136.8 |
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Revenue |
317.2 |
179.0 |
267.8 |
208.1 |
136.8 |
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Total Revenue |
317.2 |
179.0 |
267.8 |
208.1 |
136.8 |
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Cost of Revenue |
233.7 |
156.3 |
210.2 |
146.1 |
106.0 |
|
Cost of Revenue, Total |
233.7 |
156.3 |
210.2 |
146.1 |
106.0 |
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Gross Profit |
83.5 |
22.7 |
57.6 |
62.0 |
30.8 |
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Selling/General/Administrative Expense |
14.4 |
8.4 |
14.7 |
10.3 |
8.0 |
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Labor & Related Expense |
0.8 |
0.8 |
0.6 |
- |
- |
|
Total Selling/General/Administrative Expenses |
15.2 |
9.2 |
15.3 |
10.3 |
8.0 |
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Interest Income - Operating |
-1.1 |
-0.7 |
-2.4 |
-3.5 |
-3.5 |
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Investment Income -
Operating |
-6.8 |
-1.4 |
-2.6 |
-1.5 |
-0.6 |
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Interest/Investment Income - Operating |
-7.9 |
-2.0 |
-5.0 |
-5.0 |
-4.1 |
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Interest Expense (Income) - Net Operating Total |
-7.9 |
-2.0 |
-5.0 |
-5.0 |
-4.1 |
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Other, Net |
-2.3 |
-1.9 |
-3.0 |
-3.1 |
-1.7 |
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Other Operating Expenses, Total |
-2.3 |
-1.9 |
-3.0 |
-3.1 |
-1.7 |
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Total Operating Expense |
238.7 |
161.6 |
217.4 |
148.3 |
108.1 |
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Operating Income |
78.5 |
17.4 |
50.3 |
59.7 |
28.7 |
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Interest Expense -
Non-Operating |
0.0 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
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Interest Expense, Net Non-Operating |
0.0 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
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Interest Income (Expense) - Net Non-Operating Total |
0.0 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
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Income Before Tax |
78.5 |
17.4 |
50.2 |
59.6 |
28.6 |
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Total Income Tax |
10.0 |
1.5 |
10.7 |
13.2 |
7.8 |
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Income After Tax |
68.5 |
16.0 |
39.5 |
46.3 |
20.8 |
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Net Income Before Extraord Items |
68.5 |
16.0 |
39.5 |
46.3 |
20.8 |
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Net Income |
68.5 |
16.0 |
39.5 |
46.3 |
20.8 |
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Income Available to Common Excl Extraord Items |
68.5 |
16.0 |
39.5 |
46.3 |
20.8 |
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Income Available to Common Incl Extraord Items |
68.5 |
16.0 |
39.5 |
46.3 |
20.8 |
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Basic/Primary Weighted Average Shares |
201.6 |
201.6 |
201.6 |
201.6 |
201.6 |
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Basic EPS Excl Extraord Items |
0.34 |
0.08 |
0.20 |
0.23 |
0.10 |
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Basic/Primary EPS Incl Extraord Items |
0.34 |
0.08 |
0.20 |
0.23 |
0.10 |
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Diluted Net Income |
68.5 |
16.0 |
39.5 |
46.3 |
20.8 |
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Diluted Weighted Average Shares |
201.6 |
201.6 |
201.6 |
201.6 |
201.6 |
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Diluted EPS Excl Extraord Items |
0.34 |
0.08 |
0.20 |
0.23 |
0.10 |
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Diluted EPS Incl Extraord Items |
0.34 |
0.08 |
0.20 |
0.23 |
0.10 |
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Dividends per Share - Common Stock Primary Issue |
0.03 |
0.04 |
0.05 |
0.03 |
0.03 |
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Gross Dividends - Common Stock |
6.2 |
7.5 |
9.7 |
6.4 |
6.2 |
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Interest Expense, Supplemental |
0.0 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Depreciation, Supplemental |
17.0 |
14.8 |
7.1 |
4.5 |
2.1 |
|
Normalized Income Before Tax |
78.5 |
17.4 |
50.2 |
59.6 |
28.6 |
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Inc Tax Ex Impact of Sp Items |
10.0 |
1.5 |
10.7 |
13.2 |
7.8 |
|
Normalized Income After Tax |
68.5 |
16.0 |
39.5 |
46.3 |
20.8 |
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|
Normalized Inc. Avail to Com. |
68.5 |
16.0 |
39.5 |
46.3 |
20.8 |
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Basic Normalized EPS |
0.34 |
0.08 |
0.20 |
0.23 |
0.10 |
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Diluted Normalized EPS |
0.34 |
0.08 |
0.20 |
0.23 |
0.10 |
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Amort of Intangibles, Supplemental |
0.1 |
0.0 |
- |
- |
- |
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Normalized EBIT |
70.6 |
15.4 |
45.3 |
54.8 |
24.5 |
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Normalized EBITDA |
87.7 |
30.2 |
52.4 |
59.3 |
26.6 |
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Defined Contribution Expense - Domestic |
0.3 |
0.3 |
0.3 |
0.2 |
0.2 |
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Total Pension Expense |
0.3 |
0.3 |
0.3 |
0.2 |
0.2 |
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Annual Balance
Sheet |
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Financials in:
USD (mil) |
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|
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
30-Sep-2006 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Restated Normal |
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Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate |
30.35 |
33.41 |
33.84 |
34.275 |
37.585 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
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Cash & Equivalents |
87.0 |
34.1 |
13.1 |
63.0 |
45.6 |
|
Short Term Investments |
12.5 |
0.0 |
9.2 |
16.0 |
41.9 |
|
Cash and Short Term Investments |
99.5 |
34.1 |
22.2 |
78.9 |
87.5 |
|
Trade Accounts Receivable - Net |
38.6 |
34.8 |
29.4 |
33.1 |
18.1 |
|
Other Receivables |
3.2 |
1.7 |
4.4 |
2.4 |
2.1 |
|
Total Receivables, Net |
41.8 |
36.5 |
33.8 |
35.5 |
20.2 |
|
Inventories - Finished Goods |
17.6 |
6.9 |
6.7 |
2.5 |
0.7 |
|
Inventories - Work In Progress |
- |
0.0 |
2.4 |
1.5 |
1.4 |
|
Inventories - Raw Materials |
38.7 |
19.9 |
39.5 |
19.8 |
12.4 |
|
Inventories - Other |
- |
0.0 |
-8.3 |
0.0 |
- |
|
Total Inventory |
56.4 |
26.8 |
40.3 |
23.7 |
14.5 |
|
Prepaid Expenses |
- |
- |
0.0 |
2.5 |
2.9 |
|
Other Current Assets |
3.2 |
0.5 |
0.6 |
0.8 |
0.6 |
|
Other Current Assets, Total |
3.2 |
0.5 |
0.6 |
0.8 |
0.6 |
|
Total Current Assets |
200.9 |
97.9 |
97.0 |
141.5 |
125.7 |
|
|
|
|
|
|
|
|
Buildings |
29.4 |
24.3 |
20.8 |
14.2 |
9.6 |
|
Land/Improvements |
6.8 |
6.2 |
5.0 |
4.7 |
1.3 |
|
Machinery/Equipment |
173.7 |
151.3 |
133.0 |
86.0 |
51.2 |
|
Construction in
Progress |
3.9 |
5.6 |
15.3 |
11.7 |
14.8 |
|
Property/Plant/Equipment - Gross |
213.8 |
187.4 |
174.2 |
116.6 |
77.0 |
|
Accumulated Depreciation |
-99.1 |
-73.7 |
-59.2 |
-60.3 |
-51.3 |
|
Property/Plant/Equipment - Net |
114.7 |
113.7 |
115.0 |
56.3 |
25.7 |
|
Intangibles - Gross |
0.5 |
0.4 |
- |
- |
- |
|
Accumulated Intangible Amortization |
-0.2 |
0.0 |
- |
- |
- |
|
Intangibles, Net |
0.3 |
0.4 |
- |
- |
- |
|
LT Investment - Affiliate Companies |
85.2 |
76.0 |
73.5 |
44.4 |
46.2 |
|
LT Investments - Other |
56.3 |
48.8 |
36.2 |
63.1 |
28.6 |
|
Long Term Investments |
141.6 |
124.8 |
109.7 |
107.5 |
74.9 |
|
Note Receivable - Long Term |
4.3 |
4.1 |
4.3 |
4.5 |
4.0 |
|
Other Long Term Assets |
0.1 |
0.1 |
0.1 |
0.1 |
0.4 |
|
Other Long Term Assets, Total |
0.1 |
0.1 |
0.1 |
0.1 |
0.4 |
|
Total Assets |
461.8 |
341.0 |
326.2 |
309.9 |
230.8 |
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|
Accounts Payable |
18.0 |
11.3 |
14.5 |
5.7 |
4.0 |
|
Accrued Expenses |
5.9 |
4.6 |
4.5 |
3.3 |
3.0 |
|
Notes Payable/Short Term Debt |
9.0 |
0.2 |
0.2 |
0.1 |
0.1 |
|
Income Taxes Payable |
5.2 |
0.0 |
1.9 |
8.1 |
4.3 |
|
Other Current Liabilities |
0.5 |
0.4 |
1.4 |
1.7 |
0.9 |
|
Other Current liabilities, Total |
5.7 |
0.4 |
3.3 |
9.8 |
5.2 |
|
Total Current Liabilities |
38.6 |
16.5 |
22.5 |
18.9 |
12.4 |
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|
|
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|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
9.0 |
0.2 |
0.2 |
0.1 |
0.1 |
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|
Pension Benefits - Underfunded |
3.7 |
3.3 |
3.3 |
3.3 |
2.9 |
|
Other Long Term Liabilities |
0.0 |
0.5 |
0.4 |
0.3 |
0.2 |
|
Other Liabilities, Total |
3.7 |
3.9 |
3.7 |
3.6 |
3.1 |
|
Total Liabilities |
42.3 |
20.4 |
26.2 |
22.4 |
15.5 |
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|
Common Stock |
6.6 |
6.0 |
6.0 |
5.9 |
5.4 |
|
Common Stock |
6.6 |
6.0 |
6.0 |
5.9 |
5.4 |
|
Retained Earnings (Accumulated Deficit) |
393.0 |
296.3 |
283.9 |
251.5 |
192.2 |
|
Unrealized Gain (Loss) |
19.9 |
18.4 |
10.1 |
30.1 |
17.7 |
|
Total Equity |
419.5 |
320.6 |
300.0 |
287.5 |
215.3 |
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Total Liabilities & Shareholders’ Equity |
461.8 |
341.0 |
326.2 |
309.9 |
230.8 |
|
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|
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|
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Shares Outstanding - Common Stock Primary
Issue |
201.6 |
201.6 |
201.6 |
201.6 |
201.6 |
|
Total Common Shares Outstanding |
201.6 |
201.6 |
201.6 |
201.6 |
201.6 |
|
Employees |
1,031 |
1,002 |
1,002 |
865 |
793 |
|
Accumulated Intangible Amort, Suppl. |
0.2 |
0.0 |
- |
- |
- |
|
Other Assets, Net - Domestic |
- |
3.3 |
3.3 |
3.3 |
2.9 |
|
Net Assets Recognized on Balance Sheet |
- |
3.3 |
3.3 |
3.3 |
2.9 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
30-Sep-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Restated Normal |
Reclassified
Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate
(Period Average) |
32.560068 |
34.717021 |
33.135699 |
34.918354 |
39.044119 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
78.5 |
17.4 |
50.2 |
59.6 |
20.8 |
|
Depreciation |
17.1 |
14.8 |
7.1 |
4.5 |
2.1 |
|
Depreciation/Depletion |
17.1 |
14.8 |
7.1 |
4.5 |
2.1 |
|
Unusual Items |
-0.3 |
-8.0 |
8.4 |
0.0 |
0.0 |
|
Other Non-Cash Items |
-6.3 |
-1.2 |
-4.9 |
-3.1 |
-1.3 |
|
Non-Cash Items |
-6.6 |
-9.2 |
3.5 |
-3.2 |
-1.3 |
|
Accounts Receivable |
-0.8 |
-5.1 |
4.2 |
-13.0 |
3.6 |
|
Inventories |
-25.1 |
21.6 |
-25.1 |
-7.7 |
0.9 |
|
Other Assets |
-1.5 |
2.4 |
0.5 |
0.4 |
-4.0 |
|
Accounts Payable |
5.3 |
-3.3 |
8.9 |
1.3 |
1.1 |
|
Taxes Payable |
- |
- |
- |
- |
0.5 |
|
Other Liabilities |
0.6 |
-1.2 |
0.9 |
0.6 |
0.6 |
|
Other Operating Cash Flow |
0.1 |
-1.0 |
-11.8 |
-10.1 |
- |
|
Changes in Working Capital |
-21.4 |
13.4 |
-22.4 |
-28.6 |
2.8 |
|
Cash from Operating Activities |
67.6 |
36.4 |
38.4 |
32.4 |
24.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-7.3 |
-12.1 |
-66.3 |
-31.8 |
-17.8 |
|
Purchase/Acquisition of Intangibles |
0.0 |
-0.4 |
0.0 |
- |
- |
|
Capital Expenditures |
-7.3 |
-12.5 |
-66.3 |
-31.8 |
-17.8 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Sale/Maturity of Investment |
0.5 |
0.3 |
0.0 |
2.5 |
- |
|
Investment, Net |
-14.8 |
4.8 |
4.4 |
17.4 |
15.3 |
|
Purchase of Investments |
-1.5 |
-1.5 |
-18.8 |
-1.5 |
-1.4 |
|
Other Investing Cash Flow Items, Total |
-15.8 |
3.6 |
-14.3 |
18.5 |
13.9 |
|
Cash from Investing Activities |
-23.1 |
-8.9 |
-80.6 |
-13.3 |
-3.8 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.6 |
0.2 |
0.1 |
0.1 |
-0.1 |
|
Financing Cash Flow Items |
-0.6 |
0.2 |
0.1 |
0.1 |
-0.1 |
|
Cash Dividends Paid - Common |
-6.2 |
-7.5 |
-9.7 |
-6.4 |
-6.2 |
|
Total Cash Dividends Paid |
-6.2 |
-7.5 |
-9.7 |
-6.4 |
-6.2 |
|
Short Term Debt Issued |
8.3 |
- |
0.1 |
- |
0.1 |
|
Short Term Debt
Reduction |
- |
0.0 |
- |
-0.1 |
- |
|
Short Term Debt, Net |
8.3 |
0.0 |
0.1 |
-0.1 |
0.1 |
|
Issuance (Retirement) of Debt, Net |
8.3 |
0.0 |
0.1 |
-0.1 |
0.1 |
|
Cash from Financing Activities |
1.5 |
-7.4 |
-9.5 |
-6.3 |
-6.2 |
|
|
|
|
|
|
|
|
Net Change in Cash |
46.1 |
20.1 |
-51.8 |
12.7 |
14.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
35.0 |
12.8 |
65.1 |
49.1 |
29.5 |
|
Net Cash - Ending Balance |
81.1 |
32.8 |
13.4 |
61.8 |
43.9 |
|
Cash Interest Paid |
0.0 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Cash Taxes Paid |
5.2 |
3.3 |
17.3 |
10.0 |
7.2 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
30-Sep-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate
(Period Average) |
32.560068 |
34.717021 |
33.135699 |
34.918354 |
39.044119 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Sales |
317.2 |
179.0 |
267.8 |
208.1 |
136.8 |
|
Total Revenue |
317.2 |
179.0 |
267.8 |
208.1 |
136.8 |
|
|
|
|
|
|
|
|
Cost of Sales |
233.7 |
156.3 |
210.2 |
146.1 |
106.0 |
|
Selling and Administrative Expenses |
- |
- |
- |
10.3 |
8.0 |
|
Selling Expenses |
10.4 |
4.5 |
10.1 |
- |
- |
|
Administrative Expenses |
4.0 |
3.9 |
4.6 |
- |
- |
|
Exchange Loss |
- |
0.0 |
0.5 |
0.9 |
1.0 |
|
Directors' Renumeration |
0.8 |
0.8 |
0.6 |
- |
- |
|
Interest Income |
-1.1 |
-0.7 |
-2.4 |
-3.5 |
-3.5 |
|
Export Incentive & Import Duty Refund |
-1.8 |
-1.7 |
-2.8 |
-1.9 |
-1.2 |
|
Exchange Gain |
-2.8 |
-0.1 |
- |
- |
0.0 |
|
Dividend Income |
-4.1 |
-1.2 |
-3.1 |
-2.4 |
-1.6 |
|
Share of Investment Profits-Eqty. Method |
- |
- |
0.0 |
0.0 |
- |
|
Others |
-0.5 |
-0.1 |
-0.2 |
-1.1 |
-0.5 |
|
Total Operating Expense |
238.7 |
161.6 |
217.4 |
148.3 |
108.1 |
|
|
|
|
|
|
|
|
Interest Expenses |
0.0 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
|
Net Income Before Taxes |
78.5 |
17.4 |
50.2 |
59.6 |
28.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
10.0 |
1.5 |
10.7 |
13.2 |
7.8 |
|
Net Income After Taxes |
68.5 |
16.0 |
39.5 |
46.3 |
20.8 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
68.5 |
16.0 |
39.5 |
46.3 |
20.8 |
|
Net Income |
68.5 |
16.0 |
39.5 |
46.3 |
20.8 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
68.5 |
16.0 |
39.5 |
46.3 |
20.8 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
68.5 |
16.0 |
39.5 |
46.3 |
20.8 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
201.6 |
201.6 |
201.6 |
201.6 |
201.6 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.34 |
0.08 |
0.20 |
0.23 |
0.10 |
|
Basic EPS Including ExtraOrdinary Items |
0.34 |
0.08 |
0.20 |
0.23 |
0.10 |
|
Diluted Net Income |
68.5 |
16.0 |
39.5 |
46.3 |
20.8 |
|
Diluted Weighted Average Shares |
201.6 |
201.6 |
201.6 |
201.6 |
201.6 |
|
Diluted EPS Excluding ExtraOrd Items |
0.34 |
0.08 |
0.20 |
0.23 |
0.10 |
|
Diluted EPS Including ExtraOrd Items |
0.34 |
0.08 |
0.20 |
0.23 |
0.10 |
|
DPS-THBH10 |
0.03 |
0.04 |
0.05 |
0.03 |
0.03 |
|
Gross Dividends - Common Stock |
6.2 |
7.5 |
9.7 |
6.4 |
6.2 |
|
Normalized Income Before Taxes |
78.5 |
17.4 |
50.2 |
59.6 |
28.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
10.0 |
1.5 |
10.7 |
13.2 |
7.8 |
|
Normalized Income After Taxes |
68.5 |
16.0 |
39.5 |
46.3 |
20.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
68.5 |
16.0 |
39.5 |
46.3 |
20.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.34 |
0.08 |
0.20 |
0.23 |
0.10 |
|
Diluted Normalized EPS |
0.34 |
0.08 |
0.20 |
0.23 |
0.10 |
|
Interest Expense |
0.0 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Depreciation |
17.0 |
14.8 |
7.1 |
4.5 |
2.1 |
|
Amort of Intangibles, Supplemental |
0.1 |
0.0 |
- |
- |
- |
|
Defined Contribution Expense - Domestic |
0.3 |
0.3 |
0.3 |
0.2 |
0.2 |
|
Total Pension Expense |
0.3 |
0.3 |
0.3 |
0.2 |
0.2 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
30-Sep-2006 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate |
30.35 |
33.41 |
33.84 |
34.275 |
37.585 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Cash Equivalents |
87.0 |
34.1 |
13.1 |
63.0 |
45.6 |
|
ST Investments-Deposits with Finl Inst. |
- |
0.0 |
9.2 |
16.0 |
41.9 |
|
Current Investments |
12.5 |
- |
- |
- |
- |
|
Trade Accounts Receivable Unrelated |
21.7 |
17.8 |
14.7 |
17.3 |
8.9 |
|
Trade Account Rcvbl-Related |
16.7 |
16.8 |
14.4 |
15.5 |
8.9 |
|
Amounts due from Related Parties |
0.1 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Advance for Purchase Raw Materials Relat |
- |
- |
0.0 |
2.5 |
2.9 |
|
Finished Goods |
17.6 |
6.9 |
6.7 |
2.5 |
0.7 |
|
Work in Process |
- |
0.0 |
2.4 |
1.5 |
1.4 |
|
Raw Materials |
18.8 |
6.2 |
21.9 |
11.3 |
6.0 |
|
Raw Materials in Transit |
15.3 |
10.2 |
12.8 |
3.7 |
1.4 |
|
Factory Supplies, Spare Parts, Packaging |
4.6 |
3.4 |
4.8 |
4.8 |
5.0 |
|
Declining Value of Inventory |
- |
0.0 |
-8.3 |
0.0 |
- |
|
Input Tax Refundable |
2.4 |
0.5 |
2.7 |
0.7 |
1.2 |
|
Export Incentive Rcvbl. |
0.7 |
1.1 |
1.2 |
1.3 |
0.5 |
|
Interest Receivable |
0.2 |
0.0 |
0.2 |
0.3 |
0.4 |
|
Accrued Dividend |
- |
0.0 |
0.3 |
0.0 |
- |
|
Others |
3.2 |
0.5 |
0.6 |
0.8 |
0.6 |
|
Total Current Assets |
200.9 |
97.9 |
97.0 |
141.5 |
125.7 |
|
|
|
|
|
|
|
|
Investments Accounted for-Equity Method |
85.2 |
76.0 |
73.5 |
44.4 |
46.2 |
|
Other LT Investments |
56.3 |
48.8 |
36.2 |
63.1 |
28.6 |
|
LT Loans to Related Parties-Net Curr. |
4.3 |
4.1 |
4.3 |
4.5 |
4.0 |
|
Land |
6.8 |
6.2 |
5.0 |
4.7 |
1.3 |
|
Buindings & Improvements |
29.4 |
24.3 |
20.8 |
14.2 |
9.6 |
|
Plant & Machinery |
170.7 |
148.6 |
130.2 |
83.6 |
49.1 |
|
Furniture, Fixtures, & Office Equip. |
1.2 |
1.0 |
1.2 |
1.1 |
1.0 |
|
Computer Hardware |
0.8 |
0.7 |
0.7 |
0.4 |
0.3 |
|
Motor Vehicles |
1.1 |
0.9 |
0.9 |
0.8 |
0.7 |
|
Construction in Progress |
3.9 |
5.6 |
15.3 |
11.7 |
14.8 |
|
Accumulated Depreciation |
-99.1 |
-73.7 |
-59.2 |
-60.3 |
-51.3 |
|
Computer Software, Gross |
0.5 |
0.4 |
- |
- |
- |
|
Acumulate Amortisation |
-0.2 |
0.0 |
- |
- |
- |
|
Other Non-Current Assets |
0.1 |
0.1 |
0.1 |
0.1 |
0.4 |
|
Total Assets |
461.8 |
341.0 |
326.2 |
309.9 |
230.8 |
|
|
|
|
|
|
|
|
Bank Overdrafts & ST Loans from Finl Ins |
9.0 |
0.2 |
0.2 |
0.1 |
0.1 |
|
Trade Acc't Pay-Other Parties |
9.5 |
7.7 |
12.7 |
4.0 |
2.5 |
|
Amounts Due to Related Parties |
0.0 |
- |
- |
- |
- |
|
Trade Acc't Pay-Related Parties |
8.4 |
3.5 |
1.8 |
1.7 |
1.6 |
|
Corporate Income Tax |
5.2 |
0.0 |
1.9 |
8.1 |
4.3 |
|
Accrued Expenses |
5.9 |
4.6 |
4.5 |
3.3 |
3.0 |
|
Others |
0.5 |
0.4 |
1.4 |
1.7 |
0.9 |
|
Total Current Liabilities |
38.6 |
16.5 |
22.5 |
18.9 |
12.4 |
|
|
|
|
|
|
|
|
Employees Retirement Benefit |
3.7 |
3.3 |
3.3 |
3.3 |
2.9 |
|
Other Non-current Liabilities |
0.0 |
0.5 |
0.4 |
0.3 |
0.2 |
|
Total Liabilities |
42.3 |
20.4 |
26.2 |
22.4 |
15.5 |
|
|
|
|
|
|
|
|
Issued and Fully Paid Capital |
6.6 |
6.0 |
6.0 |
5.9 |
5.4 |
|
Unrealised Fair Value Invstmnts. |
19.9 |
18.4 |
10.1 |
30.1 |
17.7 |
|
Statutory Reserve |
0.7 |
0.6 |
0.6 |
0.6 |
0.5 |
|
General Reserve |
82.4 |
74.8 |
73.9 |
72.9 |
66.5 |
|
Unappropriated Retained Earnings |
309.9 |
220.8 |
209.4 |
178.0 |
125.1 |
|
Total Equity |
419.5 |
320.6 |
300.0 |
287.5 |
215.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
461.8 |
341.0 |
326.2 |
309.9 |
230.8 |
|
|
|
|
|
|
|
|
S/O-THBH10 |
201.6 |
201.6 |
201.6 |
201.6 |
201.6 |
|
Total Common Shares Outstanding |
201.6 |
201.6 |
201.6 |
201.6 |
201.6 |
|
Acumulate Amortisation |
0.2 |
0.0 |
- |
- |
- |
|
Full-Time Employees |
1,031 |
1,002 |
1,002 |
865 |
793 |
|
Other Assets, Net - Domestic |
- |
3.3 |
3.3 |
3.3 |
2.9 |
|
Net Assets Recognized on Balance Sheet |
- |
3.3 |
3.3 |
3.3 |
2.9 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
30-Sep-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Restated Normal |
Reclassified
Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate
(Period Average) |
32.560068 |
34.717021 |
33.135699 |
34.918354 |
39.044119 |
|
Auditor |
Ernst &
Young LLP |
Ernst & Young
LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
78.5 |
17.4 |
50.2 |
59.6 |
20.8 |
|
Depreciation |
17.1 |
14.8 |
7.1 |
4.5 |
2.1 |
|
Gain From Sales of Other LT Invst. |
-0.3 |
- |
- |
- |
- |
|
Loss fr. Refund of Other LT. Invst. |
0.0 |
0.0 |
0.0 |
- |
- |
|
Shr. of Retained Earning fr. LT Invest. |
- |
- |
- |
-0.9 |
- |
|
Dividend Received |
-4.1 |
-1.2 |
-3.1 |
-2.4 |
-1.6 |
|
Gain-Disposal Fixed Assets |
0.0 |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Loss from Declining Value of Inventory |
0.0 |
-8.0 |
8.4 |
0.0 |
- |
|
Record-Employee Retire Benefit |
0.3 |
0.3 |
0.2 |
0.2 |
0.2 |
|
Unrealised Exchange Loss/Gain |
-1.5 |
0.4 |
0.2 |
-0.1 |
0.1 |
|
Interest Income |
-1.1 |
-0.7 |
-2.4 |
- |
- |
|
Interest Expenses |
0.0 |
0.0 |
0.1 |
0.1 |
- |
|
Trade Acc't Rcvbl-Other Parties |
-2.3 |
-2.9 |
2.8 |
-10.2 |
5.2 |
|
Trade Acc't Rcvbl-Related Parties |
1.7 |
-2.2 |
1.4 |
-2.8 |
-1.5 |
|
Amounts due fr. Related Parties |
-0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Advance for Purchase of Raw Material |
- |
0.0 |
2.6 |
0.7 |
-2.8 |
|
Inventories |
-25.1 |
21.6 |
-25.1 |
-7.7 |
0.9 |
|
Corporate Income Tax Payable |
- |
- |
- |
- |
0.5 |
|
Other Current Assets |
-1.5 |
2.4 |
-2.1 |
-0.2 |
-0.9 |
|
Other Non-Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
-0.3 |
|
Trade Acc't Payable-Other |
1.0 |
-5.0 |
8.8 |
1.3 |
1.0 |
|
Amounts Due to Related Parties |
0.0 |
- |
- |
- |
- |
|
Trade Acc't Payable-Related |
4.2 |
1.6 |
0.1 |
0.0 |
0.1 |
|
Other Current Liab. |
0.9 |
-0.9 |
1.0 |
0.7 |
0.7 |
|
Provision-Employee Retirement |
-0.3 |
-0.4 |
-0.2 |
-0.1 |
-0.1 |
|
Cash Received fr. Dividend Income |
4.1 |
1.5 |
3.1 |
- |
- |
|
Cash Received fr. Interest Income |
1.2 |
0.9 |
2.6 |
- |
- |
|
Cash Paid for Interest Expenses |
0.0 |
0.0 |
-0.1 |
-0.1 |
- |
|
Cash Paid for Corporate Income Tax |
-5.2 |
-3.3 |
-17.3 |
-10.0 |
- |
|
Cash from Operating Activities |
67.6 |
36.4 |
38.4 |
32.4 |
24.4 |
|
|
|
|
|
|
|
|
Deposits-Finl Inst.- > 3 months, Net |
-11.9 |
8.9 |
7.2 |
29.4 |
0.3 |
|
Receipt LT Loan Repay-Related |
-2.9 |
-4.1 |
-2.8 |
-14.6 |
13.6 |
|
Dividend Recieved from Assoc. Co. |
- |
- |
- |
2.6 |
1.5 |
|
Investment-New Assoc. Co. |
-1.5 |
-1.5 |
-18.8 |
-1.5 |
-1.4 |
|
Disposals of Equipment |
0.0 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Capital Expenditures |
-7.3 |
-12.1 |
-66.3 |
-31.8 |
-17.8 |
|
Sales of Other LT Invst. |
0.5 |
- |
- |
- |
- |
|
Proceeds fr. Refund of Other LT Invest. |
0.0 |
0.3 |
0.0 |
2.5 |
- |
|
Purchase of Intangible |
0.0 |
-0.4 |
0.0 |
- |
- |
|
Cash from Investing Activities |
-23.1 |
-8.9 |
-80.6 |
-13.3 |
-3.8 |
|
|
|
|
|
|
|
|
Incr. in Loans to Rel. Companies |
- |
- |
- |
-0.1 |
- |
|
Bank Overdrafts & ST Loans-Finl Inst. |
8.3 |
- |
0.1 |
- |
0.1 |
|
Decr Bank Overdrafts & ST Loans |
- |
0.0 |
- |
- |
- |
|
Other Non-Current Liab. |
-0.6 |
0.2 |
0.1 |
0.1 |
-0.1 |
|
Payment & Reversal of Dividends |
-6.2 |
-7.5 |
-9.7 |
-6.4 |
-6.2 |
|
Cash from Financing Activities |
1.5 |
-7.4 |
-9.5 |
-6.3 |
-6.2 |
|
|
|
|
|
|
|
|
Net Change in Cash |
46.1 |
20.1 |
-51.8 |
12.7 |
14.3 |
|
|
|
|
|
|
|
|
Cash-Beginning Balance |
35.0 |
12.8 |
65.1 |
49.1 |
29.5 |
|
Cash-Ending Balance |
81.1 |
32.8 |
13.4 |
61.8 |
43.9 |
|
Cash Interest Paid |
0.0 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Cash Taxes Paid |
5.2 |
3.3 |
17.3 |
10.0 |
7.2 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per share
items (actual units) |
|
|
Key Indicators USD (mil) |
||||||
|
 |
Quarter |
Quarter |
Annual |
1 Year |
3 Year |
5 Year |
|
Total Revenue1 |
119.5 |
32.74% |
317.2 |
66.19% |
12.44% |
14.16% |
|
Operating Income1 |
41.7 |
62.79% |
78.5 |
321.96% |
7.02% |
6.80% |
|
Income Available to Common Excl Extraord Items1 |
33.9 |
48.52% |
68.5 |
302.77% |
11.29% |
7.81% |
|
Basic EPS Excl Extraord Items1 |
0.17 |
48.52% |
0.34 |
302.77% |
11.29% |
7.81% |
|
Capital Expenditures2 |
3.2 |
-17.61% |
7.3 |
-45.52% |
-40.23% |
13.49% |
|
Cash from Operating Activities2 |
57.4 |
71.99% |
67.6 |
74.08% |
24.88% |
11.97% |
|
Free Cash Flow |
54.3 |
83.76% |
64.7 |
136.79% |
357.00% |
11.80% |
|
Total Assets3 |
511.3 |
21.31% |
461.8 |
23.04% |
9.68% |
6.86% |
|
Total Liabilities3 |
51.7 |
93.29% |
42.3 |
88.85% |
18.65% |
21.43% |
|
Total Long Term Debt3 |
0.0 |
- |
0.0 |
- |
- |
- |
|
Employees3 |
- |
- |
1031 |
2.89% |
6.03% |
5.68% |
|
Total Common Shares Outstanding3 |
201.6 |
0.00% |
201.6 |
0.00% |
0.00% |
0.00% |
|
1-ExchangeRate: THB to USD Average for Period |
30.538187 |
 |
32.560068 |
 |
 |
 |
|
2-ExchangeRate: THB to USD Average for Period |
30.262896 |
 |
32.560068 |
 |
 |
 |
|
3-ExchangeRate: THB to USD Period End Date |
30.245000 |
 |
30.350000 |
 |
 |
 |
|
Key Ratios |
|||||
|
 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
30-Sep-2006 |
|
Profitability |
|||||
|
Gross Margin |
26.33% |
12.68% |
21.50% |
29.79% |
22.51% |
|
Operating Margin |
24.75% |
9.75% |
18.80% |
28.71% |
20.95% |
|
Pretax Margin |
24.74% |
9.73% |
18.75% |
28.64% |
20.90% |
|
Net Profit Margin |
21.60% |
8.91% |
14.75% |
22.28% |
15.20% |
|
Financial Strength |
|||||
|
Current Ratio |
5.21 |
5.95 |
4.32 |
7.50 |
10.17 |
|
Long Term Debt/Equity |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Total Debt/Equity |
0.02 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Management Effectiveness |
|||||
|
Return on Assets |
17.56% |
4.94% |
12.08% |
16.78% |
8.67% |
|
Return on Equity |
19.03% |
5.31% |
13.08% |
18.04% |
9.19% |
|
Efficiency |
|||||
|
Receivables Turnover |
8.30 |
5.26 |
7.52 |
7.35 |
6.59 |
|
Inventory Turnover |
5.84 |
4.80 |
6.40 |
7.52 |
7.37 |
|
Asset Turnover |
0.81 |
0.55 |
0.82 |
0.75 |
0.57 |
.
|
Market Valuation USD (mil) |
||||
|
P/E (TTM) |
7.50 |
. |
Enterprise Value2 |
434.8 |
|
Price/Sales (TTM) |
1.47 |
. |
Enterprise Value/Revenue (TTM) |
1.13 |
|
Price/Book (MRQ) |
1.23 |
. |
Enterprise Value/EBITDA (TTM) |
4.41 |
|
Market Cap as of 05-Aug-20111 |
573.7 |
. |
|
|
|
1-ExchangeRate: THB to USD on 5-Aug-2011 |
29.870000 |
|
|
|
|
2-ExchangeRate: THB to USD on 31-Mar-2011 |
30.245000 |
|
|
|
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
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|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
30-Sep-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate
(Period Average) |
32.560068 |
34.717021 |
33.135699 |
34.918354 |
39.044119 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
317.2 |
179.0 |
267.8 |
208.1 |
136.8 |
|
Revenue |
317.2 |
179.0 |
267.8 |
208.1 |
136.8 |
|
Total Revenue |
317.2 |
179.0 |
267.8 |
208.1 |
136.8 |
|
|
|
|
|
|
|
|
Cost of Revenue |
233.7 |
156.3 |
210.2 |
146.1 |
106.0 |
|
Cost of Revenue, Total |
233.7 |
156.3 |
210.2 |
146.1 |
106.0 |
|
Gross Profit |
83.5 |
22.7 |
57.6 |
62.0 |
30.8 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
14.4 |
8.4 |
14.7 |
10.3 |
8.0 |
|
Labor & Related Expense |
0.8 |
0.8 |
0.6 |
- |
- |
|
Total Selling/General/Administrative Expenses |
15.2 |
9.2 |
15.3 |
10.3 |
8.0 |
|
Interest Income - Operating |
-1.1 |
-0.7 |
-2.4 |
-3.5 |
-3.5 |
|
Investment Income -
Operating |
-6.8 |
-1.4 |
-2.6 |
-1.5 |
-0.6 |
|
Interest/Investment Income - Operating |
-7.9 |
-2.0 |
-5.0 |
-5.0 |
-4.1 |
|
Interest Expense (Income) - Net Operating Total |
-7.9 |
-2.0 |
-5.0 |
-5.0 |
-4.1 |
|
Other, Net |
-2.3 |
-1.9 |
-3.0 |
-3.1 |
-1.7 |
|
Other Operating Expenses, Total |
-2.3 |
-1.9 |
-3.0 |
-3.1 |
-1.7 |
|
Total Operating Expense |
238.7 |
161.6 |
217.4 |
148.3 |
108.1 |
|
|
|
|
|
|
|
|
Operating Income |
78.5 |
17.4 |
50.3 |
59.7 |
28.7 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
0.0 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
|
Interest Expense, Net Non-Operating |
0.0 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
|
Interest Income (Expense) - Net Non-Operating Total |
0.0 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
|
Income Before Tax |
78.5 |
17.4 |
50.2 |
59.6 |
28.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
10.0 |
1.5 |
10.7 |
13.2 |
7.8 |
|
Income After Tax |
68.5 |
16.0 |
39.5 |
46.3 |
20.8 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
68.5 |
16.0 |
39.5 |
46.3 |
20.8 |
|
Net Income |
68.5 |
16.0 |
39.5 |
46.3 |
20.8 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
68.5 |
16.0 |
39.5 |
46.3 |
20.8 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
68.5 |
16.0 |
|
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.95 |
|
|
1 |
Rs.75.76 |
|
Euro |
1 |
Rs.66.01 |
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.