MIRA INFORM REPORT
|
Report Date : |
26.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
UNIVANICH
PALM OIL PUBLIC
COMPANY LIMITED |
|
|
|
|
Registered Office : |
68/2 Patipat Road, Taladyai, Muang, Phuket 83000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
26.12.1995 |
|
|
|
|
Com. Reg. No.: |
0107543000066 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor and exporter of oil palm
plantations and crushing
mills |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
UNIVANICH PALM OIL
PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 258
AOLUK-LAEMSAK ROAD, AOLUK,
KRABI PROVINCE
81110, THAILAND
TELEPHONE : [66] 75
634-634
FAX :
[66] 75
681-124
E-MAIL
ADDRESS : info@univanich.com
REGISTRATION
ADDRESS : 68/2
PATIPAT ROAD, TALADYAI,
MUANG,
PHUKET 83000
ESTABLISHED
: 1995
REGISTRATION
NO. : 0107543000066 [Former
BOR MOR JOR. 660]
CAPITAL REGISTERED : BHT. 470,000,000
CAPITAL PAID-UP : BHT.
470,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. JOHN HARVEY
CLENDON, NEW ZEALANDER
MANAGING DIRECTOR
NO.
OF STAFF : 1,128
LINES
OF BUSINESS : OIL
PALM PLANTATIONS AND
CRUSHING MILLS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on December 26,
1995 originally as a
private limited company under
the registered name “Univanich Palm
Oil Company Limited”, by Thai
and Foreign groups, with
the business objective
to operate palm
plantation and crushing
mill in Krabi
province. It is an amalgamated
of three of
Thailand’s pioneer palm
oil companies, comprising Thai Oil
Palm Industry and
Estate Company Limited,
Siam Palm Oil
and Refinery Industry
Company Limited and
Hup Huat Oil
Industry Company Limited.
On September 26,
2000, subject’s status
was changed to
public company, namely
UNIVANICH PALM OIL PUBLIC
COMPANY LIMITED, and
was listed on
the Stock Exchange
of Thailand [SET], under
the abbreviation “UVAN” on
November 25, 2003.
In
2008, subject operates
an Oil Palm
Research Center [OPRC] which
is a leader
in oil palm
research in Thailand.
It currently employs
1,128 staff.
The
subject’s registered address
is 68/2 Patipat
Rd., Taladyai, Muang,
Phuket 83000, while
the current operation
address is 258
Aoluk-Laemsak Rd., Aoluk,
Krabi 81110.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Apirag Vanich |
: Chairman |
Thai |
46 |
|
Mr. John Harvey Clendon |
|
New Zealander |
63 |
|
Mrs. Phortchana Manoch |
|
Thai |
57 |
|
Mrs. Kanchana Chitrudiamphai |
|
Thai |
53 |
|
Ms. Aungkhana Vanich |
|
Thai |
51 |
|
Mr. Suchad Chiaranussati |
|
Thai |
46 |
|
Mr. Prote Sosothikul |
|
Thai |
44 |
|
Ms. Supapang Chanlongbutra |
|
Thai |
54 |
|
M.R. Chatu Mongkol Sonakul |
|
Thai |
68 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. John Harvey Clendon
is the Managing
Director.
He is New
Zealander nationality with
the age of
63 years old.
Mr. Narong Suvannarerg is
the Purchased Fruit
Controller.
He is Thai
nationality.
Mr. Palat Titinutchanon is
the Plantation Controller,
Head of Oil Palm Research.
He is Thai
nationality.
Mr. Phiphit Khlaisombat is
the Factory Manager.
He is Thai
nationality.
Mr. Anucha Supakorn is
the Commercial Manager.
He is Thai
nationality.
Mr. Nattapong Dechanabhirom is
the Accounting Manager.
He is Thai
nationality.
Mr. Somphon Tantitham is
the Group Engineer.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s
business objective is to operate
oil palm plantations
and crushing mills,
oil palm research
and seed production.
The main products
are as follows:
-
Crude palm
oil
-
Crude palm
kernel oil
-
Palm kernel
cake
-
Palm seeds
and seedlings
Crude palm
oil and crude
palm kernel oil
are main ingredient
to manufacture cooking
oils and salad
oils, margarine and
shortening, snack foods,
ice creams, soaps,
shampoos and cosmetics,
as well as
Bio-diesel and Bio-fuel
products. A by-products from
the production of palm
kernel oil is
palm kernel cake
which is used
in animal feed
production.
PRODUCTION CAPACITY
|
|
2010 |
2009 |
2008 |
|
|
|
|
|
|
Fresh palm [ton] |
735,897 |
792,250 |
867,593 |
|
Crude palm oil [ton] |
116,686 |
129,182 |
146,204 |
|
Palm seed [ton] |
40,159 |
43,162 |
48,120 |
PURCHASE
82.7% of
fresh fruit bunches
is purchased from
general grower farmers,
and the remaining
17.3% is from
its owned plantation.
SALES
74.30% of the
products is exported
to many countries
in India, Malaysia,
Europe and Asian
region, the remaining
25.70% is sold
locally to manufacturers.
MAJOR CUSTOMERS
Uni
Agro Palm Sdn.
Bhd. : Malaysia
SUBSIDIARY AND AFFILIATED COMPANY
The subject is
not found to
have any subsidiary nor
affiliated company here
in Thailand.
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 1,128
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office,
factory I and warehouse,
at the heading
address. Premise is
located in the
Thailand’s Southern province.
Factory
II : Plai
Phraya Branch, 592
Aoluk-Pasaeng Rd., Plaiphraya,
Krabi 81160.
Factory
III : Lamthap Branch,
142 Moo 1, T.
Toongsaitong, A. Lamthap, Krabi
81120.
The
3 factories are
located on a
totally planted area
of 6,249 hectares,
including 744 hectares
of immature area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$ 1,000,000.
COMMENT
The
surge in world
commodity prices during
the first half
of 2008 coincided
with a year of high productivity
and growth throughout the Univanich business. As
a result, its company
achieved an excellent
performance with high record
returns.
The Univanich oil palm estates demonstrated
once again with good management
and advanced hybrid
planting material, it is
possible for Thailand’s oil palm
growers to achieve
world class crop
yields. In its
three factories, the
processing of 868.000
tons of palm
fruit demonstrated levels of
plant utilization and
efficiency not often
seen in the
palm oil industry.
As well sales of
oil palm seeds and
seeding have also
witnessed strong growth
and excellent returns.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 470,000,000
divided into 94,000,000
shares of Bht.
5 each with
fully paid.
MAIN
SHAREHOLDERS : [as at March
15, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Apirag Vanich Nationality: Thai Address : 68/2
Patipat Rd., Muang,
Phuket |
17,591,042 |
18.71 |
|
Mrs. Chanthip Vanich Nationality: Thai Address : 5
Phaholyothin 19 Rd.,
Ladyao, Jatujak,
Bangkok |
9,024,430 |
9.60 |
|
Chiavanich Co., Ltd. Nationality: Thai Address : 68/2
Patipat Rd., Taladnua,
Muang, Phuket |
5,596,662 |
5.95 |
|
Merrill Lynch, Pierce,
Fenner & Smith Inc. Nationality: Thai Address : - |
5,373,825 |
5.72 |
|
UBS AG Singapore, Branch-PB Securities
Client Custody Nationality: Singaporean Address : - |
4,000,000 |
4.26 |
|
Bangkok Life Insurance
Public Company Limited Nationality: Thai Address : - |
3,097,300 |
3.30 |
|
Ms. Narumol Vikranpong Nationality: Thai Address : - |
3,072,200 |
3.27 |
|
Ms. Rojana Vanich Nationality: Thai Address : 68/2
Patipat Rd., Taladnua,
Muang, Phuket |
2,309,482 |
2.46 |
|
Ms. Oranuj Vanich Nationality: Thai Address : - |
2,255,498 |
2.40 |
|
Ms. Angkana Vanich Nationality: - Address : - |
2,170,499 |
2.31 |
|
Others |
39,509,062 |
42.02 |
Total Shareholders :
1,058
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Vichien Kingmontree No.
3977
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
793,610,650 |
697,785,772 |
|
Short-term Investments |
140,000,000 |
40,000,000 |
|
Trade Accts. Receivable |
154,124,831 |
166,723,169 |
|
Inventories |
92,969,466 |
111,550,006 |
|
Other Current Assets
|
8,724,357 |
9,564,790 |
|
|
|
|
|
Total Current Assets
|
1,189,429,304 |
1,025,623,737 |
|
Loans to Contractors |
3,335,676 |
2,144,445 |
|
Palm Plantation |
176,923,647 |
175,054,712 |
|
Property, Plant and Equipment |
951,842,217 |
1,019,711,971 |
|
Advance Payment for
Purchase of Land |
3,433,200 |
1,092,887 |
|
Total Assets |
2,324,964,044 |
2,223,627,752 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accts. Payable |
34,274,479 |
36,492,746 |
|
Accrued Income Tax |
35,917,482 |
38,460,518 |
|
Accrued Expenses |
42,147,830 |
44,682,878 |
|
Current Portion of Provision
for Employee Benefits |
1,476,619 |
1,006,262 |
|
Other Current Liabilities |
18,843,805 |
29,057,555 |
|
|
|
|
|
Total Current Liabilities |
132,660,215 |
149,699,959 |
|
Provision for Employee
Benefits |
48,823,381 |
43,993,738 |
|
Total Liabilities |
181,483,596 |
193,693,697 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 5
par value authorized, issued
and fully paid share
capital 94,000,000 shares |
470,000,000 |
470,000,000 |
|
|
|
|
|
Capital Paid |
470,000,000 |
470,000,000 |
|
Premium on Share
Capital |
267,503,419 |
267,503,419 |
|
Retained Earning Appropriated Legal Reserve |
47,000,000 |
47,000,000 |
|
General Reserve |
20,000,000 |
20,000,000 |
|
Unappropriated |
1,338,977,029 |
1,225,430,636 |
|
Total Shareholders' Equity |
2,143,480,448 |
2,029,934,055 |
|
Total Liabilities & Shareholders' Equity |
2,324,964,044 |
2,223,627,752 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
4,310,801,859 |
3,966,834,642 |
|
Other Income |
18,160,274 |
21,415,373 |
|
Total Sales |
4,328,962,133 |
3,988,250,015 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,505,733,214 |
3,147,766,056 |
|
Selling Expenses |
91,526,889 |
101,134,436 |
|
Administrative Expenses |
52,027,106 |
36,231,005 |
|
Directors’ Remuneration |
41,125,186 |
39,004,152 |
|
Total Expenses |
3,690,412,395 |
3,324,135,649 |
|
|
|
|
|
Profit Before Income
Tax |
638,549,738 |
664,114,366 |
|
Income Tax |
[102,003,345] |
[83,664,598] |
|
|
|
|
|
Net Profit / [Loss] |
536,546,393 |
580,449,768 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
8.97 |
6.85 |
|
QUICK RATIO |
TIMES |
8.20 |
6.04 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.53 |
3.89 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.85 |
1.78 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
9.68 |
12.93 |
|
INVENTORY TURNOVER |
TIMES |
37.71 |
28.22 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
13.05 |
15.34 |
|
RECEIVABLES TURNOVER |
TIMES |
27.97 |
23.79 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
3.57 |
4.23 |
|
CASH CONVERSION CYCLE |
DAYS |
19.16 |
24.04 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
81.32 |
79.35 |
|
SELLING & ADMINISTRATION |
% |
3.33 |
3.46 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
19.10 |
21.19 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
14.81 |
16.74 |
|
NET PROFIT MARGIN |
% |
12.45 |
14.63 |
|
RETURN ON EQUITY |
% |
25.03 |
28.59 |
|
RETURN ON ASSET |
% |
23.08 |
26.10 |
|
EARNING PER SHARE |
BAHT |
5.71 |
6.17 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.08 |
0.09 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.08 |
0.10 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
8.67 |
|
|
OPERATING PROFIT |
% |
(3.85) |
|
|
NET PROFIT |
% |
(7.56) |
|
|
FIXED ASSETS |
% |
(6.66) |
|
|
TOTAL ASSETS |
% |
4.56 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
19.10 |
Impressive |
Industrial Average |
6.57 |
|
Net Profit Margin |
12.45 |
Impressive |
Industrial Average |
2.94 |
|
Return on Assets |
23.08 |
Impressive |
Industrial Average |
10.79 |
|
Return on Equity |
25.03 |
Impressive |
Industrial Average |
24.51 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company’s figure is 19.1%. When
compared with the industry average, the ratio of the company was higher. This
indicated that company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company’s figure is 12.45% compared with those of its average
competitors in the same industry, indicated that business was an efficient
operator in a dominant position within
its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
23.08%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 25.03%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
8.97 |
Impressive |
Industrial Average |
1.11 |
|
Quick Ratio |
8.20 |
|
|
|
|
Cash Conversion Cycle |
19.16 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets are
readily available to pay off its short-term liabilities. The company's figure
is 8.97 times in 2010, increase from 6.85 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 8.2 times in 2010,
increase from 6.04 times, although excluding inventory so the company still
have good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 20 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.08 |
Impressive |
Industrial Average |
0.44 |
|
Debt to Equity Ratio |
0.08 |
Impressive |
Industrial Average |
0.70 |
|
Times Interest Earned |
- |
|
Industrial Average |
3.68 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the shareholders
have committed. A lower the percentage means that the company is using less
leverage and has a stronger equity position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.08 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.53 |
Satisfactory |
Industrial Average |
5.10 |
|
Total Assets Turnover |
1.85 |
Acceptable |
Industrial Average |
3.54 |
|
Inventory Conversion Period |
9.68 |
|
|
|
|
Inventory Turnover |
37.71 |
Impressive |
Industrial Average |
15.02 |
|
Receivables Conversion Period |
13.05 |
|
|
|
|
Receivables Turnover |
27.97 |
Impressive |
Industrial Average |
13.27 |
|
Payables Conversion Period |
3.57 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.42 |
|
UK Pound |
1 |
Rs.72.49 |
|
Euro |
1 |
Rs.63.87 |
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.