MIRA
INFORM REPORT
|
Report Date : |
16.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
DOUBLE A [1991] PUBLIC COMPANY LIMITED |
|
|
|
|
Formerly Known As : |
ADVANCE AGRO PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
1 Moo 2, T. Thatoom, A. Srimahaphote, Prachinburi 25140 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
09.03.1989 |
|
|
|
|
Com. Reg. No.: |
0107537000602 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Importer, Exporter And Distributor Of Integrated Pulp And Paper Mill |
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
DOUBLE
A [1991] PUBLIC
COMPANY LIMITED
[FORMER
: ADVANCE AGRO
PUBLIC COMPANY LIMITED]
SUMMARY
BUSINESS
ADDRESS : 1
MOO 2, T.
THATOOM, A. SRIMAHAPHOTE,
PRACHINBURI
25140, THAILAND
TELEPHONE : [66]
37 208-800-49
FAX :
[66] 37
208-850, 208-855
E-MAIL
ADDRESS : double_a@DoubleA1991.com
webmasteraa@DoubleA1991.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1989
REGISTRATION
NO. : 0107537000602 [Former : BOR MOR
JOR.307]
CAPITAL
REGISTERED : BHT.
6,300,000,000
CAPITAL
PAID-UP : BHT.
5,323,831,080
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. YOTHIN DUMNERNCHARNVANIT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 1,000
LINES
OF BUSINESS : INTEGRATED
PULP AND PAPER
MILL
MANUFACTURER, IMPORTER,
EXPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject was established
on March 9, 1989
as a private
limited company under
the registered name “Suan Kitti Pulp and Paper Co., Ltd.” by Mr.
Kitti Dumnernchanvanit, the
Chairman of Soon Hua Seng
Group. The subject
received promotional privilege
from the Board
of Investment to
produce bleached eucalyptus
kraft pulp. Its
name had been
changed to “Advance
Agro Co., Ltd.”
in August 1991.
In 1993 the
subject acquired 99.99% shares
of “Hi-Tech Paper Co., Ltd.”,
a subsidiary of
Soon Hua Seng
Group.
The subject converted into
public limited company
on February 18,
1994 and processed
on being listed on the Stock Exchange of Thailand on February 8, 1995
respectively under the
name “Advance Agro
Public Company Limited”.
The subject has
been supported by
the following financial
institutions: Bangkok Bank,
Kasikornbank, Siam Commercial Bank, and Commonwealth Development
Corporation [CDC] in
U.K. at the
total loan of USD
140 million and
Letter of Guarantee USD
300 million.
On November 18,
1997, the subject
was the first
integrated pulp and
paper mills in
South East Asia was certified for the
international standard of the
Environmental Management Systems under
the so-called category
ISO14001 by AJA
EQS. The subject
has aimed to
progress further to
the quality standard
certification ISO 9001-2000 which are newly
imposed by the
institute AJA EQS
of the U.K.
In 2002, the
subject set up “Double A
Copy Center Co.,
Ltd.” to operate
Double A Copy
Center along with
its external paper
business at the
retail level by
joining businesses with
copy centers.
In 2004, subject
set up “99
Group Trading Center
Co., Ltd.” to
be a domestic
printing and writing
paper distributors.
On February 10,
2006, subject took
over its subsidiary
named AA Pulp
Mill 2 Co.,
Ltd.
On April 17,
2008, the subject
has been agreed
by the Board
of Committees to
list out the company
from the Stock
Exchange of Thailand,
for re-structuring the
company’s organization.
On May 3,
2010, the subject’s
name was changed
to DOUBLE A
[1991] PUBLIC COMPANY
LIMITED.
At the present,
the subject is
one of the
country's leading pulp
and paper producers,
as well as
paper related products,
with the current
staff strength of
1,000.
The subject’s registered
address is 1
Moo 2, T.
Thatoom, A. Srimahaphote,
Prachinburi 25140, and
this is the
company’s current operation
address .
THE BOARD
OF DIRECTORS
|
Name |
Position |
Nationality |
Age |
|
|
|
|
|
|
Mr. Yothin Dumnerncharnvanit |
: [+] |
Thai |
50 |
|
Mr. Narong Srisa-an |
: [+] |
Thai |
83 |
|
Pol. Gen. Narong
Mahanonda |
: [+] |
Thai |
85 |
|
Dr. Virabongsa Ramangkura |
: [+] |
Thai |
68 |
|
Mr. Kitti Dumnernchanvanit |
: [x] Founder
Chairman |
Thai |
81 |
|
Mrs. Nongnuj Thienpaitoon |
|
Thai |
61 |
|
Mr. Pracha Charutrakulchai |
: [+] |
Thai |
72 |
|
Mr. Poonsombat Dumnernchanvanit |
: [+] |
Thai |
49 |
|
Mr. Sirin Nimmanahaeminda |
: [+] |
Thai |
64 |
|
Mr. Trairat Dumnerncharnvanit |
|
Thai |
47 |
|
Mrs. Siriwan Dumnernchanvanit |
: [+] |
Thai |
51 |
|
Dr. Somchai Richuphan |
|
Thai |
73 |
|
Mr. Sirichai Sakornrattanakul |
|
Thai |
62 |
|
Gen. Chettha Thanajaro |
|
Thai |
73 |
|
Mr. Seri Jintanasaeri |
|
Thai |
69 |
|
Mrs. Phisamai Supanunparock |
: [+] |
Thai |
54 |
AUTHORIZED PERSON
Only the director
[x] can sign
or two of
the directors [+]
can jointly sign on
behalf of the
subject with the
company’s affixed.
MANAGEMENT
Mr. Yothin Dumnerncharnvanit is
the Managing Director.
He is Thai
nationality with the
age of 50
years old.
Mr. Kumpon Chayasunthorn is
the Operation Director.
He is Thai
nationality.
Ms. Orawan Chumphon is
the Accounting Director.
She is Thai
nationality.
Mrs. Somnuek Taepanich is
the Financial Director.
She is Thai
nationality.
Mr. Thaveewat Sriprapattanawong is
the Paper Pulp
Factory Manager.
He is Thai
nationality.
Mr. Thanongsak Boonsart is
the Paper Factory
Manager.
He is Thai
nationality.
Mr. Rakboon Hemhong is
the Products Manager.
He is Thai
nationality.
Mr. Poonsak Sutanthanaviboon is
the Oversea Sales
Manager.
He is Thai
nationality.
Mrs. Angkana Bunnaphum is
the Local Sales
Manager.
She is Thai
nationality.
Mr. Jaruphum Pongpornnapha is
the Personnel Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting of
pulps & papers and paper
related products, which
divided into 6
main businesses as
follows:
- Manufacturing,
distributing and exporting of “DOUBLE A” writing &
printing paper products, includes
cut-size and roll
and folio, as
well as “EUCA
AA” pulp.
- Distributing of
paper products of
the group of
companies, under various
name “EAGLE”, “HI-DUP [BOAT]”, “QUALITY”, “SWAN”,
“SHIN-TZU”, “ALPINE”, “PERSIAN”, “SIBERIAN” and
“SMARTIST” brands.
- Distributing
of “DOUBLE A” stationery products, such
as paper collection, books,
stapled binding notebook, glued
binding notebook, wired
binding notebook, report
pad, graph notepad,
creative products, special
paper [copier paper, color
paper, inject paper,
laser paper, sticky
paper, etc.], note & page markers [memo pad,
planning note], files & storing [box file,
clip file, swing
file, index file,
document file], and
envelope products.
- Franchise business, namely
“DOUBLE A COPY
CENTER”
- Franchise business, namely
“DOUBLE A COPY POINT”
- Franchise business, namely
“DOUBLE A STATIONERY”
PRODUCTION CAPACITY:
Pulp production :
590,000 tons per
year
Paper production :
600,000 tons per
year
PURCHASE [LOCAL]
Raw materials are
purchased locally.
IMPORT [COUNTRIES]
Chemical & paper
pulp are imported
from Japan, Republic
of China, Finland,
Germany, Canada, Sweden, Europe and
U.S.A..
MAJOR SUPPLIERS
|
Name |
Country |
|
Mitsubishi Corporation |
Japan |
|
Siemens Aktiengesellschaft |
Germany |
|
Tampella Power Inc. |
Finland |
|
Thai Power Supply
Co., Ltd. |
Thailand |
|
Agro Lines Co.,
Ltd. |
Thailand |
|
Hi -Tech Paper Co.,
Ltd. |
Thailand |
SALES [LOCAL]
60% of the products is sold locally
by wholesale to dealers and printing
houses throughout the
country.
EXPORT
40% of the products is exported mainly to over 100 countries
worldwide such as
Singapore, Hong Kong, Republic of
China, Malaysia, Korea, United Kingdom, Bangladesh, France, Russia,
Netherlands, Australia, Taiwan,
Indonesia, European Union
and etc.
MAJOR CUSTOMERS
|
Name |
Country |
|
|
|
|
Advance Agro Paper
B.V. |
Netherlands |
|
Double A International Network [Australia] Pty.
Ltd. |
Australia |
|
Double A International Network [Korea] Co.
Ltd.
|
Korea |
|
Double A International Network [Malaysia] Sdn. Bhd. |
Malaysia |
|
Double A International Business [Shanghai] Co.,Ltd. |
Republic of
China |
|
Double A Pulp and Paper
Co., Ltd. |
Bangladesh |
|
Double A International Business [Beijing] Co.,Ltd. |
Republic of
China |
|
Double A International Business [Guangzhou] Co.,Ltd. |
Republic of
China |
|
Double A International Hong
Kong Ltd. |
Hong Kong |
|
Double A International Network
Co., Ltd. |
Iran |
|
Extra Lux D.O.O. |
Slovenia |
|
Double A. International Network
Company Pvt. |
Pakistan |
|
Double A Paper
and Paper Trading
Inc. |
Philippines |
|
Double A International Network |
Russia |
|
Double A International Network |
U.A.E. |
|
Akyol Defter SAN. KIRT.
TIC LTD. |
Turkey |
SUBSIDIARIES AND
AFFILIATED COMPANIES
Hi-Tech Paper Co.,
Ltd.
Address : 122 North
Sathorn, Silom, Bangrak, Bangkok
10500
Business Type : Manufacturer of
Uncoated Paper
Investment : The
subject holds 99.99%
of the company’s
shares.
Advance Agro Holding
Co., Ltd.
Address : 122 North
Sathorn, Silom, Bangrak, Bangkok
10500
Business Type : Holding Company
Investment : The
subject holds 99.99%
of the company’s
shares.
Advance Agro Capital
B.V.
Address :
Herengracht 548, 1017
CG Amsterdam TL,
Netherlands
Business
Type :
Investment
Investment : The
subject holds 99.99%
of the company’s
shares.
Hi-Tech Specialty Minerals
Co., Ltd.
Address : 122 North
Sathorn, Silom, Bangrak, Bangkok
10500
Business Type : Manufacturer
& Distributor of
Precipitated Calcium Carbonate
Investment : The
subject holds 51.00%
of the company’s
shares.
Double A International
Business [Malaysia] Sdn.
Bhd.
Address : No. 7, Jalan
Silaug, 1st &
2nd Floor, 50050
Kuala Lumpur, Malaysia
Business Type : Distributor
of Printing &
Writing Paper
Investment : The
subject holds 14.8%
of the company’s
shares.
Double A International
Business [Australia] Pty
Ltd.
Address : Australia
Business Type : Distributor
of Printing &
Writing Paper
Investment : The
subject holds 100%
of the company’s
shares.
Double A International
Business Korea Co., Ltd.
Address : 6th Floor,
Kookminseogwan Bldg., Kongduk-Dong,
Mapo-Gu,
Seoul, Korea
Business Type : Distributor
of Printing &
Writing Paper
Investment : The
subject holds 100%
of the company’s
shares.
Etc.
LITIGATIONS
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
As
at December 31, 2002, the Company
was contingently liable
as a guarantor
of liability line
of subsidiaries and
related companies totaling U.S. Dollars 135 million and Baht 4,284
million [The Company has been sued for settlement of liabilities from
joint-guarantors of Baht 200 million].
BUSINESS TRANSACTION
In term of
sales, the products
are sold by
both cash and
credit with the
maximum credit given
to customers at
60 days, while exports
are by L/C
and T/T. The
subject is not
found to have
payment problem by
customers.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
by cash or
on the credits
term of 30-60
days.
Imports are by
L/C at sight
and T/T.
Exports are against
L/C at sight
and T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Bangrak, Bangkok
10500]
[Kabinburi Branch]
The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office
: 9 Ratchadapisek
Rd., Ladyao, Jatujak,
Bangkok 10900]
Kasikornbank Public Co.,
Ltd.
[Head Office
: 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
Krung Thai Bank
Public Co., Ltd.
[Head Office :
35 Sukhumvit Rd.,
Klongtoeynua, Watana, Bangkok 10110]
EMPLOYMENT
The subject employs
approximately 1,000 staff
comprising permanent and
temporary staff.
LOCATION DETAILS
The premise is
owned for administrative office
and factory at
the heading address.
Premise is located
in provincial.
Branch : 187/3 Moo 1,
Bangna-Trad Rd., Km.
42, T. Bangwua,
A. Bangpakong,
Chachoengsao 24180
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 10,000,000.
COMMENT
Double A, since its inception has dramatically
changed the paper industry by developing and offering its own premium office
paper brand. The concept of office paper has been changed from a commodity to a
consumer product by continued brand building strategy and also the premium
quality of its product. With its new vision and new name, Double A is even more committed
to build on its image as the global premium brand for office paper accepted by
its customers worldwide.
Consistent marketing and brand building activities have built Double A into the most
recognizable copy paper brand in the world. Today, Double A is available in 100 countries
and over 200
million reams are
consumed annually by
the customers.
FINANCIAL INFORMATION
The capital was
initially registered at Bht. 20,000,000 divided into 2,000,000 shares
of Bht. 10
each.
The capital was
increased later as
following:
Bht. 3,000,000,000 in
January, 1994
Bht.
3,550,000,000 in June,
1994
Bht.
3,960,000,000 in 1996
Bht.
5,000,000,000 in 1997
Bht.
6,300,000,000 in 1997
The latest registered
capital was divided
into 630,000,000 shares
of Bht. 10
each.
MAIN SHAREHOLDERS
[as at
April 19, 2011]
at Bht. 5,323,831,080 of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Always Rich Holdings
Limited |
372,114,804 |
69.90 |
|
Double A [1991]
Public Company Limited |
77,964,130 |
14.64 |
|
Advance Agro Public
Company Limited |
49,049,419 |
9.21 |
|
Wiseley Management Pte.
Ltd. |
23,633,000 |
4.44 |
|
Laemkhao Euca Technology
Co., Ltd. |
4,664,500 |
0.88 |
|
Eastern Agro Intertrade
Co., Ltd. |
2,159,500 |
0.41 |
|
Others |
2,797,755 |
0.52 |
Total Shareholders :
265
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Supannee Tariyanantakul No.
4498
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2010
& 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
840,911,408 |
553,471,594 |
|
Trade Accounts Receivable |
|
|
|
Related Companies |
520,950,880 |
833,805,757 |
|
Unrelated Companies |
1,410,832,082 |
1,192,981,402 |
|
Less: Allowance
for Doubtful Accounts
|
[247,860,091] |
[257,084,056] |
|
|
|
|
|
Total Trade
Accounts Receivable -
Net |
1,683,922,871 |
1,769,703,103 |
|
Advanced Purchase Related
Company |
794,392,523 |
798,130,841 |
|
Deferred Dividend |
- |
2,700,150 |
|
Amount due from Sales of Assets |
- |
2,711,903,764 |
|
Amount due from
Related Companies |
60,794,230 |
163,491,713 |
|
Short Term Loan
to Related Companies |
- |
30,000,000 |
|
Inventories |
2,842,944,352 |
2,220,838,339 |
|
Other Current Assets Refundable Input
Tax |
107,745,330 |
86,014,899 |
|
Refundable Business Tax |
24,980,911 |
91,214,009 |
|
Deferred Export Tax |
16,069,068 |
39,405,408 |
|
Prepaid Expenses |
16,297,586 |
16,212,660 |
|
Prepaid Payment for Goods |
29,990,837 |
11,037,010 |
|
Others |
24,763,243 |
31,289,057 |
|
|
|
|
|
Total Current Assets
|
6,442,812,359 |
8,525,412,547 |
|
|
|
|
|
Investment in Subsidiaries Companies |
4,572,030,858 |
2,156,970,400 |
|
Investment in Associated
Companies |
1,022,961,057 |
- |
|
Fixed Assets |
14,672,321,695 |
15,179,144,022 |
|
Intangible Assets |
10,262,805 |
12,135,796 |
|
Other Assets |
|
|
|
Deposit to Related Company |
929,781,079 |
706,761,079 |
|
Deposit of
Purchase |
- |
1,182,700 |
|
Advance Received for Purchase Assets |
5,066,157 |
- |
|
Cost of Plant |
101,089,289 |
95,282,933 |
|
Deposit |
13,360,521 |
34,968,379 |
|
Withholding Income Tax |
62,614,824 |
15,929,671 |
|
Other |
7,531,555 |
8,700,138 |
|
Total Assets |
27,839,832,199 |
26,736,487,665 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Short Term Loan
from Financial Institute |
3,706,831,414 |
4,834,481,698 |
|
Trade Accounts Payable |
|
|
|
Related Companies |
237,804,190 |
464,836,527 |
|
Unrelated Companies
|
629,030,073 |
544,399,235 |
|
Total Trade Accounts
Payable - Net |
866,834,263 |
1,009,235,762 |
|
|
|
|
|
Advance Purchase from
Subsidiaries |
992,472,740 |
2,942,308,406 |
|
Short-term Loan from Related
Company |
- |
16,481,217 |
|
Current Portion of Financial
Lease Contract |
163,862,944 |
138,983,499 |
|
Current Portion of Long-term Loan from Financial Institutions |
896,525,300 |
250,000,000 |
|
Other Current Liabilities
|
|
|
|
Other Payable |
496,150,756 |
259,039,270 |
|
Lease Contract
Payable |
54,610,111 |
4,031,641 |
|
Accrued Expenses |
1,071,681,071 |
603,521,142 |
|
Accrued Interest
|
40,464,382 |
69,479,365 |
|
Advance Received from Customer |
161,146,930 |
31,391,070 |
|
Accrued Value Added Tax |
5,561,763 |
3,808,076 |
|
Undue Business Tax |
1,688,539 |
13,634,522 |
|
Accrued Withholding
Income Tax |
18,260,947 |
9,506,197 |
|
Others |
11,513,865 |
6,098,126 |
|
Total Other
Current Liabilities |
1,861,078,364 |
1,000,509,409 |
|
|
|
|
|
Total Current Liabilities |
8,487,605,025 |
10,191,999,991 |
|
Financial Lease Contract
Payable, net |
154,496,182 |
299,190,524 |
|
Long-term
Loans, Net of
Current Portion |
1,345,842,377 |
- |
|
Long Term Share |
- |
4,727,848,978 |
|
Debentures |
7,418,069,370 |
- |
|
Loss of Cost
in Subsidiaries |
275,164,207 |
275,164,207 |
|
Total Liabilities |
17,681,177,161 |
15,494,203,700 |
|
|
2010 |
2009 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Share capital : Registered 630,000,000 ordinary shares of
Bht. 10 each |
6,300,000,000 |
6,300,000,000 |
|
Issued & fully
paid 532,383,108 ordinary
shares at Bht. 10
each |
5,323,831,080 |
5,323,831,080 |
|
Premium on Ordinary
Shares |
2,144,528,919 |
2,144,528,919 |
|
Revaluation Surplus of
Fixed Assets |
1,245,351,396 |
1,308,792,980 |
|
Statutory Reserve |
403,851,086 |
299,056,111 |
|
Refundable Cost or Share
Reserve |
4,953,527,038 |
1,912,925,968 |
|
Retained Earning -
Unappropriated [Deficit] |
2,727,278,022 |
3,684,973,144 |
|
Difference from Project |
[1,486,817,794] |
[1,498,122,847] |
|
Difference from Purchase
Investment |
[137,038,943] |
|
|
Difference from Surplus
Building Reversal |
[62,328,728] |
[20,775,422] |
|
|
15,112,182,076 |
13,155,209,933 |
|
Less: Share Capital |
[4,953,527,038] |
[1,912,925,968] |
|
|
|
|
|
Total Shareholders' Equity |
10,158,655,038 |
11,242,283,965 |
|
Total Liabilities & Shareholders' Equity |
27,839,832,199 |
26,736,487,665 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales of Paper
|
16,807,707,916 |
11,127,091,714 |
|
Sale of Pulp |
1,657,602,729 |
3,942,695,867 |
|
Other Income |
|
|
|
Dividend from Subsidiaries |
837,199,994 |
1,754,940,069 |
|
Interest Income |
66,251,142 |
106,961,296 |
|
Compensation from Input Tax |
66,515,905 |
52,857,183 |
|
Gain on Sales of
Building & Equipment |
- |
4,272,871 |
|
Gain on Exchange Rate |
586,513,843 |
9,580,773 |
|
Investment in Subsidiaries on Obsolescent [reversal] |
468,139,909 |
69,066,455 |
|
Others |
66,393,382 |
37,709,572 |
|
Total Revenues |
20,556,324,820 |
17,105,175,800 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Paper Sold
|
11,741,391,398 |
8,461,678,882 |
|
Cost of Pulp
Sold |
1,041,155,130 |
3,422,321,499 |
|
Selling Expenses |
3,699,248,597 |
1,918,801,397 |
|
Administrative Expenses |
786,209,670 |
688,141,518 |
|
Remuneration Management |
72,587,974 |
62,576,000 |
|
Total Expenses |
17,340,592,769 |
14,553,519,296 |
|
|
|
|
|
Profit before Financial Cost & Income Tax |
3,215,732,051 |
2,551,656,504 |
|
Interest Expenses &
Financial Charges |
[1,119,832,560] |
[978,740,248] |
|
Profit Before Operation |
2,095,899,491 |
1,572,916,256 |
|
Difference Operation |
- |
61,216,010 |
|
|
|
|
|
Net Profit / [Loss] |
2,095,899,491 |
1,634,132,266 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.76 |
0.84 |
|
QUICK RATIO |
TIMES |
0.40 |
0.59 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.26 |
0.99 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.66 |
0.56 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
62.96 |
58.73 |
|
INVENTORY TURNOVER |
TIMES |
5.80 |
6.22 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
27.89 |
28.89 |
|
RECEIVABLES TURNOVER |
TIMES |
13.09 |
12.63 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
13.93 |
14.40 |
|
CASH CONVERSION CYCLE |
DAYS |
76.92 |
73.23 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
89.26 |
91.59 |
|
SELLING & ADMINISTRATION |
% |
4.65 |
4.98 |
|
INTEREST |
% |
6.06 |
6.49 |
|
GROSS PROFIT MARGIN |
% |
22.07 |
21.91 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
17.41 |
16.93 |
|
NET PROFIT MARGIN |
% |
11.35 |
10.84 |
|
RETURN ON EQUITY |
% |
20.63 |
14.54 |
|
RETURN ON ASSET |
% |
7.53 |
6.11 |
|
EARNING PER SHARE |
BAHT |
3.94 |
3.07 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.64 |
0.58 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.74 |
1.38 |
|
TIME INTEREST EARNED |
TIMES |
2.87 |
2.61 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
22.53 |
|
|
OPERATING PROFIT |
% |
26.03 |
|
|
NET PROFIT |
% |
28.26 |
|
|
FIXED ASSETS |
% |
(3.34) |
|
|
TOTAL ASSETS |
% |
4.13 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
22.07 |
Impressive |
Industrial Average |
14.64 |
|
Net Profit Margin |
11.35 |
Satisfactory |
Industrial Average |
13.65 |
|
Return on Assets |
7.53 |
Impressive |
Industrial Average |
(1.18) |
|
Return on Equity |
20.63 |
Impressive |
Industrial Average |
(7.30) |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for
the cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company’s figure is 22.07%. 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 11.35%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets is 7.53%,
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 is
20.63%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
0.76 |
Risky |
Industrial Average |
21.55 |
|
Quick Ratio |
0.40 |
|
|
|
|
Cash Conversion Cycle |
76.92 |
|
|
|
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 0.76 times in 2010, decrease from 0.84 times, then the company may not be
efficiently using its current assets. When compared with the industry average,
the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.4 times in 2010,
decrease from 0.59 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 77 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.64 |
Impressive |
Industrial Average |
0.38 |
|
Debt to Equity Ratio |
1.74 |
Risky |
Industrial Average |
0.86 |
|
Times Interest Earned |
2.87 |
Deteriorated |
Industrial Average |
9.16 |
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.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 2.88 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.64 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.26 |
Impressive |
Industrial Average |
1.03 |
|
Total Assets Turnover |
0.66 |
Impressive |
Industrial Average |
0.38 |
|
Inventory Conversion Period |
62.96 |
|
|
|
|
Inventory Turnover |
5.80 |
Impressive |
Industrial Average |
4.65 |
|
Receivables Conversion Period |
27.89 |
|
|
|
|
Receivables Turnover |
13.09 |
Impressive |
Industrial Average |
8.55 |
|
Payables Conversion Period |
13.93 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.68 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.64.29 |
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.