MIRA INFORM
REPORT
|
Report Date : |
17.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
IRPC PUBLIC
COMPANY LIMITED |
|
|
|
|
Formerly Known As : |
THAI
PETROCHEMICAL INDUSTRY PUBLIC
CO., LTD |
|
|
|
|
Registered Office : |
299
Moo 5, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
03.08.1978 |
|
|
|
|
Com. Reg. No.: |
0107537002567 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturing of Petrochemical and
Related Products |
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 : |
Unknown |
|
Litigation : |
Exists |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
IRPC
PUBLIC COMPANY LIMITED
[FORMER : THAI PETROCHEMICAL
INDUSTRY PUBLIC CO.,
LTD.] [TPI]
SUMMARY
BUSINESS ADDRESS : 299
MOO 5,
T. CHERNGNERN,
A. MUANG, RAYONG
21000
TELEPHONE : [66] 38
611-333
FAX :
[66] 38
612-813
E-MAIL ADDRESS : contact@irpc.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1978
REGISTRATION NO.
: 0107537002567
CAPITAL REGISTERED
BHT. 20,475,000,000
CAPITAL PAID-UP
: BHT.
20,169,813,900
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
PALIN CHUCHOTTAWORN, THAI
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
NO. OF
STAFF : 5,033
LINES OF
BUSINESS : REFINERY AND
PETROCHEMICAL
MANUFACTURER, EXPORTER
AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject
was incorporated on
August 3, 1978
as a private
limited company under
registered name “Thai
Petrochemical Industry Co., Ltd. [TPI]”, by
Leophairatana family. The
subject began the
production of low
density polyethylene [LDPE]
plastic resins in
mid 1982 and of high
density polyethylene [HDPE]
in June 1986. TPI
was the first
producer of LDPE not
only in Thailand, but
in the whole
of Southeast Asia.
LDPE production facilities
were, however, transferred
to TPI Polene,
a TPI’s daughter
company, on March
26, 1990.
TPI
was registered as
a public limited
company on October
10, 1994, under
the name, “Thai Petrochemical
Industry Public Company
Limited”, and was listed
on the Stock
Exchange of Thailand
on March 17,
1995.
TPI
became an important
group of companies
engaged in the
production of a
wide range of
essential materials. Today,
TPI comprises several
affiliates, among which
TPI Polene Public
Company Limited and
Concrete Co., Ltd.
are prominent.
The
subject was also
a prime supporter
of the Thai
government’s National Petrochemical
Complex [NPC] on
the Eastern Seaboard
and has been
an investor in
the project since
its inception in the early
1980s. It currently
employs 5,033 staff.
In 1995,
the subject has
invested 32,750 million
bath in an
olefins plants in
Rayong, capable of
producing 500,000 tons
of ethylene, 410,000
tons of propylene,
180,000 tons of
styrene monomer, 200,000
tons of MTBE,
200,000 tons of linear
low-density ethylene and
high-density ethylene, 250,000
tons of polypropylene
and 70,000 tons
of butadiene per
year for the
domestic market.
On April
26, 2006 the
Central Bankruptcy Court
issues an order
of termination of
the Business Reorganization Plan
for Thai Petrochemical
Industry Public Company
Limited and the
6 subsidiaries in
Reorganization including Thai
ABS Company Limited,
TPI Aromatics Public
Company Limited, TPI
Oil Company Limited,
TPI Polyol Company
Limited, Thai Polyurethane
Industry Public Company
and TPI Energy
Company Limited.
In October
2006, the subject’s
rehabilitate plan has
completed, then it
has changed the
name to be
IRPC PUBLIC COMPANY
LIMITED on October
10, 2006.
On January
7, 2009, the
subject entered into
a long tem
loans with amount
10,000 million baht,
with 5 local
financial institutions in
order to investment
in five projects
as follows:
·
The expansion of Acrylonitrile Butadiene Styrene [ABS] production
capacity project.
·
The expansion of
HDPE pipe grade
production capacity project,
which was completed
its expansion in
April 2009.
·
Steam boiler and
jointed electricity generating
project, which expect
to start the
activity in 2011.
·
The expansion of
Propylene production capacity
project.
·
The expansion of
ABS/ SAN production capacity
project
It
has been achieved
the awarded ISO 9000,
ISO 9002, ISO 14000
and ISO 18000 certification.
The subject’s registered
address is 299
Moo 5, Sukhumvit Road,
Cherngnern, Muang, Rayong
21000, and this is the company’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality
|
Age
|
|
|
|
|
|
|
Dr.
Virabongsa Ramangkura |
:
[x] |
Thai |
68 |
|
Mr.
Prasert Bunsumpun |
:
[x] |
Thai |
58 |
|
Dr.
Prajya Phinyawat |
:
[x] |
Thai |
60 |
Mrs. Jantima Sirisaengtaksin
|
:
[x] |
Thai |
61 |
Mrs. Aree
Wongsearaya
|
:
[x] |
Thai |
76 |
Mrs. Puntip Surathin
|
|
Thai |
63 |
Mr. Sommai Khowkachaporn
|
:
[x] |
Thai |
63 |
Mr. Lersuk Chuladesa
|
|
Thai |
57 |
Mr. Pailin Chuchottaworn
|
:
[x] |
Thai |
55 |
Mr. Norkun
Sitthiphong
|
:
[x] |
Thai |
58 |
M.R. Pongsvas
Svasti
|
|
Thai |
54 |
Mr. Cherdpong
Siriwit
|
|
Thai |
65 |
Mr. Woothisarn
Tanchai
|
:
[x] |
Thai |
53 |
Mr. Chitrapongse
Kwangsukstith
|
:
[x] |
Thai |
62 |
Mr. Pichai
Chunhavajira
|
:
[x] |
Thai |
62 |
Ms. Sopawadee
Lertmanaschai
|
|
Thai |
58 |
Mr. Chulayuth
Hirunyavasit
|
|
Thai |
63 |
AUTHORIZED PERSON
Two
of the above
mentioned directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Pailin
Chuchottaworn is the
President and Chief
Executive Officer.
He
is Thai nationality
with the age
of 55 years old.
Mr. Banlue Chanthadisai
is the
Vice President [Account
& Finance].
He
is Thai nationality.
Mr. Sahaschai
Panichpong is the
Vice President [Operation].
He
is Thai nationality.
Mr. Athikom
Termsiri is the
Vice President [Organization Business].
He
is Thai nationality.
Mrs. Srisuda
Sornlertrungsan is the
Assistant Vice President
[Administration & Purchasing].
She
is Thai nationality.
Ms. Orawan
Leelarasamee is the
Assistant Vice President [Account].
She
is Thai nationality.
Mr. Nantachai
Prapawatvej is the
Assistant Vice President
[Commercial & Marketing].
He
is Thai nationality.
Mrs. Chitra Thawara
is the Assistant
Vice President [Planning &
Procurement].
She
is Thai nationality.
Ms. Traithip
Sivakritkul is the
Assistant Vice President [Finance].
She
is Thai nationality.
BUSINESS OPERATION
The subject is
engaged in manufacturing
of petrochemical and
related products as
the followings:
The product lines
of IRPC can be categorized as below.
Petrochemical
Products
The company's
petrochemical products for sale are as following;
- Olefins the upstream
petrochemical product that is including Ethylene, Propylene and Butadiene.
The products are used widely as a raw material for the other plastic
resin. The company has a production capacity of 728,000 tonnes of olefins
per year.
- Aromatics the upstream
petrochemical product that is including Benzene, Toluene and Xylene,
mostly used for producing intermediate petrochemical products. The
aromatic production capacity stood at 367,000 tonnes annually.
- Plastic Resins the
downstream product, which is a raw material for the production of various
types of finished plastic products. The company's downstream products
consist of High Density Polyethylene (HDPE), Polypropylene (PP),
Acrylonitrile Butadiene Styrene (ABS) Acrylonitrile Styrene (SAN),
Polystyrene (PS), Expandable Polystyrene (EPS). At present, the company
has a combined production capacity of plastic resin at 841,000 tonnes per
year.
- Polyol including
Polyester and Polyether Polyol, the raw material of Polyurethane is used
for producing a number of related products such as foam for furniture
production, insulation foam for the construction industry to prevent heat,
etc. The company has an annual capacity of Polyol at 25,000 tonnes.
Petroleum Products
The company's
petroleum products include;
- Refined
Product includes gasoline, high-speed diesel, fuel-oil, Kerosene and
Liquefied Petroleum Gas (LPG), etc.
- Long Residue the
by-product from oil refining process used as a main raw material in the
production of Lube Base Oil.
- Naphtha the skimming
oil came from the crude oil refining process used as a feedstock for
producing petrochemical products.
- Lube Base Oil
the heavy distillate obtaining from crude oil refining process used
for producing Lubricant oil as well as other by-products such as Slack Wax
and Extract, etc.
- Asphalt the product
used as main construction materials for road.
Industrial
Park Service:
TPI
Industrial Park is
one of the
largest industrial estate
in Thailand, covers
and area over
4,000 rais [640
hectare] which including
3,200 rais [512
hectare] for industrial
zone. It is
located on Sukhumvit
Rd., East bound
of Rayong Province.
Port
Service:
Marine
transportation can provide
a bulk transport
of products and
IRPC Tanker Services. The
port comprises of
liquid & chemical terminal and
bulk & container terminal.
TPI
port service has
been served the
group in 4
locations, at the
Rayong Refinery, Phrapradaeng
Terminal, Ayuthaya Terminal
and Chumporn Depot.
Assets
Management Service
To
operate land management
service on the
total area of 16
million square meters,
locate in Rayong
province, in order
to development to
industrial estate, and
support business for
the IRPC group
of companies.
PURCHASE
Most of raw materials for
processing are purchased
from local suppliers, and
the remaining including crude oil
and chemical are imported from Japan, United States of America,
Singapore, Germany, France,
Middle East, Malaysia
and Indonesia.
MAJOR SUPPLIERS
PTT
Public Co., Ltd. :
National
Petrochemical Public Co., Ltd. :
Thai
Olefins Public Co., Ltd. :
Marubeni
Corporation Ltd. :
Voest - Alpine Trading [U.S.A] Corporation :
Sobic
SALES [LOCAL]
65%
of the products
is sold locally
to manufacturers, wholesalers
& end-users.
EXPORT [COUNTRIES]
35%
of the products
is exported to
Japan, Republic of
China, Hong Kong, Vietnam,
Taiwan, Singapore, Myanmar,
Laos, Bangladesh, Sri
Lanka, India, Malaysia,
Africa and European
Union.
MAJOR CUSTOMERS
United
Grain Industry Co.,
Ltd. :
Thai
Plastic Product Co.,
Ltd. :
Thai
Plastic Film Co.,
Ltd. :
TPI
Polene Public Co., Ltd. :
PTT
Public Co., Ltd. :
SUBSIDIAIRES
Subsidiaries
|
Business Type |
Country |
% |
|
Thai ABS
Co., Ltd. |
Producing and distributing resin |
|
99.99 |
|
IRPC
Oil Public Co., Ltd. |
Distributing gasoline, diesel and lube oil product |
|
99.99 |
IRPC Polyol Co.,
Ltd.
|
Manufacturing and distributing flexible and rigid polyol |
|
99.99 |
|
Rayong Tank
Terminal Co., Ltd. |
Rental of
oil & chemical
tank |
|
99.99 |
LITIGATION
Bankruptcy
and Receivership
On March
15, 2000, the Central Bankruptcy
Court had ordered
the Company according
to red case
no. For. 8/2543 to enter
into business rehabilitation and
appointed the plan
administrator of Thai
Petrochemical Industry Public
Co., Ltd. and the
6 subsidiaries as the
temporarily management. As a
result of such
Court order, the
power and duties
in managing the
business and asset
of the company’s
directors, including all
legal rights of
the company’s shareholders
[exceptional for the
right to receive
the dividend] shall be
vested in the temporary
management according to Article
90/20 and Article
90/21 of Bankruptcy Act
B.E. 2483.
On April
20, 2000, the Central
Bankruptcy Court had
appointed Effective Planners
Co., Ltd. as the Planner. As
a result of
such Court order,
the power and
duties in managing
the business and
asset of the
company’s directors, including
all legal rights
of the company’s
shareholders [exceptional for
the right to
receive the dividend] shall be
vested in the Planner according to
Article 90/25 of
Bankruptcy Act B.E.
2483.
On December
15, 2000 the
Central Bankruptcy Court
had approved the
rehabilitation plan and
assigned Effective Planners
Co., Ltd. as
the Plan Administrator. As a
result of such
Court order, the
power and duties
in managing the
business of the
Planner shall be vested
in the Plan
Administrator according to
Article 90/59 of
Bankruptcy Act B.E.
2483.
On April
21, 2003 the
Central Bankruptcy Court
had ordered Effective
Planners Co., Ltd.
to terminate from
being the Plan
Administrator according to
Article 90/67 of
Bankruptcy Act B.E.
2483, and ordered
the Company and Receivership Officer
as temporary Plan
Administrator. As a result
of such Court
order, the power
and duties in
managing the business
of the previous
Plan Administrator shall
be vested in the
company and Receivership
Officer according to
Article 90/69 of
Bankruptcy Act B.E.
2483.
On July 11, 2003, the Central Bankruptcy Court also ordered as the Black Case No. For.2/2543 and
the Red Case No. For. 8/2543 to appoint the Ministry of Finance as the current
Plan Administrator of the Company in accordance with the resolution of
creditors’ meeting. The Ministry of
Finance or a group of persons who is a representative of the Ministry of
Finance shall have rights and duties according to the law and the
rehabilitation plan.
The current Plan Administrator comprises of General Mongkon Ampornpisit,
Mr. Pala Sookawesh, Mr. Pakorn Malakul Na Ayudhya, Mr. Aree Wongsearaya, and Mr.
Thanong Bidaya who are representatives of the Ministry of Finance to implement,
amend or modify, authorize or hire persons or group of person to perform as the
guideline for the rehabilitation approved by the Ministry of Finance. Later in
October 2004, Mr. Aree Wongsearaya had resigned from the Plan Administrator of
the Company and its six subsidiaries.
On July 21, 2003,
the Official Receiver asked the Ministry of Finance to consent to be the
current Plan Administrator of six subsidiaries and the Ministry of Finance
consented to be the current Plan Administrator on that date.
On July 23, 2003,
the creditors’ meeting approved the special resolution to accept the Ministry
of Finance as the current Plan Administrator. On July 28, 2003, the Central
Bankruptcy Court ordered to appoint the Ministry of Finance as the current Plan
Administrator of six subsidiaries in accordance with the resolution of the
creditors’ meeting which resolved to nominate the Ministry of Finance or
representatives from the Ministry of Finance to have rights and duties
according to the law and the rehabilitation plan.
In October
2006, the subject’s
rehabilitation plan has
completed, then it
has changed the
name to be
IRPC PUBLIC COMPANY
LIMITED on October
10, 2006.
Others
The
subject has several
litigations in relation
to its normal
course of business operation, but
the management believes
that it would not have significant
affect on the
company’s business.
CREDIT
Sales
are by cash
or on the
credits term of
30-90 days.
Local
bills are paid
by cash or
on the credits
term of 30-90
days.
Imports
are by L/C
at sight or
T/T.
Exports
are against L/C
at sight.
BANKING
The Siam
Commercial Bank Public
Co., Ltd.
[Head Office :
Bangkok Bank
Public Co., Ltd.
[Head Office :
Bank
of Ayudhya Public
Co., Ltd.
[Head Office
: 1222 Rama 3
Rd., Bangpongpang, Yannawa,
Krung Thai
Bank Public Co.,
Ltd.
[Head Office :
Chase Manhattan Bank
[
Deutsche Bank AG
[
Credit Agricole Indosuez Bank
[
Citibank,
NA
[
Bank
of
[
Hong Kong & Shanghai Banking Corporation
[
TMB Bank Public
Co., Ltd.
[Head Office,
EMPLOYMENT
The
subject employs 5,033
staff.
LOCATION DETAILS
The
premise is owned
for operating head
office and factory
at the heading
address. Premises is
located in an
industrial area.
6th Floor,
Energy Complex Building,
555/2 Vibhavadi Rangsit
Rd., Chatuchak, 10900.
Tel.
2649-7000, 2649-7777, Fax. 2649-7001.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
10,000,000.
COMMENT
IRPC spent over
decades as Thailand’s largest
corporate debtor stemming
from the 1997 economic
crisis. It underwent
a long restructuring
process and faced
many legal battle
between creditors, regulators
and Mr. Prachai,
the company’s founder,
who sought to
regain control of
the company.
IRPC is a producer of integrated
petrochemical products. Its complex consists of an upstream, an oil refinery
unit and a downstream petrochemical production.
The company's operation and production qualities have been proven by
numerous international standards ranging from the ISO 9001 for quality, administration
and management system, to the ISO 14001 for environment, with another standard
approach for Occupational Health and Safety Management Systems - OHSAS 18001 -
and Thai Standard's Institute initiated of TIS 18001.
FINANCIAL INFORMATION
The capital
was initially registered
at Bht. 500,000,000.
The
capital was increased
later as followings:
Bht. 600,000,000 on
May 25, 1984
Bht.
800,000,000 on May
25, 1985
Bht.
4,900,000,000 on September
13, 1990
Bht. 5,390,000,000 on
February 1, 1993
Bht. 5,500,000,000 on
June 22, 1993
Bht.
5,665,000,000 on June
24, 1994
Bht. 13,000,000,000 on
June 8, 1995
Bht. 16,350,000,000 in
1996
Bht. 21,700,000,000 in
1997
Bht. 81,000,000,000 in
2000
The latest
registered capital was
increased to Bht.
20,475,000,000 divided into
20,475,000,000 shares of
Bht. 1 each
with the current
capital paid-up of Bht.
20,169,813,900.
MAIN SHAREHOLDERS
[as at September 7,
2010] at Bht.
20,169,813,900 of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
PTT Public Co.,
Ltd. |
7,273,466,200 |
36.15 |
|
The Government Saving
Bank |
1,950,000,000 |
9.69 |
|
GPF Startegic Investment
Fund |
1,183,796,970 |
5.88 |
|
Vayupak 1 Mutual
Fund by MFC |
712,558,650 |
3.54 |
|
Vayupak 1 Mutual
Fund by Krung
Thai |
712,558,650 |
3.54 |
|
Bangkok Bank Public
Co., Ltd. |
504,906,708 |
2.51 |
|
Thai NVDR Co.,
Ltd. |
428,492,623 |
2.13 |
|
State Street Bank
and Trust Company |
391,269,918 |
1.94 |
|
HSBC [ |
302,785,937 |
1.50 |
|
Thai Taweethun Opened
Fund |
182,141,000 |
0.91 |
|
Social Security Office |
128,935,100 |
0.64 |
|
Others |
6,398,902,144 |
31.57 |
Total
Shareholders : 48,252
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNThANT NO
Ms.
Naengnoi Chareontaweesup No.
3044
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and cash
equivalents |
3,306,831,851 |
4,396,584,010 |
|
Short-term investment |
1,408,500,000 |
769,500,000 |
|
Trade accounts receivable |
12,499,239,246 |
9,408,281,870 |
|
Amounts due from
related parties |
25,843,723 |
392,226,996 |
|
Short-term loans to
and interest receivables
from related
parties |
73,943,661 |
167,936,662 |
|
Inventories |
28,873,823,202 |
29,582,376,263 |
|
Other receivables |
165,765,980 |
250,247,346 |
|
Prepaid value added
tax |
1,004,491,362 |
1,770,826,775 |
|
Prepaid excise tax |
322,670,286 |
477,157,473 |
|
Other current assets
|
380,344,612 |
592,961,930 |
|
|
|
|
|
Total Current Assets
|
48,061,453,923 |
47,808,099,325 |
|
Investments in subsidiaries and
& associated-net |
4,509,064,227 |
4,537,189,058 |
|
Other long-term
investments |
46,594,527 |
33,588,027 |
|
Loan to and
interest receivables from related
parties |
4,613,018,179 |
3,839,794,137 |
|
Transactions with the
former company’s management and
entities relating to
the former management-net |
37,566,792 |
37,566,792 |
|
Property, plant &
equipment |
59,989,668,251 |
57,010,265,826 |
|
Intangible assets |
1,458,008,541 |
1,564,986,986 |
|
Other assets |
34,681,852 |
42,888,250 |
|
Total Assets |
118,750,056,292 |
114,874,378,401 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Short-term loans from
financial institutions |
6,000,000,000 |
5,500,000,000 |
|
Trade accounts payable |
7,920,363,635 |
10,509,429,598 |
|
Amounts due to
related parties |
321,717,326 |
46,704,094 |
|
Short-term loans from
and interest payable
to related parties |
- |
2,292,004,884 |
|
Current portion of
finance lease liabilities |
24,571,067 |
25,297,254 |
|
Other payables |
1,872,193,246 |
2,362,867,508 |
|
Advance received from
exercising warrants under the
employee stock option
program in the
process for registration |
153,238,167 |
110,375,173 |
|
Accrued interest expenses
|
307,233,783 |
306,957,586 |
|
Accrued bonus expenses |
1,037,739,541 |
870,650,270 |
|
Advance receipts for
Goods |
666,025,021 |
697,875,192 |
|
Other current liabilities |
405,866,249 |
509,555,462 |
|
|
|
|
|
Total Current Liabilities |
18,708,948,035 |
23,231,717,021 |
|
Non-current liabilities |
|
|
|
Long-term borrowings |
24,347,898,141 |
22,371,167,133 |
|
Finance Lease
Liabilities |
58,421,181 |
84,518,387 |
|
Loans from
and interest payables
to related parties |
2,254,892,788 |
- |
|
Transactions with
the former company’s management and
entities relating to the former
management |
112,538,619 |
112,538,619 |
|
Total non-current liabilities |
26,773,750,729 |
22,568,224,139 |
|
Total Liabilities |
45,482,698,764 |
45,799,941,160 |
|
|
2010 |
2009 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1
per par value
Authorized &
issued share capital
20,475,000,000 |
20,475,000,000 |
20,475,000,000 |
|
|
|
|
|
Capital Paid |
20,169,813,900 |
19,829,150,400 |
|
Premium on share
capital |
28,056,754,347 |
27,416,306,967 |
|
Change in fair
value of marketable securities- available for
sale |
7,167,225 |
[5,839,275] |
|
Retained Earning Appropriated for
legal reserve |
2,047,500,000 |
2,047,500,000 |
|
Unappropriated |
22,986,122,056 |
19,787,319,149 |
|
Total Shareholders' Equity |
73,267,357,528 |
69,074,437,241 |
|
Total Liabilities &
Shareholders' Equity |
118,750,056,292 |
114,874,378,401 |
PROFIT & LOSS ACCOUNT
|
Sales |
2010 |
2009 |
|
|
|
|
|
Sales |
229,877,043,682 |
172,564,279,658 |
|
Other Income/[other expenses] |
2,369,093,850 |
[82,213,803] |
|
Total Saless |
232,246,137,532 |
172,482,065,855 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Sales
|
221,218,734,295 |
163,656,530,426 |
|
Selling Expenses |
1,246,354,769 |
1,193,022,061 |
|
Administrative Expenses |
2,326,854,015 |
2,373,014,828 |
|
Directors’ Remuneration |
114,793,131 |
83,594,824 |
|
Total Expenses |
224,906,736,210 |
167,306,162,139 |
|
|
|
|
|
Profit / [Loss] before Financial
Expenses |
7,339,401,322 |
5,175,903,716 |
|
Financial Expenses |
[532,622,948] |
[990,740,527] |
|
|
|
|
Net Profit / [Loss]
|
6,806,778,374 |
4,185,163,189 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.57 |
2.06 |
|
QUICK RATIO |
TIMES |
0.93 |
0.65 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.83 |
3.03 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.94 |
1.50 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
47.64 |
65.98 |
|
INVENTORY TURNOVER |
TIMES |
7.66 |
5.53 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
19.85 |
19.90 |
|
RECEIVABLES TURNOVER |
TIMES |
18.39 |
18.34 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
13.07 |
23.44 |
|
CASH CONVERSION CYCLE |
DAYS |
54.42 |
62.44 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
96.23 |
94.84 |
|
SELLING & ADMINISTRATION |
% |
1.55 |
2.07 |
|
INTEREST |
% |
0.23 |
0.57 |
|
GROSS PROFIT MARGIN |
% |
4.80 |
5.11 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.19 |
3.00 |
|
NET PROFIT MARGIN |
% |
2.96 |
2.43 |
|
RETURN ON EQUITY |
% |
9.29 |
6.06 |
|
RETURN ON ASSET |
% |
5.73 |
3.64 |
|
EARNING PER SHARE |
BAHT |
0.34 |
0.21 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.38 |
0.40 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.62 |
0.66 |
|
TIME INTEREST EARNED |
TIMES |
13.78 |
5.22 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
33.21 |
|
|
OPERATING PROFIT |
% |
41.80 |
|
|
NET PROFIT |
% |
62.64 |
|
|
FIXED ASSETS |
% |
5.23 |
|
|
TOTAL ASSETS |
% |
3.37 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
4.80 |
Deteriorated |
Industrial Average |
12.16 |
|
Net Profit Margin |
2.96 |
Impressive |
Industrial Average |
(7.67) |
|
Return on Assets |
5.73 |
Impressive |
Industrial Average |
(4.76) |
|
Return on Equity |
9.29 |
Impressive |
Industrial Average |
(8.88) |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from saless 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 4.8%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company was originated from the
problems with control over its costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 2.96% 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 is 5.73%, 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
9.29%, 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 |
2.57 |
Deteriorated |
Industrial Average |
53.65 |
|
Quick Ratio |
0.93 |
|
|
|
|
Cash Conversion Cycle |
54.42 |
|
|
|
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 2.57 times in 2010, increase from 2.06 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.93 times in 2010,
increase from 0.65 times, by excluding inventory, the company may have problems
meeting current liabilities.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its
creditors. It meant the company could survive when no cash inflow was received
from sale for 55 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.38 |
Impressive |
Industrial Average |
0.57 |
|
Debt to Equity Ratio |
0.62 |
Impressive |
Industrial Average |
1.34 |
|
Times Interest Earned |
13.78 |
Deteriorated |
Industrial Average |
129.15 |
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 stronger equity
position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 13.78 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 0.38 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.83 |
Deteriorated |
Industrial Average |
15.94 |
|
Total Assets Turnover |
1.94 |
Acceptable |
Industrial Average |
2.88 |
|
Inventory Conversion Period |
47.64 |
|
|
|
|
Inventory Turnover |
7.66 |
Deteriorated |
Industrial Average |
20.80 |
|
Receivables Conversion Period |
19.85 |
|
|
|
|
Receivables Turnover |
18.39 |
Acceptable |
Industrial Average |
31.50 |
|
Payables Conversion Period |
13.07 |
|
|
|
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.45.07 |
|
|
1 |
Rs.72.97 |
|
Euro |
1 |
Rs.63.57 |
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 Company |
---- |
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.