MIRA
INFORM REPORT
|
Report Date : |
06.04.2013 |
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 : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
09.03.1989 |
|
|
|
|
Com. Reg. No.: |
0107537000602 [Former : BOR MOR JOR.307] |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Importer, Exporter and Distributor of Integrated Pulp and Paper Mill |
|
|
|
|
No. of Employees : |
1,486 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
|
Source : CIA |
Company name
DOUBLE A [1991] PUBLIC COMPANY LIMITED
[FORMER :
ADVANCE AGRO PUBLIC
COMPANY LIMITED]
SUMMARY
BUSINESS ADDRESS : 1
MOO 2, T.
THATOOM, A. SRIMAHAPHOTE,
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]
TAX
ID NO. : 3101603903
CAPITAL
REGISTERED : BHT.
5,809,505,810
CAPITAL
PAID-UP : BHT.
4,633,336,890
SHAREHOLDER’S PROPORTION : FOREIGN :
98.37% [As of April
18, 2012]
THAI
: 1.63%
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. YOTHIN DUMNERNCHARNVANIT, THAI
PRESIDENT
NO.
OF STAFF : 1,486
LINES
OF BUSINESS : INTEGRATED
PULP AND PAPER
MILL
MANUFACTURER, IMPORTER,
EXPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was established
on March 9, 1989
as a private
limited company under
the registered name “Suan Kitti Pulp and Paper Co., Ltd.” by Mr.
Kitti Dumnerncharnvanit, 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”.
On November 18,
1997, the subject
was the first
integrated pulp and
paper mills in
South East Asia 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
1,486.
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. Narong Srisa-an |
: [+] |
Thai |
85 |
|
Dr. Virabongsa Ramangkura |
: [+] |
Thai |
70 |
|
Mr. Kitti Dumnerncharnvanit |
: [x] Founder Chairman |
Thai |
83 |
|
Mr. Pracha Charutrakulchai |
: [+] |
Thai |
74 |
|
Mr. Poonsombat Dumnerncharnvanit |
: [+] |
Thai |
51 |
|
Mr. Sirin Nimmanahaeminda |
: [+] |
Thai |
66 |
|
Mrs. Siriwan Dumnerncharnvanit |
: [+] |
Thai |
55 |
|
Dr. Somchai Richuphan |
|
Thai |
75 |
|
Mr. Sirichai Sakornrattanakul |
|
Thai |
64 |
|
Mr. Seri Jintanasaeri |
|
Thai |
71 |
|
Mrs. Phisamai Supanunparock |
: [+] |
Thai |
56 |
|
Mr. Yothin Dumnerncharnvanit |
: [+] |
Thai |
52 |
|
Gen. Chettha Thanajaro |
|
Thai |
75 |
|
Mr. Trairat Dumnerncharnvanit |
|
Thai |
49 |
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 President.
He is Thai
nationality with the
age of 52
years old.
Mr. Charnwit Jarusombat is
the Senior Executive
Vice President Domestic.
He is Thai
nationality.
Mr. Thirawit Leetavorn is
the Senior Executive
Vice President International.
He is Thai
nationality.
Mrs. Orawan Julapol is
the Accounting Director.
She is Thai
nationality.
Mr. Kumpon Chayasunthorn is
the Chief Operating
Officer.
He is Thai
nationality.
Ms. Xanxana Ratanopas is
the Finance Director.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting wide
range of pulp & paper and
paper related products,
which are divided
into 6 main
businesses as follows:
- Manufacturing,
distributing and exporting of
“DOUBLE A” writing & printing
paper products, which
has two types:
Uncoated Wood-Free Paper and
Coated Paper or Art Paper. Range
of paper products
are included cut-size [A3, A4, B4, and
F14] and roll
and folio, as
well as Beached Eucalyptus Kraft [BEK] Pulp, with
three grades of
pulp, consist of
slurry pulp, dry
pulp and wet
lap pulp, under
the name “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 and paper pulp are
imported from Japan,
Republic of China, New Zealand,
Bulgaria, Estonia, Lithuania,
U.A.E., 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 to
Singapore, Hong Kong, Republic of
China, Malaysia, Korea, United Kingdom, Bangladesh, France, Russia,
Netherlands, Australia, Taiwan,
Indonesia, Philippines, Vietnam,
Sri Lanka, Pakistan,
Iran, Turkey, Bulgaria,
Estonia, Lithuania, U.A.E 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
The subject invests
in their subsidiaries
as follows:
Hi-Tech Paper Co.,
Ltd.
Address : 122 North
Sathorn, Silom, Bangrak, Bangkok
10500
Business Type : Production and
distribution of printing
and writing 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 : Investment Company
Investment : The
subject holds 99.99%
of the company’s
shares.
Advance Agro Paper
B.V. Co., Ltd.
Address : -
Business Type : Distributor of
pulp & printing
paper
Investment : The
subject holds 99.99%
of the company’s
shares.
Advance Paper Mill
3 Co., Ltd.
Address :
-
Business
Type :
Manufacturer and distributor
of printing and
writing papers
Investment : The
subject holds 66.39%
of the company’s
shares.
Hi-Tech Specialty Mineral
Co., Ltd.
Address : 122 North
Sathorn, Silom, Bangrak, Bangkok
10500
Business Type : Production
and distribution of chemicals
Investment : The
subject holds 51.00%
of the company’s
shares.
Lime Quality Pulp
2 Co., Ltd.
Address : -
Business Type : Production
and distribution of
chemicals
Investment : The
subject holds 40%
of the company’s
shares.
C.L.O. 2 Co., Ltd.
Address : -
Business Type : Production
and distribution of
chemicals
Investment : The
subject holds 5.77%
of the company’s
shares.
National Power Supply
Public Company Limited
Address : -
Business Type : Generator
and distributor of
electricity and steam
Investment : The
subject holds 17.99%
of the company’s
shares.
LITIGATIONS
Bankruptcy and
Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
As
at December 31, 2002, the Company
was contingently liable
as a guarantor
of liability line
of subsidiaries and
related companies 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].
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.
BUSINESS TRANSACTION
In term of
sales, the products
are sold by
both cash and
credit with the
maximum credit given
to customers at
60 days, while exports
are by L/C
and T/T. The
subject is not
found to have
payment problem by
customers.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Bangrak, Bangkok
10500]
[Kabinburi Branch]
The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office
: 9 Ratchadapisek
Rd., Ladyao, Jatujak,
Bangkok 10900]
Kasikornbank Public Co.,
Ltd.
[Head Office
: 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
Krung Thai Bank
Public Co., Ltd.
[Head Office :
35 Sukhumvit Rd.,
Klongtoeynua, Watana, Bangkok 10110]
EMPLOYMENT
The subject employs
approximately 1,486 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.
Tel./ Fax. : [66] 38
538-968.
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.
The negative operating
performance in 2011 was
mainly caused by
a sharp increase
in cost of
goods sold which
eroded in a
small profit margin.
However, the subject
reported an improvement
in 2012 and it
expects a good business this
year as well.
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
On July 13,
2012, the registered
capital was decreased
to Bht. 5,809,505,810
divided into 580,950,581
shares of Bht.
10 each, with
the current capital
paid-up at Bht.
4,633,336,890.
MAIN SHAREHOLDERS: [as
at April 18,
2012] at Bht. 4,833,336,890 of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Double A Holdings
Limited Nationality : Cayman Address : Office
of Codan Trust
Company [Cayman] Limited,
Cricket Square, P.O. Box 2681, Grand
Cayman KYI-1111, Cayman Islands |
302,114,804 |
62.51 |
|
Double A [1991]
Public Company Limited Nationality : Cayman Address : 1
Moo 2, T. Thatoom,
A.
Srimahaphote, Prachinburi |
77,964,130 |
16.13 |
|
Asian Tech L.L.C. Nationality : American Address : 113
Barksdale Professional Center,
Newark, Delaware U.S.A. 19711 |
70,000,000 |
14.48 |
|
Wiseley Management Pte.
Ltd. Nationality : Singaporean Address : 133
Cecil Street #15-03 Keck Seng Tower,
Singapore |
23,633,000 |
4.89 |
|
Laemkhao Euca Technology
Co., Ltd. Nationality : Thai Address : 205
Moo 3, Nongkhaem, Bangkok |
4,664,500 |
0.96 |
|
Eastern Agro Intertrade
Co., Ltd. Nationality : Thai Address : 205
Moo 3, Nongkhaem, Bangkok |
2,159,500 |
0.45 |
|
Hopewide Assets Limited Nationality : British Address : P.O. Box 957, Offshore
Incorporations
Centre, Road Town,
Tortola, BVI |
1,700,000 |
0.35 |
|
Others |
1,097,755 |
0.23 |
Total Shareholders :
255
Share Structure [as
at April 18,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
244 |
7,886,850 |
1.63 |
|
Foreign |
11 |
475,446,839 |
98.37 |
|
Total |
255 |
483,333,689 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.:
Ms. Supannee Tariyanantakul No.
4498
Note:
Due to the
subject has listed
out from the
Stock Exchange of
Thailand, the 2012
financial statement is
still unavailable during investigation.
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2011,
2010 & 2009
were:
ASSETS
|
Current Assets |
2011 |
2010 [Adjusted] |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
256,772,884 |
840,911,408 |
553,471,594 |
|
Trade Accounts Receivable |
|
|
|
|
Related Companies |
524,785,968 |
366,082,110 |
833,805,757 |
|
Unrelated Companies |
1,072,327,299 |
1,381,067,455 |
1,192,981,402 |
|
Less: Allowance
for Doubtful Accounts |
- |
- |
[257,084,056] |
|
|
|
|
|
|
Total Trade
Accounts Receivable - Net |
1,597,113,267 |
1,747,149,565 |
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 |
- |
- |
163,491,713 |
|
Short-term Loan to
Related Companies |
27,000,000 |
- |
30,000,000 |
|
Inventories |
4,031,939,189 |
2,842,944,352 |
2,220,838,339 |
|
Other Current Assets |
294,331,053 |
217,414,512 |
275,173,043 |
|
|
|
|
|
|
Total Current Assets
|
6,207,156,393 |
6,442,812,360 |
8,525,412,547 |
|
|
|
|
|
|
Investment in Subsidiaries |
4,700,641,224 |
4,572,030,858 |
2,156,970,400 |
|
Investment in Associated
Companies |
1,948,115,568 |
932,500,843 |
- |
|
Fixed Assets |
17,871,072,976 |
14,546,817,824 |
15,179,144,022 |
|
Intangible Assets |
7,213,220 |
10,262,805 |
12,135,796 |
|
Other Assets |
|
|
|
|
Deposit for Purchase of Land to
Related Company |
929,781,079 |
929,781,079 |
706,761,079 |
|
Deposit for
Purchase of Paper Plantation to Related
Company |
- |
- |
1,182,700 |
|
Advance Payment
for Purchase of Fixed Assets
to Related Company
|
- |
5,066,157 |
- |
|
Cost of Paper
Plantation |
156,807,678 |
101,089,289 |
95,282,933 |
|
Deposit |
- |
- |
34,968,379 |
|
Withholding Income Tax |
- |
- |
15,929,671 |
|
Other |
119,229,063 |
83,506,900 |
8,700,138 |
|
Total Assets |
31,940,017,201 |
27,623,868,115 |
26,736,487,665 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 [Adjusted] |
2009 |
|
|
|
|
|
|
Short-term Loan from
Financial Institution |
6,822,620,288 |
3,706,831,414 |
4,834,481,698 |
|
Trade Accounts Payable |
|
|
|
|
Related Companies |
621,869,004 |
1,230,276,930 |
464,836,527 |
|
Unrelated Companies
|
1,582,857,094 |
2,237,326,282 |
544,399,235 |
|
Total Trade Accounts
Payable - Net |
2,204,726,098 |
3,467,603,212 |
1,009,235,762 |
|
Related Company Payable |
- |
- |
2,942,308,406 |
|
Short-term Loan from
Subsidiaries |
- |
- |
16,481,217 |
|
Current Portion of
Hire-purchase Payable & Financial Lease Contract
Liabilities |
226,171,205 |
163,862,944 |
138,983,499 |
|
Current Portion of Long-term Loan |
897,861,631 |
896,525,300 |
250,000,000 |
|
Other Current Liabilities
|
266,585,465 |
252,782,155 |
1,000,509,409 |
|
Total Current Liabilities |
10,417,964,687 |
8,487,605,025 |
10,191,999,991 |
|
Hire-purchase Payable & Financial Lease Contract Liabilities, Net of Current Portion |
515,315,456 |
154,496,182 |
299,190,524 |
|
Long-term
Loans, Net of
Current Portion |
449,549,932 |
1,345,842,377 |
- |
|
Debentures |
7,447,252,574 |
7,418,069,370 |
4,727,848,978 |
|
Reserve for Long-term Employee
Benefits |
76,695,730 |
64,413,345 |
- |
|
Excess Loss of
Investment in Subsidiaries |
275,164,207 |
275,164,207 |
275,164,207 |
|
Total Liabilities |
19,181,942,586 |
17,745,590,506 |
15,494,203,700 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
|
2011 |
2010 [Adjusted] |
2009 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share capital : Registered 580,950,581 shares
in 2011; 630,000,000 shares
in 2010 & 2009 at Bht.
10 each |
5,809,505,810 |
6,300,000,000 |
6,300,000,000 |
|
|
|
|
|
|
Issued & fully
paid 483,333,689 shares
in 2011; 532,383,108 shares
in 2010 & 2009 at Bht.
10 each |
4,833,336,890 |
5,323,831,080 |
5,323,831,080 |
|
Premium on Ordinary
Shares |
2,144,528,919 |
2,144,528,919 |
2,144,528,919 |
|
Revaluation Surplus of
Fixed Assets |
- |
- |
1,308,792,980 |
|
Less: Repurchase of Share
Capital |
[3,040,601,070] |
[4,953,527,038] |
[1,912,925,968] |
|
Retained Earning Appropriated for Statutory Reserve |
403,851,086 |
403,851,086 |
299,056,111 |
|
Reserve for Repurchase of Share
Capital |
3,040,601,070 |
4,953,527,038 |
1,912,925,968 |
|
Unappropriated [Deficit] |
2,931,230,441 |
2,540,277,971 |
3,684,973,144 |
|
Other Components of Shareholders’ Equity |
2,445,127,279 |
[534,211,447] |
[1,518,898,269] |
|
|
|
|
|
|
Total Shareholders' Equity |
12,758,074,615 |
9,878,277,609 |
11,242,283,965 |
|
Total Liabilities & Shareholders' Equity |
31,940,017,201 |
27,623,868,115 |
26,736,487,665 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 [Adjusted] |
2009 |
|
|
|
|
|
|
Sales of Paper
|
16,769,719,300 |
16,807,707,916 |
11,127,091,714 |
|
Sale of Pulp |
1,547,352,795 |
1,657,602,729 |
3,942,695,867 |
|
Other Income |
|
|
|
|
Gain on Exchange Rate |
345,111,163 |
586,513,843 |
9,580,773 |
|
Dividend from Subsidiaries |
72,800,000 |
837,199,994 |
1,754,940,069 |
|
Compensation from Input Tax |
54,214,803 |
66,515,905 |
52,857,183 |
|
Interest Income |
12,042,873 |
66,251,142 |
106,961,296 |
|
Gain on Sales of
Building & Equipment |
- |
- |
4,272,871 |
|
Reversal of
Provision for Diminution
of Investment
in Subsidiaries |
- |
468,139,909 |
69,066,455 |
|
Others |
85,537,085 |
66,393,382 |
37,709,572 |
|
Total Revenues |
18,886,778,019 |
20,556,324,820 |
17,105,175,800 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Paper Sold
|
12,768,552,194 |
11,742,732,977 |
8,461,678,882 |
|
Cost of Pulp
Sold |
1,135,730,090 |
1,041,499,449 |
3,422,321,499 |
|
Selling Expenses |
3,526,112,934 |
3,700,190,089 |
1,918,801,397 |
|
Administrative Expenses |
976,987,918 |
862,635,102 |
688,141,518 |
|
Management Remuneration |
- |
- |
62,576,000 |
|
Loss on Diminution
of Fixed Assets |
12,824,791 |
- |
- |
|
Total Expenses |
18,420,207,927 |
17,347,057,617 |
14,553,519,296 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
466,570,092 |
3,209,267,203 |
2,551,656,504 |
|
Financial Cost |
[883,834,560] |
[1,119,832,560] |
[978,740,248] |
|
|
|
|
|
|
Profit /[Loss] before
Income Tax |
[417,264,468] |
2,089,434,643 |
1,572,916,256 |
|
Income Tax |
- |
- |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
[417,264,468] |
2,089,434,643 |
1,572,916,256 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.60 |
0.76 |
0.84 |
|
QUICK RATIO |
TIMES |
0.18 |
0.40 |
0.59 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.02 |
1.27 |
0.99 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.57 |
0.67 |
0.56 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
105.84 |
81.17 |
68.21 |
|
INVENTORY TURNOVER |
TIMES |
3.45 |
4.50 |
5.35 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
21.37 |
27.30 |
28.89 |
|
RECEIVABLES TURNOVER |
TIMES |
17.08 |
13.37 |
12.63 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
41.55 |
63.88 |
16.72 |
|
CASH CONVERSION CYCLE |
DAYS |
85.66 |
44.59 |
80.38 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
75.91 |
69.23 |
78.86 |
|
SELLING & ADMINISTRATION |
% |
24.58 |
24.71 |
17.30 |
|
INTEREST |
% |
4.83 |
6.06 |
6.49 |
|
GROSS PROFIT MARGIN |
% |
27.20 |
42.09 |
34.65 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.55 |
17.38 |
16.93 |
|
NET PROFIT MARGIN |
% |
(2.28) |
11.32 |
10.44 |
|
RETURN ON EQUITY |
% |
(3.27) |
21.15 |
13.99 |
|
RETURN ON ASSET |
% |
(1.31) |
7.56 |
5.88 |
|
EARNING PER SHARE |
BAHT |
(0.86) |
3.92 |
2.95 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.60 |
0.64 |
0.58 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.50 |
1.80 |
1.38 |
|
TIME INTEREST EARNED |
TIMES |
0.53 |
2.87 |
2.61 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(0.80) |
22.53 |
|
|
OPERATING PROFIT |
% |
(85.46) |
25.77 |
|
|
NET PROFIT |
% |
(119.97) |
32.84 |
|
|
FIXED ASSETS |
% |
22.85 |
(4.17) |
|
|
TOTAL ASSETS |
% |
15.62 |
3.32 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -0.8%.
Turnover has decreased from THB 18,465,310,645.00 in 2010 to THB 18,317,072,095.00
in 2011. While net profit has decreased from THB 2,089,434,643.00 in 2010 to
THB -417,264,468.00 in 2011. And total assets has increased from THB
27,623,868,115.00 in 2010 to THB 31,940,017,201.00 in 2011.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
27.20 |
Impressive |
Industrial
Average |
21.25 |
|
Net Profit Margin |
(2.28) |
Deteriorated |
Industrial
Average |
10.84 |
|
Return on Assets |
(1.31) |
Deteriorated |
Industrial
Average |
2.24 |
|
Return on Equity |
(3.27) |
Deteriorated |
Industrial
Average |
3.66 |
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 27.2%. When compared with the industry
average, the ratio of the company was higher, 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 -2.28%.
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. When compared with the
industry average, it was lower, the company's figure is -1.31%.
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. When compared with the
industry average, it was lower, the company's figure is -3.27%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.60 |
Risky |
Industrial
Average |
0.76 |
|
Quick Ratio |
0.18 |
|
|
|
|
Cash Conversion Cycle |
85.66 |
|
|
|
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 0.6 times in 2011, decreased from 0.76 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 0.18 times in 2011,
decreased from 0.4 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 86 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.60 |
Acceptable |
Industrial
Average |
0.45 |
|
Debt to Equity Ratio |
1.50 |
Risky |
Industrial
Average |
0.82 |
|
Times Interest Earned |
0.53 |
Risky |
Industrial
Average |
0.16 |
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 0.53 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.6 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 : IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.02 |
Impressive |
Industrial
Average |
0.29 |
|
Total Assets Turnover |
0.57 |
Impressive |
Industrial
Average |
0.21 |
|
Inventory Conversion Period |
105.84 |
|
|
|
|
Inventory Turnover |
3.45 |
Satisfactory |
Industrial
Average |
4.03 |
|
Receivables Conversion Period |
21.37 |
|
|
|
|
Receivables Turnover |
17.08 |
Impressive |
Industrial
Average |
5.28 |
|
Payables Conversion Period |
41.55 |
|
|
|
The company's Account Receivable Ratio is calculated as 17.08 and 13.37
in 2011 and 2010 respectively. This ratio measures the efficiency of the
company in managing its trade debtors to generate revenue. A lower ratio may
indicate over extension and collection problems. Conversely, a higher ratio may
indicate an overtly stringent policy. In this case, the company's A/R ratio in
2011 increased from 2010. This would suggest the company had good performance
in the management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 81 days at the
end of 2010 to 106 days at the end of 2011. This represents a negative trend.
And Inventory turnover has decreased from 4.5 times in year 2010 to 3.45 times
in year 2011.
The company's Total Asset Turnover is calculated as 0.57 times and 0.67
times in 2011 and 2010 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.88 |
|
UK Pound |
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.