MIRA INFORM REPORT

 

 

Report Date :

05.12.2013

 

IDENTIFICATION DETAILS

 

Name :

C.I. GROUP PUBLIC COMPANY LIMITED

 

 

Registered Office :

1/1 Moo 7 Bangkoowad Road Bangkhuwat, Muang Pathum Thani, 12000

 

 

Country :

Thailand

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

10.04.2003

 

 

Legal Form :

Public Independent

 

 

Line of Business :

Subject is engaged in the manufacture and distribution of coils for air conditioners

 

 

No. of Employees :

580

 

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 :

Slow

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic crisis severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the next seven years with a plan to start in 2013

Source : CIA

Company name and address

 

C.I.GROUP PUBLIC COMPANY LIMITED

 

 

 

1/1 Moo 7 Bangkoowad Road

Bangkhuwat Road, Bangkhuwat, Muang

 

Pathum Thani, 12000

Thailand

 

 

Tel:

66-29-765290

Fax:

66-29-765023

 

Employees:

580

Company Type:

Public Independent

Traded:

Stock Exchange of Thailand (Bangkok):

CIG

Incorporation Date:

10-Apr-2003

Auditor:

A.M.T. & Associates

 

 

Fiscal Year End:

31-Dec-2012

Reporting Currency:

Thai Baht

Annual Sales:

30.9  1

Net Income:

(2.7)

Total Assets:

40.5  2

Market Value:

12.9

 

(08-Nov-2013)

 

 

Business Description     

 

C.I.Group Public Company Limited is a Thailand-based company engaged in the manufacture and distribution of coils for air conditioners. The Company’s products include evaporator coils, condenser coils, chilled water coils, which are components of air conditioners, chillers, heat exchangers and other kinds of cooling units. It distributes products in both domestic and overseas markets, such as Malaysia, Singapore, Australia, Germany, Canada and others. It operates three production sites in Pathumthani, Samutprakan and Chonburi provinces. The Company has two subsidiaries: De Lamai Company Limited, which is engaged in the hotel operations under the name of Samaya Bura Hotel on Samui Islands, and C.I.G. (Thailand) Company Limited, which is engaged in manufacturing and sale of air conditioners. For the six months ended 30 June 2013, C.I.Group Public Company Limited revenues decreased 10% to BAH471M. Net loss decreased 53% to BAH9.4M. Revenues reflect Air-Conditioning Products & Parts-Sale segment decrease of 21% to BAH187.2M, Air-Conditioning Products & Parts - Service segment decrease of 28% to BAH12.5M, Domestic segment decrease of 14% to BAH168.4M, Export segment decrease of 34% to BAH39.6M.

   

Industry                                                     

 

Industry

Motor Vehicle Parts Manufacturing

ANZSIC 2006:

2452 - Fixed Space Heating, Cooling and Ventilation Equipment Manufacturing

ISIC Rev 4:

2819 - Manufacture of other general-purpose machinery

NACE Rev 2:

2825 - Manufacture of non-domestic cooling and ventilation equipment

NAICS 2012:

333415 - Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing

UK SIC 2007:

2825 - Manufacture of non-domestic cooling and ventilation equipment

US SIC 1987:

3585 - Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment

 

 

 

Key Executives

 

Name

Title

Chanon Chin

Assistant Managing Director of International Business

Sawai Chatchairungruang

Vice President of Finance and Business Development

Emorn Chotiyaputta

Company Secretary, Manager of Internal Audit

Theera Poomsanoh

Managing Director

Saowakon Udomrat

Manager-Accounting Department

   

 

Significant Developments  

 

Topic

#*

Most Recent Headline

Date

Equity Financing / Related

1

CI Group PCL Amends Private Placement

12-Mar-2013

Equity Investments

1

CI Group PCL Announces Stakes Investment by Individual

22-Mar-2013

Dividends

1

CI Group PCL Not To Pay FY 2012 Dividend; Announces Private Placement

4-Mar-2013

      

 

Financial Summary    

 

As of 30-Jun-2013

Key Ratios

Company

Industry

Current Ratio (MRQ)

0.83

2.32

Quick Ratio (MRQ)

0.49

1.43

Debt to Equity (MRQ)

1.08

0.56

Sales 5 Year Growth

-5.40

8.07

Net Profit Margin (TTM) %

-8.19

6.72

Return on Assets (TTM) %

-5.40

5.54

Return on Equity (TTM) %

-16.24

13.32

 

 

    


Stock Snapshot    

 

Traded: Stock Exchange of Thailand (Bangkok): CIG

 

As of 8-Nov-2013

   Financials in: THB

Recent Price

0.67

 

EPS

-0.15

52 Week High

1.42

 

Price/Sales

0.42

52 Week Low

0.54

 

Price/Book

0.97

Avg. Volume (mil)

6.23

 

Beta

1.67

Market Value (mil)

403.31

 

 

 

 

Price % Change

Rel S&P 500%

4 Week

-1.47%

2.23%

13 Week

-5.63%

-3.80%

52 Week

-10.67%

-17.75%

Year to Date

-25.56%

-26.25%

 

 

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = THB 31.0808


2 - Balance Sheet Item Exchange Rate: USD 1 = THB 30.59

 

Corporate Overview

 

C.I.Group Public Company Limited

 

Location
1/1 Moo 7 Bangkoowad Road
Bangkhuwat Road, Bangkhuwat, Muang
Pathum Thani, 12000
Thailand

 

Tel:

66-29-765290

Fax:

66-29-765023

 

www.coilinter.com

Quote Symbol - Exchange

CIG - Stock Exchange of Thailand (Bangkok)

Sales THB(mil):

958.9

Assets THB(mil):

1,237.8

Employees:

580

Fiscal Year End:

31-Dec-2012

 

Industry:

Miscellaneous Capital Goods

Incorporation Date:

10-Apr-2003

Company Type:

Public Independent

Quoted Status:

Quoted

 

Company Secretary, Manager of Internal Audit:

Emorn Chotiyaputta

 

 

Industry Codes

 

ANZSIC 2006 Codes:

2452

-

Fixed Space Heating, Cooling and Ventilation Equipment Manufacturing

 

ISIC Rev 4 Codes:

2819

-

Manufacture of other general-purpose machinery

 

NACE Rev 2 Codes:

2825

-

Manufacture of non-domestic cooling and ventilation equipment

 

NAICS 2012 Codes:

333415

-

Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing

 

US SIC 1987:

3585

-

Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment

 

UK SIC 2007:

2825

-

Manufacture of non-domestic cooling and ventilation equipment

 

Business Description

C.I.Group Public Company Limited is a Thailand-based company engaged in the manufacture and distribution of coils for air conditioners. The Company’s products include evaporator coils, condenser coils, chilled water coils, which are components of air conditioners, chillers, heat exchangers and other kinds of cooling units. It distributes products in both domestic and overseas markets, such as Malaysia, Singapore, Australia, Germany, Canada and others. It operates three production sites in Pathumthani, Samutprakan and Chonburi provinces. The Company has two subsidiaries: De Lamai Company Limited, which is engaged in the hotel operations under the name of Samaya Bura Hotel on Samui Islands, and C.I.G. (Thailand) Company Limited, which is engaged in manufacturing and sale of air conditioners. For the six months ended 30 June 2013, C.I.Group Public Company Limited revenues decreased 10% to BAH471M. Net loss decreased 53% to BAH9.4M. Revenues reflect Air-Conditioning Products & Parts-Sale segment decrease of 21% to BAH187.2M, Air-Conditioning Products & Parts - Service segment decrease of 28% to BAH12.5M, Domestic segment decrease of 14% to BAH168.4M, Export segment decrease of 34% to BAH39.6M.

 

More Business Descriptions

Manufacture and sale of components for air-conditioning equipment. ISO 9001 certified

 

Air Conditioning Product Mfr & Distr

 

Ventilation, Heating, Air-Conditioning and Commercial Refrigeration Equipment Mfg

 

 

 

 

 

 

Financial Data

Financials in:

THB(mil)

 

Revenue:

958.9

Net Income:

-84.7

Assets:

1,237.8

Long Term Debt:

21.1

 

Total Liabilities:

823.1

 

Working Capital:

-0.2

 

 

 

Date of Financial Data:

31-Dec-2012

 

1 Year Growth

-11.7%

NA

-18.1%

Description: \\vivek\web\images\arrows\externalright.gifTop

Market Data

Quote Symbol:

CIG

Exchange:

Stock Exchange of Thailand (Bangkok)

Currency:

THB

Stock Price:

0.7

Stock Price Date:

11-08-2013

52 Week Price Change %:

-10.7

Market Value (mil):

403,306.4

 

SEDOL:

B05NCQ3

ISIN:

TH0822010Z07

 

Equity and Dept Distribution:

IPO: Jan 27, 2005. All shares prior to the IPO are pro forma. FY'04 Q's are reclassified. FY'06 Q's are reclassified. 06/07 Company start change to Consolidated. FY'07 Q's are being restated. 10/2009, 2-for-1 stock split.

 

 

Subsidiaries

Company

Percentage Owned

Country

De Lamai Co Ltd

100%

THAILAND

 

 

 

 

Shareholders

 

 

Major Shareholders

Coil International Group (100%)

 

 

 

 

Key Corporate Relationships

Auditor:

A.M.T. & Associates

 

Auditor:

AMT & Associates, A.M.T. & Associates

 

 

 

 

 

 

 

 

Executives Report

 

Board of Directors

 

Name

Title

Function

 

Prung Bunphadung

 

Chairman of the Board, Independent Director

Chairman

 

Biography:

Pol. Gen. Prung Bunphadung serves as Chairman of the Board and Independent Director of CI Group PCL since May 2011. He is also a Chairman of the Audit Committee in the Company.

 

Age: 62

 

Taweesak Wangkorkiat

 

Vice Chairman

Chairman

 

 

Ari Phumsano

 

Chairman of the Executive Board, Vice Chairman of the Board, Managing Director

Vice-Chairman

 

 

Biography:

Mr. Ari Phumsano serves as Chairman of the Executive Board and Vice Chairman of the Board of CI Group PCL since May 2011. He has been its Managing Director since January 22, 2013. He was a Chairman of the Board and Managing Director in the Company. He holds a Bachelor of Business Administration in Management from Sukhothai Thammathirat Open University, Thailand.

 

Age: 57

 

Education:

Sukhothai Thammathirat Open University, BBA (Management)

 

Aree Poomsanoh

 

Vice Chairman

Vice-Chairman

 

 

Thawisak Wangkokiat

 

Vice Chairman of the Board, Executive Director

Vice-Chairman

 

 

Biography:

Mr. Thawisak Wangkokiat has been Vice Chairman of the Board and Executive Director of CI Group PCL since 1983. He holds a Bachelor of Science in Industrial Technology from King Mongkut’s Institute of Technology North Bangkok, Thailand.

 

Age: 60

 

Education:

King Mongkut's Institute of Technology North Bangkok, BS (Industrial Technology)

 

Songphon Annanon

 

Independent Director

Director/Board Member

 

 

Biography:

Mr. Songphon Annanon serves as Independent Director of CI Group PCL since April 26, 2011. He is also a member of the Audit Committee in the Company.

 

Age: 41

 

Nadith Rodpetch

 

Independent Director

Director/Board Member

 

 

Nadit Rotphet

 

Independent Director

Director/Board Member

 

 

Biography:

Mr. Nadit Rotphet serves as Independent Director of CI Group PCL since April 27, 2011. He is also a member of the Audit Committee in the Company.

 

Age: 42

 

 

Executives

 

Name

Title

Function

 

Worawut Chingthin

 

General Manager of Engineering

Division Head Executive

 

Biography:

Mr. Worawut Chingthin serves as General Manager of Engineering of CI Group PCL. He holds a Bachelor's degree in Industrial Engineering from King Mongkut's Institute of Technology North Bangkok, Thailand.

 

Education:

King Mongkut's Institute of Technology North Bangkok, B (Industrial Engineering)

 

Chankrapho Disakun

 

Executive Director, Director

Division Head Executive

 

 

Biography:

Mrs. Chankrapho Disakun has been Executive Director and Director of CI Group PCL since 2007. She holds a Master of Business Administration from Emporia State University, the United States.

 

Age: 46

 

Education:

Emporia State University, MBA

 

Thira Phumsano

 

Executive Director, Director

Division Head Executive

 

 

Biography:

Mr. Thira Phumsano has been Executive Director and Director of CI Group PCL since 2005. He was its Managing Director since March 30, 2012 until January 22, 2013. He has a Master of Business Administration from National Institute of Development Administration, Thailand, and a Ph.D. in Finance from The Wharton School of the University of Pennsylvania, the United States.

 

Age: 55

 

Education:

The Wharton School of the University of Pennsylvania, PHD (Finance)
National Institute of Development Administration, MBA

 

Wongsawat Wongsawang

 

Executive Director, Director

Division Head Executive

 

 

Age: 61

 

Chanon Chin

 

Assistant Managing Director of International Business

Managing Director

Reuters 

 

Biography:

Mr. Chanon Chin serves as Assistant Managing Director of International Business of CI Group PCL. He holds a Bachelor of Business Administration in Marketing from Charles Sturt University, Australia.

 

Education:

Charles Sturt University, BBA (Marketing)

 

Phrom Jitravitavaj

 

Deputy Managing Director

Managing Director

 

 

Ari Phumsano

 

Chairman of the Executive Board, Vice Chairman of the Board, Managing Director

Managing Director

 

 

Biography:

Mr. Ari Phumsano serves as Chairman of the Executive Board and Vice Chairman of the Board of CI Group PCL since May 2011. He has been its Managing Director since January 22, 2013. He was a Chairman of the Board and Managing Director in the Company. He holds a Bachelor of Business Administration in Management from Sukhothai Thammathirat Open University, Thailand.

 

Age: 57

 

Education:

Sukhothai Thammathirat Open University, BBA (Management)

 

Rattanakamon Phumsano

 

Assistant Managing Director

Managing Director

 

 

Biography:

Ms. Rattanakamon Phumsano serves as Assistant Managing Director of CI Group PCL. She holds a Bachelor of Engineering in Computers from Assumption University of Thailand.

 

Education:

Assumption University of Thailand, BE (Computers)

 

Theera Poomsanoh

 

Managing Director

Managing Director

LEX 

 

Emorn Chotiyaputta

 

Company Secretary, Manager of Internal Audit

Company Secretary

Reuters 

 

Biography:

Mrs. Emorn Chotiyaputta serves as Company Secretary and Manager of Internal Audit of CI Group PCL since August 13, 2008. She holds a Master of Business Administration in Marketing from Ramkhamhaeng University, Thailand.

 

Education:

Ramkhamhaeng University, MBA (Marketing)

 

Sawai Chatchairungruang

 

Vice President of Finance and Business Development

Finance Executive

 

 

Biography:

Mr. Sawai Chatchairungruang serves as Vice President of Finance and Business Development of CI Group PCL since March 30, 2012. He was a Managing Director and Director in the Company. He holds a Master's degree in Accounting from Chulalongkorn University, Thailand.

 

Education:

Chulalongkorn University, M (Accounting)

 

Saowakon Udomrat

 

Manager-Accounting Department

Accounting Executive

 

 

Chankapaw Dissakul

 

Secretary

Other

 

 

 

Significant Developments

 

CI Group PCL Announces Stakes Investment by Individual

Mar 22, 2013


Securities and Exchange Commission reported that on March 19, 2013, Mr. Wichit Chinnawongworasakun has acquired 3.16% stake in CI Group PCL. Upon completion Mr. Wichit holds 6.48% stake in the Company.

CI Group PCL Amends Private Placement

Mar 12, 2013


CI Group PCL announced the equity offering by issuing 60,104,082 shares (instead of 60,095,140 shares) to private placement at a par value of THB 0.50 per share. Other details are undisclosed.

CI Group PCL Not To Pay FY 2012 Dividend; Announces Private Placement

Mar 04, 2013


CI Group PCL announced that no dividend was declared for fiscal 2012 (FY 2011: nil). The Company also announced the equity offering by issuing 60,095,140 shares to private placement at a par value of THB 0.50 per share. Other details are undisclosed.

 


Annual Income Statement

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2012

Updated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2011

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Filed Currency

THB

THB

THB

THB

THB

Exchange Rate (Period Average)

31.080794

30.484713

31.724617

34.331774

33.367913

Auditor

A.M.T. & Associates

A.M.T. & Associates

A.M.T. & Associates

A.M.T. & Associates

Dharmniti Auditing Company Litmited

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Net Sales

30.9

35.6

36.6

23.9

40.0

Revenue

30.9

35.6

36.6

23.9

40.0

Total Revenue

30.9

35.6

36.6

23.9

40.0

 

 

 

 

 

 

    Cost of Revenue

28.9

34.0

33.2

22.4

35.7

Cost of Revenue, Total

28.9

34.0

33.2

22.4

35.7

Gross Profit

2.0

1.7

3.3

1.5

4.3

 

 

 

 

 

 

    Selling/General/Administrative Expense

4.8

4.9

6.0

3.4

4.8

    Labor & Related Expense

-

-

-

1.1

1.5

Total Selling/General/Administrative Expenses

4.8

4.9

6.0

4.4

6.3

        Investment Income - Operating

0.1

0.0

0.0

0.0

-1.8

    Interest/Investment Income - Operating

0.1

0.0

0.0

0.0

-1.8

Interest Expense (Income) - Net Operating Total

0.1

0.0

0.0

0.0

-1.8

    Loss (Gain) on Sale of Assets - Operating

0.0

0.6

0.0

-1.8

-

Unusual Expense (Income)

0.0

0.6

0.0

-1.8

-

    Other, Net

-1.9

-0.9

-0.4

-1.1

-1.1

Other Operating Expenses, Total

-1.9

-0.9

-0.4

-1.1

-1.1

Total Operating Expense

31.8

38.6

38.9

23.9

39.2

 

 

 

 

 

 

Operating Income

-1.0

-3.0

-2.3

-0.1

0.8

 

 

 

 

 

 

        Interest Expense - Non-Operating

-1.7

-1.4

-1.0

-1.1

-0.9

        Interest Capitalized - Non-Operating

0.0

0.0

0.0

-

-

    Interest Expense, Net Non-Operating

-1.7

-1.4

-1.0

-1.1

-0.9

Interest Income (Expense) - Net Non-Operating Total

-1.7

-1.4

-1.0

-1.1

-0.9

Income Before Tax

-2.7

-4.4

-3.3

-1.2

-0.1

 

 

 

 

 

 

Total Income Tax

0.0

0.0

0.0

0.1

0.4

Income After Tax

-2.7

-4.4

-3.3

-1.3

-0.5

 

 

 

 

 

 

    Minority Interest

0.0

0.0

0.0

0.0

0.0

Net Income Before Extraord Items

-2.7

-4.4

-3.3

-1.3

-0.5

Net Income

-2.7

-4.4

-3.3

-1.3

-0.5

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-2.7

-4.4

-3.3

-1.3

-0.5

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-2.7

-4.4

-3.3

-1.3

-0.5

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

581.2

615.7

523.6

498.0

501.9

Basic EPS Excl Extraord Items

0.00

-0.01

-0.01

0.00

0.00

Basic/Primary EPS Incl Extraord Items

0.00

-0.01

-0.01

0.00

0.00

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-2.7

-4.4

-3.3

-1.3

-0.5

Diluted Weighted Average Shares

581.2

615.7

523.6

498.0

501.9

Diluted EPS Excl Extraord Items

0.00

-0.01

-0.01

0.00

0.00

Diluted EPS Incl Extraord Items

0.00

-0.01

-0.01

0.00

0.00

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.4

0.0

Interest Expense, Supplemental

1.7

1.4

1.0

1.1

0.9

Interest Capitalized, Supplemental

0.0

0.0

0.0

0.0

-0.1

Depreciation, Supplemental

2.7

2.8

2.6

2.2

1.8

Total Special Items

0.0

0.6

0.0

-1.8

-

Normalized Income Before Tax

-2.7

-3.8

-3.3

-2.9

-0.1

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

-0.6

-

Inc Tax Ex Impact of Sp Items

0.0

0.0

0.0

-0.5

0.4

Normalized Income After Tax

-2.7

-3.8

-3.3

-2.4

-0.5

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-2.7

-3.8

-3.3

-2.4

-0.5

 

 

 

 

 

 

Basic Normalized EPS

0.00

-0.01

-0.01

0.00

0.00

Diluted Normalized EPS

0.00

-0.01

-0.01

0.00

0.00

Advertising Expense, Supplemental

0.0

0.0

0.1

0.1

0.0

Normalized EBIT

-0.9

-2.4

-2.3

-1.8

-0.9

Normalized EBITDA

1.8

0.4

0.3

0.4

0.8

Interest Cost - Domestic

0.0

0.0

-

-

-

Service Cost - Domestic

0.1

0.1

-

-

-

Domestic Pension Plan Expense

0.1

0.1

-

-

-

Total Pension Expense

0.1

0.1

-

-

-

Discount Rate - Domestic

3.40%

3.40%

-

-

-

Pension Payment Rate - Domestic

5.00%

5.00%

-

-

-

Total Plan Interest Cost

0.0

0.0

-

-

-

Total Plan Service Cost

0.1

0.1

-

-

-

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

UpdateType/Date

Updated Normal
31-Dec-2012

Updated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2011

Reclassified Normal
31-Dec-2010

Reclassified Normal
31-Dec-2009

Filed Currency

THB

THB

THB

THB

THB

Exchange Rate

30.59

31.55

30.145

33.34

34.78

Auditor

A.M.T. & Associates

A.M.T. & Associates

A.M.T. & Associates

A.M.T. & Associates

Dharmniti Auditing Company Litmited

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Cash

0.3

0.3

1.5

1.5

1.4

    Short Term Investments

2.6

2.6

2.7

2.6

2.6

Cash and Short Term Investments

2.9

2.8

4.2

4.1

4.0

        Accounts Receivable - Trade, Gross

8.4

9.0

11.5

7.8

10.3

        Provision for Doubtful Accounts

-1.7

-1.7

-1.4

-0.5

-0.4

    Trade Accounts Receivable - Net

6.7

7.3

10.1

7.3

9.9

    Other Receivables

0.4

0.4

0.4

1.5

-

Total Receivables, Net

7.1

7.7

10.5

8.9

9.9

    Inventories - Finished Goods

1.1

2.3

1.1

1.7

0.9

    Inventories - Work In Progress

1.5

1.8

1.9

0.8

0.8

    Inventories - Raw Materials

4.8

7.5

6.9

4.4

5.7

Total Inventory

7.4

11.7

10.0

7.0

7.4

Prepaid Expenses

0.2

0.6

0.5

0.1

-

    Other Current Assets

0.5

0.7

0.6

0.7

1.0

Other Current Assets, Total

0.5

0.7

0.6

0.7

1.0

Total Current Assets

18.1

23.4

25.7

20.7

22.3

 

 

 

 

 

 

        Buildings

18.1

17.6

18.4

16.6

11.2

        Land/Improvements

2.7

2.7

2.8

2.5

2.4

        Machinery/Equipment

23.3

22.6

22.5

19.7

18.3

    Property/Plant/Equipment - Gross

44.2

42.8

43.6

38.8

31.9

    Accumulated Depreciation

-23.6

-20.1

-17.6

-12.0

-7.6

Property/Plant/Equipment - Net

20.6

22.7

26.0

26.7

24.2

    Intangibles - Gross

2.1

2.0

2.1

1.4

0.6

    Accumulated Intangible Amortization

-0.9

-0.7

-0.6

-0.4

-0.2

Intangibles, Net

1.2

1.3

1.5

1.0

1.0

    LT Investment - Affiliate Companies

0.5

0.5

-

-

-

Long Term Investments

0.5

0.5

-

-

-

    Other Long Term Assets

0.0

0.0

0.0

0.2

3.2

Other Long Term Assets, Total

0.0

0.0

0.0

0.2

3.2

Total Assets

40.5

47.9

53.2

48.7

50.7

 

 

 

 

 

 

Accounts Payable

4.5

5.3

6.1

5.7

4.0

Accrued Expenses

0.1

0.0

0.0

-

-

Notes Payable/Short Term Debt

13.3

18.7

17.0

12.0

13.6

Current Portion - Long Term Debt/Capital Leases

0.8

5.5

1.7

2.2

2.6

    Income Taxes Payable

-

-

-

0.0

0.0

    Other Payables

6.6

1.2

0.6

-

-

    Other Current Liabilities

0.0

0.0

0.0

0.5

0.5

Other Current liabilities, Total

6.7

1.2

0.6

0.6

0.5

Total Current Liabilities

25.3

30.7

25.4

20.4

20.7

 

 

 

 

 

 

    Long Term Debt

0.7

1.4

7.0

7.6

9.1

    Capital Lease Obligations

0.0

0.0

0.0

0.0

0.0

Total Long Term Debt

0.7

1.4

7.0

7.7

9.1

Total Debt

14.8

25.6

25.7

21.8

25.3

 

 

 

 

 

 

Minority Interest

0.0

0.0

0.0

0.0

0.0

    Pension Benefits - Underfunded

0.6

0.4

-

-

-

    Other Long Term Liabilities

0.3

0.3

0.3

0.3

0.3

Other Liabilities, Total

0.9

0.7

0.3

0.3

0.3

Total Liabilities

26.9

32.8

32.8

28.4

30.1

 

 

 

 

 

 

    Common Stock

9.8

8.7

9.1

7.5

7.2

Common Stock

9.8

8.7

9.1

7.5

7.2

Additional Paid-In Capital

14.2

13.7

14.4

12.7

11.8

Retained Earnings (Accumulated Deficit)

-10.4

-7.4

-3.0

0.0

1.6

Total Equity

13.6

15.1

20.5

20.3

20.6

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

40.5

47.9

53.2

48.7

50.7

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

600.1

552.0

547.6

503.2

503.2

Total Common Shares Outstanding

600.1

552.0

547.6

503.2

503.2

Employees

-

580

695

-

886

Accumulated Intangible Amort, Suppl.

0.9

0.7

0.6

0.4

0.2

Total Long Term Debt, Supplemental

19.7

25.6

25.7

21.7

25.2

Long Term Debt Maturing within 1 Year

19.0

24.2

18.6

14.1

16.1

Long Term Debt Maturing in Year 2

0.2

0.4

1.2

1.4

1.6

Long Term Debt Maturing in Year 3

0.2

0.4

1.2

1.4

1.6

Long Term Debt Maturing in Year 4

0.2

0.4

1.2

1.4

1.6

Long Term Debt Maturing in Year 5

0.2

0.4

1.2

1.4

1.6

Long Term Debt Maturing in 2-3 Years

0.3

0.7

2.4

2.7

3.3

Long Term Debt Maturing in 4-5 Years

0.3

0.7

2.4

2.7

3.3

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

2.2

2.2

2.6

Total Capital Leases, Supplemental

0.0

0.0

0.0

0.1

0.0

Capital Lease Payments Due in Year 1

0.0

0.0

0.0

0.0

0.0

Capital Lease Payments Due in Year 2

0.0

0.0

0.0

0.0

0.0

Capital Lease Payments Due in Year 3

0.0

0.0

0.0

0.0

0.0

Capital Lease Payments Due in Year 4

0.0

0.0

0.0

0.0

0.0

Capital Lease Payments Due in Year 5

0.0

0.0

0.0

0.0

0.0

Capital Lease Payments Due in 2-3 Years

0.0

0.0

0.0

0.0

0.0

Capital Lease Payments Due in 4-5 Years

0.0

0.0

0.0

0.0

0.0

Total Operating Leases, Supplemental

0.3

0.3

-

0.4

-

Operating Lease Payments Due in Year 1

0.0

0.0

-

0.1

-

Operating Lease Payments Due in Year 2

0.0

0.0

-

0.0

-

Operating Lease Payments Due in Year 3

0.0

0.0

-

0.0

-

Operating Lease Payments Due in Year 4

0.0

0.0

-

0.0

-

Operating Lease Payments Due in Year 5

0.0

0.0

-

0.0

-

Operating Lease Pymts. Due in 2-3 Years

0.0

0.0

-

0.0

-

Operating Lease Pymts. Due in 4-5 Years

0.0

0.0

-

0.0

-

Oper. Lse. Pymts. Due in Year 6 & Beyond

0.2

0.3

-

0.2

-

Discount Rate - Domestic

3.40%

3.40%

-

-

-

Compensation Rate - Domestic

5.00%

5.00%

-

-

-

Accrued Liabilities - Domestic

-0.6

-0.4

-

-

-

Net Assets Recognized on Balance Sheet

-0.6

-0.4

-

-

-

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2012

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Filed Currency

THB

THB

THB

THB

THB

Exchange Rate (Period Average)

31.080794

30.484713

31.724617

34.331774

33.367913

Auditor

A.M.T. & Associates

A.M.T. & Associates

A.M.T. & Associates

A.M.T. & Associates

Dharmniti Auditing Company Litmited

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-2.7

-4.4

-3.3

-1.3

-0.5

    Depreciation

3.0

3.0

2.9

2.4

1.8

Depreciation/Depletion

3.0

3.0

2.9

2.4

1.8

    Unusual Items

0.1

0.8

1.4

-1.8

-1.3

    Other Non-Cash Items

1.7

2.5

1.9

1.3

3.2

Non-Cash Items

1.8

3.3

3.2

-0.5

1.9

    Accounts Receivable

1.2

1.7

-2.8

2.8

-0.8

    Inventories

4.6

-2.2

-2.2

0.7

-1.0

    Other Assets

0.2

-0.1

0.0

-0.8

-0.2

    Accounts Payable

-0.3

-0.2

-0.1

1.5

-1.0

    Other Liabilities

-0.7

-0.5

0.2

0.1

0.1

    Other Operating Cash Flow

-

-

-0.1

-0.1

-0.8

Changes in Working Capital

5.0

-1.3

-5.0

4.3

-3.7

Cash from Operating Activities

7.1

0.6

-2.1

4.9

-0.5

 

 

 

 

 

 

    Purchase of Fixed Assets

-0.1

-1.4

-0.7

-1.2

-7.3

    Purchase/Acquisition of Intangibles

-0.1

0.0

-0.5

-0.1

-0.3

Capital Expenditures

-0.2

-1.5

-1.2

-1.3

-7.6

    Sale of Fixed Assets

0.0

0.0

0.6

2.5

0.0

    Sale/Maturity of Investment

-

-

0.2

0.0

9.2

    Purchase of Investments

0.0

-0.6

0.0

0.0

-12.1

    Other Investing Cash Flow

-

-

0.0

0.1

-1.3

Other Investing Cash Flow Items, Total

0.0

-0.5

0.8

2.7

-4.2

Cash from Investing Activities

-0.2

-2.0

-0.4

1.3

-11.8

 

 

 

 

 

 

    Other Financing Cash Flow

-1.0

-1.0

-1.2

-1.2

-1.0

Financing Cash Flow Items

-1.0

-1.0

-1.2

-1.2

-1.0

    Cash Dividends Paid - Common

-

-

0.0

-0.4

0.0

Total Cash Dividends Paid

-

-

0.0

-0.4

0.0

        Sale/Issuance of Common

0.8

0.1

1.5

0.0

0.1

    Common Stock, Net

0.8

0.1

1.5

0.0

0.1

    Treasury Stock

-

-

0.6

-0.1

-

Issuance (Retirement) of Stock, Net

0.8

0.1

2.1

-0.1

0.1

        Short Term Debt Issued

0.6

2.5

3.5

-

11.4

        Short Term Debt Reduction

-6.4

-

-

-2.1

-

    Short Term Debt, Net

-5.8

2.5

3.5

-2.1

11.4

        Long Term Debt Issued

-

-

-

0.0

3.3

        Long Term Debt Reduction

-0.8

-1.4

-2.0

-2.4

-1.8

    Long Term Debt, Net

-0.8

-1.4

-2.0

-2.4

1.5

Issuance (Retirement) of Debt, Net

-6.6

1.1

1.5

-4.5

12.9

Cash from Financing Activities

-6.9

0.2

2.4

-6.2

12.1

 

 

 

 

 

 

Net Change in Cash

0.0

-1.2

-0.1

0.1

-0.3

 

 

 

 

 

 

Net Cash - Beginning Balance

0.3

1.5

1.5

1.4

1.7

Net Cash - Ending Balance

0.3

0.3

1.4

1.4

1.4

Cash Interest Paid

1.0

1.0

1.2

1.2

1.0

Cash Taxes Paid

0.0

0.0

0.1

0.1

0.8

 

 

Annual Income Statement

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2012

Updated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2011

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Filed Currency

THB

THB

THB

THB

THB

Exchange Rate (Period Average)

31.080794

30.484713

31.724617

34.331774

33.367913

Auditor

A.M.T. & Associates

A.M.T. & Associates

A.M.T. & Associates

A.M.T. & Associates

A.M.T. & Associates

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Revenue from sales and services

30.9

35.6

36.6

23.9

40.0

Total Revenue

30.9

35.6

36.6

23.9

40.0

 

 

 

 

 

 

    Other income

-1.9

-1.7

-1.7

-1.1

-1.9

    Cost of sales and services

29.3

34.0

33.2

22.5

35.7

    Selling expenses

0.9

0.9

1.3

0.8

1.1

    Administrative expenses

3.9

4.0

4.7

2.5

3.7

    Director's Remuneration

-

-

-

1.1

1.5

    Share of gain (loss) on investment in as

0.1

0.0

0.0

-

-

    Loss from on severe flooding

0.0

0.6

0.0

-

-

    Loss Impairment of Asset of Sub.

0.0

0.9

1.3

0.0

0.9

    Adjustment of allowance for obsolete inv

-0.4

-

-

-0.1

-

    Gain on disposal of fixed assets

0.0

0.0

0.0

-1.8

-

    Gain fr. Sales of Invest. of Subsidiary

-

-

-

-

0.0

    Gain fr. Acqui of Invest.

-

-

-

0.0

-1.8

Total Operating Expense

31.8

38.6

38.9

23.9

39.2

 

 

 

 

 

 

    Financial costs

-1.7

-1.4

-1.0

-1.1

-0.9

    Interest Capitalized

0.0

0.0

0.0

-

-

Net Income Before Taxes

-2.7

-4.4

-3.3

-1.2

-0.1

 

 

 

 

 

 

Provision for Income Taxes

0.0

0.0

0.0

0.1

0.4

Net Income After Taxes

-2.7

-4.4

-3.3

-1.3

-0.5

 

 

 

 

 

 

    Noncontrolling interest

0.0

0.0

0.0

0.0

0.0

Net Income Before Extra. Items

-2.7

-4.4

-3.3

-1.3

-0.5

Net Income

-2.7

-4.4

-3.3

-1.3

-0.5

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-2.7

-4.4

-3.3

-1.3

-0.5

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-2.7

-4.4

-3.3

-1.3

-0.5

 

 

 

 

 

 

Basic Weighted Average Shares

581.2

615.7

523.6

498.0

501.9

Basic EPS Excluding ExtraOrdinary Items

0.00

-0.01

-0.01

0.00

0.00

Basic EPS Including ExtraOrdinary Items

0.00

-0.01

-0.01

0.00

0.00

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-2.7

-4.4

-3.3

-1.3

-0.5

Diluted Weighted Average Shares

581.2

615.7

523.6

498.0

501.9

Diluted EPS Excluding ExtraOrd Items

0.00

-0.01

-0.01

0.00

0.00

Diluted EPS Including ExtraOrd Items

0.00

-0.01

-0.01

0.00

0.00

DPS-Ordinary Shares

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.4

0.0

Normalized Income Before Taxes

-2.7

-3.8

-3.3

-2.9

-0.1

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.0

0.0

0.0

-0.5

0.4

Normalized Income After Taxes

-2.7

-3.8

-3.3

-2.4

-0.5

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-2.7

-3.8

-3.3

-2.4

-0.5

 

 

 

 

 

 

Basic Normalized EPS

0.00

-0.01

-0.01

0.00

0.00

Diluted Normalized EPS

0.00

-0.01

-0.01

0.00

0.00

Interest Expense

1.7

1.4

1.0

1.1

0.9

Interest Capitalized

0.0

0.0

0.0

0.0

-0.1

Depreciation

2.7

2.8

2.6

2.2

1.8

Advertising and Promotion

0.0

0.0

0.1

0.1

0.0

Service Cost - Domestic

0.1

0.1

-

-

-

Interest Cost - Domestic

0.0

0.0

-

-

-

Domestic Pension Plan Expense

0.1

0.1

-

-

-

Total Pension Expense

0.1

0.1

-

-

-

Discount Rate - Domestic

3.40%

3.40%

-

-

-

Pension Payment Rate - Domestic

5.00%

5.00%

-

-

-

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

UpdateType/Date

Updated Normal
31-Dec-2012

Updated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2011

Reclassified Normal
31-Dec-2010

Reclassified Normal
31-Dec-2009

Filed Currency

THB

THB

THB

THB

THB

Exchange Rate

30.59

31.55

30.145

33.34

34.78

Auditor

A.M.T. & Associates

A.M.T. & Associates

A.M.T. & Associates

A.M.T. & Associates

A.M.T. & Associates

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Cash and cash equivalents

0.3

0.3

1.5

1.5

1.4

    Short Term Investments

0.0

0.0

0.0

0.2

0.3

    Trade receivables - net

-

-

-

-

0.3

    Trade Accounts Receivables-Other, Gross

8.4

9.0

11.5

7.8

9.9

    Allowance for Doubftul Account

-1.3

-0.9

-1.2

-0.4

-0.2

    Finished Goods

0.9

1.8

1.1

1.7

0.9

    Work in Process

1.5

1.8

1.9

0.8

0.8

    Raw Materials

4.8

7.5

6.9

4.4

5.7

    Goods in Transit

0.2

0.5

0.0

0.0

0.0

    Supplies

-

-

0.0

0.0

0.0

    Allow. for Obsolete & Slow-Moving Inv.

-0.4

-0.8

-0.2

-0.1

-0.1

    Prepaid Expense

0.1

0.1

0.1

0.0

-

    Advance on Purchase and Others Advance o

0.1

0.6

0.5

0.1

-

    Value Added Tax Receivable

-

-

-

0.1

-

    Receivable from Sale of Land

-

-

-

0.6

-

    Accrued Interest Received

0.4

0.4

0.4

0.4

-

    Receivable from sale of treasury stock

-

-

-

0.6

-

    Accrued Interest

-

-

-

0.0

-

    Other current assets

0.5

0.7

0.6

0.6

1.0

    ST. Loans to Third Party

2.6

2.5

2.7

2.4

2.3

Total Current Assets

18.1

23.4

25.7

20.7

22.3

 

 

 

 

 

 

    Investments in associate of a subsidiary

0.5

0.5

-

-

-

    Land

2.7

2.7

2.8

2.5

2.4

    Building, Structure and Imp.

18.1

17.6

18.4

16.6

11.2

    Machinery and Equipment

21.4

20.2

20.2

17.6

13.5

    Furnitures, Fixtures & Office Equip.

1.1

1.1

1.1

0.9

0.8

    Facilities

0.0

0.0

0.0

0.0

0.0

    Transaportation Equipment

0.7

0.6

0.7

0.6

0.6

    Mach. under Instal. & Construc. in Prog.

0.0

0.6

0.4

0.5

3.4

    Accumulated Depreciation

-20.4

-17.0

-15.3

-11.2

-7.6

    Adj. fr. Property, Equipment

-

-

-

-

2.4

    Impairment of Asset

-3.2

-3.1

-2.4

-0.9

-

    Computer Software, Gross

1.1

1.0

1.0

0.8

0.6

    Amort of Computer Software

-0.7

-0.5

-0.4

-0.3

-0.2

    Land Held for Future Project

-

-

-

-

0.7

    net

0.0

-

-

-

-

    Deferred leasehold land - net

-

-

-

-

0.5

    Deferred Leasehold Land,gross

1.1

1.0

1.1

0.7

-

    Amortisation-leasehold land right

-0.3

-0.2

-0.2

-0.1

-

    Other non-current assets

0.0

0.0

0.0

0.2

0.0

Total Assets

40.5

47.9

53.2

48.7

50.7

 

 

 

 

 

 

    Other payables-other companies-accrued e

1.8

1.2

0.6

-

-

    Default payment liabilities

4.8

-

-

-

-

    Bank overdrafts and short-term loans Tr

12.7

18.7

17.0

12.0

13.6

    Trade payable - other companies

4.5

5.3

6.1

5.7

4.0

    Current portion of long-term loans

0.8

5.5

1.7

2.1

2.6

    Short-term loan

0.6

-

-

-

-

    Current portion of liabilities under fin

0.0

0.0

0.0

0.0

0.0

    Other current liabilities

-

-

-

0.5

0.5

    tax

0.0

0.0

0.0

-

-

    tax

0.1

0.0

0.0

-

-

    Others

0.0

0.0

0.0

-

-

    Cur. Port. of LT Lease of Land

-

-

-

0.1

-

    Income Tax Payable

-

-

-

0.0

0.0

Total Current Liabilities

25.3

30.7

25.4

20.4

20.7

 

 

 

 

 

 

    Long-term loans from financial institute

0.7

1.4

7.0

7.6

9.1

    Liabilities under financial lease - net

0.0

0.0

0.0

0.0

0.0

Total Long Term Debt

0.7

1.4

7.0

7.7

9.1

 

 

 

 

 

 

    Employee benefit obligation

0.6

0.4

-

-

-

    Liabilities Under LT Lease of Land

0.3

0.3

0.3

0.3

0.3

    Other non current liablities

0.0

0.0

0.0

0.0

0.0

    Non - controlling interests

0.0

0.0

0.0

0.0

0.0

Total Liabilities

26.9

32.8

32.8

28.4

30.1

 

 

 

 

 

 

    Premium on sale of treasury stock Retai

0.5

0.5

0.5

-

-

    Common Stocks

9.8

8.7

9.1

7.5

7.2

    Premium on capital share

14.2

13.7

14.4

12.7

11.8

    Legal Reserve

0.4

0.4

0.4

0.4

0.4

    Retained Earnings-Unappropriated

-11.4

-8.3

-3.9

-0.4

1.2

Total Equity

13.6

15.1

20.5

20.3

20.6

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

40.5

47.9

53.2

48.7

50.7

 

 

 

 

 

 

    S/O-Ordinary Shares

600.1

552.0

547.6

503.2

503.2

Total Common Shares Outstanding

600.1

552.0

547.6

503.2

503.2

Amort of Computer Software

0.7

0.5

0.4

0.3

0.2

Accumulated amort-leasehold land

0.3

0.2

0.2

0.1

-

Full-Time Employees

-

580

695

-

886

Long Term Loan due in 1 Year

19.0

24.2

18.6

14.1

16.1

Long Term Loan due in 1-5 Years

0.7

1.4

4.8

5.4

6.5

Long Term Loan due after 5 Years

-

-

2.2

2.2

2.6

Total Long Term Debt, Supplemental

19.7

25.6

25.7

21.7

25.2

Hire Purchase due in 1 Year

0.0

0.0

0.0

0.0

0.0

Hire Purchase due in 1-5 Years

0.0

0.0

0.0

0.0

0.0

Total Capital Leases, Supplemental

0.0

0.0

0.0

0.1

0.0

Operating Lease Pymts. Due within 1Year

-

-

-

0.1

-

Operating Lease Payments Due in Year 5

0.1

0.1

-

0.1

-

Operating Leases - Remaining Payments

0.2

0.3

-

0.2

-

Total Operating Leases, Supplemental

0.3

0.3

-

0.4

-

Discount Rate - Domestic

3.40%

3.40%

-

-

-

Compensation Rate - Domestic

5.00%

5.00%

-

-

-

Accrued Liabilities - Domestic

-0.6

-0.4

-

-

-

Net Assets Recognized on Balance Sheet

-0.6

-0.4

-

-

-

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2012

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Filed Currency

THB

THB

THB

THB

THB

Exchange Rate (Period Average)

31.080794

30.484713

31.724617

34.331774

33.367913

Auditor

A.M.T. & Associates

A.M.T. & Associates

A.M.T. & Associates

A.M.T. & Associates

A.M.T. & Associates

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

Net Income

-2.7

-4.4

-3.3

-1.3

-0.5

    Depreciation

3.0

3.0

2.9

2.4

1.8

    Provision for doubtful accounts

0.4

0.1

0.7

0.2

0.0

    Provision for allowance for obsolete inv

-0.4

0.7

0.1

-0.1

0.1

    Loss Impair. of Asset of Sub

0.0

0.9

1.3

0.0

0.9

    Unrealized loss (gain) on exchange rate

0.0

0.2

0.0

0.0

-0.1

    Unrealized Loss/G. fr. Invst.

0.0

0.0

0.0

0.1

2.2

    Other payables-other companies-accrued e

0.5

0.8

-

-

-

    Share of gain (loss) on investment in as

0.1

0.0

-

-

-

    (Gain) Loss on Disposal of Investment

-

-

0.0

-

-

    Gain on disposal of assets

0.0

0.0

0.0

-1.8

0.0

    Financial costs

1.7

1.4

1.0

1.1

0.9

    Income tax expenses

-

-

0.0

0.1

0.4

    Interest income Net income from operati

-

-

0.0

-0.2

-0.3

    (Gain) loss on Sales of ST. Invst.

-

-

-

-

-0.4

    Acquisition Cost of Investment

-

-

-

0.0

-1.8

    Loss from Assets Write-off

-

-

-

0.0

0.0

    Employee benefits

0.1

0.1

-

-

-

    Sharing in Profit fr. Investm. of Subsi.

-

-

-

0.0

0.0

    Loss/Gain fr. Sales of Invest. of Subsi.

-

-

-

-

0.0

    Dividend income

-

-

-

-

0.0

    Other receivable - other companies

0.4

-0.1

-

-

-

    Trade receivable

0.8

1.8

-2.8

2.8

-0.8

    Inventories

4.6

-2.2

-2.2

0.7

-1.0

    Rcvbl. fr. Sale of Land

-

-

0.0

-0.6

0.0

    Other current assets

0.2

-0.1

-0.2

0.0

-0.1

    Other non-current assets

0.0

0.0

0.2

-0.2

0.0

    Accounts payable trade

-0.9

-0.9

-0.1

1.5

-1.0

    Other current liabilities

-0.7

-0.5

0.3

0.1

0.1

    Other Non-Current Liabilities

0.0

0.0

-0.1

-

-

    Income taxes paid

-

-

-0.1

-

-

    Income Tax Payable

-

-

-

-0.1

-0.8

Cash from Operating Activities

7.1

0.6

-2.1

4.9

-0.5

 

 

 

 

 

 

    Sales of trading security

-

-

0.2

0.0

9.2

    Acquisition of land building and equipme

-0.1

-1.4

-0.7

-1.2

-7.3

    Computer Software

-0.1

0.0

-0.2

-0.1

-0.3

    Payment for leasehold right

-

-

-0.3

-

-

    Proceeds from Receiv. from Sale of Land

-

-

0.6

-

-

    Sales of Fixed Assets

0.0

0.0

0.0

2.5

0.0

    Cash received from interest income

-

-

0.0

0.0

0.3

    Payment ST. Loans to Third Party

-

-

-

0.0

-2.4

    Increase in Short Term Investment

-

-

0.0

0.0

-7.8

    Payment for investment in associate of a

0.0

-0.6

-

0.0

-4.4

    Cash fr. Sales of Invest. in Subsidiary

-

-

-

-

0.0

    Deposit from Land

-

-

-

0.0

0.3

    Deposit from Machinery

-

-

0.0

0.1

0.5

    Dividend Income

-

-

-

-

0.0

    Redemption of Restrict Fixed Deposit

-

-

-

0.0

0.0

Cash from Investing Activities

-0.2

-2.0

-0.4

1.3

-11.8

 

 

 

 

 

 

    Interest paid Increase (decrease) in ba

-1.0

-1.0

-1.2

-1.2

-1.0

    Cash received from short-term loan

0.6

-

-

-

-

    Increase in Bank Overdrafts

-

2.5

3.5

-

11.4

    Repayment of long-term loans

-0.8

-1.4

-2.0

-2.4

-1.8

    Payments of hire-purchase liability

0.0

0.0

0.0

0.0

0.0

    Treasury stock increase (decrease)

-

-

0.6

-0.1

-

    Cash from share capital increase

0.8

0.1

1.5

0.0

0.1

    Decr ST Loans from Financial Institution

-6.4

-

-

-2.1

-

    LT Loans

-

-

-

0.0

3.3

    Payment of Dividend

-

-

0.0

-0.4

0.0

    Minority Interest

-

-

-

0.0

0.0

Cash from Financing Activities

-6.9

0.2

2.4

-6.2

12.1

 

 

 

 

 

 

Net Change in Cash

0.0

-1.2

-0.1

0.1

-0.3

 

 

 

 

 

 

Cash and cash equivalents, at beginning

0.3

1.5

1.5

1.4

1.7

Cash and cash equivalents, at ending of

0.3

0.3

1.4

1.4

1.4

    Cash Interest Paid

1.0

1.0

1.2

1.2

1.0

    Cash Taxes Paid

0.0

0.0

0.1

0.1

0.8

 

 

 Financial Health

Key Indicators USD (mil)

 

Quarter
Ending
30-Jun-2013

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2012

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 (?)

7.0

-18.91%

30.9

-11.66%

5.36%

-5.40%

Operating Income1 (?)

-0.4

-

-1.0

-

-

-

Income Available to Common Excl Extraord Items1 (?)

-0.8

-

-2.7

-

-

-

Basic EPS Excl Extraord Items1 (?)

0.00

-

0.00

-

-

-

Capital Expenditures2 (?)

0.2

15.61%

0.2

-88.94%

-52.51%

-47.69%

Cash from Operating Activities2 (?)

1.1

-72.45%

7.1

1,083.48%

9.17%

14.04%

Free Cash Flow (?)

0.9

-76.23%

7.0

-

20.41%

-

Total Assets3 (?)

41.9

-9.87%

40.5

-18.10%

-8.64%

0.79%

Total Liabilities3 (?)

27.9

-10.13%

26.9

-20.56%

-4.58%

12.36%

Total Long Term Debt3 (?)

2.9

174.16%

0.7

-52.34%

-56.49%

-34.08%

Total Common Shares Outstanding3 (?)

601.9

0.33%

600.1

8.72%

6.05%

3.67%

1-ExchangeRate: THB to USD Average for Period

29.838202

 

31.080794

 

 

 

2-ExchangeRate: THB to USD Average for Period

29.843129

 

31.080794

 

 

 

3-ExchangeRate: THB to USD Period End Date

31.122602

 

30.590000

 

 

 

Key Ratios

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Profitability

Gross Margin (?)

6.40%

4.64%

9.16%

6.20%

10.73%

Operating Margin (?)

-3.17%

-8.30%

-6.28%

-0.23%

2.05%

Pretax Margin (?)

-8.84%

-12.33%

-9.12%

-4.89%

-0.20%

Net Profit Margin (?)

-8.83%

-12.33%

-9.15%

-5.30%

-1.25%

Financial Strength

Current Ratio (?)

0.72

0.76

1.01

1.01

1.08

Long Term Debt/Equity (?)

0.05

0.09

0.34

0.38

0.44

Total Debt/Equity (?)

1.09

1.70

1.25

1.08

1.23

Management Effectiveness

Return on Assets (?)

-6.16%

-8.59%

-6.58%

-2.57%

-1.13%

Return on Equity (?)

-19.04%

-24.51%

-16.43%

-6.24%

-2.31%

Efficiency

Receivables Turnover (?)

4.18

3.89

3.79

2.56

4.05

Inventory Turnover (?)

3.02

3.10

3.95

3.14

5.00

Asset Turnover (?)

0.70

0.70

0.72

0.48

0.90

Market Valuation USD (mil)

Enterprise Value2 (?)

23.6

.

Price/Sales (TTM) (?)

0.45

Enterprise Value/Revenue (TTM) (?)

0.81

.

Price/Book (MRQ) (?)

0.93

Enterprise Value/EBITDA (TTM) (?)

12.61

.

Market Cap1 (?)

12.9

1-ExchangeRate: THB to USD on 8-Nov-2013

31.344008

 

 

 

2-ExchangeRate: THB to USD on 30-Jun-2013

31.122602

 

 

 

 

 

 Annual Ratios

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Financial Strength

Current Ratio (?)

0.72

0.76

1.01

1.01

1.08

Quick/Acid Test Ratio (?)

0.40

0.34

0.58

0.63

0.67

Working Capital1 (?)

-7.2

-7.3

0.3

0.2

1.6

Long Term Debt/Equity (?)

0.05

0.09

0.34

0.38

0.44

Total Debt/Equity (?)

1.09

1.70

1.25

1.08

1.23

Long Term Debt/Total Capital (?)

0.02

0.03

0.15

0.18

0.20

Total Debt/Total Capital (?)

0.52

0.63

0.56

0.52

0.55

Payout Ratio (?)

0.00%

0.00%

0.00%

-28.67%

0.00%

Total Capital1 (?)

28.4

40.6

46.1

42.1

45.9

 

 

 

 

 

 

Efficiency

Asset Turnover (?)

0.70

0.70

0.72

0.48

0.90

Inventory Turnover (?)

3.02

3.10

3.95

3.14

5.00

Days In Inventory (?)

120.66

117.90

92.36

116.13

73.04

Receivables Turnover (?)

4.18

3.89

3.79

2.56

4.05

Days Receivables Outstanding (?)

87.39

93.76

96.24

142.39

90.23

Revenue/Employee2 (?)

-

59,318

55,353

-

43,356

Operating Income/Employee2 (?)

-

-4,921

-3,476

-

888

EBITDA/Employee2 (?)

-

-236

446

-

2,802

 

 

 

 

 

 

Profitability

Gross Margin (?)

6.40%

4.64%

9.16%

6.20%

10.73%

Operating Margin (?)

-3.17%

-8.30%

-6.28%

-0.23%

2.05%

EBITDA Margin (?)

5.54%

-0.40%

0.81%

8.94%

6.46%

EBIT Margin (?)

-3.17%

-8.30%

-6.28%

-0.23%

2.05%

Pretax Margin (?)

-8.84%

-12.33%

-9.12%

-4.89%

-0.20%

Net Profit Margin (?)

-8.83%

-12.33%

-9.15%

-5.30%

-1.25%

COGS/Revenue (?)

93.60%

95.36%

90.84%

93.80%

89.27%

SG&A Expense/Revenue (?)

15.55%

13.72%

16.40%

18.49%

15.75%

 

 

 

 

 

 

Management Effectiveness

Return on Assets (?)

-6.16%

-8.59%

-6.58%

-2.57%

-1.13%

Return on Equity (?)

-19.04%

-24.51%

-16.43%

-6.24%

-2.31%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 (?)

0.01

0.00

-0.01

0.01

-0.02

Operating Cash Flow/Share 2 (?)

0.01

0.00

0.00

0.01

0.00

1-ExchangeRate: THB to USD Period End Date

30.59

31.55

30.145

33.34

34.78

2-ExchangeRate: THB to USD Average for Period

30.59

31.55

30.145

33.34

34.78

 

Current Market Multiples

Market Cap/Earnings (TTM) (?)

-5.48

Market Cap/Equity (MRQ) (?)

0.93

Market Cap/Revenue (TTM) (?)

0.45

Market Cap/EBIT (TTM) (?)

-14.84

Market Cap/EBITDA (TTM) (?)

6.91

Enterprise Value/Earnings (TTM) (?)

-10.00

Enterprise Value/Equity (MRQ) (?)

1.69

Enterprise Value/Revenue (TTM) (?)

0.81

Enterprise Value/EBIT (TTM) (?)

-27.07

Enterprise Value/EBITDA (TTM) (?)

12.61

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.33

UK Pound

1

Rs.102.18

Euro

1

Rs.84.68

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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

 

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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%)