MIRA
INFORM REPORT
|
Report Date : |
18.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
BORAL PRESTIA CO, LTD |
|
|
|
|
Formerly Known As : |
LAFARGE
PRESTIA CO., LTD |
|
|
|
|
Registered Office : |
29 Moo 7, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
09.10.1991 |
|
|
|
|
Com. Reg. No.: |
0105534096151 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer And Distributor of Industrial Plaster
Products |
|
|
|
|
No of Employees : |
150 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. 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 in 2013 implemented a
nation-wide 300 baht ($10) per day minimum wage policy and deployed 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 recession severely cut Thailand's exports, with most sectors
experiencing double-digit drops. In late 2011 Thailand's recovery was
interrupted by historic flooding in the industrial areas in Bangkok and its
five surrounding provinces, crippling the manufacturing sector. The government
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 following seven years. This was expected to lead to an
economic upsurge but growth has remained slow, in part due to ongoing political
unrest and resulting uncertainties. Spending on infrastructure will require re-approval
once a new government is seated.
|
Source
: CIA |
COMPANY NAME
BORAL PRESTIA CO, LTD
[FORMER : LAFARGE
PRESTIA CO., LTD.]
SUMMARY
BUSINESS ADDRESS : 29 MOO 7,
NATIONAL HIGHWAY NO.
331,
KM. 50, T.
THABOONMEE, A. KOHCHAN,
CHONBURI 20240,
THAILAND
TELEPHONE : [66] 38
779-752-4, 38 209-759-60
FAX : [66] 38
209-439
E-MAIL ADDRESS : sales.prestia@th.boral.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1991
REGISTRATION NO. : 0105534096151
TAX ID NO. : 3011020586
CAPITAL REGISTERED : BHT.
75,000,000
CAPITAL PAID-UP : BHT.
75,000,000
SHAREHOLDER’S PROPORTION : FOREIGN :
100%
FISCAL YEAR CLOSING DATE : JUNE 30
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SUPOJ KANCHANANGKURAPHAN, THAI
MANAGING DIRECTOR
NO. OF STAFF : 150
LINES OF BUSINESS : INDUSTRIAL PLASTER
PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject was
established on October
9, 1991 as
a private limited
company under the originally
registered name “Prestia Lafarge
[Thailand] Co., Ltd.”. On
May 2, 1996,
subject’s name was changed
to “Lafarge Prestia Co.,
Ltd.”, and was
finally changed to BORAL PRESTIA CO., LTD., on December
2, 2011. Its
business objective is a manufacturer and distributor of
industrial plaster products
to both domestic and international
markets. It currently
employs approximately 150 staff.
The subject was
initially a wholly
owned subsidiary of Boral
Gypsum Asia Sdn. Bhd.,
the Malaysian company,
which is also a
member of Boral
Limited, in Australia.
In May 2014, the
subject has become
a wholly owned subsidiary
of USG Boral Building
Products Sdn. Bhd., Malaysia,
under the USG Boral
Joint Venture Agreement.
The subject’s registered
address is 29 Moo
7, National Highway
No. 331, KM. 50,
T. Thaboonmee, A. Kohchan,
Chonburi 20240, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Ivan Kovarik |
|
Australian |
58 |
|
Mr. Federic Jean Pierre De Rouge
Mont |
|
French |
55 |
|
Mr. Paul Stanton Monzella |
|
American |
54 |
|
Mr. Supoj Kanchanangkuraphan |
|
Thai |
45 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Supoj Kanchanangkuraphan
is the Managing
Director.
He is Thai
nationality with the
age of 45
years old.
Mr. Surat Pongchawalit is
the Logistics Manager.
He is Thai
nationality.
Ms. Roskaew Sirikomol is
the Sales Manager.
She is Thai
nationality.
Mr. Prayuth Klapachoenchoke is
the Factory Manager.
He is Thai
nationality.
Ms. Aranya Naiyawat is
the Account Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in manufacturing,
distributing and exporting
wide range of
industrial plaster products,
especially for construction
materials such as ceiling boards, glass-reinforced ceiling
board and decorative items,
ceramic, sanitary, dentistry and consumer products industries.
The products are
main raw material
to produce various
household goods.
MAJOR BRAND
“BORAL”
PURCHASE
70% of raw materials
is purchased from
local suppliers and agents,
the remaining 30%
is imported from
France, Republic of China,
Singapore, India, Australia,
Malaysia, Germany and
Japan.
MAJOR SUPPLIER
Boral Gypsum Asia
Sdn. Bhd. : Malaysia
SALES
70% of the
products is exported to
Malaysia, Indonesia, Japan,
Sri Lanka, Korea,
Philippines, Vietnam, South Africa, Pakistan, Bangladesh
and India, the
remaining 30% is
sold locally.
MAJOR CUSTOMERS
Chemical Ceramic Lampang
Co., Ltd. :
Thailand
Karat Sanitaryware Public
Company Limited : Thailand
Royal Porcelain Co.,
Ltd. : Thailand
Ceramic Chemical Refractory
Co., Ltd. :
Thailand
Aristons [Pvt] Ltd. : Sri
Lanka
Engineering Materials Sdn. Bhd. : Malaysia
Pudlo SA [Pty] Ltd. : South
Africa
PNC Co., Ltd. : Korea
Fuji Kozai Co.,
Ltd. : Japan
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
or affiliated company here
in Thailand.
LITIGATION
Bankruptcy
and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
CREDIT
Sales are by
cash or on the
credits
term of 30-60
days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C on the
credits term of
60-90 days or
T/T.
Exports are against
T/T.
BANKING
Kasikornbank Public Co., Ltd.
EMPLOYMENT
The subject employs
approximately 150 staff.
LOCATION DETAILS
The premise is owned for administrative office and
factory at the heading
address. Premise is
located in provincial.
Bangkok/Sale office :
Unit 212, 2nd Floor,
Phayathai Building, 31
Phayathai Rd., Phayathai,
Rajthewi, Bangkok 10400.
COMMENT
The subject was
formed in 1991
as a manufacturer, distributor and exporter
of industrial plaster
products. Its products
are mainly for
industrial users. Its
products are used
in industrial goods
processing. Strong consumption
has spurred demand of
such products especially household goods. Construction materials are
also in strong demand
from domestic and international
markets, this has
enabled the subject
to have a strong business
growth.
FINANCIAL INFORMATION
The capital was
registered at Bht.
4,800,000 divided into
48,000 shares of
Bht. 100
each.
The capital was increased later
as following:
Bht. 200,000,000 on
December 4, 1991
Bht. 275,000,000 on
May 2, 1996
On December 22, 2005, the capital
was decreased to Bht. 75,000,000 divided
into 750,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at May
21, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
USG Boral Building
Products Sdn. Bhd. Nationality: Malaysian Address : Lot 606,
Off Jalan SS13/1K, 47500 Subang
Jaya, Selangor, Darul
Ehsan, Malaysia |
749,998 |
100.00 |
|
Mr. Thanasak Kaenthong Nationality: Thai Address : 35/14
Moo 1, T. Bangkhunkong, A. Bangkruay,
Nonthaburi |
1 |
- |
|
Mr. Chay Sangkaboon Nationality: Thai Address : 662
Pattanakarn 30 Rd.,
Suanluang, Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure
[as at May
21, 2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
2 |
- |
|
Foreign - Malaysian |
1 |
749,998 |
100.00 |
|
Total |
3 |
750,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Manoon Manusuk No.
4292
BALANCE SHEET [BAHT]
The latest
financial figures published as
at June 30,
2013 & 2012, December 31,
2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
98,825,016 |
92,185,616 |
75,372,466 |
|
Trade Accounts & Other Receivable |
48,754,129 |
51,528,993 |
49,452,547 |
|
Inventories |
25,939,213 |
19,473,577 |
22,372,247 |
|
Other Current Assets
|
1,748,207 |
905,538 |
1,394,945 |
|
|
|
|
|
|
Total Current Assets
|
175,266,565 |
164,093,724 |
148,592,205 |
|
|
|
|
|
|
Fixed Assets |
34,119,644 |
36,062,642 |
39,202,806 |
|
Deferred Income Tax |
1,879,079 |
1,186,259 |
945,370 |
|
Other Non - current Assets |
3,057,724 |
3,232,283 |
3,097,992 |
|
Total Assets |
214,323,012 |
204,574,908 |
191,838,373 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts & Other Payable |
75,706,874 |
93,742,100 |
60,046,332 |
|
Accrued Income Tax |
7,068,020 |
7,526,584 |
7,723,686 |
|
Other Current Liabilities |
5,307,339 |
1,590,473 |
5,053,541 |
|
|
|
|
|
|
Total Current Liabilities |
88,082,233 |
102,859,157 |
72,823,559 |
|
|
|
|
|
|
Other Non-current Liabilities |
4,852,948 |
4,828,167 |
4,400,295 |
|
Total Liabilities |
92,935,181 |
107,687,324 |
77,223,854 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 750,000 shares |
75,000,000 |
75,000,000 |
75,000,000 |
|
|
|
|
|
|
Capital Paid |
75,000,000 |
75,000,000 |
75,000,000 |
|
Cash Flow Hedge Reserve |
[5,539,577] |
[1,702,206] |
[6,283,410] |
|
Retained Earnings: Appropriated for Statutory Reserve |
7,500,000 |
7,500,000 |
7,500,000 |
|
Unappropriated |
44,427,408 |
16,089,790 |
38,397,929 |
|
Total Shareholders' Equity |
121,387,831 |
96,887,584 |
114,614,519 |
|
Total Liabilities & Shareholders' Equity |
214,323,012 |
204,574,908 |
191,838,373 |
PROFIT & LOSS ACCOUNT
|
Revenue |
July 1,
2012 - June 30, 2013 |
Jan. 1, 2012 -
June 30, 2012 |
Jan. 1, 2011
- Dec. 31, 2011 |
|
|
|
|
|
|
Sales Income |
413,453,016 |
199,930,496 |
375,269,548 |
|
Gain on Exchange Rate |
4,685,323 |
- |
1,306,433 |
|
Other Income |
3,440,367 |
1,719,543 |
1,955,744 |
|
Total Revenues |
421,578,706 |
201,650,039 |
378,531,725 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
267,522,276 |
132,225,615 |
240,028,947 |
|
Loss on Exchange Rate |
- |
177,377 |
- |
|
Selling Expenses |
59,776,574 |
31,176,714 |
57,073,918 |
|
Administrative Expenses |
37,749,737 |
14,795,461 |
25,241,574 |
|
Total Expenses |
365,048,587 |
178,375,167 |
322,344,439 |
|
Profit before Income
Tax |
56,530,119 |
23,274,872 |
56,187,286 |
|
Income Tax |
[12,102,710] |
[7,190,613] |
[17,789,357] |
|
|
|
|
|
|
Net Profit / [Loss] |
44,427,409 |
16,084,259 |
38,397,929 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
CURRENT RATIO |
TIMES |
1.99 |
|
QUICK RATIO |
TIMES |
1.68 |
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
12.12 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.93 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
35.39 |
|
INVENTORY TURNOVER |
TIMES |
10.31 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
43.04 |
|
RECEIVABLES TURNOVER |
TIMES |
8.48 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
103.29 |
|
CASH CONVERSION CYCLE |
DAYS |
(24.86) |
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
COST OF GOODS SOLD |
% |
64.70 |
|
SELLING & ADMINISTRATION |
% |
23.59 |
|
INTEREST |
% |
- |
|
GROSS PROFIT MARGIN |
% |
37.26 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
13.67 |
|
NET PROFIT MARGIN |
% |
10.75 |
|
RETURN ON EQUITY |
% |
36.60 |
|
RETURN ON ASSET |
% |
20.73 |
|
EARNING PER SHARE |
BAHT |
59.24 |
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
DEBT RATIO |
TIMES |
0.43 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.77 |
|
TIME INTEREST EARNED |
TIMES |
- |
PROFITABILITY:
EXCELLENT
PROFITABILITY RATIO
|
Gross Profit Margin |
37.26 |
Impressive |
Industrial Average |
36.57 |
|
Net Profit Margin |
10.75 |
Impressive |
Industrial Average |
1.19 |
|
Return on Assets |
20.73 |
Impressive |
Industrial Average |
1.36 |
|
Return on Equity |
36.60 |
Impressive |
Industrial Average |
2.74 |
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. Gross Profit Margin is 37.26%. 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. Net Profit Margin ratio is 10.75%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is 20.73%, 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 ratio
is 36.6%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profits 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 :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
1.99 |
Impressive |
Industrial Average |
1.37 |
|
Quick Ratio |
1.68 |
|
|
|
|
Cash Conversion Cycle |
(24.86) |
|
|
|
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 1.99 times in 2013, then it is generally considered to have good short-term
financial strength. When compared with the industry average, the ratio of the
company was higher, indicated that company was an efficient operator in a
dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 1.68 times in 2013,
although excluding inventory so the company still have good short-term
financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for -25 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.43 |
Impressive |
Industrial Average |
0.46 |
|
Debt to Equity Ratio |
0.77 |
Impressive |
Industrial Average |
0.86 |
|
Times Interest Earned |
- |
|
Industrial Average |
- |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.43 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 Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
12.12 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.93 |
Impressive |
Industrial Average |
1.14 |
|
Inventory Conversion Period |
35.39 |
|
|
|
|
Inventory Turnover |
10.31 |
Impressive |
Industrial Average |
7.53 |
|
Receivables Conversion Period |
43.04 |
|
|
|
|
Receivables Turnover |
8.48 |
Impressive |
Industrial Average |
4.91 |
|
Payables Conversion Period |
103.29 |
|
|
|
The company's Account Receivable Ratio is calculated as 8.48 in 2013. 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 2013 is 8.48. 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
is 35 days at the end of 2013. This represents a negative trend. And
Inventory turnover is 10.31 times in
year 2013.
The company's Total Asset Turnover is calculated as 1.93 times in 2013.
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 Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.06 |
|
|
1 |
Rs.101.84 |
|
Euro |
1 |
Rs.81.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SHG |
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.