MIRA
INFORM REPORT
|
Report Date : |
20.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
PTT
ENERGY RESOURCES COMPANY
LIMITED |
|
|
|
|
Formerly Known As : |
PTT INTERNATIONAL COMPANY
LIMITED |
|
|
|
|
Registered Office : |
5th
Floor, Energy Complex,
Building B, 555/2 Vibhavadi
Rangsit Road, Chatuchak, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
01.10.2007 |
|
|
|
|
Com. Reg. No.: |
0105550103485 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in international investment
in energy businesses
focusing in 3
business lines, e.g.
natural gas, mining
and power. 1.
Investment
in Natural Gas
Business 2.
Investment
in Coal Mining
Business 3.
Investment
in Power Business |
|
|
|
|
No. of Employees : |
30 |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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
PTT
ENERGY RESOURCES COMPANY
LIMITED
[FORMER :
PTT INTERNATIONAL COMPANY
LIMITED]
SUMMARY
BUSINESS
ADDRESS : 5th FLOOR,
ENERGY COMPLEX, BUILDING
B,
555/2 VIBHAVADI
RANGSIT ROAD, CHATUCHAK,
BANGKOK 10900,
THAILAND
TELEPHONE : [66] 2140-4800
FAX :
[66] 2140-4999
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2007
REGISTRATION
NO. : 0105550103485
TAX
ID NO. : 3032803335
CAPITAL REGISTERED : BHT. 36,045,000,000
CAPITAL PAID-UP : BHT.
33,316,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
NATTACHAT CHARUCHINDA, THAI
PRESIDENT
NO.
OF STAFF : 30
LINES
OF BUSINESS : INTERNATIONAL INVESTMENT
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on October 1, 2007 as
a private limited
company under the
originally registered name “PTT International
Company Limited” by Thai
groups. On February
17, 2014, its
registered name was
changed to PTT
ENERGY RESOURCES COMPANY
LIMITED. Its objective
is engaged in
international investment in
energy businesses. It
currently employs approximately
30 staff.
The
subject is a
wholly owned subsidiary
of PTT Public
Company Limited.
The
subject’s registered address is 5th Floor, Energy
Complex, Building B, 555/2 Vibhavadi Rangsit Road, Chatuchak, Bangkok
10900, and this is the subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Supattanapong Phanmeechao |
|
Thai |
54 |
|
Mr. Peerapong Ajchariyachewin |
[x] |
Thai |
61 |
|
Mr. Boonchai Pitakdamrongkij |
|
Thai |
59 |
|
Mr. Chakree Buranakanon |
[x] |
Thai |
59 |
|
Mr. Luecha Karnmuang |
|
Thai |
43 |
|
Mr. Nattachat Charuchinda |
[x] |
Thai |
59 |
|
Mr. Thanakorn Pooltawee |
|
Thai |
61 |
|
Mr. Peerachat Pinprayong |
[x] |
Thai |
57 |
AUTHORIZED PERSON
Any two of
the mentioned directors
[x] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Nattachat Charuchinda is
the President.
He is Thai
nationality with the
age of 59
years old.
Mr. Padhanaseth Changkasiri is
the Executive Vice President [Business Development].
He is Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
international investment in
energy businesses focusing
in 3 business
lines, e.g. natural
gas, mining and
power.
1.
Investment in
Natural Gas Business
The company has
invested around 25%
of total shares
in The East
Mediterranean Gas S.A.E. [EMG]
since December 2010.
EMG was granted
a license to
export natural gas
from Egypt to
Israel under MOU
agreement.
2.
Investment in
Coal Mining Business
The company
invests in the
business through the
subsidiary company, namely
PTT
Mining Limited which
was registered in
Hong Kong.
It
currently invests in
Sakari Resources Limited,
Red Island Mineral
Limited
and
Fee [Bru] Pte.
Ltd.
3.
Investment in
Power Business
The company invests
around 25% of
total shares in
Xayaburi Power Company
Limited [XPCL], which was
registered in Laos
People’s Democratic Republic,
to operate in
hydro power plant.
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
according for the
past two years.
CREDIT
Local bills are
paid by cash
or on the
credits term of
30-60 days.
BANKING
Bangkok
Bank Public Co.,
Ltd.
TMB
Bank Public Co.,
Ltd.
Krung
Thai Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
30 staff.
LOCATION
DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
at PTT Energy Complex, in
commercial/residential area.
COMMENT
The subject
is pleased with the results
given the unpredictable
economic situation and a
spur market environment with overall
economic rate. The market situation is
positive with economic factors showed
the obvious signs of strong growth this
year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 100,000,000
divided into 10,000,000 shares
of Bht. 10 each
with fully paid.
The
capital was increased
later as follows:
Bht. 16,600,000,000 on April 9,
2009
Bht. 36,045,000,000 on February 17, 2011
The
latest registered capital
was increased to
Bht. 36,045,000,000 divided
into
3,604,500,000 shares
of Bht. 10 each,
with the current
capital paid-up at
Bht. 33,316,000,000 or
10,000,000 shares of
Bht. 10 each,
1,650,000,000 shares of
Bht. 8.3624 each
and 1,944,500,000 shares
of Bht. 9.9861
each.
THE SHAREHOLDERS LISTED WERE
[as at
June 16, 2014]
at Bht. 33,316,000,000 of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
PTT Public Company
Limited Nationality: Thai Address : 555
Moo 1, Vibhavadi
Rangsit Road,
Chatuchak, Bangkok |
3,604,499,998 |
100.00 |
|
Ms. Chantanipa Pichitkul Nationality: Thai Address : 555
Moo 1, Vibhavadi
Rangsit Road,
Chatuchak, Bangkok |
1 |
- |
|
Mr. Supot Laosuarpa Nationality: Thai Address : 48
Trok Songphra, Mahapruktharam,
Bangrak, Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure [as
at June 16,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
3,604,500,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
3,604,500,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO
Office of The Auditor
General of Thailand
BALANCE SHEET [BAHT]
The
latest financial figures
published for December 31,
2013, 2012 &
2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 [Adjusted] |
|
|
|
|
|
|
Cash and Cash Equivalents
|
525,021,533 |
1,050,402,436 |
14,983,803 |
|
Short-term Investment |
470,644 |
- |
- |
|
Other Receivable |
1,391,900,771 |
981,785,125 |
1,988,454,140 |
|
Short-term Loan |
689,201,326 |
332,705,594 |
1,578,710,886 |
|
Notes Receivable |
420,342,216 |
- |
- |
|
Other Current Assets
|
1,444,300 |
1,385,505 |
192,838,873 |
|
|
|
|
|
|
Total Current Assets
|
3,028,380,790 |
2,366,278,660 |
3,774,987,702 |
|
Investment in Subsidiaries & Joint Ventures |
42,080 |
284,248,636 |
276,609,104 |
|
Investment in Associated
Company |
3,714,351,116 |
3,467,358,584 |
7,626,448,691 |
|
Long-term Loan |
59,789,079,112 |
55,355,158,019 |
30,507,077,262 |
|
Fixed Assets |
43,954,672 |
43,092,741 |
47,615,041 |
|
Intangible Assets |
8,489,482 |
11,206,562 |
7,066,095 |
|
Other Non-current Assets |
4,444,789 |
3,845,342 |
3,978,359 |
|
Total Assets |
66,588,742,041 |
61,531,188,544 |
42,243,782,254 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 [Adjusted] |
|
|
|
|
|
|
Other Payable |
55,048,427 |
72,046,034 |
79,491,183 |
|
Current Portion of
Finance Lease Contract Liabilities |
3,145,857 |
3,803,694 |
4,786,896 |
|
Other Current Liabilities |
5,777,061 |
4,811,482 |
1,970,946 |
|
|
|
|
|
|
Total Current Liabilities |
63,971,345 |
80,661,210 |
86,249,025 |
|
Long-term Loan |
48,739,161,186 |
45,698,658,014 |
22,447,296,574 |
|
Finance Lease Contract
Liabilities |
9,264,826 |
8,036,642 |
8,015,599 |
|
Obligation from Employee
Benefit |
6,267,990 |
10,306,258 |
7,251,433 |
|
Total Liabilities |
48,818,665,347 |
45,797,662,124 |
22,548,812,631 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10 par
value Authorized &
issued share capital
3,604,500,000 shares |
36,045,000,000 |
36,045,000,000 |
36,045,000,000 |
|
|
|
|
|
|
Capital Paid |
33,316,000,000 |
33,316,000,000 |
33,157,000,000 |
|
Retained Earning – Unappropriated [Deficit] |
[16,331,452,361] |
[16,803,488,410] |
[13,268,942,591] |
|
Other Components of Shareholders’ Equity |
785,529,055 |
[778,985,170] |
[193,087,786] |
|
|
|
|
|
|
Total Shareholders' Equity |
17,770,076,694 |
15,733,526,420 |
19,694,969,623 |
|
Total Liabilities &
Shareholders' Equity |
66,588,742,041 |
61,531,188,544 |
42,243,782,254 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 [Adjusted] |
|
|
|
|
|
|
Sales & Service
Income |
- |
- |
- |
|
Interest Income |
1,635,744,325 |
1,888,137,088 |
1,668,782,863 |
|
Other Income |
267,890,302 |
77,035,841 |
12,312,053 |
|
Gain on Exchange
Rate |
- |
4,840,002 |
5,041,312 |
|
Total Revenues |
1,903,634,627 |
1,970,012,931 |
1,686,136,228 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
- |
- |
- |
|
Selling Expenses |
- |
- |
- |
|
Administrative Expenses |
198,089,856 |
269,624,096 |
322,737,643 |
|
Directors & Executives’ Remuneration |
32,057,191 |
42,173,099 |
33,158,510 |
|
Loss from Diminution of Investment |
- |
3,988,428,136 |
7,569,042,940 |
|
Loss from Exchange
Rate |
15,356,681 |
- |
- |
|
Total Expenses |
245,503,728 |
4,300,225,331 |
7,924,939,093 |
|
|
|
|
|
|
Profit / Loss] before Financial
Cost & Income Tax |
1,658,130,899 |
[2,330,212,400] |
[6,238,802,865] |
|
Financial Cost |
[1,186,094,850] |
[1,204,333,419] |
[1,152,201,556] |
|
|
|
|
|
|
Profit / [Loss] before Income Tax
|
472,036,049 |
[3,534,545,819] |
[7,391,004,421] |
|
Income Tax |
- |
- |
- |
|
Net Profit / [Loss] |
472,036,049 |
[3,534,545,819] |
[7,391,004,421] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
47.34 |
29.34 |
43.77 |
|
QUICK RATIO |
TIMES |
47.32 |
29.32 |
41.53 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
- |
- |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
- |
- |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
- |
- |
- |
|
SELLING & ADMINISTRATION |
% |
- |
- |
- |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
- |
- |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
- |
- |
- |
|
NET PROFIT MARGIN |
% |
- |
- |
- |
|
RETURN ON EQUITY |
% |
2.66 |
(22.47) |
(37.53) |
|
RETURN ON ASSET |
% |
0.71 |
(5.74) |
(17.50) |
|
EARNING PER SHARE |
BAHT |
0.14 |
(1.06) |
(2.23) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.73 |
0.74 |
0.53 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.75 |
2.91 |
1.14 |
|
TIME INTEREST EARNED |
TIMES |
1.40 |
(1.93) |
(5.41) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
- |
- |
|
|
OPERATING PROFIT |
% |
(171.16) |
(62.65) |
|
|
NET PROFIT |
% |
113.35 |
52.18 |
|
|
FIXED ASSETS |
% |
2.00 |
(9.50) |
|
|
TOTAL ASSETS |
% |
8.22 |
45.66 |
|
ANNUAL GROWTH :
SATISFACTORY
Net profit has increased from THB -3,534,545,819.00 in 2012 to THB
472,036,049.00 in 2013. And total assets has increased from THB
61,531,188,544.00 in 2012 to THB 66,588,742,041.00 in 2013.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
- |
|
Industrial
Average |
- |
|
Net Profit Margin |
- |
|
Industrial
Average |
13.30 |
|
Return on Assets |
0.71 |
Deteriorated |
Industrial
Average |
1.51 |
|
Return on Equity |
2.66 |
Deteriorated |
Industrial Average |
5.69 |
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 0.71%.
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 2.66%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
47.34 |
Impressive |
Industrial
Average |
4.60 |
|
Quick Ratio |
47.32 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 47.34 times in 2013, increased from 29.34 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was 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 47.32 times in 2013,
increased from 29.32 times, although excluding inventory so the company still
have good short-term financial strength.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.73 |
Acceptable |
Industrial
Average |
0.73 |
|
Debt to Equity Ratio |
2.75 |
Acceptable |
Industrial
Average |
2.75 |
|
Times Interest Earned |
1.40 |
Impressive |
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 higher the percentage means that the company is using less equity
and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 1.4 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.73 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 Uptrend
Times Interest Earned Stable
ACTIVITY : RISKY
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial
Average |
- |
|
Total Assets Turnover |
- |
|
Industrial
Average |
0.11 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
1.62 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
8.01 |
|
Payables Conversion Period |
- |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.73 |
|
|
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.81.04 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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.