MIRA INFORM REPORT

Report Date :

22.02.2014

IDENTIFICATION DETAILS

Name :	THAI RUBBER LATEX GROUP CO., LTD.
Formerly Known As :	PHUKET LATEX CO., LTD.
Registered Office :	99/1-3 Moo 13, Bangna-Trad Road, K.M. 7, T. Bangkaew, A. Bangplee, Samutprakarn 10540
Country :	Thailand
Financials (as on) :	31.12.2012
Date of Incorporation :	15.03.1994
Com. Reg. No.:	0105537031255
Legal Form :	Private Limited Company
Line of Business :	Manufacturer, Distributor and Exporter of Concentrated Latex And Rubber Products
No of Employees :	480

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 But Correct
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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

THAI RUBBER LATEX GROUP CO., LTD.

[FORMER : PHUKET LATEX CO., LTD.]

SUMMARY

BUSINESS ADDRESS : 99/1-3 MOO 13, BANGNA-TRAD ROAD, K.M. 7,

T. BANGKAEW, A. BANGPLEE,

SAMUTPRAKARN 10540, THAILAND

TELEPHONE : [66] 2751-7171

FAX : [66] 2316-5873, 2316-2485

E-MAIL ADDRESS : market@thaitex.com

REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS

ESTABLISHED : 1994

REGISTRATION NO. : 0105537031255

TAX ID NO. : 3011394991

CAPITAL REGISTERED : BHT. 1,000,000,000

CAPITAL PAID-UP : BHT. 544,000,000

SHAREHOLDER’S PROPORTION : THAI : 100%

FISCAL YEAR CLOSING DATE : DECEMBER 31

LEGAL STATUS : PRIVATE LIMITED COMPANY

EXECUTIVE : MR. PATTARAPOL WONGSASUTHIKUL, THAI

MANAGING DIRECTOR

NO. OF STAFF : 480

LINES OF BUSINESS : CONCENTRATED LATEX AND RUBBER

PRODUCTS

MANUFACTURER, DISTRIBUTOR AND EXPORTER

CORPORATE PROFILE

OPERATING TREND : STABLE

PRESENT SITUATION : OPERATING NORMALLY

REPUTATION : GOOD WITH NORMAL BUSINESS ENGAGEMENT

MANAGEMENT STANDARD : MANAGEMENT WITH LOW PERFORMANCE

HISTORY

The subject was established on March 15, 1994 as a private limited company under the originally registered name “Phuket Latex Co., Ltd.,” by Thai groups. On June 13, 2005, the subject’s name was changed to THAI RUBBER LATEX GROUP CO., LTD. Its business objective is to manufacture and distribute concentrated latex and rubber products to both domestic and international markets. It currently employs approximately 480 staff.

Subject is a wholly owned subsidiary of Thai Rubber Latex Corporation [Thailand] Public Company Limited.

The subject’s registered address is 99/1-3 Moo 13, Bangna-Trad Rd., K.M. 7, Bangkaew, Bangplee, Samutprakarn 10540, and this is the subject’s current operation address.

THE BOARD OF DIRECTOR

Name		Nationality	Age
Mr. Kitti Charoenpornpanichkul		Thai	40
Mr. Prakit Voraprateep		Thai	37
Mr. Prawit Voraprateep		Thai	42
Mr. Kovit Wongsasurhikul	[x]	Thai	39
Ms. Chalongkwan Wongsasuthikul	[x]	Thai	42
Mr. Pattarapol Wongsasuthikul	[x]	Thai	40
Mr. Pasitpol Temrittikulchai		Thai	34

AUTHORIZED PERSON

1. Any two of the mentioned directors [x] can jointly sign with anyone of the rest directors on behalf of the subject with company’s affixed.

2. Anyone of the mentioned directors [x] can jointly sign with anyone of the rest directors on behalf of the subject with company’s affixed.

MANAGEMENT

Mr. Pattarapol Wongsasuthikul is the Managing Director.

He is Thai nationality with the age of 40 years old.

Mr. Chainarin Nithipornpim is the Assistant Managing Director [Plant].

He is Thai nationality.

Mr. Suwasith Deewan is the Assistant Managing Director [Sales & Marketing].

He is Thai nationality.

Ms. Chalongkwan Wongsasuthikul is the Assistant Managing Director [Purchasing].

She is Thai nationality.

BUSINESS OPERATIONS

The subject is engaged in manufacturing and marketing of concentrated latex, skim block and other rubber products.

PRODUCTION CAPACITY

Approximately 256,000 tons per annum

PURCHASE

100% of raw material is purchased from local suppliers.

SALES

55% of the products is sold locally by wholesale to manufacturers and end-users, the remaining 45% is exported to Malaysia, Republic of China, India, France, Korea and the country in Middle East.

RELATED AND AFFILIATED COMPANIES

Thai Rubber and Latex Co., Ltd.

Business Type : Manufacturer of concentrated latex and rubber products

Excel Rubber Co., Ltd.

Business Type : Manufacturer of concentrated latex and rubber products

Orient Surat Rubber Latex Co., Ltd.

Business Type : Manufacturer of concentrated latex and rubber products

Q-One Co., Ltd.

Business Type : Manufacturer of concentrated latex and rubber products

Thai Rubber Latex Buengkan Co., Ltd.

Business Type : Manufacturer of concentrated latex and rubber products

Thai Rubber Latex Chumpon Co., Ltd.

Business Type : Manufacturer of concentrated latex and rubber products

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 to for the past two years.

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.

Exports are against T/T.

BANKING

Bangkok Bank Public Co., Ltd.

Kasikornbank Public Co., Ltd.

EMPLOYMENT

The subject employs approximately 480 staff.

LOCATION DETAILS

The premise is owned for administrative office at the heading address. Premise is located in industrial area.

Factories:

· 35 Moo 4, T. Krasome, A. Takuathung, Pangnga

· 124 Moo 11, Banklongpom, T. Banpru, A. Hadyai, Songkhla

· 293/2 Moo 1, Surat-Nasarn Rd., Khuntalay, Muang, Suratthani

· 126 Moo 8, Petchkasem Rd., T. Khaochairaj, A. Patiw, Chumporn

· 44/5 Moo 8, Krached-Hadyai Rd., T. Krached, A. Muang, Rayong

· 255 Moo 5, T. Manamkoo, A. Pluakdaeng, Rayong

· 10/5 Moo 3, T. Patong, A. Soidao, Chantaburi

· 19/52 Moo 7, T. Bangchalong, A. Bangplee, Samutprakarn

COMMENT

The subject was formed in 1994 as a manufacturer, distributor and exporter of concentrated latex and rubber products. Its products are mainly for industrial sector. Subject reported sales revenue in 2012 at lower level compared to the previous year. Moreover, current market conditions is not promising due to decline demand of latex products in the past several months, as well as concentrated latex and rubber prices in world market has significantly decreased resulted from decelerated industrial productions.

FINANCIAL INFORMATION

The capital was registered at Bht. 20,000,000 divided into 2,000,000 shares of Bht. 10 each.

The capital was increased later as following:

Bht. 40,000,000 on June 7, 1996

Bht. 1,000,000,000 on June 13, 2005

The latest registered capital was increased to Bht. 1,000 million, divided into 100,000,000 shares of Bht. 10 each.

THE SHAREHOLDERS LISTED WERE : [as at April 26, 2013] at Bht. 544,000,000 of capitalization.

NAME	HOLDING	%
Thai Rubber Latex Corporation [Thailand] Public Company Limited Nationality: Thai Address : 99/1-3 Moo 13, Bangna-Trad Rd., K.M. 7, Bangkaew, Bangplee, Samutprakarn	99,999,994	100.00
Mr. Prachanont Temritthikulchai Nationality: Thai Address : 50/104 Moo 14, Bangna-Trad Rd., Bangkaew, Bangplee, Samutprakarn	1	-
Mr. Worathep Wongsasutthikul Nationality: Thai Address : 101 Srinakarin Rd., Suanluang, Bangkok	1	-
Mr. Bandit Hongsuwan Nationality: Thai Address : 59/86 Moo 4, Nongbon, Prawes, Bangkok	1	-
Mr. Paibul Voraprateep Nationality: Thai Address : 670/398 Asoke-Dindaeng Rd., Dindaeng, Bangkok	1	-
Mr. Suchart Charoenpornpanichkul Nationality: Thai Address : 501/14 Bamrungmuang Rd., Klongmahanark, Pomprab, Bangkok	1	-
Ms. Chalongkwan Wongsasuthikul Nationality: Thai Address : 101 Srinakarin Rd., Suanluang, Bangkok	1	-

Total Shareholders : 7

Share Structure [as at April 26, 2013]

Nationality	Shareholders	No. of Share	% Shares
Thai	7	100,000,000	100.00
Foreign	-	-	-
Total	7	100,000,000	100.00

NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO

Mr. Vichart Lokeskrawee No. 4451

BALANCE SHEET [BAHT]

The latest financial figures published for December 31, 2012, 2011 & 2010 were:

ASSETS

Current Assets	2012	2011	2010
Cash and Cash Equivalents	52,603,804	38,830,287	65,005,462
Trade Account & Other Receivable	1,526,446,534	1,603,672,802	1,710,644,854
Inventories	924,052,936	974,024,520	1,367,353,154
Other Current Assets	2,996,058	1,257,450	1,325,774
Total Current Assets	2,506,099,332	2,617,785,059	3,144,329,244
Investment in Subsidiaries	35,399,288	35,399,288	35,399,288
Investment in Related Company	70	70	70
Fixed Assets	461,339,898	482,139,680	523,487,276
Intangible Assets	1,153,781	1,744,534	2,565,350
Other Non-current Assets	3,316,377	3,319,359	3,826,438
Total Assets	3,007,308,746	3,140,387,990	3,709,607,666

LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]

Current Liabilities	2012	2011	2010
Bank Overdraft & Short-term Loan from Bank	1,934,073,742	1,852,770,528	2,550,354,649
Trade Account & Other Payable	68,617,285	141,098,110	155,406,030
Current Portion of Long-term Loan	40,000,000	30,000,000	-
Current Portion of Finance Lease Contract Payable	1,527,770	-	-
Accrued Income Tax	-	26,655,043	12,101,191
Accrued Expenses	26,066,158	63,423,386	58,529,414
Other Current Liabilities	1,677,740	7,365,037	3,630,323
Total Current Liabilities	2,071,962,695	2,121,312,104	2,780,021,607
Long-term Loan	80,000,000	120,000,000	150,000,000
Finance Lease Contract Payable	6,756,674	-	-
Reserve for Long-term Employee Benefits	28,682,199	23,199,490	20,512,375
Total Liabilities	2,187,401,568	2,264,511,594	2,950,533,982
Shareholders' Equity
Share capital : Baht 10 par value Authorized & issued share capital 100,000,000 shares	1,000,000,000	1,000,000,000	1,000,000,000
Capital Paid	544,000,000	544,000,000	544,000,000
Retained Earning Appropriated for Statutory Reserve	36,500,000	36,500,000	30,500,000
Unappropriated [Deficit]	[12,059,882]	30,018,383	9,122,384
Other Components of Shareholders’ Equity	251,467,060	265,358,013	175,451,300
Total Shareholders' Equity	819,907,178	875,876,396	759,073,684
Total Liabilities & Shareholders' Equity	3,007,308,746	3,140,387,990	3,709,607,666

PROFIT & LOSS ACCOUNT

Revenue	2012	2011	2010 [Adjusted]
Sales	6,255,789,787	7,690,787,586	6,946,823,720
Other Income	24,325,150	11,413,965	42,727,123
Total Revenues	6,280,114,937	7,702,201,551	6,989,550,843
Expenses
Cost of Goods Sold	6,006,497,245	7,218,832,985	6,583,725,578
Selling Expenses	125,734,183	107,370,627	119,945,113
Administrative Expenses	94,851,464	140,458,799	117,503,937
Other Expenses	5,949,835	15,642,625	-
Total Expenses	6,233,032,727	7,482,305,036	6,821,174,628
Profit / Loss] before Financial Cost & Income Tax	47,082,210	219,896,515	168,376,215
Financial Cost	[103,051,428]	-98,363,060]	[68,396,113]
Profit / [Loss] before Income Tax	[55,969,218]	121,533,455	99,980,102
Income Tax	-	[38,205,153]	[22,208,536]
Net Profit / [Loss]	[55,969,218]	83,328,302	77,771,566
Other Miscellaneous - Profit from Assets Appraisal	-	115,074,410	-
Net Profit / [Loss]	[55,969,218]	198,402,712	77,771,566

FINANCIAL ANALYSIS

ITEM	UNIT	2012	2011	2010
LIQUIDITY RATIO
CURRENT RATIO	TIMES	1.21	1.23	1.13
QUICK RATIO	TIMES	0.76	0.77	0.64
ACTIVITY RATIO
FIXED ASSETS TURNOVER	TIMES	13.56	15.95	13.27
TOTAL ASSETS TURNOVER	TIMES	2.08	2.45	1.87
INVENTORY CONVERSION PERIOD	DAYS	56.15	49.25	75.81
INVENTORY TURNOVER	TIMES	6.50	7.41	4.81
RECEIVABLES CONVERSION PERIOD	DAYS	89.06	76.11	89.88
RECEIVABLES TURNOVER	TIMES	4.10	4.80	4.06
PAYABLES CONVERSION PERIOD	DAYS	4.17	7.13	8.62
CASH CONVERSION CYCLE	DAYS	141.04	118.22	157.07
PROFITABILITY RATIO
COST OF GOODS SOLD	%	96.02	93.86	94.77
SELLING & ADMINISTRATION	%	3.53	3.22	3.42
INTEREST	%	1.65	#VALUE!	0.98
GROSS PROFIT MARGIN	%	4.37	6.29	5.84
NET PROFIT MARGIN BEFORE EX. ITEM	%	0.75	2.86	2.42
NET PROFIT MARGIN	%	(0.89)	1.08	1.12
RETURN ON EQUITY	%	(6.83)	9.51	10.25
RETURN ON ASSET	%	(1.86)	2.65	2.10
EARNING PER SHARE	BAHT	(1.03)	1.53	1.43
LEVERAGE RATIO
DEBT RATIO	TIMES	0.73	0.72	0.80
DEBT TO EQUITY RATIO	TIMES	2.67	2.59	3.89
TIME INTEREST EARNED	TIMES	0.46	#VALUE!	2.46
ANNUAL GROWTH
SALES GROWTH	%	(18.66)	10.71
OPERATING PROFIT	%	(78.59)	30.60
NET PROFIT	%	(167.17)	7.14
FIXED ASSETS	%	(4.31)	(7.90)
TOTAL ASSETS	%	(4.24)	(15.34)

ANNUAL GROWTH : RISKY

An annual sales growth is -18.66%. Turnover has decreased from THB 7,690,787,586.00 in 2011 to THB 6,255,789,787.00 in 2012. While net profit has decreased from THB 83,328,302.00 in 2011 to THB -55,969,218.00 in 2012. And total assets has decreased from THB 3,140,387,990.00 in 2011 to THB 3,007,308,746.00 in 2012.

PROFITABILITY : RISKY

PROFITABILITY RATIO

Gross Profit Margin	4.37	Deteriorated	Industrial Average	15.25
Net Profit Margin	(0.89)	Deteriorated	Industrial Average	1.02
Return on Assets	(1.86)	Deteriorated	Industrial Average	3.07
Return on Equity	(6.83)	Deteriorated	Industrial Average	9.10

Gross Profit Margin used to assess a firm's financial health by revealing the proportion of money left over from revenues after accounting for the cost of goods sold. Gross profit margin serves as the source for paying additional expenses and future savings. The company's figure is 4.37%. When compared with the industry average, the ratio of the company was lower. This indicated that company may have problems with control over its costs.

Net Profit Margin is the indicator of the company's efficiency in that net profit takes into consideration all expenses of the company. A low profit margin indicates a low margin of safety, higher risk that a decline in sales will erase profits and result in a net loss. The company's figure is -0.89%. When compared with the industry average, the ratio of the company was lower.

Return on Assets measures how efficiently profits are being generated from the assets employed in the business when compared with the ratios of firms in a similar business. A low ratio in comparison with industry averages indicates an inefficient use of business assets. When compared with the industry average, it was lower, the company's figure is -1.86%.

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 -6.83%.

Trend of the average competitors in the same industry for last 5 years

Return on Assets Uptrend

Return on Equity Uptrend

LIQUIDITY : ACCEPTABLE

LIQUIDITY RATIO

Current Ratio	1.21	Impressive	Industrial Average	1.19
Quick Ratio	0.76
Cash Conversion Cycle	141.04

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 1.21 times in 2012, decreased from 1.23 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 0.76 times in 2012, decreased from 0.77 times, then the company has not enough current assets that presumably can be quickly converted to cash for pay financial obligations.

The Cash Conversion Cycle measures the number of days a company's cash is tied up in the production and sales process of its operations and the benefit from payment terms from its creditors. It meant the company could survive when no cash inflow was received from sale for 142 days.

Trend of the average competitors in the same industry for last 5 years

Current Ratio Uptrend

LEVERAGE : RISKY

LEVERAGE RATIO

Debt Ratio	0.73	Acceptable	Industrial Average	0.64
Debt to Equity Ratio	2.67	Risky	Industrial Average	1.79
Times Interest Earned	0.46	Risky	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.

Times Interest Earned measuring a company's ability to meet its debt obligations. Ratio is 0.46 lower than 1, so the company is not generating enough cash from EBIT to meet its interest obligations.

Debt Ratio shows the proportion of a company's assets which are financed through debt. The company's figure is 0.73 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 : SATISFACTORY

ACTIVITY RATIO

Fixed Assets Turnover	13.56	Impressive	Industrial Average	-
Total Assets Turnover	2.08	Acceptable	Industrial Average	3.01
Inventory Conversion Period	56.15
Inventory Turnover	6.50	Satisfactory	Industrial Average	6.86
Receivables Conversion Period	89.06
Receivables Turnover	4.10	Acceptable	Industrial Average	8.13
Payables Conversion Period	4.17

The company's Account Receivable Ratio is calculated as 4.10 and 4.80 in 2012 and 2011 respectively. This ratio measures the efficiency of the company in managing its trade debtors to generate revenue. A lower ratio may indicate over extension and collection problems. Conversely, a higher ratio may indicate an overtly stringent policy. In this case, the company's A/R ratio in 2012 decreased from 2011. This would suggest the company had deteriorated in the management of its debt collections.

Inventory Turnover in Days Ratio indicates the liquidity of inventory. It estimates the number of days that it will take to sell the current inventory. Inventory is particularly sensitive to change in business activities. The inventory turnover in days has increased from 49 days at the end of 2011 to 56 days at the end of 2012. This represents a negative trend. And Inventory turnover has decreased from 7.41 times in year 2011 to 6.5 times in year 2012.

The company's Total Asset Turnover is calculated as 2.08 times and 2.45 times in 2012 and 2011 respectively. This ratio is determined by dividing total assets into total sales turnover. The ratio measures the activity of the assets and the ability of the firm to generate sales through the use of the assets.

Trend of the average competitors in the same industry for last 5 years

Fixed Assets Turnover Stable

Total Assets Turnover Uptrend

Inventory Turnover Uptrend

Receivables Turnover Uptrend

Key Areas	Score	Weight	Weighted Score
LIQUIDITY RATIO	1.33	25.00	33.25
ACTIVITY RATIO	2.33	20.00	46.60
PROFITABILITY RATIO	-	25.00	-
LEVERAGE RATIO	0.44	10.00	4.40
ANNUAL GROWTH	-	20.00	-
Total Weight (excluding - - Score)		100.00
			84.25

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.16
UK Pound	1	Rs. 103.44
Euro	1	Rs. 85.26

INFORMATION DETAILS

Report Prepared by :

DPT

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%)

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