MIRA
INFORM REPORT
|
Report Date : |
19.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
IRPC
Public COMPANY LIMITED |
|
|
|
|
Registered Office : |
299 Moo 5, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
03.08.1978 |
|
|
|
|
Com. Reg. No.: |
0107537002567 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Distributor of Refinery and
Petrochemical Subject is
engaged in 4
main businesses as
follows:
|
|
|
|
|
No. of Employees : |
6,750 [Office Staff and Factory Workers] |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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 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 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.
|
Source : CIA |
Company name
IRPC PUBLIC COMPANY LIMITED
[INTEGRATE REFINERY PETROCHEMICAL COMPLEX
PUBLIC COMPANY LIMITED]
SUMMARY
BUSINESS ADDRESS : 299 MOO
5, SUKHUMVIT ROAD,
T. CHERNGNERN,
A. MUANG,
RAYONG 21000,
THAILAND
TELEPHONE : [66] 38
611-333
FAX :
[66] 38
612-813
E-MAIL
ADDRESS : contact@irpc.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1978
REGISTRATION
NO. : 0107537002567
TAX
ID NO. : 3101159561
CAPITAL REGISTERED : BHT. 20,475,000,000
CAPITAL PAID-UP : BHT.
20,434,419,246
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC
LIMITED COMPANY
EXECUTIVE : MR.
SUKRIT SURABOTSOPON, THAI
PRESIDENT
NO.
OF STAFF : 6,750
LINES
OF BUSINESS : REFINERY AND
PETROCHEMICAL
MANUFACTURER, EXPORTER
AND
DISTRIBUTOR
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 incorporated on August 3, 1978 as a private limited company under registered name “Thai Petrochemical Industry Co., Ltd. [TPI]”, by Leophairatana family. The subject began the production of low density polyethylene [LDPE] plastic resins in mid 1982 and of high density polyethylene [HDPE] in June 1986. TPI was the first producer of LDPE not only in Thailand, but in the whole of Southeast Asia. LDPE production facilities were, however, transferred to TPI Polene, a TPI’s daughter company, on March 26, 1990.
TPI was registered as a public limited company on October 10, 1994, under the name, “Thai Petrochemical Industry Public Company Limited”, and was listed on the Stock Exchange of Thailand on March 17, 1995.
TPI became an important group of companies engaged in the production of a wide range of essential materials. Today, TPI comprises several affiliates, among which TPI Polene Public Company Limited and Concrete Co., Ltd. are prominent.
The subject was also a prime supporter of the Thai government’s National Petrochemical Complex [NPC] on the Eastern Seaboard and has been an investor in the project since its inception in the early 1980s.
On April 26, 2006 the Central Bankruptcy Court issued an order of termination of the Business Reorganization Plan for Thai Petrochemical Industry Public Company Limited and the 6 subsidiaries in Reorganization including Thai ABS Company Limited, TPI Aromatics Public Company Limited, TPI Oil Company Limited, TPI Polyol Company Limited, Thai Polyurethane Industry Public Company and TPI Energy Company Limited.
In October 2006, the subject’s rehabilitation plan has been completed, then it has changed the registered name to be IRPC PUBLIC COMPANY LIMITED on October 10, 2006. Its fully name of the company is called “INTEGRATED REFINERY PETROCHEMICAL COMPLEX”. Its refinery and petrochemical complexes located in its own industrial estate in Rayong province. The estate provides essential infrastructure and utilities supporting production, including a deepsea port, oil storage tanks and a power plant. Its operation are comprised of 4 main businesses; petroleum business, petrochemical business, port and tank farm business and asset management business. It currently employs 6,750 staff.
It achieved the awarded ISO 9000, ISO 9002, ISO 14000 and ISO 18000 certifications.
The subject’s registered address is 299 Moo 5, Sukhumvit Road, T. Cherngnern, A. Muang, Rayong 21000, and this is the company’s current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality
|
Age
|
|
|
|
|
|
|
Mr. Chainoi Puankosoom |
[x] |
Thai |
- |
|
Mr. Cherdpong Siriwit |
|
Thai |
- |
Mr. Woothisarn
Tanchai
|
[x] |
Thai |
- |
Mr. Sarun Rungkasiri
|
[x] |
Thai |
- |
Mr. Watcharakiti
Watcharothai
|
[x] |
Thai |
- |
Gen. Udomdej
Sitabutr
|
[x] |
Thai |
- |
Mr. Sukrit
Surabotsopon
|
[x] |
Thai |
- |
Mr. Krisda Udyanin
|
|
Thai |
- |
Mr. Narongkorn
Chawalsantati
|
[x] |
Thai |
- |
Mr. Surong Bulakul
|
[x] |
Thai |
- |
Mr. Jade Thanawat
|
[x] |
Thai |
- |
Mr. Trumph
Jalichandra
|
|
Thai |
- |
Mr. Woravit
Chailimpamontri
|
|
Thai |
- |
Mr. Songpope
Polachan
|
|
Thai |
- |
Mr. Sombat
Narawutthichai
|
|
Thai |
- |
Mr. Pramual
Chanpong
|
|
Thai |
- |
Mr. Somnuk
Bomrungsalee
|
|
Thai |
- |
AUTHORIZED PERSON
Any
two of the
above mentioned directors
[x] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr.
Sukrit Surabotsopon is
the President.
He
is Thai nationality.
Mr. Chansin
Treenuchagron is the
Senior Executive Vice
President Corporate Commercial & Marketing. He
is Thai nationality.
Ms. Duangkamol Settanung
is the Senior
Executive Vice President
Corporate Accounting &
Finance. She is
Thai nationality.
Mr.
Peerapong Atchariyacheewin is
the Senior Executive
Vice President Petrochemical & Refinery Business
Unit. He is
Thai nationality.
Mr. Manit
Suthaporn is the
Acting Senior Executive
Vice President Corporate
Legal. He is
Thai nationality.
Mr. Wittawat
Svasti-Xuto is the
Acting Senior Executive
Vice President Corporate
Strategy & Planning. He is
Thai nationality.
BUSINESS OPERATION
The subject is
engaged in 4
main businesses as
follows:
- Petroleum Business
The
subject oil refinery
produces a variety
of petroleum products,
namely naphtha, gasoline,
diesel and LPG,
with the total
production capacity of
215,000 bpd., as
well as lube
base plant has
a total capacity
of 320 KTA and an
associated asphalt plant
has a total
capacity of 600
KTA.
- Petrochemical Business
The subject
invests in upstream
petrochemical products including
olefins and aromatics
with a capacity
of 828 and
367 KTA respectively,
as well as
polymer and specialties
and innovative products
serving as downstream petrochemical
feedstock.
Range of
products are as
follows:
1.
Olefins
[ethylene, propylene and
butadiene]
2.
Aromatics
[benzene, toluene and
xylene]
3.
Polymers [HDPE, PP,
ABS, SAN, PS,
and EPS] Its
products are sold
under
the POLIMAXX brand
to various domestic
and international
plastic operators.
4. Specialties
and innovation products
[stryrenics and olefin
group products
- Port and
Tankfarm Business
The
subject’s terminal provides
facilities and international
standard dock services
for domestic and
international cargoes. The
main terminal area
consists of Liquid & Chemical Terminal [LCT], Bulk & Container Terminal [BCT], and Tankfarm
- Asset Management Business
This
business unit provides
asset management services
based on its
empty plots of
land under the
RECO brand in
Rayong and other
provinces, with a
total acreage of
about 16,000,000 sq.m., designed
to support IRPC
group’s main businesses and those
in PTT group.
Its business focuses
on being friendly
to communities and
the environment. Consisting
of Rayong Industrial
Estate and ECO Industrial
Zone in the
IRPC Industrial Estate,
Choeng Noen District,
Rayong province.
PURCHASE
Most of raw materials for
processing are purchased
from local suppliers, and
the remaining included crude
oil and chemical are imported
from Japan, United States of
America, Singapore, Germany,
France, Middle East,
Malaysia and Indonesia.
MAJOR SUPPLIERS
PTT
Public Co., Ltd. : Thailand
PTT
Global Chemical Public
Co., Ltd. : Thailand
Thai
Oil Public Co., Ltd. : Thailand
Marubeni
Corporation Ltd. : Japan
Voest - Alpine Trading [U.S.A] Corporation : United
States of America
Sobic
Southeast Asia Pte.,
Ltd. : Singapore
SALES [LOCAL]
70%
of the products
is sold locally
to manufacturers, wholesalers
and end-users.
EXPORT [COUNTRIES]
30%
of the products
is exported to
Japan, Republic of
China, Hong Kong, Vietnam,
Taiwan, Singapore, Myanmar,
Laos, Bangladesh, Sri
Lanka, India, Malaysia,
Combodia, Africa and European
Union.
MAJOR CUSTOMERS
United
Grain Industry Co.,
Ltd. : Thailand
Thai
Plastic Product Co.,
Ltd. : Thailand
Thai
Plastic Film Co.,
Ltd. : Thailand
TPI
Polene Public Co., Ltd. : Thailand
PTT
Public Co., Ltd. : Thailand
Thai
Lube Base Public
Co., Ltd. : Thailand
PTT
Polymer Marketing Co.,
Ltd. : Thailand
REVENUE STRUCTURE
[Company and Subsidiaries]
|
|
2013 |
2012 |
|||
Business
|
Operated by |
million Baht |
% |
million Baht |
% |
|
|
|
|
|
|
|
Petroleum
|
IRPC, IRPC Oil |
216,175 |
76 |
221,390 |
78 |
Petrochemical
|
IRPC, Thai ABS |
63,582 |
23 |
58,979 |
21 |
|
|
IRPC Polyol |
|
|
|
|
Others
|
IRPC |
2,892 |
1 |
3,299 |
1 |
|
*Total Revenues |
|
282,649 |
100 |
283,668 |
100 |
Note: *Total revenues
[excluding the excise
tax]
SUBSIDIAIRES
|
Subsidiaries |
Business Type |
Country |
% |
|
|
|
|
|
|
Thai
ABS Co., Ltd. |
Producing and distributing resin |
Thailand |
99.99 |
|
IRPC
Oil Co., Ltd. |
Distributing gasoline, diesel and lube oil product |
Thailand |
99.99 |
|
IRPC Polyol Co., Ltd. |
Manufacturing and distributing flexible
and rigid polyol |
Thailand |
99.99 |
|
Rakpasak Co.,
Ltd. |
Sea transportation service |
Thailand |
99.99 |
|
IRPC Technology
Co., Ltd. |
Technology school |
Thailand |
99.99 |
|
TPI Internet
Portal Co., Ltd. |
Distributor of
oil products |
Thailand |
99.89 |
LITIGATION
Bankruptcy
and Receivership
On March 15, 2000, the Central Bankruptcy Court had ordered the Company according to red case no. For. 8/2543 to enter into business rehabilitation and appointed the plan administrator of Thai Petrochemical Industry Public Co., Ltd. and the 6 subsidiaries as the temporarily management. As a result of such Court order, the power and duties in managing the business and asset of the company’s directors, including all legal rights of the company’s shareholders [exceptional for the right to receive the dividend] shall be vested in the temporary management according to Article 90/20 and Article 90/21 of Bankruptcy Act B.E. 2483.
On April 20, 2000, the Central Bankruptcy Court had appointed Effective Planners Co., Ltd. as the Planner. As a result of such Court order, the power and duties in managing the business and asset of the company’s directors, including all legal rights of the company’s shareholders [exceptional for the right to receive the dividend] shall be vested in the Planner according to Article 90/25 of Bankruptcy Act B.E. 2483.
On December 15, 2000 the Central Bankruptcy Court had approved the rehabilitation plan and assigned Effective Planners Co., Ltd. as the Plan Administrator. As a result of such Court order, the power and duties in managing the business of the Planner shall be vested in the Plan Administrator according to Article 90/59 of Bankruptcy Act B.E. 2483.
On April 21, 2003 the Central Bankruptcy Court had ordered Effective Planners Co., Ltd. to terminate from being the Plan Administrator according to Article 90/67 of Bankruptcy Act B.E. 2483, and ordered the Company and Receivership Officer as temporary Plan Administrator. As a result of such Court order, the power and duties in managing the business of the previous Plan Administrator shall be vested in the company and Receivership Officer according to Article 90/69 of Bankruptcy Act B.E. 2483.
On July 11, 2003, the Central Bankruptcy Court also ordered as the Black Case No. For.2/2543 and the
Red Case No. For. 8/2543 to appoint the Ministry of Finance as the current Plan
Administrator of the Company in accordance with the resolution of creditors’
meeting. The Ministry of Finance or a
group of persons who is a representative of the Ministry of Finance shall have
rights and duties according to the law and the rehabilitation plan.
The current Plan Administrator comprises of General Mongkon Ampornpisit,
Mr. Pala Sookawesh, Mr. Pakorn Malakul Na Ayudhya, Mr. Aree Wongsearaya, and
Mr. Thanong Bidaya who are representatives of the Ministry of Finance to
implement, amend or modify, authorize or hire persons or group of person to
perform as the guideline for the rehabilitation approved by the Ministry of
Finance. Later in October 2004, Mr. Aree Wongsearaya had resigned from the Plan
Administrator of the Company and its six subsidiaries.
On July 21, 2003,
the Official Receiver asked the Ministry of Finance to consent to be the
current Plan Administrator of six subsidiaries and the Ministry of Finance
consented to be the current Plan Administrator on that date.
On July 23, 2003,
the creditors’ meeting approved the special resolution to accept the Ministry
of Finance as the current Plan Administrator. On July 28, 2003, the Central
Bankruptcy Court ordered to appoint the Ministry of Finance as the current Plan
Administrator of six subsidiaries in accordance with the resolution of the
creditors’ meeting which resolved to nominate the Ministry of Finance or
representatives from the Ministry of Finance to have rights and duties
according to the law and the rehabilitation plan.
In October
2006, the subject’s
rehabilitation plan had
been completed, then
its name was
changed to IRPC
PUBLIC COMPANY LIMITED
on October 10,
2006.
Others
The
subject has several
litigations in relation
to its normal
course of business operation, but
the management believes
that it would not have significant
effect on the
company’s business.
CREDIT
Sales
are by cash
or on the
credits term of
30-60-90 days.
Local
bills are paid
by cash or
on the credits
term of 30-60-90
days.
Imports
are by L/C
at sight or
T/T.
Exports
are against L/C
at sight or
T/T.
BANKING
The
Siam Commercial Bank Public Co.,
Ltd.
[Head Office :
9 Ratchadapisek Rd., Ladyao, Jatujak, Bangkok
10900]
Bangkok
Bank Public Co.,
Ltd.
[Head Office :
333 Silom Rd.,
Bangrak, Bangkok 10500]
Bank of Ayudhya
Public Co., Ltd.
[Head Office
: 1222 Rama 3
Rd., Bangpongpang, Yannawa,
Bangkok 10120]
Krung
Thai Bank Public
Co., Ltd.
[Head Office :
35 Sukhumvit Rd.,
Klongtoeynua, Watana, Bangkok
10110]
Deutsche Bank
AG
[Bangkok Branch :
208 Wireless Rd.,
Lumpini, Pathumwan, Bangkok
10330]
Citibank, NA
[Bangkok Branch
: 82 North
Sathorn Rd., Silom,
Bangrak, Bangkok 10500]
Hong Kong & Shanghai Banking
Corporation
[Bangkok Office : Hong
Kong Bank Bldg., 968 Rama 4
Rd., Silom, Bangrak,
Bangkok
10500]
TMB Bank
Public Co., Ltd.
[Head Office
: 3000 Phaholyothin
Rd., Chompol, Jatujak,
Bangkok]
EMPLOYMENT
The subject currently employs 6,750 office
staff and factory workers.
LOCATION DETAILS
The
premise is owned for
operating head office
and factory at
the heading address.
Premises is located
in an industrial
area.
Bangkok Office:
6th Floor,
Energy Complex Building,
555/2 Vibhavadi Rangsit
Rd., Chatuchak, 10900.
Tel.
[66] 2649-7000, 2649-7777,
Fax. [66] 2649-7001.
COMMENT
IRPC is a pioneer in integrated petrochemical industry in the South East
Asia. Its plants are located in an
industrial area in Rayong Province with facilities to
support the businesses such as deep
sea port, tank farm
and power plant.
IRPC is a producer of integrated
petrochemical products. Its complex consists of an upstream, an oil refinery
unit and a downstream petrochemical production. The company's operation and
production qualities have been proven by numerous international standards
ranging from the ISO 9001 for quality, administration and management system, to
the ISO 14001 for environment, with another standard approach for Occupational
Health and Safety Management Systems - OHSAS 18001 - and Thai Standard’s
Institute initiated of TIS 18001.
The
company maintains its
solid reputation of quality,
consistency and punctual
services in order
to meet customer
satisfaction.
FINANCIAL INFORMATION
The capital
was initially registered
at Bht. 500,000,000.
The
capital was increased
and decreased later
as followings:
Bht. 600,000,000 on
May 25, 1984
Bht.
800,000,000 on May
25, 1985
Bht.
4,900,000,000 on September
13, 1990
Bht. 5,390,000,000 on
February 1, 1993
Bht. 5,500,000,000 on
June 22, 1993
Bht.
5,665,000,000 on June
24, 1994
Bht. 13,000,000,000 on
June 8, 1995
Bht. 16,350,000,000 on
September 1996
Bht. 21,700,000,000 on
June 9, 1997
Bht. 81,000,000,000 on
March 1, 2001
Bht. 78,489,112,110 on
March 31, 2005
[decreased]
Bht.
7,848,911,211 on April
1, 2005 [decreased]
Bht. 19,500,000,000 on
April 4, 2005
[increased]
Bht. 20,475,000,000 on
July 7, 2005
The latest
registered capital was
increased to Bht. 20,475,000,000 divided
into 20,475,000,000 shares
of Bht. 1 each
with the current
capital paid-up of Bht.
20,434,419,246.
MAIN SHAREHOLDERS
[as
at March 6,
2014] at Bht.
20,434,419,246 of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
PTT Public Co.,
Ltd. |
7,869,694,600 |
38.51 |
|
The Government Saving
Bank |
1,950,000,000 |
9.54 |
|
Governor Pension Fund |
1,183,796,970 |
5.79 |
|
Thai NVDR Co.,
Ltd. |
824,795,993 |
4.04 |
|
Bangkok Bank Public
Co., Ltd. |
504,906,708 |
2.47 |
|
HSBC [Singapore] Nominees
Pte. Ltd. |
216,796,690 |
1.06 |
|
State Street Bank
and Trust Company |
179,297,803 |
0.88 |
|
Social Security Office |
169,686,900 |
0.83 |
|
State Street Bank
Europe Company |
169,068,569 |
0.83 |
|
East Fourteen Limited |
144,740,600 |
0.71 |
|
GIC Private Limited |
135,138,500 |
0.66 |
|
Thai Taweethun Opened
Fund |
123,000,000 |
0.60 |
|
Chase Nominees Limited
46 |
106,393,300 |
0.52 |
|
Others |
6,857,102,613 |
33.56 |
Total Shareholders
: 52,835
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.:
Ms.
Naengnoi Chareontaweesup No.
3044
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2013, 2012 &
2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and cash
equivalents |
4,551,614,755 |
5,928,184,681 |
2,210,538,254 |
|
Short-term investment |
- |
- |
1,038,375,000 |
|
Trade accounts receivable |
22,261,590,378 |
15,490,805,503 |
11,077,072,194 |
|
Amounts due from
related parties |
52,156,179 |
78,698,132 |
132,149,633 |
|
Short-term loans to
and interest receivables from
related parties |
630,765,888 |
1,697,472,487 |
12,271,186 |
|
Inventories |
32,681,279,278 |
29,174,373,822 |
37,027,671,389 |
|
Other receivables |
388,343,184 |
536,471,950 |
290,689,473 |
|
Prepaid value added
tax |
1,766,606,909 |
1,483,209,281 |
1,538,145,273 |
|
Prepaid excise tax |
91,660,433 |
169,156,509 |
77,093,154 |
|
Other current assets
|
575,752,912 |
618,568,658 |
589,712,647 |
|
|
|
|
|
|
Total Current Assets
|
62,999,769,916 |
55,176,941,023 |
53,993,718,203 |
|
Investments in subsidiaries and
& associated-net |
10,187,398,354 |
9,838,187,823 |
4,539,060,910 |
|
Other long-term
investments |
1,036,539,120 |
1,286,673,120 |
37,798,547 |
|
Loan to and
interest receivables from related
parties |
6,565,291,381 |
3,527,279,173 |
3,878,348,025 |
|
Transactions with the
former company’s management
and entities relating to
the former management-net |
37,566,792 |
37,566,792 |
37,566,792 |
|
Investment property-net |
1,167,164,483 |
1,567,177,050 |
1,288,967,293 |
|
Property, plant &
equipment |
75,070,461,960 |
66,762,808,937 |
65,347,709,619 |
|
Intangible assets |
1,515,725,250 |
1,702,342,804 |
1,393,847,658 |
|
Deferred tax assets |
2,030,527,241 |
1,933,791,952 |
- |
|
Other assets |
48,613,633 |
47,574,650 |
58,733,316 |
|
Total Assets |
160,659,058,130 |
141,880,343,324 |
130,575,750,363 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Short-term loans from
financial institutions |
- |
150,700,175 |
1,000,000,000 |
|
Trade accounts payable |
37,411,852,047 |
16,017,677,407 |
18,220,099,544 |
|
Amounts due to
related parties |
46,069,990 |
170,935,798 |
644,838,667 |
|
Loans from and
interest payable to related parties |
21,717,623 |
602,569,609 |
565,748,082 |
|
Current portion of
long-term loans |
9,000,000,000 |
2,000,000,000 |
2,000,000,000 |
|
Current portion of
finance lease liabilities |
3,953,548 |
4,112,330 |
43,414,398 |
|
Other payables |
1,249,668,606 |
1,837,494,899 |
3,218,675,075 |
|
Interest payables |
507,830,213 |
505,128,211 |
303,843,426 |
|
Accrued bonus |
984,308,329 |
818,056,335 |
1,038,532,378 |
|
Advance receipts for
Goods |
401,234,278 |
526,853,705 |
761,961,360 |
|
Other current liabilities |
523,633,133 |
290,632,511 |
500,768,814 |
|
|
|
|
|
|
Total Current Liabilities |
50,150,267,767 |
22,924,160,980 |
28,297,881,744 |
|
Non-current liabilities |
|
|
|
|
Long-term borrowings |
33,882,877,372 |
41,969,420,601 |
25,190,198,062 |
|
Finance Lease
Liabilities |
42,442 |
4,029,696 |
14,394,619 |
|
Loans from
and interest payables
To related
parties |
2,254,892,788 |
2,254,892,788 |
2,254,892,788 |
|
Employee benefit
obligations |
1,190,677,236 |
1,032,250,440 |
949,002,085 |
|
Transactions with
the former company’s management and entities relating
to the former management |
112,843,246 |
112,843,246 |
112,538,619 |
|
Total non-current liabilities |
37,441,333,084 |
45,373,436,771 |
28,521,026,173 |
|
Total Liabilities |
87,591,600,851 |
68,297,597,751 |
56,818,907,917 |
|
|
2013 |
2012 |
2011 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1
per par value
Authorized &
issued share capital
20,475,000,000 |
20,475,000,000 |
20,475,000,000 |
20,475,000,000 |
|
|
|
|
|
|
Capital Paid |
20,434,419,246 |
20,434,419,246 |
20,434,419,246 |
|
Premium on share
capital |
28,554,212,397 |
28,554,212,397 |
28,554,212,397 |
|
Change in fair
value of marketable securities- available for
sale |
- |
- |
[1,628,775] |
|
Retained Earning Appropriated for
legal reserve |
2,047,500,000 |
2,047,500,000 |
2,047,500,000 |
|
Unappropriated |
22,183,827,856 |
22,545,385,750 |
22,722,339,578 |
|
Other components of shareholders’ equity |
[152,502,220] |
1,228,180 |
- |
|
Total Shareholders' Equity |
73,067,457,279 |
73,582,745,573 |
73,756,842,446 |
|
Total Liabilities &
Shareholders' Equity |
160,659,058,130 |
141,880,343,324 |
130,575,750,363 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
303,541,079,387 |
301,675,845,266 |
254,916,904,672 |
|
Other Income/[other expenses] |
4,829,055,927 |
2,692,757,403 |
[294,829,179] |
|
Total Revenues |
308,370,135,314 |
304,368,602,669 |
254,622,075,493 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Sales
|
299,103,164,886 |
299,535,894,802 |
243,990,952,414 |
|
Selling Expenses |
1,389,943,672 |
1,139,475,578 |
1,072,974,841 |
|
Administrative Expenses |
4,098,196,928 |
3,728,594,450 |
3,569,483,737 |
|
Total Expenses |
304,591,305,486 |
304,403,964,830 |
248,633,410,992 |
|
|
|
|
|
|
Profit before Financial Costs
& Income Tax |
3,778,829,828 |
[35,362,161] |
5,998,664,501 |
|
Financial Costs |
[2,564,131,313] |
[1,249,415,754] |
[1,785,043,483] |
|
|
|
|
|
|
Profit before Income Tax |
1,214,698,515 |
[1,284,777,915] |
4,203,621,018 |
|
Income |
58,302,689 |
226,753,290 |
- |
|
|
|
|
|
Net Profit / [Loss]
|
1,273,001,204 |
[1,058,024,625] |
4,203,621,018 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.26 |
2.41 |
1.91 |
|
QUICK RATIO |
TIMES |
0.55 |
1.01 |
0.51 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.04 |
4.52 |
3.90 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.89 |
2.13 |
1.95 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
39.88 |
35.55 |
55.39 |
|
INVENTORY TURNOVER |
TIMES |
9.15 |
10.27 |
6.59 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
26.77 |
18.74 |
15.86 |
|
RECEIVABLES TURNOVER |
TIMES |
13.64 |
19.47 |
23.01 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
45.65 |
19.52 |
27.26 |
|
CASH CONVERSION CYCLE |
DAYS |
21.00 |
34.77 |
44.00 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
98.54 |
99.29 |
95.71 |
|
SELLING & ADMINISTRATION |
% |
1.81 |
1.61 |
1.82 |
|
INTEREST |
% |
0.84 |
0.41 |
0.70 |
|
GROSS PROFIT MARGIN |
% |
3.05 |
1.60 |
4.17 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.24 |
(0.01) |
2.35 |
|
NET PROFIT MARGIN |
% |
0.42 |
(0.35) |
1.65 |
|
RETURN ON EQUITY |
% |
1.74 |
(1.44) |
5.70 |
|
RETURN ON ASSET |
% |
0.79 |
(0.75) |
3.22 |
|
EARNING PER SHARE |
BAHT |
0.06 |
(0.05) |
0.21 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.55 |
0.48 |
0.44 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.20 |
0.93 |
0.77 |
|
TIME INTEREST EARNED |
TIMES |
1.47 |
(0.03) |
3.35 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
0.62 |
18.34 |
|
|
OPERATING PROFIT |
% |
(10,786.08) |
(100.59) |
|
|
NET PROFIT |
% |
220.32 |
(125.17) |
|
|
FIXED ASSETS |
% |
12.44 |
2.17 |
|
|
TOTAL ASSETS |
% |
13.24 |
8.66 |
|
ANNUAL GROWTH:
IMPRESSIVE
An annual sales growth is 0.62%. Turnover has increased from THB
301,675,845,266.00 in 2012 to THB 303,541,079,387.00 in 2013. While net profit
has increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.05 |
Deteriorated |
Industrial
Average |
28.19 |
|
Net Profit Margin |
0.42 |
Deteriorated |
Industrial
Average |
3.05 |
|
Return on Assets |
0.79 |
Deteriorated |
Industrial
Average |
9.77 |
|
Return on Equity |
1.74 |
Deteriorated |
Industrial
Average |
22.10 |
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 3.05%. 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 0.42%.
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 0.79%.
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 1.74%.
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 |
1.26 |
Acceptable |
Industrial
Average |
1.74 |
|
Quick Ratio |
0.55 |
|
|
|
|
Cash Conversion Cycle |
21.00 |
|
|
|
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 1.26 times in 2013, decreased from 2.41 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 lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.55 times in 2013,
decreased from 1.01 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 21 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.55 |
Impressive |
Industrial
Average |
0.74 |
|
Debt to Equity Ratio |
1.20 |
Satisfactory |
Industrial Average |
1.73 |
|
Times Interest Earned |
1.47 |
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 1.48 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 0.55 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 |
4.04 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.89 |
Deteriorated |
Industrial
Average |
4.20 |
|
Inventory Conversion Period |
39.88 |
|
|
|
|
Inventory Turnover |
9.15 |
Deteriorated |
Industrial
Average |
31.10 |
|
Receivables Conversion Period |
26.77 |
|
|
|
|
Receivables Turnover |
13.64 |
Impressive |
Industrial
Average |
9.94 |
|
Payables Conversion Period |
45.65 |
|
|
|
The company's Account Receivable Ratio is calculated as 13.64 and
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 36 days at the
end of 2012 to 40 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 10.27 times in year 2012 to 9.15
times in year 2013.
The company's Total Asset Turnover is calculated as 1.89 times and 2.13
times in 2013 and 2012 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
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.33 |
|
|
1 |
Rs.103.18 |
|
Euro |
1 |
Rs.81.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.