MIRA INFORM REPORT
|
Report Date : |
28.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
DOUBLE
A [1991] PUBLIC
COMPANY LIMITED |
|
|
|
|
Formerly Known as: |
ADVANCE AGRO PUBLIC
COMPANY LIMITED |
|
|
|
|
Registered Office : |
1 Moo 2, T. Thatoom, A. Srimahaphote, Prachinburi 25140 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
09.03.1989 |
|
|
|
|
Com. Reg. No.: |
0107537000602 [Former : BOR MOR JOR.307] |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Engaged in manufacturing,
distributing and exporting
wide range of
pulp & paper and paper
related products |
|
|
|
|
No. of Employees |
1,800 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 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
DOUBLE A [1991]
PUBLIC COMPANY LIMITED
[FORMER : ADVANCE
AGRO PUBLIC COMPANY
LIMITED]
SUMMARY
BUSINESS
ADDRESS : 1
MOO 2, T.
THATOOM, A. SRIMAHAPHOTE,
PRACHINBURI 25140,
THAILAND
TELEPHONE : [66]
37 208-800-49
FAX :
[66] 37
208-850
E-MAIL
ADDRESS : double_a@DoubleA1991.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1989
REGISTRATION
NO. : 0107537000602 [Former : BOR MOR
JOR.307]
TAX
ID NO. : 3101603903
CAPITAL
REGISTERED : BHT.
5,029,864,510
CAPITAL
PAID-UP : BHT.
4,053,695,590
SHAREHOLDER’S PROPORTION : FOREIGN :
98.37% [As of April
17, 2013]
THAI
: 1.63%
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. YOTHIN DUMNERNCHARNVANIT, THAI
PRESIDENT
NO. OF STAFF : 1,800
(approximate)
LINES
OF BUSINESS : INTEGRATED
PULP AND PAPER
MILL
MANUFACTURER, IMPORTER,
EXPORTER AND
DISTRIBUTOR
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject was established
on March 9, 1989
as a private
limited company under
the registered name “Suan
Kitti Pulp and Paper Co., Ltd.”
by Mr. Kitti Dumnerncharnvanit, the
Chairman of Soon Hua Seng
Group. The subject received
promotional privilege from
the Board of
Investment to produce
bleached eucalyptus kraft
pulp. Its name
had been changed
to “Advance Agro
Co., Ltd.” in
August 1991.
In 1993 the
subject acquired 99.99%
shares of “Hi-Tech Paper Co., Ltd.”,
a subsidiary of
Soon Hua Seng
Group.
The subject’s status was
converted to a
public limited company
on February 18,
1994 and it
processed on being
listed on the Stock Exchange of
Thailand on February 8, 1995 respectively
under the name “Advance Agro
Public Company Limited”.
The subject was
certified ISO14001 by
AJA EQS and
ISO 9001-2000 by the
institute AJA EQS
of the U.K.
In 2002, the
subject set up “Double
A Copy Center
Co., Ltd.” to
operate Double A Copy
Center along with its external paper
business at the
retail level by
joining businesses with
copy centers.
In 2004, subject
set up “99 Group Trading Center Co., Ltd.” to
be a domestic
printing and writing
paper distributors.
On February 10,
2006, subject took
over its subsidiary
named AA Pulp
Mill 2 Co.,
Ltd.
On April 17,
2008, the subject
has been agreed
by the Board
of Committees to
list out the company
from the Stock
Exchange of Thailand,
for re-structuring the
company’s organization.
On May 3,
2010, the subject’s
name was finally changed to
DOUBLE A [1991]
PUBLIC COMPANY LIMITED.
At the present,
the subject is
one of the
country's leading pulp
and paper producers,
as well as
paper related products.
The subject currently
has staff strength
of approximate 1,800.
The subject’s registered
address is 1
Moo 2, T.
Thatoom, A. Srimahaphote,
Prachinburi 25140, and
this is the
company’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
Position |
Nationality |
Age |
|
|
|
|
|
|
Mr. Narong Srisa-an |
: [+] |
Thai |
86 |
|
Mr. Yothin Dumnerncharnvanit |
: [+] |
Thai |
53 |
|
Gen. Chettha Thanajaro |
|
Thai |
76 |
|
Mr. Trairat Dumnerncharnvanit |
|
Thai |
50 |
|
Dr. Virabongsa Ramangkura |
: [+] |
Thai |
71 |
|
Mr. Kitti Dumnerncharnvanit |
: [x] Founder Chairman |
Thai |
84 |
|
Mr. Pracha Charutrakulchai |
: [+] |
Thai |
75 |
|
Mr. Sirin Nimmanahaeminda |
: [+] |
Thai |
67 |
|
Dr. Somchai Richuphan |
|
Thai |
76 |
|
Mr. Sirichai Sakornrattanakul |
|
Thai |
65 |
|
Mr. Seri Jintanasaeri |
|
Thai |
72 |
|
Mrs. Phisamai Supanuntareuk |
: [+] |
Thai |
57 |
AUTHORIZED PERSON
Only the director
[x] can sign
or two of
the directors [+]
can jointly sign on
behalf of the
subject with the
company’s affixed.
MANAGEMENT
Mr. Yothin Dumnerncharnvanit is
the President.
He is Thai
nationality with the
age of 53
years old.
Mr. Charnwit Jarusombat is
the Senior Executive
Vice President -
Domestic.
He is Thai
nationality.
Mr. Thirawit Leetavorn is
the Senior Executive
Vice President -
International.
He is Thai
nationality.
Ms. Vilaiwan Kanjakamol is
the Accounting Director.
She is Thai
nationality.
Ms. Xanxana Ratanopas is
the Finance Director.
She is Thai
nationality.
Mr. Kumpon Chayasunthorn is
the Chief Operating
Officer.
He is Thai
nationality.
Mr. Prayad Chaemphusa is
the Co-Chief Manufacturing
Officer.
He is Thai
nationality.
Mr. Sirisak Najaikong
is the Co-Chief
Manufacturing Officer.
He is Thai
nationality.
Mr. Vorapat Poonsiri
is the Co-Chief
Manufacturing Officer.
He is Thai
nationality.
Mr. Vacharane Nisakornsane is
the Co-Chief Manufacturing
& Domestic Business Officer.
He is Thai
nationality.
Mr. Somyos Kate-int
is the Co-Chief
Manufacturing Officer.
He is Thai
nationality.
Mr. Vitoon Zuewattanakul is the Co-Chief
Overseas Business Officer.
He is Thai
nationality.
Mrs. Krisana Janilratanapong is
the Co-Chief Marketing
Officer.
She is Thai
nationality.
Mr. Jarupoom Pongpornnapa is
the Co-Chief Human
Resources Officer.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting wide
range of pulp & paper and
paper related products,
which are divided
into 6 main
businesses as follows:
- Manufacturing,
distributing and exporting of
“DOUBLE A” writing & printing
paper products, which
has two types:
Uncoated Wood-Free Paper and
Coated Paper or Art Paper. The
products include cut-size [A3, A4, B4, and
F14] and roll
and folio, as well
as Beached Eucalyptus Kraft [BEK] Pulp, with
three grades of
pulp, consist of
slurry pulp, dry
pulp and wet
lap pulp, under
the name “EUCA AA” pulp.
- Distributing of
paper products of
the group of
companies, under various
brands: “EAGLE”, “HI-DUP
[BOAT]”, “QUALITY”, “SWAN”,
“SHIN-TZU”, “ALPINE”, “PERSIAN”, “SIBERIAN” and
“SMARTIST”
- Distributing
of “DOUBLE A” stationery products, such
as paper collection, books,
stapled binding notebook, glued
binding notebook, wired
binding notebook, report
pad, graph notepad,
creative products, special
paper [copier paper, color
paper, inkjet paper,
laser paper, sticky
paper, etc.], note & page markers [memo pad,
planning note], files & storing [box file,
clip file, swing
file, index file,
document file], and
envelope products.
- Franchise business, named
“DOUBLE A COPY
CENTER”
- Franchise business, named
“DOUBLE A COPY POINT”
- Franchise business, named
“DOUBLE A STATIONERY”
PRODUCTION CAPACITY: [as of December 31,
2012]
Pulp production [Real] :
580,000 [509,759] tons per
year
Paper production : 620,000
tons per year
PURCHASE [LOCAL]
Raw materials are
purchased locally.
IMPORT [COUNTRIES]
Chemical and paper
pulp are imported
from Japan, Republic of
China, New Zealand,
Australia, Bulgaria, Finland,
Germany, Canada, Sweden, Europe and
U.S.A.
MAJOR SUPPLIERS
|
Name |
Country |
|
Mitsubishi Corporation |
Japan |
|
Siemens Aktiengesellschaft |
Germany |
|
Tampella Power Inc. |
Finland |
|
Thai Power Supply
Co., Ltd. |
Thailand |
|
Agro Lines Co.,
Ltd. |
Thailand |
|
Hi -Tech Paper Co.,
Ltd. |
Thailand |
|
Shaiyo-AA Co., Ltd. |
Thailand |
|
Nation Power Supply
Co., Ltd. |
Thailand |
|
Kanna Co., Ltd. |
Thailand |
|
Advance Paper Co.,
Ltd. |
Thailand |
SALES [LOCAL]
40% of the products is sold locally
by wholesale to dealers and printing
houses throughout the country.
EXPORT [COUNTRIES]
60%
of the products
is exported to
Singapore, Hong Kong, Republic of
China, Malaysia, Korea, United
Kingdom, Bangladesh, France, Russia, Netherlands, Australia, Taiwan, Indonesia,
Philippines, Vietnam, Sri Lanka,
Pakistan, Iran, Turkey, U.A.E., New
Zealand and etc.,
with more than
138 countries.
MAJOR CUSTOMERS
|
Name |
Country |
|
|
|
|
Advance Agro Paper
B.V. |
Netherlands |
|
Double A International Network [Australia] Pty.
Ltd. |
Australia |
|
Double A International Network [Korea] Co.
Ltd.
|
Korea |
|
Double A International Network [Malaysia] Sdn. Bhd. |
Malaysia |
|
Double A International Business [Shanghai] Co.,Ltd. |
Republic of China |
|
Double A Pulp
and Paper Co.,
Ltd. |
Bangladesh |
|
Double A International Business [Beijing] Co.,Ltd. |
Republic of China |
|
Double A International Business [Guangzhou] Co.,Ltd. |
Republic of China |
|
Double A International Hong
Kong Ltd. |
Hong Kong |
|
Double A International Network
Co., Ltd. |
Iran |
|
Extra Lux D.O.O. |
Slovenia |
|
Double A. International Network
Company Pvt. |
Pakistan |
|
Double A Paper
and Paper Trading
Inc. |
Philippines |
|
Double A International Network |
Russia |
|
Double A International Network |
U.A.E. |
|
Akyol Defter SAN. KIRT.
TIC. LTD. |
Turkey |
REVENUE STRUCTURE [Unit
: Thousand Baht]
|
|
2012 |
2011 |
2010 |
|
Products |
|
|
|
|
Paper |
18,007,548 |
16,769,719 |
10,751,168 |
|
Pulp |
1,218,359 |
1,547,353 |
1,657,603 |
|
|
|
|
|
|
Total Revenue |
19,225,907 |
18,317,072 |
18,465,229 |
SUBSIDIARIES AND AFFILIATED
COMPANIES
The subject invests
in their subsidiaries
as follows:
Hi-Tech Paper Co.,
Ltd.
Address : 122 North
Sathorn, Silom, Bangrak, Bangkok
10500
Business Type : Production and
distribution of printing
and writing paper
Investment : The
subject holds 99.99%
of the company’s
shares.
Advance Agro Holding
Co., Ltd.
Address : 122 North
Sathorn, Silom, Bangrak, Bangkok
10500
Business Type : Investment Company
Investment : The
subject holds 99.99%
of the company’s
shares.
Advance Agro Paper
B.V. Co., Ltd.
Address : -
Business Type : Distributor of
pulp & printing
paper
Investment : The
subject holds 99.99%
of the company’s
shares.
Advance Paper Mill
3 Co., Ltd.
Address :
-
Business
Type :
Manufacturer and distributor
of printing and
writing papers
Investment : The
subject holds 66.39%
of the company’s
shares.
Hi-Tech Specialty Mineral
Co., Ltd.
Address : 122 North
Sathorn, Silom, Bangrak, Bangkok
10500
Business Type : Production
and distribution of
chemicals
Investment : The
subject holds 51.00%
of the company’s
shares.
Lime Quality Pulp
2 Co., Ltd.
Address : -
Business Type : Production
and distribution of
chemicals
Investment : The
subject holds 40%
of the company’s
shares.
C.L.O. 2 Co., Ltd.
Address : -
Business Type : Production
and distribution of
chemicals
Investment : The
subject holds 5.77%
of the company’s
shares.
National Power Supply
Public Company Limited
Address : -
Business Type : Generator
and distributor of
electricity and steam
Investment : The
subject holds 17.99%
of the company’s
shares.
LITIGATIONS
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
As
at December 31, 2002, the Company
was contingently liable
as a guarantor
of liability line
of subsidiaries and
related companies totaling U.S. Dollars 135 million and Baht 4,284
million [The Company has been sued for settlement of liabilities from
joint-guarantors of Baht 200 million].
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
by cash or
on the credits
term of 30-60
days.
Imports are by
L/C at sight
and T/T.
Exports are against
L/C at sight
and T/T.
BUSINESS TRANSACTION
In term of
sales, the products
are sold by
both cash and
credit with the
maximum credit given
to customers at
60 days, while exports
are by L/C
and T/T. The
subject is not
found to have
payment problem by
customers.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Bangrak, Bangkok
10500]
[Kabinburi Branch]
The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office
: 9 Ratchadapisek
Rd., Ladyao, Jatujak,
Bangkok 10900]
Kasikornbank Public Co.,
Ltd.
[Head Office
: 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
Krung Thai Bank
Public Co., Ltd.
[Head Office :
35 Sukhumvit Rd.,
Klongtoeynua, Watana, Bangkok 10110]
TMB Bank Public
Co., Ltd.
[Head Office
: 3000 Phaholyothin
Rd., Jatujak, Bangkok
10900]
EMPLOYMENT
The subject employs
approximately 1,800 staff
comprising permanent and
temporary staff.
LOCATION DETAILS
The premise is
owned for administrative office
and factory at
the heading address.
Premise is located
in provincial.
Branches : - 187/3 Moo 1,
Bangna-Trad Rd., Km.
42, T. Bangwua,
A. Bangpakong,
Chachoengsao 24180. Tel.:
[66] 38 840-877 Fax :
[66] 2659-1324.
-
94/1 Moo 5,
T. Khaohinson, A.
Panpmsarakarm, Chachoengsao 24120.
COMMENT
Double A, since its
inception has dramatically changed the paper industry by developing and
offering its own premium office paper brand. The concept of office paper has
been changed from a commodity to a consumer product by continued brand building
strategy and also the premium quality of its product. With its new vision and
new name, Double A
is even more committed to build on its image as the global premium brand for
office paper accepted by its customers worldwide.
Consistent marketing and brand building activities have built Double A into the
most recognizable copy paper brand in the world. Today, Double A is
available in 100 countries and
over 200 million
reams are consumed
annually by the
customers.
Growth in 2013 was
also from strong promotion and
advertising including save the
planet campaign and its quality.
FINANCIAL
INFORMATION
The capital was
initially registered at
Bht. 20,000,000 divided into
2,000,000 shares of
Bht. 10 each.
The capital was
increased later as
following:
Bht.
3,000,000,000 in January,
1994
Bht. 3,550,000,000
in June, 1994
Bht. 3,960,000,000
in 1996
Bht. 5,000,000,000
in 1997
Bht. 6,300,000,000
in 1997
On July 11,
2013, the registered
capital was decreased
to Bht. 5,029,864,510
divided into 502,986,451
shares of Bht.
10 each, with the
current capital paid-up
at Bht. 4,053,695,590.
MAIN SHAREHOLDERS: [as at
April 17, 2013]
at Bht. 4,833,336,890 of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Double A Holdings
Limited Nationality : Cayman Address : Office
of Codan Trust
Company [Cayman] Limited, Cricket
Square, P.O. Box 2681, Grand
Cayman KYI-1111, Cayman Islands |
302,114,804 |
62.51 |
|
Double A [1991]
Public Company Limited Nationality : Cayman Address : 1
Moo 2, T. Thatoom,
A. Srimahaphote, Prachinburi |
77,964,130 |
16.13 |
|
Wiseley Management Pte.
Ltd. Nationality : Singaporean Address : 133
Cecil Street #15-03 Keck Seng Tower,
Singapore |
23,633,000 |
4.89 |
|
Asian Tech L.L.C. Nationality : American Address : 113
Barksdale Professional Center,
Newark, Delaware U.S.A. 19711 |
23,400,000 |
4.84 |
|
Averline Investments LTD. Nationality : British
Virgin Islands Address : 24 De Castro Street, Wickhams Cay 1, Road
Town, Tortola, British Virgin Islands |
23,300,000 |
4.82 |
|
Wisdom Tree Ventures
LTD. Nationality : British
Virgin Islands Address : 24 De Castro Street, Wickhams Cay 1, Road
Town, Tortola, British Virgin Islands |
23,300,000 |
4.82 |
|
Laemkhao Euca Technology
Co., Ltd. Nationality : Thai Address : 205
Moo 3, Nongkhaem, Bangkok |
4,664,500 |
0.96 |
|
Eastern Agro Intertrade
Co., Ltd. Nationality : Thai Address : 205
Moo 3, Nongkhaem, Bangkok |
2,159,500 |
0.45 |
|
Hopewide Assets Limited Nationality : British
Virgin Islands Address : P.O. Box 957, Offshore
Incorporations Centre, Road
Town, Tortola, BVI |
1,700,000 |
0.35 |
|
Others |
1,097,755 |
0.23 |
Total Shareholders :
259
Share Structure [as
at April 17,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
247 |
7,886,850 |
1.63 |
|
Foreign |
12 |
475,446,839 |
98.37 |
|
Total |
259 |
483,333,689 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.:
Ms. Supannee Tariyanantakul No.
4498
BALANCE
SHEET [BAHT]
The latest financial
figures published for
December 31, 2012,
2011 & 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 [Adjusted] |
2010 [Adjusted |
|
|
|
|
|
|
Cash and Cash Equivalents |
748,453,322 |
256,772,884 |
840,911,408 |
|
Trade Accounts and Other Receivable |
|
|
|
|
Related Companies |
610,007,697 |
524,785,968 |
366,082,110 |
|
Unrelated Companies |
1,210,697,550 |
1,072,327,299 |
1,381,067,455 |
|
Total Trade Accounts
Receivable - Net |
1,820,705,247 |
1,597,113,267 |
1,747,149,565 |
|
Advance Payment for Purchase
of Goods to
Related Parties |
480,640,273 |
- |
794,392,523 |
|
Short-term Lending to Related Companies |
- |
27,000,000 |
- |
|
Inventories |
3,722,163,246 |
4,031,939,189 |
2,842,944,352 |
|
Other Current Assets |
289,577,881 |
294,331,053 |
217,414,513 |
|
|
|
|
|
|
Total Current Assets
|
7,061,539,969 |
6,207,156,393 |
6,442,812,361 |
|
|
|
|
|
|
Investment in Subsidiaries |
5,317,110,772 |
4,700,641,224 |
4,572,030,858 |
|
Investment in Associated
Companies |
3,944,215,434 |
1,959,281,568 |
938,024,843 |
|
Fixed Assets |
16,720,281,923 |
17,871,072,976 |
14,546,817,824 |
|
Intangible Assets |
16,045,014 |
7,213,220 |
10,262,805 |
|
Advance Payment for
Purchase of Fixed Assets
to Related Company
|
693,179,775 |
929,781,079 |
929,781,079 |
|
Biological assets - Beginning of the Paper |
274,313,000 |
180,480,000 |
39,243,000 |
|
Other Non-current Assets |
58,762,912 |
119,229,063 |
88,573,057 |
|
Total Assets |
34,085,448,799 |
31,974,855,523 |
27,567,545,827 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 [Adjusted] |
2010 [Adjusted |
|
|
|
|
|
|
Bank Overdraft and Short-term
Loan from Financial Institutions |
2,521,887,000 |
6,822,620,288 |
3,706,831,414 |
|
Trade Accounts and
Other Payable |
|
|
|
|
Related Companies |
617,357,620 |
621,869,004 |
1,230,276,930 |
|
Unrelated Companies
|
1,722,930,803 |
1,591,368,595 |
2,237,326,282 |
|
Total Trade Accounts
Payable - Net |
2,340,288,423 |
2,213,237,599 |
3,467,603,212 |
|
Advance Receipts from Related Company |
112,501,139 |
- |
- |
|
Short-term Loan from Related Company |
1,246,700,000 |
- |
- |
|
Current Portion of
Hire-purchase Payable & Financial Lease Contract Liabilities |
204,505,968 |
226,171,205 |
163,862,944 |
|
Current Portion of Long-term Loan |
249,813,600 |
897,861,631 |
896,525,300 |
|
Current Portion of Short-term Currency THB |
4,987,969,261 |
- |
- |
|
Other Current Liabilities
|
109,179,809 |
258,073,964 |
252,782,155 |
|
|
|
|
|
|
Total Current Liabilities |
11,772,845,200 |
10,417,964,687 |
8,487,605,025 |
|
Hire-purchase Payable & Financial Lease Contract
Liabilities, Net of Current Portion |
328,568,603 |
515,315,456 |
154,496,182 |
|
Long-term
Loans, Net of
Current Portion |
- |
449,549,932 |
1,345,842,377 |
|
Short-term Currency THB, Net
of Current Portion |
7,462,210,851 |
7,447,252,574 |
7,418,069,370 |
|
Reserve for Long-term Employee Benefits |
85,453,660 |
76,695,730 |
64,413,345 |
|
Excess Loss of
Investment in Subsidiaries |
275,164,207 |
275,164,207 |
275,164,207 |
|
Total Liabilities |
19,924,242,521 |
19,181,942,586 |
17,745,590,506 |
|
|
2012 |
2011 [Adjusted] |
2010 [Adjusted |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share capital : Baht 10
par value authorized, and
issued share capital 580,950,581 shares
in 2012 and 2011; 630,000,000
shares in 2010 |
5,809,505,810 |
5,809,505,810 |
6,300,000,000 |
|
|
|
|
|
|
Capital Paid |
4,833,336,890 |
4,833,336,890 |
5,323,831,080 |
|
Premium on Ordinary
Shares |
2,144,528,919 |
2,144,528,919 |
2,144,528,919 |
|
Less: Repurchase of Share
Capital |
[3,040,601,070] |
[3,040,601,070] |
[4,953,527,038] |
|
Retained Earning Appropriated for Statutory Reserve |
496,481,719 |
403,851,086 |
403,851,086 |
|
Reserve for Repurchase of Share
Capital |
3,040,601,070 |
3,040,601,070 |
4,953,527,038 |
|
Unappropriated [Deficit] |
5,110,634,771 |
2,954,902,763 |
2,478,431,683 |
|
Other Components of Shareholders’ Equity |
1,576,223,979 |
2,456,293,279 |
[528,687,447] |
|
|
|
|
|
|
Total Shareholders' Equity |
14,161,206,278 |
12,792,912,937 |
9,821,955,321 |
|
Total Liabilities &
Shareholders' Equity |
34,085,448,799 |
31,974,855,523 |
27,567,545,827 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 [Adjusted] |
2010 [Adjusted |
|
|
|
|
|
|
Sales of Paper
|
18,006,823,560 |
16,769,719,300 |
16,807,707,916 |
|
Sales of Pulp |
1,569,483,573 |
1,547,352,795 |
1,657,602,729 |
|
Other Income |
|
|
|
|
Gain on Exchange Rate |
624,054,152 |
345,111,163 |
586,513,843 |
|
Dividend from Subsidiaries |
4,544,226 |
72,800,000 |
837,199,994 |
|
Dividend from
Associated |
1,013,551,433 |
- |
- |
|
Compensation from Input Tax |
52,656,239 |
54,214,803 |
66,515,905 |
|
Gain on Sale of Spare parts |
55,644,325 |
- |
- |
|
Gain on sale of Wood Chips |
45,552,011 |
- |
- |
|
Interest Income |
26,019,496 |
12,042,873 |
66,251,142 |
|
Reversal of Allowance for Impairment of Investments in Subsidiaries |
- |
- |
468,139,909 |
|
Gain on Change in fair Value
of Biological Assets |
66,469,602 |
85,518,610 |
- |
|
Others |
130,270,706 |
85,537,085 |
66,393,382 |
|
Total Revenues |
21,595,069,323 |
18,972,296,629 |
20,556,324,820 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Paper Sold
|
13,504,496,556 |
12,768,552,194 |
11,742,732,977 |
|
Cost of Pulp
Sold |
1,277,314,243 |
1,135,730,090 |
1,041,499,449 |
|
Selling Expenses |
3,142,464,517 |
3,526,112,934 |
3,700,190,089 |
|
Administrative Expenses |
868,887,483 |
976,987,919 |
862,635,102 |
|
Loss on Diminution
of Fixed Assets |
- |
12,824,791 |
- |
|
Total Expenses |
18,793,162,799 |
18,420,207,928 |
17,347,057,617 |
|
|
|
|
|
|
Profit before Financial Expenses |
2,801,906,524 |
552,088,701 |
3,209,267,203 |
|
Financial Expenses |
[949,293,865] |
[883,834,560] |
[1,119,832,560] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,852,612,659 |
[331,745,859] |
2,089,434,643 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.60 |
0.60 |
0.76 |
|
QUICK RATIO |
TIMES |
0.26 |
0.18 |
0.40 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.17 |
1.02 |
1.27 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.57 |
0.57 |
0.67 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
1,063.63 |
1,295.78 |
996.33 |
|
INVENTORY TURNOVER |
TIMES |
0.34 |
0.28 |
0.37 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
22.57 |
21.37 |
27.30 |
|
RECEIVABLES TURNOVER |
TIMES |
16.17 |
17.08 |
13.37 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
492.34 |
511.43 |
784.08 |
|
CASH CONVERSION CYCLE |
DAYS |
593.87 |
805.72 |
239.54 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
6.52 |
6.20 |
5.64 |
|
SELLING & ADMINISTRATION |
% |
20.49 |
24.58 |
24.71 |
|
INTEREST |
% |
4.85 |
4.83 |
6.06 |
|
GROSS PROFIT MARGIN |
% |
103.79 |
97.38 |
105.68 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
14.31 |
3.01 |
17.38 |
|
NET PROFIT MARGIN |
% |
9.46 |
(1.81) |
11.32 |
|
RETURN ON EQUITY |
% |
13.08 |
(2.59) |
21.27 |
|
RETURN ON ASSET |
% |
5.44 |
(1.04) |
7.58 |
|
EARNING PER SHARE |
BAHT |
3.83 |
(0.69) |
3.92 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.58 |
0.60 |
0.64 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.41 |
1.50 |
1.81 |
|
TIME INTEREST EARNED |
TIMES |
2.95 |
0.62 |
2.87 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
6.87 |
(0.80) |
|
|
OPERATING PROFIT |
% |
407.51 |
(82.80) |
|
|
NET PROFIT |
% |
658.44 |
(115.88) |
|
|
FIXED ASSETS |
% |
(6.44) |
22.85 |
|
|
TOTAL ASSETS |
% |
6.60 |
15.99 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 6.87%. Turnover has increased from THB 18,317,072,095.00
in 2011 to THB 19,576,307,133.00 in 2012. While net profit has increased from
THB -331,745,859.00 in 2011 to THB 1,852,612,659.00 in 2012. And total assets
has increased from THB 31,974,855,523.00 in 2011 to THB 34,085,448,799.00 in
2012.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
103.79 |
Impressive |
Industrial
Average |
9.68 |
|
Net Profit Margin |
9.46 |
Impressive |
Industrial
Average |
9.13 |
|
Return on Assets |
5.44 |
Impressive |
Industrial
Average |
4.25 |
|
Return on Equity |
13.08 |
Impressive |
Industrial
Average |
7.56 |
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 103.79%.
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. The company’s figure is 9.46%, 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 5.44%, 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 13.08%, 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.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.60 |
Risky |
Industrial
Average |
0.73 |
|
Quick Ratio |
0.26 |
|
|
|
|
Cash Conversion Cycle |
593.87 |
|
|
|
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 0.6 times in 2012, as same
figure as 0.6 times in
2011, then the company may not be efficiently using its current assets.
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 0.26 times in 2012,
increased from 0.18 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 594 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.58 |
Acceptable |
Industrial
Average |
0.45 |
|
Debt to Equity Ratio |
1.41 |
Risky |
Industrial Average |
0.82 |
|
Times Interest Earned |
2.95 |
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 2.96 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 0.58 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.17 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.57 |
Impressive |
Industrial
Average |
0.47 |
|
Inventory Conversion Period |
1,063.63 |
|
|
|
|
Inventory Turnover |
0.34 |
Deteriorated |
Industrial
Average |
6.39 |
|
Receivables Conversion Period |
22.57 |
|
|
|
|
Receivables Turnover |
16.17 |
Impressive |
Industrial
Average |
7.85 |
|
Payables Conversion Period |
492.34 |
|
|
|
The company's Account Receivable Ratio is calculated as 16.17 and 17.08 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 decreased from 1296 days at the
end of 2011 to 1064 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 0.28 times in year 2011 to 0.34 times
in year 2012.
The company's Total Asset Turnover is calculated as 0.57 times and 0.57
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
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.13 |
|
UK Pound |
1 |
Rs.99.65 |
|
Euro |
1 |
Rs.82.91 |
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.