MIRA
INFORM REPORT
|
Report Date : |
01.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
PTT GLOBAL CHEMICAL PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
14th-18th
Floor, Energy Complex
Building A, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
19.10.2011 |
|
|
|
|
Com. Reg. No.: |
0107554000267 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor, Exporter and Service
Provider of Petrochemicals
and Chemicals |
|
|
|
|
No. of Employees |
3,652 |
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 |
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|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise
economy, generally pro-investment policies, and strong export industries,
Thailand achieved steady growth due largely to industrial and agriculture
exports - mostly electronics, agricultural commodities, automobiles and parts,
and processed foods. Unemployment, at less than 1% of the labor force, stands
as one of the lowest levels in the world, which puts upward pressure on wages
in some industries. Thailand also attracts nearly 2.5 million migrant workers
from neighboring countries. The Thai government in 2013 implemented a
nation-wide 300 baht ($10) per day minimum wage policy and deployed new tax
reforms designed to lower rates on middle-income earners. The Thai economy has
weathered internal and external economic shocks in recent years. The global
economic recession severely cut Thailand's exports, with most sectors
experiencing double-digit drops. In late 2011 Thailand's recovery was
interrupted by historic flooding in the industrial areas in Bangkok and its
five surrounding provinces, crippling the manufacturing sector. The government
approved flood mitigation projects worth $11.7 billion, which were started in
2012, to prevent similar economic damage, and an additional $75 billion for
infrastructure over the following seven years. This was expected to lead to an
economic upsurge but growth has remained slow, in part due to ongoing political
unrest and resulting uncertainties. Spending on infrastructure will require
re-approval once a new government is seated.
|
Source
: CIA |
Company name
PTT GLOBAL
CHEMICAL PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 14th-18th FLOOR,
ENERGY COMPLEX BUILDING
A,
555/1 VIBHAVADI
RANGSIT ROAD, CHATUCHAK,
BANGKOK 10900,
THAILAND
TELEPHONE : [66] 2265-8400
FAX : [66] 2265-8500
E-MAIL ADDRESS : ir@pttgcgroup.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2011
REGISTRATION NO. : 0107554000267
TAX ID NO. : 3034758480
CAPITAL REGISTERED : BHT.
45,088,491,170
CAPITAL PAID-UP : BHT.
45,088,491,170
SHAREHOLDER’S PROPORTION : -
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. BOWON VONGSINUDOM,
THAI
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
NO. OF STAFF : 3,652
LINES OF BUSINESS : PETROCHEMICALS AND
CHEMICALS
MANUFACTURER, DISTRIBUTOR,
EXPORTER
AND SERVICE
PROVIDER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject was
established on October
19, 2011 as
a public limited
company by a
merger between PTT Chemicals Public Company
Limited and PTT Aromatics and
Refinery Public Company Limited,
under the registered name
PTT GLOBAL CHEMICAL PUBLIC
COMPANY LIMITED.
On October 21,
2011, the subject
was listed on
the Stock Exchange
of Thailand.
Its business objectives
are manufactured, distributed
and serviced of
petrochemicals and chemical
products to both
domestic and overseas
markets. It currently
employs 3,652 staff.
The subject is
the leading chemical
flagship of PTT group
of companies, and
is the largest
complete range of
petrochemical and refinery
in Thailand, as well
as the leading company
in the Asia-Pacific
region.
The subject’s registered
address is 14th-18th Floor,
Energy Complex Building
A, 555/1 Vibhavadi
Rangsit Road, Chatuchak, Bangkok 10900, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somchai Kuvijitsuwan |
[-] |
Thai |
63 |
|
Mr. Suthep Liumsirijarern |
[-] |
Thai |
60 |
|
Pol. Gen. Sombat Amornvivat |
[-] |
Thai |
68 |
|
Mr. Prasert Bunsumpun |
: Chairman |
Thai |
64 |
|
Pol. Lt. Gen. Prawut
Thavornsiri |
[-] |
Thai |
58 |
|
ACM. Somchai Thean-anant |
[-] |
Thai |
63 |
|
Mr. Vasin Teeravechyan |
[-] |
Thai |
66 |
|
Mr. Amnuay Preemonwong |
[-] |
Thai |
56 |
|
Mr. Bowon Vongsinudom |
[x] |
Thai |
60 |
|
Mr. Pailin Chuchottaworn |
[-] |
Thai |
58 |
|
Mr. Sarun Rungkasiri |
[-] |
Thai |
57 |
|
Mr. Atikom Terbsiri |
[-] |
Thai |
52 |
|
Ms. Ruenvadee Suwanmongkol |
[-] |
Thai |
50 |
|
Mr. Samerjai Suksumek |
[-] |
Thai |
60 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign or any two of
the mentioned directors
[-] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Name Position
Mr. Bowon Vongsinudom President and
Chief Executive Officer
Mr. Kun Patumraj Chief Operating
Officer-Upstream Petroleum
Business
Mr. Atthavudhi Hirunburana Chief Operating
Officer-Downstream Petroleum
Business
Mrs. Puntip Oungpasuk Executive Vice
President, Corporate Strategy
Mr. Patiparn Sukorndhaman Executive Vice
President, Finance &
Accounting
Mr. Varit Namwong Executive Vice
President, Organization Effectiveness
Mrs. Thasnalak Santikul Executive Vice
President, Corporate Affairs
Mr. Athavuth Vikitsreth Executive Vice
President, External Affairs
Mrs. Sriwan Eamrongroj Executive Vice
President, Marketing, Commercial
and Supply
Mr. Kongkrapan Intarajang Executive Vice
President
Mr. Suvit Tinnachote Executive Vice
President, Group Performance Center
Olefins
Mr. Narong Bunditkamol Executive Vice
President, Group Performance Center -
Aromatics
Mr. Sermsak Sriyaphai Executive Vice
President, EO-Based Performance
Business Unit
Mr. Vanchai Tadadoltip Executive Vice
President, Green Chemicals
Business
Unit
Mr. Anutin Chuaypen Senior Vice President,
Group Performance Center-
Refinery and
Shared Facilities
Mr. Booncherd Suwantip Senior Vice
President, Quality, Safety,
Occupational
Health and
Environment
Mr. Pairote Utaisup Senior Vice
President, Polymers Business
Unit
Mr. Toasaporn Boonyapipat Senior Vice
President, High-Volume Specialties
Business Unit
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing,
exporting and servicing
of petrochemicals and
chemical products, which
can be divided
into 7 main
business groups as
follows:
Group Performance Center - Refinery & Shared Faculties
LPG
Light Naphtha
Reformance
Jet A1
Diesel
Fuel oil
Group Performance Center - Aromatics
Benzene
Toluene
Paraxylene
Orthoxylene
Mixed Xylenes
Cyclohexene
Group Performance Center - Olefins
Ethylene
Propylene
Pyrolysis Gasoline
Mixed C4
Polymer Business Unit
HDPE
LDPE
LLDPE
PS
PVC
EO-Based Performance Business
Ethylene Oxide/ Ethylene Glocol
[EO/ EG]
Ethanolamine
Ethoxylate
Green Chemicals Business
Unit
Methyl Ester
Fatty Acid
Fatty Alcohol
Glycerin
Specialty Oleochemicals
Bioplastics
High Volume Specialties
Business Unit
Phenol
Bisphenol A
Toluene Diisocyanate [TDI]
Hexamethylene Diisocyanate and
Derivatives [HDI & HDI
Derivatives]
Services and Others
Jetty and chemical
tank farms
Utility businesses
Plant maintenance and
engineering design services
Safety, occupational health
and environmental service
Pipeline infrastructural services
Information technology services
Labor outsourcing services
Marketing and sales
for health and
nutrition products
PRODUCTION CAPACITY
Petrochemicals & chemicals : 8.45
million tons/annum
Crude oil refinery : 280,000 barrels/day
PURCHASE
Raw materials are
purchased from suppliers
both domestic and overseas,
in U.S.A. and
the countries in
Asia and Europe.
MAJOR SUPPLIERS
PTT Public Company
Limited : Thailand
IRPC Public Company
Limited : Thailand
Thai Oil Public
Company Limited :
Thailand
Vinythai Public Company
Limited : Thailand
SALES
The products are
sold by wholesale
to manufacturers and
end-users both local
and overseas, mainly
in Singapore, Taiwan,
Indonesia, Malaysia, Japan,
Republic of China, India, Korea, Hong
Kong, Netherlands, Kuwait,
Saudi Arabia, U.S.A.,
and many countries
in Europe, Middle
East and Africa.
MAJOR CUSTOMERS
IRPC Public Company
Limited
Indorama Petrochem Co.,
Ltd.
Continental Petrochemical
[Thailand] Co., Ltd.
REVENUE STRUCTURE [company and
subsidiaries]
|
|
2013 |
2012 |
||
|
Product/ Service |
Million Baht |
% |
Million Baht |
% |
|
|
|
|
|
|
|
1. Refinery and
Shared Facilities |
244,673 |
45 |
270,259 |
48 |
|
2. Aromatics |
116,548 |
21 |
113,923 |
20 |
|
3. Olefins |
39,305 |
7 |
36,560 |
7 |
|
4. Polymers |
67,823 |
12 |
63,651 |
11 |
|
5. EO- Based Performance |
17,141 |
4 |
16,239 |
3 |
|
6. Green Chemicals |
29,004 |
5 |
30,083 |
5 |
|
7. High-Volume Specialties |
35,890 |
6 |
27,321 |
5 |
|
8. Service & Others |
2,497 |
- |
7,580 |
1 |
|
|
|
|
|
|
|
Total |
552,881 |
100 |
565,617 |
100 |
SUBSIDIARIES, AFFILIATED AND OTHER COMPANIES
Company Investment [%]
Subsidiaries
PTT Polyethylene Company
Limited 100
Bangkok Polyethylene Public
Company Limited 100
Thai Styrenics Company
Limited 100
TOC Glycol Company
Limited 100
Thai Oleochemicals Company
Limited 100
Thai Fatty Alcohol
Company Limited 100
Bio Creation Company
Limited 100
NPC Safety and
Environmental Service
Company Limited 100
PTTGC International [Netherlands]
B.V. 100
PTT Chemical International
Private Limited 100
Bio Spectrum Company
Limited 75
PTT Phenol Company
Limited
60
PTT Maintenance and
Engineering Company Limited 60
Thai Tank Terminal
Limited 51
Thai Ethoxylate Company
Limited 50
& etc.
Affiliates
Business Services Alliance
Company Limited 50
PTT ICT Solutions
Company Limited
40
Global Power Synergy
Company Limited 30.31
PTT Polymer Marketing
Company Limited 25
Vinythai Public Company
Limited 24.98
Eastern Fluid Transport
Company Limited 22.65
Others
Alliance Petrochemical Investment [Singapore] 15.34
Private Limited
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
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.
Imports are by
T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
The Siam Commercial
Bank Public Co., Ltd.
Krung Thai Bank
Public Co., Ltd.
EMPLOYMENT
The subject currently
employs 3,652 staff.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading address.
Premise is located
in commercial/residential area.
Branches
Rayong Office Branch,
59 Rachniyom Rd.,
T. Noen-Phra, A. Mueang, Rayong
21150.
Tel.: [66] 38
994-000, Fax: [66]
38 994-111.
Olefins I-1 Branch, 14, I-1
Rd., T. Map Ta
Phut, A. Mueang, Rayong
21150.
Tel.: [66] 38
994-000, Fax: [66]
38 994-111.
Olefin I-4 Branch, 9,
I-4 Rd., T. Map
Ta Phut, A.
Mueang, Rayong 21150.
Tel.: [66] 38
994-000, Fax: [66]
38 944-111.
Aromatics I Branch, 4, I-2
Rd., Map Ta
Phut Industrial Estate,
T. Map Ta Phut,
A. Mueang, Rayong 21150.
Tel.: [66] 38
971-000, Fax: [66]
38 994-111.
Aromatics II Branch, 98/9
Rayong Highway Rd.
3191, RIL Industrial
Estate,
T. Map Ta Phut, A.
Mueang, Rayong 21150.
Tel.: [66] 38
971-000, Fax: [66]
38 994-111.
Refinery Branch, 8, I-8
Rd., Map Ta
Phut Industrial Estate,
T. Map Ta Phut,
A. Mueang, Rayong 21150.
Tel.: [66] 38
971-000, Fax: [66]
38 994-111.
Jetty and Buffer
Tank Farm Branch,
19 Rong Pui
Rd., T. Map Ta Phut,
A. Mueang, Rayong 21150.
Tel.: [66] 38
994-000, Fax: [66]
38 994-111.
Tank Farm Branch,
11, I-4 Rd., Map
Ta Phut Industrial
Estate, T. Map Ta
Phut,
A. Mueang, Rayong 21150.
Tel.: [66] 38
971-000, Fax: [66]
38 994-111.
Lab Service Center
Branch, 24/9 Pakorn
Songkrorat Rd., T. Map
Ta Phut,
A. Mueang, Rayong 21150.
Tel.: [66] 38
971-000, Fax: [66]
38 994-111.
Applications & Quality
Assurance Center [AQA]
40th Floor, Sun
Tower, Building B,
123 Vibhavadi Rangsit
Rd., Chompon, Chatuchak,
Bangkok 10900. Tel.:
[66] 2265-8400, Fax:
[66] 2265-8389.
PTT Global Chemical
Group’s Address
14th-18th
Floor, 555/1 Vibhavadi
Rangsit Rd., Chatuchak,
Bangkok 10900.
Tel.: [66] 2265-8400,
Fax: [66] 2265-8500.
COMMENT
The company has
moved forward aggressively
to be a regional
leader as Thailand
enters the ASEAN
Economic Community (AEC),
as well as
taking important steps
in expanding investment
in other countries.
This has included
an accumulation of
stock and investment
in Perstorp of
France, now officially
known as Vencorex.
The company has
also entered into a
joint-venture with Petronas
and Itochu under
the Rapid project, Refinery and
Petrochemical Integrated Development.
In 2013 was
marked by global
economic volatility. The
debt crisis in
Europe and USA was
prolonged, as well as
economic slowdown in
China and political
unrest in many
countries in North
Africa and the
Middle East. Fluctuations in oil prices
had affected on
the price of raw
materials and end
products throughout the year.
Nevertheless the company
was able to
maintain growth through
the support of
domestic consumption and
trade with Asian
markets.
FINANCIAL INFORMATION
The latest registered
capital is Bht.
45,088,491,170 divided into
4,508,849,117 shares of
Bht. 10 each with
fully-paid up.
THE SHAREHOLDERS LISTED
WERE : [as
at March 6,
2014] at Bht.
45,088,491,170 of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
PTT Public Company
Limited |
2,204,318,913 |
48.89 |
|
Thai NVDR Co.,
Ltd. |
407,846,795 |
9.05 |
|
State Street Bank
Europe Limited |
127,920,417 |
2.84 |
|
State Street Bank
and Trust Company |
86,424,602 |
1.92 |
|
HMC Polymers Company
Limited |
83,427,636 |
1.85 |
|
HSBC [Singapore] Nominees
Pte. Ltd. |
81,155,202 |
1.80 |
|
Siam Cement Public
Company Limited |
67,089,975 |
1.49 |
|
Chase Nominees Limited
15 |
48,864,392 |
1.08 |
|
The Bank of
New York [Nominees] Limited |
45,824,463 |
1.02 |
|
Bangkok Synthetics Co.,
Ltd. |
43,420,625 |
0.96 |
|
The Bank of
New York Mellon |
42,009,034 |
0.93 |
|
BNY Mellon Nominees
Limited |
32,300,905 |
0.72 |
|
East Fourteen
Limited-Dimensional Emer Mkts Value FD |
31,017,941 |
0.69 |
|
Others |
1,207,228,217 |
26.76 |
Total Shareholders :
56,669
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Vairoj Jindamaneepitak No.
3565
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 |
10,703,289,676 |
19,002,725,615 |
9,155,276,500 |
|
Current Investments |
24,675,521,000 |
27,000,000,000 |
2,000,000,000 |
|
Trade Accounts Receivable
& Notes Receivable |
49,711,065,844 |
41,172,540,790 |
33,462,976,680 |
|
Other Receivables |
2,629,281,488 |
1,542,311,238 |
1,030,393,982 |
|
Inventories |
39,937,558,590 |
26,347,790,856 |
24,729,966,486 |
|
Short-term Lending to
related parties |
842,000,000 |
1,905,000,000 |
3,944,680,433 |
|
Current Portion of
Long-term Lending to Related
Parties |
37,000,000 |
6,545,000,000 |
6,545,000,000 |
|
Receivable from Oil
Fuel Fund |
811,183,718 |
663,810,601 |
442,270,386 |
|
Value-added Tax Receivable |
1,364,182,553 |
1,984,197,873 |
1,627,014,496 |
|
Derivatives |
6,042,175 |
7,192,148 |
11,837,570 |
|
Other Current Assets
|
1,034,601,469 |
732,802,257 |
368,699,486 |
|
Non-current Assets Held
for Sale |
- |
29,338,000 |
- |
|
|
|
|
|
|
Total Current Assets
|
131,751,726,513 |
126,932,709,378 |
83,318,116,019 |
|
Non-current assets |
|
|
|
|
Investments in Subsidiaries |
42,071,912,790 |
68,154,724,375 |
59,111,587,259 |
|
Investments in Jointly-controlled Entity |
210,000,000 |
210,000,000 |
210,000,000 |
|
Investments in Associates |
9,717,499,660 |
3,398,891,913 |
3,398,891,913 |
|
Other long-term Investments |
290,738,392 |
290,738,392 |
290,738,392 |
|
Long-term loans to related
parties |
4,853,012,537 |
11,665,657,276 |
16,886,000,000 |
|
Property, Plant and
Equipment |
179,596,460,697 |
135,197,564,337 |
135,255,213,114 |
|
Goodwill |
7,009,726,812 |
7,009,726,812 |
7,009,726,812 |
|
Land Leasehold Right |
898,209,202 |
976,048,335 |
1,064,602,733 |
|
Intangible Assets |
5,908,268,546 |
4,026,437,745 |
4,246,373,891 |
|
Derivatives |
13,050,856 |
137,753,019 |
346,719,945 |
|
Other Non - current Assets |
2,496,539,579 |
2,473,304,936 |
3,424,188,265 |
|
Total non-current assets |
253,065,419,071 |
233,540,847,140 |
231,244,042,324 |
|
Total Assets |
384,817,145,584 |
360,473,556,518 |
314,562,158,343 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts Payable |
39,635,191,981 |
31,747,233,494 |
22,932,326,825 |
|
Other Payables |
4,702,145,323 |
4,276,225,985 |
4,387,783,492 |
|
Payables of Contractors |
2,950,373,658 |
3,257,806,190 |
1,394,822,644 |
|
Short-term loans from Related
Parties |
1,237,545,524 |
3,935,835,990 |
1,200,769,349 |
|
Current portion of Long-term Loans from Financial
Institutions |
3,168,819,861 |
2,852,276,161 |
3,441,745,905 |
|
Current Portion of
Debentures |
15,064,682,465 |
8,000,000,000 |
9,698,832,960 |
|
Current Portion of
Subordinated Loan |
- |
- |
4,988,172,818 |
|
Income Tax Payable |
1,201,628,777 |
1,247,839,792 |
667,143,891 |
|
Derivatives |
122,079,742 |
25,578,146 |
8,613,711 |
|
Short-term Provision |
118,028,794 |
- |
- |
|
Other Current Liabilities |
353,619,116 |
609,359,073 |
302,947,049 |
|
|
|
|
|
|
Total Current Liabilities |
68,554,112,241 |
55,952,154,831 |
49,023,158,644 |
|
Non-current liabilities |
|
|
|
|
Long-term Loans from
Financial Institutions |
32,183,186,439 |
34,190,531,567 |
31,658,061,703 |
|
Debentures |
52,878,120,050 |
65,280,468,674 |
43,277,518,114 |
|
Deferred Tax Liabilities |
2,941,838,307 |
3,176,654,170 |
2,972,681,338 |
|
Employee Benefit Obligations
|
1,353,469,815 |
1,157,216,427 |
1,057,100,210 |
|
Derivatives |
129,574,958 |
126,632,960 |
144,375,727 |
|
Other Non-current Liabilities |
190,958,872 |
294,846,025 |
309,985,852 |
|
Total non-current liabilities |
89,677,148,441 |
104,226,349,823 |
79,419,722,944 |
|
Total Liabilities |
158,231,260,682 |
160,178,504,654 |
128,442,881,588 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share capital |
|
|
|
|
Authorised share
capital |
45,088,491,170 |
45,129,302,690 |
45,129,302,690 |
|
Issued and
paid-up share capital |
45,088,491,170 |
45,088,491,170 |
45,061,129,360 |
|
Equity from
exercising warrants under the
employee Vested stock options in
the process of
exercise |
- |
- |
46,730,261 |
|
Share Premium |
36,978,396,897 |
36,978,396,897 |
36,839,313,917 |
|
Surplus on Business
Combination |
13,121,061,611 |
13,505,861,611 |
13,505,861,611 |
|
Retained Earnings |
|
|
|
|
Appropriated for Statutory Reserve |
4,512,930,269 |
4,512,930,269 |
4,512,930,269 |
|
Loan Repayment
Reserve |
807,802,564 |
807,802,564 |
807,802,564 |
|
Projects Expansion Reserve |
12,446,994,126 |
12,446,994,126 |
12,446,994,126 |
|
Unappropriated |
113,630,208,265 |
86,954,575,227 |
72,898,514,647 |
|
Total Shareholders' Equity |
226,585,884,902 |
200,295,051,864 |
186,119,276,755 |
|
Total Liabilities &
Shareholders' Equity |
384,817,145,584 |
360,473,556,518 |
314,562,158,343 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
Oct. 19,
2011 – Dec. 31,
2011 |
|
|
|
|
|
|
Revenue from Sale
of Goods |
471,656,044,085 |
470,265,119,864 |
88,751,326,380 |
|
Revenue from Rendering
of Services |
340,198,169 |
368,565,066 |
73,111,263 |
|
Dividend income |
23,470,470,384 |
10,915,794,779 |
- |
|
Interest income |
1,958,604,032 |
1,738,015,738 |
- |
|
Net gain from Disposal of Investment |
1,548,666,360 |
- |
1,484,235,144 |
|
Derivative Gain |
2,097,282,228 |
1,788,393,203 |
560,268,924 |
|
Net Foreign Exchange
Gain |
- |
766,876,207 |
- |
|
Other Income |
1,239,905,516 |
1,037,863,517 |
230,247,781 |
|
Total Revenues |
502,309,170,774 |
486,880,628,374 |
91,099,189,492 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Sale
of Goods |
437,996,718,048 |
447,352,924,211 |
86,147,665,337 |
|
Cost of Rendering
of Service |
165,373,286 |
165,332,567 |
42,668,539 |
|
Selling Expenses |
561,761,877 |
502,083,623 |
90,720,188 |
|
Administrative Expenses |
7,613,695,496 |
6,191,348,155 |
1,666,853,091 |
|
Loss from Impairment
of Investment |
1,040,697,483 |
586,386,922 |
- |
|
Derivative Loss |
1,283,804,989 |
1,200,862,841 |
897,824,462 |
|
Net Foreign Exchange
Loss |
1,443,275,248 |
- |
641,138,406 |
|
Finance Costs |
5,574,333,251 |
5,108,808,577 |
944,648,633 |
|
Total Expenses |
455,679,659,678 |
461,107,746,896 |
90,431,518,656 |
|
|
|
|
|
|
Profit before Income Tax |
46,629,511,096 |
25,772,881,478 |
667,670,836 |
|
Income Tax |
[1,991,878,338] |
[1,584,520,239] |
[61,006,780] |
|
Net Profit / [Loss] |
44,637,632,758 |
24,188,361,239 |
606,664,056 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.92 |
2.27 |
1.70 |
|
QUICK RATIO |
TIMES |
1.28 |
1.59 |
0.93 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.63 |
3.48 |
0.66 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.23 |
1.31 |
0.28 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
88,147.30 |
58,167.27 |
211,547.85 |
|
INVENTORY TURNOVER |
TIMES |
0.00 |
0.01 |
0.00 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
38.44 |
31.93 |
137.51 |
|
RECEIVABLES TURNOVER |
TIMES |
9.49 |
11.43 |
2.65 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
87,479.94 |
70,087.46 |
196,170.28 |
|
CASH CONVERSION CYCLE |
DAYS |
705.80 |
(11,888.26) |
15,515.08 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
0.04 |
0.04 |
0.05 |
|
SELLING & ADMINISTRATION |
% |
1.73 |
1.42 |
1.98 |
|
INTEREST |
% |
1.18 |
1.09 |
1.06 |
|
GROSS PROFIT MARGIN |
% |
106.39 |
103.42 |
102.51 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.88 |
5.48 |
0.75 |
|
NET PROFIT MARGIN |
% |
9.46 |
5.14 |
0.68 |
|
RETURN ON EQUITY |
% |
19.70 |
12.08 |
0.33 |
|
RETURN ON ASSET |
% |
11.60 |
6.71 |
0.19 |
|
EARNING PER SHARE |
BAHT |
99.00 |
53.65 |
1.35 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.41 |
0.44 |
0.41 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.70 |
0.80 |
0.69 |
|
TIME INTEREST EARNED |
TIMES |
8.37 |
5.04 |
0.71 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
0.29 |
429.85 |
|
|
OPERATING PROFIT |
% |
80.92 |
3,760.12 |
|
|
NET PROFIT |
% |
84.54 |
3,887.11 |
|
|
FIXED ASSETS |
% |
32.84 |
(0.04) |
|
|
TOTAL ASSETS |
% |
6.75 |
14.60 |
|
ANNUAL GROWTH : EXCELLENT
An annual sales growth is 0.29%. Turnover has increased from THB
470,633,684,930.00 in 2012 to THB 471,996,242,254.00 in 2013. While net profit
has increased from THB 24,188,361,239.00 in 2012 to THB 44,637,632,758.00 in
2013. And total assets has increased from THB 360,473,556,518.00 in 2012 to THB
384,817,145,584.00 in 2013.
PROFITABILITY : EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
106.39 |
Impressive |
Industrial Average |
7.03 |
|
Net Profit Margin |
9.46 |
Impressive |
Industrial Average |
4.85 |
|
Return on Assets |
11.60 |
Impressive |
Industrial Average |
9.24 |
|
Return on Equity |
19.70 |
Impressive |
Industrial Average |
18.18 |
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 106.39%. 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 11.6%, 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 19.7%, 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 : ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.92 |
Satisfactory |
Industrial Average |
1.95 |
|
Quick Ratio |
1.28 |
|
|
|
|
Cash Conversion Cycle |
705.80 |
|
|
|
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 1.92 times in 2013, decreased from 2.27 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 1.28 times in 2013,
decreased from 1.59 times, although excluding inventory so the company still
have good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 706 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.41 |
Impressive |
Industrial Average |
0.65 |
|
Debt to Equity Ratio |
0.70 |
Impressive |
Industrial Average |
1.31 |
|
Times Interest Earned |
8.37 |
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 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 8.37 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 0.41 less than 0.5, most of the company's
assets are financed through equity.
Trend of the average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Stable
ACTIVITY : ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.63 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.23 |
Deteriorated |
Industrial Average |
3.08 |
|
Inventory Conversion Period |
88,147.30 |
|
|
|
|
Inventory Turnover |
0.00 |
Deteriorated |
Industrial Average |
18.96 |
|
Receivables Conversion Period |
38.44 |
|
|
|
|
Receivables Turnover |
9.49 |
Acceptable |
Industrial Average |
14.16 |
|
Payables Conversion Period |
87,479.94 |
|
|
|
The company's Account Receivable Ratio is calculated as 9.49 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 58167 days at the
end of 2012 to 88147 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 0.01 time in year 2012 to 0 time in year 2013.
The company's Total Asset Turnover is calculated as 1.23 times and 1.31
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.60.48 |
|
UK Pound |
1 |
Rs.100.35 |
|
Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SDA |
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.