MIRA
INFORM REPORT
|
Report Date : |
06.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
THAI |
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Registered Office : |
72/1 Moo 7, Sethakit 1 Road, T. Thasai, A. Muang, Samutsakorn 74000 |
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Country : |
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|
|
Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
17.03.1988 |
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Com. Reg. No.: |
0107537000891 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Producer and Exporter of frozen products |
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|
No of Employees : |
10,789 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government 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
THAI
UNION FROZEN PRODUCTS
PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 72/1
MOO 7, SETHAKIT
1 ROAD, T.
THASAI,
A.
MUANG, SAMUTSAKORN 74000,
THAILAND
TELEPHONE : [66]
34 816-500
FAX :
[66] 34
816-886
E-MAIL
ADDRESS : tuf-ccd@thaiunion.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1988
REGISTRATION
NO. : 0107537000891 [Former : BOR MOR
JOR. 336]
TAX ID NO. : 3101567397
CAPITAL
REGISTERED : BHT.
1,202,000,000
CAPITAL
PAID-UP : BHT.
1,147,593,829
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
THIRAPHONG CHANSIRI, THAI
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
NO.
OF STAFF : 10,789
LINES
OF BUSINESS : FROZEN
PRODUCTS
PRODUCER AND
EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on March
17, 1988 as
a private limited company
under registered name “Asian Pacific
Thai Tuna Co.,
Ltd.” to produce
and export frozen
products. On October
24, 1988, the
subject changed its
name to “Thai
Union Frozen Products
Co., Ltd.” and
started to construct
a factory and
a 5,200 tons
cold storage room
in December the
same year.
In 1992, TUF
expanded its cold
storage room to
11,200 tons and
signed a partnership
agreements with the
Japanese Mitsubishi Corp.,
main raw material
supplier and major
importer of TUF products, and
Hagoromo Food Corp.,
a major company
client.
On March 24,
1994 the subject’s
status was converted
to a public
limited company under
THAI UNION FROZEN
PRODUCTS PUBLIC COMPANY
LIMITED, and listed
on the Stock
Exchange of Thailand
[SET] on November 22,
1994 respectively. Presently,
the subject produces
wide range of
frozen seafood products,
as well as
investment in various
processed seafood and
suppers and printing
and packaging businesses
through their subsidiaries.
It currently employs
10,789 staff.
In April 1999, the
subject was awarded ISO 9002 certification from Bureau
Veritas Quality International
[BVQI].
The subject’s registered
address is 72/1
Moo 7, Sethakit 1
Rd., T. Thasai.
A. Muang, Samutsakorn
74000, and this
is the subject
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kraisorn Chansiri |
: Chairman |
Thai |
79 |
|
Mr. Thiraphong Chansiri |
|
Thai |
49 |
|
Mr. Cheng Niruttinanon |
|
Thai |
72 |
|
Mr. Chuan Tangchansiri |
|
Thai |
69 |
|
Maj. Gen. Pracha Anucrokdilok |
|
Thai |
72 |
|
Mr. Kiti Pilunthanadiloke |
|
Thai |
75 |
|
Mr. Sakdi Kiewkarnkha |
|
Thai |
79 |
|
Mr. Chan Shue
Chung |
|
Chinese |
39 |
|
Mr. Ritthirong Boonmeechoti |
|
Thai |
52 |
|
Mr. Thamnoon Ananthothai |
|
Thai |
57 |
|
Mr. Kirati Assakul |
|
Thai |
56 |
|
Mr. Ravinder Singh Grewal Sarbjit
S |
|
Malaysian |
45 |
|
Mr. Takehiko Kakiychi |
|
Japanese |
59 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Thiraphong Chansiri
is the President
and Chief Executive
Officer.
Education : Bachelor
Degree of Assumption
University [ABAC]
: MBA
in Management, University
of San Francisco
He is Thai
nationality with the
age of 49
years old.
Mr. Chan Tin
King is the
Chief Finance Officer.
He is Chinese
nationality with the
age of 46
years old.
Mr. Ritthirong Boonmeechoti is
the Managing Director
[Shrimp Product Lines].
He is Thai
nationality with the
age of 52
years old.
Mr. Chan Shue Chung
is the Assistant
Managing Director [Fish Products
I].
He is Chinese
nationality with the
age of 39
years old.
Mr. Suthidej Amornkasemwong is
the Assistant Managing
Director [Fish Products
II].
He is Thai
nationality.
Mr. Peerasak Boonmechote is
the General Manager
[Shrimp Product Lines].
He is Thai
nationality.
Ms. Suneenard Sukhawanchai is the
General Manager [Audit
Unit].
She is Thai
nationality.
Mr. Yongyut Setthawiwat is
the Deputy General
Manager [Finance].
He is Thai
nationality.
Mr. Niti Trakpiboon is
the Corporate Accounting
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer
and exporter of
frozen and canned
seafood products.
TYPES OF
PRODUCTS
Tuna products
1. Frozen Tuna Loin
: Fresh tuna
is cleaned, filleted,
cooked, vacuum-packed and
frozen before exported
to clients abroad.
The tuna used
is
imported from abroad
and is of
various species, depending
on customers
demand. Species include
yellow-fin, skipjack,
and others.
2. Canned Tuna :
Tuna loin is
cooked plain and
canned. “Chicken of the
Sea”,
“Sealect”
3. Tuna Pouch : Tuna
Pouch is cooked
and processed following
the same
procedure
of preparing frozen
tuna lion and
canned tuna.
4. Tuna Cup : Tuna
cup is cooked
and processed following the
same procedure
of preparing frozen
tuna lion and
canned tuna.
Salmon products
1. Frozen Salmon :
It is come
from Norway and
Chile with fully
protein and
Omega3, then
filleted, cleaned and
frozen or processed
into
value-added products. “Chicken of the
Sea”
2. Canned Salmon : Frozen
salmon is defrosted,
filleted and cleaned.
3. Salmon Pouch : Frozen
salmon is defrosted,
filleted and cleaned.
Sardine products
1. Canned Sardine : Sardine
is cleaned, cooked
and processed. During
the canning
process,
an appropriate amount
of tomato sauce,
oil
or
brine is added
into the cans.
“Chicken of the Sea”
2. Sardine Pouch :
Sardine is cleaned,
cooked and processed.
During the pouch
process,
an appropriate amount
of tomato sauce,
oil
or
brine is added
into the cans.
Mackerel Products
1. Canned Mackerel :
Mackerel is cleaned,
cooked and processed.
During the canning
process,
an appropriate amount
of tomato sauce,
oil
or
brine is added
into the cans.
2. Mackerel Pouch :
Mackerel is cleaned,
cooked and processed.
During the pouch
process,
an appropriate amount
of tomato sauce,
oil
or
brine is added
into the cans.
Snack
1. Fish snack : Snack
is a surimi-based
product made under
modern
manufacturing technology.
“Fisho”, “Dori”, “Tapan”,
“triolight”
Frozen Shrimp
1. Fresh Frozen
Shrimp : Black
tiger and Vannamei
shrimp are processed,
then
frozen
and packed in
a variety of
products such as raw
headless shell-on, raw
peeled deveined tail-on
and raw
peeled deveined tail-off.
2. Cooked Frozen
Shrimp : Black
tiger and Vannamei
shrimp are boiled,
then
frozen
and packed in
a variety of
products such as raw
headless shell-on, raw
peeled deveined tail-on
and raw
peeled deveined tail-off
3.
Value
Added Shrimp :
“Chicken of the
Sea”, “Shoou”, Profeed”,
“D-grow”,
“Aquagreen”, “Nanami”, “Aquafeed”
Frozen Cephalopod : The cephalopod are filleted,
cleaned and frozen
for export
abroad.
Value-added products include
sashimi and
breaded cephalopod. The imported
cephalopod species are
kadong and sai
[giant octopus]. Domestically
there is only
the kadong
species.
Canned Petfood : This
product is in
effect a by-product
of other
products, using the
scraps of fish,
adding sardines, jelly
and vitamins
to ensure healthy
cats.
Canned
Seafood : These
products are shrimp, crabmeat
and baby clam,
sourced
entirely from domestic
waters. The shellfish
is peeled, boiled
and adding brine
before canned.
Value Added
Product-Bakery
: A new
line products which
is made for
high value added
product,
our products are
pie, roti, brownie,
sandwich
tuna
and breaded, etc.
Ready to Eat Products : Ready to eat product is made from original recipe with
healthy ingredient
and value herbs.
“My Siam”
Domestic Products :
1. Fish snack
“Fisho” : This
is made from
frozen fish meat
[surimi] that is
then cooked and
mashed and mixed
with
seasonings, baked, roasted
and cut in
a slice.
There are three
flavours : Squid,
barbecue and
soy sauce.
2. Canned tuna
“Sealect” : Tuna
loin is cooked
plain or with
various flavorings
and canned. There
are two types
on sale.
· ordinary tuna,
chunks and sandwich,
in oil or
brine.
· flavoured tuna
[Thai-style] : in
tomato sauce, green
curry tuna, hot
fried tuna, basil fried
tuna, Masman curry
tuna, and Panaeng
curry tuna.
3. “Sealect”
Tuna Sandwich Spread
: Tuna is
cooked and adding
with mayonnaise
and mixed
with vegetables packed
under brand
name “Sealect”. There
are two flavours:
Classic
and Asian Style.
MAJOR BRANDS
Export Products :
Customer’s own brand.
Local Products :
“Fisho” sliced fish
snack and “Sealect”
canned tuna.
PRODUCTIONS
Frozen Tuna : 610,000
tons per year
Frozen Shrimp :
100,000 tons per
year
Frozen Sardine & Mackerel : 106,000
tons per year
The subject also
invests in variety
of businesses, including
processes seafood products,
packaging, animal feed
and agriculture products
through 27 subsidiary
companies, which 18 subsidiaries in
Thailand and 9
subsidiaries in overseas,
as well as
investment in seafood
products, animal feeds
and by-products through
5 associated companies
which 3 companies
in Thailand and
2 in overseas.
IMPORT [COUNTRIES]
Its raw materials
such as tuna, cephalopod, cuttlefish, octopus, food chemical,
are purchased from
both in domestic
and overseas in
U.S.A., Japan, Taiwan,
Spain, Italy, Russia,
Republic of China
& Korea.
MAJOR SUPPLIERS
|
Name |
Country |
Products |
|
|
|
|
|
Asian Pacific Can
Co., Ltd. |
Thailand |
Can for Food |
|
Thai Union Graphic
Co., Ltd. |
Thailand |
Printed label |
|
Thai Union Manufacturing Co.,
Ltd. |
Thailand |
- |
|
Songkla Canning Public
Company Limited |
Thailand |
Seafood |
SALES
Most of the
products are exported
to U.S.A., Japan,
Canada, and many
countries in Europe,
Middle East, Africa,
Oceania and South
America, the remaining
is sold locally.
Export products classified
by countries as
follows:
|
Type of Products |
Export Countries |
|
|
|
|
Frozen tuna loin
products |
U.S.A and Japan |
|
Frozen shrimp products |
U.S.A. and Japan |
|
Frozen cephalopod products |
Japan |
|
Canned seafood products |
Europe, Canada and
U.S.A. |
|
Canned tuna products |
Europe, Canada, Australia
and Middle East |
|
Canned petfood products |
Japan and U.S.A. |
MAJOR CUSTOMERS
T - Holding Co.,
Ltd.
Products : Local distributor of
“Sealect’ canned tuna
and “Fisho” fish
snack.
SUBSIDIARIES &
AFFILIATED COMPANIES
Group I
Production & Export of frozen & canned food
products
Thai Union
Manufacturing Co., Ltd.
Songkhla Canning
Co., Ltd.
Thai Union
Seafood Co., Ltd.
Group II
Production & Distribution
of Packaging
Asian Pacific
Can Co., Ltd.
Thai Union
Graphic Co., Ltd.
Group III
Production & Distribution
of Animal feed &
agricultural
Thai Union
Feedmill Co., Ltd.
Thai Quality
Shrimp Co., Ltd.
TMAC Co.,
Ltd.
Group IV
Food Business in
domestic market
T-Holding Co.,
Ltd.
Group V Overseas
Investment
PT. Julfa International
Food Co., Ltd.
Yueh Chyang
Canned Food Co.,
Ltd.
Thai Union
Investment Holding
Tri-Union Seafood
LLC.
Tri-Union Frozen
Products Inc.
U.S. Pet
Nutrition LLC
MW Brands
SAS
REVENUE STRUCTURE [Company
and consolidates]
[million baht]
|
|
2013 |
2012 |
||
|
Product Lines |
Amount |
% |
Amount |
% |
|
|
|
|
|
|
|
Frozen and Canned
Seafood - Products Group |
42,715.76 |
37.90 |
40,855.98 |
38.30 |
|
Packaging Group |
892.79 |
0.80 |
1,226.76 |
1.20 |
|
Anumal Feed and
Agriculture - Products Group |
3,468.99 |
3.10 |
5,122.80 |
4.80 |
|
Domestic Market Group |
1,166.10 |
1.00 |
1,419.40 |
1.30 |
|
Overseas Investment Group |
64,568.95 |
57.20 |
58,072.68 |
54.40 |
|
|
|
|
|
|
|
Total Revenue |
112,812.59 |
100.00 |
106,697.62 |
100.00 |
SUBSIDIARY/AFFILIATED COMPANIES
Thai Union Manufacturing
Co., Ltd.
Business Type :
Manufacturer of frozen
and canned seafood
products
Investment :
90.08%
Songkla Canning PCL.
Business Type :
Manufacturer of frozen
and canned seafood
products
Investment :
90.44%
Thai Union Seafood
Co., Ltd.
Business Type :
Manufacturer of frozen
and canned seafood
products
Investment :
51%
Pakfood PCL.
Business Type :
Manufacturer of frozen
and canned seafood
products
Investment :
77.06%
Asian-Pacific Co., Ltd.
Business Type :
Manufacturer of packaging
products
Investment :
90.50%
Thai Union Graphic
Co., Ltd.
Business Type :
Manufacturer of packaging
products
Investment :
74%
Thai Union Feedmill
Co., Ltd.
Business Type :
Manufacturer of animal
feeds
Investment :
51%
Thai Quality Shrimp
Co., Ltd.
Business Type :
Manufacturer of shrimp
Investment :
100%
TMAC Co., Ltd.
Business Type :
Shrimp farm business
Investment :
51%
T-Holding Co., Ltd.
Business Type :
Distributor of snack and
pet foods
Investment :
90%
Thai Union International
Inc.
Business Type :
Investment company in
U.S.A
Investment :
100%
Tri-Union Seafoods, LLC.
Business Type :
Manufacturer of canned
seafood
Investment :
100%
Tri-Union Frozen Products
Inc.
Business Type :
Importer and distributor
of frozen seafood
Investment :
82%
Thai Union Investment
Holding Co., Ltd.
Business Type :
Investment company in
European country
Investment :
100%
etc.
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
according to for
the past two
years.
CREDIT
Sales are by
cash or on
the credits of
30-60 days.
Local bills are
paid by cash
or on the
credits of 30-60
days.
Imports are by
L/C at sight
and T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office :
333 Silom Rd.,
Silom, Bangrak, Bangkok]
Krung Thai Bank
Public Co., Ltd.
[Head Office : 35
Sukhumvit Rd., Klongtoeynua,
Wattana, Bangkok]
Kasikornbank Public Co.,
Ltd.
[Head Office :
1 Kasikorn Lane,
Rajburana Rd., Rajburana,
Bangkok]
EMPLOYMENT
The subject currently
employs 10,789 staff.
LOCATION DETAILS
The premise is
owned for operating
office, factory and
warehouse on the total
area of 192,000
square meters at the
above
address.
Premise is located
in industrial area.
Bangkok office is
at M Flr.,
S. M. Tower, 979/12
Phaholyothin Rd., Phyathai,
Bangkok 10400. Tel :
[66] 2298-0024, 2298-0537-41
Fax : [66]
2298-0548, 2298-0550
COMMENT
For over 25
years, Thai Union Frozen Products PCL (TUF) has been bringing premium
quality, safe, delicious
and convenient seafood products
to customers across the world. Today,
TUF is regarded
as the world’s largest producer
of shelf-stable tuna products and
is ranked among
the largest seafood
producers in the
world, with annual sales
exceeding USD 3.6 billion
As a company
committed to innovation
and sustainability, TUF
is proud to
be a member
of the United Nation Global
Compact, and a founding member of the International Seafood Sustainability Foundation
(ISSF).
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 25,000,000 divided
into 250,000 shares
of Bht. 100
each.
The capital was
increased later as
followings:
Bht.
150,000,000 on November
17, 1989
Bht.
300,000,000 on February
21, 1990 [Bht.
100 per par
value]
Bht.
300,000,000 on August
15, 1990 [Bht.
10 per par
value]
Bht.
600,000,000 in 1998
Bht.
869,090,950 in 1999
The current registered
capital is Bht. 1,202,000,000 divided
into 1,202,000,000 shares
of Bht. 1
each, with a
current capital paid-up
at Bht. 1,147,593,829.
MAIN SHAREHOLDERS : [as
at March
11, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Thai NVDR Co.,
Ltd. |
86,408,809 |
7.53 |
|
Mr. Kraisorn Chansiri |
73,701,072 |
6.42 |
|
Mr. Thiraphong Chansiri |
71,939,681 |
6.27 |
|
Mitsubishi Corporation |
54,536,280 |
4.75 |
|
Mr. Cheng Niruttinanon |
54,515,926 |
4.75 |
|
Mrs. Busakorn Chansiri |
44,082,608 |
3.84 |
|
State Street Bank
Europe Limited |
38,778,897 |
3.38 |
|
Social Security Office |
38,078,462 |
3.32 |
|
Morgan Stanley & Co. International PLC. |
32,514,041 |
2.83 |
|
Mitsubishi Corporation |
32,400,000 |
2.82 |
|
The Bank of
New York Mellon |
32,265,964 |
2.81 |
|
Others |
588,372,089 |
51.28 |
Total Shareholders :
8,471
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr.
Sophon Permsirivallop
Certified Public
Accountant (Thailand) No. 3182
Ernst &
Young Office Limited
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 |
69,190,002 |
62,334,789 |
55,908,174 |
|
Short-term investment |
1,593,720,000 |
- |
- |
|
Trade and other receivables |
3,367,595,407 |
4,196,393,140 |
4,088,187,150 |
|
Short-term loans to subsidiaries |
80,000,000 |
1,417,041,200 |
80,000,000 |
|
Short-term loans to other
companies |
- |
5,465,000 |
- |
|
Current portion of
long-term loans to subsidiaries |
724,893,875 |
- |
440,335,000 |
|
Current portion of
long-term loans to other companies |
- |
1,608,338 |
- |
|
Inventories |
5,019,971,420 |
4,871,029,878 |
3,644,784,286 |
|
Other current assets
|
|
|
|
|
Prepaid income
tax |
76,604,805 |
60,357,391 |
28,162,734 |
|
Current portion of forward exchange contracts receivables |
3,766,952 |
130,727,848 |
140,443,542 |
|
Value added tax
refundable |
33,167,458 |
68,340,536 |
42,214,924 |
|
Others |
144,607,784 |
73,173,048 |
34,631,753 |
|
Total other current
assets |
258,146,999 |
332,598,823 |
245,452,953 |
|
|
|
|
|
|
Total Current Assets
|
11,113,517,703 |
10,886,471,168 |
8,554,667,563 |
|
|
|
|
|
|
Investments in associates |
155,573,639 |
929,033,585 |
66,231,008 |
|
Investments in subsidiaries |
16,442,429,520 |
14,063,001,850 |
4,566,571,387 |
|
Other long-term investments |
- |
- |
34,579,160 |
|
Long-term loans to subsidiaries-net of current portion |
23,863,646,852 |
21,129,712,775 |
17,007,904,981 |
|
Long-term loans to other
companies - net of
current portion |
- |
1,260,000 |
- |
|
Property, plant and equipment |
4,188,048,894 |
3,849,580,950 |
3,204,693,088 |
|
Others intangible assets |
4,445,278 |
2,929,189 |
1,675,667 |
|
Other non-current assets |
|
|
|
|
Forward exchange contracts receivables-net of
current portion |
48,275,500 |
97,167,200 |
76,264,500 |
|
Deferred tax
assets |
31,497,750 |
50,086,434 |
35,156,604 |
|
Unamortised discount
from forward exchange contracts |
29,581,420 |
157,955,797 |
185,529,121 |
|
Others |
20,343,697 |
40,165,074 |
16,195,821 |
|
Total non-current assets |
44,783,842,550 |
40,320,892,854 |
25,194,801,337 |
|
Total Assets |
55,897,360,253 |
51,207,364,022 |
33,749,468,900 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank overdraft and short-term Loan from financial
institutions |
11,473,312,757 |
9,787,924,156 |
3,553,985,552 |
|
Trade and other
payables |
1,593,911,988 |
1,928,711,772 |
1,372,242,118 |
|
Current portion of
long-term loans |
450,000,000 |
112,500,000 |
- |
|
Current portion of
debentures |
3,297,649,536 |
500,000,000 |
- |
|
Income tax payable |
110,449,932 |
- |
36,862,821 |
|
Other current liabilities |
1,926,162,378 |
201,891,448 |
343,641,837 |
|
|
|
|
|
|
Total Current Liabilities |
18,851,486,591 |
12,531,027,376 |
5,306,732,328 |
|
Long-term loans-net of
current portion |
3,297,722,485 |
2,137,500,000 |
2,250,000,000 |
|
Debentures-net of current
portion |
3,441,968,780 |
6,733,847,032 |
7,228,325,702 |
|
Convertible bond |
2,713,756,045 |
2,439,562,712 |
2,462,169,097 |
|
Provision for long-term
employee benefits |
377,386,130 |
341,674,259 |
190,432,553 |
|
Deferred tax liabilities |
47,887,494 |
49,902,896 |
626,052 |
|
Forward exchange contracts
payable- net of
current portion |
625,211,000 |
324,647,375 |
362,851,125 |
|
Other non-current liabilities |
83,019,089 |
154,334,132 |
88,236,570 |
|
Total Liabilities |
29,438,437,614 |
24,712,495,782 |
17,889,373,427 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share capital : |
|
|
|
|
Registered |
|
|
|
|
1,202,000,000 ordinary shares of Baht 1 each
in 2013 & 2012 |
1,202,000,000 |
1,202,000,000 |
- |
|
1,000,000,000 ordinary shares of Baht 1 each |
- |
- |
1,000,000,000 |
|
Issued and
paid-up |
|
|
|
|
1,147,593,829 ordinary shares of Baht 1 each |
1,147,593,829 |
1,147,593,829 |
- |
|
956,329,407 ordinary shares of Baht 1 each
in 2011 |
- |
- |
956,329,407 |
|
Share premium |
17,500,508,871 |
17,500,508,871 |
8,158,890,230 |
|
Retained Earning Appropriated for Statutory
Reserve |
120,200,000 |
120,200,000 |
100,000,000 |
|
Unappropriated |
7,511,030,410 |
7,546,976,011 |
6,644,875,836 |
|
Other components of
shareholders’ equity |
179,589,529 |
179,589,529 |
- |
|
Total Shareholders' Equity |
26,458,922,639 |
26,494,868,240 |
15,860,095,473 |
|
Total Liabilities &
Shareholders' Equity |
55,897,360,253 |
51,207,364,022 |
33,749,468,900 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales |
23,457,148,276 |
25,071,942,048 |
23,725,730,352 |
|
Other Income |
|
|
|
|
Dividend income |
835,437,467 |
1,421,743,357 |
1,214,008,607 |
|
Interest income |
1,026,379,407 |
987,553,868 |
1,049,605,168 |
|
Exchange gains |
100,291,708 |
217,898,692 |
47,608,703 |
|
Others |
554,120,471 |
222,018,667 |
203,671,429 |
|
Total other income |
2,516,229,053 |
2,849,214,584 |
2,514,893,907 |
|
Total Revenues |
25,973,377,329 |
27,921,156,632 |
26,240,624,259 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of sales
|
21,562,120,190 |
22,649,962,345 |
20,907,995,795 |
|
Selling expenses |
692,676,898 |
878,763,235 |
793,262,577 |
|
Administrative expenses |
857,433,919 |
720,930,137 |
731,729,179 |
|
Total Expenses |
23,112,231,007 |
24,249,655,717 |
22,432,987,551 |
|
Profit before financial
cost and income
tax expenses |
2,861,146,322 |
3,671,500,915 |
3,807,636,708 |
|
Financial cost |
[855,088,580] |
[706,000,826] |
[675,156,144] |
|
Profit before income
tax expenses |
2,006,057,742 |
2,965,500,089 |
3,132,480,564 |
|
Income tax
expenses |
[205,929,525] |
[30,365,070] |
[110,110,413] |
|
Net Profit / [Loss] |
1,800,128,217 |
2,935,135,019 |
3,022,370,151 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.59 |
0.87 |
1.61 |
|
QUICK RATIO |
TIMES |
0.31 |
0.45 |
0.88 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.60 |
6.51 |
7.40 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.42 |
0.49 |
0.70 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
84.98 |
78.50 |
63.63 |
|
INVENTORY TURNOVER |
TIMES |
4.30 |
4.65 |
5.74 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
52.40 |
61.09 |
62.89 |
|
RECEIVABLES TURNOVER |
TIMES |
6.97 |
5.97 |
5.80 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
26.98 |
31.08 |
23.96 |
|
CASH CONVERSION CYCLE |
DAYS |
110.40 |
108.51 |
102.57 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
91.92 |
90.34 |
88.12 |
|
SELLING & ADMINISTRATION |
% |
6.61 |
6.38 |
6.43 |
|
INTEREST |
% |
3.65 |
2.82 |
2.85 |
|
GROSS PROFIT MARGIN |
% |
18.81 |
21.02 |
22.48 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
12.20 |
14.64 |
16.05 |
|
NET PROFIT MARGIN |
% |
7.67 |
11.71 |
12.74 |
|
RETURN ON EQUITY |
% |
6.80 |
11.08 |
19.06 |
|
RETURN ON ASSET |
% |
3.22 |
5.73 |
8.96 |
|
EARNING PER SHARE |
BAHT |
1.57 |
2.56 |
3.16 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.53 |
0.48 |
0.53 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.11 |
0.93 |
1.13 |
|
TIME INTEREST EARNED |
TIMES |
3.35 |
5.20 |
5.64 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(6.44) |
5.67 |
|
|
OPERATING PROFIT |
% |
(22.07) |
(3.58) |
|
|
NET PROFIT |
% |
(38.67) |
(2.89) |
|
|
FIXED ASSETS |
% |
8.79 |
20.12 |
|
|
TOTAL ASSETS |
% |
9.16 |
51.73 |
|
ANNUAL GROWTH : ACCEPTABLE
An annual sales growth is -6.44%. Turnover has decreased from THB
25,071,942,048.00 in 2012 to THB 23,457,148,276.00 in 2013. While net profit
has decreased from THB 2,935,135,019.00 in 2012 to THB 1,800,128,217.00 in
2013. And total assets has increased from THB 51,207,364,022.00 in 2012 to THB
55,897,360,253.00 in 2013.
PROFITABILITY : SATISFACTORY
PROFITABILITY RATIO
|
Gross Profit Margin |
18.81 |
Impressive |
Industrial Average |
4.26 |
|
Net Profit Margin |
7.67 |
Impressive |
Industrial Average |
5.71 |
|
Return on Assets |
3.22 |
Deteriorated |
Industrial Average |
10.95 |
|
Return on Equity |
6.80 |
Deteriorated |
Industrial Average |
26.52 |
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 18.81%. 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
7.67%, 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. When compared with the
industry average, it was lower, the company's figure is 3.22%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the
company's figure is 6.8%.
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 |
0.59 |
Risky |
Industrial Average |
1.29 |
|
Quick Ratio |
0.31 |
|
|
|
|
Cash Conversion Cycle |
110.40 |
|
|
|
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 0.59 times in 2013, decreased from 0.87 times, 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 0.31 times in 2013,
decreased from 0.45 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 111 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.53 |
Impressive |
Industrial Average |
0.77 |
|
Debt to Equity Ratio |
1.11 |
Satisfactory |
Industrial Average |
1.92 |
|
Times Interest Earned |
3.35 |
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 3.35 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 0.53 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 : ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
5.60 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.42 |
Deteriorated |
Industrial Average |
2.49 |
|
Inventory Conversion Period |
84.98 |
|
|
|
|
Inventory Turnover |
4.30 |
Deteriorated |
Industrial Average |
9.73 |
|
Receivables Conversion Period |
52.40 |
|
|
|
|
Receivables Turnover |
6.97 |
Acceptable |
Industrial Average |
13.62 |
|
Payables Conversion Period |
26.98 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.97 and 5.97 in
2013 and 2012 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 2013
increased from 2012. This would suggest the company had good performance in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 78 days at the
end of 2012 to 85 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 4.65 times in year 2012 to 4.3 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.42 times and 0.49
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
|
Key Areas |
Score |
Weight |
Weighted
Score |
|
LIQUIDITY RATIO |
- |
25.00 |
- |
|
ACTIVITY RATIO |
1.33 |
20.00 |
26.60 |
|
PROFITABILITY
RATIO |
2.00 |
25.00 |
50.00 |
|
LEVERAGE RATIO |
3.56 |
10.00 |
35.60 |
|
ANNUAL GROWTH |
1.60 |
20.00 |
32.00 |
|
Total Weight
(excluding - - Score) |
|
100.00 |
|
|
|
|
|
144.20 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.43 |
|
|
1 |
Rs. 98.64 |
|
Euro |
1 |
Rs. 78.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.