MIRA INFORM REPORT
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Report No. : |
356267 |
|
Report Date : |
25.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
BERLI JUCKER PUBLIC COMPANY LIMITED [BJC] |
|
|
|
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Registered Office : |
Berli Jucker House, 99 Soi Rubia, Sukhumvit 42 Road, Phrakanong, Klongtoey, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.06.2015 |
|
|
|
|
Date of Incorporation : |
1965 |
|
|
|
|
Com. Reg. No.: |
0107536000226 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in manufacturing, distributing and
servicing various activities
as the followings:
1.
Packaging
products, includes glass
containers, aluminium cans
and rigid plastic
container 2.
Consumer
products, includes snacks,
beverage, dairy products,
personal products [soaps,
shampoos and cosmetics],
and household products
[tissue products and
cleaning products]
1.
Healthcare
products, includes pharmaceutical and
medical supplies 2.
technical
supplies, includes industrial
chemicals and technical
imaging products 3.
books,
magazine, stationery products
and office supplies
|
|
|
|
|
No. of Employee : |
1,200 [Company
Only] |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company
name
BERLI JUCKER
PUBLIC COMPANY LIMITED [BJC]
SUMMARY
BUSINESS
ADDRESS : BERLI
JUCKER HOUSE,
99
SOI RUBIA, SUKHUMVIT 42
ROAD,
PHRAKANONG,
KLONGTOEY,
BANGKOK
10110, THAILAND
TELEPHONE : [66]
2367-1111, 2381-4520-39
FAX :
[66] 2367-1000,
2381-4545
E-MAIL
ADDRESS : ir@bjc.co.th
bjc@bjc.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1965
REGISTRATION
NO. : 0107536000226 [Former : BOR MOR JOR. 96]
TAX
ID NO. : 3101029017
CAPITAL
REGISTERED : BHT.
2,014,389,444
CAPITAL
PAID-UP : BHT.
1,592,221,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
ASWIN TECHAJAREONVIKUL, THAI
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
NO.
OF STAFF : 1,200
[COMPANY ONLY]
LINES
OF BUSINESS : TRADING
COMPANY
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
Berli Jucker was
initially found in
Thailand as a
partnership between two
Swiss families in
1882. Later on
November 14, 1965,
it was formed
as a private
limited company under
the name style
BERLI JUCKER COMPANY
LIMITED to engage
in exporting, importing
and distributing cosmetics,
confectionery, canned food
products, glass container, photographic,
industrial chemicals and
etc., for both
local and overseas
markets.
On April 25,
1975, the subject was
listed on the
Stock Exchange of
Thailand. On April 2,
1993, its status
was converted into
a public limited
company under the
name BERLI JUCKER
PUBLIC COMPANY LIMITED.
Subject currently employs approximately
1,200 staff, and
also employs approximately
10,700 staff of
the group.
The
subject’s registered address is
Berli Jucker House,
99 Soi Rubia, Sukhumvit 42 Rd., Phrakanong, Klongtoey, Bangkok 10110,
and this is the company’s current operation address.
THE
BOARD OF DIRECTORS
|
Name |
Position |
Nationality |
Age |
|
|
|
|
|
Mr. Charoen
Sirivadhanabhakdi
|
: Chairman |
Thai |
70 |
|
Mr. Panot Sirivadhanabhakdi |
|
Thai |
37 |
|
Mr. Prasit Kovilaiool |
|
Thai |
71 |
|
Mr. Weerawong Chittmittrapap |
[x] |
Thai |
56 |
|
Mr. Rungsan Sriworasat |
[x] |
Thai |
- |
|
Ms. Potjanee Thanavaranit |
[x] |
Thai |
68 |
|
Pol. Gen. Krisna Polananta |
[x] |
Thai |
- |
|
Khunying Wanna
Sirivadhanabhakdi |
: Vice Chairman |
Thai |
71 |
|
Dr. Chaiyut Pilun-Owad |
|
Thai |
65 |
|
Mr. Thirasakdi Nathikanchanalab |
|
Thai |
68 |
|
Mr. Prasert Mekwatana |
|
Thai |
68 |
|
Mr. Sithichai Chaikriangkrai |
|
Thai |
60 |
|
Mr. Thapana Sirivadhanabhakdi |
|
Thai |
39 |
|
Mr. Aswin Techajareonvikul |
|
Thai |
38 |
|
Mrs. Thapanee Techajareonvikul |
|
Thai |
38 |
AUTHORIZED
PERSON
Any two of
the above directors
except the mentioned
directors [x] can
jointly sign on
behalf of the
subject with the
company’s affixed.
MANAGEMENT
Mr. Aswin Techajareonvikul is
the President and
Chief Executive Officer.
He is Thai
nationality with the
age of 38
years old.
He graduated with
a Master’s Degree
in Business Administration [MBA]
from Columbia University,
New York, U.S.A.
Mrs. Thapanee Techajareonvikul is
the Senior Executive
Vice President.
She is Thai
nationality with the
age of 38
years old.
Mr. Pattaphong Iamsuro is
the President of
Packaging Supply Chain
Group.
He is Thai
nationality.
Mr. Terapon Kietsuranon is
the Executive Vice
President, Healthcare Supply
Chain.
He is Thai
nationality.
Mrs. Vipada Duangratana is the
Executive Vice President,
Consumer Supply Chain.
She is Thai
nationality.
Mr. Teera Werathamsathit is
the Senior Vice President, Group
Human Resources.
He is Thai
nationality.
Mr. Manus Manoonchai
is the Senior
Vice President, International
Business Division.
He is Thai
nationality.
Ms. Sureerat Silpsakulsak is
the Senior Vice
President, Group Finance & Accounting.
She is Thai
nationality.
BUSINESS
OPERATIONS
The subject is engaged
in manufacturing, distributing
and servicing various
activities as the followings:
- Manufacturing,
marketing and distributing of
3.
Packaging
products, includes glass
containers, aluminium cans
and rigid plastic
container
4.
Consumer
products, includes snacks,
beverage, dairy products,
personal products [soaps,
shampoos and cosmetics],
and household products
[tissue products and
cleaning products]
- Importing,
marketing and distributing of
4.
Healthcare
products, includes pharmaceutical and
medical supplies
5.
technical
supplies, includes industrial
chemicals and technical
imaging products
6.
books,
magazine, stationery products
and office supplies
- Design, supply and assembly of automation & control systems
industrial equipment, logistics & warehouse equipment and
galvanized steel towers
for power transmission lines
- Providing
logistics services, includes
custom clearance, warehousing, transporting and
distributing services
- Providing
information technology services
and other businesses
Presently, The BJC group has four
core businesses groups and operate through
the subsidiary companies
as the followings:
1. Packaging Supply
Chain Group:
The group
comprises of 3
divisions: marketing and distributing
of glass packaging,
aluminium packaging
and plastic packaging.
The productions are operated by
1.1 Glass Packaging
- Thai
Glass Industries Public
Company Limited
- Thai
Malaya Glass Co.,
Ltd.
- BJC
Packaging Products division
of Berli Jucker
Public Company Limited
- BJC
Glass [Hong Kong] Co., Ltd.
- BJC
O-I Glass Pte.
Ltd.
- Malaya
Glass Products Sdn. Bhd.
- Malaya-Vietnam Glass
Limited
- & etc.
1.2 Aluminium Packaging
- Thai
Beverage Can Ltd.
- TBC-Ball
Beverage Can Holding
Ltd.
- TBC-Ball
Beverage Can Vietnam
Ltd.
- & etc.
1.3 Plastic Packaging
- Berli
Dynaplas Co., Ltd.
- BJC
Packaging products division
of Berli Jucker
Public Company Limited.
- Thai
Glass Industries Public
Company Limited.
- Thai
Beverage Can Ltd.
- Berli
Dynaplast Co., Ltd.
- BJC
Engineering Division of
Berli Jucker Public
Company Limited.
- Thai-Scandic
Steel Co., Ltd.
- & etc.
2. Consumer Supply Chain
Group:
Business operation
of BJC Consumer Supply
Chain (CSC) covers a complete value chain of services
for consumer products,
ranging from manufacturing of own proprietary brands,
contract-manufacturing of third-party’s product brands to marketing, sales,
logistics and distribution, both domestically and in the ASEAN region. The group
comprises of 4
divisions: food group,
non-food group, logistics
and distribution business.
The group are
operated by
2.1 Food Group
- BJC
Danone Dairy Co.,
Ltd.
-
Berli Jucker Foods
Ltd.
- Jacy
Foods Sdn. Bhd.
- &
etc.
2.2 Non-Food Group
- Berli
Jucker Cellox Limited
- Rubia
Industries Limited
- &
etc.
2.3 Logistics
- Berli
Jucker Logistics Company
Limited
- &
etc.
2.4 Distribution Business
- Thai
Corp International [Vietnam] Limited
- Thai
Corp International Limited
- &
etc.
3. Healthcare &
Technical Supply Chain Group:
3.1 Healthcare
Supply Chain Group:
The group
is operated by
3 divisions: Medical
Product, Medical Imaging
and
Medical equipment
division of Berli
Jucker Public Company
Limited.
3.2 Technical
Supply Chain Group:
The group
comprises of industrial
chemicals, , stationery & lifestyles,
printing industrial
and engineering divisions. The group
are operated by
- Berli Jucker
Asiatic Soda Co.,
Ltd.
- Thai-Scandic Steel
Co., Ltd.
4. Other Business Group:
The International
Business division
The division
was established in 2007 with
the aim of promoting overseas BJC
Group's
product portfolio
as well as related products. The
International Business Group has its
head office in Thailand and
branch offices in Vietnam, Malaysia and Myanmar.
In Vietnam and Myanmar the
Group has established trading with import and export
activities Malaysia, the snack food company, Jacy Foods Snd Bhd, was acquired in
2008.
In Hong Kong, the group established BJC
International Hong Kong as a vehicle to
consolidate all overseas business. The group
is operated by
-
BJC International Company
Limited.
-
BJC International [Hong Kong]
Company Limited
-
BJC International [Vietnam]
Limited
-
Asia Books Co.,
Ltd.
-
T.C.C. Technology Co.,
Ltd.
- &
etc.
PURCHASE
Most of the
products are purchased
locally from the
BJC group of
companies, the remaining
is imported from United
States of America, United Kingdom, Singapore,
Japan, Korea, Germany,
Netherlands, Australia, Spain,
Hong Kong, Europe
and etc.
MAJOR
SUPPLIERS
Thai Glass Industries
Public Company Limited.
Thai Beverage Can
Ltd.
Thai-Scandic Steel Co.,
Ltd.
Berli Jucker Cellox
Ltd.
Rubia Industries Ltd.
Berli Jucker Food
Ltd.
SALES
80% of its products is sold locally to manufacturers, wholesalers,
retailers, Thai Government
and end-users, the
remaining 20% is
exported to Myanmar,
Japan, Taiwan, Hong Kong,
Vietnam, Australia, Malaysia, Singapore, Laos, Cambodia, Republic
of China, Indonesia,
India, Philippines, New
Zealand and the
countries in Middle
East.
REVENUE
STRUCTURE
[company and subsidiaries]
|
|
2014 |
2013 |
||
|
Business Group |
Million baht |
% |
Million baht |
% |
|
|
|
|
|
|
|
Packaging Supply Chain
Group |
18,074 |
41.62 |
17,748 |
42.03 |
|
Consumer Supply Chain
Group |
16,285 |
37.50 |
14,783 |
35.01 |
|
Healthcare & Technical
Supply Chain Group |
7,750 |
17.85 |
7,315 |
17.32 |
|
Other Business Group |
1,314 |
3.03 |
2,380 |
5.64 |
|
|
|
|
|
|
|
Total Business Group
Income |
43,423 |
100.00 |
42,226 |
100.00 |
SUBSIDIARIES
The group of
companies consists of :
1. Packaging Supply Chain
Business
Thai Glass Industries
Public Company Limited
Thai Malaya Glass
Co., Ltd.
BJC Packaging Co.,
Ltd.
Thai Glass Technology
Co., Ltd.
BJC Glass Company
Limited
BJC Glass Vietnam
Ltd.
Thai Beverage Can
Ltd.
TCB-Ball Beverage Can
Holdings Ltd.
TBC-Ball Beverage Can
Vietnam Limited
BJC O-I Glass
Pte. Ltd.
Malaya Glass Products
Sdn. Bhd.
Malaya - Vietnam Glass Limited
Berli Dynaplast Co.,
Ltd.
Gaew Grung Thai
Co., Ltd.
2. Consumer Supply Chain Business
Berli Jucker Foods
Limited
BJC Foods [Malaysia]
Sdn. Bhd.
BJC Danone Dairy
Co., Ltd.
Berli Jucker Cellox
Limited
Rubia Industries Limited
Berli Jucker Logistics
Limited
Thai Crop International
Co., Ltd.
Thai Corp International
[Vietnam] Limited
BJC International [Vietnam]
Co., Ltd.
BJIMK Co., Ltd.
Ichiban Co., Ltd.
Thai An Group
3. Technical Supply Chain
Business
BJH Investment Co.,
Ltd.
BJC Healthcare Co., Ltd.
Montana Co., Ltd.
Cosma Medical Co.,
Ltd.
BJC Mahe Medical
Co., Ltd.
BJC & CF [Thailand] Co.,
Ltd.
Thai-Scandic Steel Co.,
Ltd.
BJC Industrial and
Trading Co., Ltd.
Berli Jucker Specialties
Limited
BJC Specialties Co.,
Ltd.
Berli Asiatic Soda
Co., Ltd.
4. Others Businesses
TCC Technology Co.,
Ltd.
Rubia Investments Co.,
Ltd.
Marble & Stones Co., Ltd.
Thai Flourspar &
Minerals Co., Ltd.
BJC Marine Resources
Development Co., Ltd.
BJC International Co.,
Ltd.
BJC International [Vietnam]
Co., Ltd.
Berli Jucker [Myanmar]
Ltd.
BJC International [Myanmar]
Co., Ltd.
BJC Logistics and
Warehouse Co., Ltd.
Asia Books Ltd.
Distri-Thai Co., Ltd.
BJC Ogenki Co.,
Ltd.
BJC-Mpoint International Co.,
Ltd.
BJC-Mpoint [Hong Kong]
Co., Ltd.
BJC-MPM [Lao] Sole
Co., Ltd.
BJC Commerce Co.,
Ltd.
BJC International Holding
Pte. Ltd.
Gold Medallion Co.,
Ltd.
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 IRICO’S
DATABASE 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
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
- Kasikornbank Public Co.,
Ltd.
[Head Office
: 1
Kasikorn Lane, Rajburana
Rd., Rajburana, Bangkok]
- Bangkok Bank Public
Co., Ltd.
[Head Office
: 333
Silom Rd., Bangrak,
Bangkok 10500]
- Citibank N.A.
[Bangkok Branch
: 82
North Sathorn Rd.,
Silom, Bangrak, Bangkok 10500]
- TMB Bank Public
Co., Ltd.
[Silom Branch
: 393
Silom Rd., Bangrak,
Bangkok 10500]
- The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office
: 9
Ratchadapisek Rd., Ladyao,
Jatujak, Bangkok 10900]
- Standard Chartered Bank
[Thai] Public Co.,
Ltd.
[Head Office
: 90
North Sathorn Rd.,
Bangrak, Bangkok 10500]
- The Hong Kong
& Shanghai Banking
Corporation
[Bangkok Branch : 968
Hong Kong Bank Bldg., Rama IV
Rd., Silom, Bangrak, Bangkok]
- Thanachart Bank Public
Co., Ltd.
[Head Office
: 900
Tonson Tower, Ploenchit Rd.,
Lumpini, Pathumwan, Bangkok]
- United Oversea Bank
[Thai] Public Co.,
Ltd.
[Head Office
: 191
South Sathorn Rd., Thungmahamek, Yanawa,
Bangkok 10120]
- Krung
Thai Bank Public
Co., Ltd.
- Bank
of Ayudhya Public
Co., Ltd.
- BNP
Paribas Bank
[Bangkok Branch : 400
MBK Tower, Phyathai
Rd., Wangmai, Pathumwan,
Bangkok]
- Deutsche
Bank AG
[Bangkok Branch :
208 Wireless Rd.,
Lumpini, Pathumwan, Bangkok 10330]
- Mizuho
Corporate Bank Limited
[Bangkok Branch :
48 North Sathorn
Road, Silom, Bangrak,
Bangkok 10500]
- Sumitomo
Mitsui Banking Corporation
[Bangkok Branch :
138 Silom Road,
Silom, Bangrak, Bangkok 10500]
- Calyon Corporate and
Investment Bank
EMPLOYMENT
The subject employs
approximately 1,200 staff
[10,700 staff of
BJC Group of
Companies].
LOCATION
DETAILS
The premise is
owned for administrative office
at the heading
address. It is
located in commercial/residential area.
COMMENT
The subject has
been firmly established for
more than 5 decades
and is well-known
among Thai consumers
for the products distributing into
the market. It
is considered as
an experience player
in the Thai
industry.
2015 is another
year where all
business sectors are
adversely impacted by
the economic uncertainty
both domestic and
around the globe.
The growth of
Thai economy as
well as company’s
turnover (as of September 31,
2015) and growth
were lower than
expected.
FINANCIAL
INFORMATION
The capital was
initially registered at
Bht. 1,000,000 divided into
10,000 shares of
Bht. 100 each
with fully paid.
The capital
was increased later
as the followings:
Bht.
60,000,000 on January
22, 1974
Bht.
70,000,000 on December
21, 1977
Bht.
77,000,000 on June
26, 1990
Bht.
115,500,000 on April
10, 1992
The latest registered capital was
increased to Bht. 2,014,389,444 divided
into 2,014,389,444 shares of
Bht. 1 each,
with a current
capital paid-up at
Bht. 1,592,221,000 paid-up.
MAIN
SHAREHOLDERS
[as at September 1,
2015] at Bht.
1,592,221,000 of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
TCC Holding Company
Limited |
1,175,584,220 |
73.83 |
|
DBS Bank Ltd. |
85,651,600 |
5.38 |
|
Bualuang Open Fund
- Long-term Investment |
42,591,700 |
2.67 |
|
Bualuang Open Fund
- Long-term Investment
75/25 |
33,526,800 |
2.11 |
|
The Social Affairs
Department |
16,624,300 |
1.04 |
|
Bualuang Flexible Open
Fund for Provident |
16,376,800 |
1.03 |
|
Provident Fund for
EGAT employees |
10,488,600 |
0.66 |
|
Bualuang Tosapol Open
Fund |
9,888,400 |
0.62 |
|
BERMF |
8,357,300 |
0.52 |
|
Others |
193,131,280 |
12.14 |
Total Shareholders :
9,280
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Chawala Thienprasertkij No.
3112
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December 31,
2014, 2013 & 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and cash
equivalents |
174,129,679 |
286,794,580 |
354,111,119 |
|
Trade accounts receivable Trade receivables |
3,804,217,884 |
4,421,137,416 |
3,970,800,246 |
|
Other receivable |
540,959,623 |
3,584,622,942 |
453,516,477 |
|
Current portion of long-term
loans to related parties |
- |
1,350,000,000 |
- |
|
Short-term loans and
other receivable to
related parties |
288,440,501 |
616,685,469 |
253,700,000 |
|
Inventories |
1,576,801,451 |
1,540,814,325 |
1,441,899,330 |
|
Other current assets |
4,826,822 |
34,899,869 |
13,160,005 |
|
|
|
|
|
|
Total Current Assets
|
6,389,375,960 |
11,834,954,601 |
6,487,187,177 |
|
|
|
|
|
|
Non-Currents Assets
|
|
|
|
|
Investment in subsidiary |
16,180,992,219 |
12,444,295,138 |
11,050,931,929 |
|
Investment in affiliated company |
- |
- |
3,121,689,435 |
|
Investment in associated
company |
231,912,768 |
231,912,768 |
231,912,768 |
|
Other long-term investments |
100 |
100 |
836,709 |
|
Long-term loan to related company |
261,000,000 |
261,000,000 |
1,991,000,000 |
|
Investment properties |
70,693,575 |
72,879,024 |
74,187,693 |
|
Property, plant &
equipment |
334,484,124 |
337,147,462 |
303,412,412 |
|
Intangible assets |
65,841,573 |
68,661,956 |
52,167,365 |
|
Deferred tax assets |
133,421,833 |
133,000,990 |
117,991,615 |
|
Other non-current assets
|
4,412,549 |
8,458,158 |
5,452,623 |
|
Total Non-Current
Assets |
17,282,758,741 |
13,557,355,596 |
16,949,582,549 |
|
Total Assets |
23,672,134,701 |
25,392,310,197 |
23,436,769,726 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Short-term loans from financial institutions |
959,000,000 |
1,215,000,000 |
1,470,000,000 |
|
Trade accounts payable |
2,816,597,978 |
2,819,630,014 |
2,402,732,861 |
|
Other payable |
920,832,836 |
959,059,610 |
1,269,039,313 |
|
Current portion of long-term loans |
1,576,000,000 |
- |
- |
|
Current portion of debentures
|
1,899,591,466 |
1,499,611,559 |
- |
|
Short-term loans from
related parties |
741,602,612 |
808,139,443 |
700,352,805 |
|
Income tax payable |
- |
78,340,265 |
79,365,774 |
|
Other current liabilities |
6,389,119 |
4,128,092 |
106,686 |
|
|
|
|
|
|
Total Current Liabilities |
8,920,014,011 |
7,383,908,983 |
5,921,597,439 |
|
Non-Current Liabilities |
|
|
|
|
Long-term Loan from financial
institutions |
3,000,000,000 |
4,576,000,000 |
3,076,000,000 |
|
Debentures |
999,538,574 |
2,898,113,075 |
4,396,256,372 |
|
Provision for staff
retirement benefits |
187,093,723 |
154,080,100 |
150,432,263 |
|
Other non-current liabilities |
57,647,172 |
66,176,275 |
69,342,607 |
|
Total Non-Current
Liabilities |
4,244,279,469 |
7,694,369,450 |
7,692,031,242 |
|
Total Liabilities |
13,164,293,480 |
15,078,278,433 |
13,613,628,681 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Authorized share capital |
|
|
|
|
2,014,389,444 ordinary
shares of Bht. 1 each |
2,014,389,444 |
- |
- |
|
1,668,125,000 ordinary shares of Bht. 1 each |
- |
1,668,125,000 |
1,668,125,000 |
|
Issued and paid-up
share capital 1,592,221,000 ordinary shares of Baht 1 each, fully paid |
1,592,221,000 |
- |
- |
|
1,590,441,200 ordinary shares of Baht 1 each, fully paid |
- |
1,590,441,200 |
- |
|
1,588,125,000 ordinary shares of
Baht 1 each, fully paid |
- |
- |
1,588,125,000 |
|
Reserves-Share premium |
3,952,386,745 |
3,865,044,840 |
3,751,379,641 |
|
-Donated surplus |
36,867,563 |
36,867,563 |
36,867,563 |
|
Warrant |
177,705,444 |
115,443,794 |
54,115,569 |
|
Retained Earning |
|
|
|
|
Appropriated |
|
|
|
|
Legal reserve |
166,812,500 |
166,812,500 |
158,812,500 |
|
Reserve for business
expansion |
85,000,000 |
85,000,000 |
85,000,000 |
|
Unappropriated |
4,496,847,969 |
4,454,421,867 |
4,148,840,772 |
|
|
|
|
|
|
Total Shareholders' Equity |
10,507,841,221 |
10,314,031,764 |
9,823,141,045 |
|
Total Liabilities &
Shareholders' Equity |
23,672,134,701 |
25,392,310,197 |
23,436,769,726 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Revenue from sale
of goods and rendering
of service |
19,337,918,005 |
22,001,960,625 |
21,560,790,731 |
|
Net foreign exchange
gain |
16,773,609 |
10,285,926 |
6,865,281 |
|
Dividend income |
1,263,810,426 |
1,024,335,506 |
665,135,390 |
|
Investment income |
47,455,038 |
102,946,483 |
99,645,745 |
|
Other Income |
684,843,707 |
464,370,907 |
378,137,402 |
|
Total Revenues |
21,350,800,785 |
23,603,899,447 |
22,710,574,549 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of sales
of goods and rendering of
services |
16,151,225,554 |
17,636,089,530 |
17,082,190,548 |
|
Selling expenses |
2,390,359,474 |
2,270,257,288 |
2,530,859,794 |
|
Administrative expenses |
1,163,698,008 |
1,273,057,220 |
1,024,385,172 |
|
Finance cost |
330,848,332 |
372,493,244 |
295,815,597 |
|
Total Expenses |
20,036,131,368 |
21,551,897,282 |
20,933,251,111 |
|
|
|
|
|
|
Profit before finance
costs and income tax |
1,314,669,417 |
2,052,002,165 |
1,777,323,438 |
|
Income tax |
[62,742,364] |
[212,829,090] |
[273,472,901] |
|
Net Profit / [Loss] |
1,251,927,053 |
1,839,173,075 |
1,503,850,537 |
BALANCE
SHEET [BAHT]
The
nine-month period financial
figures published for September 31,
2015 was :
ASSETS
[Thousand
Baht]
[Unaudited]
|
Current Assets |
2015 |
|
|
|
|
Cash and cash
equivalents |
155,307 |
|
Trade accounts receivable Trade receivables |
2,846,743 |
|
Other receivable |
1,169,812 |
|
Current portion of long-term
loans to related
parties |
261,000 |
|
Short-term loans and
other receivable to related
parties |
364,878 |
|
Inventories |
1,557,286 |
|
Other current assets |
11,431 |
|
|
|
|
Total Current Assets
|
6,366,457 |
|
|
|
|
Non-Currents Assets
|
|
|
Investment in subsidiary |
16,212,867 |
|
Investment in joint ventures |
231,913 |
|
Investment properties |
81,449 |
|
Property, plant &
equipment |
308,463 |
|
Other intangible assets |
58,365 |
|
Deferred tax assets |
175,932 |
|
Other non-current assets
|
5,589 |
|
Total Non-Current
Assets |
17,074,578 |
|
Total Assets |
23,441,035 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
[Thousand
Baht]
[Unaudited]
|
Current
Liabilities |
2015 |
|
|
|
|
Short-term loans from
financial institutions |
600,000 |
|
Trade accounts payable |
|
|
Trade payables |
1,952,751 |
|
Other payable |
921,168 |
|
Current portion of long-term borrowings from financial institutions |
1,500,000 |
|
Current portion of debentures
|
999,531 |
|
Short-term loans from
related parties |
1,071,459 |
|
Other current liabilities |
296 |
|
|
|
|
Total Current Liabilities |
7,045,205 |
|
Non-Current Liabilities |
|
|
Long-term Loan from
financial institutions |
5,500,000 |
|
Employee benefits
obligations |
184,850 |
|
Other non-current
liabilities |
51,906 |
|
Total Non-Current
Liabilities |
5,736,756 |
|
Total Liabilities |
12,781,961 |
|
|
|
|
Shareholders' Equity |
|
|
Authorized share
capital |
|
|
2,014,389,444 ordinary shares of
Bht. 1 each |
2,014,389 |
|
Issued and
paid-up share capital |
|
|
1,592,221,000 ordinary shares of Baht 1 each, fully paid |
1,592,221 |
|
Reserves |
|
|
Share premium |
3,952,387 |
|
Donated surplus |
36,868 |
|
Warrant |
233,228 |
|
Retained Earning |
|
|
Appropriated |
|
|
Legal reserve |
201,439 |
|
Reserve for business
expansion |
85,000 |
|
Unappropriated |
4,557,931 |
|
|
|
|
Total Shareholders' Equity |
10,659,074 |
|
Total Liabilities &
Shareholders' Equity |
23,441,035 |
PROFIT
& LOSS ACCOUNT
For the nine-month period
ended September 30,
2015.
[Thousand
Baht]
[Unaudited]
|
Revenue |
2015 |
|
|
|
|
Revenue from sale
of goods and rendering of
service |
11,643,672 |
|
Net foreign exchange
gain |
5,117 |
|
Dividend income |
1,184,624 |
|
Interest received |
13,882 |
|
Other Income |
873,457 |
|
Total Revenues |
13,720,752 |
|
Expenses |
|
|
|
|
|
Cost of sales
of goods and
rendering of services
|
9,884,989 |
|
Selling expenses |
1,714,606 |
|
Administrative expenses |
882,894 |
|
Finance cost |
218,373 |
|
Total Expenses |
12,700,862 |
|
|
|
|
Profit before income
tax expenses |
1,019,890 |
|
Income tax income
[expenses] |
31,025 |
|
Net Profit / [Loss] |
1,050,915 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.72 |
1.60 |
1.10 |
|
QUICK RATIO |
TIMES |
0.54 |
1.39 |
0.85 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
57.81 |
65.26 |
71.06 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.82 |
0.87 |
0.92 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
35.63 |
31.89 |
30.81 |
|
INVENTORY TURNOVER |
TIMES |
10.24 |
11.45 |
11.85 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
71.80 |
73.34 |
67.22 |
|
RECEIVABLES TURNOVER |
TIMES |
5.08 |
4.98 |
5.43 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
63.65 |
58.36 |
51.34 |
|
CASH CONVERSION CYCLE |
DAYS |
43.79 |
46.88 |
46.69 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
83.52 |
80.16 |
79.23 |
|
SELLING & ADMINISTRATION |
% |
18.38 |
16.10 |
16.49 |
|
INTEREST |
% |
1.71 |
1.69 |
1.37 |
|
GROSS PROFIT MARGIN |
% |
26.89 |
27.12 |
26.10 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.80 |
9.33 |
8.24 |
|
NET PROFIT MARGIN |
% |
6.47 |
8.36 |
6.97 |
|
RETURN ON EQUITY |
% |
11.91 |
17.83 |
15.31 |
|
RETURN ON ASSET |
% |
5.29 |
7.24 |
6.42 |
|
EARNING PER SHARE |
BAHT |
0.79 |
1.16 |
0.95 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.56 |
0.59 |
0.58 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.25 |
1.46 |
1.39 |
|
TIME INTEREST EARNED |
TIMES |
3.97 |
5.51 |
6.01 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(12.11) |
2.05 |
|
|
OPERATING PROFIT |
% |
(35.93) |
15.45 |
|
|
NET PROFIT |
% |
(31.93) |
22.30 |
|
|
FIXED ASSETS |
% |
(0.79) |
11.12 |
|
|
TOTAL ASSETS |
% |
(6.77) |
8.34 |
|
ANNUAL
GROWTH : RISKY
An annual sales growth is -12.11%. Turnover has decreased from THB 22,001,960,625.00
in 2013 to THB 19,337,918,005.00 in 2014. While net profit has decreased from
THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
26.89 |
Impressive |
Industrial
Average |
4.71 |
|
Net Profit Margin |
6.47 |
Impressive |
Industrial
Average |
4.47 |
|
Return on Assets |
5.29 |
Impressive |
Industrial Average |
3.10 |
|
Return on Equity |
11.91 |
Impressive |
Industrial
Average |
5.71 |
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 26.89%. 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 6.47%, 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
5.29%, 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 11.91%, 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 |
0.72 |
Risky |
Industrial
Average |
1.20 |
|
Quick Ratio |
0.54 |
|
|
|
|
Cash Conversion Cycle |
43.79 |
|
|
|
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 0.72 times in 2014, decreased from 1.6 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 0.54 times in 2014,
decreased from 1.39 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 44 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.56 |
Acceptable |
Industrial
Average |
0.52 |
|
Debt to Equity Ratio |
1.25 |
Risky |
Industrial
Average |
1.07 |
|
Times Interest Earned |
3.97 |
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 3.98 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 0.56 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 :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
57.81 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.82 |
Impressive |
Industrial
Average |
0.70 |
|
Inventory Conversion Period |
35.63 |
|
|
|
|
Inventory Turnover |
10.24 |
Impressive |
Industrial
Average |
4.09 |
|
Receivables Conversion Period |
71.80 |
|
|
|
|
Receivables Turnover |
5.08 |
Impressive |
Industrial
Average |
2.62 |
|
Payables Conversion Period |
63.65 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.08 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 32 days at the
end of 2013 to 36 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 11.45 times in year 2013 to 10.24
times in year 2014.
The company's Total Asset Turnover is calculated as 0.82 times and 0.87
times in 2014 and 2013 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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.20 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
|
BHT |
1 |
Rs.1.83 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.