MIRA INFORM REPORT
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Report No. : |
306221 |
|
Report Date : |
06.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
THAI FILM INDUSTRIES PUBLIC COMPANY LIMITED |
|
|
|
|
Formerly Known As : |
TFI CORPORATION PUBLIC
COMPANY LIMITED |
|
|
|
|
Registered Office : |
73/3 Moo 4, Bangna-Trad Road, K.M. 13, Bangchalong, Bangplee, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.09.2014 |
|
|
|
|
Date of Incorporation : |
03.03.1983 |
|
|
|
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Com. Reg. No.: |
0107537000386 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, exporter and
distributor various kinds
of plastic films such as BOPP
Film, CPP Film, and Metallized Film. At present,
it significantly succeeds
in developing of
various specialty films
and expanding the
special films market
to worldwide and
gaining the substantial
market share e.g.
High Speed Cigarette
Film, White Film,
Opaque Pearlized Film,
Matt Finished Film,
Silicone Coated Film, High
Bonding/Low Heatseal
BOPP/CPP Film, Synthetic
Paper Film Tan/Brown Film, High
Speed BOPP Co-ex
Film, 12/Micron BOPP
Thin Film. |
|
|
|
|
No. of Employees : |
695 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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
summary
THAI FILM
INDUSTRIES PUBLIC COMPANY LIMITED
[FORMER : TFI
CORPORATION PUBLIC COMPANY
LIMITED]
SUMMARY
BUSINESS ADDRESS : 73/3 MOO 4,
BANGNA-TRAD ROAD, K.M. 13,
BANGCHALONG, BANGPLEE,
SAMUTPRAKARN 10540, THAILAND
TELEPHONE : [66]
2316-9558, 2750-1350-65
FAX : [66] 2316-9687,
2316-6225
E-MAIL ADDRESS : info@thaifilmind.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1983
REGISTRATION NO. : 0107537000386 [Former : BOR MOR JOR. 285]
TAX ID NO. : 3101258370
CAPITAL REGISTERED : BHT. 2,847,500,000
CAPITAL PAID-UP : BHT
2,047,500,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
AMNARD KITTIKRAIRIT, THAI
MANAGING DIRECTOR
NO. OF STAFF : 695
LINES OF BUSINESS : PLASTIC FILMS MANUFACTURER, EXPORTER
AND
DISTRIBUTOR
|
|
|
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
initially established on
March 3, 1983
as a private
limited company under “Ratchada
O.P.P. Co., Ltd.”
by a pioneer
businessman, Mr. Prayudh
Mahagitsiri, who initiated
the project to
eliminate Thailand's dependence
on BOPP film
imports. The subject’s
objective is to
operate as a manufacturer and
distributor of plastic
films to both
local and overseas
markets. On January
5, 1988, its
name was changed
to “Thai Film
Industries Co., Ltd.” It was
listed on the
Stock Exchange of
Thailand on December
29, 1989. Eventually, on
February 1, 1994, its
status was converted
to a public limited
company under the
name “Thai Film Industries
Public Company Limited”.
On May 8,
2012, its registered
name was changed
again to “TFI
Corporation Public Company Limited.” However,
its name was
finally changed to
THAI FILM INDUSTRIES
PUBLIC COMPANY LIMITED,
on July 10, 2012.
The subject currently
employs 695 staff.
The subject was
granted certain promotional
privileges under the
several certificate numbers
as followings:
Certificate No. 1051/2527 for
Polypropylene Film Production
Certificate No. 1339/2531 for
BOPP Film Production
Certificate No. 1554/2532 for
Polyester Film Production
Certificate No. 1451/2533 for
BOPP Film &
Metallized BOPP Film
Production
Certificate No. 1211/2536 for
Coated Film Production
Certificate No. 1454/2537 for
BOPP Film Production
Certificate No. 1574/2539 for
BOPP Film Production
Certificate No. 1395[1] 2545 for
BOPP Film Production.
Furthermore, the subject
was awarded to
receive ISO 9002
in June 1997,
as well as
it earned accreditation
of GMP and
HACCP from Moody
International.
The subject’s registered
address is 73/3 Moo 4, Bangna-Trad Rd.,
K.M. 13, Bangchalong, Bangplee,
Samutprakarn 10540, and
this is the
company’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
Position |
Nationality |
Age |
|
|
|
|
|
|
Mr. Prayudh Mahagitsiri |
[x] Chairman |
Thai |
70 |
|
Mrs. Suvimol Mahagitsiri |
[x] Vice Chairman |
Thai |
69 |
|
Mrs. Kingthien Bang-or |
|
Thai |
71 |
|
Mr. Vatanachai Suvagondha |
|
Thai |
73 |
|
Mr. Pradit Sawattananond |
|
Thai |
67 |
|
Mr. Chalermchai Mahagitsiri |
[+] |
Thai |
37 |
|
Ms. Ausana Mahagitsiri |
[+] |
Thai |
35 |
|
Mr. Somporn Chitphentom |
[+] |
Thai |
- |
|
Mr. Suwit Smansotivong |
|
Thai |
- |
|
Mr. Amnard Kittikrairit |
[+] |
Thai |
- |
|
Mr. Somchai Vasupongsortorn |
[+] |
Thai |
52 |
|
Mr. Chanchai Kissaneepaiboon |
[+] |
Thai |
48 |
AUTHORIZED PERSON
One of the
above mentioned directors
[x] can sign
or any two
of the directors
[+] can jointly
sign on behalf
of the subject
with the company’s
affixed.
MANAGEMENT
Mr. Amnard Kittikrairit is
the Managing Director.
He is Thai
nationality.
Mr. Chanchai Kissaneepaiboon is
the Deputy Managing
Director [Operation].
He is Thai
nationality with the
age of 48
years old.
Mr. Somchai Vasupongsortorn is
the Deputy Managing
Director [Financial & Investment].
He is Thai
nationality with the
age of 52
years old.
Mr. Chugiad Saneetontikul is
the Assistant Managing
Director [Commercial].
He is Thai
nationality.
Mr. Chaiyos Khemassatian is
the Assistant Managing
Director [Corporate Affair].
He is Thai
nationality.
Mr. Tanai Payakaniti is
the Commercial Director.
He is Thai
nationality.
Mr. Chakrit Muadmanee is
the Plant Director.
He is Thai
nationality.
Mr. Thaweesak Eurcherdkul is
the Internal Process
Development Director.
He is Thai
nationality.
Mr. Chatree Bunnak is
the HR & Administration Director.
He is Thai
nationality.
Mrs. Achara Chonhauafua is
the Accounting &
Financial Director.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer,
exporter and distributor
various kinds of plastic
films such as BOPP Film, CPP Film,
and Metallized Film. At present,
it significantly succeeds
in developing of
various specialty films
and expanding the
special films market
to worldwide and
gaining the substantial
market share e.g.
High Speed Cigarette
Film, White Film,
Opaque Pearlized Film,
Matt Finished Film,
Silicone Coated Film, High
Bonding/Low Heatseal
BOPP/CPP Film, Synthetic
Paper Film Tan/Brown Film, High
Speed BOPP Co-ex
Film, 12/Micron BOPP
Thin Film.
Products Characteristics:
White Film for
high barrier and
premium packaging.
Opaque Pearlized Film
for ice cream,
Chocolates, Cookies, etc.
Matt Finished Film
for food packaging with
a classic look,
for lamination, for hospital
tape, and for
office stationery, etc.
High Speed Cigarette
Film for cigarette
wrap suitable for
high - speed machine wrap
at 600 packs
per minute.
High Bonding/Low Heatseal
Metallized CPP/BOPP film
for better aluminum bonding and
sealing with the
use of high - speed
machines.
High Speed BOPP
Co - Ex Film for
high - speed wrapping machines
in Europe, United States
and Australia
Colored Film for
gift wrap and
fancy tapes which
is popular in
Western Europe, India and
United States.
REAL PRODUCTION CAPACITY
:
2013 2012
2011 [unit : ton]
BOPP Film : 72,551 59,436 56,636
Polyester Film : - -
1,801
CPP Film :
2,090
2,006 2,462
Value Added
Metallized Film :
21
85 185
The subject is
considered as the
Top Five Largest
BOPP Manufacturers in
the world.
IMPORT [COUNTRIES]
60% of raw material
such as plastic resin [PP]
is imported from United
States of America, Korea, Taiwan, Republic of China, Hong Kong,
Malaysia, Japan, Singapore, India, Germany,
France, United Kingdom,
Italy, Poland and
Middle East countries,
the remaining 40%
is purchased from
local suppliers.
MAJOR SUPPLIERS
IRPC Public Company
Limited : Thailand
HMC Polymer Co.,
Ltd. :
Thailand
Idemitsu : Japan
Sukyong : Korea
SALES [LOCAL]
40% of the
products is sold
locally to manufacturers, wholesalers
and end-users.
EXPORT [COUNTRIES]
60% of the
products are exported worldwide
to United States
of America, Canada,
United Kingdom, Vietnam,
Philippines, Korea, Republic of China, Indonesia,
Malaysia, Laos, Myanmar,
Pakistan, India, Singapore,
Taiwan and many
countries in South
America, Middle East
and Africa.
At present, the
subject has over
400 local and
overseas customers in
60 countries.
REVENUE STRUCTURE
|
|
2013 |
2012 |
||
|
|
Amount [million baht] |
% |
Amount [million baht] |
% |
|
Domestic Sales |
|
|
|
|
|
- BOPP Film |
1,795.17 |
41.75 |
1,691.58 |
45.95 |
|
- PET Film |
6.42 |
0.15 |
8.44 |
0.23 |
|
- CPP Film |
114.24 |
2.66 |
118.37 |
3.22 |
|
- Metallized Film |
4.37 |
0.10 |
5.03 |
0.14 |
|
Total Domestic Sales |
1,920.20 |
44.66 |
1,823.42 |
49.54 |
|
Oversea Sales |
|
|
|
|
|
- BOPP Film |
2,367.76 |
55.07 |
1,845.23 |
50.14 |
|
- PET Film |
0.27 |
0.01 |
0.54 |
0.01 |
|
- CPP Film |
10.77 |
0.25 |
7.31 |
0.20 |
|
- Metallized Film |
0.28 |
0.01 |
4.23 |
0.11 |
|
Total Oversea Sales |
2,379.08 |
55.34 |
1,857.31 |
50.46 |
|
Total Revenue |
4,299.28 |
100.00 |
3,680.73 |
100.00 |
SUBSIDIARY COMPANY
Riverside Tower Ltd.
Business Type : Property
Development
Investment : The
subject is holding
99.99% of the
company’s shares.
ASSOCIATED COMPANY
Thai Copper Industry
Public Company Limited
Business Type :
Manufacturer of pure
copper sheets and
by-products.
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 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
& term or T/T
on the credits
term of 30-90
days.
Exports are against
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Bangrak, Bangkok
10500]
Krung Thai Bank
Public Co., Ltd.
[Head Office
: 35 Sukhumvit
Rd., Klongtoeynua, Watana,
Bangkok 10110]
Kasikornbank Public Co.,
Ltd.
[Head Office
: 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office
: 9 Ratchadapisek
Rd., Ladyao, Jatujak,
Bangkok 10900]
CIMB Thai Bank
Public Co., Ltd.
[Head Office
: 44 Langsuang
Rd., Lumpini, Pathumwan,
Bangkok]
EMPLOYMENT
The subject employs
695 office staff
and factory workers.
LOCATION DETAILS
The premise is owned
for administrative office
and factory I on
the land area
of 24,800 square
meters at the
heading address. Premise
is located in
industrial area.
Factory II is
located on 144,000 square
meters of area
at 327 Moo
8, T. Mabkha,
A. Nikompattana, Rayong 21180
Tel. [66] 38
636-094-7, 38 636-104
Fax [66] 38 636-093.
Warehouse is located
at 144 Moo
5, T. Mabkha, A. Nikhompattana, Rayong
21180.
COMMENT
The company has
a vision to
be a market
leader in plastic
film for packaging
and labeling in
ASEAN and to
be trusted in
quality of products
and service worldwide.
The company’s business performance
remains strong. This
was a result
of the company
focusing on producing and selling
high valued products
to respond to customers
demands that involved
more variety and
innovation.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 15,000,000 divided
into 150,000 shares
of Bht. 100
each.
The capital was increased and
decreased later as
followings:
Bht. 30,000,000
on May 29,
1986
Bht. 60,000,000
on June 30,
1987
Bht. 80,000,000
on October 8,
1987
Bht. 120,000,000 on
August 16, 1989
Bht. 480,000,000 on
April 26, 1990
Bht. 720,000,000 on
July 1, 1991
Bht. 1,020,000,000 on
September 17, 1999
Bht. 6,781,542,590 in
2002
Bht. 710,000,000 in
2006 [Decreased]
Bht. 1,065,000,000 in
2007
Bht. 1,365,000,000 in
2010
Bht. 2,847,500,000 in
2013
The latest registered capital
was increased to Bht.
2,847,500,000 divided into
2,847,500,000 shares of
Bht. 1 each,
with current capital
paid-up at Bht. 2,047,500,000
MAIN SHAREHOLDERS [as
at March 27, 2014] at Bht. 2,047,500,000 of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Ausana Mahagitsiri |
707,725,644 |
34.57 |
|
Mr. Chalermchai Mahagitsiri |
337,064,559 |
16.46 |
|
Ms. Ausanee Mahagitsiri |
303,697,894 |
14.83 |
|
Lakewood Land Co.,
Ltd. |
229,637,046 |
11.22 |
|
Mrs. Suvimol Mahagitsiri |
118,508,817 |
5.79 |
|
Bangkok Bank Public
Co., Ltd. |
100,339,564 |
4.90 |
|
Mr. Paisal Saelor |
25,155,649 |
1.23 |
|
PM Group Co.,
Ltd. |
18,982,576 |
0.93 |
|
Others |
206,388,251 |
10.07 |
Total Shareholders : 3,218
[including the above
shareholders]
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.:
Ms. Vimolsri Jongudomsombat No.
3899
BALANCE SHEET
[BAHT]
The financial figures
published as at
December 31, 2013,
2012 & 2011
were:
ASSETS
|
CURRENT ASSETS |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash on hand
and at banks |
8,784,310 |
1,254,454 |
8,718,978 |
|
Trade accounts and
other receivable |
529,075,075 |
351,177,749 |
319,146,642 |
|
Other receivable-related companies |
386,880 |
- |
5,928,855 |
|
Inventories
|
288,137,574 |
364,149,962 |
249,163,676 |
|
Spare parts and supplies - net |
55,075,284 |
53,583,022 |
52,694,853 |
|
Other current assets |
51,018,206 |
40,929,244 |
22,223,198 |
|
|
|
|
|
|
Total Current Assets |
932,477,329 |
811,094,431 |
657,876,202 |
|
|
|
|
|
|
Investment in subsidiary
and associated companies |
1,999,500 |
- |
317,879,930 |
|
Other long-term investments - Related
companies |
- |
- |
44,250,000 |
|
- Other
company |
2,000,000 |
2,000,000 |
2,000,000 |
|
Receivable, advance payments -
subsidiary, associated &
related companies |
456,057,000 |
- |
205,581,800 |
|
Investment property |
- |
- |
70,840,000 |
|
Land used in operation -
at appraised value |
456,057,000 |
456,057,000 |
456,057,000 |
|
Plant & equipment used in operation |
1,534,464,135 |
1,878,412,717 |
2,130,088,318 |
|
Land, plant & equipment not used in operation |
174,157,518 |
42,505,635 |
114,136,091 |
|
Other assets |
2,422,359 |
3,607,102 |
1,184,088 |
|
|
|
|
|
|
TOTAL ASSETS |
3,119,060,781 |
3,193,676,885 |
3,999,893,429 |
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
CURRENT LIABILITIES |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank overdrafts and
short-term loan from financial
institutions |
169,658,105 |
645,519,583 |
511,497,905 |
|
Trade accounts payable |
724,211,226 |
445,581,715 |
412,752,856 |
|
Other payable-related person |
- |
- |
1,424,657 |
|
Current portion of
long-term loans |
197,960,862 |
200,086,362 |
199,743,447 |
|
Other current liabilities |
8,476,784 |
884,958 |
18,188,795 |
|
|
|
|
|
|
Total Current Liabilities |
1,100,306,977 |
1,292,072,618 |
1,143,607,660 |
|
Loans from related person |
- |
- |
500,000,000 |
|
Long-term loans |
395,921,755 |
596,549,755 |
798,564,338 |
|
Deferred tax liabilities |
242,611,628 |
281,388,645 |
- |
|
Employee benefit obligations |
30,130,989 |
61,336,176 |
53,415,460 |
|
|
|
|
|
|
Total Liabilities |
1,768,971,349 |
2,231,347,194 |
2,495,587,458 |
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Share capital |
|
|
|
|
Authorized share capital
|
|
|
|
|
2,847,500,000 ordinary shares : Bht. 1 per share |
|
|
|
|
(2012 and 2011 :
1,365,000,000 ordinary shares : Bht. 1 per share |
2,847,500,000 |
1,365,000,000 |
1,365,000,000 |
|
|
|
|
|
|
Issued and paid-up share capital |
|
|
|
|
2,047,500,000 ordinary
shares : Bht. 1 per share |
|
|
|
|
(2012 and 2011 : 1,365,000,000 ordinary shares : Bht. 1 per share |
2,047,500,000 |
1,365,000,000 |
1,365,000,000 |
|
Discount on common shares |
[88,750,000] |
[88,750,000] |
[88,750,000] |
|
Retained earnings (deficits)
Unappropriated |
[1,177,630,783] |
[1,033,647,743] |
[860,704,982] |
|
Other components of
equity |
568,970,215 |
719,727,434 |
1,088,760,953 |
|
|
|
|
|
|
Total Shareholders' Equity |
1,350,089,432 |
962,329,691 |
1,504,305,971 |
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
3,119,060,781 |
3,193,676,885 |
3,999,893,429 |
STATEMENTS OF
INCOME
|
REVENUES |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales |
4,299,275,445 |
3,680,733,231 |
4,003,001,351 |
|
|
|
|
|
|
Total Sales |
4,299,275,445 |
3,680,733,231 |
4,003,001,351 |
|
Cost of sales |
[4,148,647,724] |
[3,460,772,179] |
[3,580,860,481] |
|
|
|
|
|
|
Gross profit margin |
150,627,721 |
219,961,052 |
422,140,870 |
|
Other income |
22,492,185 |
89,462,054 |
47,292,147 |
|
|
|
|
|
|
Profit (loss) before expenses |
173,119,906 |
309,423,106 |
469,433,017 |
|
|
|
|
|
|
Selling expenses |
[130,556,092] |
[128,273,285] |
[116,769,750] |
|
Administrative expenses |
[108,518,081] |
[133,482,483] |
[87,829,068] |
|
Management benefit expenses |
- |
- |
[68,645,390] |
|
|
|
|
|
|
Total Expenses |
[239,074,173] |
[261,755,768] |
[273,244,208] |
|
|
|
|
|
|
Profit / [loss] before finance
costs |
[65,954,267] |
47,667,338 |
196,188,809 |
|
Finance costs |
[112,970,093] |
[119,153,312] |
[135,722,926] |
|
|
|
|
|
|
Profit / [loss] before income tax |
[178,924,360] |
[71,485,974] |
60,465,883 |
|
Income tax |
[1,087,712] |
[8,213,914] |
- |
|
Net Profit [loss] for
the year |
[177,836,648] |
[79,699,888] |
60,465,883 |
BALANCE SHEET
[BAHT]
The financial figures
published as at September 30,
2014 was : (Unaudited)
ASSETS
[Thousand Baht]
|
CURRENT ASSETS |
2014 |
|
|
|
|
Cash on hand
and at banks |
6,156 |
|
Trade accounts and
other receivable |
423,331 |
|
Other receivable-related companies |
24 |
|
Inventories
|
341,209 |
|
Spare parts and supplies - net |
58,412 |
|
Loans receivable, advance
payments-subsidiary, associated and
related companies |
8,268 |
|
Other current assets |
41,516 |
|
|
|
|
Total Current Assets |
878,916 |
|
Restricted bank deposits |
12,344 |
|
Investment in subsidiary
and associated companies |
4,000 |
|
Other long-term
investments - Other company |
2,000 |
|
Land used in operation -
at appraised value |
456,057 |
|
Plant & equipment used in operation |
1,457,184 |
|
Land, plant & equipment not
used in operation |
131,525 |
|
Other non-current assets |
2,021 |
|
|
|
|
TOTAL ASSETS |
2,944,047 |
LIABILITIES AND
SHAREHOLDERS' EQUITY
[Thousand Baht]
|
CURRENT LIABILITIES
|
2014 |
|
|
|
|
Bank overdrafts and short-term
loan from financial
institutions |
673,801 |
|
Trade accounts payable and
other payable-other |
517,409 |
|
Current portion of
long-term loans |
197,961 |
|
Other current liabilities |
902 |
|
|
|
|
Total Current Liabilities |
1,390,073 |
|
|
|
|
Long-term loans |
213,767 |
|
Deferred tax liabilities |
213,505 |
|
Employee benefit obligations |
34,621 |
|
|
|
|
Total Liabilities |
1,851,966 |
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
Share capital |
|
|
Authorized share capital
|
|
|
2,847,500,000 ordinary shares : Bht. 1 per share |
2,847,500 |
|
|
|
|
Issued and paid-up share capital |
|
|
2,047,500,000 ordinary
shares : Bht. 1 per share |
2,047,500 |
|
Discount on common shares |
88,750 |
|
Retained earnings (deficits) Unappropriated |
[1,322,894] |
|
Other components of
equity |
456,225 |
|
|
|
|
Total Shareholders' Equity |
1,092,081 |
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
2,944,047 |
STATEMENTS OF
INCOME
For the nine-month period ended
September 30, 2014.
[Thousand Baht]
|
EVENUES |
2014 |
|
|
|
|
Sales |
2,851,411 |
|
Cost of sales |
[2,799,383] |
|
|
|
|
Gross profit margin |
52,028 |
|
Other income |
33,004 |
|
|
|
|
Profit before expenses |
85,032 |
|
|
|
|
Selling expenses |
[88,928] |
|
Administrative expenses |
[82,845] |
|
|
|
|
Total Expenses |
[171,773] |
|
|
|
|
loss before finance
costs |
[86,741] |
|
Finance costs |
[59,442] |
|
|
|
|
Profit / [loss] before income tax |
[146,183] |
|
Income tax |
920 |
|
Net Profit [loss] for
the year |
[145,263] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.85 |
0.63 |
0.58 |
|
QUICK RATIO |
TIMES |
0.49 |
0.27 |
0.29 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.99 |
1.55 |
1.48 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.38 |
1.15 |
1.00 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
(25.35) |
(38.41) |
(25.40) |
|
INVENTORY TURNOVER |
TIMES |
(14.40) |
(9.50) |
(14.37) |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
44.92 |
34.82 |
29.10 |
|
RECEIVABLES TURNOVER |
TIMES |
8.13 |
10.48 |
12.54 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
(63.72) |
(46.99) |
(42.07) |
|
CASH CONVERSION CYCLE |
DAYS |
83.28 |
43.41 |
45.78 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
(96.50) |
(94.02) |
(89.45) |
|
SELLING & ADMINISTRATION |
% |
(5.56) |
(7.11) |
(6.83) |
|
INTEREST |
% |
2.63 |
3.24 |
3.39 |
|
GROSS PROFIT MARGIN |
% |
197.02 |
196.45 |
190.64 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
106.08 |
109.54 |
108.01 |
|
NET PROFIT MARGIN |
% |
(4.14) |
(2.17) |
1.51 |
|
RETURN ON EQUITY |
% |
(13.17) |
(8.28) |
4.02 |
|
RETURN ON ASSET |
% |
(5.70) |
(2.50) |
1.51 |
|
EARNING PER SHARE |
BAHT |
(0.09) |
(0.06) |
0.04 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.57 |
0.70 |
0.62 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.31 |
2.32 |
1.66 |
|
TIME INTEREST EARNED |
TIMES |
40.37 |
33.84 |
31.86 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
16.80 |
(8.05) |
|
|
OPERATING PROFIT |
% |
13.12 |
(6.74) |
|
|
NET PROFIT |
% |
(123.13) |
(231.81) |
|
|
FIXED ASSETS |
% |
(8.93) |
(11.97) |
|
|
TOTAL ASSETS |
% |
(2.34) |
(20.16) |
|
ANNUAL GROWTH : ACCEPTABLE
An annual sales growth is 16.8%. Turnover has increased from THB
PROFITABILITY : ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
197.02 |
Impressive |
Industrial Average |
21.24 |
|
Net Profit Margin |
(4.14) |
Deteriorated |
Industrial Average |
5.71 |
|
Return on Assets |
(5.70) |
Deteriorated |
Industrial Average |
6.91 |
|
Return on Equity |
(13.17) |
Deteriorated |
Industrial Average |
14.27 |
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 197.02%.
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 -4.14%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the
company's figure is -5.7%.
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 -13.17%.
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 |
0.85 |
Risky |
Industrial Average |
1.47 |
|
Quick Ratio |
0.49 |
|
|
|
|
Cash Conversion Cycle |
83.28 |
|
|
|
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 0.85 times in 2013, increased from 0.63 times, then the company may
have problems meeting its short-term obligations. 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 0.49 times in 2013,
increased from 0.27 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 84 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.57 |
Impressive |
Industrial Average |
0.66 |
|
Debt to Equity Ratio |
1.31 |
Acceptable |
Industrial Average |
1.36 |
|
Times Interest Earned |
40.37 |
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 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 40.38 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 0.57 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Stable
ACTIVITY : SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.99 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.38 |
Satisfactory |
Industrial Average |
1.57 |
|
Inventory Conversion Period |
(25.35) |
|
|
|
|
Inventory Turnover |
(14.40) |
Deteriorated |
Industrial Average |
7.28 |
|
Receivables Conversion Period |
44.92 |
|
|
|
|
Receivables Turnover |
8.13 |
Impressive |
Industrial Average |
3.05 |
|
Payables Conversion Period |
(63.72) |
|
|
|
The company's Account Receivable Ratio is calculated as 8.13 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 -38 days at the
end of 2012 to -25 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from -9.5 times in year 2012 to -14.4
times in year 2013.
The company's Total Asset Turnover is calculated as 1.38 times and 1.15
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.61.87 |
|
|
1 |
Rs.94.07 |
|
Euro |
1 |
Rs.70.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.