MIRA
INFORM REPORT
|
Report No. : |
307251 |
|
Report Date : |
13.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
IRPC PUBLIC
COMPANY LIMITED |
|
|
|
|
Formerly Known As : |
THAI
PETROCHEMICAL INDUSTRY CO., LTD. [TPI] |
|
|
|
|
Formerly Known As : |
INTEGRATED
REFINERY & PETROCHEMICAL COMPLEX PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
299 MOO 5, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
03.08.1978 |
|
|
|
|
Com. Reg. No.: |
0107537002567 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Distributor of
Refinery and Petrochemical. |
|
|
|
|
No. of Employees : |
4,771 |
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 |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 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 Name
IRPC PUBLIC COMPANY LIMITED
[INTEGRATED REFINERY & PETROCHEMICAL
COMPLEX PUBLIC COMPANY LIMITED]
SUMMARY
BUSINESS
ADDRESS : 299
MOO 5, SUKHUMVIT
ROAD,
T. CHERNGNERN,
A. MUANG,
RAYONG 21000,
THAILAND
TELEPHONE : [66] 38
611-333
FAX :
[66] 38
612-813
E-MAIL
ADDRESS : contact@irpc.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1978
REGISTRATION
NO. : 0107537002567
TAX
ID NO. : 3101159561
CAPITAL REGISTERED : BHT.
20,475,000,000
CAPITAL PAID-UP : BHT.
20,434,419,246
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC
LIMITED COMPANY
EXECUTIVE : MR. SUKRIT
SURABOTSOPON, THAI
PRESIDENT
NO.
OF STAFF : 4,771
LINES
OF BUSINESS : REFINERY AND
PETROCHEMICAL
MANUFACTURER, EXPORTER
AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was incorporated on August 3, 1978 as a private limited company under registered name “Thai Petrochemical Industry Co., Ltd. [TPI]”, by Leophairatana family. The subject began the production of low density polyethylene [LDPE] plastic resins in mid 1982 and of high density polyethylene [HDPE] in June 1986. TPI was the first producer of LDPE not only in Thailand, but in the whole of Southeast Asia. LDPE production facilities were, however, transferred to TPI Polene, a TPI’s daughter company, on March 26, 1990.
TPI was registered as a public limited company on October 10, 1994, under the name, “Thai Petrochemical Industry Public Company Limited”, and was listed on the Stock Exchange of Thailand on March 17, 1995.
TPI became an important group of companies engaged in the production of a wide range of essential materials. Today, TPI comprises several affiliates, among which TPI Polene Public Company Limited and Concrete Co., Ltd. are prominent.
The subject was also a prime supporter of the Thai government’s National Petrochemical Complex [NPC] on the Eastern Seaboard and has been an investor in the project since its inception in the early 1980s.
On April 26, 2006 the Central Bankruptcy Court issued an order of termination of the Business Reorganization Plan for Thai Petrochemical Industry Public Company Limited and the 6 subsidiaries in Reorganization including Thai ABS Company Limited, TPI Aromatics Public Company Limited, TPI Oil Company Limited, TPI Polyol Company Limited, Thai Polyurethane Industry Public Company and TPI Energy Company Limited.
In October 2006, the subject’s rehabilitation plan has been completed, then it has changed the registered name to be IRPC PUBLIC COMPANY LIMITED on October 10, 2006. Its fully name of the company is called “INTEGRATED REFINERY & PETROCHEMICAL COMPLEX PUBLIC COMPANY LIMITED”. Its refinery and petrochemical complexes located in its own industrial estate in Rayong province. The estate provides essential infrastructure and utilities supporting production, including a deepsea port, oil storage tanks and a power plant. Its operation are consisted of 4 main businesses: petroleum business, petrochemical business, port and tank farm business and asset management business. It currently employs 4,771 staff.
It achieved the awarded ISO 9000, ISO 9002, ISO 14000 and ISO 18000 certifications.
The subject’s registered address is 299 Moo 5, Sukhumvit Road, T. Cherngnern, A. Muang, Rayong 21000, and this is the company’s current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality
|
Age
|
|
|
|
|
|
|
Mr. Cherdpong Siriwit |
|
Thai |
- |
Mr.
Woothisarn Tanchai
|
[x] |
Thai |
- |
Mr. Sarun
Rungkasiri
|
[x] |
Thai |
- |
Mr.
Watcharakiti Watcharothai
|
[x] |
Thai |
- |
Mr.
Sukrit Surabotsopon
|
[x] |
Thai |
- |
Mr.
Kritsda Udyanin
|
|
Thai |
- |
Mr.
Pailin Chuchottaworn : Chairman
|
|
Thai |
- |
Mr.
Surong Bulakul
|
[x] |
Thai |
- |
Maj.
Gen. Sasin Thongpakdee
|
|
Thai |
- |
Mr.
Trumph Jalichandra
|
|
Thai |
- |
Mr.
Prasit Suebchana
|
|
Thai |
- |
Mr.
Songpope Polachan
|
|
Thai |
- |
Mr.
Sombat Narawutthichai
|
|
Thai |
- |
Mr.
Pramoul Chanpong
|
|
Thai |
- |
Mr.
Somnuk Bomrungsalee
|
|
Thai |
- |
AUTHORIZED PERSON
Any two
of the above
mentioned directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr.
Sukrit Surabotsopon is
the President.
He
is Thai nationality.
Mr. Chansin
Treenuchagron is the
Senior Executive Vice
President Corporate Commercial & Marketing. He
is Thai nationality.
Ms. Duangkamol Settanung
is the Senior
Executive Vice President
Corporate Accounting &
Finance. She is
Thai nationality.
Mr.
Peerapong Atchariyacheewin is
the Senior Executive
Vice President Petrochemical & Refinery Business
Unit. He is
Thai nationality.
Mr. Manit
Suthaporn is the
Senior Executive Vice
President Corporate Legal.
He is Thai
nationality.
Mr. Wittawat
Svasti-Xuto is the
Senior Executive Vice
President Corporate Strategy & Planning. He is Thai
nationality.
Ms. Orawan
Leelarasamee is the
Senior Executive Vice
President Corporate Human
Resources and Administration. She
is Thai nationality.
BUSINESS OPERATION
The subject is
engaged in 4
main businesses as
follows:
- Petroleum Business
The
subject oil refinery
produces a variety
of petroleum products,
namely naphtha, gasoline,
diesel and LPG,
with the total
production capacity of
215,000 bpd., as
well as lube
base plant has
a total capacity
of 320 KTA and an
associated asphalt plant
has a total
capacity of 600
KTA.
- Petrochemical Business
The subject
invests in upstream petrochemical
products including olefins
and aromatics with
a capacity of
828 and 367
KTA respectively, as
well as polymer
and specialties and
innovative products serving
as downstream petrochemical
feedstock.
Ranges
of products are
as follows:
1.
Olefins
[ethylene, propylene and
butadiene]
2.
Aromatics
[benzene, toluene and
xylene]
3.
Polymers [HDPE, PP,
ABS, SAN, PS,
and EPS] Its
products are sold
under the
POLIMAXX brand to
various domestic and
international
plastic operators.
4. Specialties
and innovation products
[stryrenics and olefin
group products
- Port and
Tankfarm Business
The
subject’s terminal provides
facilities and international
standard dock services
for domestic and
international cargoes. The
main terminal area
consists of Liquid & Chemical Terminal [LCT], Bulk & Container Terminal [BCT], and Tankfarm
- Asset Management Business
This
business unit provides
asset management services
based on its
empty plots of
land under the
RECO brand in
Rayong and other
provinces, with a
total acreage of
about 16,000,000 sq.m., designed
to support IRPC
group’s main businesses and those
in PTT group.
Its business focuses
on being friendly
to communities and
the environment. Consisting
of Rayong Industrial
Estate and ECO Industrial
Zone in the
IRPC Industrial Estate,
Choeng Noen District,
Rayong province.
PURCHASE
Most of raw materials for
processing are purchased
from local suppliers, and
the remaining including crude oil
and chemical are imported from Japan,
United States of America, Singapore,
Germany, France, Middle
East, Malaysia and
Indonesia.
MAJOR SUPPLIERS
PTT Public
Co., Ltd. : Thailand
PTT Global
Chemical Public Co., Ltd. : Thailand
Thai
Oil Public Co., Ltd. : Thailand
Marubeni
Corporation Ltd. : Japan
Voest - Alpine Trading [U.S.A] Corporation : United
States of America
Sobic
Southeast Asia Pte.,
Ltd. : Singapore
SALES [LOCAL]
70% of
the products is
sold locally to
manufacturers, wholesalers and
end-users.
EXPORT [COUNTRIES]
30% of
the products is exported to
Japan, Republic of
China, Hong Kong, Vietnam,
Taiwan, Singapore, Myanmar,
Laos, Bangladesh, Sri
Lanka, India, Malaysia,
Combodia, Africa, European Union,
Australia and Middle
East countries.
MAJOR CUSTOMERS
United Grain
Industry Co., Ltd. : Thailand
Thai Plastic
Products Co., Ltd. : Thailand
Thai Plastic
Film Co., Ltd. : Thailand
TPI Polene
Public Co., Ltd. : Thailand
PTT Public
Co., Ltd. : Thailand
Thai Lube
Base Public Co.,
Ltd. : Thailand
PTT Polymer
Marketing Co., Ltd. : Thailand
REVENUE
STRUCTURE [Company and
Subsidiaries]
|
|
2013 |
2012 |
|||
Business
|
Operated by |
million Baht |
% |
million Baht |
% |
|
|
|
|
|
|
|
Petroleum
|
IRPC, IRPC Oil |
216,175 |
76 |
221,390 |
78 |
Petrochemical
|
IRPC, Thai ABS |
63,582 |
23 |
58,979 |
21 |
|
|
IRPC
Polyol |
|
|
|
|
Others
|
IRPC |
2,892 |
1 |
3,299 |
1 |
|
*Total Revenues |
|
282,649 |
100 |
283,668 |
100 |
Note:
*Total Revenues [excluding
the excise tax]
SUBSIDIAIRES
Subsidiaries
|
Business Type |
Country |
% |
|
|
|
|
|
|
Thai
ABS Co., Ltd. |
Producing and distributing resin |
Thailand |
99.99 |
|
IRPC
Oil Co., Ltd. |
Distributing gasoline, diesel and lube oil product |
Thailand |
99.99 |
IRPC Polyol Co., Ltd.
|
Manufacturing and distributing flexible and
rigid polyol |
Thailand |
99.99 |
|
Rakpasak Co.,
Ltd. |
Oil Vessel
Renting |
Thailand |
99.99 |
|
IRPC Technology
Co., Ltd. |
Technology school |
Thailand |
99.99 |
|
TPI Internet
Portal Co., Ltd. |
Distributor of
oil products |
Thailand |
99.89 |
LITIGATION
Bankruptcy
and Receivership
On March
15, 2000, the
Central Bankruptcy Court
had ordered the
Company according to
red case no. For. 8/2543 to
enter into business
rehabilitation and appointed
the plan administrator
of Thai Petrochemical
Industry Public Co.,
Ltd. and the 6
subsidiaries as the temporarily management. As a
result of such
Court order, the
power and duties
in managing the
business and asset
of the company’s
directors, including all
legal rights of
the company’s shareholders
[exceptional for the
right to receive
the dividend] shall be
vested in the temporary
management according to Article
90/20 and Article
90/21 of Bankruptcy Act
B.E. 2483.
On April
20, 2000, the Central
Bankruptcy Court had
appointed Effective Planners
Co., Ltd. as
the Planner. As a
result of such
Court order, the
power and duties
in managing the
business and asset
of the company’s
directors, including all
legal rights of
the company’s shareholders
[exceptional for the
right to receive
the dividend] shall be
vested in the Planner according to
Article 90/25 of
Bankruptcy Act B.E.
2483.
On December
15, 2000 the
Central Bankruptcy Court
had approved the
rehabilitation plan and
assigned Effective Planners
Co., Ltd. as
the Plan Administrator. As a
result of such
Court order, the
power and duties
in managing the
business of the
Planner shall be vested
in the Plan
Administrator according to
Article 90/59 of
Bankruptcy Act B.E.
2483.
On April
21, 2003 the
Central Bankruptcy Court
had ordered Effective
Planners Co., Ltd.
to terminate from
being the Plan
Administrator according to
Article 90/67 of
Bankruptcy Act B.E.
2483, and ordered
the Company and Receivership Officer
as temporary Plan
Administrator. As a result
of such Court
order, the power
and duties in
managing the business
of the previous
Plan Administrator shall
be vested in the
company and Receivership
Officer according to
Article 90/69 of
Bankruptcy Act B.E.
2483.
On July 11, 2003,
the Central Bankruptcy Court also
ordered as the Black Case No. For.2/2543 and the Red Case No. For.
8/2543 to appoint the Ministry of Finance as the current Plan Administrator of
the Company in accordance with the resolution of creditors’ meeting. The Ministry of Finance or a group of persons
who is a representative of the Ministry of Finance shall have rights and duties
according to the law and the rehabilitation plan.
The current Plan Administrator comprises of General Mongkon Ampornpisit,
Mr. Pala Sookawesh, Mr. Pakorn Malakul Na Ayudhya, Mr. Aree Wongsearaya, and
Mr. Thanong Bidaya who are representatives of the Ministry of Finance to implement,
amend or modify, authorize or hire persons or group of person to perform as the
guideline for the rehabilitation approved by the Ministry of Finance. Later in
October 2004, Mr. Aree Wongsearaya had resigned from the Plan Administrator of
the Company and its six subsidiaries.
On July 21, 2003,
the Official Receiver asked the Ministry of Finance to consent to be the
current Plan Administrator of six subsidiaries and the Ministry of Finance
consented to be the current Plan Administrator on that date.
On July 23, 2003,
the creditors’ meeting approved the special resolution to accept the Ministry
of Finance as the current Plan Administrator. On July 28, 2003, the Central
Bankruptcy Court ordered to appoint the Ministry of Finance as the current Plan
Administrator of six subsidiaries in accordance with the resolution of the
creditors’ meeting which resolved to nominate the Ministry of Finance or
representatives from the Ministry of Finance to have rights and duties
according to the law and the rehabilitation plan.
In October
2006, the subject’s
rehabilitation plan had
been completed, then
its name was
changed to IRPC
PUBLIC COMPANY LIMITED
on October 10,
2006.
OTHERS
The
subject has several
litigations in relation
to its normal
course of business operation, but
the management believes
that it would not have significant
affect on the
company’s business.
CREDIT
Sales are
by cash or
on the credits
term of 30-60-90
days.
Local bills
are paid by
cash or on
the credits term
of 30-60-90 days.
Imports are
by L/C at
sight or T/T.
Exports are
against L/C at
sight or T/T.
BANKING
The Siam
Commercial Bank Public
Co., Ltd.
[Head
Office : 9
Ratchadapisek Rd., Ladyao,
Jatujak, Bangkok 10900]
Bangkok Bank
Public Co., Ltd.
[Head
Office : 333
Silom Rd., Bangrak,
Bangkok 10500]
Bank of
Ayudhya Public Co.,
Ltd.
[Head Office : 1222
Rama 3 Rd.,
Bangpongpang, Yannawa, Bangkok 10120]
Krung Thai
Bank Public Co.,
Ltd.
[Head
Office : 35
Sukhumvit Rd., Klongtoeynua,
Watana, Bangkok 10110]
Deutsche Bank
AG
[Bangkok
Branch : 208
Wireless Rd., Lumpini,
Pathumwan, Bangkok 10330]
Citibank, NA
[Bangkok Branch :
82 North Sathorn
Rd., Silom, Bangrak,
Bangkok 10500]
Hong Kong &
Shanghai Banking Corporation
[Bangkok
Office : Hong Kong
Bank Bldg., 968 Rama 4 Rd.,
Silom, Bangrak,
Bangkok 10500]
TMB Bank
Public Co., Ltd.
[Head Office :
3000 Phaholyothin Rd.,
Chompol, Jatujak, Bangkok]
EMPLOYMENT
The subject
currently employs 4,771
office staff and
factory workers.
LOCATION DETAILS
The premise is
owned for operating
head office and
factory at the
heading address. Premises
is located in
an industrial area.
Bangkok Office:
6th Floor,
Energy Complex Building,
555/2 Vibhavadi Rangsit
Rd., Chatuchak, 10900.
Tel. [66]
2649-7000, 2649-7777, Fax. [66]
2649-7001.
COMMENT
IRPC is a pioneer in integrated petrochemical industry in the South East Asia. Its
plants are located in an
industrial area in Rayong Province with facilities to
support the businesses such as deep
sea port, tank farm
and power plant.
IRPC is a producer of integrated
petrochemical products. Its complex consists of an upstream, an oil refinery
unit and a downstream petrochemical production. The company's operation and
production qualities have been proven by numerous international standards
ranging from the ISO 9001 for quality, administration and management system, to
the ISO 14001 for environment, with another standard approach for Occupational
Health and Safety Management Systems - OHSAS 18001 - and Thai Standard’s
Institute initiated of TIS 18001.
The
company maintains its
solid reputation of quality,
consistency and punctual
services in order
to meet customer
satisfaction. Its business
is solid and
remains profitable.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
500,000,000.
The
capital was increased
and decreased later
as followings:
Bht. 600,000,000 on
May 25, 1984
Bht.
800,000,000 on May
25, 1985
Bht. 4,900,000,000 on
September 13, 1990
Bht. 5,390,000,000 on
February 1, 1993
Bht. 5,500,000,000 on
June 22, 1993
Bht.
5,665,000,000 on June
24, 1994
Bht. 13,000,000,000 on
June 8, 1995
Bht. 16,350,000,000 on
September 1996
Bht. 21,700,000,000 on
June 9, 1997
Bht. 81,000,000,000 on
March 1, 2001
Bht. 78,489,112,110 on
March 31, 2005
[decreased]
Bht.
7,848,911,211 on April
1, 2005 [decreased]
Bht. 19,500,000,000 on
April 4, 2005 [increased]
Bht. 20,475,000,000 on
July 7, 2005
The latest registered capital was increased to Bht. 20,475,000,000 divided into 20,475,000,000 shares of Bht. 1 each, with the current capital paid-up at Bht. 20,434,419,246.
MAIN SHAREHOLDERS
[as at
March 6, 2014]
at Bht. 20,434,419,246 of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
PTT Public Company
Limited |
7,869,694,600 |
38.51 |
|
The Government Saving
Bank |
1,950,000,000 |
9.54 |
|
Governor Pension Fund |
1,183,796,970 |
5.79 |
|
Thai NVDR Co.,
Ltd. |
824,795,993 |
4.04 |
|
Bangkok Bank Public
Co., Ltd. |
504,906,708 |
2.47 |
|
HSBC [Singapore] Nominees
Pte. Ltd. |
216,796,690 |
1.06 |
|
State Street Bank
and Trust Company |
179,297,803 |
0.88 |
|
Social Security Office |
169,686,900 |
0.83 |
|
State Street Bank
Europe Company |
169,068,569 |
0.83 |
|
East Fourteen Limited |
144,740,600 |
0.71 |
|
GIC Private Limited |
135,138,500 |
0.66 |
|
Thai Taweethun Opened
Fund |
123,000,000 |
0.60 |
|
Chase Nominees Limited
46 |
106,393,300 |
0.52 |
|
Others |
6,857,102,613 |
33.56 |
Total
Shareholders : 52,835
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Ms.
Naengnoi Chareontaweesup No.
3044
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 |
4,551,614,755 |
5,928,184,681 |
2,210,538,254 |
|
Short-term investment |
- |
- |
1,038,375,000 |
|
Trade accounts receivable |
22,261,590,378 |
15,490,805,503 |
11,077,072,194 |
|
Amounts due from
related parties |
52,156,179 |
78,698,132 |
132,149,633 |
|
Short-term loans to
and interest receivables from
related parties |
630,765,888 |
1,697,472,487 |
12,271,186 |
|
Inventories |
32,681,279,278 |
29,174,373,822 |
37,027,671,389 |
|
Other receivables |
388,343,184 |
536,471,950 |
290,689,473 |
|
Prepaid value added
tax |
1,766,606,909 |
1,483,209,281 |
1,538,145,273 |
|
Prepaid excise tax |
91,660,433 |
169,156,509 |
77,093,154 |
|
Other current assets
|
575,752,912 |
618,568,658 |
589,712,647 |
|
|
|
|
|
|
Total Current Assets
|
62,999,769,916 |
55,176,941,023 |
53,993,718,203 |
|
Investments in subsidiaries and
& associated-net |
10,187,398,354 |
9,838,187,823 |
4,539,060,910 |
|
Other long-term
investments |
1,036,539,120 |
1,286,673,120 |
37,798,547 |
|
Loan to and
interest receivables from related
parties |
6,565,291,381 |
3,527,279,173 |
3,878,348,025 |
|
Transactions with the
former company’s management
and entities relating to
the former management-net |
37,566,792 |
37,566,792 |
37,566,792 |
|
Investment property-net |
1,167,164,483 |
1,567,177,050 |
1,288,967,293 |
|
Property, plant &
equipment |
75,070,461,960 |
66,762,808,937 |
65,347,709,619 |
|
Intangible assets |
1,515,725,250 |
1,702,342,804 |
1,393,847,658 |
|
Deferred tax assets |
2,030,527,241 |
1,933,791,952 |
- |
|
Other assets |
48,613,633 |
47,574,650 |
58,733,316 |
|
Total Assets |
160,659,058,130 |
141,880,343,324 |
130,575,750,363 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Short-term loans from
financial institutions |
- |
150,700,175 |
1,000,000,000 |
|
Trade accounts payable |
37,411,852,047 |
16,017,677,407 |
18,220,099,544 |
|
Amounts due to
related parties |
46,069,990 |
170,935,798 |
644,838,667 |
|
Loans from and
interest payable to related parties |
21,717,623 |
602,569,609 |
565,748,082 |
|
Current portion of
long-term loans |
9,000,000,000 |
2,000,000,000 |
2,000,000,000 |
|
Current portion of
finance lease liabilities |
3,953,548 |
4,112,330 |
43,414,398 |
|
Other payables |
1,249,668,606 |
1,837,494,899 |
3,218,675,075 |
|
Interest payables |
507,830,213 |
505,128,211 |
303,843,426 |
|
Accrued bonus |
984,308,329 |
818,056,335 |
1,038,532,378 |
|
Advance receipts for
Goods |
401,234,278 |
526,853,705 |
761,961,360 |
|
Other current liabilities |
523,633,133 |
290,632,511 |
500,768,814 |
|
|
|
|
|
|
Total Current Liabilities |
50,150,267,767 |
22,924,160,980 |
28,297,881,744 |
|
Non-current liabilities |
|
|
|
|
Long-term borrowings |
33,882,877,372 |
41,969,420,601 |
25,190,198,062 |
|
Finance Lease
Liabilities |
42,442 |
4,029,696 |
14,394,619 |
|
Loans from
and interest payables
To related
parties |
2,254,892,788 |
2,254,892,788 |
2,254,892,788 |
|
Employee benefit
obligations |
1,190,677,236 |
1,032,250,440 |
949,002,085 |
|
Transactions with
the former company’s management and entities relating
to the former management |
112,843,246 |
112,843,246 |
112,538,619 |
|
Total non-current liabilities |
37,441,333,084 |
45,373,436,771 |
28,521,026,173 |
|
Total Liabilities |
87,591,600,851 |
68,297,597,751 |
56,818,907,917 |
|
|
2013 |
2012 |
2011 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1
per par value
Authorized &
issued share capital
20,475,000,000 |
20,475,000,000 |
20,475,000,000 |
20,475,000,000 |
|
|
|
|
|
|
Capital Paid |
20,434,419,246 |
20,434,419,246 |
20,434,419,246 |
|
Premium on share
capital |
28,554,212,397 |
28,554,212,397 |
28,554,212,397 |
|
Change in fair
value of marketable securities- available for
sale |
- |
- |
[1,628,775] |
|
Retained Earning Appropriated for
legal reserve |
2,047,500,000 |
2,047,500,000 |
2,047,500,000 |
|
Unappropriated |
22,183,827,856 |
22,545,385,750 |
22,722,339,578 |
|
Other components of shareholders’ equity |
[152,502,220] |
1,228,180 |
- |
|
Total Shareholders' Equity |
73,067,457,279 |
73,582,745,573 |
73,756,842,446 |
|
Total Liabilities &
Shareholders' Equity |
160,659,058,130 |
141,880,343,324 |
130,575,750,363 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
303,541,079,387 |
301,675,845,266 |
254,916,904,672 |
|
Other Income/[other expenses] |
4,829,055,927 |
2,692,757,403 |
[294,829,179] |
|
Total Revenues |
308,370,135,314 |
304,368,602,669 |
254,622,075,493 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of sales
|
299,103,164,886 |
299,535,894,802 |
243,990,952,414 |
|
Selling expenses |
1,389,943,672 |
1,139,475,578 |
1,072,974,841 |
|
Administrative expenses |
4,098,196,928 |
3,728,594,450 |
3,569,483,737 |
|
Total Expenses |
304,591,305,486 |
304,403,964,830 |
248,633,410,992 |
|
|
|
|
|
|
Profit before Financial Costs
& Income Tax |
3,778,829,828 |
[35,362,161] |
5,998,664,501 |
|
Financial Costs |
[2,564,131,313] |
[1,249,415,754] |
[1,785,043,483] |
|
|
|
|
|
|
Profit before Income Tax |
1,214,698,515 |
[1,284,777,915] |
4,203,621,018 |
|
Income |
58,302,689 |
226,753,290 |
- |
|
|
|
|
|
Net Profit / [Loss]
|
1,273,001,204 |
[1,058,024,625] |
4,203,621,018 |
BALANCE SHEET [BAHT]
The
latest financial figures
published for September 30,
2014 was :
ASSETS
[Unit :
Thousand Baht]
|
Current Assets |
2014 [Unaudited] |
|
|
|
|
Cash and cash
equivalents |
2,785,863 |
|
Trade accounts receivable |
17,273,468 |
|
Amounts due from
related parties |
66,100 |
|
Short-term loans to
and interest receivables
from related parties |
598,183 |
|
Inventories |
35,443,577 |
|
Other receivables |
578,910 |
|
Prepaid value added
tax |
2,426,202 |
|
Prepaid excise tax |
119,554 |
|
Other current assets
|
856,818 |
|
|
|
|
Total Current Assets
|
60,148,675 |
|
Investments in subsidiaries |
4,358,266 |
|
Investments in associates |
6,130,770 |
|
Other long-term investments |
896,744 |
|
Loan to and
interest receivables from related
parties |
6,569,955 |
|
Investment property-net |
1,154,705 |
|
Property, plant &
equipment |
89,622,911 |
|
Intangible assets |
1,361,516 |
|
Deferred tax assets |
3,166,052 |
|
Other non-current assets |
85,636 |
|
Total Assets |
173,495,230 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
[Unit :
Thousand Baht]
|
Current
Liabilities |
2014 [Unaudited] |
|
|
|
|
Short-term loans from
financial institutions |
4,502,656 |
|
Trade accounts payable |
33,603,070 |
|
Amounts due to
related parties |
81,536 |
|
Loans from and
interest payable to
related parties |
22,062 |
|
Current portion of
long-term loans |
7,695,161 |
|
Current portion of
finance lease liabilities |
719 |
|
Other payables |
5,430,516 |
|
Interest payables |
619,543 |
|
Accrued bonus |
590,764 |
|
Advance receipts for
Goods |
366,316 |
|
Other current liabilities |
583,770 |
|
|
|
|
Total Current Liabilities |
53,496,113 |
|
Non-current liabilities |
|
|
Long-term borrowings |
44,997,350 |
|
Finance Lease
Liabilities |
29 |
|
Loans from
and interest payables
to related parties |
2,254,893 |
|
Employee benefit
obligations |
1,430,946 |
|
Total non-current liabilities |
48,683,218 |
|
Total Liabilities |
102,179,331 |
|
|
|
|
Shareholders' Equity |
|
|
Share capital |
|
|
Authorized shares
|
|
|
Ordinary shares 20,475 million shares of
par Baht 1 ] |
20,475,000 |
|
Authorized shares
|
|
|
Ordinary shares 20,434.42
million shares of par Baht 1 ] |
20,434,419 |
|
Premium on share
capital |
28,554,212 |
|
Change in fair
value of marketable
securities- available for sale |
|
|
Retained Earning - Appropriated for
legal reserve |
2,047,500 |
|
- Unappropriated |
20,496,869 |
|
Other components of shareholders’ equity |
[217,101] |
|
Total Shareholders' Equity |
71,315,899 |
|
Total Liabilities &
Shareholders' Equity |
173,495,230 |
PROFIT & LOSS ACCOUNT
For the nine-month
ended September 30,
2014.
[Unit :
Thousand Baht]
|
Revenue |
2014 [Unaudited] |
|
|
|
|
Sales Income |
226,766,694 |
|
Other Income |
4,790,859 |
|
Total Revenues |
231,557,553 |
|
Expenses |
|
|
|
|
|
Cost of sales
|
227,215,869 |
|
Selling expenses |
950,402 |
|
Administrative expenses |
3,025,640 |
|
Total Expenses |
231,191,911 |
|
|
|
|
Profit before financial
costs |
365,642 |
|
Financial costs |
[940,092] |
|
|
|
|
Profit before income tax |
[574,450] |
|
Income |
1,081,682 |
|
|
|
Net Profit / [Loss]
|
507,232 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.26 |
2.41 |
1.91 |
|
QUICK RATIO |
TIMES |
0.55 |
1.01 |
0.51 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.04 |
4.52 |
3.90 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.89 |
2.13 |
1.95 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
39.88 |
35.55 |
55.39 |
|
INVENTORY TURNOVER |
TIMES |
9.15 |
10.27 |
6.59 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
26.77 |
18.74 |
15.86 |
|
RECEIVABLES TURNOVER |
TIMES |
13.64 |
19.47 |
23.01 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
45.65 |
19.52 |
27.26 |
|
CASH CONVERSION CYCLE |
DAYS |
21.00 |
34.77 |
44.00 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
98.54 |
99.29 |
95.71 |
|
SELLING & ADMINISTRATION |
% |
1.81 |
1.61 |
1.82 |
|
INTEREST |
% |
0.84 |
0.41 |
0.70 |
|
GROSS PROFIT MARGIN |
% |
3.05 |
1.60 |
4.17 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.24 |
(0.01) |
2.35 |
|
NET PROFIT MARGIN |
% |
0.42 |
(0.35) |
1.65 |
|
RETURN ON EQUITY |
% |
1.74 |
(1.44) |
5.70 |
|
RETURN ON ASSET |
% |
0.79 |
(0.75) |
3.22 |
|
EARNING PER SHARE |
BAHT |
0.06 |
(0.05) |
0.21 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.55 |
0.48 |
0.44 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.20 |
0.93 |
0.77 |
|
TIME INTEREST EARNED |
TIMES |
1.47 |
(0.03) |
3.35 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
0.62 |
18.34 |
|
|
OPERATING PROFIT |
% |
(10,786.08) |
(100.59) |
|
|
NET PROFIT |
% |
220.32 |
(125.17) |
|
|
FIXED ASSETS |
% |
12.44 |
2.17 |
|
|
TOTAL ASSETS |
% |
13.24 |
8.66 |
|
ANNUAL GROWTH: IMPRESSIVE
An annual sales growth is 0.62%. Turnover has increased from THB
301,675,845,266.00 in 2012 to THB 303,541,079,387.00 in 2013. While net profit has
increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.05 |
Deteriorated |
Industrial
Average |
28.19 |
|
Net Profit Margin |
0.42 |
Deteriorated |
Industrial
Average |
3.05 |
|
Return on Assets |
0.79 |
Deteriorated |
Industrial
Average |
9.77 |
|
Return on Equity |
1.74 |
Deteriorated |
Industrial
Average |
22.10 |
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 3.05%. When compared with
the industry average, the ratio of the company was lower, this indicated that
company may have problems with control over its costs.
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 0.42%.
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 0.79%.
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 1.74%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY:
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.26 |
Acceptable |
Industrial
Average |
1.74 |
|
Quick Ratio |
0.55 |
|
|
|
|
Cash Conversion Cycle |
21.00 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's figure
is 1.26 times in 2013, decreased from 2.41 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.55 times in 2013,
decreased from 1.01 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 21 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE:
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.55 |
Impressive |
Industrial
Average |
0.74 |
|
Debt to Equity Ratio |
1.20 |
Satisfactory |
Industrial
Average |
1.73 |
|
Times Interest Earned |
1.47 |
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 1.48 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 0.55 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 |
4.04 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.89 |
Deteriorated |
Industrial
Average |
4.20 |
|
Inventory Conversion Period |
39.88 |
|
|
|
|
Inventory Turnover |
9.15 |
Deteriorated |
Industrial
Average |
31.10 |
|
Receivables Conversion Period |
26.77 |
|
|
|
|
Receivables Turnover |
13.64 |
Impressive |
Industrial
Average |
9.94 |
|
Payables Conversion Period |
45.65 |
|
|
|
The company's Account Receivable Ratio is calculated as 13.64 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 36 days at the
end of 2012 to 40 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 10.27 times in year 2012 to 9.15
times in year 2013.
The company's Total Asset Turnover is calculated as 1.89 times and 2.13
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.62.43 |
|
|
1 |
Rs.95.02 |
|
Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIT |
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.