MIRA INFORM REPORT
|
Report No. : |
326072 |
|
Report Date : |
09.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
IRPC PUBLIC
COMPANY LIMITED |
|
|
|
|
Formerly Known As : |
THAI PETROCHEMICAL INDUSTRY CO., LTD. [TPI] |
|
|
|
|
Registered Office : |
299 Moo 5, Sukhumvit Road, T. Cherngnern, A. Muang, Rayong 21000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
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 : |
4,740 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
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 has had a strong economy due in part to industrial and agriculture exports
- mostly electronics, agricultural commodities, automobiles and parts, and
processed foods. Thailand 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 both 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. Government
approved flood mitigation projects, worth $11.7 billion, were started in 2012
to prevent a repeat. Thai growth slowed in 2013 and has remained low since, as
the country faced political uncertainty and a coup in May 2014. The interim
government is implementing a special $11 billion short-term stimulus package
and has approved a budget of more than $80 billion to aid an economic rebound.
|
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 : 4,740
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 4,740
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. Sukrit Surabotsopon
|
[x] |
Thai |
- |
|
Mr. Cherdpong Siriwit |
|
Thai |
69 |
Mr. Sarun
Rungkasiri
|
[x] |
Thai |
- |
Mr. Watcharakiti Watcharothai
|
[x] |
Thai |
- |
Mr. Pramoul Chanpong
|
|
Thai |
- |
Mr. Somnuk Bomrungsalee
|
|
Thai |
- |
Mr. Trumph Jalichandra
|
|
Thai |
- |
Mr. Songpope Polachan
|
|
Thai |
- |
Mr. Pailin Chuchottaworn : Chairman
|
|
Thai |
59 |
Maj. Gen. Sasin Thongpakdee
|
|
Thai |
- |
Mr. Prasit Suebchana
|
|
Thai |
- |
Mr. Wasan Soypisudh
|
|
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 & 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 fuel products,
namely naphtha, gasoline,
diesel and LPG,
with the total production capacity
of 215,000 bpd.,
as well as
lube base oil
and related products,
such as long
residue, asphalt, Treated
Distillate Aromatic Extract [TDAE], and
Residue Aromatic Extract [RAE].
- Petrochemical Business
The subject
invests in upstream
petrochemical products including
olefins and aromatics
with a capacity
of 828 and
367 KTA respectively,
and polymer includes
High Density Polyethylene [HDPE], Polypropylene
[PP],
Acrylonitrite-Butadiene-Styrene
[ABS], Polystyrene [PS]
and Expandable Polystyrene [EPS], as
well as specialties
and innovative products
as follows:
-
Styrene
Products : green ABS,
Anti-Dripping Additive,
Methyl
Methacrylate-Butadiene Styrene
[MBS], Anti-bacteria Agent,
and
ABS powder.
-
Olefins
Group : Ultra
High Molecular Weight
Polyethylene [UHMW-PE], Baby
Bottle polyethylene, Antimicrobial
Compound, Marine Pipe
and Natural Coloring
and Additive Carrier
System.
- Port 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], and
Bulk & Container Terminal
[BCT], as well
as Tank Renting
Service.
- 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]
63%
of the products
is sold locally
to manufacturers, wholesalers
and end-users.
EXPORT
[COUNTRIES]
37%
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 |
2014 |
|||
Business
|
Operated by |
Million Baht |
% |
Million Baht |
% |
|
|
|
|
|
|
|
Petroleum
|
IRPC, IRPC Oil |
216,175 |
76 |
205,657 |
75 |
Petrochemical
|
IRPC, Thai ABS |
63,582 |
23 |
63,853 |
24 |
|
|
IRPC Polyol |
|
|
|
|
Others
|
IRPC |
2,892 |
1 |
3,458 |
1 |
|
*Total Revenues |
|
282,649 |
100 |
272,968 |
100 |
Note: *Total
revenues [excluding the
excise tax]
SUBSIDIAIRES
AND AFFILIATED COMPANIES
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 |
|
Rak Phasak
Co., Ltd. |
Oil Vessel
Renting |
Thailand |
99.99 |
|
IRPC Technology
Co., Ltd. |
Technology school |
Thailand |
99.99 |
|
IRPC A&L
Co., Ltd. |
Distributor of
styrene |
Thailand |
59.94 |
|
PTT Polymer
Marketing Co., Ltd. |
Distributor of
polymer |
Thailand |
25.00 |
|
Ube Chemicals
[Asia] Plc. |
Manufacturer and
distributor of
petrochemicals |
Thailand |
25.00 |
|
IRPC Clean
Power Co., Ltd. |
Electricity |
Thailand |
48.99 |
|
PTT Energy Solution Co., Ltd. |
Engineering consulting
service |
Thailand |
20.00 |
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 4,740
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.
Oil Terminal and
Tank Renting Service
are located at.
-
299 Moo 5,
Sukhumvit Road, T. Choengnern, A. Muang,
Rayong 21000
-
169 Moo 9,
Soi Suksawad 45, T.
Bangkru, A. Phrapradaeng,
Samutprakarn 10130.
-
99 Moo 1, T.
Phoain, A. Tharua, Ayutthaya
13130.
-
40/2
Moo 4, Hadsairee
Road, T. Paknam, A. Muang,
Chumporn 86120.
-
88 Moo 1, T.
Bangjakreng, A. Muang, Samutsongkram
75000.
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 one of
14 companies from
91 leading companies
globally in Oil and Gas Producer
Group, which is
ranked in Dow Jones Sustainability Indices
(DJSI) for Emerging
Market’s membership for
the first year.
This positively enhances
confidence of current
investors who focus
on an investment in a
sustainable organization.
Moreover,
RobecoSAM Yearbook 2015
has also been awarded
with Industry Improver
award which is
the highest one
among the Industry group.
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
February 26, 2015]
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 |
1,001,752,170 |
4.90 |
|
Thai NVDR Co.,
Ltd. |
787,007,075 |
3.85 |
|
Bangkok Bank Public
Co., Ltd. |
504,906,708 |
2.47 |
|
State Street Bank
Europe Company |
267,519,644 |
1.31 |
|
HSBC [Singapore] Nominees
Pte. Ltd. |
227,910,478 |
1.12 |
|
Social Security Office |
207,586,900 |
1.02 |
|
State Street Bank
and Trust Company |
184,907,303 |
0.90 |
|
Thai Value Focus
Equity Dividend Opened
Fund |
154,050,900 |
0.75 |
|
East Fourteen Limited |
119,187,700 |
0.58 |
|
Others |
7,159,895,768 |
35.05 |
Total Shareholders
: 48,093
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms.
Naengnoi Chareontaweesup No.
3044
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 |
1,693,329,193 |
4,551,614,755 |
5,928,184,681 |
|
Short-term investment |
|
- |
- |
|
Trade accounts receivable |
11,883,941,714 |
22,261,590,378 |
15,490,805,503 |
|
Amounts due from related
parties |
1,044,969,021 |
52,156,179 |
78,698,132 |
|
Short-term loans to
and interest receivables from
related parties |
650,874,034 |
630,765,888 |
1,697,472,487 |
|
Inventories |
23,179,370,996 |
32,681,279,278 |
29,174,373,822 |
|
Other receivables |
120,830,402 |
388,343,184 |
536,471,950 |
|
Prepaid value added
tax |
2,960,358,056 |
1,766,606,909 |
1,483,209,281 |
|
Prepaid excise tax |
144,366,282 |
91,660,433 |
169,156,509 |
|
Other current assets
|
1,115,047,741 |
575,752,912 |
618,568,658 |
|
|
|
|
|
|
Total Current Assets
|
42,793,087,439 |
62,999,769,916 |
55,176,941,023 |
|
Investments in subsidiaries and
& associated-net |
4,358,265,314 |
4,358,259,953 |
9,838,187,823 |
|
Investments in associates |
6,130,770,151 |
5,829,138,401 |
- |
|
Other long-term
investments |
731,664,320 |
1,036,539,120 |
1,286,673,120 |
|
Loan to and
interest receivables from related
parties |
6,587,607,392 |
6,565,291,381 |
3,527,279,173 |
|
Transactions with the
former company’s management
and entities relating to
the former management-net |
- |
37,566,792 |
37,566,792 |
|
Investment property-net |
1,152,522,363 |
1,167,164,483 |
1,567,177,050 |
|
Property, plant &
equipment |
92,719,298,473 |
75,070,461,960 |
66,762,808,937 |
|
Intangible assets |
1,328,916,310 |
1,515,725,250 |
1,702,342,804 |
|
Deferred tax assets |
4,607,859,762 |
2,030,527,241 |
1,933,791,952 |
|
Other assets |
85,079,211 |
48,613,633 |
47,574,650 |
|
Total Assets |
160,495,070,735 |
160,659,058,130 |
141,880,343,324 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
|
|
|
|
|
Short-term loans from
financial institutions |
8,792,329,452 |
- |
150,700,175 |
|
Trade accounts payable |
26,381,022,327 |
37,411,852,047 |
16,017,677,407 |
|
Amounts due to
related parties |
161,414,527 |
46,069,990 |
170,935,798 |
|
Loans from and
interest payable to related parties |
168,977,723 |
21,717,623 |
602,569,609 |
|
Current portion of
long-term loans |
7,701,132,000 |
9,000,000,000 |
2,000,000,000 |
|
Current portion of
finance lease liabilities |
- |
- |
4,112,330 |
|
Other payables |
1,845,778,505 |
1,249,668,606 |
1,837,494,899 |
|
Interest payables |
485,447,710 |
507,830,213 |
505,128,211 |
|
Accrued bonus |
780,538,350 |
984,308,329 |
818,056,335 |
|
Advance receipts for
Goods |
253,047,264 |
401,234,278 |
526,853,705 |
|
Other current liabilities |
505,536,758 |
527,586,681 |
290,632,511 |
|
|
|
|
|
|
Total Current Liabilities |
47,075,224,616 |
50,150,267,767 |
22,924,160,980 |
|
Non-current liabilities |
|
|
|
|
Long-term borrowings |
44,243,337,309 |
33,882,877,372 |
41,969,420,601 |
|
Finance Lease
Liabilities |
- |
42,442 |
4,029,696 |
|
Loans from
and interest payables
to related
parties |
2,254,892,788 |
2,254,892,788 |
2,254,892,788 |
|
Employee benefit
obligations |
1,452,770,837 |
1,190,677,236 |
1,032,250,440 |
|
Transactions with
the former company’s management and entities relating
to the former management |
- |
112,843,246 |
112,843,246 |
|
Total non-current liabilities |
47,951,000,934 |
37,441,333,084 |
45,373,436,771 |
|
Total Liabilities |
95,026,225,550 |
87,591,600,851 |
68,297,597,751 |
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
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 |
|
Retained Earning Appropriated for
legal reserve |
2,047,500,000 |
2,047,500,000 |
2,047,500,000 |
|
Unappropriated |
14,778,394,962 |
22,183,827,856 |
22,545,385,750 |
|
Other components of shareholders’ equity |
[345,681,420] |
[152,502,220] |
1,228,180 |
|
Total Shareholders' Equity |
65,468,845,185 |
73,067,457,279 |
73,582,745,573 |
|
Total Liabilities & Shareholders' Equity |
160,495,070,735 |
160,659,058,130 |
141,880,343,324 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
293,071,434,062 |
303,541,079,387 |
301,675,845,266 |
|
Other Income/[other expenses] |
6,156,490,409 |
4,829,055,927 |
2,692,757,403 |
|
Total Revenues |
299,227,924,471 |
308,370,135,314 |
304,368,602,669 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of sales
|
299,989,690,382 |
299,103,164,886 |
299,535,894,802 |
|
Selling expenses |
1,262,855,546 |
1,389,943,672 |
1,139,475,578 |
|
Administrative expenses |
4,146,419,259 |
4,098,196,928 |
3,728,594,450 |
|
Total Expenses |
305,398,965,187 |
304,591,305,486 |
304,403,964,830 |
|
|
|
|
|
|
Profit before Financial Costs
& Income Tax |
[6,171,040,716] |
3,778,829,828 |
[35,362,161] |
|
Financial Costs |
[1,531,545,471] |
[2,564,131,313] |
[1,249,415,754] |
|
|
|
|
|
|
Profit before Income Tax |
[7,702,586,187] |
1,214,698,515 |
[1,284,777,915] |
|
Income |
2,491,344,928 |
58,302,689 |
226,753,290 |
|
|
|
|
|
Net Profit / [Loss]
|
[5,211,241,259] |
1,273,001,204 |
[1,058,024,625] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.91 |
1.26 |
2.41 |
|
QUICK RATIO |
TIMES |
0.32 |
0.55 |
1.01 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.16 |
4.04 |
4.52 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.83 |
1.89 |
2.13 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
28.20 |
39.88 |
35.55 |
|
INVENTORY TURNOVER |
TIMES |
12.94 |
9.15 |
10.27 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
14.80 |
26.77 |
18.74 |
|
RECEIVABLES TURNOVER |
TIMES |
24.66 |
13.64 |
19.47 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
32.10 |
45.65 |
19.52 |
|
CASH CONVERSION CYCLE |
DAYS |
10.91 |
21.00 |
34.77 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
102.36 |
98.54 |
99.29 |
|
SELLING & ADMINISTRATION |
% |
1.85 |
1.81 |
1.61 |
|
INTEREST |
% |
0.52 |
0.84 |
0.41 |
|
GROSS PROFIT MARGIN |
% |
(0.26) |
3.05 |
1.60 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(2.11) |
1.24 |
(0.01) |
|
NET PROFIT MARGIN |
% |
(1.78) |
0.42 |
(0.35) |
|
RETURN ON EQUITY |
% |
(7.96) |
1.74 |
(1.44) |
|
RETURN ON ASSET |
% |
(3.25) |
0.79 |
(0.75) |
|
EARNING PER SHARE |
BAHT |
(0.26) |
0.06 |
(0.05) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.59 |
0.55 |
0.48 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.45 |
1.20 |
0.93 |
|
TIME INTEREST EARNED |
TIMES |
(4.03) |
1.47 |
(0.03) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(3.45) |
0.62 |
|
|
OPERATING PROFIT |
% |
(263.31) |
(10,786.08) |
|
|
NET PROFIT |
% |
(509.37) |
220.32 |
|
|
FIXED ASSETS |
% |
23.51 |
12.44 |
|
|
TOTAL ASSETS |
% |
(0.10) |
13.24 |
|
ANNUAL
GROWTH: RISKY
An annual sales growth is -3.45%. Turnover has decreased from THB 303,541,079,387.00
in 2013 to THB 293,071,434,062.00 in 2014. While net profit has decreased from
THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
(0.26) |
Deteriorated |
Industrial
Average |
12.33 |
|
Net Profit Margin |
(1.78) |
Deteriorated |
Industrial
Average |
1.20 |
|
Return on Assets |
(3.25) |
Deteriorated |
Industrial
Average |
4.00 |
|
Return on Equity |
(7.96) |
Deteriorated |
Industrial
Average |
10.71 |
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 -0.26%. 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 -1.78%.
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 -3.25%.
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 -7.96%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.91 |
Risky |
Industrial
Average |
1.25 |
|
Quick Ratio |
0.32 |
|
|
|
|
Cash Conversion Cycle |
10.91 |
|
|
|
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 0.91 times in 2014, decrease from 1.26 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 0.32 times in 2014,
decrease from 0.55 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 11 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.59 |
Impressive |
Industrial
Average |
0.64 |
|
Debt to Equity Ratio |
1.45 |
Acceptable |
Industrial
Average |
1.68 |
|
Times Interest Earned |
(4.03) |
Risky |
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 -4.03 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.59 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 |
3.16 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.83 |
Acceptable |
Industrial
Average |
3.19 |
|
Inventory Conversion Period |
28.20 |
|
|
|
|
Inventory Turnover |
12.94 |
Deteriorated |
Industrial
Average |
26.79 |
|
Receivables Conversion Period |
14.80 |
|
|
|
|
Receivables Turnover |
24.66 |
Impressive |
Industrial
Average |
8.83 |
|
Payables Conversion Period |
32.10 |
|
|
|
The company's Account Receivable Ratio is calculated as 24.66 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 decreased from 40 days at the
end of 2013 to 28 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 9.15 times in year 2013 to 12.94
times in year 2014.
The company's Total Asset Turnover is calculated as 1.83 times and 1.89
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.11 |
|
|
1 |
Rs.97.84 |
|
Euro |
1 |
Rs.71.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
SAN |
|
|
|
|
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.