MIRA INFORM REPORT
|
Report No. : |
327282 |
|
Report Date : |
26.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
ADVANCE ASIA FIBER CO., LTD. |
|
|
|
|
Formerly Known As : |
B.P.K. WOODCHIP CO., LTD. |
|
|
|
|
Registered Office : |
20 Moo 2, T. Chok Chai, A. Chok Chai,
Nakhon Ratchasima 30190 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.09.2014 |
|
|
|
|
Date of Incorporation : |
10.09.2002 |
|
|
|
|
Com. Reg. No.: |
0245545000877 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer,
Distributor and Exporter of Hardboards and Related Products. |
|
|
|
|
No. of Employees : |
200 |
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 : |
Slow |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
A2 |
A2 |
|
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 historically had a strong economy due in part to industrial and agriculture
exports - mostly electronics, agricultural commodities, automobiles and parts,
and processed foods. The economy experienced slow growth and declining exports
in 2014, in part due to domestic political turmoil and sluggish global demand.
With full employment, Thailand attracts an estimated 4 million migrant workers
from neighboring countries, and faces labor shortages. Following the May 2014
coup d’tat, tourism decreased 6-7% but is beginning to recover. The household
debt to GDP ratio is over 80%. 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 baht has
remained stable.
|
Source
: CIA |
Company
Name and address
ADVANCE ASIA FIBER CO., LTD.
[FORMER: B.P.K. WOODCHIP CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 20
MOO 2, T. CHOK
CHAI, A. CHOK CHAI,
NAKHON RATCHASIMA
30190, THAILAND
TELEPHONE : [66] 084
439-5295, 085 467-4263
FAX :
[66] 38
538-005
E-MAIL
ADDRESS : info@aaf-th.com
REGISTRATION
ADDRESS : 57/7
MOO 11, T.
BANGPAKONG,
A. BANGPAKONG,
CHACHOENSAO 24180,
THAILAND
ESTABLISHED
: 2002
REGISTRATION
NO. : 0245545000877
TAX
ID NO. : 3030679642
CAPITAL REGISTERED : BHT. 1,750,000,000
CAPITAL PAID-UP : BHT.
1,750,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : SEPTEMBER 30
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PASIN CHOKPALASIN, THAI,
MANAGING DIRECTOR
NO.
OF STAFF : 200
LINES
OF BUSINESS : HARDBOARDS AND
RELATED PRODUCTS
MANUFACTURER,
DISTRIBUTOR AND EXPORTER
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The
subject was established
on September 10, 2002 as
a private limited
company under the
originally registered name “B.P.K. Woodchip
Co., Ltd.” by
Thai group. On November 1, 2010, its
registered name was
changed to ADVANCE
ASIA FIBER CO.,
LTD. Its business objective
is to manufacture
hardboards and related
products to both
domestic and overseas
markets. It currently
employs approximately 200 staff.
The
subject is a
wholly owned subsidiary
of Golden Success
Capital Co., Ltd.,
Thailand.
The subject
is a member
of Shaiyo Triple
A Group of
companies, the world
largest producer and
exporter of woodchips,
and also has the
largest number of
biomass and municipal
solid waste power
plants in Southeast
Asia.
The
subject’s registered and
operation address is 57/7 Moo
11, T. Bangpakong,
A. Bangpakong, Chachoengsao
24180.
In 2015,
the subject’s registered
address is 57/7 Moo 11, T. Bangpakong, A. Bangpakong, Chachoengsao
24180, while the
current operation address
is relocated to
20 Moo 2, T.
Chok Chai, A. Chok
Chai, Nakhon Ratchasima
30190.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pasin Chokpalasin [Former : Mr. Sriwan Jampachok] |
|
Thai |
54 |
|
Mrs. Kittiya Jitkantha |
|
Thai |
50 |
|
Mr. Thanavijit
Angkapipatanachai |
|
Thai |
51 |
Note.
Mr. Sriwan Jampachok changed his
name and lastname
to Mr. Pasin Chokpalasin on
August 18, 2014.
AUTHORIZED
PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Pasin Chokpalasin is
the Managing Director.
He is Thai
nationality with the
age of 54
years old.
BUSINESS
OPERATIONS
The subject
is engaged in manufacturing, distributing
and exporting hardboards [fibreboard], wood pallets and
packing for various
industries such as
automobiles, auto parts,
furniture, industrial container
and etc.
The subject
also provides land
rental service to
the associated companies.
PRODUCTION CAPACITY
90,000 metric
tons [13 million sheets] per
annum
BRAND NAME
“AAF”
PURCHASE
Raw material mainly
Eucalyptus chip is
purchased from local
suppliers
MAJOR
SUPPLIER
Shaiyo
AA Co., Ltd. : Thailand
SALES
60% of its
products is exported
to Malaysia, Indonesia,
Singapore, Japan, Korea,
India, Hong Kong,
Republic of China
and Pakistan, the
remaining 40% is
sold locally.
MAJOR CUSTOMER
Tapal Enterprises [Pvt] Ltd. : Pakistan
SUBSIDIARY
AND AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
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 for the
past two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
200 staff.
LOCATION
DETAILS
The
premise is owned for administrative
office, factory and
warehouse at the
heading address. Premise
is located in
provincial.
Bangkok
office is on 17th Floor,
ITF Tower, 140/6
Silom Road, Suriyawongse,
Bangrak, Bangkok 10500.
Tel. [66] 2233-2238, Fax.
[66] 2233-2238.
COMMENT
The
subject is engaged in
manufacturing, distributing and exporting hardboards [fiberboard], wood
pallets and packing
for various industries.
Its production has
been commenced lately
in 2014, and its sales
has gradually improved.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 100,000
divided into 10,000
shares of Bht.
10 each with
fully paid.
The
capital was increased
later as follows:
Bht. 50,000,000 on
December 9, 2005
Bht. 900,000,000
on February 14,
2005
Bht.
1,200,000,000 on December
2, 2011
Bht.
1,600,000,000 on January
23, 2013
Bht.
1,750,000,000 on December
30, 2014
The
latest registered capital
was increased to
Bht. 1,750,000,000 divided into
175,000,000 shares of
Bht. 10 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
January 31, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Golden Success Capital
Co., Ltd. Nationality: Thai Address : 326/47 Soi
Ratuthis 50, Saensaeb,
Minburi, Bangkok |
174,999,998 |
100.00 |
|
Mr. Pasin Chokpalasin Nationality: Thai Address : 99/572 Soi
Sukhapiban 2 Soi
25, Dokmai, Prawet, Bangkok
|
1 |
- |
|
Mr. Pornmett Songmetta Nationality: Thai Address : 122
North Sathorn Road,
Silom,
Bangrak, Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure [as
at January 31,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
160,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
160,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Oranuch Jaiprasart No.
4800
BALANCE
SHEET [BAHT]
The
latest financial figures
published for September
30, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
2,886,521 |
289,696 |
461,107 |
|
Trade Accounts &
Other Receivable |
9,497,417 |
4,156,718 |
26,869,672 |
|
Undue Value Added
Tax |
2,116,492 |
7,109,746 |
5,486,671 |
|
Withholding Income Tax
|
939,059 |
1,084,858 |
663,191 |
|
|
|
|
|
|
Total Current Assets
|
15,439,489 |
12,641,018 |
33,480,641 |
|
Real Estate for
Investment |
247,102,172 |
247,591,181 |
248,080,854 |
|
Fixed Assets |
2,355,079,470 |
1,793,960,081 |
764,412,921 |
|
Cash at Bank
pledged as a
Collateral |
72,687,012 |
3,330,087 |
3,309,578 |
|
Advance Payment for
Machinery |
26,276 |
- |
477,825,387 |
|
Other Non-current Assets |
710,275 |
710,275 |
625,500 |
|
Total Assets |
2,691,054,694 |
2,058,232,642 |
1,527,734,881 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft
& Short-term Loan from Financial Institutions |
34,807,337 |
- |
- |
|
Other Payable |
40,566,934 |
149,500,043 |
86,985,177 |
|
Short-term Loan
from Related Company |
130,482,000 |
100,000,000 |
59,527,000 |
|
Current Portion
of Long-term Loan
from Financial
Institution |
2,924,670 |
11,573,947 |
- |
|
Current
Portion of Finance
Lease Contract
Liabilities |
491,295 |
3,630,701 |
3,342,743 |
|
Other Current
Liabilities |
4,988,767 |
455,863 |
252,444 |
|
|
|
|
|
|
Total Current
Liabilities |
214,261,000 |
265,160,554 |
150,107,364 |
|
Long-term Loan
from Financial Institution |
814,088,956 |
224,666,445 |
- |
|
Advance Income
from Shares |
122,240,000 |
- |
179,042,000 |
|
Finance Lease
Contract Liabilities |
283,555 |
1,539,927 |
5,170,629 |
|
Estimated
Liabilities for Employee Benefits |
3,688,147 |
- |
- |
|
Total Liabilities |
1,154,561,658 |
491,366,926 |
334,319,993 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10 par
value Authorized &
issued share capital
160,000,000 shares
in 2014 & 2013 |
1,600,000,000 |
1,600,000,000 |
- |
|
120,000,000 shares
in 2012 |
- |
- |
1,200,000,000 |
|
|
|
|
|
|
Capital Paid |
1,600,000,000 |
1,600,000,000 |
1,200,000,000 |
|
Retained Earning - Unappropriated
[Deficit] |
[63,506,964] |
[33,134,284] |
[6,585,112] |
|
|
|
|
|
|
Total Shareholders' Equity |
1,536,493,036 |
1,566,865,716 |
1,193,414,888 |
|
Total Liabilities &
Shareholders' Equity |
2,691,054,694 |
2,058,232,642 |
1,527,734,881 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Rental Income |
2,025,800 |
8,583,680 |
8,158,320 |
|
Other Income |
6,420,621 |
2,300,619 |
3,786,535 |
|
Total Revenues |
8,446,421 |
10,884,299 |
11,944,855 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Rental
|
1,174,247 |
2,698,400 |
7,815,595 |
|
Administrative Expenses |
35,629,986 |
33,790,503 |
4,215,197 |
|
Total Expenses |
36,804,233 |
36,488,903 |
12,030,792 |
|
|
|
|
|
|
Profit before Financial
Cost |
[28,357,812] |
[25,604,604] |
[85,937] |
|
Financial Cost |
[2,014,868] |
[944,568] |
[758,763] |
|
Net Profit / [Loss] |
[30,372,680] |
[26,549,172] |
[844,700] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.07 |
0.05 |
0.22 |
|
QUICK RATIO |
TIMES |
0.07 |
0.05 |
0.22 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.00 |
0.00 |
0.01 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.00 |
0.00 |
0.01 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
1,711.20 |
176.75 |
1,202.14 |
|
RECEIVABLES TURNOVER |
TIMES |
0.21 |
2.07 |
0.30 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
1,711.20 |
176.75 |
1,202.14 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
57.96 |
31.44 |
95.80 |
|
SELLING & ADMINISTRATION |
% |
1,758.81 |
393.66 |
51.67 |
|
INTEREST |
% |
99.46 |
11.00 |
9.30 |
|
GROSS PROFIT MARGIN |
% |
358.98 |
95.37 |
50.61 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(1,399.83) |
(298.29) |
(1.05) |
|
NET PROFIT MARGIN |
% |
(1,499.29) |
(309.30) |
(10.35) |
|
RETURN ON EQUITY |
% |
(1.98) |
(1.69) |
(0.07) |
|
RETURN ON ASSET |
% |
(1.13) |
(1.29) |
(0.06) |
|
EARNING PER SHARE |
BAHT |
(0.19) |
(0.17) |
(0.01) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.43 |
0.24 |
0.22 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.75 |
0.31 |
0.28 |
|
TIME INTEREST EARNED |
TIMES |
(14.07) |
(27.11) |
(0.11) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(76.40) |
5.21 |
|
|
OPERATING PROFIT |
% |
10.75 |
29,694.62 |
|
|
NET PROFIT |
% |
(14.40) |
(3,043.03) |
|
|
FIXED ASSETS |
% |
31.28 |
134.68 |
|
|
TOTAL ASSETS |
% |
30.75 |
34.72 |
|
ANNUAL
GROWTH: SATISFACTORY
An annual sales growth in -76.4%. Turnover has decreased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
358.98 |
Impressive |
Industrial
Average |
8.34 |
|
Net Profit Margin |
(1,499.29) |
Deteriorated |
Industrial
Average |
14.09 |
|
Return on Assets |
(1.13) |
Deteriorated |
Industrial
Average |
1.50 |
|
Return on Equity |
(1.98) |
Deteriorated |
Industrial
Average |
3.56 |
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 358.98%. 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 -1499.29%.
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 -1.13%.
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 -1.98%.
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 |
0.07 |
Risky |
Industrial
Average |
0.33 |
|
Quick Ratio |
0.07 |
|
|
|
|
Cash Conversion Cycle |
1,711.20 |
|
|
|
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 0.07 times in 2014, increased from 0.05 times, then the company may not be
efficiently using its current assets. When compared with the industry average,
the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.07 times in 2014,
increased from 0.05 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 1712 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.43 |
Impressive |
Industrial
Average |
0.50 |
|
Debt to Equity Ratio |
0.75 |
Impressive |
Industrial
Average |
1.02 |
|
Times Interest Earned |
(14.07) |
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 lower the percentage means that the company is using less leverage
and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -14.08 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 0.43 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Stable
ACTIVITY: ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.00 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.00 |
Deteriorated |
Industrial
Average |
0.11 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
0.41 |
|
Receivables Conversion Period |
1,711.20 |
|
|
|
|
Receivables Turnover |
0.21 |
Acceptable |
Industrial
Average |
0.30 |
|
Payables Conversion Period |
- |
|
|
|
The company's Account Receivable Ratio is calculated as 0.21 and
The company's Total Asset Turnover is calculated as 0 times and 0 times
in 2014 and 2013 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.61 |
|
|
1 |
Rs.99.79 |
|
Euro |
1 |
Rs.71.17 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.