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|
|
MIRA INFORM REPORT
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Report No. : |
486603 |
|
Report Date : |
19.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
IRPC PUBLIC COMPANY LIMITED |
|
|
|
|
Formerly Known As : |
THAI PETROCHEMICAL INDUSTRY CO., LTD. |
|
|
|
|
Registered Office : |
299 Moo 5, Sukhumvit Road, T.
Cherngnern, A. Muang,
Rayong 21000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.09.2017 |
|
|
|
|
Date of Incorporation : |
03.08.1978 |
|
|
|
|
Com. Reg. No.: |
0107537002567 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
|
|
|
|
|
No. of Employees : |
5,126 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Delayed |
|
|
|
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
THAILAND - ECONOMIC OVERVIEW
With a relatively well-developed infrastructure, a
free-enterprise economy, and generally pro-investment policies, Thailand is
highly dependent on international trade, with exports accounting for about two-thirds
of GDP. Thailand’s exports include electronics, agricultural commodities,
automobiles and parts, and processed foods. The industry and service sectors
produce about 90% of GDP. The agricultural sector, comprised mostly of
small-scale farms, contributes only 10% of GDP but employs about one-third of
the labor force. Thailand has attracted an estimated 3.0-4.5 million migrant
workers, mostly from neighboring countries.
Over the last few decades, Thailand has sustained
strong growth and has reduced poverty substantially. In 2013, the Thai
Government implemented a nationwide 300 baht (roughly $10) per day minimum wage
policy and deployed new tax reforms designed to lower rates on middle-income
earners.
Growth has slowed in the last few years, however,
due to domestic political turmoil and sluggish global demand. Nevertheless,
Thailand’s economic fundamentals are sound, with low inflation, low
unemployment, and reasonable public and external debt levels. Tourism and
government spending - mostly on infrastructure and short-term stimulus measures
– have helped to boost the economy, and The Bank of Thailand has been
supportive, with several interest rate reductions.
Over the longer-term, Thailand faces labor
shortages, and domestic debt levels, political uncertainty, and an aging
population pose risks to growth.
|
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, 38 613-571-80
FAX : [66] 38
612-812-3
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 : 5,126
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 5,126 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. Tevin Vongvanich |
[x] |
Thai |
60 |
|
Mr. Woothisarn Tanchai |
|
Thai |
60 |
|
Ms. Ruenvadee Suwanmongkol |
|
Thai |
54 |
|
Mr. Chansin Treenuchagron |
[x] |
Thai |
58 |
|
Ms. Nantika Thangsuphanich |
|
Thai |
- |
|
Mr. Kris Imsang |
|
Thai |
- |
|
Mr. Somnuk Bomrungsalee |
|
Thai |
61 |
|
Gen. Sasin Thongpakdee |
|
Thai |
60 |
|
Mr. Sukrit Surabotsopon |
[x] |
Thai |
60 |
|
Mr. Ekniti Nitithanprapas |
|
Thai |
47 |
|
Mr. Chavalit Punthong |
[x] |
Thai |
62 |
|
Mr. Jessada Promjart |
|
Thai |
57 |
|
Mr. Nuttachat Charuchinda |
[x] |
|
|
|
Mr. Anusorn Sangnimnuan |
|
Thai |
64 |
|
Gen. Theppong Tippayachan |
|
Thai |
30 |
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 with the
age of 60
years old.
Ms. Rachadaporn
Rajchataewindra is the
Senior Executive Vice
President, Corporate
Accounting & Finance.
She is Thai
nationality.
Mr. Pongpraphan
Titathavewatana is the
Senior Executive Vice
President,
Petrochemical &
Refinery Operation Unit /Acting
Executive Vice President,
Corporate
Refinery Operation.
He is
Thai nationality.
Mr. Somkiat Lertlitpuwadol is
the Senior Executive
Vice President, Corporate
Commercial and
Marketing / Acting Executive Vice
President, Corporate Marketing.
He is Thai
nationality.
Mr. Thammasak Panyowatkool is
the Executive Vice
President /Corporate Accounting.
He is Thai
nationality.
Mr. Pravet Assavadakorn is
the Executive Vice
President, Office of
Corporate
Research and
Development.
He is Thai
nationality.
Ms. Monwipa Choopiban is
the Executive Vice
President, Corporate Affairs.
She is Thai
nationality.
Mr. Photiwat Paopongchuang is
the Executive Vice
President.
He is Thai
nationality.
Ms. Awrapin Ketratanakul is
the Executive Vice
President, Office of
Sustainability
Management.
She is Thai
nationality.
Ms. Wanida Utaisomnapa is
the Executive Vice
President, Corporate Business
Planning.
She is Thai
nationality.
Mr. Vichit Nittayanonte is
the Executive Vice
President, Operation Support.
He is Thai
nationality.
Mr. Veerawat Srinoradithlert is
the Executive Vice
President, Engineering and
Maintenance.
He is Thai
nationality.
Mr. Woravuth Sivapetranart is
the Executive Vice
President, Refinery and
Petrochemical Operation.
He is Thai nationality.
Mr. Kraisit Anukoolutaiwong is
the Executive Vice
President, Corporate Human
Resource.
He is Thai
nationality.
Mr. Sirimet Leepagorn is
the EVEREST Project
Director.
He is Thai
nationality.
Mr. Chalor Panutrakul is the Executive
Vice President, Corporate
Business Development.
He is Thai
nationality.
BUSINESS OPERATION
The subject is
engaged in 4
main businesses as
follows:
Petroleum Business
Fuel : Gasoline-Powering gasoline-Engine vehicles,
diesel-diesel powers,
fuel oil
and LPG
Lube base Oil
: Lube base
oil, long residue
Other Petroleum Products
: Naphtha, Asphalt
Petrochemical Business
Olefins [production
capacity : 1,221,000
tons per annum]
Aromatics [production capacity
: 367,000 tons
per annum]
Polymers :
3.1 High
Density Polyethylene [HDPE],
3.2 Polypropylene-PP
3.3 Acrylonitrile-Butadiene-Stryrene [ABS]
3.4 Acrylonitrile
Stryrene [SAN]
3.5 Polystyrene
[PS]
3.6 Expandable
Polystyrene [EPS]
4. Specialties
and Innovative Products
4.1
Styrenics Products :
green ABS, Anti-dripping
additive,
Anti-bacteria
agent, ABS powder
4.2 Olefins
group, featuring : Ultra-High Molecular Weight
Polyethylene
[UHMW-PE], Baby -
Bottle Polypropylene, Antimicroblal
compound,
Marine Pipe,
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, 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 Global Chemical
Public Co., Ltd. :
Thailand
Thai Oil Public
Co., Ltd. : Thailand
Marubeni Corporation Ltd. : Japan
Voest - Alpine Trading USA
Corporation : United
States of America
Sobic Southeast Asia
Pte., Ltd. :
Singapore
PTT Global Chemical
Public Company Limited : Thailand
SALES [LOCAL]
58% of the
products is sold
locally to manufacturers, wholesalers
and end-users.
EXPORT [COUNTRIES]
42% 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]
|
|
2015 |
2016 |
|||
|
Business |
Operated by |
Million Baht |
% |
Million Baht |
% |
|
|
|
|
|
|
|
|
Petroleum |
IRPC, IRPC Oil |
143,295 |
72 |
113,152 |
67 |
|
Petrochemical |
IRPC, Thai ABS |
53,111 |
27 |
52,115 |
31 |
|
|
IRPC Polyol |
|
|
|
|
|
Others |
IRPC |
3,189 |
1 |
3,082 |
2 |
|
*Total Revenues |
|
199,595 |
100 |
168,349 |
100 |
Note: *Total revenues
[excluding the excise
tax]
SUBSIDIARIES AND ASSOCIATED
COMPANIES
|
|
Business Type |
Country |
% |
|
Subsidiaries |
|
|
|
|
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 |
|
IRPC Technology Co.,
Ltd. |
Technology school |
Thailand |
99.99 |
|
IRPC A &
L Company Limited |
Distributor of plastic
styrene Products |
Thailand |
59.98 |
|
|
|
|
|
|
Associated Companies |
|
|
|
|
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 Company
Limited
[Head Office
: 9 Ratchadapisek
Rd., Ladyao, Jatujak,
Bangkok 10900]
Bangkok Bank Public
Company Limited
[Head Office
: 333 Silom
Rd., Bangrak, Bangkok
10500]
Bank of Ayudhya
Public Company Limited
[Head Office
: 1222 Rama 3
Rd., Bangpongpang, Yannawa,
Bangkok 10120]
Krung Thai Bank
Public Company Limited
[Head Office
: 35 Sukhumvit
Rd., Klongtoeynua, Watana,
Bangkok 10110]
TMB Bank Public
Company Limited
[Head Office
: 3000 Phaholyothin
Rd., Chompol, Jatujak,
Bangkok 10900]
Citibank, N.A.
[Bangkok Branch
: 82 North
Sathorn Rd., Silom,
Bangrak, Bangkok 10500]
Hong Kong & Shanghai
Banking Corporation
[Bangkok Office :
968 Rama 4 Rd.,
Silom, Bangrak, Bangkok 10500]
EMPLOYMENT
The subject currently
employs 5,126 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 as
the followings:
- 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 B, 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 ranked
IRPC in the Bronze
Class and IRPC has
also been awarded
with the Industry
Improver award which
is the highest
one among the
Industry group.
Despite of a
decrease in sales
revenues and net
profit in 2016 comparing
to the previous
year, the subject’s
business remains solid
with sustainable profit.
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 2,
2017] 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 |
|
Thai NVDR Co., Ltd. |
1,704,884,129 |
8.34 |
|
Chase Nominees Limited |
437,751,314 |
2.14 |
|
Social Security Office |
301,477,200 |
1.48 |
|
State Street Bank
and Trust Company
Limited |
299,506,147 |
1.47 |
|
State Street Bank
Europe Limited |
268,791,579 |
1.32 |
|
HSBC [Singapore] Nominees
Pte. Ltd. |
176,023,417 |
0.86 |
|
Peoples Bank of
China |
134,589,600 |
0.66 |
|
East Fourteen Limited-Dimensional Emer
Mkts Value Fund |
121,938,200 |
0.60 |
|
Others |
7,169,763,060 |
35.08 |
Total Shareholders :
51,013
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.:
Mr. Vichien Kingmontri No.
3977
FINANCIALS
BALANCE SHEET [BAHT]
The latest financial
figures published for December
31, 2016, 2015 and
2014 were:
ASSETS
|
Current Assets |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Cash and cash
equivalents |
1,525,982,304 |
3,244,325,766 |
1,693,329,193 |
|
Trade accounts receivable |
9,931,946,789 |
9,726,889,056 |
11,883,941,714 |
|
Amounts due from
related parties |
29,058,622 |
42,694,537 |
1,044,969,021 |
|
Short-term loans to
and interest receivables from
related parties |
416,476,604 |
3,825,155,093 |
650,874,034 |
|
Inventories |
25,384,579,719 |
19,574,099,924 |
23,179,370,996 |
|
Other receivables |
57,535,743 |
65,415,480 |
120,830,402 |
|
Prepaid value added
tax |
920,592,605 |
915,705,770 |
2,960,358,056 |
|
Prepaid excise tax |
163,402,748 |
118,439,231 |
144,366,282 |
|
Other current assets
|
834,889,430 |
890,276,060 |
1,115,047,741 |
|
|
|
|
|
|
Total Current Assets
|
39,264,464,564 |
38,403,000,917 |
42,793,087,439 |
|
Investments in subsidiaries and
associated-net |
1,909,242,917 |
2,503,917,514 |
4,358,265,314 |
|
Investments in associates |
6,782,951,713 |
6,474,251,713 |
6,130,770,151 |
|
Other long-term
investments |
1,239,420,320 |
1,124,638,320 |
731,664,320 |
|
Loan to and
interest receivables from related
parties |
- |
3,492,224,332 |
6,587,607,392 |
|
Investment property-net |
1,150,941,357 |
1,150,082,737 |
1,152,522,363 |
|
Property, plant and
equipment |
118,482,077,125 |
106,881,965,377 |
92,719,298,473 |
|
Intangible assets |
802,844,953 |
1,115,231,817 |
1,328,916,310 |
|
Deferred tax assets |
2,057,418,175 |
2,246,568,446 |
4,607,859,762 |
|
Other non-current assets |
224,722,344 |
226,280,799 |
85,079,211 |
|
Total Assets |
171,914,083,468 |
163,618,161,972 |
160,495,070,735 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Short-term loans from
financial institutions |
6,000,000,000 |
133,268,729 |
8,792,329,452 |
|
Trade accounts payable |
19,748,686,322 |
26,819,768,015 |
26,381,022,327 |
|
Amounts due to
related parties |
404,429,526 |
190,840,796 |
161,414,527 |
|
Loans from and
interest payable to related parties |
- |
22,637,823 |
168,977,723 |
|
Current portion of long-term loans |
19,704,592,406 |
4,265,076,000 |
7,701,132,000 |
|
Other payables |
2,782,167,903 |
2,407,422,106 |
1,845,778,505 |
|
Interest payables |
395,819,136 |
398,634,247 |
485,447,710 |
|
Accrued bonus |
1,801,944,354 |
1,640,955,553 |
780,538,350 |
|
Advance receipts for
Goods |
521,648,294 |
456,987,076 |
253,047,264 |
|
Other current liabilities |
631,486,994 |
455,043,841 |
505,536,758 |
|
|
|
|
|
|
Total Current Liabilities |
51,990,774,935 |
36,790,634,186 |
47,075,224,616 |
|
Non-current liabilities |
|
|
|
|
Long-term borrowings |
36,740,616,741 |
49,235,326,451 |
44,243,337,309 |
|
Loans from
and interest payables
to related
parties |
- |
- |
2,254,892,788 |
|
Employee benefit
obligations |
2,141,837,238 |
1,725,194,864 |
1,452,770,837 |
|
Total non-current
liabilities |
38,882,453,979 |
50,960,521,315 |
47,951,000,934 |
|
Total Liabilities |
90,873,228,914 |
87,751,155,501 |
95,026,225,550 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1
per par value
Authorized and
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 |
29,944,199,531 |
24,862,177,048 |
14,778,394,962 |
|
Other components of
shareholders’ equity |
60,523,380 |
[31,302,220] |
[345,681,420] |
|
Total Shareholders' Equity |
81,040,854,554 |
75,867,006,471 |
65,468,845,185 |
|
Total Liabilities & Shareholders' Equity |
171,914,083,468 |
163,618,161,972 |
160,495,070,735 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sales Income |
189,472,311,441 |
222,510,721,953 |
293,071,434,062 |
|
Other Income/[other expenses] |
[2,234,537,746] |
7,072,397,310 |
6,156,490,409 |
|
Total Revenues |
187,237,773,695 |
229,583,119,263 |
299,227,924,471 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of sales
|
169,880,063,359 |
206,826,818,238 |
299,989,690,382 |
|
Selling expenses |
1,332,103,452 |
1,381,266,635 |
1,262,855,546 |
|
Administrative expenses |
4,613,334,126 |
4,733,089,786 |
4,146,419,259 |
|
Total Expenses |
175,825,500,937 |
212,941,174,659 |
305,398,965,187 |
|
|
|
|
|
|
Profit before Financial Costs
& Income Tax |
11,412,272,758 |
16,641,944,604 |
[6,171,040,716] |
|
Financial Costs |
[1,401,659,709] |
[2,499,973,129] |
[1,531,545,471] |
|
|
|
|
|
|
Profit before Income Tax |
10,010,613,049 |
14,141,971,475 |
[7,702,586,187] |
|
Income Tax |
[234,961,896] |
[2,310,847,792] |
2,491,344,928 |
|
|
|
|
|
|
Net Profit / [Loss] |
9,775,651,153 |
11,831,123,683 |
[5,211,241,259] |
BALANCE SHEET [BAHT]
The latest financial
figures published for September
30, 2017 was :
(Unaudited)
ASSETS
(Unit
: Thousand Baht)
|
Current Assets |
2017 |
|
|
|
|
Cash and cash
equivalents |
3,329,538 |
|
Trade accounts receivable |
13,057,819 |
|
Other receivables |
186,486 |
|
Amounts due from
related parties |
9,283 |
|
Short-term loans to
and interest receivables from
related parties |
575,184 |
|
Inventories |
24,668,525 |
|
Refundable value added
tax |
1,268,554 |
|
Prepaid excise tax |
172,870 |
|
Other current assets
|
594,278 |
|
|
|
|
Total Current Assets
|
43,862,537 |
|
|
|
|
Investments in subsidiaries |
1,834,243 |
|
Investments in associates |
6,812,352 |
|
Other long-term investments
|
1,259,343 |
|
Investment property |
1,232,200 |
|
Property, plant and
equipment |
125,140,830 |
|
Intangible assets |
678,377 |
|
Deferred tax assets |
622,359 |
|
Other non-current assets |
219,520 |
|
Total Assets |
181,661,761 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
(Unit : Thousand Baht)
|
Current Liabilities |
2017 |
|
|
|
|
Short-term loans from
financial institutions |
10,300,000 |
|
Trade accounts payable |
24,968,634 |
|
Other payables |
3,624,793 |
|
Amounts due to
related parties |
49,753 |
|
Interest payables |
263,128 |
|
Accrued bonus expenses |
1,193,824 |
|
Advance receipts for goods |
619,026 |
|
Current portion of
long-term borrowings from financial institutions and
debentures |
10,525,578 |
|
Other current liabilities |
486,304 |
|
|
|
|
Total Current Liabilities |
52,031,040 |
|
Non-current liabilities |
|
|
Long-term borrowings
from financial institutions
and debentures |
44,369,601 |
|
Employee benefit
obligations |
2,231,847 |
|
Total non-current
liabilities |
46,601,448 |
|
Total Liabilities |
98,632,488 |
|
|
|
|
Shareholders' Equity |
|
|
Share capital |
|
|
Authorized share
capital 20,475,000 thousand
ordinary shares of Baht
1 each |
20,475,000 |
|
Issued and
paid-up share capital |
|
|
20,434,419 thousand
ordinary shares of Baht
1 each |
20,434,419 |
|
Premium on share
capital |
28,554,212 |
|
Retained Earnings Appropriated for legal
reserve |
2,047,500 |
|
Unappropriated |
31,744,217 |
|
Other components of
shareholders’ equity |
248,925 |
|
Total Shareholders' Equity |
83,029,273 |
|
Total Liabilities and
Shareholders' Equity |
181,661,761 |
PROFIT & LOSS
ACCOUNT
For the nine-month
period ended September
30, 2017:
(Unit
: Thousand Baht)
|
Revenue |
2017 |
|
|
|
|
Revenue from sales |
149,995,136 |
|
Other Income/[other expenses] |
1,529,172 |
|
Total Revenues |
151,524,308 |
|
Expenses |
|
|
|
|
|
Cost of sales
|
135,909,105 |
|
Selling expenses |
987,053 |
|
Administrative expenses |
3,721,123 |
|
Net derivative loss |
1,422,293 |
|
Total Expenses |
142,039,574 |
|
|
|
|
Profit from Operations |
9,484,734 |
|
Financial Costs |
[1,596,848] |
|
|
|
|
Profit before Income
Tax Expenses |
7,887,886 |
|
Income Tax |
[1,387,959] |
|
|
|
|
Net Profit / [Loss] |
6,499,927 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.76 |
1.04 |
0.91 |
|
QUICK RATIO |
TIMES |
0.23 |
0.46 |
0.32 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.60 |
2.08 |
3.16 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.10 |
1.36 |
1.83 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
54.54 |
34.54 |
28.20 |
|
INVENTORY TURNOVER |
TIMES |
6.69 |
10.57 |
12.94 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
19.13 |
15.96 |
14.80 |
|
RECEIVABLES TURNOVER |
TIMES |
19.08 |
22.88 |
24.66 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
42.43 |
47.33 |
32.10 |
|
CASH CONVERSION CYCLE |
DAYS |
31.24 |
3.17 |
10.91 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
89.66 |
92.95 |
102.36 |
|
SELLING & ADMINISTRATION |
% |
3.14 |
2.75 |
1.85 |
|
INTEREST |
% |
0.74 |
1.12 |
0.52 |
|
GROSS PROFIT MARGIN |
% |
9.16 |
10.23 |
(0.26) |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.02 |
7.48 |
(2.11) |
|
NET PROFIT MARGIN |
% |
5.16 |
5.32 |
(1.78) |
|
RETURN ON EQUITY |
% |
12.06 |
15.59 |
(7.96) |
|
RETURN ON ASSET |
% |
5.69 |
7.23 |
(3.25) |
|
EARNING PER SHARE |
BAHT |
0.48 |
0.58 |
(0.26) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.53 |
0.54 |
0.59 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.12 |
1.16 |
1.45 |
|
TIME INTEREST EARNED |
TIMES |
8.14 |
6.66 |
(4.03) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(14.85) |
(24.08) |
|
|
OPERATING PROFIT |
% |
(31.42) |
(369.68) |
|
|
NET PROFIT |
% |
(17.37) |
327.03 |
|
|
FIXED ASSETS |
% |
10.85 |
15.27 |
|
|
TOTAL ASSETS |
% |
5.07 |
1.95 |
|
ANNUAL GROWTH : ACCEPTABLE
An annual sales growth is -14.85%. Turnover has decreased from THB
222,510,721,953.00 in 2015 to THB 189,472,311,441.00 in 2016. While net profit has
decreased from THB 11,831,123,683.00 in 2015 to THB
PROFITABILITY : SATISFACTORY
PROFITABILITY RATIO
|
Gross Profit Margin |
9.16 |
Satisfactory |
Industrial Average |
16.19 |
|
Net Profit Margin |
5.16 |
Satisfactory |
Industrial Average |
6.45 |
|
Return on Assets |
5.69 |
Satisfactory |
Industrial Average |
11.10 |
|
Return on Equity |
12.06 |
Satisfactory |
Industrial Average |
22.11 |
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 9.16%. 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 5.16%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is 5.69%.
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 12.06%.
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 |
0.76 |
Risky |
Industrial Average |
1.49 |
|
Quick Ratio |
0.23 |
|
|
|
|
Cash Conversion Cycle |
31.24 |
|
|
|
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 0.76 times in 2016, decrease from 1.04 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 0.23 times in 2016,
decrease from 0.46 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 32 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.53 |
Acceptable |
Industrial Average |
0.49 |
|
Debt to Equity Ratio |
1.12 |
Risky |
Industrial Average |
0.96 |
|
Times Interest Earned |
8.14 |
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 8.15 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 0.53 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 Downtrend
Times Interest Earned Stable
ACTIVITY : SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.60 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.10 |
Satisfactory |
Industrial Average |
1.72 |
|
Inventory Conversion Period |
54.54 |
|
|
|
|
Inventory Turnover |
6.69 |
Deteriorated |
Industrial Average |
31.48 |
|
Receivables Conversion Period |
19.13 |
|
|
|
|
Receivables Turnover |
19.08 |
Impressive |
Industrial Average |
11.72 |
|
Payables Conversion Period |
42.43 |
|
|
|
The company's Account Receivable Ratio is calculated as 19.08 and
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 35 days at the
end of 2015 to 55 days at the end of 2016. This represents a negative trend.
And Inventory turnover has decreased from 10.57 times in year 2015 to 6.69
times in year 2016.
The company's Total Asset Turnover is calculated as 1.1 times and 1.36 times
in 2016 and 2015 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 Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.72 |
|
|
1 |
INR 88.64 |
|
Euro |
1 |
INR 78.14 |
|
THB |
1 |
INR 2.00 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.