Project Credit Management

BF4742 CREDIT MANAGEMENT
Malee Sampran Public Company Limited

TO: A. Watsakom Thepthim
Submitted by
Pham Duy Long
Di L.
Furong
C.
Nguy Thi Kim Thanh
Yi Z.
Pawan
Ying S.
4425178
4520060
4525117
4525551
4545121
4616815
4635278
Section: 1
Date: May 12, 2006
Introduction
Malee Sampran Public Company Limited is a manufacturer and
distributor of canned fruits, vegetable and fruit juices, and other beverages. The
Company manufactures several main product lines, namely canned pineapple,
canned fruits, pineapple juice concentrate, canned sweet corn, vegetable and
fruit juices, drinking water and also UHT milk under Chokchai Brand. These
products are marketed under the various trademarks. Products also are
1
produced for both local and foreign customers under their trademarks.
Malee products are marked internationally either through agents, or
directly to customers. This has created worldwide acceptance of Malee brand
products.
Analysis
Suppliers credit
According to Horizontal common-size income statement (let year 2003 be
base year) we see that, Total Revenue increases 14.21% in 2005. Its because of
the increases of other income and Reversal of allowance for impairment loss.
Besides, Total expenses increase 11.15% because of the increases in Cost of
good sold and Director's remuneration. Net earning increases 3.59%. The main
reason is 13.65% decreases in the interest expenses. Moreover, the total sales
were Baht 3,675.9 million increasing in Baht 416.6 million or 12.8%
comparing with year 2004. The gross profit is Baht 633.0 million or 17.2%,
which were 2.1% lower than the last year due to the lower export selling price.
The selling and administrative expenses were Baht 632.7 million, lower by
Baht 7.7 million or 1.2%, resulted from the decreasing of some advertising and
promotion expenses. The company has a net profit of Baht 4.6 million, which
was baht 17.2 million lower than the net profit in the year 2004.
The account receivables and inventories were Baht 15.4 million and Baht
24.0 million lower than the previous year respectively. Most of the inventories
were sweet corn and pineapple products as export sales increased.
Most of the investments were fixed deposits to secure credit facilities granted
by the banks. The assets awaiting sales decreased by Baht 11.5 million due to
allowance for impairment loss.
Ratio Analysis:
2
Liquidity Ratio:
The Company has cash flow from operating activities of Baht 237.0
million significantly higher than the previous year as a result of a decreased in
inventories and account receivables. The Current ratio was 0.57 slightly lower
than the previous year due to inventories and account receivables decreased.
Quick ratio was 0.23 in 2005 and 0.24 in 2004. This ratio decreases slightly in
2005 because inventory and total liabilities decreases slightly. However, we see
that both current ratio and quick ratio are too low for both years 2004 and 2005
(which is less than 1). So, the fact is that the company has liquidity problem. It
will be difficult for the company to pay its short-term obligations.
Account receivable turnover increases from 9.1 times in 2004 to 10.3
times in 2005. It means that the company has more efficiency in using
receivables to generate sales. Moreover, Average Collection Period decreases
from 39.6 days in 2004 to 35 days in 2005. It shows that ability to collect
receivables of company is getting better. So, we can have a positive look for the
future cash inflow of the company.
Inventory turnover increases from 4.6 times in 2004 to 4.8 times in 2005.
Its clear that the company has more efficiency in using inventory to make
sales. However, this ratio only increases slightly. So, the company needs to
improve more.
Generally speaking, the current ratio and quick ratio show that the
company has liquidity problem. However, the average collection period and
inventory turnover ratio are getting better in year 2005 compared with year
2004. This is a good trend (ability to collect cash and sales are better). So, as a
credit officer of Supplier Company, we agree to give credit to Malee. However,
as we see the liquidity problem of this company, we will grant to Malee up to a
certain amount to reduce the default risk for our company. We will give credit
to Malee up to 30% of its total amount of purchase.
Banks credit
The Companys total revenue was keeping increase in the recent three
years. From 2003 to 2005, there is 14.21percent increase in revenue, which is
mainly from sales. Sales increased 14 percent in three years, from 3,224
million baht to 3,676 million baht. However, the net earnings fell down. In
2004, the earnings improved a lot from the big loss situation of 97.5 million
baht to 22 million baht profit, but in 2005, it dropped to 4.5 million baht. The
profitability ratio reflected the same problem. The gross profit ratio had small
fluctuation, however, the net profit ratio moved in big wave. In 2003, the net
loss is 3 percent of sales, but it became 0.7 percent profit of sales in year 2004.
The good trend did not insist that it dropped into 0.1 percent. Such big different
in gross profit ratio and net profit ratio reflects the efficiency problems.
Whether can the company control operating expenses? Operating expenses
include selling and administrative expenses and director's remuneration.
The horizontal common size of earning statements showed that the directors
remuneration raised almost 31 percent from year 2004, which was the main
reason that caused the fall in net earnings.
Efficiency ratios help us to see companys efficiency in another way.
Return on asset ratio measure how a company utilizes its total assets. The ratio
was decreased by 1 percent from last year, indicating the poor use of its assets.
However, it was due to the tremendous drop of net earning. The return on fixed
asset ratio was much better, because fixed assets were around 35 percent of
total assets.
Though return on equity looks very good comparing to the net profit
ratios, it was mainly because of the small amount of equity invested in the
Company. The fluctuation of return on equity was due to the fluctuation of net
income of each year. Therefore, this time again point to the problem of cost
control.
However, return on equity implies another problem---solvency. Though
4
the Company tried to decrease debt financing and they really decreased more
than half debt until 2005, the debt to equity ratio was still high in 2003 at 15.8.
The vertical common size balance sheet showed the debt ratio. There were
94.06 percent asset was financed by debt even in 2005. The main part of debt is
current liability, which occupied more than 90 percent of total debt. Among
current liability, more than 60 percent is from trade account payable. This is the
credit that suppliers offered which does not incur any interest expense.
However, the second large amount of current liability is from bank loan, which
does have interest expenses. The Company used more suppliers credit to
finance their operation, which help them reduce the burden of interest.
However, though bank loan was not more than half of trade credit and reduced
32 percent during three years, the amount borrowed was large enough to have a
big problem. This point can be found from the vertical common size earning
statements. Interest expenses nearly researched same amount as earnings before
interest expenses, therefore, net earnings were suffered. In 2003, the Company
even got loss before paying any interest. Times interest earned ratios were very
low during the following two years. From the statement of cash flow, we see
that the Company needed to pay a lot in long-term loans, then, the factoring
payable. Long-term loan may not be the problem because such large number
included both the principal and interest. However, we have to be careful to
factoring payable. Why did the Company have such large amount of payable
needed to be paid in 2005? Is it because of liquidity problem in previous years
that the Company sold its account receivables to factors? What was the reason
that the Company needed cash?
From the statement of cash flow, we see that the Company had less and
less cash during three years. The cash equivalent was 17,589,724 in 2003,
6,223,034 in 2004 and 5,942,044 in 2005. However, these numbers did not tell
the real and whole things. Cash flow from operating activities in 2005
(237,005,910) was more than double of either 2003s (100,022,770) or 2004s
(72,843,219). However, the Company also used a lot in investing

(150,784,469) and financing (86,502,431) comparing to previous two years. In
2004, the Company also financed almost 5 million baht from financial
institutions. Another reason of less amount cash in 2005 is because of cash
equivalents at beginning of year. The amount left in 2004 is few to cover the
huge amount of costs and expenses incurred in year 2005.
Just as early mentioned, net cash flow from operating activities was good
for the Company. The Company should have enough cash to operate its
business. However, there are still some latent liquid problems. The current ratio
was only 0.6 though it improved a little. Current assets can not even cover
current liabilities. The vertical common size balance sheet shows that the main
current asset is inventory, the secondly one is unrelated parties and the third
one is trade and notes receivables. Cash and cash equivalents was only about
0.3 percent. The composition of current assets reflected the problem of liquidity
too. Inventory is the least liquid asset. If we deduct the inventory from current
assets, we can expect much worse ratio. Quick ratio provides the direct
information. As expected, the ratios decrease and even much bad as expected at
0.2 percent. Though the account receivable turnover improved from 8 to 10, it
was still poor. The Company is in food industry, the products should be
consumed quickly though their products are canned fruits. Therefore, the
Company needs to improve the turnover ratio. The average collection period is
same as turnover. The Company used 44 days to collected trade credit in 2003,
which was reduced to 35 days in 2005. Inventory turnover decreased a little.
Same as it, the average age of inventory increased from 71 days to 74.5 days.
Account payable turnover is better to slow down within suppliers limitation.
Therefore, the account payable is ok in three years, which averaged at 3 and
average payment period of about 120 days.
Other information that can not be read from financial statements and ratios
are also valuable for us to make decision.
The total net account receivable at the year end were baht 349.2 million,
of which baht 127.2 million were overdue, which was baht 26.4 million lower
than the overdue amount of baht 153.6 million at the end of 2004. The
Company has debt owed by a related company at baht 35 million. The
Company was still pursuing debt repayment. However, the Company set aside
allowance of baht 35 million for doubtful debts.
As at December 31, 2005, the Company pledged its fixed deposits totaling
approximately baht 69 million (2004: baht 43 million) to secure credit facilities
granted by banks.
The Company heavily relied on short-term financing. However, from
2004, the Company began to reclassify short-term loans from financial
institutions. And this process is continuing.
Malee Sampran Public Company is very famous either in Thailand or
internationally. However, the profits in recent years were not very desirable.
Profit is the main source for loan repayment, if the Company wants to obtain
bank credits. Therefore, the main point is whether the Company could improve
its profit. As early discussed, expenses and costs are focused problems. If the
Company can deal with them well, the bank credit will be given. Therefore,
how does the Company do? Interest expenses are a big problem. However, the
Company is doing the loan reclassification and restructuring. We hope this
situation will become better. And the Companys liquidity problem can be more
or less improved. Costs of goods sold are another one. We saw that the
Company increased sales well during three years. However, because variables
costs increased in the same rate as sales, the Company can not get more from
its better sales achievement. Improvement in assets efficiency in order to
reduce variable costs will have very good result in profit eventually. The
Company has already a lot of debt. The liquidity problem has many hidden
trouble. Therefore, as a credit manager of the bank, the decision is not to give
short-term loan, but long-term loans. Long-term loans are for the purpose of
investment. The Company can use this amount of loan to improve its efficiency
and reduce costs, and increase its profit by this way. Though the present profit
is not good, we believe that the Company could improve this situation soon.
Moreover, because the Company always has a good relationship with our bank
and the historical record of repayment is good, we are willing to offer longterm loans totaling 60 million and with repayment within 15 years. The loan
needs collateral and subordination agreement has to be provided.
Decision
As credit officers of the suppliers company, we will grant to Malee up to
a certain amount to reduce the default risk for our company. We will give credit
to Malee up to 30% of its total amount of purchase.
For the bank loan, we are willing to offer long-term loans totaling 60
million and with repayment within 15 years. The loan needs collateral and
subordination agreement has to be provided.
Balance Sheet
Malee Sampran Public Company Limited and Its Subsidiaries
2005
2004
2003
(BAHT)
(BAHT)
(BAHT)
Assets
Current Assets
Cash and cash equivalents
5,942,044
6,223,034
17,589,724
Trade accounts and notes receivable

Subsidiaries
Related companies
43,331,469
42,934,604
43,205,352
Unrelated parties
363,662,380
386,359,324
370,382,431
Less: Allowance for doubtful accounts
(57,684,219)
(64,565,020)
(61,208,685)
349,309,630
364,728,908
352,379,098
618,034,338
642,028,138
500,487,979
10,624,459
13,570,761
11,653,848
Other accounts receivable
8,171,322
25,543,996
5,049,406
Input tax refundable
5,325,523
3,550,224
6,670,212
19,921,276
22,834,109
24,538,345
1,017,328,592
1,078,479,170
918,366,612
68,510,520
43,269,288
39,617,674
4,382,707
4,375,417
4,389,018
115,759,621
115,569,860
96,284,969
11,544,954
31,419,187
713,311,087
714,019,567
717,126,239
Deposits
53,527,475
13,441,617
9,074,587
Others
8,805,879
4,980,853
4,606,359
964,297,289
907,201,556
902,518,033
1,981,625,881
1,985,680,726
1,820,884,645
445,129,312
555,783,684
656,093,771
48,705,782
58,699,548
50,457,000
Trade accounts and notes

receivable, net
Inventories, net
Other current assets
Export incentive receivable
Others
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Restricted bank deposits
Investments accounted for under equity methodassociated company
Land awaiting future development, net
Assets awaiting sales, net
Property, plant and equipment, net
Other non-current assets
TOTAL NON-CURRENT ASSETS

TOTAL ASSETS
LIABILITIES AND SHAREHOLDERS'S EQUITY
CURRENT LIABILITIES
Bank overdrafts and short-term loans from financial
institutions
Trust receipts
10
Trade accounts payable
1,051,761,235
1,007,735,504
5,978,233
2,333,678
673,518
49,500,000
37,650,000
23,400,000
Accrued expenses and accrued interest
64,001,290
80,437,207
73,808,985
Other accounts payable
57,267,173
63,382,656
48,645,159
Advance received from customer
33,384,166
958,373
Current portion of hire-purchase creditors

Current portion of liability from guarantee
Current portion of long-term loans
1,841,600
879,643,178
Other current liabilities
Reserve for liability from guarantee
12,000,000
24,000,000
692,452
1,065,925
2,826,792
1,758,261,243
1,820,046,575
1,759,548,403
Hire-purchase creditors, net of current portion
11,023,943
6,893,278
515,244
Liability from guarantee, net of current portion
15,809,200
Long-term loans, net of current portion
78,809,830
45,434,830
13,650,000
105,642,973
52,328,108
14,165,244
1,863,904,216
1,872,374,683
1,773,713,647
79,999,000 ordinary shares of Baht 10 each
799,990,000
799,990,000
799,990,000
20,000,000 non-cumulative, convertible
200,000,000
200,000,000
200,000,000
999,990,000
999,990,000
999,990,000
50,000,000 ordinary shares of Baht 10 each
500,000,000
500,000,000
500,000,000
20,000,000 non-cumulative, convertible
200,000,000
200,000,000
200,000,000
Share premium
347,500,000
347,500,000
347,500,000
Revaluation surplus
171,009,035
171,009,035
126,606,156
Translation adjustment
441,111
593,273
703,334
8,180,000
8,180,000
8,180,000
(1,109,408,481)
(1,113,976,265)
(1,135,818,492)
117,721,665
113,306,043
47,170,998
Others
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Provision for loss from investments in subsidiaries

TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
SHAREHOLDERS' EQUITY
Share capital
Registered
preference shares of Baht 10 each
Issued and fully paid
preference shares of Baht 10 each

Paid-in capital
Retained earnings
Appropriated-statutory reserve
Deficit
TOTAL SHAREHOLDERS' EQUITY
11
TOTAL LIABILITIES AND SHAREHOLDERS'
1,981,625,881
1,985,680,726
1,820,884,645
EQUITY
Balance Sheet
(vertical common size)
2005
2004
2003
0.30%
0.31%
0.97%
0.00%
2.19%
18.35%
-2.91%
0.00%
2.16%
19.46%
-3.25%
0.00%
2.37%
20.34%
-3.36%
17.63%
31.19%
18.37%
32.33%
19.35%
27.49%
0.54%
0.41%
0.27%
1.01%
51.34%
0.68%
1.29%
0.18%
1.15%
54.31%
0.64%
0.28%
0.37%
1.35%
50.44%
3.46%
0.22%
2.18%
0.22%
2.18%
0.24%
5.84%
5.82%
5.29%
0.00%
36.00%
0.58%
35.96%
1.73%
39.38%
Assets
Current Assets
Subsidiaries
Related companies
Unrelated parties
receivable, net
Inventories, net
Others
NON-CURRENT ASSETS
Investments accounted for under equity
method-associated company
Deposits
Others
TOTAL ASSETS
2.70%
0.68%
0.50%
0.44%
0.25%
0.25%
48.66% 45.69% 49.56%
100.00% 100.00% 100.00%
LIABILITIES AND
SHAREHOLDERS'S EQUITY
12
CURRENT LIABILITIES
Bank overdrafts and short-term loans
from financial institutions
Trust receipts
22.46%
27.99%
36.03%
2.46%
2.96%
2.77%

Current portion of liability from
guarantee
Others
Hire-purchase creditors, net of current
portion
Liability from guarantee, net of current
portion
Provision for loss from investments in
subsidiaries
53.08%
0.30%
0.09%
50.75%
0.12%
0.00%
48.31%
0.04%
0.00%
2.50%
0.00%
3.23%
2.89%
1.68%
0.00%
0.03%
88.73%
1.90%
0.00%
4.05%
3.19%
0.05%
0.60%
0.05%
91.66%
1.29%
0.00%
4.05%
2.67%
0.00%
1.32%
0.16%
96.63%
0.56%
0.35%
0.03%
0.80%
0.00%
0.00%
3.98%
0.00%
2.29%
0.00%
0.75%
0.00%
5.33%
2.64%
0.78%
TOTAL LIABILITIES
94.06%
94.29%
97.41%
40.37%
40.29%
43.93%
10.09%
10.07%
10.98%
50.46%
50.36%
54.92%
0.00%
0.00%
0.00%
Share capital
Registered
79,999,000 ordinary shares of Baht
10 each
20,000,000 non-cumulative,
convertible preference shares of Baht 10
each
13

10 each
each
Paid-in capital
25.23%
25.18%
27.46%
10.09%
10.07%
10.98%
Share premium
Revaluation surplus
Retained earnings
Deficit
TOTAL LIABILITIES AND
17.54%
8.63%
0.02%
17.50%
8.61%
0.03%
19.08%
6.95%
0.04%
0.41%
0.41%
0.45%
-55.98% -56.10% -62.38%
5.94%
5.71%
2.59%
100.00% 100.00% 100.00%
Balance Sheet
(horizontal common size)
2005
2004
2003
33.78%
35.38% 100.00%
100.29%
98.19%
94.24%
99.37% 100.00%
104.31% 100.00%
105.48% 100.00%
99.13%
123.49%
103.50% 100.00%
128.28% 100.00%
91.17%
161.83%
79.84%
81.18%
110.78%
116.45%
505.88%
53.23%
93.05%
117.43%
Assets
Current Assets
Subsidiaries
Related companies
Unrelated parties
receivable, net
Inventories, net
Others
100.00%
100.00%
100.00%
100.00%
100.00%
14
NON-CURRENT ASSETS
Investments accounted for under equity
method-associated company
Deposits
Others
TOTAL ASSETS
172.93%
99.86%
109.22% 100.00%
99.69% 100.00%
120.23%
120.03% 100.00%
0.00%
99.47%
36.74% 100.00%
99.57% 100.00%
589.86%
191.17%
106.85%
108.83%
148.12%
108.13%
100.52%
109.05%
100.00%
100.00%
100.00%
100.00%
LIABILITIES AND
SHAREHOLDERS'S EQUITY
CURRENT LIABILITIES
Bank overdrafts and short-term loans
from financial institutions
Trust receipts
Current portion of liability from
guarantee
Others
Hire-purchase creditors, net of current
portion
Liability from guarantee, net of current
portion
Provision for loss from investments in
subsidiaries
67.85%
84.71% 100.00%
96.53%
116.34% 100.00%
119.57%
887.61%
-
114.56% 100.00%
346.49% 100.00%
-
211.54%
86.71%
117.72%
0.00%
24.50%
99.93%
160.90%
108.98%
130.30%
50.00%
37.71%
103.44%
2139.56%
577.36%
-
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
1337.87% 100.00%
-
332.86% 100.00%
-
15
745.79%
TOTAL LIABILITIES
369.41% 100.00%
105.08%
105.56% 100.00%
Share capital
Registered
10 each
each
100.00%
100.00% 100.00%
100.00%
100.00% 100.00%
100.00%
100.00% 100.00%

10 each
each
Paid-in capital
100.00%
100.00% 100.00%
100.00%
100.00% 100.00%
Share premium
Revaluation surplus
Retained earnings
Deficit
TOTAL LIABILITIES AND
100.00%
135.07%
62.72%
100.00% 100.00%
135.07% 100.00%
84.35% 100.00%
100.00%
97.67%
249.56%
108.83%
100.00%
98.08%
240.20%
109.05%
100.00%
100.00%
100.00%
100.00%
Earnings Statement
Malee Sampran Public Company Limited and Its Subsidiaries
2005
2004
2003
16
(baht)
(baht)
(baht)
3,675,896,896
3,259,273,639
3,224,498,743
1,000,000
20,964,175
REVENUE
Sales
Reversal of allowance for impairment loss
Share of profit from investments

accounted for under equity method
7,290
-
other income
Total Revenues
53,314,575
56,963,640
41,642,432
3,730,218,761
3,337,201,454
3,266,141,175
3,042,929,753
2,630,442,068
2,641,905,782
632,734,524
640,370,020
665,309,208
4,160,000
3,130,000
3,330,000
13,601
30,907
3,679,824,277
3,273,955,689
3,310,575,897
50,394,484
63,245,765
(44,434,722)
(45,826,700)
(41,403,538)
(53,069,921)
4,567,784
21,842,227
(97,504,643)
0.09
0.44
(1.95)
0.07
0.31
(1.95)
EXPENSES
Cost of sales
Selling and administrative expenses
Director's remuneration
Share of loss from investments
Total Expenses
Earnings Before Interest Expenses
Interest Expenses
Net Earning for the Year
Basic Earnings Per share
Net Earnings (loss)
Diluted Earnings Per Share
Net Earnings (loss)
Earnings Statement
(vertical common size)
17
2005
2004
2003
100.00%
100.00%
100.00%
0.03%
0.64%
0.00%
0.0002%
0.00%
0.00%
1.45%
1.75%
1.29%
101.48%
102.39%
101.29%
Cost of sales
82.78%
80.71%
81.93%
17.21%
19.65%
20.63%
0.11%
0.10%
0.10%
0.00%
0.0004%
0.0010%
100.11%
100.45%
102.67%
1.37%
1.94%
-1.38%
-1.25%
-1.27%
-1.65%
0.12%
0.67%
-3.02%
0.0000%
0.0000%
0.0000%
REVENUE
Sales
other income
Total Revenues
EXPENSES
Total Expenses
Interest Expenses
Basic Earnings Per Share
Net Earnings (loss)
Net Earnings (loss)
0.0000%
0.0000%
0.0000%
Earnings Statement
(horizontal common size)
18
2005
2004
2003
114.00%
101.08%
100.00%
REVENUE
Sales

other income
128.03%
136.79%
100.00%
Total Revenues
114.21%
102.18%
100.00%
115.18%
99.57%
100.00%
95.10%
96.25%
100.00%
124.92%
93.99%
100.00%
0.00%
44.01%
100.00%
111.15%
98.89%
100.00%
-113.41%
-142.33%
100.00%
Interest Expenses
86.35%
78.02%
100.00%
-4.68%
-22.40%
100.00%
-4.62%
-22.56%
100.00%
EXPENSES
Cost of sales
Total Expenses
Basic Earnings Per share

Net Earnings (loss)
Net Earnings (loss)
-3.59%
-15.90%
100.00%
19
MALEE SAMPRAN PUBLIC COMPANY LMITED AND SUBSIDIARIES

STATEMENT OF CASH FLOW
FOR THE YEAR ENDED 31 DECEMBER 2004 AND2003
2005
2004
2003
4,567,784
21,842,227
-97,504,643
-7,290
13,601
30,907
12,683,357
22,048,414
5,369,565
9,940,186
16,533,840
17,012,935
Cash flow from (used in) operating activities

Net earnings (lose)
Adjustment to reconcile net earnings (loss) to cash provided by
(paid from) operating activities:Share of (profit) loss from investments accounted
for under equity method
Provision for obsolete inventories
Loss on obsolete inventories
Allowance for doubtful accounts
2,921,604
3,356,335
412,536
115,059,758
2,000,000
Depreciation
9,369,924
114,907,547
123,308,722
Amortisation
1,207,536
6,377,684
11,999,056
541,759
-4,903,366
-9,427,799
Unrealised loss (gain) on exchange
-4,860,384
-2,057,633
1,514,914
reversal of accrued expense
-1,000,000
-6,437,158
2,269,445
-20,964,175
Allowance for impairment loss
2,042,790
3,379,284
Written-off fixed assets
8,000,000
558,770
Other reserve
Gain on sale of fixed assets
20
160,324,397
154,655,370
54,725,193
15,022,292
-16,406,143
46,409,106
Inventories
1,370,257
-180,122,413
22,129,250
7,944,956
-20,083,153
24,684,163
-11,422,402
-7,161,868
-1,437,198
51,679,112
128,092,326
-1,529,759
Advance receive from customer
32,425,793
563,503
-20,335,495
14,494,359
-44,957,985
Net cash flows from operating activities
237,005,910
72,843,219
100,022,770
-25,241,231
-3,651,614
29,010,288
-152,162
-110,061
881,018
-126,622,835
-56,480,525
-54,516,163
1,231,759
20,828,315
12,766,839
-150,784,469
-39,413,885
-11,858,018
-4,994,703
4,680,509
-5,558,813
-27,589,022
-7,581,363
-416,918
Operating assets (increase) decrease

Other assets
Operating liabilities (increase) decrease
Cash flow from ( used In ) investing activities

(Increase) decrease in resricted bank deposits
Acquisition of property, plant and equipment
Proceeds from sales of fixed assets
Net cash flow used in investing activities
Cash flow from (used in) financing activities

(Increase) decrease in overdrafts and short-term loans from
financial institutions and trust receipts
Cash paid to factoring payable
21
Decrease in hire purchase creditors
-9,143,706
-1,092,706
-44,775,000
-41,895,170
-23,400,000
-86,502,431
-45,888,730
-79,375,731
-280,990
-11,366,690
8,789,021
Cash and cash equivalents at beginning of year
6,223,034
17,589,724
8,800,703
Cash and cash equivalents at end of year
5,942,044
6,223,034
17,589,724
45,787,231
41,773,505
63,419,128
90,995
61,592
146,502
Revaluation surplus on land increase as a revaluation during the year
44,402,879
Debt settlement by land
26,424,969
Cash paid to long-term loans

Net cash flow used in financing activities
Net (increase) and decrese in cash and cash equivalents
Supplememental cash flows information:

Cash paid during the year for
Intrest
Corporate income tax
Non-cash transaction
22

Project Credit Management

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Project Credit Management

Uploaded by

Copyright:

Available Formats

BF4742 CREDIT MANAGEMENT

Malee Sampran Public Company Limited

(72,843,219). However, the Company also used a lot in investing

Trade accounts and notes receivable

Less: Allowance for doubtful accounts

Other accounts receivable

Input tax refundable

Trade accounts and notes

TOTAL NON-CURRENT ASSETS

Trade accounts payable

Accrued expenses and accrued interest

Other accounts payable

Advance received from customer

Current portion of hire-purchase creditors

Other current liabilities

Reserve for liability from guarantee

Hire-purchase creditors, net of current portion

Liability from guarantee, net of current portion

Long-term loans, net of current portion

79,999,000 ordinary shares of Baht 10 each

20,000,000 non-cumulative, convertible

50,000,000 ordinary shares of Baht 10 each

20,000,000 non-cumulative, convertible

Provision for loss from investments in subsidiaries

preference shares of Baht 10 each

Issued and fully paid

preference shares of Baht 10 each

TOTAL LIABILITIES AND SHAREHOLDERS'

Trade accounts payable

Issued and fully paid

50,000,000 ordinary shares of Baht

TOTAL NON-CURRENT LIABILITIES

Issued and fully paid

Share of profit from investments

Selling and administrative expenses

Share of profit from investments

Net Earning for the Year

Basic Earnings Per share

MALEE SAMPRAN PUBLIC COMPANY LMITED AND SUBSIDIARIES

Cash flow from (used in) operating activities

Unrealised loss (gain) on exchange

reversal of accrued expense

Reversal of allowance for impairment loss

Allowance for impairment loss

Written-off fixed assets

Gain on sale of fixed assets

Other current assets

Trade accounts payable

Advance receive from customer

Other current liabilities

Net cash flows from operating activities

Operating assets (increase) decrease

Cash flow from ( used In ) investing activities

Cash flow from (used in) financing activities

Decrease in hire purchase creditors

Cash and cash equivalents at beginning of year

Cash and cash equivalents at end of year

Revaluation surplus on land increase as a revaluation during the year

Debt settlement by land

Cash paid to long-term loans

Supplememental cash flows information:

You might also like