TRIS Rating Co., Ltd. has placed the company rating of TSFC Securities PLC (TSFC) on CreditAlert with “developing” implication. The rating action reflects the continued weak business and financial performance of TSFC in the first quarter of 2012. In addition, TRIS Rating is having insufficient information to clearly determine TSFC’s company rating. As of March 2012, TSFC’s total assets were Bt3,060 million, further down from Bt3,182 million at the end of 2010 and Bt3,092 million at the end of 2011, while having Bt2,201 million of gross margin loan receivables. TSFC’s profitability is considered weaker than TRIS Rating’s expectation. TSFC recorded net losses in 2008 and 2009. The company also reported net losses in 2010 after net unrealized losses from investments in securities held for trading. In 2011, TSFC had net profits of only about Bt1 million, but turned to record net losses of Bt14 million for the first quarter of 2012.
Currently, TRIS Rating is on the process of assessing the full scale annual rating review for TSFC’s rating. Once the information essential for rating assessment is complete, TRIS Rating will resolve this CreditAlert and announce the annual rating review for TSFC accordingly. — End
Company Rating: BB+