MIRA INFORM REPORT
|
Report Date : |
18.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
THAINOX
STAINLESS PUBLIC COMPANY
LIMITED |
|
|
|
|
Formerly Known As : |
THAINOX
STEEL LTD |
|
|
|
|
Registered Office : |
31st Floor, Crc Tower, All Season Place, 87/2 Wireless Road, Lumpini, Pathumwan,Bangkok 10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
30.07.1990 |
|
|
|
|
Com. Reg. No.: |
0107547000419 |
|
|
|
|
Legal Form : |
Public
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor and exporter of cold-rolled stainless
steel sheets and coils |
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 : |
No Complaints |
|
|
|
|
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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
company name
THAINOX STAINLESS
PUBLIC COMPANY LIMITED
[FORMER :
THAINOX STEEL LTD.]
SUMMARY
BUSINESS
ADDRESS : 31st FLOOR,
CRC TOWER, ALL SEASON
PLACE,
87/2 WIRELESS
ROAD, LUMPINI, PATHUMWAN,
BANGKOK 10330,
THAILAND
TELEPHONE : [66] 2250-7061,
2250-7621-32
FAX :
[66] 2250-7633
E-MAIL
ADDRESS : info@thainox.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1990
REGISTRATION
NO. : 0107547000419 [Former : 0107574700411]
CAPITAL REGISTERED : BHT. 7,795,709,100
CAPITAL PAID-UP : BHT.
7,795,709,100
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE
: MR.
PRAYUDH MAHAGITSIRI, THAI
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 630
LINES
OF BUSINESS : COLD-ROLLED STAINLESS
STEEL SHEETS
AND COILS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was established
on July 30,
1990 as a private
limited company under
the registered name
THAINOX STEEL LTD.,
by a joint
venture between Thai
and foreign groups,
in order to
manufacture and distribute
premium cold rolled
stainless steel sheets
and coils for
both domestic and
international markets. It was initially
a joint venture
among Arcelor group
of France, Japanese
Consortium and the
Thai PM group
with Board of
Investment [BOI] promoted.
In 2004, the Thai PM
group became the
major shareholder of
the subject, and
changed the status
to be public
company under the
name “THAINOX STAINLESS
PUBLIC COMPANY LIMITED” on
April 26, 2004.
It currently employs
630 staff.
On December 14,
2004, the subject
was listed on
the Stock Exchange
of Thailand under
its symbol “INOX”.
AWARDS
ISO 9002 : 1994 awarded by
BVQI in 1999
ISO 9001 : 2000 awarded by
BVQI in 2003
ISO/IEC 17025 : 1999 awarded
by TISI in 2004
ISO 14001 : 2004 awarded by
TUSI in 2004
OHSAS 18001 : 1999 awarded
The subject’s registered
address was initially
located on 23rd Floor,
CTI Tower, 191
Ratchadapisek Rd., Klongtoey,
Bangkok 10110.
In 2004 the
subject’s registered address
was relocated to 31st Floor,
CRC Tower, All Season
Place, 87/2 Wireless
Rd., Lumpini, Pathumwan,
Bangkok 10330, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prayudh Mahagitsiri |
[x] : Chairman |
Thai |
66 |
|
Mrs. Suvimol Mahagitsiri |
[x] |
Thai |
65 |
|
Mr. Jean Pual
Thevenin |
[-] |
French |
71 |
|
Mr. Hitoshi Ito |
|
Japanese |
57 |
|
Mr. Young Sea Suh |
|
Korean |
56 |
|
Mr. Choon Jaruchaiyakul |
|
Thai |
62 |
|
M.R. Priyangsri Watanakun |
|
Thai |
73 |
|
Mr. Chalermchai Mahagitsiri |
[-] |
Thai |
33 |
|
Mr. Jitender P.
Verma |
[-] |
Indian |
47 |
|
Mr. Sornthep Gomutputra |
|
Thai |
67 |
|
Mr. Prakit Tienboon |
|
Thai |
61 |
AUTHORIZED PERSON
Both of the
mentioned directors [x]
can jointly sign
or two of
the directors [-]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Prayudh Mahagitsiri
is the Chief
Executive Officer.
He is Thai
nationality with the
age of 66
years old.
Mrs. Suvimol Mahagitsiri
is the Managing
Director.
She is Thai
nationality with the
age of 65
years old.
Mr. Teerachai Jaruvanakul is
the Financial Controller.
He is Thai
nationality.
Mr. Prayoon Wonglek
is the Personnel
Manager.
He is Thai
nationality.
Mr. Nantachit Thavornbutr
is the Marketing
Manager.
He is Thai
nationality.
Mr. Polawat Pairojchaikul is
the Sales Director.
He is Thai
nationality.
Dr. Chatchai Somsiri
is the Metal
Works Manager.
He is Thai
nationality.
Mr. Chusana Veeraphan is
the Factory Manager.
He is Thai
nationality.
Mr. Boonmee Vorapatpong is
the Chief Information
Officer.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer
of premium cold-rolled
stainless steel sheets
and coils, which
was divided into
2 product types:
cold rolled austenitic
stainless steel and
cold rolled ferritic
stainless steel. Both
types have around
0.30 mm.-3 mm. of thickness
and 30 mm.- 1,265 mm. of width.
1. Cold Rolled
Austenitic Stainless Steel
This type of
stainless steel is
non-magnetic. In addition
to chromium, typically
at a level
of 1-14%, austenitic
stainless steel contains
nickel, which increases
corrosion resistance and
makes it easy
to fabricate. This
is the most
widely used type
of stainless steel.
Over 70% of
stainless steel consumed
in Asia is austenitic
grade. INOX main
products in this
category include grade
304 304L and grade
316L.
2. Cold Rolled
Ferritic Stainless Steel
This is a
magnetic type of stainless
steel. It has
a low carbon
content and contains
chromium as a
main element, typically
at a level
of 16%-18% Ferritic
steel has slightly
higher yield strength
than austenitic steel;
therefore, ferritic steel
finds greater use
where there is
a risk of
stress-corrosion cracking. INOX
main products in
this category include
grade 409 430
and grade 439.
Its products are used in various
industries especially automotive
assembling, construction, foods,
household equipments and
electronic products, both
domestic and overseas around
60% and 40%
respectively.
PRODUCTION CAPACITY
200,000-300,000 tons/year
MAJOR BRANDS
“TNX”
IMPORT [COUNTRIES]
Some of hot-rolled
steel sheet and
coil as well
as machinery and
spare parts are
imported from France,
South Africa, Japan,
Taiwan, Republic of
China and Korea.
MAJOR SUPPLIERS
Nippon Steel &
Sumikin Stainless Corporation : Japan
Arcelor : France
POSCO Ltd. : Korea
Nippon Metal Industrial
Co., Ltd. :
Japan
SALES
60% of the
products is sold
directly to local
customers and dealers,
the remaining 40% is exported
through Arcelor Stainless International
Group to over 30 countries such as Republic of China, Singapore, Malaysia,
United States of America, Australia,
Middle East, India,
Korea, Bangladesh, Denmark,
Germany, France, Russia,
Turkey, Egypt, Indonesia,
Vietnam, Philippines and etc.,
SALE
[unit
: million baht]
|
|
2010 |
2009 |
||
|
|
Amount |
% |
Amount |
% |
|
Sales |
10,473.5 |
97.2 |
7,961.9 |
97.1 |
|
Profit from exchange
rate |
271.3 |
2.5 |
200.4 |
2.5 |
|
Other income |
30.4 |
0.3 |
36.3 |
0.4 |
|
Total sale |
10,775.4 |
100.0 |
8,198.6 |
100.0 |
ASSOCIATED COMPANIES
NS-Thainox Auto Co.,
Ltd.
Investment : Subject is holding around 49% of the company’s total shares.
Thai Stainless Component
Co., Ltd.
Business Type : Manufacturer and distributor of stainless
sheets and stainless component
Investment : Subject
is holding around
51% of the
company’s total shares.
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
for the past
two years.
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
& T/T.
Exports are against
L/C at sight
& T/T on
the credit term
of 30 days.
BANKING
The Siam Commercial
Bank Public Co., Ltd.
[Head Office :
9 Ratchadapisek Rd., Ladyao, Jatujak, Bangkok
10900]
Credit Agricole
Indosuez Bank
[Bangkok Branch
: 152 Wireless
Rd., Lumpini, Bangkok
10330]
Deutsche Bank AG.
[Bangkok Branch : 208
Wireless Rd., Lumpini,
Pathumwan, Bangkok 10330]
Bangkok Bank Public
Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok 10500]
Bank of Ayudhya
Public Co., Ltd.
[Head office
: 1222 Rama
3 Rd., Bangpongpang,
Yannawa, Bangkok]
EMPLOYMENT
The subject employs
approximately 630 staff
[office staff and
factory workers].
LOCATION DETAILS
The premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory is located
on the 51
acres of land,
at 324 Moo
8, Rayong Industrial Park, Highway no. 3191, T.
Mabkha, A. Nikompattana,
Rayong 21180, Thailand.
Tel : [66]
38 636-125-31, Fax.
[66] 38 636-099.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT EUR
5,000,000.
COMMENT
In 2008-2009 the
economic downturn has
spread from financial
systems to investors,
public at large
and end consumers. This circumstance
ruins consumers’ confidence
and negatively impacts
their demand. Meanwhile
the real production
sector is also
impacted severely.
In 2010 economy improvement
had seen virtually.
Demand of stainless steel and
growth of industry started
with a
bright and better as
same as the
country’s economy. As Thailand is a
production base for exports (OEM), demand of
stainless steel products has
risen steadily, as a
results, growth in sales
and profits in
2010 were better than
in the past years. Moreover
the prospect of the
industry is also
impressive for the
company in the year 2011.
FINANCIAL INFORMATION
The capital was
registered at Bht.
2,300,000,000 divided into
23,000,000 shares of
Bht. 100 each.
The capital was
increased / decreased later as
followings :
Bht. 5,925,900,000 on
December 4, 1998
Bht. 6,968,400,000 on
May 25, 1999
Bht. 7,804,104,000 on
September 29, 1999
Decreased were : Bht.
4,768,913,280 on May
2, 2000
Bht. 4,321,827,660 on
November 6, 2003
Increased were : Bht.
7,670,411,666 on November
12, 2003
Bht. 8,000,000,000 on
May 8, 2004
The latest registered
capital was decreased to Bht. 7,795,709,100 divided
into 7,795,709,100 shares
of Bht. 1
each with fully
paid.
MAIN SHAREHOLDERS : [as at
April 7, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Usana Mahagitsiri |
2,152,589,358 |
27.61 |
|
Mr. Chalermchai Mahagitsiri |
1,981,000,000 |
25.41 |
|
POSCO Ltd. |
1,200,000,000 |
15.39 |
|
Credit Suisse Securities
[Europe] Limited |
758,316,000 |
9.73 |
|
Ms. Usanee Mahagitsiri |
451,261,285 |
5.79 |
|
Thai NVDR Co.,
Ltd. |
96,266,000 |
1.23 |
|
Marizon Capital Limited |
94,332,300 |
1.21 |
|
Nippon Steel & Sumikin Stainless
Steel Corporation |
89,834,402 |
1.15 |
|
State Street Bank
and Trust Company
for Canada |
69,733,500 |
0.89 |
|
UBS AG Hong
Kong Branch |
61,831,800 |
0.79 |
|
Others |
840,544,455 |
10.80 |
Total shareholders :
2,766
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Amphol Chamnongwat No.
4663
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
2,991,887,916.82 |
744,782,565.39 |
|
Current Investment |
- |
318,173,188.11 |
|
Trade Accounts Receivable |
151,833,518.64 |
378,641,814.88 |
|
Trade Accounts Related
Companies |
255,600,991.75 |
140,562,346.57 |
|
Inventories |
3,395,953,914.17 |
3,389,578,974.20 |
|
Other Current Assets
|
|
|
|
Account Receivable- Sale Department
|
10,029,488.56 |
1,847,710.71 |
|
Inventories Advance
Paid |
6,771,812.81 |
21,962,754.00 |
|
Input Tax
Receivable |
4,216,240.52 |
32,260,715.93 |
|
Others |
13,042,878.72 |
21,126,595.27 |
|
|
|
|
|
Total Current Assets
|
6,829,336,761.99 |
5,048,936,665.06 |
|
Non-Current Assets |
|
|
|
Investment in Associated
Company |
4,900,000.00 |
4,900,000.00 |
|
Investment in Subsidiary Company |
17,849,982.50 |
17,849,982.50 |
|
General Investment |
810,000.00 |
810,000.00 |
|
Property, Plant and Equipment |
7,363,607,293.68 |
7,989,557,985.18 |
|
Land Used in Hotel and Golf
Club Segment |
1,126,001,485.98 |
902,103,024.78 |
|
Land Not
Used in Operations |
1,303,923,538.00 |
1,303,923,538.00 |
|
Other Assets |
|
|
|
Deposit Assets |
27,291,966.22 |
24,973,285.45 |
|
Restricted Bank
Deposits |
4,240,000.00 |
9,040,000.00 |
|
Others |
4,692,094.32 |
3,553,727.48 |
|
Total Non-Current Assets |
9,853,316,360.70 |
10,256,711,543.39 |
|
Total Assets |
16,682,653,122.69 |
15,305,648,208.45 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts and Notes Payable |
118,640,433.41 |
114,398,185.56 |
|
Accounts Payable Related Company |
2,675,674,616.98 |
752,540,540.08 |
|
Current Portion of
Long-term Loans |
1,458,584,167.12 |
836,384,222.00 |
|
Other Current Liabilities |
|
|
|
Accrued Expenses |
32,528,455.48 |
34,230,984.45 |
|
Accrued Expenses-Related Companies |
931,584.48 |
838,821.85 |
|
Deposit from Customers |
123,687,668.12 |
107,501,302.07 |
|
Others |
42,050,440.47 |
34,589,368.37 |
|
Total Current Liabilities |
4,452,097,366.06 |
1,880,483,424.38 |
|
Non-Current Liabilities |
|
|
|
Long-term Loan-net |
383,812,747.49 |
2,024,411,756.84 |
|
Provident Fund |
72,267,654.04 |
63,685,129.00 |
|
Total Non-Current Liabilities |
456,080,401.53 |
2,088,096,885.84 |
|
Total Liabilities |
4,908,177,767.59 |
3,968,580,310.22 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Share Capital |
|
|
|
Authorized Share Capital |
|
|
|
7,795,709,100 ordinary share @ Baht. 1.00 |
7,795,709,100.00 |
7,795,709,100.00 |
|
Issued and Paid-up Share Capital |
|
|
|
7,795,709,100 ordinary share @ Baht. 1.00 |
7,795,709,100.00 |
7,795,709,100.00 |
|
Premium on Share-Capital |
332,131,263.64 |
332,131,263.64 |
|
Revaluation Increment in
Property, Plant and Equipment |
2,135,778,971.54 |
2,342,478,380.71 |
|
Retained Earning |
|
|
|
Appropriated |
|
|
|
Statutory Reserve |
585,000,000.00 |
550,000,000.00 |
|
Unappropriated |
925,856,019.92 |
316,749,153.88 |
|
Total Shareholders' Equity |
11,774,475,355.10 |
11,337,067,898.23 |
|
Total Liabilities &
Shareholders' Equity |
16,682,653,122.69 |
15,305,648,208.45 |
PROFIT & LOSS
ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sale from Sale |
10,473,538,928.31 |
7,961,880,112.71 |
|
Cost of Goods Sold |
[9,529,238,917.76] |
[8,633,456,498.63] |
|
[Loss] Reversal Allowance
from Declining in Value
of Investment |
2,520,873.98 |
1,400,731,887.59 |
|
|
|
|
|
Gross Margin |
946,820,884.53 |
729,155,501.67 |
|
Other Income |
|
|
|
Interest Income |
18,324,390.73 |
15,958,112.65 |
|
Gain on
Exchange Rate |
271,500,483.79 |
200,424,645.17 |
|
Gain on
Disposal of Fixed Assets |
2,831,773.70 |
3,750,337.83 |
|
Others |
9,283,222.26 |
16,629,801.78 |
|
|
|
|
|
Profit [Loss] before Expenses |
1,248,760,755.01 |
965,918,399.10 |
|
|
|
|
|
Selling Expenses |
[208,043,396.06] |
[128,273,478.21] |
|
Administrative Expenses |
[199,208,988.31] |
[168,554,461.88] |
|
Loss on Impairment
of Land not used in Operations |
- |
[3,555,934.00] |
|
Loss from Property, Plant &
Equipment Revaluation |
- |
[34,193,359.78] |
|
Management Benefit Expenses |
[91,703,433.69] |
[87,343,124.36] |
|
|
|
|
|
Total Expenses |
[498,955,818.06] |
[421,920,358.23] |
|
|
|
|
|
Profit [Loss] before
Financial Costs &
Corporate Income
Tax |
749,804,936.95 |
543,998,040.87 |
|
Financial Costs |
|
|
|
Bank Charge |
[6,033,763.45] |
[4,241,573.89] |
|
Interest Expenses |
[99,664,307.46] |
[138,648,628.73] |
|
Profit / [Loss] from Income Tax
|
644,106,866.04 |
401,107,838.25 |
|
Corporate Income Tax |
- |
- |
|
Net Profit / [Loss] |
644,106,866.04 |
401,107,838.25 |
BALANCE SHEET [BAHT]
The
latest financial figures
published for June
30, 2011 was :
[unaudited]
ASSETS
[Thousand Baht]
|
Current Assets |
2011 |
|
|
|
|
Cash and Cash Equivalents |
1,908,771 |
|
Trade Accounts Receivable |
165,060 |
|
Trade Accounts Receivable Associated and Related Companies |
190,010 |
|
Inventories |
3,695,624 |
|
Other Current Assets
|
|
|
Account Receivable- Sale Department
|
8,226 |
|
Advance Paid for
Inventories |
24,075 |
|
Input Tax
Receivable |
55,102 |
|
Others |
11,249 |
|
|
|
|
Total Current Assets
|
6,058,117 |
|
Non-Current Assets |
|
|
Investment in Associated
Company |
4,900 |
|
Investment in Subsidiary Company |
17,850 |
|
General Investment |
810 |
|
Investment Property |
1,303,924 |
|
Property, Plant and Equipment |
7,137,254 |
|
Property, Plant and Equipment Used
in Hotel and Golf Club Segment |
1,207,621 |
|
Other Non-Current Assets |
|
|
Deposit for
Assets |
18,515 |
|
Restricted Bank
Deposits |
4,240 |
|
Others |
5,726 |
|
Total Non-Current Assets |
9,700,840 |
|
Total Assets |
15,758,957 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
[Thousand
Baht]
|
Current
Liabilities |
2011 |
|
|
|
|
Trade Accounts and Notes Payable |
534,971 |
|
Trade Accounts Payable Related
Companies |
3,035,385 |
|
Current Portion of
Long-term Loans |
79,235 |
|
Other Current Liabilities |
|
|
Accrued Expenses |
55,592 |
|
Accrued Expenses-Related Companies |
952 |
|
Deposit from Customers |
134,971 |
|
Others |
42,164 |
|
Total Current Liabilities |
3,883,270 |
|
Non-Current Liabilities |
|
|
Long-term Loan-net |
236,624 |
|
Provident Fund |
91,338 |
|
Total Non-Current Liabilities |
327,962 |
|
Total Liabilities |
4,211,232 |
|
|
|
|
Shareholders' Equity |
|
|
Share Capital |
|
|
Authorized Share Capital |
|
|
7,795,709,100 ordinary share @ Baht. 1.00 |
7,795,709 |
|
Issued and Paid-up Share Capital |
|
|
7,795,709,100 ordinary share @ Baht. 1.00 |
7,795,709 |
|
Premium on Share-Capital |
332,131 |
|
Retained Earning |
|
|
Appropriated |
|
|
Statutory Reserve |
585,000 |
|
Unappropriated |
801,606 |
|
Other Elements of Shareholders’ Equity |
2,033,279 |
|
Total Shareholders' Equity |
11,547,725 |
|
Total Liabilities &
Shareholders' Equity |
15,758,957 |
PROFIT &
LOSS ACCOUNT
For the six
months period ended
on June 30,
2011.
[Thousand Baht]
|
Sale |
2011 |
|
|
|
|
Sale from Sale |
5,668,983 |
|
Cost of Goods Sold |
[5,233,452] |
|
Loss from Declining
in Value of
Investment |
[48,324] |
|
|
|
|
Gross Margin |
387,207 |
|
Other Income |
|
|
Interest Income |
14,160 |
|
Gain on
Disposal of Fixed
Assets |
748 |
|
Others |
8,132 |
|
|
|
|
Profit [Loss] before Expenses |
410,247 |
|
|
|
|
Selling Expenses |
101,970 |
|
Administrative Expenses |
34,871 |
|
Loss on Exchange
Rate |
168,379 |
|
Others |
50,459 |
|
|
|
|
Total Expenses |
355,679 |
|
|
|
|
Profit [Loss] before
Financial Costs &
Corporate Income
Tax |
54,568 |
|
Financial Costs |
[22,904] |
|
|
|
|
Profit / [Loss] from Income Tax
|
31,664 |
|
Corporate Income Tax |
- |
|
Net Profit / [Loss] |
31,664 |
fINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.53 |
2.68 |
|
QUICK RATIO |
TIMES |
0.76 |
0.84 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.10 |
0.77 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.63 |
0.52 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
(130.08) |
(143.30) |
|
INVENTORY TURNOVER |
TIMES |
(2.81) |
(2.55) |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
5.29 |
17.36 |
|
RECEIVABLES TURNOVER |
TIMES |
68.98 |
21.03 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
(4.54) |
(4.84) |
|
CASH CONVERSION CYCLE |
DAYS |
(120.24) |
(121.11) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
(90.98) |
(108.43) |
|
SELLING & ADMINISTRATION |
% |
(4.76) |
(4.83) |
|
INTEREST |
% |
0.95 |
1.74 |
|
GROSS PROFIT MARGIN |
% |
193.69 |
211.21 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
107.47 |
108.07 |
|
NET PROFIT MARGIN |
% |
6.15 |
5.04 |
|
RETURN ON EQUITY |
% |
5.47 |
3.54 |
|
RETURN ON ASSET |
% |
3.86 |
2.62 |
|
EARNING PER SHARE |
BAHT |
0.08 |
0.05 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.29 |
0.26 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.42 |
0.35 |
|
TIME INTEREST EARNED |
TIMES |
112.94 |
62.06 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
31.55 |
|
|
OPERATING PROFIT |
% |
30.81 |
|
|
NET PROFIT |
% |
60.58 |
|
|
FIXED ASSETS |
% |
(8.06) |
|
|
TOTAL ASSETS |
% |
9.00 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
193.69 |
Impressive |
Industrial
Average |
13.13 |
|
Net Profit Margin |
6.15 |
Impressive |
Industrial
Average |
(6.46) |
|
Return on Assets |
3.86 |
Impressive |
Industrial
Average |
(1.65) |
|
Return on Equity |
5.47 |
Impressive |
Industrial
Average |
(8.34) |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 193.69%. When
compared with the industry average, the ratio of the company was higher, this
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 6.15% compared with those of its average
competitors in the same industry, indicated that business was an efficient
operator in a dominant position within
its industry.
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. Return on Assets ratio is
3.86%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant position within its industry.
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. Return on Equity ratio
is 5.47%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.53 |
Deteriorated |
Industrial
Average |
20.66 |
|
Quick Ratio |
0.76 |
|
|
|
|
Cash Conversion Cycle |
(120.24) |
|
|
|
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 1.53 times in 2010, decrease from 2.68 times, then it is generally
considered to have good short-term financial strength. 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 0.76 times in 2010,
decrease from 0.84 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 -121 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.29 |
Impressive |
Industrial
Average |
0.95 |
|
Debt to Equity Ratio |
0.42 |
Impressive |
Industrial
Average |
2.25 |
|
Times Interest Earned |
112.94 |
Impressive |
Industrial
Average |
81.13 |
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 112.95 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 0.29 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.10 |
Deteriorated |
Industrial
Average |
62.51 |
|
Total Assets Turnover |
0.63 |
Deteriorated |
Industrial
Average |
1.66 |
|
Inventory Conversion Period |
(130.08) |
|
|
|
|
Inventory Turnover |
(2.81) |
Deteriorated |
Industrial
Average |
12.67 |
|
Receivables Conversion Period |
5.29 |
|
|
|
|
Receivables Turnover |
68.98 |
Impressive |
Industrial
Average |
14.78 |
|
Payables Conversion Period |
(4.54) |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
UK Pound |
1 |
Rs.74.56 |
|
Euro |
1 |
Rs.65.34 |
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.