MIRA INFORM REPORT
|
Report Date : |
01.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRANDA
JEWELRY PUBLIC COMPANY
LIMITED |
|
|
|
|
Registered Office : |
28 Soi Bangna 28, Bangna-Trad Road, K.M. 2.3, Bangna, Bangkok 10260 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
1972 |
|
|
|
|
Com. Reg. No.: |
0107537001986 |
|
|
|
|
Legal Form : |
Public
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter
& Distributor of genuine jewelry
products |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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
PRANDA JEWELRY
PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 28
SOI BANGNA 28,
BANGNA-TRAD ROAD,
K.M. 2.3,
BANGNA, BANGKOK 10260,
THAILAND
TELEPHONE : [66]
2361-3311, 2393-8428, 2393-8779
FAX :
[66] 2398-2143,
2398-2145, 2361-3088, 2399-4874
E-MAIL ADDRESS : prapee@pranda.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1972
REGISTRATION
NO. : 0107537001986 [Former
: BOR MOR JOR. 445]
CAPITAL
REGISTERED : BHT.
410,000,000
CAPITAL
PAID-UP : BHT.
400,668,354
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MRS.
PRAPEE SORAKRAIKITIKUL, THAI
ACTING PRESIDENT AND
FINANCE DIRECTOR
NO.
OF STAFF : 2,100
LINES OF
BUSINESS : GENUINE
JEWELRY PRODUCTS
MANUFACTURER, EXPORTER
& DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The
subject was originally
formed by Tiasuwan
family in 1972
under the name Pranda Design
Co., Ltd. The
subject continued to
grow about 30
per cent per
year and had
been moved to
larger premises couple
times before building
up the new
building. On April
27, 1984, its
name was changed
to Pranda Jewelry
Co., Ltd. and
was listed on
the Stock Exchange
of Thailand on
July 6, 1990.
Its status was eventually converted
to a public limited company under the name style PRANDA JEWELRY
PUBLIC COMPANY LIMITED on
June 3, 1994.
It currently employs
approximate 2,100 staff.
The subject has also been presented with the
Prime Minister’s Export Award for Outstanding Performance
as the Best
Exporter 1995, and
received the promotional
privilege from the
Board of Investment
[BOI].
At
present, Pranda is
the largest manufacturer
of color gemstone
jewelry in the
world.
Pranda
group operates its
production with 8
facilities in five
countries as the followings:
- Thailand facilities, consists
of Pranda Jewelry
Public Company Limited [Bangkok and
Nakornratchasima],
Crystaline Co., Ltd. [Bangkok and
Nakornratchasima]
- Indonesia facility, P.T. Pranda SCL.,
Indonesia.
- Vietnam facility, Pranda
Vietnam Co., Ltd.
- China facility, Guangzhou Pangda
Zhubao Shoushi Youxian
Gongsi.
Germany facility, Pranda & Kroll GmbH
Co. KG.
The subject has also
five overseas distributors:
Pranda North America,
Crystaline North America,
Pranda U.K., H.
Gringoire S.A.R.L. [Paris],
and Pranda Acceptance
Sdn Bhd [Malaysia].
The local market
is served by
Prima Gold and
LG-Pranda.
The subject’s registered
address was initially
located at 333
Soi Rungsang, Bangna-Trad
Rd, K.M. 2.3,
Bangna, Bangkok 10260.
In 2008, the
registered address was
changed to 28
Soi Bangna 28
Bangna-Trad Rd, K.M.
2.3, Bangna, Bangkok
10260, by the
Bangna District Office, and
this is the
company’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality
|
Age
|
|
|
|
|
|
|
Mr.
Prida Tiasuwan |
:
Chairman |
Thai |
62 |
|
Mrs.
Sunanta Tiasuwan |
[x] |
Thai |
61 |
|
Mrs.
Panidda Tiasuwan |
[x] |
Thai |
67 |
|
Mrs.
Prapee Sorakraikitikul |
[x] |
Thai |
64 |
|
Mrs.
Pranee Khunprasert |
[+] |
Thai |
58 |
|
Mr.
Pramote Tiasuwan |
[+] |
Thai |
60 |
|
JR. Lt.
Anan Panananda R.N. |
|
Thai |
75 |
|
Mr.
Veerachai Tantikul |
|
Thai |
68 |
|
Mrs. Sarita Bunnag |
|
Thai |
64 |
AUTHORIZED PERSON
One
of the mentioned
directors [x] can
jointly sign with
one of the
directors [+] on
behalf of the
subject with the
company’s affixed.
MANAGEMENT
Mrs.
Prapee Sorakraikitikul is
the Acting President
and Financial Director.
She
is Thai nationality
with the age
of 64 years
old.
Mr.
Pramote Tiasuwan is
the Senior Vice
President.
He
is Thai nationality
with the age
of 60 years
old.
Mrs.
Pranee Khunprasert is
the Senior Vice
President.
She
is Thai nationality
with the age
of 58 years
old.
Mrs. Sunanta
Tiasuwan is the
Chairman of Corporate
Finance.
She
is Thai nationality
with the age
of 61 years
old.
Mrs.
Panidda Tiasuwan is
the Nomination &
Remuneration Director.
She
is Thai nationality
with the age
of 67 years
old.
Ms.
Pittaya Tiasuwan is
the Vice President,
Stones Management.
She
is Thai nationality
with the age
of 50 years old.
Mr.
Decha Nuntanajaroenkul is
the Vice President,
Marketing & Sales.
He
is Thai nationality
with the age
of 47 years old.
Mr. Thanes
Panjakrid is the
Finance & Accounting Manager.
He
is Thai nationality.
BUSINESS OPERATIONS
The
subject is engaged
in manufacturing of
genuine jewelry from
silver and gold
with BOI promotion. The main
product line is fine-cut colored gemstones
and diamonds designed with
gold or silver
settings. Leading products
produced by Pranda
are rings, earrings,
brooches, lockets, necklaces
and bracelets bearing
the “PRANDA” trademark.
Pranda
products also include
gold accessories made
from 99.99% pure
gold. The subject
has established Prima
Gold Co., Ltd.
as a distributor
of gold accessories
bearing the “Prima Gold” name and
produced by the
company’s “Super Gold”
factory. The gold
accessory products also
include “Prima Diamonds”,
diamonds with a
pure gold setting.
The subject has
at present expanded
its business on
a franchise basis
to countries in
Asia Pacific and
the Middle East
such as Dubai
and Egypt.
The
subject also produces
made-to-order items for
special occasions and
talismans made by
the gems and
jewelry production methods
which gives the
items a similar
beauty as accessories. Such products
are ordered on a regular
basis by large
companies, government departments,
and other organizations.
Production
is divided in
to Mass Production
for the silver
products group and a
highly skilled process
for the High
& Medium gold
products produced with
the latest machinery
and advanced technology
but with less
waste. The production
output of all gems
and jewelry accordingly
meets the highest
standards of quality,
aesthetic appeal, and
durability to the
satisfaction of users.
At present, Pranda Group’s
structure is divided
into 4 main
bases, consist of
production base, design
and product development
base, distribution base
and brand development
base.
BRAND NAMES
Brand
names of the
Pranda Group:
“PRIMA
GOLD” 24k gold
accessories.
“PRIMA
DIAMOND” Diamond products
on 90% pure
gold setting.
“PRIMA
ART” Art jewelry
with 99.99% pure
gold.
“GOLD
MART” Indonesian trusted
name for gold
jewelry
“ESSE”
Silver jewelry
“CENTURY
GOLD” Jewelry with
96.5% pure gold
“Cristalina”
Costume Jewelry
“Batik
Silver” Western sterling
silver jewelry
“Merii”
European designed sterling
silver jewelry
“KROLL
Hearts” wedding bands
in gold and
platinum with custom-made
precision
“CAI
Jewels” Young and
modern sterling silver
jewelry for women
in active lifestyle.
&
others, such as
“HG”, “JULIA” brand,
as well as
the license brand,
namely “BALDESSARINI” & “V
& A”.
PRODUCTIONS
Approximately 8
million pieces per
year
IMPORT [COUNTRIES]
60% of raw materials such as gold,
diamonds and gemstone
are imported from
Switzerland, Belgium,
Singapore, Italy, United
Kingdom, South Africa,
India and Hong Kong,
the remaining 40% is
purchased from local
suppliers.
EXPORT [COUNTRIES]
90% of
its products are
exported to United
States of America,
Japan, Indonesia, Republic
of China Canada,
Australia, United Kingdom,
France, Middle East
and Asian Pacific
Region with over
40 countries. The
remaining 10% is
sold locally.
For
retail business, the
subject currently has
over 200 retail
shops, which invest
through their subsidiaries
both in Thailand
and Asian country,
namely Prima Gold International Co.,
Ltd., PT. Pranda
SCL Indonesia, Guanhzhou
Pangda Zhubao Shoushi
Youxian Gongsi Ltd.,
and Pranda Vietnam
Co., Ltd.
MAJOR CUSTOMERS
|
Name |
Country |
|
Pranda
North America Inc. |
: United
States of America |
|
H.
Gringoire S.A.R.L. |
: France |
|
Pranda
U.K. Ltd. |
: United
Kingdom |
|
Pranda
& Kroll Gmbh &
Co Kg |
: Germany |
|
Pranda
Jewelry PTV. Ltd. |
: India |
|
Kz-Pranda
Co., Ltd. |
: Thailand |
SALE STRUCTURE
|
|
2010 |
2009 |
||
|
|
Million baht |
% |
Million baht |
% |
|
Sale from exports |
3,376 |
83.23 |
3,018 |
82.37 |
|
Sale from domestic
sales |
680 |
16.77 |
646 |
17.63 |
|
Total |
4,056 |
100.00 |
3,664 |
100.00 |
SUBSIDIARIES AND ASSOCIATED
COMPANIES
|
Company |
Business Type |
% of
Investment |
|
Domestic
Subsidiaries |
|
|
|
Crystaline
Co., Ltd. |
Manufacturer and
Exporter of Costume
Jewelry |
92 |
|
Prima Gold International Co., Ltd. |
Distribution of
Prima Gold, Prima
Diamond
and Eighteen K |
100 |
|
|
|
|
|
Foreign
Subsidiaries: |
|
|
|
Pranda
North America Inc. |
Distribution of
Gold Accessories in the
U.S.A. and Canada |
100 |
|
Guangzhou
Pangda Zhubao Shoushi
Youxian Gongsi |
Producer
and distributor of
fine jewelry |
100 |
|
H.
Gringoire S.A.R.L. |
Distribution of
Gold Jewelry in
France under
Trade Mark H.
Gringoire |
100 |
|
Pranda
U.K. Limited |
Distribution of
“Crystalina” Gold, Costume Jewelry in U.K. & Europe |
100 |
|
Pranda
Vietnam Co., Ltd. |
Manufacturer, Distributor
of Gemstone
Accessories in Vietnam
|
100 |
|
Pranda
Singapore Pte. Limited |
Venture
in Malaysia &
Indonesia |
100 |
|
Pranda & Kroll GmbH & Co. RG. |
Producer
and distributor of
fine jewelry |
51 |
|
Pranda
Jewelry Pvt. Ltd. [India] |
Distributor of
fine jewelry in
India |
51 |
|
Domestic
Associated Company: |
|
|
|
LG-Pranda
Co., Ltd. |
Import
and Distribution of
Silver and
Pure Gold Granules
and Bars |
40 |
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 days.
Purchasing
terms are on
the credits term
of 30-60-90 days.
Imports
are by L/C on
the credits term
of 60-120 days.
Exports
are against L/C
at sight and
T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Bangna Branch
: 94/2 Bangna-Trad
Rd., Bangna, Bangkok]
Kasikornbank Public
Co., Ltd.
[Bangna Branch :
3212-3218 Bangna-Trad Rd.,
Bangna, Bangkok]
TMB Bank
Public Co., Ltd.
[Bangna Branch
: 109 Bangna-Trad
Rd., Bangna, Bangkok]
Krung Thai
Bank Public Co.,
Ltd.
[Head Office
: 35 Sukhumvit
Rd., Klongtoeynua, Watana,
Bangkok 10110]
Deutsche Bank
AG.
[Bangkok Branch
: 208 Wireless
Rd., Lumpini, Pathumwan,
Bangkok]
EMPLOYMENT
The
subject employs approximately
2,100 staff comprising office
staff, sales staff and factory
workers.
LOCATION DETAILS
The premise is
owned for operating
office, warehouse and
factory I on
approximately of 26 rais
of land or 41,600 square meters
at the heading
address in residential/ commercial area.
Factory
II is located
at 332-333 Suranaree
Industrial Estate, Nakornrachasima
Province 30000, Tel: [66]
44 212-593-4, Fax: [66]
44 212-685.
REMARK
CREDIT
OF US$ 1,250,000
AGAINST D/A TERMS
SHOULD BE IN
ORDER.
COMMENT
The
subject is the country’s leading jewelry manufacturer and exporter had embarked
on business three decades ago as an
original equipment manufacturer (OEM), producing jewelry according to
orders and designs from international
distributors of name brands, such
as Zandra Rhodes, H. Gringoire and Batik silver. Today with two plants in Thailand and one each in
Indonesia, Vietnam and China, the subject is more likely an original design
manufacturer (ODM). To be an ODM means Pranda designs its own products, and clients
could choose to
place orders based
on what is available by the firm.
The
establishment of the strong foundation of
PRANDA Jewelry Public Company
Limited has expanded
to 37 years,
with high quality mass
manufacturing and adaptive
production set-up. With
the strong foundation,
the company is confident
that it can move forward to
be the “World
Class Jewelry Brand
Company” in the future.
During the
past year, the very important risk factor of
Thailand which had an
impact on the growth of
its economy was
the aggressiveness of the
appreciation of the Thai
Baht against the US
and the Euro. As
a result, Thailand
could not compete with its
competitor counties which
produced the same products in
the world’s market.
To
consider the gems
and jewelry industry of
Thailand, there had been a continuous
growth from the previous
year which well
reflected the
competitiveness of the country.
In
2010, the export of
the gems and jewelry,
accounted for USD
11,652 billion with the growth
rate of 19.37%, was
ranked third as
Thailand’s leading export.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
25 million.
The
capital was increased
later as followings:
Bht. 45.5
million on May
8, 1985
Bht. 48.6
million on January
25, 1988
Bht. 52.73
million on August
5, 1988
Bht. 66.0
million on August
3, 1989
Bht. 68.0
million on April
11, 1990
Bht. 150.0 million
on October 31,
1991
Bht. 300.0 million
in November, 1994
Bht. 400.0 million
on September 21,
2001
Bht. 410.0 million
on September 4,
2009
The
latest registered capital
was increased to
Bht. 410 million,
divided into 410
million shares of
Bht. 1 each
with the current
capital paid-up of
Bht. 400,668,354.
MAIN
SHAREHOLDERS : [as at
March 17, 2011] at
Bht. 400,668,354 of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Thai
NVDR Co., Ltd. |
65,496,150 |
16.33 |
|
RBC
Dexia Investor Services
Bank S.A. |
24,587,900 |
6.07 |
|
Mr.
Prida Tiasuwan |
24,076,420 |
6.00 |
|
Ms. Pithaya Tiasuwan |
17,590,960 |
4.39 |
|
Norbax
Inc. 4 |
17,500,000 |
4.36 |
|
The
Bank of New
York Mellon |
15,628,000 |
3.90 |
|
Mrs.
Panida Tiasuwan |
15,388,560 |
3.84 |
|
Mrs.
Prapee Sorakraikitikul |
13,365,560 |
3.33 |
|
Mrs.
Praneat Khunprasert |
12,576,860 |
3.14 |
|
Pranda
Holding Co., Ltd. |
11,900,000 |
2.97 |
|
Goldman
Sachs & Co. |
11,644,700 |
2.90 |
|
Mr. Pramote Tiasuwan |
10,506,260 |
2.62 |
|
Citibank
Nominees Singapore Pte.
Ltd. |
10,108,600 |
2.52 |
|
Other
Shareholders |
150,298,384 |
37.63 |
Total Shareholders : 2,689
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT NO.:
Mrs. Cholros
Santiasavaraporn No. 4523
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and cash
equivalents |
207,378,912 |
276,227,966 |
|
Trade accounts and
notes receivable |
|
|
|
Related parties |
661,435,906 |
609,744,512 |
|
Unrelated parties |
376,586,205 |
439,329,918 |
|
Less: Allowance
for doubtful accounts |
[146,470,794] |
[148,168,397] |
|
Trade account and
notes receivable, net |
891,551,317 |
900,906,033 |
|
Amounts due from related parties |
160,331,820 |
120,055,661 |
|
Short-term loans to related parties |
51,154,750 |
63,909,570 |
|
Current portion of long-term loans to related parties |
13,932,390 |
29,515,120 |
|
Inventories |
740,256,200 |
772,641,347 |
|
Other current assets |
|
|
|
Input tax
refundable |
740,095 |
871,883 |
|
Others |
24,570,723 |
15,952,673 |
|
Total Current Assets
|
2,089,916,207 |
2,180,080,253 |
|
Non-Current Assets |
|
|
|
Restricted bank deposits |
- |
69,148 |
|
Investment in convertible debentures issued by subsidiary |
43,062,900 |
24,870,000 |
|
Investments in subsidiary-net |
687,348,431 |
560,160,279 |
|
Other long-term investments |
14,935,475 |
14,870,951 |
|
Advances for investment |
4,867,916 |
10,649,884 |
|
Loans and amounts
due from related
parties, net |
45,333,997 |
41,343,438 |
|
Long-term loans to related parties |
309,987,130 |
360,357,080 |
|
Property, plant and
equipment, net |
488,513,862 |
420,894,334 |
|
Land held for
development, net |
421,729,189 |
444,211,189 |
|
Other non-current assets |
|
|
|
Other |
18,941,576 |
12,057,127 |
|
Total Non-Current Assets |
2,034,720,476 |
1,889,483,430 |
|
Total Assets |
4,124,636,683 |
4,069,563,683 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank overdrafts short-term
loans from financial institutions |
270,762,958 |
152,292,827 |
|
Trade accounts and
notes payable |
|
|
|
Related parties |
7,669,529 |
3,354,908 |
|
Unrelated parties |
638,072,641 |
490,509,991 |
|
Total Trade accounts
and notes payable |
645,742,170 |
493,864,899 |
|
Current portion of
long-term loans |
58,230,000 |
157,560,000 |
|
Amounts due to
related parties |
1,403,767 |
3,136,906 |
|
Other Current Liabilities |
|
|
|
Corporate income
tax payable |
23,629,218 |
14,445,821 |
|
Accrued interest
expenses |
3,515,360 |
5,928,055 |
|
Accrued expenses |
38,516,063 |
28,446,272 |
|
Advance received
for goods |
10,831,029 |
28,930,986 |
|
Others |
9,790,214 |
4,916,172 |
|
Total Current Liabilities |
1,062,420,779 |
889,521,938 |
|
Non-Current Liabilities |
|
|
|
Long Term
Loan-net of current
portion |
75,110,000 |
133,340,000 |
|
Total Liabilities |
1,137,530,779 |
1,022,861,938 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Share capital |
|
|
|
Authorized share
capital |
|
|
|
410 million
ordinary shares of
Baht 1 each |
410,000,000 |
410,000,000 |
|
Issued and
paid-up share capital
400,668,354 ordinary shares
of Baht 1 each [31 December 2009 : 398,158,472
ordinary shares of
Baht 1 each |
400,668,354 |
398,158,472 |
|
Share premium |
769,133,751 |
764,113,987 |
|
Unrelated gain |
|
|
|
Revaluation surplus
on land |
209,302,882 |
209,302,882 |
|
Retained Earnings |
|
|
|
Appropriated -statutory reserve |
41,000,000 |
41,000,000 |
|
Unappropriated |
1,567,000,917 |
1,634,126,404 |
|
Total Shareholders' Equity |
2,987,105,904 |
3,046,701,745 |
|
Total Liabilities & Shareholders' Equity |
4,124,636,683 |
4,069,563,683 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
3,067,361,950 |
2,759,230,607 |
|
Other Income |
|
|
|
Interest income |
37,712,902 |
13,156,054 |
|
Others |
56,992,233 |
54,633,124 |
|
Total Sales |
3,162,067,085 |
2,827,019,785 |
|
Expenses |
|
|
|
|
|
|
|
Cost of sales
|
2,335,487,369 |
1,966,420,089 |
|
Selling expenses |
79,953,082 |
118,117,270 |
|
Administrative expenses |
170,382,505 |
228,895,422 |
|
Management benefit expenses |
29,410,406 |
28,477,938 |
|
Other expenses |
|
|
|
Loss on exchange |
148,411,927 |
25,172,743 |
|
Allowance for impairment loss on investment in subsidiaries |
- |
38,000,000 |
|
Total Expenses |
2,763,645,289 |
2,405,083,462 |
|
Income before financial
cost and corporate income tax |
398,421,796 |
421,936,323 |
|
Financial cost |
[23,623,190] |
[34,589,226] |
|
Income before corporate income tax |
374,798,606 |
387,347,097 |
|
corporate income tax |
[31,001,854] |
[29,443,086] |
|
Net Income for
the year |
343,796,752 |
357,904,011 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.97 |
2.45 |
|
QUICK RATIO |
TIMES |
1.25 |
1.56 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.28 |
6.56 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.74 |
0.68 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
115.69 |
143.41 |
|
INVENTORY TURNOVER |
TIMES |
3.15 |
2.55 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
150.90 |
177.29 |
|
RECEIVABLES TURNOVER |
TIMES |
2.42 |
2.06 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
200.64 |
182.72 |
|
CASH CONVERSION CYCLE |
DAYS |
65.95 |
137.99 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
76.14 |
71.27 |
|
SELLING & ADMINISTRATION |
% |
9.12 |
13.61 |
|
INTEREST |
% |
0.77 |
1.25 |
|
GROSS PROFIT MARGIN |
% |
26.95 |
31.19 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
12.99 |
15.29 |
|
NET PROFIT MARGIN |
% |
11.21 |
12.97 |
|
RETURN ON EQUITY |
% |
11.51 |
11.75 |
|
RETURN ON ASSET |
% |
8.34 |
8.79 |
|
EARNING PER SHARE |
BAHT |
0.86 |
0.90 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.28 |
0.25 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.38 |
0.34 |
|
TIME INTEREST EARNED |
TIMES |
16.87 |
12.20 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
11.17 |
|
|
OPERATING PROFIT |
% |
(5.57) |
|
|
NET PROFIT |
% |
(3.94) |
|
|
FIXED ASSETS |
% |
16.07 |
|
|
TOTAL ASSETS |
% |
1.35 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
26.95 |
Impressive |
Industrial Average |
13.23 |
|
Net Profit Margin |
11.21 |
Impressive |
Industrial Average |
0.24 |
|
Return on Assets |
8.34 |
Impressive |
Industrial Average |
0.32 |
|
Return on Equity |
11.51 |
Impressive |
Industrial Average |
0.71 |
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 26.95%. 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 11.21%, higher figure
when 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 8.34%, 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 11.51%, 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 |
1.97 |
Impressive |
Industrial Average |
1.61 |
|
Quick Ratio |
1.25 |
|
|
|
|
Cash Conversion Cycle |
65.95 |
|
|
|
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 1.97 times in 2010, decrease from 2.45 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 1.25 times in 2010,
decrease from 1.56 times, although excluding inventory so the company still
have good short-term financial strength.
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 66 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.28 |
Impressive |
Industrial Average |
0.53 |
|
Debt to Equity Ratio |
0.38 |
Impressive |
Industrial Average |
1.32 |
|
Times Interest Earned |
16.87 |
Impressive |
Industrial Average |
0.59 |
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 16.87 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 0.28 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 Downtrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.28 |
Impressive |
Industrial Average |
5.41 |
|
Total Assets Turnover |
0.74 |
Deteriorated |
Industrial Average |
1.52 |
|
Inventory Conversion Period |
115.69 |
|
|
|
|
Inventory Turnover |
3.15 |
Impressive |
Industrial Average |
2.65 |
|
Receivables Conversion Period |
150.90 |
|
|
|
|
Receivables Turnover |
2.42 |
Acceptable |
Industrial Average |
3.92 |
|
Payables Conversion Period |
200.64 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
UK Pound |
1 |
Rs.71.96 |
|
Euro |
1 |
Rs.64.79 |
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.