MIRA INFORM REPORT
|
Report Date : |
13.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
TPI
POLENE PUBLIC COMPANY
LIMITED |
|
|
|
|
Registered Office : |
26/56 Chan Tadmai
Road, Tungmahamek, Sathorn, Bangkok
10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
24.09.1987 |
|
|
|
|
Com. Reg. No.: |
0107537000564 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Plastic Resin & Cement Products |
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
TPI POLENE
PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 26/56
CHAN TADMAI ROAD,
TUNGMAHAMEK,
SATHORN, BANGKOK
10120, THAILAND
TELEPHONE : [66]
2213-1039, 2285-5090
FAX :
[66] 2213-1035,
2213-1038, 2213-1012
WEBSITE : www.tpipolene.com
EMAIL
ADDRESS : wmasters@tpipolene.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1987
REGISTRATION
NO. : 0107537000564 [Former : BOR. MOR. JOR. 303]
CAPITAL
REGISTERED : BHT. 24,815,000,000
CAPITAL
PAID-UP : BHT. 20,190,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
PRACHAI LEOPHAIRATANA, THAI
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 4,903
LINES
OF BUSINESS : PLASTIC
RESIN & CEMENT
PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on September
24, 1987 as
a private limited
company under the
registered name “Polene
Co., Ltd.” by
Thai groups, in
order to manufacture
plastic resin & cement products
for local market. On
October 24, 1989,
the name was
changed to “TPI
Polene Co., Ltd.”
The subject was
listed on the
Stock Exchange of
Thailand on November
20, 1990, and converted
into public limited
company under the
name TPI POLENE
PUBLIC COMPANY LIMITED
on February 17,
1994. It currently
employs 4,903 staff.
The subject is
the Thailand’s biggest
LDPE plastic resin
manufacturer.
The subject is
currently under the
rehabilitation plan.
Awards and Standards
Concrete Business
-
ISO
14001 Certification for
Quality Management Systems in
the Environmental
Protection,
from Bureau Veritas
Quality International
-
TIS/ISO
9002 Certification for Manufacture, Installation and Service
Standard, from ISO
Standard Institute [TIS]
LDPE/EVA Business
-
ISO 9001:2000 Certification for the entire
production process, from
ISO Standard Institute
[TPS]
-
TIS 18001
Certification for Occupational
Health and Safety
Management from the
Management System Certification
Institute [Thailand] [MASCI]
The subject’s registered
address is 26/56
Chan Tadmai Rd.,
Tungmahamek, Sathorn, Bangkok
10120,
and this is the company’s current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prachai Leophairatana |
[x] |
Thai |
67 |
|
Mr. Prateep Leophairatana |
[x] |
Thai |
65 |
|
Mr. Pramual Leophairatana |
[x] |
Thai |
62 |
|
Mr. Prayad Leophairatana |
[x] |
Thai |
60 |
|
Mr. Chawin Eiamsopana |
[x] |
Thai |
69 |
|
Mr. Chainarong Taepaisitpong |
[x] |
Thai |
69 |
|
Mr. Visit Noiphand |
|
Thai |
78 |
|
Mrs. Boonsri Leophairatana |
[x] |
Thai |
89 |
|
Mrs. Narasri Vaivanijkul |
|
Thai |
78 |
|
Ms. Suchitra Taychanavakul |
[x] |
Thai |
87 |
|
Mrs. Orapin Leophairatana |
[x] |
Thai |
64 |
|
Pol. Gen. Charnchit Peanlert |
|
Thai |
67 |
|
Mr. Manus Suksamarn |
|
Thai |
76 |
|
Mr. Pises Iamsakulrat |
|
Thai |
47 |
|
Mr. Thavich Taychanavakul |
|
Thai |
62 |
|
Mr. Tayuth Sriyuksiri |
|
Thai |
57 |
|
Mr. Khantachai Vichakkhana |
|
Thai |
63 |
AUTHORIZED PERSON
Two of the
mentioned directors [x]
can jointly sign
on behalf of
the subject with
the company’s affixed.
MANAGEMENT
Mr. Prachai Leophairatana is
the Chief Executive
Officer.
He is Thai
nationality with the age
of 67 years
old.
Mr. Prayad Leophairatana is
the President.
He is Thai
nationality with the age
of 60 years
old.
Mr. Prateep Leophairatana is
the President -
LDPE Business.
He is Thai
nationality with the age
of 65 years
old.
Mr. Pramual Leophairatana is
the President -
LDPE Business.
He is Thai
nationality with the age
of 62 years
old.
Mrs. Orapin Leophairatana is
the Senior Vice
President.
She is Thai
nationality with the
age of 64
years old.
Mr. Prasert Ittimakin
is the Senior
Vice President -
Account & Finance Division.
He is Thai
nationality.
Ms. Jularat Danwattanachai is
the Vice President
- Account & Finance Department.
She is Thai
nationality.
Mr. Anugoon Piyapakom
is the Assistant
Vice President - Account
Department.
He is Thai
nationality.
Mr. Pongsak Yiengsakun
is the Assistant
Vice President -
Finance Department.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer
and distributor of
Low Density Poly
Ethylene [LDPE] plastic
resin for use
in the production
of plastic bags,
sheets for agriculture,
artificial flowers, water
pipes and wrapping;
as well as
Ethylene Vinyl Acetate
[EVA] which is
the copolymer between
LDPE and Vinyl
Acetate Monomer and
Plastic Resin.
The subject operates
in five segments,
including cement, concrete,
plastic, ammonium nitrate
and nitric acid,
as well as fuel oil,
gas and electricity.
MAJOR BRANDS
“TPI” and “M-199”
TRADEMARK
“TPIPL”
PRODUCTION
LDPE : 158,000
tons per year
EVA : 73,000
tons per year
Powder Cement :
9,000,000 tons per
year
Pellet Cement :
6,882,768 tons per
year
IMPORT
[COUNTRIES]
Most of raw materials are
purchased from local
suppliers, the remaining including
machinery and spare
parts are imported
from United States of
America, Japan, Singapore,
Indonesia, Germany and
other European countries.
MAJOR SUPPLIERS
|
Name |
Country |
Products |
|
|
|
|
|
Krupp Polysius GmbH |
Germany |
Machinery |
|
IRPC Public Co., Ltd.
|
Thailand |
Chemical |
|
Uhde GmbH |
Germany |
Machinery |
|
PET Putz-Und Fordertechnik GmbH |
Germany |
- |
SALES
[LOCAL]
85% of the
products is sold
locally to manufacturers, wholesalers
and end-users, and
the remaining 15%
is exported to Malaysia,
Singapore, Korea, Philippines, Taiwan, Japan,
Hong Kong, Republic
of China, Vietnam, Laos
and United States
of America.
MAJOR CUSTOMER
TPI Concrete Co.,
Ltd.
SUBSIDIARY
TPI Concrete Co., Ltd.
Business Type : Manufacturing
and distribution of
ready mixed-concrete.
Investment : The
subject holds 99.99%
of the company’s
shares.
TPI All Seasons Company Limited
TPI Polene Power Company Limited
LITIGATIONS
As at 31 December
2010, the company had the major lawsuits
as follows:
1)
On 26
May 2009, IRPC Public
Company Limited , s the
plaintiff, filed a
lawsuit against the
Company and others in the total of 6 persons to
the Southern Bangkok Criminal Court
on the charges in
relation to Sections 5, 307, 308, 311, 313 and 315 of the
Securities and Exchange Act B.E. 2535. The
Court set and appointment for hearing of
witnesses of the
plaintiff on 18
and 25 March
2011 and 1
and 6 April
2011.
On 23 December
2008, IRPC Public
Company Limited, as the
plaintiff, filed a lawsuit
against the Company
with the Rayong Provincial
Court on the grounds
of breach of contract and
claim for damages
of Baht 228
million. The company disputed these
charges and filed a defence
that these matters were
not true and that the management of
IRPC has no
power to submit
the contesting that
law suit against the Company.
The Court issued an order
for the appointment on 3
march 2011.
2)
On
2 April 2010, with
respect to the sale of
goods to the
third party, Court
ordered the Company
to pay to the third
party the amount of
USD 2,,964,151 together with
interest at the
annual rate of
5% a related
arbitration, legal and
interest expenses of USD
932,755 with default
interest.
The
Company filed the
appeal with the
Supreme Court on 1
June 2010 and
the third party filed
an answer to the
appeal with the Supreme
Court on 17 August
2100. This case is
in the process
of consideration by the
Supreme Court. The
Company has not recorded
any liability in
the financial statements of
these claims as
the outcome is
uncertain.
3)
On 4
February 2002, the
Official Receiver made
and order that a certain
scheme creditor is
entitled to receive
a payment for its
claim from the
Company of Baht
7,274 million (including
accrued interest), (being the outstanding
debts as at 21
August 2000, the
date on which the Official
Receiver issued an order for
the creditors to
file their claims).
Consequently, both the
Company and that
scheme creditor filed
petitions to the
Central Bankruptcy Court against the order of
the Official Receiver.
Subsequently, on 28
June 2004, the
Central Bankruptcy Court
ordered that the scheme
creditor is entitled
to receive payment of
its claim from
the Company in the
amount of Baht 7,274
million (including accrued interest). As
at 21 August
2000, liabilities recorded in
the consolidated and
the separate financial
statements in respect of
the creditor totaled
Baht 6,952 million
and Baht 6,590
million, respectively. The
Company has made scheduled
payments to the
creditor under the
debt restructuring agreement.
On
15 December 2010, the Company
and the scheme creditor already
reached and signed
agreement on the terms
and conditions for the
repayment of the outstanding
debt. In addition,
the subsidiary and
the scheme creditor
also signed agreement to
settle the outstanding
debt.
As
at 31 December 2010, the
outstanding recorded
balances Baht 1,003
million in the
consolidated and the separate financial
statements.
4)
In
1996 and 1997,
the Company entered
into supply and
engineering contracts for the
Fourth Cement Plant
Project with two overseas
companies totaling DM
298 million (or EUR 151
million equivalent) which
as at 31
December 2010 were equivalent
to Baht 6,059
million (2009:Baht 7,326
million). The Company had
made advance payments
for machinery of Baht 267
million (2009: 319 million), shown as other
non-current assets in the consolidated
and the separate financial
statements. No allowance
has been make
for any impairment in value of
these advance payments or
for any other
matters relating to
the supply and
engineering contracts. Management believed that finally
the Company would
receive such machinery
after finance is made available,. In
may 2001, the
Official Receiver ordered payments
to be made to
two creditors totaling
DM 132 million
(or EUR 68 million
equivalent), including
interest. On 4
July 2001, the
Company filed petitions with the Central
Bankruptcy Court appealing
against the decision of
the Official Receiver.
The Central Bankruptcy
Court’s decision dated
27 December 2001,
ordered the Company
to make payments
to 2 such
creditors totaling DM 93
million (or EUR
47 million equivalent),
which as at 31 December 2010
are equivalent to a total
of Baht 1,892
million (2009: Baht 2,262
million) including interest
charged at t he rate of
7.5% per annum.
The Company disagreed with
the Central Bankruptcy
Court’s decision and
appealed to the
Supreme Court at
the rate of 7.5% per
annum. The Company
disagreed with the Central
Bankruptcy Court’s decision and
appealed to the Supreme
Court on 25
January 2002. Currently, the
Supreme Court is considering
its decision. The outcome of
this matter is
presently uncertain and ,,
therefore, the Company
has not recorded such liabilities in the
financial statement.
5)
As
at 31 December
2010, the Company
and its subsidiaries
had contingent liabilities arising
from certain claims
filed by certain
creditors with the
Official Receiver in the
amount of Baht
65 million.. consequently,
the Official Receiver and /or the Central Bankruptcy
Court issued an order
to t he Company and
the subsidiaries to pay
such creditors in the amount
of Baht 16 million.
Currently, both the Company
and the creditors have appealed
against such order to t he
Central Bankruptcy Court
and the Supreme Court.
The Company has not
recorded any liability in
the financial statements
for these claims
as the outcome is
uncertain.
CREDIT
Purchasing terms are
by cash or
on the credits
term of 30-60-90
days.
Imports are by
L/C at sight
or T/T on
negotiated term.
Selling terms are
by cash or
on the credits
term of 30-60
days.
Exports are against
L/C at sight
or T/T on negotiated term.
BUSINESS TRANSACTIONS
The products
are sold to
local customers by
cash and credit,
with the maximum
credit given at
60 days, while
exports are against L/C
at sight or T/T on
negotiated term. The subject
is not found
to have problem
on both accounts
receivable and account payable.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head
Office : 333
Silom Rd., Bangrak, Bangkok
10500]
Krung Thai
Bank Public Co.,
Ltd.
[Head
Office : 35
Sukhumvit Rd., Klongtoeynua,
Watana, Bangkok 10110]
The Siam
Commercial Bank Public
Co., Ltd.
[Head
Office : 9
Ratchadapisek Rd., Ladyao,
Jatujak, Bangkok 10900]
Deutsche Bank
AG
[Bangkok Branch :
208 Wireless Rd.,
Lumpini, Pathumwan, Bangkok
10500]
The Hongkong
& Shanghai Banking
Corporation
[Bangkok Branch :
968 Hong Kong
Bank Bldg., Rama
IV Rd., Silom,
Bangrak,
Bangkok 10500]
EMPLOYMENT
The subject employs
approximately 4,903 staff
as the followings:
Cement Business :
4,451
staff
PVC Resin Business : 371 staff
Management Team :
81 staff
Total 4,903 staff
LOCATION DETAILS
The premise is
owned for administrative
office at the
heading address. It
is located in
a prime commercial
area.
The Company has six plants, which consists of three cement manufacturing
plants and three dry mortar manufacturing plants, which all are in Saraburi
province. Its plastic industry is operated at Rayong province, and has two
low-density polyethylene (LDPE) and ethylene vinyl acetate (EVA) plastic
manufacturing plants.
The Cement Plant
is located at
299 Mitrapap Rd.,
TPI Polene Industrial
Complex, A. Kleangkoy,
Saraburi 18110. Tel.: [66]
36 339-036-40, 36
339-111-175. Premised located on
1,280,000 sqm. of
area.
The LDPE Plant
is located at
299 Moo 5,
T. Cheang-Noen, A.
Muang, Rayong 21000.
Tel.: [66] 38
611-333. Premised locate
on 68,000 sqm.
of area.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 10,000,000.
COMMENT
In 2010, the overall
Thai economy improved
in line with
the expansion is the export
sector and growth in domestic
consumption in the country,
which was driven
by the economic
stimulus program, with
the enormous amount of
funds utilized by
foreign countries. Domestic
cement consumption in
2010 grew according
to the economic
situation in the country.
FINANCIAL INFORMATION
The capital was registered at
Bht. 100,000, divided into 1,000
shares of Bht. 100
each.
The capital was
increased later as
followings:
Bht. 1,200,000,000 on
February 10, 1990
Bht. 1,350,000,000 on September 7,
1990
Bht. 1,450,000,000 on
July 23, 1991
Bht. 1,933,333,330 on
January 15, 1993
Bht. 2,700,000,000 in
1996
Bht. 5,307,000,000 in
1997
The latest registered
was increased to Bht.
24,815,000,000 divided into
2,481,500,000 shares of
Bht. 10 each with
the capital paid-up
of Bht. 20,190,000,000.
MAIN SHAREHOLDERS
[as at
March 17, 2011] at
Bht. 20,190,000,000 of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Thai Petrochemical Industrial
Co., Ltd. |
275,269,816 |
13.63 |
|
Leophairatana Enterprises Co.,
Ltd. |
159,298,467 |
7.89 |
|
TPI Holding Co.,
Ltd. |
126,271,084 |
6.25 |
|
Mr. Pakorn Leophairatana |
85,645,401 |
4.24 |
|
Mrs. Orapin Leophairatana |
84,916,224 |
4.21 |
|
Mrs. Boonsri Leophairatana |
80,400,000 |
3.98 |
|
Mr. Pramual Leophairatana |
80,400,000 |
3.98 |
|
Mr. Prayad Leophairatana |
80,400,000 |
3.98 |
|
Bangkok Bank Public
Co., Ltd. |
65,769,324 |
3.26 |
|
Ms. Patraphan Leophairatana |
62,658,900 |
3.10 |
|
Thai NVDR Co.,
Ltd. |
44,306,558 |
2.19 |
|
Others |
873,664,226 |
43.29 |
Total Shareholders :
13,406
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Santi Pongcharoenpit No.
4623
BALANCE SHEET [BAHT]
The latest financial figures published as at December 31, 2010 & 2009 were:
ASSETS
[Unit
: Thousand Baht]
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and cash
equivalents |
663,082 |
990,175 |
|
Short-term investment |
3,025 |
3,000 |
|
Trade account receivable |
1,674,421 |
1,351,991 |
|
Short-term loan to related
company |
507,969 |
74,200 |
|
Advances to related company |
72,968 |
13,155 |
|
Inventories |
4,839,676 |
4,549,340 |
|
Other Current Assets
|
298,011 |
280,367 |
|
|
|
|
|
Total Current Assets
|
8,059,152 |
7,262,228 |
|
Investments in subsidiaries & joint
venture |
3,695,907 |
2,898,907 |
|
Investment in associated company |
135,350 |
135,350 |
|
Long-term investments in
related company |
104,717 |
104,717 |
|
Other long-term investments |
540,576 |
430,394 |
|
Receivable from and
advance to related Company |
734,961 |
665,961 |
|
Property, plant and
equipment |
54,650,298 |
56,619,010 |
|
Intangible assets |
339,949 |
364,736 |
|
Other assets |
720,354 |
727,182 |
|
Total Assets |
68,981,264 |
69,208,485 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
[Unit
: Thousand Baht]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank overdraft and
short-term loan from financial institutions |
4,176 |
257,040 |
|
Trade accounts payable |
1,957,086 |
1,804,266 |
|
Current portion of
long-term loan |
2,357,195 |
4,952,827 |
|
Short-term loan from related company |
- |
1,544 |
|
Advances from related
company |
188,923 |
4,999 |
|
Accrued expenses |
77,856 |
152,150 |
|
Current portion of
finance lease contract liabilities |
5,763 |
3,851 |
|
Accrued income tax |
276,583 |
148,464 |
|
Estimated liabilities from
Fine |
6,900,300 |
6,900,300 |
|
Other current liabilities |
1,465,308 |
1,449,454 |
|
|
|
|
|
Total Current Liabilities |
13,233,190 |
15,674,395 |
|
|
|
|
|
Provision for staff
retirement benefits |
127,502 |
116,737 |
|
Finance lease contract
liabilities |
8,459 |
7,593 |
|
Long-term loan from
financial institutions |
2,101,463 |
147,961 |
|
Other liabilities |
195,136 |
195,136 |
|
Total Liabilities |
15,665,750 |
16,141,822 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital |
|
|
|
Authorized share
capital |
24,815,000 |
24,815,000 |
|
|
|
|
|
Issued and
paid-up share capital |
20,190,000 |
20,190,000 |
|
Share premium |
60,600 |
60,600 |
|
Surplus on
assets revaluation |
27,882,124 |
29,491,904 |
|
Change in fair value of
available-for-sale securities |
[122,828] |
[233,197] |
|
Retained Earnings Appropriated for statutory
reserve |
275,376 |
177,868 |
|
Unappropriated |
5,030,242 |
3,379,488 |
|
Total Shareholders’ Equity |
53,315,514 |
53,066,663 |
|
Total Liabilities &
Shareholders' Equity |
68,981,264 |
69,208,485 |
PROFIT & LOSS ACCOUNT
[Unit
: Thousand Baht]
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales from sales
of goods |
19,945,098 |
18,427,104 |
|
Delivery income |
1,124,584 |
993,652 |
|
Gain from debt restructuring according to rehabilitation plan |
80,154 |
3,098,824 |
|
Gain from foreign exchange
gain |
263,866 |
239,075 |
|
Investment income |
352,003 |
901,042 |
|
Other income |
314,574 |
355,852 |
|
Total Sales |
22,080,279 |
24,015,549 |
|
Expenses |
|
|
|
|
|
|
|
Cost of sales
of goods |
15,792,492 |
14,447,001 |
|
Selling expenses |
2,756,855 |
2,763,852 |
|
Administrative expenses |
707,479 |
628,993 |
|
Directors’ remuneration |
257,544 |
221,942 |
|
Total Expenses |
19,514,370 |
18,061,788 |
|
|
|
|
|
Profit before financial cost & income tax |
2,565,909 |
5,953,761 |
|
Financial cost |
[158,825] |
[248,102] |
|
Income tax |
[456,922] |
[422,137] |
|
|
|
|
|
Net Profit / [Loss] |
1,950,162 |
5,283,522 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.61 |
0.46 |
|
QUICK RATIO |
TIMES |
0.22 |
0.16 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.39 |
0.34 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.31 |
0.28 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
111.86 |
114.94 |
|
INVENTORY TURNOVER |
TIMES |
3.26 |
3.18 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
29.01 |
25.41 |
|
RECEIVABLES TURNOVER |
TIMES |
12.58 |
14.36 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
45.23 |
45.58 |
|
CASH CONVERSION CYCLE |
DAYS |
95.63 |
94.76 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
74.95 |
74.39 |
|
SELLING & ADMINISTRATION |
% |
16.44 |
17.47 |
|
INTEREST |
% |
0.75 |
1.28 |
|
GROSS PROFIT MARGIN |
% |
29.84 |
49.27 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
12.18 |
30.66 |
|
NET PROFIT MARGIN |
% |
9.26 |
27.21 |
|
RETURN ON EQUITY |
% |
3.66 |
9.96 |
|
RETURN ON ASSET |
% |
2.83 |
7.63 |
|
EARNING PER SHARE |
BAHT |
9.66 |
26.17 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.23 |
0.23 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.29 |
0.30 |
|
TIME INTEREST EARNED |
TIMES |
16.16 |
24.00 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
8.49 |
|
|
OPERATING PROFIT |
% |
(56.90) |
|
|
NET PROFIT |
% |
(63.09) |
|
|
FIXED ASSETS |
% |
(3.48) |
|
|
TOTAL ASSETS |
% |
(0.33) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
29.84 |
Impressive |
Industrial Average |
19.51 |
|
Net Profit Margin |
9.26 |
Impressive |
Industrial Average |
6.24 |
|
Return on Assets |
2.83 |
Deteriorated |
Industrial Average |
6.92 |
|
Return on Equity |
3.66 |
Deteriorated |
Industrial Average |
13.57 |
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 29.84%. 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 9.26%
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. When compared with the
industry average, it was lower, the company's figure is 2.83%.
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 3.66%.
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 |
0.61 |
Risky |
Industrial Average |
0.76 |
|
Quick Ratio |
0.22 |
|
|
|
|
Cash Conversion Cycle |
95.63 |
|
|
|
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 0.61 times in 2010, increase from 0.46 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 0.22 times in 2010, increase
from 0.16 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 96 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.23 |
Impressive |
Industrial Average |
0.48 |
|
Debt to Equity Ratio |
0.29 |
Impressive |
Industrial Average |
0.91 |
|
Times Interest Earned |
16.16 |
Impressive |
Industrial Average |
4.00 |
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 16.16 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 0.23 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.39 |
Deteriorated |
Industrial Average |
1.50 |
|
Total Assets Turnover |
0.31 |
Deteriorated |
Industrial Average |
1.14 |
|
Inventory Conversion Period |
111.86 |
|
|
|
|
Inventory Turnover |
3.26 |
Acceptable |
Industrial Average |
4.82 |
|
Receivables Conversion Period |
29.01 |
|
|
|
|
Receivables Turnover |
12.58 |
Impressive |
Industrial Average |
8.67 |
|
Payables Conversion Period |
45.23 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.69 |
|
UK Pound |
1 |
Rs.70.87 |
|
Euro |
1 |
Rs.62.26 |
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.