MIRA INFORM REPORT
|
Report Date : |
04.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
TYCOONS WORLDWIDE
GROUP [THAILAND] PUBLIC
COMPANY LIMITED |
|
|
|
|
Registered Office : |
99 Moo 1, Tumbon Nikompattana, Amphur Nikompattana, Rayong 21180 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.09.2011 |
|
|
|
|
Date of Incorporation : |
09.09.1996 |
|
|
|
|
Com. Reg. No.: |
0107546000172 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor & exporter of wire rod & fasteners |
|
|
|
|
No. of Employees
: |
1200 |
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 |
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|
|
|
Payment
Behaviour : |
No Complaints |
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|
|
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
TYCOONS WORLDWIDE
GROUP [THAILAND] PUBLIC
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 99
MOO 1, TUMBON
NIKOMPATTANA,
AMPHUR
NIKOMPATTANA, RAYONG 21180,
THAILAND
TELEPHONE : [66] 38 636-800-22
FAX :
[66] 38 636-977, 38
636-969
E-MAIL
ADDRESS : tycoons@tycons.com
iro@tycoons.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1996
REGISTRATION
NO. : 0107546000172 [Former : 40854600018, 1948/2539]
CAPITAL REGISTERED : BHT. 6,035,039,000
CAPITAL PAID-UP : BHT.
6,035,039,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
HUANG, WEN- SUNG, TAIWANESE
PRESIDENT
NO.
OF STAFF : 1,200
LINES
OF BUSINESS : WIRE
ROD & FASTENERS
MANUFACTURER, DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on September 9, 1996 originally as a
private limited company,
under the registered
name “Tycoons Worldwide
Group [Thailand] Company
Limited” by Tycoons
Group International Co., Ltd., Taiwan, with
the business objective
to manufacture and distribute
wide range of
wire rods and
fasteners to both
domestic and international
markets. Subject received
promotional privilege from
the Board of
Investment [BOI] to
produce wire &
screw on October
11, 1996.
The subject invested
with Bht. 6.8
billion in the
industrial area of
Eastern Rayong of
Thailand on 700,000
M2 of area
in 1997.
On July 9,
2003, the subject
converted its status
to a public
limited company under the
name TYCOONS WORLDWIDE
GROUP [THAILAND] PUBLIC
COMPANY LIMITED, and
listed on the
Stock Exchange of
Thailand [SET] on December
11, 2003. It
currently employs approximately
1,200 staff.
In 2009, the
subject established a joint
venture with E-United
Group to operate steel
making plant in
Vietnam, under the
registered name “Tycoons
Worldwide Steel [Vietnam] Ltd.”
with a production
capacity 3 million
tons of steel
ingots per year.
The subject’s registered address
is 99 Moo 1, Tumbon Nikompattana, Amphur Nikompattana,
Rayong 21180, and
this is the
company’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Huang, Wen - Sung |
[x] : Chairman |
Taiwanese |
57 |
|
Mrs. Lu, Yen-Chuan |
[x] : Vice Chairman |
Taiwanese |
58 |
|
Mr. Ou Yang
Lung |
[x] |
Taiwanese |
- |
|
Mr. Surapol Kwanjaithanya |
|
Thai |
62 |
|
Mr. Jirawat Wang |
|
Thai |
57 |
|
Mr. Pipat Wangpichit |
|
Thai |
75 |
|
Mr. Huang, Ping-Lun |
[x] |
Taiwanese |
32 |
AUTHORIZED PERSON
Two of the mentioned
directors [x] can
jointly sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Huang, Wen - Sung
is the President [Fastener Production].
He is Taiwanese
nationality with the
age of 57
years old.
Mr. Su, Chung - Pei is
the Vice President.
He is Taiwanese
nationality.
Mr. Tseng, Der - Jen is
the Vice President
[Rolling Production].
He is Taiwanese
nationality.
Mr. Ou, Yang - Lung
is the Vice
President [Wire Production].
He is Taiwanese
nationality.
Mr. Chang, Yung - Liang is
the Vice President [Financial & Accounting].
He is Taiwanese
nationality.
Mr. Yang, Po - Lung is
the Assistant Vice
President [Planning &
Information].
He is Taiwanese
nationality with the
age of 54
years old.
Ms. Chanya Vechawong
is the
Human Resources Manager.
She is Thai
nationality.
Mr. Arun Arsinviriya is
the Administration Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer
of wire rods, annealing wire, screw
and bolts. The
products are as
the followings:
Steel Grade
· Low Carbon
Steel Wire Rods
· Carbon Steel
Wire Rods For
Cold Heading and
Cold Forging
· High Carbon
Steel Wire Rods
· Low Alloy
Steel Wire Rods
· Welding Steel
Wire Rods
· Free Cutting
Steel Wire Rods
Wire Products
Regarding to the range
of wire products
[Spherodized Annealing wire],
the company can
produce wire in
the range of
diameter from 2.2
mm. to 5.5
mm., from 5.5
mm. to 42.0
mm. and the
material grade are as follow
:
· Material for
nail
· Material for drilling point
screw
· Material for
bolt
Screw Products
1. Chipboard screws
2. Drywall screws
3. Self Drilling
screws
4. Self Tapping
screws
5. Machine screws
6. Hex Head
Machine screws
7. Wood screws
8. Thread Road
9. Special screws
or Bolts
Process of
Wire Rods Production
Tycoons has invested
almost 3 billion
Bht. to construct
the wire rods
rolling plant in
Thailand. Together with
high technology of the equipment
for High Speed
Wire Rod Mill
by SKET of
Germany, Billet Inspection
and Conditioning Line
by NORITAKE and
Walking Beam Type
Reheating Furnace by
Chugai Ro Co.,
Ltd., from Japan.
For electrical portion,
the whole rolling
mill plant has
been highly controlled
by Automation Control
System of which
supplied by ABB,
one of the
most outstanding electrical
supplier in the
world. Besides, ORBIS
Hot Gauge for
Wire Rod &
Bar Mil by
IPL from England
is supplied to
check dimension of
material during process.
Tycoons also supported
by manpower of
China Metallurgical Import
& Export Baogang
Company and Taigang
Import & Export
Corporation from Mainland
China to train
subject’s operators to
familiarize with rolling
mill process.
Tycoons could provide
a wide range
of coil products,
from 5.5 mm.
To 42 mm.
dimension. Of wire
rod coil and
bar in coil
compatible with low
carbon steel, medium/high
carbon steel, cold
heading steel and
alloy steel.
Process of
Spheroidized Annealing Wire
Tycoons Thailand has
the experience in
production of high quality
annealed wire produced
by High Speed
Machines [Herborn &
Breitenback of Germany].
The wire were
stored by star
shape wire support,
and pass the
Spheroidized annealing by
German LOI bell
type vacuum system.
The surface of
material will be
bright after pass
the process of
acid washing, wire
surface plating and
skin pass. The
production is also
supplied to foreign
customers demand.
Process of
Screw Production.
The subject can
control every processes
by PLC. Moreover,
it has the
expert engineers to
control in each
step. After pass
the quality inspection,
it pack and
ship by it selves. As
well, carries good
reputation from the
customers in Europe
and America.
Tycoons makes drywall
screws, chipboard screws,
self tapping screws,
machine screws, hew
head machine screws,
self drilling screws,
tek screws and
decking screws by
using 400 sets
of forming equipments
and & sets
of heat treatment
equipments. He also
has phosphate, zinc
plating, dacrotizing and
rusper for surface
coating.
Tycoons has been
considered to be
the largest supplier
in South East
Asia.
PRODUCTION
Wire Rod :
360,000 tons/year
Annealed Wire : 144,000
tons/year
Screws : 36,000
tons/year
Bolts : 36,000
tons/year
IMPORT [COUNTRIES]
90% of raw
materials mainly steel/billet
are imported from
Taiwan, Germany, Brazil,
South Africa, Ukraine,
Republic of China
and Russia, 10%
of the rest
is purchased from
local suppliers.
MAJOR SUPPLIERS
Tycoons Group Enterprise
Ltd.. : Taiwan
EXPORT [COUNTRIES]
60% of the
products is exported
to Taiwan, U.S.A., Russia, Singapore,
Malaysia, India, Australia,
Republic of China,
Vietnam, Indonesia, Germany,
Pakistan, Spain and
United Kingdom.
SALES [LOCAL]
40% of its
products is sold
locally to manufacturers, wholesalers
and end - users.
MAJOR CUSTOMER
Tycoons Group Enterprise
Ltd.. : Taiwan
REVENUE STRUCTURE
Product 2010 2009
Million Baht % Million Baht
%
Domestic sales
- Wire rod 1,888.25 30.79 1,888.47 38.06
- Annealed wire 105.34 1.71 75.73 1.52
- Screw 0.46 0.01 0.10 0.00
- Bolt 0.02 - - -
- Others 98.14 1.60 82.24 1.66
Total domestic sales 2,092.21 34.11 2,046.54 41.24
International sales
- Wire rod 1,616.60 26.36 822.66 16.58
- Annealed rod 1,212.70 19.78 899.05 18.12
- Screw
620.84 10.12 635.72 12.81
- Bolt 550.70 8.98 142.87 2.88
- Others 39.83 0.65 415.18 8.37
Total international sales 4,040.67 65.89 2,915.48 58.76
Total revenue 6,132.88 100.00 4,962.02 100.00
PARENT COMPANY
Tycoons Group International
Co., Ltd.
SUBSIDIARY AND AFFILIATED
COMPANY
All Manage International
Ltd.
Business Type : Holding
Company
Location : British
Virgin Islands
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
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Bank of
China [ICBC]
[Bangkok
Office, 179 South
Sathorn Rd., Thungmahamek,
Sathorn, Bangkok 10120]
Kasikornbank Public Co., Ltd.
[Rayong
Branch, Nikpmpattana, Rayong
province]
Bangkok Bank
Public Co., Ltd.
[Head
Office : 333
Silom Road, Silom,
Bangrak, Bangkok 10500]
[Maptaphud
Branch, Maptaphud, Chonburi
province]
TMB Bank
Public Co., Ltd.
[Head
Office, 3000 Phaholyothin
Rd., Chompol, Jatujak,
Bangkok 1 0900]
EMPLOYMENT
The subject employs
approximately 1,200 staff
[office staff and
factory workers].
LOCATION DETAILS
The premise is owned
for operating office,
factory & warehouse
at the heading
address. Premises is
located in provincial.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT US$
20,000,000
COMMENT
TYCN is the largest screw
manufacturer in Thailand and
the company believes
that it is one of only
a few screw
manufacturers in the
world vertically integrated
from production of
wire rods to
production of screws.
Subject is one of
the leaders in the
wire rod market.
One factor supporting
this position is the
company’s high product
quality. Additionally, subject
offers certain products
that other competitors
are not able
to offer.
Over the year 2011, the subject has
expanded business both
local and overseas
by way of backward and
forward integration. The
subject has been enhancing
production capacities from time
to time by
adding new technology
and contributes significantly
to the economy of Thailand.
FINANCIAL INFORMATION
The capital was registered at Bht. 1,833,000,000 divided into 183,300,000 shares of Bht. 10 each.
On November 12, 1999, the capital was increased to Bht. 5,028,000,000 divided into 502,800,000 shares of Bht. 10 each.
On December 4, 2003, the capital was increased to Bht. 6,285,000,000 divided into 628,500,000 shares of Bht. 10 each.
In 2009, the capital was decreased to Bht. 6,035,039,000 divided into 603,503,900 shares of Bht. 10 each with fully paid.
MAIN SHAREHOLDERS: [as at
July 26, 2011]
at Bht. 6,0035,039,000 of
capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Tycoons Group International Co., Ltd. |
359,583,592 |
59.58 |
|
Citibank Nominees Singapore
Pte. Ltd. |
120,000,000 |
19.88 |
|
Chase Nominees Limited
42 |
53,036,100 |
9.12 |
|
Thai NVDR Co.,
Ltd. |
6,739,560 |
1.12 |
|
Mrs. Tsai, Yin |
5,516,200 |
0.91 |
|
Others |
58,628,448 |
9.39 |
Total Shareholders :
1,945
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Thipawal Nananuwat No.
3459
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
348,459,582 |
529,750,709 |
|
Trade Accounts Receivable Related Parties |
70,041,530 |
360,760,683 |
|
Unrelated Parties |
396,167,757 |
237,341,205 |
|
Less: Allowance
for Doubtful Accounts |
[104,277,173] |
[113,602,314] |
|
|
|
|
|
Trade Accounts Receivable
- Net |
361,932,114 |
484,499,574 |
|
Amounts due from
Related Parties |
36,585,146 |
356,458 |
|
Inventories |
3,380,306,841 |
2,279,644,446 |
|
Other Current Assets
Advance Payments
for Goods & Services
|
278,545,496 |
296,873,831 |
|
Less: Allowance
for Doubtful Accounts |
[225,592,118] |
[288,849,302] |
|
|
|
|
|
Advance Payments
for Goods & Services - Net |
52,953,378 |
8,024,529 |
|
Value Added
Tax Refundable |
3,131,632 |
79,163,493 |
|
Advances for Purchases
of Assets & Repairs
to Compensate for
Assets Damaged by Fire |
- |
75,861,255 |
|
Less: Allowance
for Advances that
may not Recovered |
- |
[18,573,450] |
|
|
|
|
|
Advances for
Purchases of Assets & Repairs
to Compensate for
Assets Damaged by Fire
- Net |
- |
57,287,805 |
|
Others |
3,740,084 |
4,683,529 |
|
|
|
|
|
Total Current Assets
|
4,187,108,777 |
3,443,410,543 |
|
Restricted Bank Deposit
|
86,500,000 |
86,500,000 |
|
Investment in Subsidiary |
97,394,980 |
97,394,980 |
|
Property, plant and Equipment
|
5,938,433,098 |
6,068,138,582 |
|
Intangible Assets |
442,634 |
1,009,409 |
|
Other Assets |
17,131,055 |
17,157,879 |
|
Total Assets |
10,327,010,544 |
9,713,611,393 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Short-term Loan from Financial
Institutions |
1,1499,298,600 |
1,461,564,418 |
|
Trade Accounts Payable Related Parties |
60,658,336 |
16,272,139 |
|
Unrelated Parties |
1,200,521,123 |
214,353,363 |
|
|
|
|
|
Total Trade Accounts
Payable |
1,261,179,459 |
230,625,502 |
|
Amounts due to
Related Parties |
44,514 |
1,643,645 |
|
Current Portion of Long-term
Loans from Financial Institutions |
610,000,000 |
1,690,000,000 |
|
Current Portion of
Liabilities under Hire- purchase Agreements |
1,524,717 |
1,917,397 |
|
Other Current Liabilities Provision for
Loss from Raw
Material Purchase Contracts |
- |
6,014,805 |
|
Accrued Expenses |
122,234,820 |
62,653,602 |
|
Accrued Interest
Expenses |
12,698,245 |
15,505,862 |
|
Advance Received
from Customers |
62,082,370 |
50,895,219 |
|
Others |
16,616,143 |
22,350,794 |
|
|
|
|
|
Total Current Liabilities |
3,235,678,868 |
3,543,171,244 |
|
Long-term Loans from Financial
Institution – Net of Current
Portion |
965,000,000 |
435,000,000 |
|
Liabilities under Hire-purchase Agreements – Net of
Current Portion |
2,643,892 |
3,713,064 |
|
Total Liabilities |
4,203,322,760 |
3,981,884,308 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
|
2010 |
2009 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Share capital |
|
|
|
Registered 603,503,900 ordinary shares
of Baht 10 each |
6,035,039,000 |
6,035,039,000 |
|
Issued and
fully paid up |
|
|
|
603,503,900 ordinary shares
of Baht 10 each
|
6,035,039,000 |
6,035,039,000 |
|
Premium on Share
Capital |
- |
651,599,475 |
|
Premium on Treasury Stock |
- |
40,394,832 |
|
Retained Earning Appropriated for Statutory Reserve |
4,432,439 |
90,122,577 |
|
Unappropriated |
84,216,345 |
[1,085,428,799] |
|
Total Shareholders' Equity |
6,123,687,784 |
5,731,727,085 |
|
Total Liabilities & Shareholders' Equity |
10,327,010,544 |
9,713,611,393 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
6,132,881,794 |
4,962,020,977 |
|
Other Income Gains on
Exchange Rate |
164,430,812 |
- |
|
Interest Income |
4,615,143 |
12,101,234 |
|
Others |
30,554,538 |
5,863,968 |
|
Total Revenues |
6,332,482,287 |
4,979,986,179 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Sales
|
5,665,264,490 |
5,591,167,518 |
|
Losses on Diminution
in Value of Inventories
[Reversal] |
[120,017,044] |
[235,262,154] |
|
|
5,545,247,446 |
5,355,905,364 |
|
Selling Expenses |
226,663,910 |
153,992,512 |
|
Administrative Expenses |
108,194,007 |
130,332,241 |
|
Management Benefit Expenses |
13,633,629 |
13,328,226 |
|
Bad Debts |
- |
282,522,157 |
|
Doubtful Debts [reversal |
[48,415,956] |
381,660,748 |
|
Losses from advances
that may not
be recovered [reversal] |
[18,539,825] |
18,573,450 |
|
Loss from Raw
Material Purchase Contract |
[6,014,805] |
6,014,805 |
|
Loss on Exchange
Rate |
- |
33,122,998 |
|
Total Expenses |
5,820,768,406 |
6,356,879,051 |
|
|
|
|
|
Profit / [Loss] before Finance
Cost |
511,713,881 |
[1,376,892,872] |
|
Finance Cost |
[119,753,182] |
[142,596,885] |
|
|
|
|
|
Net Profit / [Loss] |
391,960,699 |
[1,519,489,757] |
BALANCE SHEET [BAHT]
The latest financial figures published for September 30, 2011 was : [unaudited]
ASSETS
[ Thousand Baht ]
|
Current Assets |
2011 |
|
|
|
|
Cash and Cash Equivalents |
517,624 |
|
Trade Accounts Receivable Related Parties |
46,216 |
|
Unrelated Parties |
477,985 |
|
Less: Allowance
for Doubtful Accounts |
[115,131] |
|
|
|
|
Trade Accounts Receivable
- Net |
409,070 |
|
Amounts due from
Related Parties |
31,049 |
|
Inventories |
2,991,105 |
|
Other Current Assets
Advance Payments
for Goods & Services
|
247,516 |
|
Less: Allowance
for Doubtful Accounts |
[233,270] |
|
|
|
|
Advance Payments
for Goods and Services - Net |
14,246 |
|
Value Added
Tax Refundable |
44,386 |
|
Others |
8,164 |
|
|
|
|
Total Current Assets
|
4,015,644 |
|
Restricted Bank Deposit
|
86,500 |
|
Investment in Subsidiaries |
197,145 |
|
Property, plant and Equipment |
5,802,081 |
|
Other Intangible Assets |
143 |
|
Other Assets |
18,361 |
|
Total Assets |
10,119,874 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
[ Thousand Baht ]
|
Current
Liabilities |
2011 |
|
|
|
|
Short-term Loan from Financial
Institutions |
1,386,705 |
|
Trade Accounts Payable Related Parties |
15,135 |
|
Unrelated Parties |
703,816 |
|
|
|
|
Total Trade Accounts
Payable |
718,951 |
|
Amounts due to
Related Parties |
99,766 |
|
Current Portion of Long-term
Loans from Financial
Institutions |
332,000 |
|
Current Portion of
Liabilities under Hire-
purchase Agreements |
1,596 |
|
Other Current Liabilities Provision for
Loss from Raw
Material Purchase Contracts |
42,954 |
|
Accrued Expenses |
88,527 |
|
Accrued Interest
Expenses |
11,641 |
|
Advance Received
from Customers |
63,931 |
|
Others |
39,922 |
|
|
|
|
Total Current Liabilities |
2,785,993 |
|
Long-term Loans from Financial Institution - Net of
Current Portion |
872,000 |
|
Liabilities under Hire-purchase Agreements - Net of
Current Portion |
2,021 |
|
Provision for Long-term Employee
Benefits |
11,285 |
|
Total Liabilities |
3,671,299 |
|
|
|
|
Shareholders' Equity |
|
|
Share capital |
|
|
Registered 603,503,900 ordinary shares
of Baht 10 each |
6,035,039 |
|
Issued and
fully paid up |
|
|
603,503,900 ordinary shares
of Baht 10 each
|
6,035,039 |
|
Retained Earning Appropriated for
Statutory Reserve |
4,432 |
|
Unappropriated |
409,104 |
|
Total Shareholders' Equity |
6,448,575 |
|
Total Liabilities & Shareholders' Equity |
10,119,874 |
PROFIT & LOSS ACCOUNT
For the
nine-month periods ended
September 30, 2011
was.
[ Thousand Baht ]
|
Revenue |
2011 |
|
|
|
|
Sales |
6,664,292 |
|
Other Income |
|
|
Interest Income |
17,025 |
|
Others |
19,635 |
|
Total Revenues |
6,700,952 |
|
Expenses |
|
|
|
|
|
Cost of Sales
|
5,916,445 |
|
Losses on Diminution
in Value of Inventories
[Reversal] |
[19,917] |
|
|
5,896,528 |
|
Selling Expenses |
183,375 |
|
Administrative Expenses |
107,019 |
|
Doubtful Debts [reversal |
10,854 |
|
Losses from Raw Material Purchase
Contract [Reversal] |
42,954 |
|
Losses on Exchange Rate |
25,670 |
|
Losses on Derivatives |
16,744 |
|
Total Expenses |
6,283,144 |
|
|
|
|
Profit / [Loss] before Finance
Cost |
417,808 |
|
Finance Cost |
82,792 |
|
|
|
|
Net Profit / [Loss] |
335,016 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.29 |
0.97 |
|
QUICK RATIO |
TIMES |
0.14 |
0.18 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.03 |
0.82 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.59 |
0.51 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
217.79 |
148.82 |
|
INVENTORY TURNOVER |
TIMES |
1.68 |
2.45 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
23.58 |
17.46 |
|
RECEIVABLES TURNOVER |
TIMES |
15.48 |
20.91 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
77.35 |
13.99 |
|
CASH CONVERSION CYCLE |
DAYS |
164.02 |
152.28 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
92.38 |
112.68 |
|
SELLING & ADMINISTRATION |
% |
5.68 |
6.00 |
|
INTEREST |
% |
1.95 |
2.87 |
|
GROSS PROFIT MARGIN |
% |
10.88 |
(12.32) |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.34 |
(27.75) |
|
NET PROFIT MARGIN |
% |
6.39 |
(30.62) |
|
RETURN ON EQUITY |
% |
6.40 |
(26.51) |
|
RETURN ON ASSET |
% |
3.80 |
(15.64) |
|
EARNING PER SHARE |
BAHT |
0.65 |
(2.52) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.41 |
0.41 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.69 |
0.69 |
|
TIME INTEREST EARNED |
TIMES |
4.27 |
(9.66) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
23.60 |
|
|
OPERATING PROFIT |
% |
(137.16) |
|
|
NET PROFIT |
% |
125.80 |
|
|
FIXED ASSETS |
% |
(2.14) |
|
|
TOTAL ASSETS |
% |
6.31 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
10.88 |
Satisfactory |
Industrial Average |
11.91 |
|
Net Profit Margin |
6.39 |
Impressive |
Industrial Average |
0.74 |
|
Return on Assets |
3.80 |
Impressive |
Industrial Average |
0.87 |
|
Return on Equity |
6.40 |
Impressive |
Industrial Average |
0.32 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues 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 10.88%. When
compared with the industry average, the ratio of the company was lower, indicated that company was originated from
the problems with control over its costs.
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 6.39%,
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 3.8%, 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 6.4%, 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 |
1.29 |
Satisfactory |
Industrial
Average |
1.60 |
|
Quick Ratio |
0.14 |
|
|
|
|
Cash Conversion Cycle |
164.02 |
|
|
|
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 1.29 times in 2010, increased from 0.97 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 0.14 times in 2010,
decreased from 0.18 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 165 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.41 |
Impressive |
Industrial
Average |
0.47 |
|
Debt to Equity Ratio |
0.69 |
Impressive |
Industrial
Average |
0.90 |
|
Times Interest Earned |
4.27 |
Impressive |
Industrial
Average |
1.55 |
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
stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 4.28 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 0.41 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 |
1.03 |
Deteriorated |
Industrial
Average |
2.37 |
|
Total Assets Turnover |
0.59 |
Acceptable |
Industrial
Average |
1.03 |
|
Inventory Conversion Period |
217.79 |
|
|
|
|
Inventory Turnover |
1.68 |
Acceptable |
Industrial
Average |
3.13 |
|
Receivables Conversion Period |
23.58 |
|
|
|
|
Receivables Turnover |
15.48 |
Impressive |
Industrial
Average |
4.86 |
|
Payables Conversion Period |
77.35 |
|
|
|
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.96 |
|
UK Pound |
1 |
Rs.77.47 |
|
Euro |
1 |
Rs.64.39 |
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.