MIRA
INFORM REPORT
|
Report Date : |
23.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
EKARAT ENGINEERING PUBLIC COMAPANY LIMITED |
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Registered Office : |
28th
Floor, Um Tower,
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
24.06.1981 |
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Com. Reg. No.: |
0107537002711 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacturer and Service Provider of Transformer & Solar System |
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No. of Employees : |
665 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
|
Litigation : |
Exist |
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
EKARAT
ENGINEERING PUBLIC COMAPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 28th FLOOR,
UM TOWER,
TELEPHONE : [66] 2719-8777
FAX :
[66] 2719-8760-2
E-MAIL
ADDRESS : marketing@ekarat-transformer.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1981
REGISTRATION
NO. : 0107537002711 [Former: BOR MOR JOR. 518]
TAX
ID NO. : 3101155990
CAPITAL REGISTERED : BHT. 790,173,640
CAPITAL PAID-UP : BHT.
790,173,640
SHAREHOLDER’S PROPORTION : THAI :
99.83%
FOREIGN :
0.17%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. DANUCHA
NOICHAIBOON, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 665
LINES
OF BUSINESS : TRANSFORMER &
SOLAR SYSTEM
MANUFACTURER AND
SERVICE PROVIDER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on June
24, 1981 as
a private limited company
under the registered
“Ekarat Engineering Co.,
Ltd.” by Thai
groups. On December
9, 1994, its
status was converted
into a public
limited company under
the name EKARAT
ENGINEERING PUBLIC COMPANY
LIMITED. It currently
employs approximate 665
staff.
The business objective
is a manufacturer
and distributor of
transformer with range
from 5-1,000 kVA
for single phase,
10 - 20,000 kVA
for three phases
to both domestic and overseas markets,
as well as
operator and distributor of solar
farm, supply to
Provincial Electricity Authority. It
achieved certifications: TIS-ISO
9001 from Thai
Industrial Standard Office,
The Ministry of
Industry, in 1996; ISO
9001:1994 from SGS
Yarsley International, U.K.,
in 1998; ISO 14001
from SGS in
2001; and ISO 9001: 2000 from
SGS in 2002.
In 2003, the subject
was ordered to enter into the rehabilitation plan by Central Bankruptcy
Court. However, the
plan has been
completed, and the
Court has ordered
to give up
the plan on
September 1, 2004.
On August 7,
2006, subject was
listed on the
Stock Exchange of
Thailand, under the
symbolic “AKR”.
The subject’s registered
and business address is 28th Flr., UM Tower, 9/291 Ramkhamhaeng
Rd., Suanluang, Bangkok
10250.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vichit Yamboonruang |
Chairman |
Thai |
71 |
|
Mr. Anan
Santichewasatian |
[x] |
Thai |
58 |
|
Mr. Pitak
Chaicharoen |
|
Thai |
72 |
|
Mr. Chalit
Satidthong |
|
Thai |
62 |
|
Mr. Prinya
Nakchudtree |
[x] |
Thai |
71 |
|
Mr. Wara
Tongprasin |
|
Thai |
41 |
|
Mr. Danucha Noichaiboon |
[x] |
Thai |
56 |
|
Mrs. Daranee Kantamara |
|
Thai |
59 |
|
Ms. Urawee
Kanokpruk |
|
Thai |
35 |
|
Mr. Vinai
Vittavasgarnvej |
|
Thai |
62 |
AUTHORIZED PERSON
Any two of
the mentioned directors
[x] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Danucha Noichaiboon
is the Managing
Director.
He is Thai
nationality with the
age of 56
years old.
Mr. Anan Santichewastian is
the Chief Financial
Officer.
He is Thai nationality with
the age of 58 years
old.
Mrs. Daranee Kantamara is
the Deputy Managing
Director of General Administration Division.
She is Thai
nationality with the
age of 59
years old.
Mr. Vithep Vachirapahu is the
Deputy Managing Director of
Sales & Marketing
Division. He is
Thai nationality.
Mr. Saotong Hongin is
the Deputy Managing
Director of Operation
Division.
He is Thai
nationality.
Mr. Ekasak Chiamcharoen is
the Deputy Managing
Director of Technical
Division.
He is Thai
nationality.
Mr. Daroonwat Noichaiboon is
the Deputy Managing
Director of Service
Division.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
are manufacturer, distributor
and service provider
for transformer and
electric systems. Range
of products and
services are as
follows :
Manufacturer and distributor
of power transformer
in Oil &
Dry Types Distribution
Transformer; which have
the electric power
between 1-30,000 kVA
for three phases
and voltage system
up to 36 kV for
frequency 50Hz. and
60 Hz. The
products are made-to-order to meet
voltage specification and
usage. The products
are manufactured and
tested in accordance
with IEC, ANSI,
JIS, VDE, and
DIN standards and
other requirements.
Types of transformers
- Hermetically sealed
tank [fully oil filled]
- Hermetically sealed
tank [N2, gas filled]
- Conservator tank
[open type]
- Conservator tank
[rubber bag sealed]
- Dry type
cast resin
- Low voltage
dry type [insulation class
H]
- Other products, such
as radiator fin,
corrugated fin, complete
tanks, conservator, therminal connector, transformer breater,
thermometer with contact,
cast resin transformer enclosure, main
distribution board
[MDB], indoor unit
substation, outdoor
unit substation, distribution board
and control panels
Type of Transformer Oil
- Mineral Oil
- Less-Flammable
Oil, such as
- FR3
- Silicone
- Midel
- R-Temp
Service of transformer and electric
systems can be
divided into 2
works groups.
- Transformer maintenance and
repairing service works
group
- Electric system
designing, installing and
maintenance service works
group. The services
are included:
- On Load
Tap Changer maintenance service
- Industrial electric motor
maintenance and repairing service
- Electric system
maintenance service
- Electric generator maintenance and
repairing service
- Medium and
low voltage electric system
designing and installing service
for industry
- Sub-station designing and
construction service
- Management &
administration
consulting service
- Operating room
service
The subject currently
has 10 distribution
and service centers
nationwide.
The subject is
also operator of
solar farm, with
the capacity of 0.627 MW./ annum. Its
production are sold
to The Provincial
Electricity Authority, at
the price [adder]
amount of 8
Baht per unit
for 10 years,
under the agreement
no. VSPP-PEA-015/2553, on
March 26, 2010.
The solar farm
is located at T.
Kroksomboon, A. Srimahaphote, Prachinburi
province.
PRODUCTION CAPACITY
12,000 units/3,000 MVA
per annum [Transformer]
MAJOR BRAND
“EKARAT”
IMPORT [COUNTRIES]
Most of raw
materials such as
Copper Wire, Silicone
Core, Bushing Machinery, and etc., are imported from Japan, Republic of China,
Taiwan, Israel, U.S.A., Spain, Germany,
Australia, Italy and
France.
MAJOR SUPPLIERS
Westing House Co.,
Ltd. : U.S.A.
Elco Co., Ltd. : Israel
Starkstorm-Geratebau GmbH. : Germany
Ekarat Solar Co.,
Ltd. : Thailand
SALES [LOCAL]
90% of its
products is sold
locally to manufacturers, wholesalers,
Thai government &
end-users.
EXPORT [COUNTRY]
10% of its
products is exported
through the oversea
representatives in over 20
countries such as United Kingdom,
Netherlands, New Zealand, Bangladesh, Malaysia, Indonesia, Singapore,
Myanmar, Cambodia, Laos,
Brunei, Pakistan, Philippines,
Nigeria, Nepal, Vietnam, Kuwait,
Australia and Middle
East Countries.
MAJOR CUSTOMERS
Electricity Generating Authority
of Thailand
Metropolitan Electricity Authority
of Thailand
Provincial Electricity Authority
of Thailand
AJ Plast Manufacturing
Public Co., Ltd.
GIF Engineering Co.,
Ltd.
Royal Motor Work
Co., Ltd.
PTT Nature Gas
Distribution Co., Ltd.
etc.
OVERSEAS REPRESENTATIVES
AEG Engineering Ltd. : Bangladesh
Cross - Link Electric Corporation : Philippines
Motorpol New Zealand : New
Zealand
Powerpoint Electrical SDN. BHD. : Malaysia
Teknojaya SDN. BHD. : Brunei
Rafif General Trading
& Contracting Corporation : Kuwait
Amptech Pty Ltd. : Australia
Champa Lao Co.,
Ltd. : Laos
etc.
REVENUE STRUCTURE [Company
and Subsidiary]
[Unit :
Million Baht]
|
|
2011 |
|
2010 |
|
|
|
Amount [Baht] |
% |
Amount [Baht] |
% |
|
Products/
Services |
|
|
|
|
|
Sale
of Products |
1,568.98 |
83.92 |
1,450.01 |
88.84 |
|
Service |
206.03 |
11.02 |
159.71 |
9.79 |
|
Construction |
71.86 |
3.84 |
- |
- |
|
Electricity distribution |
11.24 |
0.60 |
5.86 |
0.36 |
|
Total
Products/ Service
Income |
1,858.11 |
99.38 |
1,615.57 |
98.99 |
|
Other
Income |
11.50 |
0.62 |
16.59 |
1.01 |
|
|
|
|
|
|
|
Total Income |
1,869.61 |
100.00 |
1,632.16 |
100.00 |
SUBUSIDIARY & AFFILIATED COMPANY
Ekarat Solar Co.,
Ltd.
Business Type : Manufacturer
& installation of
solar module and
solar cell
Investment : 99.99%
held by the
subject
LITIGATION
As at March 30,
2012, the company
and Thai Military Bank Public
Company Limited are
achieve the agreement
to restructure the
subsidiary’s loan as the details
follow:
Amount of debt
before restructuring at
Baht 1,320,351,5983.88 as
principle and interest.
The status is
Ekarat Engineering Public
Company Limited as the
Guarantor and Ekarat
Solar Co., Ltd.
as the Debtor. The conclusions of the
payment are:
1). Amount of
Baht 505,000,000.00, interest
MLR per annum,
with 7 years installment
term (April 2012 to March
2019)
2). Amount of Baht
300,000,000.00, interest MLR per annum,
with the source
of fund from selling
the common stock
of Ekarat Solar Co., Ltd. (the subsidiary)
and/or the subsidiary’s
assets and need
to be paid
within March 31, 2014.
Note
Effect to financial
statement of the company,
Net Profit (Loss) in
the company’s financial statement
will increase due to
the company will
pay the interest
to the Bank
in lower amount
because at present,
the company recorded
the interest paid
to Bank in
default rate but
after the debt
restructuring, the interest
rate will be MLR.
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
& T/T.
BANKING
The Bangkok Bank
Public Co., Ltd.
[Head Office
: 333 Silom
Road, Silom, Bangrak,
Bangkok ]
Krung Thai Bank
Public Co., Ltd.
[Head Office
: 35 Sukhumvit
Road, Klongtoeynua, Wattana,
Bangkok]
The Siam Commercial
Bank Public Co.,
Ltd.
Kasikornbank Public Co., Ltd.
EMPLOYMENT
The subject employs
approximately 665 office
staff and factory
workers.
LOCATION DETAILS
The premise is
rented for operating
administrative office at
the heading address.
Premise is located
in commercial/residential area.
Factory and warehouse
are located at
190 Moo 6, T.
Ta-Saan, A. Bangpakong, Chachoengsao
24130 on 160,000
square metres. Tel:
[66] 38 531-720
Fax: [66] 38
531-505.
There are 10
sales and service
centers in Bangkok
and provincials as the followings:
- 1068/2 Sukhumvit
101/1 Rd., Prakanong,
Bangkok 10260.
- 26/7 Moo
2, Asia Highway,
T. Thanu, A. U-Thai, Ayuthaya
13210.
- 399/7 Mahidol
Rd., T. Nonghoi, A. Muang,
Chiengmai 50000.
- 324/80 Moo
3, Mitraparp Rd.,
T. Sila, A. Muang, Khon Kaen
40000.
- 900/5 Petchkasem
Rd., T. Huayjarakae, A. Muang,
Nakornpathom 73000.
- 2175/2 Suebsiri
Rd., T. Naimuang, A. Muang,
Nakornratchasima 30000.
- 190 Moo
6, T. Ta-Saan, A. Bangpakong, Chachoengsao
24130.
- 1369 Petchkasrem
Rd., T. Hadyai, A. Hadyai,
Songkla 90110.
- 218/21 Moo
1, Chonkasem Rd.,
T. Makhamtia, A. Muang, Suratthani 84000.
- 75/40 Moo
6, T. Rassada, A. Muang,
Phuket 83000.
COMMENT
The company is the largest
transformer manufacturer in
Thailand and in
ASEAN countries in
terms of manufacturing
and distributing. The
Ekarat transformer is
the only transformer
made in Thailand
conforming to global
standards of quality,
including the international
IEC, Japan’s JIS,
Germany’s VDE and
Din, and the
USA’s ANSI.
The company is the leader in
the distribution transformer,
with the average
market share around
20%. The demand
of distribution transformer
is depended on an increase in demand of
electric power which
is conforming to
the GDP.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 4,000,000 divided into
40,000 shares of
Bht. 100 each.
The capital was
increased later as
followings :
Bht. 8,000,000 on
January 10, 1985
Bht. 20,000,000 on
October 21, 1991
Bht. 60,000,000 on
January 11, 1994
Bht. 200,000,000 in
June, 1995
Bht. 540,000,000 in
1996
Bht. 1,252,871,490 in
2000
The latest registered
capital was decreased to
Bht. 790,173,640 divided into
790,173,640 shares of
Bht. 1 each
with fully paid.
MAIN SHAREHOLDERS : [as of
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Chatchada Kanokpruk |
132,500,000 |
16.76 |
|
K. V. Assets Co.,
Ltd. |
100,000,000 |
12.66 |
|
Mr. Manus Kamnerdngam |
32,705,732 |
4.14 |
|
Mrs. Phanit Abhaiwong |
18,332,700 |
2.32 |
|
V & A Holding Co.,
Ltd. |
11,763,290 |
1.49 |
|
Mr. Opas Rangchaikul |
10,500,000 |
1.33 |
|
Mr. Somchai Palabodiwatana |
9,500,000 |
1.20 |
|
Mr. Sutthipong Chonvilai |
9,375,800 |
1.19 |
|
Ms. Samamongkol Kanchanaporn |
6,988,100 |
0.88 |
|
Mr. Thaworn Suksrisaranchit |
6,241,200 |
0.79 |
|
Thai NVDR Co.,
Ltd. |
6,074,900 |
0.77 |
|
Ms. Napassorn Hemasukontamas |
5,525,423 |
0.70 |
|
Others |
440,666,495 |
55.77 |
Total Shareholders :
2,844 [including the
above shareholders]
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2,842 |
788,863,640 |
99.83 |
|
Foreign |
2 |
1,310,000 |
0.17 |
|
Total |
2,844 |
790,173,640 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Virairat Rojnakarin No.
3104
Company Name: Office of D I
A International Auditing
Address: 316/32 Sukhumvit
Soi 22, Sukhumvit Road,
Klongtoey, Bangkok 10110
BALANCE SHEET [BAHT]
The
latest financial figures
published as at
December 31, 2011
& 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and cash
Equivalents |
85,457,227.55 |
88,041,048.18 |
|
Short-term Investment |
256,283.52 |
378,612.48 |
|
Trade Accounts &
Other Receivable |
445,461,432.43 |
253,168,037.34 |
|
Trade Accounts Receivable - Related Company |
946,488.98 |
37,537,535.68 |
|
Trade Accounts Receivable - Construction & Unbilled Work
Value |
34,673,586.29 |
- |
|
Inventories |
350,176,878.51 |
280,070,062.91 |
|
Other Current Assets
|
3,908,199.85 |
1,864,645.30 |
|
|
|
|
|
Total Current Assets
|
920,880,097.13 |
661,059,941.89 |
|
Cash at Bank
pledged as a
Collateral |
29,756,200.00 |
6,546,900.00 |
|
Real Estate for Investment |
1,312,938.00 |
1,312,938.00 |
|
Assent for Rent |
13,446,058.15 |
10,735,903.69 |
|
Fixed Assets |
278,436,239.36 |
287,194,148.56 |
|
Non-operating Land, Machinery & Equipment |
323,841.17 |
330,709.44 |
|
Intangible Assets |
1,088,420.92 |
922,241.95 |
|
Others Assets |
291,239.07 |
291,237.07 |
|
Total Assets |
1,245,535,033.80 |
968,394,020.60 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution
|
77,007,377.32 |
148,031,839.65 |
|
Trade Accounts &
Other Payable |
403,615,704.68 |
239,868,813.06 |
|
Trade Accounts Payable - Related Company |
11,858,004.45 |
11,620,210.70 |
|
Accrued Expenses |
64,981,431.89 |
35,810,653.39 |
|
Advance Income from Goods &
Service |
54,610,318.20 |
32,561,013.54 |
|
Current Portion of
Finance Lease Contract Liabilities |
2,466,565.11 |
2,685,891.49 |
|
Current Portion of
Long-term Loan |
5,850,000.00 |
7,800,000.00 |
|
Accrued Income Tax |
32,952,439.13 |
22,280,158.41 |
|
Other Current Liabilities |
14,932,641.08 |
12,299,465.52 |
|
|
|
|
|
Total Current Liabilities |
668,274,481.86 |
512,958,045.76 |
|
|
|
|
|
Financial Lease Contract Liabilities |
2,441,157.40 |
1,871,123.62 |
|
Long-term Loan |
- |
5,850,000.00 |
|
Commitment to Employee
Benefits |
11,589,353.80 |
- |
|
Total Liabilities |
682,304,993.06 |
520,679,169.38 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Share Capital :
Baht. 1.00 par value
authorized issued
and fully paid
share capital 790,173,640
shares |
790,173,640.00 |
790,173,640.00 |
|
|
|
|
|
Capital Paid |
790,173,640.00 |
790,173,640.00 |
|
Premium on Shares
Capital |
296,582,130.18 |
296,582,130.18 |
|
Unrealized Losses on Available-for-Sale Securities |
[53,056.88] |
[39,028.03] |
|
Retained Earning Appropriated for Statutory Reserve |
33,595,149.58 |
33,595,149.58 |
|
Unappropriated |
[557,067,822.14] |
[672,597,040.51] |
|
Total Shareholders' Equity |
563,230,040.74 |
447,714,851.22 |
|
|
|
|
|
Total Liabilities &
Shareholders' Equity |
1,245,535,033.80 |
968,394,020.60 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
1,519,050,736.49 |
1,456,586,099.03 |
|
Services & Maintenance Income |
193,809,333.83 |
151,177,097.34 |
|
Construction Income |
71,863,899.95 |
- |
|
Electricity Income |
11,244,326.90 |
5,855,019.90 |
|
Other Income |
9,284,792.35 |
20,839,217.64 |
|
Total Revenues |
1,805,253,089.52 |
1,634,457,433.91 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,121,917,476.10 |
1,176,625,423.42 |
|
Cost of Services
& Maintenance |
126,592,650.58 |
95,283,671.19 |
|
Cost of Construction |
68,643,786.80 |
- |
|
Cost of Electricity
|
5,959,338.44 |
3,058,238.19 |
|
[Reversal] Loss from
Diminution of Inventories |
133,442.81 |
[2,965,267.87] |
|
Doubtful Debt - Trade
Account Receivable &
Loan to
Subsidiaries |
34,630,392.01 |
275,020,843.66 |
|
Loss on Diminution of
Investment |
- |
488,963,172.00 |
|
Reversal of Loss from
Diminution of Fixed Assets |
[1,272,401.74] |
- |
|
Selling Expenses |
122,818,720.54 |
93,914,034.34 |
|
Administrative Expenses |
133,619,203.49 |
121,244,608.33 |
|
Director Remuneration |
3,325,000.00 |
3,320,000.00 |
|
Total Expenses |
1,616,367,609.03 |
2,254,464,723.26 |
|
|
|
|
|
Profit / [Loss] before
Financial Cost & Income Tax |
188,885,480.49 |
[620,007,289.35] |
|
Financial Cost |
[13,180,851.22] |
[22,522,878.41] |
|
Income Tax |
[60,175,410.90] |
[29,187,722.85] |
|
|
|
|
|
Net Profit / [Loss] |
115,529,218.37 |
[671,717,890.61] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.38 |
1.29 |
|
QUICK RATIO |
TIMES |
0.85 |
0.74 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.71 |
5.07 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.28 |
1.50 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
96.60 |
80.18 |
|
INVENTORY TURNOVER |
TIMES |
3.78 |
4.55 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
102.20 |
63.44 |
|
RECEIVABLES TURNOVER |
TIMES |
3.57 |
5.75 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
111.34 |
68.67 |
|
CASH CONVERSION CYCLE |
DAYS |
87.46 |
74.95 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
83.17 |
87.53 |
|
SELLING & ADMINISTRATION |
% |
16.12 |
14.77 |
|
INTEREST |
% |
0.83 |
1.55 |
|
GROSS PROFIT MARGIN |
% |
30.31 |
24.68 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
11.87 |
(42.57) |
|
NET PROFIT MARGIN |
% |
7.26 |
(46.12) |
|
RETURN ON EQUITY |
% |
20.51 |
(150.03) |
|
RETURN ON ASSET |
% |
9.28 |
(69.36) |
|
EARNING PER SHARE |
BAHT |
0.15 |
(0.85) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.55 |
0.54 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.21 |
1.16 |
|
TIME INTEREST EARNED |
TIMES |
14.33 |
(27.53) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
9.22 |
|
|
OPERATING PROFIT |
% |
(130.47) |
|
|
NET PROFIT |
% |
117.20 |
|
|
FIXED ASSETS |
% |
(3.05) |
|
|
TOTAL ASSETS |
% |
28.62 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
30.31 |
Impressive |
Industrial Average |
23.20 |
|
Net Profit Margin |
7.26 |
Impressive |
Industrial Average |
(0.23) |
|
Return on Assets |
9.28 |
Impressive |
Industrial Average |
1.81 |
|
Return on Equity |
20.51 |
Impressive |
Industrial Average |
4.99 |
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. Gross Profit Margin is 30.31%. 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. Net Profit Margin ratio is 7.26%,
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
9.28%, 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 20.51%, 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 |
1.38 |
Deteriorated |
Industrial Average |
10.22 |
|
Quick Ratio |
0.85 |
|
|
|
|
Cash Conversion Cycle |
87.46 |
|
|
|
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 1.38 times in 2011, increase from 1.29 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 0.85 times in 2011,
increase from 0.74 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 88 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.55 |
Impressive |
Industrial Average |
0.64 |
|
Debt to Equity Ratio |
1.21 |
Acceptable |
Industrial Average |
1.36 |
|
Times Interest Earned |
14.33 |
Deteriorated |
Industrial Average |
2,569.86 |
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 14.34 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 0.55 greater than 0.5, most of the
company's assets are financed through debt.
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 |
5.71 |
Deteriorated |
Industrial Average |
21.48 |
|
Total Assets Turnover |
1.28 |
Satisfactory |
Industrial Average |
1.29 |
|
Inventory Conversion Period |
96.60 |
|
|
|
|
Inventory Turnover |
3.78 |
Deteriorated |
Industrial Average |
14.16 |
|
Receivables Conversion Period |
102.20 |
|
|
|
|
Receivables Turnover |
3.57 |
Deteriorated |
Industrial Average |
13.84 |
|
Payables Conversion Period |
111.34 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.99 |
|
|
1 |
Rs.88.97 |
|
Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.