MIRA
INFORM REPORT
|
Report Date : |
13.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SRI
TRANG AGRO-INDUSTRY PUBLIC
COMPANY LIMITED |
|
|
|
|
Registered Office : |
10 Soi 10, Petchkasem Road, T. Hadyai, A. Hadyai, Songkhla 90110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
23.04.1987 |
|
|
|
|
Com. Reg. No.: |
0107536001656 [Former: BOR MOR
JOR. 239] |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
manufacturer,
exporter and distributor
of natural rubber products |
|
|
|
|
No. of Employees : |
6205 |
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 : |
Good |
|
|
|
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
|
Source : CIA |
Company name
SRI TRANG AGRO-INDUSTRY PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 10
SOI 10, PETCHKASEM
ROAD, T. HADYAI,
A. HADYAI,
SONGKHLA 90110, THAILAND
TELEPHONE : [66] 74
344-663-70
FAX : [66] 74
344-677, 74 237-423
E-MAIL
ADDRESS : info@sritranggroup.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1987
REGISTRATION
NO. : 0107536001656 [Former: BOR MOR JOR. 239]
TAX
ID NO. : 3911000954
CAPITAL REGISTERED : BHT. 1,280,000,000
CAPITAL PAID-UP : BHT.
1,280,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
VIYAVOOD SINCHAROENKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 6,205
LINES
OF BUSINESS : CONCENTRATED LATEX
AND NATURAL RUBBER
PRODUCTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
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 initially
established on April
23, 1987 as
a private limited
company under the registered
name “Sri Trang
Agro-Industry Co., Ltd.”,
by Thai group,
the Sincharoenkul family,
to manufacture various
kinds of concentrated
latex and natural
rubber products for
both local and
overseas markets.
On
April 23, 1987,
the subject was
listed on the
Stock Exchange of
Thailand, and traded
under the symbol
“STA”. On December
27, 1993, its status
was converted into
a public limited
company under the
name SRI TRANG
AGRO-INDUSTRY PUBLIC COMPANY
LIMITED. It currently
employs 6,205 staff.
The
subject’s registered address
is 10 Soi 10,
Petchkasem Rd., T.
Hadyai, A. Hadyai, Songkhla
90110, and this
is the company’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Viyavood Sincharoenkul :
Chairman |
[x] |
Thai |
58 |
|
Mr. Chaiyos Sincharoenkul |
[x] |
Thai |
62 |
|
Mr. Prasit Panidkul |
[x] |
Thai |
66 |
|
Mr. Anan Pruksanusak |
[x] |
Thai |
59 |
|
Mr. Kitichai Sincharoenkul |
[x] |
Thai |
54 |
|
Mr. Prakob Visitkitjakarn |
|
Thai |
73 |
|
Mr. Krieng Yanyongdilok |
|
Thai |
75 |
|
Mr. Samacha Potavorn |
|
Thai |
60 |
|
Mr. Veerasith Sincharoenkul |
|
Thai |
- |
|
Mr. Paul Sumade Lee |
|
Thai |
- |
|
Mr. Neo Ah Chap |
|
Malaysian |
- |
AUTHORIZED PERSON
Two of the
mentioned directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Viyavood
Sincharoenkul is the
Managing Director.
He
is Thai nationality
with the age
of 58 years
old.
Mr. Kitichai
Sincharoenkul is the
Manager of Legal
and Administration.
He
is Thai nationality
with the age
of 54 years
old.
Mr.
Paul Sumade Lee
is the Manager
of Sales and
Marketing.
He
is Thai nationality.
Mrs.
Prapai Srisuttiphong is the
Group Procurement Manager.
She
is Thai nationality.
Mr. Chalermpop KhanjanLee
is the Co-Group
Production Manager.
He
is Thai nationality.
Mr. Arsom
Aksornnam is the
Co-Group Production Manager.
He
is Thai nationality.
Mr.
Chaidet Pruksanusak is
the Group Quality
Assurance Manager.
He
is Thai nationality.
Mr.
Rattapong Laparojkit is the
Co-Group Engineering Manager.
He
is Thai nationality.
Mr. Phanlert
Wangsuphadilok is the
Co-Group Engineering Manager.
He
is Thai nationality.
Mr.
Udom Pruksanusak is
the Co-Group Human
Resource Manager.
He
is Thai nationality.
Ms.
Nuchanart Chaiyarat is
the Co-Group Human
Resource Manager.
She
is Thai nationality.
Mr.
Patrawut Panitkul is
the Chief Financial
Officer.
He
is Thai nationality.
Mr.
Lim Li Ping
is the Controller.
He
is Malaysian nationality.
BUSINESS OPERATIONS
The
subject’s activity is a
manufacturer, exporter and
distributor of natural rubber products, divided
into 3 main
types; Ribbed Smoked
Sheet [RSS], Technically
Specified Rubber [TSR], and
Concentrated Latex. 98%
of revenue is
natural rubber products.
Type of the
products are as
the followings:
Products
1. Ribbed Smoked Sheet
[RRS]
-
5
Grades of Ribbed
Smoked Sheets [RSS]
1, 2, 3, 4 and 5. It is
used as a
raw
material in the
automobile tire industry,
automobile parts, belt
pipe, shoes & etc.
2. Technically Specified
Rubber [TSR]
- TSR or
block rubber is
produced from raw
materials such as
cup lump and
un-smoked rubber sheets.
It products has
two types; the
Standard Thai Rubber [STR]
and the Standard
Indonesian Rubber [SIR]. TSR
is a raw
material used in the
production of tyres
for automobiles and
airplanes.
3. Concentrated Latex
-
Concentrated Latex is
derived from field
latex and is
liquid latex with
a dry
rubber content of
approximately 60%. The
products are used
in the production
of latex examination
gloves, surgical gloves,
condoms, elastic threads
and
adhesives.
PRODUCTION CAPACITY
TSR/Blocked
Rubber : 714,801
tons per annum
RSS : 206,393
tons per annum
Concentrated
Latex : 191,488
tons per annum
PURCHASE
80%
of raw material
mainly natural rubber
is purchased from
over 400 local
planters in the
Southern provinces of
Thailand, the remaining
20% including chemical,
machinery and cup
lump are imported
from Germany, U.K.,
Netherlands, Austria, United
States of America
and Japan.
MAJOR
SUPPLIER
Thai
Tech Rubber Co.,
Ltd. : Thailand
SALES
90%
of the products
is exported to
Europe, United States
of America, Republic
of China, Japan,
India, Korea, Vietnam,
Singapore, Taiwan, Indonesia
and Malaysia, and the remaining
10% is sold
locally to manufacturers, wholesalers
and end-users, mainly
in tire productions,
e.g. Bridgestone Group, Michelin Group, Yokohama Group, and
Goodyear Group.
REVENUE
STRUCTURE [Company and Subsidiaries]
Product
Type 2012 2011
Baht million % Baht
million %
TSR 77,499.7 77.8 96,138.6 71.9
RSS 13,591.0 13.6 24,942.8 18.9
Concentrated
Latex 6,436.4 6.5 10,236.6
7.6
Others 2,112.0 2.1 2,385.8 1.8
Total
Revenue 99,639.1 100.00 133,703.8 100.00
MAJOR CUSTOMERS
Sri
Trang International Pte.
Ltd. : Singapore
Sri
Trang U.S.A. Inc. : U.S.A.
Shi Dong Shanghai
Co., Ltd. : Republic of
China
RELATED/AFFILIATED COMPANIES
Sri Trang Group of
Companies:
Subsidiaries
|
|
|
Company |
Business
|
|
Anvatr Parawood Co.,
Ltd. |
Manufacturer
of parawood |
|
Rubberland Product Co., Ltd. |
Manufacturer of concentrated latex |
|
Nam Hua Rubber
Co., Ltd. |
Manufacturer of rubber
products |
|
Sadao P.S. Rubber
Co., Ltd. |
Manufacturer of rubber
products |
|
Startex Rubber Co.,
Ltd. |
Rubber plantation |
|
Premier System Engineering
Co., Ltd. |
Provision of engineering
services |
|
Starlight Express Transport
Co., Ltd. |
Provision of logistics
services |
|
Sri Trang Rubber
& Plantation Co.,
Ltd. |
Rubber plantation |
|
Sri Trang International Pte.
Ltd. |
Distributor of rubber
products |
|
Sri Trang U.S.A.
Inc, |
Distributor of rubber
products |
|
PT Sri Trang
Lingga Indonesia |
Manufacturer of STR
block rubber |
|
Shi Dong Shanghai
Rubber Co., Ltd. |
Distributor of rubber
products in China |
|
|
|
Indirect Subsidiaries
|
|
|
Company |
Business
|
|
Shi Dong Investments
Pte. Ltd. |
Investment holding in
Singapore |
|
P.T. Star Rubber
Indonesia |
Manufacturer of STR
block rubber in
Indonesia |
|
|
|
|
Associates |
|
|
Siam Sempermed Corporation
Ltd. |
Manufacturer of medical
gloves |
|
Semperflex Asia
Corporation Limited |
Manufacturer of hydraulic
hose in China |
|
Semperform Pacific Corporation Limited |
injection-molded parts |
|
Sempermed USA, Inc. |
Distribute medical gloves,
USA. |
|
Pattana Agro Futures
Co., Ltd. |
Futures broker in
Thailand |
|
Semperflex Shanghai Co., Ltd. |
Manufacturer of hydraulic
hose in China |
|
Sempermed Singapore Pte.
Ltd. |
Investment and holding
company |
|
|
|
Indirect Associates
|
|
|
Company |
Business
|
|
Sempermed Brazil Comercio
Exterior LTDA |
Distribute of medical
gloves in Brazil |
|
Shanghai Foremost Plastic
Industrial Co., Ltd. |
Manufacturer of medical
gloves in China |
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
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C on the
credit term of 60
days or T/T.
Sales are by
cash or on
the credits term
of 30-60 days.
Exports are against
L/C at sight
and T/T.
BANKING
Bank of Ayudhya
Public Co., Ltd.
[Hadyai Branch]
Bangkok Bank Public
Co., Ltd.
[Hadyai Branch]
Kasikornbank Public Co.,
Ltd.
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The subject
employs approximately 6,205
office staff and
factory workers.
LOCATION DETAILS
The premise
is owned for
administrative office at
the heading address.
Premise is located
in provincial, in the
Southern region of
Thailand.
Bangkok Branch:
23rd Floor, P.S. Tower,
36/82 Sukhumvit 21
Rd. [Asoke], Klongtoey,
Watana, Bangkok 10110. Tel.:
[66] 2259-2964-71 Fax : [66]
2259-2958.
Factory I
13/1-5 Jinggit Rd.,
Thupthiang, Muang, Trang
92000
Factory II
99/3 Moo 7, Phangla,
Sadao, Songkhla 90170
Factory III
1 Moo 2,
Thumyai, Thungsong, Nakhonsithammarat 80110
Factory IV
399 Moo 7, T. Huay
Nang, Huay Yod, Trang 92130
Factory V
101/1-4 Moo 7,
Praiwas, Kajanadis, Suratthani
84160
Factory
VI
68/2 Moo 4,
Suradthanee-Punpin Rd., Watpradoo,
Muang, Suratthani 84000
Factory
VII
41/1 Moo 13,
Donyang, Pratuo, Chumphon
86210
Factory
VIII
139 Moo 2
Trang-Sikao Rd., Na
Muangpet, Sikao, Muang,
Trang 92000
Factory
IX
136/1 Moo 1,
Sirorod Rd., T.
Kaotum, A. Yarang, Pattani
94160.
Factory
X
328 Moo 7,
Baan Jumpa, Nhongnakum,
Mueng, Udornthani 41000.
Factory
XI
218 Moo 7,
Muengsrikai, Varinchamrab, Ubon
Ratchathani 34190.
COMMENT
Subject was
formed in 1987 to
produce and export
natural rubber products. The
commodities contain rubber
smoked sheets, concentrated
latex, STR block rubber. The
distributing units were
established in order
to support the market
activities and improve
to identify the
new market opportunities. The
company continued expanding
the business to
achieve the goal of
being a regional
player in the
rubber industry with
the mix of
natural rubber products
and finished products.
In 2011, it achieved a
world record of
natural rubber capacity
of 1.1 million tons
per annum for
the midstream, which
enabled the company
to be the world
leader of natural rubber processor.
The
key products consist
of Natural Rubber Products. In 2010, 2011 and 2012
revenues from sales of
Natural Rubber Products
accounted approximately 98% of
its group’s total revenue. More than
70% of total
revenue comes from
TSR followed by
RSS, Concentrated latex
and other products.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
31,000,000 divided into
3,100 shares of
Bht. 10,000 each.
The
capital was increased
later as the followings:
Bht. 35,000,000 on
March 30, 1989
Bht. 57,500,000 on
December 18, 1990
Bht. 75,000,000 on
June 25, 1991
Bht. 150,000,000 on
December 30, 1992
Bht. 500,000,000 in
1993
Bht. 1,000,000,000 in
2005
The
latest registered capital
was increased to
Bht. 1,280,000,000 divided
into 1,280,000,000 shares
of Bht. 1
each with fully
paid.
MAIN
SHAREHOLDERS : [as
at March 20,
2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Sri Trang Holdings
Co., Ltd. |
246,902,060 |
19.29 |
|
Mr. Vaiyavood Sincharoenkul |
168,623,970 |
13.17 |
|
The Central Depository [Pte] Limited |
78,249,425 |
6.11 |
|
Mr. Aram Sirisuwat |
55,368,305 |
4.33 |
|
Thai NVDR Co.,
Ltd. |
55,091,643 |
4.30 |
|
Mr. Veerasit Sincharoenkul |
22,441,000 |
1.75 |
|
Mr. Somwang Sincharoenkul |
18,913,305 |
1.48 |
|
Mr. Kitichai Sincharoenkul |
14,250,000 |
1.11 |
|
Mr. Tsai Wu-Ying |
13,153,420 |
1.03 |
|
Southland Rubber Co.,
Ltd. |
11,605,920 |
0.91 |
|
Citigroup Global Markets
Limited |
11,452,750 |
0.89 |
|
State Street Bank
Europe Limited |
10,324,000 |
0.81 |
|
Others |
573,624,202 |
44.82 |
Total Shareholders :
15,233
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Nongram Laoareedilok
No. 4334
bALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 [Restated] |
2010 [Restated] |
|
|
|
|
|
|
Cash and cash equivalents |
514,399,840 |
766,433,932 |
686,844,087 |
|
Derivative financial instruments |
43,227,574 |
44,430,250 |
98,248,193 |
|
Trade accounts receivable and other receivables |
3,398,131,246 |
6,125,343,153 |
3,947,756,981 |
|
Amounts due from
futures brokers |
128,341,495 |
115,479,473 |
84,046,854 |
|
Inventories |
5,937,818,322 |
6,570,252,082 |
10,505,003,800 |
|
Other Current Assets
|
36,248,902 |
36,283,658 |
30,136,709 |
|
|
|
|
|
|
Total Current Assets
|
10,058,167,379 |
13,658,222,548 |
15,352,036,624 |
|
Non-current assets |
|
|
|
|
Long-term lending to
an associate |
60,774,600 |
62,905,000 |
- |
|
Fixed deposits pledged as
collateral |
12,989,591 |
12,594,670 |
12,550,742 |
|
Investment in subsidiaries |
6,413,965,514 |
5,130,765,514 |
2,553,696,099 |
|
Investment in associates |
717,802,500 |
709,802,500 |
679,507,500 |
|
Investment in a
joint venture |
20,099,800 |
20,099,800 |
20,099,800 |
|
Available-for-sale
financial assets |
58,019,929 |
42,778,669 |
45,105,924 |
|
Property, plant and
equipment |
3,657,333,057 |
2,690,400,416 |
2,130,526,410 |
|
Intangible assets |
9,981,850 |
10,651,107 |
10,566,822 |
|
Investment properties |
27,769,750 |
22,850,000 |
22,850,000 |
|
Withholding tax deducted
at source |
110,994,525 |
38,724,575 |
120,310,910 |
|
Deferred income tax
assets |
- |
18,080,784 |
- |
|
Other non - current Assets |
10,505,180 |
8,115,155 |
10,561,720 |
|
Total non-current assets |
11,100,236,296 |
8,767,768,190 |
5,605,775,927 |
|
Total Assets |
21,158,403,675 |
22,425,990,738 |
20,957,812,551 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 [Restated] |
2010 [Restated] |
|
|
|
|
|
|
Trade accounts payable and
other payables |
1,005,439,980 |
1,537,325,200 |
1,207,522,195 |
|
Short-term loans from financial institutions |
3,689,464,000 |
4,551,591,000 |
10,641,378,000 |
|
Current portion of long-term loans from financial institution |
- |
- |
575,000,000 |
|
Current portion of
finance lease liabilities |
5,879,822 |
6,361,631 |
10,505,841 |
|
Derivative financial instruments |
62,309,409 |
541,893,664 |
65,410,102 |
|
Current income tax liabilities |
- |
154,380,736 |
- |
|
Other current liabilities |
17,829,132 |
41,273,833 |
43,824,820 |
|
|
|
|
|
|
Total Current Liabilities |
4,780,922,343 |
6,832,826,064 |
12,543,640,958 |
|
Non-current liabilities |
|
|
|
|
Long-term loans from finance institutions |
200,000,000 |
- |
2,031,250,000 |
|
Debentures |
2,150,000,000 |
2,150,000,000 |
- |
|
Finance lease liabilities |
2,120,895 |
8,000,715 |
13,531,353 |
|
Deferred income tax
liabilities |
88,429,414 |
- |
58,796,239 |
|
Provision for retirement
benefit obligations |
38,468,792 |
41,923,427 |
37,865,261 |
|
Total Non-current liabilities |
2,479,019,101 |
2,199,924,142 |
2,141,442,853 |
|
Total Liabilities |
7,259,941,444 |
9,032,750,206 |
14,697,937,526 |
|
Shareholders' Equity |
2012 |
2011 [Restated] |
2010 [Restated] |
|
|
|
|
|
|
Share capital |
|
|
|
|
Authorised share
capital |
|
|
|
|
Ordinary shares,
1,280,000,000 shares of par
Baht 1 each
|
|
|
|
|
[2011 : 1,280,000,000 shares
of par Baht 1 each] |
1,280,000,000 |
1,280,000,000 |
1,280,000,000 |
|
Issued and
paid-up share capital |
|
|
|
|
Ordinary shares,
1,280,000,000 shares of par
Baht 1 each
|
|
|
|
|
[2011 : 1,280,000,000 shares
of par Baht 1
each] |
1,280,000,000 |
1,280,000,000 |
1,000,000,000 |
|
Premium on share
capital |
8,550,989,821 |
8,550,989,821 |
1,123,800,000 |
|
Revaluation surplus, net
of accumulated depreciation |
723,419,437 |
541,438,028 |
610,628,497 |
|
Unreallised gain on
available-for-sale investments |
12,889,314 |
159,618 |
2,299,988 |
|
Actuarial gains on
defined employee benefit plans |
5,538,906 |
- |
- |
|
Retained earnings |
|
|
|
|
Appropriated for
Statutory Reserve |
128,000,000 |
128,000,000 |
100,000,000 |
|
Unappropriated |
3,197,624,753 |
2,892,653,065 |
3,436,000,255 |
|
Total Shareholders' Equity |
13,898,462,231 |
13,393,240,532 |
6,272,728,740 |
|
Total Liabilities &
Shareholders' Equity |
21,158,403,675 |
22,425,990,738 |
20,957,812,551 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales of goods
and services |
44,988,774,718 |
76,862,112,971 |
44,040,706,709 |
|
Cost of sales
and services |
42,586,667,828 |
[71,835,474,372] |
[41,121,586,298] |
|
Gross profit |
2,402,106,890 |
5,026,638,599 |
2,919,120,411 |
|
|
|
|
|
|
Other income |
461,845,353 |
154,464,019 |
394,750,751 |
|
Selling expenses |
[1,891,022,855] |
[2,810,039,869] |
[1,316,673,395 |
|
Administrative expenses |
[434,576,254] |
[387,173,776] |
[220,138,655 |
|
Gains [loss] on
exchange rates |
638,169,959 |
[42,330,407] |
808,609,694 |
|
Other gains [losses] |
[20,208,427] |
73,879,860 |
103,543,834 |
|
Total Expenses |
1,156,314,666 |
2,015,438,426 |
2,689,212,640 |
|
|
|
|
|
|
Profit before financial costs and income tax |
1,156,314,666 |
2,015,438,426 |
2,689,212,640 |
|
Finance income |
7,316,654 |
4,634,173 |
2,756,402 |
|
Finance costs |
[207,966,743] |
[418,916,472] |
[239,203,958] |
|
|
|
|
|
|
Profit before income
tax |
955,664,577 |
1,601,156,127 |
2,452,765,084 |
|
Income tax expenses |
[26,930,362] |
[534,576,925] |
[86,033,514] |
|
Net Profit / [Loss] |
928,734,215 |
1,066,579,202 |
2,366,731,570 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.10 |
2.00 |
1.22 |
|
QUICK RATIO |
TIMES |
0.85 |
1.03 |
0.38 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
12.30 |
28.57 |
20.67 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.13 |
3.43 |
2.10 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
50.89 |
33.38 |
93.24 |
|
INVENTORY TURNOVER |
TIMES |
7.17 |
10.93 |
3.91 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
27.57 |
29.09 |
32.72 |
|
RECEIVABLES TURNOVER |
TIMES |
13.24 |
12.55 |
11.16 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
8.62 |
7.81 |
10.72 |
|
CASH CONVERSION CYCLE |
DAYS |
69.84 |
54.66 |
115.24 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
94.66 |
93.46 |
93.37 |
|
SELLING & ADMINISTRATION |
% |
5.17 |
4.16 |
3.49 |
|
INTEREST |
% |
0.46 |
0.55 |
0.54 |
|
GROSS PROFIT MARGIN |
% |
5.70 |
6.74 |
7.52 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
97.79 |
97.58 |
94.79 |
|
NET PROFIT MARGIN |
% |
2.06 |
1.39 |
5.37 |
|
RETURN ON EQUITY |
% |
6.68 |
7.96 |
37.73 |
|
RETURN ON ASSET |
% |
4.39 |
4.76 |
11.29 |
|
EARNING PER SHARE |
BAHT |
0.73 |
0.83 |
2.37 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.34 |
0.40 |
0.70 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.52 |
0.67 |
2.34 |
|
TIME INTEREST EARNED |
TIMES |
211.54 |
179.04 |
174.52 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(41.47) |
74.53 |
|
|
OPERATING PROFIT |
% |
(41.34) |
79.66 |
|
|
NET PROFIT |
% |
(12.92) |
(54.93) |
|
|
FIXED ASSETS |
% |
35.94 |
26.28 |
|
|
TOTAL ASSETS |
% |
(5.65) |
7.01 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -41.47%. Turnover has decreased from THB
76,862,112,971.00 in 2011 to THB 44,988,774,718.00 in 2012. While net profit has
decreased from THB 1,066,579,202.00 in 2011 to THB 928,734,215.00 in 2012. And
total assets has decreased from THB 22,425,990,738.00 in 2011 to THB
21,158,403,675.00 in 2012.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.70 |
Acceptable |
Industrial Average |
9.97 |
|
Net Profit Margin |
2.06 |
Impressive |
Industrial Average |
(0.62) |
|
Return on Assets |
4.39 |
Impressive |
Industrial Average |
0.04 |
|
Return on Equity |
6.68 |
Impressive |
Industrial Average |
(2.17) |
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 5.7%. When compared with
the industry average, the ratio of the company was lower, this indicated that
company may have 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 2.06%, 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
4.39%, 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 6.68%, 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 : RISKY
LIQUIDITY RATIO
|
Current Ratio |
2.10 |
Deteriorated |
Industrial Average |
29.33 |
|
Quick Ratio |
0.85 |
|
|
|
|
Cash Conversion Cycle |
69.84 |
|
|
|
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 2.1 times in 2012, increased from 2 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 2012,
decreased from 1.03 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 70 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.34 |
Impressive |
Industrial Average |
0.90 |
|
Debt to Equity Ratio |
0.52 |
Impressive |
Industrial Average |
2.62 |
|
Times Interest Earned |
211.54 |
Impressive |
Industrial Average |
7.96 |
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 211.55 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 0.34 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
12.30 |
Deteriorated |
Industrial Average |
30.19 |
|
Total Assets Turnover |
2.13 |
Satisfactory |
Industrial Average |
2.58 |
|
Inventory Conversion Period |
50.89 |
|
|
|
|
Inventory Turnover |
7.17 |
Acceptable |
Industrial Average |
11.17 |
|
Receivables Conversion Period |
27.57 |
|
|
|
|
Receivables Turnover |
13.24 |
Acceptable |
Industrial Average |
18.99 |
|
Payables Conversion Period |
8.62 |
|
|
|
The company's Account Receivable Ratio is calculated as 13.24 and 12.55
in 2012 and 2011 respectively. This ratio measures the efficiency of the
company in managing its trade debtors to generate revenue. A lower ratio may
indicate over extension and collection problems. Conversely, a higher ratio may
indicate an overtly stringent policy. In this case, the company's A/R ratio in
2012 increased from 2011. This would suggest the company had good performance
in the management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 33 days at the
end of 2011 to 51 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 10.93 times in year 2011 to 7.17
times in year 2012.
The company's Total Asset Turnover is calculated as 2.13 times and 3.43
times in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
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.54.44 |
|
UK Pound |
1 |
Rs.83.78 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.