MIRA
INFORM REPORT
|
Report Date : |
25.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
THAI
RAYON PUBLIC COMPANY
LIMITED |
|
|
|
|
Registered Office : |
16th Floor, Mahatun Plaza Building, 888/160-1 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
13.02.1974 |
|
|
|
|
Com. Reg. No.: |
0107536001125 [Former : BOR.MOR.JOR.186] |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
manufacturer
of Viscose Rayon
Staple Fiber, Anhydrous
Sodium Sulphate and
Carbon Disulfide as
by-product, supply to
Textile Applications |
|
|
|
|
No. of Employees : |
1002 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 achieved steady growth due
largely to industrial and agriculture exports - mostly electronics,
agricultural commodities, automobiles and parts, and processed foods. Thailand
is trying to maintain growth by encouraging domestic consumption and public
investment to offset weak exports in 2012. Unemployment, at less than 1% of the
labor force, stands as one of the lowest levels in the world, which puts upward
pressure on wages in some industries. Thailand also attracts nearly 2.5 million
migrant workers from neighboring countries. The Thai government is implementing
a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax
reforms designed to lower rates on middle-income earners. The Thai economy has
weathered internal and external economic shocks in recent years. The global
economic severely cut Thailand's exports, with most sectors experiencing
double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010,
Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports
rebounded. In late 2011 growth was interrupted by historic flooding in the
industrial areas in Bangkok and its five surrounding provinces, crippling the
manufacturing sector. Industry recovered from the second quarter of 2012 onward
with GDP growth at 5.5% in 2012. The government has approved flood mitigation
projects worth $11.7 billion, which were started in 2012, to prevent similar
economic damage, and an additional $75 billion for infrastructure over the next
seven years with a plan to start in 2013.
|
Source : CIA |
Company name
THAI RAYON PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 16th FLOOR,
MAHATUN PLAZA BUILDING,
888/160-1 PLOENCHIT
ROAD,
LUMPINI, PATHUMWAN,
BANGKOK 10330,
THAILAND
TELEPHONE : [66] 2253-6745-54
FAX :
[66] 2254-3181, 2254-5472
E-MAIL
ADDRESS : pmbajaj@thairayon.com
kumaresh.v@adityabirla.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1974
REGISTRATION
NO. : 0107536001125 [Former : BOR.MOR.JOR.186]
TAX
ID NO. : 3101021226
CAPITAL
REGISTERED : BHT.
201,600,000
CAPITAL
PAID-UP : BHT.
201,600,000
FISCAL
YEAR CLOSING DATE : MARCH
31 [Former :
SEPTEMBER 30]
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
HARI KRISHNA AGARWAL,
INDIAN GROUP EXECUTIVE
PRESIDENT
NO.
OF STAFF : 1,002
LINES
OF BUSINESS : VISCOSE
RAYON STAPLE FIBER
AND
ANHYDROUS SODIUM
SULPHATE
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORAT PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject was
established on February
13, 1974 as
a private limited
company under the
registered name style “Thai Rayon
Co. Ltd.” by
Thai-Indian groups. It
received the technical
know how for
plant and machinery
from Grasim Industries
Limited, India.
Being a joint
venture between the
world renowned Birla
Group of Industries,
India and leading
businessmen in Thailand,
the subject received
promotional privileges from
the Board of
Investment in 1974. The subject
is the only
manufacturer of Viscose
Rayon Staple Fiber [VRSF] in Thailand, VRSF is the main raw
material in manufacturing
woven textile products.
On September 21,
1984, the subject
was listed on
the Stock Exchange
of Thailand and
its status was
converted to a
public limited company
on October 4,
1993 under the
name THAI RAYON PUBLIC
COMPANY LIMITED. It
currently employs 1,002
staff.
It achieved the
standard ISO 9002, ISO 9001 : 2000 and
ISO 14001 certification, as
well as has
been awarded TPM
Special Award in
March 2007.
The subject’s registered
address is 16th Flr.,
Mahatun Plaza Building,
888/160-1 Ploenchit Rd.,
Lumpini, Pathumwan, Bangkok
10330, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kumar Mangalam
Birla |
|
Indian |
46 |
|
Mrs. Rajashree Birla |
|
Indian |
68 |
|
Mr. Shyam Sundar
Mahansaria |
|
Indian |
78 |
|
Mr. Vinai Sachdev |
|
Thai |
83 |
|
Mr. Amolat Thakral |
|
Thai |
53 |
|
Mrs. Rachani Kajiji |
|
Thai |
72 |
|
Mr. Krishna Kishore
Maheshwari |
|
Indian |
58 |
|
Mr. Hari Krishna Agarwal |
|
Indian |
54 |
|
Mr. Nirmal Kumar Dalan |
|
Indian |
- |
AUTHORIZED PERSON
Two of the
above mentioned directors
can jointly sign on
behalf of the
subject with the
company’s affixed.
MANAGEMENT
Mr. Hari Krishna
Agarwal is the
Group Executive President.
He is Indian
nationality with the
age of 54
years old.
Mr. Prasan Kumar Sipani is
the Joint President [Works].
He is Indian
nationality with the
age of 63
years old.
Mr. Ram Gopal
Agrawal is the
Vice President [Process & Development].
He is Indian
nationality.
Mr. Sanjeev Kumar
Kaul is the
Vice President [Engineering].
He is Indian
nationality.
Mr. Sushil Kumar
Gupta is the
General Manager [Production].
He is Indian
nationality.
Mr. Sophon Muneejinda is
the General Manager
[HR & Administration].
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer
of Viscose Rayon
Staple Fiber, Anhydrous
Sodium Sulphate and
Carbon Disulfide as
by-product, supply to
Textile Applications, e.g.
garment & home textile,
dress materials, knitwear,
wipes, personal hygiene
and medical industries.
MAJOR BRAND
“BIRLA CELLULOSE”
PRODUCTIONS [2010]
Viscose Rayon Staple
Fiber : 151,000
metric tons per
year
Anhydrous Sodium Sulphate [By-Product] :
126,000 metric tons
per year
The subject also
invests in subsidiaries
and affiliated companies,
operates in the
field of rayon & textile, carbon
black and chemical
industry.
PURCHASE
60% of raw materials
such as wood pulp, sulphur,
caustic soda and
charcoal are imported
from United States of America, Canada,
Indonesia, Finland, Sweden, South Africa,
Republic of China,
Singapore, India and
Middle East countries
with over 30
countries worldwide. The remaining
40% is
purchased from local
suppliers.
MAJOR SUPPLIERS
AV Cell Inc., : Canada
Grasim Industries Ltd.
: India
Thai Carbon Black
Public Co., Ltd. : Thailand
Domsjo Fabriker AB. : Sweden
EXPORT [COUNTRIES]
55% of the
products is exported
to United States
of America, Indonesia,
South Korea, Philippines, Mexico, South Africa, Taiwan,
Turkey, Pakistan, Vietnam, India, Laos,
Malaysia, Myanmar, U.A.E.,
Sri Lanka, Singapore, Brazil
and the countries
in Europe.
SALES [LOCAL]
45% of its
products is sold
locally to manufacturers, wholesalers
and end-users.
MAJOR CUSTOMERS
Thai Polyphosphate and
Chemical Co., Ltd. : Thailand
Indo-Thai Synthetic Co., Ltd. :
Thailand
REVENUE STRUCTURE [unit :
million Baht]
|
|
2012 |
2011 |
2010 |
|
Products |
For 6
Months [ Oct. 1, 2011 –
Mar. 31, 2012] |
For 1
Year [Oct. 1 - Sept. 30] |
|
|
Viscose Rayon Staple
Fiber |
|
|
|
|
- Domestic sales |
759 |
3,742 |
3,525 |
|
- Export |
4,224 |
8,060 |
6,361 |
|
Anhydrous Sodium Sulphate |
202 |
374 |
359 |
|
Other revenue |
267 |
279 |
295 |
|
Total Revenue |
5,452 |
12,455 |
10,540 |
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.
SUBSIDIARIES & AFFILIATED
COMPANIES
Thai Polyphosphate &
Chemical Co., Ltd.
Business Type : Manufacturer
of phosphate
Investment :
49.00% of total
shares
Thai Acrylic Fiber
Co., Ltd.
Business Type : Manufacture
of acrylic fiber.
Investment : 30.00%
of total shares
Thai Carbon Black
Public Company Limited.
Business Type : Manufacture
of carbon black.
Investment : 24.98%
of total shares
Aditya Group AB.
Business Type : Investment
company
Investment : 33.33%
of total shares
PT Indo Liberty
Textile Co., Ltd.
Business Type : Manufacture
of yarn spinning.
Investment : 40.00%
of total shares
Birla Laos Pulp
and Plantation Co.,
Ltd.
Business Type : Manufacture
of acrylic fiber.
Investment : 30.00%
of total shares
Birla Jingwei Fibre
Co., Ltd.
Business Type : Manufacture
of acrylic fiber.
Investment : 49.50%
of total shares
AV Sales Inc.
Business Type: Manufacture
of paper pulps.
Investment : 19.00%
of total shares
Aditya Birla Elyaf
Sanayi Ve.
Business Type: Manufacture
of acrylic fiber.
Investment : 33.33%
of total shares
Alexandria Fiber Company
Business Type : Manufacture
of acrylic fiber.
Investment : 14.40%
of total shares
etc.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
The Siam Commercial
Bank Public Co., Ltd.
[Head Office : 9 Ratchadapisek
Rd., Ladyao, Jatujak,
Bangkok 10900]
Citibank N.A.
[Bangkok Branch : 127
South Sathorn Rd.,
Thungmahamek, Sathorn, Bangkok 10120]
The Hongkong &
Shanghai Banking Corp.
[Bangkok Branch : 64
Silom Rd., Silom,
Bangrak, Bangkok 10500]
EMPLOYMENT
The subject employs
1,002 staff. [office, sales
staff and factory
workers]
LOCATION DETAILS
The premise is
rented for administrative office at the
heading address. Premise
is located in
commercial area
The factory is
located at 36
Moo 2 Ayuthya-Angthong Highway,
T. Posa, A.
Muang, Angthong 14000.
Tel. [66] 35
611-227-30 Fax [66]
35 611-908.
COMMENT
The company is
a manufacturer, distributor
and exporter of Viscose
Rayon Staple Fiber
and Anhydrous Sodium Sulphate. Not only
strong demand in domestic
market, all major
export markets, e.g. Turkey,
South East and
South Asia have
contributed to the
overall growth. The company continues
to pursue various
strategic initiatives to
maintain its leading
position in the
global cellulosic fiber
industry. A presence
in Turkey will enable it in
the long term to achieve and maintain
a large market share in one
of the fastest
growing viscose fiber
markets.
The
company has successfully established
its presence in high
end Modal Fiber market
internationally and expanded
its export base. Demand for
Modal Fiber continues
to grow in
textile hubs of China
and Turkey due to
its strength and soft feel.
Modal is used
as an exclusive
fiber for women wear and also
blended with cotton
for various premium
apparel. The company also
expected further growth
in this segment
in this year.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 3,000,000 with
fully paid.
The capital was
increased later as
followings:
Bht.
73,500,000 in 1974
Bht. 98,000,000
in 1975
Bht.
112,000,000 in 1990
Bht.
201,600,000 in 1993
The latest capital
was increased to
Bht. 201,600,000 divided
into 201,600,000 shares
of Bht. 1
each with fully
paid.
MAIN SHAREHOLDERS : [as at
|
NAME |
HOLDING |
% |
|
|
|
|
|
Asseau Company Limited |
33,582,850 |
16.66 |
|
Wholton Co., Ltd. |
22,165,700 |
10.99 |
|
Oneida Services Limited |
21,600,000 |
10.71 |
|
Grasim Industries Limited |
13,988,570 |
6.94 |
|
Thai Industrial Management
& Trading Co.,
Ltd. |
9,738,500 |
4.83 |
|
Rama Trading Co.,
Ltd. |
6,645,580 |
3.30 |
|
Mr. Kamol Pichitsingh |
5,000,000 |
2.48 |
|
Mrs. Rachani Kajiji |
4,858,770 |
2.41 |
|
Ms. Vanita Thakral |
4,558,706 |
2.26 |
|
Mr. Amorn Panijkaiwalkosin |
3,640,740 |
1.81 |
|
Mr. Prayuth Eurwattana |
3,239,000 |
1.61 |
|
Mrs. Jusbirgor Panijkaiwalkosin |
3,229,690 |
1.60 |
|
HSBC [Singapore] Nominees
Pte. Ltd. |
3,200,000 |
1.59 |
|
Others |
66,151,894 |
32.81 |
Total Shareholders :
1,041 [including the
above shareholders]
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Narong Pantawong No.
3315
BALANCE SHEET [BAHT]
The
latest financial figures
published for September
30, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash
Equivalents |
3,032,776,065 |
2,639,889,263 |
1,139,796,332 |
|
Short-term Investments |
487,082,750 |
380,439,250 |
- |
|
Trade Accounts Receivable - Unrelated Parties |
770,215,189 |
658,549,159 |
593,318,043 |
|
- Related
Parties |
587,928,404 |
507,473,844 |
561,656,685 |
|
Amounts due from Related Parties |
11,689,554 |
4,202,750 |
9,307,508 |
|
Inventories
|
1,867,298,845 |
1,711,038,962 |
894,750,753 |
|
Other Current Assets |
|
|
|
|
Input Tax
Refundable |
48,313,223 |
71,790,857 |
17,035,240 |
|
Export Incentive
Receivable |
2,087,107 |
21,245,586 |
37,933,463 |
|
Interest Receivable |
16,707,710 |
5,224,207 |
1,084,523 |
|
Deferred Dividend |
5,729,996 |
- |
- |
|
Others |
25,267,433 |
96,087,134 |
15,990,067 |
|
|
|
|
|
|
Total Current Assets |
6,855,096,276 |
6,095,941,012 |
3,270,872,614 |
|
Non-current Assets |
|
|
|
|
Investments in
Associated Companies |
4,456,776,509 |
2,587,080,509 |
2,538,743,009 |
|
Other Long-term
Investments |
1,705,735,661 |
1,709,211,900 |
1,629,652,338 |
|
Long-term Lending to
Related Party |
133,351,200 |
130,927,500 |
138,117,600 |
|
Property, Plant and Equipment |
3,127,680,791 |
3,481,166,650 |
3,798,061,306 |
|
Intangible Assets |
5,036,314 |
9,360,433 |
13,320,384 |
|
Other Non-current
Assets |
2,793,272 |
3,110,117 |
3,675,247 |
|
Total Non-current Assets |
9,431,373,747 |
7,920,857,109 |
8,121,569,884 |
|
Total Assets |
16,286,470,023 |
14,016,798,121 |
11,391,442,498 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial
Institution |
568,520,338 |
273,472,158 |
5,977,549 |
|
Trade Accounts Payable Unrelated Parties |
324,946,126 |
289,370,695 |
257,624,846 |
|
Related Parties |
207,885,859 |
255,332,156 |
118,286,419 |
|
Amount due to
Related Parties |
142,702 |
128,888 |
- |
|
Other Current Liabilities Accrued Income
Tax |
181,370,262 |
156,358,393 |
- |
|
Accrued Expenses |
183,724,059 |
179,887,750 |
153,147,776 |
|
Others |
86,546,594 |
16,319,704 |
14,886,894 |
|
|
|
|
|
|
Total Current Liabilities |
1,553,135,940 |
1,170,869,744 |
549,923,484 |
|
|
|
|
|
|
Provision for Employee
Retirement Benefit |
109,663,514 |
113,090,838 |
111,786,508 |
|
Other Non-current Liabilities |
- |
- |
18,189,661 |
|
Total Liabilities |
1,662,799,454 |
1,283,960,582 |
679,899,653 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share capital |
|
|
|
|
Registered, Issued
and fully paid 201,600,000 ordinary shares of Baht 1
each |
201,600,000 |
201,600,000 |
201,600,000 |
|
Issued and
fully paid |
|
|
|
|
201,600,000 ordinary shares of
Baht 1
each |
201,600,000 |
201,600,000 |
201,600,000 |
|
Unrealized Gain from
Changes in Fair Value
of Investments in Available-for- Sale Securities |
601,444,515 |
604,493,940 |
613,187,754 |
|
Retained Earning Appropriated Statutory Reserve
|
20,160,000 |
20,160,000 |
20,160,000 |
|
General Reserve |
2,500,000,000 |
2,500,000,000 |
2,500,000,000 |
|
Unappropriated |
11,300,466,054 |
9,406,583,599 |
7,377,595,091 |
|
Total Shareholders' Equity |
14,623,670,569 |
12,732,837,539 |
10,712,542,845 |
|
Total Liabilities & Shareholders' Equity |
16,286,470,023 |
14,016,798,121 |
11,392,442,498 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales |
12,250,114,728 |
10,327,513,657 |
6,214,441,494 |
|
Other Income |
|
|
|
|
Interest Income |
93,832,633 |
35,267,778 |
23,078,574 |
|
Export Incentives
|
5,441,180 |
57,499,146 |
59,508,150 |
|
Exchange Gain |
94,598,843 |
90,550,169 |
5,025,621 |
|
Dividend income |
154,991,276 |
132,412,151 |
43,025,800 |
|
Others |
4,849,817 |
15,959,405 |
5,176,605 |
|
Total Revenues |
12,603,828,477 |
10,659,202,306 |
6,350,256,244 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Sales
|
9,323,546,644 |
7,608,346,427 |
5,426,602,887 |
|
Selling Expenses |
341,487,610 |
337,452,491 |
155,222,934 |
|
Administrative Expenses |
161,717,008 |
131,000,448 |
136,294,073 |
|
Management Benefit Expenses |
30,354,956 |
26,275,659 |
26,354,853 |
|
Total Expenses |
9,857,106,218 |
8,103,075,025 |
5,744,474,747 |
|
|
|
|
|
|
Income before Finance Expenses & Corporate Income Tax |
2,746,722,259 |
2,556,127,281 |
605,781,497 |
|
Finance Expenses |
[6,117,933] |
[1,183,973] |
[1,382,511] |
|
|
|
|
|
|
Profit before Corporate
Income Tax |
2,740,604,326 |
2,554,943,308 |
604,398,986 |
|
Corporate Income Tax |
[493,922,046] |
[324,354,800] |
[50,591,030] |
|
|
|
|
|
|
Net Profit / [Loss] |
2,246,682,280 |
2,230,588,508 |
553,807,956 |
Note:
On
May 11, 2012,
the company reported for
a change of
the company’s fiscal
financial year from
September 30 to
March 31.
BALANCE SHEET [BAHT]
The
latest financial figures
published for
ASSETS
|
Current Assets |
Mar.
31, 2012 |
|
|
|
|
Cash and Cash
Equivalents |
1,134,938,817 |
|
Short-term Investments |
1,626,290,550 |
|
Trade Accounts Receivable |
1,319,214,433 |
|
Inventories
|
1,755,294,332 |
|
Other Current Assets |
106,963,678 |
|
|
|
|
Total Current Assets
|
5,942,701,810 |
|
Non-current Assets |
|
|
Investments in Associated
Companies |
4,833,348,679 |
|
Other Long-term
Investments |
1,781,361,973 |
|
Long-term Lending to
Related Party |
158,292,750 |
|
Property, Plant and Equipment |
2,993,093,149 |
|
Intangible Assets |
3,371,515 |
|
Other Non-current
Assets |
2,580,372 |
|
Total Assets |
15,714,750,248 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
Mar.
31, 2012 |
|
|
|
|
Short-term Loan from
Financial Institution |
574,797,245 |
|
Trade Accounts &
Other Payables |
570,386,046 |
|
Corporate Income Tax
Payable |
21,836,707 |
|
Other Current Liabilities |
43,366,996 |
|
|
|
|
Total Current Liabilities |
1,210,386,994 |
|
|
|
|
Provision for Long-term Employee
Benefits |
130,991,729 |
|
Total Liabilities |
1,341,378,723 |
|
|
|
|
Shareholders' Equity |
|
|
Share capital |
|
|
Registered, Issued
and fully paid 201,600,000 ordinary shares of
Baht 1 each |
201,600,000 |
|
|
|
|
Issued and
fully paid |
|
|
201,600,000 ordinary shares of
Baht 1 each |
201,600,000 |
|
Retained Earning Appropriated Statutory Reserve
|
20,160,000 |
|
General Reserve |
2,500,000,000 |
|
Unappropriated |
10,974,431,738 |
|
Other Components of
Shareholders’ Equity |
677,179,787 |
|
Total Shareholders' Equity |
14,373,371,525 |
|
Total Liabilities &
Shareholders' Equity |
15,714,750,248 |
PROFIT &
LOSS ACCOUNT
For the six-month
period ended
|
Revenue |
Mar.
31, 2012 |
|
|
|
|
Sales |
5,288,604,475 |
|
Exchange Gain |
93,357,041 |
|
Dividend income |
59,950,000 |
|
Other Income |
69,743,934 |
|
Total Revenues |
5,511,655,450 |
|
Expenses |
|
|
|
|
|
Cost of Sales
|
4,972,286,891 |
|
Selling Expenses |
189,462,707 |
|
Administrative Expenses |
98,954,200 |
|
Total Expenses |
5,260,703,798 |
|
|
|
|
Profit before Finance Expenses & Corporate
Income Tax |
250,951,652 |
|
Finance Expenses |
[5,410,729] |
|
|
|
|
Profit before Corporate
Income Tax |
245,540,923 |
|
Corporate Income Tax |
[30,042,952] |
|
|
|
|
Net Profit / [Loss] |
215,497,971 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
4.41 |
5.21 |
5.95 |
|
QUICK RATIO |
TIMES |
3.15 |
3.58 |
4.19 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.92 |
2.97 |
1.64 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.75 |
0.74 |
0.55 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
73.10 |
82.08 |
60.18 |
|
INVENTORY TURNOVER |
TIMES |
4.99 |
4.45 |
6.06 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
22.95 |
23.27 |
34.85 |
|
RECEIVABLES TURNOVER |
TIMES |
15.90 |
15.68 |
10.47 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
12.72 |
13.88 |
17.33 |
|
CASH CONVERSION CYCLE |
DAYS |
83.33 |
91.48 |
77.70 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
76.11 |
73.67 |
87.32 |
|
SELLING & ADMINISTRATION |
% |
4.36 |
4.79 |
5.12 |
|
INTEREST |
% |
0.05 |
0.01 |
0.02 |
|
GROSS PROFIT MARGIN |
% |
26.78 |
29.54 |
14.86 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
22.42 |
24.75 |
9.75 |
|
NET PROFIT MARGIN |
% |
18.34 |
21.60 |
8.91 |
|
RETURN ON EQUITY |
% |
15.36 |
17.52 |
5.17 |
|
RETURN ON ASSET |
% |
13.79 |
15.91 |
4.86 |
|
EARNING PER SHARE |
BAHT |
11.14 |
11.06 |
2.75 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.10 |
0.09 |
0.06 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.11 |
0.10 |
0.06 |
|
TIME INTEREST EARNED |
TIMES |
448.96 |
2,158.94 |
438.17 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
18.62 |
66.19 |
|
|
OPERATING PROFIT |
% |
7.46 |
321.96 |
|
|
NET PROFIT |
% |
0.72 |
302.77 |
|
|
FIXED ASSETS |
% |
(10.15) |
(8.34) |
|
|
TOTAL ASSETS |
% |
16.19 |
23.05 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 18.62%. Turnover has increased from THB
10,327,513,657.00 in 2010 to THB 12,250,114,728.00 in 2011. While net profit has
increased from THB 2,230,588,508.00 in 2010 to THB 2,246,682,280.00 in 2011.
And total assets has increased from THB 14,016,798,121.00 in 2010 to THB
16,286,470,023.00 in 2011.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
26.78 |
Impressive |
Industrial Average |
8.04 |
|
Net Profit Margin |
18.34 |
Impressive |
Industrial Average |
2.21 |
|
Return on Assets |
13.79 |
Impressive |
Industrial Average |
2.63 |
|
Return on Equity |
15.36 |
Impressive |
Industrial Average |
6.19 |
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 26.78%. When compared with the industry
average, the ratio of the company was higher, 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 18.34%, 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
13.79%, 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 15.36%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
4.41 |
Impressive |
Industrial Average |
1.18 |
|
Quick Ratio |
3.15 |
|
|
|
|
Cash Conversion Cycle |
83.33 |
|
|
|
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 4.41 times in 2011, decreased from 5.21 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the current
ratio by measuring the amount of the most liquid current assets there are to
cover current liabilities. The company's figure is 3.15 times in 2011,
decreased from 3.58 times, although excluding inventory so the company still
have good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 84 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.10 |
Impressive |
Industrial Average |
0.57 |
|
Debt to Equity Ratio |
0.11 |
Impressive |
Industrial Average |
1.28 |
|
Times Interest Earned |
448.96 |
Impressive |
Industrial Average |
2.97 |
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 448.97 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 0.1 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.92 |
Impressive |
Industrial Average |
1.67 |
|
Total Assets Turnover |
0.75 |
Acceptable |
Industrial Average |
1.11 |
|
Inventory Conversion Period |
73.10 |
|
|
|
|
Inventory Turnover |
4.99 |
Satisfactory |
Industrial Average |
6.34 |
|
Receivables Conversion Period |
22.95 |
|
|
|
|
Receivables Turnover |
15.90 |
Impressive |
Industrial Average |
6.00 |
|
Payables Conversion Period |
12.72 |
|
|
|
The company's Account Receivable Ratio is calculated as 15.90 and 15.68 in
2011 and 2010 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 2011
increased from 2010. 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 decreased from 82 days at the
end of 2010 to 73 days at the end of 2011. This represents a positive trend.
And Inventory turnover has increased from 4.45 times in year 2010 to 4.99 times
in year 2011.
The company's Total Asset Turnover is calculated as 0.75 times and 0.74
times in 2011 and 2010 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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.30 |
|
UK Pound |
1 |
Rs.82.88 |
|
Euro |
1 |
Rs.70.80 |
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.