MIRA
INFORM REPORT
|
Report Date : |
06..08.2013 |
IDENTIFICATION DETAILS
|
Name : |
KULTHORN KIRBY PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
126 SOI Chalong Krung
31, Chalong
Krung Road, Lam Pla
Thio, Lat Krabang, Bangkok
10520 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
24.03.1980 |
|
|
|
|
Com. Reg. No.: |
0107537002150 [Former :
BOR.MOR.JOR.462] |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Distributor of
Reciprocating Compressors
for Refrigerators, Freezers,
Coolers and Air Conditioners |
|
|
|
|
No. of Employees : |
1,994 |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
KULTHORN KIRBY PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 126 SOI CHALONG
KRUNG 31,
CHALONG
KRUNG ROAD, LAM PLA THIO,
LAT
KRABANG, BANGKOK 10520
TELEPHONE : [66]
2326-0831, 2739-4893
FAX : [66] 2326-0837,
2739-4892
EMAIL ADDRESS : kkc@kulthorn.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1980
REGISTRATION NO. : 0107537002150 [Former : BOR.MOR.JOR.462]
TAX ID NO. : 3101118650
CAPITAL REGISTERED : BHT. 1,000,000,000
CAPITAL PAID-UP : BHT.
1,000,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
SUTEE SIMAKULTHORN, THAI
PRESIDENT AND
MANAGING DIRECTOR
NO. OF STAFF : 1,994
LINES OF BUSINESS : MANUFACTURER, EXPORTER
AND
DISTRIBUTOR
OF RECIPROCATING COMPRESSORS
FOR REFRIGERATORS, FREEZERS,
COOLERS AND AIR
CONDITIONERS
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on March
24, 1980 as
a private limited
company under the
name style KULTHORN
KIRBY CO., LTD., by the
Simakulthorn family, and
James N. Kirby
Pty., Ltd., Australia,
IFCT, and 9
local refrigerator manufacturers
to manufacture hermetic
compressors under license
from Tecumseh Products
Co., Ltd. U.S.A.,
with a royalty
fee of 1.5%
of sales. The
agreement expired in
2005. An application
to set up
a local compressor
assembly plant to
supply local refrigerator
manufacturers was awarded
promotional privileges by
the Government’s Board
of Investment [BOI] on 28 June,
1979.
The subject was
listed on the
Stock Exchange of
Thailand on February
22, 1991, and converted
its status into a
public limited company
under the name
KULTHORN KIRBY PUBLIC
COMPANY LIMITED on
June 13, 1994.
Presently, the subject
is a manufacturer
and distributor of
motor compressor, reciprocating
type for refrigeration
products to both
domestic and international
markets. It currently employs
1,994 staff.
Subject also achieved many
awards as follows:
ISO 9001 : 2000 quality
management system, ISO 14001 environment management, OHSAS
18001 safety management
system certification and
TIS 17025-2543 [ISO/IEC 17025 : 1999]
for motor testing
operation room quality
system.
The subject’s registered
address was initially
located at 44/1 Moo 7,
Ladkrabang Industrial Estate,
Chalong Krung Road,
Lam Pla Thio,
Lat Krabang, Bangkok
10520.
On October 24,
2011, the registered
address was changed
from “44/1 Moo 7, Ladkrabang
Industrial Estate,” to
“126 Soi Chalong
Krung 31,” by
the Government district
office, actually both
are the same
location. This is
also the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sumeth Simakulthorn |
: Chairman [x] |
Thai |
75 |
|
Mr. William John Moltner |
[+] |
American |
52 |
|
Sub. Lt. Samart Mekavanichkul |
|
Thai |
77 |
|
Mr. Tawachai Jalanakaran |
|
Thai |
59 |
|
Mr. Padoong Techasarintr |
|
Thai |
73 |
|
Mr. Praphot Aphiphunya |
|
Thai |
71 |
|
Mr. Somlak Jiamtiranat |
|
Thai |
64 |
|
Mr. Suraporn Simakulthorn |
[x] |
Thai |
72 |
|
Mr. Arnon Simakulthorn |
[x] |
Thai |
69 |
|
Mr. Sutee Simakulthorn |
[x] |
Thai |
44 |
|
Mr. Titisak Simakulthorn |
[x] |
Thai |
35 |
|
Mr. Praphad Podhivorakhun |
[+] |
Thai |
67 |
|
Mr. Prasan Tanprasert |
[+] |
Thai |
65 |
|
Mr. Kanit Muangkrachang |
[+] |
Thai |
49 |
|
Mr. Paiboon Boonpermvitaya |
[+] |
Thai |
57 |
AUTHORIZED PERSON
Anyone of the
above directors [x]
can jointly sign
with anyone of
the directors [+] on
behalf of the
subject with the
company’s affixed.
MANAGEMENT
Mr. Sutee Simakulthorn is the President
and Managing Director.
He is Thai
nationality with the
age of 44
years old.
Mr. Paiboon Boonpermvitaya is
the Executive Vice
President [Manufacturing].
He is Thai
nationality with the
age of 57
years old.
Mr. Titisak Simakulthorn is
the Executive Vice
President [Marketing &
Logistics].
He is Thai
nationality with the
age of 35
years old.
Mr. Chanachai Kulnoppaleark is
the Vice President [Office of
the Company Secretary].
He is Thai
nationality.
Mr. Kumjorn Kunvapanichkul is
the Vice President [Marketing].
He is Thai
nationality.
Ms. Sopida Doungratmaneechot is
the Manager-Finance Department.
She is Thai
nationality.
Mrs. Chanpen Phadungsilp is
the Manager-Accounting &
Costing Department.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
of hermetic compressor,
reciprocating type with sizes from 1/20 - 3 Hp., for
various kinds of
refrigeration products, such
as refrigerators, freezers, water coolers, commercial
refrigerators and air conditioners, as well as
manufacturing of condensing
units, the components
of refrigeration products,
electrical motor parts,
and other motor
compressor parts.
The reciprocating compressor
can be used
with many types
of refrigerant including
Ozone Friendly Substance
such as R13a, R404A,
R407C R600a and R290
with the sizes
from 1/20 horsepower
to 10 horsepower. The products
has been used
production technology by
Tecumseh Products Company,
U.S.A., as well as
refrigeration condensing unit,
lamination parts and
other compressor parts.
The products are
sold and serviced
to OEM manufacturers.
REGISTERED TRADEMARK
“TECUMSEH”
BRAND NAME
“KK-KULTHORN”
PRODUCTION CAPACITY :
[Unit : Million Sets]
Year 2012 2011 2010
Full Capacity : 5.16 5.16 4.58
Real Capacity
Compressor Motors : 2.34 2.40 3.01
Condensing Unit : 0.01 0.01 0.01
Total Real Capacity : 2.35 2.41 3.02
PURCHASE
75% of its
raw materials and components such
as hot & cold
rolled steel, aluminium
& electrical equipments
are purchased from
local suppliers, and
the remaining 25% such as
steel plate, aluminium
and electrical equipments
are imported from
Japan, United States of
America, Australia, U.K.,
Spain, Malaysia, Republic
of China and
Italy.
Raw materials: steel
casting parts, enamel
copper wires, metal
powder and compressor
coating paints are
purchased from local
suppliers as follows:
Kulthorn Kirby Foundry
Co., Ltd. :
Thailand
Kulthorn Materials and
Controls Co., Ltd. : Thailand
Hitachi Enamel Wires
Co., Ltd. :
Thailand
Nippon Paints [Thailand]
Ltd. :
Thailand
Kulthorn Premier Ltd. :
Thailand
Kulthorn Steel Co.,
Ltd. :
Thailand
SALES [LOCAL]
44% of its
products is sold
locally to manufacturers
and end-users.
EXPORT [COUNTRIES]
56% of its products
is exported to
United States of America,
Malaysia, Indonesia, Bangladesh,
Australia, Saudi Arabia,
Philippines, Sri Lanka,
Republic of China,
Egypt, Germany, Greece,
Italy, Nepal, Pakistan,
Singapore, Taiwan and
India.
MAJOR CUSTOMERS
Fujitsu General [Thailand]
Ltd.
Sanden Intercool [Thailand]
Public Co., Ltd.
Simac International Co., Ltd.
Hongkong Soaring Industrial
Co., Ltd.
Thai Toshiba Electric
Industries Co., Ltd.
Kulthorn Co., Ltd.
Freser [HK] Co.,
Ltd.
TVHA-Toshiba Vietnam Home
Appliances Co., Ltd.
Thai Samsung Electronics
Co., Ltd.
Heatcraft Australia Pty.
Ltd.
REVENUE STRUCTURE
|
|
2012 [Unit: Thousand
Baht] |
||
|
Compressor for |
BTU/Hour |
Amount |
% |
|
|
|
|
|
|
- Refrigerators, Freezers, Water Coolers |
160-900 |
1,002,989 |
22.87 |
|
- Refrigerators, Commercial Refrigerators |
900-500 |
1,377,724 |
31.42 |
|
- Commercial
Refrigerators, Air-Conditioners |
5,000-35,000 |
1,984,890 |
45.26 |
|
- Air Conditioners [Heavy Duty] |
37,000-120,000 |
19,674 |
0.45 |
|
|
|
|
|
|
Total Revenue |
|
4,385,277 |
100.00 |
SUBSIDIARIES
Kulthorn Kirby Foundry
Company Limited
Business Type : Manufacturer
of iron castings
Address : 212/62
Pattanakarn Rd., Khwang
Pravet, Khet Pravet,
Bangkok 10250
Investment : 100%
Kulthorn Premier Company
Limited
Business Type : Manufacturer
of hermetic compressor,
motor and iron
coatings for
commercial refrigerators
Address : 446/3 Moo
9, Nongkee, Kabinburi,
Prachinburi 25110.
Investment : 99.86%
Kulthorn Steel Company
Limited
Business Type : Slitting
of electrical steel for
compressor
Address : 61/1 Moo
4, Lat Krabang
Industrial Estate, Chalongkrung
Rd.,
Lam Pla Thio,
Lat Krabang, Bangkok
10520.
Kulthorn Materials and
Controls Company Limited
Business Type : Manufacturer
of enameled copper
wires and thermostat
used in air
conditioners and refrigerators
Address : 1/2 Moo
22 Suwinthawong Rd., T. Saladaeng, A. Bangnampriew,
Chachoengsao 24000.
LITIGATION
On November 30,
1999 the subject
entered into a
debt restructuring agreement
with the financial
institution creditors to
restructure the outstanding debts to
these institutions.
CREDIT
Local bills are
paid by cash or
on the credits
term of 30-60
days.
Imports are by
L/C at sight
or on the
credits term of
60-120 days and
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
Bangkok Bank Public
Co., Ltd.
[Ladkrabang Branch : 223
Moo 1, Onnuch-Ladkrabang Rd.,
Ladkrabang, Bangkok 10520]
Kasikornbank Public Co., Ltd.
[Ladkrabang Branch : 220
Moo 1, Onnuch-Ladkrabang Rd.,
Ladkrabang, Bangkok 10520]
Hongkong & Shanghai
Banking Corp.
[Bangkok Branch :
968 Rama 4 Rd., Silom,
Bangrak, Bangkok 10500]
Bank of America
NT & SA
[Bangkok Branch :
2/2 Wireless Rd.,
Lumpini, Pathumwan, Bangkok 10330]
TMB Bank Public
Co., Ltd.
[Head Office:
3000 Phaholyothin Rd.,
Chompol, Jatujak, Bangkok]
EMPLOYMENT
The subject currently
employs 1,994 staff
[office staff, sales
representatives and factory
workers].
LOCATION DETAILS
The premise is owned
for administrative an office,
factory and warehouse
at the heading
address on 57,600
square meters. Premise is
located in an
industrial area.
COMMENT
The company is
Thailand’s first manufacturer
of high-efficiency hermetic
compressors. Over the past
33 years it
has steadily developed
to become a
leading manufacture of high-quality
hermetic compressors for
both the refrigeration and
air-conditioning manufacturing
industries.
It has gained
trust and a
reputation for reliability
from world-renowned manufacturers
of refrigeration and
air-conditioning systems both
locally and overseas,
as well as
continuing to improve
the overall efficiency
and quality of
its operations and
products.
FINANCIAL INFORMATION
The capital was
initially registered at Bht. 40,000,000, divided
into 400,000 shares
of Bht. 100 each.
The capital was
increased later as
followings:
Bht. 71,600,000 in
April, 1983
Bht. 87,000,000
in May, 1985
Bht. 97,000,000
in June, 1990
Bht. 115,000,000
in January, 1991
Bht. 150,000,000
in June, 1993
The latest registered
capital was increased
to Bht. 1,000,000,000 divided
into
1,000,000,000 shares of
Bht. 1 each
with fully paid.
MAIN SHAREHOLDERS
[as at March
8, 2013] at
Bht. 850,000,000 of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Simakulthorn Holding Co.,
Ltd. |
272,126,518 |
32.01 |
|
Heatcraft Australia Pty.
Ltd. |
65,255,000 |
7.68 |
|
F.O. Supakorn Chantasasawat |
42,063,377 |
4.95 |
|
Ms. Sasi Ingkanan |
39,374,081 |
4.64 |
|
Ms. Saisamorn Suriyathep |
38,113,442 |
4.48 |
|
Ms. Urai Khem-amnart |
35,399,299 |
4.16 |
|
Ms. Pojanee Khem-amnart |
35,384,231 |
4.16 |
|
Ms. Kalpapas Parnpichtawee |
32,950,555 |
3.88 |
|
Mr. Suchon Simakulthorn |
21,470,620 |
2.53 |
|
Mr. Suraporn Simakulthorn |
21,459,050 |
2.52 |
|
Mr. Arnon Simakulthorn |
19,561,919 |
2.30 |
|
Mr. Sumeth Simakulthorn |
19,237,853 |
2.26 |
|
Mrs. Supatra Khamthien |
14,134,723 |
1.66 |
|
Other shareholders |
193,469,332 |
22.77 |
Total Shareholders :
2,339 [including the
above shareholders]
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Ms. Saifon Inkaew No.
4434
Ernst & Young Office
Limited
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
14,720,685 |
23,931,502 |
1,023,461 |
|
Trade Accounts Receivable
|
904,708,897 |
980,133,744 |
962,991,701 |
|
Inventories |
909,498,025 |
873,653,128 |
937,923,382 |
|
Value Added Tax
Receivable |
23,569,498 |
16,392,732 |
46,207,029 |
|
Other Current Assets
|
9,992,010 |
5,913,931 |
4,195,250 |
|
|
|
|
|
|
Total Current Assets
|
1,862,489,115 |
1,900,025,037 |
1,952,340,823 |
|
Investment in Subsidiaries |
2,334,372,497 |
2,334,372,497 |
2,334,372,497 |
|
Fixed Assets |
1,892,962,993 |
1,925,981,942 |
1,798,735,989 |
|
Other Intangible Assets |
3,209,619 |
3,765,031 |
4,050,529 |
|
Other Non-current Assets |
786,715 |
930,052 |
862,292 |
|
Total Assets |
6,093,820,939 |
6,165,074,559 |
6,090,362,130 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
1,555,321,928 |
1,778,197,987 |
969,115,771 |
|
Trade Accounts & Other Payable
|
964,165,851 |
645,107,777 |
990,575,044 |
|
Short-term Loan from Related Party |
30,500,000 |
- |
- |
|
Current Portion of
Long-term Loans |
550,000,000 |
2,000,000,000 |
500,000,000 |
|
Current Portion of Liabilities
under Hire-purchase & Financial Lease Agreements |
9,440,209 |
20,071,832 |
34,841,430 |
|
Dividend Payable |
581,197 |
71,711,680 |
463,710 |
|
Accrued Income Tax |
- |
- |
15,308,526 |
|
Other Current Liabilities |
61,888,882 |
42,346,719 |
50,270,908 |
|
|
|
|
|
|
Total Current Liabilities |
3,171,898,067 |
4,557,435,995 |
2,560,575,389 |
|
Long-term Loan - Net of Current
Portion |
1,100,000,000 |
- |
1,800,000,000 |
|
Liabilities under Hire-purchase &
financial Lease
Agreements - Net of Current
Portion |
26,247,069 |
4,139,830 |
24,246,888 |
|
Provision for Long-term
Employee Benefits |
54,530,797 |
46,355,302 |
- |
|
Total Liabilities |
4,352,855,933 |
4,607,931,127 |
4,384,822,277 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share capital : Baht 1
par value Authorized &
issued share capital
1,000,000,000 shares |
1,000,000,000 |
1,000,000,000 |
1,000,000,000 |
|
|
|
|
|
|
Capital Paid |
850,000,000 |
850,000,000 |
850,000,000 |
|
Premium on Share Capital |
350,000,000 |
350,000,000 |
350,000,000 |
|
Retained Earnings: Appropriated for Statutory
Reserve |
90,601,450 |
81,035,666 |
77,793,632 |
|
Unappropriated |
450,363,556 |
276,107,766 |
427,746,221 |
|
Total Shareholders' Equity |
1,740,965,006 |
1,557,143,432 |
1,705,539,853 |
|
Total Liabilities & Shareholders' Equity |
6,093,820,939 |
6,165,074,559 |
6,090,362,130 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales & Service Income |
4,871,589,688 |
5,209,686,920 |
5,934,931,501 |
|
Other Income Income from
Scrap Sales |
280,842,017 |
291,165,511 |
282,304,868 |
|
Gain on Exchange Rate |
42,582,527 |
8,161,686 |
6,646,923 |
|
Interest Income |
204,310 |
477,831 |
67,052,246 |
|
Dividend Income |
220,592,852 |
- |
- |
|
Others |
4,198,058 |
8,563,335 |
11,003,583 |
|
Total Revenues |
5,420,009,452 |
5,518,055,283 |
6,301,939,121 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
4,841,617,037 |
5,029,283,069 |
5,558,032,726 |
|
Selling Expenses |
58,451,243 |
79,852,796 |
95,937,511 |
|
Administrative Expenses |
157,925,929 |
174,568,655 |
137,054,175 |
|
Total Expenses |
5,057,994,209 |
5,283,704,520 |
5,791,024,412 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
362,015,243 |
234,350,763 |
510,884,709 |
|
Financial Costs |
[169,606,515] |
[169,581,462] |
[124,551,985] |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
192,408,728 |
64,769,301 |
386,332,724 |
|
Income Tax |
[1,093,054] |
[1,187,643] |
[23,480,720] |
|
|
|
|
|
|
Net Profit / [Loss] |
191,315,674 |
63,581,658 |
362,850,004 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.59 |
0.42 |
0.76 |
|
QUICK RATIO |
TIMES |
0.29 |
0.22 |
0.38 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.57 |
2.70 |
3.30 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.80 |
0.85 |
0.97 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
68.57 |
63.41 |
61.59 |
|
INVENTORY TURNOVER |
TIMES |
5.32 |
5.76 |
5.93 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
67.78 |
68.67 |
59.22 |
|
RECEIVABLES TURNOVER |
TIMES |
5.38 |
5.32 |
6.16 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
72.69 |
46.82 |
65.05 |
|
CASH CONVERSION CYCLE |
DAYS |
63.66 |
85.26 |
55.77 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
99.38 |
96.54 |
93.65 |
|
SELLING & ADMINISTRATION |
% |
4.44 |
4.88 |
3.93 |
|
INTEREST |
% |
3.48 |
3.26 |
2.10 |
|
GROSS PROFIT MARGIN |
% |
11.87 |
9.38 |
12.53 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.43 |
4.50 |
8.61 |
|
NET PROFIT MARGIN |
% |
3.93 |
1.22 |
6.11 |
|
RETURN ON EQUITY |
% |
10.99 |
4.08 |
21.27 |
|
RETURN ON ASSET |
% |
3.14 |
1.03 |
5.96 |
|
EARNING PER SHARE |
BAHT |
0.23 |
0.07 |
0.43 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.71 |
0.75 |
0.72 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.50 |
2.96 |
2.57 |
|
TIME INTEREST EARNED |
TIMES |
2.13 |
1.38 |
4.10 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(6.49) |
(12.22) |
|
|
OPERATING PROFIT |
% |
54.48 |
(54.13) |
|
|
NET PROFIT |
% |
200.90 |
(82.48) |
|
|
FIXED ASSETS |
% |
(1.71) |
7.07 |
|
|
TOTAL ASSETS |
% |
(1.16) |
1.23 |
|
ANNUAL GROWTH : ACCEPTABLE
An annual sales growth is -6.49%. Turnover has decreased from THB
5,209,686,920.00 in 2011 to THB 4,871,589,688.00 in 2012. While net profit has increased
from THB 63,581,658.00 in 2011 to THB 191,315,674.00 in 2012. And total assets
has decreased from THB 6,165,074,559.00 in 2011 to THB 6,093,820,939.00 in
2012.
PROFITABILITY : ACCEPTABLE
PROFITABILITY RATIO
|
Gross Profit Margin |
11.87 |
Impressive |
Industrial Average |
(0.15) |
|
Net Profit Margin |
3.93 |
Acceptable |
Industrial Average |
5.99 |
|
Return on Assets |
3.14 |
Deteriorated |
Industrial Average |
14.40 |
|
Return on Equity |
10.99 |
Deteriorated |
Industrial Average |
23.56 |
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 11.87%. 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 3.93%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is 3.14%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is 10.99%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.59 |
Risky |
Industrial Average |
2.06 |
|
Quick Ratio |
0.29 |
|
|
|
|
Cash Conversion Cycle |
63.66 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 0.59 times in 2012, increased from 0.42 times, then the company may not
be efficiently using its current assets. When compared with the industry
average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.29 times in 2012,
increased from 0.22 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 64 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.71 |
Acceptable |
Industrial Average |
0.38 |
|
Debt to Equity Ratio |
2.50 |
Risky |
Industrial Average |
0.61 |
|
Times Interest Earned |
2.13 |
Impressive |
Industrial Average |
- |
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 2.14 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 0.71 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 Downtrend
Times Interest Earned Downtrend
ACTIVITY : ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.57 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.80 |
Deteriorated |
Industrial Average |
2.41 |
|
Inventory Conversion Period |
68.57 |
|
|
|
|
Inventory Turnover |
5.32 |
Deteriorated |
Industrial Average |
12.22 |
|
Receivables Conversion Period |
67.78 |
|
|
|
|
Receivables Turnover |
5.38 |
Satisfactory |
Industrial Average |
6.19 |
|
Payables Conversion Period |
72.69 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.38 and 5.32 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 63 days at the
end of 2011 to 69 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 5.76 times in year 2011 to 5.32 times
in year 2012.
The company's Total Asset Turnover is calculated as 0.8 times and 0.85 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 Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.82 |
|
|
1 |
Rs.92.97 |
|
Euro |
1 |
Rs.80.73 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.