MIRA
INFORM REPORT
|
Report Date : |
24.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
DKSH [THAILAND] LIMITED |
|
|
|
|
Formerly Known As : |
DIETHELM LIMITED |
|
|
|
|
Registered Office : |
Preecha Building, 2533 Sukhumvit Road, [Opposite Soi 62], Bangchak, Phrakanong, Bangkok 10260 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
05.02.1980 |
|
|
|
|
Com. Reg. No.: |
0105523002118 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer and distributor of International trading company
like Consumer Goods, Healthcare Business unit, Performance Materials Unit, Technology Business
Unit, Luxury & Lifestyles
Business Unit |
|
|
|
|
No. of Employees : |
7000 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 crisis 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 AND ADDRESS
DKSH [THAILAND] LIMITED
[FORMER : DIETHELM LIMITED]
SUMMARY
BUSINESS
ADDRESS : PREECHA BUILDING, 2533 SUKHUMVIT
ROAD,
[OPPOSITE SOI
62], BANGCHAK, PHRAKANONG,
BANGKOK 10260,
THAILAND
TELEPHONE : [66]
2332-7140-51, 2742-4531-40,
2790-8879,
2790-4000, 2790-8000
FAX : [66] 2332-7164,
2742-6929, 2332-6103, 2742-4400
E-MAIL
ADDRESS : kiatchai.o@dksh.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1980
REGISTRATION
NO. : 0105523002118 [Former : 213/2523]
TAX
ID NO. : 3101109740
CAPITAL REGISTERED : BHT. 200,000,000
CAPITAL PAID-UP : BHT. 200,000,000
SHAREHOLDER’S PROPORTION : THAI
: 51%
SWISS : 49%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SOMBOON PRASITJUTRAKUL, THAI
PRESIDENT
NO.
OF STAFF : 7,000
LINES
OF BUSINESS : INTERNATIONAL TRADING
COMPANY IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on February 5, 1980 as a private
limited company under
the registered name “Diethelm Pharmachem Ltd.”
by Thai and Swiss
Groups. On August
28, 1990 the
subject’s name was
changed to “Diethelm
Trading Co., Ltd.”
In
November 2000, the
subject became a
part of the
Diethelm Keller Service
Asia when the
Diethelm Company had
been merged with Edward
Keller Company to
be Diethelm Keller
Group. On December
27, 2004, the
subject’s name was
changed to “DKSH
[Thailand] Limited”.
In
2006, Diethelm & Co., Ltd.,
the subject’s related company,
has been merged with the
subject, then subject’s name
was changed to “Diethelm Limited” on September
26, 2006.
On
December 21, 2009,
its name was
finally changed to
DKSH [THAILAND] LIMITED.
At
present, the subject
operates as a trading and
marketing business. It
currently employs approximately
7,000 staff.
The
subject’s registered address
is Preecha Bldg., 2533 Sukhumvit
Rd., [Opposite Soi 62],
Bangchak, Phrakanong, Bangkok
10260, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somboon Prasitjutrakul |
|
Thai |
55 |
|
Mr. Somkiat Seehapithak |
|
Thai |
64 |
|
Mr. Sucheep Sripruttha |
|
Thai |
52 |
|
Mr. Vorathep Korkijpoonphol |
|
Thai |
55 |
|
Mrs. Pancharee Veerathamwach |
|
Thai |
- |
|
Mr. Stephen John
Ferraby |
|
Australian |
49 |
|
Mr. David A.F. McDonald |
|
Canadian |
47 |
|
Mr. Bernd Karl
Lepper |
|
German |
43 |
|
Mr. Jorg Pablo Keller |
|
German |
45 |
AUTHORIZED PERSON
Any
two of the above
directors can jointly sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Somboon Prasitjutrakul is
the President.
He is Thai
nationality with the
age of 55
years old.
Mr. Stephen John Ferraby
is the Country
Finance.
He is Australian
nationality with the
age of 49
years old.
Mr. Kevin Doyle Corning
is the Vice
President [Luxury &
Lifestyle].
He is American nationality
with the age
of 51 years
old.
Mr. David A.F. McDonald is
the Vice President
[Performance Materials].
He is Canadian
nationality with the
age of 47
years old.
Mr. Bernd Karl Lepper
is the Vice
President [Healthcare].
He is German
nationality with the
age of 43
years old.
Mr. Bo Nielsen is
the Vice President
[Consumer Goods].
He is Swiss
nationality.
Mr. Joerg Pablo Keller
is the Vice
President [Technology].
He is German
nationality with the
age of 45 years old.
Mrs. Pensri Nimmahnpatcharin is
Human Resources Manager.
She is Thai
nationality with the
age of 53
years old.
Ms. Kulthida Leenabanjong is
Corporate Communication Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activities are
international trading business,
importer and distributor various
kinds of products
as the followings:
1.
Consumer Goods Business
Unit
·
Food
Fast Moving Consumer
Goods: long shelves
life, cereal, chocolate,
sweet, candy, beverage,
chilled, frozen products
and dairy products.
- Non-Foods:
Personal care products:
skin care, hair
care, blotting paper,
his & her,
intimate
cleaning.
Household
goods: car care,
automobile
Toiletry:
kitchen utility
Durables:
toys, stationeries, baby
products, stroller, shoes,
glasses and
sporting
equipment
Pet care
2.
Healthcare
Business Unit
The
products are consisted
of medical devices, OTC & consumer health,
and pharmaceutical. The
subject is the
largest distributor in
the healthcare sector,
providing wide range
of services to
both multinational companies,
such as Astra Zeneca,
Eli Lilly, GlaxoSmithkline, Janssen-Cilag, Novo
Nordisk, Roche, Roche
Diagnostics and Terumo
and also local
companies, through Silom
Medical and T.C
Union Global.
3.
Performance
Materials Unit
The products are
supplied to various
industries as follows:
-
Food
and Beverages, such
as beverage & dairy, confectionery & bakery, food
services, food supplement & nutrition and
processed foods
-
Specialty
chemicals, such as graphics & electronics, paints & coatings, polymer, fibers and
adhesives
-
Pharmaceuticals,
such as active
pharmaceutical ingredients, amino
acid
derivatives,
coupling and protecting
agents, excipients, formulation/finished
dosage forms, intermediates.
-
Personal
care, such as
beverage & dairy,
actives, additives,
anti-irritants, anti-microbial, colorants,
pigment, dyes, conditioners,
moisturizer, efficacy booster,
feel enhancer, formulating
aids, fragrances/flavors, preservative,
Rheology/Viscosity modifier.
-
Animal
care, such as
feed additives, macro
ingredients, animal health
products [vaccines & antibiotics]
and companion health
products
4.
Technology
Business Unit
The
subject provides technology
services, with wide
range of products
and services as
follows:
-
Food & beverage, such
as restaurant & hotel
equipment, agricultural equipment
-
Industry,
such as machine
tools, manufacturing systems
and printing machinery
-
Infrastructure,
such as construction & earthmoving equipment, mining & querry equipment,
transport & lifting
equipment.
-
Energy,
such as engines
and power generation.
-
Research,
such as analytical
instrument and life
science equipment.
5.
Luxury & Lifestyles Business
Unit
-
Accessories & apparel, fashion
apparel Levi’s and
watches
-
Shoes
PURCHASE
The products are purchased from over 300 suppliers both
in domestic and international. 80% of its products
is imported from France, Singapore, United Kingdom, United States
of America, Switzerland,
Germany, Japan, Hong Kong, Italy, Taiwan, India, Brazil, Norway, Spain, Korea, Netherlands, Canada,
Australia, Sweden, Philippines,
Republic of China and etc.,
and the remaining
20% is purchased
locally.
MAJOR SUPPLIERS
Rovithai/Roche, Thailand
Alpharma,
Norway
Alltech,
U.S.A.
Provimi,
Netherlands
Ascor
Chimici, Italy
IDV,
Italy
Vetcare,
India
Aurobindo,
India
Orffa,
India
Shanxi
Province, China
Reckitt,
Thailand
Cargill,
Thailand
Olic,
Thailand
Tessenderlo, Netherlands
Bonimex,
Netherlands
Akzo
Nobel, Sweden
Lignotech,
U.S.A.
H.J.
Baker, U.S.A.
Maruha,
Japan
Toyo
Science, Japan
Eisai,
Japan
CJ
Corporation, S. Korea
Cadbury
Adams [Thailand] Co.,
Ltd., Thailand
Belersderl
[Thailand] Co., Ltd.,
Thailand
Air
Products, U.S.A
Shin
Etsu, Japan
Vam
Organic Chemical Ltd.,
U.S.A
Honam
Petrochemical Corp.
Denykem
Ltd.
Shindongbank
Corporation, China
Eliokem
Tolsa
SA
Aldoro,
Germany
Alcan
Chemical, France
Barilla
G.E.R. Fratelli S.p.a.,
Italy
SALES
[LOCAL]
100%
of its products
is sold locally
to manufacturers, wholesalers,
end-users and Thai
Government.
MAJOR
CUSTOMERS
ABB
Ltd.
Electricity
Generating Authority of
Thailand
Metropolitan
Electricity Authority
Provincial
Electricity Authority
TOT
Corporation Public Co., Ltd.
etc.
SUBSIDIARY COMPANIES
Diethelm
Keller Logistics Limited
Business
Type : Distributor of pharmaceutical products
DKSH
Management [Thailad] Ltd.
Business
Type : Business management operator.
LITIGATION
Bankruptcy
and Receivership
There
are no litigation
on bankruptcy and
receivership cases filed
against the subject
found at Legal
Execution Department for
the past five
years.
Others
There
are no legal
suits filed against
the subject for
the past two
years.
CREDIT
Sales
are by cash
or on the
credits term of
30-60 days.
Local
bills are paid
by cash or
on the credits
term of 30-60
days.
Imports
are by L/C
at sight &
T/T.
BANKING
Kasikornbank
Public Co., Ltd.
[Suapa Branch : 306 Suapa
Rd., Pomprab, Bangkok
10100]
The
Siam Commercial Bank
Public Co., Ltd.
[Wireless Branch : 130-132 Sinthorn
Building, Wireless Rd.,
Lumpini, Bangkok 10330]
Deutsche
Bank AG
[Bangkok Branch : 208 Wireless
Rd., Lumpini, Pathumwan, Bangkok
10330]
Standard
Chartered Bank [Thai]
Public Co., Ltd.
[Bangkok Branch : 990 Rama
4 Rd., Silom,
Bangrak, Bangkok 10500]
Bangkok
Bank Public Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok 10500]
EMPLOYMENT
The
subject employs approximately
7,000 staff. [office,
sales staff and
warehouse workers]
LOCATION DETAILS
The premise is owned for
administrative office at the
heading address. Premise is
located in commercial/residential area.
The
subject currently has
21 branches and
warehouses nationwide as the followings:
1.
979/110 Moo
12, Soi Meelarb, Sukhumvit
103 Rd., Bangna, Phrakanong, Bangkok.
2.
161 Moo 16,
Bangpa-in Industrial Estate,
Bangkrasan, Bangpa-in, Ayutthaya.
3.
2535
Sukhumvit Rd., Bangchak,
Phrakanong, Bangkok.
4.
63 Moo 4,
Chalongkrung Rd., Lamplatiew,
Ladkrabang, Bangkok.
5.
183
Rajdamri Rd., Lumpini,
Pathumwan, Bangkok.
6.
280
Charoenkrung Rd., [New
Road], Samphantawong, Bangkok.
7.
1550
New Petchburi Rd.,
Makkasan, Rajthevee, Bangkok.
8.
48/19-20
Montri Rd., Sobtui,
Muang, Lampang.
9.
141/12-13
Moo 1, T. Payom,
A. Wangnoi, Ayutthaya.
10.
594
Luang Rd., Pomprab,
Pomprabsattrupai, Bangkok.
11.
933
Mahachai Rd., Wangburapa,
Phranakorn, Bangkok.
12.
939 Moo 2,
Bangpra-in Industrial Estate,
Udomsorayuth, Klongjik, Bangpa-in, Ayutthaya.
13.
11/10-11 Moo
9, Bangna-Trad Rd.,
Bangchalong, Bangplee, Samutprakarn.
14.
122 Moo7, Chiangmai-Sankampaeng Rd., Tonpao,
Sankampaeng, Chiangmai.
15.
144/1 Moo 13,
T. Saensuk, A. Varinchamrab,
Ubonratchathani.
16.
262
Chiangmai-Lampang Rd., Paton,
Muang, Chiangmai.
17.
120, 122
Chotewithayakul 3 Rd.,
Korhong, Hadyai, Songkhla.
18.
62 Moo 1, Bangna-Trad Rd., Seesajarakaeyai,
Bangsaothong, Samutprakarn.
19.
88, 88/1-2
Moo 11, Bangchalong,
Bangplee, Samutprakarn.
20.
3/6-9
Nonsee Rd., Chongnonsi,
Yannawa, Bangkok.
21.
222, 222/1-2
Moo 1, Seesajarakaeyai, Bangsaothong,
Samutprakarn.
COMMENT
The
company is a
leading trading business
in the Kingdom
of Thailand. Diethelm’s dynamic
growth is the result of its strong fundamental and excellent knowledge of the
business and the economic environment in the country. Its
turnover has steadily
grown each year due to its nationwide market coverage
all segments of consumer goods and a well functioning and efficient logistic
system make the products available to the targeted customers all over the
country. The company is considered a quality and high profile network
company. Its business
is solid.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided into 10,000 shares of
Bht. 100 each
with fully paid.
The capital was
increased later as
followings:
Bht. 20,000,000 on March
22, 1991
Bht. 25,000,000 on May
17, 1991
Bht. 100,000,000 on June
9, 1992
Bht. 200,000,000 on December
2, 1997
The latest registered capital was increased to Bht. 200,000,000 divided into 2,000,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2013]
|
NAME |
HOLDING |
% |
|
Landee Co., Ltd. Nationality: Thai Address : 2533
Sukhumvit Rd., Bangchak,
Phrakanong, Bangkok |
1,020,004 |
51.00 |
|
DKSH Holding AG. Nationality: Swiss Address : 8
Wiesenstrasse, Zurich 8008, Switzerland
|
979,995 |
49.00 |
|
Ms. Joy Keller Nationality: Thai Address : 100/37
Ladawan Villege,
Chalermphrakiat R. 9 Rd., Nongbon,
Praves, Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
1,020,005 |
51.00 |
|
Foreign - Swiss |
1 |
979,995 |
49.00 |
|
Total |
3 |
2,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Saifon Inkaew No.
4434
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
405,975,352 |
897,186,130 |
958,444,106 |
|
Trade Accounts & Other Receivable |
25,460,791,347 |
23,246,677,243 |
21,170,947,488 |
|
Short-term Lending to Related Company |
29,800,000 |
187,400,000 |
228,735,056 |
|
Short-term Lending to Other Company |
5,200,000 |
- |
- |
|
Inventories |
8,431,549,766 |
6,486,568,042 |
4,912,922,062 |
|
Other Current Assets
|
283,556,332 |
231,695,063 |
214,674,085 |
|
|
|
|
|
|
Total Current Assets
|
34,616,872,797 |
31,049,526,478 |
27,485,722,797 |
|
Investment in Subsidiary
|
24,559,855 |
40,479,399 |
39,638,064 |
|
Investment in Joint Venture |
50,000,000 |
50,000,000 |
50,000,000 |
|
Other Long-term Investment |
5,455 |
5,455 |
5,455 |
|
Fixed Assets |
1,190,058,583 |
644,258,666 |
646,215,890 |
|
Intangible Assets |
117,415,535 |
191,238,795 |
250,238,199 |
|
Other Non-current Assets |
524,962,967 |
599,902,643 |
561,265,416 |
|
Total Assets |
36,523,875,192 |
32,575,411,436 |
29,033,085,821 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan |
1,158,000,000 |
1,500,000,000 |
350,000,000 |
|
Trade Accounts & Other Payable |
26,605,636,352 |
22,756,662,272 |
20,097,215,041 |
|
Short-term Loan from
Related Company |
150,140,000 |
169,600,000 |
451,700,000 |
|
Current Portion of
Long-term Loans |
- |
1,000,000,000 |
- |
|
Accrued Income Tax |
140,886,059 |
26,586,528 |
267,378,710 |
|
Other Current Liabilities |
282,993,187 |
178,894,901 |
238,147,733 |
|
|
|
|
|
|
Total Current Liabilities |
28,337,655,598 |
25,631,743,701 |
21,404,441,484 |
|
Long-term Loan from Financial Institution, Net |
2,500,000,000 |
1,000,000,000 |
1,000,000,000 |
|
Reserve for Employees
Benefits |
355,003,977 |
364,096,509 |
337,961,503 |
|
Other Non-current Liabilities |
18,291,119 |
16,535,568 |
16,649,235 |
|
Total Liabilities |
31,210,950,694 |
27,012,375,778 |
22,759,052,222 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 2,000,000 shares |
200,000,000 |
200,000,000 |
200,000,000 |
|
|
|
|
|
|
Capital Paid |
200,000,000 |
200,000,000 |
200,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
20,000,000 |
20,000,000 |
20,000,000 |
|
Unappropriated |
5,092,924,498 |
5,343,035,658 |
6,054,033,599 |
|
Total Shareholders' Equity |
5,312,924,498 |
5,563,035,658 |
6,274,033,599 |
|
Total Liabilities &
Shareholders' Equity |
36,523,875,192 |
32,575,411,436 |
29,033,085,821 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales, Service & Rental Income |
103,056,255,434 |
88,077,861,653 |
81,130,260,878 |
|
Other Income |
614,240,830 |
584,282,944 |
675,681,073 |
|
Total Revenues |
103,670,496,264 |
88,662,144,597 |
81,805,941,951 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
90,307,458,736 |
76,943,286,597 |
70,848,431,436 |
|
Selling Expenses |
4,808,237,244 |
4,234,774,281 |
3,844,605,589 |
|
Administrative Expenses |
5,061,186,983 |
4,755,427,877 |
4,357,631,608 |
|
Total Expenses |
100,176,882,963 |
85,933,488,755 |
79,050,668,633 |
|
|
|
|
|
|
Profit before Financial Cost & Income Tax |
3,493,613,301 |
2,728,655,842 |
2,755,273,318 |
|
Financial Cost |
[110,485,649] |
[86,973,247] |
[61,192,920] |
|
Profit before Income
Tax |
3,383,127,652 |
2,641,682,595 |
2,694,080,398 |
|
Income Tax |
[781,238,812] |
[684,680,536] |
[894,222,957] |
|
|
|
|
|
|
Net Profit / [Loss] |
2,601,888,840 |
1,957,002,059 |
1,799,857,441 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.22 |
1.21 |
1.28 |
|
QUICK RATIO |
TIMES |
0.91 |
0.95 |
1.04 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
86.60 |
136.71 |
125.55 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.82 |
2.70 |
2.79 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
34.08 |
30.77 |
25.31 |
|
INVENTORY TURNOVER |
TIMES |
10.71 |
11.86 |
14.42 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
90.18 |
96.34 |
95.25 |
|
RECEIVABLES TURNOVER |
TIMES |
4.05 |
3.79 |
3.83 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
107.53 |
107.95 |
103.54 |
|
CASH CONVERSION CYCLE |
DAYS |
16.72 |
19.15 |
17.02 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
87.63 |
87.36 |
87.33 |
|
SELLING & ADMINISTRATION |
% |
9.58 |
10.21 |
10.11 |
|
INTEREST |
% |
0.11 |
0.10 |
0.08 |
|
GROSS PROFIT MARGIN |
% |
12.97 |
13.31 |
13.51 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.39 |
3.10 |
3.40 |
|
NET PROFIT MARGIN |
% |
2.52 |
2.22 |
2.22 |
|
RETURN ON EQUITY |
% |
48.97 |
35.18 |
28.69 |
|
RETURN ON ASSET |
% |
7.12 |
6.01 |
6.20 |
|
EARNING PER SHARE |
BAHT |
1,300.94 |
978.50 |
899.93 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.85 |
0.83 |
0.78 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.87 |
4.86 |
3.63 |
|
TIME INTEREST EARNED |
TIMES |
31.62 |
31.37 |
45.03 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
17.01 |
8.56 |
|
|
OPERATING PROFIT |
% |
28.03 |
(0.97) |
|
|
NET PROFIT |
% |
32.95 |
8.73 |
|
|
FIXED ASSETS |
% |
84.72 |
(0.30) |
|
|
TOTAL ASSETS |
% |
12.12 |
12.20 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 17.01%. Turnover has increased from THB
88,077,861,653.00 in 2011 to THB 103,056,255,434.00 in 2012. While net profit has
increased from THB 1,957,002,059.00 in 2011 to THB 2,601,888,840.00 in 2012.
And total assets has increased from THB 32,575,411,436.00 in 2011 to THB
36,523,875,192.00 in 2012.
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
12.97 |
Acceptable |
Industrial
Average |
20.10 |
|
Net Profit Margin |
2.52 |
Deteriorated |
Industrial
Average |
5.09 |
|
Return on Assets |
7.12 |
Satisfactory |
Industrial
Average |
9.40 |
|
Return on Equity |
48.97 |
Impressive |
Industrial
Average |
20.66 |
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 12.97%. 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 2.52%.
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 7.12%.
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 48.97%, 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 :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.22 |
Satisfactory |
Industrial
Average |
1.49 |
|
Quick Ratio |
0.91 |
|
|
|
|
Cash Conversion Cycle |
16.72 |
|
|
|
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 1.22 times in 2012, increased from 1.21 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 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 0.91 times in 2012,
decreased from 0.95 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 17 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.85 |
Acceptable |
Industrial
Average |
0.52 |
|
Debt to Equity Ratio |
5.87 |
Risky |
Industrial
Average |
1.15 |
|
Times Interest Earned |
31.62 |
Impressive |
Industrial
Average |
1.56 |
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 31.63 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 0.85 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 Downtrend
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
86.60 |
Impressive |
Industrial
Average |
0.37 |
|
Total Assets Turnover |
2.82 |
Impressive |
Industrial
Average |
1.86 |
|
Inventory Conversion Period |
34.08 |
|
|
|
|
Inventory Turnover |
10.71 |
Impressive |
Industrial
Average |
6.38 |
|
Receivables Conversion Period |
90.18 |
|
|
|
|
Receivables Turnover |
4.05 |
Impressive |
Industrial
Average |
3.41 |
|
Payables Conversion Period |
107.53 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.05 and 3.79 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 31 days at the
end of 2011 to 34 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 11.86 times in year 2011 to 10.71
times in year 2012.
The company's Total Asset Turnover is calculated as 2.82 times and 2.7
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. 64.69 |
|
|
1 |
Rs. 100.80 |
|
Euro |
1 |
Rs. 86.30 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.