MIRA
INFORM REPORT
|
Report Date : |
14.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
JONG STIT CO., LTD. |
|
|
|
|
Registered Office : |
470
Bangkhunthien-Chaithalay Road,
Samaedam, Bangkhunthien, Bangkok 10150 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
1980 |
|
|
|
|
Com. Reg. No.: |
0105523000336 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in manufacturing wide
range of knitted
fabric and yarn
products, as well as providing
service of fabric & yarn dyeing
and printing. |
|
|
|
|
No. of Employees : |
3,000 |
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 : |
Slow but correct |
|
|
|
|
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
JONG STIT CO., LTD.
SUMMARY
ADDRESS : 470 BANGKHUNTHIEN-CHAITHALAY ROAD,
SAMAEDAM, BANGKHUNTHIEN,
BANGKOK 10150,
THAILAND
TELEPHONE NO : [66] 2416-0112-8 ,
02416-1111
TELEFAX : [66] 2416-6320-3
emkt@jongstit.com
E-MAIL ADDRESS : mkt@jongstit.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1980
REGISTRATION NO. : 0105523000336
TAX ID NO. : 3101104639
CAPITAL REGISTERED : BHT. 1,150,000,000
CAPITAL PAID-UP : BHT. 1,150,000,000
SHAREJOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SONGKRAM CHEEVAPRAWATDAMRONG,
THAI
MANAGING DIRECTOR
NO. OF STAFF : 3,000
LINES OF BUSINESS : TEXTILE
MANUFACTURING SERVICE
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on January
8, 1980 as a
private limited company
under the registered
name JONG STIT CO.,
LTD., by Thai Group,
Cheevaprawatdamrong family, with
the business objective to manufacture textile. It currently employs approximately 3,000
staff.
The subject is
one of the
top - five leading synthetic
textile & fabric
manufacturers in Thailand
with experience over
60 years. From
its origin in
1940, the subject
has been an innovator in
textile field and
conducted its business
with the purpose
of growing into
a notable organization.
The subject’s registered
address was initially
located at 34
Moo 1, Bangkhunthien-Chaithalay Rd., Samaedam, Bangkhunthien, Bangkok
10150.
On July 2,
2010, its registered
address was changed from
“34 Moo 1”
to “470” by
the Bangkhunthien District
Office, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Songkram
Cheevaprawatdamrong |
[x] |
Thai |
68 |
|
Mrs. Patcharaporn
Laolikhitnant |
[x] |
Thai |
65 |
|
Mrs. Oraphan Sathienkijampai |
|
Thai |
59 |
|
Ms. Siriwan
Kongkaewrasamee |
|
Thai |
39 |
AUTHORIZED PERSON
One of the
above directors [x]
can sign on
behalf of the subject with
company’s affixed.
MANAGEMENT
Mr. Songkram Cheevaprawatdamrong is
the Managing Director.
He is Thai
nationality with the
age of 68
years old.
Mrs. Patcharaporn Laolikhitnant is
the Deputy Managing
Director.
She is Thai
nationality with the
age of 65
years old.
Mrs. Oraphan Sathienkijampai is the
Deputy Managing Director
[Finance & Account].
She is Thai
nationality with the
age of 59
years old.
Ms. Siriwan Kongkaewrasamee is
the Deputy Managing
Director [Marketing].
She is Thai
nationality with the
age of 39
years old.
Mr. Rungsan Charoenkijmongkol is
the Production Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
wide range of
knitted fabric and
yarn products, as well as
providing service of
fabric & yarn dyeing and
printing. The products
and services are
as follows:
·
Knitted Fabric: single jersey, double
jersey, fleece jacquard, high twist,
interlock, mesh, ottoman,
peach skin, pique,
spandex and rib.
·
Warp
Knitted Fabric: tricot
micro mesh, tricot
micro brush, tricot
dazzle, tricot half,
tricot fancy, two
way and net.
·
Fleece
Fabric: anti-piling fleece, micro
fleece, printed fleece,
boucle fleece, Sherpa
fleece, velour fabric,
high performance fleece / velour, chamois, marled,
fancy, texture and pattern.
·
Pile Fabric: polyester
BOA, polyester BOA
jacquard, acrylic BOA and
high pile.
·
Woven
Fabric: dyeing fabric
and printing fabric.
·
Yarn:
textured yarn, twisted
yarn, spun yarn,
acrylic yarn and
chenille yarn.
PRODUCTION CAPACITY
[as of May
22, 2013]
|
Products |
Production capacity |
|
Yarn Spinning |
|
|
Polyester |
|
|
- Spun Yarn |
1,800 Tons / Month |
|
- Polyester Textured
Yarn |
9,000 Tons / Month |
|
- Polyester Twisted
Yarn |
900 Tons / Month |
|
Acrylic Yarn |
|
|
- Acrylic Yarn |
1,200 Tons / Month |
|
Knitting |
|
|
- Knitted Fabric |
1,500 Tons / Month |
|
- Tricot Fabric |
1,500 Tons / Month |
|
- Fleece Fabric |
1,800 Tons / Month |
|
- Pile Fabric |
1,000 Tons / Month [2 Million Yards / Month] |
|
Dyeing |
|
|
- Yarn Dyeing |
4,000 Tons / Month |
|
- Fabric Dyeing |
8,000 Tons / Month |
|
- Woven Fabric
Dyeing |
700 Tons / Month |
|
Printing |
|
|
- Flat Screen |
Million Yards / Month [200 Tons / Month] |
|
- Transfer Printing |
200,000 yards
/ Month [45 Tons / Month] |
|
Home Textile |
|
|
- Polyester Blanket |
1,500,000 Pieces / Month |
|
Fashinno - Apparels |
600,000 Pieces / Month |
IMPORT [COUNTRIES]
Machinery, power looms,
polyester and acrylic
yarn, cotton yarn,
PVC resin
and textile chemical
are imported from
Taiwan, Germany, Japan,
Singapore,
Republic of China,
Australia, India and
United Kingdom.
MAJOR SUPPLIERS
Formosa Plastic Ltd. :
Taiwan
Product : Polyester &
acrylic fiber
IRPC Public Company
Limited : Thailand
Product : PVC resin
SALES [LOCAL]
80% of products
is sold locally
to manufacturers and wholesalers.
EXPORT [COUNTRIES]
20% of its products
is exported to
United States of America, Australia,
Singapore, Hong Kong, Taiwan,
Indonesia, Sri Lanka, Bangladesh, Canada, Egypt, India,
Korea, Japan, Cambodia,
Vietnam, Republic of
China, and the
country in Africa
and Europe region.
MAJOR CUSTOMERS
Textile Mart Co., Ltd. : Thailand
SUBSIDIARIES &
AFFILIATED COMPANIES
Textile Mart Co.,
Ltd.
Business Type : Manufacturer
of textiles
Fashion Hometex Co.,
Ltd.
Business Type: Manufacturer
of blankets & apparel
products
Fashinno Co., Ltd.
Business Type: Manufacturer
and exporter of
garment
Thai Polyester Co.,
Ltd.
Business Type: Manufacturer
and distributor of
polyester yarns
Jong Stit Plush
Co., Ltd.
Business Type: Manufacturer
and distributor of
textiles
ASSOCIATION
The subject is
a member of
Federation of Thai
Industries.
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
according 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.
Exports are against
L/C at sight
& T/T
BANKING
Kasikornbank Public Co., Ltd
[Head Office
: 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok]
[Phrapradaeng Branch :
Poochaosamingprai Rd., Phrapradaeng,
Samutprakarn]
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 3,000 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is owned for
operating administrative office, factory and
warehouse at the
heading address. It
is located in
industrial area.
Factories/Branches
993 Bangkhunthien-Chaithalay Rd.,
Samaedam, Bangkhunthien, Bangkok
993/1
Bangkhunthien-Chaithalay
Rd., Samaedam, Bangkhunthien, Bangkok
136/1 Moo 1,
Ekachai Rd., Kaeray,
Krathumban, Samutsakorn
136/2 Moo 1, Ekachai
Rd., Kaeray, Krathumban,
Samutsakorn
888 Moo 1, Chachoengsao-Sattaheep Rd., Nongpaikaew, Banbueng,
Chonburi
136 Moo 1, Ekachai
Rd., Kaeray, Krathumban,
Samutsakorn
97 Moo 1, Ekachai
Rd., Kaeray, Krathumban,
Samutsakorn
99 Moo 1, Ekachai
Rd., Kaeray, Krathumban,
Samutsakorn
136/3 Moo 1, Ekachai
Rd., Kaeray, Krathumban,
Samutsakorn
COMMENT
The company is
one of the
top-five leading synthetic
textile and fabric
manufacturers in Thailand
with long experience over
60 years.
It has been an innovator in textile
field and conduct its
business with continuous dedication in improving
and developing a wide range of products
including Yarns, Polyester
fabrics, Pile fabrics
[Toys and Garments]
and Blankets.
Consumption slowdown has
also affected on
the company’s sales
in the previous,
meanwhile its current
business remains promising.
FINANCIAL INFORMATION
The capital was initially
registered at Bht.
20 million, divided
into 200,000 shares
of Bht. 100
each.
The capital was
increased later as
followings:
Bht. 120 million
on June 17,
1991
Bht. 180 million
on June 22,
1992
Bht. 250 million
on October 4,
1993
Bht. 300 million
on February 10,
1997
Bht. 800 million
on December 23,
1998
Bht. 1,000 million
on August 10,
2000
Bht. 1,150 million
on March 30,
2004
The latest registered
capital was increased
to Bht. 1,150 million, divided
into 11,500,000 shares
of Bht. 100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE
[as of April
11, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Patcharaporn
Laolikhitnant Nationality: Thai Address : 33
Moo 1, Bangkhunthien-Chaithalay,
Samaedam, Bangkhunthien, Bangkok |
4,994,257 |
43.43 |
|
Mr. Torpong
Cheevaprawatdamrong Nationality: Thai Address : 55
Moo 6, Rama 2
Rd., Samaedam, Bangkhunthien, Bangkok |
3,834,350 |
33.34 |
|
Mr. Songkram
Cheevaprawatdamrong Nationality: Thai Address : 55
Moo 6, Rama 2
Rd., Samaedam,
Bangkhunthien, Bangkok |
2,166,837 |
18.85 |
|
Big Mart Knitting
Co., Ltd. Nationality: Thai Address : 99
Moo 1, Ekachai Rd., Kaerai, Krathumban,
Samutsakorn |
443,156 |
3.85 |
|
Ms. Tuenjit
Cheevaprawatdamrong Nationality: Thai Address : 55
Moo 6, Rama 2
Rd., Samaedam,
Bangkhunthien, Bangkok |
30,100 |
0.26 |
|
Mr. Termsak
Cheevaprawatdamrong Nationality: Thai Address : 55
Moo 6, Rama 2
Rd., Samaedam,
Bangkhunthien, Bangkok |
30,100 |
0.26 |
|
Others |
1,200 |
0.01 |
Total Shareholders : 11
Share Structure [as
at April 11,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
11 |
11,500,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
11 |
11,500,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mrs. Cholthicha Leelapanang No. 1815
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
|
251,716,372.03 |
131,776,936.03 |
194,759,818.34 |
|
Trade Accounts & Other Receivable |
611,889,165.37 |
837,007,229.14 |
665,440,869.78 |
|
Inventories |
1,636,104,336.32 |
976,937,642.09 |
873,312,396.66 |
|
Revenue Department Receivable |
8,155,198.02 |
19,059,603.19 |
7,432,866.11 |
|
Account Receivable - Related Company |
- |
- |
98,041,033.52 |
|
Short-term Lending to Related Company |
- |
- |
264,810,956.43 |
|
Custom Tax Compensation |
2,228,587.94 |
2,210,048.40 |
8,943,419.18 |
|
Other Current Assets
|
54,602,398.16 |
24,216,679.86 |
5,551,902.50 |
|
|
|
|
|
|
Total Current Assets
|
2,564,696,057.84 |
1,991,208,138.71 |
2,118,293,262.52 |
|
|
|
|
|
|
Fixed Assets |
1,706,141,031.97 |
1,672,724,442.55 |
1,846,896,381.40 |
|
Land Building & Equipment - Revaluation Surplus on
some |
- |
- |
646,862,164.06 |
|
Intangible Assets |
849,989.65 |
105,952.59 |
191,021.19 |
|
Other Non-current Assets |
4,000.00 |
4,000.00 |
4,000.00 |
|
Total Assets |
4,271,691,079.46 |
3,664,042,533.85 |
4,612,246,829.17 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
744,241,894.63 |
523,962,734.88 |
489,372,055.79 |
|
Promissory Notes |
1,260,000,000.00 |
890,000,000.00 |
1,190,000,000.00 |
|
Accrued Income Tax |
3,659,167.13 |
2,912,110.60 |
4,612,161.14 |
|
Short-term Loan from Related Company |
- |
- |
41,646,019.63 |
|
Other Current Liabilities |
128,307,871.08 |
134,748,784.90 |
146,784,409.35 |
|
|
|
|
|
|
Total Current Liabilities |
2,136,208,932.84 |
1,551,623,630.38 |
1,872,414,645.91 |
|
Estimated Liabilities for Employee Benefits |
1,325,000.00 |
969,000.00 |
- |
|
Total Liabilities |
2,137,533,932.84 |
1,552,592,630.38 |
1,872,414,645.91 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 11,500,000 shares |
1,150,000,000.00 |
1,150,000,000.00 |
1,150,000,000.00 |
|
|
|
|
|
|
Capital Paid |
1,150,000,000.00 |
1,150,000,000.00 |
1,150,000,000.00 |
|
Premium on Share
Capital |
300,000,000.00 |
300,000,000.00 |
300,000,000.00 |
|
Retained Earning - Unappropriated |
684,157,146.62 |
661,449,903.47 |
642,970,019.20 |
|
Surplus on Revaluation
of Assets |
- |
- |
646,862,164.06 |
|
Total Shareholders' Equity |
2,134,157,146.62 |
2,111,449,903.47 |
2,739,832,183.26 |
|
Total Liabilities & Shareholders' Equity |
4,271,691,079.46 |
3,664,042,533.85 |
4,612,246,829.17 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales & Services
- Domestic |
5,276,848,874.74 |
5,278,522,472.21 |
5,531,175,474.44 |
|
Sales - Overseas |
1,579,257,517.58 |
2,109,591,803.89 |
1,778,682,022.34 |
|
Custom Duty Compensation |
8,211,885.28 |
8,521,088.57 |
11,746,729.54 |
|
Interest Income |
5,115,778.82 |
10,582,364.58 |
7,536,367.92 |
|
Other Income |
45,501,954.42 |
29,241,506.31 |
34,227,205.23 |
|
Gain / [Loss] on Exchange
Rate |
7,405,287.37 |
[2,758,440.80] |
[17,352,057.03] |
|
Gain on Disposal
of Assets |
2,129,227.08 |
22,564,201.05 |
8,337,018.28 |
|
Total Revenues |
6,924,470,525.29 |
7,456,264,995.81 |
7,354,352,760.72 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Services
|
6,561,875,972.93 |
7,111,781,089.15 |
6,996,725,112.45 |
|
Selling Expenses |
142,229,451.30 |
164,851,921.05 |
175,588,842.67 |
|
Administrative Expenses |
158,196,817.82 |
116,787,432.53 |
97,289,687.62 |
|
Total Expenses |
6,862,302,242.05 |
7,393,420,442.73 |
7,269,603,642.74 |
|
|
|
|
|
|
Profit before Financial
Cost & Income Tax |
62,168,283.24 |
62,844,553.08 |
84,749,117.98 |
|
Financial Cost |
[31,233,582.88] |
[34,056,450.74] |
[31,860,633.11] |
|
Profit before Income
Tax |
30,934,700.36 |
28,788,102.34 |
52,888,484.87 |
|
Income Tax |
[8,227,457.21] |
[10,308,218.07] |
[12,155,608.45] |
|
|
|
|
|
|
Net Profit / [Loss] |
22,707,243.15 |
18,479,884.27 |
40,732,876.42 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.20 |
1.28 |
1.13 |
|
QUICK RATIO |
TIMES |
0.40 |
0.62 |
0.46 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.02 |
4.42 |
3.96 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.61 |
2.02 |
1.58 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
91.01 |
50.14 |
45.56 |
|
INVENTORY TURNOVER |
TIMES |
4.01 |
7.28 |
8.01 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
32.58 |
41.35 |
33.23 |
|
RECEIVABLES TURNOVER |
TIMES |
11.20 |
8.83 |
10.98 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
41.40 |
26.89 |
25.53 |
|
CASH CONVERSION CYCLE |
DAYS |
82.18 |
64.60 |
53.26 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
95.71 |
96.26 |
95.72 |
|
SELLING & ADMINISTRATION |
% |
4.38 |
3.81 |
3.73 |
|
INTEREST |
% |
0.46 |
0.46 |
0.44 |
|
GROSS PROFIT MARGIN |
% |
5.29 |
4.66 |
4.89 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.91 |
0.85 |
1.16 |
|
NET PROFIT MARGIN |
% |
0.33 |
0.25 |
0.56 |
|
RETURN ON EQUITY |
% |
1.06 |
0.88 |
1.49 |
|
RETURN ON ASSET |
% |
0.53 |
0.50 |
0.88 |
|
EARNING PER SHARE |
BAHT |
1.97 |
1.61 |
3.54 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.50 |
0.42 |
0.41 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.00 |
0.74 |
0.68 |
|
TIME INTEREST EARNED |
TIMES |
1.99 |
1.85 |
2.66 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(7.20) |
1.07 |
|
|
OPERATING PROFIT |
% |
(1.08) |
(25.85) |
|
|
NET PROFIT |
% |
22.88 |
(54.63) |
|
|
FIXED ASSETS |
% |
2.00 |
(9.43) |
|
|
TOTAL ASSETS |
% |
16.58 |
(20.56) |
|
ANNUAL GROWTH : SATISFACTORY
An annual sales growth is -7.2%. Turnover has decreased from THB
7,388,114,276.10 in 2011 to THB 6,856,106,392.32 in 2012. While net profit has increased
from THB 18,479,884.27 in 2011 to THB 22,707,243.15 in 2012. And total assets
has increased from THB 3,664,042,533.85 in 2011 to THB 4,271,691,079.46 in
2012.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.29 |
Deteriorated |
Industrial Average |
14.74 |
|
Net Profit Margin |
0.33 |
Acceptable |
Industrial Average |
0.52 |
|
Return on Assets |
0.53 |
Satisfactory |
Industrial Average |
0.64 |
|
Return on Equity |
1.06 |
Satisfactory |
Industrial Average |
1.35 |
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 5.29%. 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 0.33%.
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 0.53%.
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 1.06%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.20 |
Impressive |
Industrial Average |
1.14 |
|
Quick Ratio |
0.40 |
|
|
|
|
Cash Conversion Cycle |
82.18 |
|
|
|
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 1.2 times in 2012, decreased from 1.28 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 0.4 times in 2012,
decreased from 0.62 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 83 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.50 |
Impressive |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
1.00 |
Satisfactory |
Industrial Average |
1.40 |
|
Times Interest Earned |
1.99 |
Impressive |
Industrial Average |
1.37 |
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 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 0.5, most of the company's assets are
financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.02 |
Impressive |
Industrial Average |
0.63 |
|
Total Assets Turnover |
1.61 |
Impressive |
Industrial Average |
1.13 |
|
Inventory Conversion Period |
91.01 |
|
|
|
|
Inventory Turnover |
4.01 |
Impressive |
Industrial Average |
3.20 |
|
Receivables Conversion Period |
32.58 |
|
|
|
|
Receivables Turnover |
11.20 |
Impressive |
Industrial Average |
2.94 |
|
Payables Conversion Period |
41.40 |
|
|
|
The company's Account Receivable Ratio is calculated as 11.20 and 8.83 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 50 days at the
end of 2011 to 91 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 7.28 times in year 2011 to 4.01 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.61 times and 2.02
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.13 |
|
|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.