MIRA
INFORM REPORT
|
Report Date : |
18.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAHA
THAI STEEL PIPE
PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
78 Moo 3, Poochaosamingprai Road, Bangyapraek, Phrapradaeng, Samutprakarn 10130 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
01.04.1968 |
|
|
|
|
Com. Reg. No.: |
0107548000463 [Former : 223/2511] |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
manufacturer
of steel pipes
can be divided into 3
main products:- Black
steel pipe, Galvanized
steel pipe and
Furniture steel pipe,
as well as
blue-painted steel pipe,
to be used
as a raw material
for furniture, decoration
purpose, construction and
automotive industry, under
its own brand
“STS”. |
|
|
|
|
No. of Employees : |
650 |
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
SAHA THAI STEEL
PIPE PUBLIC COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 78
MOO 3, POOCHAOSAMINGPRAI ROAD,
BANGYAPRAEK, PHRAPRADAENG,
SAMUTPRAKARN 10130
TELEPHONE : [66] 2385-9023,
2385-9282-7, 2754-4138
FAX :
[66] 2385-9288,
2754-4100
E-MAIL
ADDRESS : sale@sahathai.com
export@sahathai.com
admin@sahathai.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1968
REGISTRATION
NO. : 0107548000463 [Former : 223/2511]
TAX
ID NO. : 3271001394
CAPITAL REGISTERED : BHT. 1,000,000,000
CAPITAL PAID-UP : BHT.
750,000,000
SHAREHOLDER’S PROPORTION : THAI :
94.16%
FOREIGN
: 5.84%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
SOMCHAI KARUCHIT, THAI
PRESIDENT
NO.
OF STAFF : 650
LINES
OF BUSINESS : STEEL
PIPES
MANUFACTURER, EXPORTER
AND 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 originally
established on April
1, 1968 as
a private limited
company under the registered
name “Saha Thai
Steel Pipe Company
Limited” with the
business objective to
manufacture and distribute
steel pipe to
both domestic and
international markets. It
was formed by a
group of
more than 30 furniture
manufacturers, with a main
purpose to produce steel pipe used
as raw materials for
furniture manufacture.
Therefore, the company
is the first
steel pipe manufacturer
in Thailand.
On
June 27, 2005,
subject’s status was
converted to a
public limited company,
under the name SAHA
THAI STEEL PIPE
PUBLIC COMPANY LIMITED.
It currently employs
650 staff.
The
subject achieved both
local and international
standards as follows:
Domestic
Standard Certifications by
The Thai Industrial
Standard Institute [TISI]
-
TIS 276-2532
steel pipes
-
TIS 277-2532
galvanized steel pipes
-
TIS 107-2533
hollow structural steel
sections
-
TIS 1228-2549
cold formed structural
steel sections lip
channel steel
International Standard
Certifications
-
ISO 9001 : 2008
by Bureau Veritas
Quality International [BVQI]
-
ASTM
[American Society for
Testing and Materials]
-
JIS [Japanese
Industrial Standards]
-
DIN
[Deutsches Institut fur
Normung]
-
UL [Underwriters
Laboratories Inc. R]
-
BS [British Standard]
-
AS/NZS [Australian
Standard/ New Zealand Standard]
-
API [American
Petroleum Institute]
The subject’s registered address is 78 Moo
3, Poochaosamingprai Rd., Bangyapraek,
Phrapradaeng, Samutprakarn 10130,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somchai Karuchit |
[x] : Chairman |
Thai |
82 |
|
Mr. Limsiem Ampaphankit |
[x] |
Thai |
82 |
|
Mr. Lib Prapinthip |
|
Thai |
87 |
|
Mr. Wichit Rattanasirivilai |
|
Thai |
52 |
|
Mr. Chairat Jongyangyuenvong |
[x] |
Thai |
48 |
|
Mr. Yuth Vorachattarn |
|
Thai |
65 |
|
Mr. Chai Jarungtanapibal |
|
Thai |
59 |
|
Mr. Vithit Leenutapong |
|
Thai |
58 |
|
Mr. Suchin Rattanasirivilai |
|
Thai |
44 |
AUTHORIZED PERSON
Two of the
above directors [x] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Somchai Karuchit is
the President.
He is Thai
nationality with the
age of 82
years old.
Mr. Thaveesak Karuchit is
the Executive Director,
Finance & Accounting.
He is Thai
nationality.
Mr.
Chairat Jongyangyuenvong is the
Executive Director, Operation
& Development.
He is Thai
nationality with the age of
48 years old.
Mr. Worawut Lamatipanont
is the Executive
Director, Sales & Marketing.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing steel pipes,
which are divided
into 3 main
products: Black steel
pipe, Galvanized steel
pipe and Furniture
steel pipe, as
well as blue-painted
steel pipe, to
be used as a
raw material for
furniture, decoration purpose,
construction and automotive
industry, under its own brand
“STS”.
PRODUCTION CAPACITY
300,000 tons
per annum
REFERENCE PROJECTS
Bangkok Mass
Transit System
Mass Rapid
Transit Authority of
Thailand
Suvarnabhumi Airport
Paragon Shopping
Center
PURCHASE
70% of raw
materials are purchased
from local suppliers,
the remaining 30%
including steel and chemical
are imported from Republic
of China, Japan, Taiwan,
Korea, Germany, Brazil, and
Australia.
MAJOR SUPPLIERS
N.S.C. Nippon Co.,
Ltd. : Japan
China Steel Co., Ltd. : Taiwan
Thai Cold Rolled
Steel Sheet Public
Company Limited : Thailand
Sahaviriya Steel Industries
Public Company Limited : Thailand
SALES
70% of the
products is exported
to Singapore, U.S.A.,
Hong Kong, Republic
of China, Taiwan,
United Kingdom, Germany,
Denmark, Canada, Australia,
India, Indonesia, Brunei
and Middle East
countries, the remaining
30% is sold
locally to wholesalers,
construction contractors and
manufacturers.
MAJOR CUSTOMERS
C.M.C Steel Trading
Co., Ltd. :
Thailand
S. Charoenkit Metal [1981]
Co., Ltd. : Thailand
Rungsiam Steel [2540]
Co., Ltd. :
Thailand
Steelareus Co., Ltd. : Thailand
Chaicharoen Steel Co.,
Ltd. : Thailand
P.A.P. Exim Co.,
Ltd. : Thailand
Top steel Enterprises
Co., Ltd. :
Thailand
Prompong Charoen Steel
Co., Ltd. : Thailand
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or affiliated company here
in Thailand.
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 or on
the credits term
of 180 days
& T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
[Head Office :
333 Silom Rd.,
Bangrak, Bangkok]
Kasikornbank
Public Co., Ltd.
[Head Office
: 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok]
Bank
of Ayudhya Public
Co., Ltd.
[Head Office
: 1222 Rama
3 Rd., Bangpongpang, Yannawa, Bangkok]
The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office : 9
Ratchadaphisek Rd., SCB
Park, Chatuchak, Bangkok]
EMPLOYMENT
The
subject employs approximately
650 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office,
factory I and warehouse
at the heading
address. Premise is
located in an
industrial area.
Factory
II is located at
224 Moo 5,
T. Lamsai, A.
Wangnoi, Ayutthaya 13170.
Tel.:
[66] 35 272-441
Fax: [66] 35
271-441
COMMENT
The
company was formed in
1968 as a
manufacturer, exporter and
distributor of steel
pipes. Over 40
years experience, it
has committed to
produce quality products
and gained trustworthiness from
customers. The company has strongly
built customer’s base both
domestic and international. At
present, the company
is the largest
manufacturer and distributor
of steel pipe in
Thailand, with export
volumes of 70%
approximately. It is
also the biggest
exporter of steel
pipe in the
country, as well
as the sole
exporter of steel
pipe to USA.
Increasing
of steel pipe
consumption from industrial
expanded has sustained
its strong business
in the past years
as well as in
long-term prospect.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000
divided into 300
shares of Bht. 10,000
each.
The
capital was increased
later as following:
Bht. 45,000,000 on
January 3, 1978
Bht. 90,000,000 on
August 18, 1982
The
latest registered capital
was increased to
Bht. 1,000,000,000 divided into 1,000,000,000 shares
of Bht. 1 each,
with the current
paid-up capital at
Bht. 750,000,000.
THE
SHAREHOLDERS LISTED WERE
: [as at
June 20, 2013]
at Bht. 750 million of
capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Wichit Rattanasirivilai Nationality: Thai Address : 87/7
Moo 8, Bangmod,
Jomthong, Bangkok |
238,823,698 |
31.84 |
|
Mr. Somchai Karuchit Nationality: Thai Address : 120/1-2
Theparak Rd., Bangmuang,
Muang, Samutprakarn |
86,557,663 |
11.54 |
|
Mr. David, Lee Eng
Tong Nationality: Singaporean Address : 7
Temasek Boulevard, Singapore |
30,431,207 |
4.06 |
|
Mrs. Sunantha Lamatipanont Nationality: Thai Address : 575/4
Moo 8, Bangpakok,
Rajburana, Bangkok |
30,302,000 |
4.04 |
|
Mr. Limsiem Ampaphankit Nationality: Thai Address : 2
Soi Onnuch 66,
Prawet, Bangkok |
16,666,100 |
2.22 |
|
Mr. Amornsak Ampaphankit Nationality: Thai Address 233 T. Taiban,
A. Muang, Samutprakarn |
16,666,100 |
2.22 |
|
Mrs. Duangta Jongyangyuenwong Nationality: Thai Address : 999/193 Moo
6, Theparak Rd., Theparak, Muang, Samutprakarn |
15,454,020 |
2.06 |
|
Mr. Wichai Rattanasirivilai Nationality: Thai Address : 87/6 Moo 8,
Bangmod, Jomthong, Bangkok |
13,391,969 |
1.79 |
|
|
|
|
|
Mr. Wicharn Rattanasirivilai Nationality: Thai Address : 87/4 Moo 8,
Bangmod, Jomthong, Bangkok |
13,391,969 |
1.79 |
|
Mr. Winai Rattanasirivilai Nationality: Thai Address : 87/8 Moo 8,
Bangmod, Jomthong, Bangkok |
13,391,969 |
1.79 |
|
Mr. Wirat Rattanasirivilai Nationality: Thai Address : 87/5 Moo 8,
Bangmod, Jomthong, Bangkok |
13,391,969 |
1.79 |
|
Mr. Wiroj Rattanasirivilai Nationality: Thai Address : 87/2 Moo 8,
Bangmod, Jomthong, Bangkok |
13,391,969 |
1.79 |
|
Mr. Wimol Rattanasirivilai Nationality: Thai Address : 87/3 Moo 8,
Bangmod, Jomthong, Bangkok |
13,391,969 |
1.79 |
|
Mr. Wipong Rattanasirivilai Nationality: Thai Address : 87/9 Moo 8,
Bangmod, Jomthong, Bangkok |
13,391,969 |
1.79 |
|
Others |
221,355,429 |
29.49 |
Total Shareholders : 61
Share Structure [as
at June 20,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
59 |
706,176,824 |
94.16 |
|
Foreign |
2 |
43,823,176 |
5.84 |
|
Total |
61 |
750,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Somkid Tiatrakul No.
2785
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2012, 2011 & 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash in Hand
& at Bank |
44,442,242 |
27,934,513 |
27,257,604 |
|
Trade Accounts Receivable - Others |
349,006,397 |
381,907,846 |
302,843,434 |
|
- Related
Company |
23,781,063 |
75,842,764 |
7,031,331 |
|
Other Receivable-Related Company |
66,776,334 |
38,388,304 |
15,144,729 |
|
Inventories |
1,739,809,162 |
2,199,595,754 |
1,278,779,453 |
|
Short-term Lending-Related Company |
- |
20,000,000 |
20,000,000 |
|
Refundable Value Added
Tax |
21,670,368 |
15,634,160 |
- |
|
Advance Payment for
Purchase of Goods |
13,794,194 |
21,805,663 |
26,155,528 |
|
Deferred Tax Compensation |
9,705,939 |
- |
- |
|
Other Current Assets
|
10,020,912 |
8,747,032 |
34,775,557 |
|
|
|
|
|
|
Total Current Assets
|
2,279,006,611 |
2,789,583,036 |
1,711,987,636 |
|
Investment in Subsidiaries |
119,999,400 |
118,000,000 |
28,000,000 |
|
Prepayment for Machinery |
6,614,666 |
11,135,512 |
4,704,931 |
|
Prepayment for Purchase
of Land |
27,995,000 |
- |
- |
|
Fixed Assets |
1,388,524,960 |
1,300,055,853 |
1,263,573,940 |
|
Computer Programme |
3,034,978 |
3,964,257 |
5,134,710 |
|
Refundable Withholding Income
Tax |
- |
3,007,021 |
3,007,021 |
|
Other Non-current Assets |
15,925,420 |
11,485,500 |
7,885,500 |
|
Total Assets |
3,841,101,035 |
4,237,231,179 |
3,024,293,738 |
LIABILITIES & SHAREHOLDERS' EQUITY
[BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Bank |
1,651,927,541 |
2,230,182,742 |
1,554,366,303 |
|
Trade Accounts Payable - Others |
262,411,973 |
439,258,667 |
20,744,661 |
|
- Related
Company |
1,708 |
26,104 |
60,087 |
|
Related Company Payable |
1,580,492 |
2,340,940 |
427,226 |
|
Current Portion of Financial
Lease Contract Liabilities |
5,471,190 |
6,673,341 |
5,609,954 |
|
Current Portion of
Employee Benefit Obligation |
515,923 |
1,489,041 |
- |
|
Deposit from Customers |
3,637,559 |
2,558,216 |
1,792,715 |
|
Accrued Income Tax |
70,813,791 |
11,305,580 |
- |
|
Accrued Expenses |
78,075,147 |
52,006,219 |
30,009,244 |
|
Other Current Liabilities |
1,751,684 |
3,467,380 |
1,532,558 |
|
|
|
|
|
|
Total Current Liabilities |
2,076,187,008 |
2,749,308,230 |
1,614,542,748 |
|
Financial Lease Contract Liabilities, Net of Current
Portion |
6,042,250 |
3,496,061 |
6,541,488 |
|
Employee Benefit Obligation |
11,197,220 |
4,414,831 |
- |
|
Total Liabilities |
2,093,426,478 |
2,757,219,122 |
1,621,084,236 |
|
|
|
|
|
|
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 |
750,000,000 |
750,000,000 |
750,000,000 |
|
Retained Earning Appropriated for Statutory Reserve
|
75,000,000 |
71,163,330 |
66,718,603 |
|
Unappropriated |
323,226,623 |
75,862,942 |
3,505,114 |
|
Other Components of
Shareholders’ Equity |
599,447,934 |
582,985,785 |
582,985,785 |
|
Total Shareholders' Equity |
1,747,674,557 |
1,480,012,057 |
1,403,209,502 |
|
Total Liabilities & Shareholders' Equity |
3,841,101,035 |
4,237,231,179 |
3,024,293,738 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
5,710,482,782 |
3,756,841,374 |
3,548,993,447 |
|
Service Income |
7,221,910 |
17,801,397 |
18,833,812 |
|
Export Income |
272,042,345 |
151,576,966 |
148,063,303 |
|
Total Revenues |
5,989,747,037 |
3,926,219,737 |
3,715,890,562 |
|
Cost of Sold & Service |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
5,095,491,497 |
3,349,330,079 |
3,302,711,351 |
|
Cost of Service |
884,416 |
9,139,332 |
11,176,080 |
|
Export Expenses |
271,370,122 |
146,040,574 |
145,909,838 |
|
Total Cost of Sold
& Service |
5,367,746,035 |
3,504,509,985 |
3,459,797,269 |
|
|
|
|
|
|
Gross Margin |
622,001,002 |
421,709,752 |
256,093,293 |
|
Profit/[Loss] on Exchange Rate |
81,465,002 |
[42,846,359] |
69,361,590 |
|
Tax Compensation |
23,593,065 |
5,422,032 |
30,499,897 |
|
Rental Income |
39,375,000 |
38,166,320 |
- |
|
Other Income |
20,504,172 |
11,727,420 |
52,694,194 |
|
Profit before Expenses |
786,938,241 |
434,179,165 |
408,648,974 |
|
|
|
|
|
|
Selling Expenses |
119,662,916 |
72,755,325 |
55,940,262 |
|
Administrative Expenses |
280,469,385 |
213,368,411 |
178,747,729 |
|
Management Remuneration |
- |
- |
25,420,000 |
|
Total Expenses |
400,132,301 |
286,123,736 |
260,107,991 |
|
|
|
|
|
|
Profit before Financial Cost
& Income Tax |
386,805,940 |
148,055,429 |
148,540,983 |
|
Financial Cost |
[49,172,204] |
[59,160,894] |
[60,498,686] |
|
|
|
|
|
|
Profit before Income
Tax |
337,633,736 |
88,894,535 |
88,042,297 |
|
Income Tax |
[78,933,385] |
[12,091,980] |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
258,700,351 |
76,802,555 |
88,042,297 |
|
Surplus on Land
Appraisal |
16,462,149 |
- |
- |
|
|
|
|
|
|
Total Net Profit / [Loss] |
275,162,500 |
76,802,555 |
88,042,297 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.10 |
1.01 |
1.06 |
|
QUICK RATIO |
TIMES |
0.23 |
0.19 |
0.22 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.34 |
3.05 |
2.94 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.57 |
0.94 |
1.23 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
124.60 |
239.05 |
140.85 |
|
INVENTORY TURNOVER |
TIMES |
2.93 |
1.53 |
2.59 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
21.13 |
35.16 |
29.75 |
|
RECEIVABLES TURNOVER |
TIMES |
17.28 |
10.38 |
12.27 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
18.79 |
47.74 |
2.28 |
|
CASH CONVERSION CYCLE |
DAYS |
126.94 |
226.48 |
168.31 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
84.53 |
84.72 |
89.18 |
|
SELLING & ADMINISTRATION |
% |
6.64 |
7.22 |
6.32 |
|
INTEREST |
% |
0.82 |
1.49 |
1.63 |
|
GROSS PROFIT MARGIN |
% |
14.82 |
14.32 |
10.82 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
92.71 |
91.82 |
93.00 |
|
NET PROFIT MARGIN |
% |
4.56 |
1.94 |
2.37 |
|
RETURN ON EQUITY |
% |
15.74 |
5.19 |
6.27 |
|
RETURN ON ASSET |
% |
7.16 |
1.81 |
2.91 |
|
EARNING PER SHARE |
BAHT |
0.37 |
0.10 |
0.12 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.55 |
0.65 |
0.54 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.20 |
1.86 |
1.16 |
|
TIME INTEREST EARNED |
TIMES |
113.67 |
61.53 |
57.12 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
52.08 |
6.69 |
|
|
OPERATING PROFIT |
% |
53.56 |
5.33 |
|
|
NET PROFIT |
% |
258.27 |
(12.77) |
|
|
FIXED ASSETS |
% |
6.81 |
2.89 |
|
|
TOTAL ASSETS |
% |
(9.35) |
40.11 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 52.08%. Turnover has increased from THB
3,964,386,057.00 in 2011 to THB 6,029,122,037.00 in 2012. While net profit has
increased from THB 76,802,555.00 in 2011 to THB 275,162,500.00 in 2012. And
total assets has decreased from THB 4,237,231,179.00 in 2011 to THB
3,841,101,035.00 in 2012.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
14.82 |
Impressive |
Industrial Average |
1.58 |
|
Net Profit Margin |
4.56 |
Impressive |
Industrial Average |
0.36 |
|
Return on Assets |
7.16 |
Impressive |
Industrial Average |
0.83 |
|
Return on Equity |
15.74 |
Impressive |
Industrial Average |
2.03 |
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 14.82%. 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 4.56%, 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
7.16%, 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 15.74%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.10 |
Satisfactory |
Industrial Average |
1.31 |
|
Quick Ratio |
0.23 |
|
|
|
|
Cash Conversion Cycle |
126.94 |
|
|
|
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 1.1 times in 2012, increased from 1.01 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 0.23 times in 2012,
increased from 0.19 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 127 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.55 |
Impressive |
Industrial Average |
0.59 |
|
Debt to Equity Ratio |
1.20 |
Acceptable |
Industrial Average |
1.42 |
|
Times Interest Earned |
113.67 |
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 113.68 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 0.55 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.34 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.57 |
Acceptable |
Industrial Average |
2.26 |
|
Inventory Conversion Period |
124.60 |
|
|
|
|
Inventory Turnover |
2.93 |
Acceptable |
Industrial Average |
5.11 |
|
Receivables Conversion Period |
21.13 |
|
|
|
|
Receivables Turnover |
17.28 |
Impressive |
Industrial Average |
3.82 |
|
Payables Conversion Period |
18.79 |
|
|
|
The company's Account Receivable Ratio is calculated as 17.28 and 10.38
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 decreased from 239 days at the
end of 2011 to 125 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 1.53 times in year 2011 to 2.93 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.57 times and 0.94
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.61.96 |
|
UK Pound |
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.85.33 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.