MIRA
INFORM REPORT
|
Report Date : |
07.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
KING POWER INTERNATIONALCO.,LTD. |
|
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|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
27.04.1995 |
|
|
|
|
Com. Reg. No.: |
0105538051683 [Former : 1058/2538] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Operator Duty Free Shop |
|
|
|
|
No. of Employees : |
1,000 |
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 |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
|
Source : CIA |
Company name
KING POWER
INTERNATIONALCO.,LTD.
SUMMARY
BUSINESS ADDRESS : 8
RANGNAM ROAD, THANON
PHYATHAI,
RATCHATHEWEE, BANGKOK
10400
TELEPHONE : [66]
2677-8888, 2205-8888
FAX : [66] 2677-8877,
2677-8898
E-MAIL ADDRESS : hotline@kingpower.com
webmaster@kingpower.com
REGISTRATION ADDRESS
: SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1995
REGISTRATION NO. : 0105538051683 [Former
: 1058/2538]
TAX ID NO. : 3011587652
CAPITAL REGISTERED : BHT.
200,000,000
CAPITAL PAID-UP : BHT.
200,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
VICHAI RAKSRIAKSORN, THAI
GROUP CHAIRMAN
NO. OF STAFF : 1,000
LINES OF BUSINESS : DUTY
FREE SHOP
OPERATOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The subject was
established on April
27, 1995 as a
private limited company
under the registered
name KING POWER
INTERNATIONAL CO., LTD.
by Thai groups,
led by Mr. Vichai Raksriaksorn,
the company’s owner.
The subject was
granted a concession
to operate a
duty free shop
business. It currently
employs approximate 1,000
staff.
King Power International Co., Ltd. has three
main business operations:
namely, Downtown Duty
Free Complex in
Bangkok, King Power
Complex on Rangnam
Road, and advertising
concessions at Suvarnabhumi
and Phuket International
Airports.
The subject’s registered
and operating address
was initially located
at 989 Siam
Tower Bldg., Rama 1 Rd., Pathumwan,
Bangkok 10330.
On October 9, 2006,
the subject’s registered
and operating address
was relocated to
8 Rangnam Rd.,
Thanon Phyathai, Ratchathewee,
Bangkok 10400.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Aim-on Raksriaksorn |
[x] |
Thai |
56 |
|
Mr. Vichai Raksriaksorn |
[x] |
Thai |
55 |
|
Mr. Sombat Dechapanitkul |
[x] |
Thai |
52 |
|
Mr. Suwan Panyapas |
|
Thai |
69 |
AUTHORIZED PERSON
Any of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Vichai Raksriaksorn is
the Group Chairman.
He is Thai
nationality with the
age of 55
years old.
Mr. Chulchit Boonyaketu is
the Group Vice
Chairman.
He is Thai
nationality.
Mrs. Aim-on Raksriaksorn
is the Group
Vice Chairman &
Chief Financial Officer.
She is Thai
nationality with the
age of 56
years old.
Mr. Sombat Dechapanitkul is
the Group Vice
Chairman.
He is Thai
nationality with the
age of 52
years.
Mrs. Susan Valerie Whelan
is the Senior
Executive Vice President.
She is British
nationality.
Mrs. Siriporn Arayathakul
is the Executive
Vice President - Group Operation.
She is Thai
nationality.
Mr. Jinardith Charoensudjai is
the Executive Vice
President - Airport
Commercial Group.
He is Thai
nationality.
Mr. Pichai Pitakchaisuk
is the Executive
Vice Chairman - Group Merchandising.
He is Thai
nationality.
Mrs. Ladda Taneepanichskul is
the Senior Executive
Vice President - Group Organization
Development & Human
Resources Management.
She is Thai
nationality.
Mrs. Angkana Anantachai is
the Executive Vice
President - Group
Accounting.
She is Thai
nationality.
Mrs. Somchit Thachaiemamorn is
the Executive Vice
President - Group
Information & Communication
Technology and Human
Resources Development.
She is Thai
nationality.
Mr. Winid Youngsurakan is
the Executive Vice
President - Group
Legal & General Administration.
He is Thai
nationality.
Mrs. Kitima Chanprasith is
the Executive Vice
President - Group
Finance.
She is Thai
nationality.
Mrs. Voramas Raksriaksorn is
the Executive Vice
President - Group
Marketing.
She is Thai
nationality.
BUSINESS OPERATIONS
The company has
three main business
operations: namely, Downtown
Duty Free Complex in Bangkok,
King Power Complex
on Rangnam Road
and advertising concessions
at Suvarnabhumi and
Phuket International Airports.
The company is
the operator of
Downtown Duty Free
Complex, initially located
at the 7th Floor
World Trade Center
and Mahathun Plaza
on Ploenchit Road.
On October 9,
2006, the duty
free shop has
been moved together
with an operating
office to 8 Rangnam Rd.,
providing international visitors
and Thai nationals
traveling abroad with
Duty Fee Shopping
Facilities. All prestigious
international brand names
merchandises range from
Cognacs, Whisky, Liquors,
Wines, Cigars, Perfumes, Cosmetics, Toys Watches,
Sunglasses, Souvenirs, Electronic products, Costume
Jewelry, Writing Instruments,
Confectionery, Leathers, Cosmetics
& Body Care
and Fashion Accessories,
with over 100
brands. The range
also includes Thai
handicrafts, silks, artifacts
& souvenirs in
Thai style and
jewelry goods.
In addition, its
Advertising Department also
runs the Light
Box and Installation
of Billboard Advertisement
business in all Passenger Terminal throughout Suvarnabhumi International Airport
in Samutprakarn and Phuket International
Airport.
IMPORT [COUNTRIES]
90% of the
products is imported
from U.S.A., Australia,
United Kingdom, France, Germany, Italy,
Switzerland, Japan, Singapore,
Hong Kong, Republic
of China, Korea,
India, Taiwan, Malaysia,
Africa and Middle
East countries, the
remaining 10% is
purchased locally.
SALES [LOCAL]
100% of the
products is sold
locally to retailers
and end-users.
SUBSIDIARIES & AFFILIATED
COMPANIES
|
Name |
Country |
Type of Business |
|
|
|
|
|
King Power Duty
Free Co., Ltd. |
Thailand |
Operates Duty Free
shops at Donmuang
Airport, Suvarnabhumi
International Airport, Chiang Mai
Airport, Phuket International Airport and
Pattaya Duty Free Complex. |
|
King Power Tax
Free Co., Ltd. |
Thailand |
Operating Tax
Free shops at Bangkok, Chiang
Mai and Phuket
International Airport
and Hadyai Airport. |
|
King Power Hotel
Management Co., Ltd. |
Thailand |
Operates the Pullman
Bangkok King Power Hotel |
|
King Power Suvarnabhumi Co.,
Ltd. |
Thailand |
Operate all commercial
activities in Suvarnabhumi Airport |
|
King Power Entertainment Co., Ltd. |
Thailand |
Operates all restaurants in
Suvarnabhumi Airport, such as
City Garden, Light Bar, Including
Ramayana Restaurants and
Aksra Theatre at
King Power Downtown
Duty Free Mall, Rangnam Rd. |
|
King Power Marketing
& Management Co.,
Ltd. |
Thailand |
Distributor of Consumer
Products |
|
King Power Development
Co., Ltd. |
Thailand |
Collection Service of Duty Free
Goods |
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 credit term
of 30 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
BANKING
Bangkok Bank Public Co.,
Ltd.
[Ploenchit Branch
: Ploenchit Rd.,
Lumpini, Pathumwan, Bangkok]
The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office
: 9 Ratchadapisek
Rd., Ladyao, Jatujak,
Bangkok]
TMB Bank Public
Co., Ltd.
[Head Office
: 3000 Phaholyothin
Rd, Jompol, Jatujak,
Bangkok]
Kasikornbamk Public Co.,
Ltd.
Thanachart Bank Public
Co., Ltd.
EMPLOYMENT
The subject alone employs
approximately 1,000 staff.
[office staff].
LOCATION DETAILS
The premise is
owned for administrative office
and Duty free
shop, with approximately
12,000 square meters
of area, at
the heading address.
Premised is located
in a prime
commercial area.
ADDITIONAL INFORMATION
In August 2010, King Power Group Chairman Mr. Vichai Raksriaksorn announced
the purchase of Leicester
City Football Club to become its
major shareholder and appointed Mr. Aiyawatt Raksriaksorn as Executive
Director. He envisions the promotion of Leicester City from the League
Championship to the Premier League.
On August 21, 2011
King Power Pattaya Complex,
a new kingdom
of duty free in Pattaya. This
is the first duty-free
downtown branch located
outside of Bangkok covering 20 rai or 32,000
square meters in Pattaya
Klang on Sukhumvit Road (inbound side), offers an exciting
downtown duty free shopping
experience for tourists
on the popular
Eastern Seaboard.
On September 12, 2012 King Power International Group confirmed
that its subsidiary King Power Duty Free Co. Ltd., has been
awarded a 10 year contract, as the
exclusive Duty Free concessionaire at Don Muang Airport
Bangkok. The contract was awarded by Airports of
Thailand Public Co.
Ltd, following a
tender process which
included bids from leading
local and international
retail duty free
operators.
The duty free concession includes
four international airside
shops, totaling an area of 1,100 sq. m. in the airports
International terminal 1. The contract
will commence on 1st
October 2012. The retail
offers will include
Perfume, Cosmetic and
Skincare, Liquor, Tobacco, and
Confectionery in the
principle 700 m2
outlet, and a
dedicated Luxury Watches and
Leather goods, Sunglasses and
Accessories shop. There will be two additional gate
shops located in the international
departures piers. Operations
will commence in two weeks
time with a generic
shop fit, however
full brand personalization will
be implemented and
completed by December
2012.
COMMENT
The
company is the
leading travel retailer
in the country, with
its own Duty Free shopping mall in
Bangkok’s central business
district covering over 12,000
square meters and branches at Suvarnabhumi Airport and
major airports in Thailand.
The subject is the
only country’s leading
travel retailer providing the best travel-related business worldwide.
Its unrivalled range
of up-market boutiques,
branded leather goods,
watches, fragrances, cosmetics,
electronics, jewelry and
etc., allow tourists to
fulfill with their
styles to suit
the tastes of
a diverse world.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each.
The capital was
increased later as
followings:
Bht. 5,000,000
on January 30,
1996
Bht. 200,000,000
on June 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 August
10, 2012]
|
NAME |
HOLDING |
% |
|
V and A
Holding Co., Ltd. Nationality: Thai Address : 8
Rangnam Rd., Thanon
Phyathai,
Ratchathewee, Bangkok |
1,980,000 |
99.00 |
|
Mr. Vichai Raksriaksorn Nationality: Thai Address : 20
Sukhumvit 64 Rd.,
Bangchak,
Prakanong, Bangkok |
10,000 |
0.50 |
|
Ms. Voramas Raksriaksorn Nationality: Thai Address : 20 Sukhumvit 64
Rd., Bangchak,
Prakanong, Bangkok |
2,000 |
0.10 |
|
Mr. Apichet Raksriaksorn Nationality: Thai Address : 17/586
Sukhumvit 6 Rd.,
Klongtoey, Bangkok |
2,000 |
0.10 |
|
Mrs. Aim-on Raksriaksorn Nationality: Thai Address : 22
Sukhumvit 64 Rd.,
Bangchak,
Prakanong, Bangkok |
2,000 |
0.10 |
|
Mr. Aiyawat Raksriaksorn Nationality: Thai Address : 20
Sukhumvit 64 Rd.,
Bangchak, Prakanong, Bangkok |
2,000 |
0.10 |
|
Ms. Aroonrung Raksriaksorn Nationality: Thai Address : 20
Sukhumvit 64 Rd.,
Bangchak,
Prakanong, Bangkok |
2,000 |
0.10 |
Total Shareholders : 7
Share Structure
[as at August
10, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
2,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
2,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Vilairat Rojnakarin No.
3104
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2011,
2010 & 2009
were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
133,951,124 |
46,813,568 |
37,843,918 |
|
Trade Accounts &
Other Receivable |
667,227,936 |
693,241,210 |
204,616,295 |
|
Trade Accounts Receivable
& Deferred Service
Income - Related
Company |
- |
- |
1,141,308,231 |
|
Short-term Lending to
Person & Related Company |
1,973,189,573 |
5,398,830,123 |
5,676,590,443 |
|
Inventories |
2,269,796,228 |
1,170,424,701 |
992,139,091 |
|
Deferred Interest |
580,268,182 |
1,485,612,655 |
1,182,528,632 |
|
Other Current Assets
|
5,477,431 |
10,488,222 |
148,823,624 |
|
|
|
|
|
|
Total Current Assets
|
5,629,910,474 |
8,805,410,479 |
9,383,850,234 |
|
Cash at Bank
under Commitment |
67,000,000 |
67,391,115 |
67,046,164 |
|
Long-term Investment |
1,790,426,000 |
1,425,426,000 |
1,229,916,000 |
|
Fixed Assets |
5,852,863,288 |
4,294,160,862 |
4,305,922,222 |
|
Intangible Assets |
37,616,532 |
13,345,066 |
8,543,931 |
|
Prepaid Leasehold Right |
579,741,438 |
602,913,902 |
626,086,366 |
|
Other Non-current Assets |
6,362,583 |
17,940,468 |
3,705,477 |
|
Total Assets |
13,963,920,315 |
15,226,587,892 |
15,625,070,394 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial
Institution |
2,967,704,768 |
1,589,555,503 |
2,021,482,643 |
|
Short -term Loan -
Promissory Note |
- |
- |
300,000,000 |
|
Trade Accounts &
Other Payable |
1,931,702,256 |
1,458,779,039 |
670,352,729 |
|
Trade Accounts Payable
& Accrued Service
- Related Company |
- |
- |
235,343,656 |
|
Short-term Loan from Related Company |
2,234,000,000 |
5,892,000,000 |
4,777,713,665 |
|
Current Portion of Long-term Liabilities |
190,000,000 |
580,000,000 |
2,512,413,391 |
|
Accrued Interest |
1,289,760,961 |
1,066,983,587 |
790,897,251 |
|
Accrued Expenses |
- |
- |
111,655,293 |
|
Accrued Income Tax |
135,912,573 |
- |
- |
|
Other Current Liabilities |
33,605,685 |
48,681,089 |
339,918,765 |
|
|
|
|
|
|
Total Current Liabilities |
8,782,686,243 |
10,635,999,218 |
11,759,777,393 |
|
|
|
|
|
|
Long-term Loan Liabilities, Net of
Current Portion |
4,125,922,072 |
3,440,581,791 |
2,814,116,948 |
|
Estimated Liabilities for
Employee Benefits |
15,032,714 |
- |
- |
|
Total Liabilities |
12,923,641,029 |
14,076,581,009 |
14,573,894,341 |
|
|
|
|
|
|
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 -
Unappropriated |
840,279,286 |
950,006,883 |
851,176,053 |
|
Total Shareholders' Equity |
1,040,279,286 |
1,150,006,883 |
1,051,176,053 |
|
Total Liabilities & Shareholders' Equity |
13,963,920,315 |
15,226,587,892 |
15,625,070,394 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
10,548,242,998 |
7,484,458,627 |
7,044,451,815 |
|
Service Income |
316,157,993 |
280,533,960 |
231,379,088 |
|
Import Management Income |
254,555,202 |
202,482,913 |
210,061,015 |
|
Service Management Income |
1,407,392,216 |
1,229,234,426 |
961,200,000 |
|
Interest Income |
218,393,478 |
304,474,317 |
379,308,920 |
|
Dividend Income |
235,000,000 |
- |
- |
|
Gain on Exchange
Rate |
29,623,442 |
77,316,485 |
73,838,647 |
|
Other Income |
134,519,744 |
105,767,612 |
314,066,893 |
|
Total Revenues |
13,143,885,073 |
9,684,268,340 |
9,214,306,378 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
8,329,725,789 |
6,233,148,267 |
6,123,935,839 |
|
Cost of Services |
191,460,645 |
157,104,813 |
122,097,731 |
|
Selling Expenses |
1,288,756,243 |
998,717,348 |
797,257,975 |
|
Administrative Expenses |
1,846,438,978 |
1,499,250,499 |
1,333,245,044 |
|
Other Expenses |
821,925,564 |
- |
- |
|
Total Expenses |
12,478,307,219 |
8,888,220,927 |
8,376,536,589 |
|
|
|
|
|
|
Profit before Financial
Cost & Income Tax |
665,577,854 |
796,047,413 |
837,769,789 |
|
Financial Cost - Interest Paid |
[548,955,208] |
[633,964,760] |
[723,737,048] |
|
Profit before Income Tax |
116,622,646 |
162,082,653 |
114,032,741 |
|
Income Tax |
[226,350,243] |
[63,251,823] |
[31,421,978] |
|
Net Profit / [Loss] |
[109,727,597] |
98,830,830 |
82,610,763 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.64 |
0.83 |
0.80 |
|
QUICK RATIO |
TIMES |
0.32 |
0.58 |
0.60 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.86 |
1.81 |
1.69 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.78 |
0.51 |
0.47 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
97.23 |
66.85 |
57.98 |
|
INVENTORY TURNOVER |
TIMES |
3.75 |
5.46 |
6.30 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
22.42 |
32.59 |
10.26 |
|
RECEIVABLES TURNOVER |
TIMES |
16.28 |
11.20 |
35.56 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
82.74 |
83.32 |
39.17 |
|
CASH CONVERSION CYCLE |
DAYS |
36.90 |
16.12 |
29.07 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
78.43 |
82.30 |
85.85 |
|
SELLING & ADMINISTRATION |
% |
28.86 |
32.17 |
29.28 |
|
INTEREST |
% |
5.05 |
8.16 |
9.95 |
|
GROSS PROFIT MARGIN |
% |
42.55 |
42.42 |
40.80 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.13 |
10.25 |
11.51 |
|
NET PROFIT MARGIN |
% |
(1.01) |
1.27 |
1.14 |
|
RETURN ON EQUITY |
% |
(10.55) |
8.59 |
7.86 |
|
RETURN ON ASSET |
% |
(0.79) |
0.65 |
0.53 |
|
EARNING PER SHARE |
BAHT |
(54.86) |
49.42 |
41.31 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.93 |
0.92 |
0.93 |
|
DEBT TO EQUITY RATIO |
TIMES |
12.42 |
12.24 |
13.86 |
|
TIME INTEREST EARNED |
TIMES |
1.21 |
1.26 |
1.16 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
39.92 |
6.72 |
|
|
OPERATING PROFIT |
% |
(16.39) |
(4.98) |
|
|
NET PROFIT |
% |
(211.03) |
19.63 |
|
|
FIXED ASSETS |
% |
36.30 |
(0.27) |
|
|
TOTAL ASSETS |
% |
(8.29) |
(2.55) |
|
ANNUAL GROWTH : ACCEPTABLE
An annual sales growth is 39.92%. Turnover has increased from THB
7,764,992,587.00 in 2010 to THB 10,864,400,991.00 in 2011. While net profit has
decreased from THB 98,830,830.00 in 2010 to THB -109,727,597.00 in
2011. And total assets has decreased from THB
15,226,587,892.00 in 2010 to THB
13,963,920,315.00 in 2011.
PROFITABILITY : ACCEPTABLE
PROFITABILITY RATIO
|
Gross Profit Margin |
42.55 |
Impressive |
Industrial Average |
14.27 |
|
Net Profit Margin |
(1.01) |
Deteriorated |
Industrial Average |
1.23 |
|
Return on Assets |
(0.79) |
Deteriorated |
Industrial Average |
3.05 |
|
Return on Equity |
(10.55) |
Deteriorated |
Industrial Average |
9.17 |
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 42.55%. 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 -1.01%.
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 -0.79%.
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 -10.55%.
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 |
0.64 |
Risky |
Industrial Average |
1.61 |
|
Quick Ratio |
0.32 |
|
|
|
|
Cash Conversion Cycle |
36.90 |
|
|
|
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 0.64 times in 2011, decreased from 0.83 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 0.32 times in 2011,
decreased from 0.58 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 37 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.93 |
Acceptable |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
12.42 |
Risky |
Industrial Average |
1.72 |
|
Times Interest Earned |
1.21 |
Acceptable |
Industrial Average |
2.33 |
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 1.22 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 0.93 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 Uptrend
ACTIVITY : ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.86 |
Deteriorated |
Industrial Average |
10.44 |
|
Total Assets Turnover |
0.78 |
Deteriorated |
Industrial Average |
2.40 |
|
Inventory Conversion Period |
97.23 |
|
|
|
|
Inventory Turnover |
3.75 |
Acceptable |
Industrial Average |
6.20 |
|
Receivables Conversion Period |
22.42 |
|
|
|
|
Receivables Turnover |
16.28 |
Impressive |
Industrial Average |
5.36 |
|
Payables Conversion Period |
82.74 |
|
|
|
The company's Account Receivable Ratio is calculated as 16.28 and 11.20
in 2011 and 2010 respectively. This ratio measures the efficiency of the
company in managing its trade debtors to generate revenue. A lower ratio may
indicate over extension and collection problems. Conversely, a higher ratio may
indicate an overtly stringent policy. In this case, the company's A/R ratio in
2011 increased from 2010. This would suggest the company had good performance
in the management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that
it will take to
sell the current inventory.
Inventory is particularly sensitive to change in business activities.
The inventory turnover in days has increased from 67 days at the end of 2010 to
97 days at the end of 2011. This represents a negative trend. And Inventory
turnover has decreased from 5.46 times in year 2010 to 3.75 times in year 2011.
The company's Total Asset Turnover is calculated as 0.78 times and 0.51
times in 2011 and 2010 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.08 |
|
UK Pound |
1 |
Rs.83.12 |
|
Euro |
1 |
Rs.72.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.