MIRA
INFORM REPORT
|
Report Date : |
18.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
TOA PAINT [THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
31/2 Moo 3, Bangna-Trad Highway, K.M. 23, T. Bangsaothong, A. Bangsaothong, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
07.12.1977 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and
Exporter of Paint Products |
|
|
|
|
No. of Employees : |
1,100 |
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 : |
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 – 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
TOA PAINT [THAILAND] CO., LTD.
SUMMARY
BUSINESS ADDRESS : 31/2
MOO 3, BANGNA-TRAD
HIGHWAY, K.M. 23,
T.
BANGSAOTHONG, A. BANGSAOTHONG,
SAMUTPRAKARN 10540,
THAILAND
TELEPHONE : [66]
2335-5555
FAX : [66] 2312-8927
E-MAIL ADDRESS : adpr@toagroup.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1977
REGISTRATION NO. : 0105520017947 [Former : 1795/2520]
TAX ID NO. : 3101024456
CAPITAL REGISTERED : BHT.
900,000,000
CAPITAL PAID-UP : BHT.
900,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCALYEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
JATUPHAT TANGKARAVAKOON, THAI
PRESIDENT AND
MANAGING DIRECTOR
NO. OF STAFF : 1,100
LINES OF BUSINESS
: PAINT
PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 December 7,
1977 as a private limited
company under the name
style TOA PAINT
[THAILAND] CO., LTD.
by Tangkaravakoon family.
It is a member
of TOA Group
of Companies which
consists of 5 business groups: paint business,
construction material business, automotive business, chemical business and
petrochemical business. The subject currently has
approximate 1,100 employees.
The subject is the
largest paint manufacturer
in Thailand, with technical
cooperation from Rohm
and Haas, U.S.A. and
Chugoku Marine Paints,
Japan, combined with its own
experience, TOA Paint [Thailand] Co., Ltd. has
become the leader
not only in
paint production but
also in research
and development activities.
In 2001, the
TOA group has restructured
its core paint
business and management.
It has also
cut 10 percent
of its staff
to about 1,000
staff. Reductions were
mainly made by
closing sales offices
in the north,
northeast, and southern
provinces, and depots
in Chiangmai, Nakornsawan,
Khon Kaen and
Hadyai, Songkla Provinces.
The subject’s registered
address was initially
located at 1204
Krungkasem Rd.,
Klongmahanak, Pomprab, Bangkok
10200.
On May 1, 1978, it
was relocated to
107 Soi Charoensuk, Ekamai Rd.,
Klongton,
Prakanong, Bangkok 10110.
At present, the
subject’s registered address
is 31/2 Moo
3, T. Bangsaothong,
A. Bangsaothong,
Samutprakarn 10540, and
this is the
subject’s current operation
address.
Rewards of International
Accreditations
The subject has
achieved several international
accreditations as followed:
- ISO 9002
Certification
- TIS [Thai
Government’s International Standard]
- Q S 9000
Certification
- International Standard
on R & D Lab
and QC Process.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Chiew Sae
Tang |
|
Chinese |
102 |
|
Mr. Vanarat Tangkaravakoon |
|
Thai |
41 |
|
Mr. Jatuphat Tangkaravakoon |
|
Thai |
40 |
|
Mr. Natthawut Tangkaravakoon |
|
Thai |
39 |
|
Mrs. Bustharee Wanglee |
|
Thai |
35 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Prachak Tangkaravakoon is
the President of
TOA Group.
He is Thai
nationality with the
age of 69
years old.
Mr. Jatuphat Tangkaravakoon is
the President and
Managing Director.
He is Thai
nationality with the age
of 40 years
old.
Mr. Vanarat Tangkaravakoon is
the Chief Corporate
Officer.
He is Thai
nationality with the
age of 41
years old.
Mrs. Bustharee Wanglee is
the Executive Committee.
She is Thai
nationality with the
age of 35
years old.
BUSINESS OPERATIONS
The subject’s activities
are manufacturer, distributor
and exporter over
200 kinds of
paint and related
products which consist
of emulsion paint,
enamel paint, special
decorative coating, wood coating,
heavy duty coating,
powder coating and
etc. Its products
are applied to
all types of
building, automotive, marine
and other industries.
“TOA” products
are as follows:
Decorative paints
Water base
Solvent base
High performance protective
coatings
TOA heavy guard
Automatic Tinting
Spray
Thinner
Hardware
Power tools
Wood coatings
Wood stain
Polyurethane
Industrial Lacquer
Wooden lacquer
Vanish
etc.
Construction chemicals
Waterproofing
Joint sealants and
elastic bonding
Concrete repair and
protection
Special decorative paint
Hardware products
Latex adhesive
Chaindrite
Shell composite
Abrasive paper/ belt
Etc.
“TOA” & “WIN” Spray paint
Thinner
Computerized color mixing
machine
Industrial paints for
steel structure, concrete
structure, flooring, fireproof
and tank coating.
PRODUCTION
50,000-60,000 tons per
year
MAJOR BRANDS
“TOA”
PURCHASE
Raw materials and
components mainly chemical and
pigment for its production are
purchased from both
domestic and overseas
suppliers in Japan, Germany, Republic of China, Spain, and Singapore.
The raw materials
are purchased around
400-500 tons every 2-3
months. The subject
has currently around
50-60 local and
overseas suppliers.
MAJOR SUPPLIERS
Thai Saeng Charoen
Co., Ltd., :
Thailand
TOA Chemical Industries
Ltd., : Thailand
SALES [LOCAL]
85% of is products
is sold locally
by wholesale to
dealers.
EXPORT
15% of the
products is exported
to Malaysia, Singapore,
Hong Kong, Korea,
Republic of China,
United Kingdom, Japan,
India, Vietnam, Indonesia,
Philippines, Cambodia, Taiwan
and Middle East
countries.
MAJOR CUSTOMERS
TOA Paint [India]
Pvt. Ltd. : India
TOA Paint [Cambodia]
Co., Ltd. : Cambodia
TOA Paint [Vietnam]
Co., Ltd. : Vietnam
Shanghai-TOA Paint Co.,
Ltd. : Republic
of China
SUBSIDIARIES & AFFILIATED
COMPANIES
At present, TOA
Group has divided
into 4 main
industrial groups both
domestic and international
as the followings:
1. Paint Industry
- TOA Chugoku
Paint Co., Ltd.
- TOA Co.,
Ltd.
- TOA Union
Paint [Thailand] Co.,
Ltd.
- TOA Paint
[Vietnam] Co., Ltd.
- Shanghai - TOA Paint
Co., Ltd.
- TOA Paint
[Malaysia] Sdn. Bhd.
- TOA Coating
Sdn. Bhd.
- TOA Paint
[Laos] Co., Ltd.
- TOA Paint
[India] Private Limited
- TOA Paint
[Cabodia] Co., Ltd.
2. Chemical Industry
- TOA Chemical
Industries Ltd.
- TOA Dovechem
Industries Co., Ltd.
- Sherwood Chemical
Co., Ltd.
3. Petrochemical Industry
- Thai Polyacetal
Co., Ltd.
- Thai Polycarbonate
Co., Ltd.
4. Automotive Industry
- TOA Shinto
[Thailand] Co., Ltd.
- TOA Abrasives
Co., Ltd.
- Takata-TOA Co.,
Ltd.
- Sekurit-Siant Gobain
TOA Co., Ltd.
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 to IRICO’S
DATABASE for the
past two years.
CREDIT
Sales are 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 T/T.
Exports are against
T/T.
BUSINESS TRANSACTION
In term of sales,
the subject has
no problem regarding
the payment of
goods sold due to their
customers are the
subsidiary and affiliated
companies, whose term
of payment can be
negotiated. In term of
import, there is
no problem for
the subject’s payment due to
the overseas purchasing
is mainly by
L/C at sight.
BANKING
Krung Thai Bank
Public Co., Ltd.
[Head Office
: 35 Sukhumvit
Rd., Klongtoeynua, Wattana,
Bangkok 10250]
Bangkok Bank Public
Co., Ltd.
[Bangplee Branch :
Sukhumvit Rd., Bangplee,
Samutprakarn 10540]
The Siam Commercial Bank
Public Co., Ltd.
[Bangsaothong Branch : 138/9 Theparak
Rd., T. Bangsaothong,
Samutprakarn 10540]
EMPLOYMENT
The subject employs
approximately 1,100 office
staff and factory
workers [including the group
of companies].
LOCATION DETAILS
The premise is owned for
administrative office and
factory I at
the heading address.
Premised is located
in provincial/industrial area.
Factory II is
located at 104 Poochao
Samingprai Rd., Samrong
Tai, Phrapradaeng, Samutprakarn
10130. Tel. [66]
2394-1885-6, 2394-1437, Fax.
[66] 2384-2245.
Warehouse is located
at 31/1 Moo
3, Bangna-Trad Highway K.M.
23, T. Bangsaothong, A. Bangsaothong, Samutprakarn
10540.
COMMENT
More than 30 years
of paint business, its
products continue to gain an increasing share of the highly
competitive in both
international market and
domestic sales due
to its premium product quality
and high service level.
Domestic paint market
has enjoyed moderate
growth from improving
of industrial and
construction sector in
the past two years.
Nevertheless, the company
still maintains solid
business from both
its facilities in Thailand and
overseas.
Note
Refer to your
given name TAO
PAINT [THAILAND] CO., LTD., please be
informed that the
correct name is
TOA PAINT [THAILAND]
CO., LTD.
More than 40 years of paint
business, our products continue to gain an increasing share of the highly More
than
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 5,000,000 divided into 5,000
shares of Bht.
1,000 each.
The capital was
increased later as
followings:
Bht. 20,000,000
on August 24,
1982
Bht. 35,000,000
on December 21,
1984
Bht. 50,000,000
on June 17,
1986
Bht. 120,000,000
on September 1,
1987
Bht. 170,000,000
on July 12,
1990
Bht. 500,000,000
on May 23,
1997
Bht. 890,000,000
on November 24,
2000
Bht. 900,000,000
on April 29,
2008
The latest registered
capital was increased
to Bht. 900,000,000 divided
into 900,000 shares
of Bht. 1,000
each with fully
paid.
MAIN SHAREHOLDERS
[as at April
30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
PL & Son Co., Ltd. Nationality: Thai Address : 113
Soi Charoensuk, Sukhumvit
63 Rd., Klongtonnua, Wattana,
Bangkok |
270,000 |
30.00 |
|
Mr. Vanarat Tangkaravakoon
Nationality: Thai Address : 94/1 Soi Nuannoi, Sukhumvit
63 Rd.,
Klongtonnua, Wattana, Bangkok
|
188,997 |
21.00 |
|
Mr. Jatuphat Tangkaravakoon
Nationality: Thai Address : 92/55
Soi Nualnoi, Sukhumvit
Rd.,
Klongtonnua, Wattana, Bangkok
|
170,998 |
19.00 |
|
Mrs. Bustharee Wanglee Nationality: Thai Address : 2 Soi
Patanasin, Nanglinchi Road
Thugmahamek, Sathorn, Bangkok |
135,000 |
15.00 |
|
Mr. Natthawut Tangkaravakoon Nationality: Thai Address : 39/681
Samaggi Rd., Bangtalad,
Pakkred, Nonthaburi |
135,000 |
15.00 |
|
Others |
5 |
- |
Total Shareholders : 10
Share Structure
[as at April
30, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
10 |
900,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
10 |
900,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Somkid Tiatrakul No.
2785
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 [Adjusted] |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
86,153,357 |
117,699,070 |
91,268,881 |
|
Short-term Investment |
130,322 |
72,000,000 |
470,355,243 |
|
Trade Accounts Receivable |
2,244,800,488 |
1,878,963,994 |
1,716,497,188 |
|
Trade Accounts Receivable - Related Company |
1,015,601,028 |
514,249,021 |
317,369,540 |
|
Current Portion of
Receivable Per Hire-Purchase Contract |
141,522,768 |
127,477,157 |
106,326,814 |
|
Short-term Lending to Related Company |
664,618,547 |
652,593,937 |
364,381,916 |
|
Short-term Lending to Other
Company |
112,000,000 |
111,800,000 |
- |
|
Short-term Lending to
Directors |
917,269,178 |
162,726,027 |
- |
|
Inventories |
1,635,133,287 |
1,340,391,196 |
1,081,637,938 |
|
Other Current Assets
|
190,531,417 |
151,916,928 |
101,333,200 |
|
|
|
|
|
|
Total Current Assets
|
7,007,760,392 |
5,129,817,330 |
4,249,170,720 |
|
Receivable Per Hire-Purchase Contract, Net
of Current Portion |
229,333,249 |
231,314,919 |
217,158,446 |
|
Investment at Equity
Method |
1,405,390,414 |
1,297,595,177 |
812,791,338 |
|
Other Long-term Investment
|
142,156,628 |
141,993,414 |
142,233,414 |
|
Long-term Lending to Related Company |
1,729,887 |
2,990,820 |
5,299,616 |
|
Fixed Assets |
1,501,548,674 |
1,569,091,731 |
1,654,494,989 |
|
Computer Programme |
65,898,904 |
55,609,031 |
33,307,839 |
|
Other Non-current Assets |
9,270,986 |
10,258,243 |
39,672,687 |
|
Total Assets |
10,363,089,134 |
8,438,670,665 |
7,154,129,049 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Short-term Loan from Bank |
2,001,410,367 |
300,000,000 |
- |
|
Trade Accounts Payable |
2,011,550,922 |
2,004,213,331 |
1,834,548,440 |
|
Trade Accounts Payable - Related Company |
139,528,785 |
125,150,245 |
135,103,335 |
|
Short-term Loan from Related Company |
230,859,507 |
190,052,356 |
- |
|
Current Portion of
Long-term Loan |
130,000,000 |
240,000,000 |
190,000,000 |
|
Accrued Income Tax |
222,316,261 |
237,151,344 |
259,391,786 |
|
Other Current Liabilities |
301,768,501 |
298,093,881 |
285,879,273 |
|
|
|
|
|
|
Total Current Liabilities |
5,037,434,343 |
3,394,661,157 |
2,704,922,834 |
|
|
|
|
|
|
Long-term Loan - Net of Current Portion |
- |
130,000,000 |
370,000,000 |
|
Employee’s Benefit Obligation |
105,410,300 |
- |
- |
|
Total Liabilities |
5,142,844,643 |
3,524,661,157 |
3,074,922,834 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share Capital :
Bht. 1,000 par value
authorized issued
and fully paid share capital
900,000 shares |
900,000,000 |
900,000,000 |
900,000,000 |
|
|
|
|
|
|
Capital Paid |
900,000,000 |
900,000,000 |
900,000,000 |
|
Revaluation Surplus |
- |
- |
15,121,748 |
|
Retained Earning Appropriated for Statutory
Reserve |
90,000,000 |
90,000,000 |
90,000,000 |
|
Unappropriated |
4,230,244,491 |
3,924,009,508 |
3,074,084,467 |
|
Total Shareholders' Equity |
5,220,244,491 |
4,914,009,508 |
4,079,206,215 |
|
Total Liabilities &
Shareholders' Equity |
10,363,089,134 |
8,438,670,665 |
7,154,129,049 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales |
12,269,219,614 |
11,101,225,660 |
9,797,519,820 |
|
Other Income |
148,429,259 |
155,055,444 |
93,285,700 |
|
Dividend Income |
56,378,826 |
62,983,870 |
41,765,578 |
|
Gain on Exchange Rate |
15,305,742 |
10,299,533 |
2,956,419 |
|
Total Revenues |
12,489,333,441 |
11,329,564,507 |
9,935,527,517 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
9,159,239,029 |
7,956,679,232 |
6,719,185,720 |
|
Selling Expenses |
1,150,673,663 |
1,126,983,834 |
1,000,854,674 |
|
Administrative Expenses |
879,127,288 |
739,648,682 |
560,699,025 |
|
Allowance for Obsolescent Stock |
- |
64,659,151 |
- |
|
[Reversal] Allowance for Doubtful Account |
[140,721,374] |
103,418,724 |
5,433,253 |
|
Provision for Diminution of Investment |
- |
- |
89,188,983 |
|
Total Expenses |
11,048,318,606 |
9,991,389,623 |
8,375,361,655 |
|
Profit before Financial
Cost & Income Tax |
1,441,014,835 |
1,338,174,884 |
1,560,165,862 |
|
Financial Cost |
[41,035,706] |
[16,847,592] |
[20,280,659] |
|
Profit before Income
Tax |
1,399,979,129 |
1,321,327,292 |
1,539,885,203 |
|
Income Tax |
[381,022,459] |
[471,402,251] |
[461,810,309] |
|
Net Profit/[Loss] |
1,018,956,670 |
849,925,041 |
1,078,074,894 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.39 |
1.51 |
1.57 |
|
QUICK RATIO |
TIMES |
1.03 |
1.07 |
1.13 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
8.17 |
7.07 |
5.92 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.18 |
1.32 |
1.37 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
65.16 |
61.49 |
58.76 |
|
INVENTORY TURNOVER |
TIMES |
5.60 |
5.94 |
6.21 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
66.78 |
61.78 |
63.95 |
|
RECEIVABLES TURNOVER |
TIMES |
5.47 |
5.91 |
5.71 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
80.16 |
91.94 |
99.66 |
|
CASH CONVERSION CYCLE |
DAYS |
51.78 |
31.33 |
23.05 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
74.65 |
71.67 |
68.58 |
|
SELLING & ADMINISTRATION |
% |
16.54 |
16.81 |
15.94 |
|
INTEREST |
% |
0.33 |
0.15 |
0.21 |
|
GROSS PROFIT MARGIN |
% |
27.14 |
30.38 |
32.83 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
11.74 |
12.05 |
15.92 |
|
NET PROFIT MARGIN |
% |
8.30 |
7.66 |
11.00 |
|
RETURN ON EQUITY |
% |
19.52 |
17.30 |
26.43 |
|
RETURN ON ASSET |
% |
9.83 |
10.07 |
15.07 |
|
EARNING PER SHARE |
BAHT |
1,132.17 |
944.36 |
1,197.86 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.50 |
0.42 |
0.43 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.99 |
0.72 |
0.75 |
|
TIME INTEREST EARNED |
TIMES |
35.12 |
79.43 |
76.93 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
10.52 |
13.31 |
|
|
OPERATING PROFIT |
% |
7.69 |
(14.23) |
|
|
NET PROFIT |
% |
19.89 |
(21.16) |
|
|
FIXED ASSETS |
% |
(4.30) |
(5.16) |
|
|
TOTAL ASSETS |
% |
22.80 |
17.96 |
|
ANNUAL GROWTH : IMPRESSIVE
An annual sales growth is 10.52%. Turnover has increased from THB
11,101,225,660.00 in 2010 to THB 12,269,219,614.00 in 2011. While net profit has
increased from THB 849,925,041.00 in 2010 to THB 1,018,956,670.00 in 2011. And
total assets has increased from THB 8,438,670,665.00 in 2010 to THB
10,363,089,134.00 in 2011.
PROFITABILITY : EXCELLENT
PROFITABILITY RATIO
|
Gross Profit Margin |
27.14 |
Impressive |
Industrial Average |
18.80 |
|
Net Profit Margin |
8.30 |
Impressive |
Industrial Average |
3.83 |
|
Return on Assets |
9.83 |
Impressive |
Industrial Average |
4.89 |
|
Return on Equity |
19.52 |
Impressive |
Industrial Average |
11.13 |
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 27.14%. 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 8.3%,
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 9.83%, 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 19.52%, 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 : SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.39 |
Satisfactory |
Industrial Average |
1.58 |
|
Quick Ratio |
1.03 |
|
|
|
|
Cash Conversion Cycle |
51.78 |
|
|
|
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 1.39 times in 2011, decreased from 1.51 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 1.03 times in 2011, decreased
from 1.07 times, although excluding inventory so the company still have good
short-term financial strength.
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 52 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.50 |
Impressive |
Industrial Average |
0.54 |
|
Debt to Equity Ratio |
0.99 |
Impressive |
Industrial Average |
1.16 |
|
Times Interest Earned |
35.12 |
Impressive |
Industrial Average |
6.99 |
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 35.12 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, same
figure as in 2010, most of the company's assets are
financed through equity.
Trend of the average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY : IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
8.17 |
Impressive |
Industrial Average |
4.15 |
|
Total Assets Turnover |
1.18 |
Satisfactory |
Industrial Average |
1.28 |
|
Inventory Conversion Period |
65.16 |
|
|
|
|
Inventory Turnover |
5.60 |
Impressive |
Industrial Average |
4.75 |
|
Receivables Conversion Period |
66.78 |
|
|
|
|
Receivables Turnover |
5.47 |
Impressive |
Industrial Average |
3.09 |
|
Payables Conversion Period |
80.16 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.47 and 5.91 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
decreased from 2010. This would suggest the company had deteriorated 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 61 days at the
end of 2010 to 65 days at the end of 2011. This represents a negative trend.
And Inventory turnover has decreased from 5.94 times in year 2010 to 5.6 times
in year 2011.
The company's Total Asset Turnover is calculated as 1.18 times and 1.32
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 Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.99 |
|
|
1 |
Rs.83.72 |
|
Euro |
1 |
Rs.72.08 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.