MIRA INFORM REPORT
|
Report Date : |
21.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
VINYTHAI PUBLIC
COMPANY LIMITED |
|
|
|
|
Registered Office : |
Map
Ta Phut Industrial
Estate, No. 2, I-3 Road,
Map Ta Phut,
Muang, Rayong 21150 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
27.12.1988 |
|
|
|
|
Com. Reg. No.: |
0107536000846 |
|
|
|
|
Legal Form : |
Private Limited Company
|
|
|
|
|
Line of Business : |
Manufacturer, Distributor
and Exporter of Petrochemical |
|
|
|
|
No. of Employees : |
440 |
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 – 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
VINYTHAI PUBLIC
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 14th FLOOR,
GREEN TOWER,
3656/41
RAMA IV ROAD,
KLONGTON,
KLONGTOEY,
BANGKOK 10110
TELEPHONE : [66] 2229-9100
FAX :
[66] 2240-1383,
2240-1386
E-MAIL
ADDRESS : varaiporn.p@vinythai.co.th
REGISTRATION
ADDRESS : MAP
TA PHUT INDUSTRIAL
ESTATE,
NO.
2, I-3
ROAD, MAP TA
PHUT, MUANG,
RAYONG 21150
ESTABLISHED
: 1988
REGISTRATION
NO. : 0107536000846
TAX
ID NO. : 3101598247
CAPITAL REGISTERED : BHT. 7,111,160,664
CAPITAL PAID-UP : BHT.
7,111,160,664
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
BRUNO MARIE JOSEPH VAN
DER WIELEN,
BELGIAN, MANAGING
DIRECTOR & PRESIDENT
NO.
OF STAFF : 440
LINES
OF BUSINESS : PETROCHEMICALS
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 27, 1988
as a private
limited company under
the registered name “Vinythai Co.,
Ltd.” by a
joint venture between
the Solvay Group
of Belgium and Charoen Pokphand Group of Thailand, to produce and supply petrochemical products,
especially PVC resin and by products
of PVC production. The subject
currently employs approximate
440 staff.
The subject was
granted investment promotional
privileges by the
Board of Investment
[BOI], Thailand on
March 28, 1989.
On August 16,
1993, the subject’s
status was converted
to a public
limited company under
the name VINTHAI
PUBLIC COMPANY LIMITED,
and its name
was listed on
The Stock Exchange
of Thailand, under
symbol name “VNT”
on February 23,
1995.
Awards/Certifications :
July
2, 1997 : ISO 9002
certification by BVQI (Bureau Veritas Quality International)
for
the PVC business.
November 7, 1997 : License
for displaying the
Standard Mark on
PVC pipe grade
from
TISI (The Thai
Industrial Standard Institute)
July 24, 1998 : ISO
9002 certification by
BVQI for the
caustic soda business
July
8, 1999 : ISO 14001
certification by BVQI
for the environmental
management
system
December
24, 1999 : ISO 9002
certification by BVQI
for the VCM
and EDC business
June
29, 2001 : OHSAS 18001
certification by BVQI
for the occupational
health
and
safety management system
The
subject’s registered address
and head office
is located at
Map Ta Phut
Industrial Estate, No.2,
I-3 Road, Map
Ta Phut, Muang, Rayong
21150, while the
administration office is
at 14th Floor,
Green Tower, 3656/41
Rama IV Road,
Klongton, Klongtoey, Bangkok
10110.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Gilles Madjarian |
[x] |
French |
44 |
|
Mr. Bruno Marie Joseph Van Der Wielen |
[x] |
Belgian |
57 |
|
Mr. Pote Videtyontrakich |
|
Thai |
60 |
|
Mr. Vincenzo Morici |
[x] |
Italian |
62 |
|
Mr. Jacques Van
Rijckevorsel |
[x] |
Belgian |
63 |
|
Mr. Dominique Dussard |
[x] |
Belgian |
56 |
|
Mr. Anon Sirisaengtaksin |
[+] |
Thai |
61 |
|
Mrs. Puntip Oungpasuk |
[+] |
Thai |
53 |
|
Mr. Dhanes Charoensupaya |
[+] |
Thai |
59 |
|
Mr. Andrew Leonard
Cumming |
[x] |
British |
55 |
|
Mr. Pipop Pruecksamars |
|
Thai |
66 |
|
Mr. Roger Lester
Kearns |
[x] |
American |
50 |
|
Mr. Andre R. J. Vanderheyden |
|
Belgian |
66 |
|
A.P. Danuja Kunpanitchakit |
|
Thai |
60 |
|
Mrs. Vallapa Assakul |
|
Thai |
63 |
AUTHORIZED PERSON
Any of the
mentioned directors [x]
can jointly sign
with one of
the directors [+] on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Bruno
Marie Joseph Van Der
Wielen is the
Managing Director and
President.
He
is Belgian nationality
with the age
of 57 years
old.
Mr. Thananchai Luksamanapha is the Senior
Chloro Vinyls Department
Manager.
He
is Thai nationality.
Dr. Supachat
Chairatanathavorn is the
Internal Audit Department
Manger.
He
is Thai nationality.
Ms. Premruthai Chaiyakul
is the Business
Intelligence Department Manager.
She
is Thai nationality.
Mr.
Apichat Kijareonvisal is
the Senior ECH
Department Manager.
He
is Thai nationality.
Mr.
Naruedom Lacharojana is
the PVC Department
Manager.
He
is Thai nationality.
Mr. Suchat
Penglee is the
Logistics Department Manager.
He
is Thai nationality.
Mr. Boonchana Mangkornkarn is
the Senior Supply
Chain Department Manager.
He
is Thai nationality.
Mrs. Samerchai Timdit
is the Quality
Control and Customer
Development Department Manager.
He is Thai nationality.
Mr. Kitti
Chaloembanphachon is the
EDP Department Manager.
He
is Thai nationality.
Ms. Premruthai Chaiyakul
is the Business
Intelligence Department Manager.
She
is Thai nationality.
Mrs. Sudarut
Worasuwat is the
PVC Sales Department
Manager.
She
is Thai nationality.
Mr. Somchai
Jaratpatanawong is the
Customer Technical Service
Department Manager.
He
is Thai nationality.
Mr. Wanchai
Juntasing is the
Procurement Department Manager.
He
is Thai nationality.
Mr. Niran
Areechon is the
Quality, Health, Safety
and Environment Department
Manager. He is
Thai nationality.
Mr. Komkrit
Supagovit is the
Finance Department Manager.
He
is Thai nationality.
Mr. Sirichai
Termvanich is the
Maintenance and Engineering
Department Manager.
He
is Thai nationality.
Mr. Ktavut
Pravatsilpa is the
Accounting Department Manager.
He
is Thai nationality.
Mr. Somluck
Tanpisute is the
Personnel and Administration Department
Manager.
He
is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
of petrochemical products,
especially Polyvinyl Chloride
Resin [PVC resins], includes
Emulsion Resin [E-PVC] Suspension
Resin
[S-PVC], Caustic Soda
Liquid and Vinyl
Chloride Monomer [VCM]. Its products
are supplied to plastics,
electronics, automobile parts,
chemicals, foods, textiles,
petroleum, pulp and
papers, monosodium glutamate
industries and etc.
MAJOR BRAND
“SIAMVIC”
REAL PRODUCTION CAPACITY
[tons/year]
Products 2011
2010 2009
PVC 280,000 280,000 280,000
VCM 400,000 400,000 400,000
Caustic Soda 266,000 266,000 266,000
PURCHASE
90% of raw
material such as
ethylene, salt and
electricity are purchased
from local suppliers,
and the remaining
10% is imported
from United States
of America, Belgium,
Japan, Singapore, Republic
of China and
Korea.
MAJOR SUPPLIERS
|
Name |
Country |
Products |
|
|
|
|
|
Pimai Salt Co.,
Ltd. |
Thailand |
Salt |
|
PTT Global Chemical Public Co.,
Ltd. |
Thailand |
Ethylene |
|
Glow Energy Public
Co., Ltd. |
Thailand |
Electricity |
|
Bangkok Industrial Gas
Co., Ltd. |
Thailand |
Industrial gas |
SALES [LOCAL]
60% of its
products is sold
locally to manufacturers, wholesalers
and end-users in
various industries such
as plastic, electronic,
automobile parts, chemical,
food, textile, construction,
rubber, PVC leather,
PVC pipe and
etc.
EXPORT [COUNTRIES]
40% of its
products is exported
to New Zealand, Turkey and
Republic of China,
India, Australia, Indonesia,
Philippines and Vietnam.
The Subject’s Income
Structure
|
|
2011 |
|
2010 |
|
||
|
|
Millions Baht |
% |
Millions Baht |
% |
||
|
Sales in Thailand |
|
|
|
|
||
|
1. PVC Resins |
5,005 |
35.5 |
4,897 |
38.0 |
||
|
2. Caustic Soda |
2,657 |
18.8 |
1,790 |
13.9 |
||
|
3 VCM |
2,852 |
20.2 |
2,707 |
21.0 |
||
|
4. Others |
156 |
1.2 |
156 |
1.2 |
||
|
Total sales in
Thailand |
10,665 |
75.6 |
9,550 |
74.2 |
||
|
Sales abroad |
|
|
|
|
||
|
1. PVC Resins |
3,333 |
23.6 |
3,169 |
24.6 |
||
|
2. Caustic Soda |
18 |
0.1 |
93 |
0.7 |
||
|
3. VCM |
84 |
0.6 |
65 |
0.5 |
||
|
Total sales abroad |
3,435 |
24.4 |
3,327 |
25.8 |
||
|
Sales in Thailand
and abroad |
|
|
|
|
||
|
1. PVC Resins |
8,338 |
59.1 |
8,066 |
62.6 |
||
|
2. Caustic Soda |
2,675 |
19.0 |
1,883 |
14.6 |
||
|
3 VCM |
2,935 |
20.8 |
2,772 |
21.5 |
||
|
4. Others |
151 |
1.1 |
156 |
1.2 |
||
|
Total sales in
Thailand and abroad |
14,100 |
100.0 |
12,877 |
100.0 |
||
Income structure of
Associated Company
|
|
2011 |
|
2010 |
|
||
|
|
Millions Baht |
% |
Millions Baht |
% |
||
|
Pimai Salt Co.,
Ltd. |
|
|
|
|
||
|
Produce & supply pure refined
salt |
1,479 |
100 |
1,410 |
100 |
||
|
%Shareholding by Vinythai |
|
28.49 |
|
28.49 |
||
SUBSIDIARY COMPANY
Advanced Biochemical [Thailand]
Co., Ltd.
Business Type :
Manufacturer and distributor
of Epichlorohydrin.
ASSOCIATED COMPANY
Pimai Salt Co.,
Ltd.
Address : Thailand
Business Type : Producer
& supplier of
pure refined salt
Investment :
The subject holds
28.49% of the
company’s shares.
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 T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Kasikornbank
Public Co., Ltd.
[Head Office :
1 Kasikorn Lane,
Rajburana Rd., Rajburana, Bangkok
10900]
Bangkok
Bank Public Co.,
Ltd.
[Head Office :
333 Silom Rd.,
Bangrak, Bangkok 10500]
Siam
Commercial Bank Public
Co., Ltd.
[Head Office :
9 Ratchadapisek Rd.,
Ladyao, Jatujak, Bangkok
10400]
Krung
Thai Bank Public
Co., Ltd.
[Head Office :
35 Sukhumvit Rd.,
Klongtoeynua, Watana, Bangkok
10110]
EMPLOYMENT
The subject employs
approximately 440 staff,
consists of 40
Bangkok office, 400
Rayong office and factory
workers.
LOCATION DETAILS
The premise is rented for
administrative office at the heading
address. It is
located in commercial/residential area.
Plant
& Head Office: No.2, I-3
Road, Map Ta
Phut Industrial Estate,
Map Ta Phut,
Muang, Rayong 21150.
Tel. [66]
38 925-000, Fax.
[66] 38 683-048
COMMENT
The year 2011 was
the most challenge
year due to
economic slowdown in
USA as well
as sluggish investment in
Europe which were related to the production
processing and slow
consumption in world
market. Growth in
demand for the
company’s products was
tempered by the slower
pace in domestic
market during the
last quarter of the
year which had
been caused by floods.
Nevertheless, the company
still achieved a
positive outcome in 2011
and continued growing
strong in the year
2012. Due to
this the company
remains in a
strong position to
capitalize on further
investment and development opportunities
in long term prospect.
FINANCIAL INFORMATION
The capital was
registered at Bht.
1,000,000 divided into
10,000 shares of
Bht. 100 each.
The capital was
increased/decreased as the
followings:
Bht. 25,800,000
on November 14,
1989
Bht. 1,273,000,000 on
February 26, 1991
Bht. 2,562,250,000 on
December 17, 1991
Bht. 6,022,971,000 in
1999
Bht. 9,322,971,990 on
May 24, 2000
Bht. 7,111,160,664 in
2005
The latest registered
capital was decreased
to Bht. 7,111,160,664
divided into 1,185,193,444 shares
of Bht. 6
each with fully
paid-up.
MAIN SHAREHOLDERS
[as
at June 26,
2012] at Bht. 7,111,160,664 of
capitalization.
|
NAME |
HOLDING
|
% |
|
|
|
|
|
Solvay Vinyls Holding
A.G. |
592,594,639 |
50.00 |
|
PTT Chemical Public
Co., Ltd. |
237,038,689 |
20.00 |
|
SOLVAY VINYLS HOLDING
AG. |
103,916,420 |
8.77 |
|
PTT Global Chemical Public
Company Limited |
59,000,000 |
4.98 |
|
Thai NVDR Co.,
Ltd. |
29,394,273 |
2.48 |
|
Charoen Pokphand Holding
Co., Ltd. |
26,100,000 |
2.20 |
|
Mr. Chaweng Apatha |
12,850,000 |
1.08 |
|
Mr. Anucha Kijthanamongkolchai |
11,125,002 |
0.94 |
|
Others |
113,174,421 |
9.55 |
Total Shareholders :
3,807
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Narong Phantawong
No. 3315
Ernst & Young
Office Limited
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 |
1,069,890,622 |
823,017,628 |
1,255,301,782 |
|
Trade Accounts receivable |
2,037,956,587 |
2,123,732,528 |
1,952,617,561 |
|
Amounts due from
related parties |
- |
- |
5,301,312 |
|
Short-term lending to
subsidiaries |
2,100,000,000 |
1,020,000,000 |
- |
|
Inventories-net |
642,297,559 |
605,571,882 |
635,343,079 |
|
Other current assets |
174,210,039 |
134,446,560 |
139,637,168 |
|
Total Current Assets
|
6,024,354,807 |
4,706,768,598 |
3,988,200,902 |
|
Non-Current Assets |
|
|
|
|
Investment in subsidiaries companies |
954,097,446 |
954,097,446 |
- |
|
Investment in
associated company |
397,678,320 |
397,678,320 |
397,678,320 |
|
Long-term lending to
subsidiaries |
1,400,000,000 |
100,000,000 |
- |
|
Property, plant
and equipment-net |
10,864,763,679 |
10,466,393,730 |
10,920,150,576 |
|
Deferred underwriting and arrangement fee
for bonds |
- |
- |
149,831 |
|
Other non-current
assets |
12,420,671 |
4,199,111 |
5,049,742 |
|
Total Non-Current
Assets |
13,628,960,116 |
11,922,368,607 |
11,323,028,469 |
|
TOTAL ASSETS |
19,653,314,923 |
16,629,137,205 |
15,311,229,371 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
CURRENT LIABILITIES |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Account payable-trade |
1,580,630,398 |
1,140,840,683 |
1,049,366,282 |
|
Amounts due to
related parties |
- |
- |
1,083,210 |
|
Other current liabilities |
114,059,720 |
123,980,922 |
126,811,697 |
|
Total Current Liabilities |
1,694,690,118 |
1,264,821,605 |
1,177,261,189 |
|
|
|
|
|
|
Non-Current Liabilities |
|
|
|
|
Long-term loan
net of current portion
|
1,400,000,000 |
100,000,000 |
- |
|
Provision for long-term employee Benefits |
65,978,000 |
- |
- |
|
Total Liabilities |
3,160,668,118 |
1,364,821,605 |
1,177,261,189 |
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital Registered 1,185,193,444 ordinary
shares of Bht.
6 each |
7,111,160,664 |
7,111,160,664 |
7,111,160,664 |
|
Issued and fully
paid |
|
|
|
|
1,185,193,444 ordinary
shares of Bht. 6
each |
7,111,160,664 |
7,111,160,664 |
7,111,160,664 |
|
Premium on ordinary
shares |
1,303,712,790 |
1,303,712,790 |
1,303,712,790 |
|
Change in the
value of derivative instruments |
[2,868,769] |
4,300,728 |
1,103,723 |
|
Retained earnings Appropriated-statutory reserve |
570,659,229 |
464,857,658 |
387,759,252 |
|
Unappropriated |
7,509,982,891 |
6,380,283,760 |
5,330,231,753 |
|
Total Shareholders’ Equity |
16,492,646,805 |
15,264,315,600 |
14,133,968,182 |
|
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY |
19,653,314,923 |
16,629,137,205 |
15,311,229,371 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales |
14,099,686,334 |
12,877,019,148 |
11,845,079,804 |
|
Other income |
|
|
|
|
Interest income |
97,569,577 |
19,064,501 |
23,556,602 |
|
Exchange gain |
28,152,537 |
26,891,712 |
16,237,228 |
|
Compensation Insurance |
- |
54,396,156 |
- |
|
Others |
160,820,800 |
97,840,932 |
33,239,256 |
|
Total other
income |
286,542,914 |
198,193,301 |
73,033,086 |
|
Total Revenues |
14,386,229,248 |
13,075,212,449 |
11,918,112,890 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of sales |
11,203,734,752 |
10,655,461,321 |
9,958,949,824 |
|
Selling expenses |
646,624,754 |
634,041,771 |
602,465,733 |
|
Administrative expenses |
292,639,030 |
220,101,991 |
112,832,397 |
|
Loss on Disposal
of Equipment |
77,534,425 |
11,510,418 |
- |
|
Remunerations management |
- |
- |
66,514,355 |
|
Allowance for Diminution of assets |
- |
- |
[85,474,476] |
|
Doubtful account |
- |
- |
184,588,405 |
|
Total Expenses |
12,220,532,961 |
11,521,115,501 |
10,839,876,238 |
|
Profit Before Finance
Cost |
2,165,696,287 |
1,554,096,948 |
1,078,236,652 |
|
Finance Cost |
[49,664,870] |
[12,128,830] |
[89,055,135] |
|
NET EARNINGS [LOSS]
FOR THE YEAR |
2,116,031,417 |
1,541,968,118 |
989,181,517 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.55 |
3.72 |
3.39 |
|
QUICK RATIO |
TIMES |
3.07 |
3.14 |
2.73 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.30 |
1.23 |
1.08 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.72 |
0.77 |
0.77 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
20.93 |
20.74 |
23.29 |
|
INVENTORY TURNOVER |
TIMES |
17.44 |
17.60 |
15.67 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
52.76 |
60.20 |
60.17 |
|
RECEIVABLES TURNOVER |
TIMES |
6.92 |
6.06 |
6.07 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
51.49 |
39.08 |
38.46 |
|
CASH CONVERSION CYCLE |
DAYS |
22.19 |
41.86 |
44.99 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
79.46 |
82.75 |
84.08 |
|
SELLING & ADMINISTRATION |
% |
6.66 |
6.63 |
6.04 |
|
INTEREST |
% |
0.35 |
0.09 |
0.75 |
|
GROSS PROFIT MARGIN |
% |
22.57 |
18.79 |
16.54 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
15.36 |
12.07 |
9.10 |
|
NET PROFIT MARGIN |
% |
15.01 |
11.97 |
8.35 |
|
RETURN ON EQUITY |
% |
12.83 |
10.10 |
7.00 |
|
RETURN ON ASSET |
% |
10.77 |
9.27 |
6.46 |
|
EARNING PER SHARE |
BAHT |
1.79 |
1.30 |
0.83 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.16 |
0.08 |
0.08 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.19 |
0.09 |
0.08 |
|
TIME INTEREST EARNED |
TIMES |
43.61 |
128.13 |
12.11 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
9.49 |
8.71 |
|
|
OPERATING PROFIT |
% |
39.35 |
44.13 |
|
|
NET PROFIT |
% |
37.23 |
55.88 |
|
|
FIXED ASSETS |
% |
3.81 |
(4.16) |
|
|
TOTAL ASSETS |
% |
18.19 |
8.61 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 9.49%. Turnover has increased from THB
12,877,019,148.00 in 2010 to THB 14,099,686,334.00 in 2011. While net profit
has increased from THB 1,541,968,118.00 in 2010 to THB 2,116,031,417.00 in
2011. And total assets has increased from THB 16,629,137,205.00 in 2010 to THB
19,653,314,923.00 in 2011.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
22.57 |
Impressive |
Industrial
Average |
14.47 |
|
Net Profit Margin |
15.01 |
Impressive |
Industrial Average |
2.07 |
|
Return on Assets |
10.77 |
Impressive |
Industrial
Average |
2.75 |
|
Return on Equity |
12.83 |
Impressive |
Industrial
Average |
6.20 |
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 22.57%. 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 15.01%,
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
10.77%, 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 12.83%, 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.
Trend of the average
competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY :
EXCELLENT
LIQUIDITY RATIO
|
Current Ratio |
3.55 |
Impressive |
Industrial
Average |
1.26 |
|
Quick Ratio |
3.07 |
|
|
|
|
Cash Conversion Cycle |
22.19 |
|
|
|
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 3.55 times in 2011, decreased from 3.72 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 3.07 times in 2011,
decreased from 3.14 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 23 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.16 |
Impressive |
Industrial
Average |
0.56 |
|
Debt to Equity Ratio |
0.19 |
Impressive |
Industrial
Average |
1.26 |
|
Times Interest Earned |
43.61 |
Impressive |
Industrial
Average |
2.85 |
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 43.61 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 0.16 less than 0.5, 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.30 |
Deteriorated |
Industrial
Average |
2.61 |
|
Total Assets Turnover |
0.72 |
Acceptable |
Industrial
Average |
1.28 |
|
Inventory Conversion Period |
20.93 |
|
|
|
|
Inventory Turnover |
17.44 |
Impressive |
Industrial
Average |
6.32 |
|
Receivables Conversion Period |
52.76 |
|
|
|
|
Receivables Turnover |
6.92 |
Impressive |
Industrial
Average |
4.79 |
|
Payables Conversion Period |
51.49 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.92 and 6.06 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 is 21 days at the end of 2010, same
figure as in
2011. And Inventory turnover has decreased from 17.6 times in year 2010
to 17.44 times in year 2011.
The company's Total Asset Turnover is calculated as 0.72 times and 0.77
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 Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.05 |
|
UK Pound |
1 |
Rs.83.44 |
|
Euro |
1 |
Rs.72.53 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.