MIRA
INFORM REPORT
|
Report Date : |
12.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
CENTRAL DEPARTMENT STORE LTD. [CDS] |
|
|
|
|
Registered Office : |
1027 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
26.04.1974 |
|
|
|
|
Com. Reg. No.: |
0105517005330 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Owner & Management of Department Store |
|
|
|
|
No. of Employees : |
10,000 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
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 (31.03.2011) |
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
CENTRAL DEPARTMENT STORE
LTD. [CDS]
SUMMARY
ADDRESS : 1027
PLOENCHIT ROAD, LUMPINI,
PATHUMWAN,
BANGKOK 10330, THAILAND
TELEPHONE : [66]
2793-7777
FAX : [66]
2793-7474, 2793-7799
E-MAIL ADDRESS : crcpr@central.co.th
webmaster.cds@central.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1974
REGISTRATION NO. : 0105517005330 [Former: 539/2517]
TAX ID NO. : 3101063776
CAPITAL REGISTERED : BHT.
3,335,000,000
CAPITAL PAID-UP : BHT.
3,335,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS.
YUWADEE CHIRATHIVAT, THAI
PRESIDENT
NO. OF STAFF : 10,000
LINES OF BUSINESS : DEPARTMENT STORE
OWNER &
MANAGEMENT
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 April
26, 1974 as a
private limited company
under the registered
name Chidlom Department
Store Ltd. by
Chirathivat Family. On November
13, 1995 its
name was changed
to CENTRAL DEPARTMENT STORE LTD. It
is a subsidiary of
Central Retail Corporation
Ltd. [CRC], which
is a member
of the Central Group of
Companies, a leader
in retail business
in Thailand.
The
subject currently has
24 branches of Central
Department Stores in
Thailand and 4
overseas branches. The
subject employs approximately
10,000 staff.
The
subject’s registered address
is 1027 Ploenchit
Rd., Lumpini, Pathumwan,
Bangkok 10330, and
this is the
company’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Wanchai Chirathivat |
[x] |
Thai |
86 |
|
Mr. Suthiporn Chirathivat |
[x] |
Thai |
82 |
|
Mr. Suthichai Chirathivat |
[x] |
Thai |
73 |
|
Mr. Suthikiat Chirathivat |
[x] |
Thai |
71 |
|
Mr. Suthichart Chirathivat |
[x] |
Thai |
68 |
|
Mr. Suthilak Chirathivat |
[x] |
Thai |
57 |
|
Mr. Thos Chirathivat |
[x] |
Thai |
49 |
|
Mr. Wat Chirathivat |
[x] |
Thai |
59 |
|
Mr. Kriengsak Chirathivat |
[x] |
Thai |
59 |
|
Mr. Narongrith Chirathivat |
[x] |
Thai |
55 |
|
Mrs. Sirikest Jirakiti |
[x] |
Thai |
- |
|
Mr. Prin Chirathivat |
[x] |
Thai |
51 |
|
Mrs. Yuwadee Chirathivat [Bhicharnchitr]* |
[x] |
Thai |
60 |
|
Ms. Wantana Prueksawan |
|
Thai |
66 |
*Mrs. Yuwadee Chirathivat
has changed her
surname from Bhicharnchitr
on
June 25,
2009.
AUTHORIZED PERSON
Two
of the mentioned
directors [x] can
jointly sign or
one of the directors
[x] can
jointly sign with
Ms. Wantana Prueksawan on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mrs. Yuwadee Chirathivat
is the President.
She is Thai
nationality with the
age of 60
years old.
Mrs. Sirikest Jirakiti
is the Vice
President of Operation
[Products].
She is Thai
nationality.
Ms. Piyawan Leelasompop is
the Senior Vice
President [Marketing].
She is Thai
nationality.
Mrs. Surangrat Chiratihivat is
the Direct Marketing
Director.
She is Thai
nationality.
Mrs. Wanthanee Chirathivat
is the Vice
President.
She is Thai
nationality.
Mrs. Saisavalee Pakdisantiskul is
Vice President of
Financial.
She is Thai
nationality.
Mr. Ruangvech Vitavatkarnvech is
the Assistant President.
He is Thai
nationality.
Ms. Nattrira Boonsri is
the Assistant Vice
President [Operation Products].
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in retail
business which manages
a leading department
store under the
name “CENTRAL DEPARTMENT
STORE”. The subject
currently has 24
branches in Thailand
as follows:
1. Central Chidlom
(opened in 1973)
Address: 1027
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok 10330
2. Central Ladprao
(opened in 1983)
Address: 1691
Phaholyothin Rd., Jatujak,
Jatujak, Bangkok 10900
3. Central Bangna
(opened in 1993)
Address: 1090
Moo 12, Bangna-Trad
Rd., Bangna, Bangkok
10260
4. Central Pinklao
(opened in 1995)
Address: 7/1 Borom
Rachachonnanee Rd., Arun Amarin, Bangkoknoi,
Bangkok 10700
5. Central Rama
3 (opened in
1997)
Address: 79/3
Sathupradit Rd., Chong
Nonsi, Yannawa, Bangkok
10120
6. Central Silom
Complex (opened in
1991)
Address: 306
Silom Rd., Suriwong,
Bangrak, Bangkok 10500
7. Future Park,
Rangsit (opened in
1996)
Address: 161 Moo 2,
Phaholyothin Rd.,
Prachathipat, Thanyaburi, Pathumthani 10230
8. Central Ramindra
(opened in 1993)
Address: 109/9
Moo 3, Anusaowari,
Bangkhen, Bangkok 10220
9. Central Kad
Suan Kaew, Chiang
Mai (opened in
1992)
Address: 21
Huay Keaw Rd.,
T. Suthep, A. Muang,
Chiang Mai, 50200
10. Central Had-Yai, Songkhla
(opened 1994)
Address: 1
Sanaeha Nusorn Rd.,
T. Had-Yai, A. Had-Yai, Songkhla
90110
11. Zen, (Central World),
(opened in 1989)
Address: 4,
4/5 Rajdumri Rd., Pathumwan, Bangkok
10330
12. Central Rama II
(opened in 2002)
Address: 128
Moo 6, Samaedum,
Bangkhunthian, Bangkok 10150
13. Central Phuket (opened
in 2004)
Address: 74-75
Wichitsongkram Rd., A. Muang,
Phuket 83000
14. Central Chaengwattana (opened
in 2008)
Address: 99/99
Moo 2 Chaengwattana
Rd., Bangtalad, Pakkret,
Nonthaburi 11120
15. Central Pattaya Beach,
Chonburi (opened in
2009)
Address: 333/102
Moo 9, T. Nongprue, A. Banglamung,
Chonburi 20150
16. Central-Fashion Island
Address: 593
Ramindra Rd., Kannayao,
Kannayao, Bangkok 10230.
17. Central Wangburapa
Address: 677-681
Chakrapetch Rd., Wangburapa,
Phranakorn, Bangkok 10200.
18. Central Huamark
Address: 177
Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok 10240.
19. Central-Mark & Spencer [Chaengwattana]
Address: 99
Moo 2, Chaengwattana
Rd., Bangtalad, Pakkred,
Nonthaburi 11120.
20. Central Pattaya 2,
Chonburi
Address:
333/99 Moo 9, T. Nongprue, A.
Banglamung, Chonburi 20150.
21. Central [The Emporium]
Address: 622
Sukhumvit Rd., Klongton,
Klongtoey, Bangkok 10110.
22. Central Ladprao 2
Address: 1697
Phaholyothin Rd., Jatujak,
Jatujak, Bangkok 10900.
23. Central Rama 9
Address: 9/8
Rama 9 Rd.,
Huaykwang, Huaykwang, Bangkok
10320.
24. Central Wongsawang
Address: 888
Pibulsongkram Rd., Bangsue,
Bangsue, Bangkok 10800.
Central Department Stores - Overseas
1.
Central
Hang Zhou, China
2.
Central Shenyang,
China
3.
Central Chengdu,
China
4.
La Rinascente,
Italy
PURCHASE
Consumer products are imported worldwide from United Kingdom,
United States of America,
Denmark, Netherlands, Spain,
Singapore, Japan, Hong
Kong, Korea, Republic
of China, Taiwan,
France, Italy, Australia,
Germany, Switzerland, Africa,
India, Indonesia and etc. by the subject and Central Marketing Group, as well as
purchased from local suppliers or contracting with
the manufacturers.
MAJOR SUPPLIERS
Central Trading Co.,
Ltd. : Thailand
Central Garment Factory
Co., Ltd. : Thailand
S.K. Garment [1995] Co.,
Ltd. : Thailand
Central Retail Group : Thailand
etc.
SALES [LOCAL]
100% of its
products is sold
locally by retail
to end-users.
PARENT COMPANY
Central Retail Corporation
Ltd. [C R C]
Address: 22 Soi
Somkid, Ploenchit Road,
Lumpini, Pathumwan, Bangkok
10330
SUBSIDIARIES
The Central Group
[Retails Business] consists
of:
Central Food Retail
Co., Ltd.
Business Type : Top
supermarket business
Investment :
99.99% held by
the subject
Central Supermarket Co.,
Ltd.
Business Type : Supermarket
business
Investment : 99.99% held
by the subject
C R C Power Retail
Co., Ltd.
Business Type : Retail
Business
Investment : 99.99%
held by the
subject
Bangna Department Store
Co., Ltd.
Business Type : Department
store
Investment :
70.25% held by the subject
Retail Value Co.,
Ltd.
Business Type : Investment Company
Investment :
75% held by
the subject
CRC Property Co.,
Ltd.
Business Type : Real
estate
Investment :
99.99% held by
the subject
Central Embassy Plaza
Co., Ltd.
Business Type : Rental
service
Central Embassy Hotel
Co., Ltd.
Business Type : Hotel
business
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.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Krung Thai Bank
Public Co., Ltd.
[Head Office
: 35 Sukhumvit
Rd., Klongtoeynua, Wattana,
Bangkok]
Bank of Ayudhya
Public Co., Ltd.
[Head Office
: 1222 Rama
3 Rd., Bangpongpang, Yannawa,
Bangkok 10120]
The Siam Commercial
Bank Public Co.,
Ltd.
[Chidlom Branch
: 1060 New
Petchburi Rd., Makkasan,
Rajthewi, Bangkok 10400]
Kasikornbank Public Co.,
Ltd.
[Head Office
: 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
Citibank NA.
[Bangkok Branch : 127
South Sathorn Rd.,
Sathorn, Bangkok 10120]
Bank of America
NT & SA
[Bangkok Branch :
2/2 Wireless Rd.,
Pathumwan, Bangkok 10330]
EMPLOYMENT
The subject employs
approximately 10,000 staff. [ office and sales staff
at all branches].
LOCALTION DETAILS
The
premise is owned
for administrative office at
the heading address.
Premise is located
in commercial area.
Warehouse:
- 123/8
Moo 7, Samaedum,
Bangkhunthian, Bangkok 10150
- 661/1
Charoennakorn Rd., Bukkalo,
Thonburi, Bangkok 10600
Branch Office:
- 9th Floor,
Chidlom Tower, 22
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok 10330
Tel.:
[66] 2793-7900 Fax:
[66] 2255-6959
COMMENT
Central Department Store is the most
oldest and leading
in department store
business in Thailand. It
is a solid retail
business and expanding steadily. With variety
products: apparels, leather
goods, cosmetic, sporting goods,
foods and consumer
products have enabled
subject being recognized
by middle and
high-end customer segments
as the best
and favorable shopping
place in Thailand.
Its business
performance has grown
significantly from strong domestic
purchasing power. Aside from
the expansion in
Thailand, it also
expanded into Europe
through Italian Department Store chain
La Rinascente, which was
taken over in
2011. As well
the company was
strengthening its presence
in China through
possible purchases of
distressed assets. It
also had footholds
in Vietnam, Myanmar,
Indonesia and Malaysia.
Sales revenue from
overseas business should
contribute 30 percent of
the company’s sales
on revenue in
the next three
to five years
from 10 percent
at present.
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.
10,000,000 on January
20, 1977
Bht.
20,000,000 on April
25, 1988
Bht.
80,000,000 on December
27, 1991
Bht. 3,335,000,000 on
June 26, 1995
The latest registered capital was
increased to Bht. 3,335,000,000 divided
into 333,500,000 shares of
Bht. 10 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [ as at
April 29, 2012]
|
NAME |
HOLDING |
% |
|
Central Retail Corporation
Ltd. Nationality: Thai Address : 22 Ploenchit
Rd., Lumpini, Pathumwan,
Bangkok 10330 |
333,499,973 |
100.00 |
|
Mr. Wanchai Chirathivat Nationality: Thai Address : 118/1 Gozze Rd.,
Silom, Bangrak, Bangkok 10500
|
3 |
- |
|
Mr. Suthiporn Chirathivat Nationality: Thai Address : 124 Gozze
Rd., Silom, Bangrak, Bangkok 10500 |
3 |
- |
|
Mr. Suthichai Chirathivat Nationality: Thai Address : 124 Gozze
Rd., Silom, Bangrak, Bangkok 10500 |
3 |
- |
|
Mr. Suthikiat Chirathivat Nationality: Thai Address : 22/5 Moo 9, Phaholyothin Rd., Ladyao, Jatujak,
Bangkok 10900 |
3 |
- |
|
Mr. Suthichart Chirathivat Nationality: Thai Address : 118/2 Gozze
Rd., Silom, Bangrak, Bangkok 10500 |
3 |
- |
|
Mr. Suthitham Chirathivat Nationality: Thai Address : 124 Gozze
Rd., Silom, Bangrak, Bangkok 10500 |
3 |
- |
|
Mr. Suthisak Chirathivat Nationality: Thai Address : 124 Gozze
Rd., Silom, Bangrak,
Bangkok 10500 |
3 |
- |
|
Mr. Prin Chirathivat Nationality: Thai Address : 22/15 Phaholyothin
23 Rd., Ladyao,
Jatujak, Bangkok 10900 |
3 |
- |
|
Mr. Thos Chirathivat Nationality: Thai Address : 22/14 Phaholyothin 23
Rd., Ladyao,
Jatujak, Bangkok 10900 |
3 |
- |
Total Shareholders : 10
Share Structure [as
at April 29,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
10 |
333,500,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
10 |
333,500,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT NO.:
Mr. Thanit Osatalert
No. 5155
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 [Adjusted] |
2009 |
|
|
|
|
|
|
Cash in hand
& at Bank
|
1,635,568,861 |
4,218,975,776 |
2,366,887,704 |
|
Short-term Investment |
- |
- |
160,014,901 |
|
Trade Accounts Receivable
|
1,351,380,563 |
1,147,354,387 |
1,148,043,998 |
|
Other Receivable |
327,317,878 |
371,932,161 |
- |
|
Inventories |
2,557,272,809 |
2,110,765,141 |
2,143,945,062 |
|
Other Current Assets
|
- |
- |
208,655,109 |
|
|
|
|
|
|
Total Current Assets
|
5,871,540,111 |
7,849,027,465 |
6,027,546,774 |
|
Investment in Subsidiaries |
4,910,185,634 |
2,472,148,134 |
1,687,845,293 |
|
Investment in Associated
Company |
104,549,467 |
104,549,467 |
104,549,467 |
|
Deferred Interest and Long-term Loan |
1,553,690,092 |
- |
109,148 |
|
Real Estate for Investment |
959,981,864 |
981,769,168 |
- |
|
Fixed Assets |
3,688,438,806 |
2,410,350,571 |
4,854,881,916 |
|
Leasehold Right |
3,239,916,298 |
2,929,345,358 |
3,166,116,068 |
|
Intangible Assets |
41,650,927 |
32,443,899 |
23,846,235 |
|
Other Non-current Assets |
687,114,309 |
680,940,911 |
702,552,514 |
|
Total Assets |
21,057,067,508 |
17,460,574,973 |
16,567,447,415 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 [Adjusted] |
2009 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
2,774,168,975 |
101,454,241 |
106,120,560 |
|
Trade Accounts Payable |
5,229,945,687 |
5,204,038,256 |
5,054,264,283 |
|
Other Payable |
4,391,407,023 |
2,718,965,625 |
- |
|
Current Portion of
Long-term Loan from Financial
Institution |
340,900,000 |
473,370,000 |
498,960,000 |
|
Short-term Loan and
Accrued Interest -
Related
Company |
1,058,102,665 |
2,207,265,648 |
1,009,654,818 |
|
Current Portion of
Financial Lease Contract
Liabilities |
- |
- |
32,693,918 |
|
Accrued Income Tax |
227,370,010 |
718,272,251 |
382,308,929 |
|
Other Current Liabilities
|
- |
- |
2,501,236,112 |
|
|
|
|
|
|
Total Current Liabilities |
14,021,894,360 |
11,423,366,021 |
9,585,238,620 |
|
Long-term Loan from Financial Institutions |
200,000,000 |
740,900,000 |
907,700,000 |
|
Unrecognized Income from
Leasehold Right |
234,748,767 |
183,232,136 |
241,231,378 |
|
Employee’s Benefit Obligation |
171,465,791 |
159,134,056 |
- |
|
Total Liabilities |
14,628,108,918 |
12,506,632,213 |
10,734,169,998 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 333,500,000 shares |
3,335,000,000 |
3,335,000,000 |
3,335,000,000 |
|
|
|
|
|
|
Capital Paid |
3,335,000,000 |
3,335,000,000 |
3,335,000,000 |
|
Unrealized Gain/[Loss] from
Change in Value
of Investment |
- |
- |
14,900 |
|
Retained Earning Statutory Reserve |
333,500,000 |
333,500,000 |
333,500,000 |
|
Unappropriated |
2,760,458,590 |
1,285,442,760 |
2,164,762,517 |
|
Total Shareholders' Equity |
6,428,958,590 |
4,953,942,760 |
5,833,277,417 |
|
Total Liabilities &
Shareholders' Equity |
21,057,067,508 |
17,460,574,973 |
16,567,447,415 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 [Adjusted] |
2009 |
|
|
|
|
|
|
Sales |
28,427,122,896 |
27,577,605,409 |
26,490,220,791 |
|
Investment Income |
1,960,437,035 |
1,754,950,329 |
- |
|
Rental & Services Income |
- |
- |
1,706,308,425 |
|
Interest Income |
- |
- |
15,533,258 |
|
Gain on Exchange Rate |
51,308,579 |
72,922,071 |
71,064,349 |
|
Other Income |
1,231,719,107 |
1,855,092,239 |
1,197,674,263 |
|
Total Revenues |
31,670,587,617 |
31,260,570,048 |
29,480,801,086 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
20,499,062,687 |
20,021,770,288 |
19,453,146,229 |
|
Selling Expenses |
5,249,193,197 |
5,168,587,726 |
5,420,624,173 |
|
Administrative Expenses |
1,763,328,028 |
3,178,464,814 |
1,508,019,321 |
|
Total Expenses |
27,511,583,912 |
28,368,822,828 |
26,381,789,723 |
|
|
|
|
|
|
Profit before Financial Cost & Income Tax |
4,159,917,037 |
2,891,747,220 |
3,099,011,363 |
|
Financial Cost |
[94,086,668] |
[64,033,144] |
[85,418,933] |
|
Profit before Income Tax |
4,064,917,037 |
2,827,714,076 |
3,013,592,430 |
|
Income Tax |
[789,001,207] |
[1,230,312,835] |
[900,475,398] |
|
Net Profit / [Loss] |
3,275,915,830 |
1,597,401,241 |
2,113,117,032 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.42 |
0.69 |
0.63 |
|
QUICK RATIO |
TIMES |
0.24 |
0.50 |
0.38 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
8.24 |
12.17 |
5.81 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.44 |
1.68 |
1.70 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
45.53 |
38.48 |
40.23 |
|
INVENTORY TURNOVER |
TIMES |
8.02 |
9.49 |
9.07 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
16.23 |
14.28 |
14.86 |
|
RECEIVABLES TURNOVER |
TIMES |
22.49 |
25.57 |
24.56 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
93.12 |
94.87 |
94.83 |
|
CASH CONVERSION CYCLE |
DAYS |
(31.36) |
(42.11) |
(39.75) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
67.46 |
68.26 |
68.99 |
|
SELLING & ADMINISTRATION |
% |
23.08 |
28.46 |
24.57 |
|
INTEREST |
% |
0.31 |
0.22 |
0.30 |
|
GROSS PROFIT MARGIN |
% |
36.76 |
38.32 |
35.56 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
13.69 |
9.86 |
10.99 |
|
NET PROFIT MARGIN |
% |
10.78 |
5.45 |
7.49 |
|
RETURN ON EQUITY |
% |
50.96 |
32.25 |
36.23 |
|
RETURN ON ASSET |
% |
15.56 |
9.15 |
12.75 |
|
EARNING PER SHARE |
BAHT |
9.82 |
4.79 |
6.34 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.69 |
0.72 |
0.65 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.28 |
2.52 |
1.84 |
|
TIME INTEREST EARNED |
TIMES |
44.20 |
45.16 |
36.28 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
3.60 |
4.03 |
|
|
OPERATING PROFIT |
% |
43.82 |
(6.69) |
|
|
NET PROFIT |
% |
105.08 |
(24.41) |
|
|
FIXED ASSETS |
% |
53.02 |
(50.35) |
|
|
TOTAL ASSETS |
% |
20.60 |
5.39 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 3.6%. Turnover has increased from THB
29,332,555,738.00 in 2010 to THB 30,387,559,931.00 in 2011. While net profit
has increased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
36.76 |
Impressive |
Industrial
Average |
20.79 |
|
Net Profit Margin |
10.78 |
Impressive |
Industrial
Average |
4.37 |
|
Return on Assets |
15.56 |
Impressive |
Industrial
Average |
6.27 |
|
Return on Equity |
50.96 |
Impressive |
Industrial
Average |
24.59 |
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
36.76%. 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 10.78%, 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
15.56%, 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 50.96%, 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 Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.42 |
Risky |
Industrial Average |
1.12 |
|
Quick Ratio |
0.24 |
|
|
|
|
Cash Conversion Cycle |
(31.36) |
|
|
|
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 0.42 times in 2011, decreased from 0.69 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 0.24 times in 2011, decreased
from 0.5 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 -32 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.69 |
Impressive |
Industrial
Average |
1.08 |
|
Debt to Equity Ratio |
2.28 |
Satisfactory |
Industrial
Average |
4.46 |
|
Times Interest Earned |
44.20 |
Impressive |
Industrial
Average |
6.31 |
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 44.21 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 0.69 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
8.24 |
Impressive |
Industrial
Average |
3.69 |
|
Total Assets Turnover |
1.44 |
Acceptable |
Industrial
Average |
2.02 |
|
Inventory Conversion Period |
45.53 |
|
|
|
|
Inventory Turnover |
8.02 |
Satisfactory |
Industrial
Average |
9.18 |
|
Receivables Conversion Period |
16.23 |
|
|
|
|
Receivables Turnover |
22.49 |
Satisfactory |
Industrial
Average |
24.81 |
|
Payables Conversion Period |
93.12 |
|
|
|
The company's Account Receivable Ratio is calculated as 22.49 and
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 38 days at the
end of 2010 to 46 days at the end of 2011. This represents a negative trend.
And Inventory turnover has decreased from 9.49 times in year 2010 to 8.02 times
in year 2011.
The company's Total Asset Turnover is calculated as 1.44 times and 1.68
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.54 |
|
|
1 |
Rs.88.05 |
|
Euro |
1 |
Rs.72.29 |
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.