MIRA INFORM REPORT
|
Report Date : |
12.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
NOK
AIRLINES PUBLIC COMPANY
LIMITED |
|
|
|
|
Formerly Known As : |
NOK AIRLINES CO., LTD. |
|
|
|
|
Registered Office : |
17th Floor, Rajanakarn
Building, 183 South
Sathorn Road, Yannawa, Sathorn, Bangkok
10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
27.02.2004 |
|
|
|
|
Com. Reg. No.: |
0107556000094 [Former
0105547029563] |
|
|
|
|
Legal Form : |
Public
Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in low-cost airline
business, under the
“NOK AIR” trade name |
|
|
|
|
No. of Employees : |
600 |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Thailand ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the next seven years with a plan to start in 2013.
|
Source : CIA |
Company name
NOK AIRLINES PUBLIC COMPANY LIMITED
[FORMER : NOK AIRLINES CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 17th FLOOR,
RAJANAKARN BUILDING,
183
SOUTH
SATHORN ROAD, YANNAWA,
SATHORN,
BANGKOK 10120, THAILAND
TELEPHONE : [66] 2627-2000
FAX :
[66] 2627-9830
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0107556000094 [Former
0105547029563]
CAPITAL REGISTERED : BHT. 625,000,000
CAPITAL PAID-UP : BHT.
500,000,000
SHAREHOLDER’ S PROPORTION : THAI
: 75.00%
HONG KONG :
25.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. PATEE SARASIN,
THAI
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 600
LINES
OF BUSINESS : LOW-COST AIRLINE
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 February 27,
2004 originally as
a private limited
company under the
initially registered name “Sky Asia
Co., Ltd.” by Thai
groups. On January
10, 2006, subject’s
name was changed
to NOK AIRLINES
CO., LTD. On
January 18, 2013,
its status was
converted to a public
company limited, namely
NOK AIRLINES PUBLIC
COMPANY LIMITED. Its
objective is to operate a
low-cost airline. It
currently employs approximately 600
staff. Presently, the
subject is listing
on the Stork
Exchange of Thailand [SET], and
expects to trade
on the Thailand’s
stock market on
June 20, 2013.
The
major shareholders are
Thai Airways International
Public Company Limited,
and Nok Air Management Hong Kong Limited, which are
holding around 49%
and 25% of the
subject’s shares respectively.
The
subject’s registered address
is 17th Flr.,
Rajanakarn Bldg., 183
South Sathorn Rd.,
Yannawa, Sathorn, Bangkok
10120, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Apiporn Pasawat |
[x] |
Thai |
65 |
|
Mr. Apichart Jiraphan |
|
Thai |
- |
|
Mr. Padungdech Intararak |
|
Thai |
- |
|
Mr. Chokchai Panyayong |
[x] |
Thai |
59 |
|
Mr. Paroach Hutacharoen |
[x] |
Thai |
- |
|
Mr. Surasak Kaoroptham |
[x] |
Thai |
48 |
|
Mr. Teerapol Chotechanapibal |
[x] |
Thai |
56 |
|
Mr. Sorachak Kasemsuwan |
[x] |
Thai |
- |
|
Mr. Patee Sarasin |
[x] |
Thai |
51 |
|
Mr. Somjainuek Engtrakul |
[x] |
Thai |
69 |
|
Mr. Pimol Srivikorn |
|
Thai |
- |
AUTHORIZED PERSON
Any two of
the mentioned directors [x]
can jointly sign
on behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Patee Sarasin is
the Chief Executive
Officer.
He is Thai
nationality with the
age of 51
years old.
Mr. Piya Yodmani is the
Deputy Chief Executive
Officer.
He is Thai
nationality.
Mr. Vitai Ratanakorn is
the Chief Financial
Officer.
He is Thai
nationality.
Capt. Sanjai Boonma is
the Chief Operating
Officer.
He is Thai
nationality.
Mr. Yodchai Sudhidhanakul is
the Chief Commercial
Officer.
He is Thai
nationality.
Mr. Viratnkul Sivapetchranat is
the Deputy Chief
Operating Officer.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
low-cost airline business,
under the “NOK
AIR” trade name. There
are 16 aircrafts
in services, comprising
Boeing-737-800 : 12
aircrafts, ATR 72-200 : 2 aircrafts and
ATR 72-500 : 2 aircrafts.
Routes serviced are
as follows:
1. Flight Service
Bangkok [Don Mueang] -
Chiangmai
Bangkok [Don Mueang] -
Chiangrai
Bangkok [Don Mueang] -
Chumphon
Bangkok [Don Mueang] -
Hat Yai
Bangkok [Don Mueang] -
Loei
Bangkok [Don Mueang] -
Mae Sot
Bangkok [Don Mueang] -
Nakhorn Phanom
Bangkok [Don Mueang] -
Nakhon Si Thammarat
Bangkok [Don Mueang] -
Nan
Bangkok [Don Mueang] -
Phisanulok
Bangkok [Don Mueang] -
Phrae
Bangkok [Don Mueang] -
Phuket
Bangkok [Don Mueang] -
Ranong
Bangkok [Don Mueang] -
Roi Et
Bangkok [Don Mueang] -
Buri Ram
Bangkok [Don Mueang] -
Sakon Nakhorn
Bangkok [Don Mueang] -
Surat Thani
Bangkok [Don Mueang] -
Trang
Bangkok [Don Mueang] -
Ubon Ratchathani
Bangkok [Don Mueang] -
Udon Thani
Chiang Mai - Mae
Hong Son
Chiang Mai - Udon
Thani
Chiang Mai - Mae
Sot
Chiang Mai - Hat
Yai
Mae Sot - Mawlamyine [Myanmar]
Mae Sot – Yangon [Myanmar]
2. Fly’n Ferry Service
Chumporn - Koh Nang Yuan
Chumporn - Kon Tao
Hat Yai - Koh Lipe
Nakhon Si Thammarat - Koh Phangan
Nakhon Si Thammarat - Koh Samui
Phuket - Koh Phi Phi
Surat Thani - Koh Phangan
Surat Thani - Koh Samui
Trang - Koh Lanta
Trang - Koh Kradan
Trang - Koh Lipe
Trang - Koh Mook
Trang - Koh Ngai
3. Fly’n Ride Service
Udon Thani - Vientiane, Loas
Sakon Nakorn - Mukdahan
Nakhon Phanom - Mukdahan
Hat Yai - Penang
Trang - Krabi
PURCHASE
Aviation
equipments for maintenance and repairing
are purchased from
suppliers both domestic
and overseas, mainly
Japan, Taiwan and
France.
MAJOR
SUPPLIERS
Thai
Airways International Public
Company Limited :
Thailand
Siam
General Aviation Co.,
Ltd. : Thailand
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to have
any subsidiary or
affiliated company here
in Thailand.
LITIGATION
Bankruptcy and
Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Sales & services 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
Krung
Thai Bank Public
Co., Ltd.
Bangkok
Bank Public Co.,
Ltd.
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
600 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Branches:
The
subject currently has 9
branches offices as
follows:
-
222 Moo 10,
Vibhavadi-Rangsit Rd., Seekan, Donmuang, Bangkok
10210.
-
224 Moo 1, Udornthani Airport,
T. Makkaeng, A. Muang, Udon Thani
41000.
-
222 Moo 6, Phuket International
Airport, T. Maikao, A. Talang,
Phuket 83110.
-
598 Nakornsrithammarat Airport,
T. Pakpoon, A. Muang, Nakhon Sithammarat
-
60 Moo 3,
Chiangmai International Airport,
Airport Rd., T. Suthep, A. Muang,
Chiangmai 50200.
- 1st Floor,
Phitsanuloke Airport, Phitsanuloke-Buengphra Rd.,
T. Aranyik,
A.
Muang, Phitsanuloke.
-
Ground Floor, Central
Airport Plaza, 2
Mahidol Rd., T. Haiya,
A. Muang,
Chiangmai 50000.
-
99 Moo 3,
Hat Yai Airport,
Commercial Airport Rd.,
T. Konglar, A. Konghoikhong,
Songkhla 90115.
-
Trang Airport, T. Khoklor,
A. Muang, Trang 92000.
ADDITIONAL
INFORMATION
Nok
Air opted for
lower share price
for its initial public
offering (IPO) to reflect
the local capital market environment
and to ensure
a successful launch
on the Thai
bourse on June
20, 2013.
It
reckons that 26 baht a
share is an
optimum price, considering the
fluctuating capital market and
its intention to
offer good returns
to both institutional and individual
investors. By settling
26 baht a share
or 7% lower,
demand is six
times greater than
the offering size – 187.5
million shares. At 26
baht, the price
to earning ratio
is about 11.5
based on analysts’
average profit projection
in 2013.
Source:
The Bangkok Post, June 11, 2013
COMMENT
Nok Air
is the Thai
Budget carrier which
was recorded 8,259
billion baht in
revenue and a
net profit of
504.7 million baht
in 2012. For the
first quarter of
2013, revenue was
2,811 billion baht and
net profit was
425.3 million baht.
The
airline’s competitive edge
comes from its
unique market positioning,
extensive domestic network,
high frequency of
flights and diverse
aircraft types that
suit traffic demand
on each route.
Nok
Air is showing
a bullish trend.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 200,000
divided into 40,000
shares of Bht. 5
each.
The
capital were increased
later as follows:
Bht. 500,000,000
on May
17, 2004
Bht. 625,000,000
on January
18, 2013
The
lastest registered capital
was increased to
Bht. 625,000,000 divided into
625,000,000 shares of
Bht. 1 each with
Bht. 500,000,000 paid-up.
THE
SHAREHOLDERS LISTED WERE
: [as at
January 16, 2013]
at Bht. 500
million of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Thai Airways International Public Company
Limited Nationality: Thai Address : 89
Vibhavadi Rangsit Rd.,
Chompol, Jatujak, Bangkok |
245,000,000 |
49.00 |
|
Nok Air Management
Hong Kong Limited Nationality: Hong Kong Address : Lippo
Center, 89 Queensway,
Hong Kong |
125,000,000 |
25.00 |
|
Ladawan Capital Limited Nationality: Thai Address : 989 Rama
I Rd., Pathumwan,
Pathumwan, Bangkok |
30,000,000 |
6.00 |
|
The Siam Commercial
Bank Public Co.,
Ltd. Nationality: Thai Address : 9
Ratchadapisek Rd., Jatujak,
Bangkok |
25,000,000 |
5.00 |
|
King Power International Co.,
Ltd. Nationality: Thai Address : 8
Rangnam Rd., Thanon
Phyathai,
Rajthewi, Bangkok |
25,000,000 |
5.00 |
|
Mr. Supapong Aswinvijit Nationality: Thai Address : 16/3
Soi Atthakarnprasit, Thungmahamek,
Sathorn, Bangkok |
25,000,000 |
5.00 |
|
Mr. Patee Sarasin Nationality: Thai Address : 122
Saladaeng Rd., Silom,
Bangrak, Bangkok |
25,000,000 |
5.00 |
Total Shareholders : 7
Share Structure [as
at January 16,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
375,000,000 |
75.00 |
|
Foreign-Hong Kong |
1 |
125,000,000 |
25.00 |
|
Total |
7 |
500,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Natsarak Sarochananjeen No. 4563
BALANCE SHEET [BAHT]
The
latest financial figures
published for December 31,
2012, 2011 &
2010 were:
ASSETS
|
Current
Assets |
2012 |
2011 [Adjusted] |
2010 |
|
|
|
|
|
|
Cash in Hand
& at Bank
|
246,456,041.75 |
197,098,688.68 |
348,912,103.13 |
|
Short-term Investment |
1,410,000,000.00 |
1,050,000,000.00 |
705,000,000.00 |
|
Trade Accounts Receivable - Related Company |
1,542,116.66 |
5,352,983.81 |
6,141,406.17 |
|
- Other company |
28,029,464.43 |
20,975,448.34 |
21,530,754.66 |
|
Other Receivable |
317,751,390.80 |
302,190,079.67 |
- |
|
Inventories |
3,744,244.15 |
4,648,174.29 |
- |
|
Advance Payment under
Service Contract - Related
Company |
- |
- |
28,165,525.34 |
|
Prepaid Expenses |
- |
- |
12,886,446.54 |
|
Other Current Assets
Refundable Value Added Tax |
- |
136,767,780.89 |
3,035,300.31 |
|
Aircraft Deposit |
77,180,646.69 |
131,186,979.00 |
- |
|
Advance Payment for Aircraft Maintenance |
- |
- |
17,037,114.94 |
|
Others |
12,802,694.61 |
8,682,277.19 |
10,824,035.42 |
|
|
|
|
|
|
Total Current
Assets |
2,097,506,599.09 |
1,856,902,411.87 |
1,153,532,686.51 |
|
Long-term Investment |
5,286,900.00 |
4,473,000.00 |
3,558,400.00 |
|
Fixed Assets |
80,686,892.84 |
70,585,156.37 |
57,596,447.53 |
|
Intangible Assets |
33,527,568.81 |
37,610,547.47 |
37,108,655.06 |
|
Withholding Income Tax |
18,201,351.30 |
26,640,340.13 |
123,337,033.10 |
|
Other Non-current Assets |
16,816,894.66 |
19,606,221.16 |
9,935,304.16 |
|
Total Assets
|
2,252,026,206.70 |
2,015,817,677.00 |
1,385,068,526.36 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 [Adjusted] |
2010 |
|
|
|
|
|
|
Trade Accounts Payable - Related company |
94,362,375.46 |
190,270,639.13 |
64,247,539.05 |
|
- Other company |
325,493,074.47 |
326,782,262.84 |
126,320,552.57 |
|
Other Payable |
683,703,109.16 |
483,402,209.94 |
- |
|
Advance Income |
- |
- |
171,456,328.94 |
|
Accrued Expenses |
- |
- |
186,154,983.32 |
|
Accrued Income Tax |
- |
26,748,092.35 |
12,302,821.80 |
|
Estimated Liabilities from
Aircraft Maintenance |
103,881,162.60 |
37,699,217.56 |
10,268,055.33 |
|
Estimated Liabilities from
Sales Promotion Privileges |
34,265,764.86 |
60,616,444.00 |
40,569,600.00 |
|
Other Current Liabilities Accrued Withholding
Income Tax |
21,803,786.57 |
13,724,006.08 |
17,979,525.01 |
|
Others |
9,179,328.31 |
5,636,980.62 |
19,051,630.04 |
|
|
|
|
|
|
Total Current
Liabilities |
1,272,688,601.43 |
1,144,879,852.52 |
648,351,036.06 |
|
Employee
Benefit Obligation |
91,213,526.00 |
73,495,470.00 |
- |
|
Total Liabilities |
1,363,902,127.43 |
1,218,375,322.52 |
684,351,036.06 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
value Authorized &
issued share capital 50,000,000
shares |
500,000,000.00 |
500,000,000.00 |
500,000,000.00 |
|
|
|
|
|
|
Capital Paid |
500,000,000.00 |
500,000,000.00 |
500,000,000.00 |
|
Retained Earning Appropriated for Statutory Reserve |
50,000,000.00 |
30,076,654.47 |
- |
|
Unappropriated |
338,124,079.27 |
267,365,700.01 |
236,717,490.30 |
|
Total Shareholders'
Equity |
888,124,079.27 |
797,442,354.48 |
736,717,490.30 |
|
Total
Liabilities & Shareholders' Equity |
2,252,026,206.70 |
2,015,817,677.00 |
1,385,068,526.36 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 [Adjusted] |
2010 |
|
|
|
|
|
|
Passenger Income |
7,821,378,334.26 |
5,749,274,947.74 |
3,971,393,973.49 |
|
Service Income |
396,229,525.64 |
289,889,294.44 |
208,344,646.57 |
|
Other Income Interest Income
|
40,680,623.37 |
32,937,263.22 |
5,383,658.11 |
|
Others |
1,271,077.24 |
5,257,638.04 |
6,591,581.36 |
|
Total Revenues
|
8,259,559,560.51 |
6,077,359,143.44 |
4,191,713,859.53 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Passenger & Service |
7,175,320,231.71 |
5,301,269,685.45 |
3,126,261,187.04 |
|
Selling Expenses |
229,947,566.67 |
197,739,126.40 |
142,121,677.09 |
|
Administrative Expenses |
334,415,452.48 |
286,240,231.12 |
299,090,290.70 |
|
Total Expenses |
7,739,683,250.86 |
5,785,249,042.97 |
3,567,473,154.83 |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
519,876,309.65 |
292,110,100.47 |
624,240,704.70 |
|
Income Tax |
[15,194,584.86] |
[92,292,315.91] |
[22,707,615.28] |
|
Net Profit / [Loss] |
504,681,724.79 |
199,817,784.56 |
601,533,089.42 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.65 |
1.62 |
1.78 |
|
QUICK RATIO |
TIMES |
1.57 |
1.38 |
1.67 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
101.85 |
85.56 |
72.57 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.65 |
3.00 |
3.02 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
0.19 |
0.32 |
- |
|
INVENTORY TURNOVER |
TIMES |
1,916.36 |
1,140.51 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
1.24 |
1.27 |
1.88 |
|
RECEIVABLES TURNOVER |
TIMES |
293.18 |
287.92 |
194.13 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
16.56 |
22.50 |
14.75 |
|
CASH CONVERSION CYCLE |
DAYS |
(15.12) |
(20.91) |
(12.87) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
87.32 |
87.78 |
74.80 |
|
SELLING & ADMINISTRATION |
% |
6.87 |
8.01 |
10.56 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
13.19 |
12.85 |
25.49 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.33 |
4.84 |
14.93 |
|
NET PROFIT MARGIN |
% |
6.14 |
3.31 |
14.39 |
|
RETURN ON EQUITY |
% |
56.83 |
25.06 |
81.65 |
|
RETURN ON ASSET |
% |
22.41 |
9.91 |
43.43 |
|
EARNING PER SHARE |
BAHT |
10.09 |
4.00 |
12.03 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.61 |
0.60 |
0.49 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.54 |
1.53 |
0.93 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
36.07 |
44.49 |
|
|
OPERATING PROFIT |
% |
77.97 |
(53.21) |
|
|
NET PROFIT |
% |
152.57 |
(66.78) |
|
|
FIXED ASSETS |
% |
14.31 |
22.55 |
|
|
TOTAL ASSETS |
% |
11.72 |
45.54 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 36.07%. Turnover has increased from THB 6,039,164,242.18
in 2011 to THB 8,217,607,859.90 in 2012. While net profit has increased from
THB 199,817,784.56 in 2011 to THB 504,681,724.79 in 2012. And total assets has
increased from THB 2,015,817,677.00 in 2011 to THB 2,252,026,206.70 in 2012.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
13.19 |
Deteriorated |
Industrial Average |
47.76 |
|
Net Profit Margin |
6.14 |
Impressive |
Industrial Average |
4.01 |
|
Return on Assets |
22.41 |
Impressive |
Industrial Average |
5.93 |
|
Return on Equity |
56.83 |
Impressive |
Industrial Average |
13.51 |
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 13.19%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have problems with control over its costs.
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 6.14%,
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 22.41%, 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 56.83%, 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 Uptrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
1.65 |
Impressive |
Industrial Average |
1.28 |
|
Quick Ratio |
1.57 |
|
|
|
|
Cash Conversion Cycle |
(15.12) |
|
|
|
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 1.65 times in 2012, increased from 1.62 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 1.57 times in 2012,
increased from 1.38 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 -16 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.61 |
Acceptable |
Industrial Average |
0.55 |
|
Debt to Equity Ratio |
1.54 |
Risky |
Industrial Average |
1.24 |
|
Times Interest Earned |
- |
|
Industrial Average |
0.60 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.61 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Downtrend
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
101.85 |
Impressive |
Industrial Average |
0.37 |
|
Total Assets Turnover |
3.65 |
Impressive |
Industrial Average |
1.43 |
|
Inventory Conversion Period |
0.19 |
|
|
|
|
Inventory Turnover |
1,916.36 |
Impressive |
Industrial Average |
13.91 |
|
Receivables Conversion Period |
1.24 |
|
|
|
|
Receivables Turnover |
293.18 |
Impressive |
Industrial Average |
3.03 |
|
Payables Conversion Period |
16.56 |
|
|
|
The company's Account Receivable Ratio is calculated as 293.18 and
287.92 in 2012 and 2011 respectively. This ratio measures the efficiency of the
company in managing its trade debtors to generate revenue. A lower ratio may
indicate over extension and collection problems. Conversely, a higher ratio may
indicate an overtly stringent policy. In this case, the company's A/R ratio in
2012 increased from 2011. This would suggest the company had good performance
in the management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has decreased from 0 days at the end
of 2011 to 0 days at the end of 2012. This represents a positive trend. And
Inventory turnover has increased from 1140.51 times in year 2011 to 1916.36
times in year 2012.
The company's Total Asset Turnover is calculated as 3.65 times and 3
times in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.93 |
|
UK Pound |
1 |
Rs.91.81 |
|
Euro |
1 |
Rs.78.18 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.