MIRA INFORM REPORT
|
Report Date : |
29.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
TOYO-THAI
CORPORATION PUBLIC COMPANY LIMITED |
|
|
|
|
Formerly Known As : |
TOYO-THAI CORPORATION LTD |
|
|
|
|
Registered Office : |
27th-30th Floor, Sermmitr Tower,
159/41-44 Sukhumvit 21 Road.,
Klongtoeynua, Wattana, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
24.04.1985 |
|
|
|
|
Com. Reg. No.: |
0107551000185 |
|
|
|
|
Legal Form : |
Private Limited Company
|
|
|
|
|
Line of Business : |
Subject’s engaged in engineering
construction specialized in
engineering design and
procurement of equipment and
materials, and construction for
turnkey projects |
|
|
|
|
No. of Employees : |
1,867 |
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 : |
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 – 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
TOYO-THAI
CORPORATION PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 27th-30th FLOOR,
SERMMITR TOWER,
159/41-44 SUKHUMVIT
21 ROAD,
KLONGTOEYNUA, WATTANA,
BANGKOK 10110,
THAILAND
TELEPHONE : [66] 2260-8505-20
FAX :
[66] 2260-8526
E-MAIL
ADDRESS : sales@toyo-thai.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1985
REGISTRATION
NO. : 0107551000185 [Former
: 0105528014696 ]
TAX
ID NO. : 3101341959
CAPITAL REGISTERED : BHT. 480,000,000
CAPITAL PAID-UP : BHT.
480,000,000
SHAREHOLDER’S PROPORTION : THAI :
52.10%
FOREIGN :
47.90%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. HIRONOBU IRIYA,
JAPANESE
PRESIDENT
& CEO
NO.
OF STAFF : 1,867
LINES
OF BUSINESS : ENGINEERING CONTRACTOR
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
24, 1985 as
a private limited
company under the originally
registered name TOYO-THAI CORPORATION
LTD. by a joint venture
between Italian-Thai Development Public Co., Ltd., one of the biggest contractors in Thailand, and
Toyo Engineering Corporation
[TEC], a leading
international engineering company
in Japan.
On July 21, 2008,
its status was
converted to a
public limited company,
named TOYO-THAI CORPORATION PUBLIC
COMPANY LIMITED, then
was listed on
the Stock Exchange
of Thailand [SET], under
the symbol name
“TTCL” on June
16, 2009. The subject
is one of
the leading engineering
contractors in Thailand,
completing variety of
plant constructions, as
TEC’s overseas base
in Thailand. It
currently employs 1,867
staff.
The subject’s business currently
provides complete range of engineering
services, specialized in
integrated engineering, procurement
and construction integrated
EP for petrochemicals, chemicals,
energy and other
industries.
It achieved various international standard
certifications, e.g. ISO 9001 :
2000, OHSAS 18001 : 2007 certifications and
the Thai standard,
TIS 18001 : 1999 certification.
The subject’s
registered address was
initially located at
138 Silom Rd.,
Suriwongse, Bangrak, Bangkok
10500.
On August 5,
1985, the subject’s
registered address was
changed to 500
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok 10330.
On November 10, 1992,
the subject’s registered
address was relocated
to 22nd Flr.,
Sermmitr Tower, 159 Sukhumvit
21 Rd., Klongtoeynua,
Wattana, Bangkok 10110.
In 2009 the
subject’s registered address
was relocated to 27th-30th Flr., Sermmitr Tower,
159/41-44 Sukhumvit 21 Rd.,
Klongtoeynua, Wattana, Bangkok 10110,
and this is the subject’s
current operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Hironobu Iriya |
[x] |
Japanese |
58 |
|
Mrs. Nijaporn Charanachitta |
[-] |
Thai |
62 |
|
Mr. Makoto Fusayama |
[-] |
Japanese |
63 |
|
Mr. Manabu Mitani |
|
Japanese |
65 |
|
Mr. Piriya Wongphayabal |
[-] |
Thai |
62 |
|
Mr. Tiwa Jaruke |
[-] |
Thai |
59 |
|
Pol. Lt. Sivaraks Phinicharomna |
|
Thai |
62 |
|
Mr. Gumthorn Utarnwuthipong |
|
Thai |
72 |
|
Mr. Ryuzo Nagaoka |
|
Japanese |
77 |
AUTHORIZED
PERSON
Only the mentioned
director [x] can
sign or any
two of the
mentioned directors [-] can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Hironobu Iriya
is the President
& CEO.
He is Japanese
nationality with the
age of 58
years old.
Mr. Tiwa Jaruke
is the Senior
Vice President [Project,
Proposal, Engineering].
He is Thai
nationality with the age of
59 years old.
Ms. Kantika Tantuvanich is
the Senior VP [General
Administration Division].
She is Thai
nationality.
Mrs. Suratana Trinratana is
the Vice President
[Sales & Procurement Division].
She is Thai
nationality.
Mr. Saneh Poorisat
is the Vice
President [Engineering Division].
He is Thai
nationality.
Mr. Wanchai Ratinthorn
is the Vice
President [Proposal & Project Division].
He is Thai
nationality.
Mr. Yukio Kobe is
the General Manager
[Engineering 1 Division].
He is Japanese
nationality.
Ms. Pornchan Ketjurasriroj
is the General
Manager [Engineering 2 Division].
She is Thai
nationality.
Mr. Kobchai Thanasukarn
is the General
Manager [Finance & IR Department].
He is Thai
nationality.
Mrs. Jaruwan Sookthuayart is
the General Manager
[HR & Administrative
Department].
She is Thai
nationality.
Mrs. Payia Guntawang is
the General Manager
[Procurement Control Department].
She is Thai
nationality.
Mr. Paibool Sribanmail
is the General
Manager [Accounting].
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject’s activity
is an engineering
construction specialized in
engineering design and
procurement of equipment and
materials, and construction
for turnkey projects. Its construction work covers
chemical, petrochemical, oil
and gas, fertilizer,
power plants, iron
& steel/metal smelting,
water/natural resource, food
processing industries and etc. Scope
of service extends
to the storing,
conveying and distributing
system of the products.
The services are as
follows:
-
Feasibility
study
-
Integrated
engineering, procurement and
construction [Integrated EPC]
-
Engineering,
Procurement service and
construction management [EPsCm]
-
Design
and engineering work
only
-
Procurement
service only
-
Construction
work only
-
Other services:
project management, basic
design and detailed
engineering,
procurement, inspection,
transportation and etc.
The present projects
are as follows:
·
Solar
power plant of 10
MWp for
Petronas Power Sdn. Bhd.,
in Malaysia. The project
will be completed
in the 4th quarter
of 2013.
The completed projects for the
following companies:
·
Solar
power project of
8MWp for Siam
Solar Power Co.,
Ltd.
·
Thai
Central Chemical Public
Co., Ltd.
·
Rayong
Refinery Co., Ltd.
·
TOA
Chemical Industries Co., Ltd.
·
G.E.
Toshiba Silicones [Thailand]
Ltd.
·
Bayer
Thai Co., Ltd.
·
Vinythai
Public Co., Ltd.
·
THASCO
Chemical Co., Ltd.
·
Solvay
Biochemicals [Thailand] Ltd.
·
Ptt
Phenol Company Limited
·
MTP HP JV [Thailand] Limited and
Solvay Peroxythai Limited.
·
etc.
PURCHASE
The construction machineries
and equipments are
purchased from around
30 suppliers both
domestic and overseas,
by 80% of
the products is
purchased from local
suppliers and agents,
and the remaining
20% is imported
from Japan and Germany.
MAJOR
SUPPLIERS
Toyo Engineering Corporation : Japan
Hammars Co., Ltd. : Thailand
Valence Corporation Ltd. : Thailand
SERVICES
The subject provides
services to both
local and overseas
clients.
REFERENCE
CUSTOMERS
GE Toshiba Silicones
Special [Thailand] Ltd.
Advanced Biochemicals
[Thailand] Co., Ltd.
UBE Fine Chemicals
[Asia] Co., Ltd.
PTT Polyethylene Co.,
Ltd.
REVENUE
STRUCTURE
[Company and
Subsidiaries]
[unit
: million Baht]
|
|
2012 |
2011 |
||
|
Industrial Group |
Amount |
% |
Amount |
% |
|
|
|
|
|
|
|
Petrochemical and Chemical
Group |
9,833.15 |
86.57 |
5,925.56 |
66.61 |
|
Energy Group |
757.82 |
6.67 |
2,852.71 |
32.07 |
|
Other Groups |
767.33 |
6.76 |
118.16 |
1.33 |
|
Total Revenue |
11,358.30 |
100.00 |
8,896.43 |
100.00 |
SUBSIDIARY
AND AFFILIATED COMPANIES
The subject has
subsidiaries and affiliated
companies as follows:
Toyo - Vietnam Corporation
Business Type: Integrated
engineering, procurement and
construction contractor
Investment : 93.34%
Country : Vietnam
Toyo Thai - Myanmar Corporation
Ltd.
Business Type: Integrated
engineering, procurement and
construction contractor
Investment :
90.00%
Country : Myanmar
Toyo Thai Malaysia
Sdn. Bhd.
Business Type: Integrated
engineering, procurement and
construction contractor
Investment :
100.00%
Country : Malaysia
Toyo Thai - USA Corporation
Business Type: Integrated
engineering, procurement and
construction contractor
Investment :
80.00%
Country : U.S.A.
Toyo Thai Power
Corporation Pte. Ltd.
Business Type: Holding
and investment company
Investment :
60.00%
Country : Singapore
Global New Energy
Ltd.
Business Type: Providing
and supporting services
of power plant
project construction
Investment :
40.00%
Country : Thailand
Bio Natural Energy
Ltd.
Business Type: Electricity
generating from Methane
gas
Investment :
70.00%
Country : Thailand
Navanakorn Electricity Ltd.
Business Type: Small
power plant operator
Investment :
41.95%
Country : Thailand
Siam Solar Power
Ltd.
Business Type: Small
power plant operator
Investment :
25.00%
Country : 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
according to the
past two years.
CREDIT
Services are by
cash or on the
credits
term of 30-120
days.
Local bills are
paid by cash
or on the
credits term of
30-90 days.
Imports are by
L/C at sight
& T/T.
BUSINESS
TRANSACTION
In term of
services, the subject
services its customers with
the maximum credit
given at 30-120
days, depending upon agreement from two parties. The
subject is found
to have around 5%
of late payment from its customers. For
the purchasing, the subject purchased the equipment and construction materials
from local suppliers,
with the maximum
credit receipt at
30-90 days and
from overseas suppliers
by L/C at
sight & T/T. The subject
is found to have around
10-20% for late
payment to the suppliers.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office :
9 Ratchadapisek Rd.,
Ladyao, Jatujak, Bangkok
10900]
Sumitomo-Mitzui Banking Corporation
[Bangkok Office :
Boonmitr Bldg., 138
Silom Rd., Bangrak,
Bangkok 10500]
Krung Thai Bank
Public Co., Ltd.
[Sermmitr Tower
Branch : 159 Sukhumvit
21 Rd., Klongtoeynua, Wattana,
Bangkok 10110]
EMPLOYMENT
The subject currently
employs 1,867 staff.
[office staff and
workers]
LOCATION
DETAILS
The premise is rented for
administrative office at the heading
address. Premise is
located in commercial
area.
COMMENT
More than 28 years of engineering service leadership, the subject has
undertaken hundreds projects of the process plants and facilities. It
also earned solid reputation and
received the trust from
the clients in the
quality of work
of engineer design
and construction.
The subject has its commitment to continue serving all clients to
promote economically and environmentally safe engineering for the Thai
community.
Recently the subject has expanded its
activities to the ASEAN and
completed several projects in Vietnam, Malaysia, Cambodia and
Myanmar. In Thailand, it is found to be the first successful Thai company who has
proved its competence and competitiveness
to any other leading foreign
companies.
FINANCIAL
INFORMATION
The capital was
initially registered at
Bht. 20,000,000, divided
into 200,000 shares
of Bht. 100
each.
The capital was
increased later as
follows:
Bht. 100,000,000
on October 21,
1996
Bht. 160,000,000
on June 6,
2003
Bht. 480,000,000
on July 21,
2008
The latest registered
capital was increased
to Bht. 480,000,000
divided into 480,000,000
shares of Bht.
1 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE
[as at
April 5, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Toyo Engineering Corporation Nationality: Japanese Address : 8-1-2
Chome Akanehama, Narashino-shi, Chiba, Japan |
124,800,000 |
26.00 |
|
Thai NVDR Co.,
Ltd. Nationality: Thai Address : 62
Ratchadapisek Rd., Klongtoey,
Bangkok |
37,956,700 |
7.91 |
|
Chiyoda Corporation Nationality: Japanese Address : 12-1
Tsurumichuo 2-chome, Tsurumi-ku,
Yokohama, Japan |
33,600,000 |
7.00 |
|
Global Business Management
Co., Ltd. Nationality: Thai Address : 159/41
Sukhumvit 21 Rd.,
Klongtoeynua, Wattana, Bangkok |
32,000,000 |
6.67 |
|
Italian Thai Development
Public Company Limited Nationality: Thai Address : 2034/132-161 New
Petchburi Rd.,
Bangkapi, Huaykwang, Bangkok |
18,400,000 |
3.83 |
|
Mr. Hironobu Iriya Nationality: Japanese Address : 3/60
Sukhumvit 31 Rd.,
Klongtoeynua,
Wattana, Bangkok |
12,806,300 |
2.67 |
|
HSBC [Singapore] Nominees Pte.
Ltd. Nationality: Singaporean Address : 968
Rama 4 Rd.,
Silom, Bangrak, Bangkok |
12,163,100 |
2.53 |
|
BNP Paribas Wealth
Management Singapore Branch Nationality: French Address : 968
Rama 4 Rd.,
Silom, Bangrak, Bangkok |
10,060,000 |
2.10 |
|
Chase C.S. Cebtral
Nominees Limited 24 Nationality: British Address : 90
North Sathorn Rd.,
Silom, Bangrak, Bangkok |
9,997,826 |
2.08 |
|
State Street Bank
Europe Limited Nationality: British Address : 90
North Sathorn Rd.,
Silom, Bangrak, Bangkok |
9,355,500 |
1.95 |
|
Mr. Premchai Kanasuta Nationality: Thai Address : 2034/132-161 New Petchburi Rd., Bangkapi,
Huaykwang, Bangkok 10320 |
8,320,000 |
1.73 |
|
Others |
170,540,574 |
35.53 |
Total Shareholders :
2,352
Share Structure [as
at April 5,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2,322 |
250,075,675 |
52.10 |
|
Foreign |
30 |
229,924,325 |
47.90 |
|
Total |
2,352 |
480,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Prasit Yuangsrikuln No.
4174
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
1,382,287,506 |
1,769,144,177 |
685,901,815 |
|
Short-term Investment |
238,410,448 |
657,002,242 |
940,768,767 |
|
Trade Accounts Receivable - Related
Company |
383,798,287 |
24,547,400 |
- |
|
- Other Company |
1,083,710,495 |
1,277,151,739 |
283,687,644 |
|
Deferred Value of
Completed Construction Work
|
|
|
|
|
- Related Company |
817,822,209 |
83,290,538 |
115,234,955 |
|
- Other
Company |
1,139,096,933 |
850,686,735 |
1,045,919,807 |
|
Account Receivable -
Related Company |
1,786,403 |
360,756 |
- |
|
Other Receivable-Other |
60,503,266 |
21,764,200 |
15,073,126 |
|
Work under Construction - Related
Company |
187,693,237 |
5,675,619 |
- |
|
- Other
Company |
63,316,380 |
57,763,546 |
1,348,763 |
|
Prepayment to Sub-contractor |
|
|
|
|
- Related Company |
29,333,759 |
9,879,235 |
4,150 |
|
- Other
Company |
51,584,884 |
10,468,032 |
18,380,981 |
|
Deferred Interest from
Lending to Subsidiaries |
815,710 |
1,341,370 |
7,439,816 |
|
Refundable Business Tax |
14,151,176 |
11,321,260 |
35,202,917 |
|
Other Current Assets
|
31,923,488 |
21,078,118 |
63,036,893 |
|
Total Current Assets
|
5,486,234,181 |
4,801,474,967 |
3,211,999,634 |
|
Cash at Bank
Pledged as a
Collateral |
- |
12,000,000 |
12,000,000 |
|
Retention to Related
Company |
40,814,289 |
- |
- |
|
Investment Holding till
End |
20,000,000 |
20,000,000 |
- |
|
Lending to Subsidiaries |
35,000,000 |
40,000,000 |
86,000,000 |
|
Investment in Subsidiaries |
452,198,755 |
18,996,581 |
11,403,230 |
|
Equity in Joint
Venture |
24,000,000 |
24,000,000 |
24,000,000 |
|
Deposit for Purchase
of Investment |
62,499,900 |
- |
100,000,000 |
|
General Investment |
584,820,600 |
532,600,600 |
- |
|
Fixed Assets |
61,933,318 |
43,933,191 |
43,811,483 |
|
Intangible Assets |
22,424,673 |
13,496,713 |
16,264,541 |
|
Other Non-current Assets
|
21,655,501 |
17,941,476 |
18,260,432 |
|
Total Assets |
6,811,581,217 |
5,524,443,528 |
3,523,739,320 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts Payable - Related Company |
10,739,770 |
35,119,590 |
1,635,508 |
|
- Other
Company |
973,385,445 |
589,392,359 |
254,163,549 |
|
Other Payable – Related Company
|
41,114,747 |
41,521,389 |
48,116,972 |
|
Retention from Sub-contractor |
65,212,185 |
75,218,593 |
111,526,772 |
|
Cost of Accrued
Construction |
2,398,108,720 |
2,426,432,680 |
1,040,532,116 |
|
Advance Income from Customer under Construction Contract - Related
Company |
465,478,910 |
- |
- |
|
- Other
Company |
558,904,675 |
347,668,845 |
425,562,572 |
|
Received Contract Income |
19,645,589 |
184,253,956 |
40,451,260 |
|
Accrued Income Tax |
14,627,232 |
2,096,708 |
1,914,061 |
|
Accrued Expenses |
72,836,090 |
48,595,012 |
40,532,826 |
|
Other Current Liabilities |
69,052,680 |
41,494,870 |
16,178,548 |
|
|
|
|
|
|
Total Current Liabilities |
4,689,106,043 |
3,791,794,002 |
1,980,614,184 |
|
Obligation from Employee Benefits |
85,645,249 |
74,834,460 |
- |
|
|
|
|
|
|
Total Liabilities |
4,774,751,292 |
3,866,628,462 |
1,980,614,184 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1
par value Authorized, issued
and fully paid share
capital 480,000,000 shares |
480,000,000 |
480,000,000 |
480,000,000 |
|
|
|
|
|
|
Capital Paid |
480,000,000 |
480,000,000 |
480,000,000 |
|
Premium on Share
Capital |
405,162,100 |
405,162,100 |
405,162,100 |
|
Retained Earning Appropriated for Statutory
Reserve |
48,000,000 |
48,000,000 |
48,000,000 |
|
Unappropriated |
1,103,667,825 |
724,652,966 |
609,963,036 |
|
Total Shareholders' Equity |
2,036,829,925 |
1,657,815,066 |
1,543,125,136 |
|
Total Liabilities &
Shareholders' Equity |
6,811,581,217 |
5,524,443,528 |
3,523,739,320 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Construction &
Services Income |
10,420,361,147 |
7,580,471,194 |
5,197,268,976 |
|
Other Income |
139,946,503 |
90,341,767 |
60,699,835 |
|
Total Revenues |
10,560,307,650 |
7,670,812,961 |
5,257,968,811 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Construction & Services |
9,180,328,242 |
6,602,689,064 |
4,356,092,201 |
|
Administrative Expenses |
595,741,678 |
551,436,545 |
362,877,160 |
|
Director’s Remuneration |
- |
- |
61,758,750 |
|
Total Expenses |
9,776,069,920 |
7,154,125,609 |
4,780,728,111 |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
784,237,730 |
516,687,352 |
477,240,700 |
|
Income Tax |
[189,231,734] |
[142,325,796] |
[126,987,485] |
|
|
|
|
|
|
Net Profit / [Loss] |
595,005,996 |
374,361,556 |
350,253,215 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.17 |
1.27 |
1.62 |
|
QUICK RATIO |
TIMES |
1.11 |
1.24 |
1.59 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
33.30 |
70.60 |
115.09 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.53 |
1.37 |
1.47 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
9.98 |
3.51 |
0.11 |
|
INVENTORY TURNOVER |
TIMES |
36.57 |
104.08 |
3,229.69 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
37.96 |
61.49 |
19.92 |
|
RECEIVABLES TURNOVER |
TIMES |
9.62 |
5.94 |
18.32 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
38.70 |
32.58 |
21.30 |
|
CASH CONVERSION CYCLE |
DAYS |
9.24 |
32.42 |
(1.26) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
88.10 |
87.10 |
83.82 |
|
SELLING & ADMINISTRATION |
% |
5.72 |
7.27 |
6.98 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
13.24 |
14.09 |
17.35 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.53 |
6.82 |
9.18 |
|
NET PROFIT MARGIN |
% |
5.71 |
4.94 |
6.74 |
|
RETURN ON EQUITY |
% |
29.21 |
22.58 |
22.70 |
|
RETURN ON ASSET |
% |
8.74 |
6.78 |
9.94 |
|
EARNING PER SHARE |
BAHT |
1.24 |
0.78 |
0.73 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.70 |
0.70 |
0.56 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.34 |
2.33 |
1.28 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
37.46 |
45.85 |
|
|
OPERATING PROFIT |
% |
51.78 |
8.27 |
|
|
NET PROFIT |
% |
58.94 |
6.88 |
|
|
FIXED ASSETS |
% |
191.46 |
137.76 |
|
|
TOTAL ASSETS |
% |
23.30 |
56.78 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 37.46%. Turnover has increased from THB
7,580,471,194.00 in 2011 to THB 10,420,361,147.00 in 2012. While net profit has
increased from THB 374,361,556.00 in 2011 to THB 595,005,996.00 in 2012. And
total assets has increased from THB 5,524,443,528.00 in 2011 to THB
6,811,581,217.00 in 2012.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
13.24 |
Satisfactory |
Industrial
Average |
16.90 |
|
Net Profit Margin |
5.71 |
Impressive |
Industrial
Average |
0.20 |
|
Return on Assets |
8.74 |
Impressive |
Industrial
Average |
1.83 |
|
Return on Equity |
29.21 |
Impressive |
Industrial
Average |
6.41 |
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 13.24%. 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 5.71%,
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 8.74%, 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 29.21%, 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 |
1.17 |
Satisfactory |
Industrial
Average |
1.24 |
|
Quick Ratio |
1.11 |
|
|
|
|
Cash Conversion Cycle |
9.24 |
|
|
|
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 1.17 times in 2012, decreased from 1.27 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 1.11 times in 2012,
decreased from 1.24 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 10 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.70 |
Acceptable |
Industrial
Average |
0.66 |
|
Debt to Equity Ratio |
2.34 |
Risky |
Industrial
Average |
2.08 |
|
Times Interest Earned |
- |
|
Industrial
Average |
(0.20) |
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 0.7 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 Downtrend
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
33.30 |
Impressive |
Industrial
Average |
0.50 |
|
Total Assets Turnover |
1.53 |
Deteriorated |
Industrial
Average |
3.12 |
|
Inventory Conversion Period |
9.98 |
|
|
|
|
Inventory Turnover |
36.57 |
Impressive |
Industrial
Average |
13.68 |
|
Receivables Conversion Period |
37.96 |
|
|
|
|
Receivables Turnover |
9.62 |
Impressive |
Industrial
Average |
4.87 |
|
Payables Conversion Period |
38.70 |
|
|
|
The company's Account Receivable Ratio is calculated as 9.62 and 5.94 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 increased from 4 days at the end
of 2011 to 10 days at the end of 2012. This represents a negative trend. And
Inventory turnover has decreased from 104.08 times in year 2011 to 36.57 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.53 times and 1.37
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.59.69 |
|
UK Pound |
1 |
Rs.91.14 |
|
Euro |
1 |
Rs.77.97 |
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.