MIRA INFORM REPORT
|
Report Date : |
16.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
LOUIS T.
LEONOWENS [THAILAND] LTD |
|
|
|
|
Formerly Known As : |
MULLER
& PHIPPS [THAI]
LTD. |
|
|
|
|
Registered Office : |
723 Soi Hong Kong Bank, Siphya
Rd., Bangrak, Bangkok
10500. |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
25.04.1950 |
|
|
|
|
Com. Reg. No.: |
0105493000392 [Former : 2588] |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
subject is engaged
in marketing and
distributing wide range
of imported and
locally manufactured products,
as well as
providing value - added services.
|
|
|
|
|
No. of Employees : |
180 |
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
LOUIS T.
LEONOWENS [THAILAND] LTD.
SUMMARY
BUSINESS
ADDRESS 10th
FLOOR, BUI BUILDING,
177/1 SURAWONG
ROAD,
SURIYAWONGSE, BANGRAK,
BANGKOK
10500, THAILAND
TELEPHONE : [66] 2206-9500,
2237-7040
FAX :
[66] 2206-9599,
2236-7471
E-MAIL
ADDRESS : ltl@louist.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1950
REGISTRATION
NO. : 0105493000392 [Former : 2588]
TAX
ID NO. : 3101039573
CAPITAL REGISTERED : BHT. 78,254,000
CAPITAL PAID-UP : BHT.
78,254,000
SHAREHOLDER’S PROPORTION : FOREIGN : 100
%
FISCAL YEAR CLOSING DATE : DECEMBER
31
LEGAL
STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE
: MR.
WILLIAM ARTHUR BRUCE
METCALFE, CANADIAN
MANAGING DIRECTOR
NO.
OF STAFF : 180
LINES
OF BUSINESS : INDUSTRIAL
PRODUCTS
IMPORTER AND
DISTRIBUTOR
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
25, 1950 as
a private limited
company under the
registered name “Muller
& Phipps [Thai]
Ltd.” On July
2, 1986 its
name was changed to
“LOUIS T. LEONOWENS
[THAILAND] LTD.” It
is a subsidiary
of Getz Corporation,
U.S.A., one of
the largest US-based
international specialties marketing
and distribution companies
in Asia-Pacific and is
also a member company
of the US 6
billion Marmon Group and major international complex
of industrial and service enterprises.
Louis Thomas Gunnis
Leonowens 1854-1919 was
in Thailand and
became a pioneer
in the teak
industry and started
his own business
in 1896. In
1905 Louis signed
over his ownership
of the company,
and today LTL
which is headquartered
in Bangkok has
little to do
with Louis, except
for its name,
the company still
strives that respect
and affection for
the country and people
one works amongst,
fair dealing, good
management and hard
work will bring
their own rewards.
LTL currently employs
approximately 180 staff.
During its first 100
years, LTL has
engaged in many
business that have mirrored
the development and
progress of Thailand’s
economy, from importing
foreign made products
to exporting Thai
products. LTL has
always been a
solution and value-added
provider in the
way it has conducted business
and it is
those qualities that
have stood the
company in good
stead over all
the time. LTL celebrated
its landmark 100th anniversary
on March 3,
2005.
The subject’s registered
address was initially
located at 723 Soi
Hong Kong Bank, Siphya Rd.,
Bangrak, Bangkok 10500.
On December 6, 2005, subject’s
registered address was
relocated to 10th Flr., BUI
Building, 177/1 Surawong
Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Raymond Zimkins |
[x] |
British |
69 |
|
Mr. Sithti Jittaksa |
[x] |
Thai |
55 |
|
Ms. Suwaree Suphchokchai |
|
Thai |
- |
|
Mr. Suchart Tripattanasuwan |
|
Thai |
46 |
|
Mr. Chakraphan Chaturaphat |
[x] |
Thai |
56 |
|
Mr. Wichien Tawornsatit |
|
Thai |
45 |
|
Mr. William Arthur Bruce
Metcalfe |
[x] |
Canadian |
59 |
AUTHORIZED
PERSON
Two of the mentioned
directors [x] can jointly sign
or one of
the directors [x] can jointly
sign with one of the
rest directors on
behalf of the
subject with the
company’s affixed.
MANAGEMENT
Mr. William Arthur Bruce
Metcalfe is the
Managing Director.
He is Canadian
nationality with the
age of 59
years old.
Mr. Sithti Jittaksa is
the Deputy Managing
Director.
He is Thai
nationality with the
age of 55
years old.
Ms. Suwaree Suphchokchai is
the Regional Development
Manager.
She is Thai
nationality.
Mr. Wichien Tawornsatit is
the Group Manager [Chemical].
He is Thai
nationality with the
age of 45
years old.
Mr. Chaiyasith Veerasaksuriya is
the Group Manager [Building & Architectural].
He is Thai
nationality.
Mr. Kittisak Kijprasertngam is
the Group Manager [Agriculture].
He is Thai
nationality.
Mr. Somkiat Sae Aeh
is the Group
Manager [Hardware].
He is Thai
nationality.
Mr. Charin Kittising
is the Group
Manager [Firearms].
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject is
engaged in marketing
and distributing wide
range of imported
and locally manufactured
products, as well
as providing value - added
services. The main
business can be
divided into 5
business groups as
followings:
1. Chemical Group
Business
Primary and ancillary
raw materials used
in the production
and processing of
coatings, plastics, packaging
films, printing inks,
rubbers, ferrous and
non-ferrous metals.
Chemical Products:
- Titanium Dioxide
[Tronox]
- Pigments
- Plastic Additives
[Johoku Chemical]
- Plastic Masterbatch
[A. Schulman Plastics]
- PVC Plasticizer
[Kanoria Chemical]
- Paint & Ink
Additives [Rhodia, Bluestar]
- Resins &
Hardeners [Dow, Bluestar]
- Aluminum Master
Alloys [Aleaster]
- Plastic Sheets
& Films
- Metal Casting
Chemicals [Hexion, A. Cesana]
2. Building & Architectural Group
Business
Products for the interior and
exterior finishing, renovation
and maintenance of commercial, retail,
industrial and institutional
and residential building
as well as
advanced fire alarm
systems.
Products:
- Straight Sliding
and folding door
- Operable partition
- Aluminium composite
panel
- Vinyl floor/
carpet
- Acoustic ceiling
board
- Safety floor
- Ceiling acoustic
board
- Calcium silicate
board
3. Hardware Group
Business
Hand and power tools
and other products
used in workshops,
light industries, building
trades and DIY.
Products:
-
Coated abrasive
- Cutting & grinding
- Hand tools
- Masking tape
- Home pumps
4. Agriculture Group
Business
Agricultural tractors, hoes,
machetes and other
tools and equipment
used in agriculture,
horticulture, and landscaping.
Products:
- Hose
- Spray hoses
- Emery grain
- Magnesia cement
- Sharpening stones
5. Firearms Group
Business
Small firearms for law
enforcement, military, personal
security and sports.
Products:
- Remington gun
care
- Remington shotguns
- Rugar shotguns,
magnum, LCP .380,
LC 99mm.
- “Malin” short gun/ rifles
- “DPMS” rifles, parts
and accessories
Subject also offers reliability, technical support, professional
representation, and quality
marketing and distribution
systems to its
clients.
MAJOR
BRANDS
“TRONOX”, “JOHOKU”, “KANORIA”,
“HENDERSON”, “HUFCOR”, “GEELY”,
“TAJIMA”, “OWA”, “PROTUNE”,
“C-HIGH”, “SMARTPLAN”, “MITONE”,
“SIEMENS”, “YAMATO”, “HARRINGTON
& RICHARDSON”, “RUGER”,
“DPMS”, “ALTRO”, “AUSTER”,
“REMINGTON”, “MARLIN”, and
etc.
IMPORT
[COUNTRIES]
The products are
imported worldwide from
United States of
America, United Kingdom,
Canada, Denmark, Japan,
Australia, Italy, Taiwan,
Spain, Republic of
China, Germany, Singapore, Malaysia,
Korea, India, France,
Hong Kong and
Netherlands, as well
as purchasing from
local suppliers.
The subject currently has
over 100 suppliers
both local and overseas.
MAJOR
SUPPLIERS
|
Company |
Country |
Products |
|
GE Lighting [Thailand]
Ltd. |
: Thailand |
Lighting Products |
|
Massey Ferguson Ltd. |
: Singapore & U.K. |
Tractor & equipments |
|
Alpha Chemicals Pty.
Ltd. |
: Australia |
Chemicals |
|
Canbro Inc. |
: Canada |
Chemicals |
|
Dow Chemical Inc. |
: U.S.A. |
Chemicals |
|
S.A.P.I.C.I. Spa. |
: Italy |
Chemicals |
|
The Chillington Tool
[Thailand] Ltd. |
: Thailand |
Agriculture equipment |
|
Borden Chemical [M]
Sdn Bhd. |
: Malaysia |
Chemical |
|
Agco Ltd. |
: Singapore, U.K |
Tractor & equipment |
|
Ando Corporation |
: Japan |
Hardware |
|
Ter Hell & Co. GmbH |
: Germany |
- |
|
Dow Chemical Company |
: U.S.A. |
Chemical |
|
Hufco Inc. |
: U.S.A. |
- |
|
Ruger & Co Inc. |
: U.S.A. |
- |
|
Marlin Firearms |
: U.S.A. |
- |
SALES
[LOCAL]
100% of its products
is sold locally
to manufacturers, wholesalers,
farmers, construction contractor,
hospitals & end-users.
MAJOR
CUSTOMERS
Quality Minerals Public
Company Limited.
TOA Paint [Thailand] Co.,
Ltd.
Jotun [Thailand] Co.,
Ltd.
Sahaviriya Steel Industries
Public Company Limited
LPN Plate Mill
Public Company Limited
PTT group
IRPC Public Company
Limited
Royal Thai Army
Royal Thai Police
PARENT COMPANY
Getz Corporation
Address : 1 North
Franklins Suite 2420,
Chicago 60606, U.S.A.
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
according to 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
and T/T.
BUSINESS
TRANSACTION
In term of sales, the products
are sold to customers
by cash and credit, with the maximum
credit given at
30-60 days. The
subject is found
to have late
payment by its
customers.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
[Taladnoi Branch : 1280
Yotha Rd., Taladnoi,
Samphantawong, Bangkok 10100]
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Kasikornbank Public Co.,
Ltd.
[Head Office
: 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
Bank of America
NT & SA.
[Bangkok Branch :
2/2 Wireless Rd.,
Lumpini, Pathumwan, Bangkok 10330]
Citibank, NA.
[Bangkok Office : 82
North Sathorn Rd.,
Silom, Bangrak, Bangkok 10500]
EMPLOYMENT
The subject employs
approximately 180 staff.
[office and sales staff]
LOCATION
DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Warehouse is located
in Dowkanong, Bangkok.
COMMENT
The company has
a long history in
Thailand market, since
its commencement in
1950.
It is a specialised marketing
and distribution company owned by the
multinational Getz Group, one
of the largest US-based
international non-commodity trading
operations. It is considered a
well-known player in the trading
business in the country.
The company
remains committed to
providing its customers
with competitive products
from both international
and local manufacturers
backed up by
strong technical support
and value-added services in
the tradition of
contributing to the
economic development of
Thailand. The company has
recently expanded its distribution
operations to Vietnam through
its associated company,
and begin introducing
industrial products from
Thailand into this
fast growing and important
regional market.
Building a
high reputation and
differentiating products are
the strategies for
company to keep growing
in Thailand industry.
In conclusion,
the subject has a solid
business and enjoys
steady growth in relation
to the improvement
and growth of
local industries.
FINANCIAL
INFORMATION
The capital was
registered at Bht.
4,000,000 divided into
4,000 shares of
Bht. 1,000 each.
The capital was
increased later as followings:
Bht. 15,490,000
on June 10,
1983
Bht. 37,845,000
on December 27,
1985
Bht. 78,254,000
on February 21,
1992
The latest registered
capital was increased
to Bht. 78,254,000 divided
into 782,540 shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE : [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
Getz Corporation Nationality: American Address : 1 North
Franklins Suite 2420,
Chicago
60606, U.S.A. |
782,534 |
100.00 |
|
Mr. Chakraphan Chaturaphat Nationality: Thai Address : 105 Ladprao
84 Rd., Wangthonglang, Bangkok |
1 |
- |
|
Mr. Sithti Jittaksa Nationality: Thai Address : 151/9 Phaholyothin 34
Rd., Ladyao,
Jatujak, Bangkok 10900 |
1 |
- |
|
Mr. Raymond Zimkins Nationality: British Address : 148 Pavillion
Rd., London, England |
1 |
- |
|
Ms. Suwaree Suphchokchai Nationality: Thai Address : 516/163
Soi Ramkhamhaeng 39,
Wangthonglang, Bangkok |
1 |
- |
|
Mr. Wichien Tawornsatit Nationality: Thai Address : 129/403 Moo
2, Petchkasem Rd.,
Laksong,
Bangkae, Bangkok |
1 |
- |
|
Mr. William Arthur
Bruce Metcalfe Nationality: Canadian Address : 10th Flr.,
BUI Bldg., 177/1
Surawong Rd.,
Suriyawongse, Bangrak, Bangkok |
1 |
- |
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
4 |
0.00 |
|
Foreign |
3 |
782,536 |
100.00 |
|
Total |
7 |
782,540 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.:
Ms. Kamolthip Lertvitvorathep No.
4377
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
104,129,988 |
200,429,047 |
122,121,944 |
|
Trade Accounts & Other Receivable |
421,549,555 |
389,742,421 |
393,913,260 |
|
Less : Allowance for Doubtful
Account |
- |
- |
[18,459,505] |
|
Trade Accounts Receivable, net |
421,549,555 |
389,742,421 |
462,103,530 |
|
Other Receivable |
- |
- |
3,781,306 |
|
Advance to Deferred Interest
from Associated Company |
- |
- |
29,000,987 |
|
Less: Allowance for Doubtful
Account |
- |
- |
[26,196,919] |
|
Advance to Deferred Interest
from Associated Company, net |
- |
- |
2,804,068 |
|
Inventories |
355,006,577 |
275,448,846 |
237,540,466 |
|
Other Current Assets
|
335,156 |
2,633,214 |
12,166,003 |
|
|
|
|
|
|
Total Current Assets
|
881,021,276 |
868,253,528 |
840,517,317 |
|
Investment in Subsidiaries |
3,145,250 |
- |
- |
|
Investment in Associated
Company |
490,200 |
490,200 |
490,200 |
|
Equipment |
8,075,504 |
7,959,567 |
8,825,237 |
|
Intangible Assets |
779,605 |
805,035 |
527,422 |
|
Other Assets |
1,377,350 |
1,232,469 |
3,431,375 |
|
Total Assets |
894,889,185 |
878,740,799 |
853,791,551 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
159,544,594 |
268,700,807 |
310,231,418 |
|
Short-term Loan from Related Company |
5,029,440 |
12,360,890 |
22,054,054 |
|
Accrued Expenses |
- |
- |
31,551,077 |
|
Deposit Income |
- |
- |
9,868,095 |
|
Accrued Income Tax |
26,140,723 |
20,476,192 |
18,456,598 |
|
Other Current Liabilities |
3,310,279 |
5,249,009 |
2,054,712 |
|
|
|
|
|
|
Total Current Liabilities |
194,025,036 |
306,786,898 |
394,215,954 |
|
|
|
|
|
|
Reserve for Employee’s Benefit |
20,316,206 |
18,874,815 |
15,244,634 |
|
Total Liabilities |
214,341,242 |
325,661,713 |
409,460,588 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 782,540 shares |
78,254,000 |
78,254,000 |
78,254,000 |
|
|
|
|
|
|
Capital Paid |
78,254,000 |
78,254,000 |
78,254,000 |
|
Premium on Share Capital |
371 |
371 |
371 |
|
Retained Earnings: Appropriated for Statutory Reserve |
3,784,500 |
3,784,500 |
3,784,500 |
|
Unappropriated |
598,509,072 |
471,040,215 |
362,292,092 |
|
Total Shareholders' Equity |
680,547,943 |
553,079,086 |
444,330,963 |
|
Total Liabilities &
Shareholders' Equity |
894,889,185 |
878,740,799 |
853,791,551 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales & Services Income |
1,861,368,510 |
1,575,880,135 |
1,531,223,679 |
|
Gain on Exchange Rate |
- |
- |
2,885,537 |
|
Other Income |
25,621,881 |
25,277,249 |
22,715,078 |
|
Total Revenues |
1,886,990,391 |
1,601,157,382 |
1,556,824,294 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
1,515,439,390 |
1,280,435,010 |
1,270,006,939 |
|
Selling Expenses |
131,247,327 |
117,458,589 |
114,542,893 |
|
Administrative Expenses |
54,798,687 |
49,935,414 |
45,496,602 |
|
Total Expenses |
1,701,485,404 |
1,447,829,013 |
1,430,046,434 |
|
|
|
|
|
|
Profit before Finance
Expenses & Income Tax |
185,504,987 |
153,328,369 |
126,777,860 |
|
Finance Expenses |
- |
- |
[12,953] |
|
|
|
|
|
|
Profit before Income
Tax |
185,504,987 |
153,328,369 |
126,764,907 |
|
Income Tax |
[58,036,130] |
[44,580,246] |
[39,104,993] |
|
|
|
|
|
|
Net Profit / [Loss] |
127,468,857 |
108,748,123 |
87,659,914 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
4.54 |
2.83 |
2.13 |
|
QUICK RATIO |
TIMES |
2.71 |
1.92 |
1.50 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
230.50 |
197.99 |
173.51 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.08 |
1.79 |
1.79 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
85.50 |
78.52 |
68.27 |
|
INVENTORY TURNOVER |
TIMES |
4.27 |
4.65 |
5.35 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
82.66 |
90.27 |
93.90 |
|
RECEIVABLES TURNOVER |
TIMES |
4.42 |
4.04 |
3.89 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
38.43 |
76.60 |
89.16 |
|
CASH CONVERSION CYCLE |
DAYS |
129.74 |
92.19 |
73.01 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
81.42 |
81.25 |
82.94 |
|
SELLING & ADMINISTRATION |
% |
10.00 |
10.62 |
10.45 |
|
INTEREST |
% |
- |
- |
0.00 |
|
GROSS PROFIT MARGIN |
% |
19.96 |
20.35 |
18.73 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.97 |
9.73 |
8.28 |
|
NET PROFIT MARGIN |
% |
6.85 |
6.90 |
5.72 |
|
RETURN ON EQUITY |
% |
18.73 |
19.66 |
19.73 |
|
RETURN ON ASSET |
% |
14.24 |
12.38 |
10.27 |
|
EARNING PER SHARE |
BAHT |
16.29 |
13.90 |
11.20 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.24 |
0.37 |
0.48 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.31 |
0.59 |
0.92 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
9,787.53 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
18.12 |
2.92 |
|
|
OPERATING PROFIT |
% |
20.99 |
20.94 |
|
|
NET PROFIT |
% |
17.21 |
24.06 |
|
|
FIXED ASSETS |
% |
1.46 |
(9.81) |
|
|
TOTAL ASSETS |
% |
1.84 |
2.92 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 18.12%. Turnover has increased from THB
1,575,880,135.00 in 2010 to THB 1,861,368,510.00 in 2011. While net profit has
increased from THB 108,748,123.00 in 2010 to THB 127,468,857.00 in 2011. And
total assets has increased from THB 878,740,799.00 in 2010 to THB
894,889,185.00 in 2011.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
19.96 |
Impressive |
Industrial
Average |
12.07 |
|
Net Profit Margin |
6.85 |
Impressive |
Industrial
Average |
1.82 |
|
Return on Assets |
14.24 |
Impressive |
Industrial
Average |
4.28 |
|
Return on Equity |
18.73 |
Impressive |
Industrial
Average |
11.66 |
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 19.96%. 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 6.85%, 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
14.24%, 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 18.73%, 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 :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
4.54 |
Impressive |
Industrial
Average |
1.50 |
|
Quick Ratio |
2.71 |
|
|
|
|
Cash Conversion Cycle |
129.74 |
|
|
|
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 4.54 times in 2011, increased from 2.83 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 2.71 times in 2011,
increased from 1.92 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 130 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.24 |
Impressive |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
0.31 |
Impressive |
Industrial
Average |
1.51 |
|
Times Interest Earned |
- |
|
Industrial
Average |
3.36 |
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 0.24 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 |
230.50 |
Impressive |
Industrial
Average |
10.00 |
|
Total Assets Turnover |
2.08 |
Satisfactory |
Industrial
Average |
2.32 |
|
Inventory Conversion Period |
85.50 |
|
|
|
|
Inventory Turnover |
4.27 |
Acceptable |
Industrial
Average |
6.90 |
|
Receivables Conversion Period |
82.66 |
|
|
|
|
Receivables Turnover |
4.42 |
Satisfactory |
Industrial
Average |
4.46 |
|
Payables Conversion Period |
38.43 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.42 and 4.04 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 has increased from 79 days at the
end of 2010 to 86 days at the end of 2011. This represents a negative trend.
And Inventory turnover has decreased from 4.65 times in year 2010 to 4.27 times
in year 2011.
The company's Total Asset Turnover is calculated as 2.08 times and 1.79
times in 2011 and 2010 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
UK Pound |
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
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.