MIRA INFORM REPORT
|
Report Date : |
16.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
TOYOTA TSUSHO
[THAILAND] CO., LTD |
|
|
|
|
Registered Office : |
607 Asoke-Dindaeng Road, Kwaeng Dindaeng, Khet Dindaeng,
Bangkok 10400 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
05.01.1957 |
|
|
|
|
Com. Reg. No.: |
0105500000011 [Former : 3/2500] |
|
|
|
|
Legal Form : |
Private Limited Company
|
|
|
|
|
Line of Business : |
Subject is engaged
in importing, exporting,
distributing, and brokerage
wide ranges of
industrial products such
as chemicals, plastics,
global production parts, industrial
vehicle, consumer goods, vehicle,
steel sheet, machinery,
metal, processed food,
energy, textile material,
ferrous & non-ferrous products, auto parts, business development & equipment, as
well as logistics
service. |
|
|
|
|
No. of Employees : |
600 |
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 : |
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 (31.03.2012) |
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 & ADDRESS
TOYOTA
TSUSHO [THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 607
ASOKE-DINDAENG ROAD,
KWAENG DINDAENG,
KHET DINDAENG,
BANGKOK 10400
TELEPHONE : [66] 2625-5555,
2625-5821-3
FAX :
[66] 2625-5591,
2625-5547
E-MAIL
ADDRESS : info@tttc.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1957
REGISTRATION
NO. : 0105500000011 [Former : 3/2500]
TAX
ID NO. : 3101015355
CAPITAL REGISTERED : BHT. 60,000,000
CAPITAL PAID-UP : BHT.
60,000,000
SHAREHOLDER’S PROPORTION : THAI :
51%
JAPANESE :
49%
FISCAL YEAR CLOSING DATE : MARCH
31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
HIROFUMI SATO, JAPANESE
PRESIDENT
NO.
OF STAFF : 600
LINES
OF BUSINESS : INTERNATIONAL TRADING
COMPANY
IMPORTER, EXPORTER
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 January 5, 1957
as a private
limited company under
the registered name TOYOTA [THAILAND]
CO., LTD., by a
joint venture between
Thai and Japanese
groups, the Jaovisidha
family and Toyota
Tsusho Corporation in
Japan, with the
holding around 51% and 49%
of the
company’s shares
respectively. The subject’s business
objective is engaged
in trading and
retailing wide ranges
of industrial products
both in Thailand
and worldwide.
On July 20, 1987, the subject’s
name was changed
to TOYOTA TSUSHO [THAILAND]
CO., LTD. It currently
employs approximately 600
staff.
Subject
achieved the ISO 9002
and ISO 14001 certificates in
September 2000 and December
2003 respectively.
The
subject’s registered address
is 607 Asoke-Dindaeng Road,
Kwaeng Dindaeng,
Khet
Dindaeng, Bangkok 10400,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Suchin Jaovisidha |
|
Thai |
89 |
|
Dr. Chet Jaovisidha |
|
Thai |
67 |
|
Mrs. Chantra Jaovisidha |
|
Thai |
87 |
|
Mrs. Phenpan Jaovisidha |
|
Thai |
64 |
|
Mrs. Varaporn Jaovisidha |
|
Thai |
63 |
|
Mr. Hirofumi Sato |
|
Japanese |
58 |
|
Mr. Yukio Ando |
|
Japanese |
55 |
|
Mr. Yuji Nakagawa |
|
Japanese |
55 |
|
Mr. Jun Nakayama |
|
Japanese |
61 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Hirofumi Sato is
the President.
He is Japanese
nationality with the
age of 58
years old.
Mrs. Phenpan Jaovisidha is
the Vice President.
She is Thai
nationality with the
age of 64
years old.
Mr. Yuji Nakagawa
is the Financial
and Accounting Director.
He is Japanese
nationality with the
age of 55
years old.
Mr. Yukio Ando
is the Marketing
Director.
He is Japanese
nationality with the
age of 55
years old.
BUSINESS
OPERATIONS
The subject is
engaged in importing,
exporting, distributing, and
brokerage wide ranges
of industrial products such as chemicals,
plastics, global production parts, industrial
vehicle, consumer goods, vehicle,
steel sheet, machinery,
metal, processed food,
energy, textile material, ferrous
& non-ferrous products, auto parts, business development & equipment, as
well as logistics
service.
The subject also
provides maintenance and
installation services.
PURCHASE
The products
are purchased from
both local and
overseas suppliers in
Japan,
Australia, United
States of America,
Taiwan, Republic of
China, Germany, France,
United Kingdom,
and Denmark.
SALES
Its products are
sold and serviced
locally to dealers,
manufacturers and end-users.
EXPORT
The
products are also
exported to Japan,
United States of America, Taiwan,
Republic
of China, Vietnam, Indonesia,
Laos, Malaysia, Australia,
Hong Kong, Philippines,
Singapore and Europe.
SUBSIDIARY
AND AFFILIATED COMPANIES
There are over
60 subsidiaries and
affiliated companies as the followings:
SUBSIDIARY COMPANIES
Green Metals [Thailand] Co.,
Ltd.
Business Type: Processing & marketing of
steel scrap
Investment : -
Processing Technology
[Thailand] Co., Ltd.
Business Type: Processing & marketing of
aluminium products
Investment :
51.00%
Industrial Tech Service [Thailand] Co.,
Ltd.
Business Type: Trading
all kind of
machinery, spare parts
equipment & accessories for
production both locally
and international
Investment :
51.00%
Thai Hino [Nakornsawan]
Co., Ltd.
Business Type: Dealer
of “HINO” automobiles
Investment :
51.00%
Toyota Libra Co.,
Ltd.
Business Type: Dealer
of “TOYOTA” automobiles
Investment :
51.00%
Toyota Transport [Thailand] Co.,
Ltd.
Business Type: Transport
service
Investment :
51.00%
Toyota Tsusho Energy [Thailand] Co.,
Ltd.
Business Type: Trading
of petroleum and
related products
Investment :
51.00%
Toyota Tsusho Forklift [Thailand] Co.,
Ltd.
Business Type: Trading
and rental servicing
of material handling
equipment and
various types of
industrial machinery and
equipment
Investment :
51.00%
TT Assembly [Thailand] Co.,
Ltd.
Business Type: Manufacturing
and assembling of
tire and wheel
Investment :
51.00%
TT Fuji Tool
Support Co., Ltd.
Business Type: Trading
various kinds of
industrial machinery and
parts
Investment :
51.00%
TTK Logistics [Thailand] Co.,
Ltd.
Business Type: Logistics
service
Investment :
51.00%
TT Insurance Broker [Thailand] Co.,
Ltd.
Business Type: Property & casualty insurance
services
Investment :
51.00%
TT Marunouchi [Thailand]
Co., Ltd.
Business Type: Transport
Investment :
51.00%
TT Techno-Park Co.,
Ltd.
Business Type: Services
Investment :
51.00%
& etc.
AFFILIATED COMPANIES
Digital Media Asia
Pacific Co., Ltd.
Business Type : Design,
development and maintenance
service of software
and
IT
systems
Thai Chemical Terminal
Co., Ltd.
Business Type : Chemical
storage service and
chemical transportation service
Thai Auto Conversion
Co., Ltd.
Business Type : Manufacturing, assembling, modifying,
converting, selling and
leasing of
automobiles,
motorcycles and trucks
Toyota Auto Body
Thailand Co., Ltd.
Business Type : Producing
and servicing of car parts
and truck bodies
for car
Assembly plant
Yamada Machine Tool [Thailand] Co., Ltd.
Business Type : Distributing
of machine tools
Zeon Advance Polymix
Co., Ltd.
Business Type : Manufacturing
of compound rubbers
& etc.
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 the past
two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Bangkok
Bank Public Co., Ltd.
[Head Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
The
Siam Commercial Bank
Public Co., Ltd.
[Head Office : 9
Ratchadapisek Rd., Ladyao,
Jatujak, Bangkok 10900]
Krung
Thai Bank Public
Co., Ltd.
[Asoke-Dindaeng Branch : 607 Asoke- Dindaeng Rd.,
Dindaeng, Bangkok 10320]
Bank
of Tokyo- Mitsubishi UFJ
Ltd.
[Bangkok Branch : 54 North
Sathorn Rd., Silom,
Bangrak, Bangkok 10500]
Sumitomo
Mitsui Banking Corporation
[Bangkok Branch : 138 Silom Rd.,
Suriyawongse, Bangrak, Bangkok 10500]
Hongkong
& Shanghai Banking
Corporation.
[Bangkok Branch : 968
Rama 4 Rd., Silom,
Bangrak, Bangkok 10500]
EMPLOYMENT
The
subject employs approximately
600 staff [office and
sales staff].
LOCATION
DETAILS
The
premise is owned
for administrative office at the
heading address. Premise
is located in
commercial/residential area.
Warehouse
and branche is
located at :
-
700/149,
700/187, 189 Moo 1,
Amatanakorn Industrial Estate,
Bangna-Trad Rd.,
Panthong, Chonburi 20160
COMMENT
During the past few
years Thailand experienced a moderate growth fueled by a decent
rate of exports, rising private consumption and reduced production cost
as a result of the low interest
rate policy.
Since
overall industrial improvement
in 2010, demand
of industrial related
products have significantly
risen, while consumption
are also strongly increased.
The products are
mainly supplied to
multi-levels of users, including small
distributors. Its customer base
has widened into
many industrial and
business sectors.
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 following:
Bht. 4,000,000 on
February 12, 1968
Bht. 10,000,000
on August 28,
1980
Bht. 30,000,000
on September 28,
1982
Bht. 60,000,000
on December 24, 2002
The
latest registered capital
was increased to
Bht. 60,000,000 divided into
600,000 shares of 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE :
[as at July
6, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Toyota Tsusho Corporation Nationality: Japanese Address : 7-23 Toyota
Bldg, Nakamura-ku,
Nagoya, Japan |
294,000 |
49.00 |
|
Mrs. Chantra Jaovisidha Nationality: Thai Address : 224 Sukhumvit 49 Rd.,
Klongtonnua, Wattana, Bangkok
10110 |
236,538 |
39.42 |
|
Visidha Co., Ltd. Nationality: Thai
Address : 607
Asoke-Dindaeng Rd., Dindaeng,
Bangkok
10320 |
21,640 |
3.61 |
|
Ms. Manaporn Jaovisidha Nationality: Thai Address : 224/1
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok 10110 |
15,990 |
2.66 |
|
Dr. Chet Jaovisidha Nationality: Thai Address : 224/4
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok 10110 |
11,750 |
1.96 |
|
Ms. Mathana Jaovisidha Nationality: Thai Address : 198/3
Sukhumvit 49 Rd., Klongtonnua,
Watana, Bangkok 10110 |
5,330 |
0.89 |
|
Ms. Nalinee Jaovisidha Nationality: Thai Address :
92/11 Sukhumvit 31 Rd., Klongtonnua,
Watana, Bangkok 10110 |
5,330 |
0.89 |
|
Mr. Phipit Jaovisidha Nationality: Thai Address : 224/3
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok 10110 |
5,330 |
0.89 |
|
Ms. Anustha Jaovisidha Nationality: Thai Address : 198/2
Sukhumvit 49 Rd., Klongtonnua,
Watana, Bangkok 10110 |
4,090 |
0.68 |
|
Mr. Suchin Jaovisidha Nationality: Thai Address : 224 Sukhumvit 49
Rd., Klongtonnua,
Wattana, Bangkok 10110 |
2 |
- |
Total Shareholders : 10
Share Structure [as
at July 6,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
9 |
306,000 |
51.00 |
|
Foreign - Japanese |
1 |
294,000 |
49.00 |
|
Total |
10 |
600,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Charnchai Chaiprasit No.
3760
BALANCE SHEET [BAHT]
The
latest financial figures
published for March
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
226,199,113 |
218,080,503 |
247,697,044 |
|
Trade Accounts Receivable - Other
Company |
7,297,171,859 |
6,136,472,482 |
5,077,463,240 |
|
- Related
Company |
8,992,431,329 |
7,587,356,671 |
7,180,571,142 |
|
Deferred Income -
Related Company |
24,698,413 |
169,590 |
203,509 |
|
Other Trade Accounts Receivable |
6,015,751 |
3,317,711 |
36,118,792 |
|
Short-term Loan to Related
Company |
1,303,605,860 |
1,291,832,029 |
987,960,567 |
|
Current Portion of Long-term Loan to Other Company |
20,256,492 |
9,598,034 |
7,200,000 |
|
Inventories |
10,694,969,066 |
8,144,388,729 |
6,370,063,648 |
|
Deferred Value Added Tax |
26,121,646 |
136,021,457 |
240,800,453 |
|
Advance Payment |
192,277,258 |
177,475,122 |
61,012,372 |
|
Other Current Assets
|
51,293,607 |
47,237,200 |
41,281,888 |
|
|
|
|
|
|
Total Current Assets
|
28,835,040,394 |
23,751,949,528 |
20,250,372,655 |
|
Investment in Subsidiaries |
1,077,985,317 |
1,066,254,535 |
1,066,254,535 |
|
Investment in Associated Company |
38,276,000 |
53,921,000 |
53,921,000 |
|
Other Long-term Investment |
564,984,031 |
564,449,938 |
557,806,138 |
|
Loan to Employees |
22,118,176 |
23,948,782 |
15,542,458 |
|
Long-term Loan to Related Company |
139,408,231 |
156,772,713 |
164,831,915 |
|
Fixed Assets |
622,297,541 |
663,052,683 |
717,994,514 |
|
Intangible Assets |
21,925,868 |
41,676,144 |
95,518,975 |
|
Deferred Income Tax |
55,668,130 |
118,524,742 |
67,397,383 |
|
Other Non-current Assets |
30,017,093 |
29,663,225 |
26,554,264 |
|
Total Assets |
31,470,720,781 |
26,470,213,290 |
23,016,193,837 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
7,204,166,829 |
3,397,072,749 |
2,786,093,011 |
|
Trade Accounts Payable - Other
Company |
2,536,204,141 |
2,297,760,252 |
2,078,171,202 |
|
- Related
Company |
13,442,821,403 |
13,048,611,113 |
11,612,596,562 |
|
Accrued Income -
Related Company |
1,067,456 |
63,485,326 |
11,749,988 |
|
Current Portion of Long-term
Loan from Financial Institution |
- |
332,977,469 |
542,500,000 |
|
Short-term Loan from Related Company |
120,901,573 |
224,437,291 |
133,037,476 |
|
Accrued Income Tax |
326,094,395 |
516,694,096 |
74,937,753 |
|
Accrued Expenses |
224,661,666 |
212,119,545 |
118,867,507 |
|
Other Current Liabilities |
108,316,090 |
145,830,015 |
83,951,723 |
|
|
|
|
|
|
Total Current Liabilities |
23,964,233,553 |
20,238,987,856 |
17,441,905,222 |
|
Long-term Loan from Financial Institution |
323,262,105 |
22,770,598 |
354,290,933 |
|
Reserve for Employees’ Retirement Benefits |
175,306,200 |
161,493,435 |
165,369,403 |
|
Total Liabilities |
24,462,801,858 |
20,423,251,889 |
17,961,565,558 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par
value authorized, issued
and fully paid share
capital 600,000 shares |
60,000,000 |
60,000,000 |
60,000,000 |
|
|
|
|
|
|
Capital Paid |
60,000,000 |
60,000,000 |
60,000,000 |
|
Unrealized Profit from Investment
in Marketable Securities Available for Sale |
4,327,844 |
4,077,990 |
1,800,330 |
|
Retained Earning Appropriated for Statutory Reserve |
6,000,000 |
6,000,000 |
6,000,000 |
|
General Reserve |
25,000,000 |
25,000,000 |
25,000,000 |
|
Unappropriated |
6,849,591,079 |
5,951,883,411 |
4,961,827,949 |
|
Total Shareholders' Equity |
6,944,918,923 |
6,046,961,401 |
5,054,628,279 |
|
Total Liabilities & Shareholders' Equity |
31,407,720,781 |
26,470,213,290 |
23,016,193,837 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales & Service Income |
100,044,581,340 |
93,504,789,216 |
79,045,438,650 |
|
Other Income |
1,209,467,330 |
737,296,272 |
607,517,450 |
|
Total Revenues |
101,254,048,670 |
94,242,085,488 |
79,652,956,100 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service
|
96,874,932,952 |
90,264,347,037 |
76,698,079,042 |
|
Selling Expenses |
127,260,455 |
115,574,111 |
90,855,542 |
|
Administrative Expenses |
1,004,103,949 |
904,081,260 |
807,600,663 |
|
Other Expenses |
44,487,096 |
223,794,096 |
168,292,195 |
|
Total Expenses |
98,050,784,452 |
91,507,796,507 |
77,764,827,442 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
3,203,264,218 |
2,734,288,981 |
1,888,128,658 |
|
Financial Cost |
[190,084,949] |
[91,153,841] |
[127,908,317] |
|
Income Tax |
[795,471,601] |
[741,079,681] |
[433,161,258] |
|
|
|
|
|
|
Net Profit / [Loss] |
2,217,707,668 |
1,902,055,462 |
1,327,059,083 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.20 |
1.17 |
1.16 |
|
QUICK RATIO |
TIMES |
0.75 |
0.75 |
0.78 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
160.77 |
141.02 |
110.09 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.18 |
3.53 |
3.43 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
40.30 |
32.93 |
30.31 |
|
INVENTORY TURNOVER |
TIMES |
9.06 |
11.08 |
12.04 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
26.62 |
23.95 |
23.45 |
|
RECEIVABLES TURNOVER |
TIMES |
13.71 |
15.24 |
15.57 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
9.56 |
9.29 |
9.89 |
|
CASH CONVERSION CYCLE |
DAYS |
57.36 |
47.60 |
43.87 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
96.83 |
96.53 |
97.03 |
|
SELLING & ADMINISTRATION |
% |
1.13 |
1.09 |
1.14 |
|
INTEREST |
% |
0.19 |
0.10 |
0.16 |
|
GROSS PROFIT MARGIN |
% |
4.38 |
4.25 |
3.74 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.20 |
2.92 |
2.39 |
|
NET PROFIT MARGIN |
% |
2.22 |
2.03 |
1.68 |
|
RETURN ON EQUITY |
% |
31.93 |
31.45 |
26.25 |
|
RETURN ON ASSET |
% |
7.05 |
7.19 |
5.77 |
|
EARNING PER SHARE |
BAHT |
3,696.18 |
3,170.09 |
2,211.77 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.78 |
0.77 |
0.78 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.52 |
3.38 |
3.55 |
|
TIME INTEREST EARNED |
TIMES |
16.85 |
30.00 |
14.76 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
6.99 |
18.29 |
|
|
OPERATING PROFIT |
% |
17.15 |
44.81 |
|
|
NET PROFIT |
% |
16.60 |
43.33 |
|
|
FIXED ASSETS |
% |
(6.15) |
(7.65) |
|
|
TOTAL ASSETS |
% |
18.89 |
15.01 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 6.99%. Turnover has increased from THB 93,504,789,216.00
in 2011 to THB 100,044,581,340.00 in 2012. While net profit has increased from
THB 1,902,055,462.00 in 2011 to THB 2,217,707,668.00 in 2012. And total assets
has increased from THB 26,470,213,290.00 in 2011 to THB 31,470,720,781.00 in 2012.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
4.38 |
Acceptable |
Industrial
Average |
5.92 |
|
Net Profit Margin |
2.22 |
Impressive |
Industrial
Average |
0.42 |
|
Return on Assets |
7.05 |
Impressive |
Industrial
Average |
0.82 |
|
Return on Equity |
31.93 |
Impressive |
Industrial
Average |
1.88 |
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 4.38%. 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. Net Profit Margin ratio is 2.22%,
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
7.05%, 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 31.93%, 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 :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.20 |
Satisfactory |
Industrial
Average |
1.23 |
|
Quick Ratio |
0.75 |
|
|
|
|
Cash Conversion Cycle |
57.36 |
|
|
|
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 1.2 times in 2012, increase from 1.17 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 0.75 times in 2012,
same figure as
in 2011, 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 58 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.78 |
Acceptable |
Industrial
Average |
0.64 |
|
Debt to Equity Ratio |
3.52 |
Risky |
Industrial
Average |
1.96 |
|
Times Interest Earned |
16.85 |
Impressive |
Industrial
Average |
1.39 |
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 16.86 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 0.78 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 |
160.77 |
Impressive |
Industrial
Average |
7.95 |
|
Total Assets Turnover |
3.18 |
Impressive |
Industrial
Average |
2.15 |
|
Inventory Conversion Period |
40.30 |
|
|
|
|
Inventory Turnover |
9.06 |
Impressive |
Industrial
Average |
4.58 |
|
Receivables Conversion Period |
26.62 |
|
|
|
|
Receivables Turnover |
13.71 |
Impressive |
Industrial
Average |
5.68 |
|
Payables Conversion Period |
9.56 |
|
|
|
The company's Account Receivable Ratio is calculated as 13.71 and 15.24
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 decreased from 2011. This would suggest the company had deteriorated 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 33 days at the
end of 2011 to 40 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 11.08 times in year 2011 to 9.06
times in year 2012.
The company's Total Asset Turnover is calculated as 3.18 times and 3.53
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.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.