MIRA
INFORM REPORT
|
Report Date : |
19.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
THAI
ACRYLIC FIBRE CO., LTD. |
|
|
|
|
Registered Office : |
16th Floor, Mahatun Plaza Building, 888/168-169 Ploenchit Road, Lumpini, Pathumwan,
Bangkok 10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
10.04.1987 |
|
|
|
|
Com. Reg. No.: |
0105530016978 [Former: 1695/2530] |
|
|
|
|
Legal Form : |
Private Limited Company
|
|
|
|
|
Line of Business : |
Manufacturer, distributor
& exporter of acrylic fibre |
|
|
|
|
No. of Employees : |
500 |
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 : |
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 – 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
THAI ACRYLIC FIBRE CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 16th FLOOR,
MAHATUN PLAZA BUILDING,
888/168-169 PLOENCHIT
ROAD, LUMPINI,
PATHUMWAN, BANGKOK
10330, THAILAND
TELEPHONE : [66] 2253-6745-54
FAX :
[66] 2253-4679,
2253-6734
E-MAIL
ADDRESS : marketing@thaiacrylic.com
amit.dayal@adityabirla.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1987
REGISTRATION
NO. : 0105530016978 [Former: 1695/2530]
TAX
ID NO. : 3101440195
CAPITAL REGISTERED : BHT. 712,500,000
CAPITAL PAID-UP : BHT.
712,500,000
SHAREHOLDER’S PROPORTION : THAI :
83.59%
FOREIGN :
16.41%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
NIRINT SAJDEV, THAI
PRESIDENT
AND CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 500
LINES
OF BUSINESS : ACRYLIC FIBRE
MANUFACTURER, DISTRIBUTOR
& EXPORTER
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
10, 1987 as
a private limited
company under the
name style THAI
ACRYLIC FIBRE CO.,
LTD. The subject
is the flagship company of
the Aditya Birla
Group, set up
in technical collaboration
with Japan Exlan Co.,
Ltd., to manufacture acrylic
fibre by being
granted the promotional
privilege from the Board
of Investment [BOI].
Its production facility
is located in
Kaengkhoi, Saraburi Province. The
subject currently employs
approximate 500 staff.
The company has
a strong focus
on systems improvement
and has established comprehensive standards
of ISO 9001:2000, ISO 14001,
OHSAS 18000 and SA 8000.
The company also
achieved Level 7 in the International
Quality Rating System (IQRS) of DNV,
Norway and has
received the Qimpro
Benchmark Award 2001 and
2003; the Golden Peacock
Global Quality Award - 2003;
the National Award
for Excellence in Energy Management
2003 and the
Golden Peacock Global
Environment Management Award 2004.
The subject is a subsidiary
of India-based Aditya
Birla Group, the
first synthetic yarn
plant in Thailand
which came on
stream in 1970.
The subject is also the
first acrylic fibre
manufacturer in ASEAN,
and one of
the top two
service providers of
acrylic application development.
The
subject’s registered address
is 16th Floor, Mahatun
Plaza Building, 888/168-169 Ploenchit
Rd., Lumpini, Pathumwan,
Bangkok 10330, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Shyam Sunder
Mahansaria |
|
Indian |
78 |
|
Mr. Nirint Sajdev |
|
Thai |
74 |
|
Mr. Deepak Mittal |
|
Indian |
69 |
|
Mrs. Ratchanee Kajiji |
|
Thai |
72 |
|
Mr. Kumara Mangalam
Birla : Chairman of
the Group |
|
Indian |
47 |
|
Mrs. Rajashree Birla |
|
Indian |
67 |
|
Mr. Songkram Chivapravatdamrong |
|
Thai |
69 |
|
Mr. Hari Krishna
Agarwal |
|
Indian |
54 |
|
Mr. Krishna Kishore
Maheehwari |
|
Indian |
58 |
|
Mr. Vikram Dhondu Rao |
|
Indian |
63 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Nirint Sajdev
is the President & Chief Executive
Officer.
He is Thai
nationality with the
age of 74
years old.
Mr. Krishna Kishore
Maheehwari is the
Vice President - Technical.
He is Indian
nationality with the
age of 58
years old.
Mr. Lahvindra Singh
is the Vice President
- Manufacturing.
He is Indian
nationality.
Mr. Amit Dayal
is the Vice
President - Marketing & Sales
Manager.
He is Indian
nationality.
Mr. Vinay Jain
is the Financial
Manager.
He is Indian
nationality.
Mr. Pirom Areephan is
the General Manager.
He is Thai
nationality.
Ms. Karuna Choonint is
the Human Resources
Manager.
She is Thai
nationality.
Ms. Arunabha Bhattacharya is
the Customer Technical
Support Department Manager.
She is Thai nationality.
Mr. Sushil K. Chaudhari is
the Purchasing Department
Manager.
He is Indian
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing wide range
of Acrylic Fibre
and special products,
the main materials
for textile, knitwear,
sportswear, carpet, toys,
blanket & bedding set, upholstery
and apparel industries.
The products and
brands are as
follows:
Products Brand
1.
Acrylic products
- Acrylic
fiber : “BIRLACRIL”
- Acrylic
Staple Fiber : “BIRLACRIL”
- Acrylic
Tow : “BIRLACRIL”
2.
Special Products
- Anti-pill
fiber : “PILBLOC”
- Acrylic
fiber : “RADIANZA”, “WARMOS”,
“ECOFUR”,
“CRAYONA”, “DURASHINE”,
“PURA”
- Micro
Denier Fiber : “BIRLACRIL”
- Super
High Shrinkable Fiber:“BIRLACRIL”
- Comfort
Fibers : “BIRLACRIL”
Products and
Applications:
·
“RADIANZA” fiber
applies in fashion
apparels productions, as
well as uniforms,
sweaters and pullover,
mufflers &caps, stoles,
knitwear, blankets &
throws, and carpet.
·
“WARMOS” fiber
applies in the
productions of knitted
fabric [Jersey, sweaters], hand
knit yarn and
carpets.
·
“ECOFUR” fiber
applies in the
productions of overcoats,
jackets, coat linings,
BOA/ high pile articles,
soft toys, automotive
seat covers, Raschel
blankets and fancy
yarns.
·
“CRAYONA”
fiber applies in
the productions of
sweaters, pullovers and
cardigans, fashion apparels,
jacket and overcoats,
winter wear in
blend with wool,
gloves, caps and
stoles.
·
“DURASHINE” fiber applies
in the productions
of awning, sun
umbrellas, outdoor furniture
and upholsteries, marine
exterior and decorative.
·
“PURA” optical
white fiber applies
in the productions
of knitwear, sweater,
Jersey, under wear,
shirts, socks, hand knits,
woven upholstery, curtain,
woven cloth, religious
dress and pile fabric
products.
·
“MICRO
DENIER” fiber applies in the
production of knitted (sweaters, soft dress materials, fashion apparels)
and upholstery products.
·
“SUPER
HIGH SHRINKABLE” fibers are ideally suited
for manufacturing boucle yarns,
smiling yarns, special light-weight
yarns and a
variety of other
fancy yarns.
·
“COMFORT”
fiber applies for apparels,
foot-wear, bedding and automotives.
The subject
received the production
technology from Japan
Exlan Co., Ltd., Japan.
PRODUCTION CAPACITY
110,000 tons per
annum
IMPORT [COUNTRIES]
Raw material, chemical,
cotton and computer
technology are imported
from
Japan, Hong Kong,
Republic of China,
Taiwan, Singapore, India,
Switzerland and
United States of
America.
MAJOR SUPPLIERS
Gutor Electronic
Ltd. : Switzerland
Thai Rayon Public Company Limited : Thailand
Thai Sulphites and
Chemicals Co., Ltd.: Thailand
Asahi Kasei Chemical
Corporation : Japan
Mitsui & Co [Thailand] Ltd. : Thailand
BASF [Thai] Ltd. : Thailand
SALES [LOCAL]
15% of the
products is sold locally by
wholesale to manufacturers
and end-users.
EXPORT [COUNTRY]
85% of the products is
exported to India,
Indonesia, Philippines, Republic of China, Pakistan,
Iran, Vietnam, Nepal, Australia,
Bangladesh, South Africa,
South Korea, Sri Lanka, Turkey
and other countries
in Europe and
Middle East region.
RELATED & AFFILIATED
COMPANIES
The Aditya Birla
Group consists of:
Indo Thai Synthetics
Co., Ltd.
Business Type : Manufacturer of
synthetics yarn
Thai Rayon Public
Co., Ltd.
Business Type : Manufacturer of
viscose rayon staple
fibre and anhydrous
sodium sulphate
Thai Carbon Black
Public Co., Ltd.
Business Type : Manufacturer of
carbon black
Thai Polyphosphate & Chemicals Co., Ltd.
Business Type : Manufacturer of
sodium tripoly - phosphate
Thai Epoxy and
Allied Products Co., Ltd
Business Type : Manufacturer of
expoxy resin
Thai Sulphites &
Chemicals Co., Ltd.
Business Type : Manufacturer of
sulphate
P.T. Indo Liberty
Textile Co., Ltd.
Business Type : Manufacturer of
spun yarn
Thai Peroxide Co., Ltd.
Business Type : Manufacturer of
hydrogen peroxide
LITIGATION
Bankruptcy and
Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Sales are by
cash or on
the 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
Deutsche Bank AG
[Bangkok Office
: 208 Wireless Rd.,
Lumpini, Pathumwan, Bangkok
10330]
The Siam Commercial
Bank Public Co., Ltd.
[Head Office
: 9 Ratchadapisek
Rd., Ladyao, Jatujak,
Bangkok 10900]
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]
EMPLOYMENT
The subject employs
approximately 500 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address in a
prime commercial area.
The factory is
located at 54
Moo 5, Sudbantad,
Tarndiew, Kaengkhoi, Saraburi 18110
Thailand, on approximately
160,000 square meters plot
of land.
Tel : [66] 36
251-316-24, 36 240-100
Fax : [66]
36 251-325-6
COMMENT
Thai Acrylic
Fibre (TAF) ranks
among the top three quality acrylic fibre producers globally. It is one of the top
two service providers of acrylic application development. The company has also
been rated as a top class acrylic producer for the manufacture of special
blanket applications.
Its products enjoy world wide reputation and recognition. Consistent superior quality and
reliable services have
enabled the company to achieve the
leadership in the
industry.
FINANCIAL INFORMATION
The capital was registered
at Bht. 205,000,000 divided into
2,050,000 shares of
Bht. 100 each.
The capital was
increased later as
followings:
Bht. 570,000,000
on October 21,
1993
Bht. 712,500,000
on April 23,
1996
The latest registered
capital was increased
to Bht. 712,500,000
divided into 71,250,000
shares of Bht.
10 each with
fully paid.
MAIN SHAREHOLDERS : [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
Thai Rayon Public
Co., Ltd. Nationality: Thai Address : 888/160-161
Ploenchit Rd.,
Lumpini, Pathumwan, Bangkok
10330 |
21,373,173 |
30.00 |
|
Thai Carbon Black
Public Co., Ltd. Nationality: Thai Address : 888/122,
888/128 Ploenchit Rd.,
Lumpini, Pathumwan, Bangkok
10330 |
11,386,503 |
15.98 |
|
Mr. Songkram Chivapravatdamrong Nationality: Thai Address : 470
Bangkhunthienchaitalay Rd.,
Samaedam, Bangkhunthien, Bangkok |
8,906,250 |
12.50 |
|
Asseau Company Ltd.
Nationality: British Address : Barclays
House Wickhams Cay Road
Town, Tortola, BVI |
6,115,000 |
8.58 |
|
Mr. Direk Panichkraiwalkosin Nationality: Thai Address : 25/1
Charansanitwongse Rd., Thaphra,
Bangkokyai, Bangkok |
1,196,153 |
1.68 |
|
Thai Acrylic Co.,
Ltd. Nationality: Thai Address : 85
Sukhumvit 42 Rd.,
Prakanong, Bangkok |
975,000 |
1.37 |
|
Centex International [Pte]
Co. Ltd. Nationality: Singaporean Address : C/O
Pat Brox 01-04 High
Street Plaza, Singapore |
926,923 |
1.30 |
|
Mr. Dawinder Takral Nationality: Thai Address : 190/11
Anuwong Rd., Chakrawad,
Samphantawong, Bangkok |
803,603 |
1.13 |
|
Eureka Commercial Enterprises
Ltd. Nationality: New Zealander Address : Level
4, 18 Vladuct
Harbour Avenue,
Auckland, New Zealand |
803,603 |
1.13 |
|
Other Shareholders |
18,763,792 |
26.33 |
Total Shareholders : 105
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
86 |
59,554,948 |
83.59 |
|
Foreign |
19 |
11,695,052 |
16.41 |
|
Total |
105 |
71,250,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Vichien Kingmontri No.
3977
Note:
The 2012 financial
statement has not
been submitted to
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
111,554,421 |
6,497,671 |
9,876,161 |
|
Trade Accounts Receivable |
1,150,896,416 |
1,252,458,725 |
812,880,872 |
|
Related Company Receivable |
53,744,757 |
68,554,253 |
10,836,112 |
|
Inventories |
1,021,022,473 |
1,119,652,658 |
1,045,912,211 |
|
Other Current Assets
|
155,380,808 |
150,865,499 |
207,615,180 |
|
|
|
|
|
|
Total Current Assets
|
2,492,598,875 |
2,598,028,806 |
2,087,120,536 |
|
Lending to Related Company |
276,697,886 |
- |
- |
|
Investment in Related
Company |
504,060,714 |
504,060,714 |
504,060,714 |
|
Fixed Assets |
2,265,147,548 |
2,404,875,228 |
2,723,249,095 |
|
Intangible Assets |
1,437,884 |
- |
- |
|
Other Assets |
3,743,530 |
3,617,030 |
4,066,935 |
|
Total Assets |
5,543,686,437 |
5,510,581,778 |
5,318,497,280 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
279,165,763 |
177,262,062 |
250,601,410 |
|
Trade Accounts Payable |
1,485,466,751 |
1,354,770,123 |
1,212,689,274 |
|
Related Company Payable |
7,389,547 |
2,192,654 |
4,312,395 |
|
Other Payable |
1,079,302 |
12,456,785 |
16,582,903 |
|
Current Portion of Long-term
Loan from Financial
Institutions |
220,000,000 |
367,500,000 |
380,000,000 |
|
Accrued Expenses |
37,254,719 |
37,544,900 |
39,132,729 |
|
Accrued Income Tax |
49,885,275 |
66,948,458 |
- |
|
Advance Received from Customer |
6,760,568 |
25,359,135 |
6,455,524 |
|
Other Current Liabilities |
7,813,474 |
6,795,921 |
5,836,492 |
|
|
|
|
|
|
Total Current Liabilities |
2,094,815,399 |
2,050,830,038 |
1,915,610,727 |
|
Long-term Loan Financial
Institutions |
50,000,000 |
270,000,000 |
637,500,000 |
|
Employee Benefits Obligation |
76,964,914 |
- |
- |
|
Long-term Employee Benefits
Obligation |
33,537,308 |
- |
- |
|
Total Liabilities |
2,255,317,621 |
2,320,830,038 |
2,553,110,727 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value Authorized, issued
& fully paid-up share capital
71,250,000 shares |
712,500,000 |
712,500,000 |
712,500,000 |
|
|
|
|
|
|
Capital Paid |
712,500,000 |
712,500,000 |
712,500,000 |
|
Premium on Share
Capital |
603,000,000 |
603,000,000 |
603,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
71,250,000 |
71,250,000 |
71,250,000 |
|
Unappropriated |
1,901,618,816 |
1,803,001,740 |
1,378,636,553 |
|
Total Shareholders' Equity |
3,288,368,816 |
3,189,751,740 |
2,765,386,553 |
|
Total Liabilities &
Shareholders' Equity |
5,543,686,437 |
5,510,581,778 |
5,318,497,280 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
9,399,081,102 |
8,607,869,460 |
6,307,843,438 |
|
Gain / [Loss] on Exchange
Rate |
[12,239,151] |
92,097,224 |
31,440,825 |
|
Other Income |
21,337,379 |
43,068,212 |
108,390,539 |
|
Total Revenues |
9,408,179,330 |
8,743,034,896 |
6,447,674,802 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
8,738,640,960 |
7,900,609,695 |
5,529,131,880 |
|
Selling Expenses |
169,730,614 |
156,352,040 |
141,269,198 |
|
Administrative Expenses |
92,688,724 |
61,333,602 |
63,498,389 |
|
Total Expenses |
9,001,060,298 |
8,118,295,337 |
5,733,899,467 |
|
|
|
|
|
|
Profit before Financial Cost & Income Tax |
407,119,032 |
624,739,559 |
713,775,335 |
|
Financial Cost |
[41,009,987] |
[39,970,140] |
[85,274,966] |
|
Profit before Income
Tax |
366,109,045 |
584,769,419 |
628,500,369 |
|
Income Tax |
[94,812,652] |
[89,154,232] |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
271,296,393 |
495,615,187 |
628,500,369 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.19 |
1.27 |
1.09 |
|
QUICK RATIO |
TIMES |
0.63 |
0.65 |
0.44 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.15 |
3.58 |
2.32 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.70 |
1.56 |
1.19 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
42.65 |
51.73 |
69.04 |
|
INVENTORY TURNOVER |
TIMES |
8.56 |
7.06 |
5.29 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
44.69 |
53.11 |
47.04 |
|
RECEIVABLES TURNOVER |
TIMES |
8.17 |
6.87 |
7.76 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
62.05 |
62.59 |
80.05 |
|
CASH CONVERSION CYCLE |
DAYS |
25.29 |
42.25 |
36.03 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
92.97 |
91.78 |
87.65 |
|
SELLING & ADMINISTRATION |
% |
2.79 |
2.53 |
3.25 |
|
INTEREST |
% |
0.44 |
0.46 |
1.35 |
|
GROSS PROFIT MARGIN |
% |
7.12 |
9.79 |
14.56 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.33 |
7.26 |
11.32 |
|
NET PROFIT MARGIN |
% |
2.89 |
5.76 |
9.96 |
|
RETURN ON EQUITY |
% |
8.25 |
15.54 |
22.73 |
|
RETURN ON ASSET |
% |
4.89 |
8.99 |
11.82 |
|
EARNING PER SHARE |
BAHT |
3.81 |
6.96 |
8.82 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.41 |
0.42 |
0.48 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.69 |
0.73 |
0.92 |
|
TIME INTEREST EARNED |
TIMES |
9.93 |
15.63 |
8.37 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
9.19 |
36.46 |
|
|
OPERATING PROFIT |
% |
(34.83) |
(12.47) |
|
|
NET PROFIT |
% |
(45.26) |
(21.14) |
|
|
FIXED ASSETS |
% |
(5.81) |
(11.69) |
|
|
TOTAL ASSETS |
% |
0.60 |
3.61 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 9.19%. Turnover has increased from THB 8,607,869,460.00
in 2010 to THB 9,399,081,102.00 in 2011. While net profit has decreased from
THB 495,615,187.00 in 2010 to THB 271,296,393.00 in 2011. And total assets has
increased from THB 5,510,581,778.00 in 2010 to THB 5,543,686,437.00 in 2011.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
7.12 |
Acceptable |
Industrial
Average |
11.02 |
|
Net Profit Margin |
2.89 |
Impressive |
Industrial
Average |
0.97 |
|
Return on Assets |
4.89 |
Impressive |
Industrial
Average |
1.78 |
|
Return on Equity |
8.25 |
Impressive |
Industrial
Average |
4.43 |
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 7.12%. 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 2.89%, 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 4.89%, 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 8.25%, 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 |
1.19 |
Satisfactory |
Industrial
Average |
1.50 |
|
Quick Ratio |
0.63 |
|
|
|
|
Cash Conversion Cycle |
25.29 |
|
|
|
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 1.19 times in 2011, 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 0.63 times in 2011,
decreased from 0.65 times, then the company has not enough current assets that presumably
can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 26 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.41 |
Impressive |
Industrial
Average |
0.59 |
|
Debt to Equity Ratio |
0.69 |
Impressive |
Industrial
Average |
1.48 |
|
Times Interest Earned |
9.93 |
Impressive |
Industrial
Average |
1.77 |
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 9.93 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 0.41 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.15 |
Satisfactory |
Industrial
Average |
4.73 |
|
Total Assets Turnover |
1.70 |
Impressive |
Industrial
Average |
1.57 |
|
Inventory Conversion Period |
42.65 |
|
|
|
|
Inventory Turnover |
8.56 |
Impressive |
Industrial
Average |
2.90 |
|
Receivables Conversion Period |
44.69 |
|
|
|
|
Receivables Turnover |
8.17 |
Impressive |
Industrial
Average |
3.61 |
|
Payables Conversion Period |
62.05 |
|
|
|
The company's Account Receivable Ratio is calculated as 8.17 and 6.87 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 decreased from 52 days at the
end of 2010 to 43 days at the end of 2011. This represents a positive trend.
And Inventory turnover has increased from 7.06 times in year 2010 to 8.56 times
in year 2011.
The company's Total Asset Turnover is calculated as 1.7 times and 1.56
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
UK Pound |
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.70.01 |
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.