MIRA INFORM REPORT
|
Report Date : |
26.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
THAI HUA RUBBER PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
238/1
Ratchadapisek Road, Huaykwang, Bangkok 10320,
|
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
03.09.1985 |
|
|
|
|
Com. Reg. No.: |
0107539000251 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter
and Distributor of Natural Rubber
Products |
|
|
|
|
No. of Employees : |
2,000 |
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 (31.03.2011) |
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 HUA RUBBER PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 238/1
RATCHADAPISEK ROAD, HUAYKWANG,
BANGKOK 10320,
THAILAND
TELEPHONE : [66] 2274-0471-7,
2274-0484
FAX : [66] 2274-0231,
2274-0531
E-MAIL
ADDRESS : marketing@thaihua.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1985
REGISTRATION
NO. :0107539000251 [BOR
MOR JOR. 626]
TAX
ID NO. : 3101358612
CAPITAL REGISTERED : BHT. 2,300,000,000
CAPITAL PAID-UP : BHT.
1,700,000,000
SHAREHOLDER’S PROPORTION : THAI :
71.45%
FOREIGN :
28.55%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. LUCKCHAI KITTIPOL,
THAI
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
NO.
OF STAFF : 2,000
LINES
OF BUSINESS : NATURAL RUBBER
PRODUCTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was originally
established on September 3, 1985 as
a private limited
company under the registered
name “Thai Hua
Rubber Company Limited”
by Thai group,
Kittipol family, with
the business objective
to manufacture and
supply various kinds
of natural rubber
products to both
domestic and export
markets.
On
August 23, 1996, subject converted
its status to
a public limited
company, named THAI
HUA RUBBER PUBLIC COMPANY LIMITED. Subject currently
operates the products
through 12 production
plants in provinces.
It employs approximately
2,000 staff.
The subject’s registered
address is 238/1 Ratchadapisek Rd., Huaykwang,
Bangkok 10320, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Luckchai Kittipol |
[x] |
Thai |
57 |
|
Mr. Sangob Pandokmai |
|
Thai |
77 |
|
Mr. Somchai Pakapasviwat |
|
Thai |
67 |
|
Pol. Gen. Suthep Thamrak |
|
Thai |
68 |
|
Mr. Kritaya Kittipol |
[-] |
Thai |
62 |
|
Pol. Maj. Gen Veerapong Cheunpakdi |
|
Thai |
55 |
|
Mrs. Supa Sermsuksakulchai |
|
Thai |
65 |
|
Mr. Anan Jesdavisuth |
[-] |
Thai |
59 |
AUTHORIZED PERSON
Only the mentioned
director [x] signs
or both of
the directors [-]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Luckchai Kittipol is
the President &
Chief Executive Officer.
He is Thai
nationality with the
age of 57
years old. He is
also the Honorary
President and Executive
Director of Thai Rubber
Association.
Mr. Reyong Kittipol is
the Senior Executive
Vice President [Production, Human
Resources & IT].
He is Thai
nationality.
Mr. Ampol Raungturakit is
the Senior Executive
Vice President [Finance &
Accounting]
He is Thai
nationality.
Mrs. Subin Saetiao is
the Senior Executive
Vice President [Associated
Companies].
She is Thai
nationality.
Mr. Yew Kong Hing
is the Executive
Vice President [Marketing].
He is Malaysian
nationality.
Mr. Piya Oranriksuphak is
the Executive Vice
President [Finance & Accounting].
He is Thai
nationality.
Mr. Rawat Kittipol is
the Executive Vice
President [Factory &
Production].
He is Thai
nationality.
Mr. Chetta Meemangkang is
the Executive Vice
President [Research & Development].
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in
manufacturing, exporting and distributing
various kinds of
natural rubber products,
such as ribbed
smoked sheet [RSS],
air dried sheets
[ADS], standard Thai
rubber [STR] and
concentrated latex. Its
products are supplied
to various industries,
such as auto
tires, auto parts, belts,
toys, adhesive glues,
shoe soles and
etc.
PRODUCTION CAPACITY
Products Tons/Month
Ribbed Smoked Sheet [RSS]
RSS1 : 2,000
RSS2 : 3,000
RSS3 : 15,000
Standard Thai Rubber [STR] STR5 : 1,000
STR5L : 1,000
STR5CV50 : 1,000
STR5CV60 : 1,000
STR10 : 5,000
STR20 : 27,000
Ribbed Smoked Sheet [RSS] : 10,000
Compound : 10,000
Standard Thai Rubber [STR] : 10,000
Air Dried Sheet : 500
Latex : 10,000
Skim Block : 1,500
PURCHASE
100% of raw
material is purchased
from local suppliers.
SALES
90% of the
products is exported
to U.S.A., Japan,
Republic of China,
Malaysia, Korea, Germany,
France, United Kingdom, Indonesia, South
Africa, Singapore, Middle
East country, India,
Taiwan, Italy, and
etc., the remaining
10% is sold
to local market.
MAJOR
CUSTOMERS
Goodyear
[Thailand] Co., Ltd. : Thailand
Thai
Bridgestone Co., Ltd. : Thailand
RELATED AND AFFILIATED
COMPANIES
Min An Latex
Industrial Co., Ltd.
Business Type : Manufacturer
of latex products.
Nutraco Thailand Co.,
Ltd.
Business Type : Manufacturer
of coffee bean
products.
Data International Industrial
Co., Ltd.
Business Type : Manufacturer
of rubber wooden
furniture parts and
kitchenware.
Mitraphap Fragrant Rice
Corp Ltd.
Business Type : Manufacturer
of rice products,
namely “Golden Bird
Thai Jasmine”
Brand.
Thai Hua Auto
Tire Co., Ltd.
Business Type : Manufacturer
of tire products.
Thai MAC STR
Co., Ltd.
Business Type : Manufacturer
of Standard Thai
Rubber [STR].
Thai Hua Plantation
Co., Ltd.
Business Type : Manufacturer
of latex products
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.
Exports are against
L/C at sight
or T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
Krung Thai Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately 2,000
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factories/Branches:
·
Sadao
Branch, 26/2 Moo
4, Kanchanawanich Rd.,
Phangpla, Sadao, Songkhla
90170.
·
Krabi
Branch, 338 Moo
1, Petchkasem Rd.,
Khao Khram, Krabi
81100.
·
Krabi
Latex Branch, 338 Moo
1, Petchkasem Rd.,
Khao Khram, Krabi
81100.
·
Songkalerk
Branch, 80/4 Moo 1 ,
Samnaktong, Muang, Rayong 21100.
·
Rayong
Branch, 167 Moo
13, Krasaebon, Klang,
Rayong 21100.
·
Bangklam
Branch, 5 Moo
10, Asia Rd.,
Tha Chang, Bangklam,
Songkhla 90110.
·
Udornthani
Branch, 148 Moo 15, Nittayo Rd.,
Phon Ngam, Nongharn, Udornthani 41130.
·
Trang
Branch, 155 Moo
5, Bangrak Rd.,
Bangrak, Muang, Trang
92000.
·
Chalung
Branch, 130 Moo
1, Chalung Rd.,
Hadyai, Songkhla 91140.
·
Sakolnakorn
Branch, 222 Moo
3, Donmorthong, Baanmuang,
Sakonnakorn 47140.
·
Suratthani
Branch, 27/5 Moo
5, Sin-Jaroen, Praseng,
Suratthani 84210.
·
Phitsanulok
Branch, 168 Moo
3, Wangnokaen, Muang,
Phitsanulok 65130.
COMMENT
Natural
rubber prices slightly decreased
after the New Year as speculators were not confident in the rubber futures
market as to wait for an appropriate time for natural rubber.
It may be after the Chinese New
Year when Chinese buyers will begin buying. Rubber growers in the country
were not satisfied with current prices
which gradually dropped though not to a large extent.
The global demand for natural rubber
is expected to be unchanged from last year at 10.3 million tons, while
supply could be
slightly higher at 10.4 million tons
this year.
Most
thought that natural
rubber was in short supply but
actually it was kept
in inventories, commented by Mr.
Luckchai Kittipol. The global
inventories amount to 1.5
million-1.6 million tons, while Thailand keeps
about 400,000-500,000 tons in stock.
Thailand has been
slowing down in natural rubber sales,
while China is speeding up purchases to keep
it in factories. This situation
could drive up natural
rubber prices.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 10,000,000 divided into 100,000 shares
of Bht. 100 each.
The
capital was increased
later as following:
Bht. 50,000,000 on
September 12, 1991
Bht. 60,000,000 on
February 24, 1995
Bht. 80,000,000 on
December 7, 1995
Bht.
1,500,000,000 in 2006
Bht.
1,650,000,000 on December
30, 2010
Bht.
1,700,000,000 on December
15, 2011
Bht.
2,300,000,000 on September
6, 2012
The
latest registered capital
was increased to
Bht. 2,300,000,000 divided into
2,300,000,000 shares of
Bht. 1 each,
with the current capital
paid-up at Bht.
1,700,000,000.
MAIN
SHAREHOLDERS : [as
at January 24,
2013] at Bht.
1,700,000,000 of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Luckchai Kittipol Nationality: Thai Address : 238/1
Ratchadapisek Rd., Huaykwang,
Bangkok |
555,233,878 |
32.66 |
|
Luck Sands Investment Co., Ltd. Nationality: Irish Address : Tortola,
British Virgin Islands |
214,971,800 |
12.64 |
|
Jabez Investments Limited Nationality: Singaporean Address : 18
Rochdale Rd., Singapore |
180,000,000 |
10.59 |
|
Thai Hua Holding
Co., Ltd. Nationality: Thai Address : 238/1
Ratchadapisek Rd., Huaykwang, Bangkok |
102,473,328 |
6.03 |
|
Asean China Investment
Fund II L.P. Nationality: Cayman Islands Address : North
Church Street, George
Town, Grand Cayman,
Cayman Islands |
50,000,000 |
2.94 |
|
Mr. Pawit Kulthanawit Nationality: Thai Address : 1/2
Moo 2, Samkor,
Sena, Ayutthaya |
36,000,000 |
2.12 |
|
Mr. Kritaya Kittipol Nationality: Thai Address : 7/1
Moo 4, Kached,
Muang, Rayong |
34,767,039 |
2.04 |
|
Mrs. Lawana Kittipol Nationality: Thai Address : 66/117
Ladprao 80 Rd., Wangthonglang, Bangkok |
26,461,000 |
1.56 |
|
Mr. Vijit Chiemcharoenwuth Nationality: Thai Address : 15/27
Soi Charoenchai, Klongtonnua,
Wattana, Bangkok |
20,800,000 |
1.22 |
|
Others |
479,292,955 |
28.20 |
Total Shareholders : 217
Share Structure [as
at January 24,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
203 |
1,214,743,709 |
71.45 |
|
Foreign |
14 |
485,256,291 |
28.55 |
|
Total |
217 |
1,700,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Bongkoch Amsangiam No.
3684
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 [Adjusted] |
2009 |
|
|
|
|
|
|
Cash in Hand
& at Bank |
122,823,528 |
135,361,057 |
73,526,575.15 |
|
Short-term Investment |
114,049 |
175,585,468 |
440,280,460.51 |
|
Marketable Securities available for Sale
|
33,116,620 |
47,899,189 |
116,129,649.58 |
|
Trade Accounts Receivable |
5,095,591,652 |
4,517,047,188 |
2,293,155,980.33 |
|
Other Receivable Person or Related Company |
146,418,392 |
128,217,460 |
- |
|
Short-term Lending to Related
Company |
769,809,120 |
421,909,876 |
202,997,700.05 |
|
Current Portion of Long-term Receivable |
15,300,000 |
43,679,604 |
- |
|
Inventories |
3,409,194,656 |
4,426,894,024 |
2,422,203,903.21 |
|
Advance Payment for Purchase |
415,003,005 |
406,217,415 |
- |
|
Other Current Assets
|
361,576,752 |
462,013,623 |
961,795,402.56 |
|
|
|
|
|
|
Total Current Assets
|
10,368,947,774 |
10,764,824,904 |
6,510,089,671.39 |
|
Investment in Subsidiary Companies |
2,106,926,833 |
1,870,305,046 |
1,072,313,909.95 |
|
Investment in Associated Company |
147,000,000 |
170,472,099 |
- |
|
Other Long-term Investment |
1,143,425,463 |
856,692,986 |
792,835,695.76 |
|
Fixed Assets |
1,084,691,934 |
770,672,870 |
1,053,002,462.92 |
|
Real Estate for Investment
|
90,833,753 |
90,833,753 |
- |
|
Long-term Receivable to Related Company |
172,038,883 |
93,812,152 |
- |
|
Intangible Assets |
- |
- |
746,364.12 |
|
Other Non-current Assets |
106,564,151 |
81,887,690 |
17,098,888.04 |
|
Total Assets |
15,220,428,791 |
14,699,501,500 |
9,446,086,992.18 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 [Adjusted] |
2009 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loans from Financial
Institutions |
10,626,734,467 |
11,775,844,599 |
6,691,095,379.81 |
|
Trade Accounts Payable |
1,168,458,236 |
696,306,318 |
421,960,858.95 |
|
Short-term Loan from
Person or Related Company |
- |
- |
177,015,274.00 |
|
Current Portion of Long-term Loan from Financial Institutions |
439,848,000 |
199,280,000 |
33,973,398.02 |
|
Accrued Income Tax |
1,454,467 |
- |
- |
|
Other Current Liabilities |
288,323,849 |
218,008,551 |
197,892,251.21 |
|
|
|
|
|
|
Total Current Liabilities |
12,524,819,019 |
12,889,439,468 |
7,521,937,161.99 |
|
Other Long-term Loans
|
- |
- |
74,080,000.00 |
|
Employee Benefits Obligation |
16,532,605 |
- |
- |
|
Total Liabilities |
12,541,351,624 |
12,889,439,468 |
7,596,017,161.99 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1
par value authorized, issued
and fully paid share
capital 1,700,000,000 shares in
2011; 1,650,000,000 & 1,500,000,000 shares
in 2010 & 2009 Respectively |
1,700,000,000 |
1,650,000,000 |
1,500,000,000.00 |
|
|
|
|
|
|
Capital Paid |
1,700,000,000 |
1,650,000,000 |
1,500,000,000.00 |
|
Surplus on Share
Capital |
209,250,000 |
35,250,000 |
35,250,000.00 |
|
Surplus on Revaluation
of Assets |
- |
- |
99,996,454.44 |
|
Retained Earning Appropriated for
Statutory Reserve |
110,769,542 |
78,518,785 |
27,360,000.00 |
|
Unappropriated |
659,057,625 |
46,293,247 |
187,463,375.75 |
|
Total Shareholders' Equity |
2,679,077,167 |
1,810,062,032 |
1,850,069,830.19 |
|
Total Liabilities &
Shareholders' Equity |
15,220,428,791 |
14,699,501,500 |
9,446,086,992.18 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2011 |
2010 [Adjusted] |
2009 |
|
|
|
|
|
|
Sales |
42,263,288,570 |
32,846,374,408 |
20,095,944,491.35 |
|
Gain on Exchange Rate |
- |
459,980,750 |
- |
|
Investment Income |
47,873,072 |
16,384,581 |
- |
|
Other Income |
130,093,525 |
45,266,740 |
90,364,367.74 |
|
Total Revenues |
42,441,255,167 |
33,368,006,479 |
20,186,308,859.09 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
39,170,142,861 |
31,480,088,288 |
18,549,667,331.98 |
|
Selling Expenses |
1,828,935,606 |
954,099,125 |
1,236,446,890.79 |
|
Administrative Expenses |
216,753,585 |
514,536,875 |
148,118,482.72 |
|
Management Remuneration |
- |
- |
7,510,962.68 |
|
Loss on Exchange Rate |
91,427,115 |
- |
- |
|
Financial Cost |
467,318,818 |
329,293,535 |
214,604,915.12 |
|
\ Total Expenses |
41,774,577,985 |
33,278,017,823 |
20,156,348,583.29 |
|
|
|
|
|
|
Profit before Income
Tax |
666,677,182 |
89,988,656 |
29,960,275.80 |
|
Income Tax |
[21,662,047] |
- |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
645,015,135 |
89,988,656 |
29,960,275.80 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.83 |
0.84 |
0.87 |
|
QUICK RATIO |
TIMES |
0.49 |
0.42 |
0.42 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
38.96 |
42.62 |
19.08 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.78 |
2.23 |
2.13 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
31.77 |
51.33 |
47.66 |
|
INVENTORY TURNOVER |
TIMES |
11.49 |
7.11 |
7.66 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
44.01 |
50.19 |
41.65 |
|
RECEIVABLES TURNOVER |
TIMES |
8.29 |
7.27 |
8.76 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
10.89 |
8.07 |
8.30 |
|
CASH CONVERSION CYCLE |
DAYS |
64.89 |
93.45 |
81.01 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
92.68 |
95.84 |
92.31 |
|
SELLING & ADMINISTRATION |
% |
4.84 |
4.47 |
6.89 |
|
INTEREST |
% |
1.11 |
1.00 |
1.07 |
|
GROSS PROFIT MARGIN |
% |
7.74 |
5.75 |
8.14 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.58 |
0.27 |
0.15 |
|
NET PROFIT MARGIN |
% |
1.53 |
0.27 |
0.15 |
|
RETURN ON EQUITY |
% |
24.08 |
4.97 |
1.62 |
|
RETURN ON ASSET |
% |
4.24 |
0.61 |
0.32 |
|
EARNING PER SHARE |
BAHT |
0.38 |
0.05 |
0.22 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.82 |
0.88 |
0.80 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.68 |
7.12 |
4.11 |
|
TIME INTEREST EARNED |
TIMES |
1.43 |
0.27 |
0.14 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
28.67 |
63.45 |
|
|
OPERATING PROFIT |
% |
640.85 |
200.36 |
|
|
NET PROFIT |
% |
616.77 |
200.36 |
|
|
FIXED ASSETS |
% |
40.75 |
(26.81) |
|
|
TOTAL ASSETS |
% |
3.54 |
55.61 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 28.67%.
Turnover has increased from THB 32,846,374,408.00 in 2010 to THB
42,263,288,570.00 in 2011. While net profit has increased from THB
89,988,656.00 in 2010 to THB 645,015,135.00 in 2011. And total assets has
increased from THB 14,699,501,500.00 in 2010 to THB 15,220,428,791.00 in 2011.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
7.74 |
Satisfactory |
Industrial
Average |
8.82 |
|
Net Profit Margin |
1.53 |
Impressive |
Industrial
Average |
(0.36) |
|
Return on Assets |
4.24 |
Impressive |
Industrial
Average |
0.60 |
|
Return on Equity |
24.08 |
Impressive |
Industrial
Average |
0.61 |
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 7.74%. 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 1.53%,
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
4.24%, 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 24.08%, 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 : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.83 |
Risky |
Industrial
Average |
23.66 |
|
Quick Ratio |
0.49 |
|
|
|
|
Cash Conversion Cycle |
64.89 |
|
|
|
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 0.83 times in 2011, decrease from 0.84 times, then the company may have
problems meeting its short-term obligations. 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 0.49 times in 2011,
increase from 0.42 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 65 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.82 |
Impressive |
Industrial
Average |
0.87 |
|
Debt to Equity Ratio |
4.68 |
Risky |
Industrial
Average |
2.71 |
|
Times Interest Earned |
1.43 |
Deteriorated |
Industrial
Average |
6.65 |
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 1.43 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 0.82 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 Uptrend
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
38.96 |
Impressive |
Industrial
Average |
26.65 |
|
Total Assets Turnover |
2.78 |
Satisfactory |
Industrial
Average |
2.91 |
|
Inventory Conversion Period |
31.77 |
|
|
|
|
Inventory Turnover |
11.49 |
Impressive |
Industrial
Average |
10.81 |
|
Receivables Conversion Period |
44.01 |
|
|
|
|
Receivables Turnover |
8.29 |
Deteriorated |
Industrial
Average |
17.55 |
|
Payables Conversion Period |
10.89 |
|
|
|
The company's Account Receivable Ratio is calculated as 8.29 and 7.27 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 51 days at the
end of 2010 to 32 days at the end of 2011. This represents a positive trend.
And Inventory turnover has increased from 7.11 times in year 2010 to 11.49
times in year 2011.
The company's Total Asset Turnover is calculated as 2.78 times and 2.23
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 Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.10 |
|
|
1 |
Rs.82.46 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.