MIRA
INFORM REPORT
|
Report Date : |
07.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAHAMIT
MACHINERY PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
42, 48 Soi
Chokchaijongchamroen, Rama
3 Road, Bangpongpang, Yannawa, |
|
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|
|
Country : |
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|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
07.06.1973 |
|
|
|
|
Com. Reg. No.: |
0107537002664 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Engaged in distributing and
servicing wide range
of industrial machinery
and spare parts |
|
|
|
|
No. of Employees : |
512 |
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 : |
Regular |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic crisis severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the next seven years with a plan to start in 2013
|
Source : CIA |
Company name
SAHAMIT
MACHINERY PUBLIC COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 42,
48 SOI CHOKCHAIJONGCHAMROEN,
RAMA 3
ROAD, BANGPONGPANG, YANNAWA,
BANGKOK 10120,
THAILAND
TELEPHONE : [66] 2295-1000-8,
2295-1901-9
FAX :
[66] 2295-1009,
2295-1020
E-MAIL
ADDRESS : info@sahamit.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1973
REGISTRATION
NO. : 0107537002664
[Former : BOR MOR JOR. 513]
TAX
ID NO. : 3101058246
CAPITAL REGISTERED : BHT. 550,000,000
CAPITAL PAID-UP : BHT.
530,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
CHAISILP TAMESIRICHAI, THAI
PRESIDENT
NO.
OF STAFF : 512
LINES
OF BUSINESS : INDUSTRIAL MACHINERY
& SPARE PARTS
IMPORTER &
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 June 7,
1973 as a
private limited company
under the name
style “Sahamit Machinery Co.,
Ltd.” by Thai
groups, with the
initial business objective
to import and
distribute material, machinery
and appliances for
domestic industries. The subject
currently expands its
business to other
areas, which can
be divided into
5 major products
groups, e.g. special steel,
machine tools &
tool, pulp &
paper, machinery &
equipment for wood
processing and electrical
engineering.
On November 21,
1994 the subject
registered for a
conversion of its
status to a
public limited company
under the name
SAHAMIT MACHINERY PUBLIC
COMPANY LIMITED. On
May 18, 2005,
it was listed on
the Stock Exchange
of Thailand. Subject
currently employs 512
staff.
The subject’s registered
address is 42,
48 Soi Chokchaijongchamroen, Rama 3
Rd., Bangpongpang, Yannawa, Bangkok 10120, and this is
also the company’s
current operation address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality
|
Age
|
|
|
|
|
|
|
Mr. Thana Senavattanagul |
|
Thai |
73 |
|
Mr. Pornsilp Tamesirichai |
|
Thai |
68 |
|
Mr. Chaisilp Tamesirichai |
[x] |
Thai |
70 |
|
Mr. Prasong Srithornratkul |
[x] |
Thai |
70 |
|
Mr. Kriangkrai Boonkitticharoen |
|
Thai |
70 |
|
Mr. Pichai Nithivasin |
|
Thai |
70 |
|
Mr. Pure Limsiripan |
|
Thai |
76 |
|
Gen. Vapirom Manasrangsi |
|
Thai |
67 |
|
Mr. Prayoon Vivetpuvanonth |
|
Thai |
- |
|
Mr. Karun Kittisataporn |
|
Thai |
66 |
AUTHORIZED PERSON
Both of the
mentioned directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Chaisilp Tamesirichai is
the President.
He is
Thai nationality with
the age of 70 years
old.
Mr. Prasong Srithornratkul is
the Vice President.
He is Thai
nationality with the
age of 70 years
old.
Mr. Pramote Sivaruk
is the Vice
President.
He is Thai
nationality with the age of
70 years old.
Mr. Thavee Senavattanagul is
the Assistant to
President.
He is Thai
nationality
Mr. Phut Sarayanthanawut is
the Assistant to
Vice President.
He is Thai
nationality.
Mrs. Angkana Kokpol is
the Assistant to
Vice President.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
distributing and servicing
wide range of
industrial machinery and
spare parts, which
can be divided
into 6 major
product groups as follows:
1.
Special Steel
Product :
Special Steels for making
of mould and
machinery parts
Machinery and carbon
steel
Aluminum alloy
Metal
band saw blades
Injection
pins for plastic
mould
Special
steel are used
for making all
kinds of mould
such as hot
work
tool steel
for aluminium extrusion,
die-casting; cold work
tool steel for
blanking and
punching tools, shear
blades, automobile industry
and
electronic applications; high
speed steel for
end mill cutter,
twist drills,
wood-working tool: plastic
mould steel for
PVC pipe, melamine
kitchenware, screw part
in the plastic
injection machine.
Service : The subject
provides a fully-integrated cutting
services such as
vertical
& horizontal milling
machine, surface grinding
machine for
making
finishing plate for
mould and dies, and
heat treatment service.
1.
Machine Tools
Product :
High quality electrical
discharge machine [CNC
Machine]
: Wide
range of milling
cutters and inserts
for milling in
almost
any work material
: Digital
Readout, Measuring Equipment
: Tool
holders for various
machines
The subject
has been appointed
as the sole
agent of “Kitamura
Machinery Co., Ltd.”
in Japan, for
high speed CNC
milling machine,
and also
representative agent of
“Hardinge” brand of U.S.A.,
for CNC
milling
and turning machine.
Service :
The subject provides assistance,
training and maintenance
services,
using
high quality spare
parts and qualified
professional engineering
teams.
2.
Pulp and
Paper
Product : Newsprint
for newspapers, printing
and writing paper
:
Paper cutting and
slitting machines
:
Machinery, accessories, forming
fabric felt, canvas,
refiner plate
and chemicals for
pulp and paper
industry
Service :
The subject provides
slit reels to
standard sizes and
converted
ream
of paper as
per customer’s requests.
4. Machinery and
Equipment for Wood
processing
Product : Abrasive paper,
abrasive cloth and
abrasive fiber
: Self
manufactured and imported
Industrial knives
: Tapioca
sawblades
: Edge
banding and wrapping
material for furniture
: Brand
new and used
woodworking machineries for
the panel and
furniture
industry
Service : The subject
provides slit and
jointed abrasive to
various sizes
ordered by industrial customers,
as well as
consulting service for
machine selection.
5.
Electrical Engineering
Product : Computer
Substation Control System
: Electrical
Meter, Measuring center
: Wind
Generator
: Low-voltage Switch
Gear
Service : The
subject offers after
sales services including
consulting
and training, system
design and integration,
installation and
commissioning.
6.
Tooling
Product : Carbide
cutting tools, digital
readout, measuring equipment,
milling machine,
surface grinding machine
and automatic band
sawing machine
Service : The
subject offers after
sales supported by
efficient team to
supply
spare parts
and to offer
customers advice.
Heat Treatment Service
Type of Services
: Vacuum quenching,
low pressure nitriding
allnit, carburizing,
carbonitriding, normalizing,
annealing, oil quenching & others.
The subject
also provides before
and after sales
services, consist of:
·
Fully integrated
pre-finishing service for
special steel
·
The heat
treatment service using
state-of-art machinery and
technology, with various
systems, such as
vacuum quenching, low
pressure nitriding, carburizing,
carbonitriding, normalizing, oil
quenching and others
·
Provide consulting
service for selection,
installation and maintenance
of machine and
spare parts
·
Paper cutting
and slitting services
·
Custom made
abrasive conversion services
The subject
also operates the
industrial knife production
for wood and
paper industries, in
cooperation with technology
transferred from Toyo
Knife Company Limited,
Japan.
MAJOR BRANDS
“SECO”, “SONY”,
“BOHLER”, “AGIECHARMILLES”, “EVERISING”,
“ZAYER”, “VERTEX”, “RONTGEN”,
“WIKUS”, “KELLENBERER”, “BRUKS
KLOCKNER”, “CEHISA”, “HERMES
ABRASIVE”, “IMEAS”, “MICHEL
NORDLINGER”, “SEAL”, “TOYO
KNIFE”, “KITAMURA”, “HARDINGE”
and etc.
PURCHASE
The subject purchases
the products from
both local and
overseas suppliers. 70%
of the products
is imported from
Japan, Germany, Austria,
Netherlands, Australia, Singapore,
Spain, Taiwan, United States
of America, United
Kingdom, Switzerland, Sweden,
Russia, Slovania and
France. The remaining
30% is purchased
from local suppliers.
At present, the
subject has around
70 local and
international suppliers.
MAJOR SUPPLIERS
|
Charmilles Technologies SA. |
: |
Switzerland
|
|
Seco Tools [S.E.A.]
Pte. Ltd. |
: |
Singapore |
|
Toyo Knife Ltd. |
: |
Japan |
|
Bohler International GmbH |
: |
Austria |
|
Bruks Klockner GmbH. |
: |
Germany |
|
Kitamura Machinery Co.,
Ltd. |
: |
Japan |
|
Agie Charmilles GmbH. |
: |
Germany |
|
GL & V Sweden AB |
: |
Sweden |
|
SNF Floerger SA. |
: |
France |
|
Fu-Fa Machinery Co.,
Ltd. |
: |
Taiwan |
|
Andritz AG. |
: |
Austria |
|
Testing Machines Inc. |
: |
U.S.A. |
SALES [LOCAL]
100% of
the products is
sold locally. 50%
of them is
sold by wholesale
to local dealers,
and another 50%
is sold directly
to end-users, such
as manufactures, with
over 2,000 customers
nationwide.
MAJOR CUSTOMERS
|
Thai Union Paper
Co., Ltd. |
: |
Thailand
|
|
Siam Pulp and
Paper Public Co., Ltd. |
: |
Thailand |
|
Bangkok Steel Industry
Co., Ltd. |
: |
Thailand |
REVENUE STRUCTURE [Unit : million baht]
|
|
2011 |
2012 |
||
|
Type of income |
Amount |
% |
Amount |
% |
|
|
|
|
|
|
|
Special steel and
heat treatment |
1,243,692 |
52.98 |
1,389,411 |
49.20 |
|
Tooling & machine
tools |
595,807 |
25.38 |
843,721 |
29.88 |
|
Paper |
213,508 |
9.09 |
229,270 |
8.12 |
|
Machinery & equipment for
wood Processing |
140,718 |
5.99 |
148,015 |
5.24 |
|
Electrical engineering |
117,383 |
5.00 |
134,786 |
4.77 |
|
Others income |
36,587 |
1.56 |
78,946 |
2.80 |
|
Total income |
2,347,695 |
100.00 |
2,824,149 |
100.00 |
SUBSIDIARIES AND AFFILIATED
COMPANIES
K. S. Mould Parts
Co., Ltd.
Business Type : Manufacturer
of mould parts.
Reanthong Wittaya Co.,
Ltd.
Business Type : Distributor
of stationery products.
Khon Kaen Sugar
Industry Public Co.,
Ltd.
Business Type : Manufacturer
of cane sugar
products.
Mahachai Kraft Paper
Co., Ltd.
Business Type : Distributor
of kraft paper.
Unique Design Co.,
Ltd.
Business Type : Manufacturer
& distributor of wooden
furniture.
Tamaka Sugar Industries
Co., Ltd.
Business Type : Manufacturer
of sugar
New Krung Thai
Sugar Industries Co.,
Ltd.
Business Type : Manufacturer
of sugar
Khonkaen Alcohol Co.,
Ltd.
Business Type : Manufacturer
& distributor of
eternal and fertilizer
Bangkok Industrial Gas
Co., Ltd.
Business Type : Distributor
of nitrogen gas
P.M.T. Commercial Co.,
Ltd.
Business Type : Service
apartment
LITIGATIONS
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 for the
past two years.
CREDIT
Local bills are
by cash or
on the credits
terms of 30-60
days.
Sales are by
cash or on
the credits term
of 30-60 days.
Imports are by
L/C at sight
and T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Bangrak, Bangkok
10500]
[Ramkhamhaeng Branch
: Ramkhamhaeng Rd.,
Huamark, Bangkapi, Bangkok]
Kasikornbank Public Co.,
Ltd.
[Patpong Branch
: Surawong Rd.,
Suriyawongse, Bangrak, Bangkok
10500]
Krung Thai Bank
Public Co., Ltd.
[Head Office
: 35 Sukhumvit
Road, Klongton Nua,
Watana, Bangkok 10110]
Hongkong & Shanghai
Banking Corp.
[Bangkok Branch
: 968 Rama
IV Rd., Silom,
Bangrak, Bangkok 10500]
EMPLOYMENT
The subject employs
512 staff. [office,
sale staff and
service workers]
LOCATION DETAILS
The premise is
owned for operating
administrative office in
a 9 storey
building, in the
area of 3,280 square
meters at the
heading address. Premise
is located in
residential/commercial area.
There are 6
warehouses, covering the
10,000 square meters
of area, located
at 152, 155
Moo 14, Sukhumvit
Rd., Bangpakong, Chachoengsao.
COMMENT
In
the previous year
the company total
revenue was 2,824
million Baht, higher
than the earlier
year. The net
profit was 303
million Baht. The
main source of
income still derived
from the special
steel which equaled
around 55 percent
of total income.
For
2013 the company
focuses on acquiring
and developing new
products to enhance its
competitiveness through the
new product and
service programs. Its
business remains solid.
FINANCIAL INFORMATION
The capital was registered
at Bht. 400,000
divided into 4,000
shares of Bht.
100 each.
The capital was
increased as followings
:
Bht. 2,000,000 in
1976
Bht. 50,000,000 in
September, 1991
Bht. 70,000,000 in
March, 1993
Bht. 140,000,000 on
December 22, 1993
Bht. 220,000,000 in
1997
Bht. 550,000,000 in
2004
The latest registered
capital was increased
to Bht. 550,000,000 divided into
550,000,000 shares of
Bht. 1 each with the
current capital paid-up
of Bht. 530,000,000.
MAIN SHAREHOLDERS : [ as at
August 26, 2013]
at Bht. 530,000,000 of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pramote Sivaruk Nationality: Thai Address : 46/32
Rama 2 Rd., Bangmod, Jomthong. Bangkok |
44,794,172 |
8.45 |
|
Mr. Chaisilp Tamesirichai Nationality: Thai
Address : 42, 48 Soi
Chokchaijongchamroen, Rama 3 Rd.,
Bangpongpang, Yannawa, Bangkok |
43,469,346 |
8.20 |
|
Mr. Prasong Srithornratkul Nationality: Thai Address : 42, 48
Soi Chokchaijongchamroen, Rama
3 Rd.,
Bangpongpang, Yannawa, Bangkok |
42,878,936 |
8.09 |
|
Ms. Piyamol Srithornratkul Nationality: Thai Address : 42, 48
Soi Chokchaijongchamroen, Rama
3 Rd.,
Bangpongpang, Yannawa, Bangkok |
27,217,900 |
5.14 |
|
Ms. Piyaporn Srithornratkul Nationality: Thai Address : 42, 48
Soi Chokchaijongchamroen, Rama
3 Rd.,
Bangpongpang, Yannawa, Bangkok |
25,458,900 |
4.80 |
|
Ms. Nathaporn Tamesirichai Nationality: Thai
Address : 42, 48
Soi Chokchaijongchamroen, Rama
3 Rd.,
Bangpongpang, Yannawa, Bangkok |
23,599,600 |
4.45 |
Mr. Chaiyasit Viriyamettakul
Nationality: Thai
Address : - |
17,957,900 |
3.39 |
|
Ms. Prangthip Sivaruk Nationality: Thai Address : - |
16,615,000 |
3.13 |
Ms. Sasirat Sivaruk
Nationality: Thai Address : - |
14,793,300 |
2.79 |
|
Ms. Piyanuch Tamesirichai Nationality: Thai Address : 200/254
Sukhumvit 77 Rd.,
Praves, Prakanong, Bangkok
10250
|
14,633,700 |
2.76 |
|
Mr. Chatree Soponpanich Nationality: Thai Address : - |
14,400,000 |
2.72 |
|
Ms. Pisuth Viriyamettakul Nationality: Thai Address : - |
13,500,000 |
2.55 |
|
Mr. Pornsilp Tamesirichai Nationality: Thai Address : 503
Sri Ayudhya Rd., Phyathai,
Rajthevee, Bangkok |
12,600,000 |
2.38 |
Mr. Vorarit Tamesirichai
Nationality : Thai Address : - |
10,800,000 |
2.04 |
Others
|
207,281,246 |
39.11 |
Total Shareholders :
1,493
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Sulalit Ardsawang No.
7517
BALANCE SHEET [BAHT]
The
latest financial figures
published as at
December 31, 2012,
2011 & 2010
were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and cash equivalents |
16,556,073.92 |
12,753,326.24 |
13,633,354.90 |
|
Trade accounts and
other receivable |
524,361,811.71 |
478,409,139.83 |
499,480,475.50 |
|
Inventories |
1,084,236,993.29 |
1,204,746,895.18 |
1,001,622,257.88 |
|
Goods deposit |
- |
- |
19,492,559.97 |
|
Other current assets |
2,228,013.54 |
9,566,546.84 |
6,050,303.85 |
|
|
|
|
|
|
Total Current Assets
|
1,627,382,892.46 |
1,705,475,908.09 |
1,540,278,952.10 |
|
Cash at bank pledged as
a collateral |
585,622.81 |
577,270.75 |
574,427.34 |
|
Real estate for investment |
10,007,313.64 |
10,686,528.59 |
11,591,062.39 |
|
Land, building & equipment |
698,668,386.61 |
657,419,480.59 |
615,341,029.14 |
|
Other non-current assets |
2,442,561.21 |
2,371,044.25 |
4,840,351.91 |
|
Total Assets |
2,339,086,776.73 |
2,376,530,232.27 |
2,172,625,822.88 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank overdraft &
short-term loans from financial institutions |
210,113,402.14 |
439,978,715.82 |
330,189,078.50 |
|
Accounts payable -trade |
213,829,064.06 |
204,839,358.64 |
204,605,976.79 |
|
Other payable |
26,123,989.56 |
24,660,500.62 |
- |
|
Cash received in
advance under the hiring agreement
|
- |
23,214,250.69 |
24,485,301.11 |
|
Cash received in
advance from sales and
services |
20,540,844.51 |
32,906,575.54 |
19,293,853.42 |
|
Accrued income tax |
39,449,413.41 |
34,950,083.40 |
32,240,840.41 |
|
Other current liabilities
|
6,239,731.46 |
3,014,853.24 |
30,219,857.79 |
|
|
|
|
|
|
Total Current Liabilities |
516,296,445.14 |
763,564,337.95 |
641,034,908.02 |
|
Employee benefits obligations |
27,892,167.00 |
25,040,472.00 |
- |
|
Other non-current liabilities |
150,000.00 |
150,000.00 |
150,000.00 |
|
Total Liabilities |
544,338,612.14 |
788,764,809.95 |
641,184,908.02 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share Capital :
Baht. 1 par
value Authorized share
capital 550,000,000 shares, Baht 1 par value each |
550,000,000.00 |
550,000,000.00 |
550,000,000.00 |
|
|
|
|
|
|
Issued and fully
paid-up 530,000,000 shares, Baht 1 par value each |
530,000,000.00 |
530,000,000.00 |
530,000,000.00 |
|
Premium on share
capital |
262,262,300.00 |
262,262,300.00 |
262,262,300.00 |
|
Premium on common
stock |
12,951,122.72 |
- |
- |
|
Retained Earning Appropriated for
statutory reserve |
55,000,000.00 |
55,000,000.00 |
55,000,000.00 |
|
Reserve for
Repurchase of Shares |
- |
28,617,465.28 |
10,260,844.16 |
|
Unappropriated |
848,611,086.87 |
654,579,467.32 |
592,481,159.86 |
|
Other components of
shareholders’ equity |
85,923,655.00 |
85,923,655.00 |
91,697,455.00 |
|
|
|
|
|
|
Total Shareholders' Equity |
1,794,748,164.59 |
1,616,382,877.60 |
1,541,701,759.02 |
|
Less: Repurchase of share
capital |
- |
[28,617,465.28] |
[10,260,844.16] |
|
Total Shareholders' Equity -
Net |
1,794,748,164.59 |
1,587,765,422.32 |
1,531,440,914.86 |
|
|
|
|
|
|
Total
Liabilities & Shareholders'
Equity |
2,339,086,776.73 |
2,376,530,232.27 |
2,172,625,822.88 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales and services |
2,747,070,995.68 |
2,311,104,206.86 |
2,108,914,891.30 |
|
Other Income Commissions |
53,067,283.31 |
23,511,226.90 |
11,881,727.24 |
|
Gain on exchange rate |
11,007,099.84 |
- |
13,031,855.41 |
|
Reversal of
loss from land
appraisal |
- |
- |
16,854,410.00 |
|
Others |
13,004,121.73 |
13,075,457.81 |
7,147,710.21 |
|
Total Revenues |
2,824,149,500.56 |
2,347,690,891.57 |
2,157,830,594.16 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of sales and services |
2,052,265,270.23 |
1,698,724,751.05 |
1,599,355,115.53 |
|
Selling expenses |
120,141,250.12 |
100,361,956.10 |
81,045,583.12 |
|
Administrative expenses |
230,390,705.30 |
203,854,781.43 |
192,457,659.10 |
|
Management’s remuneration |
24,510,100.96 |
21,492,886.83 |
20,668,024.00 |
|
Loss on exchange
rate |
- |
12,323,364.28 |
- |
|
Financial cost |
11,746,992.07 |
10,478,090.55 |
10,335,472.62 |
|
Total Expenses |
2,439,054,318.68 |
2,047,235,830.24 |
1,903,861,854.37 |
|
|
|
|
|
|
Profit / [loss] before Income
Tax |
385,095,181.88 |
300,455,061.33 |
253,968,739.79 |
|
Income tax |
[81,881,193.61] |
[78,611,391.75] |
[53,715,807.24] |
|
|
|
|
|
|
Net Profit / [Loss] |
303,213,988.27 |
221,843,669.58 |
200,252,932.55 |
The
latest financial figures
published as at
June 30, 2013,
was :
ASSETS
|
Current Assets |
2013 |
|
|
|
|
Cash and cash equivalents |
42,976,173.54 |
|
Trade accounts and
other receivable |
508,832,065.24 |
|
Inventories |
975,243,659.74 |
|
Other current assets |
1,997,638.85 |
|
|
|
|
Total Current Assets
|
1,529,049,537.37 |
|
Cash at bank pledged as
a collateral |
598,921.97 |
|
Land, building & equipment |
748,980,497.12 |
|
Deferred tax assets |
17,910,473.51 |
|
Other non-current assets |
2,426,242.37 |
|
Total Assets |
2,298,965,672.34 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
|
|
|
|
Bank overdraft &
short-term loans from financial institutions |
170,734,187.53 |
|
Accounts payable -trade |
152,417,340.89 |
|
Other payables |
37,479,962.53 |
|
Cash received in
advance from sales and
services |
20,785,963.39 |
|
Accrued income tax |
28,375,348.44 |
|
Other current liabilities
|
6,401,133.09 |
|
|
|
|
Total Current Liabilities |
416,193,935.87 |
|
Deferred tax liabilities |
17,184,731.00 |
|
Employee benefits obligations |
16,773,378.73 |
|
Other non-current liabilities |
150,000.00 |
|
Total Liabilities |
450,302,045.60 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Share Capital :
Baht. 1 par
value Authorized share
capital 550,000,000 shares, Baht 1 par value each
|
550,000,000.00 |
|
|
|
|
Issued and
fully paid-up 530,000,000 shares, Baht 1 par
value each |
530,000,000.00 |
|
Premium on common
stock |
262,262,300.00 |
|
Premium on treasury
shares |
12,951,122.72 |
|
Retained Earning Appropriated for
statutory reserve |
55,000,000.00 |
|
Unappropriated |
919,711,280.02 |
|
Other components of
equity |
68,738,924.00 |
|
|
|
|
Total Shareholders' Equity |
1,848,663,626.74 |
|
|
|
|
Total
Liabilities & Shareholders' Equity
|
2,298,965,672.34 |
PROFIT &
LOSS ACCOUNT
For the
six-month period ended
June 30, 2013.
|
Revenue |
2013 |
|
|
|
|
Sales and services |
1,239,194,118.36 |
|
Other Income Commissions |
10,007,695.35 |
|
Gain on disposal of
assets |
15,295,512.07 |
|
Others |
2,320,956.62 |
|
Total Revenues |
1,266,818,282.40 |
|
Expenses |
|
|
|
|
|
Cost of sales and services |
895,539,387.89 |
|
Selling expenses |
56,837,437.78 |
|
Administrative expenses |
122,120,414.30 |
|
Management benefit expenses |
11,029,396.29 |
|
Loss on exchange
rate |
1,227,256.59 |
|
Financial cost |
1,879,487.58 |
|
Total Expenses |
1,088,633,380.43 |
|
|
|
|
Profit before Income
Tax |
178,184,901.97 |
|
Income tax |
[32,180,088.92] |
|
|
|
|
Net Profit / [Loss] |
146,004,813.05 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.15 |
2.23 |
2.40 |
|
QUICK RATIO |
TIMES |
1.05 |
0.64 |
0.80 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.93 |
3.52 |
3.43 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.17 |
0.97 |
0.97 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
192.83 |
258.86 |
233.04 |
|
INVENTORY TURNOVER |
TIMES |
1.89 |
1.41 |
1.57 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
69.67 |
75.56 |
86.45 |
|
RECEIVABLES TURNOVER |
TIMES |
5.24 |
4.83 |
4.22 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
38.03 |
44.01 |
46.69 |
|
CASH CONVERSION CYCLE |
DAYS |
224.48 |
290.40 |
272.79 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
74.71 |
73.50 |
75.84 |
|
SELLING & ADMINISTRATION |
% |
12.76 |
13.16 |
12.97 |
|
INTEREST |
% |
0.43 |
0.45 |
0.49 |
|
GROSS PROFIT MARGIN |
% |
28.10 |
28.08 |
26.48 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
14.02 |
13.00 |
12.04 |
|
NET PROFIT MARGIN |
% |
11.04 |
9.60 |
9.50 |
|
RETURN ON EQUITY |
% |
16.89 |
13.72 |
12.99 |
|
RETURN ON ASSET |
% |
12.96 |
9.33 |
9.22 |
|
EARNING PER SHARE |
BAHT |
0.57 |
0.42 |
0.38 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.23 |
0.33 |
0.30 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.30 |
0.49 |
0.42 |
|
TIME INTEREST EARNED |
TIMES |
32.78 |
28.67 |
24.57 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
18.86 |
9.59 |
|
|
OPERATING PROFIT |
% |
28.17 |
18.30 |
|
|
NET PROFIT |
% |
36.68 |
10.78 |
|
|
FIXED ASSETS |
% |
6.27 |
6.84 |
|
|
TOTAL ASSETS |
% |
(1.58) |
9.39 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 18.86%. Turnover has increased from THB
2,311,104,206.86 in 2011 to THB 2,747,070,995.68 in 2012. While net profit has
increased from THB 221,843,669.58 in 2011 to THB 303,213,988.27 in 2012. And
total assets has decreased from THB 2,376,530,232.27 in 2011 to THB
2,339,086,776.73 in 2012.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
28.10 |
Impressive |
Industrial
Average |
1.58 |
|
Net Profit Margin |
11.04 |
Impressive |
Industrial
Average |
0.36 |
|
Return on Assets |
12.96 |
Impressive |
Industrial
Average |
0.83 |
|
Return on Equity |
16.89 |
Impressive |
Industrial
Average |
2.03 |
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 28.1%. 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 11.04%, 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
12.96%, 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 16.89%, 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.
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 |
3.15 |
Impressive |
Industrial
Average |
1.31 |
|
Quick Ratio |
1.05 |
|
|
|
|
Cash Conversion Cycle |
224.48 |
|
|
|
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 3.15 times in 2012, increased from 2.23 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 1.05 times in 2012,
increased from 0.64 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 225 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.23 |
Impressive |
Industrial
Average |
0.59 |
|
Debt to Equity Ratio |
0.30 |
Impressive |
Industrial
Average |
1.42 |
|
Times Interest Earned |
32.78 |
Impressive |
Industrial
Average |
- |
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 32.79 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 0.23 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 Downtrend
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.93 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.17 |
Acceptable |
Industrial
Average |
2.26 |
|
Inventory Conversion Period |
192.83 |
|
|
|
|
Inventory Turnover |
1.89 |
Deteriorated |
Industrial
Average |
5.11 |
|
Receivables Conversion Period |
69.67 |
|
|
|
|
Receivables Turnover |
5.24 |
Impressive |
Industrial
Average |
3.82 |
|
Payables Conversion Period |
38.03 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.24 and 4.83 in
2012 and 2011 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2012
increased from 2011. This would suggest the company had good performance in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has decreased from 259 days at the
end of 2011 to 193 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 1.41 times in year 2011 to 1.89 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.17 times and 0.97
times in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.92 |
|
|
1 |
Rs.99.59 |
|
Euro |
1 |
Rs.83.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.