MIRA INFORM REPORT
|
Report Date : |
09.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
BANGKOK GLASS
INDUSTRY PUBLIC COMPANY LIMITED |
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Registered Office : |
32nd Floor,
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Country : |
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|
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
11.03.1974 |
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|
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Com. Reg. No.: |
0107556000566 |
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|
Legal Form : |
Public Limited Company |
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|
|
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Line of Business : |
Manufacturing, exporting and
distributing various kinds
of glass containers
with around 120
different types. Its
products are supplied
to various industries such
as beers & liquors, foods,
pharmaceuticals, insecticide, energy
drink and beverage
industries. |
|
|
|
|
No. of Employees : |
1,900 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
BANGKOK
GLASS INDUSTRY PUBLIC
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 32nd FLOOR,
OCEAN TOWER 1,
170/87 RATCHADAPISEK
ROAD,
KLONGTOEY, BANGKOK
10110, THAILAND
TELEPHONE : [66] 2648-6100
FAX :
[66] 2648-6198
E-MAIL
ADDRESS : natcha@bgiglass.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1974
REGISTRATION
NO. : 0107556000566 [Former : 0105517003019]
TAX
ID NO. : 3101110111
CAPITAL REGISTERED : BHT. 4,827,000,000
CAPITAL PAID-UP : BHT.
3,620,000,000
SHAREHOLDER’S PROPORTION : THAI :
98.95%
FOREIGN :
1.05%
FISCAL YEAR CLOSING DATE : DECEMBER
31
LEGAL
STATUS : PUBLIC
LIMITED COMPANY
EXECUTIVE : MR.
SURASAK DECHARIN, THAI
PRESIDENT
NO. OF
STAFF : 1,900
LINES
OF BUSINESS : GLASS
CONTAINERS
MANUFACTURER, DISTRIBUTOR
AND 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
March 11, 1974 as a private
limited company under
the name style
BANGKOK GLASS INDUSTRY
COMPANY LIMITED by
Thai and foreign
groups including Industrial Finance Corporation
of Thailand [IFCT], DEG-German
Investment & Development
Company, Oberland Glas
AG., and others.
On August 21,
2013, its status
was converted to
a public limited
company, namely BANGKOK
GLASS INDUSTRY PUBLIC
COMPANY LIMITED. At
present, the subject
is an affiliated
company of Boonrawd
Brewery Co., Ltd.
It currently employs
approximately 1,900 staff.
Its business objective
is to produce
glass containers with
a promotional privilege
granted by The
Board of Investment
[BOI].
The subject
is also the
first company in
Thailand to produce
various kinds of
glass block products
in 1993 under
its own brand
“BG”. The products
have been certified
for quality standards
from 3 international
standard institutes including
TIS 1395-2540, Thailand,
DIN 18175 from
MPA NRW Institute of
Germany, and BS 746:PART 22: 1987 from
PSB institute in
Singapore.
The subject’s registered
address is 32nd Floor,
Ocean Tower 1, 170/87
Ratchadapisek Rd.,
Klongtoey, Bangkok 10110,
and this is
the subject’s current
operating address.
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vapee Bhirombhakdi |
[x] |
Thai |
78 |
|
Mr. Apisak Tantivorawong |
|
Thai |
60 |
|
Mr. Withaya Vejjachewa |
|
Thai |
77 |
|
Mrs. Patriya Benjapolchai |
|
Thai |
59 |
|
Mr. Chai Sophonpanich |
|
Thai |
70 |
|
Mr. Jutinun Bhirombhakdi |
[x] |
Thai |
56 |
|
Mr. Rojanarith Thepakham |
[x] |
Thai |
54 |
|
Mr. Palis Bhirombhakdi |
[x] |
Thai |
56 |
|
Mr. Pong Sarasin |
|
Thai |
86 |
|
Mr. Surasak Decharin |
[x] |
Thai |
65 |
|
Mr. Pavin Bhirombhakdi |
[x] |
Thai |
38 |
|
Mr. Apilas Osathanond |
|
Thai |
79 |
AUTHORIZED PERSON
Any two of the mentioned directors [x] can jointly sign
on behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Surasak Decharin is
the President.
He is Thai
nationality with the
age of 65 years
old.
Mr. Pavin Bhirombhakdi
is the Executive
Vice President.
He is Thai
nationality with the
age of 38
years old.
Mr. Somporn Temudomsomboon is the
Executive Vice President.
He is Thai
nationality.
Mr. Sitthichai Wongthavonkit is the
Managing Director-Non-Glass Packaging
Business.
He is Thai
nationality.
Mrs. Suchitra Chupitaksin is
the Vice President-President Office.
She is Thai
nationality.
Mrs. Lucksana Wongrungrojkij is
the Vice President-Administration.
She is Thai
nationality.
Mrs. Amrat Puvaveeranin is
the Vice President-Financial and
Accounting.
She is Thai
nationality.
Mr. Naris Krailadsiri is
the Vice President-Engineering and
Production.
He is Thai
nationality.
Mr. Supasin Leelarit is
the Vice President-Commercial and
Business Development.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, exporting
and distributing various
kinds of glass
containers with around
120 different types.
Its products are
supplied to various industries
such as beers
& liquors, foods, pharmaceuticals, insecticide,
energy drink and
beverage industries and
etc. The technology
know-how for production process is
provided by Oberland
Glas AG., Germany,
as well as holding
and investing in its
affiliated companies and subsidiaries
to manufacture full
range of packaging
materials, including closure,
corrugated carton, plastic
crate, plastic [PET] container
and lifestyle products.
MAJOR BRAND
“BG”
PRODUCTION CAPACITY
4-6 million bottles per
day
Glass Bottle products:
Bottle weight from
60 gm. - 1,000 gm.
Bottle capacity from
55 cc. - 1,000 ml.
in flint and
amber.
Size of Products:
Glass bottles : 750,
500 and 250
cm. [28m.m. Pilfer Proff,
26 mm. Crown,
30 mm.
MTO
and MTB]
Glass block :
190x190x80 mm. and
190x190x100 mm.
PURCHASE
Most of raw materials
such as recycled
glass, silica sand, soda
ash, limestone, dolomite,
feldspare, cullet and
other chemical additives
are purchased from
local suppliers, the
remaining as well
as chemical are
imported from Malaysia,
Germany, United States of
America, Taiwan, Japan,
Singapore and Republic
of China.
MAJOR SUPPLIERS
Sera Color Co., Ltd. : Thailand
Rayong Supplier Co., Ltd. : Thailand
SALES
The products are
sold to approximate
5,000 customers both
domestic and overseas.
80% of its products is
sold locally by
wholesale to manufacturer,
Thai government and
end-user, the remaining 20%
is exported to
Philippines, Korea, Taiwan,
India, Cambodia, Indonesia, Vietnam, Laos, Japan, Africa,
Germany, Italy, Singapore,
Hong Kong, Australia, Malaysia,
Saudi Arabia, Kuwait,
Norway, Canada, Myanmar,
Russia and etc.
MAJOR CUSTOMERS
Boon Rawd Brewery
Co., Ltd : Thailand
Serm Suk Public
Co., Ltd. : Thailand
Green Spot [Thailand] Co., Ltd. : Thailand
Thai Pure Drinks
Co., Ltd. :
Thailand
Beer Thai [1991]
Public Co., Ltd. : Thailand
Defence Pharmaceutical Co.,
Ltd. : Thailand
Osotspa Co., Ltd. : Thailand
Lampang Food Products
Co., Ltd. : Thailand
Carabao Tawandang Co.,
Ltd. :
Thailand
T.C. Pharmaceutical Industry
Co., Ltd. : Thailand
Chotiwat Manufacturing Co.,
Ltd. : Thailand
Hi-Q Food Products
Co., Ltd. :
Thailand
Siam Winery Co.,
Ltd. : Thailand
Thai Agri Food
Public Co., Ltd. : Thailand
The Government Pharmaceutical Organization : Thailand
Kim Chua Group
of companies : Thailand
Kemfac Co., Ltd. : Thailand
Thai Theparos Public
Company Limited :
Thailand
AFFLIATED COMPANIES
Prachinburi Glass Industry
Co., Ltd.
Business Type : Manufacturer
of glass container
Khon Kaen Glass
Industry Co., Ltd.
Business Type : Manufacturer
of glass container
Ayutthaya Glass Industry
Co., Ltd.
Business Type : Manufacturer
of glass container
Bangkok Visypak Co., Ltd.
Business Type : Manufacturer
of corrugated carton
Petpak Co., Ltd.
Business Type : Manufacturer
of pet bottles
BG Pak Co., Ltd.
Business Type : Manufacturer
of plastic closures
and crown closures
BGFC Sport Ltd.
Business Type : Sport
business
Pathumthani Glass Industry
Co., Ltd.
Business Type : Manufacturer
of glass containers
Rayong Glass Industry
Co., Ltd.
Business Type : Manufacturer
of glass containers
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 for the
past two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T
Exports are against
T/T.
BUSINESS TRANSACTION
The products are
sold by cash
and credit, with
the maximum credit
given at 30-60
days. The subject
is not found
to have payment
problem from its
customers.
BANKING
Kasikornbank Public
Co., Ltd.
[Head Office :
1 Kasikorn Lane,
Rajburana Rd., Rajburana,
Bangkok 10140]
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]
Krung Thai Bank
Public Co., Ltd.
[Head Office : 35
Sukhumvit Rd., Klongtoeynua, Wattana,
Bangkok 10110]
EMPLOYMENT
The subject employs
approximately 1,900 office
staff and factory
workers.
LOCATION DETAILS
The premise is
rented for administrative office
on the space
area of 400
square meters at the heading
address. Premises is
located in commercial area.
The factory [Phathumthani Plant]
is situated on
640,000 square meters
plot of land,
which located at
47/1 Moo 2, Rangsit-Nakornnayok Rd.,
K.M. 7, T.
Buengyeetho, A. Thanyaburi, Pathumthani
12130. Tel.: [66]
2834-7000 Fax: [66]
2533-1140.
Branches:
-
194 Moo 4, T.
Krasaebon, A. Klaeng, Rayong
21110.
Tel.: [66]
38 678-111-9, Fax. : [66] 38 672-804.
-
101/58
Moo 20, T. Klongnueng, A. Klongluang, Pathumthani
12120.
Tel. : [66] 2529-0075-8, Fax. : [66] 2529-0079.
-
114 Moo 14, T.
Thaphra, A. Muang, Khon
Kaen 40260.
Tel. : [66] 43 349-900,
Fax. : [66] 43 349-904.
COMMENT
The company is
the leading manufacturer
for glass industry
in the country.
Its major customers are breweries
companies which sales have significantly increased each year. Rising demand
of glass containers especially
from various industries
has constantly increased
demand of the
products.
Subject
reported an outstanding
sales in 2012. Strong
local consumption has seen since
2011 and continue
growing steadily, as
well as sale
in export markets
also improved distinctively.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 50,000,000 divided
into 50,000 shares
of Bht. 1,000
each.
The capital was
increased later as
followings :
Bht. 330,000,000
on April 23,
1982
Bht. 410,000,000
on September 22,
1983
Bht. 451,000,000
on October 31,
1989
Bht. 700,000,000
on December 22,
1994
Bht. 900,000,000
on December 29,
1995
Bht.
1,350,000,000 on December
30, 2008
Bht. 2,850,000,000 on
December 20, 2012
Bht. 3,620,000,000 on
August 13, 2013
The latest registered
capital was increased
to Bht. 4,827,000,000 divided
into 965,400,000 shares
of Bht. 5
each, with the
current capital paid-up
at Bht. 3,620,000,000.
MAIN SHAREHOLDERS
[as at August
14, 2013] at
Bht. 3,620,000,000 of
capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Boon Rawd Brewery
Co., Ltd. Nationality: Thai Address : 999 Samsen
Rd., Bangkrabue, Dusit, Bangkok |
488,727,340 |
67.50 |
|
Mr. Vapee Bhirombhakdi Nationality: Thai Address : 999 Samsen
Rd., Bangkrabue, Dusit, Bangkok |
29,153,660 |
4.03 |
|
Green Spot Co., Ltd. Nationality: Thai Address : 288 Srinakarin
Rd., Huamark,
Bangkapi, Bangkok |
21,951,940 |
3.03 |
|
Bangkok Insurance Public
Co., Ltd. Nationality: Thai Address : 25 South
Sathorn Rd.,
Thungmahamek, Sathorn, Bangkok |
18,250,220 |
2.52 |
|
Thai Pure Drink
Co., Ltd. Nationality: Thai Address : 214 Vibhavadee
Rangsit Rd., Bangkhen,
Bangkok |
15,062,400 |
2.08 |
|
Mr. Santi Bhirombhakdi Nationality: Thai Address : 999 Samsen
Rd., Bangkrabue, Dusit, Bangkok |
10,019,160 |
1.38 |
|
Bangkok Bank Public
Co., Ltd. Nationality: Thai Address : 333 Silom
Road, Silom, Bangrak, Bangkok |
9,390,340 |
1.30 |
|
Mr. Wutha Bhirombhakdi Nationality: Thai Address : 999 Samsen
Rd., Bangkrabue, Dusit, Bangkok |
9,292,580 |
1.28 |
|
C.B. Holding Co.,
Ltd. Nationality: Thai Address : 83 Amnuaysongkram Rd.,
Thanon Nakornchaisri, Dusit,
Bangkok |
8,822,080 |
1.22 |
|
Serm Suk
Public Company Limited Nationality: Thai Address : 252/35-36 Ratchadapisek Rd.,
Huaykwang, Bangkok |
7,181,880 |
0.99 |
|
Others |
106,148,400 |
14.67 |
Total Shareholders : 310
Share Structure [as
at August 14,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
308 |
716,467,100 |
98.95 |
|
Foreign |
2 |
7,532,900 |
1.05 |
|
Total |
310 |
724,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Visutta Jariyathanakorn No.
3853
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash in Hand
& at Bank |
107,413,035 |
65,168,364 |
20,755,156 |
|
Trade Accounts & Other Receivable |
1,493,482,421 |
1,210,733,545 |
639,593,966 |
|
Short-term Lending |
29,713,949 |
11,993,950 |
- |
|
Inventories |
142,922,713 |
392,597,178 |
1,132,362,112 |
|
Refundable Custom Tax |
- |
11,392,763 |
6,346,214 |
|
Refundable Value Added
Tax |
- |
- |
24,622,715 |
|
Other Short-term Lending |
- |
- |
29,823,238 |
|
Other Current Assets
|
47,891,910 |
61,703,320 |
52,966,632 |
|
|
|
|
|
|
Total Current Assets
|
1,821,424,028 |
1,753,589,120 |
1,906,470,033 |
|
Investment in Subsidiaries |
6,606,767,440 |
6,002,267,365 |
3,610,914,197 |
|
Other Long-term Investment |
7,201,257 |
7,201,257 |
7,201,257 |
|
Long-term Lending to
Related Company |
799,300,000 |
1,029,796,366 |
1,579,472,203 |
|
Investment in Real Estate |
1,248,982,990 |
1,254,260,310 |
- |
|
Non-operating Assets |
- |
- |
15,742,425 |
|
Fixed Assets |
475,989,753 |
348,467,367 |
2,805,856,588 |
|
Intangible Assets |
7,734,571 |
8,796,487 |
- |
|
Deposit for Land |
81,448,225 |
- |
- |
|
Computer Programme |
- |
- |
10,195,559 |
|
Other Non-current Assets |
16,144,855 |
4,895,281 |
3,972,106 |
|
Total Assets |
11,064,993,119 |
10,409,273,553 |
9,939,824,368 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Bank |
- |
2,004,184,111 |
1,829,575,741 |
|
Trade Accounts Payable
- Others |
1,650,843,712 |
897,264,937 |
306,277,035 |
|
Trade Accounts Payable - Related Company |
- |
- |
16,810,998 |
|
Short-term Loan from
Related Company |
- |
117,000,000 |
- |
|
Current Portion of
Long-term Loan from Financial Institution |
510,000,000 |
330,000,000 |
392,000,000 |
|
Current Portion of
Lease Finance Contract Payable |
- |
- |
860,702 |
|
Accrued Income Tax |
878,308 |
- |
11,168,831 |
|
Accrued Expenses |
- |
- |
68,162,767 |
|
Payable for Shares |
300,000,000 |
- |
- |
|
Other Current Liabilities |
14,685,730 |
11,114,944 |
11,657,267 |
|
|
|
|
|
|
Total Current Liabilities |
2,476,407,750 |
3,359,563,992 |
2,636,513,341 |
|
Long-term Loan from Bank,
Net of Current Portion |
710,000,000 |
674,000,000 |
558,000,000 |
|
Lease Finance Contract
Payable, Net of
Current Portion |
- |
- |
1,785,006 |
|
Reserve for Employee’s
Benefit |
256,308,334 |
276,123,659 |
312,827,121 |
|
Total Liabilities |
3,442,716,084 |
4,309,687,651 |
3,509,125,468 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 28,500,000 shares in 2012;
13,500,000 shares in 2011 &
2010 |
2,850,000,000 |
1,350,000,000 |
1,350,000,000 |
|
|
|
|
|
|
Capital Paid |
2,850,000,000 |
1,350,000,000 |
1,350,000,000 |
|
Premium on Share Capital |
1,579,000,000 |
1,579,000,000 |
1,579,000,000 |
|
Retained Earning Appropriated for - Statutory Reserve
|
111,280,000 |
111,280,000 |
102,300,000 |
|
- Other Reserve |
594,000,000 |
594,000,000 |
594,000,000 |
|
|
705,280,000 |
705,280,000 |
696,300,000 |
|
Unappropriated |
2,487,997,035 |
2,465,305,902 |
2,805,398,900 |
|
Total Shareholders' Equity |
7,622,277,035 |
6,099,585,902 |
6,430,698,900 |
|
Total Liabilities &
Shareholders' Equity |
11,064,993,119 |
10,409,273,553 |
9,939,824,368 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales |
7,441,316,459 |
6,257,871,223 |
4,680,484,303 |
|
Dividend Income |
35,974,140 |
55,330,448 |
40,618,690 |
|
Interest Income |
48,129,999 |
45,547,027 |
32,628,691 |
|
Compensation Income |
418,084,407 |
164,545,454 |
- |
|
Other Income |
252,176,852 |
156,199,119 |
178,727,425 |
|
Total Revenues |
8,195,681,857 |
6,679,493,271 |
4,932,459,109 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
7,187,377,800 |
5,933,639,838 |
4,165,494,595 |
|
Selling Expenses |
262,261,669 |
239,880,612 |
196,963,262 |
|
Administrative Expenses |
560,207,066 |
303,941,823 |
298,514,509 |
|
Other Expenses |
22,044,431 |
168,600,000 |
- |
|
Loss on Flooding |
- |
171,178,628 |
- |
|
Total Expenses |
8,031,890,966 |
6,817,240,901 |
4,660,972,366 |
|
|
|
|
|
|
Profit / [Loss] before
Financial Cost & Income
Tax |
163,790,891 |
[137,747,630] |
271,486,743 |
|
Financial Cost |
[114,099,758] |
[92,115,368] |
[63,565,290] |
|
|
|
|
|
|
Profit / [Loss] before Income Tax |
49,691,133 |
[229,862,998] |
207,921,453 |
|
Income Tax |
- |
- |
[28,309,897] |
|
|
|
|
|
|
Net Profit / [Loss] |
49,691,133 |
[229,862,998] |
179,611,556 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.74 |
0.52 |
0.72 |
|
QUICK RATIO |
TIMES |
0.66 |
0.38 |
0.25 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
15.63 |
17.96 |
1.67 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.67 |
0.60 |
0.47 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
7.26 |
24.15 |
99.22 |
|
INVENTORY TURNOVER |
TIMES |
50.29 |
15.11 |
3.68 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
73.26 |
70.62 |
49.88 |
|
RECEIVABLES TURNOVER |
TIMES |
4.98 |
5.17 |
7.32 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
83.84 |
55.19 |
26.84 |
|
CASH CONVERSION CYCLE |
DAYS |
(3.32) |
39.57 |
122.26 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
96.59 |
94.82 |
89.00 |
|
SELLING & ADMINISTRATION |
% |
11.05 |
8.69 |
10.59 |
|
INTEREST |
% |
1.53 |
1.47 |
1.36 |
|
GROSS PROFIT MARGIN |
% |
13.55 |
11.92 |
16.39 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.20 |
(2.20) |
5.80 |
|
NET PROFIT MARGIN |
% |
0.67 |
(3.67) |
3.84 |
|
RETURN ON EQUITY |
% |
0.65 |
(3.77) |
2.79 |
|
RETURN ON ASSET |
% |
0.45 |
(2.21) |
1.81 |
|
EARNING PER SHARE |
BAHT |
1.74 |
(17.03) |
13.30 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.31 |
0.41 |
0.35 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.45 |
0.71 |
0.55 |
|
TIME INTEREST EARNED |
TIMES |
1.44 |
(1.50) |
4.27 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
18.91 |
33.70 |
|
|
OPERATING PROFIT |
% |
(218.91) |
(150.74) |
|
|
NET PROFIT |
% |
121.62 |
(227.98) |
|
|
FIXED ASSETS |
% |
36.60 |
(87.58) |
|
|
TOTAL ASSETS |
% |
6.30 |
4.72 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 18.91%. Turnover has increased from THB 6,257,871,223.00
in 2011 to THB 7,441,316,459.00 in 2012. While net profit has increased from
THB -229,862,998.00 in 2011 to THB 49,691,133.00 in 2012. And total assets has
increased from THB 10,409,273,553.00 in 2011 to THB 11,064,993,119.00 in 2012.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
13.55 |
Impressive |
Industrial
Average |
5.94 |
|
Net Profit Margin |
0.67 |
Deteriorated |
Industrial Average |
2.77 |
|
Return on Assets |
0.45 |
Deteriorated |
Industrial
Average |
1.65 |
|
Return on Equity |
0.65 |
Deteriorated |
Industrial
Average |
3.32 |
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 13.55%. 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 0.67%.
When compared with the industry average, the ratio of the company was lower.
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. When compared with the
industry average, it was lower, the company's figure is 0.45%.
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. When compared with the
industry average, it was lower, the company's figure is 0.65%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.74 |
Risky |
Industrial
Average |
0.78 |
|
Quick Ratio |
0.66 |
|
|
|
|
Cash Conversion Cycle |
(3.32) |
|
|
|
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 0.74 times in 2012, increased from 0.52 times, then the company may
not be efficiently using its current assets. 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 0.66 times in 2012,
increased from 0.38 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 -4 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.31 |
Impressive |
Industrial
Average |
0.48 |
|
Debt to Equity Ratio |
0.45 |
Impressive |
Industrial
Average |
0.92 |
|
Times Interest Earned |
1.44 |
Impressive |
Industrial
Average |
0.79 |
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 1.44 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 0.31 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 :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
15.63 |
Impressive |
Industrial
Average |
0.02 |
|
Total Assets Turnover |
0.67 |
Impressive |
Industrial
Average |
0.63 |
|
Inventory Conversion Period |
7.26 |
|
|
|
|
Inventory Turnover |
50.29 |
Impressive |
Industrial
Average |
4.60 |
|
Receivables Conversion Period |
73.26 |
|
|
|
|
Receivables Turnover |
4.98 |
Impressive |
Industrial
Average |
2.71 |
|
Payables Conversion Period |
83.84 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.98 and 5.17 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 decreased from 24 days at the
end of 2011 to 7 days at the end of 2012. This represents a positive trend. And
Inventory turnover has increased from 15.11 times in year 2011 to 50.29 times
in year 2012.
The company's Total Asset Turnover is calculated as 0.67 times and 0.6
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.62.73 |
|
|
1 |
Rs.100.92 |
|
Euro |
1 |
Rs.84.06 |
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.