MIRA
INFORM REPORT
|
Report Date : |
29.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
THAI HUA RUBBER PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
238/1
Ratchadapisek Road, Huaykwang, Bangkok 10320 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
03.09.1985 |
|
|
|
|
Com. Reg. No.: |
0107539000251 [BOR
MOR JOR. 626] |
|
|
|
|
Legal Form : |
Public
Limited Company |
|
|
|
|
Line of Business : |
manufacturing, exporting and
distributing of natural
rubber products such
as ribbed smoked
sheet [RSS], air
dried sheets [ADS],
standard Thai rubber [STR] and concentrated latex. |
|
|
|
|
No. of Employees : |
2,000 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 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
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 : DR. 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 |
|
|
|
|
|
|
Dr. 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
Dr. 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. Amphol Raungturakit is
the Senior Executive
Vice President [Finance & Accounting]
He is Thai
nationality.
Mrs. Subin Saetiao is
the Senior Executive
Vice President [Subsidiary & 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. Chetta Meemangkang is
the Executive Vice
President [Research & Development].
He is Thai
nationality.
Mr. Pongsak Hamsongkitpong is
the Executive Vice
President [Internal Audit].
He is Thai
nationality.
Mr. Rawat Kittipol is
the Executive Vice
President [Factory &
Production-Chalung Manager].
He is Thai
nationality.
Ms. Areeruk Kittipol is
the Assistant Executive
Vice President [Finance].
She is Thai
nationality.
Ms. Chaiyapat
Thitidejjirawong is the
Assistant Executive Vice
President [Marketing-Logistic].
She is Thai
nationality.
Mr. Preecha Nobnorb is
the Assistant Executive
Vice President [Factory].
He is Thai
nationality.
Mr. Diraeg Panyaduanglert is
the Assistant Executive
Vice President [Latex
Product] Manager of
Bangklam Factory [BK].
He is Thai
nationality.
Mr. Sawat Polpatkul is
the Assistant Executive
Vice President [RSS
Product] Manager of
Krabi RSS factory [KBR].
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.
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
Standard Thai Rubber [STR] : 10,000
Compound
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.
·
Burirum
Branch, 109 Moo
4, Beung-Jaroen, Ban-Kruat,
Burirum 31180.
COMMENT
In 2012, a lot of global and
domestic factors affected
different aspects of the
country’s economy, whose results
were the global
economy continued its
downtrend due to public debt problems
in the Eurozone
countries, including Greece,
Italy, Portugal and
Spain, causing uncertainty in
the Euro currency
and affecting economic
conditions in each country. In
the United States,
high unemployment persisted
and the trade
deficit rose steadily, causing
the world to be
concerned that Hamburger
Crisis might reoccur.
Asian giants like China
and Japan also
encountered problems from
reduced purchasing in Europe
and the United
States, causing their
economies to slow down
accordingly.
Meanwhile, rubber prices
in 2012 were
lower than those
in 2011 because of
the global economy. These
factors affected on
subject’s business performance.
In 2013 natural
rubber prices in Thailand
are likely to
decline to at
least last year's lows after major
producers abandoned attempts
to restrict supply
and inventories remain near historical highs.
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 April 30,
2013] at Bht.
1,700,000,000 of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Dr. 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 April 30,
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, 2012, 2011 & 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 [Adjusted] |
|
|
|
|
|
|
Cash in Hand
& at Bank |
95,136,608 |
122,823,528 |
135,361,057 |
|
Short-term Investment |
22,710,727 |
114,049 |
175,585,468 |
|
Marketable Securities available for Sale
|
30,981,153 |
33,116,620 |
47,899,189 |
|
Trade Accounts Receivable |
5,659,593,215 |
5,095,591,652 |
4,517,047,188 |
|
Other Receivable Person or Related Company |
215,336,560 |
461,253,249 |
128,217,460 |
|
Short-term Lending to Related
Company |
24,100,000 |
769,809,120 |
421,909,876 |
|
Current Portion of Long-term Receivable |
35,371,998 |
15,300,000 |
43,679,604 |
|
Inventories |
4,614,065,995 |
3,409,194,656 |
4,426,894,024 |
|
Advance Payment for Purchase |
347,236,545 |
415,003,005 |
406,217,415 |
|
Other Current Assets
|
143,831,092 |
46,741,895 |
462,013,623 |
|
|
|
10,368,947,774
|
|
|
Total Current Assets
|
11,188,363,893 |
10,368,947,774 |
10,764,824,904 |
|
Investment in Subsidiary Companies |
2,901,484,905 |
2,106,926,833 |
1,870,305,046 |
|
Investment in Associated Company |
147,000,000 |
147,000,000 |
170,472,099 |
|
Other Long-term Investment |
1,448,294,376 |
1,143,425,463 |
856,692,986 |
|
Long-term Lending to Related
Company |
808,949,228 |
- |
- |
|
Long-term Receivable to Related Company |
67,923,754 |
172,038,883 |
93,812,152 |
|
Real Estate for
Investment |
90,833,753 |
90,833,753 |
90,833,753 |
|
Fixed Assets |
1,519,754,762 |
1,084,691,934 |
770,672,870 |
|
Other Non-current Assets |
88,670,236 |
106,564,151 |
81,887,690 |
|
Total Assets |
18,261,274,907 |
15,220,428,791 |
14,699,501,500 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 [Adjusted] |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loans from Financial
Institutions |
13,615,148,104 |
10,626,734,467 |
11,775,844,599 |
|
Trade Accounts Payable |
740,089,676 |
1,168,458,236 |
696,306,318 |
|
Other payable |
334,968,001 |
169,918,073 |
- |
|
Current Portion of Long-term Loan from Financial Institutions |
321,294,608 |
296,481,000 |
199,280,000 |
|
Current Portion of Financial Lease Contract Liabilities |
7,040,776 |
- |
- |
|
Accrued Income Tax |
3,068,170 |
1,454,467 |
- |
|
Other Current Liabilities |
95,911,551 |
118,405,776 |
218,008,551 |
|
|
|
|
|
|
Total Current Liabilities |
15,117,520,886 |
12,381,452,019 |
12,889,439,468 |
|
Long-term Loan from Financial Institutions |
243,446,000 |
143,367,000 |
- |
|
Financial Lease Contract
Liabilities |
28,971,694 |
- |
- |
|
Employee Benefits Obligation |
18,615,077 |
16,532,605 |
- |
|
Total Liabilities |
15,408,553,657 |
12,541,351,624 |
12,889,439,468 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1
par value Authorized &
issued share capital
2,300,000,000 shares in
2012, 1,700,000,000 shares in 2011
& 1,650,000,000 shares in
2010 |
2,300,000,000 |
1,700,000,000 |
1,650,000,000 |
|
|
|
|
|
|
Capital Paid |
1,700,000,000 |
1,700,000,000 |
1,650,000,000 |
|
Surplus on Share
Capital |
209,250,000 |
209,250,000 |
35,250,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
127,951,746 |
110,769,542 |
78,518,785 |
|
Unappropriated |
815,519,504 |
659,057,625 |
46,293,247 |
|
Total Shareholders' Equity |
2,852,721,250 |
2,679,077,167 |
1,810,062,032 |
|
Total Liabilities &
Shareholders' Equity |
18,261,274,907 |
15,220,428,791 |
14,699,501,500 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2012 |
2011 |
2010 [Adjusted] |
|
|
|
|
|
|
Sales |
34,910,174,080 |
42,263,288,570 |
32,846,374,408 |
|
Services Income |
38,494,716 |
- |
- |
|
Investment Income |
65,058,876 |
47,873,072 |
16,384,581 |
|
Gain on Exchange Rate |
479,887,204 |
- |
459,980,750 |
|
Other Income |
60,629,614 |
130,093,525 |
45,266,740 |
|
Total Revenues |
35,554,244,490 |
42,441,255,167 |
33,368,006,479 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
32,461,503,211 |
39,408,305,496 |
31,480,088,288 |
|
Cost of Services |
32,427,250 |
- |
- |
|
Selling Expenses |
1,794,801,990 |
1,590,772,971 |
954,099,125 |
|
Administrative Expenses |
254,688,356 |
216,753,585 |
514,536,875 |
|
Loss on Exchange Rate |
- |
91,427,115 |
- |
|
Financial Cost |
653,988,276 |
467,318,818 |
329,293,535 |
|
Total Expenses |
35,197,409,083 |
41,774,577,985 |
33,278,017,823 |
|
|
|
|
|
|
Profit before Income
Tax |
356,835,407 |
666,677,182 |
89,988,656 |
|
Income Tax |
[13,191,324] |
[21,662,047] |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
343,644,083 |
645,015,135 |
89,988,656 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.74 |
0.84 |
0.84 |
|
QUICK RATIO |
TIMES |
0.40 |
0.50 |
0.42 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
23.00 |
38.96 |
42.62 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.91 |
2.78 |
2.23 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
51.83 |
31.58 |
51.33 |
|
INVENTORY TURNOVER |
TIMES |
7.04 |
11.56 |
7.11 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
59.11 |
44.01 |
50.19 |
|
RECEIVABLES TURNOVER |
TIMES |
6.18 |
8.29 |
7.27 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
8.31 |
10.82 |
8.07 |
|
CASH CONVERSION CYCLE |
DAYS |
102.62 |
64.76 |
93.45 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
92.98 |
93.24 |
95.84 |
|
SELLING & ADMINISTRATION |
% |
5.86 |
4.28 |
4.47 |
|
INTEREST |
% |
1.87 |
1.11 |
1.00 |
|
GROSS PROFIT MARGIN |
% |
8.76 |
7.18 |
5.75 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.02 |
1.58 |
0.27 |
|
NET PROFIT MARGIN |
% |
0.98 |
1.53 |
0.27 |
|
RETURN ON EQUITY |
% |
12.05 |
24.08 |
4.97 |
|
RETURN ON ASSET |
% |
1.88 |
4.24 |
0.61 |
|
EARNING PER SHARE |
BAHT |
0.20 |
0.38 |
0.05 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.84 |
0.82 |
0.88 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.40 |
4.68 |
7.12 |
|
TIME INTEREST EARNED |
TIMES |
0.55 |
1.43 |
0.27 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(17.31) |
28.67 |
|
|
OPERATING PROFIT |
% |
(46.48) |
640.85 |
|
|
NET PROFIT |
% |
(46.72) |
616.77 |
|
|
FIXED ASSETS |
% |
40.11 |
40.75 |
|
|
TOTAL ASSETS |
% |
19.98 |
3.54 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -17.31%. Turnover has decreased from THB
42,263,288,570.00 in 2011 to THB 34,948,668,796.00 in 2012. While net profit has
decreased from THB 645,015,135.00 in 2011 to THB 343,644,083.00 in 2012. And
total assets has increased from THB 15,220,428,791.00 in 2011 to THB
18,261,274,907.00 in 2012.
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.76 |
Impressive |
Industrial
Average |
- |
|
Net Profit Margin |
0.98 |
Deteriorated |
Industrial
Average |
2.17 |
|
Return on Assets |
1.88 |
Acceptable |
Industrial
Average |
3.15 |
|
Return on Equity |
12.05 |
Impressive |
Industrial
Average |
9.57 |
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 8.76%. 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 0.98%.
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 1.88%.
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 12.05%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.74 |
Risky |
Industrial
Average |
1.39 |
|
Quick Ratio |
0.40 |
|
|
|
|
Cash Conversion Cycle |
102.62 |
|
|
|
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, decreased from 0.84 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 0.4 times in
2012, decreased from 0.5 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 103 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.84 |
Acceptable |
Industrial
Average |
0.59 |
|
Debt to Equity Ratio |
5.40 |
Risky |
Industrial
Average |
1.61 |
|
Times Interest Earned |
0.55 |
Risky |
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 0.55 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.84 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Downtrend
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
23.00 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.91 |
Impressive |
Industrial
Average |
1.45 |
|
Inventory Conversion Period |
51.83 |
|
|
|
|
Inventory Turnover |
7.04 |
Impressive |
Industrial
Average |
2.97 |
|
Receivables Conversion Period |
59.11 |
|
|
|
|
Receivables Turnover |
6.18 |
Impressive |
Industrial
Average |
2.20 |
|
Payables Conversion Period |
8.31 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.18 and 8.29 in
2012 and 2011 respectively. This ratio measures the efficiency of the company in
managing its trade debtors to generate revenue. A lower ratio may indicate over
extension and collection problems. Conversely, a higher ratio may indicate an
overtly stringent policy. In this case, the company's A/R ratio in 2012
decreased from 2011. This would suggest the company had deteriorated in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 32 days at the
end of 2011 to 52 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 11.56 times in year 2011 to 7.04
times in year 2012.
The company's Total Asset Turnover is calculated as 1.91 times and 2.78
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.62.39 |
|
|
1 |
Rs.101.80 |
|
Euro |
1 |
Rs.84.75 |
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.