MIRA INFORM REPORT
|
Report Date : |
03.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
BAYER
THAI CO., LTD. |
|
|
|
|
Registered Office : |
130/1 North Sathorn Road, Silom, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
16.03.1962 |
|
|
|
|
Com. Reg. No.: |
0105505000451 [Former : 60/2505] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Importer, Exporter & Distributor of Polymer, chemical, health care & crop science and other businesses |
|
|
|
|
No. of Employees : |
1,000 [BAYER GROUP
OF COMPANIES] |
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 : |
Unknown |
|
|
|
|
Litigation : |
--- |
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) |
|
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 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
BAYER THAI CO., LTD.
SUMMARY
BUSINESS ADDRESS : 130/1
NORTH SATHORN ROAD,
SILOM,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66]
2232-7000
FAX : [66]
2236-7738
E-MAIL
ADDRESS : withaya.wichayarangsaridh@bayer.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1962
REGISTRATION
NO. : 0105505000451
[Former : 60/2505]
TAX
ID NO. : 3101028805
CAPITAL REGISTERED : BHT. 7,441,590,000
CAPITAL PAID-UP : BHT.
7,441,590,000
SHAREHOLDER’S PROPORTION : GERMAN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE : MS. CELINA LI-SIEN
CHEW, AUSTRALIAN
MANAGING DIRECTOR
NO.
OF EMPLOYEES : 1,000
[BAYER GROUP OF COMPANIES]
LINES
OF BUSINESS : POLYMER, CHEMICAL,
HEALTH CARE &
CROP SCIENCE
AND OTHER BUSINESSES
MANUFACTURER,
IMPORTER, EXPORTER
& DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
Bayer’s long association
with Thailand began
when the first
Bayer dyestuffs were
imported in the
1920s. In 1948
Bara Windsor Co.,
Ltd. was appointed
as the agent
for various Bayer products,
while Berli Jucker
Co., Ltd. handled
Agfa’s and pharmaceutical products. Bayer attained
an official corporate presence with
the formation of
“Bayer Thai Co.,
Ltd.” on March
16, 1962. It
was a subsidiary of
Bayer AG in
Germany in which
Bayer AG held
86% of shares
at that time.
In 1969, the first
headoffice, “Bayer House”
was opened. Bayer Thai has
established a formidable
presence in Thailand involved
in the marketing of
more than 3,000
products through 21
business groups.
Presently, its business
objective is to
operate complete range
of industrial chemicals,
which are divided
into 3 main
subgroups, consists of
Bayer Healthcare Subgroup,
Bayer CropScience Subgroup
and Bayer MaterialScience Subgroup,
with total employment
of 1,000 staff.
Presently, subject is
a wholly owned
subsidiary of Bayer
MaterialScience
Aktiengesellschaft, in Germany.
It has been
awarded the Good
Manufacturing Practice [GMP] certification
for household and
environmental science production
by the Food
and Drug Administration [FDA] of
Thailand in 1999,
as well as
The ISO 14001 certification
to verify the
site’s high standard
of environmental management
system in 2001, and
also achieved the
QHSAS 18001 certification in
2006.
The subject’s registered address
is 130/1 North Sathorn Rd.,
Silom, Bangrak, Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality
|
Age
|
|
|
|
|
|
|
Mr. Sinchai Sawasdichai |
|
Thai |
59 |
|
Mr. Withaya Wichayarangsaridh |
|
Thai |
56 |
|
Ms. Celina Li-Sien Chew |
|
Australian |
47 |
|
Mrs. Miriam Holstein |
|
German |
46 |
|
Mr. Heike Prinz |
|
German |
49 |
AUTHORIZED PERSON
Any two of the
above directors can
jointly sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Ms. Celina Li-Sien Chew is
the Managing Director.
She is Australian
nationality with the
age of 47
years old.
Mr. Withaya Wichayarangsaridh is
the G.M. [Public and
Government Affairs].
He is Thai
nationality with the
age of 56
years old.
Ms. Chayanan Boonyaperm is
the Corporate Communication
Manager.
She is Thai
nationality.
Ms. Srinual Kongpichetkul is
the Human Resources
Manager.
She is Thai
nationality.
Mr. Supphachai Sangiamwong is
the Information Management
Manager.
He is Thai
nationality.
Mr. Peera Sri-ubolmas is
the Factory Manager [Bangpoo Plant].
He is Thai
nationality.
Mr. Stefan De Vos is the
Factory Manager [Map
Ta Phut Plant].
He is Belgian
nationality.
Ms. Vasana Changsobha is
the Sales Manager [Health
Care].
She is Thai
nationality.
Mr. Sitthiporn Jongpattanasombat is
the Sales Manager
[Animal Health].
He is Thai
nationality.
Mr. Sasipat Chulagata
is the Sales
Manager [Consumer Care].
He is Thai
nationality.
Mr. Ratthakorn Kittitham is
the Sales Manager
[Crop Protection].
He is Thai
nationality.
Ms. Vipa Intapaluck is
the Sales Manager
[Polycarbonates].
She is Thai
nationality.
Mr. Vorakit Phoomtrakul is
the Sales Manager
[Basic Chemical].
He is Thai
nationality.
Mr. San Wangthanapat is
the Sales Manager
[Coating, Adhesive, Specialties].
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing,
manufacturing, exporting and distributing complete
range of industrial
chemicals and raw
industrial chemicals, which
can be divided
into 3 main business
groups as follows:
1. Bayer Healthcare
group
The
group is one
of the world’s
leading innovative companies
in the healthcare
and medical products
industry. Range of products
comprise animal health care,
consumer care and
Bayer Schering Pharma, with
the well known
brands as Canesten, Alka-Seltzer,
Bayer Aspirin, Bepanthen, Berocca,
Redoxon, Supradyn, Vapex, Zam-Buk and CDR Fortos.
2. Bayer Crop
Science
The group is
one of the
leading companies for
crop protection, seeds,
environment science, bio-science,
biotechnology and non-agricultural pest
control in the
world. The business
offers a broad
portfolio of products
to farmers with
a focus on
rice and fruit
crops. “TILLER”, “WHIP” and “RICESTAR”
trademark are leading
herbicides for control
of grasses and
other weeds in rice. Solution
for fruit crops
include the “ANTRACOL” fungicide and
the “PROVADO”, “SEVIN” and
“FOLITEC” insecticides.
3. Bayer Material
Science
The
group is a
leading manufacturer of
innovative, high-performance materials
for applications in
numerous areas, of
daily life. The
main customers are
companies in the chemicals,
automotive, construction, electrical and
electronics, sports and
leisure, packaging and
medical technology sectors.
The products include
“MAKROLON” trademark of
Polycarbonates, “DESMODUR”, “DESMOPHEN”,
“BAYFIT”, “BAYFLEX”, “BAYTEC” and
“DESMOPAN” trademark of
Polyurethane, as well
as coating chemicals
adhesive chemicals and
specialties chemicals.
The subject is also
a representative agent
of LANXESS’s products of
Lanxess Deutchland GmbH
in Germany.
IMPORT [COUNTRIES]
Raw materials
are imported from
Germany, Japan, France,
United States of America,
Netherlands, United Kingdom,
Brazil, Republic of
China, Israel, Spain
and Singapore.
MAJOR SUPPLIERS
Thasco Chemical Co., Ltd. : Thailand
Vinythai Public Co.,
Ltd. : Thailand
Siam Styrene Monomer
Co., Ltd. : Thailand
Lanxess Deutchland GmbH. : Germany
Bayer MaterialScience AG. : Germany
Tanatex Chemical B.V. : Netherlands
Bayer CropScience AG. : Germany
SALES [LOCAL]
80% of its
chemical products are distributed by
Lanxess [Thailand] Co., Ltd.,
the related company,
as well as
other products are
sold to manufacturers, wholesalers,
end-users and Thai
Government.
EXPORT [COUNTRIES]
20% of its
products are exported
to Southeast Asia,
such as Singapore,
Malaysia,
Sri Lanka, Laos,
Hong Kong, Republic of
China, Indonesia, Vietnam,
Taiwan, India, South Korea,
Australia and New
Zealand.
PARENT COMPANY
Bayer MaterialScience Aktiengesellschaft, Germany
RELATED/ASSOCIATED COMPANIES
H.C. Starck [Thailand]
Co., Ltd.
Business Type : Manufacturer base
produces Tantalum &
Niobium products
Address : 5, 1-3A Rd., Map Ta Phut
Industrial Estate, Rayong
21150
Awarded : ISO 9002, 14001
certification in 1999
and 2000 respectively.
Lanxess [Thailand] Co., Ltd.
Business Type : Distributor of
industrial chemical
Bayer CropScience [Thailand]
Co., Ltd.
Business Type : Manufacturer and
distributor of animal
health care & crop protection
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.
Imports are by
L/C at sight
or on the
credit term &
T/T.
Exports are against
L/C at sight
or on credit
term & T/T.
BUSINESS TRANSACTION
The products are
sold both by
cash and credit,
with the maximum credit given at
30-60 days. The
subject is not
found to have
problem on its
account receivable.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 1,000 staff.
[Bayer Group of
Companies]
LOCATIONS
The premises is
owned for administrative office
and Bayer Center
at the heading
address. The premise
is located in a
prime commercial area.
Branch offices:
Bayer HealthCare
Pharmaceuticals
- 28/19
Moo 14, Chaengwattana Rd.,
Bangtalad, Pakkred, Nonthaburi
11120.
Polycarbonate Production
Site
- 4-4/1
I-8 Rd., Map
Ta Phut Industrial
Estate, Map Ta
Phut, Muang, Rayong
21150.
Bayer CropScience
Formulation Site &
BaySystems ASEAN
- 239 Moo 4,
Bangpoo Industrial Estate,
Soi 3, Praeksa, Muang, Samutprakarn
10280.
Rice Development
Center
- 200 Moo 6, Donpru,
Si Prachan, Suphanburi
72140.
Production Sites:
Map Ta Phut
Production Site is
located on the
area of 212,000
square meters at
4-4/1 I-8 Rd.,
Map Ta Phut
Industrial Estate, Rayong
21150.
The plastic production
plant started up
in 1996. With
a world-scale production capacity, the local manufacturing
of Lustran ABS, the engineering plastic made from acrylonitrile, butadiene
and styrene; Lustran SAN, a
product for injection molding application,
based on styrene and acrylonitrile; Bayblend
(PC/ABS) a polymer
blend of ABS and
Polycarbonate; and the
newest addition Makrolon
(Polycarbonate) are supplied to Thailand and Asia/Pacific
countries and other
regional markets through
the Bayer network.
The subject is further expanding its production capacity of
polycarbonate to 150,000 tons/annum
by the year 2002 after the
start-up of the first phase of polycarbonate production in November 1999. As
an integral part
of the second
phase, a plant
to produce 160,000 tons/annum of
the precursor product Bisphenol A is also being constructed.
The plant received its
ISO 14001 and ISO 9001 certifications
in 1998 plus the Occupational
Health and Safety
Assessment Services [OHSAS
18000] were obtained in 2000. 10%
of the total
investment have been
spent for Health,
Environment, and Safety issues.
Bang Poo Product
Site is located
on 52,000 square
meters at 239
Moo 4, Bangpoo
Industrial Estate, Samutprakarn
10280.
The manufacturing facility
of Bayer Thai Co., Ltd. has
commenced the operation
since 1983. The plant
initially produced household
insecticides under Baygon
trade-name for the Consumer Care Business Group. The state-of-the-art
facility has been developed and
expanded to serve
increasing domestic and export
market demands and
the growth of Bayer's
business groups.
At present, the
plant houses production
lines for three
business groups which
are Crop Protection, Animal
Health and Consumer Care. Products include insecticides Confidor and Folitec, molluscides Bayluscide under Crop
Protection Business Group; Animal Health's
rodenticide Racumin, anti-parasites Asuntol and Negasunt, dusting powder for
the treatment and
protection of wounds
against bacterial infection, as well as Baygon of Consumer Care
Business Group. The products will be formulated and packaged in
forms of liquid
and solid substances
to serve domestic
and overseas markets with
annual capacity of
over 8,000 tons, including Baygon
manufacturing of more than 20
million units a
year.
A regional herbicide
plant of Crop
Protection Business Group
has been set
up in the year 2000
with the capacity of 2,000 tons per annum, including
the production of herbicide Lecspro.
Bayer Thai’s facility at Bangpoo Industrial Estate
was awarded the
first ever Good
Manufacturing Practice [GMP]
certification for household
insecticide production by
the Food and
Drug Administration [FDA]
of Thailand in
1999. The subject
has committed to
environmental production, occupational
and plant safety,
and product stewardship
under the principles
of “Responsible Care”.
In addition, the
plant recently achieved
the
ISO 14001 certification
to verify the
high technology of
the environmental management
system in June
2001.
COMMENT
Bayer is a global
enterprise with core competencies in the
fields of health care, nutrition and
high-technology materials.
The company’s products and services
are designed to
benefit people and
improve their quality
of life. At
the same time, Bayer
creates value through
innovation, growth and
improved earning power.
In Thailand,
Bayer’s focus is on
polymers, chemicals and
agricultural products. The subject is doing very well in
the agricultural and
chemical business. The
polymers business is
increasing, and products
for the textile
industry are doing
fine because its
distribution sales customers
are exporting and
were able to
obtain funds.
2012 was a very successful year for Bayer. It
achieved targets for the Group.
Operationally, all of our subgroups posted growth in sales and earnings before
special items, with particularly strong
momentum in the life-science
businesses. It also made good progress
strategically, continuing to develop its innovation pipeline and bringing new products
to market. It systematically strengthened
a life-science businesses through acquisitions and considerably expanded
the business
in the emerging markets. This makes
the company an optimistic for
2013, for the growth
of sales and earnings.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 2,000,000 divided into
2,000 shares of
Bht. 1,000 each.
The capital was
increased later as
followings:
Bht.
30,000,000 on February
19, 1999
Bht.
7,441,590,000 on December
14, 1999
The latest capital
was divided into
7,441,590 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as at April
25, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Bayer MaterialScience Aktiengesellschaft Nationality : German Address : Leverkusen,
Germany |
7,441,588 |
100.00 |
|
Bayer Gesellschaft fuer
Beteiligungen mbH Nationality
: German Address : Leverkusen,
Germany |
1 |
- |
|
Zweite K-W-A Beteiligungsgesellschaft mbH Nationality : German Address : Leverkusen,
Germany |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 25,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign-German |
3 |
7,441,590 |
100.00 |
|
Total |
3 |
7,441,590 |
100.00 |
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.:
Mrs. Suwannee Puripanyo
No. 3371
BALANCE SHEET [BAHT]
The latest financial figures published as at December 31, 2012, 2011 and 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 [Adjusted] |
|
|
|
|
|
|
Cash and Cash Equivalents |
268,729,950 |
28,214,732 |
141,745,410 |
|
Trade Accounts &
Other Receivable |
7,154,796,999 |
7,614,135,251 |
6,808,312,653 |
|
Short-term Lending to Related
Company |
698,030,969 |
- |
- |
|
Inventories |
6,515,669,221 |
5,159,945,195 |
4,176,218,940 |
|
Other Current Assets
|
270,022,805 |
332,339,899 |
226,144,095 |
|
|
|
|
|
|
Total Current Assets
|
14,907,249,944 |
13,134,635,077 |
11,352,421,098 |
|
Investment in Subsidiary
|
6,974,239 |
7,020,551 |
7,089,860 |
|
Fixed Assets |
7,836,718,004 |
8,503,515,414 |
9,222,924,607 |
|
Goodwill |
592,432,851 |
675,046,912 |
740,541,064 |
|
Intangible Assets |
53,059,929 |
51,796,601 |
55,228,144 |
|
Deferred Income Tax |
259,090,132 |
263,491,738 |
207,272,282 |
|
Other Non-current Assets |
36,845,230 |
39,476,856 |
36,861,474 |
|
Total Assets |
23,692,370,329 |
22,674,983,149 |
21,622,338,529 |
LIABILITIES & SHAREHOLDERS' EQUITY
[BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 [Adjusted] |
|
|
|
|
|
|
Short-term Loan from financial Institution |
- |
502,000,000 |
- |
|
Trade Accounts & Other
Payable |
4,751,043,456 |
2,769,008,792 |
3,742,320,551 |
|
Accrued Income Tax |
- |
179,289,223 |
442,443,469 |
|
Other Current Liabilities |
11,118,681 |
63,172,274 |
44,220,601 |
|
|
|
|
|
|
Total Current Liabilities |
4,762,162,137 |
3,513,470,289 |
4,228,984,621 |
|
Provision for Employees’
Benefits |
342,984,327 |
312,832,220 |
288,256,434 |
|
Total Liabilities |
5,105,146,464 |
3,826,302,509 |
4,517,241,055 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value Authorized, issued
and fully paid share
capital 7,441,590 shares |
7,441,590,000 |
7,441,590,000 |
7,441,590,000 |
|
|
|
|
|
|
Capital Paid |
7,441,590,000 |
7,441,590,000 |
7,441,590,000 |
|
Retained Earning Appropriated for Statutory Reserve |
744,159,000 |
744,159,000 |
744,159,000 |
|
Other Reserve |
- |
- |
1,000,000,000 |
|
Unappropriated [Deficit] |
10,401,474,865 |
10,662,931,640 |
7,919,348,474 |
|
Total Shareholders' Equity |
18,587,223,865 |
18,848,680,640 |
17,105,097,474 |
|
Total Liabilities &
Shareholders' Equity |
23,692,370,329 |
22,674,983,149 |
21,622,338,529 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 [Adjusted] |
|
|
|
|
|
|
Sales & Services Income |
29,992,788,399 |
32,825,730,334 |
30,785,729,229 |
|
Other Income |
326,955,079 |
313,603,238 |
168,059,998 |
|
Total Revenues |
30,319,743,478 |
33,139,333,572 |
30,953,789,227 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
28,030,328,527 |
28,336,358,254 |
24,731,790,538 |
|
Selling Expenses |
2,302,610,454 |
2,354,685,373 |
2,504,877,934 |
|
Administrative Expenses |
219,238,290 |
212,366,646 |
199,495,570 |
|
Total Expenses |
30,552,177,271 |
30,903,410,273 |
27,436,164,042 |
|
|
|
|
|
|
Profit before Interest Expenses
& Income Tax |
[232,433,793] |
2,235,923,299 |
3,517,625,185 |
|
Interest Expenses |
[11,826,949] |
[19,160,666] |
[37,240,509] |
|
|
|
|
|
|
Profit before Income Tax |
[244,260,742] |
2,216,762,633 |
3,480,384,676 |
|
Income Tax |
[17,196,033] |
[443,179,467] |
[715,072,735] |
|
Net Profit / [Loss] |
[261,456,775] |
1,773,583,166 |
2,765,311,941 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.13 |
3.74 |
2.68 |
|
QUICK RATIO |
TIMES |
1.71 |
2.18 |
1.64 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.83 |
3.86 |
3.34 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.27 |
1.45 |
1.42 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
84.84 |
66.47 |
61.63 |
|
INVENTORY TURNOVER |
TIMES |
4.30 |
5.49 |
5.92 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
87.07 |
84.66 |
80.72 |
|
RECEIVABLES TURNOVER |
TIMES |
4.19 |
4.31 |
4.52 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
61.87 |
35.67 |
55.23 |
|
CASH CONVERSION CYCLE |
DAYS |
110.05 |
115.46 |
87.12 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
93.46 |
86.32 |
80.34 |
|
SELLING & ADMINISTRATION |
% |
8.41 |
7.82 |
8.78 |
|
INTEREST |
% |
0.04 |
0.06 |
0.12 |
|
GROSS PROFIT MARGIN |
% |
7.63 |
14.63 |
20.21 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(0.77) |
6.81 |
11.43 |
|
NET PROFIT MARGIN |
% |
(0.87) |
5.40 |
8.98 |
|
RETURN ON EQUITY |
% |
(1.41) |
9.41 |
16.17 |
|
RETURN ON ASSET |
% |
(1.10) |
7.82 |
12.79 |
|
EARNING PER SHARE |
BAHT |
(35.13) |
238.33 |
371.60 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.22 |
0.17 |
0.21 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.27 |
0.20 |
0.26 |
|
TIME INTEREST EARNED |
TIMES |
(19.65) |
116.69 |
94.46 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(8.63) |
6.63 |
|
|
OPERATING PROFIT |
% |
(110.40) |
(36.44) |
|
|
NET PROFIT |
% |
(114.74) |
(35.86) |
|
|
FIXED ASSETS |
% |
(7.84) |
(7.80) |
|
|
TOTAL ASSETS |
% |
4.49 |
4.87 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -8.63%. Turnover has decreased from THB
32,825,730,334.00 in 2011 to THB 29,992,788,399.00 in 2012. While net profit
has decreased from THB 1,773,583,166.00 in 2011 to THB -261,456,775.00 in 2012.
And total assets has increased from THB 22,674,983,149.00 in 2011 to THB
23,692,370,329.00 in 2012.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
7.63 |
Deteriorated |
Industrial Average |
40.70 |
|
Net Profit Margin |
(0.87) |
Deteriorated |
Industrial
Average |
5.11 |
|
Return on Assets |
(1.10) |
Deteriorated |
Industrial
Average |
4.22 |
|
Return on Equity |
(1.41) |
Deteriorated |
Industrial
Average |
7.30 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for
the cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company's figure is 7.63%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have problems with control over its costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is -0.87%.
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 -1.1%.
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 -1.41%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
3.13 |
Impressive |
Industrial
Average |
1.72 |
|
Quick Ratio |
1.71 |
|
|
|
|
Cash Conversion Cycle |
110.05 |
|
|
|
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 3.13 times in 2012, decreased from 3.74 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 1.71 times in 2012,
decreased from 2.18 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 111 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.22 |
Impressive |
Industrial
Average |
0.39 |
|
Debt to Equity Ratio |
0.27 |
Impressive |
Industrial
Average |
0.65 |
|
Times Interest Earned |
(19.65) |
Risky |
Industrial
Average |
2.13 |
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 -19.66 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 0.22 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.83 |
Impressive |
Industrial
Average |
0.38 |
|
Total Assets Turnover |
1.27 |
Impressive |
Industrial
Average |
0.82 |
|
Inventory Conversion Period |
84.84 |
|
|
|
|
Inventory Turnover |
4.30 |
Satisfactory |
Industrial Average |
5.15 |
|
Receivables Conversion Period |
87.07 |
|
|
|
|
Receivables Turnover |
4.19 |
Impressive |
Industrial
Average |
2.38 |
|
Payables Conversion Period |
61.87 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.19 and 4.31 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 66 days at the
end of 2011 to 85 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 5.49 times in year 2011 to 4.3 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.27 times and 1.45
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.62.36 |
|
UK Pound |
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
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.