MIRA
INFORM REPORT
|
Report Date : |
24.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
CAL-COMP ELECTRONICS [ |
|
|
|
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Registered Office : |
18th Floor,
C.T.I. Building, 191/54,
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|
|
|
Country : |
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|
|
|
Financials (as on) : |
30.06.2013 |
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|
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Date of Incorporation : |
04.12.1989 |
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Com. Reg. No.: |
0107543000023 [Former: BOR MOR JOR 656] |
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Legal Form : |
Public Limited Company |
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|
|
Line of Business : |
Contract Manufacturer, Distributor and Exporter of Electronic
Equipment. |
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|
|
No. of Employees : |
6,994 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies,
and strong export industries,
Source
: CIA
Company Name and Address
CAL-COMP
ELECTRONICS [THAILAND] PUBLIC
COMPANY LIMITED
SUMMARY
ADDRESS : 18th FLOOR,
C.T.I. BUILDING,
191/54, 191/57
RATCHADAPISEK ROAD,
KLONGTOEY,
BANGKOK 10110, THAILAND
TELEPHONE : [66]
2261-5033-37, 2661-9381-83
FAX : [66]
2261-1295, 2661-9396
E-MAIL ADDRESS : yichunchou@calcomp.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1989
REGISTRATION NO. : 0107543000023 [Former: BOR MOR
JOR 656]
TAX ID NO. : 3101769524
CAPITAL REGISTERED : BHT.
4,277,556,192
CAPITAL PAID-UP : BHT.
4,085,120,192
FISCAL YEAR CLOSING
DEAT : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
KHONGSIT CHOUKITCHAROEN, THAI
MANAGING DIRECTOR
AND PRESIDENT
NO. OF STAFF : 6,994
LINES OF BUSINESS : ELECTRONIC
EQUIPMENT
CONTRACT MANUFACTURER, DISTRIBUTOR
AND
EXPORTER
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 established
on December 4, 1989 as a
private limited company
under the registered
name “Cal-Comp Electronics
[Thailand] Co., Ltd.”
by the Taiwanese
Groups. It is a part of
Taiwan’s Kinpo Electronic group, with
the objective of
producing electronic goods for exports. The subject is a
subsidiary company of
a global company
based in Taiwan.
Established in 1989, Cal-Comp Electronics [Thailand] Co., Ltd.
has expanded production
continually over its
years history. Starting
with one factory,
Cal-Comp has built
and put into
operation two more
factories on its
land in Samutsakorn
province of Thailand and 2 factories
in the Petchaburi
province. These factories
were specifically designed
and built to ensure
the most efficient
production of Cal-Comp products.
On
August 11, 2000 the
subject’s status was
converted to public limited
company under the
name CAL-COMP ELECTRONICS
[THAILAND] PUBLIC COMPANY
LIMITED and was
listed on the
Stock Exchange of
Thailand on January
3, 2001.
Its
business objective currently is
a manufacture and
services wide range
of electronic products
for OEM customers.
At
present, the company
has 12 factories,
8 located in
Thailand, 3 located in
China and 1 located
in Malaysia. The
subject currently has
6,994 employees in Thailand.
The
subject received the
promotional privilege from
the Board of Investment
and received ISO 9002, ISO 14001 and QS-9000 certification
for manufacturer of
calculator, fax machine, ink jet printer, IRD,
cordless phone, mobile phones, computer, CD-Rom players, VGA
cards and etc.
It
was granted a promotional
privilege from the Board
of Investment [BOI],
under the certificate no.
1629/2543, 1573/2540, 1206/2543 and
1727/2540 for the production.
The
subject’ s registered address
is 18th Floor, C.T.I.
Building, 191/54, 191/57 Ratchadapisek
Rd., Klongtoey, Bangkok 10110, and this is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Hsu, Sheng-Hsiung |
[x] : Chairman |
Chinese |
70 |
|
Mr. Hsu Sheng-Chieh |
|
Chinese |
66 |
|
Mr. Khongsit Choukitcharoen |
[x] |
Thai |
52 |
|
Mr. William Hang
Man Chao |
|
British |
56 |
|
Mr. Alan Chi Yim
Kam |
|
Thai |
57 |
|
Mr. Thanasak Chanyapoon |
|
Thai |
45 |
|
Mr. Shen Shyh-Yong |
[x] |
Taiwanese |
47 |
|
Mr. Chang Zuei-Wei |
|
Taiwanese |
61 |
|
Mr. Wang, Ho-Shun |
|
Taiwanese |
56 |
AUTHORIZED PERSON
Any of the
directors [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Khongsit Choukitcharoen is
the Managing Director
& President.
He is Thai
nationality with the
age of 52
years old.
Ms. Vipada Uadulyatham is the Vice
President [Administration].
She is Thai
nationality.
Mr. Huang Ko-Wei
is the Vice
President [Manufacturing 1].
He is Taiwanese
nationality.
Mr. Wang Wei-Chao
is the Vice
President [Manufacturing 2].
He is Taiwanese
nationality.
Mr. Yeh Tien
Kung is the
Vice President [Accounting &
Financial].
He is Taiwanese
nationality.
BUSINESS OPERATIONS
The
subject is engaged
in providing of
electronic manufacturing service [EMS]
for IT system
products both Original Equipment
Manufacturing [OEM] and Original
Design Manufacturing [ODM], and
exporter of various
electronic products for
major customer’s brands worldwide, such as “Western Digital”, “Seagate”,
“Advance Digital Broadcast”,
“Thomson”, “Hewlett Packard”,
“Panasonic”, “Motorola” and others.
Its product can
be categorized into
2 products groups
as the followings:
1. Computing Peripheral
Ink-jet Printers, Multi-Function Printers, Dot-Matrix Printers, PC Board assembly for Hard disk, external hard disk drive and digital camera.
2. Telecommunication Products
-
Set top box
and mobile phone
with GSM system [Global System
for Mobile communication], CDMA
system [Code Division
Multiple Access], 2.5G system [2.5 Generation], and mobile phones
for home and
office [2.4 GHz. generation].
The subject also
manufactures other communication
equipment’s, such as
Bluetooth headset and
etc., according to
customer’s requirement.
The other several global brands:
|
Industrial |
U.S.A.
& Canada |
Japan |
Europe |
|
|
|
|
|
|
-Computer |
Compaq,
IBM, Dell, Gateway,
Apple, Microsoft |
Toshiba, Fujitsu, NEC,
Sony, Sharp |
Siemens |
|
-Communication |
Motorola, Lucent, Nortel |
NEC |
Ericsson, Nokia, Alcatel, Cable
and Wireless |
|
-Networking |
Cisco, 3Com, Lucent |
|
Alcatel,
Siemens |
Facilities & Technology
Facilities
COB – 23 sets
Auto soldering oven – 8 lines
Burning room 3 sets
TAB – 15 sets.
ATE – 18 SETS.
AIS - 6
lines
Assembly line – 115 lines
Production area 6
lines
Storage - 6 lines
Loading dock – 6 lines
In – house molder – 4
In – house roller plant
- 1
In – house metal press
shop - 1 plant
areas = 5
Technology
COB
SMT
·
QPF
·
TSOP
·
BGA
·
CSP
900mHz – analog RF module
900mHz – digital Spread spectrum
telephone module
1800mHz – digital DECT RF
module
CDMA – to be developed
Y2K
TDEMA – to be developed
Y2K
2400mHz – digital DECT RF
module
New Products
-
DVD Recorder
-
LCD TV
-
CAR PC.
PRODUCTION CAPACITY
[unit :
thousand pieces]
|
|
2011 |
2012 |
||
|
|
Amount |
% |
Amount |
% |
|
|
|
|
|
|
|
Computer Peripheral |
254,688 |
95.13 |
314,315 |
94.60 |
|
Telecommunication Products |
13,042 |
4.87 |
17,931 |
5.40 |
|
Other Equipment |
- |
- |
- |
- |
|
Total |
267,730 |
100.00 |
332,246 |
100.00 |
PURCHASE
80% of raw materials such as LCD panel,
IC radio components,
encoders, capacitors &
chip, capacitors, pens,
plastic resins, PCB,
printer head and
etc., are imported from
Taiwan, Korea, Republic
of China, Singapore,
Japan, United Stated
of America, and
Malaysia, and the
remaining 20% are
purchased from local
suppliers.
MAJOR SUPPLIERS
Allied Technologies [Thailand]
Co., Ltd. :
Thailand
Jeng Jea [Thailand]
Co., Ltd. : Thailand
Ever Jet Co.,
Ltd. : Thailand
Jet Industries [Thailand]
Co., Ltd. :
Thailand
Hypertek Plastic Industry
Co., Ltd. :
Thailand
Chang Huat Plastic
Industries [Rayong] Co., Ltd. : Thailand
Avaplas Pte. Ltd. : Singapore
MCT [Thailand] Co.,
Ltd. : Thailand
SALES/ SERVICES
The
subject has over 40 customers, which 66%
of the products
are exported worldwide
to United States
of America, Europe, Australia, Africa,
Japan, Singapore, Taiwan,
Korea, Republic of
China and Vietnam,
the remaining 34%
of the products
are sold locally.
MAJOR CUSTOMERS
Kinpo Electronics, Inc. : Taiwan
Telian Corporation : Korea
Wide Telecom Inc. : Korea
Power Digital Group
etc.
INCOME STRUCTURE
[Company, Subsidiaries and
Associated Companies]
[Unit :
Million baht]
|
|
2011 |
2012 |
||
|
|
Amount |
% |
Amount |
% |
|
|
|
|
|
|
|
Computer Peripheral |
114,013 |
85.82 |
113,480 |
80.05 |
|
Telecommunication Products |
17,966 |
13.52 |
26,713 |
18.85 |
|
Other Revenue |
782 |
0.66 |
1,562 |
1.10 |
|
Total Revenue |
132,851 |
100.00 |
141,755 |
100.00 |
PARENT
COMPANY
Kinpo Electronics Inc. :
Taiwan
SUBSIDIARIES, ASSOCIATED AND OTHER COMPANIES
Subsidiaries:
Cal-Comp Electronics [Suzhou]
Co,. Ltd.
Business Type : Manufacturer of
electronic parts in
Republic of China
Investment : 100%
Cal-Comp Optical Electronics
[Suzhou] Co., Ltd.
Business Type : Manufacturer & distributor of
electronic parts in
Republic of China
Cal-Comp Electronics &
Communications [Suzhou]Co., Ltd.
Business Type : Manufacturer &
distributor of electronic
parts in Republic
of China
Investment : 100%
Cal-Comp Electronics &
Communications Co., Ltd.
Business Type : Distributor of
electronic parts in
Taiwan.
Investment : 100%
Cal-Comp Technology [Suzhou]
Co., Ltd.
Business Type : Manufacturer of
electronics parts in
Republic of China.
Investment : 100%
Cal-Comp [Malaysia] Sdn.
Bhd.
Business Type : Manufacturer of
electronics parts in
Malaysia.
Logistar International Holding
Co., Ltd.
Business Type : Holding company
in British Virgin
Island.
Investment : 100%
Avaplas Ltd.
Business Type : Manufacturer of
plastic parts in
Singapore.
Cal-Comp Electronics [U.S.A.]
Co., Ltd.
Business Type : Manufacturer of
electronics parts in
U.S.A..
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 the
past two years.
CREDIT
Sales are by
cash or on
the credit terms
of 30-60 days.
Local bills are
paid by cash
or on the
credit terms of
30-60 days.
Imports are by
L/C at sight
& T/T.
Exports are against L/C
at sight &
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Lumpinee Branch : Rama 4 Rd., Klongtoey,
Bangkok 10110]
TMB Bank Public
Co., Ltd.
[Phayathai Branch : Sri Ayudhya Rd.,
Rajthevee, Bangkok 10400]
Bank of Ayudhya
Public Co., Ltd.
[Bangrak Branch : 318 Silom Rd.,
Silom, Bangrak, Bangkok
10500]
Bank of America
NT & SA
[Bangkok Office : 2/2
Wireless Rd., Lumpini,
Bangkok 10330]
The Bank of
China
[Bangkok Office : 179
South Sathorn Rd.,
Sathorn, Bangkok 10120]
EMPLOYMENT
The subject employs 6,994 staff [office and factory workers].
LOCATION DETAILS
The premise is
rented for operating
administrative office at
the heading address
on the 18th Floor
in a multi-storey building.
The premise is
located in commercial
area.
Factories in Thailand:
Factory I, II and III are
located at 60
Moo 8, Sethakij
Road, Klong Madua,
Krathumban, Samutsakorn 74110.
Land Area : 78,400
square meters
Tel: [66] 34
470-00, 34 849-000
Fax: [66] 34
471-998, 34 472-009
Factory IV, V and VI are
located at 138
Moo 4, Petchkasem Rd.,
Khaoyoi, Petchburi 76140l.
Land Area :
115,200 square meters.
Tel: [66] 32
447-756-67, Fax: [66]
32 447-619-20
Factory VII is located
at 44/4 Moo 9, Songnoon, Buengnoen, Nakornratchasima
Factory VIII is
located at 91
Moo 4, Sapang,
Khaoyoi, Petchburi
Factories in China:
Factory I : 2288,
Jiangxing East Rd.,
Wujiang Economic Development
Jiangsu,
Republic
of China.
Factory II :
Genway Factory, 288
Shengpo Rd., Export
Processing Zone B,
Suzhou
Industrial Park, Jiangsu
Province, Republic of
China.
Factory III : Wujiang Export
Processing Zone, 688
Pangjin Rd., Wujiang
Economic
Development Zone, Jiangsu
Province, Republic of
China.
Factory in Malaysia:
Lot 711, Jalan
Batu Tiga Lama,
Sungai Rasa, Seksyen
16, 40200 Shah
Alam, Selagnor, Danil
Ehsan, Malaysia
COMMENT
The
company has continued to
devote itself to
maintaining its market
competitiveness despite slowdown
its sales in 2011.
As the company
accelerated its growth
engine constantly in 2011-2012, and
also achieved world
No. 1 not only
in the existing
market for printer,
HDD PCBA and Ex HDD and
STB products but
also in the
newly approached target
markets.
The subject was established itself
as a prominent electronic equipment manufacturer.
Its products and services are
renowned for reliability and uncompromising standards of international
quality supplying the products to
world leading electronic
manufactures.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 125,000,000, divided into
125,000 shares of
Bht. 1,000 each.
The capital was
increased later as
followings :
Bht. 465
million on March
7, 1994
Bht. 900
million on October
3, 1994
Bht. 1,200
million on May
28, 1997
Bht. 2,700
million on December
16, 1999
Bht. 3,200
million in August,
2000
Bht. 3,780
million on April
26, 2002
Bht. 4,230
million in 2004
Bht. 5,678,438,956
on April 7,
2005
On
April 20, 2011,
the capital was
decreased to Bht.
4,277,556,192 divided into
4,277,556,192 shares of
Bht. 1 each with
the current capital
paid-up of Bht.
4,085,120,192.
MAIN SHAREHOLDERS
[As
at September 2, 2013] at Bht. 4,085,120,192 of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Kinpo Electronics, Inc. |
1,549,137,770 |
37.92 |
|
Far Eastern International Bank |
773,034,653 |
18.92 |
|
Raffles Nominees [Pte]
Limited |
271,706,973 |
6.65 |
|
Kingbolt International [Singapore]
Pte. Ltd. |
241,930,000 |
5.92 |
|
Mr. Chern Kuan-Jan |
146,551,800 |
3.59 |
|
Kinpo Electronics, Inc. |
142,734,200 |
3.49 |
|
Thai NVDR Co., Ltd. |
82,152,291 |
2.01 |
|
Kingbolt International
[Singapore] Pte. Ltd. |
34,714,500 |
0.85 |
|
State Street Bank
Europe Limited |
26,886,500 |
0.66 |
|
East Fourteen Limited-Dimentional Emer
Mkts value |
25,367,500 |
0.62 |
|
Others |
790,904,005 |
19.37 |
Total Shareholders :
6,340
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO. :
Ms. Rungnapa Lersuwankul No.
3516
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2012, 2011 &
2010 were:
ASSETS
|
Current Assets |
2012 |
2011 [Adjusted] |
2010 |
|
|
|
|
|
|
Cash and cash
equivalents |
172,290,595 |
310,858,502 |
1,350,404,480 |
|
Current investments Term deposits
at financial institution |
110,684,922 |
111,889,273 |
1,000 |
|
Trade account & other
receivable |
19,718,198,016 |
12,783,969,189 |
15,567,014,000 |
|
Inventories |
5,051,162,719 |
7,178,962,798 |
5,234,987,589
|
|
Advances payment for
raw materials |
109,101,109 |
112,808,775 |
128,316,726 |
|
Other current assets |
61,038,595 |
102,260,879 |
42,917,540 |
|
|
|
|
|
|
Total Current Assets
|
25,222,475,956 |
20,600,749,416 |
22,323,641,335 |
|
Non-current assets |
|
|
|
|
Long-term lending to related
company |
1,026,158,600 |
- |
- |
|
Investments in
subsidiary |
5,808,760,537 |
5,825,134,776 |
5,477,826,459 |
|
Other long-term investments |
31,435,877 |
25,871,235 |
52,105,860 |
|
Property, plant and
equipment, net |
5,615,594,564 |
4,211,937,821 |
4,801,768,045 |
|
Deferred income tax |
19,317,592 |
6,112,563 |
- |
|
Other non-current assets |
|
0 |
|
|
Others |
1,123,844 |
1,130,848 |
969,927 |
|
Total Assets |
37,724,866,970 |
30,670,936,659 |
32,656,311,626 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 [Adjusted] |
2010 |
|
|
|
|
|
|
Short-term loans from financial
institutions |
9,814,890,167 |
5,927,383,419 |
4,601,749,443 |
|
Trade accounts & other
payables |
11,361,393,917 |
9,716,479,941 |
12,845,120,188 |
|
Corporate income tax
payable |
1,573,193 |
480,404 |
1,323,029 |
|
Other current liabilities |
154,158,097 |
309,629,464 |
182,203,020 |
|
|
|
|
|
|
Total Current Liabilities |
21,332,015,374 |
15,953,973,228 |
17,630,395,680 |
|
Provision for long-term
employee benefits |
76,648,129 |
45,009,525 |
- |
|
Total Liabilities |
21,408,663,503 |
15,998,982,753 |
17,630,395,680 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital |
|
|
|
|
Authorized share capital 4,485,386,292 ordinary shares
of Bht. 1 each |
- |
- |
4,485,386,292 |
|
Authorized share capital 4,277,556,192 ordinary
shares of Bht.
1 each |
4,277,556,192 |
4,277,556,192 |
- |
|
Issued and fully
paid share capital |
|
|
|
|
4,077,556,192 ordinary
shares of Bht.
1 each [2012,
2011 & 2010] |
4,077,556,192 |
4,077,556,192 |
4,077,556,192 |
|
Share premium |
3,144,543,957 |
3,144,543,957 |
3,144,543,957 |
|
Premium on common stock |
16,943,063 |
- |
- |
|
Retained Earning Appropriated -
statutory reserve |
511,111,587 |
511,111,587 |
511,111,587 |
|
Unappropriated |
9,321,060,269 |
8,078,021,771 |
7,292,704,210 |
|
Other components of shareholders’ equity |
[755,011,601] |
[1,139,279,601] |
- |
|
Total Shareholders' Equity |
16,316,203,467 |
14,671,953,906 |
15,025,915,946 |
|
Total Liabilities &
Shareholders' Equity |
37,724,866,970 |
30,670,936,659 |
32,656,311,626 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 [Adjusted] |
2010 |
|
|
|
|
|
|
Sales |
66,222,847,921 |
52,661,689,432 |
66,942,933,570 |
|
Gain from sale of
land, building & Equipment |
50,755,513 |
- |
- |
|
Gain from exchange
rate |
- |
- |
216,843,368 |
|
Other income |
42,898,526 |
61,301,076 |
15,859,136 |
|
Total Revenues |
66,316,501,960 |
52,722,990,508 |
67,175,636,074 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of sales
and service |
63,988,519,766 |
50,779,283,270 |
65,483,514,075 |
|
Selling expenses |
55,466,416 |
39,642,099 |
38,244,365 |
|
Administrative expenses |
198,686,232 |
136,728,325 |
117,225,682 |
|
Loss on exchange
rate |
- |
192,903,470 |
- |
|
Total Expenses |
64,242,672,414 |
51,148,557,164 |
65,638,984,122 |
|
|
|
|
|
|
Earnings before financial
expenses and income tax |
2,073,829,546 |
1,574,433,344 |
1,536,651,952 |
|
Interest expenses |
[154,298,940] |
[53,395,931] |
[56,994,928] |
|
Earnings before income tax |
1,919,530,606 |
1,521,037,413 |
1,479,657,024 |
|
Corporate income tax |
[1,923,713] |
[3,800,065] |
[3,575,957] |
|
Net earnings for
the year |
1,917,606,893 |
1,517,237,348 |
1,476,081,067 |
BALANCE SHEET [BAHT]
The
latest financial figures
published for June
30, 2013 was :
[Unaudited]
ASSETS
[Thousand Baht]
|
Current Assets |
2013 |
|
|
|
|
Cash and cash
equivalents |
263,466 |
|
Current investments Term deposits
at financial institution |
50,603 |
|
Trade and other
receivables |
20,200,423 |
|
Short-term loans to related
parties |
311,271 |
|
Inventories |
5,712,072 |
|
Advances payment for
raw materials |
147,865 |
|
Other current assets |
113,192 |
|
|
|
|
Total Current Assets
|
26,798,892 |
|
Non-current assets |
|
|
Long-term loans to related
parties |
1,042,758 |
|
Investments in
subsidiaries |
6,715,349 |
|
Other long-term investments |
57,415 |
|
Property, plant and
equipment, net |
6,136,440 |
|
Deferred tax assets |
17,209 |
|
Other non-current assets |
|
|
Others |
1,813 |
|
Total Assets |
40,769,876 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
[Thousand Baht]
|
Current Liabilities |
2013 |
|
|
|
|
Short-term loans from financial
institutions |
11,446,261 |
|
Trade and other
payables |
11,925,961 |
|
Income tax payable |
9,279 |
|
Other current liabilities |
138,777 |
|
|
|
|
Total Current Liabilities |
23,520,278 |
|
Provision for long-term
employee benefits |
83,899 |
|
Total Liabilities |
23,604,177 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Share capital |
|
|
Authorized share capital 4,277,556,192 ordinary
shares of Bht.
1 each |
4,277,556 |
|
|
|
|
Issued and fully
paid share capital |
|
|
4,085,064,192 ordinary
shares of Bht.
1 each |
4,085,064 |
|
Share premium |
3,158,058 |
|
Capital reserve for share-based payment
transactions |
29,269 |
|
Retained Earning Appropriated -
statutory reserve |
511,111 |
|
Unappropriated |
9,840,509 |
|
Other components of shareholders’ equity |
[458,312] |
|
Total Shareholders' Equity |
17,165,699 |
|
Total Liabilities & Shareholders' Equity |
40,769,876 |
PROFIT
& LOSS ACCOUNT
For the six-month
periods ended June 30, 2013.
[Thousand Baht]
|
Revenue |
2013 |
|
|
|
|
Sales |
28,819,995 |
|
Exchange gains |
82,334 |
|
Other income |
16,472 |
|
Total Revenues |
28,918,801 |
|
Expenses |
|
|
|
|
|
Cost of sales
|
27,897,894 |
|
Selling expenses |
25,548 |
|
Administrative expenses |
63,396 |
|
Total Expenses |
27,986,838 |
|
|
|
|
Profit before financial
cost and corporate
income tax |
931,963 |
|
Finance cost |
[82,053] |
|
|
|
|
Profit before corporate
income tax |
849,910 |
|
Corporate income tax |
[4,257] |
|
Net earnings for
the year |
845,653 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.18 |
1.29 |
1.27 |
|
QUICK RATIO |
TIMES |
0.94 |
0.83 |
0.96 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
11.68 |
12.50 |
13.94 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.76 |
1.72 |
2.05 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
28.81 |
51.60 |
29.18 |
|
INVENTORY TURNOVER |
TIMES |
12.67 |
7.07 |
12.51 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
108.68 |
88.61 |
84.88 |
|
RECEIVABLES TURNOVER |
TIMES |
3.36 |
4.12 |
4.30 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
64.81 |
69.84 |
71.60 |
|
CASH CONVERSION CYCLE |
DAYS |
72.69 |
70.37 |
42.46 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
96.63 |
96.43 |
97.82 |
|
SELLING & ADMINISTRATION |
% |
0.38 |
0.33 |
0.23 |
|
INTEREST |
% |
0.23 |
0.10 |
0.09 |
|
GROSS PROFIT MARGIN |
% |
3.52 |
3.69 |
2.53 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.13 |
2.99 |
2.30 |
|
NET PROFIT MARGIN |
% |
2.90 |
2.88 |
2.20 |
|
RETURN ON EQUITY |
% |
11.75 |
10.34 |
9.82 |
|
RETURN ON ASSET |
% |
5.08 |
4.95 |
4.52 |
|
EARNING PER SHARE |
BAHT |
0.47 |
0.37 |
0.36 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.57 |
0.52 |
0.54 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.31 |
1.09 |
1.17 |
|
TIME INTEREST EARNED |
TIMES |
13.44 |
29.49 |
26.96 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
25.75 |
(21.33) |
|
|
OPERATING PROFIT |
% |
31.72 |
2.46 |
|
|
NET PROFIT |
% |
26.39 |
2.79 |
|
|
FIXED ASSETS |
% |
34.67 |
(12.28) |
|
|
TOTAL ASSETS |
% |
23.00 |
(6.08) |
|
ANNUAL GROWTH: EXCELLENT
An annual sales growth is 25.75%. Turnover has increased from THB 52,661,689,432.00
in 2011 to THB 66,222,847,921.00 in 2012. While net profit has increased from
THB 1,517,237,348.00 in 2011 to THB 1,917,606,893.00 in 2012. And total assets
has increased from THB 30,670,936,659.00 in 2011 to THB 37,724,866,970.00 in 2012.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.52 |
Impressive |
Industrial Average |
(0.01) |
|
Net Profit Margin |
2.90 |
Deteriorated |
Industrial Average |
13.82 |
|
Return on Assets |
5.08 |
Deteriorated |
Industrial Average |
33.77 |
|
Return on Equity |
11.75 |
Deteriorated |
Industrial Average |
57.86 |
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 3.52%. 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 2.9%. 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 5.08%.
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 11.75%.
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 |
1.18 |
Acceptable |
Industrial Average |
1.94 |
|
Quick Ratio |
0.94 |
|
|
|
|
Cash Conversion Cycle |
72.69 |
|
|
|
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 1.18 times in 2012, decreased from
1.29 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
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 0.94 times in 2012,
increased from 0.83 times, by excluding
inventory, the company may have problems meeting current liabilities.
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 73 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.57 |
Acceptable |
Industrial Average |
0.41 |
|
Debt to Equity Ratio |
1.31 |
Risky |
Industrial Average |
0.66 |
|
Times Interest Earned |
13.44 |
Impressive |
Industrial Average |
(6.86) |
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 13.45 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 0.57 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:
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
11.68 |
Impressive |
Industrial Average |
(3.54) |
|
Total Assets Turnover |
1.76 |
Acceptable |
Industrial Average |
2.42 |
|
Inventory Conversion Period |
28.81 |
|
|
|
|
Inventory Turnover |
12.67 |
Impressive |
Industrial Average |
10.77 |
|
Receivables Conversion Period |
108.68 |
|
|
|
|
Receivables Turnover |
3.36 |
Acceptable |
Industrial Average |
6.65 |
|
Payables Conversion Period |
64.81 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.36 and 4.12 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 52 days at the
end of 2011 to 29 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 7.07 times in year 2011 to 12.67
times in year 2012.
The company's Total Asset Turnover is calculated as 1.76 times and 1.72
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.53 |
|
|
1 |
Rs.99.75 |
|
Euro |
1 |
Rs.84.75 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.