MIRA
INFORM REPORT
|
Report Date : |
05.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
TYCOONS WORLDWIDE GROUP [THAILAND] PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
99 Moo 1, Tumbon Nikompattana, Amphur Nikompattana, Rayong 21180 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
09.09.1996 |
|
|
|
|
Com. Reg. No.: |
0107546000172 [Former :
40854600018, 1948/2539] |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor &
Exporter of Wire Rod &
Fasteners |
|
|
|
|
No. of Employees : |
1,300 |
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 |
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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) |
|
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
TYCOONS WORLDWIDE GROUP [THAILAND] PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 99 MOO 1,
TUMBON NIKOMPATTANA,
AMPHUR
NIKOMPATTANA,
RAYONG
21180, THAILAND
TELEPHONE : [66] 38 636-800-22
FAX : [66] 38 636-977, 38
636-969
E-MAIL ADDRESS : tycoons@tycons.com
iro@tycoons.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1996
REGISTRATION NO. : 0107546000172 [Former : 40854600018, 1948/2539]
TAX ID NO. : -
CAPITAL REGISTERED : BHT.
6,035,039,000
CAPITAL PAID-UP : BHT.
6,035,039,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
HUANG, PING LUN,
TAIWANESE
PRESIDENT
NO. OF STAFF : 1,300
LINES OF BUSINESS : WIRE
ROD & FASTENERS
MANUFACTURER, DISTRIBUTOR
& 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 September 9, 1996 originally
as a private
limited company, under
the registered name “Tycoons
Worldwide Group [Thailand]
Company Limited” by
Tycoons Group International
Co., Ltd., Taiwan, with the
business objective to
manufacture and distribute
wide range of
wire rods and
fasteners to both
domestic and international
markets. Subject received
promotional privilege from
the Board of
Investment [BOI] to
produce wire &
screw on October
11, 1996.
The subject invested
with Bht. 6.8
billion in the
industrial area of
Eastern Rayong of
Thailand on 700,000
M2 of area
in 1997.
On July 9,
2003, the subject
converted its status
to a public
limited company under the
name TYCOONS WORLDWIDE
GROUP [THAILAND] PUBLIC
COMPANY LIMITED, and
listed on the
Stock Exchange of
Thailand [SET] on
December 11, 2003.
It currently employs
1,300 staff.
In 2009, the
subject established a joint
venture with E-United
Group to operate steel
making plant in
Vietnam, under the
registered name “Tycoons
Worldwide Steel [Vietnam] Ltd.”
with a production
capacity at 3 million
tons of steel
ingots per year.
The subject’s registered address is 99 Moo 1, Tumbon Nikompattana,
Amphur Nikompattana, Rayong 21180,
and this is
the company’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Huang, Wen-Sung |
[x] : Chairman |
Taiwanese |
58 |
|
Mrs. Lu, Yen-Chuan |
[x] : Vice Chairman |
Taiwanese |
59 |
|
Mr. Ou Yang
Lung |
[x] |
Taiwanese |
- |
|
Mr. Surabhon Kwunchaithunya |
|
Thai |
63 |
|
Mr. Jirawat Huang |
|
Thai |
58 |
|
Mr. Phiphat Wangphichit |
|
Thai |
76 |
|
Mr. Huang, Ping-Lun |
[x] |
Taiwanese |
33 |
AUTHORIZED PERSON
Two of the mentioned
directors [x] can
jointly sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Huang, Ping-Lun
is the President [Fastener Production
Division Manager/ Marketing].
He is Taiwanese
nationality with the
age of 33
years old.
Mr. Ou Yang
Lung is the
Vice President [Rolling & Wire Production
Division].
He is Taiwanese
nationality.
Mr. Chang, Yung-Liang is
the Vice President
[Financial Division].
He is Taiwanese
nationality.
Ms. Hwang Feng-Mei is
the Assistant Vice
President.
She is Taiwanese.
Mrs. Huang Li-Hui
is the Assistant
Vice President &
Administration Division.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer
of wire rods, annealing wire, screw
and bolts [include
thread rod], mainly
supply to automotive
parts and electronic
part production industry.
The products are
as the followings:
Steel Grade
Low Carbon Steel
Wire Rods
Carbon Steel Wire
Rods For Cold
Heading and Cold
Forging
High Carbon Steel
Wire Rods
Low Alloy Steel
Wire Rods
Welding Steel Wire
Rods
Free Cutting Steel
Wire Rods
Wire Products
Regarding to the range
of wire products
[Spherodized Annealing wire],
the company can
produce wire in
the range of
diameter from 2.2
mm. to 5.5
mm., from 5.5
mm. to 42.0
mm. and the
material grade are
as follow:
Material for nail
Material for drilling
point screw
Material for bolt
Screw Products
Chipboard screws
Drywall screws
Self Drilling screws
Self Tapping screws
Machine screws
Hex Head Machine
screws
Wood screws
Thread Road
Special screws or
Bolts
Process of Wire Rods Production
Tycoons has invested
almost 3 billion
Bht. to construct
the wire rods
rolling plant in
Thailand. Together with
high technology of the equipment
for High Speed
Wire Rod Mill
by SKET of
Germany, Billet Inspection
and Conditioning Line
by NORITAKE and
Walking Beam Type
Reheating Furnace by
Chugai Ro Co.,
Ltd., from Japan.
For electrical portion,
the whole rolling
mill plant has
been highly controlled
by Automation Control
System of which
supplied by ABB,
one of the
most outstanding electrical
supplier in the
world. Besides, ORBIS
Hot Gauge for
Wire Rod &
Bar Mil by
IPL from England
is supplied to
check dimension of
material during process.
Tycoons also supported
by manpower of
China Metallurgical Import
& Export Baogang
Company and Taigang
Import & Export
Corporation from Mainland
China to train
subject’s operators to
familiarize with rolling
mill process.
Tycoons could provide a wide
range of coil
products, from 5.5 mm. to
42 mm. dimension
of wire rod
coil and bar
in coil compatible
with low carbon
steel, medium/high carbon
steel, cold heading
steel and alloy
steel.
Process of Spheroidized Annealing Wire
Tycoons Thailand has
the experience in
production of high quality
annealed wire produced
by High Speed
Machines [Herborn &
Breitenback of Germany].
The wire were
stored by star
shape wire support,
and pass the
Spheroidized annealing by
German LOI bell
type vacuum system.
The surface of
material will be
bright after pass
the process of
acid washing, wire
surface plating and
skin pass. The
production is also
supplied to foreign
customers demand.
Process of Screw Production.
The subject can
control every process by
PLC. Moreover, it
has the expert
engineers to control
in each step.
After pass the
quality inspection, it
packs and ships
by it selves.
As well, carries
good reputation from
the customers in
Europe and America.
Tycoons makes drywall
screws, chipboard screws,
self tapping screws,
machine screws, hew head machine
screws, self drilling
screws, tek screws
and decking screws
by using 400
sets of forming
equipments and &
sets of heat
treatment equipments. It
also has phosphate,
zinc plating, dacrotizing
and rusper for
surface coating.
Tycoons has been
considered to be
the largest supplier
in South East
Asia.
PRODUCTION
Wire Rod :
360,000 tons/year
Annealed Wire :
144,000 tons/year
Screws : 36,000
tons/year
Bolts : 36,000
tons/year
IMPORT [COUNTRIES]
90% of raw
materials mainly steel/billet
are imported from
Taiwan, Brazil, South
Africa, Ukraine, Australia,
Republic of China
and Russia, the
remaining 10% is purchased
from local suppliers.
MAJOR SUPPLIERS
Tycoons Group Enterprise
Ltd. : Taiwan
EXPORT [COUNTRIES]
52% of the
products is exported
to Taiwan, U.S.A., Russia, Singapore,
Malaysia, India, Australia,
Republic of China,
Vietnam, Indonesia, Germany,
Pakistan, Spain and
United Kingdom.
SALES [LOCAL]
48% of its
products is sold
locally to manufacturers, wholesalers
and end-users.
MAJOR CUSTOMER
Tycoons Group Enterprise
Ltd.. : Taiwan
REVENUE STRUCTURE
|
Product |
2012 |
2011 |
||
|
|
Million baht |
% |
Million baht |
% |
|
Domestic sales |
|
|
|
|
|
- Wire rod |
4,292.71 |
45.51 |
3,282.73 |
78.82 |
|
- Annealed rod |
157.11 |
1.67 |
148.34 |
1.71 |
|
- Screw |
0.00 |
0.00 |
0.00 |
0.00 |
|
- Bolt |
1.98 |
0.02 |
- |
- |
|
- Others |
78.22 |
0.08 |
126.29 |
1.45 |
|
Total international sales |
4,530.02 |
48.03 |
3,557.36 |
40.98 |
|
|
|
|
|
|
|
International sales |
|
|
|
|
|
- Wire rod |
1,547.00 |
16.40 |
1,495.66 |
17.24 |
|
- Annealed rod |
1,321.20 |
14.01 |
1,681.08 |
19.37 |
|
- Screw |
704.08 |
7.47 |
779.20 |
8.96 |
|
- Bolt |
1,329.19 |
14.09 |
1,109.48 |
12.78 |
|
- Others |
- |
- |
58.10 |
0.67 |
|
Total international sales |
4,901.47 |
51.97 |
5,123.52 |
59.02 |
|
|
|
|
|
|
|
Total revenue |
9,431.498 |
100.00 |
8,680.88 |
100.00 |
PARENT COMPANY
Tycoons Group International
Co., Ltd.
SUBSIDIARY AND AFFILIATED COMPANIES
All Manage International
Ltd.
Business Type : Holding
Company
Location : British
Virgin Islands
Investment : 100%
held by the
subject.
TY Steel Co.,
Ltd.
Business Type: Manufacturer
of billet.
Location : Thailand
Investment : 49.76%
held by the
subject.
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 30-60-90 days.
Local bills are
paid by cash
or on the
credits term of
30-60-90 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Bank of China
[ICBC]
[Bangkok Office :
179 South Sathorn
Rd., Thungmahamek, Sathorn,
Bangkok 10120]
Kasikornbank Public Co., Ltd.
[Rayong Branch :
Nikpmpattana, Rayong province]
Bangkok Bank Public
Co., Ltd.
[Head Office :
333 Silom Road,
Silom, Bangrak, Bangkok
10500]
[Maptaphud Branch :
Maptaphud, Chonburi province]
TMB Bank Public
Co., Ltd.
[Head Office :
3000 Phaholyothin Rd.,
Chompol, Jatujak, Bangkok 10900]
EMPLOYMENT
The subject employs
approximately 1,300 staff
[office staff and
factory workers].
LOCATION DETAILS
The premise is owned
for operating office,
factory & warehouse
at the heading
address. Premises is
located in provincial.
COMMENT
TYCN is the largest screw
manufacturer in Thailand and
the company believes
that it is one of only
a few screw
manufacturers in the
world vertically integrated
from production of
wire rods to
production of screws.
Subject is one of
the leaders in the
wire rod market.
One factor supporting
this position is the
company’s high product
quality. Additionally, subject
offers certain products
that other competitors
are not able
to offer.
In 2012, sales
revenue was 9,432 MB
increased by 8.65% compared
to 8,680MB in 2011. Since
the steel industry
was recession, demand
decreased, the selling
price of steel
products was declined
result in sale
volume increased. The net
loss of 2012 was 401MB
decreased by 262.95% compared
to 246MB of 2011, it’s
because the selling price of
steel products declined.
FINANCIAL INFORMATION
The capital was registered
at Bht. 1,833,000,000
divided into 183,300,000 shares
of Bht. 10
each.
On November 12,
1999, the capital
was increased to
Bht. 5,028,000,000 divided
into 502,800,000 shares
of Bht. 10
each.
On December 4,
2003, the capital
was increased to
Bht. 6,285,000,000 divided into
628,500,000 shares of
Bht. 10 each.
In 2009, the
capital was decreased
to Bht. 6,035,039,000
divided into 603,503,900
shares of Bht. 10
each with fully
paid.
MAIN SHAREHOLDERS
[as at
March 20, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Tycoons Group International Co., Ltd. |
419,588,592 |
69.53 |
|
Citibank Nominees Singapore
Pte. Ltd.-First Commercial Bank-TD |
60,000,000 |
9.94 |
|
Chase Nominees Limited
42 |
55,036,100 |
9.12 |
|
Tycoon Worldwide Gro-up [Thailand] Public
Company Limited |
6,755,000 |
1.12 |
|
Thai NVDR Co.,
Ltd. |
4,957,580 |
0.82 |
|
Others |
57,166,628 |
9.47 |
Total Shareholders :
1,820
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Ms. Thipawal Nananuwat No.
3459
BALANCE SHEET [BAHT]
The latest
financial figures published as
at December 31,
2012, 2011 &
2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and cash equivalents |
669,457,237 |
548,947,727 |
348,459,582 |
|
Trade and other
receivable |
378,183,684 |
394,596,942 |
361,932,114 |
|
Amounts due from
Related Parties |
- |
- |
36,585,146 |
|
Inventories |
3,502,514,644 |
3,456,648,598 |
3,380,306,841 |
|
Advance payments for goods
and services |
68,363,967 |
22,901,294 |
52,953,378 |
|
Valued added tax
refundable |
98,710,234 |
47,828,982 |
3,131,632 |
|
Other current assets
|
3,003,786 |
28,857,326 |
3,740,084 |
|
|
|
|
|
|
Total Current Assets
|
4,720,233,552 |
4,501,780,869 |
4,187,108,777 |
|
Restricted bank deposits |
91,500,000 |
86,500,000 |
86,500,000 |
|
Investment in a
subsidiary |
97,394,980 |
97,394,980 |
97,394,980 |
|
Investment in a
associate |
229,895,584 |
104,499,985 |
- |
|
Property, plant and equipment |
5,430,808,797 |
5,705,870,519 |
5,938,433,098 |
|
Other intangible assets |
731,256 |
236,533 |
442,634 |
|
Other non - current Assets |
16,153,418 |
18,091,686 |
17,131,055 |
|
Total Assets |
10,586,717,587 |
10,514,374,572 |
10,327,010,544 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
2,473,774,913 |
2,166,446,319 |
1,149,298,600 |
|
Trade and other
payable |
1,232,855,270 |
730,637,223 |
1,261,179,459 |
|
Current portion of
long-term loans from financial
institutions |
762,000,000 |
332,000,000 |
610,000,000 |
|
Amounts due to
Related Parties |
- |
- |
44,514 |
|
Current portion of
liabilities under hire purchase
agreements |
2,233,655 |
1,161,508 |
1,524,717 |
|
Advance received from
customers |
112,691,040 |
65,058,551 |
62,082,370 |
|
Provision for loss
from raw material purchase contracts
|
11,720,694 |
25,408,365 |
- |
|
Accrued Expenses |
- |
- |
122,234,820 |
|
Accrued Interest
Expenses |
- |
- |
12,698,245 |
|
Other current liabilities |
21,886,749 |
20,021,560 |
16,616,143 |
|
|
|
|
|
|
Total Current Liabilities |
4,617,162,321 |
3,340,733,526 |
3,235,678,868 |
|
Long-term loans from
financial institutions, net
of current portion |
40,000,000 |
802,000,000 |
965,000,000 |
|
of liabilities under
hire purchase agreements, net
of current portion |
5,343,353 |
2,055,615 |
2,643,892 |
|
Provision for long-term
employee Benefits |
13,217,940 |
11,670,584 |
- |
|
Total Liabilities |
4,675,723,614 |
4,156,459,725 |
4,203,322,760 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share capital |
|
|
|
|
Registered 603,503,900 ordinary
shares of Baht 10
each |
6,035,039,000 |
6,035,039,000 |
6,035,039,000 |
|
Issued and
fully paid up |
|
|
|
|
603,503,900 ordinary
shares of Baht 10
each |
6,035,039,000 |
6,035,039,000 |
6,035,039,000 |
|
|
|
|
|
|
Treasury shares |
[47,531,810] |
[1,927,105] |
- |
|
Retained Earnings Appropriated- Statutory
reserve |
16,832,439 |
16,832,439 |
4,432,439 |
|
-
Treasury share reserve |
47,531,810 |
1,927,105 |
- |
|
Unappropriated |
[140,877,466] |
306,043,408 |
84,216,345 |
|
Total Shareholders' Equity |
5,910,993,973 |
6,357,914,847 |
6,123,687,784 |
|
Total Liabilities &
Shareholders' Equity |
10,586,717,587 |
10,514,374,572 |
10,327,010,544 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
9,431,492,157 |
8,680,876,522 |
6,132,881,794 |
|
Other Income |
|
|
|
|
Gain on exchange rate |
- |
- |
164,430,812 |
|
Interest income |
8,020,417 |
19,623,854 |
4,615,143 |
|
Others |
22,434,223 |
22,995,472 |
30,554,538 |
|
Total Revenues |
9,461,946,797 |
8,723,495,848 |
6,332,482,287 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of sales |
9,461,489,134 |
7,868,750,121 |
5,665,264,490 |
|
Decrease of inventory
to net realizable value [reversal] |
[2,729,064] |
59,628,187 |
[120,017,044] |
|
|
9,458,760,070 |
7,928,378,308 |
5,545,247,446 |
|
Selling expenses |
226,915,624 |
230,092,343 |
226,663,910 |
|
Administrative expenses |
134,061,437 |
140,354,462 |
108,194,007 |
|
Management benefit expenses |
- |
- |
13,633,629 |
|
Doubtful debts [reversal] |
[11,566,077] |
12,153,204 |
[48,415,956] |
|
Losses from raw material purchase
contracts [reversal] |
[13,687,671] |
25,408,365 |
[6,014,805 |
|
Losses [gain] from
derivatives |
[344,637] |
14,956,457 |
[18,539,825] |
|
Losses [gain] on
exchange rate |
[32,326,104] |
17,200,951 |
- |
|
Total Expenses |
9,761,812,642 |
8,368,544,090 |
5,820,768,406 |
|
|
|
|
|
|
Profit / [Loss] before
Financial Cost |
[299,865,845] |
354,951,758 |
511,713,881 |
|
Financial Costs |
[101,450,324] |
[108,668,135] |
[119,753,182] |
|
|
|
|
|
|
Net Profit / [Loss] |
[401,316,169] |
246,283,623 |
391,960,699 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.02 |
1.35 |
1.29 |
|
QUICK RATIO |
TIMES |
0.26 |
0.30 |
0.25 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.74 |
1.52 |
1.03 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.89 |
0.83 |
0.59 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
135.16 |
159.13 |
222.50 |
|
INVENTORY TURNOVER |
TIMES |
2.70 |
2.29 |
1.64 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
14.64 |
16.59 |
21.54 |
|
RECEIVABLES TURNOVER |
TIMES |
24.94 |
22.00 |
16.94 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
47.57 |
33.64 |
83.01 |
|
CASH CONVERSION CYCLE |
DAYS |
102.22 |
142.09 |
161.03 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
100.29 |
91.33 |
90.42 |
|
SELLING & ADMINISTRATION |
% |
3.83 |
4.27 |
5.68 |
|
INTEREST |
% |
1.08 |
1.25 |
1.95 |
|
GROSS PROFIT MARGIN |
% |
0.03 |
9.16 |
12.84 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(3.18) |
4.09 |
8.34 |
|
NET PROFIT MARGIN |
% |
(4.26) |
2.84 |
6.39 |
|
RETURN ON EQUITY |
% |
(6.79) |
3.87 |
6.40 |
|
RETURN ON ASSET |
% |
(3.79) |
2.34 |
3.80 |
|
EARNING PER SHARE |
BAHT |
(0.66) |
0.41 |
0.65 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.44 |
0.40 |
0.41 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.79 |
0.65 |
0.69 |
|
TIME INTEREST EARNED |
TIMES |
(2.96) |
3.27 |
4.27 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
8.65 |
41.55 |
|
|
OPERATING PROFIT |
% |
(184.48) |
(30.63) |
|
|
NET PROFIT |
% |
(262.95) |
(37.17) |
|
|
FIXED ASSETS |
% |
(4.82) |
(3.92) |
|
|
TOTAL ASSETS |
% |
0.69 |
1.81 |
|
ANNUAL GROWTH : ACCEPTABLE
An annual sales growth is 8.65%. Turnover has increased from THB
8,680,876,522.00 in 2011 to THB 9,431,492,157.00 in 2012. While net profit has decreased
from THB 246,283,623.00 in 2011 to THB -401,316,169.00 in 2012. And total
assets has increased from THB 10,514,374,572.00 in 2011 to THB
10,586,717,587.00 in 2012.
PROFITABILITY : RISKY
PROFITABILITY RATIO
|
Gross Profit Margin |
0.03 |
Deteriorated |
Industrial Average |
1.58 |
|
Net Profit Margin |
(4.26) |
Deteriorated |
Industrial Average |
0.36 |
|
Return on Assets |
(3.79) |
Deteriorated |
Industrial Average |
0.83 |
|
Return on Equity |
(6.79) |
Deteriorated |
Industrial Average |
2.03 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for
the cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company's figure is 0.03%. 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 -4.26%.
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 -3.79%.
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 -6.79%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.02 |
Satisfactory |
Industrial Average |
1.31 |
|
Quick Ratio |
0.26 |
|
|
|
|
Cash Conversion Cycle |
102.22 |
|
|
|
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 1.02 times in 2012, decreased from 1.35 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 0.26 times in 2012,
decreased from 0.3 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 Uptrend
LEVERAGE : SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.44 |
Impressive |
Industrial Average |
0.59 |
|
Debt to Equity Ratio |
0.79 |
Impressive |
Industrial Average |
1.42 |
|
Times Interest Earned |
(2.96) |
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 -2.96 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 0.44 less than 0.5, most of the company's
assets are financed through equity.
Trend of the average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Downtrend
ACTIVITY : SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.74 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.89 |
Deteriorated |
Industrial Average |
2.26 |
|
Inventory Conversion Period |
135.16 |
|
|
|
|
Inventory Turnover |
2.70 |
Acceptable |
Industrial Average |
5.11 |
|
Receivables Conversion Period |
14.64 |
|
|
|
|
Receivables Turnover |
24.94 |
Impressive |
Industrial Average |
3.82 |
|
Payables Conversion Period |
47.57 |
|
|
|
The company's Account Receivable Ratio is calculated as 24.94 and 22.00
in 2012 and 2011 respectively. This ratio measures the efficiency of the
company in managing its trade debtors to generate revenue. A lower ratio may
indicate over extension and collection problems. Conversely, a higher ratio may
indicate an overtly stringent policy. In this case, the company's A/R ratio in
2012 increased from 2011. This would suggest the company had good performance
in the management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has decreased from 159 days at the
end of 2011 to 135 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 2.29 times in year 2011 to 2.7 times
in year 2012.
The company's Total Asset Turnover is calculated as 0.89 times and 0.83
times in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.67.03 |
|
|
1 |
Rs.104.32 |
|
Euro |
1 |
Rs.88.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.