MIRA
INFORM REPORT
|
Report Date : |
10.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
THAI ACRYLIC FIBRE CO., LTD. |
|
|
|
|
Registered Office : |
16th Floor, Mahatun Plaza Building, 888/168-169 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
10.04.1987 |
|
|
|
|
Com. Reg. No.: |
0105530016978 [Former:
1695/2530] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor &
Exporter of Acrylic Fibre |
|
|
|
|
No. of Employees : |
420 |
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 – 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
THAI ACRYLIC FIBRE CO., LTD.
SUMMARY
BUSINESS ADDRESS : 16th
FLOOR, MAHATUN PLAZA
BUILDING,
888/168-169 PLOENCHIT
ROAD,
LUMPINI,
PATHUMWAN,
BANGKOK
10330, THAILAND
TELEPHONE : [66] 2253-6745-54
FAX : [66] 2253-4679,
2253-6734
E-MAIL ADDRESS : marketing@thaiacrylic.com
amit.dayal@adityabirla.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1987
REGISTRATION NO. : 0105530016978 [Former: 1695/2530]
TAX ID NO. : 3101440195
CAPITAL REGISTERED : BHT. 712,500,000
CAPITAL PAID-UP : BHT.
712,500,000
SHAREHOLDER’S PROPORTION : THAI
: 84.71%
FOREIGN :
15.29%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
NIRINT SAJDEV, THAI
PRESIDENT
AND CHIEF EXECUTIVE
OFFICER
NO. OF STAFF : 420
LINES OF BUSINESS : ACRYLIC FIBRE
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 April
10, 1987 as
a private limited
company under the
name style THAI ACRYLIC
FIBRE CO., LTD.
The subject is
the flagship company of
the Aditya Birla
Group, set up
in technical collaboration
with Japan Exlan Co.,
Ltd., to manufacture acrylic
fibre by being
granted the promotional
privilege from the Board
of Investment [BOI].
Its production facility
is located in
Kaengkhoi, Saraburi Province. The
subject currently employs
approximately 420 staff.
The company has
a strong focus
on systems improvement
and has established comprehensive standards
of ISO 9001:2000, ISO 14001,
OHSAS 18000 and SA 8000.
The company also
achieved Level 7 in
the International Quality
Rating System (IQRS) of
DNV, Norway and
has received the
Qimpro Benchmark Award 2001
and 2003; the Golden
Peacock Global Quality Award - 2003;
the National Award
for Excellence in Energy
Management 2003 and
the Golden Peacock
Global Environment Management Award 2004.
The subject is a subsidiary
of India-based Aditya
Birla Group, the
first synthetic yarn
plant in Thailand
which came on
stream in 1970.
The subject is also the
first acrylic fibre
manufacturer in ASEAN,
and one of
the top two
service providers of
acrylic application development.
The subject’s registered
address is 16th Floor,
Mahatun Plaza Building, 888/168-169 Ploenchit Rd., Lumpini, Pathumwan, Bangkok 10330, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Shyam Sunder
Mahansaria |
|
Indian |
78 |
|
Mr. Nirint Sajdev |
|
Thai |
74 |
|
Mr. Deepak Mittal |
|
Indian |
69 |
|
Mr. Kumara Mangalam
Birla : Chairman of
the Group |
|
Indian |
47 |
|
Mrs. Rajashree Birla |
|
Indian |
67 |
|
Mr. Songkram Chivapravatdamrong |
|
Thai |
69 |
|
Mr. Hari Krishna
Agarwal |
|
Indian |
54 |
|
Mr. Krishna Kishore
Maheehwari |
|
Indian |
58 |
|
Mr. Thomas Varghese |
|
Indian |
52 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Nirint Sajdev
is the President & Chief Executive
Officer.
He is Thai
nationality with the
age of 74
years old.
Mr. Krishna Kishore
Maheehwari is the Vice President - Technical.
He is Indian
nationality with the
age of 58
years old.
Mr. Lahvindra Singh
is the Vice
President - Manufacturing.
He is Indian
nationality.
Mr. Amit Dayal
is the Vice
President - Marketing & Sales
Manager.
He is Indian
nationality.
Mr. Deepak Mittal
is the Vice
President.
He is Indian
nationality with the
age of 69
years old.
Mr. Vinay Jain
is the Financial
Manager.
He is Indian
nationality.
Mr. Pirom Areephan is
the General Manager.
He is Thai
nationality.
Ms. Karuna Choonint is
the Human Resources
Manager.
She is Thai
nationality.
Mr. Arunabha Bhattacharya
is the Customer
Technical Support Department
Manager.
He is Thai
nationality.
Mr. Sushil K. Chaudhari is
the Purchasing Department
Manager.
He is Indian
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
wide range of
Acrylic Fibre and
special products, the
main materials for textile,
knitwear, sportswear, carpet,
toys, blanket & bedding set,
upholstery and apparel
industries. The products
and brands are
as follows:
Products Brand
1. Acrylic products
- Acrylic fiber : “BIRLACRIL”
- Acrylic Staple
Fiber : “BIRLACRIL”
- Acrylic Tow : “BIRLACRIL”
2. Special Products
- Anti-pill fiber : “PILBLOC”
- Acrylic fiber : “RADIANZA”, “WARMOS”,
“ECOFUR”,
“CRAYONA”, “DURASHINE”,
“PURA”
- Micro Denier
Fiber : “BIRLACRIL”
- Super High
Shrinkable Fiber: “BIRLACRIL”
- Comfort Fibers : “BIRLACRIL”
Products and Applications:
“RADIANZA” fiber applies
in fashion apparels
productions, as well
as uniforms, sweaters
and pullover, mufflers
&caps, stoles, knitwear,
blankets & throws,
and carpet.
“WARMOS” fiber applies
in the productions
of knitted fabric [Jersey, sweaters],
hand knit yarn
and carpets.
“ECOFUR” fiber applies
in the productions
of overcoats, jackets,
coat linings, BOA/high
pile articles, soft
toys, automotive seat
covers, Raschel blankets
and fancy yarns.
“CRAYONA” fiber applies in
the productions of
sweaters, pullovers and cardigans, fashion apparels, jacket
and overcoats, winter
wear in blend
with wool, gloves, caps
and stoles.
“DURASHINE” fiber applies in
the productions of
awning, sun umbrellas,
outdoor furniture and
upholsteries, marine exterior
and decorative.
“PURA” optical white
fiber applies in
the productions of
knitwear, sweater, Jersey,
under wear, shirts, socks, hand
knits, woven upholstery,
curtain, woven cloth,
religious dress and pile
fabric products.
“MICRO DENIER” fiber applies
in the production
of knitted (sweaters, soft dress materials, fashion apparels)
and upholstery products.
“SUPER HIGH SHRINKABLE” fibers are
ideally suited for
manufacturing boucle yarns, smiling yarns, special
light-weight yarns and
a variety of
other fancy yarns.
“COMFORT” fiber applies for apparels,
foot-wear, bedding and automotives.
The subject received
the production technology
from Japan Exlan
Co., Ltd., Japan.
PRODUCTION CAPACITY
110,000 tons per
annum
IMPORT [COUNTRIES]
Raw material, chemical,
cotton and computer
technology are imported
from
Japan, Hong Kong,
Republic of China,
Taiwan, Singapore, India
and Switzerland.
MAJOR SUPPLIERS
Gutor Electronic Ltd. : Switzerland
Thai Rayon Public Company Limited : Thailand
Thai Sulphites and
Chemicals Co., Ltd. :
Thailand
Asahi Kasei Chemical
Corporation : Japan
Mitsui & Co [Thailand] Ltd. : Thailand
BASF [Thai] Ltd. : Thailand
SALES [LOCAL]
15% of the
products is sold
locally by wholesale
to manufacturers and
end-users.
EXPORT [COUNTRY]
85% of the products is
exported to India,
Indonesia, Philippines, Republic
of China, Pakistan, Iran, Vietnam, Hong
Kong, Nepal, Australia, Bangladesh, South Africa, South Korea, Sri Lanka,
Turkey and other
countries in Europe
and Middle East
region.
RELATED & AFFILIATED
COMPANIES
The Aditya Birla
Group consists of:
Indo Thai Synthetics
Co., Ltd.
Business Type : Manufacturer of
synthetics yarn
Thai Rayon Public
Co., Ltd.
Business Type : Manufacturer
of viscose rayon
staple fibre and
anhydrous sodium sulphate
Thai Carbon Black
Public Co., Ltd.
Business Type : Manufacturer of
carbon black
Thai Polyphosphate & Chemicals Co., Ltd.
Business Type : Manufacturer of
sodium tripoly - phosphate
Thai Epoxy and
Allied Products Co., Ltd
Business Type : Manufacturer of
expoxy resin
Thai Sulphites &
Chemicals Co., Ltd.
Business Type : Manufacturer of
sulphate
P.T. Indo Liberty
Textile Co., Ltd.
Business Type : Manufacturer of
spun yarn
Thai Peroxide Co., Ltd.
Business Type : Manufacturer of
hydrogen peroxide
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 T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Deutsche Bank AG
[Bangkok Office
: 208 Wireless Rd., Lumpini, Pathumwan,
Bangkok 10330]
The Siam Commercial
Bank Public Co., Ltd.
[Head Office
: 9 Ratchadapisek
Rd., Ladyao, Jatujak,
Bangkok 10900]
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Kasikornbank Public Co., Ltd.
[Head Office
: 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
EMPLOYMENT
The subject employs
approximately 420 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
The factory is
located at 54 Moo
5, Sudbantad, Tarndiew, Kaengkhoi, Saraburi
18110 Thailand, on approximately 160,000
square meters plot of
land.
Tel : [66] 36
251-316-24, 36 240-100
Fax : [66]
36 251-325-6
COMMENT
Thai Acrylic Fibre (TAF) ranks
among the top three quality acrylic
fibre producers globally. It is one of the top two service providers of acrylic
application development. The company has also been rated as a top class acrylic
producer for the manufacture of special blanket applications.
Its products enjoy world wide reputation and recognition. Consistent
superior quality and reliable services have enabled
the company to achieve the
leadership in the
industry.
The subject remained stable
growth in exports despite the overall market is stiffing from the slow
consumption in some countries
in Europe.
FINANCIAL INFORMATION
The capital was registered
at Bht. 205,000,000 divided into
2,050,000 shares of
Bht. 100 each.
The capital was
increased later as
followings:
Bht. 570,000,000
on October 21,
1993
Bht. 712,500,000
on April 23,
1996
The latest registered
capital was increased
to Bht. 712,500,000
divided into 71,250,000
shares of Bht.
10 each with
fully paid.
MAIN SHAREHOLDERS
[as at
May 27, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Thai Rayon Public
Co., Ltd. Nationality: Thai Address : 888/160-161
Ploenchit Rd.,
Lumpini, Pathumwan, Bangkok
10330 |
21,373,173 |
30.00 |
|
Thai Carbon Black
Public Co., Ltd. Nationality: Thai Address : 888/122,
888/128 Ploenchit Rd.,
Lumpini, Pathumwan, Bangkok
10330 |
11,386,503 |
15.98 |
|
Mr. Songkram Chivapravatdamrong Nationality: Thai Address : 470
Bangkhunthienchaitalay Rd., Samaedam, Bangkhunthien, Bangkok |
8,906,250 |
12.50 |
|
Asseau Company Ltd.
Nationality: British Address : Barclays
House Wickhams Cay Road
Town, Tortola, BVI |
6,175,000 |
8.67 |
|
Mrs. Ratchanee Kalili Nationality : Thai Address : 58/99
Soi Prompak, Klongtonnua,
Watana, Bangkok |
3,272,100 |
4.59 |
|
Mr. Kamol Pichitsingh Nationality : Thai Address : 58/99
Soi Prompak, Klongtonnua, Watana, Bangkok |
1,278,846 |
1.79 |
|
Mr. Direk Panichkraiwalkosin Nationality: Thai Address : 25/1
Charansanitwongse Rd., Thaphra,
Bangkokyai, Bangkok |
1,196,153 |
1.67 |
|
Thai Acrylic Co.,
Ltd. Nationality: Thai Address : 85
Sukhumvit 42 Rd.,
Prakanong, Bangkok |
975,000 |
1.37 |
|
Mahasmuth Investment [Pte]
Ltd. Nationality: Singaporean Address : 15
Scotts Rd., #04-01/03
Thong Teck Bldg., Singapore |
929,245 |
1.30 |
|
Other Shareholders |
15,757,730 |
22.13 |
Total Shareholders : 104
Share Structure
[as at May
27, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
86 |
60,355,755 |
84.71 |
|
Foreign |
18 |
10,894,245 |
15.29 |
|
Total |
104 |
71,250,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Vichien Kingmontri No.
3977
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 |
59,789,625 |
111,554,421 |
6,497,671 |
|
Trade Accounts Receivable |
1,101,765,837 |
1,331,570,876 |
1,252,458,725 |
|
Related Company Receivable |
- |
- |
68,554,253 |
|
Inventories |
1,061,868,321 |
1,024,461,220 |
1,119,652,658 |
|
Other Current Assets
|
25,554,055 |
28,451,106 |
150,865,499 |
|
|
|
|
|
|
Total Current Assets
|
2,248,977,838 |
2,496,037,623 |
2,598,028,806 |
|
Lending to Related Company |
739,887,939 |
276,697,885 |
- |
|
Investment in Related
Company |
504,060,714 |
504,060,714 |
504,060,714 |
|
Fixed Assets |
1,945,921,464 |
2,204,288,033 |
2,404,875,228 |
|
Intangible Assets |
3,680,856 |
1,437,884 |
- |
|
Other Assets |
4,248,091 |
3,743,530 |
3,617,030 |
|
Total Assets |
5,446,776,902 |
5,486,265,669 |
5,510,581,778 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 [Adjusted] |
2010 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
860,671,943 |
279,165,763 |
177,262,062 |
|
Trade Accounts & Other
Payable |
1,340,792,637 |
1,531,190,319 |
1,354,770,123 |
|
Related Company Payable |
- |
- |
2,192,654 |
|
Other Payable |
- |
- |
12,456,785 |
|
Current Portion of Long-term
Loan from Financial
Institutions |
50,000,000 |
220,000,000 |
367,500,000 |
|
Accrued Expenses |
- |
- |
37,544,900 |
|
Accrued Income Tax |
- |
33,655,726 |
66,948,458 |
|
Advance Received from Customer |
8,963,677 |
6,760,568 |
25,359,135 |
|
Other Current Liabilities |
8,434,449 |
7,813,474 |
6,795,921 |
|
|
|
|
|
|
Total Current Liabilities |
2,268,862,706 |
2,078,585,850 |
2,050,830,038 |
|
Long-term Loan Financial
Institutions |
- |
50,000,000 |
270,000,000 |
|
Employee Benefits Obligation |
110,228,187 |
110,502,222 |
- |
|
Total Liabilities |
2,379,090,893 |
2,239,088,072 |
2,320,830,038 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value Authorized, issued
& fully paid-up share capital
71,250,000 shares |
712,500,000 |
712,500,000 |
712,500,000 |
|
|
|
|
|
|
Capital Paid |
712,500,000 |
712,500,000 |
712,500,000 |
|
Premium on Share
Capital |
603,000,000 |
603,000,000 |
603,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
71,250,000 |
71,250,000 |
71,250,000 |
|
Unappropriated |
1,680,936,009 |
1,860,427,597 |
1,803,001,740 |
|
Total Shareholders' Equity |
3,067,686,009 |
3,247,177,597 |
3,189,751,740 |
|
Total Liabilities &
Shareholders' Equity |
5,446,776,902 |
5,486,265,669 |
5,510,581,778 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 [Adjusted] |
2010 |
|
|
|
|
|
|
Sales Income |
8,061,760,889 |
9,399,081,102 |
8,607,869,460 |
|
Gain / [Loss] on Exchange
Rate |
11,361,704 |
[12,239,151] |
92,097,224 |
|
Other Income |
70,416,258 |
21,337,379 |
43,068,212 |
|
Total Revenues |
8,143,538,851 |
9,408,179,330 |
8,743,034,896 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
7,895,906,766 |
8,796,061,728 |
7,900,609,695 |
|
Selling Expenses |
214,592,826 |
169,730,614 |
156,352,040 |
|
Administrative Expenses |
105,780,660 |
92,688,724 |
61,333,602 |
|
Total Expenses |
8,216,280,252 |
9,058,481,066 |
8,118,295,337 |
|
|
|
|
|
|
Profit before Financial Cost & Income Tax |
[72,741,401] |
349,698,264 |
624,739,559 |
|
Financial Cost |
[35,500,187] |
[41,009,987] |
[39,970,140] |
|
Profit before Income
Tax |
[108,241,588] |
308,688,277 |
584,769,419 |
|
Income Tax |
- |
[78,583,103] |
[89,154,232] |
|
|
|
|
|
|
Net Profit / [Loss] |
[108,241,588] |
230,105,174 |
495,615,187 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.99 |
1.20 |
1.27 |
|
QUICK RATIO |
TIMES |
0.51 |
0.69 |
0.65 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.14 |
4.26 |
3.58 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.48 |
1.71 |
1.56 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
49.09 |
42.51 |
51.73 |
|
INVENTORY TURNOVER |
TIMES |
7.44 |
8.59 |
7.06 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
49.88 |
51.71 |
53.11 |
|
RECEIVABLES TURNOVER |
TIMES |
7.32 |
7.06 |
6.87 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
61.98 |
63.54 |
62.59 |
|
CASH CONVERSION CYCLE |
DAYS |
36.99 |
30.68 |
42.25 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
97.94 |
93.58 |
91.78 |
|
SELLING & ADMINISTRATION |
% |
3.97 |
2.79 |
2.53 |
|
INTEREST |
% |
0.44 |
0.44 |
0.46 |
|
GROSS PROFIT MARGIN |
% |
3.07 |
6.51 |
9.79 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(0.90) |
3.72 |
7.26 |
|
NET PROFIT MARGIN |
% |
(1.34) |
2.45 |
5.76 |
|
RETURN ON EQUITY |
% |
(3.53) |
7.09 |
15.54 |
|
RETURN ON ASSET |
% |
(1.99) |
4.19 |
8.99 |
|
EARNING PER SHARE |
BAHT |
(1.52) |
3.23 |
6.96 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.44 |
0.41 |
0.42 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.78 |
0.69 |
0.73 |
|
TIME INTEREST EARNED |
TIMES |
(2.05) |
8.53 |
15.63 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(14.23) |
9.19 |
|
|
OPERATING PROFIT |
% |
(120.80) |
(44.02) |
|
|
NET PROFIT |
% |
(147.04) |
(53.57) |
|
|
FIXED ASSETS |
% |
(11.72) |
(8.34) |
|
|
TOTAL ASSETS |
% |
(0.72) |
(0.44) |
|
ANNUAL GROWTH : RISKY
An annual sales growth is -14.23%. Turnover has decreased from THB
9,399,081,102.00 in 2011 to THB 8,061,760,889.00 in 2012. While net profit has decreased
from THB 230,105,174.00 in 2011 to THB -108,241,588.00 in 2012. And total
assets has decreased from THB 5,486,265,669.00 in 2011 to THB 5,446,776,902.00
in 2012.
PROFITABILITY : RISKY
PROFITABILITY RATIO
|
Gross Profit Margin |
3.07 |
Deteriorated |
Industrial Average |
59.71 |
|
Net Profit Margin |
(1.34) |
Deteriorated |
Industrial Average |
2.35 |
|
Return on Assets |
(1.99) |
Deteriorated |
Industrial Average |
4.21 |
|
Return on Equity |
(3.53) |
Deteriorated |
Industrial Average |
8.98 |
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 3.07%. 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 -1.34%.
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 -1.99%.
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 -3.53%.
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 |
0.99 |
Risky |
Industrial Average |
1.51 |
|
Quick Ratio |
0.51 |
|
|
|
|
Cash Conversion Cycle |
36.99 |
|
|
|
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 0.99 times in 2012, decreased from 1.2 times, then the company may have
problems meeting its short-term obligations. 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 0.51 times in 2012,
decreased from 0.69 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 37 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 |
0.44 |
|
Debt to Equity Ratio |
0.78 |
Impressive |
Industrial Average |
0.72 |
|
Times Interest Earned |
(2.05) |
Risky |
Industrial Average |
0.88 |
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 -2.05 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 : IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.14 |
Impressive |
Industrial Average |
0.83 |
|
Total Assets Turnover |
1.48 |
Satisfactory |
Industrial Average |
1.82 |
|
Inventory Conversion Period |
49.09 |
|
|
|
|
Inventory Turnover |
7.44 |
Impressive |
Industrial Average |
5.20 |
|
Receivables Conversion Period |
49.88 |
|
|
|
|
Receivables Turnover |
7.32 |
Impressive |
Industrial Average |
3.23 |
|
Payables Conversion Period |
61.98 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.32 and 7.06 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 increased from 43 days at the
end of 2011 to 49 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 8.59 times in year 2011 to 7.44 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.48 times and 1.71
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.65.96 |
|
|
1 |
Rs.102.91 |
|
Euro |
1 |
Rs.86.58 |
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.