MIRA
INFORM REPORT
|
Report Date : |
12.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
D.H.A. SIAMWALLA LTD. |
|
|
|
|
Registered Office : |
210 Surawongse Road,
Siphya,
Bangrak, Bangkok
10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
1907 |
|
|
|
|
Com. Reg. No.: |
0105485000257 [Former : 689] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Importer, Exporter & Distributor of Stationeries |
|
|
|
|
No. of Employees : |
500 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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 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
D.H.A. SIAMWALLA LTD.
SUMMARY
BUSINESS ADDRESS : 210 SURAWONGSE ROAD,
SIPHYA,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2237-0500,
2234-3983, 2237-2895
FAX : [66] 2236-7950,
2267-2394, 2631-4029, 2266-3721
E-MAIL ADDRESS : service@dhas.com
export@dhas.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1942
REGISTRATION NO. : 0105485000257 [Former : 689]
TAX ID NO. : 3101013740
CAPITAL REGISTERED : BHT.
5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
EK SIAMWALLA, THAI
PRESIDENT
NO. OF STAFF : 500
LINES OF BUSINESS : STATIONERIES
MANUFACTURER, IMPORTER,
EXPORTER
& DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject was
initially found in 1907 as a limited partnership by Mr. D.H.A.
Siamwalla
and officially registered
as a private
limited company on
August 31, 1942
under the name
style D.H.A. SIAMWALLA
LTD. At present,
the subject is
managed by the
third generation of the Siamwalla
family, a major Thai-Indian
family in Thailand.
It currently employs
approximately 500 staff.
Its popular and
widely respected Elephant
Brand products made their
debut in 1960, with the appearance of
the now-famous “Elephant” file,
made for it by
a contractor. In 1976,
using simple manual
methods, it began
making them itself.
The subject built
the first factory in
1980 at the
Nava Nakorn Industrial
Estate in Pathum Thani, and a second
in 1988. Other
items went into
production: the Elephant
Brand notebook, duplicating stencil
paper, duplicating ink,
self-adhesive labels and
more.
HONOUR
In 1989, subject
received Asian Hitech award
under Elephant brand
products for applying
outstanding technologies and modern applied sciences in
production, services and
management from Thai
Industrial Standards Institute
[TISI], standard marks.
In 1992, the
subject was the
first company to obtain
the [TISI] mark
for locally produced lever
arch mechanism.
The subject’s registered
address is 210 Surawongse Rd., Siphya, Bangrak, Bangkok
10500, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Toemsakdi Krisnamara
: Chairman |
Thai |
86 |
|
Mr. Ek Siamwalla |
Thai |
49 |
|
Mr. Yingsak Siamwalla |
Thai |
85 |
|
Ms. Pranee Lopansri |
Thai |
55 |
|
Mr. Opas
Siamwalla |
Thai |
48 |
|
Mr. Suharit
Siamwalla [x] |
Thai |
45 |
|
Mr. Danupol
Siamwalla |
Thai |
43 |
|
Mrs. Punnee
Siamwalla |
Thai |
61 |
AUTHORIZED PERSON
The mentioned director
[x] can jointly
sign with anyone
of the rest
directors on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Ek Siamwalla is
the President.
He is Thai
nationality with the
age of 49
years old.
Mr. Suharit Siamwalla is
the Managing Director.
He is Thai
nationality with the
age of 45
years old.
Mr. Suradej Suchaxaya is
the Deputy Managing
Director [Support Business].
He is Thai
nationality.
Mr. Wanchai
Kanchanabul
is the Deputy Managing Director
[Operation]. He is Thai
nationality.
Mr. Opas
Siamwalla is the Deputy Managing Director
[Business Planning & Development
Director]. He is
Thai nationality with
the age of
48 years old.
Mr. Manoch Srikerd is
the Finance &
Account Manager.
He is Thai
nationality.
Mr. Sirichai Chaiyapornphan is
the Marketing Director.
He is Thai
nationality.
Mr. Suwat
Sajjamongkol
is the Exports
Manager.
He is Thai
nationality.
Mr. Nattapol
is the Human
Resources Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and exporting
wide range of
stationery goods, which
are divided into
7 main products,
including file supplies,
book & paper
products, pen, pencil
& marker, office
supplies products, school
supplies products, art supplies and
architecture supplies.
The subject is
also a manufacturer and
distributor of stationery
and office supplies
under its own
brand “ELEPHANT”, as
well as many
license brands such
as “SCAN GLOBE”, “CROSS”, “HI”, “MITSUBISHI”, “SOLUTION”, “FRABIANO”, “CAMEL”,
“PENATIA”, “WINSOR & NEWTON”, “MASTERTEX”,
“QUANTUM GATEWAY”, “ARISTO”,
“ELFEN”, “MASTER ART”,
“REEVES”, “SANAZAROCO”, etc.
The products include
notebook, duplicating stencil
paper, duplicating ink,
self-adhesive labels, various
types of files
and index.
Imported Products
The subject also imports
selected products from
overseas. These include office
products, corporate gifts,
drafting, commercial and
fine art supplies,
papers and boards
and etc.
IMPORT [COUNTRIES]
30% of the
products and raw materials
is imported from
England, U.S.A., Germany,
Holland, France, Japan,
Denmark, Australia, Singapore,
Republic of China, Taiwan,
Italy, India, Hong
Kong and Korea.
MAJOR SUPPLIERS
|
Name |
Country |
|
Arjo
Wiggins Fine Papers
Export Ltd. |
: England |
|
R. Ancker Jorgensen
A/S |
: Denmark |
|
Bieffe Dibruno Ferrarese S.p.a. |
: Italy |
|
Cartier Fedrigoni &
Co., S.p.a. |
: Italy |
|
Camlin
Private Ltd. |
: India |
|
A.T. Cross Export
Co. |
: U.S.A. |
|
Conte |
: France |
|
Daler
Board Co., Ltd. |
: England |
|
Dayglo
Color Corporation |
: U.S.A. |
|
Eiki Industrial Co.,
Ltd. |
: Japan |
|
Elof Hansson, Inc. |
: U.S.A. |
|
Encyclopaedia Britannica
Education Corporation |
: U.S.A. |
|
Eothen
Films International |
: England |
|
Franz Just &
Sohne |
: Austria |
|
Fuji-Corana
Seiki Ltd. |
: Japan |
|
Ken-A-Vision Mfg., Inc. |
: U.S.A. |
|
Liquid Paper Australia |
: Australia |
|
Mecanorma |
: France |
|
Mitsubishi Pencil Co.,
Ltd. |
: Japan |
|
Neusidedler Aktiengesellschaft
Fur Papierfabrikation |
: Austria |
|
Nystrom
Division of Carnation
Company |
: U.S.A. |
|
Olympus Co., Ltd. |
: Japan |
|
Reeves |
: England |
|
Rexel
Ltd. |
: England |
|
Rotring Werke Riepe KG. |
: Germany |
|
Royal Sovereing Group
Speedry
Marker Division |
: England |
|
Sanford Corporation |
: U.S.A. |
|
Scan-Globes A/S |
: Denmark |
|
Schwan-Stabilo Schwanhausser
GmbH & Co. |
: Germany |
|
Superior Specialties, Inc. |
: U.S.A. |
|
Uchida Yoko Co.,
Ltd. |
: Japan |
|
Wiggins Teape [Japan]
Ltd. |
: Japan |
|
Wiggins Teape Overseas
Sales Ltd. |
: England |
|
Wiggins Teape [Singapore]
Pte.,
Ltd. |
: Singapore |
|
Winsor
& Newton Ltd. |
: England |
The subject has
received license to
manufacture their products
as follows :
|
Products |
Licensee |
|
|
|
|
Mitsubishi Wood - Cased Pencils |
Mitsubishi Pencil Co., Ltd., Japan |
|
Extar
Duplicating Stencils and
Ink |
Uchida Yoko Co., Ltd.,
Japan |
|
Stabilo - Boss
Highlighters |
Schwan-Stabilo, Germany |
|
Trodat
Line Daters |
Trodat-Werke,
Austria |
|
Avery Self - Adhesive Labels |
Dennison-Danmark A/S,
Denmark |
SALES [LOCAL]
80% of its
products is sold
locally to wholesalers,
Thai Government, manufacturers
and retailers.
Market
Shares :
|
Highlighter |
“BOSS” |
60% |
|
Pen |
“CROSS” |
40% |
|
File |
“ELEPHANT” |
70% |
|
Paper |
“CONQUEROR” |
65% |
|
Writing instrument |
“ROTRING” |
90% |
EXPORT [COUNTRY]
20% of its products under
“ELEPHANT” brand name;
labels, files &
etc. are exported
to Vietnam, Taiwan,
Singapore, Laos, Indonesia,
Republic of China,
Japan, Korea, Germany,
United Kingdom and etc.
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.
SUBSIDIARIES & AFFILIATED
COMPANY
Universal Franchise Co.,
Ltd.
Business Type: Printing house
Investment : 99.99 %
MEMBERSHIP OF ASSOCIATES
- The Thai Chamber
of Commerce
- The German-Thai Chamber
of Commerce
- The India-Thai Chamber
of Commerce
- Thailand Management Association
- The Federation of
Thai Industries
- The Thai Stationers
and Office Supplies
Association
- Thai Article Numbering
Council [TANC]
- Thailand Management Association
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 & T/T.
Exports are against
T/T.
BUSINESS TRANSACTION
The products are
sold both by
cash and credit
with the maximum
credit given at
30-60 days. There
is no problem
on its account
receivable.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom Rd., Silom, Bangrak,
Bangkok 10500]
Standard Chartered Bank [Thai]
Public Co., Ltd.
[Bangkok Office : 990
Rama 4
Rd., Silom, Bangrak, Bangkok 10500]
The Siam Commercial
Bank Public Co., Ltd.
[Head Office
: 9 Ratchadapisek Rd., Ladyao, Jatujak, Bangkok
10900]
EMPLOYMENT
The subject employs
approximately 500 staff. [office,
sales staff and
factory workers]
LOCATION DETAILS
The premise is owned for
operating office at
the heading address
in a prime
commercial area on
3,500 square meters.
The factory I
is located at
101/27 Nava Nakorn Industrial
Estate. KM. 46, Phaholyothin
Highway, Klongnueng, Klongluang, Pathumthani 12120.
Tel. [66] 2529-2340-2, Fax.
[66] 2750-1495, on
7,500 sq.m. of
area.
The factory II
is located at
21/11 Moo 9, Rojana
Industrial Park II, T.
Khanham, A.
U-Thai, Ayutthaya 13120.
Depot is located
at 60/67 Nava Nakorn
Industrial Estate, Phaholyothin Highway,
Klongnueng,
Klongluang,
Pathumthani
12120.
Tel. [66] 2529-1732-40, Fax.
[66] 2529-1741, on
3,500 sq.m. of
area.
Warehouse & Service Center:
94 Moo 15, Bangna-Trad
Road, Bangpleeyai, Bangplee, Samutprakarn.
Tel :
[66] 2750-1540 Fax
[66] 2750-1495.
202 Surawong Road, Siphahya, Bangrak,
Bangkok 10500.
202/1 Surawong Road, Siphahya, Bangrak,
Bangkok 10500.
194/12 Surawong Road, Siphahya, Bangrak,
Bangkok 10500.
125 Moo 1 T. Lamsai, A. Wangnoi, Ayutthaya.
COMMENT
The company is
the leading in
manufacturing, importing and
distributing of stationery
goods. It is
also the country’s
largest importer of
aluminum utensils, papers
and boards, and
the largest manufacturer
of exercise books,
notebooks and various
files. Moreover, its
factory is the
most advanced in
the stationery industry,
fully automatic machines.
DHAS is the
first company to
produce file clips
comparable in quality
to those made
abroad, and still
remain the only
exporter of file
mechanisms in Thailand.
With the strong
fundamental of its
system, the company
is still remained
in strong financial,
marketing and trading
strategy and also play
a leading role in
domestic stationary industry.
The subject still has solid
business from over 2,000 traditional stationery shops nationwide.
FINANCIAL INFORMATION
The capital was
registered at Bht. 120,000
divided into 1,200
shares of Bht. 100
each.
The capital was
increased later as
follows:
Bht. 480,000
on March 13,
1995
Bht. 5,000,000
on April 8,
2008
The latest registered
capital was increased
to Bht. 5,000,000
divided into 50,000
shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Mit Siamwalla Nationality: Thai Address : 127 Soi Soonvijai 14, Huaykwang, Bangkok |
7,626 |
15.25 |
|
Mr. Yingsak Siamwalla Nationality: Thai Address : 127 Soi Soonvijai 14, Huaykwang, Bangkok |
3,333 |
6.67 |
|
Mr. Opas Siamwalla Nationality: Thai Address : 127 Soi Soonvijai 14, Huaykwang,
Bangkok |
3,333 |
6.67 |
|
Mr. Suharit Siamwalla Nationality: Thai Address : 127 Soi Soonvijai 14, Huaykwang, Bangkok
|
3,333 |
6.67 |
|
Mr. Danupol Siamwalla Nationality: Thai Address : 127 Soi Soonvijai 14, Huaykwang, Bangkok |
3,333 |
6.67 |
|
Mr. Ek Siamwalla Nationality: Thai Address : 109 Soi Soonvijai 14, Huaykwang,
Bangkok |
2,196 |
4.39 |
|
Mrs. Yasamin Jafery Nationality: Thai Address : 253 Ladprao 94 Rd.,
Wangthonglang, Bangkok |
1,917 |
3.83 |
|
Mr. Ammar Siamwalla Nationality: Thai Address : 105 Soi Soonvijai 14, Huaykwang, Bangkok |
1,855 |
3.71 |
|
Others |
23,074 |
46.14 |
Total Shareholders : 13
Share Structure
[as at April
30, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
13 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
13 |
50,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Somsith Techamontrikul No.
430
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 |
91,237,605 |
22,402,420 |
55,512,042 |
|
Short-term Investment |
469,764,272 |
722,542,957 |
657,241,729 |
|
Trade Accounts and
Other Receivable |
970,236,258 |
637,403,653 |
768,658,632 |
|
Inventories |
730,093,004 |
576,239,314 |
639,524,989 |
|
Other Current Assets
|
18,307,298 |
2,886,321 |
74,862,058 |
|
|
|
|
|
|
Total Current Assets
|
2,279,638,437 |
1,961,474,665 |
2,195,799,450 |
|
Investment in Subsidiaries |
79,931,800 |
79,931,800 |
19,999,300 |
|
Fixed Assets |
1,100,431,594 |
804,590,300 |
664,144,096 |
|
Other Non - current Assets |
3,677,568 |
4,689,643 |
2,837,325 |
|
Total Assets |
3,463,679,399 |
2,850,686,408 |
2,882,780,171 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts and
Other Payable |
440,445,601 |
167,223,886 |
187,319,069 |
|
Current Portion of
Financial Lease Contract Liabilities |
3,100,206 |
802,343 |
747,434 |
|
Short-term Loan from Related
Person |
- |
99,836,000 |
- |
|
Accrued Dividend |
99,836,000 |
- |
- |
|
Accrued Income Tax |
46,807,732 |
54,952,588 |
73,680,576 |
|
Accrued Expenses |
- |
- |
97,910,181 |
|
Other Current Liabilities |
6,757,372 |
9,612,023 |
14,256,489 |
|
|
|
|
|
|
Total Current Liabilities |
596,946,911 |
332,426,840 |
373,913,749 |
|
Financial Lease Contract Liabilities, Net of
Current Portion |
- |
3,100,206 |
3,902,550 |
|
Employee Benefits Obligation |
15,498,866 |
14,339,584 |
- |
|
Total Liabilities |
612,445,777 |
349,866,630 |
377,816,299 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000 |
5,000,000 |
5,000,000 |
|
|
|
|
|
|
Capital Paid |
5,000,000 |
5,000,000 |
5,000,000 |
|
Unrealized Gains on
Securities Available for Sale |
- |
- |
15,011,696 |
|
Retained Earnings: Appropriated for Statutory Reserve |
500,000 |
500,000 |
500,000 |
|
Other Reserve |
8,057,672 |
8,057,672 |
8,057,672 |
|
Unappropriated |
2,816,414,723 |
2,480,009,554 |
2,476,394,504 |
|
Other Components of Shareholder’s Equity |
21,261,227 |
7,252,552 |
- |
|
Total Shareholders' Equity |
2,846,233,622 |
2,500,819,778 |
2,504,963,872 |
|
Total Liabilities &
Shareholders' Equity |
3,463,679,399 |
2,850,686,408 |
2,882,780,171 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
3,080,549,854 |
2,654,515,668 |
2,568,559,588 |
|
Compensation from Insurance Company Income |
60,000,000 |
- |
- |
|
Other Income |
84,636,730 |
56,464,805 |
56,356,136 |
|
Total Revenues |
3,225,186,584 |
2,710,980,473 |
2,624,915,724 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,018,440,004 |
1,638,009,984 |
1,570,559,121 |
|
Selling Expenses |
507,056,026 |
453,200,154 |
409,044,194 |
|
Administrative Expenses |
121,519,195 |
112,668,779 |
101,616,667 |
|
Loss on Flood |
- |
173,931,351 |
- |
|
Total Expenses |
2,647,015,225 |
2,377,810,268 |
2,081,219,982 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
578,171,359 |
333,170,205 |
543,695,742 |
|
Financial Costs |
[120,824] |
[157,519] |
[223,184] |
|
Profit before Income
Tax |
578,050,535 |
333,012,686 |
543,472,558 |
|
Income Tax |
[101,645,366] |
[115,903,052] |
[120,964,781] |
|
|
|
|
|
|
Net Profit / [Loss] |
476,405,169 |
217,109,634 |
422,507,777 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.82 |
5.90 |
5.87 |
|
QUICK RATIO |
TIMES |
2.57 |
4.16 |
3.96 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.80 |
3.30 |
3.87 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.89 |
0.93 |
0.89 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
132.02 |
128.40 |
148.63 |
|
INVENTORY TURNOVER |
TIMES |
2.76 |
2.84 |
2.46 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
114.96 |
87.64 |
109.23 |
|
RECEIVABLES TURNOVER |
TIMES |
3.18 |
4.16 |
3.34 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
79.65 |
37.26 |
43.53 |
|
CASH CONVERSION CYCLE |
DAYS |
167.34 |
178.79 |
214.32 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
65.52 |
61.71 |
61.15 |
|
SELLING & ADMINISTRATION |
% |
20.40 |
21.32 |
19.88 |
|
INTEREST |
% |
0.00 |
0.01 |
0.01 |
|
GROSS PROFIT MARGIN |
% |
39.17 |
40.42 |
41.05 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
18.77 |
12.55 |
21.17 |
|
NET PROFIT MARGIN |
% |
15.46 |
8.18 |
16.45 |
|
RETURN ON EQUITY |
% |
16.71 |
8.68 |
16.87 |
|
RETURN ON ASSET |
% |
13.75 |
7.62 |
14.66 |
|
EARNING PER SHARE |
BAHT |
9,528.10 |
4,342.19 |
8,450.16 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.18 |
0.12 |
0.13 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.21 |
0.14 |
0.15 |
|
TIME INTEREST EARNED |
TIMES |
4,785.24 |
2,115.11 |
2,436.09 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
16.05 |
3.35 |
|
|
OPERATING PROFIT |
% |
73.54 |
(38.72) |
|
|
NET PROFIT |
% |
119.43 |
(48.61) |
|
|
FIXED ASSETS |
% |
36.77 |
21.15 |
|
|
TOTAL ASSETS |
% |
21.50 |
(1.11) |
|
ANNUAL GROWTH : EXCELLENT
An annual sales growth is 16.05%. Turnover has increased from THB
2,654,515,668.00 in 2011 to THB 3,080,549,854.00 in 2012. While net profit has
increased from THB 217,109,634.00 in 2011 to THB 476,405,169.00 in 2012. And
total assets has increased from THB 2,850,686,408.00 in 2011 to THB
3,463,679,399.00 in 2012.
PROFITABILITY : IMPRESSIVE
PROFITABILITY RATIO
|
Gross Profit Margin |
39.17 |
Deteriorated |
Industrial Average |
101.63 |
|
Net Profit Margin |
15.46 |
Impressive |
Industrial Average |
7.00 |
|
Return on Assets |
13.75 |
Impressive |
Industrial Average |
8.50 |
|
Return on Equity |
16.71 |
Impressive |
Industrial Average |
13.72 |
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 39.17%. 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 15.46%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operators in a dominant
position within its industry.
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. Return on Assets ratio is
13.75%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 16.71%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
3.82 |
Impressive |
Industrial Average |
1.98 |
|
Quick Ratio |
2.57 |
|
|
|
|
Cash Conversion Cycle |
167.34 |
|
|
|
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 3.82 times in 2012, decreased from 5.9 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 2.57 times in 2012,
decreased from 4.16 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 168 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.18 |
Impressive |
Industrial Average |
0.37 |
|
Debt to Equity Ratio |
0.21 |
Impressive |
Industrial Average |
0.52 |
|
Times Interest Earned |
4,785.24 |
Impressive |
Industrial Average |
5.80 |
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 4785.24 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 0.18 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 Uptrend
ACTIVITY : IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.80 |
Impressive |
Industrial Average |
0.57 |
|
Total Assets Turnover |
0.89 |
Satisfactory |
Industrial Average |
1.18 |
|
Inventory Conversion Period |
132.02 |
|
|
|
|
Inventory Turnover |
2.76 |
Acceptable |
Industrial Average |
3.93 |
|
Receivables Conversion Period |
114.96 |
|
|
|
|
Receivables Turnover |
3.18 |
Impressive |
Industrial Average |
3.05 |
|
Payables Conversion Period |
79.65 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.18 and 4.16 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 128 days at the end of 2011 to
132 days at the end of 2012. This represents a negative trend. And Inventory
turnover has decreased from 2.84 times in year 2011 to 2.76 times in year 2012.
The company's Total Asset Turnover is calculated as 0.89 times and 0.93
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.63.90 |
|
|
1 |
Rs.100.47 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.