MIRA INFORM REPORT
|
Report Date : |
24.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
MEGA LIFESCIENCES PUBLIC COMPANY LIMITED |
|
|
|
|
Formerly Known As : |
MEGA
LIFESCIENCES LIMITED |
|
|
|
|
Registered Office : |
384 Moo 4, soi 6, Pattana 3 Road, Bangpoo Industrial Estate, T. Praeksa, A. Muang, Samutprakarn 10280 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
15.01.1982 |
|
|
|
|
Com. Reg. No.: |
0107556000221 |
|
|
|
|
Legal Form : |
Public
Limited Company |
|
|
|
|
Line of Business : |
Manufacturing, marketing, selling
and distributing of
medicines and other
related products under
its own brands
“MEGA”. |
|
|
|
|
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 : |
Satisfactory |
|
Payment Behaviour : |
Usually 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
MEGA LIFESCIENCES
PUBLIC COMPANY LIMITED
[FORMER : MEGA LIFESCIENCES
LIMITED]
SUMMARY
BUSINESS
ADDRESS : 384
MOO 4, SOI
6, PATTANA 3 ROAD,
BANGPOO INDUSTRIAL
ESTATE,
T. PRAEKSA,
A. MUANG,
SAMUTPRAKARN 10280
TELEPHONE : [66] 2324-0681,
2709-3600-4
FAX : [66] 2324-0451,
2324-0537
E-MAIL
ADDRESS : info.th@megawecare.com
info@medicapltd.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1982
REGISTRATION
NO. : 0107556000221 [Former : 0105525001721]
TAX
ID NO. : 3101206166
CAPITAL REGISTERED : BHT. 436,950,941
CAPITAL PAID-UP : BHT.
367,730,600
SHAREHOLDER’S PROPORTION : THAI :
87.51%
FOREIGN :
12.49%
FISCALYEAR CLOSING DATE : DECEMBER
31
LEGAL
STATUS : PUBLIC
LIMITED COMPANY
EXECUTIVE
: MR.
VIVEK DHAWAN, THAI
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 500
LINES
OF BUSINESS : MEDICINES
AND OTHER RELATED
PRODUCTS
MANUFACTURER, CONTRACTOR AND EXPORTER
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
established on January 15,
1982 as a
private limited company under
the registered name “Vidas Ltd.” by
Thai-Indian groups, in order
to bring new
technology in Thailand
for manufacturing Soft
Gelatin Capsules. Later,
the name was
changed to “Medicap
Limited” and “Mega
Lifesciences Limited” on October 15, 1982 and August 15, 2005, respectively.
On March 14,
2013, the subject’s
status was changed
to public limited
company, namely MEGA
LIFESCIENCES PUBLIC COMPANY
LIMITED. Presently, its business
has expanded to
produce various medicines
and other related
products. It currently
employs approximately 500
staff.
At present, the
subject is a
subsidiary of Unistretch
Co., Ltd., Thailand,
which is holding
around 58.92% of the
subject’s shares.
The subject now
ranks among the
world class producers
of pharmaceutical, health
food supplements, herbal
products, vitamins, minerals
and cosmetic products
in the dosage
form. It is also
a member of Pharmaceutical Producers
Association [PPA].
AWARD AND QUALITY
: Certified by
·
TGA - Australia
·
FDA - Thailand
·
Danish
Health Authorities
·
ISO 9002
The subject’s registered
address is 384
Moo 4, Soi
6, Pattana 3
Rd., Bangpoo Industrial
Estate, T. Praeksa, A. Muang,
Samutprakarn 10280, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Meechai Viravaidhya |
|
Thai |
72 |
|
Mr. Alan, Chi Yim Kam |
|
Thai |
57 |
|
Mr. Manu Sawangchaeng |
|
Thai |
62 |
|
Mr. Tor Santisiri |
|
Thai |
61 |
|
Mr. Kirit Shah |
[x] |
Thai |
60 |
|
Mr. Ishaan Shah |
|
Thai |
25 |
|
Ms. Sameera Shah |
|
Thai |
30 |
|
Mr. Shiraz Erach Poonevala |
|
Indian |
49 |
|
Mr. Vivek Dhawan
|
[x] : Chairman |
Thai |
52 |
|
Mr. Thomas Abraham |
[x] |
Indian |
50 |
AUTHORIZED PERSON
Anyone of the
above directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Vivek Dhawan
is the Chief
Executive Office
He is Thai
nationality with the
age of 52
years old.
Mr. Thomas Abrahum is
the Chief Finance
Officer.
He is Indian
nationality with the
age of 50
years old.
Mr. Apichai Chancharusiri is
the Manufacturing Director.
He is Thai
nationality with the
age of 58
years old.
Mr. Reddy Jonnala Venkatahubba is
the Operation Director.
He is Indian
nationality.
Ms. Chamaiporn Siritemboon is
the Business Development
Manager.
She is Thai
nationality.
Mr. Rahul Deore is
the Product Development
Manager.
He is Indian
nationality.
Ms. Jintana Luenglungjakorn is
the Purchasing Manager.
She is Thai
nationality.
Mr. Pornchai Wongpayak is
the Quality Control
Director.
He is Thai
nationality.
Mr. Snehal Mehta is
the Q.A. &
Regulatory Affairs Director.
He is Indian
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, marketing,
selling and distributing
of medicines and
other related products
under its own
brands “MEGA”, which
can be divided
into 4 categories,
as follows:
- Complementary Medicines
-
Children
-
Diabetics
-
Heart health
-
Herbals
-
Joint health
-
Liver tonic
-
Mega we care
-
Men’s health
-
Skin care
-
Slimming
-
Sports
supplements
-
Well-being
-
Women’s
health
- OTC
[Over The Counter]
-
Analgesics & NSAIDS
-
Cold
and cough remedies
-
Gastrointestinal
disorders
- Pharma
-
Cardiology
-
Dermatology
-
Gastroenterology
-
Ortho
-
Respiratory
-
Urology
- Soft Gelatin
Products
The subject also
provides manufacturing service
of the products
under various customer’s
brands.
MAJOR BRANDS
|
“SCOTT’S” - Cod Liver Oil |
Customer’s Brand |
|
“MEDICRAFTS”, |
Customer’s Brand |
|
“MISTINE”, |
Customer’s Brand |
|
“GIFFARINE” - Evening Primrose Oil |
Customer’s Brand |
|
“IMUGINS” - Schumit Ginseng |
Customer’s Brand |
|
“GR 150” -
Schumit Ginseng |
Customer’s Brand |
|
“ROCHE” - Cough
Medicine |
Customer’s Brand |
|
“SMITH K-TINE” |
Customer’s Brand |
|
“BEECHAM” - Fish
Liver Oil |
Customer’s Brand |
|
“LYNAC” |
Customer’s Brand |
|
etc. |
|
PRODUCTION
1.5 billion capsules/annum
IMPORT [COUNTRIES]
Most of raw
materials and chemicals
are imported from
Japan, Korea, Hong Kong, India,
Republic of China, Singapore,
France, Australia, United
Kingdom, Germany, United States
of America and
Taiwan.
MAJOR SUPPLIERS
|
Name |
Country |
Products |
|
|
|
|
|
Roche [Thailand] Co., Ltd. |
Thailand |
Chemicals |
|
Sanofi [T] Ltd. |
Thailand |
Chemicals |
|
B.A.S.F. [Thai] Co., Ltd. |
Thailand |
Chemicals |
|
Medicap Pharmacies Inc. |
U.S.A. |
Chemicals |
|
Mega Lifesciences [Australia]
Pty. Ltd. |
Australia |
Chemicals |
EXPORT [COUNTRIES]
60% of the
products is exported
to Hong Kong,
South Africa, Australia,
Singapore, Philippines, United
States of America, United Kingdom, Taiwan, Korea,
Canada, Republic of
China, Nigeria, Peru
and India.
SALES [LOCAL]
40% of the
products is sold
locally to manufacturers, wholesalers,
Thai Government and
end-users.
MAJOR CUSTOMERS
|
Name |
Country |
|
|
|
|
Smithkline and Beecham |
Singapore |
|
Pan Laboratories |
Australia |
|
Berlin Pharmaceutical Co., Ltd. |
Thailand |
|
Bioconcept Co., Ltd. |
Thailand |
|
Mega Products Co.,
Ltd. |
Thailand |
|
Roche [Thailand] Co.,
Ltd. |
Thailand |
|
Sky Line Unity
Co., Ltd. |
Thailand |
|
Betterway [Thailand] Co.,
Ltd. |
Thailand |
|
Ceutic Co., Ltd. |
Thailand |
|
Mega Lifesciences Nigeria
Ltd. |
Nigeria |
|
Mega Lifesciences [Australia]
Pty. Ltd. |
Australia |
|
Mega Lifesciences Pvt. Ltd. |
India |
|
Mega Lifesciences Pty
Peru S.A.C. |
Peru |
|
Mega Lifesciences Pty.
Ltd. |
Thailand |
|
Maxcare Ltd. |
Thailand |
PARENT COMPANY
Unistretch Co., Ltd.
Address : 8/23, 8/35-38, Kathe
House, North Sathorn
Rd., Bangrak, Bangkok
10500
SUBSIDIARIES
& AFFILIATED COMPANIES
Natural Health Foods
Co., Ltd.
Business Type: Distributor
of health food
products
Investment :
99.99 % held by
the subject.
Mega Lifescience Pty.
Ltd.
Business Type: Distributor
of pharmaceutical and
health products
Investment :
99.99 % 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 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
Bangkok Bank Public
Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok 10500]
The Siam Commercial
Bank Public Co., Ltd.
[Head Office : 9 Ratchadapisek Rd., Ladyao,
Jatujak, Bangkok 10900]
Export Import Bank
of Thailand
[Head Office : 1193 Phaholyothin
Rd., Samsennai, Phyathai,
Bangkok 10400]
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 500 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
owned for operating
office and factory
I on 4,800
square meters at
the heading address
in industrial area.
Factory II:
515 Moo 4,
Pattana 3 Rd., Bangpoo Industrial Estate, T. Praeksa, A. Muang,
Samutprakarn 10280.
Bangkok Branch:
10th Floor, Ample
Tower, 120 Moo
11, Bangna-Trad Rd.,
Bangna, Bangkok 10260.
COMMENT
Mega Lifesciences Public
Company Limited was incorporated by
group of medicine producers to
bring new technology
in Thailand for
manufacturing soft gelatin
capsules. The company
has evolved over
the years to
become a leader
in South East
Asia for innovation and
development in this
field. It is commented
by an pharmaceutical expert
that Mega Lifesciences
Public Company Limited has a large more
modern research and development
division compared with
other local pharmaceutical companies
as well.
The company now
ranks among the
world class producers
of pharmaceuticals, health
food supplements, herbal
products, vitamins &
minerals and cosmetic
products in this
dosage form. It
strives to excel
in product &
technology development and
setting standards in
the international markets
for high quality
products made in
a modern GMP
approved plant.
The company has
a well established
track record of
building brands and
enjoy a leadership status
in many international
markets. Its business
is solid and
continued growing.
FINANCIAL INFORMATION
The capital was
registered at Bht.
5,000,000 divided into 5,000
shares of Bht.
1,000 each.
The capital was
increased later as
followings :
Bht. 10,000,000
on October 15,
1982
Bht. 25,000,000
on April 11,
1986
Bht. 47,500,000
on April 24,
1996
Bht. 50,000,000
on November 23,
1998
Bht. 61,000,000
on December 27,
2000
Bht. 67,056,190
on December 30,
2003
On July 18,
2013, the registered
capital was increased
to Bht. 436,950,941
divided into 873,901,882
shares of Bht.
0.50 each, with
the current capital
paid-up at Bht. 367,730,600
or Bht. 0.50 @
735,461,200 shares.
MAIN SHAREHOLDERS : [as at
July 18, 2013]
at Bht. 735,461,200
of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Unistretch Co., Ltd. Nationality: Thai Address : 8/23, 8/35-38 North
Sathorn Rd., Silom, Bangrak,
Bangkok |
433,311,400 |
58.92 |
|
Mr. Vivek Dhawan Nationality: Thai Address : 35/166
Srinakarin Rd., Bangkaew,
Bangplee, Samutprakarn |
72,813,580 |
9.90 |
|
Globex Corporation Limited Nationality: Thai Address : 8/25
North Sathorn Rd.,
Silom,
Bangrak, Bangkok |
27,689,360 |
3.76 |
|
Mr. Ishaan Shah Nationality: Thai Address : 35/45
Soi Sukhumvit 11,
Klongtoeynua, Wattana, Bangkok |
21,717,140 |
2.95 |
|
Ms. Nishita Shah Nationality: Thai Address : 35/42
Soi Sukhumvit 11,
Klongtoeynua, Wattana, Bangkok |
21,717,140 |
2.95 |
|
Ms. Sameera Shah Nationality: Thai Address : 34/42
Soi Sukhumvit 11,
Klongtoeynua, Wattana, Bangkok |
21,717,140 |
2.95 |
|
Mr. Paramjit Singh
Sawney Nationality: Indian Address : 384
Moo 4, Praeksa,
Muang,
Samutprakarn |
18,203,300 |
2.48 |
|
Mr. Sudhir Gandhi Nationality: Indian Address : 384
Moo 4, Praeksa,
Muang,
Samutprakarn |
18,203,300 |
2.48 |
|
Mr. Thomas Abraham Nationality: Indian Address : 384
Moo 4, Praeksa,
Muang, Samutprakarn |
18,203,300 |
2.48 |
|
Ms. Duangnapa Tongsiri Nationality: Thai Address : 566
Soi Raewadee, Samsennai,
Phyathai, Bangkok |
18,203,300 |
2.48 |
|
Other Shareholders |
63,682,240 |
8.65 |
Total Shareholders : 65
Share Structure [as
at July 18,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
27 |
643,583,600 |
87.51 |
|
Foreign - Indian |
38 |
91,877,600 |
12.49 |
|
Total |
65 |
735,461,200 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Vilai Buranakittisophon No. 3920
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
3,465,365 |
3,517,784 |
1,426,967 |
|
Trade Accounts Receivable |
509,398,817 |
323,085,007 |
291,063,064 |
|
Other Receivable |
7,383,455 |
12,718,008 |
- |
|
Inventories |
339,643,793 |
275,495,717 |
169,697,814 |
|
Other Current Assets
|
24,291,417 |
25,577,210 |
11,906,155 |
|
|
|
|
|
|
Total Current Assets
|
884,182,847 |
640,393,726 |
474,094,000 |
|
Investment in Subsidiaries |
52,162,300 |
52,162,300 |
52,162,300 |
|
Cash at Bank
pledged as a
Collateral |
189,285 |
189,285 |
|
|
Fixed Assets |
394,825,939 |
265,132,452 |
268,348,954 |
|
Intangible Assets |
4,041,934 |
4,862,281 |
5,682,627 |
|
Advance Payments for Purchase of Trademark |
185,398,986 |
- |
- |
|
Other Non-current Assets |
- |
- |
24,568 |
|
Total Assets |
1,520,801,291 |
962,740,044 |
800,312,449 |
LIABILITIES & SHAREHOLDERS' EQUITY
[BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
394,610,615 |
289,681,119 |
242,557,084 |
|
Trade Accounts Payable |
171,800,514 |
166,314,594 |
99,988,735 |
|
Other Payable |
34,976,384 |
11,312,030 |
- |
|
Short-term Loan & Accrued
Interest – Related Company |
2,554,670 |
2,549,277 |
2,534,884 |
|
Current Portion of Long-term
Loans |
60,455,895 |
20,255,000 |
28,410,692 |
|
Current Portion of
Hire-purchase Contract Liabilities |
59,858 |
93,734 |
228,805 |
|
Accrued Income Tax |
10,361,945 |
13,445,232 |
21,526,188 |
|
Accrued Expenses |
30,883,656 |
25,489,953 |
13,002,248 |
|
Other Current Liabilities |
- |
- |
11,025,674 |
|
|
|
|
|
|
Total Current Liabilities |
705,703,537 |
529,140,939 |
419,274,310 |
|
Long-term Loan from Financial Institution |
242,719,105 |
4,430,000 |
24,685,000 |
|
Hire-purchase Contract Liabilities |
219,618 |
- |
95,335 |
|
Employee Benefit Obligation |
36,884,883 |
31,513,122 |
- |
|
Total Liabilities |
985,527,143 |
565,084,661 |
444,054,645 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 6,705,619 shares |
67,056,190 |
67,056,190 |
67,056,190 |
|
|
|
|
|
|
Capital Paid |
67,056,190 |
67,056,190 |
67,056,190 |
|
Retained Earning Appropriated for
Statutory Reserve |
7,721,129 |
7,721,129 |
7,721,129 |
|
Unappropriated |
460,496,829 |
322,878,664 |
281,480,485 |
|
Total Shareholders' Equity |
535,274,148 |
397,655,983 |
356,257,804 |
|
Total Liabilities & Shareholders' Equity |
1,520,801,291 |
962,740,044 |
800,312,449 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales |
1,437,162,501 |
1,116,952,153 |
1,019,295,271 |
|
Investment Income |
140,000,000 |
94,000,000 |
74,995,650 |
|
Interest Income |
|
- |
- |
|
Gain on Exchange
Rate |
1,017,442 |
- |
919,985 |
|
Dividend Income |
|
- |
- |
|
Other Income |
14,185,021 |
8,449,565 |
4,198,581 |
|
Total Revenues |
1,592,364,964 |
1,219,401,718 |
1,099,409,487 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,108,770,629 |
857,675,395 |
741,078,330 |
|
Selling Expenses |
26,487,757 |
30,256,080 |
27,615,213 |
|
Administrative Expenses |
137,851,762 |
122,364,107 |
113,002,398 |
|
Loss on Exchange Rate |
- |
4,052,009 |
- |
|
Financial Cost |
13,276,030 |
11,305,259 |
11,917,345 |
|
Total Expenses |
1,286,386,178 |
1,025,652,850 |
893,613,286 |
|
|
|
|
|
|
Profit before Income Tax |
305,978,786 |
193,748,868 |
205,796,201 |
|
Income Tax |
[23,519,251] |
[32,160,000] |
[40,260,612] |
|
Net Profit / [Loss] |
282,459,535 |
161,588,868 |
165,535,589 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.25 |
1.21 |
1.13 |
|
QUICK RATIO |
TIMES |
0.74 |
0.64 |
0.70 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.64 |
4.21 |
3.80 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.95 |
1.16 |
1.27 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
111.81 |
117.24 |
83.58 |
|
INVENTORY TURNOVER |
TIMES |
3.26 |
3.11 |
4.37 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
129.37 |
105.58 |
104.23 |
|
RECEIVABLES TURNOVER |
TIMES |
2.82 |
3.46 |
3.50 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
56.56 |
70.78 |
49.25 |
|
CASH CONVERSION CYCLE |
DAYS |
184.63 |
152.04 |
138.56 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
77.15 |
76.79 |
72.70 |
|
SELLING & ADMINISTRATION |
% |
11.43 |
13.66 |
13.80 |
|
INTEREST |
% |
0.92 |
1.01 |
1.17 |
|
GROSS PROFIT MARGIN |
% |
33.65 |
32.39 |
35.15 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
21.29 |
17.35 |
20.19 |
|
NET PROFIT MARGIN |
% |
19.65 |
14.47 |
16.24 |
|
RETURN ON EQUITY |
% |
52.77 |
40.64 |
46.47 |
|
RETURN ON ASSET |
% |
18.57 |
16.78 |
20.68 |
|
EARNING PER SHARE |
BAHT |
42.12 |
24.10 |
24.69 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.65 |
0.59 |
0.55 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.84 |
1.42 |
1.25 |
|
TIME INTEREST EARNED |
TIMES |
23.05 |
17.14 |
17.27 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
28.67 |
9.58 |
|
|
OPERATING PROFIT |
% |
57.93 |
(5.85) |
|
|
NET PROFIT |
% |
74.80 |
(2.38) |
|
|
FIXED ASSETS |
% |
48.92 |
(1.20) |
|
|
TOTAL ASSETS |
% |
57.97 |
20.30 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 28.67%. Turnover has increased from THB
1,116,952,153.00 in 2011 to THB 1,437,162,501.00 in 2012. While net profit has
increased from THB 161,588,868.00 in 2011 to THB 282,459,535.00 in 2012. And
total assets has increased from THB 962,740,044.00 in 2011 to THB
1,520,801,291.00 in 2012.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
33.65 |
Deteriorated |
Industrial
Average |
146.93 |
|
Net Profit Margin |
19.65 |
Impressive |
Industrial
Average |
3.82 |
|
Return on Assets |
18.57 |
Impressive |
Industrial
Average |
7.09 |
|
Return on Equity |
52.77 |
Impressive |
Industrial
Average |
15.67 |
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 33.65%. 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 19.65%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operator 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
18.57%, 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 52.77%, 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 : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.25 |
Acceptable |
Industrial
Average |
1.69 |
|
Quick Ratio |
0.74 |
|
|
|
|
Cash Conversion Cycle |
184.63 |
|
|
|
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 1.25 times in 2012, increased from 1.21 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 0.74 times in 2012,
decreased from 0.64 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 185 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.65 |
Acceptable |
Industrial
Average |
0.54 |
|
Debt to Equity Ratio |
1.84 |
Risky |
Industrial
Average |
1.10 |
|
Times Interest Earned |
23.05 |
Impressive |
Industrial
Average |
(0.65) |
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 23.05 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 0.65 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 |
3.64 |
Impressive |
Industrial
Average |
(2.69) |
|
Total Assets Turnover |
0.95 |
Acceptable |
Industrial
Average |
1.82 |
|
Inventory Conversion Period |
111.81 |
|
|
|
|
Inventory Turnover |
3.26 |
Satisfactory |
Industrial
Average |
4.30 |
|
Receivables Conversion Period |
129.37 |
|
|
|
|
Receivables Turnover |
2.82 |
Satisfactory |
Industrial
Average |
3.43 |
|
Payables Conversion Period |
56.56 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.82 and 3.46 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 117 days at the
end of 2011 to 112 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 3.11 times in year 2011 to 3.26 times
in year 2012.
The company's Total Asset Turnover is calculated as 0.95 times and 1.16
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 Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.52 |
|
|
1 |
Rs.100.26 |
|
Euro |
1 |
Rs.84.67 |
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.