MIRA INFORM REPORT
|
Report Date : |
05.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
DELTA ELECTRONICS [THAILAND] PUBLIC COMPANY LIMITED [DELTA] |
|
|
|
|
Registered Office : |
714
Soi E5, Moo
4, E.P.Z. Bangpoo
Industrial Estate, T. Prakasa, A.
Muang, Samutprakarn 10280, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
16.06.1988 |
|
|
|
|
Com. Reg. No.: |
0107537002559 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in contract
manufacturing service of
power supplies and
electronic components for
exports according to two
types of customer order:
Original Design Manufacturer [ODM]
and standard products
for distribution |
|
|
|
|
No. of Employees : |
9,200 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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. 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 recession severely cut Thailand's exports, with most sectors experiencing double-digit drops. In late 2011 Thailand's recovery was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. The government 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 following seven years
|
Source
: CIA |
Company
name
DELTA ELECTRONICS
[THAILAND] PUBLIC COMPANY
LIMITED [DELTA]
SUMMARY
BUSINESS
ADDRESS : 909
SOI 9, MOO
4, E.P.Z., BANGPOO INDUSTRIAL
ESTATE, T. PRAKASA,
A. MUANG,
SAMUTPRAKARN 10280,
THAILAND
TELEPHONE
: [66] 2709-2800
FAX : [66]
2709-3790, 2709-2842, 2709-2833
E-MAIL : info@deltathailand.com
REGISTERED
ADDRESS : 714
SOI E5, MOO
4, E.P.Z.
BANGPOO INDUSTRIAL
ESTATE,
: T.
PRAKASA, A. MUANG,
SAMUTPRAKARN 10280,
THAILAND
ESTABLISHED : 1988
REGISTRATION
NO. : 0107537002559 [Former : BOR MOR JOR 502]
TAX
ID NO. : 3101834085
CAPITAL
REGISTERED : BHT.
1,259,000,000
CAPITAL
PAID-UP : BHT.
1,247,381,614
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
SHEN-YEN HSIEH, TAIWANESE
PRESIDENT
NO.
OF STAFF : 9,200
LINES
OF BUSINESS : ELECTRONIC
PRODUCTS MANUFACTURER &
EXPORTER
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject was initially
established on June 16,
1988 as a private limited company under
the registered name DELTA ELECTRONICS
[THAILAND] CO., LTD. It is
a related company of
DELTA ELECTRONIC INC., U.S.A. The Delta group’s productions
base are for electronic
component production, with 2
main products: desktop
power supplies and
monitor. In 1988,
the subject received
investment promotion from
the Thailand Board of
Investment [BOI]. It began
manufacturing activities in
1990. In 1993,
the subject obtained
the Best Factory
Award from the
Industrial Estate Authority
of Thailand.
In August 1994,
the subject received
quality system certificate
ISO 9001 from
DET NORSKE VERITAS
of the United
Kingdom.
On September 23,
1994 the subject
converted its status
to become a
public limited company.
In 1995 the
subject became 100% Original
Design Manufacturing [ODM]
company and listed
on the Stock
Exchange of Thailand
in July 1995.
In January 1997,
the subject set
up “Delta Electronics
[Cambodia] Co., Ltd.”
for manufacturing of
Magnetic & EMI
Filter. In January
1997, the subject
established joint venture
with Susumu Co.,
Ltd. [Japan] and
Cyntec Co., Ltd.
[Taiwan] to set
up “Delta Micro
Electronics Co., Ltd.”
to make Thin
Film Chip Resistor and
Temperature Sensor.
In September 1997,
the subject started
production of Ni-MH
Rechargeable battery in
Thailand. In 1998,
it invested in
“Delta Axxion Technology
[Thailand] Co., Ltd.”
to make Bare
Bone.
In November 1997, the subject set up DET International Holding Ltd., the holding company
at Cayman Island
for investment purpose.
In February 1998,
it received the best factory
Award from Committee
of Factory Award
Project.
In October 1998, it received the ISO 14001 Environmental Management
Systems Certification from SGS
Yarsley.
During 1998-2002 the subject had expanded its new
products to OEM
customers including servers
power supplies in
1999, networking power
supplies in 2000,
DC-DC converters power
supplies in 2001,
and DC Fan
in 2002. It
currently employs approximately
9,200 staff.
The
subject’s registered address
is 714 Soi
E5, Moo 4, E.P.Z. Bangpoo Industrial
Estate, T. Prakasa,
A. Muang, Samutprakarn
10280, while the
subject’s current operation
address is 909
Soi 9, Moo
4, E.P.Z., Bangpoo Industrial
Estate, T. Prakasa, A.
Muang, Samutprakarn 10280.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality
|
Age
|
|
|
|
|
|
|
Mr. Kong Meng
Ng : Chairman |
[x] |
Malaysian |
67 |
|
Mr. Ming-Cheng Wang |
[x] |
Taiwanese |
68 |
|
Mr. Chih-Yuan Chu |
[+] |
Taiwanese |
67 |
|
Mr. Anusorn Muttaraid |
[+] |
Thai |
60 |
|
Mr. Heng-Hsien Hsieh |
[x] |
Taiwanese |
50 |
|
Mrs. Supapun Ruttanaporn |
|
Thai |
70 |
|
Mr. Shen-Yen Hsieh |
[+] |
Taiwanese |
- |
|
Mr. Supat Limpaporn |
|
Thai |
69 |
|
Mr. Lee, Ji-Ren |
|
Taiwanese |
56 |
AUTHORIZED PERSON
Two of the
mentioned directors [x]
can jointly sign
or one of
the directors [x]
can jointly sign
with one of
the directors [+]
on behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Shen-Yen Hsieh is
the President.
He is Taiwanese
nationality.
Mr. Heng-Hsien Hsieh is
the Executive Committee
Chairman.
He is Taiwanese
nationality with the
age of 50
years old.
Mr. Ming-Cheng Wang is the
Executive Vice President.
He is Taiwanese
nationality with the
age of 68
years old.
Work Experience:
1971 - 1986 : Manager
Manufacturing, Engineering,
RCA [Taiwan] Ltd.
1987
- 1989 :
Factory Manager, Delta
Electronics Inc. Taiwan
Mr. Anusorn Muttaraid
is the Administration &
Human Resource Manager.
He is Thai nationality
with the age
of 60 years
old.
Mr. Yu Po-Wen
is the Chief
Financial Officer.
He is Taiwanese
nationality.
Mr. Chen-Chin Ming is
the Chief Information
Officer.
He is Taiwanese
nationality.
BUSINESS OPERATIONS
The subject is engaged in contract
manufacturing service of
power supplies and
electronic components for
exports according to two
types of customer order:
Original Design Manufacturer
[ODM] and standard
products for distribution.
Delta’s products are
used as components
in electronics and
telecommunications equipment.
The products are
as follows:
1.
Power
Electronics
-
Embedded
Power Supply
-
Mobile
Power Supply
-
Fans
and Electronics Components
2.
Energy
Management
-
Telecom
Power Systems
-
UPS
-
Wind Power
-
Industrial
Automation
-
Automotive
Electronic & EV Charging
3.
Smart
Green Life
-
Display
and Visualization
-
LED Lighting
The products are
serviced to worldwide
leading electronics manufacturers, such
as Dell, Nokia, Lucent, IBM,
Linde, Perkin Elmer,
Google, Cisco, HP, Arris
International, Xerox, Sun Microsystems,
Intel, Acer, Bendix, Celstica, Ericsson,
Fujitsu, Apple, Motorola,
Philips, Sony, LG,
GE, Hitachi and
etc.
PRODUCTION CAPACITY [as
of 2013]
1.Embedded Power
1.1 DC_DC Converter : 89%
of full capacity
1.2 Power Supply
for Computer & networking :
90% of full
capacity
1.3 DES Power
Supply for SNT & IM : 78%
of full capacity
1.4 Power Supply
for Automotive : 60%
of full capacity
2. Mobile Power : 80%
of full capacity
3. Fan & Thermal Management
3.1 DC Fan : 70%
of full capacity
3.2 Component Product
3.2.1 EMI Filter : 55%
of full capacity
3.2.2 Solenoid Magnetic : 58%
of full capacity
4. Power System [TPS, UPS,
Wind Power]
4.1 Thailand Plant : 85%
of full capacity
4.2 India Plant : 56% of full
capacity
4.3 Slovakia Plant : 70%
of full capacity
IMPORT [COUNTRIES]
The majority 70% of
electronic parts and
raw materials are
imported from
U.S.A., Taiwan, Singapore, Hong
Kong, Japan, Indonesia,
India, Vietnam, Republic
of China, and
European countries, the
remaining 30% is
purchased from local
suppliers, which currently has
more than 1,700 suppliers.
MAJOR SUPPLIERS
Delta Electronics Inc. : United
States of America
EXPORT [COUNTRIES]
100% of its
products is exported
to United States of America,
Taiwan, Malaysia, India,
Japan, Singapore, Hong
Kong, Korea, Australia
and the countries
in Europe.
MAJOR CUSTOMERS
AT & T Communication
Inc. : United
States of America
IBM : United
States of America
Compaq : United
States of America
Hewllett Packard : United
States of America
Mutsushita : Japan
Fujitsu : Japan
Acer : Japan
Canon : Japan
Gateway 2000 : United States
of America
Hitachi : Japan
Toshiba : Japan
etc.
REVENUE STRUCTURE [Company
and subsidiaries]
[unit : million Baht]
|
|
2013 |
2012 |
||
|
Product Group |
Amount |
% |
Amount |
% |
|
Power Electronic Group |
|
|
|
|
|
- Embedded Power Supply] |
19,448 |
47.2 |
18,708 |
45.9 |
|
- Mobile Power |
4,675 |
11.3 |
4,502 |
11.0 |
|
- Fan & Thermal management |
5,182 |
12.6 |
5,229 |
12.8 |
|
Total Income |
29,305 |
71.1 |
28,439 |
69.7 |
|
|
|
|
|
|
|
Energy Management Group
|
|
|
|
|
|
- Power System |
9,348 |
22.7 |
8,934 |
21.9 |
|
- Industrial Automation |
784 |
1.9 |
709 |
1.7 |
|
Total Income |
10,130 |
24.6 |
9,643 |
23.6 |
|
|
|
|
|
|
|
Smart Green Life
Group |
521 |
1.3 |
364 |
0.9 |
|
Others |
1,245 |
3.0 |
2,333 |
5.7 |
|
|
|
|
|
|
|
Total Sales Revenue |
41,201 |
100.00 |
40,779 |
100.00 |
INVESTMENT IN SUBSIDIARY
COMPANIES
Subsidiary Companies
DET International Holding
Co., Ltd.
Business Type : Holding Business
Investment : The subject
is holding 100.00%
of the company’s
shares.
Delta Energy Systems
[Switzerland] AG
Business Type : Holding company
Investment : The subject
is holding 100.00%
of the company’s
shares.
Delta Energy Systems
[Singapore] Pte. Ltd.
Business Type : Holding company
Investment : The subject
is holding 100.00%
of the company’s
shares.
Delta Green Industrial
[Thailand] Co., Ltd.
Business Type : Holding company
Investment : The subject
is holding 100.00%
of the company’s
shares.
The subject has many
indirect subsidiaries and
associated companies which
are held and
invested via DET
International Holding Limited
and Delta Energy
System [Switzerland] AG,
Delta Energy Systems
[Singapore] Pte. Ltd.
and Delta Green
Industrial [Thailand] Co.,
Ltd.
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
Purchasing terms are
by cash or
on the credits
of 30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T on
the credits of
30-60 days.
BANKING
Bangkok Bank Public
Co., Ltd.
[Samutprakarn Branch : Sukhumvit Rd.,
Muang, Samutprakarn 10270]
TMB Bank Public
Co., Ltd.
[Samutprakarn Branch : 122 Srisamut
Rd., Muang, Samutprakarn
10270]
Kasikornbank Public Co.,
Ltd.
Citibank NA
[Bangkok Branch : 127
South Sathorn Rd.,
Sathorn, Bangkok 10120]
EMPLOYMENT
The subject employs
approximately 9,200 office
staff and factory
workers.
LOCATION DETAILS
The premise is owned for
administrative office at
the heading address. Premise is
located in an
industrial area.
Bangpoo Plant
Address: 909 Soi 9, Moo 4, E.P.Z., Bangpoo Industrial Estate, T.
Prakasa, A. Muang,
Samutprakarn 10280
Tel. [66] 2709-2800
Fax. [66] 2709-2833
Wellgrow Plant
Address: 111 Moo 9,
Wellgrow Industrial Estate,
Bangna-Trad Rd., T. Bangwha,
A.
Bangpakong, Chachoengsao 24180
Tel. [66] 38
522-360, [66] 38
522-455
COMMENT
General situation in 2013 seemed to be improving from the past few years. However, elections in many countries since
the previous year had
direct impact on some of its
businesses such as telecom while indirectly affecting global financial
stability. Therefore, it continued to be
cautious and pursued conservative movements in
the beginning of 2013.
By the end of 2013
flat to 5% growth in sales
revenue with a slight drop in gross margin were resulted. Though more sales
penetration in many new areas of products and geographical markets had
shown improvement, profitability performance was depend on its eventual
business and sales mix.
Economic uncertainty in
developed countries around the
globe and growth in
sales in emerging markets had driven
prices slightly lower.
FINANCIAL
INFORMATION
The capital was
initially registered at Bht.
40 million, divided
into 4,000,000 shares
of Bht. 10
each.
The capital was
increased later as
followings:
Bht.
200,000,000 in December,
1987
Bht.
300,000,000 in August,
1990
Bht.
800,000,000 in September,
1994
Bht.
1,200,000,000 in 1998
Bht.
1,259,000,000 on February
9, 2006
The latest capital was divided into 1,259,000,000 shares
of Bht. 1 with the
current capital paid-up
of Bht. 1,247,381,614.
MAIN SHAREHOLDERS : [as at March
5, 2014] at Bht. 1,247,381,614 of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Citibank Nominee Singapore Pte. Ltd. - SA PBG Clients SG |
718,254,990 |
57.58 |
|
Thai NVDR Co.,
Ltd. |
88,707,475 |
7.11 |
|
Delta Electronics Inc. |
69,128,140 |
5.54 |
|
UBS AG Singapore
Branch |
53,172,220 |
4.26 |
|
State Street Bank
Europe Company |
40,329,453 |
3.23 |
|
The Bank of
New York [Nominees]
Limited |
16,005,131 |
1.28 |
|
HSBC [Singapore] Nominees
Pte. Ltd. |
14,526,775 |
1.16 |
|
Mr. Paisal Chartpitak |
13,734,800 |
1.10 |
|
The Hong Kong and Shanghai
Banking Corporation |
11,546,900 |
0.93 |
|
State Street Bank and
Trust Company |
8,238,300 |
0.66 |
|
Others |
213,737,430 |
17.15 |
Total Shareholders :
3,977
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.:
Dr. Supachai Panyawatano No. 3930
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
9,591,930,469 |
8,697,360,220 |
6,009,434,156 |
|
Trade Account & Other
Receivable |
6,746,880,946 |
4,563,147,818 |
4,833,962,450 |
|
Inventories |
3,256,401,843 |
3,266,905,390 |
3,558,894,811 |
|
Other Current Assets
|
112,778,133 |
126,994,668 |
137,929,270 |
|
|
|
|
|
|
Total Current Assets
|
19,707,991,391 |
16,654,408,096 |
14,540,220,687 |
|
Investment in Subsidiary
Companies |
10,750,923,813 |
9,870,976,026 |
8,901,796,746 |
|
Fixed Assets |
2,481,023,474 |
2,821,423,476 |
2,845,437,185 |
|
Other Intangible Assets |
20,472,227 |
26,316,767 |
1,069,334 |
|
Other Non-current Assets |
4,218,143 |
4,829,169 |
1,296,870 |
|
Total Assets |
32,964,629,048 |
29,377,953,534 |
26,289,820,822 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Account & Other
Payable |
6,559,907,294 |
5,076,642,819 |
4,908,568,174 |
|
Other Current Liabilities |
120,479,907 |
61,645,450 |
91,252,138 |
|
|
|
|
|
|
Total Current Liabilities |
6,680,387,201 |
5,138,288,269 |
4,999,820,312 |
|
Provision for Long-term
Employee Benefits |
126,838,259 |
116,588,932 |
80,879,055 |
|
Long-term Provision |
68,081,288 |
19,821,278 |
16,576,224 |
|
Other Non-current Liabilities |
1,050,000 |
6,766,464 |
5,733,720 |
|
Total Liabilities |
6,876,356,748 |
5,281,464,943 |
5,103,009,311 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital Registered 1,259 million ordinary shares
of Bht. 1 each |
1,259,000,000 |
1,259,000,000 |
1,259,000,000 |
|
|
|
|
|
|
Issued & Fully paid-up 1,247 million ordinary shares
of Bht. each |
1,247,361,614 |
1,247,361,614 |
1,247,381,614 |
|
Share Premium |
1,491,912,500 |
1,491,912,500 |
1,491,912,500 |
|
Retained Earning Appropriated -
Statutory Reserve
|
125,900,000 |
125,900,000 |
125,900,000 |
|
Unappropriated [Deficit] |
23,223,078,186 |
21,231,294,477 |
18,321,617,397 |
|
Total Shareholders' Equity
|
26,088,252,300 |
24,096,468,591 |
21,186,811,511 |
|
Total Liabilities & Shareholders'
Equity |
32,964,629,048 |
29,377,953,534 |
26,289,820,822 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales |
28,682,905,298 |
27,689,561,920 |
26,295,912,534 |
|
Other Income Interest Income |
166,356,149 |
168,942,925 |
108,070,185 |
|
Gain on
Exchange |
447,186,313 |
136,528,174 |
360,187,617 |
|
Others |
156,780,596 |
166,005,042 |
78,520,946 |
|
Total Revenues |
29,453,228,356 |
28,161,038,061 |
26,842,691,282 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Sales l & Services
|
20,762,128,648 |
20,015,743,188 |
19,914,825,859 |
|
Selling Expenses |
870,618,682 |
907,242,081 |
815,846,248 |
|
Administrative Expenses |
1,176,248,776 |
1,137,687,753 |
848,358,974 |
|
Research & Development Expenses |
1,534,755,336 |
1,644,995,427 |
1,690,626,699 |
|
Other Expenses |
123,977,331 |
48,834,595 |
97,493,201 |
|
Total Expenses |
24,467,728,773 |
23,754,503,044 |
23,367,150,981 |
|
|
|
|
|
|
Profit / Loss] before Financial
Cost & Income Tax |
|
4,406,535,017 |
3,475,540,301 |
|
Financial Cost |
- |
- |
- |
|
|
|
|
|
|
Profit / [Loss] before Income Tax
|
4,985,499,583 |
4,406,535,017 |
3,475,540,301 |
|
Income Tax |
- |
- |
- |
|
Net Profit / [Loss] |
|
4,406,535,017 |
3,475,540,301 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.95 |
3.24 |
2.91 |
|
QUICK RATIO |
TIMES |
2.45 |
2.58 |
2.17 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
11.56 |
9.81 |
9.24 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.87 |
0.94 |
1.00 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
57.25 |
59.57 |
65.23 |
|
INVENTORY TURNOVER |
TIMES |
6.38 |
6.13 |
5.60 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
85.86 |
60.15 |
67.10 |
|
RECEIVABLES TURNOVER |
TIMES |
4.25 |
6.07 |
5.44 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
115.32 |
92.58 |
89.96 |
|
CASH CONVERSION CYCLE |
DAYS |
27.78 |
27.15 |
42.36 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
72.39 |
72.29 |
75.73 |
|
SELLING & ADMINISTRATION |
% |
12.49 |
13.33 |
12.76 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
30.30 |
29.42 |
26.35 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
17.38 |
15.91 |
13.22 |
|
NET PROFIT MARGIN |
% |
17.38 |
15.91 |
13.22 |
|
RETURN ON EQUITY |
% |
19.11 |
18.29 |
16.40 |
|
RETURN ON ASSET |
% |
15.12 |
15.00 |
13.22 |
|
EARNING PER SHARE |
BAHT |
4.00 |
3.53 |
2.79 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.21 |
0.18 |
0.19 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.26 |
0.22 |
0.24 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
3.59 |
5.30 |
|
|
OPERATING PROFIT |
% |
13.14 |
26.79 |
|
|
NET PROFIT |
% |
13.14 |
26.79 |
|
|
FIXED ASSETS |
% |
(12.06) |
(0.84) |
|
|
TOTAL ASSETS |
% |
12.21 |
11.75 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 3.59%. Turnover has increased from THB 27,689,561,920.00
in 2012 to THB 28,682,905,298.00 in 2013. While net profit has increased from
THB 4,406,535,017.00 in 2012 to THB 4,985,499,583.00 in 2013. And total assets
has increased from THB 29,377,953,534.00 in 2012 to THB 32,964,629,048.00 in 2013.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
30.30 |
Impressive |
Industrial
Average |
12.69 |
|
Net Profit Margin |
17.38 |
Impressive |
Industrial
Average |
(5.48) |
|
Return on Assets |
15.12 |
Impressive |
Industrial
Average |
(4.90) |
|
Return on Equity |
19.11 |
Impressive |
Industrial
Average |
(9.15) |
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 30.3%. When compared with
the industry average, the ratio of the company was higher, indicated that
company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company’s figure is 17.38%, 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
15.12%, 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 19.11%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY :
EXCELLENT
LIQUIDITY RATIO
|
Current Ratio |
2.95 |
Impressive |
Industrial
Average |
1.80 |
|
Quick Ratio |
2.45 |
|
|
|
|
Cash Conversion Cycle |
27.78 |
|
|
|
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 2.95 times in 2013, decreased from 3.24 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 2.45 times in 2013,
decreased from 2.58 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 28 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.21 |
Impressive |
Industrial
Average |
0.60 |
|
Debt to Equity Ratio |
0.26 |
Impressive |
Industrial
Average |
1.09 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.21 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
11.56 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.87 |
Acceptable |
Industrial
Average |
1.53 |
|
Inventory Conversion Period |
57.25 |
|
|
|
|
Inventory Turnover |
6.38 |
Impressive |
Industrial
Average |
4.34 |
|
Receivables Conversion Period |
85.86 |
|
|
|
|
Receivables Turnover |
4.25 |
Satisfactory |
Industrial
Average |
5.19 |
|
Payables Conversion Period |
115.32 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.25 and 6.07 in
2013 and 2012 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 2013
decreased from 2012. 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 60 days at the
end of 2012 to 57 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 6.13 times in year 2012 to 6.38 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.87 times and 0.94
times in 2013 and 2012 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 Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.32 |
|
|
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.