MIRA INFORM REPORT
|
Report Date : |
10.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
INDORAMA
POLYESTER INDUSTRIES PUBLIC
COMPANY LIMITED |
|
|
|
|
Formerly Known As : |
TUNTEX [THAILAND]
PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
35th Floor, Ocean
Tower 2, 75/92
Soi Sukhumvit 19,
Asoke Rd., Klongtoeynua, Wattana,
Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
16.04.1987 |
|
|
|
|
Com. Reg. No.: |
0107537002451 |
|
|
|
|
Legal Form : |
Public
Limited Company |
|
|
|
|
Line of Business : |
manufacturer,
exporter and distributor of
Polyester Yarn
products, including Partially
Oriented Yarn [POY], Draw
Textured Yarn [DTY], Polyester
Staple Fibre, Utra-Fine
Polyester Fibre, as
well as PET
plastic resin, serving customers
in the main
end use markets
of apparels, home textiles,
automotive, and non-woven
sectors with an
extensive range of
products for all
sectors. |
|
|
|
|
No. of Employees |
subject employs approximately 1,000 staff. [office, sales staff and factory workers] |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
INDORAMA POLYESTER
INDUSTRIES PUBLIC COMPANY
LIMITED
[FORMER
: TUNTEX [THAILAND]
PUBLIC COMPANY LIMITED]
SUMMARY
ADDRESS : 35th FLOOR,
OCEAN TOWER 2,
75/92 SOI
SUKHUMVIT 19, ASOKE
ROAD, KLONGTOEYNUA, WATTANA,
BANGKOK 10110,
THAILAND
TELEPHONE : [66] 2661-6661
FAX : [66] 2661-6664
E-MAIL : solarn@indorama-th.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
EATABLISHED : 1987
REGISTRATION
NO. : 0107537002451 [Former : BOR MOR
JOR. 492]
TAX
ID NO. : 3101440362
CAPITAL REGISTERED : BHT. 2,226,220,000
CAPITAL PAID-UP : BHT. 2,202,850,000
SHAREHOLDER’S PROPORTION : THAI :
0.16%
FOREIGN :
99.84%
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
SASHI PRAKASH KHAITAN,
INDIAN
PRESIDENT &
CHIEF EXECUTIVE OFFICER
NO.
OF STAFF : 1,000
LINES
OF BUSINESS : POLYESTER
YARNS
MANUFACTURER, DISTRIBUTOR
AND 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 initially
established on April 16,
1987 as a private
limited company under
the registered name C.P.P. [Thailand]
Co., Ltd. On
July 30, 1987, the subject’s
name was changed
to Tuntex [Thailand]
Co., Ltd., and
was listed on
the Stock Exchange of
Thailand on September 15,
1993. Its status
was converted into
a public limited company on August 1, 1994 under the name TUNTEX [THAILAND] PUBLIC COMPANY
LIMITED.
The
subject received Board
of Investment Promotion
in producing synthetic
fibre such as
POY [Partially Oriented
Yarn], Staple Fibre,
Chip, DTY [Draw
Textured Yarn] and SDY [Spin Draw Yarn].
It was a joint
venture company among
Taiwanese, Japanese and
Thai investors.
On
December 30, 2008, the
subject registered for a change
of its name
to INDORAMA POLYESTER INDUSTRIES
PUBLIC COMPANY LIMITED, and
withdrawn its name
from the Stock
Exchange of Thailand
on April 30,
2009.
On
July 28, 2009,
Indo Poly [Thailand] Ltd.,
was taken over
by the subject,
with total amount of 1,487 million baht.
Presently,
the major shareholders
are Indorama Ventures
Public Company Limited,
and Indorama Holdings
Co., Ltd., which are
holding around 64.94%
and 34.62%,
of the subject’s
shares respectively. It
currently employs approximately
1,000 staff.
CERTIFICATIONS
ISO 9001,
ISO 14001, OHSAS 18001, CSR -DIW
Certification, REACH
compliance, Oekotex 100, Green label, ISO 50001.
The
subject’s registered address
was initially at
Room 1812, 18th Floor,
B.B. Building, 54 Sukhumvit 21
Rd [Soi Asoke], Klongtoeynua, Wattana,
Bangkok 10110.
Later,
the registered address
was relocated to 35th Floor,
Ocean Tower 2,
75/92 Soi Sukhumvit
19, Asoke Rd.,
Klongtoeynua, Wattana, Bangkok
10110, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Suchada Sukphanthavorn |
|
Thai |
- |
|
Mr.
Khanit See |
|
Thai |
64 |
|
Mr.
Aloke Lohia |
[x] |
Indian |
56 |
|
Mrs.
Suchitra Lohia |
[x] |
Indian |
50 |
|
Mr.
Sashi Prakash Khaitan |
[x] |
Indian |
66 |
|
Mr.
Ramesh Kumar Narsingh Pura |
[x] |
Indian |
54 |
|
Mr.
Vachara Phanchet |
|
Thai |
53 |
|
Mr. Udey
Paul Singhgill |
|
Indian |
61 |
AUTHORIZED
PERSON
Any
of the mentioned
directors [x] can
sign on behalf
of the subject
with the company’s
affixed.
MANAGEMENT
Mr.
Aloke Lohia is
the Chief Executive
Officer of Group.
He
is Indian nationality
with the age
of 56 years
old.
Mr. Sashi
Prakash Khaitan is
the President &
Chief Executive Officer.
He
is Indian nationality
with the age
of 66 years
old.
Mr.
Ramesh Kumar Narsingh
Pura is the
Chief Operating Officer.
He
is Indian nationality
with the age
of 54 years
old.
Mr.
Ashok Arora is
the Senior Vice
President.
He
is Indian nationality.
Mr. Anives
Divaree is the Vice President
[Operation].
He
is Indian nationality.
Mr. Gopal
Krishna Tiwary is
the Commercial Manager.
He
is Indian nationality.
Mrs. Sunantha Larnopparat
is the Human
Resources Manager.
She
is Thai nationality.
Mr. Markandey Shukla
is the General
Manager.
He
is Indian nationality.
BUSINESS
OPERATIONS
The
subject’s activities are
manufacturer, exporter and
distributor of Polyester
Yarn
products, including Partially
Oriented Yarn [POY], Draw
Textured Yarn [DTY], Polyester
Staple Fibre, Utra-Fine
Polyester Fibre, as
well as PET
plastic resin, serving customers
in the main
end use markets
of apparels, home textiles,
automotive, and non-woven
sectors with an
extensive range of
products for all
sectors.
PRODUCTIONS
Polyester
yarn : 285,000
tons per annum
Ultra-Fine
Polyester Fibre :
196,000 tons per
annum
PET
plastic resin : 108,000
tons per annum
PURCHASE
Cotton/plastic resin
and raw materials
such as Mono Ethylene
Glycol [MEG] and Pure Terephthalic Acid [PTA] are purchased from
both local and overseas
suppliers in Japan,
Germany, Taiwan, Australia,
India and Republic of
China.
MAJOR
SUPPLIERS
Indorama
Petrochem Limited : Thailand
TPT
Petrochemicals Public Company
Limited. : Thailand
SALES
[LOCAL]
20%
of the products
is sold locally
to manufacturers, wholesalers
and end-users.
EXPORT
[COUNTRIES]
80% of the
products is exported to Europe, Australia,
Republic of China,
Singapore, Taiwan, Indonesia,
Korea, New Zealand,
Vietnam, Myanmar, Colombia,
and Middle East.
MAJOR CUSTOMER
Prohesa S.A.S. : Columbia
LITIGATIONS
Bankruptcy and
Receivership
On December 15, 2003, the Central Bankruptcy Court has ordered Tuntex [Thailand] Public Company Limited [Debtor] to enter into business rehabilitation and appointed Tuntex [Thailand] Public Company Limited to be the Planner according to the lawsuit red case no. 2382/2546. As a result of such Court order, the power and duties in managing the business and assets of the debtor, including all legal rights of the company’s shareholders shall be vested in the Planner according to Article 90/25 of Bankruptcy Act B.E. 2483.
On September 10, 2004, the Court approved the rehabilitation plan and assigned Tuntex [Thailand] Public Company Limited to be the Plan Administrator. As a result of such Court order, the power and duties of the Planner shall be vested in the Plan Administrator according to Article 90/59 of Bankruptcy Act B.E. 2483.
On October 27, 2008, the Court has ordered a cancellation of company’s rehabilitation according to Article 90/70 of Bankruptcy Act B.E. 2483. As a result of such Court order, the power and duties in managing the business and assets of the debtor shall be vested in the management of debtor and shareholders.
Others
The subject has several litigations in relation to its normal course of business operation, but the management believes that it would not have significant affect on the company’s business.
PARENT COMPANY
Indorama
Ventures Public Company Limited
RELATED AND ASSOCIATED
COMPANIES
TPT Petrochemicals Public
Company Limited
Business Type : Manufacturer
of Purified Terephthalic
Acid [PTA]
Tuntex
Textile [Thailand] Co.,
Ltd.
Business Type : Manufacturing &
distribution of fabrics
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]
Krung
Thai Bank Public
Co., Ltd.
[Head Office : 35 Sukhumvit
Rd., Klongtoeynua, Wattana,
Bangkok 10110]
EMPLOYMENT
The subject employs approximately 1,000 staff. [office, sales staff and factory workers]
LOCATION
DETAILS
The
premise is rented for operating
administrative office at the
heading address. Premise located
in commercial/residential area.
Factory
I is located
at 6, I - 2
Road, Mabtaphut Industrial
Estate, T. Mabtaphut,
A.
Muang, Rayong 21150.
Tel: [66] 38
683-870-8, Fax [66]
38 683-883-8.
Factory
II is located
at 35/8 Moo
4, T. Khunkaew, A.
Nakornchaisri, Nakhonpathom 73120.
Tel : [66]
34 222-191-6.
ADDITIONAL
INFORMATION
Indorama Ventures invested
in strategic project to make 16,000 tons per year of high
quality bi-component yarns, a specialty product
in the fibers industry, at its
recently acquired Indorama Ventures Indonesia (IVI) plant (formerly SK Keris)
in Tangerang, Indonesia. IVI owns
unique technology to make
Bi-component yarns (known as FINNE) through a single step process. The company
enjoys significant competitive advantage
over companies who currently
use a two step process and has
secured a leading market
share in this segment.
The product is a specialty line that is very popular for outerwear and has
unique properties of drape and touch
which few competitors can offer,
giving it a good potential for growth. The bi-component and FINNE
projects will both offer Indorama Ventures a
higher margin and therefore boost its revenues
and earnings while securing the company against any volatility
in raw material costs.
It expected to commence operations in the first quarter of 2013, bringing its
total new investments in Thailand and
Indonesia to $85 million, which
will provide further value-added
specialties to its aspiration 2014 growth plan.
COMMENT
The
company is a
manufacture, distributor and
exporter of polyester yarns. Economic conditions have not
had a great impact on its
business and the year ended with a
record-breaking the year, which
the results were remarkable.
The fact is that cotton Inclement
weather that can
lead to crop shortages have
meant that Polyester fiber is
expected to continue to replace
cotton and other natural fibers each year
as there is no hindrance to the
expansion of Polyester production while
there is limited upside for
cotton. As the world faces economic uncertainty,
expect people to favor Polyester,
the lowest cost
material.
The
company is a
member of Indorama group, it
is one of the
largest producers of
polyester yarns, expects
to benefit from a
continuous economic improvement
in Asian country
especially in China.
FINANCIAL
INFORMATION
The
capital was originally
registered at Bht. 100,000
divided into 1,000
shares of Bht.
100 each.
The
capital was increased
later as followings:
Bht. 80
million on July
30, 1987
Bht.
600 million on
December 28, 1987
Bht.
750
million on November
11, 1988
Bht.
900
million on November
22, 1989
Bht. 1,000
million on August
22, 1990
Bht. 1,500
million on July
21, 1992
Bht. 1,800
million on July
15, 1993
Bht. 2,100
million in 1996
Bht. 2,300
million in 1997
Bht. 2,800
million in 1998
Bht. 2,960
million on August
14, 2003
The
latest registered capital
was decreased to
Bht. 2,226,220,000 divided
into 2,226,220,000 shares
of Bht. 1
each.
MAIN
SHAREHOLDERS [as at
April 25, 2013]
at Bht. 2,202,850,000 of
capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Indorama Ventures Public
Company Limited Nationality: Mauritius Address : 37th Floor,
Ocean Tower 2, 75/102 Soi
Sukhumvit 19, Asoke Rd.,
Klongtoeynua, Wattana, Bangkok
|
1,430,636,976 |
64.94 |
|
Indorama Holdings Co.,
Ltd. Nationality: Mauritius Address : 28th Floor,
Ocean Tower 2, 75/64,
65 Soi
Sukhumvit 19, Asoke Rd.,
Klongtoeynua, Wattana, Bangkok
|
762,777,905 |
34.62 |
|
Mycene Holdings [B.V.I.] Ltd. Nationality: BVI Address : Unit 46, 12th Floor, Kowloonbay International Trade &
Exhibition Center, 1 Trademart
Drive, Kowloon
Bay, Hong Kong |
2,017,899 |
0.09 |
|
Others |
7,417,220 |
0.35 |
Total Shareholders : 839
Share Structure [as
at April 25,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
790 |
3,407,337 |
0.16 |
|
Foreign |
49 |
2,199,442,663 |
99.84 |
|
Total |
839 |
2,202,850,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.:
Ms. Orawan Chunhakijpaisal
No. 6105
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 [Adjusted] |
|
|
|
|
|
|
Cash and cash
equivalents |
10,350,825 |
8,997,057 |
162,855,066 |
|
Trade account receivable |
2,320,249,464 |
2,063,572,454 |
1,710,568,003 |
|
Inventories |
2,476,185,521 |
2,555,157,095 |
2,114,259,587 |
|
Other current assets
|
580,241,884 |
458,609,609 |
279,294,944 |
|
Total Current Assets
|
5,387,027,694 |
5,086,336,215 |
4,266,977,600 |
|
|
|
|
|
|
Deposits at financial institution under restrictions |
- |
7,270,067 |
7,180,757 |
|
Property, plant and equipment |
6,840,035,667 |
6,572,766,059 |
6,617,902,339 |
|
Intangible assets |
- |
9,137 |
329,738 |
|
Other assets |
57,989,916 |
54,743,877 |
52,052,433 |
|
Total Assets |
12,285,053,277 |
11,721,125,355 |
10,944,442,867 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 [Adjusted] |
|
Bank overdraft and
short-term loans from financial
institutions |
- |
- |
239,136,435 |
|
Trade account payable
|
1,620,159,917 |
1,635,985,272 |
2,557,010,863 |
|
Short-term loan to parent
company |
3,909,800,000 |
5,658,200,000 |
636,400,000 |
|
Current portion of
long-term loan |
- |
- |
415,140,000 |
|
Current portion of long-term
accrued interest under
debt restructuring agreement |
- |
- |
47,379,310 |
|
Current portion of
finance lease contract liabilities |
34,074,398 |
12,460,420 |
12,502,030 |
|
Current portion of long-term
payable for machinery |
8,309,925 |
11,459,484 |
10,906,668 |
|
Other Current Liabilities |
331,564,178 |
406,569,822 |
301,129,896 |
|
|
|
|
|
|
Total Current Liabilities |
5,903,908,418 |
7,724,674,998 |
4,219,605,202 |
|
Long-term loan from
parent company |
2,810,000,000 |
- |
32,000,000 |
|
Long-term loan from
bank |
- |
- |
2,235,180,000 |
|
Long-term accrued interest
under debt restructuring agreement |
- |
- |
89,069,898 |
|
Finance lease contract
liabilities |
378,005 |
34,453,678 |
46,872,745 |
|
Capital budget allocations
from demolition and
restore of assets |
148,614,107 |
143,311,579 |
106,152,761 |
|
Employee benefits obligation |
53,660,251 |
57,890,794 |
- |
|
Long-term payable for
machinery |
- |
8,594,613 |
19,086,669 |
|
Total Liabilities |
8,916,560,781 |
7,968,925,662 |
6,747,967,275 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
|
2012 |
2011 |
2010 [Adjusted] |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital |
|
|
|
|
Registered |
|
|
|
|
2,226,220,000 ordinary shares of
Baht 1 each |
2,226,220,000 |
2,226,220,000 |
2,226,220,000 |
|
Issued & Fully Paid 2,202,850,000 ordinary shares
of Baht 1
each |
2,202,850,000 |
2,202,850,000 |
2,202,850,000 |
|
Share premium |
96,495,000 |
96,495,000 |
96,495,000 |
|
Revaluation surplus on
assets |
1,060,048,893 |
1,173,733,478 |
1,342,198,767 |
|
Loss on insurance |
1,541,592 |
[10,174,915] |
- |
|
Revaluation surplus of
changes in values of investments invested
by an associate |
[907,144,640] |
[907,144,640] |
[907,144,640] |
|
Retained Earnings Appropriated for
statutory reserve |
107,194,501 |
81,107,079 |
20,280,333 |
|
Unappropriated [Deficit] |
807,507,150 |
1,115,333,691 |
1,441,796,132 |
|
Total Shareholders' Equity |
3,368,492,496 |
3,752,199,693 |
4,196,475,592 |
|
Total Liabilities & Shareholders' Equity |
12,285,053,277 |
11,721,125,355 |
10,944,442,867 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 [Adjusted] |
|
|
|
|
|
|
Sales |
19,313,889,523 |
19,050,274,723 |
15,586,788,790 |
|
Interest income |
44,337,405 |
2,697,157 |
1,186,088 |
|
Gain from exchange
rate |
73,356,914 |
65,870,812 |
79,067,803 |
|
Gain on accrued
interest under debt
restructuring agreement |
- |
111,088,273 |
- |
|
Reversal of provision for
loss from diminution |
- |
- |
1,294,129,519 |
|
Gain from disposal
of land, building & equipment |
- |
- |
1,684,567 |
|
Other income |
230,479,446 |
215,783,474 |
82,065,145 |
|
Total Revenues |
19,662,063,288 |
19,445,714,439 |
17,044,921,912 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of sales
|
18,746,780,269 |
17,904,464,064 |
14,291,158,976 |
|
Selling expenses |
650,474,817 |
597,299,854 |
701,147,808 |
|
Administrative expenses |
98,212,506 |
180,938,449 |
122,957,859 |
|
Loss on disposal
of land, building & equipment |
1,329,152 |
27,446,927 |
- |
|
Executives’ remuneration |
2,490,000 |
4,518,632 |
2,810,000 |
|
Financial cost |
293,858,248 |
209,298,070 |
117,090,862 |
|
Total Expenses |
19,793,144,992 |
18,923,965,996 |
15,235,165,505 |
|
|
|
|
|
|
Income [loss] before
other |
[131,081,704] |
521,748,443 |
1,809,756,407 |
|
Loss on insurance |
11,716,507 |
[10,174,915] |
- |
|
Land, building and
equipment |
- |
- |
573,535,595 |
|
|
|
|
|
|
Net Profit / [Loss] |
[119,365,197] |
511,573,528 |
2,383,292,002 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.91 |
0.66 |
1.01 |
|
QUICK RATIO |
TIMES |
0.39 |
0.27 |
0.44 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.82 |
2.90 |
2.36 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.57 |
1.63 |
1.42 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
48.21 |
52.09 |
54.00 |
|
INVENTORY TURNOVER |
TIMES |
7.57 |
7.01 |
6.76 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
43.85 |
39.54 |
40.06 |
|
RECEIVABLES TURNOVER |
TIMES |
8.32 |
9.23 |
9.11 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
31.54 |
33.35 |
65.31 |
|
CASH CONVERSION CYCLE |
DAYS |
60.52 |
58.28 |
28.75 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
97.06 |
93.99 |
91.69 |
|
SELLING & ADMINISTRATION |
% |
3.88 |
4.09 |
5.29 |
|
INTEREST |
% |
1.52 |
1.10 |
0.75 |
|
GROSS PROFIT MARGIN |
% |
4.74 |
8.09 |
17.67 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(0.68) |
2.74 |
11.61 |
|
NET PROFIT MARGIN |
% |
(0.62) |
2.69 |
15.29 |
|
RETURN ON EQUITY |
% |
(3.54) |
13.63 |
56.79 |
|
RETURN ON ASSET |
% |
(0.97) |
4.36 |
21.78 |
|
EARNING PER SHARE |
BAHT |
(0.05) |
0.23 |
1.08 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.73 |
0.68 |
0.62 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.65 |
2.12 |
1.61 |
|
TIME INTEREST EARNED |
TIMES |
(0.45) |
2.49 |
15.46 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
1.38 |
22.22 |
|
|
OPERATING PROFIT |
% |
(125.12) |
(71.17) |
|
|
NET PROFIT |
% |
(123.33) |
(78.54) |
|
|
FIXED ASSETS |
% |
4.07 |
(0.68) |
|
|
TOTAL ASSETS |
% |
4.81 |
7.10 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 1.38%. Turnover has increased from THB
19,050,274,723.00 in 2011 to THB 19,313,889,523.00 in 2012. While net profit
has decreased from THB 511,573,528.00 in 2011 to THB -119,365,197.00 in 2012.
And total assets has increased from THB 11,721,125,355.00 in 2011 to THB
12,285,053,277.00 in 2012.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
4.74 |
Impressive |
Industrial Average |
2.56 |
|
Net Profit Margin |
(0.62) |
Deteriorated |
Industrial Average |
1.92 |
|
Return on Assets |
(0.97) |
Deteriorated |
Industrial Average |
2.00 |
|
Return on Equity |
(3.54) |
Deteriorated |
Industrial Average |
3.64 |
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 4.74%. 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 -0.62%. 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 -0.97%.
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 -3.54%.
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 |
0.91 |
Risky |
Industrial Average |
1.29 |
|
Quick Ratio |
0.39 |
|
|
|
|
Cash Conversion Cycle |
60.52 |
|
|
|
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 0.91 times in 2012, increased from 0.66 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 0.39 times in 2012,
increased from 0.27 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 61 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.73 |
Acceptable |
Industrial Average |
0.47 |
|
Debt to Equity Ratio |
2.65 |
Risky |
Industrial Average |
0.87 |
|
Times Interest Earned |
(0.45) |
Risky |
Industrial Average |
- |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -0.45 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 0.73 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.82 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.57 |
Impressive |
Industrial Average |
1.05 |
|
Inventory Conversion Period |
48.21 |
|
|
|
|
Inventory Turnover |
7.57 |
Impressive |
Industrial Average |
5.50 |
|
Receivables Conversion Period |
43.85 |
|
|
|
|
Receivables Turnover |
8.32 |
Impressive |
Industrial Average |
2.33 |
|
Payables Conversion Period |
31.54 |
|
|
|
The company's Account Receivable Ratio is calculated as 8.32 and 9.23 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 52 days at the
end of 2011 to 48 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 7.01 times in year 2011 to 7.57 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.57 times and 1.63
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 Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.07 |
|
UK Pound |
1 |
Rs.100.56 |
|
Euro |
1 |
Rs.82.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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.