MIRA
INFORM REPORT
|
Report Date : |
09.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
PATO CHEMICAL INDUSTRY PUBLIC COMPANY LIMITED |
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Registered Office : |
3388
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
06.10.1972 |
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Com. Reg. No.: |
0107536001214 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Subject is engaged
in importing, formulating, repacking
and distributing of
agro chemicals, including
herbicide, insecticide, mollusicide, fungicide,
and plant growth
regulator in liquid powder and
granule form, used with rice,
plantation crops, fruit
orchards, vegetables and
livestock business. |
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|
|
|
No. of Employees |
176 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and deployed 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. This was expected to lead to an economic upsurge but growth has remained slow, in part due to ongoing political unrest and resulting uncertainties. Spending on infrastructure will require re-approval once a new government is seated
|
Source
: CIA |
Company name
PATO CHEMICAL
INDUSTRY PUBLIC COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 3388
PATO BUILDING, NEW
PETCHBURI ROAD,
BANGKAPI, HUAYKWANG,
BANGKOK 10310
TELEPHONE : [66] 2314-6076-7,
2318-5612-20, 2318-0360-9
FAX :
[66] 2318-0367
E-MAIL
ADDRESS : pato1@cscoms.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1972
REGISTRATION
NO. : 0107536001214 [Former
: BOR. MOR. JOR. 195]
TAX
ID NO. : 3101035759
CAPITAL REGISTERED : BHT. 142,455,000
CAPITAL PAID-UP : BHT.
140,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS
: PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
METHA TRILLIT, THAI
PRESIDENT
NO.
OF STAFF : 176
LINES
OF BUSINESS : PESTICIDE
FORMULATOR, IMPORTER
AND 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 established on
October 6, 1972
as a private
limited company under
the registered name “Pato Chemical
Industry Co., Ltd.” by
Thai groups, in
order to import,
formulate and distribute
pesticide to local
market. On October
18, 1993, the
subject’s status was
converted to a
public limited company,
named PATO CHEMICAL
INDUSTRY PUBLIC COMPANY
LIMITED. On September
19, 1995, the
subject was finally
listed on the Stock
Exchange of Thailand. It
currently employs 176
staff.
In April 1998, Nissho Iwai corporation,
Japan took 10%
stake of the
subject from minor
shareholders. In October
2000, Nissho Iwai
Corporation acquired 1.4 million
shares from minor
shareholders. As a
result, Nissho’s stake
in Pato becomes
20%.
In October 2003, Chemical Department of
Nissho Iwai Corporation
and Nichimen Corporation
of Japan have
been merged, the
name was changed
to NN Chemical
Corporation. Therefore, the
name of the
subject’s shareholder was
changed to NN
Chemical Corporation, Japan.
In October 2005, NN Chemical
Corporation changed its
name to Sojitz
Chemical Corp.
The subject’s registered
address is 3388
Pato Building, New
Petchburi Rd., Bangkapi,
Huaykwang, Bangkok 10310,
and this is
the company’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality
|
Age
|
|
|
|
|
|
|
Mr. Metha Trillit
|
[x] |
Thai |
77 |
|
Dr. Viwat Trillit |
[x] |
Thai |
46 |
|
Mr. Chaovuth Pojanalai |
|
Thai |
71 |
|
Mrs. Wantana Pojanalai |
[+] |
Thai |
61 |
|
Mr. Suvit Vesaratchawest |
[+] |
Thai |
59 |
|
Mr. Chaiwat Chandarasrivongs |
|
Thai |
78 |
|
Mr. Lertchai Leelayonkul |
|
Thai |
81 |
|
Mr. Chongrak Prichanont |
|
Thai |
81 |
|
Mr. Surachai Choengvivatkit |
|
Thai |
66 |
|
Ms. Ratchanee Trillit |
|
Thai |
43 |
|
Mr. Sahai Supsoontornkul |
|
Thai |
74 |
AUTHORIZED PERSON
One of the
directors [x] can
jointly sign with
one of the directors
[+] on behalf
of the subject
with the company’s
affixed.
MANAGEMENT
Mr. Metha Trillit
[Mr. Ming Chieh]
is the President.
He is Thai
nationality with the
age of 77
years old.
Experiences :
1989 - Present : Chairman
Acron Plastic Industry
Co., Ltd.
1984 - Present : Executive
Director Asia Mineral
Processing Co., Ltd.
1983 - Present : Director
Kentex Chemical Co.,
Ltd.
1973 - Present : Chairman /
President Pato Chemical Industry Plc.
Dr. Viwat Trillit
is the Managing
Director / Acting Administration Manager / Finance Manager.
He is Thai
nationality with the
age of 46
years old.
Mr. Lee Ji
Zong is the
Factory Manager.
Mr. Chanwut Kooniyaphantu is
the Marketing Manager.
He is Thai
nationality with the
age of 59
years old.
Mr. Visut Vanijcharoenkarn is
the Accounting Manager.
He is Thai
nationality with the
age of 56
years old.
Mr. Kawinharn Palaharn is the Research
& Development Manager.
He is Thai
nationality with the
age of 50
years old.
Mr. Sayan Wan-aree
is the Sales
Manager.
He is Thai
nationality.
Mrs. Parichart Manuthasna
is the Office
Manager & Company Secretary.
She is Thai
nationality with the
age of 56
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
formulating, repacking and
distributing of agro
chemicals, including herbicide,
insecticide, mollusicide, fungicide, and
plant growth regulator in
liquid powder and granule form, used
with rice, plantation crops, fruit orchards, vegetables
and livestock business.
Major Types of Imports:
1. Technical Grade [TG]
is a concentrated chemicals
which are used
in formulations to
produce final products
according to the specified
formulas.
2. Finished Product [FP]
is the product ready for
use. Most of
the imported FD
is in liquid
and solid form
in bulk sizes.
Therefore, repackaging is
needed before distribution.
About 80% of the
company’s imported products
are TG for
formulation at the
factory before distribution
resulted in lower
cost of raw material
as compared with other
competitors who import
finished product for
repackaging. TG has
longer shelf-life than
FP and can
be formulated according
to the requirements
which is more suitable
for the environment.
Chemical pesticide in the market
can be in
many forms e.g.
liquid, powder, and
granule for safety
in moving and
storing. In the production
process, there are 2
main ingredients in
chemical pesticide; active
and inert ingredients.
“Active Ingredients” are
chemical substance called
by its chemical
names for different
uses of purposes. “Inert
Ingredients” are substance
to combine with
the active chemical
to make it in
the forms suitable
for different types uses
such as solvents,
carriers, surfactants, emulsifiers,
or any other
substance which are
added for special purpose
called “Special Additives”.
MAJOR BRANDS
“PATO GLOBE”, “PRATUTHONG”,
“YAN VILOR”, “PEE-SUA”,
“THONGCHAI”, and “SING
KEE JARUAD”
Type of Pesticides
Distributed in Thailand
- Wettable Powder [WP], Water
Dispersible Granule [WG]
- Emulsifiable
Concentrate [EC]
- Soluble Liquid Concentrate [SL]
- Suspension Concentrate [SC],
or Flowable Formulation [FL]
- Water Soluble Powder
[SP]
- Dust [D]
- Granule [GR]
Product Characteristic
In general, there
are 2 major
types of chemical pesticide
(from business aspect).
1. Specialty product
: This is
proprietary product belonging
to a particular
company which has the
patent right to
produce and distribute it. It may
also refer to a
product that is
exclusively imported by a national
distributor/formulator. Such product
has to go
through phase-registration process
required by the Ministry
of Agriculture. Such
process usually involves
the submission and approval
of complete toxicology
data experimental trials
which can take
up to 3-5
years to complete.
2. Commodity product: This is
generic product commonly
sold and distributed
by many companies.
Commodity product can
be imported from
many manufacturers around
the world. It is usually
imported in the form
of technical grade and
then formulated into finished
products. Such product
is fairly simple
to register, requiring
only authorization certificate
from the manufacturer.
Since there is
no significant difference
in the quality and
price, brand loyalty
and image are
very important factors
for commodity products.
Products by Types :
Special products Commodity Products Total
Technical Grade 5 15 20
Finished Products 8 16 24
Total 13 31
44
PURCHASE
70% of raw
materials such as
technical grade, solvent,
emulsifiers, auxiliary and
etc., are imported
from Taiwan, Australia,
Republic of China,
Israel, Hungary, India,
Japan, Hong Kong
and France, the
remaining 30% is
purchased from local
suppliers.
50% of imported
products is herbicide,
the remaining is
insecticide 40% and
other pesticide 10%.
MAJOR SUPPLIER
Sojitz Chemical
Corp. : Japan
[20%]
SALES [LOCAL]
100% of its
products is sold
locally by wholesale
through 480 authorized
dealers, 15 repackers, and
30 distributors both
in Bangkok and
provincial.
There are 3
main distribution channels:
1. Distributors [10%] :
They are in
Bangkok and distribute
products under their
own brands to
dealers in the
upcountry. They will
hire a formulator/manufacturer to
produce, pack and
register the pesticide
products with the
Ministry of Agriculture.
2.
Local
Repackers [13%] : They
are packaging companies
who purchase the
products from producer
to repackage and
distribute under their
own brands. These
companies will register
the pesticide by
themselves by getting
the authorization certificate
from the formulator/manufacturer.
3. Dealers or
Free Market [77%] :
They are small dealers
or retailers in
both Bangkok and
the upcountry who
sell pesticide products
to the end
users.
In 2013, sales
contributed of those
three of products
as herbicide, insecticide
and other products
were 44%, 35% and 21% respectively.
REVENUE STRUCTURE
|
Products |
2013 |
2012 |
||
|
|
Million baht |
% |
Million baht |
% |
|
Local Sales by
Products |
|
|
|
|
|
Insecticide |
232.60 |
32.20 |
23.93 |
7.41 |
|
Herbicide |
315.60 |
43.69 |
211.98 |
65.6 |
|
Fungicide |
135.61 |
18.77 |
58.87 |
18.2 |
|
Acaricide |
14.77 |
2.04 |
11.96 |
3.7 |
|
Others |
23.79 |
3.29 |
16.41 |
5.08 |
|
Total Local Sale |
722.37 |
100.00 |
323.15 |
100.00 |
|
Less |
|
|
|
|
|
Returned & Discount |
4.31 |
0.60 |
1.18 |
0.36 |
|
|
|
|
|
|
|
Net Sales |
718.06 |
99.66 |
324.33 |
76.8 |
|
Other income |
2.47 |
0.34 |
97.76 |
23.1 |
|
|
|
|
|
|
|
Total Revenue |
720.53 |
100.00 |
422.09 |
100.00 |
SUBSIDIARY AND
AFFILIATED COMPANY
Pato Crop Care
Co., Ltd.
Business Type :
Importer and distributor
of pesticide
Investment : 100%
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
On June 10,
2004, the Company
was sued by
Itochu [Thailand] co.,
Ltd. as an
alleged guarantor of
Plastic Precision Industry
Co., Ltd. for the outstanding debt totaling
Bht. 37,527,303, the Company
recorded liabilities arising from
guarantee amounting of
Bht. 39,454,784 which
calculated from outstanding debt
totaling Bht. 32,493,511
plus interest amounting
of Bht. 6,961,273
(interest rate 7.5%
per annum). The
Company has also
appealed to the
court to suspend the execution
on January 12,
2007 and on
September 21, 2007, the
Company had entered
into a compromise
agreement in appeal
court to pay
the principal debt amounting
of Bht. 32,493,511
including some expenses
in court amounting
of Bht. 1,725,000,
totaling Bht. 34,218,511.
The Company has
recorded the difference amount
between forecasted guarantee
burden and the
actual payment of
Bht. 4,985,133, which presented
as income in
the statements of
income for the
year ended December
31, 2007.
The Company agreed
to pay amounted
to Bht. 5,000,000
on the date
entering into the agreement. The balance of
Bht. 29,218,511 will
be paid in 8
installments at Bht.
3,652,314 each month.
The first installment
was paid before
October 30, 2007.
Total payment will
be completed on
May 30, 2008. PATO
has already exercised
the right of
recourse against Plastic
Precision Industry Co., Ltd. and
recorded such company
as debtor with
outstanding balance of
Bht. 34,469,651. However,
the Company expected that
the amount due
from PPIC would
not be recoverable
therefore, the Company set
up a full
provision for the outstanding
balance.
CREDIT
Purchasing terms are
by cash or
on the credits
term of 30-60-90
days.
Imports are by
L/C on the
credits term of
120-180 days and T/T.
Selling terms are
by cash or
on the credits
term of 30-60-90
days.
BANKING
Bangkok Bank Public Co., Ltd.
[Head Office :
333 Silom Rd.,
Silom, Bangrak, Bangkok
10500]
The Siam Commercial
Bank Public Co., Ltd.
Kasikornbank Public Co., Ltd.
EMPLOYMENT
The
subject currently employs 176
staff. [office, sales
staff and factory
workers]
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is located in
a prime commercial
area.
The factory is
located on 1,500
square meters of
area at 569
Moo 4, Soi
12, Pattana 3
Rd., Bangpoo Industrial
Estate, T. Praksa,
A. Muang, Samutprakarn
10270.
Tel.: [66] 2324-0890-1, Fax:
[66] 2324-0187
COMMENT
Thai agricultural
economy in 2013 also suffered from various problems. The expansion rate was at 1.1% only since the
agricultural sector sustained a severe
drought in the
first half of the year and
the decrease in
the harvest of several
important agricultural
produces. The increase
in the sales
cost resulted from
the higher cost
of raw materials
as some finished products were
imported.
In 2014
overall country’s economic
growth was not
good during the
first half of the
year due to
incidences and factors
on many fronts,
both from within
the country and from
outside the country
which affect on
the country’s economic
system.
FINANCIAL INFORMATION
The capital was
originally registered at
Bht. 1,000,000 divided into 1,000
shares of Bht. 1,000
each with fully
paid.
The capital was
increased later as
followings:
Bht. 22,440,000
in 1988
Bht.
50,490,000 in 1989
Bht.
100,000,000 in 1991
Bht.
110,000,000 in 1993
Bht.
140,000,000 in 1993
Bht.
142,455,000 in 2014
The latest registered
capital was increased to Bht. 142,455,000 divided
into 142,455,000 shares of
Bht. 1 each with
Bht. 140,000,000 paid-up.
MAIN SHAREHOLDERS : [as
at March 20, 2014]
at Bht. 140,000,000
of
capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr.
Metha Trillit |
21,000,000 |
15.00 |
|
Dr. Viwat Trillit |
15,000,000 |
10.72 |
|
Ms. Ratchanee Trilit |
11,500,000 |
8.21 |
|
Mrs. Wantana Pojanalai |
7,000,000 |
5.00 |
|
Mr. Chen, Cheng-Jen |
4,800,000 |
3.43 |
|
Mr. Chaovuth Pojanalai |
4,500,000 |
3.21 |
|
Ramkhamhaeng Hospital Public Company
Limited |
3,528,700 |
2.52 |
|
Mr. Surachai Choengviwatkij |
3,471,350 |
2.48 |
|
Mr. Suwat Choengvivatkit |
3,280,000 |
2.34 |
|
Mr. Pongsak Luengaram |
3,030,000 |
2.16 |
|
Others |
62,889,950 |
44.93 |
Total Shareholders : 1,536
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.:
Mr. Pradit Rodloythuk No. 218
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and cash equivalents |
55,927,596 |
11,104,805 |
181,028,572 |
|
Short-term investment |
229,355,948 |
275,431,375 |
178,929,728 |
|
Trade and other
accounts receivable |
127,063,333 |
62,698,417 |
54,412,767 |
|
Inventories |
140,835,210 |
90,959,628 |
84,940,884 |
|
Other current assets
|
- |
- |
500,001 |
|
|
|
|
|
|
Total Current Assets
|
553,182,087 |
440,194,225 |
499,811,952 |
|
Available-for-sale
investment |
14,304,000 |
8,998,100 |
- |
|
Investment in subsidiary |
5,000,000 |
5,000,000 |
5,000,000 |
|
Property, plant and equipment |
44,490,074 |
53,500,484 |
60,421,471 |
|
Intangible assets |
31,514,068 |
24,079,431 |
15,100,913 |
|
Deferred tax assets |
1,757,124 |
1,295,914 |
- |
|
Other non - current assets |
2,358,143 |
2,224,474 |
1,902,872 |
|
Total Assets |
652,605,496 |
535,292,628 |
582,237,208 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Short-term loan from financial institutions |
53,845,338 |
36,218,500 |
- |
|
Trade and other accounts payable
|
56,029,360 |
19,288,366 |
20,983,282 |
|
Accrued income tax |
18,130,132 |
7,499,094 |
22,132,282 |
|
Advanced receive from
assets held for sale |
- |
- |
5,000,000 |
|
Other current liabilities |
633,934 |
613,139 |
516,828 |
|
|
|
|
|
|
Total Current Liabilities |
128,638,764 |
63,619,099 |
48,632,392 |
|
|
|
|
|
|
Employee benefit obligations |
6,834,847 |
8,097,589 |
8,108,721 |
|
Total Liabilities |
135,473,611 |
71,716,688 |
56,741,113 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1 each
Authorized share
capital 142,800,000 ordinary
shares in 2013 & 2012; 140,000,000 ordinary shares in
2011 |
142,800,000 |
142,800,000 |
140,000,000 |
|
|
|
|
|
|
Issued and paid-up share capital |
|
|
|
|
140,000,000 ordinary shares |
140,000,000 |
140,000,000 |
140,000,000 |
|
Premium on share capital |
135,000,000 |
135,000,000 |
135,000,000 |
|
Capital reserve for unvested stock warrant under ESOP |
3,895,425 |
- |
- |
|
Retained Earnings: Appropriated for statutory reserve |
14,280,000 |
14,280,000 |
14,000,000 |
|
Unappropriated |
222,400,739 |
172,168,089 |
236,496,095 |
|
Other components of equity |
1,555,721 |
2,127,851 |
- |
|
Total Shareholders' Equity |
517,131,885 |
463,575,940 |
525,496,095 |
|
Total Liabilities &
Shareholders' Equity |
652,605,496 |
535,292,628 |
582,237,208 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales |
718,060,703 |
324,331,572 |
954,920,998 |
|
Investment income |
1,038,339 |
30,238,259 |
6,197,465 |
|
Gain on exchange rate |
1,499 |
61,546,016 |
2,140,606 |
|
Revenue dividend for
subsidiary |
8,000,000 |
- |
- |
|
Profit (loss) on exchange rate |
- |
- |
[2,213,037] |
|
Other income |
3,891,684 |
200,473 |
594,577 |
|
Total Revenues |
730,992,225 |
416,316,320 |
961,640,609 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of sales |
476,759,623 |
241,870,494 |
630,305,588 |
|
Selling expenses |
38,639,629 |
18,353,175 |
45,134,701 |
|
Administrative expenses |
40,979,343 |
38,035,717 |
36,971,362 |
|
Expenses from stopped
production |
- |
12,606,126 |
- |
|
Gain (loss) on exchange rate |
10,463,368 |
[2,244,575] |
- |
|
Total Expenses |
566,841,963 |
308,620,937 |
712,411,651 |
|
|
|
|
|
|
Profit / [Loss] before financial
costs & income
tax |
164,150,262 |
107,695,383 |
249,228,958 |
|
Financial costs |
[1,146,689] |
[635,814] |
[1,799,347] |
|
Profit / [Loss] before income
tax |
163,003,573 |
107,059,569 |
247,429,611 |
|
Income tax expenses |
[28,770,923] |
[21,509,816] |
[75,015,298] |
|
|
|
|
|
|
Net Profit / [Loss] |
134,232,650 |
85,549,753 |
172,414,313 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
4.30 |
6.92 |
10.28 |
|
QUICK RATIO |
TIMES |
3.21 |
5.49 |
8.52 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
16.14 |
6.06 |
15.80 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.10 |
0.61 |
1.64 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
107.82 |
137.26 |
49.19 |
|
INVENTORY TURNOVER |
TIMES |
3.39 |
2.66 |
7.42 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
64.59 |
70.56 |
20.80 |
|
RECEIVABLES TURNOVER |
TIMES |
5.65 |
5.17 |
17.55 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
42.90 |
29.11 |
12.15 |
|
CASH CONVERSION CYCLE |
DAYS |
129.51 |
178.72 |
57.84 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
66.40 |
74.58 |
66.01 |
|
SELLING & ADMINISTRATION |
% |
11.09 |
17.39 |
8.60 |
|
INTEREST |
% |
0.16 |
0.20 |
0.19 |
|
GROSS PROFIT MARGIN |
% |
35.41 |
53.79 |
34.70 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
22.86 |
33.21 |
26.10 |
|
NET PROFIT MARGIN |
% |
18.69 |
26.38 |
18.06 |
|
RETURN ON EQUITY |
% |
25.96 |
18.45 |
32.81 |
|
RETURN ON ASSET |
% |
20.57 |
15.98 |
29.61 |
|
EARNING PER SHARE |
BAHT |
0.96 |
0.61 |
1.23 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.21 |
0.13 |
0.10 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.26 |
0.15 |
0.11 |
|
TIME INTEREST EARNED |
TIMES |
143.15 |
169.38 |
138.51 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
121.40 |
(66.04) |
|
|
OPERATING PROFIT |
% |
52.42 |
(56.79) |
|
|
NET PROFIT |
% |
56.91 |
(50.38) |
|
|
FIXED ASSETS |
% |
(16.84) |
(11.45) |
|
|
TOTAL ASSETS |
% |
21.92 |
(8.06) |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 121.4%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
35.41 |
Deteriorated |
Industrial Average |
99.77 |
|
Net Profit Margin |
18.69 |
Impressive |
Industrial Average |
3.30 |
|
Return on Assets |
20.57 |
Impressive |
Industrial Average |
8.02 |
|
Return on Equity |
25.96 |
Impressive |
Industrial Average |
25.01 |
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 35.41%. 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. Net Profit Margin ratio is 18.69%,
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
20.57%, 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 25.96%, 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 |
4.30 |
Impressive |
Industrial Average |
1.61 |
|
Quick Ratio |
3.21 |
|
|
|
|
Cash Conversion Cycle |
129.51 |
|
|
|
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 4.3 times in 2013, decrease from 6.92 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 3.21 times in 2013,
decrease from 5.49 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 130 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 |
0.99 |
|
Debt to Equity Ratio |
0.26 |
Impressive |
Industrial Average |
4.78 |
|
Times Interest Earned |
143.15 |
Impressive |
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.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 143.16 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 0.21 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
16.14 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.10 |
Deteriorated |
Industrial Average |
3.01 |
|
Inventory Conversion Period |
107.82 |
|
|
|
|
Inventory Turnover |
3.39 |
Acceptable |
Industrial Average |
6.21 |
|
Receivables Conversion Period |
64.59 |
|
|
|
|
Receivables Turnover |
5.65 |
Impressive |
Industrial Average |
5.43 |
|
Payables Conversion Period |
42.90 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.65 and
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 137 days at the
end of 2012 to 108 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 2.66 times in year 2012 to 3.39 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.1 times and 0.61
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.61.56 |
|
|
1 |
Rs.103.50 |
|
Euro |
1 |
Rs.82.41 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.