MIRA
INFORM REPORT
|
Report Date : |
23.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
KASETPHAND INDUSTRY CO., LTD. |
|
|
|
|
Registered Office : |
100 Moo 3,
Soi Klabcharoen 1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
18.02.1971 |
|
|
|
|
Com. Reg. No.: |
0105514001147 |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
Manufacturer, Importer, Distributor and Exporter of Agricultural Equipment |
|
|
|
|
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 : |
No Complaints |
|
|
|
|
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 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
KASETPHAND INDUSTRY
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 100
MOO 3, SOI
KLABCHAROEN 1,
SUKSAWAD ROAD, BANGCHAK,
PHRAPRADAENG, SAMUTPRAKARN 10130,
THAILAND
TELEPHONE : [66] 2817-6410-20
FAX :
[66] 2817-6438-9
E-MAIL ADDRESS : kpi@kpithailand.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1971
REGISTRATION NO. : 0105514001147 [Former: 114/2514]
TAX ID NO. : 3101001822
CAPITAL REGISTERED
: BHT.
33,330,000
CAPITAL PAID-UP
: BHT.
33,330,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
BOONLERT PRAPAKAMOL, THAI
PRESIDENT
NO. OF
STAFF : 500
LINES OF
BUSINESS : AGRICULTURAL EQUIPMENT
MANUFACTURER, IMPORTER,
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
established on February 18,
1971 as a
private limited company
under the name
style KASETPHAND INDUSTRY
CO., LTD. by
Thai groups, in
order to manufacture
and distribute agricultural
equipments. It currently
employs approximately 500
staff.
It achieved the
international standard ISO 9001 : 2000 certificate
from SGS on
December 26, 2003,
as well as ISO 14001.
The subject is
a subsidiary of
Charoen Pokphand Group Co., Ltd.
The subject’s registered address
was initially at 488/3-4
Rama 1 Rd., Pathumwan, Bangkok
10330.
On June 28,
1983 the subject’s
registered address was
moved to 2387
New Petchburi Rd., Bangkapi, Huaykwang,
Bangkok 10320.
On November 16, 1988 the
registered address was relocated
to 100 Moo 3, Soi Klabcharoen 1, Suksawad Road,
Bangchak, Phrapradaeng, Samutprakarn
10130, and this
is the company’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Wallop Chearavanont |
|
Thai |
75 |
|
Mr. Pongthep Chearavanont |
|
Thai |
64 |
|
Mr. Prasert Pungkumarn |
|
Thai |
78 |
|
Mr. Min Thienvorn |
|
Thai |
78 |
|
Mr. Eiam Ngamdamrong |
|
Thai |
69 |
|
Mr. Boonlert Prapakamol |
|
Thai |
80 |
|
Mr. Pongpan [Terdpan] Wattanalikit |
|
Thai |
72 |
Note:
Mr. Terdpan Wattanalikit
changed his name
to Mr. Pongpan
Wattanalikit on January
27, 2009.
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr.
Boonlert Prapakamol is
the President of Agricultural Equipment
Business Group.
He
is Thai nationality
with the age
of 80 years
old.
Mr. Charnvit Manoteerawit is
the Senior Vice
President.
He is Thai
nationality.
Mr. Vorawuth Tungkavijitwat is
the Vice President.
He is Thai
nationality.
Mr. Charoon Udomlaksananont is
the Factory Manager.
He is Thai
nationality.
Mr. Somchai Paiboonpalayoi is
the Assistant to
President.
He is Thai
nationality.
Mrs. Nipaphan Chanfuengfu
is the Account
& Finance Manager.
She is Thai
nationality.
Mr. Wiwat Pornsuksawat is
the G.M. [Sales Equipment 1].
He is Thai
nationality.
Mr. Pinit Cheepluesak is
the G.M. [Sales
Equipment 2].
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is the
country’s leading company
in manufacturing, distributing
and exporting full
range of livestock and
poultry equipments such as
ventilation system, hatchery
equipments, aquaculture and
feed-mill equipments and
accessories comprising both
manual plastic products
and automation system.
The products are as follows:
·
Automatic
Nipple Watering System
·
Automatic
Pan Feeding System
·
Galvanize
Sheet Silos
·
Automatic
Egg Collection System
·
Manure
Sweeping System
·
PE
& PVC Sheet
for Side Curtain
·
Dismantle
Chicken Coop
·
Automatic
and Manual Feeding
System
The subject also
provides design and
installation services for
the agro-industry equipments.
PURCHASE
70% of raw
material such as
steel, equipment and
accessories are purchased
from local suppliers.
IMPORT
30% of raw
material and equipment
such as temperature
control unit, ventilation
fan, cooling pad,
evaporative cooler, exhaust
fan, gestation pen,
boar pen, furrowing
pen and etc.
are imported from
Germany, France, Italy,
United States of
America, Israel, Korea,
Republic of China,
Australia, United Kingdom,
Canada, Denmark and Holland.
The subject is
also a sale representative
of the foreign suppliers for the
following products:
|
Products |
Brands |
Country |
|
Incubation System & Hatchery Equipment |
“JAMESWAY” |
Canada |
|
Gas Brooder &
Heating System |
“S B M” |
France |
|
Egg Grader & Packing Machine |
“STAALKAT” |
Holland |
|
Nipple Watering |
“LUBING” |
Germany |
|
Automatic Medicator |
“DOSATRON” |
France |
|
Insulator Sheet |
“POLYON” |
Israel |
|
Fibre-Glass Silos |
“AGRITECH” |
Italy |
|
Ventilation Temperatures,
Humidity Controller |
“ROTEM” |
Israel |
|
Automatic Debreakers |
“LYON” |
United States of America |
|
Automatic Curtain Drop
System |
“HIRED-HAND” |
United States of America |
MAJOR SUPPLIERS
S.B.M. International SA. : France
Inter Heat Inc. : Korea
TN Metal Works
Co., Ltd. : Thailand
Dosatron International SA. : France
Rotem Ltd. : Israel
Lubing Maschinenfabrik GmbH. : Germany
Staalkat International BV. : Netherlands
T.N. Metal Works
Co., Ltd. :
Thailand
SALES
The products are
sold to both local
and overseas customers,
by 80% of its products
is sold directly
to dealers and
farms in domestic
market, and the
remaining 20% is exported
to Vietnam, Malaysia,
Republic of China,
Philippines, Taiwan, Myanmar,
India, Singapore and
Indonesia.
MAJOR CUSTOMERS
Charoen Pokphand Group : Thailand/worldwide
Charoen Pokphand [India]
Private Limited :
India
PARENT COMPANY
Charoen Pokphand Group
Co. Ltd.
Business Type :
Holding company
Address : C.P. Tower,
313 Silom Rd.,
Bangrak, Bangkok 10500
Management : Mr.
Dhanin Chearavanont [Chief
Executive Officer]
SUBSIDIARY AND AFFILIATED
COMPANIES
The subject has
2 subsidiary/affiliated companies
as follows:
K.S.P. Equipment Co., Ltd.
Business Type : Distributor
of industrial equipment
& supplies
Country :
Thailand
Investment :
The subject is
holding around 99.9985%
of the total shares.
Kasetphan-Agritech Co., Ltd.
Business Type : Distributor
of animal farm
equipment & supplies
Country :
Thailand
Investment :
The subject is
holding around 50.9933%
of the total
shares.
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 on the
credits
term of 30-60 days.
Local bills are
paid on the
credits term of
30-60-90 days.
Imports are by
L/C on the
credits term of
30-60 days, D/P
on the credit
term of 30
days or T/T.
Exports are against
L/C at sight
or T/T.
BUSINESS TRANSACTION
The raw materials are
purchased from approximately
100-200 suppliers both
local and overseas.
99% are purchased
by credit term
at 30-90 days.
The subject purchases the
raw materials more than 10
containers at a time. In
term of sales,
the products are sold
to approximately 1,000 customers
both end-users and dealers all over the country.
The subject also exports the products
to 50-60 customers in Asia.
BANKING
Bangkok Bank Public
Co., Ltd.
[Thanon Chan
Branch : 1564/8 Chan
Rd., Thungwatdon, Sathorn,
Bangkok 10120]
Siam Commercial Bank
Public Co., Ltd.
[Phrapradaeng Branch :
280/1 Moo 1,
Suksawad Rd., Phrapradaeng,
Samutprakarn 10130]
Kasikornbank Public Co.,
Ltd.
[Head Office : 1 Kasikorn Lane, Rajburana Rd., Rajburana,
Bangkok 10140]
Krung Thai Bank
Public Co., Ltd.
[Phrapradaeng Branch : 135
Suksawad Rd., Phrapradaeng,
Samutprakarn 10130]
EMPLOYMENT
The subject employs
approximately 500 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
owned for administrative office,
factory and warehouse
at the heading
address. The premise
is located in
an industrial area.
COMMENT
The subject involved in a wide range of
business activities, which are
manufacturer, importer
distributor and exporter of
agricultural equipment especially
for livestock and
poultry business. It
has gained a
high appraisal from
both domestic and overseas clients.
The
production procedures reflect
a continuing commitment
to the latest
high technology and
sophisticated machineries, as
well as increasing
of production speed to
cope with the
rapid growing industries.
The subject has a good business
and always profitable.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000, divided into 10,000 shares of
Bht. 100 each.
The capital was
increased later as
followings:
Bht. 7,000,000
on December 29,
1982
Bht. 7,700,000
on April 24,
1990
Bht. 11,000,000
on October 26,
1993
Bht. 33,330,000
on April 26,
1995
The latest registered
capital was increased to Bht. 33,330,000
divided into 333,300
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 29, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Charoen Pokphand Group
Co., Ltd. Nationality: Thai Address : C.P. Tower, 313 Silom
Rd., Bangrak, Bangkok 10500 |
333,294 |
99.99 |
|
Mr. Prasert Pungkumarn
Nationality: Thai Address : 64
Sukhapibal 1 Rd., Klongkum,
Buengkum, Bangkok 10230 |
1 |
|
|
Mr. Min Thienvorn
Nationality: Thai Address : 19
Soi Suksawad 9,
Bangpakok,
Rajburna, Bangkok |
1 |
|
|
Mr. Thirayuth Pitaya-isarakul Nationality: Thai Address : 8
Soi Mor. Suanlaemthong 2 Soi
5,
Pattanakarn Rd., Suanluang,
Bangkok 10250 |
1 |
= 0.01 |
|
Mr. Boonlert Prapakamol Nationality: Thai Address : 88/31
Lasalle-Bearing Rd.,
Bangna, Bangkok |
1 |
|
|
Mr. Pongthep Chearavanont Nationality: Thai Address : 45 Sukhumvit 55
Rd., Klongtonnua, Wattana,
Bangkok 10110 |
1 |
|
|
Mr. Eiam Ngamdamrong
Nationality: Thai Address : 333/51 Chalermphrakiat Ror 9
Rd., Nongbon, Praves,
Bangkok |
1 |
|
Total Shareholders : 7
Share Structure [as at
April 29, 2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
333,300 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
333,300 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Vilailuck
Prasartkarukarn No. 8361
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 |
20,245,259.34 |
50,233,556.30 |
8,079,273.64 |
|
Trade Accounts &
Other Receivable |
319,866,023.18 |
344,633,405.78 |
231,630,287.48 |
|
Revenues from Construction Contracts
not Charted |
80,216,267.50 |
75,367,219.70 |
51,485,738.45 |
|
Short-term Loan to Related Company |
159,400,000.00 |
50,000,000.00 |
- |
|
Inventories |
49,196,315.75 |
52,188,442.13 |
73,813,357.27 |
|
Other Current Assets
|
|
|
- |
|
Refundable Withholding Tax |
- |
27,040,988.19 |
11,781,575.93 |
|
Withholding Tax |
- |
- |
15,259,412.26 |
|
Value Added Tax |
- |
10,888,239.79 |
22,167,861.78 |
|
Retentions |
- |
- |
4,057,311.67 |
|
Deposits |
18,878,088.97 |
97,266,947.86 |
14,769,276.11 |
|
Others |
2,879,954.73 |
2,245,776.25 |
3,047,125.82 |
|
|
|
|
|
|
Total Current Assets
|
650,681,909.47 |
709,864,576.00 |
436,091,220.41 |
|
|
|
|
|
|
Long-term Investment
|
55,297,400.00 |
55,297,400.00 |
55,297,400.00 |
|
Available for Sale Investment |
1,342,380,375.00 |
966,513,870.00 |
558,430,236.00 |
|
Fixed Assets |
38,435,032.74 |
42,048,797.89 |
66,647,700.95 |
|
Intangible Assets |
4,472,329.04 |
4,494,740.68 |
4,161,212.81 |
|
Other Non - current Assets |
- |
- |
24,000.00 |
|
Total Assets |
2,091,267,046.25 |
1,778,219,384.57 |
1,120,651,770.17 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
432,944,552.51 |
390,885,389.34 |
147,849,799.72 |
|
Trade Accounts & Other
Payable |
322,573,548.16 |
235,806,242.09 |
294,744,810.02 |
|
Revenue from Construction Contracts perceived in Advance |
- |
- |
176,877.86 |
|
Short-term Loan to Related Company |
- |
- |
10,000,000.00 |
|
Accrued Income Tax |
852,462.21 |
13,608,967.82 |
- |
|
Other Current Liabilities |
|
|
|
|
Deposits from Customer |
10,556,513.79 |
140,890,287.46 |
31,479,942.28 |
|
Retentions |
28,267,033.20 |
13,585,162.73 |
4,304,621.90 |
|
Others |
27,327,204.62 |
56,120,260.44 |
11,402,828.87 |
|
|
|
|
|
|
Total Current Liabilities |
822,521,314.49 |
850,896,309.88 |
499,958,880.65 |
|
|
|
|
|
|
Employee Benefits Obligation |
19,223,000.00 |
18,543,000.00 |
20,492,800.00 |
|
Other Liabilities |
51,383,180.00 |
45,458,720.00 |
2,487,000.00 |
|
Total Liabilities |
893,127,494.49 |
914,898,029.88 |
522,938,680.65 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 333,300 shares |
33,330,000.00 |
33,330,000.00 |
33,330,000.00 |
|
|
|
|
|
|
Capital Paid |
33,330,000.00 |
33,330,000.00 |
33,330,000.00 |
|
Unrealized Gains on Changes in Fair Value of Investment |
690,553,489.62 |
314,686,984.62 |
[93,396,649.38] |
|
Retained Earnings: Appropriated for Statutory
Reserve |
3,333,000.00 |
3,333,000.00 |
3,333,000.00 |
|
Unappropriated |
470,923,062.14 |
511,971,370.07 |
654,446,738.90 |
|
Total Shareholders' Equity |
1,198,139,551.76 |
863,321,354.69 |
597,713,089.52 |
|
Total Liabilities & Shareholders' Equity |
2,091,267,046.25 |
1,778,219,384.57 |
1,120,651,770.17 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales & Services Income |
1,795,412,666.11 |
1,528,762,462.56 |
1,317,526,503.29 |
|
Other Income |
|
|
|
|
Dividend income |
172,032,084.00 |
199,997,000.00 |
339,994,900.00 |
|
Rental income |
- |
24,355,555.56 |
9,444,444.44 |
|
Gain on Exchange Rate |
13,689,082.52 |
11,646,534.44 |
2,315,060.43 |
|
Commission income |
67,006,898.49 |
49,383,664.58 |
49,387,878.20 |
|
Others |
10,957,602.97 |
10,238,855.44 |
13,277,649.16 |
|
Total Revenues |
2,059,098,334.09 |
1,824,384,072.58 |
1,731,946,435.52 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
1,519,110,788.84 |
1,199,442,374.62 |
1,096,843,374.31 |
|
Selling Expenses |
133,654,725.51 |
101,111,245.90 |
69,598,513.53 |
|
Administrative Expenses |
115,514,051.95 |
112,250,667.47 |
88,176,935.00 |
|
Total Expenses |
1,768,279,566.30 |
1,412,804,287.99 |
1,254,618,822.84 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
290,818,767.79 |
411,579,784.59 |
477,327,612.68 |
|
Financial Costs |
[18,234,606.69] |
[8,994,599.37] |
[10,847,243.24] |
|
Profit / [Loss] before Income
Tax |
272,584,161.10 |
402,585,185.22 |
466,480,369.44 |
|
Income Tax |
[20,328,469.03] |
[45,110,554.05] |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
252,255,692.07 |
357,474,631.17 |
466,480,369.44 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.79 |
0.83 |
0.87 |
|
QUICK RATIO |
TIMES |
0.70 |
0.61 |
0.58 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
46.71 |
36.36 |
19.77 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.86 |
0.86 |
1.18 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
11.82 |
15.88 |
24.56 |
|
INVENTORY TURNOVER |
TIMES |
30.88 |
22.98 |
14.86 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
65.03 |
82.28 |
64.17 |
|
RECEIVABLES TURNOVER |
TIMES |
5.61 |
4.44 |
5.69 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
77.51 |
71.76 |
98.08 |
|
CASH CONVERSION CYCLE |
DAYS |
(0.66) |
26.41 |
(9.35) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
84.61 |
78.46 |
83.25 |
|
SELLING & ADMINISTRATION |
% |
13.88 |
13.96 |
11.98 |
|
INTEREST |
% |
1.02 |
0.59 |
0.82 |
|
GROSS PROFIT MARGIN |
% |
30.08 |
40.88 |
48.20 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
16.20 |
26.92 |
36.23 |
|
NET PROFIT MARGIN |
% |
14.05 |
23.38 |
35.41 |
|
RETURN ON EQUITY |
% |
21.05 |
41.41 |
78.04 |
|
RETURN ON ASSET |
% |
12.06 |
20.10 |
41.63 |
|
EARNING PER SHARE |
BAHT |
756.84 |
1,072.53 |
1,399.58 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.43 |
0.51 |
0.47 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.75 |
1.06 |
0.87 |
|
TIME INTEREST EARNED |
TIMES |
15.95 |
45.76 |
44.00 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
17.44 |
16.03 |
|
|
OPERATING PROFIT |
% |
(29.34) |
(13.77) |
|
|
NET PROFIT |
% |
(29.43) |
(23.37) |
|
|
FIXED ASSETS |
% |
(8.59) |
(36.91) |
|
|
TOTAL ASSETS |
% |
17.60 |
58.68 |
|
ANNUAL GROWTH: ACCEPTABLE
An annual sales growth is 17.44%. Turnover has increased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
30.08 |
Acceptable |
Industrial
Average |
40.14 |
|
Net Profit Margin |
14.05 |
Impressive |
Industrial
Average |
12.23 |
|
Return on Assets |
12.06 |
Acceptable |
Industrial
Average |
18.67 |
|
Return on Equity |
21.05 |
Acceptable |
Industrial
Average |
33.85 |
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 30.08%. 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 14.05%,
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. When compared with the
industry average, it was lower, the company's figure is 12.06%.
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 21.05%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.79 |
Risky |
Industrial
Average |
0.80 |
|
Quick Ratio |
0.70 |
|
|
|
|
Cash Conversion Cycle |
(0.66) |
|
|
|
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 0.79 times in 2013, decrease from 0.83 times, then the company may not be
efficiently using its current assets. 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 0.7 times in 2013,
increase from 0.61 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 -1 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.43 |
Impressive |
Industrial
Average |
0.43 |
|
Debt to Equity Ratio |
0.75 |
Impressive |
Industrial
Average |
0.75 |
|
Times Interest Earned |
15.95 |
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 15.95 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 0.43 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Stable
ACTIVITY : IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
46.71 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.86 |
Acceptable |
Industrial
Average |
1.53 |
|
Inventory Conversion Period |
11.82 |
|
|
|
|
Inventory Turnover |
30.88 |
Impressive |
Industrial
Average |
- |
|
Receivables Conversion Period |
65.03 |
|
|
|
|
Receivables Turnover |
5.61 |
Satisfactory |
Industrial
Average |
7.13 |
|
Payables Conversion Period |
77.51 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.61 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 16 days at the
end of 2012 to 12 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 22.98 times in year 2012 to 30.88
times in year 2013.
The company's Total Asset Turnover is calculated as 0.86 times and 0.86
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.67 |
|
|
1 |
Rs.100.81 |
|
Euro |
1 |
Rs.80.73 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NIT |
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.