MIRA INFORM REPORT
|
Report Date : |
03.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
DKSH [THAILAND] LIMITED |
|
|
|
|
Formerly Known As : |
DIETHELM LIMITED |
|
|
|
|
Registered Office : |
Preecha Building, 2533 Sukhumvit Road, [Opposite Soi 62], Bangchak, Phrakanong, Bangkok 10260 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
05.02.1980 |
|
|
|
|
Com. Reg. No.: |
0105523002118 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Import, Distributor and Exporter of International Trading |
|
|
|
|
No. of Employees : |
7,000 |
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 |
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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 |
|
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 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
DKSH [THAILAND]
LIMITED
[FORMER: DIETHELM
LIMITED]
SUMMARY
BUSINESS ADDRESS
: PREECHA BUILDING, 2533 SUKHUMVIT ROAD,
[OPPOSITE
SOI 62], BANGCHAK, PHRAKANONG,
BANGKOK 10260,
THAILAND
TELEPHONE : [66] 2332-7140-51, 2742-4531-40, 2790-8879,
2790-4000, 2790-8000
FAX : [66] 2332-7164, 2742-6929, 2332-6103, 2742-4400
E-MAIL ADDRESS : kiatchai.o@dksh.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1980
REGISTRATION NO. : 0105523002118 [Former : 213/2523]
TAX ID NO. : 3101109740
CAPITAL REGISTERED
: BHT.
200,000,000
CAPITAL PAID-UP : BHT.
200,000,000
SHAREHOLDER’S PROPORTION : THAI
: 51.00%
SWISS :
49.00%
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
STEPHEN JOHN FERRABY,
AUSTRALIAN
PRESIDENT
NO. OF
STAFF : 7,000
LINES OF
BUSINESS : INTERNATIONAL TRADING
IMPORTER, DISTRIBUTOR & 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 5, 1980 as a
private limited company
under the registered
name “Diethelm Pharmachem
Ltd.” by Thai and
Swiss Groups. On
August 28, 1990
the subject’s name
was changed to “Diethelm Trading
Co., Ltd.”
In November
2000, the subject became
a part of
the Diethelm Keller
Service Asia when
the Diethelm Company
had been merged with
Edward Keller Company
to be Diethelm Keller Group. On December
27, 2004, the
subject’s name was
changed to “DKSH
[Thailand] Limited”.
In 2006,
Diethelm & Co., Ltd.,
the subject’s related
company, has been merged
with the subject, then
its name was
changed to “Diethelm
Limited” on September 26,
2006.
On December
21, 2009, its
name was finally
changed to DKSH
[THAILAND] LIMITED.
At present,
the subject is
engaged in trading
and marketing business.
It currently employs
approximately 7,000 staff.
The subject’s
registered address is
Preecha Bldg., 2533 Sukhumvit
Rd., [Opposite Soi 62], Bangchak, Phrakanong, Bangkok 10260, and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Thanadol Harnamornseth |
|
Thai |
60 |
|
Mr. Vorathep Korkijpoonphol |
|
Thai |
56 |
|
Mr. Stephen John
Ferraby |
|
Australian |
50 |
|
Mr. David
A.F. McDonald |
|
Canadian |
48 |
|
Mr.
Bernd Karl Lepper |
|
German |
44 |
|
Mr.
Jaruek Meekhanthong |
|
Thai |
49 |
|
Mr. Kwanchai Asani |
|
Thai |
- |
|
Mr.
Peter Graham Hornby |
|
British |
46 |
|
Mr. Jaturong Jerdsakulboon |
|
Thai |
- |
AUTHORIZED
PERSON
Any two
of the above
directors can jointly
sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Stephen John
Ferraby is the
President.
He
is Australian nationality
with the age
of 50 years old.
Mr. Sucheep
Sriphrudtha is the
Vice President.
He
is Thai nationality.
Mr. David A.F. McDonald
is the Vice
President [Performance Materials,
Food
& Beverage].
He
is Canadian nationality
with the age
of 48 years
old.
Mr. Bernd Karl
Lepper is the
Vice President [Healthcare].
He
is German nationality
with the age
of 44 years
old.
Mr. Peter Hornby
is the General
Manager [Consumer Goods].
He
is Swiss nationality.
Mr. Pumin
Nilluang is the
General Manager [Luxury & Lifestyle].
He
is Thai nationality.
Mrs. Pensri Nimmahnpatcharin is
Human Resources Manager.
She
is Thai nationality.
Mr. Jaruek
Meekhanthong is the
General Manager [Technology].
He
is Thai nationality
with the age
of 49 years
old.
BUSINESS
OPERATIONS
The subject’s
activities are international
trading business which
is engaged in
importing, distributing and exporting
various kinds of
products as the
followings:
1.
Consumer Goods Business
Unit
·
Food
Fast Moving Consumer
Goods: long shelves
life, cereal, chocolate,
sweet,
candy, beverage, confectionary, chilled, frozen
and dairy products.
- Non-Foods:
Personal
care products: skin
care, hair care,
blotting paper, his & her,
intimate
cleaning.
Household goods:
car care, automobile
Toiletry: kitchen
utility
Durables: toys,
stationary, baby products,
stroller, shoes, glasses
and
sporting
equipment
Pet care
2.
Healthcare
Business Unit
The products
are consisted of
medical devices, OTC & consumer health,
and pharmaceutical. The
subject is the
largest distributor in
the healthcare sector,
providing wide range
of services to
both multinational companies,
such as Astra Zeneca,
Eli Lilly, GlaxoSmithkline, Janssen-Cilag, Novo
Nordisk, Roche, Roche
Diagnostics and Terumo
and also local
companies, through Silom
Medical and T.C
Union Global.
3.
Performance
Materials Unit
The
products are supplied
to various industries
as follows:
-
Food
and Beverages, such
as beverage & dairy, confectionery & bakery, food
services,
food supplement &
nutrition and processed
foods
-
Specialty
chemicals, such as graphics & electronics, paints & coatings, polymer, fibers and
adhesives
-
Pharmaceuticals,
such as active
pharmaceutical ingredients, amino
acid
derivatives,
coupling and protecting
agents, excipients, formulation/finished
dosage
forms, intermediates.
-
Personal
care, such as
beverage & dairy, actives, additives, anti-irritants, anti-microbial, colorants,
pigment, dyes, conditioners,
moisturizer, efficacy booster,
feel enhancer, formulating
aids, fragrances/flavors, preservative,
Rheology/Viscosity modifier.
-
Animal
care, such as
feed additives, macro
ingredients, animal health
products [vaccines &
antibiotics] and companion
health products
4.
Technology
Business Unit
The subject
provides technology services
with wide range
of products and
services as follows:
-
Food & beverage, such
as restaurant & hotel
equipment, agricultural equipment
-
Industry,
such as machine
tools, manufacturing systems
and printing machinery
-
Infrastructure,
such as construction & earthmoving equipment,
mining & querry
equipment, transport &
lifting equipment.
-
Energy,
such as engines
and power generation.
-
Research,
such as analytical
instrument and life
science equipment.
5.
Luxury & Lifestyles Business
Unit
-
Accessories & apparel, Levi’s fashion apparel
and watches
-
Shoes
The subject
is also an exporter
of Thai products.
PURCHASE
The products
are purchased from
over 300 suppliers
both domestic and
international.
80% of
its products is
imported from France,
Singapore, United Kingdom,
United States of
America, Switzerland, Germany, Japan, Hong Kong,
Italy, Taiwan, India, Brazil,
Norway, Spain, Denmark, Vietnam, Korea, Netherlands, Canada, Australia,
Sweden, Africa, Malaysia,
Indonesia, Philippines, Republic
of China and
etc., and the
remaining 20% is
purchased locally.
MAJOR SUPPLIERS
Alpharma, : Norway
Alltech : U.S.A.
Provimi : Netherlands
Ascor Chimici : Italy
IDV : Italy
Vetcare : India
Aurobindo : India
Orffa : India
Shanxi Province : Republic
of China
Tessenderlo : Netherlands
Bonimex : Netherlands
Akzo Nobel : Sweden
Lignotech : U.S.A.
H.J. Baker : U.S.A.
Maruha : Japan
Toyo Science : Japan
Eisai : Japan
CJ Corporation : South
Korea
Air Products : U.S.A
Shin Etsu : Japan
Vam Organic
Chemical Ltd. : U.S.A
Shindongbank Corporation : Republic
of China
Aldoro : Germany
Bayer AG. : Germany
Alcan Chemical : France
Barilla G.E.R.
Fratelli S.p.a. :
Italy
Mrs. Field Gifte
Inc. : U.S.A.
PVC Additives
Ltd. : Hong
Kong
Schulke &
Mayr GmbH. : Germany
Aschem Exports
Pvt. Ltd. :
India
Rovithai/Roche : Thailand
Reckitt : Thailand
Cargill : Thailand
Olic
[Thailand] Co., Ltd. : Thailand
Cadbury Adams
[Thailand] Co., Ltd. : Thailand
Belersderl [Thailand]
Co., Ltd. :
Thailand
Thai Meiji
Pharmaceutical Co., Ltd. : Thailand
BASF [Thai]
Co., Ltd. : Thailand
Honam Petrochemical
Corp.
Denykem Ltd.
Eliokem
Tolsa SA
SALES
Most of
the products are
sold locally to
manufacturers, wholesalers, end-users
and Thai Government,
the remaining is
exported to Malaysia,
Singapore, Myanmar, Laos,
Hong Kong, Brunei,
India and Vietnam.
MAJOR CUSTOMERS
ABB Ltd.
Electricity Generating
Authority of Thailand
Metropolitan Electricity
Authority
Provincial Electricity
Authority
TOT Corporation
Public Co., Ltd.
etc.
SUBSIDIARY
COMPANIES
Diethelm Keller
Logistics Limited
Business Type : Distributor of
pharmaceutical products
DKSH Management
[Thailand] Ltd.
Business Type : Business management
operator
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 according to
the past two years.
CREDIT
Sales are
by cash or
on the credits
term of 30-60
days.
Local bills
are paid by
cash or on
the credits term
of 30-60 days.
Imports are
by L/C at
sight and T/T.
Exports are
against L/C at
sight or T/T.
BANKING
Kasikornbank Public
Co., Ltd.
[Suapa
Branch : 306 Suapa Rd.,
Pomprab, Bangkok 10100]
The Siam
Commercial Bank Public Co., Ltd.
[Wireless
Branch : 130-132 Sinthorn Building,
Wireless Rd., Lumpini,
Bangkok 10330]
Deutsche Bank
AG
[Bangkok
Branch : Athenee Tower, 63 Wireless Road,
Lumpini, Pathumwan,
Bangkok 10330]
Standard Chartered
Bank [Thai] Public
Co., Ltd.
[Bangkok
Branch : 90, North
Sathon Rd., Silom, Bang
Rak, Bangkok 10500]
Bangkok Bank
Public Co., Ltd.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
EMPLOYMENT
The subject
employs approximately 7,000
staff. [office, sales
staff and warehouse
workers]
LOCATION
DETAILS
The premise is
owned for administrative office at the heading
address. Premise is located
in commercial/residential area.
The subject
currently has 21
branches and warehouses
nationwide as the followings:
- 979/110 Moo 12, Soi Meelarb, Sukhumvit 103 Rd., Bangna, Phrakanong, Bangkok.
- 161
Moo 16, Bangpa-in Industrial Estate,
Bangkrasan, Bangpa-in, Ayutthaya.
- 2535
Sukhumvit Rd., Bangchak, Phrakanong, Bangkok.
- 63 Moo
4, Chalongkrung Rd.,
Lamplatiew, Ladkrabang, Bangkok.
- 183
Rajdamri Rd., Lumpini,
Pathumwan, Bangkok.
- 280 Charoenkrung Rd.,
[New Road], Samphantawong, Bangkok.
- 1550 New
Petchburi Rd., Makkasan, Rajthevee, Bangkok.
- 48/19-20
Montri Rd., Sobtui,
Muang, Lampang.
- 141/12-13
Moo 1, T. Payom,
A. Wangnoi, Ayutthaya.
- 594
Luang Rd., Pomprab,
Pomprabsattrupai, Bangkok.
- 933 Mahachai
Rd., Wangburapa, Phranakorn, Bangkok.
- 939
Moo 2, Bangpra-in Industrial Estate,
Udomsorayuth, Klongjik,
Bangpa-in, Ayutthaya.
- 11/10-11
Moo 9, Bangna-Trad Rd.,
Bangchalong, Bangplee,
Samutprakarn.
- 122 Moo7,
Chiangmai-Sankampaeng Rd., Tonpao, Sankampaeng, Chiangmai.
- 144/1 Moo 13,
T. Saensuk, A. Varinchamrab, Ubonratchathani.
- 262 Chiangmai-Lampang Rd.,
Paton, Muang, Chiangmai.
- 120, 122 Chotewithayakul 3
Rd., Korhong, Hadyai,
Songkhla.
- 62 Moo
1, Bangna-Trad Rd., Seesajarakaeyai, Bangsaothong, Samutprakarn.
- 88, 88/1-2
Moo 11, Bangchalong, Bangplee, Samutprakarn.
- 3/6-9 Nonsee
Rd., Chongnonsi, Yannawa,
Bangkok.
- 222,
222/1-2 Moo 1,
Seesajarakaeyai,
Bangsaothong, Samutprakarn.
COMMENT
The
company is a
leading trading business
in the Kingdom
of Thailand. Diethelm’s dynamic growth
is the result of its strong fundamental
and excellent knowledge of the business
and the economic environment in the
country. Its turnover
has steadily grown
each year due to its
nationwide market coverage all segments of consumer goods and a well
functioning and efficient logistic system make the products available to the
targeted customers all over the country. The company is considered a quality
and high profile network company. Its
business is solid.
FINANCIAL
INFORMATION
The capital
was registered at Bht. 1,000,000
divided into 10,000 shares of
Bht. 100 each with
fully paid.
The capital was increased
later as followings:
Bht. 20,000,000 on March
22, 1991
Bht. 25,000,000 on May
17, 1991
Bht. 100,000,000 on June
9, 1992
Bht. 200,000,000 on December
2, 1997
The latest registered capital was
increased to Bht. 200,000,000 divided
into 2,000,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2014]
|
NAME |
HOLDING |
% |
|
Landee Co.,
Ltd. Nationality: Thai Address
: 2533 Sukhumvit
Rd., Bangchak, Phrakanong, Bangkok |
1,020,004 |
51.00 |
|
DKSH Holding
AG. Nationality: Swiss Address
: 8 Wiesenstrasse, Zurich
8008, Switzerland |
979,995 |
49.00 |
|
Ms. Joy
Keller Nationality: Thai Address
: 100/37 Ladawan
Villege, Chalermphrakiat R. 9
Rd., Nongbon,
Praves, Bangkok
|
1 |
- |
Total Shareholders
: 3
Share Structure
[as at April
30, 2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
1,020,005 |
51.00 |
|
Foreign-Swiss |
1 |
979,995 |
49.00 |
|
Total |
3 |
2,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Saifon
Inkaew No. 4434
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
|
2,349,190,553 |
436,742,086 |
897,186,130 |
|
Trade
Accounts & Other Receivable |
27,594,471,392 |
25,430,024,614 |
23,246,677,243 |
|
Short-term
Lending to
Related Company |
26,000,000 |
29,800,000 |
187,400,000 |
|
Short-term Loan to
Other Company |
- |
5,200,000 |
- |
|
Inventories |
8,569,465,637 |
8,431,549,766 |
6,486,568,042 |
|
Prepaid
Income Tax |
108,358,732 |
- |
- |
|
Other
Current Assets |
313,494,397 |
356,949,421 |
231,695,063 |
|
|
|
|
|
|
Total Current
Assets |
38,960,980,711 |
34,690,265,887 |
31,049,526,478 |
|
Investment
in Subsidiary |
57,793,620 |
24,559,855 |
40,479,399 |
|
Investment
in Joint Venture |
50,000,000 |
50,000,000 |
50,000,000 |
|
Other Long-term Investment |
5,455 |
5,455 |
5,455 |
|
Fixed Assets |
1,137,045,026 |
1,190,058,583 |
644,258,666 |
|
Intangible
Assets |
62,340,193 |
117,415,535 |
191,238,795 |
|
Other
Non-current Assets |
491,514,318 |
524,962,967 |
599,902,643 |
|
Total Assets
|
40,759,679,323 |
36,597,268,282 |
32,575,411,436 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank
Overdraft & Short-term
Loan |
- |
1,158,000,000 |
1,500,000,000 |
|
Trade
Accounts & Other Payable |
29,085,040,491 |
26,605,636,352 |
22,756,662,272 |
|
Short-term
Loan from
Related Company |
478,564,000 |
150,140,000 |
169,600,000 |
|
Current
Portion of Long-term
Loans |
1,500,000,000 |
- |
1,000,000,000 |
|
Accrued
Income Tax |
- |
140,886,059 |
26,586,528 |
|
Other
Current Liabilities |
260,581,866 |
356,386,277 |
178,894,901 |
|
|
|
|
|
|
Total Current
Liabilities |
31,324,186,357 |
28,411,048,688 |
25,631,743,701 |
|
Long-term Loan from
Financial Institution, Net |
1,750,000,000 |
2,500,000,000 |
1,000,000,000 |
|
Reserve
for Long-term Employees
Benefits |
375,117,473 |
355,003,977 |
364,096,509 |
|
Other
Non-current Liabilities |
26,737,224 |
18,291,119 |
16,535,568 |
|
Total Liabilities |
33,476,041,054 |
31,284,343,784 |
27,012,375,778 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share
capital : Baht 100 par
value
authorized, issued and
fully
paid share capital
2,000,000 shares |
200,000,000 |
200,000,000 |
200,000,000 |
|
|
|
|
|
|
Capital
Paid |
200,000,000 |
200,000,000 |
200,000,000 |
|
Retained
Earning
Appropriated for Statutory
Reserve |
20,000,000 |
20,000,000 |
20,000,000 |
|
Unappropriated |
7,063,638,269 |
5,092,924,498 |
5,343,035,658 |
|
Total Shareholders' Equity |
7,283,638,269 |
5,312,924,498 |
5,563,035,658 |
|
Total Liabilities & Shareholders' Equity |
40,759,679,323 |
36,597,268,282 |
32,575,411,436 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales,
Service & Rental Income |
113,061,966,511 |
103,477,927,319 |
88,077,861,653 |
|
Other
Income |
526,394,400 |
634,793,521 |
584,282,944 |
|
Total Revenues
|
113,588,360,911 |
104,112,720,840 |
88,662,144,597 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost
of Goods Sold
& Service |
99,105,643,237 |
90,437,851,228 |
76,943,286,597 |
|
Selling
Expenses |
5,766,218,190 |
4,904,958,992 |
4,234,774,281 |
|
Administrative Expenses |
5,527,139,089 |
5,276,297,319 |
4,755,427,877 |
|
Total Expenses |
110,399,000,516 |
100,619,107,539 |
85,933,488,755 |
|
|
|
|
|
|
Profit
before Financial Cost &
Income Tax |
3,189,360,395 |
3,493,613,301 |
2,728,655,842 |
|
Financial
Cost |
[124,756,735] |
[110,485,649] |
[86,973,247] |
|
|
|
|
|
|
Profit
before Income Tax |
3,064,603,660 |
3,383,127,652 |
2,641,682,595 |
|
Income
Tax |
[593,889,889] |
[781,238,812] |
[684,680,536] |
|
|
|
|
|
|
Net Profit / [Loss] |
2,470,713,771 |
2,601,888,840 |
1,957,002,059 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.24 |
1.22 |
1.21 |
|
QUICK RATIO |
TIMES |
0.96 |
0.91 |
0.95 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
99.43 |
86.95 |
136.71 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.77 |
2.83 |
2.70 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
31.56 |
34.03 |
30.77 |
|
INVENTORY TURNOVER |
TIMES |
11.56 |
10.73 |
11.86 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
89.08 |
89.70 |
96.34 |
|
RECEIVABLES TURNOVER |
TIMES |
4.10 |
4.07 |
3.79 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
107.12 |
107.38 |
107.95 |
|
CASH CONVERSION CYCLE |
DAYS |
13.53 |
16.35 |
19.15 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
87.66 |
87.40 |
87.36 |
|
SELLING & ADMINISTRATION |
% |
9.99 |
9.84 |
10.21 |
|
INTEREST |
% |
0.11 |
0.11 |
0.10 |
|
GROSS PROFIT MARGIN |
% |
12.81 |
13.22 |
13.31 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.82 |
3.38 |
3.10 |
|
NET PROFIT MARGIN |
% |
2.19 |
2.51 |
2.22 |
|
RETURN ON EQUITY |
% |
33.92 |
48.97 |
35.18 |
|
RETURN ON ASSET |
% |
6.06 |
7.11 |
6.01 |
|
EARNING PER SHARE |
BAHT |
1,235.36 |
1,300.94 |
978.50 |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.82 |
0.85 |
0.83 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.60 |
5.89 |
4.86 |
|
TIME INTEREST EARNED |
TIMES |
25.56 |
31.62 |
31.37 |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
9.26 |
17.48 |
|
|
OPERATING PROFIT |
% |
(8.71) |
28.03 |
|
|
NET PROFIT |
% |
(5.04) |
32.95 |
|
|
FIXED ASSETS |
% |
(4.45) |
84.72 |
|
|
TOTAL ASSETS |
% |
11.37 |
12.35 |
|
ANNUAL
GROWTH: ACCEPTABLE
An annual
sales growth is
9.26%. Turnover has
increased from THB
103,477,927,319.00 in 2012 to THB
113,061,966,511.00 in 2013. While net profit has decreased from THB
PROFITABILITY
: ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
12.81 |
Acceptable |
Industrial Average |
25.35 |
|
Net Profit Margin |
2.19 |
Deteriorated |
Industrial Average |
5.47 |
|
Return on Assets |
6.06 |
Acceptable |
Industrial Average |
10.44 |
|
Return on Equity |
33.92 |
Impressive |
Industrial Average |
24.98 |
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
12.81%. When compared with the industry average, the ratio of the company was
lower. This indicated that company may have problems with control over its
costs.
Net Profit Margin is the indicator of the
company's efficiency in that net profit takes into consideration all expenses
of the company. A low profit margin indicates a low margin of safety, higher
risk that a decline in sales will erase profits and result in a net loss. The
company's figure is 2.19%. 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 6.06%.
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.
Return on Equity ratio is 33.92%, 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
: ACCEPTABLE
LIQUIDITY
RATIO
|
Current Ratio |
1.24 |
Acceptable |
Industrial Average |
1.88 |
|
Quick Ratio |
0.96 |
|
|
|
|
Cash Conversion Cycle |
13.53 |
|
|
|
The Current Ratio is to ascertain whether a company's
short-term assets are readily available to pay off its short-term liabilities.
The company's figure is 1.24 times in 2013, increased from 1.22 times, then it
is generally considered to have good short-term financial strength. When
compared with the industry average, the ratio of the company was lower.
The Quick Ratio is
a liquidity indicator that further refines the current ratio by measuring the
amount of the most liquid current assets there are to cover current
liabilities. The company's figure is 0.96 times in 2013, increased from 0.91
times, by excluding inventory, the company may have problems meeting current
liabilities.
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 14 days.
Trend of the average competitors in the same
industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: ACCEPTABLE
LEVERAGE
RATIO
|
Debt Ratio |
0.82 |
Acceptable |
Industrial Average |
0.78 |
|
Debt to Equity Ratio |
4.60 |
Risky |
Industrial Average |
1.94 |
|
Times Interest Earned |
25.56 |
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 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 25.57 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 0.82
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 |
99.43 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
2.77 |
Impressive |
Industrial Average |
2.48 |
|
Inventory Conversion Period |
31.56 |
|
|
|
|
Inventory Turnover |
11.56 |
Impressive |
Industrial Average |
9.10 |
|
Receivables Conversion Period |
89.08 |
|
|
|
|
Receivables Turnover |
4.10 |
Impressive |
Industrial Average |
3.50 |
|
Payables Conversion Period |
107.12 |
|
|
|
The company's
Account Receivable Ratio is calculated as 4.10 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 34 days at the end of 2012 to 32 days at the end of 2013. This
represents a positive trend. And Inventory turnover has increased from 10.73
times in year 2012 to 11.56 times in year 2013.
The company's
Total Asset Turnover is calculated as 2.77 times and 2.83 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.61.93 |
|
|
1 |
Rs.97.39 |
|
Euro |
1 |
Rs.77.21 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.