MIRA INFORM REPORT
|
Report Date : |
08.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
SAHAVIRIYA STEEL INDUSTRIES PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
2nd - 3rd Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.09.2014 (Unaudited) |
|
|
|
|
Date of Incorporation : |
13.03.1990 |
|
|
|
|
Com. Reg. No.: |
0107537000688 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and distributor
of Hot Rolled
Steel Sheet in
Coils |
|
|
|
|
No of Employees : |
1,036 |
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 : |
B |
|
|
|
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
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 |
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
SAHAVIRIYA STEEL INDUSTRIES
PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 2nd - 3rd FLOOR,
PRAPAWIT BUILDING,
28/1 SURASAK ROAD,
SILOM, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66]
2238-3063-82
FAX :
[66] 2236-8890,
2236-8892
E-MAIL
ADDRESS : president@ssi-steel.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1990
REGISTRATION
NO. : 0107537000688 [Former : BOR. MOR. JOR. 315]
TAX
ID NO. : 3101811759
CAPITAL
REGISTERED : BHT.
39,867,778,559
CAPITAL
PAID-UP : BHT.
32,166,258,124
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
WIN VIRIYAPRAPAIKIT, THAI
PRESIDENT AND
GROUP CEO
NO.
OF STAFF : 1,036
LINES
OF BUSINESS : HOT ROLLED
STEEL SHEET
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
|
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was established on March 13, 1990 as a private limited company under the registered name “Sahaviriya Steel Industries Co., Ltd.” by Thai groups. On February 24, 1993, its status was converted into a public limited company under the name SAHAVIRIYA STEEL INDUSTRIES PUBLIC COMPANY LIMITED. Eventually, it was listed on the Stock Exchange of Thailand on September 8, 1994. Subject currently employs 1,036 staff.
In 1989, the subject was granted a promotional privilege from the Board of Investment to invest in hot and cold rolled and galvanized steel project in Thailand with the total investment estimated at Bht. 13 billion.
The subject is the first and sole hot rolled steel sheet and coil manufacturer in Thailand. It is also a joint venture between Thai and foreign shareholders providing advanced technology from Italy. The hot rolled steel production has been started since February 1994.
The subject
has also invested
in the downstream
business, in cold
rolled coil business
and coated steel
sheet business and
related businesses including
engineering and maintenance
service business, iron
and steel making
business and deep-sea port
business.
The subject received ISO 9002 certification from Thai Industrial Standard Certification Association. Besides, the subject was awarded ISO 14001 certification for environmental management system standards in late 1999.
The subject’s registered address is 2nd - 3rd Floor, Prapawit Bldg., 28/1 Surasak Rd., Silom, Bangrak, Bangkok 10500, and this is the company’s current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality
|
Age
|
|
|
|
|
|
|
Mr. Wit Viriyaprapaikit |
[x] |
Thai |
80 |
|
Mr. Somchai Pipitvijitkorn |
[x] |
Thai |
75 |
|
Mr. Win Viriyaprapaikit |
[x] |
Thai |
44 |
|
Mr. Kamol Juntima |
[x] |
Thai |
77 |
|
Mr. Somchai Sakulsurarat |
|
Thai |
66 |
|
Mr. Piya Viriyaprapaikit |
[x] |
Thai |
65 |
|
Dr. Tongchat Hongladaromp |
|
Thai |
76 |
|
Mr. Siripol Yodmuangcharoen |
|
Thai |
66 |
|
Mr. Permpoon Krairiksh |
|
Thai |
63 |
|
Mr. Pichai Eursirisub |
|
Thai |
- |
|
Mr. Yarnsak Manomaiphiboon |
|
Thai |
51 |
AUTHORIZED PERSON
Any two of the above mentioned directors [x] can jointly sign on behalf of the subject with company’s affixed.
MANAGEMENT
Mr. Win Viriyaprapaikit is
the President and
Group CEO.
He is Thai
nationality with the
age of 44
years old.
Ms. Wanna Tangcharoenching is
the Vice President - Commercial.
She is Thai
nationality.
Mr. Kittisak Mapanao is
the Chief Technology
Officer.
He is Thai
nationality.
Mr. Somsak Sivapaiboon is
the Vice President - Executive.
He is Thai
nationality.
Mr. Narongrit Chotnuchittrakul is
the Vice President - Executive, Acting Vice President - Finance & Accounting.
He is Thai
nationality.
Mr. Nava Chantanasurakon is the
Vice President - Executive, Vice President - Public Affairs & Social
Responsibility.
He is Thai
nationality.
Mr. Thinnakorn Phadungwong is the
Vice President - Manufacturing.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer
and distributor of
Hot Rolled Steel
Sheet in Coils
[HRC] with the
width between 750 - 1,550
mm and thick
between 1.0 - 19.0 mm,
and Hot-Rolled Coils
Picked and Oiled
[HRC P/O] with the
width between 750 - 1,550
mm, and thick
between 1.2 - 6.5 mm, which
are high grade
flat steels used
in high-end markets
including automotive and
appliances industries.
The products have
been served to various
manufacturing industries such
as pipe, gas
containers, construction, tank,
electric appliances, automobiles
and vessel industry and
serve as raw
materials in the production
of cold rolled
coils.
PRODUCTION CAPACITY
Hot rolled steel sheet in coils : 4 million tons per year
Hot rolled coils picked and oiled : 1 million tons per year
PURCHASE
80% of raw materials such as steel slab, steel rod and steel sheets are purchased
from local suppliers, the remaining 20% are imported from U.S.A., Japan, Brazil,
United Kingdom, Ukraine, Russia, Argentina, Venezuela, Republic of China, Korea, Australia, and Netherlands.
MAJOR SUPPLIERS
Thai Cold Rolled Steel Sheet Public Company : Thailand
Sahaviriya Steel Industries UK. Ltd. : United Kingdom
SALES [LOCAL]
96% of the products is sold locally to manufacturers, wholesalers and end-users in various industries such as steel, automobile, home electric appliance, steel pipe, steel sheet, steel tank and construction.
EXPORT [COUNTRIES]
4% of the products is exported to many countries in Asia, Middle East and Africa.
The subject also invested in many downstream businesses through its subsidiary companies, which are currently divided into 7 businesses as follows:
1. Hot Rolled
Coil Business
2. Cold Rolled
Coil Business
3. Coated Steel
Sheet Business
4. Engineering
and Maintenance Service Business
5. Deep-Sea Port Business
6. Iron and Steel Making Business
7. Deep-Sea Port Business
REVENUE STRUCTURE [Consolidated
Income]
[Unit
: Million Baht]
|
|
2012 |
2013 |
||
|
|
Amount |
% |
Amount |
% |
|
|
|
|
|
|
|
Production Line / Business |
|
|
|
|
|
Hot Rolled Steel [operated by Sahaviriya Steel Industries
Plc.] |
48,470 |
78.29 |
45,599 |
69.20 |
|
Engineering & Maintenance
Service [operated by West
Coast Engineering Co., Ltd.] |
277 |
0.45 |
487 |
0.74 |
|
Deep Seaport Service [operated by Prachuab
Port Co., Ltd.] |
169 |
0.27 |
169 |
0.26 |
|
Iron and Steel
Making Business [operated by Sahaviriya
Steel Industries UK. Ltd.] |
11,688 |
18.88 |
19,132 |
29.03 |
|
Other Revenue [operated by Sahaviriya Steel Industries Plc.] |
408 |
0.66 |
445 |
0.68 |
|
[operated by Prachuab
Port Co., Ltd.] |
3 |
- |
3 |
0.00 |
|
[operated by West
Coast Engineering Co., Ltd.] |
- |
- |
2 |
0.00 |
|
[operated by Sahaviriya
Steel Industries UK. Ltd.] |
896 |
1.45 |
55 |
0.08 |
|
Total Revenue |
61,911 |
100.00 |
65,892 |
100.00 |
SUBSIDIARIES,
AFFILIATED AND RELATED
COMPANIES
Downstream Business:
Thai Cold Rolled
Steel Sheet Public
Co., Ltd.
Business Type : Manufacturer
of cold-rolled coils
Investment : The subject holds
35.19% of the
company’s shares.
Sahaviriya Steel Industries
UK. Ltd.
Business Type : Manufacturer
of iron and
steel
Investment : The
subject holds 100%
of the company’s
shares.
Logistics:
Prachuap Port Co.,
Ltd.
Business Type : Provider
of deep sea port
Investment : The
subject holds 51.00%
of the company’s
shares.
Redcar Bulk Terminal
Limited Co., Ltd.
Business Type : Provider
of deep sea port
Investment : The
subject holds 50.00%
of the company’s
shares.
Engineering Services:
West Coast Engineering
Co. Ltd.
Business Type : Provide of
maintenance. engineering design
and services
Investment : The
subject holds 99.99%
of the company’s
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
according to for
the past two
years.
CREDIT
Local bills are
paid by cash
or on the
credits term of
30-60-90 days.
Imports are by
L/C on the
credit term of
120 days or
T/T.
Sales are by
cash or on
the credits term
of 30-60-90 days.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Road, Silom, Bangrak,
Bangkok]
Thanachart Bank Public
Co., Ltd.
[Head Office
: 1101 New
Petchaburi Road, Makkasan,
Rajthevee, Bangkok]
The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office
: 9 Ratchadapisek
Road, Jatujak, Bangkok]
Bank of Ayudhya
Public Co., Ltd.
[Head Office
: 1222 Rama
III Road, Bangpongpang,
Yannawa, Bangkok]
EMPLOYMENT
The subject currently employs 1,036 office staff and factory workers.
LOCATION DETAILS
The premise is owned for operating administrative office at the heading address. Premise is located in a prime commercial area.
Factory is located at 9 Moo 7, Ban Klang Na-Yai Ploy Rd., T. Mae Rumphueng,
A. Bangsapan, Prachuabkirikhan 77140, Thailand.
COMMENT
The company today is stronger than ever. Over two decades, it has overcome several adversities, gaining experience and strength with competitive edge over its competitors through a variety of strategic and initiative. Growth from construction and industrial sector had resulted to strong demand of steel products.
The subject also reported its outstanding sales in the year 2012, while growth in the year 2013 will come in below target from the lackluster Thai economy.
The short term outlook for 2014, it sees healthier market environment than the last quarter. Domestic demand continues to recover month-on-month from the low point in November when the political situation started, Slab market is tighter globally with continued robust demand from the North America market, while iron ore and coking coal, its key raw materials, continue to be under downward pressure from a global oversupply situation. This will result in better margins for the business as a whole.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 4,000,000,000 divided
into 40,000,000 shares
of Bht. 100
each.
The capital was
increased / decreased later as
followings:
Bht.
4,320,000,000 on December
9, 1993
Bht.
5,800,000,000 in 1997
Bht.
15,680,000,000 on May
7, 1998
Bht.
23,881,500,000 in 1999
Bht.
13,101,500,000 in 2000
[Decreased]
The latest registered
capital was increased
to Bht. 39,867,778,559 divided
into 39,867,778,559 shares
of Bht. 1
each with the
current capital paid-up
at Bht. 32,166,258,124.
MAIN SHAREHOLDERS : [as at
March 25, 2014]
at Bht. 32,166,258,124 of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Sahaviriya Group Co.,
Ltd. |
8,064,613,034 |
25.07 |
|
Citibank Nominees Singapore
Pte. Ltd.-UBS AG Zurich |
3,958,787,837 |
12.31 |
|
Sahaviriya Inter Steel
Holdings Ltd. |
2,751,985,091 |
8.56 |
|
Six Sis Ltd. |
2,088,944,496 |
6.49 |
|
Marubeni-Itochu Steel Inc. |
1,133,908,088 |
3.53 |
|
JFE Steel Corporation |
1,133,908,088 |
3.53 |
|
Mr. Komol Chuengrungruangkij |
806,942,300 |
2.51 |
|
The Bank of New
York [Nominees] Limited A/C 5100 |
761,624,600 |
2.37 |
|
Mrs. Sirikul Viriyaprapaikit Bendi |
361,392,940 |
1.12 |
|
Mr. Prateep Tangmatitham |
300,013,780 |
0.93 |
|
Thai NVDR Co.,
Ltd. |
259,259,108 |
0.81 |
|
Ms. Sumarn Limpiyachart |
244,542,400 |
0.76 |
|
Mr. Vichit Ratanasirivilai |
203,511,840 |
0.63 |
|
Mr. Kitichai Techangamlert |
185,000,000 |
0.58 |
|
Mr. Chaiya Wongwattaporn |
174,000,000 |
0.54 |
|
Others |
9,737,824,522 |
30.26 |
Total Shareholders : 18,146
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Sureerat Thongarunsang No. 4409
BALANCE SHEET [BAHT]
The financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012
[Restated] |
2011 |
|
|
|
|
|
|
Cash and cash equivalents |
104,973,281 |
61,448,751 |
27,365,829 |
|
Trade accounts receivable |
3,970,782,374 |
3,851,839,645 |
2,910,740,874 |
|
Other accounts receivable
from and advances
paid to related
parties |
3,169,171,068 |
158,199,721 |
801,943,433 |
|
Inventories |
13,100,034,025 |
16,300,907,669 |
19,514,776,539 |
|
Assets classified as
held for sale |
- |
1,343,128,679 |
- |
|
Other Current Assets
|
295,144,373 |
573,786,307 |
333,214,798 |
|
|
|
|
|
|
Total Current Assets |
20,640,105,121 |
22,289,310,772 |
23,588,041,473 |
|
Non-Current Assets |
|
|
|
|
Long-term
receivable from a related party |
572,895,770 |
520,105,735 |
- |
|
Investments in
subsidiary |
27,760,791,887 |
24,080,276,336 |
12,534,552,269 |
|
Investment in
jointly controlled entity |
3,159,668,346 |
3,159,668,346 |
4,502,797,025 |
|
Property, plant
and equipment |
16,211,977,856 |
16,749,475,544 |
17,513,577,566 |
|
Intangible assets |
175,347,582 |
37,036,928 |
39,896,584 |
|
Other non-current
assets |
7,626,043 |
7,240,116 |
6,780,012 |
|
Total Non-Current
Assets |
47,888,307,484 |
44,553,803,005 |
34,597,603,456 |
|
Total Assets |
68,528,412,605 |
66,843,113,777 |
58,185,644,929 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank overdraft &
short-term loans from financial
institutions |
11,693,813,956 |
16,122,282,982 |
16,683,917,377 |
|
Trade accounts payable |
8,842,631,570 |
9,488,739,930 |
6,363,294,173 |
|
Amounts due to
and advances received from
related parties |
- |
- |
35,499,101 |
|
Other accounts payable
and short-term loans from
related parties |
72,345,470 |
167,735,869 |
- |
|
Current portion of
long-term loan |
1,811,782,920 |
2,207,073,087 |
1,282,304,137 |
|
Current Portion hire-purchase liabilities |
5,212,228 |
3,962,784 |
4,737,588 |
|
Short-term provisions |
7,790,000 |
11,835,195 |
11,835,195 |
|
Other Current Liabilities
|
1,775,552,134 |
1,008,556,448 |
238,369,964 |
|
|
|
|
|
|
Total Current Liabilities |
24,209,128,278 |
29,010,186,295 |
24,619,957,535 |
|
Non-current liabilities |
|
|
|
|
Long-term loan
from financial institutions |
12,057,875,635 |
8,065,068,169 |
9,497,288,403 |
|
Subordinated convertible debentures |
149,008 |
1,317,709,181 |
- |
|
Hire purchase
liabilities |
4,313,692 |
2,655,024 |
5,143,605 |
|
Employee benefit
obligations |
115,725,327 |
107,632,964 |
95,470,245 |
|
Deferred |
1,185,702,812 |
1,177,847,363 |
- |
|
Other current
liabilities |
823,875 |
823,875 |
- |
|
Total Non-current liabilities |
13,364,590,349 |
10,671,736,576 |
9,597,902,253 |
|
Total Liabilities |
37,573,718,627 |
39,681,922,871 |
34,217,859,788 |
|
Shareholders' Equity |
|
|
|
|
Share capital |
|
|
|
|
Registered Authorised share
capital |
39,867,778,559 |
39,867,778,559 |
20,434,108,235 |
|
Issued and
fully paid-up share capital |
32,166,258,124 |
27,080,630,230 |
18,184,108,235 |
|
Discount on ordinary
shares issuance |
[5,678,076,131] |
[4,050,175,205] |
1,238,241,813 |
|
Equity distribution from shareholders from repurchase
of subordinated convertible debentures |
366,219,977 |
98,073,878 |
- |
|
Convertible rights |
24,779 |
179,317,781 |
- |
|
Revaluation surplus -the group |
4,389,275,236 |
4,357,853,424 |
- |
|
Unrealised fair value
changes and assets revaluation
differences |
- |
- |
5,783,502,031 |
|
Retained earnings Appropriated-statutory Reserve |
530,226,819 |
530,226,819 |
530,226,819 |
|
Unappropriated |
[819,234,826] |
[1,034,736,021] |
708,189,869 |
|
Total Shareholders' Equity |
30,954,693,978 |
27,161,190,906 |
23,967,785,141 |
|
Total Liabilities & Shareholders' Equity |
68,528,412,605 |
66,843,113,777 |
58,185,644,929 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Revenue from sales |
45,598,513,188 |
48,399,115,142 |
37,699,487,383 |
|
Revenue from rendering of services |
- |
70,690,383 |
- |
|
Gain on sales o f investment
in jointly-controlled entity |
225,118,774 |
- |
- |
|
Net foreign exchange
gain |
- |
427,065,295 |
- |
|
Dividend income |
128,849,984 |
92,699,975 |
43,929,739 |
|
Other Income |
109,765,889 |
80,014,027 |
55,339,958 |
|
Total Revenues |
46,062,247,835 |
49,069,584,822 |
37,798,757,080 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of sales
of goods |
43,034,683,249 |
47,773,254,068 |
35,910,316,173 |
|
Cost of rendering
of services |
- |
64,506,600 |
- |
|
Selling expenses |
323,760,988 |
321,833,783 |
213,991,046 |
|
Administrative expenses |
389,395,530 |
408,844,021 |
340,344,633 |
|
Management benefit expenses |
56,710,433 |
46,142,795 |
57,328,432 |
|
Net foreign exchange
loss |
13,978,060 |
- |
263,895,666 |
|
Finance costs |
2,034,264,431 |
2,109,545,438 |
1,456,763,654 |
|
Total Expenses |
45,852,792,691 |
50,724,126,705 |
38,242,639,604 |
|
|
|
|
|
|
Profit [loss] before
income tax expense |
209,455,144 |
[1,654,541,883] |
[443,882,524] |
|
Income tax expense |
[547,786] |
- |
- |
|
|
|
|
|
|
Profit / [Loss] For The Year |
210,002,930 |
[1,654,541,883] |
[443,882,524] |
BALANCE SHEET [BAHT]
The financial figures published as at September 30, 2014 was:
ASSETS
[Unaudited]
[Thousand
Baht]
|
Current Assets |
2014 |
|
|
|
|
Cash and cash equivalents |
211,274 |
|
Trade accounts receivable |
4,545,484 |
|
Other accounts receivable
from related parties |
4,790,698 |
|
Inventories |
9,359,141 |
|
Other Current Assets
|
181,974 |
|
|
|
|
Total Current Assets
|
19,088,571 |
|
Non-Current Assets |
|
|
Long-term
receivable from a related party |
623,451 |
|
Investments in
subsidiaries |
27,760,792 |
|
Investment in
jointly controlled entities |
3,159,668 |
|
Property, plant and
equipment |
15,754,539 |
|
Intangible assets |
181,703 |
|
Other non-current
assets |
7,723 |
|
Total Non-Current
Assets |
47,487,876 |
|
Total Assets |
66,576,447 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
[Unaudited]
[Thousand
Baht]
|
Current
Liabilities |
2014 |
|
|
|
|
Bank overdraft, short-term
loans from financial institutions and short-term loans from related parties |
11,882,307 |
|
Trade accounts payable |
6,645,890 |
|
Other accounts payable from
related parties |
79,005 |
|
Current portion of
long-term loans from
financial institutions |
3,205,995 |
|
Current Portion hire-purchase liabilities |
4,973 |
|
Short-term provisions |
7,790 |
|
Other Current Liabilities
|
1,652,250 |
|
|
|
|
Total Current Liabilities |
23,478,210 |
|
Non-current liabilities |
|
|
Long-term loan
from financial institutions |
10,591,795 |
|
Subordinated convertible debentures |
230 |
|
Hire purchase
liabilities |
2,796 |
|
Employee benefit
obligations |
142,366 |
|
Deferred |
1,150,273 |
|
Other current
liabilities |
824 |
|
Total Non-current liabilities |
11,888,284 |
|
Total Liabilities |
35,366,494 |
|
Shareholders' Equity |
|
|
Share capital |
|
|
Registered Authorised share
capital |
39,867,779 |
|
Issued and
fully paid-up share capital |
32,166,258 |
|
Discount on ordinary
shares issuance |
[5,678,076] |
|
Equity distribution from shareholders from repurchase
of subordinated
convertible debentures |
366,220 |
|
Convertible rights |
25 |
|
Revaluation surplus -the group |
4,247,557 |
|
Retained earnings Appropriated-statutory Reserve |
530,227 |
|
Unappropriated |
[422,258] |
|
Total Shareholders' Equity |
31,209,953 |
|
Total Liabilities & Shareholders' Equity |
66,576,447 |
PROFIT & LOSS
ACCOUNT
For the nine-month period
ended September 30,
2014:
[Unaudited]
[Thousand
Baht]
|
Revenue |
2014 |
|
|
|
|
Revenue from sales |
26,586,360 |
|
Revenue from rendering of services |
30,001 |
|
Net foreign exchange
gain |
101,176 |
|
Dividend income |
83,400 |
|
Other Income |
59,853 |
|
Total Revenues |
26,860,790 |
|
Expenses |
|
|
|
|
|
Cost of sales
of goods |
24,463,434 |
|
Cost of rendering
of services |
19,382 |
|
Selling expenses |
237,145 |
|
Administrative expenses |
404,086 |
|
Management benefit expenses |
41,909 |
|
Finance costs |
1,284,410 |
|
Total Expenses |
26,450,366 |
|
|
|
|
Profit / [Loss] For The Year |
410,424 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.85 |
0.77 |
0.96 |
|
QUICK RATIO |
TIMES |
0.30 |
0.14 |
0.15 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.81 |
2.89 |
2.15 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.67 |
0.73 |
0.65 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
111.11 |
124.38 |
198.35 |
|
INVENTORY TURNOVER |
TIMES |
3.29 |
2.93 |
1.84 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
31.78 |
29.01 |
28.18 |
|
RECEIVABLES TURNOVER |
TIMES |
11.48 |
12.58 |
12.95 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
75.00 |
72.40 |
64.68 |
|
CASH CONVERSION CYCLE |
DAYS |
67.89 |
80.98 |
161.86 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
94.38 |
98.70 |
95.25 |
|
SELLING & ADMINISTRATION |
% |
1.69 |
1.60 |
1.62 |
|
INTEREST |
% |
4.46 |
4.35 |
3.86 |
|
GROSS PROFIT MARGIN |
% |
6.64 |
2.54 |
5.01 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.46 |
(3.41) |
(1.18) |
|
NET PROFIT MARGIN |
% |
0.46 |
(3.41) |
(1.18) |
|
RETURN ON EQUITY |
% |
0.68 |
(6.09) |
(1.85) |
|
RETURN ON ASSET |
% |
0.31 |
(2.48) |
(0.76) |
|
EARNING PER SHARE |
BAHT |
0.65 |
(6.11) |
(2.44) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.55 |
0.59 |
0.59 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.21 |
1.46 |
1.43 |
|
TIME INTEREST EARNED |
TIMES |
0.10 |
(0.78) |
(0.30) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(5.92) |
28.57 |
|
|
OPERATING PROFIT |
% |
(112.66) |
272.74 |
|
|
NET PROFIT |
% |
112.69 |
(272.74) |
|
|
FIXED ASSETS |
% |
(3.21) |
(4.36) |
|
|
TOTAL ASSETS |
% |
2.52 |
14.88 |
|
ANNUAL GROWTH : ACCEPTABLE
An annual sales growth is -5.92%. Turnover has decreased from THB 48,469,805,525.00 in 2012 to THB 45,598,513,188.00 in 2013. While net profit has increased from THB -1,654,541,883.00 in 2012 to THB 210,002,930.00 in 2013. And total assets has increased from THB 66,843,113,777.00 in 2012 to THB 68,528,412,605.00 in 2013.
PROFITABILITY : RISKY
PROFITABILITY RATIO
|
Gross Profit Margin |
6.64 |
Deteriorated |
Industrial
Average |
17.61 |
|
Net Profit Margin |
0.46 |
Deteriorated |
Industrial
Average |
0.95 |
|
Return on Assets |
0.31 |
Deteriorated |
Industrial
Average |
1.35 |
|
Return on Equity |
0.68 |
Deteriorated |
Industrial
Average |
3.87 |
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 6.64%. 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 0.46%.
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 0.31%.
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 0.68%.
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 |
0.85 |
Risky |
Industrial
Average |
1.26 |
|
Quick Ratio |
0.30 |
|
|
|
|
Cash Conversion Cycle |
67.89 |
|
|
|
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 0.85 times in 2013, increased from 0.77 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 0.3 times in 2013,
increased from 0.14 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 68 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.55 |
Impressive |
Industrial
Average |
0.81 |
|
Debt to Equity Ratio |
1.21 |
Satisfactory |
Industrial
Average |
2.15 |
|
Times Interest Earned |
0.10 |
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 0.11 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 0.55 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 : SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.81 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.67 |
Deteriorated |
Industrial
Average |
1.73 |
|
Inventory Conversion Period |
111.11 |
|
|
|
|
Inventory Turnover |
3.29 |
Acceptable |
Industrial
Average |
4.83 |
|
Receivables Conversion Period |
31.78 |
|
|
|
|
Receivables Turnover |
11.48 |
Impressive |
Industrial
Average |
9.42 |
|
Payables Conversion Period |
75.00 |
|
|
|
The company's Account Receivable Ratio is calculated as 11.48 and 12.58 in
2013 and 2012 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2013
decreased from 2012. This would suggest the company had deteriorated in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has decreased from 124 days at the
end of 2012 to 111 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 2.93 times in year 2012 to 3.29 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.67 times and 0.73
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
|
Key Areas |
Score |
Weight |
Weighted
Score |
|
LIQUIDITY RATIO |
0.44 |
25.00 |
11.00 |
|
ACTIVITY RATIO |
2.33 |
20.00 |
46.60 |
|
PROFITABILITY
RATIO |
- |
25.00 |
- |
|
LEVERAGE RATIO |
2.22 |
10.00 |
22.20 |
|
ANNUAL GROWTH |
1.60 |
20.00 |
32.00 |
|
Total Weight
(excluding - - Score) |
|
100.00 |
|
|
|
|
|
111.80 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.85 |
|
|
1 |
Rs. 96.73 |
|
Euro |
1 |
Rs. 76.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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.