MIRA INFORM REPORT
|
Report Date : |
10.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
TEAM PRECISION
PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
198 Moo 13, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.09.2014 (Unaudited) |
|
|
|
|
Date of Incorporation : |
09.01.1996 |
|
|
|
|
Com. Reg. No.: |
0107543000058 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in CEM [Contract
Electronics
Manufacturing], and assembling
integrated PCBA [Printed
Circuit Board Assembly]
and box build
solutions service for
OEM customer |
|
|
|
|
No of Employees : |
1,400 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies,
and strong export industries,
|
Source
: CIA |
COMPANY NAME
TEAM
PRECISION PUBLIC COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 198
MOO 13, SUWANSORN
ROAD,
T. DONG-KHEE-LEK, A.
MUANG,
TELEPHONE : [66] 37
403-336-40
FAX :
[66] 37
403-345
E-MAIL
ADDRESS : info@teampcba.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1996
REGISTRATION
NO. : 0107543000058 [Former : BOR
MOR JOR 659]
TAX
ID NO. : 3231003765
CAPITAL REGISTERED : BHT. 637,063,385
CAPITAL PAID-UP : BHT
637,063,385
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
CHAKKAPHANT MANUTSATHIT, THAI
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 1,400
LINES
OF BUSINESS : PRINTED CIRCUIT
BOARD ASSEMBLY
CONTRACT MANUFACTURER
CORPORATE PROFILE
|
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on January
9, 1996 as
a private limited
company under the
name style TEAM
PRECISION CO., LTD. by
Thai groups, in
order to operate
as the electronics
components [printed circuit
boards] and top
level assembly and
testing in Thailand with
the promotional privilege
granted by the
Board of Investment
[BOI].
On September 21,
2000 the subject
registered for a
conversion of its
status to become a
public limited company
under the name TEAM PRECISION
PUBLIC COMPANY LIMITED.
On November 8,
2001, the subject
was listed on
the Market for
Alternative Investment [MAI].
In 2003, Teamtronic Co.,
Ltd., its subsidiary
has been merged
with the subject.
On January 1,
2004, it was
listed on the
Stock Exchange of
Thailand [SET]. Subject currently
employs approximately 1,400
staff.
It achieved many international
standards from SGS
Certification as follows:
-
ISO 9001 :
2008 certification, the
Quality Management System,
in
November 2009.
-
ISO 14001 : 2004
certification, the Environmental
Management System, in
March
2009.
-
OHSAS 18001: 2007 certification, the
Healthy and Safety
Management System,
in March
2009.
-
ISO 13485 : 2003
certification, the Medical
Equipment Industry, in
February
2009.
- ISO
TS 16949 : 2009
certification, Automotive Production
Quality Management
System
The subject’s registered
address is 198
Moo 13, Suwansorn
Road, T. Dong-Khee-Lek, A. Muang, Prachinburi
25000, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chakkaphant
Manutsathit |
[x] |
Thai |
60 |
|
Mrs. Suratn Petchmunee |
[x] |
Thai |
53 |
|
Mrs. Malipa Manutsathit |
[x] |
Thai |
59 |
|
Mr. Chai Jroongtanapibarn |
|
Thai |
60 |
|
Mr. Paiboon Sareewiwatthana |
|
Thai |
60 |
|
Mr. Pirom Chamsai |
|
Thai |
61 |
AUTHORIZED PERSON
Any two of
the mentioned directors
[x] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Chakkaphant Manutsathit
is the Chief
Executive Officer.
He is Thai
nationality with the
age of 60
years old. He
obtained MBA from
Mrs. Malipa Manutsathit
is the Chief
Information Officer.
She is Thai
nationality with the
age of 59
years old. She
has been in
this position since 2001.
Mrs. Suratn Petchmunee
is the Company
Secretary/Compensation & Benefit
Director/Finance Director [acting].
She is Thai
nationality with the
age of 53
years old.
Mr. Rungrit Laohapairotwattana is the
Vice President of
Operation.
He is Thai
nationality.
Mr. Manolo Villaluz Momongan
is the Supply
Chain Management & Marketing Director.
He is Filipino
nationality.
Mr. Passagon Buathong is
the Business Development
Director.
He is Thai
nationality.
Mr. Chaiwith Siriphol is
the Human Resources
Director.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in CEM
[Contract Electronics Manufacturing], and
assembling integrated PCBA
[Printed Circuit Board
Assembly] and box
build solutions service
for OEM customer,
with a wide
range of services
include:
Design for Manufacturing
in order to improve
client’s productivity and
reduce cost.
1.
Raw
Material Procurement based
on customer’s specification.
2.
Assembly
with 3 types
of technology include:
2.1
SMT
[Surface Mount] is designed
for connecting electronic
components on the
surface of printed
circuit board which
has limited area.
2.2
PTH [Plated Through
Hole] is suitable
for the product
that has unlimited
area.
2.3
COB
[Chip on Board] is
designed by direct
connecting bare of IC and
printed circuit board which
is suitable for
the products with
limited area.
3.
Functional Tester Design
for electronic circuit
board testing.
4.
Chemical
Compound Encapsulation [Potting] is
the service of
laminating printed circuit board by using Epoxy
or Polyurethane in order to
prevent the circuit
board from harsh
environment such as
concussion, humidity, Thermal
changing.
5.
Service
on Box Build
Products is the
integrated services of
electronic products.
Upon the above services, the
subject could offer
services on variety
of integrated PCBA
which is currently categorized
as follows:
- Temperature controller in
the Reefer Container
- Car stereo
- Hearing aid
equipment
- Hearing aid
storage and cleaner
- Hearing test
equipment
- Tooth
The company offers
solutions and services
to its global
customers within a wide variety of
markets, which can be classified
in the following
categories:
Industrial Products
Product offers ranging from
tracking and tracing
product shipments in
bio-logistics and pharmaceutical industries,
providing refrigeration products
to the global
container industry, RFID
product offerings for
high-end security solutions,
ballasts for lighting industries, products
which help utilities
manage energy more
efficiently, laser detectors, and distance
meters for construction
product offerings, to
fire safety products.
Telecommunications Products
Wireless
networking equipment, high-end
RF antenna technology
for increasing network capacity at
a lower cost.
Consumer
Products
From
car stereos, LCD
television printed circuit
mid-planes, consumer RF
electronic learning products for
children, audio players,
wireless lighting and
in home entertainment management remotes.
Specialty
Products
Chip
on board (COB)
and wire bonded
product offerings for
signal equipment, product offerings which
detect nuclear ionized
radiation.
Communications Products
Audio
interpretation equipment, high-end
advanced conferencing systems
for interpreting every language
in such bases
as the United Nations.
Automotive Products
Road
surface sensor analyzing
products, specialized audio
equipment for automobiles.
Medical Products
Designing and
manufacturing products which
support single sided
deafness, conditioning
systems for hearing
instruments, quality hearing
care products for
children, clinical audio meters
and hearing test
equipment for hospitals.
IMPORT [COUNTRIES]
Raw materials such as
PCB, IC, Diode,
Resistor and Capacitor
are purchased from
around 200 suppliers
from both local
and overseas, by
70% of the
total is imported
from overseas suppliers
in Singapore, Malaysia,
Republic of China,
Japan, United States
of America, Denmark
and Germany, and
the remaining 30%
is purchased from
local suppliers.
MAJOR SUPPLIERS
Team Precision [
Team Precision [
SALES [LOCAL]
The products are
distributed and exported
to around 100 customers both local
and overseas, by
96.02% of the
products is exported
to overseas customers
i.e. Original Brand Name Producer,
Original Equipment Manufacturer [OEM] and Design House customer in Japan, United States of America and Europe, and the
remaining 3.98% is sold
to local customers.
MAJOR CUSTOMERS
Fujitsu :
Sony :
Nitsuko :
Danish Interpretation Systems
:
REVENUE STRUCTURE
|
|
2013 |
2012 |
||
|
Category |
Million baht |
% |
Million baht |
% |
|
|
|
|
|
|
|
Industrial Control |
846 |
59 |
1,169 |
65 |
|
Telecommunications |
184 |
13 |
175 |
10 |
|
Consumer |
8 |
1 |
29 |
2 |
|
Automotive |
101 |
7 |
95 |
5 |
|
Medical |
251 |
17 |
262 |
14 |
|
Other |
51 |
3 |
77 |
4 |
|
|
|
|
|
|
|
Total Revenue |
1,441 |
100 |
1,807 |
100 |
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.
RELATED AND AFFILIATED
COMPANIES
Team Precision [
Business Type :
Distributor of electronic
parts
Address :
Ellegardvej 25, DK 6400
Investment :
shareholding 100%
Team Precision [
Business Type :
Distributor of electronic
parts
Address : 196
Pandan Loop #04-20, Pantech Industrial
Investment :
shareholding 100%
CREDIT
Sales are by
cash or on
the credits term
of 30-60-90 days.
Local bills are
paid by cash
or on the
credits term at
30-60-90 days.
Imports are by
L/C at sight
and T/T.
Exports are against
L/C at sight
and T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
[Prachinburi Branch :
Muang, Prachinburi province]
EMPLOYMENT
The subject employs
approximately 1,400 staff.
LOCATION DETAILS
The premise is
rented for administrative office,
warehouse and factory
at the heading
address. The premise
is located in
provincial.
Factories:
Prachinburi Factory: 198
Moo 13, Suwansorn
Rd., T. Dong-Khee-Lek, A.
Muang,
Prachinburi
25000. Tel.: [66] 37 403-336-40, Fax. : [66] 37 403-345.
Certification : ISO 9001 : 2000, ISO
14001
Pathumthani Factory: 152/8, 152/9, 152/15 Moo
3,
A.
Thanyaburi, Pathumthani 12110.
Tel.
: [66] 2577-2350-4, Fax.: [66]
2577-2355.
Certification : ISO 9002 : 2000, ISO/TS
16949
Total area of
both factories are
132,800 square meters.
COMMENT
The growth of
printed circuit board
business is mainly
depended on the
growth of the
electrical and electronics
components industry. As these
products particularly the consumer
products will have
the printed circuit
boards as the
main components. According
to Thailand Research and Development Organization, it was
found that the consumer
products required a lot
of single-sided printed
circuit board as the main
component. As there
is an increase
in the consumer
products in Thailand
on a yearly
basis which also
shows an expansion
of printed circuit
board subsequently.
2013 was a
difficult year for
the subject, sales
and profit were significantly dropped
compared to the
year 2012. The
major factor contributed
to the drop
was the prolonged
slow down in
European and the
USA’s economy.
In 2014 the
subject also has a
positive outcome, which
it is able
to expand its business
partners, while its
business in overseas market
is expanding steadily.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
The capital was
increased and decreased
later as followings:
Bht. 30,000,000
on August 8,
1996
Bht. 70,000,000
on March 28,
2000
Bht. 90,000,000
in 2000
Bht. 150,000,000 on
November 5, 2001
Bht. 200,000,000
in 2003
Bht. 305,000,000 on
November 2, 2006
Bht. 458,625,000
in 2008
Bht. 580,000,000 on
April 20, 2010
On May 17,
2012, the capital
was increased to
Bht. 644,746,590 divided into
644,746,590 shares of
Bht. 1 each,
with the current
capital paid-up at
Bht.
637,063,385.
On May 7,
2013, the capital
was decreased to
Bht. 637,063,385 divided into
637,063,385 shares of
Bht. 1 each
with fully paid.
MAIN SHAREHOLDERS
[as
at March 12,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chakkaphant Manutsathit
|
113,804,978 |
17.86 |
|
Mr. Sathaporn Manutsathit |
112,094,570 |
17.60 |
|
Ms. Chanthip Manutsathit |
106,182,604 |
16.67 |
|
Mr. Anand Manutsathit |
105,588,288 |
16.57 |
|
Ms. Patarawan Manutsathit |
13,094,659 |
2.06 |
|
Mr. Suthai Pinarat |
12,945,900 |
2.03 |
|
Mr. Atthapol Manutsathit |
12,411,674 |
1.95 |
|
Mr. Veerawat Sirayopas |
11,911,161 |
1.87 |
|
Ms. Malinee Petchmunee |
10,110,189 |
1.59 |
|
Mrs. Sirithip Wongthitiroj |
10,041,397 |
1.58 |
|
Mr. Mongkol Kittipoomwong |
8,437,595 |
1.32 |
|
Ms. Anchana Lochanacharoenporn |
8,251,929 |
1.30 |
|
Thai NVDR Co.,
Ltd. |
7,085,263 |
1.11 |
|
Others |
105,103,178 |
16.49 |
Total Shareholders :
1,110
NAME OF
AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO
Mr. Chaiyakorn Unpitipongsa No.
3196
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2013, 2012
and 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 Restated |
2011 |
|
|
|
|
|
|
Cash and cash equivalents |
102,468,949 |
115,486,372 |
117,724,396 |
|
Current investments |
44,019,722 |
58,037,952 |
99,204,867 |
|
Trade and accounts
receivable |
340,662,056 |
217,214,194 |
294,591,331 |
|
Inventories |
236,730,387 |
254,128,911 |
264,758,075 |
|
Other Current Assets
|
|
|
|
|
Refundable value
added tax |
- |
169,607 |
2,319,187 |
|
Others |
6,520,173 |
4,427,681 |
3,140,016 |
|
Total other current
assets |
6,520,173 |
4,597,288 |
5,459,203 |
|
|
|
|
|
|
Total Current Assets
|
730,401,287 |
649,464,717 |
781,737,872 |
|
Non-current Assets |
|
|
|
|
Investment in
subsidiaries |
14,559,811 |
14,559,811 |
14,559,811 |
|
Property, plant
and equipment |
469,810,523 |
510,480,924 |
461,886,107 |
|
Intangible assets |
5,127,975 |
5,967,497 |
2,843,755 |
|
Other non-current
assets |
700,422 |
411,971 |
299,469 |
|
Total Non-current Assets |
490,198,731 |
531,420,203 |
479,589,142 |
|
Total Assets |
1,220,600,018 |
1,180,884,920 |
1,261,327,014 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 Restated |
2011 |
|
|
|
|
|
|
Bank overdrafts and
short-term Loans from financial institutions |
- |
- |
119 |
|
Trade accounts payable |
383,738,397 |
316,611,443 |
313,481,762 |
|
Current portion of
long-term liabilities |
|
|
|
|
Long-term
loans |
- |
- |
29,400,000 |
|
Financial lease
payables |
- |
2,027,140 |
3,868,456 |
|
Provision |
19,541,588 |
17,858,301 |
- |
|
Accrued interest expenses |
- |
- |
25,373 |
|
Other Current Liabilities |
3,765,615 |
4,538,801 |
5,737,531 |
|
|
|
|
|
|
Total Current Liabilities |
407,045,600 |
341,035,685 |
352,513,241 |
|
Deferred tax liabilities |
982,415 |
1,580,513 |
- |
|
Long-term loans |
- |
- |
58,800,000 |
|
Long-term financial lease -
net |
- |
- |
2,027,140 |
|
Provision for long-term employee benefits |
34,034,881 |
30,428,146 |
24,578,560 |
|
Total Liabilities |
442,062,896 |
373,044,344 |
437,918,941 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share capital |
|
|
|
|
Authorized share
capital |
|
|
|
|
637,063,385 common
stocks of Baht 1 par
value |
637,063,385 |
- |
- |
|
644,746,590 common
stocks of Baht 1 par
value |
- |
644,746,590 |
- |
|
580,000,000 common
stocks of Baht 1 par
value |
- |
- |
580,000,000 |
|
Issued and
fully paid-up share
capital |
|
|
|
|
566,279,715 common
stocks of Baht 1 par
value |
- |
- |
566,279,715 |
|
637,063,385 common
stocks of Baht 1 par
value |
637,063,385 |
637,063,385 |
- |
|
Premium on common
stocks |
42,543,406 |
42,543,406 |
42,543,406 |
|
Retained Earnings Appropriated Statutory Reserve |
58,535,000 |
58,407,000 |
56,840,000 |
|
Unappropriated |
40,395,331 |
69,826,785 |
157,744,952 |
|
Total Shareholders' Equity |
778,537,122 |
807,840,576 |
823,408,073 |
|
Total Liabilities &
Shareholders' Equity |
1,220,600,018 |
1,180,884,920 |
1,261,327,014 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2013 |
2012 Restated |
2011 |
|
|
|
|
|
|
Sales |
1,441,188,773 |
1,807,086,836 |
2,054,832,749 |
|
Other income |
28,375,339 |
31,335,466 |
22,514,462 |
|
Total Revenues |
1,469,564,112 |
1,838,422,302 |
2,077,347,211 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of sales
|
1,330,314,475 |
1,646,910,539 |
1,873,277,719 |
|
Selling expenses |
21,413,303 |
23,686,069 |
24,587,833 |
|
Administrative expenses |
113,065,416 |
132,702,687 |
122,802,999 |
|
Directors’ remuneration |
2,774,111 |
2,960,000 |
3,280,000 |
|
Finance costs |
45,190 |
846,319 |
6,641,881 |
|
Total Expenses |
1,467,612,495 |
1,807,105,614 |
2,030,590,432 |
|
|
|
|
|
|
Profit before Income
Tax |
1,951,617 |
31,316,688 |
46,756,779 |
|
Income Tax Expenses / Revenues |
598,098 |
[2,099,495] |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
2,549,715 |
29,217,193 |
46,756,779 |
BALANCE SHEET [BAHT]
The latest financial figures published
as at September 30, 2014 was :
[Unaudited]
ASSETS
[Thousand Baht]
|
Current Assets |
2014 |
|
|
|
|
Cash and cash equivalents |
121,129 |
|
Trade and accounts
receivable |
387,336 |
|
Inventories |
318,625 |
|
Other current assets
|
11,581 |
|
|
|
|
Total Current Assets
|
838,671 |
|
Non-current Assets |
|
|
Investment in
subsidiaries |
14,560 |
|
Property, plant
and equipment |
556,225 |
|
Intangible assets |
5,058 |
|
Other non-current
assets |
11 |
|
Total Non-current Assets |
575,854 |
|
Total Assets |
1,414,525 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
[Thousand Baht]
|
Current
Liabilities |
2014 |
|
|
|
|
Short-term loans from financial institution |
5,461 |
|
Trade accounts payable |
488,254 |
|
Current portion of long-term
liabilities |
13,006 |
|
Other Current Liabilities |
3,907 |
|
|
|
|
Total Current Liabilities |
510,628 |
|
Long-term loans from financial institution |
52,026 |
|
Deferred tax liabilities |
1,888 |
|
Provision for long-term employee
benefits |
39,948 |
|
Total Liabilities |
604,490 |
|
|
|
|
Shareholders' Equity |
|
|
Share capital |
|
|
Authorized share
capital |
|
|
637,063,385 common
stocks of Baht 1 par
value |
637,063 |
|
Issued and
fully paid-up share
capital |
|
|
637,063,385 common
stocks of Baht 1 par
value |
637,063 |
|
Premium on common
stocks |
42,543 |
|
Retained Earnings Appropriated Statutory Reserve |
58,535 |
|
Unappropriated |
71,894 |
|
Total Shareholders' Equity |
810,035 |
|
Total Liabilities &
Shareholders' Equity |
1,414,525 |
PROFIT & LOSS
ACCOUNT
For the nine-month period ended September 30,
2014.
[Thousand Baht]
|
Revenue |
2014 |
|
|
|
|
Sales |
1,304,581 |
|
Other income |
11,279 |
|
Total Revenues |
1,315,860 |
|
Expenses |
|
|
|
|
|
Cost of sales
|
1,183,930 |
|
Selling expenses |
16,553 |
|
Administrative expenses |
81,077 |
|
Directors’ remuneration |
1,811 |
|
Finance costs |
84 |
|
Total Expenses |
1,283,455 |
|
|
|
|
Profit / (Loss) before Income
Tax Expenses |
32,405 |
|
Income Tax Expenses (Revenues) |
[906] |
|
|
|
|
Net Profit / [Loss] |
31,499 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.79 |
1.90 |
2.22 |
|
QUICK RATIO |
TIMES |
1.20 |
1.15 |
1.45 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.07 |
3.54 |
4.45 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.18 |
1.53 |
1.63 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
64.95 |
56.32 |
51.59 |
|
INVENTORY TURNOVER |
TIMES |
5.62 |
6.48 |
7.08 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
86.28 |
43.87 |
52.33 |
|
RECEIVABLES TURNOVER |
TIMES |
4.23 |
8.32 |
6.98 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
105.29 |
70.17 |
61.08 |
|
CASH CONVERSION CYCLE |
DAYS |
45.94 |
30.03 |
42.83 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
92.31 |
91.14 |
91.16 |
|
SELLING & ADMINISTRATION |
% |
9.33 |
8.65 |
7.17 |
|
INTEREST |
% |
0.00 |
0.05 |
0.32 |
|
GROSS PROFIT MARGIN |
% |
9.66 |
10.60 |
9.93 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.14 |
1.73 |
2.28 |
|
NET PROFIT MARGIN |
% |
0.18 |
1.62 |
2.28 |
|
RETURN ON EQUITY |
% |
0.33 |
3.62 |
5.68 |
|
RETURN ON ASSET |
% |
0.21 |
2.47 |
3.71 |
|
EARNING PER SHARE |
BAHT |
0.00 |
0.05 |
0.08 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.36 |
0.32 |
0.35 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.57 |
0.46 |
0.53 |
|
TIME INTEREST EARNED |
TIMES |
43.19 |
37.00 |
7.04 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(20.25) |
(12.06) |
|
|
OPERATING PROFIT |
% |
(93.77) |
(33.02) |
|
|
NET PROFIT |
% |
(91.27) |
(37.51) |
|
|
FIXED ASSETS |
% |
(7.97) |
10.52 |
|
|
TOTAL ASSETS |
% |
3.36 |
(6.38) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -20.25%. Turnover has decreased from THB 1,807,086,836.00
in 2012 to THB 1,441,188,773.00 in 2013. While net profit has decreased from
THB 29,217,193.00 in 2012 to THB 2,549,715.00 in 2013. And total assets has
increased from THB 1,180,884,920.00 in 2012 to THB 1,220,600,018.00 in 2013.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
9.66 |
Impressive |
Industrial
Average |
0.21 |
|
Net Profit Margin |
0.18 |
Deteriorated |
Industrial
Average |
18.79 |
|
Return on Assets |
0.21 |
Deteriorated |
Industrial
Average |
35.75 |
|
Return on Equity |
0.33 |
Deteriorated |
Industrial
Average |
59.32 |
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 9.66%. When compared with the industry
average, the ratio of the company was higher, indicated that company was more
profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 0.18%.
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 0.21%.
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 0.33%.
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 |
1.79 |
Acceptable |
Industrial
Average |
2.56 |
|
Quick Ratio |
1.20 |
|
|
|
|
Cash Conversion Cycle |
45.94 |
|
|
|
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 1.79 times in 2013, decreased from 1.9 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 1.2 times in 2013,
increased from 1.15 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 46 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.36 |
Acceptable |
Industrial
Average |
0.35 |
|
Debt to Equity Ratio |
0.57 |
Impressive |
Industrial
Average |
0.53 |
|
Times Interest Earned |
43.19 |
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 43.19 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 0.36 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.07 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.18 |
Acceptable |
Industrial
Average |
1.90 |
|
Inventory Conversion Period |
64.95 |
|
|
|
|
Inventory Turnover |
5.62 |
Impressive |
Industrial
Average |
5.45 |
|
Receivables Conversion Period |
86.28 |
|
|
|
|
Receivables Turnover |
4.23 |
Acceptable |
Industrial
Average |
8.12 |
|
Payables Conversion Period |
105.29 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.23 and 8.32 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 increased from 56 days at the
end of 2012 to 65 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 6.48 times in year 2012 to 5.62 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.18 times and 1.53
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.88 |
|
|
1 |
Rs.96.90 |
|
Euro |
1 |
Rs.76.29 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SMN |
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.