MIRA INFORM REPORT
|
Report Date : |
20.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
SVI PUBLIC
COMPANY LIMITED |
|
|
|
|
Formerly Known As : |
SEMICONDUCTOR VENTURES
INTERNATIONAL PUBLIC COMPANY
LIMITED |
|
|
|
|
Registered Office : |
142 Moo 5, Tiwanon Road, Bangkadi, Muang, Pathumthani 12000, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
02.08.1985 |
|
|
|
|
Com. Reg. No.: |
0107537001790 |
|
|
|
|
Legal Form : |
Public Limited
Company |
|
|
|
|
Line of Business : |
Subject is a subcontractor
that provides Electronic
Manufacturing Services [EMS],
to customers who
are Original Equipment
Manufacturers [OEM] and
Design Houses |
|
|
|
|
No. of Employees : |
2,494 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. 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 is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying 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 crisis severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has 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 next seven years with a plan to start in 2013
|
Source
: CIA |
Company
name and address
SVI PUBLIC COMPANY LIMITED
[FORMER : SEMICONDUCTOR VENTURES
INTERNATIONAL PUBLIC COMPANY
LIMITED]
SUMMARY
BUSINESS
ADDRESS : 142
MOO 5, TIWANON
ROAD, BANGKADI,
MUANG, PATHUMTHANI
12000, THAILAND
TELEPHONE : [66]
2963-9101
FAX
: [66] 2963-9070-1
E-MAIL
ADDRESS : office@svi.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1985
REGISTRATION
NO. : 0107537001790 [Former: BOR
MOR JOR. 426]
TAX
ID NO. : 3101357790
CAPITAL REGISTERED : BHT. 2,265,754,448
CAPITAL PAID-UP : BHT. 2,265,749,381
FISCAL
YEAR CLOSING DATE : DECEMBER
31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
PONGSAK LOTHONGKAM, THAI
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 2,494
LINES
OF BUSINESS : ELECTRONIC
PARTS
ASSEMBLER AND
EXPORTER
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject was initially established on August 2, 1985 as a private
limited company under
the name style “Semiconductor Ventures
International Co., Ltd.” [SVI] by
Mr. Peter David
Yewdall.
The subject is an
Electronic Manufacturing Services
[EMS] provider, offers
a complete range
of manufacturing services
to Original Equipment Manufacturers [OEM] and
design houses. In
the beginning, it provided
only PCBA assembly
service and later
developed the business
strategy to focus
on turnkey box-build
and system-build product
manufacturing, which has
been granted the promotional privileges
by the Board
of Investment, Thailand.
SVI started with
a registered capital of only 400,000
baht. Production began
in January, 1987,
with a staff
of 22 of
which 3 were supervisors
and an assembly
line workforces of
19. The factory
at that time
was rented in
Yannawa area.
The subject expanded
its production to
meet the high
growth of overseas
demand in electronic products
and service in
various industries such
as industrial control,
telecommunication, satellite receiver,
office automation and
automobile. The subject
therefore decided to
invite the public
to participate through the
Securities Exchange of
Thailand on September
18, 1989. On May
25, 1994, its status
was converted into a public
limited company under
the name “Semiconductor Ventures International
Public Company Limited”.
On February 5,
2003, its name
was changed to
SVI PUBLIC COMPANY
LIMITED. The subject currently
employs 2,494 staff.
In 2004 and
2008, the factory II
and IV were
set up at
Bangkadi Industrial Park,
Pathumthani province, as
well as set
up the factory
III in Tianjin,
the Republic of
China in 2006.
The subject was approved for ISO 9002, ISO/TS 16949 : 2002
certificates, for the
production quality standard
as well as the
ISO 14001 certificate
for environmental quality
system, in 1999
and 2001, respectively,
and later has
been upgraded their
certifies to ISO 9001 : 2008, and
ISO/TS 16949 : 2009, in 2008
and 2009, respectively,
by TUV Rheinland
Thailand Ltd. The
subject also achieved the
quality standard ISO 13485
certification for medical
equipment and instrument
by the British
Standard Institution of
Thailand, in 2009.
In 2012, it
achieved certifications e.g.
ISO 9001:2008, TS16949 :
2009, and ISO 13485: 2008 from
TUV Rheinland in
Germany and BSI
in England.
The subject’s registered
and headquarters address
were initially located
at 33/10 Moo
4, Chaengwattana Road,
Bangtalad, Pakkred, Nonthaburi
11120.
Since
the beginning of
2012, the subject’s
registered address has
been relocated to
142 Moo 5,
Tiwanon Rd., Bangkadi,
Muang, Pathumthani 12000,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Dr. Suvarn Valaisathien |
|
Thai |
72 |
|
Mr. Pruchya Piumsomboon |
|
Thai |
62 |
|
Mr. Virapan Pulges |
[x] |
Thai |
53 |
|
Mr. Threekwan Bunnag |
|
Thai |
57 |
|
Mr. Pongsak Lothongkam |
[x] |
Thai |
54 |
|
Mr. Chatchaval Jiaravanon |
|
Thai |
- |
AUTHORIZED PERSON
Both of the
above directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Pongsak Lothongkam
is the Chief
Executive Officer.
He is Thai
nationality with the
age of 54
years old.
Mr. Ruangpoj Phakdurong
is the Vice
President of Business
Development.
He is Thai
nationality.
Mrs. Pissamai Saibua
is the Chief
Financial Officer.
She is Thai
nationality.
Mr. Carsten Bremerskov
Kaysen is the
Director of Sales
- Scandinavia.
Mr. Phichet Kanoksirima
is the Director of
Materials Management, Sourcing
& Purchasing.
He is Thai
nationality.
Mr. Virat Phugthai
is the
Director of Business
Development.
He is Thai
nationality.
Dr. Raymond Ramiah is
the Director of
Quality Assurance.
Mr. Manoon Noonate
is the Director
of Human Resources.
He is Thai
nationality.
Mr. Wayne Ellis
is the Director
of Global Sourcing.
He is American
nationality.
BUSINESS OPERATIONS
The subject is
a subcontractor that
provides Electronic Manufacturing
Services [EMS], to
customers who are
Original Equipment Manufacturers
[OEM] and Design
Houses. In the beginning, the
subject provided only
PCBA assembly service
and later developed
its business strategy to focus on Turnkey Box-Build and
System-Build product manufacturing.
The subject’s flexible
manufacturing process is
able to produce
many customers’
varied finished goods requirements, based
on the followings
process:
1.
Printed
Circuit Board Assembly [PCBA]
[34%
of the total
company’s revenue in
2012]
2.
Turnkey
Box-Build
[64%
of the total
company’s revenue in 2012]
3.
System-Build
[2% of
the total company’s
revenue in 2012]
The products built
under those mentioned
three types of
process can be
classified to 4
major categories based
on the type
of business as
follows:
1.
Industrial
Control System, the
main products are
Temperature Control Equipment
for cold storage,
circuit breaker, representing
approximately 36% of the
total revenue in
2012.
2.
Niche
System is high-end
technology products as details listed
below:
2.1
Hi-end Office Automation,
such as wireless
network office communication
system, wireless
network multi-functions office
automation equipment
[copier, printer, scanner and
etc.], representing approximately
42% of the
total revenue in
2012.
2.2
Hi-End Telecommunications, mainly
are products related
to satellite system
for marine or
to broadcast via
satellite, representing approximately
10% of
the
total revenue in
2012.
2.3
Professional Audio and
Video, mainly are
equipment for audio
and video
used in large
studio, international convention,
concert, etc., representing
approximately 8% of the
total revenue in
2012.
2.4
Automotive Electronics, mainly are
sensors used to
control automotive tire,
steering wheel, representing
approximately 1% of
the total revenue
in 2012.
3.
Medical
Laboratory Equipment riding
with a rapid
growth market became
a new business
segment of SVI,
representing approximately 3% of
the total revenue
in 2012.
4.
Communication Component Products
PRODUCTION CAPACITY
|
Production Capacity [Units
/ Annum] |
2012 |
2011 |
|
|
|
|
|
Factory I [Chaengwattana] |
|
|
|
Full capacity |
623,700,000 |
- |
|
Current capacity |
382,234,180 |
- |
|
Factory II [Bangkadi
Industrial Park] |
|
|
|
Full capacity |
5,454,812,160 |
7,046,415,379 |
|
Current capacity |
3,864,812,261 |
4,754,888,512 |
|
Factory III [Tianjin,
China] |
|
|
|
Full capacity |
555,718,935 |
555,718,935 |
|
Current capacity |
486,583,255 |
355,315,966 |
|
Total |
|
|
|
Full capacity |
6,634,231,095 |
7,602,134,314 |
|
Current capacity |
4,733,629,696 |
5,110,204,478 |
|
Production Capacity Utilization
Rate |
71% |
67% |
IMPORT [COUNTRIES]
The subject purchases
raw materials such
as steel & aluminium sheets,
electronic components from
both local and overseas suppliers
from more than
50 companies. 91% of
raw materials and
components are imported
from Singapore, Hong
Kong, Taiwan, Japan,
Republic of China, Germany, United
States of Americ,
Denmark, and the remaining
9% is purchased from
local suppliers.
MAJOR SUPPLIER
SVI China Ltd. : Republic
of China
EXPORT [COUNTRIES]
100% of the
products is exported
worldwide to United
States of America,
Denmark, Germany, Hong Kong, Canada,
Singapore, Republic of
China, Taiwan, Norway, Sweden and
Finland.
MAJOR
CUSTOMERS
SVI A/S : Denmark
Northtec Co., Ltd. : Taiwan
REVENUE STRUCTURE [company
and subsidiaries]
|
|
2012 |
2011 |
||
|
Income Structure |
Million Baht |
% |
Million Baht |
% |
|
Sales
Income |
|
|
|
|
|
1. Industrial Control |
2,801 |
32.5 |
3,951 |
46.4 |
|
2. Niche
System |
|
|
|
|
|
2.1
Office Automation |
3,198 |
37.1 |
3,188 |
37.5 |
|
2.2
Telecommunications |
741 |
8.6 |
483 |
5.7 |
|
2.3
Professional Audio &
Video |
610 |
7.1 |
369 |
4.3 |
|
2.4
Automotive Electronics |
129 |
1.5 |
126 |
1.5 |
|
3.Medical
Laboratory
Equipment |
225 |
2.6 |
328 |
3.9 |
|
4. Consumer |
- |
- |
- |
- |
|
Total sales
Income |
7,704 |
89.4 |
8,445 |
99.3 |
|
Gain
on exchange rates |
135 |
1.6 |
11 |
0.1 |
|
Other
sales incomes |
780 |
9.0 |
50 |
0.6 |
|
Total |
8,619 |
100 |
8,506 |
100.0 |
SUBSIDIARIES AND AFFILIATED
COMPANIES
Subsidiaries and Overseas
Offices:
Globe Vision Company
Limited
Location : British Virgin
Islands
SVI China Limited
[Hong Kong]
Location : Hong
Kong
SVI China Limited
[Shenzhen]
Location : Republic
of China
SVI Electronics [Tianjin]
Co., Ltd.
Location : Republic of China
SHI WEI Electronics
[Hong Kong]
Location : Hong
Kong
SVI A/S [Denmark]
Location : Denmark
Northtec Co., Ltd.
[Taiwan]
Location : Taiwan
LITIGATIONS
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
Local bills are
paid by cash
or on the
credit terms of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BUSINESS
TRANSACTIONS
In term of purchasing,
the subject currently has over 50 suppliers both
local and overseas,
with the maximum
credit granted at
60 days from
both local and
overseas suppliers.
In term of
sales, the subject
currently has 100% customers
from overseas. The
majority is found
by OEM customers.
L/C at sight
or T/T is required
for overseas customers.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office
: 9 Ratchadapisek
Rd., Ladyao, Jatujak,
Bangkok 10900]
Export-Import
Bank of Thailand
[EXIM]
[Head Office
: 1193 Phaholyothin
Rd., Phyathai, Bangkok
10400]
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs 2,494
office staff and
factory workers.
LOCATION DETAILS
The premise is
owned for headquarter, factory
and warehouse at the heading
address. Premised is
located in industrial
area.
Factories:
Bangkadi Industrial Park
Bangkadi Industrial Park,
141 Moo 5, Tiwanon Rd., Bangkadi, Muang,
Pathumthani 12000. Land
area : 14,186
square meters. Tel.: [66] 2963-6401
Fax: [66] 2963-6409
Chaengwattana Factory
33/10 Moo 4,
Soi Chaengwattana-Pakkred 40,
Chaengwattana Rd., Bangtalad,
Pakkred, Nonthaburi 11120.
Tel.: [66] 2574-5671, Fax:
[66] 2574-5672-3
SVI-Tianjin, China
Located at 6-C/D,
Zhongziaoyuan,
Micro-Electronic Industrial Park,
Jin Gang Highway,
Xiquing District, Tianjin,
Republic of China.
COMMENT
The company has
developed long-term relationships
with its customers,
who are mainly in mid-sized
Original Equipment Manufacturers (OEMs) and
Design House Companies that own
products which are
well-accepted among the
global market. They are
mainly located in the
Scandinavian region, and
some have subsidiaries
in other countries.
Having a large
percentage of customers
in this group
helps diversify risk
caused by economic fluctuations since
the subsidiaries in
other countries issue
their sales orders separately.
SVI expanded its capacity along
with the improvement
of product quality
and production capability. This
supports the growing
demand of customers,
product technology,
including high complexity
of production process
for high-end and
system build products. SVI
continued to renovate
production floor space.
In 2013 additional
Surface Mount Technology (SMT), Flip Chips,
X-Ray and Coating
machines were also
installed. Those machines
are hi-technology and
improve efficiency in
the production process.
FINANCIAL
INFORMATION
The capital was
registered at Bht.
400,000 which was
divided into 4,000 shares of Bht. 100 each.
The capital was
increased / decreased later as
followings:
Bht.
872,099,910 in 1999
Bht.
1,543,585,720 in 2000
Bht.
1,882,969,530 in 2001
Bht.
1,919,794,860 in May
2003
Bht.
1,983,605,460 in May
2004
Bht.
1,864,078,070 in 2006
Bht.
1,861,078,070 in 2007
Bht.
1,986,816,815 in 2010
In 2013, the
capital was increased
to Bht. 2,265,754,448
divided into 2,265,754,448 shares
of Bht. 1
each with the
current capital paid-up
of Bht. 2,265,749,381.
MAIN SHAREHOLDERS: [as at
January 7, 2014]
at Bht. 2,260,548,581 of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pongsak Lothongkam |
983,594,523 |
43.51 |
|
Eagle Mount Asia
Equities Limited |
228,571,428 |
10.11 |
|
HSBC [Singapore] Nominees
Pte. Ltd. |
73,001,943 |
3.23 |
|
Thai NVDR Co.,
Ltd. |
68,884,725 |
3.05 |
|
State Street Bank
Europe Limited |
27,407,728 |
1.21 |
|
Mr. Hargishin Tanwani |
25,000,000 |
1.11 |
|
Mr. Anucha Kijthanamongkolchai |
24,300,000 |
1.07 |
|
Dr. Suvarn Valaisathien |
23,783,714 |
1.05 |
|
Citibank Nominees Singapore
Pte. Ltd. |
23,630,968 |
1.05 |
|
Mr. Anant Sirihorachai |
17,557,206 |
0.78 |
|
Mr. Vibul Vatcharasurank |
14,988,200 |
0.66 |
|
Others |
749,828,146 |
33.17 |
Total
Shareholders : 6,648
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.:
Ms. Rungnapa Lertsuwankul
No. 3516
Ernst & Young Office Limited
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and cash
equivalents |
528,610,109 |
315,074,112 |
643,705,271 |
|
Current investment |
210,000,000 |
795,107,531 |
540,032,273 |
|
Trade accounts receivable
|
1,442,172,545 |
574,236,900 |
1,719,459,907 |
|
Inventories |
1,132,487,702 |
1,051,464,328 |
1,453,388,823 |
|
Advance payment for
purchase of materials and
equipment |
2,055,257 |
13,165,305 |
20,396,869 |
|
Other current assets
|
21,009,810 |
17,645,010 |
21,536,350 |
|
|
|
|
|
|
Total Current Assets
|
3,336,335,423 |
2,766,693,186 |
4,398,519,493 |
|
|
|
|
|
|
Other receivables -
subsidiaries |
57,196,225 |
96,516,920 |
78,674,844 |
|
Long-term lending to
subsidiary and interest receivable |
- |
36,508,366 |
34,052,203 |
|
Investments in
subsidiaries - net |
3,269,050 |
3,269,050 |
3,269,050 |
|
Property, plant and equipment -
net |
1,426,332,882 |
1,049,977,769 |
1,012,798,505 |
|
Deposit for purchase of
land and structures thereon |
- |
- |
74,806,746 |
|
Intangible assets |
7,948,088 |
10,372,517 |
12,071,705 |
|
Other non-current assets |
445,169 |
4,506,371 |
1,467,414 |
|
Total Assets |
4,831,526,837 |
3,967,844,179 |
5,615,659,960 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade accounts and
other payable |
1,577,275,584 |
1,837,609,696 |
1,729,181,837 |
|
Current portion of
long-term loan |
449,043,694 |
273,754,340 |
339,318,560 |
|
Current portion of
financial lease contract liabilities
|
953,504 |
2,417,246 |
2,279,476 |
|
Corporate income tax
payable |
1,809,349 |
2,772,756 |
5,866,947 |
|
Advance received for goods
and equipment |
64,257,756 |
65,050,995 |
56,314,724 |
|
Other current liabilities |
22,240,886 |
69,921,750 |
47,028,449 |
|
|
|
|
|
|
Total Current Liabilities |
2,115,580,773 |
2,251,526,783 |
2,179,989,993 |
|
Long-term loan -
net of current portion |
102,489,106 |
343,784,520 |
521,096,360 |
|
Liabilities under financial
lease Contract -
net of current
portion |
2,496,499 |
1,727,863 |
4,143,237 |
|
Reserve for long-term
employee benefits |
54,205,753 |
33,499,958 |
5,520,000 |
|
Total Liabilities |
2,274,772,131 |
2,630,539,124 |
2,710,749,590 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share capital |
|
|
|
|
Registered |
|
|
|
|
1,985,178,736 ordinary
shares of Baht 1 each |
|
|
|
|
(2010 : 1,986,216,815 ordinary
shares of
Baht 1 each) |
1,985,178,736 |
1,985,178,736 |
1,986,216,815 |
|
Issued and
paid-up share capital |
|
|
|
|
1,961,099,986 ordinary shares of Baht 1 each |
|
|
|
|
(2011 : 1,950,469,236 ordinary
shares of
Baht 1 each) |
|
|
|
|
(2010 : 1,938,611,986 ordinary
shares of
Baht 1 each) |
1,961,099,986 |
1,950,469,236 |
1,938,611,986 |
|
Premium on ordinary
shares |
26,400,527 |
15,769,777 |
3,912,527 |
|
Retained Earnings Appropriated -
statutory reserve |
223,123,344 |
203,514,770 |
169,174,841 |
|
Unappropriated |
346,130,849 |
[832,556,258] |
793,178,743 |
|
Other components of shareholders’ equity |
- |
107,530 |
32,273 |
|
Total Shareholders' Equity |
2,556,754,706 |
1,337,305,055 |
2,904,910,370 |
|
Total Liabilities &
Shareholders' Equity |
4,831,526,837 |
3,967,844,179 |
5,615,659,960 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales |
7,392,489,792 |
8,361,658,819 |
7,985,869,796 |
|
Gains on exchange |
130,654,149 |
7,108,231 |
84,790,979 |
|
Claim refund from
severe flooding |
729,800,000 |
- |
- |
|
Other income |
48,505,207 |
62,620,842 |
92,114,765 |
|
Total Revenues |
8,301,449,148 |
8,431,387,892 |
8,162,775,540 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of sales
|
6,736,083,689 |
7,330,956,558 |
7,156,454,326 |
|
Selling expenses |
116,247,438 |
115,062,633 |
107,958,574 |
|
Administrative expenses |
137,573,851 |
131,279,655 |
119,040,160 |
|
Allowance for doubtful accounts
|
44,627,041 |
121,638,535 |
50,371,331 |
|
Loss from flooding
|
33,835,693 |
1,974,464,949 |
- |
|
Total Expenses |
7,068,367,712 |
9,673,402,330 |
7,433,824,391 |
|
|
|
|
|
|
Profit / [loss] before financial
cost and income
tax expenses |
1,233,081,436 |
[1,242,014,438] |
728,951,149 |
|
Financial cost |
[32,976,406] |
[21,451,717] |
[21,176,841] |
|
Profit / [loss] before income
tax |
1,200,105,030 |
[1,263,466,155] |
707,774,308 |
|
Income tax expenses |
[1,809,349] |
[10,673,588] |
[7,792,087] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,198,295,681 |
[1,274,139,743] |
699,982,221 |
BALANCE
SHEET [BAHT]
The
latest financial figures
published for September
30, 2013 was :
[Unaudited]
ASSETS
[Thousand Baht]
|
Current Assets |
2013 |
|
|
|
|
Cash and cash
equivalents |
346,152 |
|
Current investment |
952,741 |
|
Trade accounts receivable
|
1,592,313 |
|
Inventories |
1,369,440 |
|
Advance payment for
purchase of materials
and equipment |
6,945 |
|
Other current assets
|
27,317 |
|
|
|
|
Total Current Assets
|
4,294,908 |
|
|
0 |
|
Other receivables -
subsidiaries |
58,677 |
|
Investments in
subsidiaries - net |
3,269 |
|
Property, plant and equipment -
net |
1,366,945 |
|
Intangible assets |
14,814 |
|
Deferred tax assets |
2,845 |
|
Other non-current assets |
14,495 |
|
Total Assets |
5,755,953 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
[Thousand Baht]
|
Current
Liabilities |
2013 |
|
|
|
|
Trade accounts and
other payable |
1,961,443 |
|
Current portion of
long-term loans from banks |
259,201 |
|
Current portion of
financial lease contract
liabilities |
973 |
|
Corporate income tax
payable |
3,411 |
|
Advance payment for
purchase materials and equipment for production
|
61,673 |
|
Other current liabilities |
51,927 |
|
|
|
|
Total Current Liabilities |
2,338,628 |
|
Liabilities under financial
lease Contract -
net of current portion |
1,764 |
|
Provision for long-term
employee benefits |
56,203 |
|
Total Liabilities |
2,396,595 |
|
|
|
|
Shareholders' Equity |
|
|
Share capital |
|
|
Registered |
|
|
2,265,754,448 ordinary shares
of Baht 1 each |
2,265,754 |
|
Issued and
paid-up share capital |
|
|
2,260,548,581 ordinary shares
of Baht 1 each |
2,260,549 |
|
Premium on ordinary
shares |
81,563 |
|
Retained Earnings Appropriated -
statutory reserve |
226,575 |
|
Unappropriated |
787,940 |
|
Other components of
shareholders’ equity |
2,731 |
|
Total Shareholders' Equity |
3,359,358 |
|
Total Liabilities &
Shareholders' Equity |
5,755,953 |
PROFIT & LOSS ACCOUNT
For the nine-month
period ended 30
September 2013.
[Thousand Baht]
|
Revenue |
2013 |
|
|
|
|
Sales |
5,420,554 |
|
Gains on exchange |
20,407 |
|
Claim refund from
severe flooding |
180,200 |
|
Other income |
45,686 |
|
Total Revenues |
5,666,847 |
|
Expenses |
|
|
|
|
|
Cost of sales
|
4,947,807 |
|
Selling expenses |
75,789 |
|
Administrative expenses |
138,814 |
|
Allowance for doubtful accounts
[Reversal] |
[131,166] |
|
Loss from flood
|
11,710 |
|
Total Expenses |
5,042,954 |
|
|
|
|
Profit / [loss] before financial
cost and income
tax expenses |
623,893 |
|
Financial cost |
[11,373] |
|
Profit / [loss] before income
tax |
612,520 |
|
Income tax expenses |
[3,645] |
|
|
|
|
Net Profit / [Loss] |
608,875 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.58 |
1.23 |
2.02 |
|
QUICK RATIO |
TIMES |
1.03 |
0.75 |
1.33 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.18 |
7.96 |
7.88 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.53 |
2.11 |
1.42 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
61.36 |
52.35 |
74.13 |
|
INVENTORY TURNOVER |
TIMES |
5.95 |
6.97 |
4.92 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
71.21 |
25.07 |
78.59 |
|
RECEIVABLES TURNOVER |
TIMES |
5.13 |
14.56 |
4.64 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
85.47 |
91.49 |
88.19 |
|
CASH CONVERSION CYCLE |
DAYS |
47.11 |
(14.07) |
64.52 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
91.12 |
87.67 |
89.61 |
|
SELLING & ADMINISTRATION |
% |
3.43 |
2.95 |
2.84 |
|
INTEREST |
% |
0.45 |
0.26 |
0.27 |
|
GROSS PROFIT MARGIN |
% |
21.18 |
13.16 |
12.60 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
16.68 |
(14.85) |
9.13 |
|
NET PROFIT MARGIN |
% |
16.21 |
(15.24) |
8.77 |
|
RETURN ON EQUITY |
% |
46.87 |
(95.28) |
24.10 |
|
RETURN ON ASSET |
% |
24.80 |
(32.11) |
12.46 |
|
EARNING PER SHARE |
BAHT |
0.61 |
(0.65) |
0.36 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.47 |
0.66 |
0.48 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.89 |
1.97 |
0.93 |
|
TIME INTEREST EARNED |
TIMES |
37.39 |
(57.90) |
34.42 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(11.59) |
4.71 |
|
|
OPERATING PROFIT |
% |
(199.28) |
(270.38) |
|
|
NET PROFIT |
% |
194.05 |
(282.02) |
|
|
FIXED ASSETS |
% |
35.84 |
3.67 |
|
|
TOTAL ASSETS |
% |
21.77 |
(29.34) |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is -11.59%. Turnover has decreased from THB
8,361,658,819.00 in 2011 to THB 7,392,489,792.00 in 2012. While net profit has
increased from THB -1,274,139,743.00 in 2011 to THB 1,198,295,681.00 in 2012.
And total assets has increased from THB 3,967,844,179.00 in 2011 to THB
4,831,526,837.00 in 2012.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
21.18 |
Impressive |
Industrial Average |
9.46 |
|
Net Profit Margin |
16.21 |
Impressive |
Industrial
Average |
2.42 |
|
Return on Assets |
24.80 |
Impressive |
Industrial
Average |
3.77 |
|
Return on Equity |
46.87 |
Impressive |
Industrial
Average |
7.91 |
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 21.18%. 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 16.21%, higher figure when compared with
those of its average competitors in the same industry, indicated that business
was an efficient operator in a dominant
position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is 24.8%, higher figure when compared
with those of its average competitors in the same industry, indicated that
business was an efficient profit in a
dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 46.87%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.58 |
Impressive |
Industrial
Average |
1.29 |
|
Quick Ratio |
1.03 |
|
|
|
|
Cash Conversion Cycle |
47.11 |
|
|
|
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 1.58 times in 2012, increased from 1.23 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 1.03 times in 2012,
increased from 0.75 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 48 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.47 |
Impressive |
Industrial
Average |
0.50 |
|
Debt to Equity Ratio |
0.89 |
Impressive |
Industrial
Average |
1.06 |
|
Times Interest Earned |
37.39 |
Impressive |
Industrial
Average |
4.56 |
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 37.4 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 0.47 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Downtrend
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
5.18 |
Impressive |
Industrial
Average |
3.03 |
|
Total Assets Turnover |
1.53 |
Impressive |
Industrial
Average |
1.52 |
|
Inventory Conversion Period |
61.36 |
|
|
|
|
Inventory Turnover |
5.95 |
Satisfactory |
Industrial
Average |
7.42 |
|
Receivables Conversion Period |
71.21 |
|
|
|
|
Receivables Turnover |
5.13 |
Satisfactory |
Industrial
Average |
5.31 |
|
Payables Conversion Period |
85.47 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.13 and 14.56
in 2012 and 2011 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 2012
decreased from 2011. 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 52 days at the
end of 2011 to 61 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 6.97 times in year 2011 to 5.95 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.53 times and 2.11
times in 2012 and 2011 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 Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
|
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.