MIRA
INFORM REPORT
|
Report Date : |
05.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
MILL CON STEEL INDUSTRIES PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
9, 11, 13 Soi Bangkradee 32, Bangkradee Road, Samaedam, Bangkhunthien, Bangkok 10150 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
1998 |
|
|
|
|
Com. Reg. No.: |
0107550000076 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and Distributor of Steel products |
|
|
|
|
No. of Employees : |
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 : |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic recession severely cut Thailand's exports, with most sectors experiencing double-digit drops. In late 2011 Thailand's recovery was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. The government approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the following seven years. This was expected to lead to an economic upsurge but growth has remained slow, in part due to ongoing political unrest and resulting uncertainties. Spending on infrastructure will require re-approval once a new government is seated.
|
Source
: CIA |
Company name
MILL CON STEEL
INDUSTRIES PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 9, 11, 13 SOI BANGKRADEE
32,
BANGKRADEE
ROAD, SAMAEDAM, BANGKHUNTHIEN, BANGKOK
10150, THAILAND
TELEPHONE : [66] 2896-4444
FAX : [66] 2896-9622,
2896-4420
E-MAIL ADDRESS : sales@millconsteel.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1998
REGISTRATION NO. : 0107550000076 [Former
: 0105541047713]
TAX ID NO. : 3011947548
CAPITAL REGISTERED : BHT.
1,792,818,358.00
CAPITAL PAID-UP : BHT.
1,001,115,104.80
SHAREHOLDER’S PROPORTION : THAI : 89.32%
FOREIGN :
10.68%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. SITTICHAI LEESWADTRAKUL, THAI
PRESIDENT
& CHIEF EXECUTIVE
OFFICER
NO. OF STAFF : 400
LINES OF BUSINESS : STEEL
PRODUCTS
MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on July
31, 1998 as
a private limited
company under the
originally registered name “N.S.P. Steel
Complex Co., Ltd.”,
with the registered
no. 0105541047713 [former : [3]916/2541] by Thai groups.
On February 16,
2000, subject’s name
was changed to “N.S.P. Steel
Group Co., Ltd.”
On December 25,
2003, subject’s name
was changed to “Steel
Nox Co., Ltd.”,
and was changed again to “Mill
Con Steel Industries
Co., Ltd.”, on
April 7, 2005.
On June 1, 2007, subject converted its
status to a public limited company
under the name MILL CON
STEEL INDUSTRIES PUBLIC
COMPANY LIMITED, with the registered
no. 0107550000076, and it was listed
on the Stock Exchange
of Thailand [SET], under
symbolic “MILL”, on
November 6, 2007.
The business objective
is a manufacturer
and distributor wide
range of steel
products to domestic
market. It currently
employs approximately 400
staff.
The subject’s registered address was
initially located at 79/66, 67, 82 Moo
2, Soi Bangkradee
32, Bangkradee Rd.,
Samaedam, Bangkhunthien, Bangkok
10150.
In 2010, its
registered address has
been changed from
“79/66, 67, 82 Moo 2”
to “9, 11, 13” Soi Bangkradee
32, Bangkradee Rd., Samaedam, Bangkhunthien, Bangkok 10150, by
the Bangkhunthien District
Office, actually both
are the same
location. This is also
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sittichai Leeswadtrakul |
[x] |
Thai |
36 |
|
Ms. Suttirat Leeswadtrakul |
[x] |
Thai |
33 |
|
Mrs. Phatnaree Thitiariyakul |
[-] |
Thai |
- |
|
Mrs. Duangkamol Sukmuang |
[-] |
Thai |
56 |
|
Pol. Col. Soontorn Saikwan |
|
Thai |
70 |
|
Mr. Apivut Thongkam |
|
Thai |
52 |
|
Mr. Pratana Bongkojmass |
|
Thai |
54 |
|
Mr. Yannakorn Warakunrak |
|
Thai |
48 |
|
Mrs. Roslyne Amornvivat |
|
Thai |
45 |
|
Mr. Sakchai Tanaboonchai |
|
Thai |
58 |
|
Mr. Wissanu Krea-ngam |
|
Thai |
63 |
|
Mr. Kasem Juntaboon |
|
Thai |
60 |
AUTHORIZED PERSON
One of the
mentioned directors [x] can
jointly sign with
one of the
mentioned directors [-] on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sittichai Leeswadtrakul is
the President and
Chief Executive Officer.
He is Thai
nationality with the
age of 36
years old.
Ms. Suttirat Leeswadtrakul is
the Executive Director / Vice President of
Finance.
She is Thai nationality with
the age of 33 years
old.
Mrs. Phatnaree Thitiariyakul is
the Executive Director / Vice President
of Accounting.
She is Thai
nationality.
Mrs. Duangkamol Sukmueng is
the Executive Director / Vice President
of General and
Administration.
She is Thai
nationality with the
age of 56
years old.
Mrs. Nantaphat Thinprateep is
the Executive Director / Vice President
of Procurement.
She is Thai
nationality.
Mr. Taveechai
Kittichanajaroen is the
Executive Director / Vice President
of Flat Product.
He is Thai
nationality.
Ms. Jureerat Lapanavanich is
the Executive Director /
Head of
CEO Office.
She is Thai
nationality.
Mr. Kasem Juntaboon is
the Vice President
of Human Resource.
He is Thai
nationality.
Mr. Virat Keawbangkaphom is
the Vice President
of Long Product.
He is Thai
nationality.
Mr. Puchong Jungwilikasem is
the Vice President
of EAF and
Business Development.
He is Thai
nationality.
Mr. Theerayuth
Lertsiraungsun is the
Vice President of
Sales and Marketing.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged
in manufacturing and
distributing wide range of
construction steels and
steel products. The
products and services
are divided into
5 groups as
follows:
Steel bar
- Round bar and
deformed bar, under
its own “ONE BAR”
brand
High tensile thread
steel bar
Rolled steel [hot rolled
round bar and
cold drawn round
bar]
Structural steel
- Hot rolled coil
- Steel cut
and structure steel
[slitting coil, steel
sheet, flat plat,
lip-channel steel,
steel pipe].
5. Billet
- Used for
main raw material
of round bar,
steel bar production
and other
products
PRODUCTION CAPACITY
905,640 tons per
annum [in 2014]
716,179 tons per
annum [in 2013]
PURCHASE
74% of raw materials such as billet
and hot rolled
coil are purchased
from local suppliers,
the remaining 26% are
imported from Germany,
Republic of China,
Australia, India, Taiwan and Switzerland.
MAJOR SUPPLIERS
Sahaviriya Steel Industries
Public Company Limited
: Thailand
G. Steel Public Company
Limited : Thailand
G J Steel Public
Company Limited : Thailand
SALES
100% of the
products is for
local market in
which 99.45% is
sold by wholesale
to dealers, the
remaining 0.55% is
to general customers at
[0.54%] and construction project
at [0.01%].
REVENUE STRUCTURE
[including companies and
consolidates]
[unit : million
baht]
|
Products |
2012 |
2013 |
||
|
|
Amount |
% |
Amount |
% |
|
|
|
|
|
|
|
Steel bar |
8,426 |
51.20 |
8,755 |
63.40 |
|
Structural steel |
1,432 |
8.70 |
1,553 |
11.24 |
|
Billet |
2,124 |
12.91 |
2,441 |
17.68 |
|
Raw material |
4,097 |
24.89 |
902 |
6.53 |
|
Other |
10 |
0.06 |
46 |
0.33 |
|
Income from service |
368 |
2.24 |
114 |
0.82 |
|
Total income |
16,457 |
100.00 |
13,811 |
100.00 |
SUBSIDIARY AND AFFILIATED COMPANIES
Millcon Burapa Co.,
Ltd.
Business Type : Manufacturer
and distributor of
steel products
Investment : Subject
holds 98.73% of the company’s
shares.
Zentra-Wartung Engineering Company
Limited
Business Type : Engineering
and maintenance service,
cut and bend
service
Investment : Subject
holds 99.99% of the company’s
shares.
Millcon [HK] Limited
Business Type : Acquisition
TSSI’s assets
Investment : Subject
holds 100% 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
for the past
two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 400 office
staff, engineers and
factory workers.
LOCATION DETAILS
The premise is owned
for administrative office
and factory I at
the heading address.
Premise is located
in industrial area.
Factory II is located
at 99 Moo
3, T. Nikhom
Phattana, A. Nikhom
Phattana, Rayong 21180.
Showroom is located at 29th Floor, Thaniya Plaza
Building, 52 Silom Rd.,
Suriyawongse, Bangrak, Bangkok
10500.
Tel. : [66] 2652-3333, Fax.: [66]
2632-9899.
COMMENT
Steel demand from domestic market
remains strong despite
overall industries and
country’s economy were
slowing down, because
some industries are
likely growing well
such as automobile
and electrical appliance’s
parts, moulding industry
and etc.
In 2013, an
overall of Thailand
steel industries have
well expanded which has
been supported by
the expansion of
construction industry as
well.
In 2014, Thai
economy is expected
to grow in the
range of 3.0
to 4.0 percent,
improving from 2.9
percent in the
year 2013. The
main contributions include the
recovery at export
sector in line
with the recovery
of the global
economy.
FINANCIAL INFORMATION
The capital was
registered at Bht.
50,000,000 divided into
500,000 shares of
Bht. 100 each.
The capital was
increased and decreased
later as following:
Bht. 80,000,000 on
November 20, 2002
Bht. 200,000,000 on
July 13, 2004
Bht. 280,000,000 on
July 28, 2005
Bht. 1,062,723,352 on
November 3, 2010
Bht. 962,825,436 on
June 7, 2001 [decreased]
Bht. 875,325,436 on
November 24, 2011 [decreased]
Bht. 1,218,525,436 on
November 25, 2011 [increased]
Bht. 1,037,058,770 on
May 11, 2012
[decreased]
Bht. 1,224,258,770 on
May 14, 2012
[increased]
Bht. 898,658,769.2 on
June 5, 2013
[decreased]
Bht. 1,839,684,267.2 on
June 6, 2013
On May 27,
2014, the registered capital was
decreased to Bht. 1,792,818,358 divided
into 4,482,045,895 shares of
Bht. 0.40 each, with
the current capital
paid-up at Bht. 1,001,115,104.80 paid-up.
MAIN SHAREHOLDERS
[as at
April 28, 2014]
at Bht. 673,011,702.80 of
capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sittichai Leeswadtrakul Nationality: Thai Address : 333
Silom Road, Silom,
Bangrak, Bangkok |
419,315,526 |
24.92 |
|
The Hong Kong
and Shanghai Banking
Corporatin Nationality: British Address : 968 Rama
4 Road, Silom,
Bangrak, Bangkok |
137,432,000 |
8.17 |
|
Thai Taveethun 2
Co., Ltd. Nationality: Thai Address : 968
Rama 4 Road,
Silom, Bangrak, Bangkok |
122,000,000 |
7.25 |
|
Danieli Co., Ltd. Nationality: Thai Address : 64/210
Moo 4, Pluakdaeng,
Rayong |
58,483,800 |
3.48 |
|
Advance Metal Fabrications Co.,
Ltd. Nationality: Thai Address : 116/12
Na Ranong Road,
Klongtoey, Bangkok |
55,000,000 |
3.27 |
|
Industrial Beteligung
[Thailand] Co., Ltd. Nationality: Thai Address : 52
Silom Road, Suriyawongse, Bangrak, Bangkok |
51,291,666 |
3.05 |
|
Mr. Suchat Boonbanjerdsri Nationality: Thai Address : 121/74
Ratchadapisek Road, Dindaeng, Bangkok |
50,000,000 |
2.97 |
|
Mrs. Suchada Leesawadtrakul Nationality: Thai Address : 52
Silom Road, Suriyawongse, Bangrak, Bangkok |
41,464,200 |
2.46 |
|
Ms. Thanika Tangpoonpholvivat Nationality: Thai Address : 28/118
Moo 8, Bangmod,
Jomthong, Bangkok |
40,089,000 |
2.38 |
|
Mrs. Pranee Wongpaitoonpiya Nationality: Thai Address : 141/21 Suksawad Road, Pakklongbangplagod,
Phrasamutjaedi, Samutprakarn |
39,840,050 |
2.37 |
|
Other Shareholders |
667,613,015 |
39.68 |
Total Shareholders :
1,050
Share Structure [as
at April 28,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1,045 |
1,502,877,407 |
89.32 |
|
Foreign |
5 |
179,651,850 |
10.68 |
|
Total |
1,050 |
1,682,529,257 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Ms. Chantra Wongsriudomporn No. 4996
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2013,
2012 & 2011
were:
ASSETS
|
Current Assets |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Cash and Cash
Equivalents |
295,430,375 |
18,567,756 |
285,214,819 |
|
Cash at Bank pledged as a
Collateral |
606,362,080 |
773,253,219 |
438,500,000 |
|
Trade Accounts & Notes Receivable |
983,582,945 |
1,814,348,877 |
1,260,662,984 |
|
Inventories |
1,235,487,908 |
1,297,824,099 |
1,663,542,953 |
|
Advance Payment for Goods |
570,618,676 |
781,808,323 |
460,149,768 |
|
Financial Derivatives Assets |
18,505,589 |
155,817 |
297,120 |
|
Advance Payment to Subsidiary |
808,972,387 |
271,664,599 |
- |
|
Other Current Assets
|
469,891,535 |
89,259,019 |
88,635,504 |
|
|
|
|
|
|
Total Current Assets
|
4,988,851,495 |
5,046,881,709 |
4,197,003,148 |
|
Investment available for
Sale |
14,000,000 |
18,400,000 |
25,738,595 |
|
Financial Derivatives Assets |
- |
- |
27,400,000 |
|
Investment in Associated
Company |
- |
18,149,990 |
3,000,000 |
|
Investment in Subsidiary |
2,544,115,163 |
2,524,115,163 |
2,528,865,133 |
|
Other Long-term Investment |
18,149,990 |
- |
- |
|
Fixed Assets |
1,255,699,456 |
1,134,137,568 |
1,189,689,181 |
|
Intangible Assets |
6,441,105 |
6,329,127 |
5,181,278 |
|
Deferred Income Tax
Assets |
10,783,263 |
6,583,213 |
- |
|
Other Non-current Assets
|
2,749,500 |
3,049,500 |
3,542,226 |
|
Total Assets |
8,840,789,972 |
8,757,646,270 |
7,980,419,561 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
4,506,643,255 |
4,500,721,463 |
3,872,468,237 |
|
Short-term Loan from Discount Promissory Note |
- |
446,057,590 |
119,251,500 |
|
Trade Accounts Payable |
641,962,866 |
416,314,889 |
650,659,627 |
|
Advance Income from
Goods |
251,706,767 |
359,174,423 |
252,617,552 |
|
Current Portion of
Long-term Loan from Financial
Institution |
33,600,000 |
33,600,000 |
39,950,000 |
|
Current Portion of
Finance Lease Contract Liabilities |
409,155 |
383,482 |
359,477 |
|
Financial Derivatives Liabilities |
6,724,232 |
113,151 |
3,360,264 |
|
Fixed Assets Payable |
808,515 |
1,580,352 |
2,976,709 |
|
Other Current Liabilities |
53,616,447 |
59,627,720 |
68,938,195 |
|
|
|
|
|
|
Total Current Liabilities |
5,495,471,237 |
5,817,573,070 |
5,010,581,561 |
|
Long-term Loans, net |
54,824,675 |
88,424,675 |
124,800,000 |
|
Finance Lease Contract
Liabilities, net |
361,751 |
770,906 |
1,154,389 |
|
Deferred Income Tax
Liabilities |
35,185,293 |
35,838 |
- |
|
Debentures |
- |
- |
38,340,207 |
|
Obligation from Employee
Benefit after Leaving or
Retirement |
13,359,320 |
11,392,816 |
9,535,996 |
|
Total Liabilities |
5,599,202,276 |
5,918,197,305 |
5,184,412,153 |
|
Shareholders' Equity |
|
|
|
|
Share capital : Baht 0.40
value Authorized &
issued share capital
3,046,313,590 shares in
2011 |
|
|
1,218,525,436 |
|
3,060,646,925 shares in
2012 |
|
1,224,258,770 |
|
|
4,599,210,659 shares in
2013 |
1,839,684,263 |
|
|
|
|
|
|
|
|
Capital Paid |
790,747,694 |
745,441,432 |
744,530,876 |
|
Debentures |
175,000,000 |
175,000,000 |
129,966,666 |
|
Premium on Share Capital |
1,824,748,841 |
1,824,748,841 |
1,821,495,880 |
|
Advance from Share
Capital |
173,899,999 |
- |
- |
|
Retained Earnings Appropriated for Statutory Reserve |
32,442,515 |
32,442,515 |
32,163,299 |
|
Unappropriated |
131,611,945 |
70,748,177 |
70,450,687 |
|
Other Components of
Equity |
113,136,702 |
[8,932,000] |
[2,600,000] |
|
Total Shareholders' Equity |
3,241,587,696 |
2,839,448,965 |
2,796,007,408 |
|
Total Liabilities &
Shareholders' Equity |
8,840,789,972 |
8,757,646,270 |
7,980,419,561 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Sales & Services Income |
10,844,535,189 |
11,956,572,956 |
15,876,280,207 |
|
Other Income |
285,629,964 |
90,379,700 |
46,700,127 |
|
Total Revenues |
11,130,165,153 |
12,046,952,656 |
15,922,980,334 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
10,237,444,049 |
11,415,417,572 |
15,287,912,767 |
|
Selling Expenses |
128,296,231 |
109,017,451 |
97,595,492 |
|
Administrative Expenses |
163,705,704 |
141,892,092 |
116,289,033 |
|
Other Expenses |
28,957,606 |
8,812,175 |
2,288,433 |
|
Total Expenses |
10,558,403,590 |
11,675,139,290 |
15,504,085,725 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
571,761,563 |
371,813,366 |
418,894,609 |
|
Financial Cost |
[440,346,090] |
[362,879,279] |
[352,246,378] |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
131,415,473 |
8,934,087 |
66,648,231 |
|
Income Tax Benefit |
2,770 |
1,651,155 |
- |
|
|
|
|
|
|
Profit / [Loss] before Other Miscellaneous |
131,418,243 |
10,585,242 |
66,648,231 |
|
Profit [Loss] from Measurement of Investment available for
Sale -
Net of Income Tax |
[3,868,000] |
[7,112,000] |
[2,600,000] |
|
Surplus on Land
Appraisal - Net
of Income Tax |
125,936,702 |
- |
- |
|
Net Profit / [Loss] |
253,486,945 |
3,473,242 |
64,048,231 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.91 |
0.87 |
0.84 |
|
QUICK RATIO |
TIMES |
0.34 |
0.45 |
0.40 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
8.64 |
10.54 |
13.34 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.23 |
1.37 |
1.99 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
44.05 |
41.50 |
39.72 |
|
INVENTORY TURNOVER |
TIMES |
8.29 |
8.80 |
9.19 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
33.10 |
55.39 |
28.98 |
|
RECEIVABLES TURNOVER |
TIMES |
11.03 |
6.59 |
12.59 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
22.89 |
13.31 |
15.53 |
|
CASH CONVERSION CYCLE |
DAYS |
54.27 |
83.57 |
53.17 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
94.40 |
95.47 |
96.29 |
|
SELLING & ADMINISTRATION |
% |
2.69 |
2.10 |
1.35 |
|
INTEREST |
% |
4.06 |
3.03 |
2.22 |
|
GROSS PROFIT MARGIN |
% |
8.23 |
5.28 |
4.00 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.27 |
3.11 |
2.64 |
|
NET PROFIT MARGIN |
% |
2.34 |
0.03 |
0.40 |
|
RETURN ON EQUITY |
% |
7.82 |
0.12 |
2.29 |
|
RETURN ON ASSET |
% |
2.87 |
0.04 |
0.80 |
|
EARNING PER SHARE |
BAHT |
0.13 |
0.00 |
0.03 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.63 |
0.68 |
0.65 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.73 |
2.08 |
1.85 |
|
TIME INTEREST EARNED |
TIMES |
1.30 |
1.02 |
1.19 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(9.30) |
(24.69) |
|
|
OPERATING PROFIT |
% |
53.78 |
(11.24) |
|
|
NET PROFIT |
% |
7,198.28 |
(94.58) |
|
|
FIXED ASSETS |
% |
10.72 |
(4.67) |
|
|
TOTAL ASSETS |
% |
0.95 |
9.74 |
|
ANNUAL GROWTH : IMPRESSIVE
An annual sales growth is -9.3%. Turnover has decreased from THB
11,956,572,956.00 in 2012 to THB 10,844,535,189.00 in 2013. While net profit
has increased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.23 |
Deteriorated |
Industrial Average |
20.59 |
|
Net Profit Margin |
2.34 |
Impressive |
Industrial Average |
1.93 |
|
Return on Assets |
2.87 |
Deteriorated |
Industrial Average |
10.82 |
|
Return on Equity |
7.82 |
Deteriorated |
Industrial Average |
38.25 |
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 8.23%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have problems with control over its costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 2.34%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant
position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the
company's figure is 2.87%.
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 7.82%.
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 |
0.91 |
Risky |
Industrial Average |
1.30 |
|
Quick Ratio |
0.34 |
|
|
|
|
Cash Conversion Cycle |
54.27 |
|
|
|
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 0.91 times in 2013, increased from 0.87 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 0.34 times in 2013,
decreased from 0.45 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 55 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.63 |
Impressive |
Industrial Average |
0.71 |
|
Debt to Equity Ratio |
1.73 |
Satisfactory |
Industrial Average |
2.45 |
|
Times Interest Earned |
1.30 |
Impressive |
Industrial Average |
- |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 1.3 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 0.63 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 |
8.64 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.23 |
Deteriorated |
Industrial Average |
5.61 |
|
Inventory Conversion Period |
44.05 |
|
|
|
|
Inventory Turnover |
8.29 |
Deteriorated |
Industrial Average |
17.44 |
|
Receivables Conversion Period |
33.10 |
|
|
|
|
Receivables Turnover |
11.03 |
Impressive |
Industrial Average |
8.95 |
|
Payables Conversion Period |
22.89 |
|
|
|
The company's Account Receivable Ratio is calculated as 11.03 and
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 41 days at the
end of 2012 to 44 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 8.8 times in year 2012 to 8.29 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.23 times and 1.37
times in 2013 and 2012 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.79 |
|
|
1 |
Rs.102.66 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NNA |
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.