MIRA
INFORM REPORT
|
Report Date : |
26.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
BETTER PHARMA
COMPANY LIMITED |
|
|
|
|
Registered Office : |
8th Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
03.10.1978 |
|
|
|
|
Com. Reg. No.: |
0105521018041 [Former : 1806/2521] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
engaged
in manufacturing, distributing and
contracted manufacturing of
animal health products,
including veterinary and supplementary, such
as vitamin-premix, coccidostats, antimicrobial, growth
promoter, supportive, antihelmintic and
dioinfectant, under its
own brand and
customer’s brand, for
poultry, swine, fish,
shrimp and cattle. |
|
|
|
|
No of Employees : |
approximately 300 [Including Office, Sales
Staff and Factory
Workers] |
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 – 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 |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Thailand ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic recession severely cut Thailand's exports, with most sectors experiencing double-digit drops. In late 2011 Thailand's recovery was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. The government approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the following seven years. This was expected to lead to an economic upsurge but growth has remained slow, in part due to ongoing political unrest and resulting uncertainties. Spending on infrastructure will require re-approval once a new government is seated.
|
Source : CIA |
company name
BETTER PHARMA
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 8th FLOOR,
BETAGRO TOWER [NORTH PARK],
323 VIBHAVADI
RANGSIT ROAD,
THUNGSONGHONG, LAKSI,
BANGKOK 10210,
THAILAND
TELEPHONE : [66] 2833-8000
FAX :
[66] 2883-8634
E-MAIL
ADDRESS : bp@betagro.com
REGISTRATION
ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED
: 1978
REGISTRATION
NO. : 0105521018041 [Former : 1806/2521]
TAX
ID NO. : 3101094169
CAPITAL REGISTERED : BHT. 151,000,000
CAPITAL PAID-UP : BHT.
151,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
VANUS TAEPAISITPONG, THAI
PRESIDENT
NO.
OF STAFF : 300
LINES
OF BUSINESS : ANIMAL FEED
& VETERINARY PRODUCTS MANUFACTURER &
DISTRIBUTOR
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
established on October
3, 1978 as
a private limited
company under the
name style BETTER
PHARMA COMPANY LIMITED
by Thai groups.
The subject is
one of the
leading companies in
veterinary products industry
in Thailand. It
currently employs 300
staff.
At present, the
subject is a
subsidiary of Betagro
Public Co., Ltd.
It has been
accredited under ISO
9001 : 2000 certificate, as
well as GMP
and HACCP standards by Department of Livestock
Development, Ministry of Agriculture and
Cooperatives.
The subject’s registered
address is 8th Floor,
Betagro Tower [North Park],
323 Vibhavadi Rangsit
Rd., Thungsonghong, Laksi, Bangkok
10210, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chaiwat Taepaisithpong |
[x] |
Thai |
79 |
|
Mr. Suvit Taepaisitpong |
[x] |
Thai |
77 |
|
Mr. Warun Taepaisitpong |
[x] |
Thai |
54 |
|
Mr. Vanus Taepaisitpong |
[x] |
Thai |
55 |
|
Ms. Thanomwong Taepaisitpong |
[x] |
Thai |
59 |
|
Mr. Vasit Taepaisitphongse |
[x] |
Thai |
52 |
|
Mrs. Somjai Wuttiputtinan |
[x] |
Thai |
64 |
|
Mr. Chayanon Krittayachaweng |
|
Thai |
59 |
AUTHORIZED PERSON
Two of the mentioned
directors [x] can jointly sign on behalf
of the subject with
company’s affixed.
MANAGEMENT
Mr. Vanus Taepaisitpong is
the President.
He is Thai
nationality with the
age of 55
years old.
Mr. Chayanon Krittayachaweng is
the Senior Vice
President.
He is Thai
nationality with the
age of 59
years old.
Mr. Chaivut Ukosakul is
the General Manager.
He is Thai
nationality.
Dr. Songsak Treechathaveevanich is
the Sales &
Marketing Manager.
He is Thai
nationality.
Mr. Somkiat Adjneeyakul
is the Senior
Plant Manager.
He is Thai
nationality.
Mr. Chaiyan Disilpat is
the Senior Production
Manager.
He is Thai
nationality.
Mr. Tharanin Pongsutthirak is
the Products Manager.
He is Thai
nationality.
Mr. Rattapong Rattanapumma is
the Business Development
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and contracted manufacturing
of animal health
products, including
veterinary and supplementary, such
as vitamin-premix, coccidostats,
antimicrobial, growth promoter,
supportive, antihelmintic and
dioinfectant, under its
own brand and
customer’s brand, for
poultry, swine, fish,
shrimp and cattle.
Ranges of
animal health products
under brand of
Better Pharma are:
1. Premix
1.1 Active Plus
1.2 Smartmix
1.3 Q P premix
1.4 BP Premix
2. Antimicrobial Feed
Additive
2.1 Beta 50
2.2 Oxta 50
2.3 Cobactin 6%
2.4 Trimin 3 S
2.5 Eustin 60
2.6 Doxcine 100
3. Antimicrobial Water
Soluble
3.1 Sultrim
3.2 Kaicine C
3.3 Kaicine E
3.4 Doxcine (water soluble)
4. Antihelmintics
4.1 Vermisole 50, 150
4.2 Wormer B
4.3 Farminth
5. Disinfectant
5.1 Cleangrad
5.2 Bioclean
5.3 Lodox
PRODUCTION
Approximately 1,000 tons/month
The subject is
also engaged in
importing, re-packing and
distributing of the
products.
IMPORT [COUNTRIES]
50% of its finished
products as well
as raw materials
for production are
imported from Germany, Belgium,
Austria, Netherlands, United States of America, Japan, France, Indonesia,
Taiwan, Republic of
China, Hong Kong, Malaysia,
India, Italy, Singapore,
Vietnam and Spain.
MAJOR SUPPLIERS
|
Name |
Country |
Product |
|
Lah Pharmaceutical GmbH |
Germany |
Vaccine |
|
Takeda Pharmaceutical Ltd. |
Japan |
Vitamin |
|
Biomin [Australia] Pty.
Ltd. |
Australia |
Pharmaceutical chemical |
|
Novartis Co., Ltd. |
Thailand |
Pharmaceutical chemical |
|
Troun Nutrition Inc. |
U.S.A. |
- |
|
Beijing Sunpu Biochem
Ltd. |
Republic of China |
- |
|
AMA Vet [Vietnam] Ltd. |
Vietnam |
- |
DISTRIBUTION
There are 4
major groups of
products marketed by
the subject as
follows:
Group 1 : Veterinary Products
i.e.
Medication, Vaccines,
Supplement Drugs &
Hormone, Germicides,
Instruments
& Equipment
Group 2 : Feed Additives
& Premix
Group 3 : Chemicals
Group 4 : Raw
Material such as Concentrated
Protein
SALES
100% of products
is sold locally
by wholesales to
dealers and end-users
nationwide.
Subject also plans
to expand its
market to other
Asian countries.
MAJOR CUSTOMERS
Eastern Feedmill Co.,
Ltd. : Thailand
Thai Food Feedmilld
Co., Ltd. : Thailand
Betagro group : Thailand
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
for the past
two years.
SUBSIDIARIES & AFFILIATED
COMPANIES
The subject is a
member of Betagro Group
of Companies which
consist of:
Betagro Public Co., Ltd.
Business Type: Manufacturer
of veterinary drug
& animal feed
Betagro Hybrid Co., Ltd.
Business Type: Manufacturer
of agro business
Saha Thai Products
Trading Co., Ltd.
Business Type: Importer &
distributor of animal veterinary
Betagro Farming Investment
Co., Ltd
Business Type: Investment company
Taepaisithpong Co., Ltd.
Business Type: Import & distributor
of feed chemical
Better Food Co.,
Ltd.
Business Type: Frozen
broiler meat processing
plant
B. Inter Co.,
Ltd.
Business Type: Trading company
Betagro Pharma Co.,
Ltd.
Business Type: Trading company
Betagro South Co., Ltd.
Business Type: Agro business
Pattana Farm Co.,
Ltd.
Business Type: Agro business
Chiengmai Betagro Farm
Co., Ltd.
Business Type: Agro business
B & C Pulaski Co.,
Ltd.
Business Type: Manufacturer
of corncob products
& etc.
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
30-60-90 days.
Imports are by
L/C at sight
& T/T.
BANKING
Bank of Tokyo - Mitsubishi UFJ
Ltd.
[Bangkok Office
: 62 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Bangkok Bank Public Co., Ltd.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Kasikornbank Public Co., Ltd.
[Suapa Branch :
Suapa Rd., Thepsirin,
Pomprab, Bangkok 10100]
The Siam Commercial
Bank Public Co., Ltd.
[Head Office
: 9 Ratchadapisek
Rd., Ladyao, Jatujak,
Bangkok 10900]
Thanachart Bank Public
Co., Ltd.
[New Petchburi
branch : 1101
New Petchburi Rd.,
Makkasan, Rajthevee,
Bangkok 10400]
EMPLOYMENT
The subject employs
approximately 300 staff.
[office, sales staff
and factory workers]
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address on 566
square meters of area. Premise
is located in
commercial/residential area.
Factory is relocated
to 216 Moo 1,
Saraburi-Lomsak Rd., T. Chongsarika,
A. Pattananikom, Lopburi
15220. Tel : [66]
36 638-610-21, Fax: [66]
36 638-353.
COMMENT
Over three decades of its business
operation, the subject
has always adhered
to its operational determination under the world
quality. Its plant has become the
first manufacturing plant
of medical supplies
and supplementary food products
for animals in Thailand
that has been
accredited under the
good manufacturing practices
(GMP) by the Food
and Drug Administration, Ministry
of Public Health;
as well as becoming
the first manufacturing
plant of medical supplies
for animals in Thailand, which
has been totally
accredited under ISO 9001:2000. All of
its products are
of good quality
and meet the
international standards.
Through the year 2014, the
company has been sticking to
its policy of
sustainable growth through developing
products which suit
market demand.
FINANCIAL INFORMATION
The capital was
registered at Bht.
4,000,000 divided into
4,000 shares of
Bht. 1,000 each.
The capital was
increased later as
followings :
Bht. 10,000,000
on October 23,
1989
Bht. 30,000,000
on December 14,
1990
Bht. 40,000,000
on April 20,
1991
Bht. 151,000,000 on
December 16, 2004
The latest registered
capital was increased
to Bht. 151,000,000
divided into 15,100,000
shares of Bht.
10 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE: : [as at
April 30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Betagro Public Co.,
Ltd. Nationality: Thai Address : 323
Thungsonghong, Laksi, Bangkok
10210 |
15,099,000 |
99.99 |
|
Mr. Chaiwat Taepaisithpong Nationality: Thai Address : 1
Pichainarongsongkram Rd., T. Pakpriew, A.
Muang, Saraburi |
100 |
|
|
Ms. Thanomwong Taepaisitpong Nationality: Thai Address : 333/342
Thungsonghong, Laksi, Bangkok
10210 |
100 |
|
|
Ms. Kanokrat Taepaisitpong Nationality: Thai Address : 221
Soi Sukhumvit 49,
Klongton,
Klongtoey, Bangkok |
100 |
|
|
Ms. Kittiwan Taepaisitpong Nationality: Thai Address : 43/2
Sukhumvit Rd., Klongton,
Klongtoey, Bangkok 10110 |
100 |
|
|
Mr. Jakkrin Taepaisitpong Nationality: Thai Address : 43/2
Sukhumvit Rd., Klongton,
Klongtoey, Bangkok 10110 |
100 |
= 0.01 |
|
Ms. Sarinthip Taepaisitpong Nationality: Thai Address : 468/128
Petchburi Rd., Thanon Petchburi,
Rajthewi, Bangkok |
100 |
|
|
Mrs. Somjai Wuttiputtinan Nationality: Thai Address : 4/80
Moo 2, Petchkasem Rd., Bangkae, Bangkok
10160 |
100 |
|
|
Mr. Jakkrish Taepaisitpong Nationality: Thai Address : 43/2
Sukhumvit Rd., Klongton,
Klongtoey, Bangkok 10110 |
100 |
|
|
Ms. Raviwan Taepaisitpong Nationality: Thai Address : 43/2
Sukhumvit Rd., Klongton,
Klongtoey, Bangkok 10110 |
100 |
|
|
Mr. Thavatchai Dilokkomol Nationality: Thai Address : 119/1114
Moo 8, Bangkrasor, Muang,
Nonthaburi |
100 |
|
Total Shareholders : 11
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
11 |
15,100,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
11 |
15,100,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Thanit Osathalert
No. 5155
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2013, 2012 & 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
90,944 |
91,044 |
108,122 |
|
Trade Accounts Receivable |
742,809,402 |
579,197,311 |
615,062,583 |
|
Other Receivable |
18,662,624 |
18,931,029 |
12,355,372 |
|
Short-term Lending to
& Deferred Interest from
Related Company |
100,645,284 |
200,320,175 |
2,667 |
|
Inventories |
420,553,948 |
411,518,407 |
466,117,004 |
|
Other Current Assets
|
12,338,803 |
8,780,691 |
7,335,287 |
|
|
|
|
|
|
Total Current Assets
|
1,295,101,005 |
1,218,838,657 |
1,100,981,035 |
|
Other Long-term Investment |
356,765 |
356,765 |
356,765 |
|
Investment in Mutual
Fund |
3,029,618 |
3,301,354 |
2,361,979 |
|
Fixed Assets |
371,607,532 |
373,312,023 |
354,876,285 |
|
Intangible Assets |
764,089 |
815,132 |
776,235 |
|
Other Non-current Assets |
37,868 |
137,593 |
- |
|
Total Assets |
1,670,896,877 |
1,596,761,524 |
1,459,352,299 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
1,357,084 |
51,886,823 |
123,272,843 |
|
Trust Receipt Contract
Liabilities |
384,245,999 |
364,709,713 |
301,084,204 |
|
Trade Accounts Payable |
312,407,834 |
204,646,305 |
316,714,928 |
|
Other Payable |
73,917,214 |
54,987,143 |
48,217,777 |
|
Short-term Loan &
Accrued Interest to Related Company |
400,318 |
- |
79,979,465 |
|
Accrued Income Tax |
- |
4,313,801 |
4,401,347 |
|
|
|
|
|
|
Total Current Liabilities |
772,328,449 |
680,543,785 |
873,670,564 |
|
|
|
|
|
|
Long-term Estimated Liabilities |
35,256,311 |
32,433,427 |
28,503,074 |
|
Total Liabilities |
807,584,760 |
712,977,211 |
902,173,638 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 15,100,000 shares |
151,000,000 |
151,000,000 |
151,000,000 |
|
|
|
|
|
|
Capital Paid |
151,000,000 |
151,000,000 |
151,000,000 |
|
Retained Earning Appropriated for Statutory
Reserve |
15,100,000 |
15,100,000 |
15,100,000 |
|
Unappropriated |
698,182,499 |
718,382,958 |
392,716,682 |
|
Other Components of
Shareholders’ Equity |
[970,382] |
[698,646] |
[1,638,021] |
|
Total Shareholders' Equity |
863,312,117 |
883,784,312 |
557,178,661 |
|
Total Liabilities & Shareholders' Equity |
1,670,896,877 |
1,596,761,524 |
1,459,352,299 |
PROFIT &
LOSS ACCOUNT
|
Sales |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
2,636,633,435 |
2,437,831,169 |
2,166,530,780 |
|
Gain on Exchange Rate |
1,896,300 |
7,552,308 |
- |
|
Gain on Forward
Contract |
- |
218,725 |
- |
|
Other Income |
22,212,068 |
15,256,174 |
13,012,792 |
|
Total Sales |
2,660,741,803 |
2,460,858,376 |
2,179,543,572 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,101,415,409 |
1,988,639,518 |
1,765,882,645 |
|
Selling Expenses |
108,605,679 |
80,635,361 |
71,934,916 |
|
Administrative Expenses |
60,102,174 |
43,674,622 |
43,758,271 |
|
Loss on Exchange Rate |
- |
- |
527,665 |
|
Loss on Forward Contract |
327,705 |
- |
554,916 |
|
Total Expenses |
2,270,450,967 |
2,112,949,501 |
1,882,658,413 |
|
|
|
|
|
|
Profit Before Financial Costs & Income
Tax |
390,290,836 |
347,908,875 |
296,885,159 |
|
Financial Cost |
[8,957,343] |
[14,953,108] |
[16,187,067] |
|
Profit Before Income Tax |
381,333,493 |
332,955,767 |
289,698,092 |
|
Income Tax |
[1,383,952] |
[7,289,491] |
[7,976,781] |
|
|
|
|
|
|
Net Profit / [Loss] |
379,949,541 |
325,666,276 |
272,721,311 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.68 |
1.79 |
1.26 |
|
QUICK RATIO |
TIMES |
1.12 |
1.17 |
0.72 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
7.10 |
6.53 |
6.11 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.58 |
1.53 |
1.48 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
73.05 |
75.53 |
96.34 |
|
INVENTORY TURNOVER |
TIMES |
5.00 |
4.83 |
3.79 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
102.83 |
86.72 |
103.62 |
|
RECEIVABLES TURNOVER |
TIMES |
3.55 |
4.21 |
3.52 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
54.26 |
37.56 |
65.46 |
|
CASH CONVERSION CYCLE |
DAYS |
121.61 |
124.69 |
134.50 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
79.70 |
81.57 |
81.51 |
|
SELLING & ADMINISTRATION |
% |
6.40 |
5.10 |
5.34 |
|
INTEREST |
% |
0.34 |
0.61 |
0.75 |
|
GROSS PROFIT MARGIN |
% |
21.21 |
19.37 |
19.09 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
14.80 |
14.27 |
13.70 |
|
NET PROFIT MARGIN |
% |
14.41 |
13.36 |
12.59 |
|
RETURN ON EQUITY |
% |
44.01 |
36.85 |
48.95 |
|
RETURN ON ASSET |
% |
22.74 |
20.40 |
18.69 |
|
EARNING PER SHARE |
BAHT |
25.16 |
21.57 |
18.06 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.48 |
0.45 |
0.62 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.94 |
0.81 |
1.62 |
|
TIME INTEREST EARNED |
TIMES |
43.57 |
23.27 |
18.34 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
8.15 |
12.52 |
|
|
OPERATING PROFIT |
% |
12.18 |
17.19 |
|
|
NET PROFIT |
% |
16.67 |
19.41 |
|
|
FIXED ASSETS |
% |
(0.46) |
5.19 |
|
|
TOTAL ASSETS |
% |
4.64 |
9.42 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 8.15%. Turnover has increased from THB
2,437,831,169.00 in 2012 to THB 2,636,633,435.00 in 2013. While net profit has
increased from THB 325,666,276.00 in 2012 to THB 379,949,541.00 in 2013. And
total assets has increased from THB 1,596,761,524.00 in 2012 to THB
1,670,896,877.00 in 2013.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
21.21 |
Impressive |
Industrial Average |
17.54 |
|
Net Profit Margin |
14.41 |
Impressive |
Industrial Average |
14.25 |
|
Return on Assets |
22.74 |
Satisfactory |
Industrial Average |
24.85 |
|
Return on Equity |
44.01 |
Satisfactory |
Industrial Average |
54.75 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 21.21%. 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 14.41%, 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 22.74%.
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 44.01%.
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 |
1.68 |
Satisfactory |
Industrial Average |
1.75 |
|
Quick Ratio |
1.12 |
|
|
|
|
Cash Conversion Cycle |
121.61 |
|
|
|
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 1.68 times in 2013, decreased from 1.79 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 1.12 times in 2013,
decreased from 1.17 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 122 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.48 |
Impressive |
Industrial Average |
0.72 |
|
Debt to Equity Ratio |
0.94 |
Impressive |
Industrial Average |
1.63 |
|
Times Interest Earned |
43.57 |
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 43.58 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 0.48 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 Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
7.10 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.58 |
Acceptable |
Industrial Average |
2.26 |
|
Inventory Conversion Period |
73.05 |
|
|
|
|
Inventory Turnover |
5.00 |
Satisfactory |
Industrial Average |
5.33 |
|
Receivables Conversion Period |
102.83 |
|
|
|
|
Receivables Turnover |
3.55 |
Acceptable |
Industrial Average |
4.97 |
|
Payables Conversion Period |
54.26 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.55 and 4.21 in
2013 and 2012 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate sales. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2013
decreased from 2012. This would suggest the company had deteriorated in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has decreased from 76 days at the
end of 2012 to 73 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 4.83 times in year 2012 to 5 times in
year 2013.
The company's Total Asset Turnover is calculated as 1.58 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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.14 |
|
UK Pound |
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.81.02 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MNL |
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.