MIRA
INFORM REPORT
|
Report Date : |
30.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
ASIA FIBER PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
27th |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
1975 |
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|
|
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Com. Reg. No.: |
0107536001630 |
|
|
|
|
Legal Form : |
Public Limited
Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and
Distributor of Nylon
Products to be
used as Raw
Material in Yarn
Spinning, Texturizing, Fabric
Weaving, and Knitting.
|
|
|
|
|
No. of Employees : |
560 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
ASIA FIBER PUBLIC
COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 27th FLOOR
WALL STREET TOWER,
33/133-136 SURAWONGSE
ROAD,
SURIYAWONGSE, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66]
2632-7071-5
FAX : [66] 2236-1982-3
E-MAIL ADDRESS : sales@asiafiber.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1975
REGISTRATION NO. : 0107536001630
TAX ID NO. : 3101088762
CAPITAL REGISTERED : BHT. 1,000,000,000
CAPITAL PAID-UP : BHT. 455,742,660
FISCAL YEAR CLOSING
DATE : JUNE
30
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
CHEN NAMCHAISIRI, THAI
PRESIDENT
NO. OF STAFF : 560
LINES OF BUSINESS : NYLON
CHIP, NYLON FILAMENT
YARN,
NYLON TEXTURED
YARN AND FILAMENT
WOVEN FABRICS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was initially established on September 22, 1975 as a private limited company under the registered name “Asia Synthetic Textile Co., Ltd.” by a Thai-Taiwanese joint venture. On September 22, 1985, its name was changed to “Asia Fiber Co., Ltd.” It was also listed on the Stock Exchange of Thailand in the same year.
On December 27, 1993 the subject registered for a conversion of its status to a public limited company under the name ASIA FIBER PUBLIC COMPANY LIMITED. Since then, the subject gradually became more Thai-Controlled, and now it is 100% managed by Thai. It currently employs approximately 560 staff.
With the continuous expansion of its production capacity, the subject has become the country’s largest manufacturer of nylon since 1990. Moreover, it was also classified as “Privileged Exporter” by the Custom Department. Furthermore, AFC was the very first manufacturer who brought an introduction of the new technology in producing FDY and POY. This new technology is considered to be the most up-to-date technology which assists in speeding up production, reducing processing steps, cutting down production cost, as well as enhancing the quality of the products.
The subject’s registered address is 27th Flr., Wall Street Tower, 33/133-136 Surawongse Rd., Suriyawongse, Bangrak, Bangkok 10500, and this is the subject’s current operation address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Mongkol Mangkornkanok |
[x] |
Thai |
76 |
|
Mr. Yodjin Uahwatanasakul |
|
Thai |
83 |
|
Mr. Chaeng Thong-thai |
|
Thai |
75 |
|
Mr. Chen Namchaisiri |
[x] |
Thai |
58 |
|
Mr. Pira Sirikietsoong |
[x] |
Thai |
60 |
|
Mr. Vira Sirikietsoong |
|
Thai |
60 |
|
Mr. Nipon Leelasithorn |
[x] |
Thai |
53 |
|
Mrs. Jintana Thanatavee |
[x] |
Thai |
71 |
|
Mr. Vitoon Sirikietsoong |
[x] |
Thai |
64 |
|
Mr. Terawat Tachapongvorachai |
|
Thai |
75 |
|
Mr. Montri Mangkornkanok |
|
Thai |
68 |
|
Mr. Tanace Kuvinichkul |
|
Thai |
66 |
|
Mr. Vichien Tejapaibul |
|
Thai |
75 |
|
Mr. Somsak Puntanakasem |
|
Thai |
65 |
|
Mr. Tira Sirikietsoong |
|
Thai |
57 |
|
Mr. Payong U-Prasitwong |
|
Thai |
73 |
|
Mr. Thirachart Viravan |
|
Thai |
- |
AUTHORIZED PERSON
Any two of
the above directors
[x] jointly sign
on behalf of
the subject the
company’s affixed.
MANAGEMENT
Mr. Chen Namchaisiri
is the President.
He is Thai
nationality with the
age of 58
years old.
Mr. Pira Sirikietsoong
is the Vice
President.
He is Thai
nationality with the
age of 60
years old.
Mr. Vira Sirikietsoong
is the Factory
Manager.
He is Thai
nationality with the
age of 60
years old.
Mr. Anant Vaivoothpinyo is
the Manager of
Business Department.
He is Thai
nationality.
Mr. Nariss Talungchit is
the Manager of
Nylon Production Department.
He is Thai
nationality.
Mr. Suthep Permpornsakul is
the Manager of
Textured Yarn Production Department.
He is Thai
nationality.
Mr. Noranit Wesayasatit
is the Manager
of Quality Control
& Development
Department & Manager of Purchasing
Department.
He is Thai
nationality.
Mr. Saksomboon Chaicharoen
is the Manager
of Fabric Production
Department.
He is Thai
nationality.
Mr. Suwat Suvichanijikul is
the Manager of
Factory Administration Department.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is the manufacturer,
exporter and distributor
of Nylon products
to be used
as raw material
in yarn spinning,
texturizing, fabric weaving,
and knitting. There
are five main
product groups and
services as follows:
1.
Nylon Chip:
to be used
for filament production.
2.
Nylon
Filament Yarn: Two
types of filament
produced from nylon
chip, Nylon Filament
Yarn to be
used for fabric
weaving, and Pre-Oriented
Yarn (POY) to
be used to
produce Nylon Textured
Yarn.
3.
Nylon
Textured Yarn is
produced from POY
through the process
of drawing and
false-twisting. This stretchable,
fluffy yarn is
used in fabric
and sock knitting.
4.
Filament
Woven Fabrics [Taffeta Fabric],
Loom-State and Finished
is the type
of fabric woven
from filament yarn.
The fabric is
also dyed and
finished for enhanced
look and quality.
5.
Fabric
Dyeing and Finishing
Services perform as
commissioned on fabrics
supplied by customers.
PRODUCTION CAPACITY
|
Products |
2012 |
2013 |
|
Nylon Chip |
10,189 Metric
Tons |
9,005 Metric
Tons |
|
Filament Yarn |
4,824 Metric
Tons |
3,613 Metric
Tons |
|
Textured Yarn |
1,522 Metric
Tons |
1,196 Metric Tons |
|
Fabrics |
3.42 Million
Yards |
3.21 Million
Yards |
REGISTERED TRADEMARKS
“AFC” & “COCONUT
PALM”
PURCHASE
60% of the
raw material is
purchased from local
suppliers.
IMPORT [COUNTRIES]
40% of the raw
materials such as
Caprolactam and chemicals
are also imported
from Germany, Poland,
Japan and Netherlands.
MAJOR SUPPLIER
Ube Chemicals [Asia]
Public Company Limited
: Thailand
SALES [LOCAL]
30% of the
products is sold
locally to manufacturers, mainly
in fishing net,
textiles and garment
industries.
EXPORT [COUNTRIES]
70% of the
products is exported
to U.S.A., Canada,
Australia, United Kingdom, Germany, Malaysia,
Singapore, Japan, Taiwan,
Hong Kong, Philippines,
Republic of China,
Netherlands, Vietnam, Laos,
India and Indonesia.
MAJOR CUSTOMERS
|
Name |
Country |
Products |
|
Thai Far East
Co., Ltd. |
Thailand |
Nylon Fabric, Stretch
Yarn & Fabric |
|
T.F.E. Trading Co.,
Ltd. |
Thailand |
Nylon Fabric &
Fabric |
|
Kangwan Panich LP. |
Thailand |
- |
|
Leather Square Co.,
Ltd. |
Thailand |
- |
INCOME STRUCTURE
|
Products |
2011/2012 |
|
2012/2013 |
|
||
|
|
Million Baht |
% |
Million Baht |
% |
||
|
Local Sale Value |
|
|
|
|
||
|
Nylon Chip |
21 |
1.53 |
22 |
2.04 |
||
|
Filament Yarn |
44 |
3.20 |
44 |
4.08 |
||
|
Textured Yarn |
159 |
11.58 |
110 |
10.19 |
||
|
Fabric |
130 |
9.46 |
134 |
12.42 |
||
|
Dyeing and
Furnishing Services |
15 |
1.09 |
11 |
1.02 |
||
|
Total |
369 |
26.86 |
321 |
29.75 |
||
|
|
|
|
|
|
||
|
Foreign Sale Value |
|
|
|
|
||
|
Nylon Chip |
556 |
40.47 |
429 |
39.76 |
||
|
Filament Yarn |
305 |
22.20 |
189 |
17.52 |
||
|
Textured Yarn |
143 |
10.41 |
139 |
12.88 |
||
|
Fabric |
1 |
0.06 |
1 |
0.09 |
||
|
Total |
1,005 |
73.14 |
758 |
70.25 |
||
|
|
|
|
|
|
||
|
Total Local and Foreign
Sale Value |
|
|
|
|
||
|
Nylon Chip |
577 |
42 |
451 |
41.80 |
||
|
Filament Yarn |
349 |
25.4 |
233 |
21.60 |
||
|
Textured Yarn |
302 |
21.99 |
249 |
23.07 |
||
|
Fabric |
131 |
9.52 |
135 |
12.51 |
||
|
Dyeing and
Furnishing Services |
15 |
1.09 |
11 |
1.02 |
||
|
Total |
1,374 |
100.00 |
1,079 |
100.00 |
||
RELATED AND
AFFILIATED COMPANY
Investment in Company
Cryothai Company Limited
Business Type :
Energy
Investment :
15% held by
the subject
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
according to for
the past two
years.
CREDIT
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Sales are on
the credits term
of 30-60 days.
Imports are by
L/C on the
credits term of
60-120 days or
T/T.
Exports are against
T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office
: 9 Ratchadapisek
Road, Jatujak, Jatujak,
Bangkok]
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Road, Silom, Bangrak,
Bangkok]
Kasikornbank Public Co.,
Ltd.
[Head Office
: 1 Kasikorn Lane,
Rajburana Road, Rajburana,
Bangkok]
Krung Thai Bank
Public Co., Ltd.
[New Petchburi
Branch : Makkasan,
Rajthewi, Bangkok]
EMPLOYMENT
The subject employs
approximately 560 staff [office
staff and factory
workers].
LOCATION DETAILS
The premise is
rented for operating
an office at
the heading address.
Premise is located
in a prime
commercial area.
The factory is
located at 406-407
Moo 7, Sukhumvit
Road, K.M. 33.5, Bangpoomai,
Samutprakarn 10280 in
Bangpoo Industrial Estate
on 115-rai [45-acre]
plot of land
or 184,000 sq.m.. Tel:
[66] 2323-9692 Fax: [66] 2323-9577.
The factory encompasses the production
areas, warehouses, utilities,
a canteen, several
dormitory buildings, and
a pre-treatment facility
of waste water.
COMMENT
The subject is one of the leading manufacturers of
nylon products in Thailand. The
subject posted weaker
sales in the year
2013 compared to
the previous year. This
was due to the volatility
in the world
economy in the
past year stemmed
from the economic recovery in
the U.S. and
Europe which remained
fragile. An uncertainty weakened
purchasing power all over
the world as
buyers avoided inventory
loss by limiting
purchases only to
what is needed.
Current weak nylon
demand and new capacity
in China are
combining to shift
inter-regional trade patterns
and depress operating
rates.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 150,000,000.
The capital was
increased later as
followings:
Bht. 225,000,000 on
November 20, 1987
Bht. 260,000,000 on
December 30, 1987
Bht. 310,000,000 on
October 17, 1988
Bht. 372,000,000 on
September 26, 1991
The latest capital
was increased to
Bht. 1,000,000,000 divided
into 100,000,000 shares
of Bht. 10
each, with the
current capital paid-up at
Bht. 455,742,660.
MAIN SHAREHOLDERS [as at
September 16, 2013]
at Bht. 455,742,660
of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Namchaisiri Holding Co.,
Ltd. |
3,866,700 |
8.48 |
|
Mr. Jul Namchaisiri |
3,213,000 |
7.05 |
|
Mr. Vitoon Sirikietsoong |
3,100,150 |
6.80 |
|
Mr. Pira Sirikietsoong |
2,239,159 |
4.91 |
|
Mrs. Ann Malakul Na
Ayudhya |
2,027,866 |
4.45 |
|
Mr. Teera Sirikietsoong |
2,013,617 |
4.42 |
|
Mr. Vira Sirikietsoong |
1,818,011 |
3.99 |
|
Mr. Pipat Sirikietsoong |
1,550,208 |
3.40 |
|
Mrs. Vipa Widhayasai |
1,509,870 |
3.31 |
|
Asia Garment Co.,
Ltd. |
1,190,137 |
2.61 |
|
The Bank of
New York [Nominees] Limited |
1,111,100 |
2.44 |
|
Thai Industries Development
Co., Ltd. |
1,098,903 |
2.41 |
|
Others |
20,835,545 |
45.73 |
Total Shareholders :
1,674
NAME OF
AUDITOR AND CERTIFIED
PUBLIC ACCOUNTANT NO.:
Mrs. Chintana Taechamontrikul No.
5131
BALANCE SHEET [BAHT]
The latest financial
figures published for
June 30, 2013,
2012 & 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash in hand
and at banks
|
67,398,480.63 |
102,285,017.87 |
148,821,360.06 |
|
Temporary investment |
207,739,897.80 |
172,905,386.30 |
100,475,116.34 |
|
Trade and other
receivables Trade receivable |
|
|
|
|
- Related
companies |
49,651,742.76 |
50,570,009.53 |
52,300,736.85 |
|
- Others
companies |
94,602,193.34 |
124,585,139.28 |
133,152,265.32 |
|
Total trade
receivables-net |
144,253,936.10 |
175,155,148.81 |
185,453,002.17 |
|
Other receivables |
|
|
|
|
- Related
companies |
4,740,754.63 |
5,146,141.06 |
3,259,552.39 |
|
- Others
companies |
7,659,209.27 |
9,180,199.63 |
36,615,887.54 |
|
Total other
receivables |
12,399,963.90 |
14,326,340.69 |
39,875,439.93 |
|
Trade and other
receivables-net |
156,653,900.00 |
189,481,489.50 |
225,328,442.10 |
|
Inventories |
272,653,252.15 |
237,530,298.94 |
247,450,998.13 |
|
|
|
|
|
|
Total Current Assets
|
704,445,530.58 |
702,202,192.61 |
722,075,916.63 |
|
Investment in shares
of associated company |
28,500,000.00 |
28,500,000.00 |
28,500,000.00 |
|
Investment in shares
of other company |
500,000.00 |
500,000.00 |
500,000.00 |
|
Property, plant and
equipment |
340,092,246.38 |
339,671,553.54 |
345,352,083.74 |
|
Intangible assets |
12,991.38 |
19,087.38 |
10,864.38 |
|
Other non-current assets |
63,000.00 |
63,000.00 |
63,000.00 |
|
Total Assets |
1,073,613,768.34 |
1,070,955,833.53 |
1,096,501,864.75 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade and other
payable |
|
|
|
|
Trade payables |
20,506,074.45 |
26,315,786.47 |
29,214,050.26 |
|
Other payables |
20,275,973.97 |
25,859,620.48 |
24,346,849.28 |
|
Total trade
and other payables |
40,782,048.42 |
52,175,406.95 |
53,560,899.54 |
|
Forward exchange contracts
payable |
748,469.60 |
846,789.23 |
852,486.27 |
|
Current portion of
liabilities under financial lease
agreement - net |
279,940.24 |
400,671.46 |
378,711.29 |
|
|
|
|
|
|
Total Current Liabilities |
41,810,458.26 |
53,422,867.64 |
54,792,097.10 |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Employee benefit obligations |
48,603,621.00 |
45,689,130.00 |
- |
|
Liabilities by contract of Financial leased-net |
- |
279,940.24 |
680,611.69 |
|
Other non-current liabilities |
909,901.26 |
909,901.26 |
909,901.26 |
|
Total non-current
liabilities |
49,513,522.26 |
46,878,971.50 |
1,590,512.95 |
|
Total Liabilities |
91,323,980.52 |
100,301,839.14 |
56,382,610.05 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital - common shares Baht
10 par value
authorized share capital - 100,000,000 shares
|
1,000,000,000.00 |
1,000,000,000.00 |
1,000,000,000.00 |
|
|
|
|
|
|
Issued and fully paid-up share
capital - 45,574,266 ordinary
shares of Baht 10 each |
455,742,660.00 |
455,742,660.00 |
455,742,660.00 |
|
Premium on share
capital |
308,170,508.15 |
308,170,508.15 |
369,500,000.00 |
|
Unrealized [gain] loss Revaluation
surplus on land |
- |
- |
- |
|
Retained Earnings |
|
|
|
|
Appropriated for: Statutory reserve
|
- |
- |
16,247,500.00 |
|
General reserve |
- |
- |
1,357,626.34 |
|
Unappropriated [deficit] |
[88,592,389.30] |
[96,073,883.64] |
[104,096,410.63] |
|
Other components of equity |
306,969,008.97 |
302,814,709.88 |
301,367,878.99 |
|
Total Shareholders' Equity |
982,289,787.82 |
970,653,994.39 |
1,040,119,254.70 |
|
Total Liabilities & Shareholders' Equity |
1,073,613,768.34 |
1,070,955,833.53 |
1,096,501,864.75 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales & services |
1,079,068,116.95 |
1,373,904,155.75 |
1,618,795,550.64 |
|
Other income |
20,733,762.34 |
34,289,829.57 |
22,247,653.17 |
|
Total Revenues |
1,099,801,879.29 |
1,408,193,985.32 |
1,641,043,203.81 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of goods
sold of service
|
1,048,589,692.92 |
1,377,706,293.08 |
1,525,336,830.83 |
|
Selling expenses |
23,230,931.74 |
25,983,418.46 |
29,026,867.06 |
|
Administrative expenses |
10,026,515.48 |
15,234,291.98 |
20,910,429.31 |
|
Management benefit expenses |
8,549,436.00 |
10,050,600.00 |
8,441,739.00 |
|
Other expense |
1,895,186.28 |
3,327,156.75 |
771,947.68 |
|
Total Expenses |
1,092,291,762.42 |
1,432,301,760.27 |
1,584,487,813.88 |
|
|
|
|
|
|
Profit / [Loss] before finance
cost & income tax |
7,510,116.87 |
[24,107,774.95] |
56,555,389.93 |
|
Finance costs |
[28,622.53] |
[62,048.25] |
[21,770.19] |
|
Net Profit / [Loss] |
7,481,494.34 |
[24,169,823.20] |
56,533,619.74 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
16.85 |
13.14 |
13.18 |
|
QUICK RATIO |
TIMES |
10.33 |
8.70 |
8.66 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.17 |
4.04 |
4.69 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.01 |
1.28 |
1.48 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
94.91 |
62.93 |
59.21 |
|
INVENTORY TURNOVER |
TIMES |
3.85 |
5.80 |
6.16 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
48.79 |
46.53 |
41.82 |
|
RECEIVABLES TURNOVER |
TIMES |
7.48 |
7.84 |
8.73 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
7.06 |
6.85 |
5.83 |
|
CASH CONVERSION CYCLE |
DAYS |
136.64 |
102.61 |
95.20 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
97.18 |
100.28 |
94.23 |
|
SELLING & ADMINISTRATION |
% |
3.87 |
3.73 |
3.61 |
|
INTEREST |
% |
0.00 |
0.00 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
4.75 |
2.22 |
7.15 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.70 |
(1.75) |
3.49 |
|
NET PROFIT MARGIN |
% |
0.69 |
(1.76) |
3.49 |
|
RETURN ON EQUITY |
% |
0.76 |
(2.49) |
5.44 |
|
RETURN ON ASSET |
% |
0.70 |
(2.26) |
5.16 |
|
EARNING PER SHARE |
BAHT |
0.16 |
(0.53) |
1.24 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.09 |
0.09 |
0.05 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.09 |
0.10 |
0.05 |
|
TIME INTEREST EARNED |
TIMES |
262.38 |
(388.53) |
2,597.84 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(21.46) |
(15.13) |
|
|
OPERATING PROFIT |
% |
(131.15) |
(142.63) |
|
|
NET PROFIT |
% |
130.95 |
(142.75) |
|
|
FIXED ASSETS |
% |
0.12 |
(1.64) |
|
|
TOTAL ASSETS |
% |
0.25 |
(2.33) |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is -21.46%. Turnover has decreased from THB
PROFITABILITY : IMPRESSIVE
PROFITABILITY RATIO
|
Gross Profit Margin |
4.75 |
Deteriorated |
Industrial Average |
19.82 |
|
Net Profit Margin |
0.69 |
Impressive |
Industrial Average |
(1.00) |
|
Return on Assets |
0.70 |
Impressive |
Industrial Average |
(1.16) |
|
Return on Equity |
0.76 |
Impressive |
Industrial Average |
(2.56) |
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 4.75%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have problems with control over its costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 0.69%,
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
0.7%, 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 0.76%, 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 |
16.85 |
Impressive |
Industrial Average |
1.76 |
|
Quick Ratio |
10.33 |
|
|
|
|
Cash Conversion Cycle |
136.64 |
|
|
|
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 16.85 times in 2013, increased from 13.14 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 10.33 times in 2013,
increased from 8.7 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 137 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.09 |
Impressive |
Industrial Average |
0.72 |
|
Debt to Equity Ratio |
0.09 |
Impressive |
Industrial Average |
1.62 |
|
Times Interest Earned |
262.38 |
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 262.39 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 0.09 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: IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.17 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.01 |
Acceptable |
Industrial Average |
1.44 |
|
Inventory Conversion Period |
94.91 |
|
|
|
|
Inventory Turnover |
3.85 |
Impressive |
Industrial Average |
3.76 |
|
Receivables Conversion Period |
48.79 |
|
|
|
|
Receivables Turnover |
7.48 |
Impressive |
Industrial Average |
6.45 |
|
Payables Conversion Period |
7.06 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.48 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 63 days at the
end of 2012 to 95 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 5.8 times in year 2012 to 3.85 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.01 times and 1.28
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.60.10 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.80.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
TPT |
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.