MIRA INFORM REPORT
|
Report Date : |
28.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
ENERGY ABSOLUTE
PUBLIC COMPANY LIMITED |
|
|
|
|
Formerly Known as : |
SUN TECH PALM
OIL COMPANY LIMITED |
|
|
|
|
Registered Office : |
15th Flr., I-Tower,
888 Vibhavadi Rangsit Rd.,
Chatuchak, Bangkok 10900 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
06.03.2006 |
|
|
|
|
Com. Reg. No.: |
0107551000061 [Former:
0105549030216] |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
subject has
been granted a
concession by Ministry
of Energy, in
order to develop,
manufacture and distribute
bio-diesel and by-products. It
operations are divided
into 2 main
business lines as
follows:
|
|
|
|
|
No of Employees : |
185 |
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 Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate 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 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 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.
|
Source : CIA |
Company
name
ENERGY ABSOLUTE
PUBLIC COMPANY LIMITED
[FORMER : SUN TECH
PALM OIL COMPANY
LIMITED]
SUMMARY
BUSINESS ADDRESS : 15th
FLOOR, I-TOWER, 888
VIBHAVADI RANGSIT ROAD,
CHATUCHAK, BANGKOK
10900, THAILAND
TELEPHONE : [66] 2554-9238-42
FAX : [66] 2554-9243
E-MAIL ADDRESS : contact@energyabsolute.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2006
REGISTRATION NO. : 0107551000061 [Former: 0105549030216]
TAX ID NO. : 3032093460
CAPITAL REGISTERED : BHT.
373,000,000
CAPITAL PAID-UP : BHT.
373,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. SOMPHOTE AHUNAI,
THAI
CHIEF EXECUTIVE
OFFICER
NO. OF STAFF : 185
LINES OF BUSINESS : BIO-DIESEL AND
RELATED PRODUCTS
MANUFACTURER AND
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 March 6,
2006 as a
private limited company under
the registered name “Sun
Tech Palm Oil
Company Limited” by
Thai groups. On March
27, 2008, the
subject’s status was
converted to a
public limited company
and its name was
changed to ENERGY
ABSOLUTE PUBLIC COMPANY LIMITED.
Its business objective
is to manufacture
and distribute bio-diesel
and by-products. On
January 30, 2013,
the subject was
listed on the
Stock Exchange of
Thailand, under symbol
name “EA”. It
currently employs 185
staff.
The
subject’s registered address is 15th Flr., I-Tower, 888 Vibhavadi Rangsit Rd., Chatuchak, Bangkok
10900, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somchainuk Engtrakul :
Chairman |
|
Thai |
70 |
|
ACM. Chainan Thumasujarit |
|
Thai |
64 |
|
Mr. Chaiwat Pongpisitsakul |
|
Thai |
68 |
|
M.R. Bravochat Chatchai |
|
Thai |
54 |
|
Mr. Bannarat Pichyakorn |
|
Thai |
47 |
|
Pol. Gen. Phatcharavat
Wongsuwan |
|
Thai |
65 |
|
Mr. Sutham Songsiri |
|
Thai |
76 |
|
Mr. Somphote Ahunai : Executive Chairman |
[x] |
Thai |
47 |
|
Mr. Amorn Sapthaweekul |
[x] |
Thai |
40 |
|
Mr. Wutthilerd Chianilkulchai |
[x] |
Thai |
44 |
AUTHORIZED PERSON
Any two of
the mentioned directors
[x] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Somphote Ahunai is
the Chief Executive
Officer.
He is Thai
nationality with the
age of 47
years old.
Mr. Amorn Sapthaweekul is
the Chief Accounting
and Finance Officer.
He is Thai
nationality with the
age 40 year
old.
Mrs. Dujdao Laksanaviwat is
the Chief Operating
Officer [Acting].
She is Thai
nationality.
Mrs. Blanca Shulan Huang
is the Director
of Information Technology
and System Development.
She is American
nationality.
Mr. Weerasil Sattayapakdeewong is
the Director of
Accounting.
He is Thai
nationality.
Ms. Supaporn Ahunai is
the Director of
Finance.
She is Thai
nationality.
Mr. Peeranat Warapop is
the Director of
Purchasing and Deliver [Acting].
He is Thai
nationality.
Mr. Patipat Sakdawongsiwimol is
the Director of
Sales.
He is Thai
nationality.
Mr. Tanakit Burapanontachai is
the Director of
Factory.
He is Thai
nationality.
Ms. Peerada Pakdeepanich is
the Director of
Human Resource &
Administration.
She is Thai
nationality.
BUSINESS
OPERATIONS
The subject
has been granted
a concession by
Ministry of Energy,
in order to
develop, manufacture and
distribute bio-diesel and
by-products. It operations
are divided into
2 main business
lines as follows:
- Bio-diesel business
includes production and
distribution of bio-diesel [B100], diesel
fuel, pure glycerin
and raw materials and
by-products.
- Renewable energy
business including production and
distribution of electricity from
solar power projects
with 4 projects
with total capacity
278 MW and
from wind power
projects 12 projects
with total capacity
of 621 MW.
PURCHASE
100%
of raw materials,
such as palm
oil, diesel oil,
ethanol and etc.,
are purchased from
local suppliers.
SALES
100% of the
products is sold
locally by wholesale
to oil company, dealers
and end-users both
public and government
sectors.
MAJOR CUSTOMERS
PTT Public Company
Limited
Provincial Electricity Authority
Electricity Generating Authority
of Thailand
Esso [Thailand] Public
Company Limited
IRPC Public Company
Limited
Thai Oil Public
Company Limited
Chevron [Thai] Co.,
Ltd.
Continental Oil Co.,
Ltd.
Sahapanich Petroleum Co.,
Ltd.
Petro Planet Co.,
Ltd.
C.C. Oil Co.,
Ltd.
Two Plus One
Oil Co., Ltd.
Power 10 Co.,
Ltd.
Duble 10 Co.,
Ltd.
Malee Oil Co.,
Ltd.
Suebnueng Karnka Co.,
Ltd.
Perfect Oil Co.,
Ltd.
Famous 10 Co.,
Ltd.
Macharoen Co., Ltd.
Chalee Trading Co.,
Ltd.
S.P. Panichphon L.P.
REVENUE STRUCTURE [Company
and Subsidiaries]
|
Income Type |
2013 |
2012 |
||
|
|
Million
baht |
% |
Million
baht |
% |
|
Income from sale |
|
|
|
|
|
Bio-diesel Business Group |
|
|
|
|
|
- Bio-diesel oil |
3,342.77 |
83.59 |
3,133.03 |
69.95 |
|
- Diesel fuel |
103.65 |
2.59 |
808.08 |
18.04 |
|
- Pure glycerin |
144.62 |
3.62 |
17.54 |
0.39 |
|
- Material and by
product |
142.35 |
3.59 |
98.27 |
2.19 |
|
Total |
3,733.37 |
93.36 |
4,056.92 |
90.57 |
|
|
|
|
|
|
|
Alternative Energy Plant Business Group |
|
|
|
|
|
- Solar energy current |
65.03 |
1.63 |
10.61 |
0.24 |
|
- Subsidy of purchase electricity |
138.03 |
3.45 |
23.92 |
0.53 |
|
- Liquefied petroleum gas |
- |
- |
366.28 |
8.18 |
|
Total income from
sale |
3,936.43 |
98.44 |
4,457.73 |
99.52 |
|
|
|
|
|
|
|
Income from service |
- |
- |
6.18 |
0.14 |
|
Other income |
62.56 |
1.56 |
15.07 |
0.34 |
|
|
|
|
|
|
|
Total Income |
3,998.99 |
100.00 |
4,478.98 |
100.00 |
SUBSIDIARY AND AFFILIATED
COMPANIES
Continental Oil Co.,
Ltd.
Business Type : Authorized
dealer of petroleum
and bio-diesel products
Investment : 99.30%
by the subject
Sahapanich Petroleum Co.,
Ltd.
Business Type : Authorized
dealer of petroleum
and bio-diesel products
Investment : 99.30%
by the subject
Petro Planet Co.,
Ltd.
Business Type : Authorized
dealer of petroleum
and bio-diesel products
Investment : 99.30%
by the subject
Surachai [1997] Co.,
Ltd.
Business Type : Manufacturer and distributor
of electricity
Investment : 99.33%
by the subject
EA Solar Nakornsawan
Co., Ltd.
Business Type : Manufacturer and distributor
of electricity
Investment : 99.99%
by the subject
Thepsathit Wind Farm
Co., Ltd.
Business Type : Manufacturer and distributor
of electricity
Investment : 99.99%
by the subject
Energy Solution Management
Co., Ltd.
Business Type : Consulting
service in project
regarding power and
employed
current plant
Investment : 99.99%
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
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.
BANKING
Bangkok
Bank Public Co.,
Ltd.
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
185 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Location
of Plant:
1.
For produce and
distribution of biodiesel
- 507 Moo
9, Soi 7,
Kabinburi Industrial Park,
Kabinburi-Nakornratchasima
Rd.,
T. Hnongki, A. Kabinburi, Prachinburi
25110.
Tel. : [66] 37 455-034,
Fax.: [66] 37 455-038.
2.
For produce and
distribution of solar
power
- Solar power
plant 8 Megawatts / Lopburi
188
Moo 3, Koktoom-Pasak
River Rd., [Highway
No. 3333], Km. 21,
T.
Pattananikhom, A. Pattananikhom, Lopburi
15140
- Solar power
plant 90 Megawatts /
Nakornsawan
T.
Huawai, A. Taklee,
Nakornsawan
- Solar power
plant 90 Megawatts / Lampang
T.
Banpao, A. Muang,
Lampang
T.
Hnonglom, A. Hangchai,
Lampang
- Solar power
plant 90 Megawatts / Pitsanulok
T.
Matong, A. Prompiram,
Pitsanulok
COMMENT
The
subject has constructed
a standard plant to
produce biodiesel in
2006 at Krabinburi
Industrial Compound,
Prachinbuuri province in response
to the government policy
about replacement energy
and to promote
agricultural sector of Thailand.
With growing demand
of energy in
domestic market, subject
has been established
to research and
develop the production
and control standard to
achieve international
Biodiesel products as a
replacement energy to compensate
the limited oil from
abroad.
Subject has
significantly grown in
line with increasing
demand of energy
used. For the
business outlook, at
present and near
future, the subject
continues policy to
support the energy security
and reduce the use
of fossil fuels
in the electricity
sector. Meanwhile, the
subject also promotes
the producing of
the electricity from
the renewable energy.
FINANCIAL
INFORMATION
The
capital was initially
registered at Bht.
50,000,000.
The
capital was increased
later as follows:
Bht. 299,000,000
in 2008
Bht. 360,000,000
in 2009
Bht. 373,000,000
in 2012
The
latest registered capital
was increased to Bht.
373,000,000 divided into
3,730,000,000 shares of
Bht. 0.10 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
March 27, 2014]
at Bht. 373 million of
capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Somphote Ahunai Nationality: Thai Address : 55/21
Sukhumvit 11 Rd.,
Klongtoeynua,
Wattana, Bangkok |
1,509,660,186 |
40.47 |
|
First Asia Investment
Limited Nationality: - Address : - |
470,628,593 |
12.62 |
|
Mrs. Mukda Boonsiang Nationality: Thai Address : 73
Sukhumvit 64 Rd.,
Bangchak,
Prakanong, Bangkok |
131,115,288 |
3.52 |
|
Mr. Amorn Sapthaweekul Nationality: Thai Address : 86/70-71
Wuthakas 8 Rd.,
Taladplu,
Thonburi, Bangkok |
105,868,316 |
2.84 |
|
|
|
|
|
Ms. Jarunan Asawadamrongchai Nationality: Thai Address : - |
77,749,508 |
2.08 |
|
Mr. Somkiat Thanatcharoenkul Nationality: Thai Address : - |
71,005,000 |
1.90 |
|
Mr. Kasidis Archanan Nationality: Thai Address : - |
64,939,900 |
1.74 |
|
Mr. Somboon Ahunai Nationality: Thai Address : - |
64,448,988 |
1.73 |
|
Mr. Wutthilerd Chianilkulchai Nationality: Thai Address : 110
Sukhumvit 64/1 Rd.,
Bangchak,
Prakanong, Bangkok |
63,497,449 |
1.70 |
|
Others |
1,171,086,772 |
31.40 |
Total Shareholders :
6,093
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Chawana Wiwatpanachart No.
4712
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 |
784,713,312 |
56,179,031 |
96,140,843.53 |
|
Trade accounts & other
receivable |
461,455,891 |
141,605,615 |
222,741,288.60 |
|
Short-term loan to related company |
668,350,000 |
38,800,000 |
50,000.00 |
|
Short-term loan to person and
other |
392,550 |
392,550 |
630,255.00 |
|
Inventories |
218,616,095 |
161,125,059 |
178,542,667.28 |
|
Accrued compensation from oil
fund |
223,685 |
223,685 |
7,816,437.01 |
|
Advance paid for
purchases |
1,445,527 |
17,047,915 |
13,790,466.75 |
|
Other current assets
|
2,206,596 |
722,230 |
5,599,501.41 |
|
|
|
|
|
|
Total Current Assets
|
2,137,403,656 |
416,096,085 |
525,311,459.58 |
|
Cash at bank pledged as a
collateral |
84,478,204 |
92,735,226 |
56,097,168.18 |
|
Cash paid for
purchase of investment in
subsidiaries |
1 |
1 |
- |
|
Investment in subsidiaries |
1,896,579,440 |
224,678,770 |
119,147,900.00 |
|
Long-term loan to subsidiaries |
71,400,000 |
71,400,000 |
131,400,000.00 |
|
Investment property |
392,108,170 |
272,008,214 |
- |
|
Fixed assets |
786,940,582 |
828,243,578 |
823,920,405.95 |
|
Other non-current assets |
14,353,349 |
12,040,125 |
9,645,285.00 |
|
Total Assets |
5,383,263,402 |
1,917,201,999 |
1,665,522,218.71 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Short-term loan from financial institutions |
580,223,532 |
445,425,940 |
178,356,627.32 |
|
Trade accounts &
other payable |
136,655,852 |
62,041,391 |
134,557,772.83 |
|
Current portion of
long-term liabilities : |
|
|
|
|
Long-term loan from financial institution |
65,040,000 |
65,040,000 |
52,530,000.00 |
|
Financial lease
contract liabilities |
3,871,488 |
1,360,308 |
232,250.04 |
|
Pre-received income |
5,666,000 |
- |
- |
|
Employee benefits
obligation |
175,891 |
- |
- |
|
Assets payable |
8,940,778 |
7,078,048 |
65,798,184.62 |
|
Deposit received in
advance for goods |
141,413 |
125,992 |
29,148,177.03 |
|
Other current liabilities |
27,577,886 |
10,025,473 |
32,931,030.38 |
|
|
|
|
|
|
Total Current Liabilities |
828,292,840 |
591,097,152 |
493,554,042.22 |
|
|
|
|
|
|
Long-term loans from
financial institution, net |
68,361,177 |
133,401,177 |
181,441,176.84 |
|
Financial lease contract
liabilities, net |
6,920,994 |
2,925,574 |
658,041.62 |
|
Pre-received income, net |
133,174,285 |
- |
- |
|
Employee benefits obligation, net |
1,549,670 |
1,109,257 |
827,263.00 |
|
Deferred income tax
liabilities |
49,567 |
- |
- |
|
Total Liabilities |
1,038,348,533 |
728,533,160 |
676,480,523.68 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 0.10
par value authorized &
issued share capital 3,730,000,000 shares
in 2013 & 2012; 3,600,000,000 shares
in 2011 |
373,000,000 |
373,000,000 |
360,000,000.00 |
|
|
|
|
|
|
Capital paid |
373,000,000 |
317,000,000 |
305,000,000.00 |
|
Premium on shares capital |
3,680,616,000 |
746,100,000 |
578,100,000.00 |
|
Retained Earning Appropriated for statutory
reserve |
17,700,000 |
17,700,000 |
12,400,000.00 |
|
Unappropriated |
273,598,869 |
107,868,839 |
93,541,695.03 |
|
Total Shareholders' Equity |
4,344,914,869 |
1,188,668,839 |
989,041,695.03 |
|
Total Liabilities &
Shareholders' Equity |
5,383,263,402 |
1,917,201,999 |
1,665,522,218.71 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales income |
3,591,043,916 |
4,324,923,097 |
5,397,970,517.34 |
|
Revenue from sale of
available product |
142,328,677 |
98,269,989 |
26,011,992.20 |
|
Other income |
53,545,775 |
21,069,933 |
10,224,157.30 |
|
Total Revenues |
3,786,918,368 |
4,444,263,019 |
5,434,206,666.84 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of goods
sold |
3,407,820,366 |
4,191,705,495 |
5,192,509,310.52 |
|
Selling expenses |
52,637,254 |
60,052,097 |
104,015,780.49 |
|
Administrative expenses |
98,569,917 |
64,912,621 |
51,902,851.73 |
|
Total Expenses |
3,559,027,537 |
4,316,670,213 |
5,348,427,942.74 |
|
Profit before financial
cost & income tax |
227,890,831 |
127,592,806 |
85,778,724.0 |
|
Financial cost |
[23,791,778] |
[22,565,662] |
[17,352,298.04] |
|
Profit before income tax |
204,099,053 |
105,027,144 |
68,426,426.06 |
|
Income tax |
[654,245] |
- |
- |
|
Net Profit / [Loss] |
203,444,808 |
105,027,144 |
68,426,426.06 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.58 |
0.70 |
1.06 |
|
QUICK RATIO |
TIMES |
2.31 |
0.40 |
0.65 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.56 |
5.22 |
6.55 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.67 |
2.26 |
3.24 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
23.42 |
14.03 |
12.55 |
|
INVENTORY TURNOVER |
TIMES |
15.59 |
26.02 |
29.08 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
46.90 |
11.95 |
15.06 |
|
RECEIVABLES TURNOVER |
TIMES |
7.78 |
30.54 |
24.23 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
14.64 |
5.40 |
9.46 |
|
CASH CONVERSION CYCLE |
DAYS |
55.68 |
20.58 |
18.15 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
94.90 |
96.92 |
96.19 |
|
SELLING & ADMINISTRATION |
% |
4.21 |
2.89 |
2.89 |
|
INTEREST |
% |
0.66 |
0.52 |
0.32 |
|
GROSS PROFIT MARGIN |
% |
10.56 |
5.84 |
4.48 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.35 |
2.95 |
1.59 |
|
NET PROFIT MARGIN |
% |
5.67 |
2.43 |
1.27 |
|
RETURN ON EQUITY |
% |
4.68 |
8.84 |
6.92 |
|
RETURN ON ASSET |
% |
3.78 |
5.48 |
4.11 |
|
EARNING PER SHARE |
BAHT |
0.05 |
0.03 |
0.02 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.19 |
0.38 |
0.41 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.24 |
0.61 |
0.68 |
|
TIME INTEREST EARNED |
TIMES |
9.58 |
5.65 |
4.94 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(16.97) |
(19.88) |
|
|
OPERATING PROFIT |
% |
78.61 |
48.75 |
|
|
NET PROFIT |
% |
93.71 |
53.49 |
|
|
FIXED ASSETS |
% |
(4.99) |
0.52 |
|
|
TOTAL ASSETS |
% |
180.79 |
15.11 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is -16.97%. Turnover has decreased from THB
4,324,923,097.00 in 2012 to THB 3,591,043,916.00 in 2013. While net profit has
increased from THB 105,027,144.00 in 2012 to THB 203,444,808.00 in 2013. And
total assets has increased from THB 1,917,201,999.00 in 2012 to THB
5,383,263,402.00 in 2013.
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
10.56 |
Deteriorated |
Industrial Average |
34.99 |
|
Net Profit Margin |
5.67 |
Impressive |
Industrial Average |
1.75 |
|
Return on Assets |
3.78 |
Satisfactory |
Industrial Average |
3.81 |
|
Return on Equity |
4.68 |
Acceptable |
Industrial Average |
7.15 |
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 10.56%. 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 5.67%, 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 3.78%.
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 4.68%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
2.58 |
Impressive |
Industrial Average |
1.21 |
|
Quick Ratio |
2.31 |
|
|
|
|
Cash Conversion Cycle |
55.68 |
|
|
|
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 2.58 times in 2013, increased from 0.7 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 2.31 times in 2013,
increased from 0.4 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 56 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.19 |
Impressive |
Industrial Average |
0.59 |
|
Debt to Equity Ratio |
0.24 |
Impressive |
Industrial Average |
1.11 |
|
Times Interest Earned |
9.58 |
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 9.58 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 0.19 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 :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.56 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.67 |
Deteriorated |
Industrial Average |
2.83 |
|
Inventory Conversion Period |
23.42 |
|
|
|
|
Inventory Turnover |
15.59 |
Acceptable |
Industrial Average |
23.22 |
|
Receivables Conversion Period |
46.90 |
|
|
|
|
Receivables Turnover |
7.78 |
Acceptable |
Industrial Average |
12.65 |
|
Payables Conversion Period |
14.64 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.78 and 30.54 in
2013 and 2012 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2013
decreased from 2012. This would suggest the company had deteriorated in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 14 days at the
end of 2012 to 23 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 26.02 times in year 2012 to 15.59
times in year 2013.
The company's Total Asset Turnover is calculated as 0.67 times and 2.26
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 |
|
UK Pound |
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
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.