MIRA INFORM REPORT
|
Report Date : |
05.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
THAI ACRYLIC FIBRE CO., LTD. |
|
|
|
|
Registered Office : |
16th Floor, Mahatun Plaza Building, 888/168-169 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
1987 |
|
|
|
|
Com. Reg. No.: |
0105530016978 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor & Exporter of Acrylic Fibre |
|
|
|
|
No. of Employees : |
420 |
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 : |
Slow but correct |
|
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
THAI ACRYLIC FIBRE
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 16th
FLOOR, MAHATUN PLAZA
BUILDING,
888/168-169 PLOENCHIT
ROAD,
LUMPINI,
PATHUMWAN,
BANGKOK
10330, THAILAND
TELEPHONE : [66] 2253-6745-54
FAX : [66] 2253-4679,
2253-6734
E-MAIL ADDRESS : marketing@thaiacrylic.com
amit.dayal@adityabirla.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1987
REGISTRATION NO. : 0105530016978 [Former: 1695/2530]
TAX ID NO. : 3101440195
CAPITAL REGISTERED : BHT.
712,500,000
CAPITAL PAID-UP : BHT.
712,500,000
SHAREHOLDER’S PROPORTION : THAI
: 84.71%
FOREIGN :
15.29%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
NIRINT SAJDEV, THAI
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
NO. OF STAFF : 420
LINES OF BUSINESS : ACRYLIC FIBRE
MANUFACTURER, DISTRIBUTOR
& EXPORTER
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 April
10, 1987 as
a private limited
company under the
name style THAI
ACRYLIC FIBRE CO.,
LTD. The subject
is the flagship
company of the
Aditya Birla Group,
set up in
technical collaboration with
Japan Exlan Co., Ltd., to
manufacture acrylic fibre
by being granted
the promotional privilege from the
Board of Investment
[BOI]. Its production
facility is located
in Kaengkhoi, Saraburi
Province. The subject currently
employs approximately 420
staff.
The subject is
the 5th largest
acrylic fiber manufacturer in the world.
Its products are
marketed under the
brand name “BIRLACRIL”
trademark, which include
high quality dyed
and raw white
tow, top and
fiber for various
manufacturers, such as
sweaters, blankets, carpets,
soft toys, and
awning with over
30 different variety
of acrylic fiber.
The products are
sold in more
than 40 countries
covering all continents.
The company has
a strong focus
on systems improvement
and has established
comprehensive standards of ISO
9001 : 2000, ISO 14001, OHSAS 18000
and SA 8000.
The company also
achieved Level 7 in the International
Quality Rating System
(IQRS) of DNV, Norway
and has received
the Qimpro Benchmark
Award 2001 and 2003;
the Golden Peacock Global
Quality Award - 2003;
the National Award
for Excellence in Energy
Management 2003 and
the Golden Peacock
Global Environment Management Award 2004.
The subject is a subsidiary
of India-based Aditya
Birla Group, the
first synthetic yarn
plant in Thailand
which came on stream in
1970.
The subject is also the
first acrylic fibre
manufacturer in ASEAN,
and one of
the top two
service providers of
acrylic application development.
The subject’s registered
address is 16th Floor,
Mahatun Plaza Building, 888/168-169 Ploenchit Rd., Lumpini, Pathumwan, Bangkok 10330, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Shyam Sunder
Mahansaria |
|
Indian |
79 |
|
Mr. Nirint Sajdev |
|
Thai |
75 |
|
Mr. Deepak Mittal |
|
Indian |
70 |
|
Mr. Kumara Mangalam
Birla : Chairman of
the Group |
|
Indian |
48 |
|
Mrs. Rajashree Birla |
|
Indian |
68 |
|
Mr. Songkram Chivapravatdamrong |
|
Thai |
70 |
|
Mr. Hari Krishna
Agarwal |
|
Indian |
55 |
|
Mr. Krishna Kishore
Maheehwari |
|
Indian |
59 |
|
Mr. Thomas Varghese |
|
Indian |
53 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the subject with
company’s affixed.
MANAGEMENT
Mr. Nirint Sajdev
is the President
& Chief Executive Officer.
He is Thai
nationality with the
age of 75
years old.
Mr. Krishna Kishore
Maheehwari is the
Vice President - Technical.
He is Indian
nationality with the
age of 59
years old.
Mr. Lahvindra Singh
is the Vice
President - Manufacturing.
He is Indian
nationality.
Mr. Amit Dayal
is the Vice
President - Marketing & Sales
Manager.
He is Indian
nationality.
Mr. Deepak Mittal
is the Vice
President.
He is Indian
nationality with the
age of 70
years old.
Mr. Vinay Jain
is the Financial
Manager.
He is Indian
nationality.
Mr. Pirom Areephan is
the General Manager.
He is Thai
nationality.
Ms. Karuna Choonint is
the Human Resources
Manager.
She is Thai
nationality.
Mr. Arunabha Bhattacharya
is the Customer
Technical Support Department
Manager.
He is Thai
nationality.
Mr. Sushil K. Chaudhari is
the Purchasing Department
Manager.
He is Indian
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
wide range of
Acrylic Fibre and
special products, the
main materials for
textile, knitwear, sportswear,
carpet, toys, blanket & bedding set,
upholstery and apparel
industries. The products
and brands are
as follows:
1. Specialty Products
Brand: “PILBLOC”,
“AMICOR”, “RADIANZA”, “PURA”,
“WARMOS”,
“ECOFUR”,
“CRAVONA”, “DURASHINE”, “MICROSUPREME”,
and “BIRLACRIL XS”
2. Standard Products
Range of
products include raw
white, acrylic tow
worsted spinning, acrylic
staple
fiber raw
white worsted, semi worsted
& woolen spinning.
Products and Applications:
“RADIANZA” fiber applies
in fashion apparels
productions, as well
as uniforms, sweaters
and pullover, mufflers
&caps, stoles, knitwear,
blankets & throws,
and carpet.
“WARMOS” fiber applies
in the productions
of knitted fabric [Jersey, sweaters],
hand knit yarn
and carpets.
“ECOFUR” fiber applies
in the productions
of overcoats, jackets,
coat linings, BOA/high
pile articles, soft
toys, automotive seat
covers, Raschel blankets
and fancy yarns.
“CRAYONA” fiber applies in
the productions of
sweaters, pullovers and cardigans, fashion apparels, jacket
and overcoats, winter
wear in blend
with wool, gloves, caps
and stoles.
“DURASHINE” fiber applies in
the productions of
awning, sun umbrellas,
outdoor furniture and
upholsteries, marine exterior
and decorative.
“PURA” optical white
fiber applies in
the productions of
knitwear, sweater, Jersey,
under wear, shirts, socks, hand
knits, woven upholstery,
curtain, woven cloth,
religious dress and pile
fabric products.
The subject received
the production technology
from Japan Exlan
Co., Ltd., Japan.
PRODUCTION CAPACITY
114,000 tons per
annum
IMPORT [COUNTRIES]
Raw material, chemical,
cotton and computer
technology are imported
from
Japan, Hong Kong,
Republic of China,
Taiwan, Singapore, India
and Switzerland.
MAJOR SUPPLIERS
Gutor Electronic Ltd. : Switzerland
Thai Rayon Public Company Limited : Thailand
Thai Sulphites and
Chemicals Co., Ltd. :
Thailand
Asahi Kasei Chemical
Corporation : Japan
Mitsui & Co [Thailand] Ltd. : Thailand
BASF [Thai] Ltd. : Thailand
SALES [LOCAL]
15% of the
products is sold
locally by wholesale
to manufacturers and
end-users.
EXPORT [COUNTRY]
85% of the products is
exported to India,
Indonesia, Philippines, Republic
of China, Pakistan, Iran, Vietnam, Hong Kong, Nepal, Myanmar, Canada,
Australia, Bangladesh, South
Africa, South Korea,
Sri Lanka, Turkey and
other countries in
Europe and Middle
East region.
RELATED &
AFFILIATED COMPANIES
The Aditya Birla
Group consists of:
Indo Thai Synthetics
Co., Ltd.
Business Type : Manufacturer of
synthetics yarn
Thai Rayon Public
Co., Ltd.
Business Type : Manufacturer
of viscose rayon
staple fibre and
anhydrous sodium sulphate
Thai Carbon Black
Public Co., Ltd.
Business Type : Manufacturer of
carbon black
Thai Polyphosphate & Chemicals Co., Ltd.
Business Type : Manufacturer of
sodium tripoly - phosphate
Thai Epoxy and
Allied Products Co., Ltd
Business Type : Manufacturer of
expoxy resin
Thai Sulphites &
Chemicals Co., Ltd.
Business Type : Manufacturer of
sulphate
P.T. Indo Liberty
Textile Co., Ltd.
Business Type : Manufacturer of
spun yarn
Thai Peroxide Co., Ltd.
Business Type : Manufacturer of
hydrogen peroxide
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.
Exports are against
L/C at sight
or T/T.
BANKING
Deutsche Bank AG
[Bangkok Office
: 208 Wireless Rd.,
Lumpini, Pathumwan, Bangkok
10330]
The Siam Commercial
Bank Public Co., Ltd.
[Head Office
: 9 Ratchadapisek
Rd., Ladyao, Jatujak,
Bangkok 10900]
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Kasikornbank Public Co., Ltd.
[Head Office
: 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
EMPLOYMENT
The subject employs
approximately 420 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
The factory is
located at 54
Moo 5, Sudbantad,
Tarndiew, Kaengkhoi, Saraburi 18110
Thailand, on approximately
160,000 square meters plot
of land.
Tel : [66] 36
251-316-24, 36 240-100
Fax : [66]
36 251-325-6
COMMENT
Thai Acrylic Fibre (TAF) ranks
among the top three quality acrylic
fibre producers globally. It is one of the top two service providers of acrylic
application development. The company has also been rated as a top class acrylic
producer for the manufacture of special blanket applications.
Its products enjoy world wide reputation and recognition. Consistent
superior quality and reliable services have enabled
the company to achieve the
leadership in the
industry.
The subject remained stable
growth in exports despite the overall market is stiffing from the slow
consumption in some countries
in Europe.
FINANCIAL INFORMATION
The capital was registered
at Bht. 205,000,000 divided into
2,050,000 shares of
Bht. 100 each.
The capital was
increased later as
followings:
Bht. 570,000,000
on October 21,
1993
Bht. 712,500,000
on April 23,
1996
The latest registered
capital was increased
to Bht. 712,500,000
divided into 71,250,000
shares of Bht.
10 each with
fully paid.
MAIN SHAREHOLDERS
[as at
May 27, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Thai Rayon Public
Co., Ltd. Nationality: Thai Address : 888/160-161
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok 10330 |
21,373,173 |
30.00 |
|
Thai Carbon Black
Public Co., Ltd. Nationality: Thai Address : 888/122,
888/128 Ploenchit Rd.,
Lumpini, Pathumwan, Bangkok
10330 |
11,386,503 |
15.98 |
|
Mr. Songkram Chivapravatdamrong Nationality: Thai Address : 470
Bangkhunthienchaitalay Rd.,
Samaedam, Bangkhunthien, Bangkok |
8,906,250 |
12.50 |
|
Asseau Company Ltd.
Nationality: British Address : Barclays
House Wickhams Cay Road
Town, Tortola, BVI |
6,175,000 |
8.67 |
|
Mrs. Ratchanee Kalili Nationality : Thai Address : 58/99
Soi Prompak, Klongtonnua,
Watana, Bangkok |
3,272,100 |
4.59 |
|
Mr. Kamol Pichitsingh Nationality : Thai Address : 58/99
Soi Prompak, Klongtonnua,
Watana, Bangkok |
1,278,846 |
1.79 |
|
Mr. Direk Panichkraiwalkosin Nationality: Thai Address : 25/1
Charansanitwongse Rd., Thaphra,
Bangkokyai, Bangkok |
1,196,153 |
1.67 |
|
Thai Acrylic Co.,
Ltd. Nationality: Thai Address : 85
Sukhumvit 42 Rd.,
Prakanong, Bangkok |
975,000 |
1.37 |
|
Mahasmuth Investment [Pte]
Ltd. Nationality: Singaporean Address : 15
Scotts Rd., #04-01/03
Thong Teck Bldg., Singapore |
929,245 |
1.30 |
|
Other Shareholders |
15,757,730 |
22.13 |
Total Shareholders : 104
Share Structure [as
at May 27,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
86 |
60,355,755 |
84.71 |
|
Foreign |
18 |
10,894,245 |
15.29 |
|
Total |
104 |
71,250,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Vichien Kingmontri No.
3977
Note
The 2013 financial
statement was not
available during investigation.
BALANCE
SHEET [BAHT]
The latest financial
figures published for
December 31, 2012,
2011 & 2010
were:
ASSETS
|
Current Assets |
2012 |
2011 [Adjusted] |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
59,789,625 |
111,554,421 |
6,497,671 |
|
Trade Accounts Receivable |
1,101,765,837 |
1,331,570,876 |
1,252,458,725 |
|
Related Company Receivable |
- |
- |
68,554,253 |
|
Inventories |
1,061,868,321 |
1,024,461,220 |
1,119,652,658 |
|
Other Current Assets
|
25,554,055 |
28,451,106 |
150,865,499 |
|
|
|
|
|
|
Total Current Assets
|
2,248,977,838 |
2,496,037,623 |
2,598,028,806 |
|
Lending to Related Company |
739,887,939 |
276,697,885 |
- |
|
Investment in Related
Company |
504,060,714 |
504,060,714 |
504,060,714 |
|
Fixed Assets |
1,945,921,464 |
2,204,288,033 |
2,404,875,228 |
|
Intangible Assets |
3,680,856 |
1,437,884 |
- |
|
Other Assets |
4,248,091 |
3,743,530 |
3,617,030 |
|
Total Assets |
5,446,776,902 |
5,486,265,669 |
5,510,581,778 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 [Adjusted] |
2010 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
860,671,943 |
279,165,763 |
177,262,062 |
|
Trade Accounts & Other
Payable |
1,340,792,637 |
1,531,190,319 |
1,354,770,123 |
|
Related Company Payable |
- |
- |
2,192,654 |
|
Other Payable |
- |
- |
12,456,785 |
|
Current Portion of Long-term
Loan from Financial
Institutions |
50,000,000 |
220,000,000 |
367,500,000 |
|
Accrued Expenses |
- |
- |
37,544,900 |
|
Accrued Income Tax |
- |
33,655,726 |
66,948,458 |
|
Advance Received from Customer |
8,963,677 |
6,760,568 |
25,359,135 |
|
Other Current Liabilities |
8,434,449 |
7,813,474 |
6,795,921 |
|
|
|
|
|
|
Total Current Liabilities |
2,268,862,706 |
2,078,585,850 |
2,050,830,038 |
|
Long-term Loan Financial
Institutions |
- |
50,000,000 |
270,000,000 |
|
Employee Benefits Obligation |
110,228,187 |
110,502,222 |
- |
|
Total Liabilities |
2,379,090,893 |
2,239,088,072 |
2,320,830,038 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value Authorized, issued
& fully paid-up share capital
71,250,000 shares |
712,500,000 |
712,500,000 |
712,500,000 |
|
|
|
|
|
|
Capital Paid |
712,500,000 |
712,500,000 |
712,500,000 |
|
Premium on Share
Capital |
603,000,000 |
603,000,000 |
603,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
71,250,000 |
71,250,000 |
71,250,000 |
|
Unappropriated |
1,680,936,009 |
1,860,427,597 |
1,803,001,740 |
|
Total Shareholders' Equity |
3,067,686,009 |
3,247,177,597 |
3,189,751,740 |
|
Total Liabilities &
Shareholders' Equity |
5,446,776,902 |
5,486,265,669 |
5,510,581,778 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 [Adjusted] |
2010 |
|
|
|
|
|
|
Sales Income |
8,061,760,889 |
9,399,081,102 |
8,607,869,460 |
|
Gain / [Loss] on Exchange
Rate |
11,361,704 |
[12,239,151] |
92,097,224 |
|
Other Income |
70,416,258 |
21,337,379 |
43,068,212 |
|
Total Revenues |
8,143,538,851 |
9,408,179,330 |
8,743,034,896 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods Sold
|
7,895,906,766 |
8,796,061,728 |
7,900,609,695 |
|
Selling Expenses |
214,592,826 |
169,730,614 |
156,352,040 |
|
Administrative Expenses |
105,780,660 |
92,688,724 |
61,333,602 |
|
Total Expenses |
8,216,280,252 |
9,058,481,066 |
8,118,295,337 |
|
|
|
|
|
|
Profit before Financial Cost & Income Tax |
[72,741,401] |
349,698,264 |
624,739,559 |
|
Financial Cost |
[35,500,187] |
[41,009,987] |
[39,970,140] |
|
Profit before Income
Tax |
[108,241,588] |
308,688,277 |
584,769,419 |
|
Income Tax |
- |
[78,583,103] |
[89,154,232] |
|
|
|
|
|
|
Net Profit / [Loss] |
[108,241,588] |
230,105,174 |
495,615,187 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.99 |
1.20 |
1.27 |
|
QUICK RATIO |
TIMES |
0.51 |
0.69 |
0.65 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.14 |
4.26 |
3.58 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.48 |
1.71 |
1.56 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
49.09 |
42.51 |
51.73 |
|
INVENTORY TURNOVER |
TIMES |
7.44 |
8.59 |
7.06 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
49.88 |
51.71 |
53.11 |
|
RECEIVABLES TURNOVER |
TIMES |
7.32 |
7.06 |
6.87 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
61.98 |
63.54 |
62.59 |
|
CASH CONVERSION CYCLE |
DAYS |
36.99 |
30.68 |
42.25 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
97.94 |
93.58 |
91.78 |
|
SELLING & ADMINISTRATION |
% |
3.97 |
2.79 |
2.53 |
|
INTEREST |
% |
0.44 |
0.44 |
0.46 |
|
GROSS PROFIT MARGIN |
% |
3.07 |
6.51 |
9.79 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(0.90) |
3.72 |
7.26 |
|
NET PROFIT MARGIN |
% |
(1.34) |
2.45 |
5.76 |
|
RETURN ON EQUITY |
% |
(3.53) |
7.09 |
15.54 |
|
RETURN ON ASSET |
% |
(1.99) |
4.19 |
8.99 |
|
EARNING PER SHARE |
BAHT |
(1.52) |
3.23 |
6.96 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.44 |
0.41 |
0.42 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.78 |
0.69 |
0.73 |
|
TIME INTEREST EARNED |
TIMES |
(2.05) |
8.53 |
15.63 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(14.23) |
9.19 |
|
|
OPERATING PROFIT |
% |
(120.80) |
(44.02) |
|
|
NET PROFIT |
% |
(147.04) |
(53.57) |
|
|
FIXED ASSETS |
% |
(11.72) |
(8.34) |
|
|
TOTAL ASSETS |
% |
(0.72) |
(0.44) |
|
ANNUAL
GROWTH : RISKY
An annual sales growth is -14.23%. Turnover has decreased from THB 9,399,081,102.00
in 2011 to THB 8,061,760,889.00 in 2012. While net profit has decreased from
THB 230,105,174.00 in 2011 to THB -108,241,588.00 in 2012. And total assets has
decreased from THB 5,486,265,669.00 in 2011 to THB 5,446,776,902.00 in 2012.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.07 |
Deteriorated |
Industrial Average |
59.71 |
|
Net Profit Margin |
(1.34) |
Deteriorated |
Industrial Average |
2.35 |
|
Return on Assets |
(1.99) |
Deteriorated |
Industrial Average |
4.21 |
|
Return on Equity |
(3.53) |
Deteriorated |
Industrial Average |
8.98 |
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 3.07%. 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 -1.34%.
When compared with the industry average, the ratio of the company was lower.
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 -1.99%.
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 -3.53%.
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 |
0.99 |
Risky |
Industrial Average |
1.51 |
|
Quick Ratio |
0.51 |
|
|
|
|
Cash Conversion Cycle |
36.99 |
|
|
|
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 0.99 times in 2012, decreased from 1.2 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 0.51 times in 2012,
decreased from 0.69 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 37 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.44 |
Impressive |
Industrial Average |
0.44 |
|
Debt to Equity Ratio |
0.78 |
Impressive |
Industrial Average |
0.72 |
|
Times Interest Earned |
(2.05) |
Risky |
Industrial Average |
0.88 |
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 -2.05 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.44 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 Downtrend
Times Interest Earned Downtrend
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.14 |
Impressive |
Industrial Average |
0.83 |
|
Total Assets Turnover |
1.48 |
Satisfactory |
Industrial Average |
1.82 |
|
Inventory Conversion Period |
49.09 |
|
|
|
|
Inventory Turnover |
7.44 |
Impressive |
Industrial Average |
5.20 |
|
Receivables Conversion Period |
49.88 |
|
|
|
|
Receivables Turnover |
7.32 |
Impressive |
Industrial Average |
3.23 |
|
Payables Conversion Period |
61.98 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.32 and 7.06 in
2012 and 2011 respectively. This ratio measures the efficiency of the company in
managing its trade debtors to generate revenue. A lower ratio may indicate over
extension and collection problems. Conversely, a higher ratio may indicate an
overtly stringent policy. In this case,
the company's A/R ratio in 2012 increased from 2011. This would suggest the
company had good performance 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 43 days at the
end of 2011 to 49 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 8.59 times in year 2011 to 7.44 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.48 times and 1.71
times in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.23 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.