MIRA
INFORM REPORT
|
Report Date : |
02.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
BAYER THAI CO., LTD. |
|
|
|
|
Registered Office : |
130/1 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
1962 |
|
|
|
|
Com. Reg. No.: |
0105505000451 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in importing, manufacturing, exporting
and distributing complete
range of industrial
chemicals and raw
industrial chemicals |
|
|
|
|
No. of Employees : |
950 |
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 – 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
BAYER THAI
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 130/1
NORTH SATHORN ROAD,
SILOM,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66]
2232-7000
FAX : [66]
2236-7738
E-MAIL
ADDRESS : withaya.wichayarangsaridh@bayer.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1962
REGISTRATION
NO. : 0105505000451
[Former : 60/2505]
TAX
ID NO. : 3101028805
CAPITAL REGISTERED : BHT. 7,441,590,000
CAPITAL PAID-UP : BHT.
7,441,590,000
SHAREHOLDER’S PROPORTION : GERMAN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE : MS. CELINA LI-SIEN
CHEW, AUSTRALIAN
MANAGING DIRECTOR
NO.
OF EMPLOYEES : 950
[BAYER GROUP OF COMPANIES]
LINES
OF BUSINESS : POLYMER, CHEMICAL,
HEALTH CARE &
CROP
SCIENCE AND OTHER
BUSINESSES
MANUFACTURER, IMPORTER,
EXPORTER
& DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
Bayer’s long association with Thailand
began when the first Bayer
dyestuffs were imported in the
1920s. In 1948 Bara Windsor Co.,
Ltd. was appointed
as the agent
for various Bayer products,
while Berli Jucker Co., Ltd. handled
Agfa’s and pharmaceutical products. Bayer attained
an official corporate presence with
the formation of “Bayer Thai
Co., Ltd.” on
March 16, 1962.
It was a
subsidiary of Bayer
AG in Germany,
in which Bayer
AG held 86%
of shares at
that time.
In 1969, the first
headoffice, “Bayer House”
was opened. Bayer Thai has
established a formidable
presence in Thailand
involved in the
marketing of more
than 3,000 products
through 21 business
groups.
Presently, its business
objective is to
operate complete range
of industrial chemicals,
which are divided
into 3 main
subgroups, consists of
Bayer Healthcare Subgroup,
Bayer CropScience Subgroup
and Bayer MaterialScience Subgroup,
with total employment
of 950 staff.
At present subject
is a wholly
owned subsidiary of
Bayer MaterialScience
Aktiengesellschaft, in
Germany.
It had been
awarded the Good
Manufacturing Practice [GMP] certification
for household and
environmental science production
by the Food
and Drug Administration [FDA] of
Thailand in 1999, as well
as The ISO 14001 certification
to verify the
site’s high standard
of environmental management system
in 2001, and also
achieved the QHSAS 18001
certification in 2006.
The subject’s registered address
is 130/1 North Sathorn Rd., Silom,
Bangrak, Bangkok 10500, and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality
|
Age
|
|
|
|
|
|
|
Mr. Mehmet Alp Atay |
|
German |
- |
|
Mr. Sinchai Sawasdichai |
|
Thai |
60 |
|
Mr. Withaya Wichayarangsaridh |
|
Thai |
57 |
|
Ms. Celina Li-Sien Chew |
|
Australian |
48 |
|
Mrs. Miriam Holstein |
|
German |
47 |
AUTHORIZED PERSON
Any two of the
above directors can
jointly sign on behalf of
the subject with company’s affixed.
MANAGEMENT
Ms. Celina Li-Sien Chew is
the Managing Director.
She is Australian
nationality with the
age of 48
years old.
Mr. Withaya Wichayarangsaridh is
the G.M. [Public and
Government Affairs].
He is Thai
nationality with the
age of 57
years old.
Ms. Chayanan Boonyaperm is
the Corporate Communication
Manager.
She is Thai
nationality.
Ms. Srinual Kongpichetkul is
the Human Resources
Manager.
She is Thai
nationality.
Mr. Supphachai Sangiamwong is
the Information Management
Manager.
He is Thai
nationality.
Mr. Peera Sri-ubolmas is
the Factory Manager [Bangpoo Plant].
He is Thai
nationality.
Mr. Stefan De Vos is the
Factory Manager [Map
Ta Phut Plant].
He is Belgian
nationality.
Ms. Vasana Changsobha is
the Sales Manager
[Health Care].
She is Thai
nationality.
Mr. Sitthiporn Jongpattanasombat is
the Sales Manager
[Animal Health].
He is Thai
nationality.
Mr. Sasipat Chulagata
is the Sales
Manager [Consumer Care].
He is Thai
nationality.
Mr. Ratthakorn Kittitham is
the Sales Manager
[Crop Protection].
He is Thai
nationality.
Ms. Vipa Intapaluck is
the Sales Manager
[Polycarbonates].
She is Thai
nationality.
Mr. Vorakit Phoomtrakul is
the Sales Manager
[Basic Chemical].
He is Thai
nationality.
Mr. San Wangthanapat is
the Sales Manager
[Coating, Adhesive, Specialties].
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing,
manufacturing, exporting and
distributing complete range
of industrial chemicals
and raw industrial
chemicals, which can
be divided into 3
main business groups
as follows:
1. Bayer Healthcare
group
The
group is one
of the world’s
leading innovative companies
in the healthcare
and medical products
industry. Range of products
comprise animal health care,
consumer care and
Bayer Schering Pharma, with
the well known
brands as Canesten, Alka-Seltzer,
Bayer Aspirin, Bepanthen,
Berocca, Redoxon, Supradyn,
Vapex, Zam-Buk and CDR Fortos.
2. Bayer Crop
Science
The group is
one of the
leading companies for
crop protection, seeds,
environment science, bio-science,
biotechnology and non-agricultural pest
control in the
world. The business
offers a broad
portfolio of products
to farmers with
a focus on
rice and fruit
crops. “TILLER”, “WHIP” and “RICESTAR”
trademark are leading
herbicides for control
of grasses and
other weeds in
rice. Solution for
fruit crops include
the “ANTRACOL” fungicide and
the “PROVADO”, “SEVIN” and
“FOLITEC” insecticides.
3. Bayer Material
Science
The
group is a
leading manufacturer of
innovative, high-performance materials
for applications in
numerous areas, of
daily life. The
main customers are
companies in the chemicals,
automotive, construction,
electrical and electronics,
sports and leisure,
packaging and medical
technology sectors. The
products include “MAKROLON” trademark of
Polycarbonates, “DESMODUR”,
“DESMOPHEN”, “BAYFIT”, “BAYFLEX”, “BAYTEC” and
“DESMOPAN” trademark of
Polyurethane, as well
as coating chemicals
adhesive chemicals and
specialties chemicals.
The subject is
also a representative agent
of LANXESS’s products of
Lanxess Deutchland GmbH
in Germany.
IMPORT [COUNTRIES]
Raw materials
are imported from
Germany, Japan, France,
United States of
America, Netherlands, United
Kingdom, Brazil, Malaysia,
India, Republic of
China, Israel, Spain
and Singapore.
MAJOR SUPPLIERS
Thasco Chemical Co., Ltd. : Thailand
Vinythai Public Co.,
Ltd. : Thailand
Siam Styrene Monomer
Co., Ltd. : Thailand
Lanxess Deutchland GmbH. : Germany
Bayer MaterialScience AG. : Germany
Tanatex Chemical B.V. : Netherlands
Bayer CropScience AG. : Germany
SALES [LOCAL]
80% of its
chemical products are distributed by
Lanxess [Thailand] Co., Ltd.,
the related company,
as well as
other products are
sold to manufacturers, wholesalers,
end-users and Thai
Government.
EXPORT [COUNTRIES]
20% of its
products are exported
to Southeast Asia,
such as Singapore,
Malaysia,
Sri Lanka, Laos,
Hong Kong, Republic of China,
Indonesia, Vietnam, Taiwan,
India,
South Korea, Australia and
New Zealand.
PARENT COMPANY
Bayer MaterialScience Aktiengesellschaft, Germany
RELATED/ASSOCIATED COMPANIES
H.C. Starck [Thailand]
Co., Ltd.
Business Type : Manufacturer base
produces Tantalum &
Niobium products
Address : 5, 1-3A Rd., Map Ta Phut
Industrial Estate, Rayong
21150
Awarded : ISO 9002, 14001
certification in 1999
and 2000 respectively
Lanxess [Thailand] Co., Ltd.
Business Type : Distributor of
industrial chemical
Bayer CropScience [Thailand]
Co., Ltd.
Business Type : Manufacturer and
distributor of animal
health care & crop protection
Products
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.
Imports are by L/C at
sight or on
the credit term
& T/T.
Exports are against
L/C at sight
or on credit
term & T/T.
BUSINESS TRANSACTION
The products are
sold both by
cash and credit,
with the maximum credit given at
30-60 days. The subject is
not found to
have problem on
its account receivable.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 950 staff.
[Bayer Group of
Companies]
LOCATIONS
The premises is
owned for administrative office
and Bayer Center
at the heading
address. The premise
is located in a
prime commercial area.
Branch offices:
Bayer HealthCare
Pharmaceuticals
- 28/19
Moo 4, Chaengwattana
Rd., Bangtalad, Pakkred,
Nonthaburi 11120.
Polycarbonate Production
Site
- 4-4/1
I-8 Rd., Map
Ta Phut Industrial
Estate, Map Ta
Phut, Muang, Rayong
21150.
Bayer CropScience
Formulation Site &
BaySystems ASEAN
- 239 Moo 4,
Bangpoo Industrial Estate,
Soi 3, Praeksa, Muang, Samutprakarn
10280.
Rice Development
Center
- 200 Moo
6, Donpru, Si
Prachan, Suphanburi 72140.
Production Sites:
Map Ta Phut
Production Site is
located on the
area of 212,000
square meters at
4-4/1 I-8 Rd.,
Map Ta Phut
Industrial Estate, Rayong
21150.
The plastic production
plant started up
in 1996. With
a world-scale production capacity, the local manufacturing
of Lustran ABS, the engineering plastic made from acrylonitrile, butadiene
and styrene; Lustran SAN, a
product for injection molding application,
based on styrene and acrylonitrile; Bayblend
(PC/ABS) a polymer
blend of ABS and
Polycarbonate; and the
newest addition Makrolon
(Polycarbonate) are supplied to Thailand and Asia/Pacific
countries and other
regional markets through
the Bayer network.
The subject is further expanding its production capacity of
polycarbonate to 150,000 tons/annum
by the year 2002 after the start-up
of the first phase of polycarbonate production
in November 1999. As an
integral part of
the second phase,
a plant to produce
160,000 tons/annum of the precursor product Bisphenol A is also being
constructed.
The plant received ISO 14001 and ISO 9001 certifications in 1998 plus
the Occupational Health
and Safety Assessment
Services [OHSAS 18000] were
obtained in 2000. 10% of
the total investment
have been spent
for Health, Environment,
and Safety issues.
Bang Poo Product
Site is on
52,000 square meters
at 239 Moo
4, Bangpoo Industrial
Estate, Samutprakarn 10280.
The manufacturing facility
of Bayer Thai Co., Ltd. has
commenced the operation
since 1983. The plant
initially produced household
insecticides under Baygon
trade-name for the Consumer Care Business Group. The state-of-the-art
facility has been developed and
expanded to serve
increasing domestic and export
market demands and
the growth of Bayer's
business groups.
At present, the
plant houses production
lines are for three
business groups which
are Crop Protection, Animal
Health and Consumer Care. Products include insecticides Confidor and Folitec, molluscides Bayluscide under Crop
Protection Business Group; Animal Health's
rodenticide Racumin, anti-parasites Asuntol and Negasunt, dusting powder for
the treatment and
protection of wounds
against bacterial infection, as well as Baygon of Consumer Care
Business Group. The products will be formulated and packaged in
forms of liquid
and solid substances
to serve domestic
and overseas markets with
annual capacity of
over 8,000 tons, including Baygon
manufacturing of more than 20
million units a
year.
A regional herbicide
plant of Crop
Protection Business Group
had been set up
in the year 2000 with
the capacity of 2,000 tons per
annum, including the production of herbicide
Lecspro.
Bayer Thai’s facility at Bangpoo Industrial Estate
was awarded the
first ever Good
Manufacturing Practice [GMP]
certification for household
insecticide production by
the Food and
Drug Administration [FDA]
of Thailand in
1999. The subject
has committed to
environmental production, occupational
and plant safety,
and product stewardship
under the principles
of “Responsible Care”.
In addition, the
plant recently achieved
the
ISO 14001 certification
to verify high
technology of the
environmental management system
in June 2001.
COMMENT
Bayer is a global
enterprise with core competencies in the
fields of health care, nutrition and
high-technology materials.
The company’s products and services
are designed to
benefit people and
improve their quality
of life. At
the same time, Bayer
creates value through
innovation, growth and
improved earning power.
In Thailand,
Bayer’s focus is on
polymers, chemicals and
agricultural products. The subject is doing very well in
the agricultural and
chemical business. The
polymers business is
increasing, and products
for the textile
industry are doing
fine because its
distribution sales customers
are exporting and
were able to
obtain funds.
The subject also made good progress strategically, continuing
to develop its innovation pipeline and bringing new products to market. It
systematically strengthened a life-science business through
acquisitions and considerably
expanded the business in the emerging markets. This
also made an
optimistic for the
growth of sales
in 2014.
FINANCIAL INFORMATION
The capital was initially registered
at Bht. 2,000,000 divided
into 2,000 shares
of Bht. 1,000
each.
The capital was
increased later as
followings:
Bht.
30,000,000 on February
19, 1999
Bht.
7,441,590,000 on December
14, 1999
The latest capital
was divided into
7,441,590 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as at April
30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Bayer MaterialScience Aktiengesellschaft Nationality : German Address : Leverkusen,
Germany |
7,441,588 |
100.00 |
|
Bayer Gesellschaft fuer
Beteiligungen mbH Nationality
: German Address : Leverkusen,
Germany |
1 |
- |
|
Zweite K-W-A Beteiligungsgesellschaft mbH Nationality : German Address : Leverkusen,
Germany |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign-German |
3 |
7,441,590 |
100.00 |
|
Total |
3 |
7,441,590 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.:
Mrs. Suwannee Puripanyo
No. 3371
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2013, 2012
and 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
696,629,007 |
268,729,950 |
28,214,732 |
|
Trade Accounts & Other Receivable |
7,815,142,634 |
7,154,796,999 |
7,614,135,251 |
|
Short-term Lending to Related
Company |
1,015,530,418 |
698,030,969 |
- |
|
Inventories |
4,973,089,971 |
6,515,669,221 |
5,159,945,195 |
|
Other Current Assets
|
248,856,403 |
270,022,805 |
332,339,899 |
|
|
|
|
|
|
Total Current Assets
|
14,749,248,433 |
14,907,249,944 |
13,134,635,077 |
|
Investment in Subsidiary |
6,923,079 |
6,974,239 |
7,020,551 |
|
Fixed Assets |
7,090,289,013 |
7,836,718,004 |
8,503,515,414 |
|
Goodwill |
518,378,745 |
592,432,851 |
675,046,912 |
|
Intangible Assets |
47,453,045 |
53,059,929 |
51,796,601 |
|
Deferred Income Tax |
547,609,209 |
259,090,132 |
263,491,738 |
|
Other Non-current Assets |
47,350,327 |
36,845,230 |
39,476,856 |
|
Total Assets |
23,007,251,851 |
23,692,370,329 |
22,674,983,149 |
LIABILITIES & SHAREHOLDERS' EQUITY
[BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Short-term Loan from financial Institution |
- |
- |
502,000,000 |
|
Trade Accounts & Other
Payable |
5,024,459,338 |
4,751,043,456 |
2,769,008,792 |
|
Accrued Income Tax |
- |
- |
179,289,223 |
|
Other Current Liabilities |
81,943,019 |
11,118,681 |
63,172,274 |
|
|
|
|
|
|
Total Current Liabilities |
5,106,402,357 |
4,762,162,137 |
3,513,470,289 |
|
Provision for Employees’
Benefits |
377,526,657 |
342,984,327 |
312,832,220 |
|
Total Liabilities |
5,483,929,014 |
5,105,146,464 |
3,826,302,509 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value Authorized, issued
and fully paid share
capital 7,441,590 shares |
7,441,590,000 |
7,441,590,000 |
7,441,590,000 |
|
|
|
|
|
|
Capital Paid |
7,441,590,000 |
7,441,590,000 |
7,441,590,000 |
|
Retained Earning Appropriated for Statutory Reserve |
744,159,000 |
744,159,000 |
744,159,000 |
|
Unappropriated [Deficit] |
9,337,573,837 |
10,401,474,865 |
10,662,931,640 |
|
Total Shareholders' Equity |
17,523,322,837 |
18,587,223,865 |
18,848,680,640 |
|
Total Liabilities &
Shareholders' Equity |
23,007,251,851 |
23,692,370,329 |
22,674,983,149 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales & Services Income |
28,046,691,081 |
29,992,788,399 |
32,825,730,334 |
|
Other Income |
236,940,228 |
326,955,079 |
313,603,238 |
|
Total Revenues |
28,283,631,309 |
30,319,743,478 |
33,139,333,572 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
27,036,955,591 |
28,030,328,527 |
28,336,358,254 |
|
Selling Expenses |
2,351,811,480 |
2,302,610,454 |
2,354,685,373 |
|
Administrative Expenses |
245,917,457 |
229,942,199 |
212,366,646 |
|
Total Expenses |
29,634,684,528 |
30,562,881,180 |
30,903,410,273 |
|
|
|
|
|
|
Profit before Interest Expenses
& Income Tax |
[1,351,053,219] |
[243,137,702] |
2,235,923,299 |
|
Interest Expenses |
[353,649] |
[1,123,040] |
[19,160,666] |
|
|
|
|
|
|
Profit before Income Tax |
[1,351,406,868] |
[244,260,742] |
2,216,762,633 |
|
Income Tax |
[287,505,840] |
[17,196,033] |
[443,179,467] |
|
Net Profit / [Loss] |
[1,063,901,028] |
[261,456,775] |
1,773,583,166 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.89 |
3.13 |
3.74 |
|
QUICK RATIO |
TIMES |
1.87 |
1.71 |
2.18 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.96 |
3.83 |
3.86 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.22 |
1.27 |
1.45 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
67.14 |
84.84 |
66.47 |
|
INVENTORY TURNOVER |
TIMES |
5.44 |
4.30 |
5.49 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
101.71 |
87.07 |
84.66 |
|
RECEIVABLES TURNOVER |
TIMES |
3.59 |
4.19 |
4.31 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
67.83 |
61.87 |
35.67 |
|
CASH CONVERSION CYCLE |
DAYS |
101.01 |
110.05 |
115.46 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
96.40 |
93.46 |
86.32 |
|
SELLING & ADMINISTRATION |
% |
9.26 |
8.44 |
7.82 |
|
INTEREST |
% |
0.00 |
0.00 |
0.06 |
|
GROSS PROFIT MARGIN |
% |
4.45 |
7.63 |
14.63 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(4.82) |
(0.81) |
6.81 |
|
NET PROFIT MARGIN |
% |
(3.79) |
(0.87) |
5.40 |
|
RETURN ON EQUITY |
% |
(6.07) |
(1.41) |
9.41 |
|
RETURN ON ASSET |
% |
(4.62) |
(1.10) |
7.82 |
|
EARNING PER SHARE |
BAHT |
(142.97) |
(35.13) |
238.33 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.24 |
0.22 |
0.17 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.31 |
0.27 |
0.20 |
|
TIME INTEREST EARNED |
TIMES |
(3,820.32) |
(216.50) |
116.69 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(6.49) |
(8.63) |
|
|
OPERATING PROFIT |
% |
455.67 |
(110.87) |
|
|
NET PROFIT |
% |
(306.91) |
(114.74) |
|
|
FIXED ASSETS |
% |
(9.52) |
(7.84) |
|
|
TOTAL ASSETS |
% |
(2.89) |
4.49 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -6.49%. Turnover has decreased from THB 29,992,788,399.00
in 2012 to THB 28,046,691,081.00 in 2013. While net profit has decreased from
THB -261,456,775.00 in 2012 to THB -1,063,901,028.00 in 2013. And total assets
has decreased from THB 23,692,370,329.00 in 2012 to THB 23,007,251,851.00 in 2013.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
4.45 |
Deteriorated |
Industrial
Average |
62.38 |
|
Net Profit Margin |
(3.79) |
Deteriorated |
Industrial
Average |
6.26 |
|
Return on Assets |
(4.62) |
Deteriorated |
Industrial
Average |
6.99 |
|
Return on Equity |
(6.07) |
Deteriorated |
Industrial
Average |
11.35 |
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 4.45%. 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 -3.79%.
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 -4.62%.
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 -6.07%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
2.89 |
Impressive |
Industrial
Average |
2.09 |
|
Quick Ratio |
1.87 |
|
|
|
|
Cash Conversion Cycle |
101.01 |
|
|
|
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 2.89 times in 2013, decreased from 3.13 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 1.87 times in 2013,
increased from 1.71 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 102 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.24 |
Impressive |
Industrial
Average |
0.36 |
|
Debt to Equity Ratio |
0.31 |
Impressive |
Industrial
Average |
0.56 |
|
Times Interest Earned |
(3,820.32) |
Risky |
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 -3820.33 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 0.24 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 |
3.96 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.22 |
Impressive |
Industrial
Average |
1.12 |
|
Inventory Conversion Period |
67.14 |
|
|
|
|
Inventory Turnover |
5.44 |
Impressive |
Industrial
Average |
4.66 |
|
Receivables Conversion Period |
101.71 |
|
|
|
|
Receivables Turnover |
3.59 |
Acceptable |
Industrial
Average |
4.83 |
|
Payables Conversion Period |
67.83 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.59 and 4.19 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 decreased from 85 days at the
end of 2012 to 67 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 4.3 times in year 2012 to 5.44 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.22 times and 1.27
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.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NIS |
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.