MIRA
INFORM REPORT
|
Report Date : |
04.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
05.01.1957 |
|
|
|
|
Com. Reg. No.: |
0105500000011 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in importing, exporting,
distributing, and brokerage
wide range of
industrial products such
as chemicals, plastics, global
production parts, industrial
vehicle, consumer goods,
vehicle, steel sheet,
machinery, metal, processed
food, energy, textile material, ferrous & non-ferrous
products, auto parts, business development & equipment, as
well as logistics
service. |
|
|
|
|
No. of Employees |
600 |
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
TOYOTA
TSUSHO [THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 607
ASOKE-DINDAENG ROAD,
KWAENG DINDAENG,
KHET DINDAENG,
BANGKOK 10400,
THAILAND
TELEPHONE : [66] 2625-5555,
2625-5821-3
FAX :
[66] 2625-5591,
2625-5547
E-MAIL
ADDRESS : info@tttc.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1957
REGISTRATION
NO. : 0105500000011 [Former : 3/2500]
TAX
ID NO. : 3101015355
CAPITAL REGISTERED : BHT. 60,000,000
CAPITAL PAID-UP : BHT.
60,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
JAPANESE :
49.00%
FISCAL YEAR CLOSING DATE : MARCH
31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
HIROFUMI SATO, JAPANESE
PRESIDENT
NO. OF STAFF : 600
LINES
OF BUSINESS : INTERNATIONAL TRADING
COMPANY
IMPORTER, EXPORTER
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 January 5, 1957
as a private
limited company under
the registered name TOYOTA
[THAILAND] CO., LTD., by
a joint venture
between Thai and
Japanese groups, the
Jaovisidha family and
Toyota Tsusho Corporation
in Japan, with
the holding around 51%
and 49% of the
company’s shares
respectively. The subject’s business
objective is engaged
in trading and
retailing wide range
of industrial products.
On July 20, 1987, the subject’s
name was changed
to TOYOTA TSUSHO [THAILAND]
CO., LTD. It currently
employs approximately 600
staff.
Subject
achieved the ISO 9002
and ISO 14001 certificates in
September 2000 and December
2003 respectively.
The
subject’s registered address
is 607 Asoke-Dindaeng Road,
Kwaeng Dindaeng,
Khet
Dindaeng, Bangkok 10400,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Suchin Jaovisidha |
|
Thai |
90 |
|
Dr. Chet Jaovisidha |
|
Thai |
68 |
|
Mrs. Chantra Jaovisidha |
|
Thai |
88 |
|
Mrs. Phenpan Jaovisidha |
|
Thai |
65 |
|
Mrs. Varaporn Jaovisidha |
|
Thai |
64 |
|
Mr. Hiromasa Suzuki |
|
Japanese |
53 |
|
Mr. Hirofumi Sato |
|
Japanese |
59 |
|
Mr. Yuji Nakagawa |
|
Japanese |
56 |
|
Mr. Jun Nakayama |
|
Japanese |
62 |
AUTHORIZED PERSON
Two of
the above directors
can jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Hirofumi Sato is
the President.
He is Japanese
nationality with the
age of 59
years old.
Mrs. Phenpan Jaovisidha is
the Vice President.
She is Thai
nationality with the
age of 65
years old.
Mr. Yuji Nakagawa
is the Financial
and Accounting Director.
He is Japanese
nationality with the
age of 56
years old.
Mr. Hiromasa Suzuki
is the Marketing
Director.
He is Japanese
nationality with the
age of 53
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
exporting, distributing, and
brokerage wide range
of industrial products such as chemicals, plastics, global
production parts, industrial
vehicle, consumer goods,
vehicle, steel sheet,
machinery, metal, processed
food, energy, textile material, ferrous & non-ferrous
products, auto parts, business development & equipment, as
well as logistics
service.
The subject also
provides maintenance and
installation services.
PURCHASE
The products
are purchased from
both local and
overseas suppliers in
Japan, Singapore,
Australia, United
States of America,
Taiwan, Republic of
China, Malaysia, Italy, Indonesia,
Germany, France, United
Kingdom, Denmark and
other worldwide countries.
SALES
The products are
sold and serviced
locally to dealers,
manufacturers and end-users.
EXPORT
The
products are also
exported to Japan,
United States of
America, Taiwan,
Republic
of China, Vietnam, Indonesia,
Laos, Malaysia, Australia,
Hong Kong, India,
Canada, Philippines, Singapore
and the country
in Middle East
and Europe.
SUBSIDIARY AND
AFFILIATED COMPANIES
SUBSIDIARIES
Green Metals [Thailand] Co.,
Ltd.
Business Type: Processing & marketing of
steel scrap
Processing Technology
[Thailand] Co., Ltd.
Business Type: Processing & marketing of
aluminium products
Industrial Tech Service [Thailand] Co.,
Ltd.
Business Type: Trading
all kind of
machinery, spare parts
equipment & accessories for
production both locally
and international
Thai Hino [Nakornsawan]
Co., Ltd.
Business Type : Dealer
of “HINO” automobiles
Toyota Libra Co.,
Ltd.
Business Type : Dealer
of “TOYOTA” automobiles
Toyota Transport [Thailand] Co.,
Ltd.
Business Type : Transport
service
Toyota Tsusho Energy [Thailand] Co.,
Ltd.
Business Type : Trading
of petroleum and
related products
Toyota Tsusho Forklift [Thailand] Co.,
Ltd.
Business Type : Trading
and rental servicing
of material handling
equipment and
various types of
industrial machinery and
equipment
TT Assembly [Thailand] Co.,
Ltd.
Business Type : Manufacturing
and assembling of
tire and wheel
TT Fuji Tool
Support Co., Ltd.
Business Type : Trading
various kinds of
industrial machinery and
parts
TTK Logistics [Thailand] Co.,
Ltd.
Business Type : Logistics
service
TT Insurance Broker [Thailand] Co.,
Ltd.
Business Type : Property & casualty insurance
services
TT Marunouchi [Thailand]
Co., Ltd.
Business Type : Transport
TT Techno-Park Co.,
Ltd.
Business Type : Services
AFFILIATED COMPANIES
Digital Media Asia
Pacific Co., Ltd.
Business Type : Design,
development and maintenance
service of software
and
IT
systems
Thai Chemical Terminal
Co., Ltd.
Business Type : Chemical
storage service and
chemical transportation service
Thai Auto Conversion
Co., Ltd.
Business Type : Manufacturing, assembling, modifying,
converting, selling and
leasing of
automobiles,
motorcycles and trucks
Toyota Auto Body
Thailand Co., Ltd.
Business Type : Producing
and servicing of car parts
and truck bodies
for car
Assembly plant
Yamada Machine Tool [Thailand] Co., Ltd.
Business Type : Distributing
of machine tools
Zeon Advance Polymix
Co., Ltd.
Business Type : Manufacturing
of compound rubbers
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 T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Bangkok
Bank Public Co., Ltd.
[Head
Office : 333 Silom Rd.,
Silom, Bangrak, Bangkok
10500]
The
Siam Commercial Bank
Public Co., Ltd.
[Head Office : 9
Ratchadapisek Rd., Ladyao,
Jatujak, Bangkok 10900]
Krung
Thai Bank Public
Co., Ltd.
[Asoke-Dindaeng Branch : 607 Asoke- Dindaeng Rd.,
Dindaeng, Bangkok 10320]
Bank
of Tokyo- Mitsubishi UFJ
Ltd.
[Bangkok Branch : 54 North
Sathorn Rd., Silom,
Bangrak, Bangkok 10500]
Sumitomo
Mitsui Banking Corporation
[Bangkok Branch : 138 Silom Rd.,
Suriyawongse, Bangrak, Bangkok 10500]
Hongkong
& Shanghai Banking
Corporation
[Bangkok Branch : 968
Rama 4 Rd., Silom,
Bangrak, Bangkok 10500]
EMPLOYMENT
The
subject employs approximately
600 staff [office and
sales staff].
LOCATION
DETAILS
The
premise is owned
for administrative office at the
heading address. Premise is
located in commercial/residential area.
Warehouse
and branch:
-
700/149,
700/187, 189 Moo 1,
Amatanakorn Industrial Estate,
Bangna-Trad Rd.,
Panthong, Chonburi 20160
COMMENT
Since
overall industrial improvement
in 2010, demand
of industrial related
products have significantly
risen, while consumption
are also strongly increased.
The products are mainly
supplied to multi-levels of
users, including small distributors. Its customer
base has widened
into many industrial
and business sectors.
Despite
current economy slowdown and
political turmoil, the
subject’s business remains
solid and enjoys
steady growth.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each.
The
capital was increased
later as following:
Bht. 4,000,000 on
February 12, 1968
Bht. 10,000,000
on August 28,
1980
Bht. 30,000,000
on September 28,
1982
Bht. 60,000,000
on December 24,
2002
The
latest registered capital
was increased to
Bht. 60,000,000 divided into
600,000 shares of 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE :
[as at June 18,
2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Toyota Tsusho Corporation Nationality: Japanese Address : 7-23 Toyota
Bldg, Nakamura-ku, Nagoya, Japan
|
294,000 |
49.00 |
|
Mrs. Chantra Jaovisidha Nationality: Thai Address : 224 Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok 10110 |
236,538 |
39.42 |
|
Visidha Co., Ltd. Nationality: Thai
Address : 607
Asoke-Dindaeng Rd., Dindaeng,
Bangkok
10320 |
21,640 |
3.61 |
|
Ms. Manaporn Jaovisidha Nationality: Thai Address : 224/1
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok 10110 |
15,990 |
2.66 |
|
Dr. Chet Jaovisidha Nationality: Thai Address : 224/4
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok 10110 |
11,750 |
1.96 |
|
Ms. Mathana Jaovisidha Nationality: Thai Address : 198/3
Sukhumvit 49 Rd., Klongtonnua,
Watana, Bangkok 10110 |
5,330 |
0.89 |
|
Ms. Nalinee Jaovisidha Nationality: Thai Address : 92/11
Sukhumvit 31 Rd.,
Klongtonnua,
Watana, Bangkok 10110 |
5,330 |
0.89 |
|
Mr. Phipit Jaovisidha Nationality: Thai Address : 224/3
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok 10110 |
5,330 |
0.89 |
|
Ms. Anustha Jaovisidha Nationality: Thai Address : 198/2
Sukhumvit 49 Rd., Klongtonnua,
Watana, Bangkok 10110 |
4,090 |
0.68 |
|
Mr. Suchin Jaovisidha Nationality: Thai Address : 224 Sukhumvit 49
Rd., Klongtonnua,
Wattana, Bangkok 10110 |
2 |
- |
Total Shareholders : 10
Share Structure [as
at June 18,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
9 |
306,000 |
51.00 |
|
Foreign - Japanese |
1 |
294,000 |
49.00 |
|
Total |
10 |
600,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Charnchai Chaiprasit No.
3760
BALANCE SHEET [BAHT]
The
latest financial figures
published for March
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
36,875,118 |
226,199,113 |
218,080,503 |
|
Trade Accounts Receivable - Other Company
|
14,023,499,263 |
7,297,171,859 |
6,136,472,482 |
|
- Related
Company |
3,880,197,954 |
8,992,431,329 |
7,587,356,671 |
|
Deferred Income -
Related Company |
610,087 |
24,698,413 |
169,590 |
|
Other Trade Accounts Receivable |
28,217,903 |
2,283,491 |
3,317,711 |
|
Short-term Loan to Related
Company |
1,190,840,623 |
1,303,605,860 |
1,291,832,029 |
|
Current Portion of Long-term
Loan to Other Company |
29,090,733 |
20,256,492 |
9,598,034 |
|
Inventories |
11,103,598,277 |
10,694,969,066 |
8,144,388,729 |
|
Deferred Value Added Tax |
84,249,468 |
26,121,646 |
136,021,457 |
|
Advance Payment |
396,478,955 |
192,277,258 |
177,475,122 |
|
Deferred Income |
4,504,646 |
3,732,260 |
|
|
Other Current Assets
|
67,644,685 |
51,293,607 |
47,237,200 |
|
|
|
|
|
|
Total Current Assets
|
30,845,807,712 |
28,835,040,394 |
23,751,949,528 |
|
Investment in Subsidiaries |
1,184,065,317 |
1,077,985,317 |
1,066,254,535 |
|
Investment in Associated Company |
38,276,000 |
38,276,000 |
53,921,000 |
|
Other Long-term Investment |
588,403,856 |
564,984,031 |
564,449,938 |
|
Loan to Employees |
23,020,724 |
22,118,176 |
23,948,782 |
|
Long-term Loan to Related Company |
151,650,415 |
139,408,231 |
156,772,713 |
|
Fixed Assets |
576,678,744 |
622,297,541 |
663,052,683 |
|
Intangible Assets |
7,102,454 |
21,925,868 |
41,676,144 |
|
Deferred Income Tax |
8,004,723 |
55,668,130 |
118,524,742 |
|
Other Non-current Assets |
31,154,528 |
30,017,093 |
29,663,225 |
|
Total Assets |
33,454,164,473 |
31,407,720,781 |
26,470,213,290 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
4,326,911,095 |
7,204,166,829 |
3,397,072,749 |
|
Trade Accounts Payable - Other
Company |
5,013,999,981 |
2,250,470,331 |
2,297,760,252 |
|
- Related
Company |
13,583,786,781 |
13,442,821,403 |
13,048,611,113 |
|
Accrued Income -
Related Company |
2,899,138 |
1,067,456 |
63,485,326 |
|
Current Portion of Long-term
Loan from Financial Institution |
3,118,490 |
- |
332,977,469 |
|
Short-term Loan from Related Company |
249,409,204 |
120,901,573 |
224,437,291 |
|
Accrued Income Tax |
256,874,241 |
326,094,395 |
516,694,096 |
|
Accrued Expenses |
590,591,616 |
510,395,476 |
212,119,545 |
|
Other Current Liabilities |
300,907,322 |
108,316,090 |
145,830,015 |
|
|
|
|
|
|
Total Current Liabilities |
24,328,497,868 |
23,964,233,553 |
20,238,987,856 |
|
Long-term Loan from Financial Institution |
520,611,787 |
323,262,105 |
22,770,598 |
|
Reserve for Employees’ Retirement Benefits |
193,216,065 |
175,306,200 |
161,493,435 |
|
Total Liabilities |
25,042,325,720 |
24,462,801,858 |
20,423,251,889 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par
value authorized, issued
and fully paid share
capital 600,000 shares |
60,000,000 |
60,000,000 |
60,000,000 |
|
|
|
|
|
|
Capital Paid |
60,000,000 |
60,000,000 |
60,000,000 |
|
Unrealized Profit from Investment
in Marketable Securities Available for Sale |
8,146,908 |
4,327,844 |
4,077,990 |
|
Retained Earning Appropriated for Statutory Reserve |
6,000,000 |
6,000,000 |
6,000,000 |
|
General Reserve |
25,000,000 |
25,000,000 |
25,000,000 |
|
Unappropriated |
8,312,691,845 |
6,849,591,079 |
5,951,883,411 |
|
Total Shareholders' Equity |
8,411,838,753 |
6,944,918,923 |
6,046,961,401 |
|
Total Liabilities &
Shareholders' Equity |
33,454,164,473 |
31,407,720,781 |
26,470,213,290 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales & Service Income |
129,547,493,717 |
100,044,581,340 |
93,504,789,216 |
|
Other Income |
990,626,282 |
1,209,467,330 |
737,296,272 |
|
Total Revenues |
130,538,119,999 |
101,254,048,670 |
94,242,085,488 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
125,340,752,567 |
96,874,932,952 |
90,264,347,037 |
|
Selling Expenses |
149,126,781 |
127,260,455 |
115,574,111 |
|
Administrative Expenses |
1,202,473,832 |
1,004,103,949 |
904,081,260 |
|
Other Expenses |
354,348,782 |
44,487,096 |
223,794,096 |
|
Total Expenses |
127,046,701,962 |
98,050,784,452 |
91,507,796,504 |
|
|
|
|
|
|
Profit before Financial
Cost & Income Tax |
3,491,418,037 |
3,203,264,218 |
2,734,288,984 |
|
Financial Cost |
[184,290,950] |
[190,084,949] |
[91,153,841] |
|
Profit before Income Tax |
3,307,127,087 |
3,013,179,269 |
2,643,135,143 |
|
Income Tax |
[692,026,321] |
[795,471,601] |
[741,079,681] |
|
|
|
|
|
|
Net Profit / [Loss] |
2,615,100,766 |
2,217,707,668 |
1,902,055,462 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.27 |
1.20 |
1.17 |
|
QUICK RATIO |
TIMES |
0.79 |
0.75 |
0.75 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
224.64 |
160.77 |
141.02 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.87 |
3.19 |
3.53 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
32.33 |
40.30 |
32.93 |
|
INVENTORY TURNOVER |
TIMES |
11.29 |
9.06 |
11.08 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
39.51 |
26.62 |
23.95 |
|
RECEIVABLES TURNOVER |
TIMES |
9.24 |
13.71 |
15.24 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
14.60 |
8.48 |
9.29 |
|
CASH CONVERSION CYCLE |
DAYS |
57.24 |
58.44 |
47.60 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
96.75 |
96.83 |
96.53 |
|
SELLING & ADMINISTRATION |
% |
1.04 |
1.13 |
1.09 |
|
INTEREST |
% |
0.14 |
0.19 |
0.10 |
|
GROSS PROFIT MARGIN |
% |
4.01 |
4.38 |
4.25 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.70 |
3.20 |
2.92 |
|
NET PROFIT MARGIN |
% |
2.02 |
2.22 |
2.03 |
|
RETURN ON EQUITY |
% |
31.09 |
31.93 |
31.45 |
|
RETURN ON ASSET |
% |
7.82 |
7.06 |
7.19 |
|
EARNING PER SHARE |
BAHT |
4,358.50 |
3,696.18 |
3,170.09 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.75 |
0.78 |
0.77 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.98 |
3.52 |
3.38 |
|
TIME INTEREST EARNED |
TIMES |
18.95 |
16.85 |
30.00 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
29.49 |
6.99 |
|
|
OPERATING PROFIT |
% |
9.00 |
17.15 |
|
|
NET PROFIT |
% |
17.92 |
16.60 |
|
|
FIXED ASSETS |
% |
(7.33) |
(6.15) |
|
|
TOTAL ASSETS |
% |
6.52 |
18.65 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 29.49%. Turnover has increased from THB
100,044,581,340.00 in 2012 to THB 129,547,493,717.00 in 2013. While net profit
has increased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
4.01 |
Deteriorated |
Industrial Average |
20.59 |
|
Net Profit Margin |
2.02 |
Impressive |
Industrial
Average |
1.93 |
|
Return on Assets |
7.82 |
Acceptable |
Industrial
Average |
10.82 |
|
Return on Equity |
31.09 |
Satisfactory |
Industrial
Average |
38.25 |
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 4.01%. 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 2.02%, 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 7.82%.
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 31.09%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.27 |
Satisfactory |
Industrial
Average |
1.30 |
|
Quick Ratio |
0.79 |
|
|
|
|
Cash Conversion Cycle |
57.24 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's figure
is 1.27 times in 2013, increased from 1.2 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.79 times in 2013,
increased from 0.75 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 58 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.75 |
Acceptable |
Industrial
Average |
0.71 |
|
Debt to Equity Ratio |
2.98 |
Risky |
Industrial
Average |
2.45 |
|
Times Interest Earned |
18.95 |
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 18.95 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 0.75 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Stable
ACTIVITY : SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
224.64 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
3.87 |
Acceptable |
Industrial
Average |
5.61 |
|
Inventory Conversion Period |
32.33 |
|
|
|
|
Inventory Turnover |
11.29 |
Acceptable |
Industrial
Average |
17.44 |
|
Receivables Conversion Period |
39.51 |
|
|
|
|
Receivables Turnover |
9.24 |
Impressive |
Industrial
Average |
8.95 |
|
Payables Conversion Period |
14.60 |
|
|
|
The company's Account Receivable Ratio is calculated as 9.24 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 decreased from 40 days at the
end of 2012 to 32 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 9.06 times in year 2012 to 11.29
times in year 2013.
The company's Total Asset Turnover is calculated as 3.87 times and 3.19
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
|
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.