MIRA INFORM REPORT
|
Report Date : |
11.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
SAHAMIT MACHINERY
PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
42,
48 SOI Chokchaijongchamroen, Rama 3
Road, Bangpongpang, Yannawa,
Bangkok 10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
07.06.1973 |
|
|
|
|
Com. Reg. No.: |
0107537002664 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in distributing and servicing wide range of industrial machinery and spare parts |
|
|
|
|
No of Employees : |
500 |
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
SAHAMIT
MACHINERY PUBLIC COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 42,
48 SOI CHOKCHAIJONGCHAMROEN,
RAMA 3
ROAD, BANGPONGPANG, YANNAWA,
BANGKOK 10120,
THAILAND
TELEPHONE : [66] 2295-1000-8,
2295-1901-9
FAX :
[66] 2295-1009,
2295-1020
E-MAIL
ADDRESS : info@sahamit.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1973
REGISTRATION
NO. : 0107537002664 [Former : BOR MOR JOR. 513]
TAX
ID NO. : 3101058246
CAPITAL REGISTERED : BHT. 550,000,000
CAPITAL PAID-UP : BHT.
530,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
CHAISILP TAMESIRICHAI, THAI
PRESIDENT
NO.
OF STAFF : 500
LINES
OF BUSINESS : INDUSTRIAL MACHINERY
& SPARE PARTS
IMPORTER &
DISTRIBUTOR
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 June 7, 1973
as a
private limited company
under the name
style “Sahamit Machinery
Co., Ltd.” by
Thai groups, with
the initial business
objective to import
and distribute materials,
machinery and appliances
for domestic industries. The subject
currently expands its
business to other
areas, which can
be divided into
5 major products
groups, e.g. special steel,
machine tools &
tool, pulp &
paper, machinery &
equipment for wood
processing and electrical
engineering. Subject currently
employs approximately 500
staff.
On November 21,
1994 the subject
registered for a
conversion of its
status to a
public limited company
under the name
SAHAMIT MACHINERY PUBLIC
COMPANY LIMITED. On
May 18, 2005,
it was listed on
the Stock Exchange
of Thailand.
The subject’s registered
address is 42,
48 Soi Chokchaijongchamroen, Rama 3
Rd., Bangpongpang, Yannawa, Bangkok 10120, and this is
also the company’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality
|
Age
|
|
|
|
|
|
|
Mr. Thana Senavattanagul |
|
Thai |
74 |
|
Mr. Pornsilp Thamesirichai |
|
Thai |
69 |
|
Mr. Chaisilp Tamesirichai |
[x] |
Thai |
71 |
|
Mr. Prasong Srithornratkul |
[x] |
Thai |
71 |
|
Mr. Kriangkrai Boonkitticharoen |
|
Thai |
71 |
|
Mr. Pichai Nithivasin |
|
Thai |
71 |
|
Mr. Pure Limsiripan |
|
Thai |
77 |
|
Gen. Vapirom Manasrangsi |
|
Thai |
68 |
|
Mr. Prayoon Vivetpuvanonth |
|
Thai |
- |
|
Mr. Karun Kittisataporn |
|
Thai |
67 |
AUTHORIZED PERSON
Both of the
mentioned directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Chaisilp Tamesirichai is
the President.
He is
Thai nationality with
the age of 71
years old.
Mr. Prasong Srithornratkul is
the Vice President.
He is Thai
nationality with the
age of 71
years old.
Mr. Pramote Sivaruk
is the Vice
President.
He is Thai
nationality with the
age of 71
years old.
Mr. Thavee Senavattanagul is
the Assistant to
President.
He is Thai
nationality
Mr. Phut Sarayanthanawut is
the Assistant to
Vice President.
He is Thai
nationality.
Mrs. Intira Thavajvichien is
the Assistant to
Vice President.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
distributing and servicing
wide range of
industrial machinery and
spare parts, which
can be divided
into 5 major product
groups as follows:
1.
Special Steel
Product :
Special Steels for making
of mould and
machinery parts
Machinery and carbon
steel
Aluminum alloy
Metal
band saw blades
Injection
pins for plastic
mould
Special
steel are used
for making all kinds of
mould such as
hot work
tool steel
for aluminium extrusion,
die-casting; cold work
tool steel for
blanking and
punching tools, shear
blades, automobile industry
and
electronic applications;
high speed steel
for end mill
cutter, twist drills,
wood-working tool: plastic
mould steel for
PVC pipe, melamine
kitchenware, screw part
in the plastic
injection machine.
Service : The subject
provides a fully-integrated cutting
services such as
vertical
& horizontal milling
machine, surface grinding
machine for
making
finishing plate for
mould and dies, and
heat treatment service.
2.
Machine Tools
and Tools
Product :
High quality electrical
discharge machine [CNC
Machine]
: Wide
range of milling
cutters and inserts
for milling in
almost
any work
material
: Digital
Readout, Measuring Equipment
: Tool
holders for various
machines
The subject
has been appointed
as the sole
agent of “Kitamura
Machinery Co., Ltd.”
in Japan, for
high speed CNC
milling machine,
and also
representative agent of
“Hardinge” brand of U.S.A.,
for CNC
milling
and turning machine.
Service :
The subject provides assistance,
training and maintenance
services,
using
high quality spare
parts and qualified
professional engineering
teams.
3.
Pulp and
Paper
Product : Newsprint
for newspapers, printing
and writing paper
:
Paper cutting and
slitting machines
:
Machinery, accessories, forming
fabric felt, canvas,
refiner plate
and chemicals for
pulp and paper
industry
Service :
The subject provides
slit reels to
standard sizes and
converted
ream
of paper as
per customer’s requests.
4. Machinery and
Equipment for Wood
Processing
Product : Abrasive paper,
abrasive cloth and
abrasive fiber
: Self
manufactured and imported
Industrial knives
: Tapioca
sawblades
: Edge
banding and wrapping
material for furniture
: Brand
new and used
woodworking machineries for
the panel and
furniture
industry
Service : The subject
provides slit and
jointed abrasive to
various sizes
ordered by
industrial customers, as
well as consulting
service for
machine selection.
5.
Electrical Engineering
Product : Computer
Substation Control System
: Electrical
Meter, Measuring center
: Wind
Generator
: Low-voltage
Switch Gear
Service : The
subject offers before
and after sales
services including
consulting
and training, system
design and integration,
installation and
commissioning.
Heat Treatment Service
Type of Services
: Vacuum quenching,
low pressure nitriding
allnit, carburizing,
carbonitriding, normalizing,
annealing, oil quenching & others.
The subject
also provides before
and after sales
services, consist of:
·
Fully integrated
pre-finishing service for
special steel
·
The heat
treatment service using
state-of-art machinery and
technology, with various
systems, such as
vacuum quenching, low
pressure nitriding, carburizing,
carbonitriding, normalizing, oil
quenching and others
·
Provide consulting
service for selection,
installation and maintenance
of machine and
spare parts
·
Paper cutting
and slitting services
·
Custom made
abrasive conversion services
·
Industrial knife
production for wood
and paper industries,
in cooperation with
technology transferred from
Toyo Knife Company
Limited, Japan.
Products and
Brands
Special Steel : “KS”,
“EVERISING”, “SENTRY”, “BOHLER”
Machine Tools : “ANCA”, HARIG”,
“SANCO”, “CW”, “KITAMURA”,
“HARDINGE”.
Tooling : “CHEVALIER”, “SECO”,
“SONY”, “TESR”, “REGO-FIX”,
“ANNN YANG”.
Paper : “ICHIKAWA”, “NIPPON
FILCON”
Wood : “HERMES”, “MICHEL
NORDLINGER”, “SEAL”,
“BRUKS KLOCKNER”,
“IMEAS”
Electric : “ETI”, “ISKRA”,
“WIND”
PURCHASE
The subject purchases
the products from
both local and
overseas suppliers. 70%
of the products
is imported from
Japan, Germany, Austria,
Netherlands, Australia, Singapore,
Spain, Taiwan, United States
of America, United
Kingdom, Switzerland, Sweden,
Russia and France. The
remaining 30% is
purchased from local
suppliers. At present,
the subject has
around 70 local
and international suppliers.
MAJOR SUPPLIERS
|
Charmilles Technologies SA. |
: |
Switzerland
|
|
Seco Tools [S.E.A.]
Pte. Ltd. |
: |
Singapore |
|
Toyo Knife Ltd. |
: |
Japan |
|
Bohler International GmbH |
: |
Austria |
|
Bruks Klockner GmbH. |
: |
Germany |
|
Kitamura Machine Co.,
Ltd. |
: |
Japan |
|
Agie Charmilles GmbH. |
: |
Germany |
|
GL & V Sweden AB |
: |
Sweden |
|
SNF Floerger SA. |
: |
France |
|
Fu-Fa Machinery Co.,
Ltd. |
: |
Taiwan |
|
Andritz AG. |
: |
Austria |
|
Testing Machines Inc. |
: |
U.S.A. |
SALES [LOCAL]
100% of
the products is
sold locally. 50%
of them is
sold by wholesale
to local dealers,
and the rest 50%
is sold directly
to end-users, such
as manufactures with
over 2,000 customers
nationwide.
MAJOR CUSTOMERS
|
Thai Union Paper
Co., Ltd. |
: Thailand
|
|
Siam Pulp and
Paper Public Co., Ltd. |
: Thailand |
|
Bangkok Steel Industry
Co., Ltd. |
: Thailand |
REVENUE STRUCTURE
[Unit : million baht]
|
|
2013 |
2012 |
||
|
Type of income |
Amount |
% |
Amount |
% |
|
|
|
|
|
|
|
Special steel and
heat treatment |
1,293,541 |
53.95 |
1,389,411 |
49.20 |
|
Tooling & machine
tools |
702,760 |
29.31 |
843,721 |
29.88 |
|
Paper |
162,299 |
6.77 |
229,270 |
8.12 |
|
Machinery & equipment for
wood Processing |
144,860 |
6.04 |
148,015 |
5.24 |
|
Electrical engineering |
36,194 |
1.51 |
134,786 |
4.77 |
|
Others income |
57,900 |
2.41 |
78,947 |
2.80 |
|
Total income |
2,397,554 |
100.00 |
2,824,150 |
100.00 |
SUBSIDIARIES AND
AFFILIATED COMPANIES
K. S. Mould Parts
Co., Ltd.
Business Type : Manufacturer
of ejector pins.
Rien Thong Wittaya
Co., Ltd.
Business Type : Manufacturer
and distributor of
stationery products, as
well as provider
of paper
cutting service
Khon Kaen Sugar
Industry Public Co.,
Ltd.
Business Type : Manufacturer
of cane sugar
and other related
products
Bangkok Industrial Gas
Co., Ltd.
Business Type : Distributor
of Nitrogen gas
Hua Kee Co., Ltd.
Business Type : Distributor
of paper products
Tamaka Sugar Co.,
Ltd.
Business Type : Manufacturer
of sugar and
other related products
Capital Paper Mfr.
Co., Ltd.
Business Type : Manufacturer
and distributor of
papers
LITIGATIONS
Bankruptcy
and Receivership
There are no
litigation on bankruptcy and
receivership cases filed
against the subject
found at Legal
Execution Department for
the past five
years.
Others
There are no
legal suits filed
against the subject
according to the
past two years.
CREDIT
Local bills are
paid by cash
or on the
credits terms of
30-60 days.
Sales are by
cash or on
the credits term
of 30-60 days.
Imports are by
L/C at sight
and T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Bangrak, Bangkok
10500]
[Ramkhamhaeng Branch
: Ramkhamhaeng Rd.,
Huamark, Bangkapi, Bangkok]
Kasikornbank Public Co.,
Ltd.
[Patpong Branch
: Surawong Rd.,
Suriyawongse, Bangrak, Bangkok
10500]
Krung Thai Bank
Public Co., Ltd.
[Head Office
: 35 Sukhumvit
Road, Klongton Nua,
Watana, Bangkok 10110]
Hongkong & Shanghai
Banking Corp.
[Bangkok Branch
: 968 Rama
IV Rd., Silom,
Bangrak, Bangkok 10500]
EMPLOYMENT
The subject employs
approximately 500 staff.
[office, sale staff
and service workers]
LOCATION DETAILS
The premise is
owned for operating
administrative office in
a 9 storey
building,
in the area
of 3,280 square meters at
the heading address.
Premise is located
in
residential/commercial area.
There are 6
warehouses, covering the
10,000 square meters
of area, located
at 152, 155
Moo 14, Sukhumvit
Rd., Bangpakong, Chachoengsao.
COMMENT
The
political turmoil and
economic slowdown since the
last quarter of 2013 has
struggled industrial sector,
due to delay expansion
and shrinking productions.
The fallout from
the economic crisis has
continued to impact
in 2014. Demand
for industrial machinery
and materials is
affected in particular.
Earnings in 2013
were drastically slow
and impact of
impairment was substantially
lower than in
the previous year.
FINANCIAL INFORMATION
The capital was registered
at Bht. 400,000
divided into 4,000
shares of Bht.
100 each.
The capital was
increased as followings
:
Bht.
2,000,000 in 1976
Bht.
50,000,000 in September,
1991
Bht.
70,000,000 in March,
1993
Bht.
140,000,000 on December
22, 1993
Bht.
220,000,000 in 1997
Bht.
550,000,000 in 2004
The latest registered
capital was increased
to Bht. 550,000,000 divided into
550,000,000 shares of
Bht. 1 each, with the
current capital paid-up
of Bht. 530,000,000.
MAIN SHAREHOLDERS
[ as at August
25, 2014] at
Bht. 530,000,000 of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Suwanna Sivaruk Nationality: Thai Address : 46/32
Rama 2 Rd., Bangmod, Jomthong. Bangkok |
47,715,572 |
9.00 |
|
Mr. Chaisilp Tamesirichai Nationality: Thai
Address : 42, 48 Soi
Chokchaijongchamroen, Rama 3 Rd.,
Bangpongpang, Yannawa, Bangkok |
43,469,346 |
8.20 |
|
Mr. Prasong Srithornratkul Nationality: Thai Address : 42, 48
Soi Chokchaijongchamroen, Rama
3 Rd.,
Bangpongpang, Yannawa, Bangkok |
42,878,936 |
8.09 |
|
Ms. Piyamol Srithornratkul Nationality: Thai Address : 42, 48
Soi Chokchaijongchamroen, Rama
3 Rd.,
Bangpongpang, Yannawa, Bangkok |
27,217,900 |
5.14 |
|
Ms. Piyaporn Srithornratkul Nationality: Thai Address : 42, 48
Soi Chokchaijongchamroen, Rama
3 Rd.,
Bangpongpang, Yannawa, Bangkok |
25,458,900 |
4.80 |
|
Ms. Nathaporn Tamesirichai Nationality: Thai
Address : 42, 48
Soi Chokchaijongchamroen, Rama
3 Rd., Bangpongpang, Yannawa,
Bangkok |
23,780,400 |
4.49 |
Mr. Chaiyasit Viriyamettakul
Nationality: Thai
Address : - |
18,500,000 |
3.49 |
|
Ms. Prangthip Sivaruk Nationality: Thai Address : - |
17,290,000 |
3.26 |
|
Ms. Piyanuch Tamesirichai Nationality: Thai Address : 200/254
Sukhumvit 77 Rd.,
Praves,
Prakanong, Bangkok 10250 |
15,315,000 |
2.89 |
Ms. Sasirat
Sivaruk
Nationality: Thai Address : - |
14,865,200 |
2.80 |
|
Mr. Chatree Soponpanich Nationality: Thai Address : - |
14,400,000 |
2.72 |
|
Ms. Pisuth Viriyamettakul Nationality: Thai Address : - |
13,750,000 |
2.59 |
|
|
|
|
|
Mr. Pornsilp Thamesirichai Nationality: Thai Address : 503
Sri Ayudhya Rd., Phyathai,
Rajthevee, Bangkok |
12,600,000 |
2.38 |
Mr. Vorarit
Tamesirichai
Nationality : Thai Address : - |
10,800,000 |
2.04 |
Others
|
201,958,746 |
38.11 |
Total Shareholders :
1,410
NAME
OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO
Ms. Sulalit Ardsawang No.
7517
BALANCE
SHEET [BAHT]
The
latest financial figures
published as at December
31, 2013, 2012 & 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash in hand
& at bank
|
11,416,696.88 |
16,556,073.92 |
12,753,326.24 |
|
Trade accounts &
notes receivable |
473,002,066.24 |
524,361,811.71 |
468,287,041.46 |
|
Inventories |
968,360,821.48 |
1,084,236,993.29 |
1,204,746,895.18 |
|
Goods deposit |
- |
- |
6,000,912.04 |
|
Other current assets |
1,033,394.57 |
2,228,013.54 |
13,687,733.17 |
|
|
|
|
|
|
Total Current Assets
|
1,453,812,979.17 |
1,627,382,892.46 |
1,705,475,908.09 |
|
Fixed deposit using for guarantee |
598,921.97 |
585,622.81 |
- |
|
Investment property |
- |
10,007,313.64 |
10,686,528.59 |
|
Land, building & equipment |
775,398,765.16 |
698,668,386.61 |
657,419,480.59 |
|
Cash at bank pledged
as a collateral |
17,115,722.49 |
20,495,200.10 |
577,270.75 |
|
Other non-current assets |
2,548,483.05 |
2,442,561.21 |
2,371,044.25 |
|
Total Assets |
2,249,474,871.84 |
2,359,581,976.83 |
2,376,530,232.27 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank overdraft &
short-term loans from financial institutions |
24,956,396.05 |
210,113,402.14 |
439,978,715.82 |
|
Accounts payable -trade |
204,497,427.07 |
213,829,064.06 |
204,839,358.64 |
|
Other Payables |
27,447,523.39 |
26,123,989.56 |
- |
|
Cash received in
advance under the Hiring agreement
|
- |
- |
23,214,250.69 |
|
Cash received in
advance under hiring agreement |
17,340,859.46 |
20,540,844.51 |
32,906,575.54 |
|
Accrued income tax |
23,450,838.73 |
39,449,413.41 |
34,950,083.40 |
|
Other current liabilities
|
2,532,337.98 |
6,239,731.46 |
27,675,353.86 |
|
|
|
|
|
|
Total Current Liabilities |
300,225,382.68 |
516,296,445.14 |
763,564,337.95 |
|
Deferred tax liabilities |
17,184,731.00 |
17,184,731.00 |
- |
|
Obligation from employee’s
benefits |
18,242,047.00 |
27,892,167.00 |
25,040,472.00 |
|
Other non-current liabilities |
- |
150,000.00 |
150,000.00 |
|
Total Liabilities |
335,652,160.68 |
561,523,343.14 |
788,764,809.95 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share Capital : Baht. 1
par value Authorized share
capital 550,000,000 shares, Baht 1 par value each |
550,000,000.00 |
550,000,000.00 |
550,000,000.00 |
|
|
|
|
|
|
Issued and
fully paid-up 530,000,000 shares, Baht 1 par value each
|
530,000,000.00 |
530,000,000.00 |
530,000,000.00 |
|
Premium on common
stock |
262,262,300.00 |
262,262,300.00 |
262,262,300.00 |
|
Premium on treasury
shares |
12,951,122.72 |
12,951,122.72 |
- |
|
Retained Earning Appropriated for
statutory reserve |
55,000,000.00 |
55,000,000.00 |
55,000,000.00 |
|
Reserve for
repurchase of shares |
- |
- |
28,617,465.28 |
|
Unappropriated |
984,870,364.44 |
869,106,286.97 |
654,579,467.32 |
|
Other components of
shareholders’ equity |
68,738,924.00 |
68,738,924.00 |
85,923,655.00 |
|
|
|
|
|
|
Total Shareholders' Equity |
1,913,822,711.16 |
1,798,058,633.69 |
1,616,382,877.60 |
|
Less: Repurchase of share
capital |
- |
- |
[28,617,465.28] |
|
Total Shareholders' Equity -
Net |
1,913,822,711.16 |
1,798,058,633.69 |
1,587,765,422.32 |
|
|
|
|
|
|
Total
Liabilities & Shareholders'
Equity |
2,249,474,871.84 |
2,359,581,976.83 |
2,376,530,232.27 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales |
2,341,544,708.42 |
2,747,070,995.68 |
2,311,104,206.86 |
|
Other Income Commissions |
29,018,296.03 |
53,067,283.31 |
23,511,226.90 |
|
Gain on exchange rate |
- |
11,007,099.84 |
- |
|
Gain on disposal
of assets |
18,616,292.24 |
6,293,594.44 |
- |
|
Others |
8,374,578.35 |
6,710,527.29 |
13,075,457.81 |
|
Total Revenues |
2,397,553,875.04 |
2,824,149,500.56 |
2,347,690,891.57 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of sales and services |
1,684,234,097.80 |
2,052,265,270.23 |
1,698,724,751.05 |
|
Selling expenses |
115,389,023.24 |
120,141,250.12 |
100,361,956.10 |
|
Administrative expenses |
244,975,113.16 |
230,390,705.30 |
203,854,781.43 |
|
Management’s remuneration |
23,511,823.85 |
24,510,100.96 |
21,492,886.83 |
|
Loss on exchange
rate |
4,646,574.22 |
- |
12,323,364.28 |
|
Financial costs |
3,152,000.48 |
11,746,992.07 |
10,478,090.55 |
|
Total Expenses |
2,075,908,632.75 |
2,439,054,318.68 |
2,047,235,830.24 |
|
|
|
|
|
|
Profit / [loss] before Income
Tax |
321,645,242.29 |
385,095,181.88 |
300,455,061.33 |
|
Income tax |
[57,481,344.82] |
[81,679,893.47] |
[78,611,391.75] |
|
|
|
|
|
|
Net Profit / [Loss] |
264,163,897.47 |
303,415,288.41 |
221,843,669.58 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
4.84 |
3.15 |
2.23 |
|
QUICK RATIO |
TIMES |
1.61 |
1.05 |
0.63 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.02 |
3.93 |
3.52 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.04 |
1.16 |
0.97 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
209.86 |
192.83 |
260.15 |
|
INVENTORY TURNOVER |
TIMES |
1.74 |
1.89 |
1.40 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
73.73 |
69.67 |
73.96 |
|
RECEIVABLES TURNOVER |
TIMES |
4.95 |
5.24 |
4.94 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
44.32 |
38.03 |
44.01 |
|
CASH CONVERSION CYCLE |
DAYS |
239.27 |
224.48 |
290.09 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
71.93 |
74.71 |
73.50 |
|
SELLING & ADMINISTRATION |
% |
15.39 |
12.76 |
13.16 |
|
INTEREST |
% |
0.13 |
0.43 |
0.45 |
|
GROSS PROFIT MARGIN |
% |
30.46 |
28.10 |
28.08 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
13.74 |
14.02 |
13.00 |
|
NET PROFIT MARGIN |
% |
11.28 |
11.05 |
9.60 |
|
RETURN ON EQUITY |
% |
13.80 |
16.87 |
13.97 |
|
RETURN ON ASSET |
% |
11.74 |
12.86 |
9.33 |
|
EARNING PER SHARE |
BAHT |
0.50 |
0.57 |
0.42 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.15 |
0.24 |
0.33 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.18 |
0.31 |
0.50 |
|
TIME INTEREST EARNED |
TIMES |
102.04 |
32.78 |
28.67 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(14.76) |
18.86 |
|
|
OPERATING PROFIT |
% |
(16.48) |
28.17 |
|
|
NET PROFIT |
% |
(12.94) |
36.77 |
|
|
FIXED ASSETS |
% |
10.98 |
6.27 |
|
|
TOTAL ASSETS |
% |
(4.67) |
(0.71) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -14.76%. Turnover has decreased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
30.46 |
Impressive |
Industrial Average |
17.61 |
|
Net Profit Margin |
11.28 |
Impressive |
Industrial Average |
0.95 |
|
Return on Assets |
11.74 |
Impressive |
Industrial Average |
1.35 |
|
Return on Equity |
13.80 |
Impressive |
Industrial Average |
3.87 |
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. Gross Profit Margin is 30.46%. When
compared with the industry average, the ratio of the company was higher,
indicated that company was more profitable than the same industry.
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. Net Profit Margin ratio is 11.28%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
11.74%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 13.8%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
4.84 |
Impressive |
Industrial Average |
1.26 |
|
Quick Ratio |
1.61 |
|
|
|
|
Cash Conversion Cycle |
239.27 |
|
|
|
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 4.84 times in 2013, increase from 3.15 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 1.61 times in 2013, increase
from 1.05 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 240 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.15 |
Impressive |
Industrial Average |
0.81 |
|
Debt to Equity Ratio |
0.18 |
Impressive |
Industrial Average |
2.15 |
|
Times Interest Earned |
102.04 |
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 102.05 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 0.15 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 |
3.02 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.04 |
Acceptable |
Industrial Average |
1.73 |
|
Inventory Conversion Period |
209.86 |
|
|
|
|
Inventory Turnover |
1.74 |
Deteriorated |
Industrial Average |
4.83 |
|
Receivables Conversion Period |
73.73 |
|
|
|
|
Receivables Turnover |
4.95 |
Acceptable |
Industrial Average |
9.42 |
|
Payables Conversion Period |
44.32 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.95 and
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 193 days at the
end of 2012 to 210 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 1.89 times in year 2012 to 1.74 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.04 times and 1.16
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.61.16 |
|
|
1 |
Rs.98.63 |
|
Euro |
1 |
Rs.77.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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.