MIRA INFORM REPORT
|
Report Date : |
28.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
PHELPS
DODGE INTERNATIONAL [THAILAND]
LIMITED |
|
|
|
|
Formerly Known as: |
PHELPS DODGE [THAILAND]
LTD. |
|
|
|
|
Registered Office : |
159 Moo 10, Theparak
Rd., Bangpla, Bangplee,
Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
04.06.1968 |
|
|
|
|
Com. Reg. No.: |
0105511002860 [Former
: 347/2511] |
|
|
|
|
Legal Form : |
Private Limited Company
|
|
|
|
|
Line of Business : |
manufacturer
of electric cables
and wires with
a complete products
line of copper
and aluminum wire
and cable for
transmission distribution, construction and
industrial application of
electrical energy as
well as a
wide range of
telecommunication
applications. Subject product
ranges includes:- · Power cable aluminum · Power cable copper [Crosslinked Polyethylene or XLPE] · Lead sheathed cable · Building wire & cable · Telephone cable · UTP LAN cable |
|
|
|
|
No. of Employees |
approximately
700 (including office
staff and factory
workers) |
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
PHELPS DODGE INTERNATIONAL
[THAILAND] LIMITED
[FORMER : PHELPS DODGE [THAILAND]
LTD.]
SUMMARY
BUSINESS
ADDRESS : 159
MOO 10, THEPARAK
ROAD, BANGPLA,
BANGPLEE, SAMUTPRAKARN
10540, THAILAND
TELEPHONE : [66] 2769-2400
FAX :
[66] 2769-2440
E-MAIL
ADDRESS : salesTH.Oversea@pdic.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1968
REGISTRATION
NO. : 0105511002860 [Former
: 347/2511]
TAX
ID NO. : 3271002797
CAPITAL REGISTERED : BHT. 44,000,000
CAPITAL PAID-UP : BHT.
44,000,000
SHAREHOLDER’S PROPORTION : AMERICAN :
75.47%
THAI
: 24.53%
FISCAL YEAR CLOSING DATE : DECEMBER
31
LEGAL
STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE : MR. PETER
ARMSTRONG CAMPBELL,
AMERICAN
PRESIDENT AND
MANAGING DIRECTOR
NO.
OF STAFF : 700
LINES
OF BUSINESS : ELECTRIC
WIRE AND CABLE
MANUFACTURER, DISTRIBUTOR
AND 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 June
4, 1968 as
a private limited
company under the
registered name PHELPS
DODGE THAILAND LTD. It
was a joint
venture between an
existing Thai firm
and Phelps Dodge
Corporation, one of
the world leading
in copper mining
and refining companies
in the United
States of America
and also a world
leader in the
manufacture of copper
and aluminum cables and
having investments in
eighteen affiliated companies
which engaged in
the manufacture of
electrical wires and cables
throughout the world.
Phelps Dodge Corporation
has more than
100 years’ experience in the
pioneering and development of new technology through its
wholly owned subsidiary, Phelps Dodge
International Corp., who
provides technical assistance
to Phelps Dodge
Thailand, enabling it
to manufacture the
well known line
of quality products
for which Phelps
Dodge is famous.
On May 26, 2008,
subject’s name was
changed to PHELPS DODGE
INTERNATIONAL [THAILAND] LIMITED.
It currently employs
approximately 700 staff.
Presently, the subject
is a subsidiary
of Phelps Dodge
International Corporation, U.S.A.,
which is a
member of General
Cable Corporation in
U.S.A.
Awards/Certification:
In 1995 subject
is the first
Thai wire and
cable company to
obtain the international
ISO 9001 certificate
which was awarded
by the British
Approvals Service for
Cables [BASEC] for
both factories at
Bangplee and Samrong.
In 1997, the
subject obtained an
additional ISO 9001 certificate
from Thai Industrial
Standard Institute [TIS].
In 1999 the subject achieved ISO 14001 from British Approvals Service for
Cables [BASEC].
In 2000 Transferred
the ISO 9001 and
ISO 14001 registrations from
BASEC to Underwriters
Laboratories Inc., [UL].
In 2000 Transferred
the TIS/ISO 9001 registration
to Management System
Certification [Thailand] [MASCI].
In 2001 The
Bangplee Plant obtained
its OHSAS 18001 certificate
from Underwriters Laboratories
Inc., [UL].
In 2002 The
Bangplee and Rayong
plants obtained ISO 9001 version 2000
from UL and
MASCI.
The subject’s registered
address was initially located at
220 Moo 8, Soi Wat Dansamrong, Sukhumvit
Rd., Samrong Nua,
Samutprakarn 10540.
On January 7,
2005, subject’s registered
address was relocated
to 159 Moo
10, Theparak Rd., Bangpla,
Bangplee, Samutprakarn 10540,
while the subject’s
operation address was on 16th Floor, Maneeya
Building, 518/5 Ploenchit
Rd., Lumpini, Pathumwan,
Bangkok 10330.
At present, the
operation address is
located at the
same as the
registered address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Srivanik Hasadin |
|
Thai |
57 |
|
Mr. Suthas Ruangmanamongkol |
|
Thai |
52 |
|
Mr. Boonrak Chanvisanurak |
[-] |
Thai |
51 |
|
Mrs. Somsri Pathumsutr |
|
Thai |
82 |
|
Mr. Peter Armstrong Campbell |
[x] |
American |
- |
|
Mr. Emil Chen On
Yu |
|
- |
51 |
|
Mr. Surachak Ruengsook |
|
Thai |
53 |
|
Mr. Ernest Kenneth Cuyegkeng |
|
Filipino |
68 |
|
Mr. Nirouth Jeakvathanyoo |
[-] |
Thai |
60 |
AUTHORIZED
PERSON
The mentioned director
[x] can jointly
sign with one
of the mentioned
directors [-] on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Peter Armstrong Campbell is
the President and Managing Director.
He is American
nationality.
Mr. Nirouth Jeakvathanyoo is
the VP Controller
and Sales [Domestic].
He is Thai
nationality with the
age of 60
years old.
Mr. Somsak Dendamrongvit is
the VP Procurement
& Special Project.
He is Thai
nationality.
Mr. Suranan Jotikabukkana is the
VP Human Resources & Administration.
He is Thai
nationality.
Mr. Churdpong Maneesin
is the VP
Power & Telecom
Cable Operation.
He is Thai
nationality.
Mr. Prasit Tanganurakpongsa is
the VP Building
Wire Operation.
He is Thai
nationality.
Mr. Sompol Supparinyaporn is the
Export & Sales
Marketing Manager.
He is Thai
nationality.
Mr. Manop Vivatsethchai is
the Factory Manager.
He is Thai
nationality.
Mr. Krisana Marksap
is the Cable
Engineering Manager.
He is Thai
nationality.
Ms. Phannee Dhanubumrongsart is
the Director Information
Technology Service.
She is Thai
nationality.
Mr. Sujin Anusanakul is
the Business Development
Manager.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject’s activity
is a manufacturer of
electric cables and
wires with a
complete products line
of copper and
aluminum wire and
cable for transmission
distribution, construction and
industrial application of
electrical energy as
well as a
wide range of telecommunication applications.
Its products are
as follows:
- Power cable
aluminum
- Power cable
copper [Crosslinked Polyethylene
or XLPE]
- Lead sheathed
cable
- Building wire
& cable
- Telephone cable
- UTP LAN
cable
PURCHASE
Raw
materials for production:
PVC resin, copper
and aluminum are
purchased from approximately
30 suppliers both
domestic and overseas, by
60% is purchased
from local suppliers, and
the remaining 40%
is imported from United States of America,
Japan, Australia, France, Germany, Singapore,
Republic of China,
Taiwan and United
Kingdom.
MAJOR SUPPLIERS
Phelps Dodge Corp. : United
States of America
Henrich GmbH. : Germany
Mitsui Corp. : Japan
Thai Plastic &
Chemicals Public Co., Ltd. : Thailand
General Cable Corporation : U.S.A.
SALES
The subject currently
maintains around 200
customers both domestic and
overseas, by 80%
is sold directly
to the states
enterprises, contractors and
through dealers all over the
country, the remaining
20% is exported to Asian
countries such as Myanmar,
Bangladesh, Singapore,
Philippines, Hong Kong, Pakistan,
Laos, Vietnam, Indonesia,
Korea, India, Cambodia,
Canada, Malaysia, Taiwan,
Republic of China,
Australia, U.S.A. and
Middle East Countries.
MAJOR CUSTOMERS
CAT Telecom Public
Co., Ltd. : Thailand
TOT Corporation Public
Co., Ltd. : Thailand
The Electricity Generating
Authority of Thailand
[EGAT] : Thailand
The Metropolitan Electricity
Authority [MEA] : Thailand
The Provincial Electricity
Authority [PEA] : Thailand
Sang Siam Electric
[1977] Co., Ltd. : Thailand
Phelps Dodge Trading
Co., Ltd. : Thailand
SUBSIDIARIES & AFFILIATED COMPANIES
Thai Copper Rod
Co., Ltd.
Business Type : Manufacturer of
copper rod
Address : 22/2 Moo
5, Theparak Rd.,
Bangpleeyai, Samutprakarn 10540
Phelps Dodge Trading
Co., Ltd.
Business Type : Trading company
Address : 518/5 Ploenchit
Rd., Lumpini, Pathumwan,
Bangkok 10330
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 D/P, D/A
on the credit
term of 30
days & T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Samrong Branch : 1788
Sukhumvit Rd., Samrongnua,
Muang, Samutprakarn]
Siam
Commercial Bank Public
Co., Ltd.
[Head
Office : 9
Ratchadapisek Rd., Ladyao,
Jatujak, Bangkok 10900]
Citiban
N.A.
[Bangkok
Branch, 82 North
Sathorn Road, Silom, Bangrak, Bangkok
10500]
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The subject employs
approximately 700 office
staff and factory
workers.
LOCATION DETAILS
The premise is
rented for administrative office
& factory I at
the heading address.
The premise is
located in industrial
area.
Factory II :
9/9 Moo 4,
T. Nikompatana, King
Amphur Nikompatana, Rayong
21180
on the
land area of
24,000 square meters.
Tel : [66]
38 877-155 Fax : [66]
38 887-153
Bangkok Office : 16th Floor, Maneeya
Building, 518/5 Ploenchit
Rd., Lumpini,
Pathumwan, Bangkok 10330.
Tel. : [66] 2680-5825,
2680-5800, Fax. : [66] 2680-5899.
COMMENT
The company is
a pioneer in
the local wire
and cable industry
introducing state-of-the-art processes,
products and technology
to Thailand. It is
capable of manufacturing
world class quality
wire and cable
at competitive price
with strict global
standards.
Domestic industries reached to the rapid move
and is pushing the expansion of
wire and cable demand.
Construction, electrical and
communication industries have
drawn a rise of
various huge projects,
shows the growing
demand of wire
and cable. This
has contributed to
significantly increase of
subject’s sales revenue.
FINANCIAL
INFORMATION
The capital was
originally registered at
Bht. 20,000,000 with
fully paid.
The capital was
increased later as
follows:
Bht.
24,000,000 in 1969
Bht. 33,600,000
in 1971
Bht. 44,000,000
in 1972
The latest registered
capital was increased
to Bht. 44,000,000
divided into 44,000
shares of Bht.
1,000 each with
fully paid.
MAIN SHAREHOLDERS
[as at April
30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Phelps Dodge International Corporation
Nationality: American Address : 806 Douglas
Rd., Florida, U.S.A. |
33,206 |
75.47 |
|
TISCO Bank Public
Co., Ltd. Nationality: Thai Address : 48/2 North
Sathorn Rd., Silom, Bangrak, Bangkok |
4,100 |
9.32 |
|
Ms. Poonlarp Ruangsuk Nationality: Thai Address : 8/1 Soi
Sriviang, Silom Rd.,
Bangrak, Bangkok |
1,067 |
2.42 |
|
Mr. Surachak Ruangsuk Nationality: Thai Address : 8/1 Soi
Sriviang, Silom Rd.,
Bangrak, Bangkok |
766 |
1.74 |
|
Mrs. Siriwan Ruangsuk Nationality: Thai Address : 8/1 Soi
Sriviang, Silom Rd.,
Bangrak, Bangkok |
600 |
1.36 |
|
Mr. Thammanit Angsusingh Nationality: Thai Address : 23 Sukhumvit
38 Rd., Klongtoey,
Prakanong, Bangkok |
420 |
0.95 |
|
Mrs. Yingluck Santivejjakul Nationality: Thai Address : 8/1 Soi
Sriviang, Silom Rd.,
Bangrak, Bangkok |
400 |
0.91 |
|
Others |
3,441 |
7.83 |
Total Shareholders : 41
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
40 |
10,794 |
24.53 |
|
Foreign - American |
1 |
33,206 |
75.47 |
|
Total |
41 |
44,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Nutchalee Bunyakarnkul No.
3126
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
1,038,953,619 |
521,179,117 |
645,604,466 |
|
Trade Accounts & Notes Receivable |
|
|
|
|
- Related
Company |
526,720,627 |
243,448,123 |
191,460,935 |
|
- Non Related Company |
2,654,009,786 |
2,789,919,316 |
2,199,614,670 |
|
Other Receivable |
|
|
|
|
- Related
Company |
375,762 |
210,360 |
301,375 |
|
- Non Related Company |
107,852,926 |
182,058,494 |
91,120,366 |
|
Advance Receivables Purchase
Agreement |
14,724,357 |
- |
- |
|
Forward Contract Receivable |
- |
16,617,802 |
- |
|
Inventories |
1,691,305,612 |
1,508,041,605 |
1,744,261,918 |
|
Other Current Assets |
17,870,158 |
63,595,768 |
26,842,908 |
|
|
|
|
|
|
Total Current Assets
|
6,051,812,847 |
5,325,070,585 |
4,899,206,638 |
|
Investment in Associated
Company |
20,000,000 |
20,000,000 |
20,000,000 |
|
Fixed Assets |
1,062,382,912 |
1,037,090,937 |
1,076,831,191 |
|
Deferred Income Tax |
114,659,673 |
81,457,384 |
59,425,824 |
|
Other Non-current Assets |
2,415,611 |
5,627,529 |
2,240,968 |
|
Total Assets |
7,251,271,043 |
6,469,246,435 |
6,057,704,621 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
|
|
|
|
Trade Accounts
Payable |
|
|
|
|
- Related
Company |
4,590,915 |
6,923,623 |
6,681,700 |
|
- Non Related Company |
3,764,598,049 |
3,218,496,185 |
2,405,030,005 |
|
Other Payable |
|
|
|
|
- Related
Company |
73,030,364 |
51,386,891 |
94,858,604 |
|
- Non Related Company |
153,739,619 |
131,528,567 |
76,707,082 |
|
Payable in Advance
of a Purchase Agreement |
- |
10,194,121 |
- |
|
Payable Forward Foreign
Exchange Contract |
59,695,056 |
- |
4,545,376 |
|
Accrued Income Tax |
67,864,644 |
- |
68,324,110 |
|
Other Current Liabilities |
16,503,748 |
12,442,830 |
19,490,711 |
|
|
|
|
|
|
Total Current Liabilities |
4,140,022,395 |
3,430,972,217 |
2,675,637,588 |
|
Reserve for Employees’ Benefit |
151,014,292 |
140,028,320 |
134,096,385 |
|
Total Liabilities |
4,291,036,687 |
3,571,000,537 |
2,809,733,973 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 44,000 shares |
44,000,000 |
44,000,000 |
44,000,000 |
|
|
|
|
|
|
Capital Paid |
44,000,000 |
44,000,000 |
44,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
4,400,000 |
4,400,000 |
4,400,000 |
|
Unappropriated |
2,911,707,641 |
2,856,896,691 |
3,199,570,648 |
|
Reserve for Risk Protection |
126,715 |
[7,050,793] |
- |
|
Total Shareholders' Equity |
2,960,234,356 |
2,898,245,898 |
3,247,970,648 |
|
Total Liabilities &
Shareholders' Equity |
7,251,271,043 |
6,469,246,435 |
6,057,704,621 |
PROFIT &
LOSS ACCOUNT
|
Sales |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales |
8,688,326,709 |
7,406,993,702 |
7,180,243,791 |
|
Other Income |
21,984,496 |
12,376,246 |
10,414,309 |
|
Dividend Income |
1,000,000 |
2,000,000 |
3,000,000 |
|
Gain on Exchange
Rate |
18,005,138 |
- |
58,433,339 |
|
Total Sales |
8,729,316,343 |
7,421,369,948 |
7,252,091,439 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
7,451,821,852 |
6,864,134,521 |
5,994,578,813 |
|
Selling Expenses |
485,181,538 |
279,706,786 |
334,625,135 |
|
Administrative Expenses |
417,758,010 |
313,386,843 |
293,140,969 |
|
Loss on Exchange Rate |
- |
6,952,945 |
- |
|
Total Expenses |
8,354,761,400 |
7,464,181,095 |
6,622,344,917 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
374,554,943 |
[42,811,147] |
629,746,522 |
|
Financial Cost |
[73,648,024] |
[69,626,895] |
[54,227,489] |
|
Profit / [Loss] before Income Tax |
300,906,919 |
[112,438,042] |
575,519,033 |
|
Expense ( Income ) |
[114,095,969] |
33,764,085 |
[173,189,146] |
|
|
|
|
|
|
Net Profit / [Loss] |
186,810,950 |
[78,673,957] |
402,329,887 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.46 |
1.55 |
1.83 |
|
QUICK RATIO |
TIMES |
1.05 |
1.09 |
1.17 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
8.18 |
7.14 |
6.67 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.20 |
1.14 |
1.19 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
82.84 |
80.19 |
106.21 |
|
INVENTORY TURNOVER |
TIMES |
4.41 |
4.55 |
3.44 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
111.50 |
137.48 |
111.82 |
|
RECEIVABLES TURNOVER |
TIMES |
3.27 |
2.65 |
3.26 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
184.39 |
171.14 |
146.44 |
|
CASH CONVERSION CYCLE |
DAYS |
9.94 |
46.53 |
71.58 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
85.77 |
92.67 |
83.49 |
|
SELLING & ADMINISTRATION |
% |
10.39 |
8.01 |
8.74 |
|
INTEREST |
% |
0.85 |
0.94 |
0.76 |
|
GROSS PROFIT MARGIN |
% |
14.70 |
7.52 |
17.51 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.31 |
(0.58) |
8.77 |
|
NET PROFIT MARGIN |
% |
2.15 |
(1.06) |
5.60 |
|
RETURN ON EQUITY |
% |
6.31 |
(2.71) |
12.39 |
|
RETURN ON ASSET |
% |
2.58 |
(1.22) |
6.64 |
|
EARNING PER SHARE |
BAHT |
4,245.70 |
(1,788.04) |
9,143.86 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.59 |
0.55 |
0.46 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.45 |
1.23 |
0.87 |
|
TIME INTEREST EARNED |
TIMES |
5.09 |
(0.61) |
11.61 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
17.30 |
3.16 |
|
|
OPERATING PROFIT |
% |
(974.90) |
(106.80) |
|
|
NET PROFIT |
% |
337.45 |
(119.55) |
|
|
FIXED ASSETS |
% |
2.44 |
(3.69) |
|
|
TOTAL ASSETS |
% |
12.09 |
6.79 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 17.3%. Turnover has increased from THB
7,406,993,702.00 in 2011 to THB 8,688,326,709.00 in 2012. While net profit has
increased from THB -78,673,957.00 in 2011 to THB 186,810,950.00 in 2012. And
total assets has increased from THB 6,469,246,435.00 in 2011 to THB
7,251,271,043.00 in 2012.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
14.70 |
Impressive |
Industrial Average |
9.40 |
|
Net Profit Margin |
2.15 |
Deteriorated |
Industrial Average |
5.39 |
|
Return on Assets |
2.58 |
Deteriorated |
Industrial Average |
7.39 |
|
Return on Equity |
6.31 |
Acceptable |
Industrial Average |
10.83 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 14.7%. 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. The company's figure is 2.15%.
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 2.58%.
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 6.31%.
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 |
1.46 |
Acceptable |
Industrial Average |
2.63 |
|
Quick Ratio |
1.05 |
|
|
|
|
Cash Conversion Cycle |
9.94 |
|
|
|
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 1.46 times in 2012, decreased from 1.55 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 1.05 times in 2012,
decreased from 1.09 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 10 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.59 |
Acceptable |
Industrial Average |
0.30 |
|
Debt to Equity Ratio |
1.45 |
Risky |
Industrial Average |
0.44 |
|
Times Interest Earned |
5.09 |
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 5.09 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 0.59 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
8.18 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.20 |
Satisfactory |
Industrial Average |
1.37 |
|
Inventory Conversion Period |
82.84 |
|
|
|
|
Inventory Turnover |
4.41 |
Satisfactory |
Industrial Average |
5.62 |
|
Receivables Conversion Period |
111.50 |
|
|
|
|
Receivables Turnover |
3.27 |
Impressive |
Industrial Average |
3.05 |
|
Payables Conversion Period |
184.39 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.27 and 2.65 in
2012 and 2011 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate sale. 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 80 days at the
end of 2011 to 83 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 4.55 times in year 2011 to 4.41 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.2 times and 1.14
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 Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.23 |
|
|
1 |
Rs.98.53 |
|
Euro |
1 |
Rs.77.75 |
INFORMATION DETAILS
|
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.