MIRA INFORM REPORT
|
Report Date : |
28.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
THAI CARBON
BLACK PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
12th Floor, Mahatun Plaza Building, 888/122, 888/128 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
29.02.1978 |
|
|
|
|
Com. Reg. No.: |
0107537001251 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturers of carbon
black in Asia.
Its manufacturing plant
currently is able
to produce up
to 275,000 metric
tons per year
of furnace grade
carbon black, making
the plant one
of the largest
producers of carbon
black in the
world from a
single location -Thailand. And
from this location,
the plant supplies
carbon black to
all six continents.
There are three
kinds of carbon
black: channel black,
furnace black and
thermal black. The
products can be
divided into 2
grades, comprising hard
carbon black and
soft carbon black |
|
|
|
|
No. of Employees : |
279 |
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
THAI
CARBON BLACK PUBLIC
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 12th FLOOR,
MAHATUN PLAZA BUILDING,
888/122, 888/128
PLOENCHIT ROAD, LUMPINI,
PATHUMWAN, BANGKOK
10330, THAILAND
TELEPHONE : [66]
2253-6745-54
FAX :
[66] 2254-9031,
2253-2812
E-MAIL
ADDRESS : jaiprakash.shahal@adityabirla.com
rajesh.k.jha@adityabirla.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1978
REGISTRATION
NO. : 0107537001251 [Former
: BOR.MOR.JOR.372]
TAX
ID NO. : 3101143348
CAPITAL
REGISTERED : BHT.
300,000,000
CAPITAL
PAID-UP : BHT.
300,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
SANJEEV SOOD, INDIAN
PRESIDENT
NO.
OF STAFF : 279
LINES
OF BUSINESS : CARBON BLACK
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject was
established on February
29, 1978 as a
private limited company under the
registered name “Thai
Carbon Black Co.,
Ltd.”, by a
joint-venture between Indian
and Thai investors,
in order to
manufacture carbon black
to both local
and overseas market
with BOI promotion.
It commercial operation
began with a
capacity of 16,000
TPA of carbon
black, and the
present capacity of
275,000 TPA. It
is one of
the largest producers
of carbon black
in the world.
It has started commercial
production in 1980 under technical
license from Philips
Petroleum Company Limited, U.S.A. The subject
is not only
the first carbon
black manufacturer and
distributor in Thailand
but also the
first company in
the country which
achieved three certificates:
ISO: 9002, ISO:14001, ISO/TS 16949
and QS:9000.
The subject was
listed on the
Stock Exchange of Thailand
on August 24,
1990, and was registered
as a public limited
company under the
name THAI CARBON
BLACK PUBLIC COMPANY
LIMITED on April
28, 1994. Subject
currently employs 279 staff.
The subject was
granted several Awards
for Excellence as
follows:
1984 - Best
Welfare & Management
Company in Thailand
[By the Prime
Minister]
1988 - Best
Petrochemical Industry in
Thailand [By the
Minister of Industry]
1994 - Best
Quality Award [By
the Minister of
Commerce]
- ISO
9002 Certification [By
BVQI, Thailand]
- Outstanding
Company in Thailand
[By the Prime
Minister]
1996 - Best
Welfare & Management Company
in Thailand [By the
Minister of Labour]
1997 - ISO
14001 Certification [By
BVQI, UK]
1999 - QS
9000 [By BVQI,
USA]
The subject’s registered
address is 12th
Floor, Mahatun Plaza
Building, 888/122, 888/128
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok 10330,
and this is
the company’s current
operation address.
THE
BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Kumar Mangalam
Birla |
Indian |
47 |
|
Mrs. Rajashree Birla |
Indian |
68 |
|
Dr. Santrupt Misra |
Indian |
49 |
|
Mr. Arvind K. Newar |
Indian |
69 |
|
Mr. Shyam Sundar
Mahansaria |
Indian |
79 |
|
Mr. Deepak Mittal |
Indian |
70 |
|
Mr. Rajinderpal Singh
Thakralbutra |
Indian |
58 |
|
Mr. Prakit Pradipasen |
Indian |
72 |
|
Mr. G. K. Tulsian |
Indian |
77 |
|
Mr. Sanjeev Sood |
Indian |
- |
AUTHORIZED
PERSON
Two of the
above directors can
jointly sign on behalf of
the subject with
the company’s affixed.
MANAGEMENT
Mr. Sanjeev Sood is the
President.
He is Indian
nationality.
Mr. S. Rajamohamed is
the Unit Head.
He is Indian
nationality.
Mr. Surendra Panday
is the Head
of Manufacturing.
He is Indian
nationality.
Mr. Prabhat Gupta is
the Head of
Finance & Commercial.
He is Indian
nationality.
Mr. Amit Saini
is the Head
of Marketing.
He is Indian
nationality.
Mr. Latthasit Thongklaew
is the Head
of HR & Administration.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject is one of the largest manufacturers of carbon black
in Asia. Its
manufacturing plant currently
is able to
produce up to
275,000 metric tons
per year of
furnace grade carbon
black, making the
plant one of
the largest producers
of carbon black in the
world from a
single location -Thailand. And
from this location,
the plant supplies
carbon black to
all six continents.
There are three
kinds of carbon
black: channel black,
furnace black and
thermal black. The
products can be
divided into 2
grades, comprising hard
carbon black and
soft carbon black.
The Application of
Carbon Black
Carbon black is
employed for many
different applications. It
is an essential
element in paint,
printing ink, batteries,
electric conductors and
a broad range
of rubber products.
Carbon black can
be found in
most items in
daily life. In
addition, carbon black
acts as a
reinforcing agent in
the production of
tyres, imparting abrasion,
tear resistance and
important we-grip properties.
Carbon black consists
of extremely fine
particles, which are
produced by the
incomplete thermal decomposition
of aromatic oils
under carefully controlled
conditions. Different grades
of carbon blacks
differ in their
colloidal properties and
tend to impart
varying degrees of
reinforcement to vulcanisates.
The subject also
has capacity to
produce 370 metric
tons per hour
of steam and
49.70 MW per
hour of electricity.
BRAND NAME
“BIRLA CARBON”
PRODUCTIONS
Full Production Capacity : 275,000
metric tons per
annum
PURCHASE
97% of raw
materials mainly carbon
black feedstock oil
and fuel oil
are imported from
United States of
America and India,
the remaining 3%
is purchased from
local suppliers.
SALES [LOCAL]
51% of the
products is sold
locally to local
manufacturers.
EXPORT [COUNTRIES]
49% of the
products is also
exported to United
States of America,
Australia, Korea, Singapore,
Malaysia, Indonesia, Taiwan,
Vietnam, Japan and
the country in Europe.
MAJOR CUSTOMERS
|
Name |
Country |
|
|
|
|
Bridgestone Corporation |
: United States
of America |
|
Michelin Tyre Co.,
Ltd. |
: United States
of America |
|
Goodyear Public Company
Limited |
: United States
of America |
|
Polychem Industries
[Thailand] Ltd. |
: Thailand |
|
Otani Tyre Co.,
Ltd. |
: Thailand |
|
Yokohama Rubber Co., Ltd. |
: Japan |
|
Toyo Tyre Co.,
Ltd. |
: Japan |
|
Vee Rubber International Co.,
Ltd. |
: Thailand |
|
Inoue Rubber [Thailand]
Public Co., Ltd |
: Thailand |
|
Deestone Co., Ltd. |
: Thailand |
|
Pong Para Group |
: Thailand |
|
S.R. Tyres Co.,
Ltd. |
: Thailand |
|
Pan Innovation Co.,
Ltd. |
: Thailand |
|
Elastomix [Thailand] Co.,
Ltd. |
: Thailand |
REVENUE STRUCTURE [unit : Thousand Baht]
|
Product/Services |
For the year
ended March 31, |
Three-month
period ended March 31, |
For the year
ended December 31, |
For the year
ended December 31, |
For the year
ended December 31, |
|
|
2014 |
2013 |
2012 |
2011 |
2010 |
|
Local
market |
4,422,892 |
1,289,113 |
4,968,059 |
5,154,960 |
5,059,562 |
|
Export |
3,366,055 |
833,327 |
4,277,732 |
5,001,332 |
3,944,460 |
|
Other
income |
235,296 |
143,415 |
287,671 |
245,243 |
113,836 |
|
|
|
|
|
|
|
|
Total
Income |
8,024,243 |
2,265,855 |
9,533,462 |
10,401,535 |
9,117,858 |
Local market share
for the year
2013 (approximately in term of sales volume)
|
Company |
Market share
[%] |
|
|
|
|
Thai Carbon Black
Public Company Limited |
38 |
|
Imports |
32 |
|
Thai Tokai Carbon
Product Co., Ltd. |
24 |
|
Bridgestone Carbon Black
[Thailand] Co., Ltd. |
6 |
SUBSIDIARY COMPANIES
Birla Carbon Mexico,
S.A.DE C.V.
Business Type:
Manufacturer of carbon
black in Mexico
Investment :
The subject holds
98% of the company’s shares.
ASSOCIATED COMPANIES
P.T. Indo Liberty
Textiles
Business Type : Manufacturer
of Synthetic Yarn
Investment : The
subject holds 40.00%
of the company’s
shares.
Aditaya Birla Chemicals
[Thailand] Co., Ltd.
Business Type : Manufacturer
of chemicals
Investment : The
subject holds 29.99%
of the company’s
shares.
Ameri Blend Inc.
Business Type: Procurement
and store materials
Investment : The subject
holds 49% of
the company’s shares.
Indigold Carbon [Mauritius]
Business Type :
Manufacturer of carbon
black
Investment :
The subject holds
20.59% of the
company’s shares.
LITIGATION
Bankruptcy and Receivership
There are no litigation
on bankruptcy and
receivership cases filed
against the subject
found at Legal
Execution Department for
the past five
years.
Others
There are no
legal suits filed
against the subject
according for the
past two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or on the
credit term of
90 days and
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
[Ploenchit Branch,
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok]
Siam Commercial Bank
Public Co., Ltd.
[Head Office
: 9 Ratchadapisek
Rd., Jatujak, Bangkok 10900]
Kaskornbank Public Co.,
Ltd.
[Head Office
: 1 Kasikorn
Lane, Ratchaburana Rd.,
Ratchaburana, Bangkok 10140]
[Bangkapi Branch,
Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok 10240]
Citibank N.A.
[Bangkok office
: 82 North
Sathorn Rd., Silom,
Bangrak, Bangkok 10500]
Deutsche Bank AG.
[Bangkok office
: 208 Wireless
Rd., Lumpini, Pathumwan,
Bangkok 10330]
EMPLOYMENT
The subject currently
employs 279 staff.
[office, sales staff
and factory workers]
LOCATION DETAILS
The premise is
rented for operating
administrative office at
the heading address.
It is located
in a prime
commercial area.
The factory is
located at 44 Moo 1
Ayudhya-Angthong Highway, T.
Posa, A. Muang,
Angthong 14000, on the
land area of
360,000 square meters.
Tel.: [66] 35
672-150-4, Fax [66]
35 672-148-9.
COMMENT
Thai Carbon Black
is one of the
largest producers of Carbon
Black in the world.
Its product is well
accepted and established
in the international
market. Presently, company exports approximately
49% of its production
and able to
meet all customer
requirements by developing
new grades as
per customer specifications.
In general, the
subject’s business is solid
and remains profitable.
FINANCIAL
INFORMATION
The capital was
initially registered at
Bht. 500,000 divided
into 500 shares at
Bht.
1,000 each.
The capital was
increased later as
follows:
Bht.
90,000,000 in August
1978
Bht.
100,000,000 in June
1984
Bht.
128,000,000 in March
1990
Bht.
160,000,000 in June
1990
Bht.
300,000,000 in June
1994
The latest registered capital
was increased to
Bht. 300,000,000 divided into
300,000,000 shares of Bht.
1 each with
fully paid.
MAIN SHAREHOLDERS : [as at
June 6, 2014]
|
NAME |
HOLDING |
% |
|
Thai Rayon Public
Co., Ltd. |
74,937,500 |
24.98 |
|
CIMB Securities [Singapore]
Pte. Ltd. |
55,054,820 |
18.35 |
|
Everlon International Holdings
Limited |
37,687,500 |
12.56 |
|
PT. Indo-Bharat Rayon |
13,921,880 |
4.64 |
|
HSBC [Singapore] Nominees Pte. Ltd. |
13,282,500 |
4.43 |
|
Hilltop Limited |
10,271,250 |
3.42 |
|
Asseau Company Limited |
10,040,120 |
3.35 |
|
P.T. Indo-Bharat Rayon |
9,375,000 |
3.13 |
|
Dhevaraya Co., Ltd. |
6,566,250 |
2.19 |
|
Thai Industrial Management
& Trading Co.,
Ltd. |
5,810,380 |
1.94 |
|
Thai NVDR Co.,
Ltd. |
4,363,170 |
1.45 |
|
Ganaria International Corp. |
4,000,000 |
1.33 |
|
Others |
54,689,630 |
18.23 |
Total Shareholders :
1,397
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Termphong Opanaphan No. 4501
Ernst & Young Office Limited
BALANCE
SHEET [BAHT]
The
latest financial figures published
as at March 31, 2014 & 2013, December
31, 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 [Adjusted] |
|
|
|
|
|
|
Cash and cash
equivalents |
573,243,454 |
254,125,509 |
8,160,001 |
|
Trade accounts & other
receivable |
1,748,475,341 |
1,611,972,763 |
1,200,011,912 |
|
Inventories |
1,097,357,851 |
1,616,346,105 |
2,784,017,032 |
|
Other current assets |
116,163,202 |
133,307,844 |
63,250,090 |
|
|
|
|
|
|
Total Current Assets
|
3,535,239,848 |
3,615,752,221 |
4,055,439,035 |
|
Investment in subsidiary
|
12,853,530 |
12,853,530 |
561,106,082 |
|
Investment in associated company |
786,981,083 |
786,981,083 |
786,981,083 |
|
Other long-term investments |
1,639,962,661 |
1,846,560,162 |
1,846,560,162 |
|
Long-term Lending to related
company |
5,608,476,630 |
5,065,441,890 |
5,354,944,010 |
|
Property, plant and
equipment |
1,738,862,949 |
1,945,267,357 |
1,980,125,190 |
|
Intangible assets |
1,270,488 |
1,564,042 |
1,533,894 |
|
Deferred income tax |
52,348,327 |
176,914,712 |
57,900,459 |
|
Other non-current assets |
7,490,578 |
2,692,733 |
4,009,732 |
|
Total Assets |
13,383,486,094 |
13,454,027,730 |
14,648,599,647 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 [Adjusted] |
|
|
|
|
|
|
Short-term loan from financial institutions |
- |
- |
178,000,000 |
|
Trade account &
other payable |
551,281,735 |
454,894,980 |
1,086,610,185 |
|
Current portion of
long-term loans |
993,781,250 |
871,675,000 |
910,945,000 |
|
Accrued income tax |
- |
113,977,483 |
71,677,677 |
|
Other current liabilities
|
171,915,185 |
48,419,819 |
51,801,770 |
|
|
|
|
|
|
Total Current Liabilities |
1,716,978,170 |
1,488,967,282 |
2,299,034,632 |
|
Long-term loan -
net of current portion |
2,411,792,484 |
3,038,753,658 |
3,170,247,814 |
|
Provision for long-term
employees benefits |
101,225,502 |
100,499,241 |
104,214,076 |
|
Deferred income tax liabilities |
8,853,378 |
40,507,457 |
17,008,187 |
|
Total Liabilities |
4,238,849,534 |
4,668,727,638 |
5,590,504,709 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share capital |
|
|
|
|
Registered, issued
and fully paid
up |
|
|
|
|
300,000,000 ordinary shares
of Bht. 1 each |
300,000,000 |
300,000,000 |
300,000,000 |
|
|
|
|
|
|
Issued &
Fully Paid 300,000,000 ordinary shares
of Bht. 1 each |
300,000,000 |
300,000,000 |
300,000,000 |
|
Share Premium |
930,000,000 |
930,000,000 |
930,000,000 |
|
Retained earnings: |
|
|
|
|
Appropriated -
statutory reserve |
30,000,000 |
30,000,000 |
30,000,000 |
|
Unappropriated |
7,884,636,560 |
7,525,300,092 |
7,798,094,938 |
|
Total Shareholders' Equity |
9,144,636,560 |
8,785,300,092 |
9,058,094,938 |
|
Total Liabilities & Shareholders' Equity |
13,383,486,094 |
13,454,027,730 |
14,648,599,647 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
March 31,
2014 |
Jan. 1,
2013 - March 31,
2013 |
Dec. 31,
2012 [Adjusted] |
|
|
|
|
|
|
Sales |
7,788,947,290 |
2,122,439,537 |
9,245,791,145 |
|
Other Income |
|
|
|
|
Dividend income |
86,182,412 |
- |
63,906,853 |
|
Interest income |
239,613,742 |
48,752,412 |
211,653,311 |
|
Gain [loss] on disposal of investments |
99,157,440 |
- |
- |
|
Gains on
exchange |
- |
92,810,604 |
2,858,732 |
|
Others |
8,656,827 |
1,852,014 |
9,252,326 |
|
Total Revenues |
8,024,242,831 |
2,265,854,567 |
9,533,462,367 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of ales
|
6,539,333,474 |
1,848,533,791 |
8,139,171,578 |
|
Selling expenses |
162,225,014 |
36,154,017 |
171,723,959 |
|
Administrative expenses |
254,243,875 |
53,457,404 |
213,530,598 |
|
Loss from long-term
loans |
- |
64,477,133 |
- |
|
Loss from diminution in value
of investment in
subsidiary |
206,597,501 |
548,252,552 |
- |
|
Loss on exchange
rate |
25,958,065 |
- |
- |
|
Total Expenses |
7,188,357,929 |
2,550,874,897 |
8,524,426,135 |
|
|
|
|
|
|
Profit / [loss] before financial
cost & income tax |
835,884,902 |
[285,020,330] |
1,009,036,232 |
|
Financial cost |
[189,499,407] |
[40,909,977] |
[196,689,669] |
|
|
|
|
|
|
Profit / [loss] before income
tax |
646,385,495 |
[325,930,307] |
812,346,563 |
|
Income tax |
[118,575,905] |
[53,135,461] |
[83,566,764] |
|
Net Profit / [Loss] |
527,809,590 |
[272,794,846] |
728,779,799 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.06 |
2.43 |
1.76 |
|
QUICK RATIO |
TIMES |
1.35 |
1.25 |
0.53 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.48 |
1.09 |
4.67 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.58 |
0.16 |
0.63 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
61.25 |
319.15 |
124.85 |
|
INVENTORY TURNOVER |
TIMES |
5.96 |
1.14 |
2.92 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
81.94 |
277.21 |
47.37 |
|
RECEIVABLES TURNOVER |
TIMES |
4.45 |
1.32 |
7.70 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
30.77 |
89.82 |
48.73 |
|
CASH CONVERSION CYCLE |
DAYS |
112.42 |
506.55 |
123.49 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
83.96 |
87.09 |
88.03 |
|
SELLING & ADMINISTRATION |
% |
5.35 |
4.22 |
4.17 |
|
INTEREST |
% |
2.43 |
1.93 |
2.13 |
|
GROSS PROFIT MARGIN |
% |
19.06 |
19.66 |
15.08 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
10.73 |
(13.43) |
10.91 |
|
NET PROFIT MARGIN |
% |
6.78 |
(12.85) |
7.88 |
|
RETURN ON EQUITY |
% |
5.77 |
(3.11) |
8.05 |
|
RETURN ON ASSET |
% |
3.94 |
(2.03) |
4.98 |
|
EARNING PER SHARE |
BAHT |
1.76 |
(0.91) |
2.43 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.32 |
0.35 |
0.38 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.46 |
0.53 |
0.62 |
|
TIME INTEREST EARNED |
TIMES |
4.41 |
(6.97) |
5.13 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
266.98 |
(77.04) |
|
|
OPERATING PROFIT |
% |
(393.27) |
(128.25) |
|
|
NET PROFIT |
% |
293.48 |
(137.43) |
|
|
FIXED ASSETS |
% |
(10.61) |
(1.76) |
|
|
TOTAL ASSETS |
% |
(0.52) |
(8.15) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 266.98%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
19.06 |
Deteriorated |
Industrial
Average |
58.17 |
|
Net Profit Margin |
6.78 |
Impressive |
Industrial
Average |
(3.84) |
|
Return on Assets |
3.94 |
Impressive |
Industrial
Average |
(4.81) |
|
Return on Equity |
5.77 |
Impressive |
Industrial
Average |
(9.50) |
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 19.06%. 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. Net Profit Margin ratio is 6.78%,
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
3.94%, 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 5.77%, 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 :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
2.06 |
Impressive |
Industrial
Average |
1.81 |
|
Quick Ratio |
1.35 |
|
|
|
|
Cash Conversion Cycle |
112.42 |
|
|
|
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 2.06 times in 2014, decrease from 2.43 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 1.35 times in 2014,
increase from 1.25 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 113 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.32 |
Impressive |
Industrial
Average |
0.43 |
|
Debt to Equity Ratio |
0.46 |
Impressive |
Industrial
Average |
0.74 |
|
Times Interest Earned |
4.41 |
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 4.42 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 0.32 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.48 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.58 |
Satisfactory |
Industrial
Average |
0.66 |
|
Inventory Conversion Period |
61.25 |
|
|
|
|
Inventory Turnover |
5.96 |
Impressive |
Industrial
Average |
1.48 |
|
Receivables Conversion Period |
81.94 |
|
|
|
|
Receivables Turnover |
4.45 |
Impressive |
Industrial
Average |
2.58 |
|
Payables Conversion Period |
30.77 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.45 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 319 days at the
end of 2013 to 61 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 1.14 times in year 2013 to 5.96 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.58 times and 0.16
times in 2014 and 2013 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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.22 |
|
|
1 |
Rs.98.52 |
|
Euro |
1 |
Rs.77.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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.