MIRA
INFORM REPORT
|
Report Date : |
03.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
C. P. INTERTRADE
CO., LTD. |
|
|
|
|
Registered Office : |
18th Floor
Cp Tower, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
28.09.1979 |
|
|
|
|
Com. Reg. No.: |
0105522018355 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in international trading
and operating in
agro-products and foodstuff
business. Its business
can be classified
into 5 main
groups as follows: 1. Rice Products 2. Agricultural and
General Products 3. Consulting Service
for International Trading
Business 4. Holding
and Investment in
C.P. Intertrade Group
of companies |
|
|
|
|
No. of Employees : |
700 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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
C.
P. INTERTRADE CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 18th FLOOR
CP TOWER, 313
SILOM ROAD,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66]
2625-8000, 2638-2342
FAX :
[66] 2631-0640,
2638-2792
E-MAIL
ADDRESS : csm@cptrading.co.th
mkt@cpintertrade.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1979
REGISTRATION
NO. : 0105522018355 [Former : 1842/2522]
TAX
ID NO. : 3101146394
CAPITAL
REGISTERED : BHT.
1,100,000,000
CAPITAL
PAID-UP : BHT.
1,100,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SUMETH LAOMORAPHORN, THAI
CHIEF
EXECUTIVE OFFICER
NO.
OF STAFF : 700
LINES
OF BUSINESS : INTERNATIONAL TRADING
COMPANY
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on September
25, 1979 as
a private limited
company under the name
style C. P. INTERTRADE CO., LTD.,
by Thai groups,
with the business
objective to be engaged in
international trading for
basic agricultural products, such as
Thai rice, industrial
raw materials, and high
value-added foodstuff products
to general foods industry, with
the Board of
Investment promoted. Later,
its activities were
expanded into 4
main business lines:
research and development,
distribution, consultant and
investment. It currently
employs 700 staff.
At present, C.P. Intertrade
has concentrated as a producer
and distributor of
food products to
service both domestic
and international markets.
The subject currently
has a rice
quality development plant
with the production
capacity of 300,000
tons per annum,
located in Ayutthaya
province, and 3
silos in Buriram,
Kampaengpetch and Suphanburi
province, as well
as over 100
network silos nationwide.
The C. P. Intertrade
is a member
of the Charoen
Pokphand Group of
Companies. It is
an international trading company
officially promoted by The
Board of Investment of
Thailand.
The subject’ registered
address is 18th Flr.,
CP Towere, 313 Silom Rd., Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sumet Chiaravanont |
[x] |
Thai |
80 |
|
Mr. Wanlop Chiaravanont |
[x] |
Thai |
75 |
|
Mr. Phongthep Chiaravanont |
[x] |
Thai |
64 |
|
Mr. Prasert Poongkumarn |
[x] |
Thai |
80 |
|
Mr. Min Thienvorn |
[x] |
Thai |
79 |
|
Mr. Thirayuth Pitayaissarakul |
[x] |
Thai |
72 |
|
Mr. Thanakorn Seriburi |
|
Thai |
69 |
|
Mr. Chingchai Lohawatanakul |
|
Thai |
75 |
|
Mr. Eiam Ngamdamrong |
[x] |
Thai |
69 |
|
Mr. Prasit Damrongchitanont |
|
Thai |
54 |
AUTHORIZED PERSON
Two of the
mentioned directors [x]
can jointly sign
on behalf of
the subject with company’s
affixed.
SENIOR MANAGEMENT
Mr. Sumeth Laomoraphorn is
the Chief Executive
Officer.
He is Thai
nationality.
Mr. Prasit Damrongchitanont is
the President of
International Trading Group.
He is Thai
nationality with the
age of 54 years old.
Mr. Pakin Juthasilaparut is
the Vice President.
He is Thai
nationality.
Mr. Adisak Pramualmitra is
the Vice President.
He is Thai
nationality.
Mr. Navaporn Chaimongkol is
the General Manager.
He is Thai
nationality.
Mr. Trairat Udomsriyithin is
the Assistant Chief
Executive Officer.
He is Thai
nationality.
Mrs. Voranan Sutthirojpattana is
the Senior Deputy
Managing Director
[International Trading Group].
She is Thai
nationality.
Mr. Yongyuth Pruekmahadamrong is
the Assistant to
Managing Director.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in international
trading and operating
in agro-products and
foodstuff business. Its
business can be
classified into 5
main groups as
follows:
1. Rice
Products
Subject is the
leader in the premium
rice sector in
Thailand, processing and
packaging high quality
rice, specialized in premium
quality 100% fragrance
and super fragrance
clean rice for both
domestic and overseas markets. The
company’s present rice processing
plants in Pathumthani
and Ayutthaya are capable
of producing approximately
300,000 tons a
year. Rice are packed
in consumer package
and shipped per
20 ft. container,
under its own
name “ROYAL UMBRELLA”
and others.
2. Agricultural and General
Products
Subject also imports
and exports wide
range of agricultural
and general products
such as corn cob
meal, tapioca starch,
tapioca pallets, food ingredients, foodstuff,
peanut, and food
products such as sauces,
spices, seasoning, processed foods, ready
to eat meals including
instant noodle, vermicelli,
noodle, instant soup, conserved food,
curry, seasonings sauces, canned
fruits and vegetables, dehydrated fruits
& vegetables, confectioneries, snacks,
pet food, as
well as beverage,
canned products, confectionery, industrial
goods like plastic
table set, furniture,
Thai handicrafts and
body care products.
Its products are
exported mainly to
“HORECA” group, consists
of Hotel, Restaurant
and Hospital group.
3. Consulting Service for
International Trading Business
4. Holding and
Investment in C.P.
Intertrade Group of
companies.
SERVICE
The subject currently
offers around 500
customers in over
60 countries with
the
following services:
- Product
planning and management
- Product
sourcing
- Quality control
- Export
documentation
- Cargo
insurance
- Warehousing
- Freight
and transportation
PURCHASE
100% of rice
products is purchased
from local suppliers,
while general foodstuff
is purchased from
both domestic and
international suppliers, such
as United States
of America, Germany,
France, Singapore, Taiwan,
Hong Kong, Republic
of China, Japan,
United Kingdom and
Malaysia.
MAJOR SUPPLIERS
CP Group of
companies : Thailand
Khao C.P. Co.,
Ltd. : Thailand
Chia Tai Co.,
Ltd. : Thailand
SALES [LOCAL]
The products are
sold locally to
traders, mainly discount
stores, convenience stores
and retail stores,
such as MAKRO,
TESCO LOTUS, BIG C SUPERCENTER,
TOPS SUPERMARKET, THE
MALL DEPARTMENT STORE and etc., as well
as food industry
and authorized dealers
nationwide.
EXPORT [COUNTRIES]
The Thai products
are exported to
more than 60
worldwide countries, such
as United Kingdom,
Germany, Italy, France,
Japan, Singapore, Republic of
China, Laos, Myanmar,
Vietnam, India, Brunei,
Taiwan, Hong Kong,
Indonesia, United States of
America, Russia, Belgium, Sri
Lanka, Philippines, Macau, Australia,
Canada, South Africa, Kenya,
Cambodia and Middle
East countries.
SUBSIDIARIES &
AFFILIATED COMPANIES
The C.P. Intertrade group
of companies, consists
of:
|
Name |
Business |
|
|
|
|
Khao C.P. Co.,
Ltd. |
Packaging and distributing of
rice products |
|
C.P. Trading Group
Co., Ltd. |
Manufacturing and distributing of
foodstuffs |
|
Bangkok Fisheries Co.,
Ltd. |
Manufacturing of fish
meals |
|
Pokphand Enterprise Co.,
Ltd. |
Manufacturing and distributing of
consumer products |
|
Advance Transport Co.,
Ltd. |
Transportation service |
|
& etc. |
|
MEMBERSHIPS
The Board of Trade
of Thailand
The Thai Chamber
of Commerce
The Thai Silk
Association
The Thai Maize
and Produce Traders'
Association
The Thai Marine
Products Association
The Thai Fruits
and Vegetables Exporters'
Association
The Thai Rubber
Traders' Association
The Association of
Thai Industries
The Association of
Thai General Trading
Companies
The Thai Mining
Association
The Rice Exporters'
Association
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
30-60-90 days.
Local bills are
paid by cash
or on the
credits term of
30-60-90 days.
Imports are by
L/C at sight
or on the
credit term of 120
days and T/T.
Exports are against
L/C at sight
or on the
credit term of
120 days and
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok]
Kasikornbank Public Co.,
Ltd.
Krung Thai Bank
Public Co., Ltd.
OVERSEAS OFFICES
The subject currently has 7 overseas offices
located around the
world. Based in
Belgium, Republic of China, Japan,
South Korea, Singapore, South Africa,
and United Arab Emirates [U.A.E.]
as follows:
C.P. Belgium S.A.
Avenue Belle Vue 17
1410 Waterloo, Belgium
Tel.: [322] 357-5380,
357-5384
Fax: [332] 357-5398,
357-5399
C.P. Intertrade
[Shanghai] Representative Office
Room6D, No. 137
Xin Fu Rd.,
Shanghai, P.R. of
China, 200052
Tel.: [8621]
6281-5034
Fax: [8621]
6280-8615
Standard Union
Co., Ltd.
5th/Floor Nakane
Bldg.,
No. 4-4,
Shinbadaimon2-Chome,
Minato-Ku, Tokyo, Japan
Tel.: [813]
5401-2231
Fax: [813]
5401-2236
C.P. Intertrade
[Korea] Co., Ltd.
10th/Floor, Kyung
Hyang Shinmun Bldg.
22, Jeong-dong,
Jung-ku
Seoul, South
Korea
Tel.: [822]
736-3470-3
Fax: [822]
736-3474
Charoen Pokphand
Intertrade Singapore [Pte.]
Ltd.
171 Chin
Swee Rd., 06-06
San Center 169877
Singapore
Tel.: [65]
538-7020
Fax: [65]
538-6167
P.O. Box
610
Northlands 2116
2nd Level
Thrupps Centre 204
Oxford Rd.,
ILLOVE, JHB.
RSA.
Tel.: [2711]
802-2433
Fax: [2711]
802-1208
C.P. Intertrade
[Middle East] Co.,
Ltd.
Jebel Ali
Freezone Bldg., No. 2, BG
05-BG 07
Dubai, U.A.E.
Tel.: [9714]
817-844
Fax: [9714]
817-843
EMPLOYMENT
The subject employs
approximately 700 staff comprising office
and sales staff.
LOCATION DETAILS
The premise is
rented for operating
office at the
heading address. Premise is
located in commercial area.
Branch office/Contact Center:
- 18th-19th Flr.,
Le Concorde Bldg.,
202 Ratchadapisek Rd.,
Huaykwang,
Bangkok 10310.
Tel. : [66] 2646-7350, Fax.: [66] 2646-7324.
Branch / Warehouse:
-
177/2
Moo 4, T. Rahaeng,
A. Ladlummaew, Pathumthani 12140.
-
279 Moo 9, T.
Salaengphan, A. Lampaimas, Burirum
31130.
-
222 Moo 11, T.
Dermbang, A. Dermbangnangbuad, Suphanburi
72120.
-
99/1 Moo 5, T.
Wangbua, A. Klongklung, Kampaengpetch
62120
-
135 Moo 5, T.
Maela, A. Nakornluang, Ayutthaya
13260.
-
3/2-4
Moo 1, T. Wangdaeng,
A. Tharua, Ayutthaya 13130.
COMMENT
Subject actively trades
in basic agricultural
products and high
value-added foodstuffs. The company
strives to match a
bridge the demands
and supplies of
the global markets.
The rice
export volume should surge
in the
first and second
quarter of this year
due to the government
has put up a tender
offers on its rice
stock for sale.
The subject is
one among 18 potential
buyers.
Prospect of
a severe drought
this year is
reported, therefore stocking
rice at a time being
is essential to the
subject to have
enough rice for
domestic sale and
exports.
FINANCIAL INFORMATION
The capital was
registered at Bht. 20 million, divided into 200,000 shares
of Bht. 100 each.
The capital was
increased later as
followings:
Bht. 50
million on November
7, 1983
Bht. 100 million
on December 6,
1990
Bht.
110 million on
August 30, 1994
Bht.
550 million on
December 27, 2010
Bht. 1,100
million on April
10, 2012
The latest registered
capital was increased to
Bht. 1,100 million, divided into
110,000,000 shares of Bht.
10 each
with fully paid.
MAJOR SHAREHOLDERS : [as at
April 30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Dhanin Chiaravanont Nationality: Thai Address : 88 Moo 17,
Bangpleeyai, Bangplee, Samutprakarn |
14,254,000 |
12.96 |
|
Mr. Sumet Chiaravanont Nationality: Thai Address : 18/59 Soi
Somkid, Lumpini, Pathumwan, Bangkok |
14,254,000 |
12.96 |
|
Mr. Jaran Chiaravanont Nationality: Thai Address : 10 Sukhapibal
Rd., Kannayao, Buengkum, Bangkok |
14,031,000 |
12.75 |
|
Mr. Montri Chiaravanont Nationality: Thai Address : 299-301 Songwad
Rd., Samphanthawong, Bangkok |
13,892,000 |
12.63 |
|
Mr. Kiat Chiaravanont Nationality: Thai Address : 1 Phaholyothin Rd.,
Ladyao, Jatujak, Bangkok |
6,334,000 |
5.76 |
|
Charoen Pokphand Holding
Co., Ltd. Nationality: Thai Address : 313 Silom
Rd., Silom, Bangrak,
Bangkok |
4,595,000 |
4.18 |
|
Mr. Pongthep Chiaravanont Nationality: Thai Address : 45 Sukhumvit
55 Rd., Klongtonnua,
Klongtoey, Bangkok |
4,018,000 |
3.65 |
|
Mrs. Yupa Chiaravanont Nationality: Thai Address : 12/1 Sukhumvit
33 Rd., Klongton,
Prakanong, Bangkok |
3,980,000 |
3.62 |
|
Mr. Pratheep Chiaravanont Nationality: Thai Address : 79/4 Sukhumvit
39 Rd., Klongton,
Prakanong, Bangkok |
3,978,000 |
3.62 |
|
Mrs. Patthanee Leksrisompong Nationality: Thai Address : 10/10 Sukhumvit
33 Rd., Klongton,
Prakanong, Bangkok |
3,978,000 |
3.62 |
|
Mr. Vatcharachai Chiaravanont Nationality: Thai Address : 18/4 Sukhumvit
39 Rd., Klongton, Prakanong, Bangkok
|
3,978,000 |
3.62 |
|
Others |
22,708,000 |
20.63 |
Total Shareholders : 44
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
44 |
110,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
44 |
110,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Charoen Phusamritlert No.
4068
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
78,972,285 |
109,215,837 |
48,859,836 |
|
Trade Accounts Receivable |
1,760,250,785 |
2,202,161,065 |
6,428,661,868 |
|
Other Receivable |
74,466,754 |
463,471,365 |
113,493,396 |
|
Short-term Lending to Related
Company |
3,523,538,215 |
1,473,002,000 |
686,096,925 |
|
Inventories |
120,836,393 |
423,135,882 |
247,089,081 |
|
Other Current Assets
|
42,184,062 |
76,996,875 |
162,858,086 |
|
Total Current
Assets |
5,600,248,494 |
4,747,983,024 |
7,687,095,192 |
|
Long-term Investment |
4,406,814,994 |
4,042,814,994 |
3,380,814,994 |
|
Investment in Related Company |
687,735,155 |
178,115,921 |
178,113,579 |
|
Real Estate for
Investment |
270,732,989 |
282,855,875 |
238,853,585 |
|
Fixed Assets |
498,577,337 |
563,498,954 |
607,585,319 |
|
Intangible Assets |
49,370,788 |
45,838,148 |
45,202,047 |
|
Other Non-current Assets |
72,080,370 |
56,009,012 |
24,389,983 |
|
Total Assets
|
11,585,560,127 |
9,917,115,928 |
12,162,054,699 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial
Institution |
4,441,278,805 |
3,719,501,177 |
7,732,762,430 |
|
Trade Accounts Payable |
3,842,962,336 |
962,546,733 |
1,316,605,985 |
|
Other Payable |
55,486,403 |
37,634,783 |
28,791,199 |
|
Short-term Loan from Subsidiaries |
372,500,000 |
1,812,271,486 |
25,500,000 |
|
Current Portion of Long-term Loans from Financial
Institution |
74,000,000 |
199,500,000 |
348,000,000 |
|
Accrued Expenses |
99,325,471 |
131,113,719 |
164,702,265 |
|
Short-term Loan to Employee Benefits Obligation |
3,937,000 |
3,600,000 |
490,000 |
|
Other Current Liabilities |
26,404,837 |
36,531,890 |
113,642,000 |
|
Total Current
Liabilities |
8,915,894,852 |
6,902,699,788 |
9,730,493,879 |
|
|
|
|
|
|
Long-term Loan from Financial Institution |
200,500,000 |
274,500,000 |
244,000,000 |
|
Long-term Loans for Employee
Benefits Obligation |
6,317,000 |
2,864,000 |
1,000,000 |
|
Total Liabilities |
9,122,711,852 |
7,180,063,788 |
9,975,493,879 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
value Authorized &
and fully paid
share capital
11,000,000 shares |
1,100,000,000 |
1,100,000,000 |
550,000,000 |
|
Capital Paid |
1,100,000,000 |
1,100,000,000 |
550,000,000 |
|
Retained Earning -
Unappropriated |
1,362,848,275 |
1,637,052,140 |
1,636,560,820 |
|
Total
Shareholders' Equity |
2,462,848,275 |
2,737,052,140 |
2,186,560,820 |
|
Total Liabilities
& Shareholders' Equity |
11,585,560,127 |
9,917,115,928 |
12,162,054,699 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales & Services Income
|
12,464,892,272 |
13,121,587,881 |
15,283,402,033 |
|
Interest Income |
322,435,321 |
150,150,001 |
52,460,183 |
|
Rental Income |
107,226,500 |
76,969,000 |
75,037,000 |
|
Dividend Income |
5,106,731 |
3,953,598 |
4,941,998 |
|
Gain on Exchange Rate |
- |
35,467,544 |
- |
|
Other Income |
12,468,624 |
48,077,425 |
48,132,941 |
|
Total Revenues
|
12,912,129,448 |
13,436,205,449 |
15,463,974,155 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
11,598,567,006 |
12,032,089,302 |
13,724,339,016 |
|
Selling Expenses |
607,815,745 |
675,237,734 |
896,330,444 |
|
Administrative Expenses |
595,054,575 |
450,705,337 |
421,504,493 |
|
Loss on Exchange
Rate |
43,068,262 |
- |
30,462,341 |
|
Total Expenses |
12,844,505,588 |
13,158,032,373 |
15,072,636,294 |
|
Profit before Financial Cost & Income Tax |
67,623,860 |
278,173,076 |
391,337,861 |
|
Financial Cost |
[341,827,725] |
[256,467,516] |
[362,303,963] |
|
Profit / [Loss] before Income
Tax |
[274,203,865] |
21,705,560 |
29,033,898 |
|
Income Tax |
- |
[21,214,240] |
- |
|
Net Profit / [Loss] |
[274,203,865] |
491,320 |
29,033,898 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.63 |
0.69 |
0.79 |
|
QUICK RATIO |
TIMES |
0.61 |
0.62 |
0.75 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
25.86 |
23.69 |
25.36 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.11 |
1.35 |
1.27 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
3.80 |
12.84 |
6.57 |
|
INVENTORY TURNOVER |
TIMES |
95.99 |
28.44 |
55.54 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
49.83 |
60.21 |
152.26 |
|
RECEIVABLES TURNOVER |
TIMES |
7.33 |
6.06 |
2.40 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
120.94 |
29.20 |
35.02 |
|
CASH CONVERSION CYCLE |
DAYS |
(67.31) |
43.85 |
123.82 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
89.95 |
90.14 |
89.06 |
|
SELLING & ADMINISTRATION |
% |
9.33 |
8.43 |
8.55 |
|
INTEREST |
% |
2.65 |
1.92 |
2.35 |
|
GROSS PROFIT MARGIN |
% |
10.19 |
10.52 |
11.29 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.52 |
2.08 |
2.54 |
|
NET PROFIT MARGIN |
% |
(2.13) |
0.00 |
0.19 |
|
RETURN ON EQUITY |
% |
(11.13) |
0.02 |
1.33 |
|
RETURN ON ASSET |
% |
(2.37) |
0.00 |
0.24 |
|
EARNING PER SHARE |
BAHT |
(2.49) |
0.00 |
0.53 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.79 |
0.72 |
0.82 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.70 |
2.62 |
4.56 |
|
TIME INTEREST EARNED |
TIMES |
0.20 |
1.08 |
1.08 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(3.40) |
(13.38) |
|
|
OPERATING PROFIT |
% |
(75.69) |
(28.92) |
|
|
NET PROFIT |
% |
(55,909.63) |
(98.31) |
|
|
FIXED ASSETS |
% |
(11.52) |
(7.26) |
|
|
TOTAL ASSETS |
% |
16.82 |
(18.46) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -3.4%. Turnover has decreased from THB
13,348,706,882.00 in 2012 to THB 12,894,554,093.00 in 2013. While net profit
has decreased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
10.19 |
Impressive |
Industrial
Average |
3.39 |
|
Net Profit Margin |
(2.13) |
Deteriorated |
Industrial
Average |
0.34 |
|
Return on Assets |
(2.37) |
Deteriorated |
Industrial
Average |
0.91 |
|
Return on Equity |
(11.13) |
Deteriorated |
Industrial
Average |
9.74 |
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 10.19%. 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 -2.13%.
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 -2.37%.
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 -11.13%.
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 |
0.63 |
Risky |
Industrial
Average |
1.38 |
|
Quick Ratio |
0.61 |
|
|
|
|
Cash Conversion Cycle |
(67.31) |
|
|
|
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 0.63 times in 2013, decreased from 0.69 times, then the company may
not be efficiently using its current assets. 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 0.61 times in 2013,
decreased from 0.62 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 -68 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.79 |
Impressive |
Industrial
Average |
1.06 |
|
Debt to Equity Ratio |
3.70 |
Satisfactory |
Industrial
Average |
5.82 |
|
Times Interest Earned |
0.20 |
Risky |
Industrial
Average |
- |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the shareholders
have committed. A 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 0.2 lower than 1, so the company is not generating enough
cash from EBIT to meet its interest
obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.79 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 |
25.86 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.11 |
Deteriorated |
Industrial
Average |
3.14 |
|
Inventory Conversion Period |
3.80 |
|
|
|
|
Inventory Turnover |
95.99 |
Impressive |
Industrial
Average |
6.02 |
|
Receivables Conversion Period |
49.83 |
|
|
|
|
Receivables Turnover |
7.33 |
Impressive |
Industrial
Average |
4.95 |
|
Payables Conversion Period |
120.94 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.33 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 13 days at the
end of 2012 to 4 days at the end of 2013. This represents a positive trend. And
Inventory turnover has increased from 28.44 times in year 2012 to 95.99 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.11 times and 1.35 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.60.61 |
|
|
1 |
Rs.100.48 |
|
Euro |
1 |
Rs.79.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.