MIRA INFORM REPORT
|
Report Date : |
13.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
SIAMGAS AND PETROCHEMICALS PUBLIC COMPANY LIMTED |
|
|
|
|
Registered Office : |
30th
Floor, The Palladium
Building A, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
17.01.2001 |
|
|
|
|
Com. Reg. No.: |
0107548000650 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Distribution of LPG |
|
|
|
|
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 |
|
|
|
|
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 |
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
SIAMGAS AND
PETROCHEMICALS PUBLIC COMPANY
LIMTED
SUMMARY
BUSINESS
ADDRESS : 30th FLOOR,
THE PALLADIUM BUILDING
A,
553
RATCHAPRAROP
ROAD, MAKKASAN,
RATCHATHEWI,
BANGKOK 10400, THAILAND
TELEPHONE : [66] 2120-9999
FAX :
[66] 2250-6008
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2001
REGISTRATION
NO. : 0107548000650
[Former : 0105544005469]
TAX
ID NO. : 3030225252
CAPITAL REGISTERED : BHT. 918,931,500
CAPITAL PAID-UP : BHT.
918,931,500
SHAREHOLDER’S PROPORTION : -
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
SUPACHAI WEERABORWORNPONG, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 700
LINES
OF BUSINESS : LPG
DISTRIBUTION
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 originally established
on January 17,
2001 as a
private limited company
under the registered
name “Siamgas and
Petrochemicals Company Limited”,
by Thai groups,
with the business
objective to distribute LPG
products to both
domestic and international markets.
On November 30,
2005, its status
was converted to
a public company, namely SIAM GAS
AND PETROCHEMICALS PUBLIC
COMPANY LIMITED. On
June 3, 2008,
it was listed
on the Stock
Exchange of Thailand.
It currently employs
approximately 700 staff.
The
subject is also
engaged in holding
and investing in
19 subsidiaries in the group
including 13 wholly
owned companies to
operate in energy
businesses.
The
subject’s registered address
is 30th Floor,
The Palladium Building
A, 553 Ratchaprarop Road, Makkasan,
Ratchathewi, Bangkok 10400, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Gen. Chaisit Shinawatra :
Chairman |
|
Thai |
69 |
|
Mr. Worawit Weeraborwornpong : Chairman of The
Executive Board |
[x] |
Thai |
68 |
|
Mrs. Patchara Weeraborwornpong |
[x] |
Thai |
65 |
|
Mr. Supachai Weeraborwornpong |
[x] |
Thai |
41 |
|
Mr. Suttipong Vasuvanichphan |
[x] |
Thai |
64 |
|
Mr. Viroj Klangboonkrong |
|
Thai |
70 |
|
Mr. Harn Chiocharn |
|
Thai |
69 |
|
Mrs. Sudjit Divari |
|
Thai |
67 |
|
Mr. Somchai Korprasopsuk |
[x] |
Thai |
52 |
AUTHORIZED PERSON
Any two of the
mentioned directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Supachai Weeraborwornpong is
the Managing Director.
He is Thai
nationality with the
age of 41
years old.
Mrs. Patchara Weeraborwornpong is
the Executive Director.
She is Thai
nationality with the age of
65 years old.
Mrs. Jintana Kingkaew
is the DMD
[Accounting/Financial/Procurement/Human
Resources].
She is Thai
nationality.
Mr. Anuwat Poosantipong is the
DMD [Sales & Marketing].
He is Thai
nationality.
Mr. Suttipong Vasuvanichphan is the
DMD [Purchasing].
He is Thai
nationality with the
age of 64
years old.
Mr. Somchai Korprasopsuk is the
Assistant Managing Director
[Terminal/Filling Plant]
He is Thai
nationality with the
age of 52 years old.
BUSINESS OPERATIONS
The subject
is engaged in
energy business, the
core business is
distributing of LPG
products under its
own trademark “SIAMGAS”,
through its LPG
filling plants with
a total of
22 locations, including 7
locations owned and operated
by the company [COCO, company
owned - company operated filling
plants], 15 locations
where the property
rented to agents [CODO,
company owned - dealer operated
filling plants], and
also through 61
agent filling plants
for cooking segment.
The subject also
distributes LPG to
auto-gas users through
34 companies owned
- company operated
auto-gas stations [COCO] and
other 369 dealers
owned - dealer operated
auto-gas stations [DODO].
The subject
and its subsidiaries’ core business
are energy and
related businesses.
Domestic operations include
4 businesses as
follows:
1.
Trading of
LPG, ammonia, and
other
petrochemicals-operated under the
company and Unique
Gas and Petrochemicals Public
Company Limited.
2.
Transportation of
petroleum, LPG, ammonia,
and other petrochemicals-operated under
the 3 subsidiaries:
Lucky Carrier Co.,
Ltd., Siam Lucky
Marine Co., Ltd.,
and Chemicals Gas
Transport Co., Ltd.
3.
LPG cylinder
and auto-gas tank
manufacturing-operated by Siam
Quality Steel Co.,
Ltd.
4.
Ethanol manufacturing
and trading-operated by
Siam Ethanol Export
Company Limited.
Oversea
operations include 4 businesses as follows:
1.
LPG
trading in China - operated by
Sino Siam Gas
and Petrochemicals Co.,
Ltd. and Siam
Ocean Gas and
Energy Ltd.
2.
LPG
trading in Vietnam - operated by 2 subsidiaries;
Super Gas Co.,
Ltd., and Citygas
Co., Ltd., and
a joint venture
company, Citygas North
Co., Ltd.
3.
LPG
trading in Singapore - operated by
SingGas [LPG] Pte. Ltd.,
and Siam Gas
Trading Pte. Ltd.
4.
Petrochemical
trading in Malaysia - operated by United Gas
Petrochemicals Sdn. Bhd., SGGAS
Sdn. Bhd., and Magaz
Sdn. Bhd.
PURCHASE
The
products are purchased
from suppliers both
domestic and overseas,
in Japan, U.S.A.,
and Malaysia.
MAJOR
SUPPLIERS
PTT Public Company
Limited :
Thailand
Thai Oil Public
Company Limited : Thailand
IRPC Public Company
Limited : Thailand
Esso [Thailand] Public
Company Limited :
Thailand
Vitol Malaysia Sdn. Bhd. : Malaysia
Astomos Energy Corporation :
Japan
Itochu Corporation : Japan
Shell Group : U.S.A.
SALES
The products are
sold to customers
both local and
overseas, mainly in
Republic of China,
Vietnam and Malaysia.
SUBSIDIARY AND AFFILIATED COMPANIES
Presently, the subject
has altogether 13
wholly owned subsidiaries, 3 affiliated companies and
3 joint venture
companies as follows:
Subsidiaries
- Unique
Gas and Petrochemicals Public
Company Limited [UGP]
- Lucky
Carrier Co., Ltd.
[LCR]
- Siam
Quality Steel Co.,
Ltd. [SQS]
- Siam
Ethanol Export Co.,
Ltd. [SEEC]
- Siam
Suksawat Co., Ltd.
[SSW]
- Siam
Lucky Marine Co.,
Ltd. [SLM]
- Siamgas
HK Co., Ltd.
[SGHK]
- Super
Gas Co., Ltd.
[SUPERGAS]
- SingGas
[LPG] Pte. Ltd.
[SINGGAS]
- Siam
Gas Trading Pte.
Ltd. [SGT]
- United
Gas and Petrochemicals Co.,
Ltd. [UNITED]
- Mygaz
Sdn. Bhd. [MYGAZ]
- Citygas
Co., Ltd. [CITYGAS]
Affiliated companies
- Chemicals
Gas Transport Co.,
Ltd. [CGT]
- Sino
Siam Gas and
Petrochemicals Co., Ltd.
[SINOSIAM]
- Siam
Ocean Gas and
Energy Ltd. [SOGEL]
Joint Venture Companies
- SGGAS
Sdn. Bhd. [SGGAS]
- CityGas
North Co., Ltd.
[CITYGAS NORTH]
- Siam
Natalin Co., Ltd.
[SNTL]
REVENUE STRUCTURE
[Company and Consolidates]
|
|
2013 |
2012 |
||
|
|
Million baht |
% |
Million baht |
% |
|
Revenue from Sales |
|
|
|
|
|
Liquefied Petroleum Products |
21,291.80 |
32.39 |
20,832.08 |
43.54 |
|
Ammonia Products |
1,358.84 |
2.07 |
1,605.72 |
3.43 |
|
Other Petrochemical Products |
826.30 |
1.26 |
885.79 |
1.87 |
|
LPG Cylinders |
5.20 |
0.01 |
10.26 |
0.02 |
|
Ethanol products |
4.3 |
- |
177.52 |
0.37 |
|
Liquefied Petroleum Gas [Abroad] |
40,821.60 |
62.09 |
23,116.85 |
48.41 |
|
Income from Sales |
64,308.12 |
97.81 |
46,628.22 |
97.65 |
|
Transportation Fees |
623.66 |
0.95 |
616.16 |
1.29 |
|
Income from Service
Rendered |
89.56 |
0.14 |
93.09 |
0.19 |
|
Other Incomes |
725.04 |
1.10 |
414.41 |
0.87 |
|
Total |
65,746.38 |
100.0 |
47,751.88 |
100.0 |
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 to 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 days.
Imports are by
T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
The
Siam Commercial Bank
Public co., Ltd.
Krung
Thai Bank Public
Co., Ltd.
EMPLOYMENT
The subject currently employs approximately
700 staff.
LOCATION DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in prime commercial
area.
Branches
The
subject’s currently has
60 branch offices,
located both in
Bangkok and provincial,
including Roi-ed, Suratthani,
Chonburi, Ubon Ratchathani,
Nakornratchasima,
Nonthaburi, saraburi, Nakornpathom,
Chiangmai, Pang-nga, and
Prachuabkirikhan province.
COMMENT
The
company has expanded
the business to
increase sales and market share
by opening new LPG
stations and looking
for new LPG
industrial customer. In
2013 was another
year that the
company eagerly expanded
its business abroad
by acquiring companies
and business. The
company has acquired
two LPG companies
in Vietnam, and
acquired business and
assets related to
LPG business in
Malaysia.
Due
to the prudent
business operation and
careful investment for
business continuity, the
company and its
subsidiaries had higher revenue
from operation in
the year 2013 [Consolidated Financial
Statement]. This resulted
in an increase
in revenue from
LPG business overseas.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 900,000,000
divided into 9,000,000
shares of Bht.
100 each with
fully paid.
The
capital were increased
and decreased later
as follows:
Bht. 670,000,000 on May 16, 2006
[decreased]
Bht. 980,000,000 on May 17, 2006
[increased]
Bht. 670,000,000 on May 21, 2007
[decreased]
Bht. 950,000,000 on May 22, 2007
[increased]
Bht. 918,931,500 on March 6, 2013
[decreased]
The
latest registered capital
was decreased to
Bht. 918,931,500 divided
into 918,931,500 shares
of Bht. 1 each
with fully paid.
THE SHAREHOLDERS LISTED WERE:
[as at
August 25, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Worawit Weeraborwornpong Nationality: Thai Address : - |
441,681,599 |
48.06 |
|
UOB Kay Hian
Private Limited Nationality: Singaporean Address : - |
74,573,900 |
8.12 |
|
Mr. Supachai Weeraborwornpong Nationality: Thai Address : - |
50,871,000 |
5.54 |
|
Mrs. Patchara Weeraborwornpong Nationality: Thai Address : - |
50,000,000 |
5.44 |
|
Mrs. Watchanee Singwangcha Nationality: Thai Address : - |
31,000,000 |
3.37 |
|
Mr. Komol Juangroongruangkit Nationality: Thai Address : - |
25,000,000 |
2.72 |
|
Mr. Santi Singwangcha Nationality: Thai Address : - |
24,151,200 |
2.63 |
|
Ms. Patcharawadee
Weeraborwornpong Nationality: Thai Address : - |
20,000,000 |
2.18 |
|
Thai NVDR Co.,
Ltd. Nationality: Thai Address : - |
18,316,476 |
1.99 |
|
Others |
183,337,325 |
19.95 |
Total Shareholders :
3,632
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.:
Mr. Chaisiri Ruangritchai No.
4526
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 [Restated] |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
232,687,422 |
203,215,334 |
190,164,920 |
|
Trade Accounts &
Other Receivable |
2,976,199,019 |
1,788,129,858 |
2,270,094,426 |
|
Inventories |
121,001,940 |
6,793,853,208 |
3,148,146,323 |
|
Other Current Assets
|
39,025,154 |
13,449,139 |
150,365,156 |
|
|
|
|
|
|
Total Current Assets
|
3,368,913,535 |
8,798,647,539 |
5,758,770,825 |
|
Investment in Subsidiaries
Parties |
7,736,659,904 |
7,629,342,502 |
7,435,972,471 |
|
Investment in Joint
Venture |
23,577,992 |
804,399 |
500,000 |
|
Long-term Loans to Related Parties |
1,652,412,895 |
1,607,865,465 |
1,241,964,747 |
|
Fixed Assets |
3,947,086,044 |
3,441,959,164 |
3,139,974,867 |
|
Intangible Assets |
5,619,457 |
8,137,747 |
10,634,889 |
|
Leasehold |
4,458,307 |
5,599,858 |
6,741,410 |
|
Deferred Income Tax Assets |
70,654,577 |
2,947,628 |
- |
|
Other Non - current Assets |
376,611,147 |
319,595,831 |
132,424,953 |
|
Total Assets |
17,185,993,858 |
21,814,900,133 |
17,726,984,162 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 [Restated] |
2011 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
4,051,522,630 |
7,585,068,794 |
5,861,563,246 |
|
Trade Accounts & Other
Payable |
1,267,296,840 |
2,709,985,716 |
1,392,900,116 |
|
Current Portion of
Long-term Loans |
- |
|
1,299,356,250 |
|
Current Portion of
Debentures Payable |
1,499,674,875 |
- |
- |
|
Accrued Income Tax |
- |
82,603,332 |
- |
|
Other Current Liabilities |
74,891,793 |
59,020,914 |
14,727,183 |
|
|
|
|
|
|
Total Current Liabilities |
6,893,386,138 |
10,436,678,756 |
8,568,546,795 |
|
Long-term Loans from Related Parties |
786,000,000 |
251,000,000 |
764,200,000 |
|
Long-term Loans from Financial Institutions |
- |
- |
2,729,512,026 |
|
Debentures |
2,994,672,928 |
4,487,917,885 |
- |
|
Gas Deposit Payable |
627,180,581 |
553,109,521 |
420,358,301 |
|
Employee Benefits Obligation |
42,282,023 |
30,821,878 |
28,874,976 |
|
Other Non-current Liabilities |
11,085,000 |
7,726,198 |
7,031,198 |
|
Total Liabilities |
11,354,606,670 |
15,767,254,238 |
12,518,523,296 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1
par value authorized, issued
and fully paid share
capital 918,931,500 shares
in 2013 950,000,000 shares
in 2012 & 2011 |
918,931,500 |
950,000,000 |
950,000,000 |
|
|
|
|
|
|
Capital Paid |
918,931,500 |
950,000,000 |
950,000,000 |
|
Premium on Share Capital |
1,874,481,829 |
1,874,481,829 |
1,874,481,829 |
|
Retained Earnings: Appropriated for Statutory Reserve |
162,088,663 |
162,088,663 |
162,088,663 |
|
Reserve for Treasury Shares |
- |
272,143,445 |
272,143,445 |
|
Unappropriated |
3,267,136,350 |
3,445,136,142 |
2,601,403,930 |
|
Other Components of Shareholders Equity |
[391,251,154] |
[384,060,739] |
[379,513,556] |
|
Less : Treasury Shares |
- |
[272,143,445] |
[272,143,445] |
|
Total Shareholders' Equity |
5,831,387,188 |
6,047,645,895 |
5,208,460,866 |
|
Total Liabilities & Shareholders' Equity |
17,185,993,858 |
21,814,900,133 |
17,726,984,162 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 [Restated] |
2011 |
|
|
|
|
|
|
Sales Income |
23,343,755,089 |
31,554,917,673 |
25,832,666,098 |
|
Service Income |
133,057,034 |
123,502,303 |
99,124,760 |
|
Dividend Income |
461,651,603 |
964,091,647 |
1,013,813,779 |
|
Other Income |
511,389,342 |
442,312,410 |
92,069,922 |
|
Total Revenues |
24,449,853,068 |
33,084,824,033 |
27,037,674,559 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
23,612,052,554 |
30,968,212,485 |
25,302,579,066 |
|
Selling Expenses |
51,119,580 |
52,358,243 |
40,100,810 |
|
Administrative Expenses |
382,460,265 |
328,743,317 |
317,819,533 |
|
Total Expenses |
24,045,632,399 |
31,349,314,045 |
25,660,499,409 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
404,220,669 |
1,735,509,988 |
1,377,175,150 |
|
Financial Costs |
[357,585,646] |
[392,467,854] |
[334,152,736] |
|
Profit before Income
Tax |
46,635,023 |
1,343,042,134 |
1,043,022,414 |
|
Income Tax |
[65,909,345] |
[90,688,345] |
[17,469,707] |
|
|
|
|
|
|
Net Profit / [Loss] |
112,544,368 |
1,252,353,789 |
1,025,552,707 |
FINANCIA ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.49 |
0.84 |
0.67 |
|
QUICK RATIO |
TIMES |
0.47 |
0.19 |
0.29 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.06 |
9.48 |
8.58 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.39 |
1.50 |
1.52 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
1.87 |
80.07 |
45.41 |
|
INVENTORY TURNOVER |
TIMES |
195.14 |
4.56 |
8.04 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
45.38 |
19.99 |
30.75 |
|
RECEIVABLES TURNOVER |
TIMES |
8.04 |
18.26 |
11.87 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
19.59 |
31.94 |
20.09 |
|
CASH CONVERSION CYCLE |
DAYS |
27.66 |
68.13 |
56.07 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
98.64 |
94.87 |
93.90 |
|
SELLING & ADMINISTRATION |
% |
1.81 |
1.17 |
1.33 |
|
INTEREST |
% |
1.49 |
1.20 |
1.24 |
|
GROSS PROFIT MARGIN |
% |
3.50 |
6.48 |
6.44 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.69 |
5.32 |
5.11 |
|
NET PROFIT MARGIN |
% |
0.47 |
3.84 |
3.81 |
|
RETURN ON EQUITY |
% |
1.93 |
20.71 |
19.69 |
|
RETURN ON ASSET |
% |
0.65 |
5.74 |
5.79 |
|
EARNING PER SHARE |
BAHT |
0.12 |
1.32 |
1.08 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.66 |
0.72 |
0.71 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.95 |
2.61 |
2.40 |
|
TIME INTEREST EARNED |
TIMES |
1.13 |
4.42 |
4.12 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(26.66) |
21.14 |
|
|
OPERATING PROFIT |
% |
(76.71) |
26.02 |
|
|
NET PROFIT |
% |
(91.01) |
22.12 |
|
|
FIXED ASSETS |
% |
14.68 |
9.62 |
|
|
TOTAL ASSETS |
% |
(21.22) |
23.06 |
|
ANNUAL GROWTH: RISKY
An annual sales growth is -26.66%. Turnover has decreased from THB 32,642,511,623.00
in 2012 to THB 23,938,463,726.00 in 2013. While net profit has decreased from
THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.50 |
Deteriorated |
Industrial
Average |
65.79 |
|
Net Profit Margin |
0.47 |
Deteriorated |
Industrial
Average |
3.31 |
|
Return on Assets |
0.65 |
Deteriorated |
Industrial
Average |
11.81 |
|
Return on Equity |
1.93 |
Deteriorated |
Industrial
Average |
37.82 |
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 3.5%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have problems with control over its costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 0.47%.
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 0.65%.
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 1.93%.
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 |
0.49 |
Risky |
Industrial
Average |
0.72 |
|
Quick Ratio |
0.47 |
|
|
|
|
Cash Conversion Cycle |
27.66 |
|
|
|
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 0.49 times in 2013, decreased from 0.84 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 0.47 times in 2013,
increased from 0.19 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 28 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.66 |
Acceptable |
Industrial
Average |
0.56 |
|
Debt to Equity Ratio |
1.95 |
Risky |
Industrial
Average |
1.86 |
|
Times Interest Earned |
1.13 |
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 1.14 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 0.66 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 Downtrend
Times Interest Earned Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.06 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.39 |
Deteriorated |
Industrial
Average |
2.86 |
|
Inventory Conversion Period |
1.87 |
|
|
|
|
Inventory Turnover |
195.14 |
Impressive |
Industrial
Average |
9.61 |
|
Receivables Conversion Period |
45.38 |
|
|
|
|
Receivables Turnover |
8.04 |
Acceptable |
Industrial
Average |
11.87 |
|
Payables Conversion Period |
19.59 |
|
|
|
The company's Account Receivable Ratio is calculated as 8.04 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 80 days at the
end of 2012 to 2 days at the end of 2013. This represents a positive trend. And
Inventory turnover has increased from 4.56 times in year 2012 to 195.14 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.39 times and 1.5
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.84 |
|
UK Pound |
1 |
Rs.98.73 |
|
Euro |
1 |
Rs.78.64 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NIT |
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.