MIRA
INFORM REPORT
|
Report Date : |
16.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
POLYPLEX [ |
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Formerly Known As : |
POLYPLEX
[ |
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Registered Office : |
18th Floor, |
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Country : |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
26.03.2002 |
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Com. Reg. No.: |
0107547000729 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacturer, Exporter and Distributor of Polyester Film, Polyester Chips,
Thermal Lamination Film and Cast Polypropylene Film. |
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|
No of Employees : |
650 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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
POLYPLEX [THAILAND] PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 18th FLOOR,
OCEAN TOWER II,
75/26 SUKHUMVIT
19 ROAD, KLONGTOEYNUA,
WATTANA, BANGKOK
10110, THAILAND
TELEPHONE : [66] 2665-2706-8
FAX : [66] 2665-2705
E-MAIL
ADDRESS : marketing@polyplex.com
WEBSITE : http://www.polyplexthailand.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2002
REGISTRATION
NO. : 0107547000729 [Former
: 0107574700729]
TAX
ID NO. : 3030526342
CAPITAL REGISTERED : BHT. 960,000,000
CAPITAL PAID-UP : BHT.
800,000,000
FISCAL YEAR CLOSING DATE : MARCH
31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
ROHIT KUMAR VASHISTHA,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 650
LINES
OF BUSINESS : POLYESTER FILM,
POLYESTER CHIPS,
THERMAL LAMINATION
FILM AND
CAST POLYPROPYLENE
FILM
MANUFACTURER, EXPORTER
& DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The subject was
established on March 26,
2002 as a
private limited company
under the registered
name “Polyplex [Thailand] Ltd.”
by Thai and
Indian groups. It
is mainly engaged
in producing polyester
film [plain and metallized],
polyester chips, extrusion
coated film and
cast polypropylene film
[plain and metallized],
and silicone coated
film products, with
BOI promoted. The products
are distributed to both
local and overseas
markets. Subject currently
employs approximately 650
staff.
On August 11,
2004, the subject’s
status was converted
to a public
limited company, namely
POLYPLEX [THAILAND] PUBLIC
COMPANY LIMITED, and
was listed on
the Stock Exchange
of Thailand [SET]
under symbolic name “PTL”
on December 15,
2004.
It achieved various
certifications as follows:
- ISO 14001 : 2004 certification on Environmental Management system
- ISO 9001 : 2008 certification on Quality
Mmanagement system
- OHSAS 18001 : 2007 certification on
Occupational Health and
Safety Management system
- ISO 22000 : 2005 certification on
Food Safety standards
- TPM
Excellence Award [Category
A]
The major shareholder
is Polyplex [Asia]
Pte. Ltd., which is
holding around 34.50%
of the subject’s
shares, and is
a related company
of Polyplex Corporation
Limited, in India,
which is a
parent company of
the Polyplex Group of companies.
The subject has
been granted BOI
promotion certificates as
the followings:
|
Privileges |
Type of
Business |
Date Granted |
|
Certificate no. |
|
|
|
1321(2)/2545 |
PET film |
May 20, 2002 |
|
1287(2)/2546 |
PET film and
PET resin |
June 11, 2003 |
|
1159(2)/2548 |
Metallized Films |
February 22, 2005 |
|
1261(2)/2550 |
Extrusion Coated Films |
March 14, 2007 |
|
(2)/2551 |
Metallized Films |
January 10, 2008 |
|
1110[2]2552 |
CPP Film [Plain
and Metallized CPP] |
February 4, 2009 |
|
1719[2]2553 |
Silicone Coated Film/Brown
PP |
July 4, 2010 |
|
1705[2]2555 |
Thermal Lamination Film [Line 2] |
May 12, 2012 |
|
1827[2]2555 |
PET Thick Film
and PET resin |
May 21, 2012 |
|
1357/2557 |
Metallized Films |
March 20, 2014 |
The subject’s registered
address was initially
at 989 Siam Tower Building,
Rama 1 Rd.,
Pathumwan, Bangkok 10330.
On
July 12, 2002
the registered address
was relocated to 18th Floor,
Ocean Tower II,
75/26 Sukhumvit 19
Road, Klongtoeynua, Wattana,
Bangkok 10110, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sanjiv Saraf |
[x] |
Indian |
56 |
|
Mr. Pranay Kothari |
[x] |
Indian |
55 |
|
Mr. Manish Gupta |
|
Indian |
46 |
|
Mr. Manu Leopairote |
|
Thai |
71 |
|
Dr. Virabongsa Ramangkura |
|
Thai |
71 |
|
Mr. Shiraz Erach Poonevala |
|
Indian |
50 |
|
Mr. Praphad Phodhivorakhun |
|
Thai |
68 |
|
Mr. Rohit Kumar
Vashistha |
[x] |
Indian |
43 |
AUTHORIZED PERSON
Any of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Rohit Kumar
Vashistha is the
Managing Director.
He is Indian
nationality with the
age of 43
years old.
Mr. Ramesh Gupta is the
Head - Business.
He is Indian
nationality.
Mr. Vinod Sureka is
the Chief Financial
Officer.
He is Indian
nationality.
Mr. Ashish Glosh
is the Head - Sales
& Marketing.
He is Indian
nationality.
Mr. Suresh Sundaraman is
the Head -
Operations.
He is Indian
nationality.
Mr. Manoj Sinda is
the Head - Sales &
Marketing [Thick PET
Film].
He is Indian
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer,
distributor and exporter
wide range of
polyester films including
PET Thin Plain
Film, PET Thick
Film, PET Resin,
Metallized Film, CPP
Plain Film, CPP
Metallized Film, Brown
PP Film, Thermal
Lamination Film, and
Silicone Coated Film. Its
products are raw
material for packaging,
industrial and electrical
products, such as
coffee bag, tea
bag, snack bag,
softener bag, detergent
bag, wire and
cable wrap and
hot stamping foil.
Ranges of products
are as follows:
1. Transparent thin PET films
which can be
divided into 5
sub-categories
- Plain
- Corona
or chemically treated
- High adhesion
films
- Ultra
clear films
- Co-extruded
films
2. Metallized PET films
- Semi
metallized film [low
optical density]
- High
barrier films
3. Specialty films
- Twist
films
- Anti
static films
- Heat
sealable films
- Isotropic
films, high friction
films and etc.
- Matte
films
- Thick
films
4. Cast Polypropylene film-product
range:
- Lamination & conversion grade
film [transparent film for
lamination & surface
printing and high
hot tack film
for candy packing]
- Metallizable
grade film [transparent heat
sealable film for
vacuum metallization]
- Twist
grade film
- Retort
grade film
5. Siliconized films [under the
brand name “SARACOTE”] in
PET and PP
films are
used in
various applications such
as
- Shingle
roofing taps
- Release
liner in pressure
sensitive labels
- Release
liner in pressure
sensitive adhesive tapes
- Release
liner in medical
and hygiene products
6. Thick PET film-main
sub categories are
as under:
- Milky
white
- Clear/Ultra
clear
- Transparent
- Hazy
film
PRODUCTION CAPACITY
Product Production Capacity [in
2013]
·
PET
Thin Plain Film 42,000 MT
per annum
·
PET
Thick Film 28,800 MT
per annum
·
PET Resin 80,500 MT
per annum
·
PET
Metallized Film 11,000 MT
per annum
·
CPP
Plain Film 10,000 MT
per annum
·
CPP
Metallized Film
4,200 MT per
annum
·
Blown
PP Film
4,645 MT per
annum
·
Coated Film 865
Mn Sqm per
annum
·
Thermal Lamination
Film 365
Mn Sqm per annum
·
Silicone
Coated Film/Brown PP -
Thin PET film
products can be
used in the
following 3 key
segments:
- Packaging
Clear
and Metallized Thin
PET Film can
be used as
part of the
outer layer and
middle layer of
the flexible packaging
such as coffee
bag, snack bag,
softener bag and
detergent bag.
- Industrial Products
Comprising
Hot Stamping Foils,
Flexible Air-conditioning Ducts,
Labels/ID cards, Lamination
Products and many
more.
- Electrical
Comprising Wire and Cable
Wrap, Membrane Switches,
Flexible Printed Circuits,
Capacitors and Motor
Insulation.
Thermal Lamination Films
mainly cater to
the following applications:
1.
Thermal
Lamination of documents
or printed media
2.
Reflective
Insulation
3.
Flexible
Packaging
4.
Rigid
Packing using in
printing corrugated carton
board
CPP films can
be used in
the following key
segments:
1.
Packaging-
textile packaging, packaging
of health care
products,
consumer products and
etc.
2.
Industrial-hot
fill bags & liners, industrial
adhesive tapes, interior
automotive
trim panels and
etc.
MAJOR BRANDS
“SARAFIL”, “SARALAM”, “SARA
CPP” and “SARACOAT”
PURCHASE
Raw
materials, such as
PET, LDPE, EVA
are purchased from both
domestic
and
overseas suppliers in
India, Germany, France,
Singapore, Korea, Malaysia
and
United States of
America.
MAJOR SUPPLIERS
Polyplex Corporation Ltd. : India
Indo Rama Group : Thailand
IRPC Public Company
Limited : Thailand
Polyplex Resins Sanayi
Ve Ticaret A.S. : Turkey
Polyplex [Asia] Pte.
Ltd. : Singapore
EXPORT [COUNTRIES]
80% of
the products is
exported to United
States of America,
India, Canada, Singapore,
Republic of China,
Taiwan and Europe.
SALES [LOCAL]
20% of the
products is also
sold locally to
manufacturers, wholesalers and
end-users.
MAJOR CUSTOMERS
Polyplex [Americas] Inc. : U.S.A.
Polyplex Trading [Shenzhen]
Co., Ltd. : Republic of
China
REVENUE STRUCTURE OF THE COMPANY
[Domestic and
Oversea Sales]
|
|
2012-2013 |
2013-2014 |
||
|
|
Million baht |
% |
Million baht |
% |
|
Oversea Sales |
|
|
|
|
|
- Asia |
1,743.78 |
35.91 |
2,335.31 |
48.09 |
|
- North America |
977.46 |
20.13 |
739.90 |
15.24 |
|
- Europe |
202.01 |
4.16 |
203.60 |
4.19 |
|
- Other |
119.30 |
2.46 |
118.11 |
2.43 |
|
|
|
|
|
|
|
Total Oversea Sales |
3,042.55 |
62.66 |
3,396.92 |
69.95 |
|
|
|
|
|
|
|
Domestic Sales |
975.67 |
21.98 |
906.45 |
19.80 |
|
Sales of Chips/ Other |
187.21 |
4.22 |
214.14 |
4.68 |
|
|
|
|
|
|
|
Total Sales |
4,205.44 |
94.76 |
4,517.51 |
98.69 |
|
Other Income |
232.72 |
5.24 |
60.02 |
1.31 |
|
|
|
|
|
|
|
Total Revenue |
4,438.16 |
100.00 |
4,577.53 |
100.00 |
SUBSIDAIRY COMPANIES
Polyplex Americas Holding
Inc.
Address : 12200
Ford Suite A-210
Farmers Branch, Dallas, Texas-75234,
USA.
Business Type : Distribution
Company
Investment : The subject
holds 100% of the company’s
shares.
Polyplex [Singapore] Pte.
Ltd.
Address : 61,
Club Street, Singapore-069436
Business Type : Investment
Holding Company
Investment : The subject
holds 100% of the company’s
shares.
Polyplex Europe B.V.
Address : Netherlands
Business Type : Investment
Holding Company
Investment : The subject
holds 100% of the company’s
shares.
Polyplex Trading [Shenzhen]
Co., Ltd.
Address : Republic
of China
Business Type : Distribution
Company
Investment : The subject
holds 100% of the company’s
shares.
Eco Blue Ltd.
Address : Thailand
Business Type : -
Investment : The subject
holds 80% 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 to 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 T/T.
BANKING
Bangkok
Bank Public Co., Ltd.
[Head
Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
EMPLOYMENT
The subject employs
approximately 650 staff. [office,
sales staff and
factory workers]
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. It is
located in commercial/residential area.
Factory I : 60/24
Moo 3, Siam Eastern
Industrial Park, T. Mapyangporn, A. Pluakdaeng,
Rayong 21140,
located on 44,800
square meters of
land.
Tel :
[66] 38
891-352-4 Fax: [66] 38 891-358.
Factory II : 60/91 Moo
3, Siam Eastern
Industrial Park, T. Mapyangporn,
A. Pluakdaeng, Rayong
21140, located on
56,000 square meters
of land.
Tel. [66]
38 891-352-4, Fax.
[66] 38 891-358.
COMMENT
The company is a related
company of Polyplex Corporation Ltd., a leading producer and
exporter of polyester films from India. It placed a great emphasis
on continuous improvement of its quality and environmental standards. Backed
by its skillful workforce, the company has gone from strength to strength and today is one of
the leading manufacturers
and exporters of
polyester films in
Thailand.
The company’s business remains
solid.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 400,000 divided into
40,000 shares of
Bht. 10 each.
The capital was
increased later as
follows:
Bht. 400,000,000
on May 7,
2002
Bht. 660,000,000
on May 16,
2003
The latest registered
capital was increased
to Bht. 960,000,000 divided
into 960,000,000 shares of
Bht. 1 each.
THE SHAREHOLDERS LISTED WERE :
[as at July
2, 2014] at
Bht. 800,000,000 of
capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Polyplex [Asia] Pte. Ltd. |
276,000,000 |
34.50 |
|
Polyplex Corporation Limited |
132,000,000 |
16.50 |
|
Mr. Paiwan Chartpitak |
39,950,000 |
4.99 |
|
The Hong Kong
and Shanghai banking
Corporation Limited-Fund Services
Department |
28,000,000 |
3.50 |
|
Mr. Paisal Chartpitak |
18,750,000 |
2.34 |
|
Mrs. Yuwares Chusakul |
15,215,000 |
1.90 |
|
Thai NVDR Co.,
Ltd. |
12,916,401 |
1.61 |
|
Mr. Jaswinder Singh Pichitsing |
8,484,300 |
1.06 |
|
Ms. Varanya Chatpiriyaphan |
6,550,000 |
0.82 |
|
Mr. Chanyuth Chatpiriyaphan |
6,050,000 |
0.76 |
|
Other shareholders |
256,084,299 |
32.02 |
Total Shareholders :
9,680
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Narong Puntawong
No. 3315
Ernst & Young
Office Limited
BALANCE SHEET [BAHT]
The
financial figures published
for March 31,
2014, 2013 & 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and cash equivalents |
22,313,575 |
75,923,455 |
29,641,023 |
|
Current investment |
- |
78,000,000 |
- |
|
Trade and other
receivable |
867,841,043 |
760,557,602 |
805,875,522 |
|
Inventories |
670,102,860 |
672,036,481 |
564,604,348 |
|
Advance payments for purchase of
goods |
6,046,783 |
6,063,441 |
6,962,067 |
|
Input tax refundable |
39,038,195 |
63,346,522 |
- |
|
Other Current Assets
|
32,140,286 |
50,767,931 |
74,275,686 |
|
|
|
|
|
|
Total Current Assets
|
1,637,482,742 |
1,706,695,432 |
1,481,358,646 |
|
Investment in subsidiaries |
1,368,767,829 |
1,355,546,732 |
1,313,491,892 |
|
Property, plant and
equipment |
5,206,739,842 |
4,997,594,675 |
3,118,710,965 |
|
Deferred tax assets |
141,339,118 |
55,620,643 |
- |
|
Advance payment for
purchase of assets |
25,363,333 |
37,503,914 |
344,484,861 |
|
Others non-current assets |
14,262,028 |
14,646,635 |
8,604,003 |
|
Total Assets |
8,393,954,892 |
8,167,608,031 |
6,266,650,367 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Short-term loan from financial institutions |
984,923,812 |
385,000,000 |
80,000,000 |
|
Trade and other
payable |
629,651,617 |
665,078,137 |
602,326,785 |
|
Current portion of long-term
loan |
578,183,865 |
371,427,309 |
271,996,222 |
|
Other current liabilities |
121,791,827 |
107,545,810 |
79,215,427 |
|
|
|
|
|
|
Total Current Liabilities |
2,314,551,121 |
1,529,051,256 |
1,033,538,434 |
|
Long-term loan from
financial institutions - net
current portion |
2,791,777,802 |
2,562,418,211 |
1,156,339,503 |
|
Provision for long-term
employee benefits |
8,657,175 |
7,441,312 |
6,051,667 |
|
Total Liabilities |
5,114,986,098 |
4,098,910,779 |
2,195,929,604 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1
par value Authorized &
issued share capital 960,000,000
shares |
960,000,000 |
960,000,000 |
960,000,000 |
|
|
|
|
|
|
Capital Paid |
800,000,000 |
800,000,000 |
800,000,000 |
|
Surplus on share
capital |
1,370,460,000 |
1,370,460,000 |
1,370,460,000 |
|
Retained Earning Appropriated - statutory
reserve |
96,000,000 |
96,000,000 |
96,000,000 |
|
Unappropriated |
1,012,508,794 |
1,802,237,252 |
1,804,260,763 |
|
Total Shareholders' Equity |
3,278,968,794 |
4,068,697,252 |
4,070,720,763 |
|
Total Liabilities &
Shareholders' Equity |
8,393,954,892 |
8,167,608,031 |
6,266,650,367 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales income |
4,517,512,645 |
4,205,439,768 |
4,560,646,524 |
|
Exchange rate |
- |
173,836,044 |
- |
|
Dividend income |
- |
9,483,705 |
217,596,131 |
|
Others income |
60,015,110 |
49,402,782 |
77,719,578 |
|
Total Revenues |
4,577,527,755 |
4,438,162,299 |
4,855,962,233 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of sales
|
4,543,188,851 |
3,941,029,982 |
3,831,384,958 |
|
Selling expenses |
293,454,492 |
297,878,785 |
263,126,493 |
|
Administrative expenses |
82,177,067 |
74,924,889 |
70,479,707 |
|
Exchange losses |
336,790,865 |
- |
221,775,751 |
|
Total Expenses |
5,255,611,275 |
4,313,833,656 |
4,386,766,909 |
|
|
|
|
|
|
Profit/[Loss] before financial
cost and Income tax
expenses |
[678,083,520] |
124,328,643 |
469,195,324 |
|
Financial cost |
[85,363,413] |
[45,972,797] |
[34,053,722] |
|
Profit/[Loss] before
income tax expenses |
[763,446,933] |
78,355,846 |
435,141,602 |
|
Income tax benefit |
85,718,475 |
36,516,021 |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
[677,728,458] |
114,871,867 |
435,141,602 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.71 |
1.12 |
1.43 |
|
QUICK RATIO |
TIMES |
0.38 |
0.60 |
0.81 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.87 |
0.84 |
1.46 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.54 |
0.51 |
0.73 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
53.84 |
62.24 |
53.79 |
|
INVENTORY TURNOVER |
TIMES |
6.78 |
5.86 |
6.79 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
70.12 |
66.01 |
64.50 |
|
RECEIVABLES TURNOVER |
TIMES |
5.21 |
5.53 |
5.66 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
50.59 |
61.60 |
57.38 |
|
CASH CONVERSION CYCLE |
DAYS |
73.37 |
66.66 |
60.90 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
100.57 |
93.71 |
84.01 |
|
SELLING & ADMINISTRATION |
% |
8.32 |
8.86 |
7.31 |
|
INTEREST |
% |
1.89 |
1.09 |
0.75 |
|
GROSS PROFIT MARGIN |
% |
0.76 |
11.82 |
22.47 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(15.01) |
2.96 |
10.29 |
|
NET PROFIT MARGIN |
% |
(15.00) |
2.73 |
9.54 |
|
RETURN ON EQUITY |
% |
(20.67) |
2.82 |
10.69 |
|
RETURN ON ASSET |
% |
(8.07) |
1.41 |
6.94 |
|
EARNING PER SHARE |
BAHT |
(0.85) |
0.14 |
0.54 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.61 |
0.50 |
0.35 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.56 |
1.01 |
0.54 |
|
TIME INTEREST EARNED |
TIMES |
(7.94) |
2.70 |
13.78 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
7.42 |
(7.79) |
|
|
OPERATING PROFIT |
% |
(645.40) |
(73.50) |
|
|
NET PROFIT |
% |
(689.99) |
(73.60) |
|
|
FIXED ASSETS |
% |
4.18 |
60.25 |
|
|
TOTAL ASSETS |
% |
2.77 |
30.33 |
|
ANNUAL GROWTH: SATISFACTORY
An annual sales growth is 7.42%. Turnover has increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
0.76 |
Deteriorated |
Industrial
Average |
6.40 |
|
Net Profit Margin |
(15.00) |
Deteriorated |
Industrial
Average |
6.13 |
|
Return on Assets |
(8.07) |
Deteriorated |
Industrial
Average |
6.34 |
|
Return on Equity |
(20.67) |
Deteriorated |
Industrial
Average |
11.02 |
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 0.76%. 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 -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 -8.07%.
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 -20.67%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.71 |
Risky |
Industrial Average |
2.17 |
|
Quick Ratio |
0.38 |
|
|
|
|
Cash Conversion Cycle |
73.37 |
|
|
|
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 0.71 times in 2014, decreased from 1.12 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 0.38 times in 2014,
decreased from 0.6 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 74 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.61 |
Acceptable |
Industrial
Average |
0.61 |
|
Debt to Equity Ratio |
1.56 |
Risky |
Industrial
Average |
1.03 |
|
Times Interest Earned |
(7.94) |
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 -7.95 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 0.61 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.87 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.54 |
Deteriorated |
Industrial
Average |
1.55 |
|
Inventory Conversion Period |
53.84 |
|
|
|
|
Inventory Turnover |
6.78 |
Satisfactory |
Industrial
Average |
8.61 |
|
Receivables Conversion Period |
70.12 |
|
|
|
|
Receivables Turnover |
5.21 |
Acceptable |
Industrial
Average |
8.60 |
|
Payables Conversion Period |
50.59 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.21 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 62 days at the
end of 2013 to 54 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 5.86 times in year 2013 to 6.78 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.54 times and 0.51
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.99 |
|
UK Pound |
1 |
Rs.99.10 |
|
Euro |
1 |
Rs.79.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.