MIRA
INFORM REPORT
|
Report Date : |
23.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
VINYTHAI PUBLIC
COMPANY LIMITED |
|
|
|
|
Registered Office : |
14th Floor,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
27.12.1988 |
|
|
|
|
Com. Reg. No.: |
0107536000846 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Petrochemicals. |
|
|
|
|
No. of Employees : |
468 |
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 : |
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
VINYTHAI PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 14th FLOOR,
GREEN TOWER,
3656/41
RAMA IV ROAD,
KLONGTON,
KLONGTOEY,
BANGKOK 10110, THAILAND
TELEPHONE : [66] 2229-9100
FAX :
[66] 2240-1383,
2240-1386
E-MAIL
ADDRESS : varaiporn.p@vinythai.co.th
REGISTRATION
ADDRESS : MAP
TA PHUT INDUSTRIAL
ESTATE,
NO.
2, I-3
ROAD, MAP TA PHUT, MUANG,
RAYONG 21150,
THAILAND
ESTABLISHED
: 1988
REGISTRATION
NO. : 0107536000846
TAX
ID NO. : 3101598247
CAPITAL REGISTERED : BHT. 7,111,160,664
CAPITAL PAID-UP : BHT.
7,111,160,664
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
BRUNO MARIE JOSEPH VAN
DER WIELEN,
BELGIAN, MANAGING
DIRECTOR
NO.
OF STAFF : 468
LINES
OF BUSINESS : PETROCHEMICALS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was established
on December 27, 1988 as
a private limited
company under the
registered name “Vinythai Co.,
Ltd.” by a
joint venture between
the Solvay Group
of Belgium and Charoen Pokphand
Group of Thailand, to produce and supply
petrochemical products, especially PVC resin
and by products
of PVC production. The subject
currently employs 468
staff.
The subject was
granted investment promotional
privileges by the
Board of Investment
[BOI], Thailand on
March 28, 1989.
On August 16,
1993, the subject’s
status was converted
to a public
limited company under
the name VINTHAI
PUBLIC COMPANY LIMITED,
and its name
was listed on
The Stock Exchange
of Thailand, under
symbol name “VNT”
on February 23,
1995.
Awards/Certifications :
July
2, 1997 : ISO 9002
certification by BVQI (Bureau Veritas Quality International)
for
the PVC business.
November 7, 1997 : License
for displaying the
Standard Mark on PVC pipe
grade
from
TISI (The Thai
Industrial Standard Institute)
July 24, 1998 : ISO
9002 certification by
BVQI for the
caustic soda business
July
8, 1999 : ISO 14001
certification by BVQI
for the environmental
management
system
December
24, 1999 : ISO 9002
certification by BVQI
for the VCM
and EDC business
June
29, 2001 : OHSAS 18001
certification by BVQI
for the occupational
health
and
safety management system
The
subject’s registered address
and head office
is located at
Map Ta Phut
Industrial Estate, No.2,
I-3 Road, Map
Ta Phut, Muang, Rayong
21150, while the
administration office is
at 14th Floor,
Green Tower, 3656/41
Rama IV Road,
Klongton, Klongtoey, Bangkok
10110.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Bruno Marie Joseph Van Der Wielen |
[x] |
Belgian |
58 |
|
Mr. Pote Videtyontrakich |
|
Thai |
61 |
|
Mr. Vincenzo Morici |
[x] |
Italian |
63 |
|
Mr. Jacques Van
Rijckevorsel |
[x] |
Belgian |
64 |
|
Mr. Bowon Vongsinudom |
[+] |
Thai |
- |
|
Mrs. Puntip Oungpasuk |
[+] |
Thai |
54 |
|
Mrs. Quitterie Florence Marie De
Pelleport Burete
Dupontreue |
[x] |
Belgian |
- |
|
Mr. Pipop Pruecksamars |
|
Thai |
67 |
|
Mr. Andre R. J. Vanderheyden |
|
Belgian |
67 |
|
Mrs. Danuja Kunpanitchakit |
|
Thai |
61 |
|
Mrs. Vallapa Assakul |
|
Thai |
64 |
|
Mr. Vincent De Cuyper |
[x] |
Belgian |
- |
AUTHORIZED
PERSON
Any of the
mentioned directors [x]
can jointly sign
with one of
the directors [+] on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Bruno
Marie Joseph Van Der
Wielen is the Managing Director.
He
is Belgian nationality
with the age
of 58 years
old.
Mr. Somsak
Leaupathanasuk is the
Vice President Marketing
and Sales.
He
is Thai nationality.
Mrs. Jamjuree Sirovetnukul is
the Vice President
Finance and Accounting.
She
is Thai nationality.
Mr. Marc
Jacqmin is the
Plant Manager.
He
is Belgian nationality.
Mr.
Sompot Cheeranorawanich is
the Vice President
Corporate Affairs and
Communications.
He
is Thai nationality.
Mr.
Komkrit Supagovit is the
Finance Department Manager.
He
is Thai nationality.
Mr. Kittipong Jamsak
is the Accounting Department Manager.
He
is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
of petrochemical products,
especially Polyvinyl Chloride
Resin [PVC resins], includes
Emulsion Resin [E-PVC] Suspension
Resin [S-PVC], Caustic
Soda Liquid and
Vinyl Chloride Monomer [VCM]. Its products
are supplied to plastics,
electronics, automobile parts,
chemicals, foods, textiles,
petroleum, pulp and
papers, monosodium glutamate
industries and etc.
MAJOR BRAND
“SIAMVIC”
REAL PRODUCTION CAPACITY [tons/year]
Products 2013
2012 2011
PVC 280,000 280,000 280,000
VCM 400,000 400,000 400,000
Caustic Soda 366,000 366,000 266,000
PURCHASE
90% of raw
material such as
ethylene, salt and
electricity are purchased
from local suppliers,
and the remaining
10% is imported
from United States
of America, Belgium,
Japan, Singapore, Republic
of China and
Korea.
MAJOR SUPPLIERS
|
Name |
Country |
Products |
|
|
|
|
|
Pimai Salt Co.,
Ltd. |
Thailand |
Salt |
|
PTT Global Chemical Public Co.,
Ltd. |
Thailand |
Ethylene |
|
Glow Energy Public
Co., Ltd. |
Thailand |
Electricity |
|
Bangkok Industrial Gas
Co., Ltd. |
Thailand |
Industrial gas |
SALES [LOCAL]
60% of its
products is sold
locally to manufacturers, wholesalers
and end-users in
various industries such
as plastic, electronic,
automobile parts, chemical,
food, textile, construction,
rubber, PVC leather,
PVC pipe and
etc.
EXPORT [COUNTRIES]
40% of its
products is exported
to New Zealand, Turkey, Republic
of China, India,
Australia, Indonesia, Philippines,
Vietnam and Europe.
The Subject’s Income Structure
|
|
2013 |
|
2012 |
|
||
|
|
Millions Baht |
% |
Millions Baht |
% |
||
|
Sales in Thailand |
|
|
|
|
||
|
1. PVC Resins |
5,184 |
34.9 |
5,439 |
35.6 |
||
|
2. Caustic Soda |
2,688 |
18.1 |
3,575 |
23.4 |
||
|
3 VCM |
2,824 |
19.0 |
2,491 |
16.3 |
||
|
4. Others |
533 |
3.6 |
176 |
1.2 |
||
|
Total sales in
Thailand |
11,229 |
75.6 |
11,680 |
76.5 |
||
|
Sales abroad |
|
|
|
|
||
|
1. PVC Resins |
3,184 |
21.4 |
3,342 |
21.9 |
||
|
2. Caustic Soda |
362 |
2.4 |
246 |
1.6 |
||
|
3. VCM |
73 |
0.5 |
- |
- |
||
|
Total sales abroad |
3,619 |
24.4 |
3,588 |
23.5 |
||
|
Sales in Thailand
and abroad |
|
|
|
|
||
|
1. PVC Resins |
8,368 |
56.4 |
8,781 |
57.5 |
||
|
2. Caustic Soda |
3,050 |
20.5 |
3,821 |
25.0 |
||
|
3 VCM |
2,897 |
19.5 |
2,491 |
16.3 |
||
|
4. Others |
533 |
3.6 |
176 |
1.2 |
||
|
Total sales in
Thailand and abroad |
14,848 |
100.0 |
15,269 |
100.0 |
||
Income structure of Subsidiary Company
|
|
2013 |
|
2012 |
|
||
|
|
Millions Baht |
% |
Millions Baht |
% |
||
|
Advance Biochemical
[Thailand] Co., Ltd. |
|
|
|
|
||
|
Produce & supply epichlorohydrin |
3,149 |
97.2 |
1,995 |
97.4 |
||
|
Others |
90 |
2.8 |
54 |
2.6 |
||
|
% Shareholding by Vinythai |
|
100 |
|
100 |
||
SUBSIDIARY COMPANIES
Advanced Biochemical [Thailand]
Co., Ltd.
Business Type: Manufacturer
and distributor of
Epichlorohydrin.
Investment :
The subject holds
100% of the
company’s shares.
Vinythai Holding Pte.
Ltd.
Business Type: Holding
company
Investment :
The subject holds
100% of the
company’s shares.
ASSOCIATED COMPANY
Pimai Salt Co.,
Ltd.
Address : Thailand
Business Type : Producer
& supplier of
pure refined salt
Investment :
The subject holds
28.49% 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
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 T/T.
BANKING
Kasikornbank
Public Co., Ltd.
[Head Office :
1 Kasikorn Lane,
Rajburana Rd., Rajburana, Bangkok
10900]
Bangkok
Bank Public Co.,
Ltd.
[Head Office :
333 Silom Rd.,
Bangrak, Bangkok 10500]
Siam
Commercial Bank Public
Co., Ltd.
[Head Office :
9 Ratchadapisek Rd.,
Ladyao, Jatujak, Bangkok
10400]
Krung
Thai Bank Public
Co., Ltd.
[Head Office :
35 Sukhumvit Rd.,
Klongtoeynua, Watana, Bangkok
10110]
EMPLOYMENT
The subject employs
468 staff, comprising
38 Bangkok office,
430 Rayong office
and factory workers.
LOCATION DETAILS
The premise is rented for administrative office at
the heading address.
It is located in commercial/residential area.
Plant
& Head Office: No.2, I-3
Road, Map Ta
Phut Industrial Estate,
Map Ta Phut,
Muang, Rayong 21150.
Tel. [66]
38 925-000, Fax.
[66] 38 683-048
COMMENT
In the first
half of 2013,
the South-East Asia
market had seen very
solid PVC and
Caustic demands, then a progressive
demand erosion up to October – December, when
the political conflict
in Thailand affected
the whole Thai
economy. The subject
was also suffered
for months.
However, its new Epicerol business
during the past
two years has
become a key
player on the
fast growing Epichlorohydrin market in
Asia. This will
be a critical
vector to further
boost the subject’s
performance in the
long term prospect.
FINANCIAL INFORMATION
The capital was
registered at Bht.
1,000,000 divided into
10,000 shares of
Bht. 100 each.
The capital was
increased/decreased as the
followings:
Bht. 25,800,000
on November 14,
1989
Bht. 1,273,000,000 on
February 26, 1991
Bht. 2,562,250,000 on
December 17, 1991
Bht. 6,022,971,000 in
1999
Bht. 9,322,971,990 on
May 24, 2000
Bht. 7,111,160,664 in
2005
The latest registered
capital was decreased
to Bht. 7,111,160,664
divided into 1,185,193,444 shares
of Bht. 6
each with fully
paid-up.
MAIN SHAREHOLDERS
[as at
May 9, 2014]
at Bht. 7,111,160,664 of
capitalization.
|
NAME |
HOLDING
|
% |
|
|
|
|
|
Solvay Vinyls Holding
A.G. |
592,594,639 |
50.00 |
|
PTT Global Chemical
Public Co., Ltd. |
296,038,689 |
24.98 |
|
SOLVAY VINYLS HOLDING
AG. |
103,916,420 |
8.77 |
|
Charoen Pokphand Holding
Co., Ltd. |
21,200,000 |
1.79 |
|
Thai NVDR Co.,
Ltd. |
15,283,302 |
1.29 |
|
Mr. Chaweng Apatha |
13,700,000 |
1.16 |
|
Mr. Anucha Kijthanamongkolchai |
11,180,002 |
0.94 |
|
East Fourteen Limited-Dimensional
Emer Mkts Value Fd |
6,598,217 |
0.56 |
|
Others |
124,682,175 |
10.51 |
Total Shareholders :
4,665
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Supachai Panyawattano No.
3930
Ernst & Young
Office Limited
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 |
1,162,377,429 |
796,303,383 |
1,069,890,622 |
|
Trade and other
receivable |
2,482,133,946 |
2,057,909,273 |
2,037,956,587 |
|
Short-term loan to subsidiary |
1,250,000,000 |
850,000,000 |
2,100,000,000 |
|
Current portion of long-term loans to subsidiaries |
333,333,333 |
428,600,000 |
- |
|
Inventories |
747,901,394 |
642,607,549 |
642,297,559 |
|
Other current assets |
114,201,969 |
95,595,867 |
174,210,039 |
|
Total Current Assets
|
6,089,948,071 |
4,871,016,072 |
6,024,354,807 |
|
Non-Current Assets |
|
|
|
|
Investment in subsidiaries companies |
2,870,497,776 |
2,870,497,776 |
954,097,446 |
|
Investment in associated
company |
297,678,320 |
397,678,320 |
397,678,320 |
|
Long-term loans to
subsidiaries, net of current
portion |
2,793,720,267 |
2,571,400,000 |
1,400,000,000 |
|
Property, plant and
equipment |
10,232,489,267 |
11,001,468,205 |
10,864,763,679 |
|
Intangible assets |
53,719,458 |
55,776,538 |
- |
|
Deferred tax assets |
123,578,919 |
28,709,004 |
180,827,019 |
|
Other non-current assets |
10,779,141 |
11,733,406 |
12,420,671 |
|
Total Non-Current
Assets |
16,482,463,148 |
16,937,263,249 |
13,628,960,116 |
|
TOTAL ASSETS |
22,572,411,219 |
21,808,279,321 |
19,653,314,923 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
CURRENT
LIABILITIES |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Account payable-trade |
1,639,767,468 |
1,163,648,310 |
1,580,630,398 |
|
Amounts due to
related parties |
333,333,333 |
428,600,000 |
- |
|
Other current liabilities |
171,793,246 |
137,111,328 |
114,059,720 |
|
Total Current Liabilities |
2,144,894,047 |
1,729,359,638 |
1,694,690,118 |
|
|
|
|
|
|
Non-Current Liabilities |
|
|
|
|
Long-term loan, net of
current portion |
3,094,919,667 |
2,571,400,000 |
1,400,000,000 |
|
Provision for long-term employee benefits |
85,465,055 |
70,096,278 |
65,978,000 |
|
Total Liabilities |
5,325,278,769 |
4,370,855,916 |
3,160,668,118 |
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital Registered 1,185,193,444 ordinary
shares of Bht.
6 each |
7,111,160,664 |
7,111,160,664 |
7,111,160,664 |
|
Issued and fully
paid |
|
|
|
|
1,185,193,444 ordinary
shares of Bht. 6
each |
7,111,160,664 |
7,111,160,664 |
7,111,160,664 |
|
Premium on ordinary
shares |
1,303,712,790 |
1,303,712,790 |
1,303,712,790 |
|
Change in the
value of derivative instruments |
- |
- |
[2,868,769] |
|
Retained earnings Appropriated-statutory reserve |
711,116,066 |
675,289,196 |
570,659,229 |
|
Unappropriated |
8,123,678,320 |
8,346,270,457 |
7,509,982,891 |
|
Other components of
shareholders’ equity |
2,535,390 |
990,298 |
- |
|
Total Shareholders’ Equity |
17,247,132,450 |
17,437,423,405 |
16,492,646,805 |
|
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY |
22,572,411,219 |
21,808,279,321 |
19,653,314,923 |
PROFIT & LOSS ACCOUNT
|
REVENUE |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales |
14,847,701,338 |
15,268,954,586 |
14,099,686,334 |
|
Other income |
|
|
|
|
Interest income |
199,651,033 |
190,023,539 |
97,569,577 |
|
Exchange gain |
35,287,712 |
39,469,194 |
28,152,537 |
|
Others |
220,906,029 |
220,449,438 |
160,820,800 |
|
Total other
income |
455,844,774 |
449,942,171 |
286,542,914 |
|
Total Revenues |
15,303,546,112 |
15,718,896,757 |
14,386,229,248 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of sales |
13,478,672,931 |
12,454,230,694 |
11,203,734,752 |
|
Selling expenses |
575,054,495 |
674,432,175 |
646,624,754 |
|
Administrative expenses |
327,314,363 |
339,821,906 |
292,639,030 |
|
Loss on disposal
of equipment |
17,905,022 |
27,923,146 |
77,534,425 |
|
Total Expenses |
14,398,946,811 |
13,496,407,921 |
12,220,532,961 |
|
Profit before finance
cost & income tax |
904,599,301 |
2,222,488,836 |
2,165,696,287 |
|
Finance Cost |
[162,595,647] |
[128,442,675] |
[49,664,870] |
|
Profit before income tax |
742,003,654 |
2,094,046,161 |
2,116,031,417 |
|
Income tax [expenses] |
90,974,451 |
[149,710,648] |
- |
|
NET EARNINGS [LOSS]
FOR THE YEAR |
832,978,105 |
1,944,335,513 |
2,116,031,417 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.84 |
2.82 |
3.55 |
|
QUICK RATIO |
TIMES |
2.44 |
2.39 |
3.07 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.45 |
1.39 |
1.30 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.66 |
0.70 |
0.72 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
20.25 |
18.83 |
20.93 |
|
INVENTORY TURNOVER |
TIMES |
18.02 |
19.38 |
17.44 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
61.02 |
49.19 |
52.76 |
|
RECEIVABLES TURNOVER |
TIMES |
5.98 |
7.42 |
6.92 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
44.40 |
34.10 |
51.49 |
|
CASH CONVERSION CYCLE |
DAYS |
36.87 |
33.92 |
22.19 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
90.78 |
81.57 |
79.46 |
|
SELLING & ADMINISTRATION |
% |
6.08 |
6.64 |
6.66 |
|
INTEREST |
% |
1.10 |
0.84 |
0.35 |
|
GROSS PROFIT MARGIN |
% |
12.29 |
21.38 |
22.57 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.09 |
14.56 |
15.36 |
|
NET PROFIT MARGIN |
% |
5.61 |
12.73 |
15.01 |
|
RETURN ON EQUITY |
% |
4.83 |
11.15 |
12.83 |
|
RETURN ON ASSET |
% |
3.69 |
8.92 |
10.77 |
|
EARNING PER SHARE |
BAHT |
0.70 |
1.64 |
1.79 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.24 |
0.20 |
0.16 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.31 |
0.25 |
0.19 |
|
TIME INTEREST EARNED |
TIMES |
5.56 |
17.30 |
43.61 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(2.76) |
8.29 |
|
|
OPERATING PROFIT |
% |
(59.30) |
2.62 |
|
|
NET PROFIT |
% |
(57.16) |
(8.11) |
|
|
FIXED ASSETS |
% |
(6.99) |
1.26 |
|
|
TOTAL ASSETS |
% |
3.50 |
10.96 |
|
ANNUAL GROWTH: RISKY
An annual sales growth is -2.76%. Turnover has decreased from THB
15,268,954,586.00 in 2012 to THB 14,847,701,338.00 in 2013. While net profit
has decreased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
12.29 |
Deteriorated |
Industrial
Average |
40.56 |
|
Net Profit Margin |
5.61 |
Impressive |
Industrial
Average |
3.91 |
|
Return on Assets |
3.69 |
Acceptable |
Industrial
Average |
5.07 |
|
Return on Equity |
4.83 |
Deteriorated |
Industrial
Average |
11.06 |
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 12.29%. 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 5.61%, 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. When compared with the
industry average, it was lower, the
company's figure is 3.69%.
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 4.83%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
2.84 |
Impressive |
Industrial
Average |
1.56 |
|
Quick Ratio |
2.44 |
|
|
|
|
Cash Conversion Cycle |
36.87 |
|
|
|
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 2.84 times in 2013, increased from 2.82 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 2.44 times in 2013,
increased from 2.39 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 37 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.24 |
Impressive |
Industrial
Average |
0.73 |
|
Debt to Equity Ratio |
0.31 |
Impressive |
Industrial
Average |
1.72 |
|
Times Interest Earned |
5.56 |
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 5.57 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 0.24 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.45 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.66 |
Deteriorated |
Industrial
Average |
1.73 |
|
Inventory Conversion Period |
20.25 |
|
|
|
|
Inventory Turnover |
18.02 |
Impressive |
Industrial
Average |
8.05 |
|
Receivables Conversion Period |
61.02 |
|
|
|
|
Receivables Turnover |
5.98 |
Satisfactory |
Industrial
Average |
6.27 |
|
Payables Conversion Period |
44.40 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.98 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 increased from 19 days at the
end of 2012 to 20 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 19.38 times in year 2012 to 18.02
times in year 2013.
The company's Total Asset Turnover is calculated as 0.66 times and 0.7
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.60.79 |
|
|
1 |
Rs.99.30 |
|
Euro |
1 |
Rs.78.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SDA |
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.