MIRA INFORM REPORT
|
Report No. : |
315090 |
|
Report Date : |
01.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
THAI RAYON PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
16th Floor, Mahatun Plaza Building, 888/160-1 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
13.02.1974 |
|
|
|
|
Com. Reg. No.: |
0107536001125 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is a manufacturer of
Viscose Rayon Staple
Fiber with size
from 0.9-5.5 denier
and length from
32 mm.-120 mm., for garment
& home textile, wipes,
dress materials, knitwear,
personal hygiene and
medical industries, as
well as Anhydrous Sodium
Sulphate, as by-product,
supply to detergent,
glass, paper pulp,
leather goods, cement
and textile industries. |
|
|
|
|
No. of Employee : |
942 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic recession severely cut Thailand's exports, with most sectors experiencing double-digit drops. In late 2011 Thailand's recovery was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. The government approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the following seven years. This was expected to lead to an economic upsurge but growth has remained slow, in part due to ongoing political unrest and resulting uncertainties. Spending on infrastructure will require re-approval once a new government is seated.
|
Source
: CIA |
Company
name and address
THAI RAYON
PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 16th FLOOR,
MAHATUN PLAZA BUILDING,
888/160-1 PLOENCHIT
ROAD,
LUMPINI, PATHUMWAN,
BANGKOK 10330,
THAILAND
TELEPHONE : [66] 2253-6745-54
FAX :
[66] 2254-3181
E-MAIL
ADDRESS : kumaresh.v@adityabirla.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1974
REGISTRATION
NO. : 0107536001125 [Former : BOR.MOR.JOR.186]
TAX
ID NO. : 3101021226
CAPITAL
REGISTERED : BHT.
201,600,000
CAPITAL
PAID-UP : BHT.
201,600,000
FISCAL
YEAR CLOSING DATE : MARCH
31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
HARI KRISHNA AGARWAL,
INDIAN GROUP EXECUTIVE
PRESIDENT
NO.
OF STAFF : 942
LINES
OF BUSINESS : VISCOSE
RAYON STAPLE FIBER
AND
ANHYDROUS SODIUM
SULPHATE
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 February
13, 1974 as
a private limited
company under the
registered name style “Thai Rayon
Co. Ltd.” by
Thai-Indian groups. It
received the technical
know how for
plant and machinery
from Grasim Industries
Limited, India.
Being a joint
venture between the
world renowned Birla
Group of Industries,
India and leading
businessmen in Thailand,
the subject received
promotional privileges from
the Board of
Investment in 1974. The subject
is the only
manufacturer of Viscose
Rayon Staple Fiber [VRSF] in Thailand, VRSF is the
main raw material
in manufacturing woven
textile products.
On September 21,
1984, the subject
was listed on the Stock
Exchange of Thailand
and its status
was converted to
a public limited
company on October
4, 1993 under
the name THAI RAYON
PUBLIC COMPANY LIMITED.
It currently employs
942 staff.
It achieved the
standard ISO 9002, ISO 9001 : 2000 and
ISO 14001 certification, as
well as has
been awarded TPM
Excellence Award from
JIPM of Japan
in March 2007.
The subject’s registered
address is 16th Floor,
Mahatun Plaza Building,
888/160-1 Ploenchit Rd.,
Lumpini, Pathumwan, Bangkok 10330,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kumar Mangalam Birla |
|
Indian |
48 |
|
Mrs. Rajashree Birla |
|
Indian |
70 |
|
Mr. Shyam Sundar Mahansaria |
|
Indian |
80 |
|
Mr. Vinai Sachdev |
|
Thai |
85 |
|
Mr. Krishna Kishore Maheshwari |
|
Indian |
60 |
|
Mr. Hari Krishna Agarwal |
|
Indian |
56 |
|
Mr. Prabhu Narain Mathur |
|
Indian |
- |
AUTHORIZED PERSON
Any two of
the above mentioned
directors can jointly sign
on behalf of
the subject with
the company’s affixed.
MANAGEMENT
Mr. Hari Krishna
Agarwal is the
Group Executive President.
He is Indian
nationality with the
age of 56
years old.
Mr. Prasan Kumar Sipani is
the President.
He is Indian
nationality with the
age of 65
years old.
Mr. Ram Gopal
Agrawal is the
Senior Vice President
[Technical].
He is Indian
nationality.
Mr. Sanjeev Kumar
Kaul is the
Vice President [Engineering].
He is Indian
nationality.
Mr. Sushil Kumar
Gupta is the
Assistant Vice President
[Production].
He is Indian
nationality.
Mr. Panithan Sriyang is the General
Manager [HR Management].
He is Thai
nationality.
Mr. Pramod Khandelwal is
the Assistant Vice
President [Finance &
Commercial].
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer
of Viscose Rayon
Staple Fiber with
size from 0.9-5.5
denier and length
from 32 mm.-120 mm., for
garment & home textile,
wipes, dress materials,
knitwear, personal hygiene
and medical industries, as
well as Anhydrous Sodium
Sulphate, as by-product,
supply to detergent,
glass, paper pulp,
leather goods, cement
and textile industries.
MAJOR BRAND
“BIRLA CELLULOSE”
PRODUCTIONS
Viscose Rayon Staple
Fiber :
78,939 metric tons
per year
Anhydrous Sodium Sulphate [By-Product] : 64,956
metric tons per
year
The subject also
invests in subsidiaries
and affiliated companies,
operate in the
field of rayon & textile, carbon
black and chemical
industries.
PURCHASE
60% of raw materials
such as dissolving
grade wood pulp, sulphur, caustic soda, carbon
di-sulphate and charcoal
are imported from United States of America, Canada, Indonesia, Finland, Sweden,
South Africa, Republic of
China, Singapore, Taiwan,
India, Malaysia and
others with over
30 countries worldwide.
The remaining 40%
is purchased from
local suppliers.
MAJOR SUPPLIERS
AV Cell Inc., : Canada
Grasim Industries Ltd.
: India
Thai Carbon Black
Public Co., Ltd. : Thailand
Domsja Fabriker AB. : Sweden
EXPORT [COUNTRIES]
55% of the
products is exported
to over 30
worldwide countries, such
as United States
of America, Indonesia,
South Korea, Philippines,
Mexico, South Africa, Taiwan, Turkey, Pakistan,
Vietnam, India, Laos,
Malaysia, Myanmar, U.A.E.,
Sri Lanka, Singapore, Brazil
and the countries
in Europe.
SALES [LOCAL]
45% of its
products is sold
locally to manufacturers, wholesalers
and end-users.
MAJOR CUSTOMERS
Thai Polyphosphate and
Chemicals Co., Ltd. :
Thailand
Indo-Thai Synthetic Co., Ltd. : Thailand
REVENUE STRUCTURE
[Company and subsidiaries]
[Unit :
Million Baht]
|
|
Mar. 31,
2014 |
Mar. 31, 2013 |
||
|
Products |
Amount |
% |
Amount |
% |
|
Viscose Rayon Staple
Fiber |
|
|
|
|
|
- Domestic sales |
927 |
8 |
1,554 |
13 |
|
- Export |
3,759 |
32 |
7,657 |
63 |
|
Anhydrous Sodium Sulphate |
231 |
2 |
409 |
3 |
|
Other revenue |
387 |
3 |
471 |
4 |
|
Sales Income of
Paper Pulps - Subsidiary [AV
Terrace Bay Inc.] |
6,557 |
55 |
1,992 |
17 |
|
|
|
|
|
|
|
Total Revenue |
11,861 |
100.00 |
12,083 |
100.00 |
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.
SUBSIDIARY COMPANY
AV Terrace Bay
Inc.
Business Type : Manufacture
of paper pulp
Investment : 60%
of shareholding
RELATED &
AFFILIATED COMPANIES
Thai Acrylic Fiber
Co., Ltd.
Business Type : Manufacture
of acrylic fiber
Investment : 30%
of shareholding
Thai Carbon Black
Public Company Limited
Business Type : Manufacture
of carbon black
Investment : 24.98%
of shareholding
Aditya Birla Chemicals
[Thailand] Co., Ltd.
Business Type : Manufacturer
of chemical
Investment : 29.98%
of shareholding
AV Cell Inc.
Business Type: Manufacture
of paper pulps
Investment : 19%
of shareholding
Birla Laos Pulp
and Plantation Co.,
Ltd.
Business Type : Manufacture
of acrylic fiber
Investment : 30%
of shareholding
Aditya Group AB.
Business Type : Holding
company
Investment : 33.33%
of shareholding
Thai Polyphosphate and
Chemicals Co., Ltd.
Business Type : Holding
and investment
Investment : 49%
of shareholding
PT Indo Liberty
Textile
Business Type : Manufacture
of acrylic fiber
Investment : 40%
of shareholding
Birla Jingwei Fibres
Company Limited
Business Type : Manufacture
of rayon
Investment : 49.50%
of shareholding
etc.
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]
The Siam Commercial
Bank Public Co., Ltd.
[Head Office : 9
Ratchadapisek Rd., Ladyao,
Jatujak, Bangkok 10900]
EMPLOYMENT
The subject currently
employs 942 staff. [office, sales
staff and factory
workers]
LOCATION DETAILS
The premise is
rented for administrative office at the
heading address. Premise
is located in
commercial area
Factory/Warehouse :
- 36 Moo
2 Ayuthya-Angthong Highway,
T. Posa, A.
Muang, Angthong 14000.
Tel. [66]
35 611-227-30 Fax
[66] 35 611-908.
- 19 Moo
7, Nongplakradi Road, T. Nongplamor, A. Nongkae,
Saraburi 18140.
COMMENT
The company is
a manufacturer, distributor
and exporter of Viscose
Rayon Staple Fiber
and Anhydrous Sodium Sulphate. Not only
strong demand in domestic
market, all major
export markets, e.g. Turkey,
South East and
South Asia have
contributed to the
overall growth. The company continues
to pursue various
strategic initiatives to
maintain its leading
position in the
global cellulosic fiber
industry. A presence
in Turkey will enable it in the long term to achieve and maintain
a large market share in one
of the fastest
growing viscose fiber
markets.
The
company has successfully established
its presence in high
end Modal Fiber market
internationally and expanded
its export base. Demand for
Modal Fiber continues
to grow in textile hubs of
China and Turkey
due to its strength and soft feel.
Modal is used
as an exclusive
fiber for women wear and also
blended with cotton
for various premium
apparel.
Since the beginning
of 2014, the ongoing political uncertainties have had
a dismal effect on the economy. The business
environment continues to remain challenging
in the VSF sector despite the
rising demand. The
operations of the company were adversely affected due to a
strike for over 4
months during the
year. As a
result both production and
sales were at a much
lower level. Contextually, in
the current business
environment the VSF
business has been significantly
burdened due to
the built up
of a huge capacity
in China. So it became
imperative for the Company to
adjust its practice of fixed bonus to partially fixed and partially linked
to Company’s performance. This
move was resisted
by the workers. Finally an
Agreement with the labor union
was concluded in January 2014
and production was stabilized
by March 2014.
The Company is
working on a plan
to improve employee engagement and promote
harmonious industrial relations.
During the year, fiber price declined by 13% over the previous
year. Energy and
manpower costs rose, given
the power tariff
increase and the
hike in the minimum wages. Though the Company has
been continuously working
on reducing consumption of energy and other inputs, and
improving productivity, the
results from these efforts
have not been
enough to offset the
impact of higher costs
and lower VSF prices. Collectively
these developments have
had severe repercussions
on the Company’s performance.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 3,000,000 with
fully paid.
The capital was
increased later as
followings:
Bht.
73,500,000 in 1974
Bht. 98,000,000
in 1975
Bht.
112,000,000 in 1990
Bht.
201,600,000 in 1993
The latest capital
was increased to
Bht. 201,600,000 divided
into 201,600,000 shares
of Bht. 1
each with fully
paid.
MAIN SHAREHOLDERS
[as at June
11, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Asseau Company Limited |
33,582,850 |
16.66 |
|
Wholton Co., Ltd. |
22,165,700 |
10.99 |
|
Oneida Services Limited |
21,600,000 |
10.71 |
|
Grasim Industries Limited |
13,988,570 |
6.94 |
|
Thai Industrial Management
& Trading Co., Ltd. |
9,738,500 |
4.83 |
|
Rama Trading Co.,
Ltd. |
6,645,580 |
3.30 |
|
Mr. Kamol Pichitsingh |
5,925,700 |
2.94 |
|
Ms. Vanita Thakral |
4,892,040 |
2.43 |
|
Mrs. Rachani Kajiji |
4,858,770 |
2.41 |
|
Mr. Amorn Panijkaiwalkosin |
3,640,740 |
1.81 |
|
Korres [Thailand] Limited |
3,275,230 |
1.62 |
|
Mrs. Jusbirgor Panijkaiwalkosin |
3,229,690 |
1.60 |
|
HSBC [Singapore] Nominees
Pte. Ltd. |
3,200,000 |
1.59 |
|
Others |
64,856,630 |
32.17 |
Total Shareholders :
1,143 [including the
above shareholders]
NAME
OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Narong Pantawong No.
3315
BALANCE
SHEET [BAHT]
The latest financial
figures published for
March 31, 2014
& 2013 & 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 [Restated] |
2012 |
|
|
|
|
|
|
Cash and cash
equivalents |
451,611,780 |
376,739,394 |
1,134,938,817 |
|
Current investments |
829,416,400 |
1,736,523,700 |
1,626,290,550 |
|
Trade and other
receivables |
683,953,051 |
1,152,136,436 |
1,319,214,433 |
|
Inventories
|
1,514,017,468 |
1,596,330,145 |
1,755,294,332 |
|
Amounts from forward exchange contracts |
- |
57,543,297 |
- |
|
Other Current Assets |
54,215,133 |
109,042,916 |
106,963,678 |
|
|
|
|
|
|
Total Current Assets
|
3,533,213,832 |
5,028,315,888 |
5,942,701,810 |
|
Non-current Assets |
|
|
|
|
Investment in subsidiary |
1,201,353,993 |
840,053,993 |
- |
|
Investments in
associated |
5,403,680,457 |
5,370,655,857 |
4,833,348,679 |
|
Other long-term
investments |
1,641,614,567 |
1,792,418,780 |
1,781,361,973 |
|
Long-term loans to
related parties |
629,222,700 |
146,260,500 |
158,292,750 |
|
Property, plant and equipment |
3,228,730,513 |
3,169,102,907 |
2,993,093,149 |
|
Intangible assets |
1,096,320 |
1,972,524 |
3,371,515 |
|
Deferred tax assets |
160,587,689 |
25,619,050 |
- |
|
Other non-current
assets |
2,452,022 |
2,087,422 |
2,580,372 |
|
Total non-current
Assets |
12,268,738,261 |
11,348,171,033 |
9,772,048,438 |
|
Total Assets |
15,801,952,093 |
16,376,486,921 |
15,714,750,248 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 [Restated] |
2012 |
|
|
|
|
|
|
Short-term loan from
financial institution |
827,704,992 |
572,964,770 |
574,797,245 |
|
Trade and other
payable |
553,076,905 |
625,288,667 |
570,386,046 |
|
Accrued income tax |
- |
25,568,820 |
21,836,707 |
|
Liabilities from forward exchange contracts |
8,758,328 |
- |
- |
|
Other current liabilities |
29,878,470 |
30,590,608 |
43,366,996 |
|
|
|
|
|
|
Total Current Liabilities |
1,419,418,695 |
1,254,412,865 |
1,210,386,994 |
|
Provision for long-term
employee benefit |
132,495,283 |
128,095,252 |
130,991,729 |
|
Deferred tax liabilities |
205,867,823 |
179,969,209 |
- |
|
Total Liabilities |
1,757,781,801 |
1,562,477,326 |
1,341,378,723 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share capital |
|
|
|
|
Registered, Issued
and fully paid 201,600,000 ordinary shares of Baht 1
each |
201,600,000 |
201,600,000 |
201,600,000 |
|
Issued and
fully paid |
|
|
|
|
201,600,000 ordinary shares of
Baht 1
each |
201,600,000 |
201,600,000 |
201,600,000 |
|
Retained Earning Appropriated Statutory reserve
|
20,160,000 |
20,160,000 |
20,160,000 |
|
General reserve |
2,500,000,000 |
2,500,000,000 |
2,500,000,000 |
|
Unappropriated |
10,746,936,070 |
11,554,074,237 |
10,974,431,738 |
|
Other components of
shareholder’s equity |
575,474,222 |
538,175,358 |
677,179,787 |
|
Total Shareholders' Equity |
14,044,170,292 |
14,814,009,595 |
14,373,371,525 |
|
Total Liabilities & Shareholders' Equity |
15,801,952,093 |
16,376,486,921 |
15,714,750,248 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 [Restated] |
2012 |
|
|
|
|
|
|
Sales |
5,196,180,152 |
9,769,355,356 |
5,288,604,475 |
|
Gains on exchange |
- |
192,861,899 |
93,357,041 |
|
Dividend income |
106,412,362 |
80,150,099 |
59,950,000 |
|
Others income |
102,973,639 |
122,815,221 |
69,743,934 |
|
Total Revenues |
5,405,566,153 |
10,165,182,575 |
5,511,655,450 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of sales
|
5,203,276,826 |
8,820,786,914 |
4,972,286,891 |
|
Unallocated production overhead
cost incurred during plant shutdown |
240,470,583 |
- |
- |
|
Selling expenses |
204,807,067 |
378,543,033 |
189,462,707 |
|
Administrative expenses |
162,888,870 |
164,373,951 |
98,954,200 |
|
Impairment loss on
investment |
197,427,793 |
- |
- |
|
Losses on exchange |
66,069,488 |
- |
- |
|
Total Expenses |
6,074,940,627 |
9,363,703,898 |
5,260,703,798 |
|
|
|
|
|
|
Income before finance
cost and Income Tax expenses |
[669,374,474] |
801,478,677 |
250,951,652 |
|
Finance cost |
[18,791,306] |
[11,037,628] |
[5,410,726] |
|
|
|
|
|
|
Profit before income
Tax expenses |
[688,165,780] |
790,441,049 |
245,540,923 |
|
Income tax expenses |
118,347,857 |
[158,337,064] |
[30,042,952] |
|
|
|
|
|
|
Net Profit / [Loss] |
[569,817,923] |
632,103,985 |
215,497,971 |
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December 31, 2014
was: [Unaudited]
ASSETS
[Unit : Thousand Baht]
|
Current Assets |
2014 |
|
|
|
|
Cash and cash
equivalents |
429,359 |
|
Current investments |
1,090,000 |
|
Trade and other
receivables |
1,012,761 |
|
Inventories
|
1,712,467 |
|
Other Current Assets |
232,583 |
|
|
|
|
Total Current Assets |
4,477,170 |
|
Non-current Assets |
|
|
Investment in subsidiary |
1,288,624 |
|
Investments in
associated |
5,414,383 |
|
Other long-term
investments |
1,832,532 |
|
Long-term loans to
related parties |
630,415 |
|
Property, plant and equipment |
3,184,907 |
|
Intangible assets |
463 |
|
Deferred tax assets |
320,811 |
|
Other non-current
assets |
2,267 |
|
Total non-current
Assets |
12,674,402 |
|
Total Assets |
17,151,572 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
[Unit : Thousand Baht]
|
Current
Liabilities |
2014 |
|
|
|
|
Short-term loan from financial institution |
2,300,573 |
|
Trade and other
payable |
661,531 |
|
Other current liabilities |
23,383 |
|
|
|
|
Total Current Liabilities |
2,985,487 |
|
Provision for long-term
employee benefit |
132,199 |
|
Deferred tax liabilities |
242,973 |
|
Total Liabilities |
3,360,659 |
|
|
|
|
Shareholders' Equity |
|
|
Share capital |
|
|
Registered, Issued
and fully paid 201,600,000 ordinary shares of Baht 1
each |
201,600 |
|
Issued and
fully paid |
|
|
201,600,000 ordinary shares of Baht 1
each |
201,600 |
|
Retained Earning Appropriated Statutory reserve |
20,160 |
|
General reserve |
2,500,000 |
|
Unappropriated |
10,388,652 |
|
Other components of
shareholder’s equity |
680,501 |
|
Total Shareholders' Equity |
13,790,913 |
|
Total Liabilities & Shareholders' Equity |
17,151,572 |
PROFIT &
LOSS ACCOUNT
For the nine-month period
ended December 31,
2014.
[Unit : Thousand Baht]
|
Revenue |
2014 |
|
|
|
|
Sales |
5,752,665 |
|
Gains on exchange |
27,279 |
|
Dividend income |
87,656 |
|
Others income |
55,396 |
|
Total Revenues |
5,922,996 |
|
Expenses |
|
|
|
|
|
Cost of sales
|
5,924,572 |
|
Selling expenses |
260,377 |
|
Administrative expenses |
120,131 |
|
Impairment loss on
investment |
69,366 |
|
Total Expenses |
6,374,446 |
|
|
|
|
Loss before finance
cost and Income tax income |
[451,450] |
|
Finance cost |
[18,887] |
|
|
|
|
Loss before income
tax income |
[470,337] |
|
Income tax income |
149,973 |
|
|
|
|
Net Profit / [Loss] |
[320,364] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.49 |
4.01 |
4.91 |
|
QUICK RATIO |
TIMES |
1.38 |
2.60 |
3.37 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.61 |
3.08 |
1.77 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.33 |
0.60 |
0.34 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
106.21 |
66.06 |
128.85 |
|
INVENTORY TURNOVER |
TIMES |
3.44 |
5.53 |
2.83 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
48.04 |
43.05 |
91.05 |
|
RECEIVABLES TURNOVER |
TIMES |
7.60 |
8.48 |
4.01 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
38.80 |
25.87 |
41.87 |
|
CASH CONVERSION CYCLE |
DAYS |
115.45 |
83.23 |
178.03 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
100.14 |
90.29 |
94.02 |
|
SELLING & ADMINISTRATION |
% |
7.08 |
5.56 |
5.45 |
|
INTEREST |
% |
0.36 |
0.11 |
0.10 |
|
GROSS PROFIT MARGIN |
% |
3.89 |
13.76 |
10.20 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(12.88) |
8.20 |
4.75 |
|
NET PROFIT MARGIN |
% |
(10.97) |
6.47 |
4.07 |
|
RETURN ON EQUITY |
% |
(4.06) |
4.27 |
1.50 |
|
RETURN ON ASSET |
% |
(3.61) |
3.86 |
1.37 |
|
EARNING PER SHARE |
BAHT |
(2.83) |
3.14 |
1.07 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.11 |
0.10 |
0.09 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.13 |
0.11 |
0.09 |
|
TIME INTEREST EARNED |
TIMES |
(35.62) |
72.61 |
46.38 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(46.81) |
84.72 |
|
|
OPERATING PROFIT |
% |
(183.52) |
219.38 |
|
|
NET PROFIT |
% |
(190.15) |
193.32 |
|
|
FIXED ASSETS |
% |
1.88 |
5.88 |
|
|
TOTAL ASSETS |
% |
(3.51) |
4.21 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -46.81%. Turnover has decreased from THB
9,769,355,356.00 in 2013 to THB 5,196,180,152.00 in 2014. While net profit has decreased
from THB 632,103,985.00 in 2013 to THB -569,817,923.00 in 2014. And total
assets has decreased from THB 16,376,486,921.00 in 2013 to THB
15,801,952,093.00 in 2014.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.89 |
Deteriorated |
Industrial
Average |
8.65 |
|
Net Profit Margin |
(10.97) |
Deteriorated |
Industrial
Average |
8.70 |
|
Return on Assets |
(3.61) |
Deteriorated |
Industrial
Average |
8.97 |
|
Return on Equity |
(4.06) |
Deteriorated |
Industrial
Average |
15.50 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company's figure is 3.89%. 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 -10.97%.
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 -3.61%.
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 -4.06%.
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 |
2.49 |
Satisfactory |
Industrial
Average |
3.07 |
|
Quick Ratio |
1.38 |
|
|
|
|
Cash Conversion Cycle |
115.45 |
|
|
|
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 2.49 times in 2014, decreased from 4.01 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 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 1.38 times in 2014,
decreased from 2.6 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 116 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.11 |
Impressive |
Industrial
Average |
0.85 |
|
Debt to Equity Ratio |
0.13 |
Impressive |
Industrial
Average |
1.42 |
|
Times Interest Earned |
(35.62) |
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 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 -35.63 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 0.11 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 :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.61 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.33 |
Deteriorated |
Industrial
Average |
2.16 |
|
Inventory Conversion Period |
106.21 |
|
|
|
|
Inventory Turnover |
3.44 |
Deteriorated |
Industrial
Average |
12.31 |
|
Receivables Conversion Period |
48.04 |
|
|
|
|
Receivables Turnover |
7.60 |
Acceptable |
Industrial
Average |
12.09 |
|
Payables Conversion Period |
38.80 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.60 and 8.48 in
2014 and 2013 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2014
decreased from 2013. This would suggest the company had deteriorated in the
management of its debt collections.
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 66 days at the
end of 2013 to 106 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 5.53 times in year 2013 to 3.44 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.33 times and 0.6
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.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
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.