MIRA INFORM REPORT
|
Report No. : |
319719 |
|
Report Date : |
29.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
MITSUI & CO., [THAILAND] LTD. |
|
|
|
|
Formerly Known As : |
MITSUI
BUSSAN KAISHA [THAILAND]
LTD. |
|
|
|
|
Registered Office : |
15th - 16th Floor, Sathorn City Tower, 175 South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
22.07.1959 |
|
|
|
|
Com. Reg. No.: |
0105502000957 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Distributor and Exporter of General Trading Company |
|
|
|
|
No. of Employees : |
290 |
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 : |
No Complaints |
|
|
|
|
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
has had a strong economy due in part to industrial and agriculture exports -
mostly electronics, agricultural commodities, automobiles and parts, and
processed foods. Thailand 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 both 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. Government
approved flood mitigation projects, worth $11.7 billion, were started in 2012
to prevent a repeat. Thai growth slowed in 2013 and has remained low since, as
the country faced political uncertainty and a coup in May 2014. The interim
government is implementing a special $11 billion short-term stimulus package
and has approved a budget of more than $80 billion to aid an economic rebound.
|
Source
: CIA |
Company
Name and address
MITSUI & CO., [THAILAND] LTD.
SUMMARY
BUSINESS ADDRESS : 15th-16th
FLOOR, SATHORN CITY
TOWER,
175 SOUTH
SATHORN ROAD,
THUNGMAHAMEK, SATHORN,
BANGKOK 10120, THAILAND
TELEPHONE : [66] 2344-2222
FAX :
[66] 2344-2003-4
E-MAIL ADDRESS : bkxmt@dg.mitsui.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1959
REGISTRATION NO. : 0105502000957 [Former :
173/ 2502]
TAX ID NO. : 3101050059
CAPITAL REGISTERED : BHT. 1,500,000,000
CAPITAL PAID-UP : BHT. 1,500,000,000
SHAREHOLDER’S PROPORTION : FOREIGN :
100%
FISCAL YEAR CLOSING DATE : MARCH 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SHINGO SATO, JAPANESE
PRESIDENT
NO. OF STAFF : 290
LINES OF BUSINESS : GENERAL TRADING
COMPANY
IMPORTER,
DISTRIBUTOR AND EXPORTER
CORPORATE
PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH
NORMAL BUSINESS ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on July
22, 1959 as
a private limited
company under the
registered name “Mitsui
Bussan Kaisha [Thailand]
Ltd.” by Japanese
groups. On August 15, 1969, the subject’s
name was changed to
MITSUI & CO.,
[THAILAND] LTD., with
the business objective
to be engaged
in general trading,
project organizing and
investing business in
Thailand. It currently
employs approximately 290
staff.
It is a
wholly owned subsidiary
of Mitsui &
Co. [Asia Pacific]
Pte. Ltd. in
Singapore, which is
one of the
world largest general
trading companies with
the strongest global
network capabilities of
89 overseas trading
subsidiaries in total
93 countries.
The subject’s registered
address is 15th - 16th Floor,
Sathorn City Tower,
175 South Sathorn Rd.,
Thungmahamek, Sathorn, Bangkok
10120, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kiyoshi Otobe |
|
Japanese |
45 |
|
Mr. Hiroshi Tanaka |
|
Japanese |
54 |
|
Mr. Nozomu Harada |
|
Japanese |
53 |
|
Mr. Asawin Surasarang |
[x] |
Thai |
72 |
|
Mr. Shingo Sato |
[x] |
Japanese |
56 |
|
Mr. Minehide Matsuo |
[x] |
Japanese |
50 |
|
Mr. Tadaharu Hirohata |
[x] |
Japanese |
48 |
AUTHORIZED
PERSON
One of
the mentioned directors
[x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Shingo Sato is the President.
He is
Japanese nationality with
the age of
56 years old.
Mr. Asawin Surasarang is the
Senior Director.
He is
Thai nationality with
the age of
72 years old.
BUSINESS
OPERATIONS
The subject is engaged in general
trading business including import,
export and distribution as
well as project
organization and investment.
The trading business
can be divided
into 9 divisions
as follows:
1.
Steel Division
-
Hot rolled
steel sheet and
plate, cold rolled
steel sheet, plain
and pre-painted
galvanized iron
steel sheet, electro
galvanized steel sheet,
tin plate, tin
free steel,
stainless steel
plate & sheet, alloy steel
sheet
2.
Infrastructure Projects
Division;
-
Transportation
[railway project], electric
power plant project,
plant project,
water business
3.
Machinery Division
-
Motor vehicle,
machine tools, industrial
machinery, protective coating
products
4.
Information Business
Division
-
Call center
outsourcing, business process
outsourcing, market research
and
Incubation of new
business in media/internet field
5.
Basic Chemicals
Division
-
Petrochemical, synthetic
fiber intermediate, chemical
fertilizer, industrial chemicals,
fine chemicals,
specialty chemicals
6.
Consumer Service
Division
-
Textile materials,
fashion apparels, general
merchandise
7.
Foodstuff Division
-
Sugar and
gain, processed food
and food marketing
department
8.
Performance Chemicals
Division
- Performance chemicals
1 and 2
divisions
9. Logistics
Division
PURCHASE
Its products are purchased from
over 100 suppliers
and agents both
local and overseas,
such as Japan, United States
of America, Singapore,
Australia, Sweden, Zambia,
Germany, United Kingdom,
Korea and Taiwan.
MAJOR SUPPLIERS
Thai Tinplate Manufacturing
Co., Ltd. : Thailand
Bangkok Coil Center
Co., Ltd. : Thailand
Nittan [Thailand] Co.,
Ltd. : Thailand
Padaeng Industry Co.,
Ltd. : Thailand
Siam Matsushita Steel
Co., Ltd. : Thailand
Senju Metal Industry Co.,
Ltd. : Thailand
BASF AG. : Germany
Sahaviriya Steel
Industries Public Company
Limited : Thailand
The Siam
United Steel [1995]
Co., Ltd. :
Thailand
G. Steel Public
Company Limited : Thailand
Thailand Iron
Works Public Company
Limited : Thailand
SALES
The products
are sold and
serviced to customers
both domestic and
overseas in Japan,
Singapore, Taiwan, Republic of China,
India, Vietnam, United
States of America,
Middle East countries,
Australia and Europe.
RELATED AND
AFFILIATED COMPANIES
The subject
currently has 49
related/affiliated companies as
the followings:
Company Business
BAF [Thailand]
Co., Ltd. :
Financial leasing for
Yamaha motorcycles
Bangkok Coil
Center Co., Ltd. : Coil
center
Bangkok Eastern
Coil Center Co.,
Ltd. : Coil center
Cocksee Chemical Industrial Co.,
Ltd. : Manufacturer
of mosquito repellent
coils
and
sticks
Fanuc Thai
Limited : Wholesaler
of machines and
equipment
for
industrial process
Hino Motors
Manufacturing [Thailand] Ltd. : Manufacturer of
motor vehicles
Hino Motors
Sales [Thailand] Ltd. : Wholesaler
of motor vehicles
Kaset Phol
Sugar Co., Ltd. : Manufacturer
of sugar
Kobe-Ya Shobuhin
Kogyo Co., Ltd. : Wholesale
distributor of Japanese
foodstuff
KT Hino
Motors Pte. Ltd. : The
Cambodian Hino car
dealer
Lexus Sukhumvit
Co., Ltd. :
Retail sale of
motor vehicles
Lohthai-Orotex Co.,
Ltd. : Manufacturer
of basic chemicals
Mitcam Steel
Service Co., Ltd. : Wholesale
of steel in
Cambodia
Mit-Pathana Homeshopping
Co., Ltd. : Telemarking
Mit-Power [Thailand]
Co., Ltd. : Holding company
involved in electric
power industry
Mitsiam Business
Development Co., Ltd. : Real
estate services and
management
Mitsiam International
Co., Ltd. :
General trading company
Mitsiam Motors
Co., Ltd. :
Sales of trucks
and buses
Mitsiam Plastics
Co., Ltd. :
Wholesale of plastics
products
Mitsiam Tri-Net
Logistics Co., Ltd. : General
logistic company
Mitsui Siam
Components Co., Ltd. : Manufacture
and sale of
vinyl chloride
compound
Mitsui Water
Holding [Thailand] Ltd. : Investment
in water supply
business
MMK Machinery
[Thailand] Co., Ltd. : Machine
tools & industrial machinery
Mocap Limited : BPO
call center and
market research
Service
Navuti Co.,
Ltd. : Doi
Tung development project
Novus International
[Thailand] Co., Ltd. : Wholesale
of other food
Orange Energy
Limited : Petroleum
production
Pan Asia
Enterprise Co., Ltd. : Insurance
broker
Riken [Thailand]
Co., Ltd. :
Manufacturer of vinyl
chloride compound
Sagawa Express
Thai Container -
Distribution
Service Co., Ltd. : Transport
agency
Sathorn Capital
Co., Ltd. :
Foods related holding
company
Siam Moeco Ltd. : Service
activities incidential to oil and
gas
extraction
Siam Tank
Terminal Co., Ltd. : Liquid
chemical storage tanks
Siam UKF
Co., Ltd. : Manufacture
and sale of
bread crumbs
Siam Yamato
Steel Co., Ltd. : Manufacture
and sale of
structure steel
Sumitomo Electric
Wintec [Thailand] :
Manufacture and sale
of basic and
Co.,
Ltd. non-ferrous
metals
Thai Barge
Container Services Co.,
Ltd. : Goods
transportation and passenger
Thai Fukuvi
Co., Ltd. : Manufacture
and sale of PVC profile
extruded
products
Thai Tap
Water Supply Public
Co., Ltd. : Collection, purification
and distribution
of water
Thai Tinplate
Manufacturing Co., Ltd. : Manufacture
of basic iron
and steels
Thai Steel
Pipe Industry Co.,
Ltd. : Manufacture
and sale of steel
pipes
Thailand Iron
Works Public Co.,
Ltd. : Manufacture
and sale of
galvanized
iron sheet
The Isan
Enterprise Co., Ltd. : Land
leasing
The Kumphawapi
Sugar Co., Ltd. : Manufacture
and sale of
sugar
Tosplant Engineering
[Thailand] Co., Ltd. : Construction
of electricity system
for factory
Tsurumaru Logistics
[Thailand] Co., Ltd. : Logistics
United Kyoei
Foods Co., Ltd. : Manufacture
and sale of
bread crumbs
Zeon Chemicals
[Thailand] Co., Ltd. : Manufacture
and sale of
hydrocarbon resins
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 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
Bangkok Bank
Public Co., Ltd.
[Head
Office : 333 Silom Rd., Silom, Bangrak, Bangkok]
Bank of
Tokyo-Mitsubishi UFJ Ltd.
[Bangkok
Branch : 54 North
Sathorn Rd., Silom, Bnagrak, Bangkok]
Kasikornbank Public Co., Ltd.
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The subject employs
approximately 290 staff.
[office and sales
staff]
LOCATION
DETAILS
The premise is
rented for administrative office at
the heading address.
Premise is located
in a prime commercial area.
Warehouse is located
at 142 Moo
2, Petchahueng Rd.,
T. Bangyor, A. Phrapradaeng, Samutprakarn
10130.
COMMENT
The subject
has been firmly
established in Thailand
for more than 54
years. It has
successfully engaged in import and supply of machinery for major plant
and infrastructure projects such
as electric power generation, transportation, telecommunications and
petrochemical plants. In
each business filed,
the subject has
expertise in worldwide
business activities. The
subject has dealt
with various products and
implemented a number
of projects in
accordance with its long history
in Thailand. Also, it has been
continuously developing and
pursuing new technologies
for the products
and services that meet
its client’s satisfaction.
The subject
reported strong sales
in the previous year
while current business
remains solid.
FINANCIAL
INFORMATION
The capital was
initially registered at
Bht. 3,000,000 divided into 6,000 shares
of
Bht. 500 each.
The capital was
increased later as
following:
Bht. 30,000,000 on
September 1, 1971
Bht. 1,000,000,000
on June 25,
1990
Bht. 1,500,000,000
on October 2,
2000
The latest registered
capital was increased
to Bht. 1,500,000,000
divided into 3,000,000
shares of Bht.
500 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE : [as at December 18,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mitsui &
Co. [Asia Pacific]
Pte. Ltd. Nationality: Singaporean Address :
80 Robinson Road,
Singapore |
2,999,998 |
100.00 |
|
Mr.
Tadaharu Hirohata Nationality: Japanese Address :
85 Sukhumvit 53
Rd., Klongtonnua, Wattana, Bangkok
|
1 |
- |
|
Mr.
Minehide Matsuo Nationality: Japanese Address :
85 Sukhumvit 53
Rd., Klongtonnua, Wattana, Bangkok |
1 |
- |
Total
Shareholders : 3
Share
Structure [as
at December 18,
2014]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
3 |
3,000,000 |
100.00 |
|
Total |
3 |
3,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Thanawan Anuratbodee No. 3440
BALANCE
SHEET [BAHT]
The latest financial
figures published for
March 31, 2014,
2013 & 2012
were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 [Adjusted] |
|
|
|
|
|
|
Cash and Cash Equivalents |
129,154,523 |
205,386,476 |
454,991,707 |
|
Trade Account & Other Receivable |
4,191,594,488 |
3,991,846,815 |
3,952,058,636 |
|
Current Portion
of Long-term Receivable |
95,848,831 |
- |
- |
|
Short-term
Lending to Related
Company |
2,770,000,000 |
2,800,000,000 |
- |
|
Inventories |
693,219,988 |
640,565,259 |
755,291,363 |
|
Other Current
Assets |
113,871,264 |
9,204,313 |
40,909,897 |
|
|
|
|
|
|
Total Current
Assets |
7,993,789,094 |
7,647,002,863 |
5,203,251,603 |
|
Investment available
for Sale |
42,824,560 |
321,707,909 |
133,806,914 |
|
Investment in
Associated Company |
626,856,613 |
394,809,783 |
395,471,783 |
|
Investment in
Subsidiary Company |
7,492,000 |
7,492,000 |
7,492,000 |
|
Other Long-term
Investment |
68,001,770 |
68,001,770 |
90,241,770 |
|
Long-term Lending
to Related Company |
- |
- |
2,855,000,000 |
|
Loan to
Employee |
1,784,190 |
2,162,500 |
1,523,065 |
|
Equipment |
7,489,419 |
6,094,885 |
7,083,624 |
|
Intangible Assets |
6,149,746 |
6,460,113 |
7,200,176 |
|
Long-term Receivable |
233,414,254 |
1,528,613,787 |
1,842,979,808 |
|
Deferred Income
Tax Assets |
33,263,051 |
- |
16,228,678 |
|
Other Non-current
Assets |
1,140,216 |
834,290 |
1,181,000 |
|
Total Assets |
9,022,204,913 |
9,983,179,900 |
10,561,460,421 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 [Adjusted] |
|
|
|
|
|
|
Short-term Loan
from Financial Institution |
1,898,525,546 |
873,896,507 |
438,747,127 |
|
Trade Account & Other Payable |
3,053,832,491 |
3,003,611,986 |
3,070,205,200 |
|
Current Portion
of Long-term Loan
from Financial
Institution |
- |
800,000,000 |
1,100,000,000 |
|
Short-term
Loan from Related
Company |
325,814,000 |
294,476,000 |
- |
|
Accrued Income
Tax |
67,850,617 |
30,261,044 |
33,888,348 |
|
Advance Income
from Goods |
96,780 |
17,187,059 |
1,729,913 |
|
Other Current
Liabilities |
31,994,252 |
38,818,607 |
25,706,086 |
|
|
|
|
|
|
Total Current
Liabilities |
5,378,113,686 |
5,058,251,203 |
4,670,276,674 |
|
Long-term Loan from Financial Institution |
400,000,000 |
400,000,000 |
1,200,000,000 |
|
Deferred Income
Tax Liabilities |
- |
24,670,058 |
- |
|
Long-term Payable |
- |
1,217,332,145 |
1,462,121,217 |
|
Employee Benefit
Obligation |
15,743,921 |
12,441,214 |
11,914,038 |
|
Total Liabilities
|
5,793,857,607 |
6,712,594,620 |
7,344,311,929 |
|
|
|
|
|
|
Shareholders’
Equity |
|
|
|
|
|
|
|
|
|
Share
capital : Baht 500 par
value authorized,
issued and fully
paid
share capital 3,000,000
shares |
1,500,000,000 |
1,500,000,000 |
1,500,000,000 |
|
|
|
|
|
|
Capital Paid |
1,500,000,000 |
1,500,000,000 |
1,500,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve
|
150,000,000 |
150,000,000 |
150,000,000 |
|
Unappropriated [Deficit] |
1,558,466,425 |
1,382,024,792 |
1,478,908,800 |
|
Unrealized Profit
from Measurement of Value
of Securities available for Sale |
24,851,101 |
298,200,610 |
110,299,615 |
|
Deferred Income
Tax from Unrealized
Profit
from Measurement of
Value of Securities
available for Sale |
[4,970,220] |
[59,640,122] |
[22,059,923] |
|
Total Shareholders’ Equity |
3,228,347,306 |
3,270,585,280 |
3,217,148,492 |
|
Total
Liabilities & Shareholders’ Equity |
9,022,204,913 |
9,983,179,900 |
10,561,460,421 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 [Adjusted] |
|
|
|
|
|
|
Sales |
28,597,611,660 |
27,084,562,981 |
31,068,453,715 |
|
Commission Income |
313,989,868 |
366,073,865 |
474,757,371 |
|
Other Income |
719,825,810 |
447,719,626 |
443,845,299 |
|
Total Revenues |
29,631,427,338 |
27,898,356,472 |
31,987,056,385 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of
Goods Sold |
27,862,194,009 |
26,429,883,365 |
30,330,622,422 |
|
Selling Expenses |
398,970,260 |
354,655,496 |
347,558,444 |
|
Administrative Expenses |
486,179,137 |
440,524,284 |
660,254,594 |
|
Loss on
Exchange Rate |
36,191,491 |
1,721,707 |
36,378,818 |
|
Total Expenses
|
28,783,534,897 |
27,226,784,852 |
31,374,814,278 |
|
|
|
|
|
|
Profit before
Financial Cost & Income Tax |
847,892,441 |
671,571,620 |
612,242,107 |
|
Financial Cost |
[45,153,946] |
[66,735,379] |
[65,007,195] |
|
|
|
|
|
|
Profit before
Income Tax |
802,738,495 |
604,836,241 |
547,234,912 |
|
Income Tax |
[116,296,862] |
[101,720,249] |
[142,771,366] |
|
Net Profit / [Loss] |
686,441,633 |
503,115,992 |
404,463,546 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.49 |
1.51 |
1.11 |
|
QUICK RATIO |
TIMES |
1.34 |
1.38 |
0.94 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS
TURNOVER |
TIMES |
3,818.40 |
4,443.82 |
4,385.95 |
|
TOTAL ASSETS
TURNOVER |
TIMES |
3.17 |
2.71 |
2.94 |
|
INVENTORY
CONVERSION PERIOD |
DAYS |
9.08 |
8.85 |
9.09 |
|
INVENTORY
TURNOVER |
TIMES |
40.19 |
41.26 |
40.16 |
|
RECEIVABLES CONVERSION
PERIOD |
DAYS |
53.50 |
53.80 |
46.43 |
|
RECEIVABLES
TURNOVER |
TIMES |
6.82 |
6.78 |
7.86 |
|
PAYABLES
CONVERSION PERIOD |
DAYS |
40.01 |
41.48 |
36.95 |
|
CASH CONVERSION
CYCLE |
DAYS |
22.57 |
21.16 |
18.57 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS
SOLD |
% |
97.43 |
97.58 |
97.63 |
|
SELLING &
ADMINISTRATION |
% |
3.10 |
2.94 |
3.24 |
|
INTEREST |
% |
0.16 |
0.25 |
0.21 |
|
GROSS PROFIT
MARGIN |
% |
6.19 |
5.42 |
5.33 |
|
NET PROFIT MARGIN
BEFORE EX. ITEM |
% |
2.96 |
2.48 |
1.97 |
|
NET PROFIT MARGIN |
% |
2.40 |
1.86 |
1.30 |
|
RETURN ON EQUITY |
% |
21.26 |
15.38 |
12.57 |
|
RETURN ON ASSET |
% |
7.61 |
5.04 |
3.83 |
|
EARNING PER SHARE |
BAHT |
45.76 |
33.54 |
26.96 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.64 |
0.67 |
0.70 |
|
DEBT TO EQUITY
RATIO |
TIMES |
1.79 |
2.05 |
2.28 |
|
TIME INTEREST
EARNED |
TIMES |
18.78 |
10.06 |
9.42 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
5.59 |
(12.82) |
|
|
OPERATING PROFIT |
% |
26.25 |
9.69 |
|
|
NET PROFIT |
% |
36.44 |
24.39 |
|
|
FIXED ASSETS |
% |
22.88 |
(13.96) |
|
|
TOTAL ASSETS |
% |
(9.63) |
(5.48) |
|
ANNUAL
GROWTH: IMPRESSIVE
An annual sales growth
is 5.59%. Turnover has increased from THB 27,084,562,981.00 in 2013 to THB
28,597,611,660.00 in 2014. While net profit has increased from THB
PROFITABILITY : ACCEPTABLE
PROFITABILITY RATIO
|
Gross Profit
Margin |
6.19 |
Deteriorated |
Industrial Average |
14.51 |
|
Net Profit Margin |
2.40 |
Impressive |
Industrial Average |
2.15 |
|
Return on Assets |
7.61 |
Acceptable |
Industrial Average |
11.90 |
|
Return on Equity |
21.26 |
Acceptable |
Industrial Average |
36.37 |
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 6.19%. 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
2.4% 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 7.61%.
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 21.26%.
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 |
1.49 |
Impressive |
Industrial Average |
1.35 |
|
Quick Ratio |
1.34 |
|
|
|
|
Cash Conversion
Cycle |
22.57 |
|
|
|
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 1.49 times in 2014,
decreased from 1.51 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 1.34 times in 2014, decreased from 1.38
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 23 days.
Trend of the average competitors in the same
industry for last 5 years
Current Ratio Uptrend
LEVERAGE : IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.64 |
Impressive |
Industrial Average |
0.66 |
|
Debt to Equity
Ratio |
1.79 |
Acceptable |
Industrial Average |
1.96 |
|
Times Interest
Earned |
18.78 |
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
18.78 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 0.64 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 |
3,818.40 |
Impressive |
Industrial Average |
- |
|
Total Assets
Turnover |
3.17 |
Acceptable |
Industrial Average |
5.54 |
|
Inventory
Conversion Period |
9.08 |
|
|
|
|
Inventory
Turnover |
40.19 |
Impressive |
Industrial Average |
17.86 |
|
Receivables
Conversion Period |
53.50 |
|
|
|
|
Receivables
Turnover |
6.82 |
Acceptable |
Industrial Average |
9.39 |
|
Payables Conversion
Period |
40.01 |
|
|
|
The company's
Account Receivable Ratio is calculated as 6.82 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 9 days at the end of 2013 to 9 days at the end of 2014. This
represents a negative trend. And Inventory turnover has decreased from 41.26
times in year 2013 to 40.19 times in year 2014.
The company's Total
Asset Turnover is calculated as 3.17 times and 2.71 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.63.33 |
|
|
1 |
Rs.96.52 |
|
Euro |
1 |
Rs.68.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.