MIRA INFORM REPORT
|
Report No. : |
336168 |
|
Report Date : |
12.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
ASIA FIBER PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
27th Floor Wall
Street Tower, 33/133-136
Surawongse Road, Suriyawongse, Bangrak,
Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.06.2014 |
|
|
|
|
Date of Incorporation : |
22.09.1975 |
|
|
|
|
Com. Reg. No.: |
0107536001630 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and
Distributor of Nylon
Products to be
used as Raw
Material in Yarn
Spinning, Texturizing, Fabric
Weaving, and Knitting. |
|
|
|
|
No. of Employees : |
500 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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, and generally pro-investment policies Thailand has historically had a strong
economy due in part to competitive industrial and agriculture exports - mostly
electronics, agricultural commodities, automobiles and parts, and processed
foods. The economy experienced slow growth and declining exports in 2014, in
part due to domestic political turmoil and sluggish global demand. With full
employment, Thailand attracts an estimated 2-4 million migrant workers from
neighboring countries, and faces labor shortages. Following the May 2014 coup
d’tat, tourism decreased 6-7% but is beginning to recover. The household debt
to GDP ratio is over 80%. 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 baht has remained
stable.
|
Source
: CIA |
Company
Name
ASIA FIBER PUBLIC
COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 27th
FLOOR WALL STREET
TOWER,
33/133-136
SURAWONGSE ROAD,
SURIYAWONGSE, BANGRAK,
BANGKOK
10500, THAILAND
TELEPHONE : [66]
2632-7071-5
FAX : [66] 2236-1982-3
E-MAIL ADDRESS : sales@asiafiber.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1975
REGISTRATION NO. : 0107536001630
TAX ID NO. : 3101088762
CAPITAL REGISTERED : BHT. 1,000,000,000
CAPITAL PAID-UP : BHT. 455,742,660
FISCAL YEAR CLOSING
DATE : JUNE
30
LEGAL STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : MR.
CHEN NAMCHAISIRI, THAI PRESIDENT
NO. OF STAFF : 500
LINES OF BUSINESS : NYLON
CHIP, NYLON FILAMENT
YARN,
NYLON
TEXTURED YARN AND
FILAMENT WOVEN FABRICS
MANUFACTURER, EXPORTER
AND
DISTRIBUTOR
|
|
|
CORPORATE PROFILE |
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was initially established on September 22, 1975 as
a private limited
company under the
registered name “Asia
Synthetic Textile Co.,
Ltd.” by Thai-Taiwanese joint
venture. On September
22, 1985, its
name was changed
to “Asia Fiber Co., Ltd.” It
was also listed
on the Stock
Exchange of Thailand
in the same
year.
On December 27,
1993 the subject
registered for a
conversion of its
status to a public
limited company under
the name ASIA
FIBER PUBLIC COMPANY
LIMITED. Since then,
the subject gradually
became more Thai-Controlled, and
now it is
100% managed by
Thai. It currently
employs approximately 500 staff.
With the continuous
expansion of its
production capacity, the
subject has become
the country’s largest
manufacturer of nylon
since 1990. Moreover, it
was also classified
as “Privileged Exporter”
by the Custom
Department. Furthermore, AFC
was the very
first manufacturer who
brought an introduction
of the new
technology in producing
FDY and POY. This
new technology is
considered to be the most
up-to-date technology which
assists in speeding
up production, reducing
processing steps, cutting
down production cost,
as well as
enhancing the quality
of the products.
The subject’s registered
address is 27th Flr.,
Wall Street Tower, 33/133-136 Surawongse
Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Mongkol Mangkornkanok |
[x] |
Thai |
77 |
|
Mr. Yodjin Uahwatanasakul |
|
Thai |
84 |
|
Mr. Chaeng Thong-thai |
|
Thai |
76 |
|
Mr. Chen Namchaisiri |
[x] |
Thai |
59 |
|
Mr. Pira Sirikietsoong |
[x] |
Thai |
61 |
|
Mr. Vira Sirikietsoong |
|
Thai |
61 |
|
Mr. Nipon Leelasithorn |
[x] |
Thai |
54 |
|
Mrs. Jintana Thanatavee |
[x] |
Thai |
72 |
|
Mr. Vitoon Sirikietsoong |
[x] |
Thai |
65 |
|
Mr. Terawat Tachapongvorachai |
|
Thai |
76 |
|
Mr. Montri Mangkornkanok |
|
Thai |
69 |
|
Mr. Tanace Kuvinichkul |
|
Thai |
67 |
|
Mr. Vichien Tejapaibul |
|
Thai |
76 |
|
Mr. Somsak Puntanakasem |
|
Thai |
66 |
|
Mr. Tira Sirikietsoong |
|
Thai |
58 |
|
Mr. Payong U-Prasitwong |
|
Thai |
74 |
|
Mr. Thirachart Viravan |
|
Thai |
- |
AUTHORIZED PERSON
Any two of
the above directors
[x] jointly sign
on behalf of
the subject the
company’s affixed.
MANAGEMENT
Mr. Chen Namchaisiri
is the President.
He is Thai
nationality with the
age of 59
years old.
Mr. Pira Sirikietsoong
is the Vice
President.
He is Thai
nationality with the
age of 61
years old.
Mr. Vira Sirikietsoong
is the Factory
Manager.
He is Thai
nationality with the
age of 61
years old.
Mr. Anant Vaivoothpinyo is
the Manager of
Business Department.
He is Thai
nationality.
Mr. Nariss Talungchit is
the Manager of
Nylon Production Department.
He is Thai
nationality.
Mr. Suthep Permpornsakul is
the Manager of
Textured Yarn Production Department.
He is Thai
nationality.
Mr. Noranit Wesayasatit
is the Manager
of Quality Control
& Development
Department & Manager of Purchasing
Department.
He is Thai
nationality.
Mr. Saksomboon Chaicharoen
is the Manager
of Fabric Production
Department.
He is Thai
nationality.
Mr. Suwat Suvichanijikul is
the Manager of
Factory Administration Department.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is the manufacturer,
exporter and distributor
of Nylon products
to be used
as raw material
in yarn spinning,
texturizing, fabric weaving,
and knitting. There
are five main
product groups and
services as follows:
Nylon Chip: to
be used for
filament production.
Filament Yarn: various
types and sizes
of filament are
produced from nylon
chip, used for
fabric weaving, some
are used to produce nylon
textured yarn.
Nylon Textured Yarn: is produced from
nylon filament through
the process of
drawing and false-twisting. This
stretchable, fluffy yarn
is used in
fabric and sock
knitting.
Filament Woven Fabrics/Taffeta Fabric:
[Loom-States and Finished] is
the fabric woven
from filament yarn.
The fabric is
also dyed and
finished for enhanced
look and quality.
Fabric Dyeing and
Finishing Services: is performed
on fabrics supplied
by customers.
PRODUCTION
CAPACITY
|
Products |
2014 |
|
Nylon Chip |
9,005 Metric
Tons |
|
Filament Yarn |
3,613 Metric
Tons |
|
Textured Yarn |
1,196 Metric
Tons |
|
Taffeta Fabrics |
3.21 Million
Yards |
REGISTERED TRADEMARKS
“AFC” and “COCONUT
PALM”
PURCHASE
60% of the
raw material is
purchased from local
suppliers.
IMPORT [COUNTRIES]
40% of the raw
materials such as
Caprolactam and chemicals
are also imported
from Germany, Poland,
Japan, India and
Netherlands.
MAJOR SUPPLIER
Ube Chemicals [Asia]
Public Company Limited
: Thailand
SALES [LOCAL]
30% of the
products is sold
locally to manufacturers, mainly
in fishing net, textiles and
garment industries.
EXPORT [COUNTRIES]
70% of the
products is exported
to U.S.A., Canada,
Australia, United Kingdom, Germany, Malaysia,
Singapore, Japan, Taiwan,
Hong Kong, Philippines, Republic
of China, Netherlands,
Vietnam, Laos, India, Bangladesh and
Indonesia.
MAJOR CUSTOMERS
|
Name |
Country |
Products |
|
Thai Far East
Co., Ltd. |
Thailand |
Nylon Fabric, Stretch
Yarn & Fabric |
|
T.F.E. Trading Co.,
Ltd. |
Thailand |
Nylon Fabric &
Fabric |
|
Kangwan Panich LP. |
Thailand |
- |
|
Leather Square Co.,
Ltd. |
Thailand |
- |
INCOME STRUCTURE
|
Products |
2013/2014 |
|
2012/2013 |
|
||
|
|
Million Baht |
% |
Million Baht |
% |
||
|
Local Sale Value |
|
|
|
|
||
|
Nylon Chip |
30 |
2.73 |
22 |
2.04 |
||
|
Filament Yarn |
43 |
3.91 |
44 |
4.08 |
||
|
Textured Yarn |
96 |
8.73 |
110 |
10.19 |
||
|
Fabric |
112 |
10.17 |
134 |
12.42 |
||
|
Dyeing and
Furnishing Services |
6 |
0.55 |
11 |
1.02 |
||
|
Total |
287 |
26.09 |
321 |
29.75 |
||
|
|
|
|
|
|
||
|
Foreign Sale Value |
|
|
|
|
||
|
Nylon Chip |
447 |
40.64 |
429 |
39.76 |
||
|
Filament Yarn |
223 |
20.27 |
189 |
17.52 |
||
|
Textured Yarn |
143 |
13.00 |
139 |
12.88 |
||
|
Fabric |
- |
- |
1 |
0.09 |
||
|
Total |
813 |
73.91 |
758 |
70.25 |
||
|
|
|
|
|
|
||
|
Total Local and Foreign
Sale Value |
|
|
|
|
||
|
Nylon Chip |
477 |
43.37 |
451 |
41.80 |
||
|
Filament Yarn |
266 |
24.18 |
233 |
21.60 |
||
|
Textured Yarn |
239 |
21.73 |
249 |
23.07 |
||
|
Fabric |
112 |
10.17 |
135 |
12.51 |
||
|
Dyeing and
Furnishing Services |
6 |
0.55 |
11 |
1.02 |
||
|
Total |
1,100 |
100.00 |
1,079 |
100.00 |
||
RELATED COMPANY
Cryothai Company Limited
Business Type :
Energy
Investment :
15% held by
the subject
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
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Sales are on
the credits term
of 30-60 days.
Imports are by
L/C on the
credits term of
60-120 days or
T/T.
Exports are against
T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office
: 9 Ratchadapisek
Road, Jatujak, Jatujak,
Bangkok]
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Road, Silom, Bangrak,
Bangkok]
Kasikornbank Public Co.,
Ltd.
[Head Office
: 1 Kasikorn Lane,
Rajburana Road, Rajburana,
Bangkok]
Krung Thai Bank
Public Co., Ltd.
[New Petchburi
Branch : Makkasan,
Rajthewi, Bangkok]
EMPLOYMENT
The subject employs
approximately 500 staff [office
staff and factory
workers].
LOCATION DETAILS
The premises is
rented for operating
an office at
the heading address.
Premises is located in a prime
commercial area.
The factory is
located at 406-407
Moo 7, Sukhumvit
Road, K.M. 33.5, Bangpoomai,
Samutprakarn 10280, in
Bangpoo Industrial Estate
on 115-rai [45-acre]
plot of land
or 184,000 sq.m.. Tel:
[66] 2323-9692 Fax: [66] 2323-9577.
The factory encompasses the production
areas, warehouses, utilities,
a canteen, several
dormitory buildings, and
a pre-treatment facility of
waste water.
COMMENT
The subject is one
of the leading
manufacturers of nylon products
in Thailand. In 2014 the world economy
went through a slow
recovery period especially in
EU, with a knock-on
effect in the USA,
causing an expected
slow-down in the quantitative
easing regime. Meanwhile,
Thailand became worse
from prolonged political
conflict has forced
to weaken economy
and slow down
in many industries.
Nevertheless, in the
main business of
synthetic fiber, the
subject is still committed
to the development of new
products, and highly
efficient production process for better quality in response
to an increasingly
varied and demanding
market.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 150,000,000.
The capital was
increased later as
followings:
Bht. 225,000,000 on
November 20, 1987
Bht. 260,000,000 on
December 30, 1987
Bht. 310,000,000 on
October 17, 1988
Bht. 372,000,000 on
September 26, 1991
The latest capital
was increased to
Bht. 1,000,000,000 divided
into 100,000,000 shares
of Bht. 10
each, with the
current capital paid-up at
Bht. 455,742,660.
MAIN SHAREHOLDERS [as at
September 15, 2014]
at Bht. 455,742,660
of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Namchaisiri Holding Co.,
Ltd. |
3,866,700 |
8.48 |
|
Mr. Jul Namchaisiri |
3,213,000 |
7.05 |
|
Mr. Vitoon Sirikietsoong |
3,100,150 |
6.80 |
|
Mr. Pira Sirikietsoong |
2,239,159 |
4.91 |
|
Mrs. Ann Malakul Na
Ayudhya |
2,027,866 |
4.45 |
|
Mr. Tira Sirikietsoong |
2,013,617 |
4.42 |
|
Mr. Vira Sirikietsoong |
1,818,011 |
3.99 |
|
Mr. Vichien Srimuninnimit |
1,697,000 |
3.72 |
|
Mr. Pipat Sirikietsoong |
1,550,208 |
3.40 |
|
Mrs. Vipa Widhayasai |
1,509,870 |
3.31 |
|
Asia Garment Co.,
Ltd. |
1,190,137 |
2.61 |
|
The Bank of
New York [Nominees] Limited |
1,111,100 |
2.44 |
|
Thai Industries Development
Co., Ltd. |
1,098,903 |
2.41 |
|
Others |
19,138,545 |
42.01 |
Total Shareholders :
1,768
NAME OF
AUDITOR AND CERTIFIED
PUBLIC ACCOUNTANT NO.:
Mrs. Chintana
Taechamontrikul No. 5131
BALANCE SHEET
[BAHT]
The latest financial
figures published for June 30,
2014, 2013 & 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 [Restated] |
2012 |
|
|
|
|
|
|
Cash in hand
and at banks
|
77,135,854.56 |
67,398,480.63 |
102,285,017.87 |
|
Temporary investment |
80,849,263.07 |
207,739,897.80 |
172,905,386.30 |
|
Trade and other
receivables Trade receivable |
|
|
|
|
- Related
companies |
50,061,984.63 |
49,651,742.76 |
50,570,009.53 |
|
- Others
companies |
106,524,119.74 |
94,602,193.34 |
124,585,139.28 |
|
Total trade
receivables-net |
156,586,104.37 |
144,253,936.10 |
175,155,148.81 |
|
Other receivables |
|
|
|
|
- Related
companies |
4,740,754.63 |
4,740,754.63 |
5,146,141.06 |
|
- Others
companies |
16,332,243.09 |
7,659,209.27 |
9,180,199.63 |
|
Total other
receivables |
21,072,997.72 |
12,399,963.90 |
14,326,340.69 |
|
Trade and other
receivables-net |
177,659,102.09 |
156,653,900.00 |
189,481,489.50 |
|
Inventories |
392,731,504.17 |
272,653,252.15 |
237,530,298.94 |
|
Forward exchange contracts
receivables |
56,583.10 |
- |
- |
|
|
|
|
|
|
Total Current Assets
|
728,432,306.99 |
704,445,530.58 |
702,202,192.61 |
|
Investment in shares
of associated company |
28,500,000.00 |
28,500,000.00 |
28,500,000.00 |
|
Investment in shares
of other company |
500,000.00 |
500,000.00 |
500,000.00 |
|
Property, plant and equipment |
492,410,296.57 |
340,092,246.38 |
339,671,553.54 |
|
Intangible assets |
6,895.38 |
12,991.38 |
19,087.38 |
|
Other non-current assets |
63,000.00 |
63,000.00 |
63,000.00 |
|
Total Assets |
1,249,912,498.94 |
1,073,613,768.34 |
1,070,955,833.53 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 [Restated] |
2012 |
|
|
|
|
|
|
Trade and other
payable |
|
|
|
|
Trade payables |
26,579,930.63 |
20,506,074.45 |
26,315,786.47 |
|
Other payables |
22,692,262.15 |
20,275,973.97 |
25,859,620.48 |
|
Total trade
and other payables |
49,272,192.78 |
40,782,048.42 |
52,175,406.95 |
|
Forward exchange contracts
payable |
- |
748,469.60 |
846,789.23 |
|
Current portion of
liabilities under financial lease
agreement - net |
- |
279,940.24 |
400,671.46 |
|
|
|
|
|
|
Total Current Liabilities |
49,272,192.78 |
41,810,458.26 |
53,422,867.64 |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Employee benefit obligations |
50,485,913.01 |
48,603,621.00 |
45,689,130.00 |
|
Liabilities by contract of Financial leased-net |
- |
- |
279,940.24 |
|
Deferred tax liabilities |
65,709,974.28 |
34,542,799.48 |
- |
|
Other non-current liabilities |
909,901.26 |
909,901.26 |
909,901.26 |
|
Total non-current
liabilities |
117,105,788.55 |
84,056,321.74 |
46,878,971.50 |
|
Total Liabilities |
166,377,981.33 |
125,866,780.00 |
100,301,839.14 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share capital |
|
|
|
|
Authorized share
capital 100,000,000 ordinary
shares of Baht
10 each |
1,000,000,000.00 |
1,000,000,000.00 |
1,000,000,000.00 |
|
|
|
|
|
|
Issued and fully paid-up share
capital 45,574,266 ordinary
shares of Baht 10 each |
455,742,660.00 |
455,742,660.00 |
455,742,660.00 |
|
Premium on share
capital |
308,170,508.15 |
308,170,508.15 |
308,170,508.15 |
|
Retained Earnings Unappropriated [deficit] |
[49,063,687.91] |
[61,741,386.99] |
[96,073,883.64] |
|
Other components of equity |
368,685,037.37 |
245,575,207.18 |
302,814,709.88 |
|
Total Shareholders' Equity |
1,083,534,517.61 |
947,746,988.34 |
970,653,994.39 |
|
Total Liabilities &
Shareholders' Equity |
1,249,912,498.94 |
1,073,613,768.34 |
1,070,955,833.53 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 [Restated] |
2012 |
|
|
|
|
|
|
Sales & services |
1,099,751,799.91 |
1,079,068,116.95 |
1,373,904,155.75 |
|
Other income |
31,950,472.83 |
20,733,762.34 |
34,289,829.57 |
|
Total Revenues |
1,131,702,272.74 |
1,099,801,879.29 |
1,408,193,985.32 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of goods
sold of service
|
1,073,298,974.78 |
1,048,589,692.92 |
1,377,706,293.08 |
|
Selling expenses |
25,443,329.22 |
23,230,931.74 |
25,983,418.46 |
|
Administrative expenses |
18,878,585.07 |
18,575,951.48 |
15,234,291.98 |
|
Management benefit expenses |
1,007,833.36 |
1,895,186.28 |
10,050,600.00 |
|
Other expense |
- |
- |
3,327,156.75 |
|
Total Expenses |
1,118,628,722.43 |
1,092,291,762.42 |
1,432,301,760.27 |
|
|
|
|
|
|
Profit / [Loss] before finance
cost & income tax |
13,073,550.31 |
7,510,116.87 |
[24,107,774.95] |
|
Finance costs |
[6,133.98] |
[28,622.53] |
[62,048.25] |
|
Profit / [Loss] before income tax |
13,067,416.33 |
7,481,494.34 |
[24,169,823.20] |
|
Income tax |
[389,717.25] |
1,733,113.90 |
- |
|
Net Profit / [Loss] |
12,677,699.08 |
9,214,608.24 |
[24,169,823.20] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
14.78 |
16.85 |
13.14 |
|
QUICK RATIO |
TIMES |
6.81 |
10.33 |
8.70 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.23 |
3.17 |
4.04 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.88 |
1.01 |
1.28 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
133.56 |
94.91 |
62.93 |
|
INVENTORY TURNOVER |
TIMES |
2.73 |
3.85 |
5.80 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
35.35 |
32.00 |
33.10 |
|
RECEIVABLES TURNOVER |
TIMES |
10.32 |
11.41 |
11.03 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
7.72 |
7.06 |
6.85 |
|
CASH CONVERSION CYCLE |
DAYS |
161.19 |
119.85 |
89.18 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
97.59 |
97.18 |
100.28 |
|
SELLING & ADMINISTRATION |
% |
4.12 |
4.05 |
3.73 |
|
INTEREST |
% |
0.00 |
0.00 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
5.31 |
4.75 |
2.22 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.19 |
0.70 |
(1.75) |
|
NET PROFIT MARGIN |
% |
1.15 |
0.85 |
(1.76) |
|
RETURN ON EQUITY |
% |
1.17 |
0.97 |
(2.49) |
|
RETURN ON ASSET |
% |
1.01 |
0.86 |
(2.26) |
|
EARNING PER SHARE |
BAHT |
0.28 |
0.20 |
(0.53) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.13 |
0.12 |
0.09 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.15 |
0.13 |
0.10 |
|
TIME INTEREST EARNED |
TIMES |
2,131.33 |
262.38 |
(388.53) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
1.92 |
(21.46) |
|
|
OPERATING PROFIT |
% |
74.08 |
(131.15) |
|
|
NET PROFIT |
% |
37.58 |
138.12 |
|
|
FIXED ASSETS |
% |
44.79 |
0.12 |
|
|
TOTAL ASSETS |
% |
16.42 |
0.25 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 1.92%. Turnover has increased from THB 1,079,068,116.95
in 2013 to THB 1,099,751,799.91 in 2014. While net profit has increased from
THB 9,214,608.24 in 2013 to THB 12,677,699.08 in 2014. And total assets has
increased from THB 1,073,613,768.34 in 2013 to THB 1,249,912,498.94 in 2014.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.31 |
Impressive |
Industrial Average |
2.64 |
|
Net Profit Margin |
1.15 |
Impressive |
Industrial Average |
(1.48) |
|
Return on Assets |
1.01 |
Impressive |
Industrial Average |
(2.03) |
|
Return on Equity |
1.17 |
Impressive |
Industrial Average |
(4.20) |
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 5.31%. When compared with the industry
average, the ratio of the company was higher, indicated that company was more
profitable than the same industry.
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 1.15%,
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. Return on Assets ratio is 1.01%, higher figure when compared
with those of its average competitors in the same industry, indicated that
business was an efficient profit in a
dominant position within its industry.
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. Return on Equity ratio is
1.17%, higher figure when compared with those of its average competitors
in the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
14.78 |
Impressive |
Industrial Average |
1.22 |
|
Quick Ratio |
6.81 |
|
|
|
|
Cash Conversion Cycle |
161.19 |
|
|
|
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 14.78 times in 2014, decreased from 16.85 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 6.81 times in 2014,
decreased from 10.33 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 162 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.13 |
Impressive |
Industrial Average |
0.44 |
|
Debt to Equity Ratio |
0.15 |
Impressive |
Industrial Average |
0.77 |
|
Times Interest Earned |
2,131.33 |
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 2131.34 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 0.13 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 Downtrend
Times Interest Earned Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.23 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.88 |
Acceptable |
Industrial Average |
1.37 |
|
Inventory Conversion Period |
133.56 |
|
|
|
|
Inventory Turnover |
2.73 |
Acceptable |
Industrial Average |
4.16 |
|
Receivables Conversion Period |
35.35 |
|
|
|
|
Receivables Turnover |
10.32 |
Impressive |
Industrial Average |
6.82 |
|
Payables Conversion Period |
7.72 |
|
|
|
The company's Account Receivable Ratio is calculated as 10.32 and 11.41
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 95 days at the
end of 2013 to 134 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 3.85 times in year 2013 to 2.73 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.88 times and 1.01
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.64.17 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.