MIRA INFORM REPORT
|
Report No. : |
352529 |
|
Report Date : |
03.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
OSOTSPA COMPANY
LIMITED |
|
|
|
|
Formerly Known As : |
OSOTHSAPHA [TECK HENG YOO] CO., LTD. |
|
|
|
|
Registered Office : |
348 Ramkamhaeng Road, Huamark, Bangkapi, Bangkok 10240 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Year of Establishment : |
04.09.1974 |
|
|
|
|
Com. Reg. No.: |
0105517010074 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Consumer
Goods and Other Products |
|
|
|
|
No. of Employees : |
1,300 |
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 |
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|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
A2 |
A2 |
|
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'etat, 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
OSOTSPA COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 348 RAMKAMHAENG
ROAD, HUAMARK,
BANGKAPI, BANGKOK 10240,
THAILAND
TELEPHONE : [66] 2351-1000
FAX :
[66] 2351-1125
E-MAIL ADDRESS : talktous@osotspa.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1974
REGISTRATION NO. : 0105517010074 [Former : 1018/2517]
TAX ID NO. : 3101065510
CAPITAL REGISTERED : BHT. 231,000,000
CAPITAL PAID-UP : BHT. 231,000,000
SHAREHOLDER’S PROPORTION : THAI :
90.00%
BRITISH :
10.00%
FISCAL YEAR CLOSING DATE : DECEMBER
31 [Former :
AUGUST 31]
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. PETCH
OSATHANUGRAH, THAI
EXECUTIVE CHAIRMAN
NO. OF STAFF : 1,300
LINES OF BUSINESS : CONSUMER
GOODS AND OTHER PRODUCTS
MANUFACTURER,
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
In the
year 1900, a
new pharmaceutical product
known as “Kilane”
was introduced by
Mr. Pae in
conjunction with the
establishment of the
Teck Heng Yoo
Drug Store in
Bangkok. Kilane was
succeeded by “Krisnaklan”,
a traditional Chinese
medicine for stomach
aches and diarrhea.
Tech Heng Yoo’s
reputation was firmly
established during the
dysentery outbreak which
struck units of
the Thai army
known as the
“Wild Tiger Corps”.
When “Krisnaklan” cleared up the epidemic
in matter of
days, His Majesty King
Vajiravudh, Rama VI,
awarded Mr. Pae
a “Wild Tiger
Corp” pin.
In 1913,
His Majesty bestowed
upon Mr. Pae,
the family name
of “Osathanugrah”. The
family business prospered
and the subject
was registered as
a private limited
company under “Osothsapha [Teck Heng
Yoo] Co., Ltd.”
on September 4,
1974.
On February 21, 1995,
its name was changed to OSOTSPA COMPANY
LIMITED. It business
objective is to
manufacture and distribute
wide range of
consumer goods and
other products to both local
and overseas markets.
It currently employs
approximately 1,300 staff.
The subject’s
initial registered address
was 2100 Ramkhamhaeng
Rd., Huamark, Bangkapi,
Bangkok 10240.
On August
3, 2005, the
subject’s registered address
was changed from “2100” to “348” Ramkhamhaeng
Rd., Huamark, Bangkapi,
10240, by the
Government district office.
Actually both are
the same location.
This is also
the subject’s current
operation address.
THE
BOARD OF DIRECTORS
|
Name |
Position |
Nationality |
Age |
|
|
|
|
|
|
Mr. Surin
Osathanugrah : Chairman of the
Board |
[-] [*]
[x] |
Thai |
85 |
|
Sub. Lt.
Seri Osathanugrah |
[-] [*]
[x] |
Thai |
- |
|
Mr. Prasong
Sukhum |
[-] [*] |
Thai |
85 |
|
Mr. Petch
Osathanugrah |
[-] [*] |
Thai |
61 |
|
Mr. Ratch
Osathanugrah |
[-] [*]
[x] |
Thai |
59 |
|
Mr. Niti
Osathanugrah |
[-] [*] |
Thai |
42 |
|
Mr. Pasuree
Osathanugrah |
[-] [*] |
Thai |
57 |
|
Mr. Thana
Chaiprasit |
[-] [+] |
Thai |
61 |
|
Mr. Salin
Pinkayan |
|
Thai |
47 |
|
Mr. Roy
I. Jutabha |
|
Thai |
54 |
|
Mr. Pratharn
Chaiprasit |
[$] [*] |
Thai |
57 |
|
Mr. Wiwat Maneerat |
[-] [*] |
Thai |
60 |
|
Mr. Tasharin
Osathanugrah |
[-] [*] |
Thai |
48 |
AUTHORIZED
PERSON
·
Any two
of the mentioned
directors [x] can jointly
sign on behalf
of the subject
with company’s affixed.
·
Any of
the mentioned directors [*]
can jointly sign
with any of the directors [+] on behalf
of the subject
with company’s affixed.
·
Any of
the mentioned directors [-]
can jointly sign
with the mentioned
director [$] on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Petch Osathanugrah
is the Executive
Chairman.
He is
Thai nationality with
the age of
61 years old.
Mr. Thana Chaiprasit is the
Senior Vice Chairman.
He is
Thai nationality with
the age of
61 years old.
Mr.
Pratharn Chaiprasit is the
Senior Vice Chairman
and [acting] Managing
Director.
He is
Thai nationality with
the age of
57 years old.
Mr.
Tasharin Osathanugrah
is the Sales & Marketing Manager.
He is
Thai nationality with
the age of
48 years old.
BUSINESS
OPERATIONS
The subject
is engaged in
manufacturing, distributing and exporting
wide range of
consumer goods and
other products, divided
into 5 main
products as follows:
1. Energy
Drink Products
Brands : “M-150”,
“.357”, “SHARK”, “TIGER
SHARK”, “LIPOVITAN-D”,
“M-SPORT”, “INN-SUM
GINSENG”, “HANG”, “PEPTEIN”
2. Fruit
Juice Products
Brands
: “OLE-C”, “OLE-CUTIE”
3. Candy
Products
Brand
: “OLE”
4. Personal
Products : roll-on,
perfume, cologne, deodorant
spray, talcum and cool
talcum,
shower cream, cologne, cosmetic & make up,
soap and skincare
products
Brands:
“12 PLUS”, “BABY
MILD”
5. Health
Products
·
Herbal Medicines
Brands : “UTAITIP”,
“KRISANKLAN”, “MEDICINE”
·
Food Supplement
Products
Brands : “BANNER”,
“YIXIN”
·
Pharmaceutical Products
Brand : “TAMJAI
PARA”
·
Herbal Cough Drop
Brand : “BOTAN”
·
Sweetener
Brand : “SLIMMA”
IMPORT [COUNTRIES]
Raw materials are
imported from Germany, France,
Finland, U.S.A., Japan,
U.K., India, Republic
of China and
Singapore, as well
as are purchased
from local suppliers
SALES
80% of
the products is
sold locally by
wholesale to dealers and
traders such as
supermarket, drug stores
and convenience stores,
the remaining 20%
is exported to
Malaysia, Singapore, Indonesia,
Japan, Hong Kong, Philippines,
Laos, Republic of
China, Taiwan, Korea, Cambodia,
Sri Lanka, Bangladesh, Myanmar, India, Australia, Brunei, Vietnam and
the country in
Africa and Middle
East.
RELATED/AFFILIATED
COMPANIES
Osotspa Dairy Co.,
Ltd.
Business Type :
Manufacturer and distributor
of dairy products
Osotspa Beverage
Co., Ltd.
Business Type :
Business consulting service
Osotspa Insurance
Public Company Limited
Business Type :
Non-life insurance
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 for
the past two
years.
CREDIT
Local bills
are paid by
cash or on
the credits term
of 30-60-90 days.
Sales are
by cash or
on the credit
term of 30
days.
Imports are
by L/C at
sight or T/T.
Exports are
against T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
The Siam
Commercial Bank Public
Co., Ltd.
TMB Bank
Public Co., Ltd.
Krung Thai
Bank Public Co.,
Ltd.
EMPLOYMENT
The subject
employs approximately 1,300
staff [office, sales
staff and factory
workers].
LOCATION
DETAILS
The premise
is owned for
operating an administrative office
at the heading
address. Premise is
located in commercial/residential area.
Branches :
- 53
Moo 4, Suwintawong Road,
Saensaeb, Minburi, Bangkok
10510
- 417
Moo 1, Phaholyothin Road,
T. Chompu, A. Muang, Lampang
52100
- [Factory]
48, 48/2, 48/3 Moo 7,
Asia Highway, T. Klongsuanplu,
A. Phranakorn Sriayuttaya,
Ayuttaya 13000
- 59
Moo 15, T. Johor, A. Muang, Nakornratchasima 30000
- 21/11
Moo 4, T. Bangplab, A. Pakkred, Nonthaburi 11120
- 198
Moo 8, Nakornsawan-Phisanuloke Road,
T. Bangmuang, A. Muang,
Nakornsawan 60000
- 115/6
Moo 1, Kanchanavanich Road,
T. Banprue, A. Hadyai, Songkhla
90250
- 28/3/1 Moo 1, Suwintawong Road,
T. Klong Udomcholajorn, A. Muang,
Chachoengsao 24000
- 15/3
Vibhavadee Rangsit Road,
Ladyao, Jatujak, Bangkok
10900
- 589/135
Bangna-Trad Road, Bangna,
Bangkok 10260
- 55/7 - 55/16 Moo
12, T. Bangkaew, A. Bangplee, Samutprakarn 10540
- 376
Ramkhamhaeng Road, Huamark,
Bangkapi, Bangkok 10240
COMMENT
The company
is the leading
manufacturer of lifestyle
products with a very
strong presence in
ASEAN. The company
is continuing to
build up experience
its market leader
development to improve
its products constantly.
Name Osotspa
has strengthened the
brand value by
empowering the brand
and its competitive
advantage through brand
building marketing activities
and brand experience
for both domestic
and international markets.
FINANCIAL
INFORMATION
The capital
was registered at
Bht. 16,500,000 divided into
16,500 shares of Bht.
1,000 each.
The capital
was increased later
as followings:
Bht. 20,000,000
on September 11,
1979
Bht. 220,000,000 on
March 8, 1995
Bht. 231,000,000 on
October 20, 2014
The latest
registered capital was
increased to Bht.
231,000,000 divided into
2,310,000 shares of
Bht. 100 each
with fully paid.
MAJOR
SHAREHOLDERS
[as of April 30,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Niti
Osathanugrah Nationality: Thai Address :
45 Sukhumvit 44/1
Rd., Prakanong, Klongtoey, Bangkok |
577,500 |
25.00 |
|
Mr. Petch
Osathanugrah Nationality: Thai Address :
33 Sukhumvit 44/1
Rd., Prakanong, Klongtoey, Bangkok |
473,550 |
20.50 |
|
Mr. Natee Osathanugrah Nationality: Thai Address : 111 Sukhumvit Rd., Klongtonnua, Wattana, Bangkok |
236,775 |
10.25 |
|
Mr. Katha
Osathanugrah Nationality: Thai Address : 111 Sukhumvit Rd., Klongtonnua, Wattana, Bangkok |
236,775 |
10.25 |
|
Stanton Investment
Limited Nationality: British Address : 3444 Road Town, Tortola British Virgin Islands |
231,000 |
10.00 |
|
Sub. Lt.
Seri Osathanugrah Nationality: Thai Address :
99/19 Moo 11,
T. Bangchalong, A. Bangplee,
Samutprakarn |
116,655 |
5.05 |
|
Mr. Tasharin
Osathanugrah Nationality: Thai Address :
9 Soi Premier
1, Yaek 1,
Nongbon, Prawet, Bangkok |
80,850 |
3.50 |
|
Ms.
Kesara Osathanugrah Nationality: Thai Address :
99/19 Moo 11,
T. Bangchalong, A. Bangplee,
Samutprakarn |
80,850 |
3.50 |
|
Mr.
Pasuree Osathanugrah Nationality: Thai
Address :
39/16 Moo 3,
T. Na Jomthien,
A. Sataheep, Chonburi |
80,850 |
3.50 |
|
Others |
195,195 |
8.45 |
Total Shareholders
: 14
Share
Structure
[as at April
30, 2015]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
13 |
2,079,000 |
90.00 |
|
Foreign - British |
1 |
231,000 |
10.00 |
|
Total |
14 |
2,310,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Nittaya Chetchotiros
No. 4439
BALANCE
SHEET [BAHT]
The financial figures published
as at August
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
Aug.
31, 2014 |
Aug.
31, 2013 |
Aug.
31, 2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
82,123,074 |
241,001,956 |
976,485,907 |
|
Short-term
Investment |
2,360,790 |
32,311,178 |
57,784,853 |
|
Trade Accounts
Receivable |
3,103,914,974 |
2,958,571,951 |
2,569,610,919 |
|
Other Receivable
|
638,679,003 |
539,063,836 |
442,689,331 |
|
Short-term Loan
to Related Company |
407,841,517 |
643,948,005 |
494,452,289 |
|
Inventories |
1,512,286,524 |
1,253,525,721 |
1,300,000,731 |
|
Other Current
Assets |
154,453,925 |
221,551,848 |
197,224,365 |
|
|
|
|
|
|
Total Current
Assets |
5,901,659,807 |
5,889,974,495 |
6,038,248,395 |
|
|
|
|
|
|
Investment in
Associated Company |
471,249,962 |
345,424,722 |
183,566,270 |
|
Investment in
Subsidiaries |
680,659,253 |
285,385,429 |
33,285,294 |
|
Other Long-term
Investment |
659,566,518 |
495,389,984 |
398,188,571 |
|
Investment Property |
197,551,386 |
195,234,956 |
194,929,770 |
|
Fixed Assets |
3,885,917,397 |
3,703,860,924 |
3,758,129,449 |
|
Intangible Assets |
75,144,861 |
68,589,332 |
69,854580 |
|
Other Non-current
Assets |
14,876,429 |
14,121,480 |
12,009,345 |
|
Total Assets |
11,886,625,613 |
10,997,981,322 |
10,688,211,674 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
Aug.
31, 2014 |
Aug.
31, 2013 |
Aug.
31, 2012 |
|
|
|
|
|
|
Short-term
Loan from Financial Institutions |
|
|
|
|
Trade Accounts
Payable |
2,380,728,155 |
2,374,743,955 |
2,455,882,235 |
|
Other Payable
|
1,571,004,520 |
1,484,381,011 |
1,550,286,069 |
|
Current Portion
of Long-term Loans |
54,320,000 |
8,320,000 |
229,320,000 |
|
Accrued Income
Tax |
114,916,813 |
58,009,897 |
79,072,144 |
|
Other Current
Liabilities |
27,167,062 |
23,708,882 |
50,405,203 |
|
|
|
|
|
|
Total Current
Liabilities |
4,148,136,550 |
3,949,163,745 |
4,364,965,651 |
|
Long-term
Loan |
93,240,000 |
147,560,000 |
155,880,000 |
|
Employee Benefits
Obligation |
208,977,620 |
127,620,440 |
114,831,700 |
|
Total Liabilities
|
4,450,354,170 |
4,224,344,185 |
4,635,677,351 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized
and issued share
capital 2,310,000
shares in 2014 2,200,000
shares in 2013 & 2012 |
231,000,000 |
220,000,000 |
220,000,000 |
|
|
|
|
|
|
Capital Paid |
231,000,000 |
220,000,000 |
220,000,000 |
|
Retained Earnings: Appropriated for statutory reserve |
23,100,000 |
22,000,000 |
22,100,000 |
|
Unappropriated |
6,893,607,601 |
6,397,113,261 |
5,773,211,860 |
|
Other Components
of Shareholder’s Equity |
288,563,842 |
134,523,876 |
37,322,463 |
|
Total Shareholders' Equity |
7,436,271,443 |
6,773,637,137 |
6,052,534,323 |
|
Total Liabilities & Shareholders' Equity |
11,886,625,613 |
10,997,981,322 |
10,688,211,674 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
Aug.
31, 2014 |
Aug.
31, 2013 |
Aug.
31, 2012 |
|
|
|
|
|
|
Sales Income |
26,620,367,223 |
26,876,422,059 |
24,951,825,551 |
|
Other Income |
1,731,291,533 |
1,226,914,845 |
797,964,241 |
|
Total Revenues |
28,351,658,756 |
28,103,336,904 |
25,749,789,792 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of
Goods Sold |
20,084,473,404 |
20,198,525,945 |
18,623,160,747 |
|
Selling Expenses |
4,468,871,269 |
4,906,733,071 |
4,468,811,438 |
|
Administrative Expenses |
2,335,691,190 |
1,996,301,596 |
1,877,924,871 |
|
Total Expenses
|
26,889,035,863 |
27,101,560,612 |
24,969,897,056 |
|
|
|
|
|
|
Profit /
[Loss] before Financial Cost & Income Tax |
1,462,622,893 |
1,001,776,292 |
779,892,736 |
|
Financial Cost |
[22,295,574] |
[21,690,125] |
[33,130,511] |
|
Profit /
[Loss] before Income
Tax |
1,440,327,319 |
980,086,167 |
746,762,225 |
|
Income Tax |
[257,933,489] |
[208,784,766] |
[258,118,904] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,182,393,840 |
771,301,401 |
488,643,321 |
BALANCE
SHEET [BAHT]
The latest
financial figures published as at December
31, 2014 was :
ASSETS
|
Current Assets |
2014 |
|
|
|
|
Cash and Cash Equivalents |
244,721,442 |
|
Short-term
Investment |
1,213,942 |
|
Trade Accounts
Receivable |
3,660,595,540 |
|
Other Receivable
|
739,407,361 |
|
Short-term Loan
to Related Company |
374,284,384 |
|
Inventories |
1,544,101,808 |
|
Other Current
Assets |
192,273,235 |
|
|
|
|
Total Current
Assets |
6,759,597,712 |
|
Investments available
for Sale |
644,626,010 |
|
Investment in
Associated Company |
471,249,962 |
|
Investment in Subsidiaries |
957,658,653 |
|
Other Long-term
Investment |
53,938,603 |
|
Investment Property |
234,185,052 |
|
Fixed Assets |
3,813,450,538 |
|
Intangible Assets |
72,877,013 |
|
Other Non-current
Assets |
15,287,329 |
|
Total Assets |
13,019,870,872 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2014 |
|
|
|
|
Short-term
Loan from Financial Institutions |
250,000,000 |
|
Trade Accounts
Payable |
2,131,946,069 |
|
Other Payable
|
1,571,081,991 |
|
Short-term Loan
from Related Company |
922,000,000 |
|
Current Portion
of Long-term Loans |
54,320,000 |
|
Accrued Income
Tax |
166,492,778 |
|
Other Current
Liabilities |
79,283,694 |
|
|
|
|
Total Current
Liabilities |
5,175,124,532 |
|
Long-term
Loan |
68,160,000 |
|
Employee Benefits
Obligation |
208,977,620 |
|
Total Liabilities
|
5,452,262,152 |
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
Share capital : Baht 100
par value authorized
and issued share
capital 2,310,000 shares |
231,000,000 |
|
|
|
|
Capital Paid |
231,000,000 |
|
Retained Earnings: Appropriated for statutory reserve |
23,100,000 |
|
Unappropriated |
6,986,108,784 |
|
Other Components of
Shareholders’ Equity |
327,399,936 |
|
Total
Shareholders' Equity |
7,567,608,720 |
|
Total
Liabilities & Shareholders' Equity |
13,019,870,872 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
Sept.
1, 2014 - Dec.
31, 2014 |
|
|
|
|
Sales Income |
8,515,617,979 |
|
Other Income |
473,811,074 |
|
Total Revenues |
8,989,429,053 |
|
Expenses |
|
|
|
|
|
Cost of
Goods Sold |
6,447,072,074 |
|
Selling Expenses |
1,466,648,892 |
|
Administrative Expenses |
694,336,335 |
|
Total Expenses
|
8,608,057,301 |
|
|
|
|
Profit before
Financial Cost &
Income Tax |
381,371,752 |
|
Financial Cost |
[9,470,655] |
|
Profit before
Income Tax |
371,901,097 |
|
Income Tax |
[79,400,114] |
|
|
|
|
Net Profit / [Loss] |
292,500,983 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.42 |
1.49 |
1.38 |
|
QUICK RATIO |
TIMES |
1.02 |
1.12 |
1.04 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS
TURNOVER |
TIMES |
6.85 |
7.26 |
6.64 |
|
TOTAL ASSETS
TURNOVER |
TIMES |
2.24 |
2.44 |
2.33 |
|
INVENTORY
CONVERSION PERIOD |
DAYS |
27.48 |
22.65 |
25.48 |
|
INVENTORY
TURNOVER |
TIMES |
13.28 |
16.11 |
14.33 |
|
RECEIVABLES
CONVERSION PERIOD |
DAYS |
42.56 |
40.18 |
37.59 |
|
RECEIVABLES
TURNOVER |
TIMES |
8.58 |
9.08 |
9.71 |
|
PAYABLES
CONVERSION PERIOD |
DAYS |
43.27 |
42.91 |
48.13 |
|
CASH CONVERSION
CYCLE |
DAYS |
26.78 |
19.92 |
14.93 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS
SOLD |
% |
75.45 |
75.15 |
74.64 |
|
SELLING &
ADMINISTRATION |
% |
25.56 |
25.68 |
25.44 |
|
INTEREST |
% |
0.08 |
0.08 |
0.13 |
|
GROSS PROFIT
MARGIN |
% |
31.06 |
29.41 |
28.56 |
|
NET PROFIT MARGIN
BEFORE EX. ITEM |
% |
5.49 |
3.73 |
3.13 |
|
NET PROFIT MARGIN |
% |
4.44 |
2.87 |
1.96 |
|
RETURN ON EQUITY |
% |
15.90 |
11.39 |
8.07 |
|
RETURN ON ASSET |
% |
9.95 |
7.01 |
4.57 |
|
EARNING PER SHARE |
BAHT |
511.86 |
350.59 |
222.11 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.37 |
0.38 |
0.43 |
|
DEBT TO EQUITY
RATIO |
TIMES |
0.60 |
0.62 |
0.77 |
|
TIME INTEREST
EARNED |
TIMES |
65.60 |
46.19 |
23.54 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(0.95) |
7.71 |
|
|
OPERATING PROFIT |
% |
46.00 |
28.45 |
|
|
NET PROFIT |
% |
53.30 |
57.85 |
|
|
FIXED ASSETS |
% |
4.92 |
(1.44) |
|
|
TOTAL ASSETS |
% |
8.08 |
2.90 |
|
ANNUAL GROWTH : IMPRESSIVE
An annual sales
growth is -0.95%. Turnover has decreased from THB 26,876,422,059.00 in 2013 to
THB 26,620,367,223.00 in 2014. While net profit has increased from THB
PROFITABILITY : RISKY
PROFITABILITY RATIO
|
Gross Profit
Margin |
31.06 |
Deteriorated |
Industrial Average |
420.65 |
|
Net Profit Margin |
4.44 |
Deteriorated |
Industrial Average |
16.55 |
|
Return on Assets |
9.95 |
Acceptable |
Industrial Average |
17.38 |
|
Return on Equity |
15.90 |
Acceptable |
Industrial Average |
23.38 |
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 31.06%. 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 4.44%. 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 9.95%.
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 15.9%.
Trend of the average competitors in the same
industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY : ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.42 |
Deteriorated |
Industrial Average |
3.12 |
|
Quick Ratio |
1.02 |
|
|
|
|
Cash Conversion
Cycle |
26.78 |
|
|
|
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 1.42 times in 2014,
decreased from 1.49 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 1.02 times in 2014, decreased from 1.12 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 27 days.
Trend of the average competitors in the same
industry for last 5 years
Current Ratio Uptrend
LEVERAGE : IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.37 |
Acceptable |
Industrial Average |
0.22 |
|
Debt to Equity
Ratio |
0.60 |
Impressive |
Industrial Average |
0.29 |
|
Times Interest
Earned |
65.60 |
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
65.61 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 0.37 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 : EXCELLENT
ACTIVITY RATIO
|
Fixed Assets
Turnover |
6.85 |
Impressive |
Industrial Average |
- |
|
Total Assets
Turnover |
2.24 |
Impressive |
Industrial Average |
1.05 |
|
Inventory
Conversion Period |
27.48 |
|
|
|
|
Inventory
Turnover |
13.28 |
Impressive |
Industrial Average |
8.09 |
|
Receivables
Conversion Period |
42.56 |
|
|
|
|
Receivables
Turnover |
8.58 |
Impressive |
Industrial Average |
3.61 |
|
Payables
Conversion Period |
43.27 |
|
|
|
The company's
Account Receivable Ratio is calculated as 8.58 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 23 days at the end of 2013 to 27 days at the end of 2014. This
represents a negative trend. And Inventory turnover has decreased from 16.11
times in year 2013 to 13.28 times in year 2014.
The company's Total
Asset Turnover is calculated as 2.24 times and 2.44 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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.62 |
|
|
1 |
Rs.100.34 |
|
Euro |
1 |
Rs.70.67 |
|
Thai Baht |
1 |
Rs.1.86 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.