MIRA INFORM REPORT
|
Report No. : |
354336 |
|
Report Date : |
22.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
DELTA ELECTRONICS [THAILAND] PUBLIC COMPANY LIMITED [DELTA] |
|
|
|
|
Registered Office : |
909 Soi 9, Moo 4, E.P.Z., Bangpoo Industrial Estate, T. Prakasa, A. Muang, Samutprakarn 10280 |
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Country : |
Thailand |
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|
|
|
Financials (as on) : |
30.06.2015 |
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|
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Date of Incorporation : |
16.06.1988 |
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Com. Reg. No.: |
0107537002559 |
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|
|
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in contract
manufacturing service of
power supplies and
electronic components for
exports according to two types
of customer order:
Original Design Manufacturer [ODM]
and standard products
for distribution. Delta’s
products are used
as components in
electronics and telecommunication equipments. |
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|
|
|
No. of Employee : |
9,712 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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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 |
B1 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company
name
DELTA ELECTRONICS
[THAILAND] PUBLIC COMPANY LIMITED [DELTA]
SUMMARY
BUSINESS ADDRESS : 909 SOI
9, MOO 4,
E.P.Z., BANGPOO INDUSTRIAL
ESTATE, T. PRAKASA,
A. MUANG,
SAMUTPRAKARN
10280, THAILAND
TELEPHONE
: [66] 2709-2800
FAX : [66]
2709-3790, 2709-2842, 2709-2833,
2709-3200
E-MAIL : info@deltathailand.com
REGISTERED
ADDRESS : 714
SOI E5, MOO
4, E.P.Z.
BANGPOO INDUSTRIAL
ESTATE,
: T.
PRAKASA, A. MUANG,
SAMUTPRAKARN
10280, THAILAND
ESTABLISHED : 1988
REGISTRATION
NO. : 0107537002559 [Former : BOR MOR JOR 502]
TAX
ID NO. : 3101834085
CAPITAL
REGISTERED : BHT.
1,259,000,000
CAPITAL
PAID-UP : BHT.
1,247,381,614
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
SHEN-YEN HSIEH, TAIWANESE
PRESIDENT
NO.
OF STAFF : 9,712
LINES
OF BUSINESS : ELECTRONIC
PRODUCTS MANUFACTURER AND
EXPORTER
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 June
16, 1988 as a private limited company under
the registered name DELTA ELECTRONICS [THAILAND]
CO., LTD. It is a related
company of DELTA
ELECTRONIC INC., U.S.A. The Delta
group’s productions base
are for electronic component
production, with 2 main
products: desktop power
supplies and monitor.
In 1988, the
subject received investment
promotion from the Thailand
Board of Investment
[BOI]. It began
manufacturing activities in 1990. In
1993, the subject
obtained the Best
Factory Award from
the Industrial Estate
Authority of Thailand.
In August 1994,
the subject received
quality system certificate
ISO 9001 from
DET NORSKE VERITAS
of the United
Kingdom.
On September 23, 1994
the subject converted
its status to become
a public limited
Company under the name
DELTA ELECTRONICS [THAILAND]
PUBLIC COMPANY LIMITED.
In 1995 the
subject became 100% Original
Design Manufacturing [ODM]
company and listed
on the Stock
Exchange of Thailand
in July 1995.
In January 1997,
the subject set
up “Delta Electronics
[Cambodia] Co., Ltd.”
for manufacturing of
Magnetic & EMI
Filter. In January
1997, the subject
established joint venture
with Susumu Co.,
Ltd. [Japan] and
Cyntec Co., Ltd.
[Taiwan] to set
up “Delta Micro
Electronics Co., Ltd.”
to make Thin
Film Chip Resistor
and Temperature Sensor.
In September 1997,
the subject started
production of Ni-MH
Rechargeable battery in
Thailand. In 1998, it invested
in “Delta Axxion
Technology [Thailand] Co., Ltd.” to make
Bare Bone.
In November 1997, the subject
set up DET International Holding
Ltd., the holding company at
Cayman Island for
investment purpose.
In February 1998, it
received the best factory
Award from Committee
of Factory Award
Project.
In October 1998, it received the ISO 14001 Environmental Management
Systems Certification from SGS Yarsley.
During 1998-2002 the subject had
expanded its new products
to OEM customers
including servers power
supplies in 1999,
networking power supplies
in 2000, DC-DC
converters power supplies
in 2001, and
DC Fan in
2002. It currently
employs 9,712 staff.
The
subject’s registered address
is 714 Soi
E5, Moo 4, E.P.Z. Bangpoo Industrial
Estate, T. Prakasa,
A. Muang, Samutprakarn
10280, while the
subject’s current operation
address is 909
Soi 9, Moo
4, E.P.Z., Bangpoo Industrial
Estate, T. Prakasa, A.
Muang, Samutprakarn 10280.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kong Meng Ng
: Chairman |
[x] |
Taiwanese |
68 |
|
Mr. Ming-Cheng Wang |
[x] |
Thai |
69 |
|
Mr. Chih-Yuan Chu |
[+] |
Taiwanese |
68 |
|
Mr. Anusorn Muttaraid |
[+] |
Thai |
61 |
|
Mr. Shen-Yen Hsieh |
[+] |
Taiwanese |
- |
|
Mrs. Supapun Ruttanaporn |
|
Thai |
71 |
|
Mr. Heng-Hsien Hsieh |
[x] |
Taiwanese |
51 |
|
Mr. Witoon Simachokedee |
|
Thai |
- |
|
Mr. Ji-Ren Lee |
|
Taiwanese |
57 |
AUTHORIZED
PERSON
Two of the
mentioned directors [x]
can jointly sign
or one of
the directors [x]
can jointly sign
with one of
the directors [+]
on behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Shen-Yen Hsieh is
the President.
He is Taiwanese
nationality.
Mr. Vichai Saksuriya
is the Vice
President [Operation].
He is Thai nationality.
Mr. Anusorn Muttaraid
is the Administration & Human
Resource Manager.
He is Thai nationality
with the age
of 61 years old.
Mr. Yu Po-Wen
is the Chief
Financial Officer.
He is Taiwanese
nationality.
Mr. Chen-Chin Ming is
the Chief Information
Officer.
He is Taiwanese
nationality.
BUSINESS
OPERATIONS
The subject is engaged in contract
manufacturing service of
power supplies and
electronic components for
exports according to two
types of customer order:
Original Design Manufacturer
[ODM] and standard
products for distribution.
Delta’s products are
used as components
in electronics and
telecommunication equipments.
The products are
as follows:
1.
Power
Electronics
-
Embedded
Power Supply
-
Mobile
Power Supply
-
Fans
and Electronics Components
2.
Energy
Management
-
Power
Systems : telecommunication
power system, UPS & wind energy
products]
-
Industrial
Automation
-
Automotive
Electronics
3.
Smart
Green Life
-
Display
and Visualization
-
LED Lighting
The products have
been serviced worldwide
leading electronics manufacturers, such
as Dell, Nokia,
Lucent, IBM, Linde,
Perkin Elmer, Google,
Cisco, HP, Arris
International, Xerox, Sun
Microsystems, Intel, Acer,
Bendix, Celestica, Fujitsu, Apple,
Motorola, Philips, Sony,
LG, GE, Hitachi
and etc.
PRODUCTION
CAPACITY
1.Embedded Power Solutions
1.1 DC_DC Converter : 89%
of full capacity
1.2 Power Supply
for Computer & networking : 90% of
full capacity
1.3 DES Power
Supply for SNT & IM : 78%
of full capacity
1.4 Power Supply
for Automotive : 60%
of full capacity
2. Mobile Power : 80%
of full capacity
3. Fan & Thermal Management
3.1 DC Fan : 70%
of full capacity
3.2 Component Product
3.2.1 EMI Filter : 55%
of full capacity
3.2.2 Solenoid Magnetic : 58%
of full capacity
4. Power System [TPS, UPS,
Wind Power]
4.1 Thailand Plant : 85%
of full capacity
4.2 India Plant : 56%
of full capacity
4.3 Slovakia Plant : 70%
of full capacity
IMPORT
[COUNTRIES]
The majority 70% of electronic
parts and raw
materials are imported from U.S.A., Taiwan, Singapore, Hong Kong, Japan, Indonesia, India, Vietnam, Republic of
China, and European countries,
the remaining 30% is
purchased from local suppliers,
which currently has
more than 1,700 suppliers.
MAJOR
SUPPLIERS
Delta Electronics Inc. : United
States of America
EXPORT
[COUNTRIES]
100% of its
products is exported
to United States of America,
Taiwan, Malaysia, India,
Japan, Singapore, Hong Kong,
Korea, Australia and
the countries in Europe.
MAJOR
CUSTOMERS
AT & T Communication
Inc. : United
States of America
IBM : United
States of America
Compaq : United
States of America
Hewllett Packard : United
States of America
Gateway 2000 : United States
of America
Matsushita : Japan
Mitsubishi : Japan
Fujitsu : Japan
Acer : Japan
Canon : Japan
Panasonic : Japan
Samsung : Japan
Sony : Japan
Hitachi : Japan
Toshiba : Japan
REVENUE
STRUCTURE
[Company and subsidiaries]
[unit : million Baht]
|
|
2014 |
2013 |
||
|
Product Group |
Amount |
% |
Amount |
% |
|
1.Power Electronic Group |
|
|
|
|
|
Embedded Power Supplies |
|
|
|
|
|
- DC-DC Converter |
3,481 |
7.9 |
4,067 |
9.9 |
|
- Power Supplies for
Computer & Network System |
5,191 |
11.8 |
4,455 |
10.8 |
|
- DES Products |
9,779 |
22.2 |
9,631 |
23.4 |
|
- Power Supplies for
Automobiles |
1,560 |
3.5 |
1,295 |
3.1 |
|
- Mobile Power |
4,939 |
11.2 |
4,675 |
11.3 |
|
- Fan & Thermal Management |
5,519 |
12.5 |
5,182 |
12.6 |
|
Total Income |
30,469 |
69.1 |
29,306 |
71.1 |
|
|
|
|
|
|
|
2.Energy Management Group
|
|
|
|
|
|
Power System |
|
|
|
|
|
- Power System for
Telecommunication System |
9,852 |
22.3 |
8,214 |
19.9 |
|
- UPS |
1,169 |
2.6 |
1,118 |
2.7 |
|
- Wind Energy Products |
98 |
0.2 |
15 |
- |
|
Total Power System |
11,118 |
25.2 |
9,346 |
22.7 |
|
|
|
|
|
|
|
Industrial Automation |
942 |
2.1 |
784 |
1.9 |
|
Automotive Electronics |
94 |
0.2 |
94 |
0.2 |
|
Total Income |
12,155 |
27.5 |
10,224 |
24.8 |
|
|
|
|
|
|
|
3.Smart Green Life
Group |
568 |
1.3 |
521 |
1.3 |
|
|
|
|
|
|
|
Others |
929 |
2.1 |
1,151 |
2.8 |
|
|
|
|
|
|
|
Total Sales Revenue |
44,121 |
100.00 |
41,201 |
100.00 |
INVESTMENT
IN SUBSIDIARIES
Subsidiary Companies
DET International Holding
Co., Ltd.
Business Type : Holding Business
Investment : The subject
is holding 100.00%
of the company’s
shares.
Delta Energy Systems
[Switzerland] AG
Business Type : Holding company
Investment : The subject
is holding 100.00%
of the company’s
shares.
Delta Energy Systems
[Singapore] Pte. Ltd.
Business Type : Holding company
Investment : The subject
is holding 100.00%
of the company’s
shares.
Delta Green Industrial
[Thailand] Co., Ltd.
Business Type : Holding company
Investment : The subject
is holding 100.00%
of the company’s
shares.
The subject has many
indirect subsidiaries and
associated companies which
are held and
invested via DET
International Holding Limited
and Delta Energy
System [Switzerland] AG,
Delta Energy Systems
[Singapore] Pte. Ltd.
and Delta Green
Industrial [Thailand] Co.,
Ltd.
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
Purchasing terms are
by cash or
on the credits
of 30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T on
the credits of 30-60
days.
BANKING
Bangkok Bank Public
Co., Ltd.
[Samutprakarn Branch : Sukhumvit Rd.,
Muang, Samutprakarn 10270]
TMB Bank Public
Co., Ltd.
[Samutprakarn Branch : 122 Srisamut
Rd., Muang, Samutprakarn
10270]
Kasikornbank Public Co.,
Ltd.
Citibank NA
[Bangkok Branch : 127
South Sathorn Rd.,
Sathorn, Bangkok 10120]
EMPLOYMENT
The subject employs
9,712 office staff
and factory workers.
LOCATION
DETAILS
The premise is owned for administrative
office and factory at
the heading address. Premise is
located in an
industrial area.
Bangpoo Plant
Address: 909 Soi 9, Moo 4, E.P.Z., Bangpoo Industrial Estate, T.
Prakasa, A. Muang,
Samutprakarn 10280
Tel. [66] 2709-2800
Fax. [66] 2709-2833,
2709-3790, 2709-2842
Wellgrow Plant
Address: 111 Moo 9,
Wellgrow Industrial Estate,
Bangna-Trad Rd., T. Bangwha,
A.
Bangpakong, Chachoengsao 24180
Tel. [66] 38 522-360,
[66] 38 522-455
COMMENT
In 2015, global
growth improves slightly
but continue at a
moderate level. The global economy is
expected to grow at a
slightly faster pace
of 3.1% WGP (World Gross Product). Delta
group retained its
position as the
leading supplier of
merchant power supplies with a
global market share
of 17% and
also as the
largest supplier of merchant
power suppliers in
EMEA market.
In 2015, Delta Thailand has
up the ante in process automation investment with
the installation of robotic arms.
Delta Automation Center will be
leading the SCARA (Selective Compliance
Assembly Robot Arm) project
installation with their
expertise. Due to increasing
volume and quality demands from
leading car manufacturers,
its fan factory will
be one of
the first to adopt this
system.
FINANCIAL
INFORMATION
The capital was
initially registered at
Bht. 40 million,
divided into 4,000,000
shares of Bht. 10
each.
The capital was
increased later as
followings:
Bht.
200,000,000 in December,
1987
Bht.
300,000,000 in August,
1990
Bht.
800,000,000 in September,
1994
Bht.
1,200,000,000 in 1998
Bht.
1,259,000,000 on February
9, 2006
The latest capital was divided into 1,259,000,000 shares
of Bht. 1 each, with
the current capital
paid-up of Bht.
1,247,381,614.
MAIN
SHAREHOLDERS
[as at February 26,
2015] at Bht. 1,247,381,614
of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Citibank Nominee Singapore Pte. Ltd. - SA PBG Clients SG |
718,158,350 |
57.57 |
|
Thai NVDR Co.,
Ltd. |
108,098,079 |
8.67 |
|
Delta Electronics Inc. |
69,128,140 |
5.54 |
|
UBS AG Singapore
Branch |
53,172,220 |
4.26 |
|
State Street Bank
Europe Company |
49,674,023 |
3.98 |
|
Nortrust Nominees Ltd.-CL
AC |
14,032,872 |
1.12 |
|
State Street Bank and
Trust Company |
13,807,836 |
1.11 |
|
HSBC [Singapore] Nominees
Pte. Ltd. |
10,153,335 |
0.81 |
|
Deutsche Bank AG
Singapore |
10,099,400 |
0.81 |
|
The Bank of
New York [Nominees]
Limited |
7,408,695 |
0.59 |
|
Others |
193,648,664 |
15.54 |
Total Shareholders :
3,782
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Dr. Supachai Panyawatano No.
3930
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
11,743,380,445 |
9,591,930,469 |
8,697,360,220 |
|
Trade Account & Other
Receivable |
6,020,276,866 |
6,746,880,946 |
4,563,147,818 |
|
Inventories |
3,309,755,144 |
3,256,401,843 |
3,266,905,390 |
|
Other Current Assets
|
99,215,083 |
112,778,133 |
126,994,668 |
|
|
|
|
|
|
Total Current Assets
|
21,172,627,538 |
19,707,991,391 |
16,654,408,096 |
|
Investment in Subsidiary Companies |
10,750,923,813 |
10,750,923,813 |
9,870,976,026 |
|
Property, Plant and Equipment |
2,341,437,975 |
2,481,023,474 |
2,821,423,476 |
|
Other Intangible Assets |
8,400,558 |
20,472,227 |
26,316,767 |
|
Other Non-current Assets |
2,572,821 |
4,218,143 |
4,829,169 |
|
Total Assets |
34,275,962,705 |
32,964,629,048 |
29,377,953,534 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Account & Other
Payable |
5,945,427,823 |
6,559,907,294 |
5,076,642,819 |
|
Other Current Liabilities |
100,586,646 |
120,479,907 |
61,645,450 |
|
|
|
|
|
|
Total Current Liabilities |
6,046,014,469 |
6,680,387,201 |
5,138,288,269 |
|
Provision for Long-term
Employee Benefits |
149,418,852 |
126,838,259 |
116,588,932 |
|
Long-term Provision |
175,622,564 |
68,081,288 |
19,821,278 |
|
Other Non-current Liabilities |
1,190,400 |
1,050,000 |
6,766,464 |
|
Total Liabilities |
6,372,246,285 |
6,876,356,748 |
5,281,464,943 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital Registered 1,259,000,000 ordinary
shares of Bht. 1 each |
1,259,000,000 |
1,259,000,000 |
1,259,000,000 |
|
|
|
|
|
|
Issued & Fully paid-up 1,247,381,614 ordinary
shares of Bht. 1 each |
1,247,381,614 |
1,247,381,614 |
1,247,361,614 |
|
Share Premium |
1,491,912,500 |
1,491,912,500 |
1,491,912,500 |
|
Retained Earnings Appropriated -
statutory reserve
|
125,900,000 |
125,900,000 |
125,900,000 |
|
Unappropriated |
25,038,522,306 |
23,223,078,186 |
21,231,294,477 |
|
Total Shareholders' Equity
|
27,903,716,420 |
26,088,272,300 |
24,096,468,591 |
|
Total Liabilities & Shareholders'
Equity |
34,275,962,705 |
32,964,629,048 |
29,377,953,534 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales |
30,096,356,088 |
28,682,905,298 |
27,689,561,920 |
|
Other Income Interest Income |
182,368,782 |
166,356,149 |
168,942,925 |
|
Gain on
Exchange |
224,178,930 |
447,186,313 |
136,528,174 |
|
Others |
161,909,154 |
156,780,596 |
166,005,042 |
|
Total Revenues |
30,664,812,954 |
29,453,228,356 |
28,161,038,061 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Sales
& Services |
21,527,956,473 |
20,762,128,648 |
20,015,743,188 |
|
Selling Expenses |
861,178,721 |
870,618,682 |
907,242,081 |
|
Administrative Expenses |
1,095,202,955 |
1,176,248,776 |
1,137,687,753 |
|
Research & Development Expenses |
1,798,369,403 |
1,534,755,336 |
1,644,995,427 |
|
Other Expenses |
194,039,923 |
123,977,331 |
48,834,595 |
|
Total Expenses |
25,476,747,475 |
24,467,728,773 |
23,754,503,044 |
|
|
|
|
|
|
Profit / Loss] before Financial
Cost & Income Tax |
5,188,065,479 |
|
4,406,535,017 |
|
Financial Cost |
- |
- |
- |
|
|
|
|
|
|
Profit / [Loss] before Income Tax
|
5,188,065,479 |
4,985,499,583 |
4,406,535,017 |
|
Income Tax |
[4,691,001] |
- |
- |
|
Net Profit / [Loss] |
5,183,374,478 |
|
4,406,535,017 |
BALANCE
SHEET [BAHT]
The
financial figures for
six-month period published for June
30, 2015 was :
ASSETS
[Thousand
Baht]
[Unaudited]
|
Current Assets |
2015 |
|
|
|
|
Cash and Cash Equivalents
|
10,636,018 |
|
Trade Account & Other Receivable |
6,849,377 |
|
Inventories |
3,655,137 |
|
Other Current Assets
|
119,008 |
|
|
|
|
Total Current Assets
|
21,259,540 |
|
Investment in Subsidiary Companies |
10,750,924 |
|
Property, Plant and Equipment |
2,505,177 |
|
Other Intangible Assets |
5,018 |
|
Other Non-current Assets |
1,750 |
|
Total Assets |
34,522,409 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
[Thousand
Baht]
[Unaudited]
|
Current
Liabilities |
2015 |
|
|
|
|
Trade Account & Other
Payable |
6,858,214 |
|
Other Current Liabilities |
35,966 |
|
|
|
|
Total Current Liabilities |
6,894,180 |
|
Provision for Long-term Employee Benefits |
239,912 |
|
Long-term Provisions |
197,827 |
|
Other Non-current Liabilities |
1,160 |
|
Total Liabilities |
7,333,079 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Share capital Registered 1,259,000,000 ordinary
shares of Bht. 1 each |
1,259,000 |
|
|
|
|
Issued & Fully paid-up 1,247,381,614 ordinary shares
of Bht. 1 each |
1,247,382 |
|
Share Premium |
1,491,912 |
|
Retained Earnings Appropriated -
statutory reserve
|
125,900 |
|
Unappropriated |
24,324,136 |
|
Total Shareholders' Equity
|
27,189,330 |
|
Total Liabilities &
Shareholders' Equity |
34,522,409 |
PROFIT
& LOSS ACCOUNT
For the six-month period ended
June 30, 2015:
[Thousand
Baht]
[Unaudited]
|
Revenue |
2015 |
|
|
|
|
Sales and Service Income |
15,654,985 |
|
Other Income Interest income |
88,509 |
|
Gain on
exchange |
219,024 |
|
Others |
86,789 |
|
Total Revenues |
16,049,307 |
|
Expenses |
|
|
|
|
|
Cost of Sales
& Services |
11,314,159 |
|
Selling Expenses |
436,778 |
|
Administrative Expenses |
477,953 |
|
Research & Development Expenses |
702,299 |
|
Other Expenses |
7,864 |
|
Total Expenses |
12,939,053 |
|
Profit before Income Tax Expenses |
3,110,254 |
|
Income Tax Expenses |
[4,364] |
|
Net Profit / [Loss] |
3,105,890 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.50 |
2.95 |
3.24 |
|
QUICK RATIO |
TIMES |
2.94 |
2.45 |
2.58 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
12.85 |
11.56 |
9.81 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.88 |
0.87 |
0.94 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
56.12 |
57.25 |
59.57 |
|
INVENTORY TURNOVER |
TIMES |
6.50 |
6.38 |
6.13 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
73.01 |
85.86 |
60.15 |
|
RECEIVABLES TURNOVER |
TIMES |
5.00 |
4.25 |
6.07 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
100.80 |
115.32 |
92.58 |
|
CASH CONVERSION CYCLE |
DAYS |
28.33 |
27.78 |
27.15 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
71.53 |
72.39 |
72.29 |
|
SELLING & ADMINISTRATION |
% |
6.50 |
7.14 |
7.39 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
30.36 |
30.30 |
29.42 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
17.24 |
17.38 |
15.91 |
|
NET PROFIT MARGIN |
% |
17.22 |
17.38 |
15.91 |
|
RETURN ON EQUITY |
% |
18.58 |
19.11 |
18.29 |
|
RETURN ON ASSET |
% |
15.12 |
15.12 |
15.00 |
|
EARNING PER SHARE |
BAHT |
4.16 |
4.00 |
3.53 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.19 |
0.21 |
0.18 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.23 |
0.26 |
0.22 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
4.93 |
3.59 |
|
|
OPERATING PROFIT |
% |
4.06 |
13.14 |
|
|
NET PROFIT |
% |
3.97 |
13.14 |
|
|
FIXED ASSETS |
% |
(5.63) |
(12.06) |
|
|
TOTAL ASSETS |
% |
3.98 |
12.21 |
|
ANNUAL
GROWTH : IMPRESSIVE
An annual sales growth is 4.93%. Turnover has increased from THB
28,682,905,298.00 in 2013 to THB 30,096,356,088.00 in 2014. While net profit
has increased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
30.36 |
Impressive |
Industrial Average |
8.38 |
|
Net Profit Margin |
17.22 |
Impressive |
Industrial
Average |
11.77 |
|
Return on Assets |
15.12 |
Impressive |
Industrial
Average |
11.23 |
|
Return on Equity |
18.58 |
Impressive |
Industrial
Average |
14.50 |
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
30.36%. 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 17.22%, 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
15.12%, 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 18.58%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY :
EXCELLENT
LIQUIDITY RATIO
|
Current Ratio |
3.50 |
Impressive |
Industrial
Average |
3.42 |
|
Quick Ratio |
2.94 |
|
|
|
|
Cash Conversion Cycle |
28.33 |
|
|
|
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 3.5 times in 2014, increased from 2.95 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 2.94 times in 2014,
increased from 2.45 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 29 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.19 |
Impressive |
Industrial
Average |
0.20 |
|
Debt to Equity Ratio |
0.23 |
Impressive |
Industrial
Average |
0.24 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.19 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
12.85 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.88 |
Satisfactory |
Industrial
Average |
0.95 |
|
Inventory Conversion Period |
56.12 |
|
|
|
|
Inventory Turnover |
6.50 |
Impressive |
Industrial
Average |
2.70 |
|
Receivables Conversion Period |
73.01 |
|
|
|
|
Receivables Turnover |
5.00 |
Impressive |
Industrial
Average |
3.68 |
|
Payables Conversion Period |
100.80 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.00 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 decreased from 57 days at the
end of 2013 to 56 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 6.38 times in year 2013 to 6.5 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.88 times and 0.87
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.32 |
|
|
1 |
Rs.98.99 |
|
Euro |
1 |
Rs.72.13 |
|
BHT |
1 |
Rs.1.84 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
AMT |
|
|
|
|
Report Prepared
by : |
ANK |
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.