MIRA
INFORM REPORT
|
Report No. : |
308661 |
|
Report Date : |
20.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
MILLCON BURAPA
CO., LTD. |
|
|
|
|
Formerly Known As : |
BRP STEEL CO., LTD. |
|
|
|
|
Registered Office : |
99 Highway No.
3191, T. Nikompattana, A.
Nikompattana, Rayong 21180 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
23.09.1994 |
|
|
|
|
Com. Reg. No.: |
0215537001304 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer,
Distributor and Exporter of Hot Rolled Steel Products |
|
|
|
|
No. of Employees : |
250 |
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 : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC
OVERVIEW
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies,
and strong export industries, Thailand achieved steady growth due largely to
industrial and agriculture exports - mostly electronics, agricultural
commodities, automobiles and parts, and processed foods. Unemployment, at less
than 1% of the labor force, stands as one of the lowest levels in the world,
which puts upward pressure on wages in some industries. Thailand also attracts
nearly 2.5 million migrant workers from neighboring countries. The Thai
government in 2013 implemented a nation-wide 300 baht ($10) per day minimum
wage policy and deployed new tax reforms designed to lower rates on
middle-income earners. The Thai economy has weathered internal and external
economic shocks in recent years. The global economic recession severely cut
Thailand's exports, with most sectors experiencing double-digit drops. In late
2011 Thailand's recovery was interrupted by historic flooding in the industrial
areas in Bangkok and its five surrounding provinces, crippling the
manufacturing sector. The government approved flood mitigation projects worth
$11.7 billion, which were started in 2012, to prevent similar economic damage,
and an additional $75 billion for infrastructure over the following seven
years. This was expected to lead to an economic upsurge but growth has remained
slow, in part due to ongoing political unrest and resulting uncertainties.
Spending on infrastructure will require re-approval once a new government is
seated.
|
Source
: CIA |
Company Name
MILLCON BURAPA CO., LTD.
[FORMER: BRP STEEL CO., LTD.]
SUMMARY
BUSINESS ADDRESS : 99
HIGHWAY NO. 3191, T. NIKOMPATTANA,
A.
NIKOMPATTANA, RAYONG 21180,
THAILAND
TELEPHONE : [66] 38
606-040-2
FAX :
[66] 38
606-043
E-MAIL ADDRESS : sales@brpsteel.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1994
REGISTRATION NO. : 0215537001304
TAX ID NO. : 3241008927
CAPITAL REGISTERED
: BHT.
2,399,999,990
CAPITAL PAID-UP
: BHT.
2,399,999,990
SHAREHOLDER’S
PROPORTION : THAI : 99.86%
HONG KONG : 0.14%
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SITTICHAI LEESWADTRAKUL, THAI
PRESIDENT
& CHIEF EXECUTIVE OFFICER
NO. OF
STAFF : 250
LINES OF
BUSINESS : HOT
ROLLED STEEL PRODUCTS
MANUFACTURER, DISTRIBUTOR AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on September 23, 1994
as a private
limited company under the
originally registered name “Burapa
Steel Co., Ltd.” by Thai
and Italian groups.
On November 8,
1994, the registered
name was changed
to “Burapa Steel
Industries Co., Ltd.” and
was changed again
to “BRP Steel
Co., Ltd.” on May
30, 2008.
Finally
Millcon Steel Industries
Pcl. acquired an interest in Burapa Steel Industries Co.,
Ltd. (BS), a long
steel products manufacturer from
Thai Capital Corp Pcl., then its
name was changed
to the present
name, MILLCON BURAPA
CO., LTD. on
May 11, 2011.
Its
business objective is to
manufacture and market
hot rolled steel
products to both
domestic and international
markets. It currently
employs approximately 250
staff.
The
subject’s registered address
is 99 Highway
No. 3191, T. Nikompattana,
A. Nikompattana, Rayong
21180, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sittichai Leeswadtrakul |
[x] |
Thai |
37 |
|
Ms. Suttirat Leeswadtrakul |
[x] |
Thai |
33 |
|
Mrs. Nantapat Thianprateep |
[-] |
Thai |
50 |
|
Ms. Jureerat Lapanavanich |
|
Thai |
39 |
|
Mr. Pagano
Carlo |
|
Italian |
43 |
|
Pol. Gen. Sunthorn Saikwan |
|
Thai |
71 |
|
Mrs. Phatnaree Thitiariyakul |
[-] |
Thai |
54 |
|
Mr. Sakchai Thanaboonchai |
|
Thai |
59 |
|
Gen. Vinai
Pattiyakul |
|
Thai |
67 |
Note:
On
December 27, 2013,
“Mrs. Pirom Saopayon” changed
her name and
last name to “Mrs. Pirom
Suwanphophan” and finally
to “Mrs. Phatnaree Thitiariyakul”.
AUTHORIZED PERSON
One
of the mentioned
directors [x] can
jointly sign with
anyone of the
mentioned directors [-]
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Sittichai Leeswadtrakul
is the President & Chief Executive
Officer.
He
is Thai nationality
with the age
of 37 years
old.
Mrs.
Duangkamol Sukmuang is
the Vice President
of General and
Administrative.
She
is Thai nationality.
Mr. Virat Kaewbangkaprom is
the Vice President
of Long Products.
He
is Thai nationality.
Ms. Suttirat Leeswadtrakul is
the Vice President
of Finance.
She
is Thai nationality
with the age
of 33 years
old.
Mrs.
Phatnaree Thitiariyakul is the
Vice President of
Accounting.
She
is Thai nationality
with the age
of 52 years
old.
Mr.
Theerayuth Lertsirarungsun is
the Vice President
of Sales and
Marketing.
He
is Thai nationality.
BUSINESS OPERATIONS
The
subject is engaged
in manufacturing, distributing
and exporting various
kinds of hot
rolled steel products,
such as Concrete
Steel Bar, Deformed
Bars, Steel Plates,
Terex Bar, One
Bar and etc.
PRODUCTION CAPACITY
300,000
tons per annum
PURCHASE
Most
of raw materials
are purchased from
local suppliers, the
remaining is imported
from Japan, Republic
of China, Italy,
India and Australia.
MAJOR SUPPLIERS
Millcon
Steel Industries Public
Company Limited :
Thailand
Oriental
Supreme Ltd. : Republic
of China
SALES
The
products are sold by wholesale
to both local and
overseas, such as
Canada, Australia, Hong
Kong, Korea, Taiwan,
Republic of China,
Vietnam and European
countries.
MAJOR CUSTOMERS
Millcon
Steel Industries Public
Company Limited : Thailand
G.J.
Steel Public company
Limited : Thailand
SUBSIDIARY AND AFFILIATED COMPANY
The
subject is not
found to have
any subsidiary or
affiliated company here
in Thailand.
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 T/T.
Exports
are against T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
EMPLOYMENT
The subject
employs approximately 250
office staff and
factory workers.
LOCATION DETAILS
The premise
is owned for
administrative office and
factory at the heading address.
Premise is located
in provincial, in
the Eastern region.
Bangkok Branch:
29th Floor, Thaniya
Plaza Building, 52 Silom Rd., Suriyawongse, Bangrak,
Bangkok 10500. Tel. : [66] 2652-3333, Fax. : [66] 2632-9899.
ADDITIONAL INFORMATION
Burapa Steel Industries
Co., Ltd. Announces
Revised Judgment of
the Central Administrative Court
to Suspend 65
Projects in Map Ta Phut
09/9/2010.
As the Supreme Administrative Court revised an order of the Central
Administrative Court by ordering the relevant government authorities to suspend
65 projects in Map Ta Phut and nearby areas until otherwise ordered by the
Court, the expansion project of the company's subsidiary, namely BRP Steel Co.,
Ltd., which is determined as a project number 36 is one of the projects
referred in the attachment to the Complaint. The environmental impact
assessment (EIA) report of which has been approved by the Expert Committee and
the Office of the Natural Resources and Environmental Policy and Planning
(ONEP) on September 16, 2008. On September 2, 2010, the Central Administrative
Court ruled that the license of any of the 76 projects which fall into the 11
types of projects under the Notification of the Ministry of Natural Resources and
Environment dated August 31, 2010 re: 11 types and sizes of Serious Impact
Projects which require preparation of EIA report, shall be revoked. Mill Con
Steel Industries Public Company Limited informed that the expansion project of
BRP Steel Co., Ltd. plant can be continued.
Thailand Court Rejects Appeals of 16 Map Ta Phut Industrial Projects
05/5/2010
The Central Administrative Court has resolved to turn down the appeals
of the operators of 16 Map Ta Phut industrial projects, which were previously
suspended by the court's injunction. On January 22, 2010, the court rejected a
request for assistance filed by operators of a total of 30 suspended projects
located in Map Ta Phut industrial estate. Afterwards, 16 of the 30 projects
lodged appeals against the court's injunction; however, the appeals have been
dropped, and the operators are deprived of the rights to appeal further with
the Supreme Administrative Court. The 16 industrial projects are operated by 12
firms, namely Amata B.Grimm Power Service Limited, Vinythai Public Company
Limited, MTP HPJV C.V., Siam
Tinplate Company Limited, Ube Nylon (Thailand), Limited, Bangkok
Synthetics Co., Ltd., Burapa Steel Industries Co., Ltd., PTT Chemical Public
Company Limited, PTT Utilities Co, Ltd. and PTT Plc. The Administrative Court
earlier issued an injunction for 76 projects in Map Ta Phut industrial estate
to halt functioning for their failure to pass the environmental and health
impact assessments as required by the Constitution. 21 industrial projects are
presently allowed to resume operation while 55 others remain frozen.
COMMENT
The
subject is a manufacturer and
exporter of cast steel and ductile
cast iron parts. Its products
are used in
automotive industry especially
trucks, tractor and
trailers, water works part, electrical parts, rails system
parts, earth moving and agricultural parts, machinery parts, mining and cement manufacturing.
The company incorporates efficient
production facilities and world - class standard manufacturing technology
together with high attention to quality control system to ensure maximum customer
satisfaction and also
achieved ISO 9001 : 2000
certification.
With its extensive range of product offerings,
manufacturing technologies and engineering capabilities, it is well-equipped to
serve both domestic and foreign customers.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 250,000,000 divided
into 25,000,000 shares
of Bht. 10
each with fully
paid.
The capital
was increased and
decreased later as
follows:
Bht. 173,927,020
on March 16,
2001
Bht. 286,963,510
on August 4,
2006
Bht. 386,963,510
on July 24,
2007
Bht. 497,524,515
on September 5,
2008
Bht. 968,973,945
on March 31,
2010
Bht. 1,968,973,945 on
May 7, 2010
Bht. 2,599,352,545 on
October 21, 2010
Bht. 2,244,177,345 on
November 8, 2010
[decreased]
Bht. 2,399,999,990 on
June 20, 2011
The latest registered
capital was increased
to Bht. 2,399,999,990
divided into 479,999,998
shares of Bht. 5
each with fully
paid.
MAIN SHAREHOLDERS
[as at April
25, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Millcon Steel
Industries Public Company
Limited Nationality: Thai Address
: 9, 11, 13 Bangkradi
32 Rd., Samaedam,
Bangkhunthien, Bangkok |
473,909,920 |
98.73 |
|
Mr. Phanom Santhanasuk Nationality: Thai Address
: 21/4 Moo
3, Bangkrasor, Muang,
Nonthaburi |
1,309,450 |
0.27 |
|
Mr.
Waranchai Sooksiri Nationality: Thai Address
: 22 Soi
Lasal 23, Bangna,
Bangkok |
709,950 |
0.15 |
|
Mrs.
Ajcharee Muangjeen Nationality: Thai Address
: 22 Soi Lasal
23, Bangna, Bangkok |
709,950 |
0.15 |
|
Electra Fareast
LP Co., Ltd. Nationality: Hong
Kong Address
: 1 Connaughr
Place, Hong Kong
|
685,990 |
0.14 |
|
Mr. Don Plooksawad Nationality: Thai Address
: 73 Sukhumvit
54 Rd., Bangchak, Prakanong, Bangkok |
573,191 |
0.12 |
|
Mrs.
Srisamorn Prapakorn Nationality: Thai Address
: 22 Soi
Lasalle 23, Bangna,
Bangkok |
557,535 |
0.12 |
|
Others |
1,544,012 |
0.32 |
Total Shareholders
: 41
Share Structure
[as at April
25, 2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
40 |
479,314,008 |
99.86 |
|
Foreign - Hong Kong |
1 |
685,990 |
0.14 |
|
Total |
41 |
479,999,998 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Ms. Chantra
Wongsriudomporn No. 4996
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2013, 2012 &
2011 were:
ASSETS
|
Current Assets |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Cash
and Cash Equivalent |
19,487,769.81 |
31,925,307.04 |
19,444,838 |
|
Cash at Bank under Commitment |
40,100,000.00 |
40,100,000.00 |
40,100,000 |
|
Trade
Accounts & Notes Receivable |
1,042,372,528.93 |
1,232,014,689.38 |
209,068,127 |
|
Inventories |
1,333,401,709.52 |
1,342,671,029.04 |
1,515,732,308 |
|
Receivable - Revenue Department |
7,955,605.83 |
3,869,864.82 |
267,047,004 |
|
Advance
Payment for Goods
|
38,102,387.17 |
40,773,607.16 |
53,540,052 |
|
Cost
of Acquiring Capital
and Loans |
- |
- |
7,157,463 |
|
Financial
Derivatives Assets |
18,237,148.76 |
269,214.51 |
807,246 |
|
Other Current
Assets |
78,529,375.12 |
69,330,683.36 |
83,748,460 |
|
|
|
|
|
|
Total Current
Assets |
2,578,186,525.14 |
2,760,954,395.31 |
2,196,645,498 |
|
Financial
Derivatives Assets |
- |
- |
1,106,788 |
|
Long-term Investment |
3,426,959.28 |
3,465,853.17 |
3,504,747 |
|
Investment in Real Estate
|
93,526,061.50 |
95,007,850.40 |
87,837,663 |
|
Fixed Assets |
5,597,023,195.47 |
5,229,066,440.63 |
4,510,407,879 |
|
Intangible Assets |
16,405,757.85 |
21,184,555.97 |
41,374,853 |
|
Deferred Income Tax |
4,114,015.99 |
8,272,744.48 |
- |
|
Other Assets |
3,660,269.20 |
1,901,469.20 |
1,449,669 |
|
Total Assets
|
8,296,342,784.43 |
8,119,853,309.16 |
6,842,327,097 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Short-term Loan from Financial Institute |
3,971,997,207.52 |
4,079,118,537.43 |
1,677,601,607 |
|
Trade
Accounts Payable |
589,252,086.54 |
405,054,901.57 |
10,014,613 |
|
Advance
Received for Goods |
- |
506,831,308.24 |
489,128,172 |
|
Current
Portion of Long-term Loan
from Financial Institution
|
- |
- |
130,886,953 |
|
Current
Portion of Financial Lease Contract
Liabilities |
5,056,740.19 |
6,539,217.19 |
4,522,332 |
|
Other Payable |
868,107,659.60 |
353,105,997.30 |
334,092,944 |
|
Financial
Derivatives Liabilities |
- |
17,724,835.11 |
6,195,217 |
|
Accrued Income Tax |
- |
936,931.90 |
- |
|
Accrued Dividend |
252,107,230.01 |
107,231.06 |
- |
|
Other
Current Liabilities |
11,125,048.37 |
10,771,255.79 |
20,610,134 |
|
|
|
|
|
|
Total Current
Liabilities |
5,697,645,972.23 |
5,380,190,215.59 |
2,673,051,972 |
|
|
|
|
|
|
Long-term Loan from Financial
Institutions, Net of
Current Portion |
- |
- |
1,594,010,264 |
|
Financial
Lease Contract Liabilities,
Net of Current
Portion |
10,748,363.25 |
7,957,559.42 |
9,090,778 |
|
Deferred Income Tax Liabilities |
19,326,934.32 |
61,919.45 |
- |
|
Employee
Benefits Obligation |
2,372,745.00 |
1,471,254.00 |
660,150 |
|
Other Non-Current Liabilities |
11,520,000.00 |
13,440,000.00 |
- |
|
Total Liabilities |
5,741,614,287.80 |
5,403,120,948.46 |
4,276,813,164 |
|
|
|
|
|
|
Shareholders’
Equity |
|
|
|
|
Share
capital : Baht 5 par
value
Authorized & issued
share capital
479,999,998 shares in 2013 & 2012
519,870,509 shares in 2011 |
2,399,999,990.00 |
2,399,999,990.00 |
2,599,352,545 |
|
|
|
|
|
|
Capital
Paid |
2,399,999,990.00 |
2,399,999,990.00 |
2,372,525,006 |
|
Premium on Share Capital |
38,861,618.98 |
38,861,618.98 |
66,336,603 |
|
Retained
Earning
Appropriated for statutory reserve |
23,535,878.50 |
10,935,878.55 |
10,935,879 |
|
Unappropriated |
29,612,990.89 |
266,934,873.17 |
115,716,445 |
|
Other Components of Shareholder
Equity |
62,718,018.26 |
- |
- |
|
Total Shareholders' Equity |
2,554,728,496.63 |
2,716,732,360.70 |
2,565,513,933 |
|
Total Liabilities
& Shareholders' Equity |
8,296,342,784.43 |
8,119,853,309.16 |
6,842,327,097 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Sales & Services Income |
6,384,184,761.15 |
7,316,419,150.53 |
3,969,844,791 |
|
Other
Income |
45,018,057.96 |
76,478,317.89 |
78,189,488 |
|
Total Revenues
|
6,429,202,819.11 |
7,392,897,468.42 |
4,048,034,279 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost
of Goods Sold
|
6,032,104,727.51 |
6,863,006,070.30 |
3,849,637,605 |
|
Selling
Expenses |
25,181,868.00 |
30,937,044.67 |
11,007,133 |
|
Administrative Expenses |
94,008,222.62 |
138,434,541.42 |
50,322,201 |
|
Other
Expenses |
242,726,419.66 |
215,397,584.43 |
- |
|
Total Expenses |
6,394,021,237.79 |
7,247,775,240.82 |
3,910,966,939 |
|
|
|
|
|
|
Profit
before Financial Cost
&
Income Tax |
35,181,581.32 |
145,122,227.60 |
137,067,340 |
|
Financial
Cost |
[7,903,464.70] |
[4,324,501.67] |
[79,485,916] |
|
Profit
before Income Tax |
27,278,116.62 |
149,446,729.27 |
57,581,424 |
|
Income
Tax |
- |
- |
[15,087,164] |
|
|
|
|
|
|
Net Profit / [Loss] |
27,278,116.62 |
149,446,729.27 |
42,494,260 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.45 |
0.51 |
0.82 |
|
QUICK RATIO |
TIMES |
0.19 |
0.24 |
0.10 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.14 |
1.40 |
0.88 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.77 |
0.90 |
0.58 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
80.68 |
71.41 |
143.71 |
|
INVENTORY TURNOVER |
TIMES |
4.52 |
5.11 |
2.54 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
59.60 |
61.46 |
19.22 |
|
RECEIVABLES TURNOVER |
TIMES |
6.12 |
5.94 |
18.99 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
35.66 |
21.54 |
0.95 |
|
CASH CONVERSION CYCLE |
DAYS |
104.62 |
111.33 |
161.99 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
94.49 |
93.80 |
96.97 |
|
SELLING & ADMINISTRATION |
% |
1.87 |
2.31 |
1.54 |
|
INTEREST |
% |
0.12 |
0.06 |
2.00 |
|
GROSS PROFIT MARGIN |
% |
6.22 |
7.24 |
5.00 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.55 |
1.98 |
3.45 |
|
NET PROFIT MARGIN |
% |
0.43 |
2.04 |
1.07 |
|
RETURN ON EQUITY |
% |
1.07 |
5.50 |
1.66 |
|
RETURN ON ASSET |
% |
0.33 |
1.84 |
0.62 |
|
EARNING PER SHARE |
BAHT |
0.06 |
0.31 |
0.09 |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.69 |
0.67 |
0.63 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.25 |
1.99 |
1.67 |
|
TIME INTEREST EARNED |
TIMES |
4.45 |
33.56 |
1.72 |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(12.74) |
84.30 |
|
|
OPERATING PROFIT |
% |
(75.76) |
5.88 |
|
|
NET PROFIT |
% |
(81.75) |
251.69 |
|
|
FIXED ASSETS |
% |
7.04 |
15.93 |
|
|
TOTAL ASSETS |
% |
2.17 |
18.67 |
|
ANNUAL GROWTH: ACCEPTABLE
An annual sales growth is -12.74%. Turnover has decreased from THB 7,316,419,150.53
in 2012 to THB 6,384,184,761.15 in 2013. While net profit has decreased from
THB 149,446,729.27 in 2012 to THB 27,278,116.62 in 2013. And total assets has
increased from THB 8,119,853,309.16 in 2012 to THB 8,296,342,784.43 in 2013.
PROFITABILITY
: RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
6.22 |
Deteriorated |
Industrial Average |
23.99 |
|
Net Profit Margin |
0.43 |
Acceptable |
Industrial Average |
0.81 |
|
Return on Assets |
0.33 |
Deteriorated |
Industrial Average |
1.03 |
|
Return on Equity |
1.07 |
Deteriorated |
Industrial Average |
2.83 |
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
6.22%. 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 0.43%. 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 0.33%.
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
1.07%.
Trend
of the average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY
: RISKY
LIQUIDITY
RATIO
|
Current Ratio |
0.45 |
Risky |
Industrial Average |
1.08 |
|
Quick Ratio |
0.19 |
|
|
|
|
Cash Conversion Cycle |
104.62 |
|
|
|
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 0.45 times in 2013, decreased from 0.51 times, then the
company may not be efficiently using its current assets. 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 0.19 times in 2013, decreased from 0.24 times, then the company has
not enough current assets that presumably can be quickly converted to cash for
pay financial obligations.
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
105 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: ACCEPTABLE
LEVERAGE
RATIO
|
Debt Ratio |
0.69 |
Acceptable |
Industrial Average |
0.64 |
|
Debt to Equity Ratio |
2.25 |
Risky |
Industrial Average |
1.80 |
|
Times Interest Earned |
4.45 |
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 4.46 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 0.69
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 Uptrend
Times Interest Earned Stable
ACTIVITY
: IMPRESSIVE
ACTIVITY
RATIO
|
Fixed Assets Turnover |
1.14 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.77 |
Acceptable |
Industrial Average |
1.27 |
|
Inventory Conversion Period |
80.68 |
|
|
|
|
Inventory Turnover |
4.52 |
Impressive |
Industrial Average |
3.75 |
|
Receivables Conversion Period |
59.60 |
|
|
|
|
Receivables Turnover |
6.12 |
Impressive |
Industrial Average |
5.86 |
|
Payables Conversion Period |
35.66 |
|
|
|
The company's Account Receivable Ratio is calculated
as 6.12 and 5.94 in 2013 and 2012 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 2013 increased from 2012. This would suggest the company
had good performance 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 71 days
at the end of 2012 to 81 days at the end of 2013. This represents a negative
trend. And Inventory turnover has decreased from 5.11 times in year 2012 to
4.52 times in year 2013.
The company's Total Asset Turnover is
calculated as 0.77 times and 0.9 times in 2013 and 2012 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 Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.25 |
|
|
1 |
Rs.95.57 |
|
Euro |
1 |
Rs.71.01 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.