MIRA INFORM REPORT
|
Report No. : |
308661.2 |
|
Report Date : |
02.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
MILLCON BURAPA
CO., LTD. |
|
|
|
|
Formerly Known As : |
BRP STEEL CO., LTD. |
|
|
|
|
Registered Office : |
99 Moo 3, Highway No. 3191, T. Nikompattana, A. Nikompattana, Rayong 21180 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
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
|
MIRAs 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
MOO 3, 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
SHAREHOLDERS 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
subjects registered address
is 99 Moo 3,
Highway No. 3191,
T. Nikompattana,
A. Nikompattana, Rayong
21180, and this
is the subjects
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 companys 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.
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 for 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
%2002-Jun-2015_files/image001.gif)
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
%2002-Jun-2015_files/image002.gif)
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
%2002-Jun-2015_files/image003.gif)
%2002-Jun-2015_files/image004.gif)
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
%2002-Jun-2015_files/image005.gif)
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.63.61 |
|
|
1 |
Rs.97.27 |
|
Euro |
1 |
Rs.69.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
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 SCs
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.