MIRA INFORM REPORT
|
Report No. : |
325347 |
|
Report Date : |
02.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
PANEL PLUS CO., LTD. |
|
|
|
|
Registered Office : |
25th Floor, Ploenchit Center Building, 2 Sukhumvit Soi 2, Klongtoey, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
16.01.2004 |
|
|
|
|
Com. Reg. No.: |
0105547007217 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing Plain Particle Board,
Melamine Faced Chipboard and
Medium Density Fiberboard [MDF] |
|
|
|
|
No. of Employee : |
720 |
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
PANEL PLUS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 25th FLOOR,
PLOENCHIT CENTER BUILDING,
2 SUKHUMVIT
SOI 2, KLONGTOEY,
BANGKOK
10110, THAILAND
TELEPHONE : [66] 2656-8188
FAX :
[66] 2656-8533-4
E-MAIL
ADDRESS : info@panelplus.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0105547007217
TAX
ID NO. : 3031259850
CAPITAL REGISTERED : BHT. 837,212,200
CAPITAL PAID-UP : BHT.
837,212,200
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS.
AMPORN KANCHANAKAMNERD, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 720
LINES
OF BUSINESS : PARTICLE BOARD
AND RELATED 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 January 16,
2004 as a
private limited company
under the initially
registered name “Hatyai
Panel Co., Ltd.” by
Thai groups. On
September 1, 2005,
its name was
changed to PANEL PLUS
CO., LTD. The
business objective is to
manufacture Plain Particle
Boards and Melamine
Faced Chipboard for
both domestic and
oversea markets.
On
October 25, 2006,
subject has become
a subsidiary of
Mitr Phol Sugar
Corp., Ltd.
In
2012, its production
line was expanded
to produce Medium
Density Fiberboard [MDF]. It
employs approximately 720
staff.
The subject’s registered
address is 25th Floor,
Ploenchit Center Bldg., 2
Sukhumvit Soi 2,
Klongtoey, Bangkok 10110,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Amporn Kanchanakamnerd |
[x] |
Thai |
50 |
|
Mr. Krisda Monthienvichienchai |
[x] |
Thai |
56 |
|
Mr. Isara Wongkusolkij |
[x] |
Thai |
66 |
|
Mr. Atthapol Wongkusolkij |
|
Thai |
42 |
|
Mr. Banterng Wongkusolkij |
[x] |
Thai |
58 |
|
Mr. Pariwat Kanchanathana |
|
Thai |
42 |
|
Ms. Teeranart Wongkusolkij |
|
Thai |
43 |
|
Mr. Vichai Assarasakorn |
|
Thai |
54 |
|
Mrs. Kannika Sibunruang |
|
Thai |
60 |
AUTHORIZED
PERSON
Any two of
the mentioned directors
[x] can jointly
sign on behalf
of the subject with
company’s affixed.
MANAGEMENT
Mrs. Amporn Kanchanakamnerd is
the Managing Director.
She is Thai
nationality with the
age of 50
years old.
Mr. Ativej Havaree is
the Marketing Director.
He is Thai
nationality.
Mr. Nakorn Puakvilai is
the Factory Manager
[Hatyai].
He is Thai
nationality.
Mr. Arthit Prasobsong is
the Factory Manager
[Chaiyaphum].
He is Thai
nationality.
Mr. Thawatchai Chiewchanluang is
the Factory Manager
[Samutsakorn].
He is Thai
nationality.
Ms. Chonnee Noobutr is
the Account & Finance Manager.
She is Thai
nationality.
Ms. Pakpimol Kamplanuwat is
the Marketing Manager.
She is Thai
nationality.
Mr. Thana Chongsubtum is
the Domestic Manager.
He is Thai
nationality.
Mr. Sethapong Chanyingyong is
the Assistant Managing
Director.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject is engaged in
manufacturing Plain Particle
Board, Melamine Faced Chipboard and
Medium Density Fiberboard [MDF],
under the brand
name “PANEL PLUS”.
PRODUCTION
CAPACITY
Melamine Faced Chipboard :
30,000,000 square meters
per year
Plain Particle Board : 300,000 cubic
meters per year
Medium Density Fiberboard :
400,000 cubic meters
per year
PURCHASE
Raw materials mainly
rubber woods are
purchased from local suppliers.
IMPORT
Some of raw materials and bagasse are imported from Germany, U.S.A., Singapore,
Taiwan, Japan, Brazil,
India, Laos, Switzerland,
and Republic of China.
MAJOR
SUPPLIERS
Mitr
Phol Sugar Corp.,
Ltd. : Thailand
Lixil
Corporation : Japan
Scheuch
GmbH. : Germany
SALES
80% of the
products is sold
locally by wholesale
to dealers and
end-users.
EXPORT
20% of the
products is exported
to Japan, Taiwan,
Singapore, Malaysia, Laos,
Cambodia, Hong Kong,
Vietnam, Philippines, India,
Indonesia, Korea, U.S.A., and
the countries in
Middle East and
Europe.
MAJOR
CUSTOMERS
S.B. Furniture Industry
Co., Ltd. :
Thailand
Rockworth Public Company
Limited : Thailand
Modernform Group Public
Company Limited :
Thailand
Sathaporn Lamination Co.,
Ltd. : Thailand
S.P.S. Cooperate Ltd. : Thailand
Buathongsirisrap Co., Ltd. : Thailand
Roongsombat [2528] Co., Ltd. : Thailand
Sang Charoen Housing
Product Co., Ltd. : Thailand
RELATED
AND AFFILIATED COMPANIES
The Panel Plus
group consists of:
MP Particle Board
Co., Ltd.
Business Type :
Manufacturer of particle
board
Furnish Board Co.,
Ltd.
Business Type :
Manufacturer of particle
board
Panel Décor Co.,
Ltd.
Business Type :
Manufacturer of melamine
coated paper
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
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
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.
[Ploenchit
Center Branch]
EMPLOYMENT
The
subject employs approximately
720 staff.
LOCATION
DETAILS
The
premise is rented for administrative office at the heading
address. Premise is
located in a
prime commercial area.
Factories
and Warehouses:
- 417/14 Moo 1,
Karnchanavanich Rd., Phatong,
Hatyai, Songkhla 90230
Tel. : [66] 74 291-130-4,
Fax. : [66] 74 291-019-20
-
39 Moo 10,
Chum Pae-Phu Khiao Rd., Koksa-ard,
Phookiew, Chaiyaphum 36110
Tel. :
[66] 44 881-088-9,
Fax. : [66]
44-881-110
-
53/3
Moo 5, Settakit
Rd., Nadee, Muang,
Samutsakorn 74000
Tel.
: [66]
34 830-330-3, Fax. [66]
34 830-329
COMMENT
The subject is a manufacturer, distributor and exporter of particle
board and melamine faced chipboard. It is
the leading manufacturer of wood-substitute products through excellences technology in
production, marketing, logistic
and business process. Though, the
subject’s sales revenue
was slightly dropped in
2013, but cost
of goods sold,
selling & administrative expenses
had been decreased
significantly which resulted
in the subject’s large
amount of net
profit at the
end of year.
Generally,
the subject’s business
is still promising
in line with
the demand of
the
products
from related industries.
FINANCIAL
INFORMATION
The
capital was initially
registered at Bht. 100,000
divided into 1,000
shares of Bht. 100
each.
The
capital was increased
later as follows:
Bht. 335,000,000
on February
26, 2004
Bht. 537,212,200
on February
10, 2005
Bht. 837,212,200
on May 4,
2011
The
latest registered capital
was increased to Bht. 837,212,200 divided
into 8,372,122 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as
at March 24,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mitr Phol Sugar
Corp., Ltd. Nationality: Thai Address : 2
Sukhumvit 2 Rd.,
Klongtoey, Bangkok |
7,432,106 |
88.77 |
|
Eastern Sugar Co.,
Ltd. Nationality: Thai Address : 78
Charoenkrung 30 Rd.,
Bangrak, Bangkok |
751,123 |
8.97 |
|
Mr. Preecha Chai-anand Nationality: Thai Address : 127
Soi Wat Machamandikaram, Bangsue,
Bangkok |
77,857 |
0.93 |
|
Mr. Pradit Kanchanakamnerd Nationality: Thai Address : 35/1
Moo 10, Thamaka,
Kanchanaburi |
51,904 |
0.62 |
|
Mrs. Vimol Kanchanakamnerd Nationality: Thai Address : 35/1
Moo 10, Thamaka, Kanchanaburi |
51,904 |
0.62 |
|
Mr. Sukkarn Wathanavekin Nationality: Thai Address : 78 Charoenkrung 30 Rd.,
Bangrak, Bangkok |
5,076 |
0.06 |
|
Lady Natthika Wathanavekin Nationality: Thai Address : 159/48
Soi Songsa-ard, Ladyao,
Jatujak, Bangkok |
2,146 |
0.03 |
|
Mr. Soonthorn Wongkusolkij Nationality: Thai Address : 27
Soi Sukhumvit 43,
Sukhumvit Rd.,
Klongtonnua, Wattana, Bangkok |
1 |
- |
|
|
|
|
|
Mr. Vitoon Wongkusolkij Nationality: Thai Address : 102
Soi Sukhumvit 33,
Sukhumvit Rd.,
Klongtonnua, Wattana, Bangkok |
1 |
- |
|
Mr. Isara Wongkusolkij Nationality: Thai Address : 230/6
Soi Sukhumvit 1,
Sukhumvit Rd.,
Klongtoeynua, Wattana, Bangkok |
1 |
- |
|
Mr. Chanin Wongkusolkij Nationality: Thai Address : 125/220
Moo 5, Pakkred,
Nonthaburi |
1 |
- |
|
Mr. Veerajate Wongkusolkij Nationality: Thai Address : 1219/57
Sukhumvit Rd.,
Klongtonnua, Wattana, Bangkok |
1 |
- |
|
Mrs. Amporn Kanchanakamnerd Nationality: Thai Address : 36/15
Soi Aree 4,
Phaholyothin Rd., Samsennai, Wattana,
Bangkok |
1 |
- |
Total Shareholders : 13
Share Structure [as
at March 24,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
13 |
8,372,122 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
13 |
8,372,122 |
100.00 |
NAME
OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Sudwin Panyawongkhanti No.
3534
BALANCE
SHEET [BAHT]
The
financial figures published
for December 31,
2013 & 2012;
October 31, 2011
were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 [Adjusted] |
|
|
|
|
|
|
Cash and Cash Equivalents |
56,799,213 |
122,785,907 |
88,458,018 |
|
Short-term Investment |
- |
65,042,979 |
36,974,024 |
|
Trade Accounts Receivable |
|
|
|
|
- Other related
company |
379,188,350 |
391,411,694 |
410,595,270 |
|
- Related company |
632,541 |
325,508 |
269,725 |
|
Account Receivable - Other related
company |
30,385 |
10,279,403 |
17,237,969 |
|
- Related
company |
38,877,981 |
30,538,017 |
3,830,407 |
|
Long-term Lending to Related Company |
50,000,000 |
50,000,000 |
- |
|
Short-term Lending to Related Company |
138,399,213 |
213,000,000 |
235,000,000 |
|
Inventories |
279,045,599 |
270,331,909 |
357,989,730 |
|
Assets Receivable |
- |
- |
74,988,550 |
|
Refundable Value Added
Tax |
6,683,767 |
8,521,094 |
10,686,087 |
|
Advance Payment |
- |
- |
2,950,635 |
|
Prepaid Expenses |
3,437,046 |
2,621,778 |
3,290,961 |
|
Other Current Assets
|
339,293 |
1,482,427 |
4,627,276 |
|
|
|
|
|
|
Total Current Assets
|
953,433,388 |
1,166,340,716 |
1,246,898,653 |
|
Prepaid Withholding Income Tax |
1,598,121 |
1,519,765 |
- |
|
Investment in Subsidiaries |
547,405,533 |
547,405,533 |
547,405,533 |
|
Investment in Associated |
63,888,000 |
- |
- |
|
Long-term Lending to
Related Company |
1,503,000,000 |
1,445,000,000 |
750,000,000 |
|
Real state for Investment |
7,158,235 |
7,392,258 |
7,665,393 |
|
Other Non-current Assets
Available for
Sale |
- |
4,345,032 |
4,345,039 |
|
Fixed Assets |
584,731,988 |
636,996,548 |
699,506,863 |
|
Advance for Purchase of
Machinery |
1,861,592 |
1,392,297 |
- |
|
Intangible Assets |
8,160,957 |
8,321,853 |
9,257,074 |
|
Other Non-current Assets |
1,492,713 |
1,924,209 |
1,401,144 |
|
Total Assets |
3,672,730,527 |
3,820,638,211 |
3,266,479,699 |
LIABILITIES & SHAREHOLDERS' EQUITY
[BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 [Adjusted] |
|
|
|
|
|
|
Trade Accounts Payable
|
|
|
|
|
- Other company |
51,394,629 |
64,241,022 |
64,620,848 |
|
- Related company |
102,598,124 |
106,543,409 |
109,902,945 |
|
Accounts Payable |
|
|
|
|
- Other company |
51,433,119 |
40,938,227 |
34,429,095 |
|
- Related company |
39,761,622 |
16,586,651 |
10,003,299 |
|
Short-term Loan from
Related Company |
311,410,214 |
481,808,415 |
440,000,000 |
|
Current Portion of Long-term
Loans from Parent Company |
170,000,000 |
170,000,000 |
80,000,000 |
|
Current Portion of Finance
Lease Contract Liabilities |
1,891,228 |
2,440,847 |
20,394,875 |
|
Accrued Income Tax |
- |
- |
11,581,850 |
|
Advance Income |
13,268,043 |
6,084,247 |
8,935,766 |
|
Accrued Expenses |
55,946,024 |
52,019,843 |
81,620,307 |
|
Other Current Liabilities |
2,850,547 |
2,953,730 |
6,547,330 |
|
|
|
|
|
|
Total Current Liabilities |
800,553,550 |
943,616,391 |
868,036,315 |
|
|
|
|
|
|
Long-term Loan from Related Company, Net of
Current Portion |
1,798,000,000 |
1,860,000,000 |
1,285,000,000 |
|
Finance Lease Contract
Liabilities, Net of
Current Portion |
4,722,646 |
8,791,657 |
11,102,500 |
|
Employee Benefits Obligation |
44,823,955 |
61,963,589 |
- |
|
Total Liabilities |
2,648,100,151 |
2,874,371,637 |
2,164,138,815 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 8,372,122 |
837,212,200 |
837,212,200 |
837,212,200 |
|
Capital Paid |
837,212,200 |
837,212,200 |
837,212,200 |
|
Premium on Share Capital |
33,500,000 |
33,500,000 |
33,500,000 |
|
Retained Earning Appropriated for Statutory
Reserve |
8,775,054 |
6,891,327 |
1,927,477 |
|
Unappropriated |
145,143,122 |
68,663,047 |
229,701,207 |
|
Total Shareholders' Equity |
1,024,630,376 |
946,266,574 |
1,102,340,884 |
|
Total Liabilities &
Shareholders' Equity |
3,672,730,527 |
3,820,638,211 |
3,266,479,699 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
Dec. 31,
2013 |
Dec. 31,
2012 |
2011 [Adjusted] |
|
|
|
|
|
|
Sales |
2,194,056,993 |
2,517,118,535 |
2,573,393,126 |
|
Other Income |
194,276,768 |
179,481,318 |
132,643,044 |
|
Total Revenues |
2,388,333,761 |
2,696,590,408 |
2,706,036,170 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,699,198,122 |
2,062,633,628 |
2,026,185,955 |
|
Selling Expenses |
351,140,446 |
403,667,386 |
369,749,953 |
|
Administrative Expenses |
120,483,168 |
126,376,188 |
146,602,519 |
|
Other Expenses |
8,275,237 |
9,445 |
- |
|
Total Expenses |
2,179,096,973 |
2,592,686,647 |
2,542,538,427 |
|
|
|
|
|
|
Profit before Financial Cost & Income Tax |
209,236,788 |
103,913,206 |
163,497,743 |
|
Financial Cost-Interest |
[93,198,437] |
[88,675,767] |
[39,308,732] |
|
|
|
|
|
|
Profit before Income Tax |
116,038,351 |
15,237,439 |
124,189,011 |
|
Income Tax |
- |
- |
[24,912,009] |
|
Net Profit / [Loss] |
116,038,351 |
15,237,439 |
99,277,002 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.19 |
1.24 |
1.44 |
|
QUICK RATIO |
TIMES |
0.83 |
0.94 |
0.91 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.75 |
3.95 |
3.68 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.60 |
0.66 |
0.79 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
59.94 |
47.84 |
64.49 |
|
INVENTORY TURNOVER |
TIMES |
6.09 |
7.63 |
5.66 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
63.08 |
56.76 |
58.24 |
|
RECEIVABLES TURNOVER |
TIMES |
5.79 |
6.43 |
6.27 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
11.04 |
11.37 |
11.64 |
|
CASH CONVERSION CYCLE |
DAYS |
111.98 |
93.23 |
111.09 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
77.45 |
81.94 |
78.74 |
|
SELLING & ADMINISTRATION |
% |
21.50 |
21.06 |
20.07 |
|
INTEREST |
% |
4.25 |
3.52 |
1.53 |
|
GROSS PROFIT MARGIN |
% |
31.41 |
25.19 |
26.42 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.54 |
4.13 |
6.35 |
|
NET PROFIT MARGIN |
% |
5.29 |
0.61 |
3.86 |
|
RETURN ON EQUITY |
% |
11.32 |
1.61 |
9.01 |
|
RETURN ON ASSET |
% |
3.16 |
0.40 |
3.04 |
|
EARNING PER SHARE |
BAHT |
13.86 |
1.82 |
11.86 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.72 |
0.75 |
0.66 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.58 |
3.04 |
1.96 |
|
TIME INTEREST EARNED |
TIMES |
2.25 |
1.17 |
4.16 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(12.83) |
(2.19) |
|
|
OPERATING PROFIT |
% |
101.38 |
(36.45) |
|
|
NET PROFIT |
% |
661.53 |
(84.65) |
|
|
FIXED ASSETS |
% |
(8.20) |
(8.94) |
|
|
TOTAL ASSETS |
% |
(3.87) |
16.97 |
|
ANNUAL
GROWTH : ACCEPTABLE
An annual sales growth is -12.83%. Turnover has decreased from THB
2,517,118,535.00 in 2012 to THB 2,194,056,993.00 in 2013. While net profit has
increased from THB 15,237,439.00 in 2012 to THB 116,038,351.00 in 2013. And
total assets has decreased from THB 3,820,638,211.00 in 2012 to THB
3,672,730,527.00 in 2013.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
31.41 |
Impressive |
Industrial
Average |
16.79 |
|
Net Profit Margin |
5.29 |
Impressive |
Industrial
Average |
4.80 |
|
Return on Assets |
3.16 |
Acceptable |
Industrial
Average |
5.07 |
|
Return on Equity |
11.32 |
Satisfactory |
Industrial
Average |
14.71 |
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 31.41%. 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 5.29%, 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. When compared with the
industry average, it was lower, the
company's figure is 3.16%.
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 11.32%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.19 |
Acceptable |
Industrial
Average |
2.10 |
|
Quick Ratio |
0.83 |
|
|
|
|
Cash Conversion Cycle |
111.98 |
|
|
|
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 1.19 times in 2013, decreased from 1.24 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 0.83 times in 2013,
decreased from 0.94 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 112 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.72 |
Impressive |
Industrial
Average |
1.11 |
|
Debt to Equity Ratio |
2.58 |
Acceptable |
Industrial
Average |
3.10 |
|
Times Interest Earned |
2.25 |
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 2.25 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 0.72 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.75 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.60 |
Deteriorated |
Industrial
Average |
1.88 |
|
Inventory Conversion Period |
59.94 |
|
|
|
|
Inventory Turnover |
6.09 |
Satisfactory |
Industrial
Average |
7.18 |
|
Receivables Conversion Period |
63.08 |
|
|
|
|
Receivables Turnover |
5.79 |
Acceptable |
Industrial
Average |
9.70 |
|
Payables Conversion Period |
11.04 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.79 and 6.43 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
decreased from 2012. This would suggest the company had deteriorated in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 48 days at the
end of 2012 to 60 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 7.63 times in year 2012 to 6.09 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.6 times and 0.66
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
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
: |
DIV |
|
|
|
|
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 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.