MIRA INFORM REPORT
|
Report No. : |
326692 |
|
Report Date : |
12.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
TRC CONSTRUCTION
PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
8 Soi Sukhapiban 5 Soi 32, Tharang, Bangkhen, Bangkok 10220 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
20.11.1998 |
|
|
|
|
Com. Reg. No.: |
0107548000293 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Engineering and Construction Contractor |
|
|
|
|
No. of Employees : |
1,345 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
-- |
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 has
had a strong economy due in part to industrial and agriculture exports - mostly
electronics, agricultural commodities, automobiles and parts, and processed
foods. Thailand 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 both 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. Government approved flood mitigation projects, worth
$11.7 billion, were started in 2012 to prevent a repeat. Thai growth slowed in
2013 and has remained low since, as the country faced political uncertainty and
a coup in May 2014. The interim government is implementing a special $11
billion short-term stimulus package and has approved a budget of more than $80
billion to aid an economic rebound.
|
Source
: CIA |
Company
Name
TRC CONSTRUCTION PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 8
SOI SUKHAPIBAN 5
SOI 32,
THARANG, BANGKHEN,
BANGKOK 10220,
THAILAND
TELEPHONE : [66] 2022-7777
FAX
: [66] 2022-7788
E-MAIL
ADDRESS : trc@trc-con.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1998
REGISTRATION
NO. : 0107548000293 [Former : 0105541073081]
TAX
ID NO. : 3011973141
CAPITAL REGISTERED : BHT. 655,358,932.25
CAPITAL PAID-UP : BHT.
519,086,003.25
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
SMAI LEESAKUL, THAI
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 1,345
LINES
OF BUSINESS : ENGINEERING AND CONSTRUCTION
CONTRACTOR
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was originally
established on November 20,
1998 as a private
limited company under the registered
name “TRC Construction
Company Limited” by Thai groups, with
the business objective
to provide service
of engineering and
construction. On April 25, 2005, its status was converted to a public
limited company, named TRC CONSTRUCTION PUBLIC COMPANY LIMITED,
and was listed on the
Market for Alternative
Investment [MAI] under
the symbol name
“TRC”, on December
22, 2005.
On
April 23, 2013,
TRC has been moved
from MAI to
Stock Exchange of
Thailand [SET]. It currently
employs 1,345 staff.
The subject’s registered address
and operating address
were 14th Floor,
TP&T Tower, 1
Vibhavadi-Rangsit 19 Rd.,
Chatuchak, Bangkok 10900.
On
June 23, 2014,
the subject’s registered address was
relocated to 8
Soi Sukhapiban 5
Soi 32, Tharang,
Bangkhen Bangkok 10220,
and this is
also the subject’s
current operating address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Paichit Rattananon |
[x] |
Thai |
60 |
|
Mr. Pises Sethsathira |
|
Thai |
59 |
|
Mr. Aekkachai Nittayakasetwat |
|
Thai |
52 |
|
Mr. Smai Leesakul |
[x] |
Thai |
60 |
|
Mrs. Podchanee Phaosavasdi |
[x] |
Thai |
54 |
|
Pol. Maj. Gen. Jarumporn Suramanee |
|
Thai |
62 |
|
Mr. Arun Chirachavala |
|
Thai |
62 |
|
Mr. Pasit Leesakul |
[x] |
Thai |
- |
AUTHORIZED
PERSON
Any two of
the mentioned directors
[x] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Smai Leesakul is
the Chief Executive
Officer.
He is Thai
nationality with the
age of 60
years old.
Mrs. Podchanee Phaosavasdi is
the Executive Vice President
and Vice President,
Corporate Affairs
Division.
She is Thai
nationality with the age
of 54 years
old.
Mr. Pasit Leesakul is
the Executive Vice
President and Vice President,
Commercial Division.
He is Thai
nationality.
Mr. Sakda Tantivatthanakul is
the Vice President,
Pipeline Operation Division.
He is Thai nationality.
Mr. Chaveng Reesrikitti is
the Vice President,
Processing Plant Operation
Division.
He is Thai
nationality.
Ms. Ounruen Sujarittham is
the Finance and
Investor Relations Manager
and
Company Secretary.
She is Thai
nationality.
Ms. Rewadee Ardharn is
the Accounting Manager.
She is Thai
nationality.
Mr. Chayut Wattakaphak is
the Vice President,
Corporate Affairs.
He is
BUSINESS
OPERATIONS
The subject
is engaged in
servicing of pipeline
system construction, engineering
system installation, factory
construction in energy and
petrochemical industries, as
well as civil
works, project development &
investment. The projects
are managed by the
subject and coordinates
with local and international partners or forming a
joint venture or consortium.
The nature
of services can be
divided into 5
main types as follows:
1. Engineering
service
2. Procurement
service
3. Construction
service
4. Construction
management service
5. Project
development and investment
As of
December 2014, the
subject had projects
on hand as the
followings:
1. 450 TPD Biodiesel Plant
2. Provincial GasTransmission Pipeline to
Nakhon Ratchasima
(The Project value 4,433.65 MB and USD 103.45
Million)
3. The New Incinerator Project
4. Navanakorn-Rangsit Interconnecting Gas
Pipeline Project (The Project value 834.01
MB
and USD 7.55 Million).
5. Natural Gas Pressure Reduction Station
Pipeline Project
6. Design, Construction, Installation
and Test Works for the Pipeline Distribution System
from CUP-1 to PPCL #2
7. Construction Phase for Remaining GAS
8. Design for UACJ & Delong
PURCHASE
100%
of engineering and
construction materials are
purchased from local
suppliers and agents.
MAJOR
SUPPLIERS
Thai
Pressure Vessel and
Steel Work Co.,
Ltd. : Thailand
Thai
Metal Trade Public
Company Limited :
Thailand
REVENUE
STRUCTURE
[Company and
Subsidiaries]
|
|
2014 |
2013 |
||
|
Income |
Amount Million Baht |
% |
Amount Million Baht |
% |
|
|
|
|
|
|
|
1.Sales & services income |
|
|
|
|
|
1.1 Pipeline system
construction |
2,551.24 |
81.57 |
1,999.86 |
79.49 |
|
1.2
Engineering system Installation & factory construction |
6.93 |
0.22 |
246.96 |
9.81 |
|
1.3 Civil works
construction |
507.12 |
16.21 |
226.60 |
9.01 |
|
1.4 Other services |
30.06 |
0.96 |
8.00 |
0.32 |
|
Total sales and
services |
3,095.35 |
98.96 |
2,481.42 |
98.63 |
|
2. Interest income |
3.92 |
0.13 |
2.54 |
0.10 |
|
3. Investment in Associate |
- |
- |
- |
- |
|
4. Other income |
28.47 |
0.91 |
32.02 |
1.27 |
|
Total Revenue |
3,127.74 |
100.00 |
2,515.98 |
100.00 |
SUBSIDIARY
AND AFFILIATED COMPANIES
Sahakarn Wisavakorn Co.,
Ltd.
Business Type :
Public utility & general construction
service
Investment : The
subject is holding
99.99% of the
company’s shares.
TRC Investment Ltd.
Business Type :
Investment and bidding
of new project
in Republic of
Mauritius
Investment : The
subject is holding
100% of the
company’s shares.
TRC International Ltd.
Business Type :
Investment and bidding
of new project
in Hong Kong
Investment : The
subject is holding
100% of the
company’s shares.
TRC Engineering LLC
Business Type :
Construction service in
Sultanate of Oman
Investment : The
subject is holding
70.00% of the
company’s shares.
TRC Middle East
LLC
Business Type :
Construction service in
Sultanate of Oman
Investment : The
subject is holding
60.00% of the
company’s shares.
ASSOCIATED
COMPANIES
Thai Pressure Vessel
and Steel Work
Co., Ltd.
Business Type :
Manufacturer and fabrication
of steel works
SKK Joint Venture
Co., Ltd.
Business Type :
Construction service
Sinopec-TRC Joint Venture
Co., Ltd.
Business Type :
Construction service
LITIGATION
Court ordered on June
8, 2009 between the Asia
Credit Public Co., Ltd. as
a plaintiff with the first defendant, Mr. Smai Leesakul, the second defendant Yanyong Ratananond, the
third defendant Mrs. Prapaipan
Samrongthong and the
fourth defendants Mr. Narong Prapayont.
Court judged the
first defendant to pay the
plaintiff of
3,000,000 Baht plus 21
percent interest
from December 1, 2009
onwards until full payment is
made, and the interest
until the filed
date, August 20, 2002,
must not exceed 12,894,575.34 baht, at the requested of the plaintiff.
Court judged the second
and the third defendant an
obligation to redeem the pledge of
the first defendant at the amount of
6500000 Baht plus 21 percent interest
per annum from the date of December 1, 1997 onwards.
Court judged the
fourth defendant an obligation to redeem the pledge of the first defendant at the
amount of 3,000,000 Baht plus 21
percent interest per annum from the date of December 1, 1997 onwards.
If the four defendants fail to settle the full
payment, detention of the second, third and
fourth defendant’s common
shares, in which
were pledged with
the plaintiff, would be
made.
Herein, it is to manage
the assets of the debtor, bailiff or any other powerful person
under the
law in this Court shall be
the leader in auction
of the assets of the four defendants to
pay plaintiff at
the full amount,
as well as the defendants must pay
lawyer and court fee of
212,580 Baht for the plaintiff, but the four defendants denied.
On Noverber 25, 2010
Court decided case on the red case number 58/2547 between the Asia Credit Public Co., Ltd., as plaintiff and defendants. Court appointed an officer
forfeiture of property TRC
Construction Public Company Limited share certificate number 18900100000063 and 08900100000072 valued at
4.20 baht per
share with the
total of 2,700,000
shares under the name of the
first defendant, Mr. Smai Leesakul.
Subscribe to this note an officer recorded
of shares suspension to alienation or give rise to legal
obligations of any on such
shares until the court would have
otherwise.
CREDIT
Sales and services
are depended on
agreement.
Local bills are
paid by cash
or on the
credits term of
30-60-90 days.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Kasikornbank
Public Co., Ltd.
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The subject currently employs 1,345
office staff, engineers
and service workers.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located
in commercial/residential area.
COMMENT
TRC was
awarded for the several large scale
projects, as well
as developing the business
operations and enhance
the sustainable and stable
growth to achieve
the target of being
the leading natural
gas pipeline, petrochemical
and energy industries contractor.
The company has expanded
its business to
abroad through the cooperation
with both domestic
and international partners.
Overall construction
industry in 2014 valued Baht 994,500 - 1,018,500 million,
representing the growth
of around 2.5-5.0%. Such growth
reflected a declining rate
compared with 2013 due
to several risk
factors, including political
instability affecting economic
direction.
Although the overall
construction industry is likely to continuously expand, there are some other factors that may affect the
industry’s market direction. For
example, the risk from the fragility
of the world economy, political factors that may
affect public construction projects, and the
clarity of government
policies related to investment.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each
with
fully paid.
The
capital was increased
and decreased later
as follows:
Bht. 120,000,000 on August
22, 2005
Bht. 154,000,000 on April
11, 2007
Bht. 256,666,667 on April
12, 2007
Bht. 337,699,934 on May
13, 2008
Bht. 471,502,434 on May
10, 2012
Bht. 336,585,589 on April
26, 2013
Bht. 425,514,868.50 on April 29,
2013
Bht. 423,741,039 on October
7, 2014 [decreased]
Bht. 655,358,932.25 on May 8,
2015
The
latest registered capital
is at Bht.
655,358,932.25 divided into 5,242,871,458
shares of Bht. 0.125
each, with the
current capital paid-up
at Bht. 519,086,003.25.
MAIN
SHAREHOLDERS
[as at May
15, 2015] at
Bht. 415,268,803 of
capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
K.P.K. 1999 Co.,
Ltd. |
839,915,264 |
25.28 |
|
Samlee Corporation |
396,399,996 |
11.93 |
|
Thai NVDR Co.,
Ltd. |
252,178,580 |
7.59 |
|
Citibank Nominees Singapore
Pte. Ltd. - London Branch |
111,378,240 |
3.35 |
|
Mr. Anonchai Veeraprawat |
100,000,000 |
3.01 |
|
Mr. Wichit Chinwongworakul |
67,852,800 |
2.04 |
|
Ms. Petcharat Janyathampod |
60,707,000 |
1.83 |
|
The Hong Kong
and Shanghai Banking
Corporation Limited, Singapore |
35,655,744 |
1.07 |
|
Mrs. Sirikan Sakdidej Panupan
Na Ayuthaya |
27,545,600 |
0.83 |
|
Mr. Saran Prakayrungthong |
24,560,000 |
0.74 |
|
Ms. Pornchuen Hasatham |
22,902,960 |
0.69 |
|
Mr. Smai Leesakul |
22,651,360 |
0.68 |
|
Others |
1,360,402,880 |
40.96 |
Total Shareholders :
6,237
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Rungnapa Lertsuwankul No.
3516
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and cash equivalent |
455,659,376 |
38,165,761 |
20,688,975 |
|
Current Investment Term deposits at financial institutions |
36,796 |
36,434 |
36,076 |
|
Trade and other
receivable |
724,579,493 |
93,087,803 |
354,740,586 |
|
Unbilled receivable |
379,839,282 |
700,263,330 |
771,079,242 |
|
Accounts
receivable-retention under construction contracts |
72,633,202 |
101,072,482 |
70,907,251 |
|
Advanced paid subcontractors under
construction contracts |
8,149,747 |
6,118,217 |
40,163,784 |
|
Construction in progress |
16,106,866 |
2,357,887 |
5,756,102 |
|
Construction supplies |
18,653,108 |
67,345,169 |
63,597,659 |
|
Short-term lending to
related party |
36,668,256 |
36,427,917 |
36,131,962 |
|
Withholding tax deducted
at source |
14,416,816 |
17,928,269 |
30,787,646 |
|
Other current assets |
26,934,275 |
24,403,463 |
26,148,917 |
|
|
|
|
|
|
Total Current Assets
|
1,753,677,217 |
1,087,206,732 |
1,420,038,200 |
|
|
|
|
|
|
Restricted deposits at
financial institutions |
13,672,618 |
47,297,628 |
49,422,895 |
|
Investment in subsidiaries |
175,412,221 |
173,045,558 |
172,328,483 |
|
Investment in joint
ventures |
2,375,587 |
- |
- |
|
Property, plant and
equipment |
425,450,291 |
281,810,232 |
185,933,052 |
|
Intangible assets |
8,519,891 |
5,449,501 |
5,094,107 |
|
Deferred tax assets |
8,649,645 |
7,063,913 |
6,046,966 |
|
Other non-current assets |
3,891,759 |
6,356,239 |
3,441,168 |
|
Total Assets |
2,391,649,229 |
1,608,229,803 |
1,842,304,871 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade and other
payables |
384,015,604 |
191,886,618 |
230,416,067 |
|
Unbilled payable |
310,509,538 |
64,825,727 |
163,983,012 |
|
Unearned construction revenue |
149,396,081 |
33,488,325 |
- |
|
Accounts payable-retention under
construction contracts
|
16,721,663 |
7,604,883 |
26,764,433 |
|
Advances received from
customers under construction contracts
|
105,307,263 |
189,094,968 |
428,764,264 |
|
Short-term loans from related
party |
- |
- |
44,000,000 |
|
Current portion of long-term loans |
26,000,000 |
19,500,000 |
- |
|
Provision for liabilities
under construction projects |
19,660,306 |
16,159,428 |
10,790,432 |
|
Current portion of
liabilities under finance lease
agreements |
8,360,391 |
- |
88,858 |
|
Other Current Liabilities |
49,073,270 |
10,351,887 |
26,313,233 |
|
|
|
|
|
|
Total Current Liabilities |
1,069,044,116 |
532,911,836 |
931,120,299 |
|
Long-term loans-net of
current portion |
4,500,000 |
30,500,000 |
- |
|
Provision for long-term
employee benefits |
23,587,920 |
19,160,139 |
19,444,399 |
|
Provision for litigation |
20,000,000 |
20,000,000 |
20,000,000 |
|
Total Liabilities |
1,117,132,036 |
602,571,975 |
970,564,698 |
|
|
2014 |
2013 |
2012 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
Share capital |
|
|
|
|
Registered 851,029,737 ordinary
shares of Baht 0.50 each 471,502,434 ordinary
shares of Baht 1 each]
|
425,514,868 |
425,514,868 |
471,502,434 |
|
Issued and
paid-up |
|
|
|
|
822,613,706 ordinary shares of Baht 0.50 each
|
411,306,853 |
|
|
|
816,586,773 ordinary
shares of Baht 0.50 each
|
|
408,293,386 |
|
|
336,585,589 ordinary
shares of Baht 1 each] |
|
|
336,585,589 |
|
Share premium |
280,461,204 |
257,908,880 |
197,036,756 |
|
Capital reserve for
shares-based payment |
25,956,932 |
8,239,851 |
- |
|
Subscription received in
advance from exercise of
warrants |
10,723,061 |
- |
- |
|
Retained Earnings Appropriated for
statutory reserve |
41,130,685 |
38,258,410 |
34,158,410 |
|
Unappropriated |
504,938,458 |
292,957,301 |
303,959,418 |
|
Total Shareholders' Equity |
1,274,517,193 |
1,005,657,828 |
871,740,173 |
|
Total Liabilities &
Shareholders' Equity |
2,391,649,229 |
1,608,229,803 |
1,842,304,871 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Construction services income |
2,393,920,166 |
1,840,954,468 |
2,393,823,867 |
|
Interest income |
8,995,298 |
6,080,395 |
4,180,099 |
|
Dividend income |
- |
- |
406,459 |
|
Other income |
14,980,203 |
30,335,157 |
12,305,829 |
|
Total Revenues |
2,417,895,667 |
1,877,370,020 |
2,410,716,254 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of construction services
|
1,858,968,248 |
1,513,758,405 |
2,053,262,071 |
|
Administrative expenses |
225,550,628 |
162,062,045 |
122,994,696 |
|
Doubtful debt |
4,119,222 |
75,751,136 |
- |
|
Total Expenses |
2,088,638,098 |
1,751,571,586 |
2,176,256,767 |
|
|
|
|
|
|
Profit before Financial
Cost & Income Tax |
329,257,569 |
125,798,434 |
234,459,487 |
|
Financial Cost |
[1,617,413] |
[691,025] |
[1,394,452] |
|
Profit before Income
Tax |
327,640,156 |
125,107,409 |
233,065,035 |
|
Income Tax |
[71,971,385] |
[43,780,139] |
[54,113,771] |
|
|
|
|
|
|
Net Profit / [Loss] |
255,668,771 |
81,327,270 |
178,951,264 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.64 |
2.04 |
1.53 |
|
QUICK RATIO |
TIMES |
1.53 |
1.76 |
1.35 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.63 |
6.53 |
12.87 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.00 |
1.14 |
1.30 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
6.82 |
16.81 |
12.33 |
|
INVENTORY TURNOVER |
TIMES |
53.48 |
21.72 |
29.61 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
110.48 |
18.46 |
54.09 |
|
RECEIVABLES TURNOVER |
TIMES |
3.30 |
19.78 |
6.75 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
75.40 |
46.27 |
40.96 |
|
CASH CONVERSION CYCLE |
DAYS |
41.90 |
(11.00) |
25.46 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
77.65 |
82.23 |
85.77 |
|
SELLING & ADMINISTRATION |
% |
9.42 |
8.80 |
5.14 |
|
INTEREST |
% |
0.07 |
0.04 |
0.06 |
|
GROSS PROFIT MARGIN |
% |
23.35 |
19.75 |
14.93 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
13.75 |
6.83 |
9.79 |
|
NET PROFIT MARGIN |
% |
10.68 |
4.42 |
7.48 |
|
RETURN ON EQUITY |
% |
20.06 |
8.09 |
20.53 |
|
RETURN ON ASSET |
% |
10.69 |
5.06 |
9.71 |
|
EARNING PER SHARE |
BAHT |
0.31 |
0.10 |
0.53 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.47 |
0.37 |
0.53 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.88 |
0.60 |
1.11 |
|
TIME INTEREST EARNED |
TIMES |
203.57 |
182.05 |
168.14 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
30.04 |
(23.10) |
|
|
OPERATING PROFIT |
% |
161.73 |
(46.35) |
|
|
NET PROFIT |
% |
214.37 |
(54.55) |
|
|
FIXED ASSETS |
% |
50.97 |
51.57 |
|
|
TOTAL ASSETS |
% |
48.71 |
(12.71) |
|
ANNUAL
GROWTH: EXCELLENT
An annual sales growth is 30.04%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
23.35 |
Satisfactory |
Industrial Average |
30.35 |
|
Net Profit Margin |
10.68 |
Impressive |
Industrial Average |
7.45 |
|
Return on Assets |
10.69 |
Impressive |
Industrial Average |
6.20 |
|
Return on Equity |
20.06 |
Satisfactory |
Industrial Average |
24.32 |
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 23.35%. 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. Net Profit Margin ratio is 10.68%,
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
10.69%, 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. When compared with the
industry average, it was lower, the company's figure is 20.06%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
1.64 |
Impressive |
Industrial Average |
1.14 |
|
Quick Ratio |
1.53 |
|
|
|
|
Cash Conversion Cycle |
41.90 |
|
|
|
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 1.64 times in 2014, decrease from 2.04 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 1.53 times in 2014,
increase from 1.76 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 42 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.47 |
Impressive |
Industrial Average |
0.79 |
|
Debt to Equity Ratio |
0.88 |
Impressive |
Industrial Average |
3.64 |
|
Times Interest Earned |
203.57 |
Impressive |
Industrial Average |
- |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 203.58 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 0.47 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 Uptrend
Times Interest Earned Stable
ACTIVITY:
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
5.63 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.00 |
Impressive |
Industrial Average |
(0.16) |
|
Inventory Conversion Period |
6.82 |
|
|
|
|
Inventory Turnover |
53.48 |
Impressive |
Industrial Average |
(1.42) |
|
Receivables Conversion Period |
110.48 |
|
|
|
|
Receivables Turnover |
3.30 |
Impressive |
Industrial Average |
(0.13) |
|
Payables Conversion Period |
75.40 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.30 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 17 days at the
end of 2013 to 7 days at the end of 2014. This represents a positive trend. And
Inventory turnover has increased from 21.72 times in year 2013 to 53.48 times
in year 2014.
The company's Total Asset Turnover is calculated as 1 time and 1.14
times in 2014 and 2013 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.89 |
|
|
1 |
Rs.98.90 |
|
Euro |
1 |
Rs.72.31 |
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.