MIRA INFORM REPORT
|
Report No. : |
310220 |
|
Report Date : |
09.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAHA THAI STEEL PIPE PUBLIC COMPANY LIMITED |
|
|
|
|
Formerly Known As : |
SAHA THAI STEEL PIPE COMPANY LIMITED |
|
|
|
|
Registered Office : |
78 Moo 3, Poochaosamingprai Road, Bangyapraek, Phrapradaeng, Samutprakarn 10130 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
01.04.1968 |
|
|
|
|
Com. Reg. No.: |
0107548000463 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Distributor of
Steel Pipes. |
|
|
|
|
No. of Employees : |
650 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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 and address
SAHA THAI STEEL PIPE PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 78
MOO 3, POOCHAOSAMINGPRAI ROAD,
BANGYAPRAEK, PHRAPRADAENG,
SAMUTPRAKARN 10130,
THAILAND
TELEPHONE : [66] 2385-9023,
2385-9282-7, 2754-4138
FAX :
[66] 2385-9288,
2754-4100
E-MAIL
ADDRESS : sale@sahathai.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1968
REGISTRATION
NO. : 0107548000463 [Former : 223/2511]
TAX
ID NO. : 3271001394
CAPITAL REGISTERED : BHT. 1,000,000,000
CAPITAL PAID-UP : BHT. 750,000,000
SHAREHOLDER’S PROPORTION : THAI :
98.21%
CHINESE :
1.79%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : MR.
SOMCHAI KARUCHIT, THAI
MANAGING
DIRECTOR
NO.
OF STAFF : 650
LINES
OF BUSINESS : STEEL
PIPES
MANUFACTURER,
EXPORTER AND DISTRIBUTOR
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 originally
established on April
1, 1968 as
a private limited
company under the registered
name “Saha Thai
Steel Pipe Company
Limited” with the
business objective to manufacture and
distribute steel pipe
to both domestic
and international markets.
It was formed
by a group of
more than 30
furniture manufacturers, with
a main purpose to produce
steel pipe used as raw materials
for furniture manufacture. Therefore,
the company is the first
steel pipe manufacturer
in Thailand.
On
June 27, 2005,
subject’s status was
converted to a
public limited company,
under the name SAHA
THAI STEEL PIPE
PUBLIC COMPANY LIMITED.
It currently employs
650 staff.
The
subject achieved both
local and international
standards as follows:
Domestic
Standard Certifications by
The Thai Industrial
Standard Institute [TISI]
-
TIS 276-2532
steel pipes
-
TIS 277-2532
galvanized steel pipes
-
TIS 107-2533
hollow structural steel
sections
-
TIS 1228-2549
cold formed structural
steel sections lip
channel steel
International Standard
Certifications
-
ISO 9001 : 2008
by Bureau Veritas
Quality International [BVQI]
-
ASTM
[American Society for
Testing and Materials]
-
JIS [Japanese
Industrial Standards]
-
DIN
[Deutsches Institut fur
Normung]
-
UL [Underwriters
Laboratories Inc. R]
-
BS [British
Standard]
-
AS/NZS [Australian
Standard/ New Zealand Standard]
-
API [American
Petroleum Institute]
The subject’s registered address is 78 Moo
3, Poochaosamingprai Rd., Bangyapraek,
Phrapradaeng, Samutprakarn 10130,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somchai Karuchit |
[x] : Chairman |
Thai |
84 |
|
Mr. Limsiem Ampaphankit |
[x] |
Thai |
83 |
|
Mr. Lib Prapinthip |
|
Thai |
76 |
|
Mr. Chairat Chongyangyuenvong |
[x] |
Thai |
51 |
|
Mr. Wichit Ratanasirivilai |
[x] |
Thai |
54 |
|
Mr. Suchin Ratanasirivilai |
|
Thai |
46 |
|
Mr. Yuth Vorachattarn |
|
Thai |
67 |
|
Mr. Chai Jarungtanapibal |
|
Thai |
61 |
|
Mr. Vithit Leenutaphong |
|
Thai |
60 |
AUTHORIZED
PERSON
Two of the
above directors [x] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Somchai Karuchit is
the Managing Director.
He is Thai
nationality with the
age of 84
years old.
Mr. Thaweesak Karuchit is
the Executive Director,
Finance & Accounting.
He is Thai
nationality.
Mr.
Chairat Chongyangyuenvong is the
Executive Director, Operation
& Development.
He is Thai
nationality with the
age of 51
years old.
Mr. Worawut Lamatipanont is
the Executive Director,
Sales & Marketing.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject
is engaged in
manufacturing of steel
pipes, which are
divided into 3
main products: black
steel pipe, galvanized
steel pipe and
furniture steel pipe,
with 49%, 31% and
0.2% of total
sales respectively, as
well as blue-painted
steel pipe, to be used
as a raw material
for furniture productions,
decoration purpose, construction
and automotive industries,
under its own
brand “STS”.
PRODUCTION
CAPACITY
300,000 tons
per annum
REFERENCE
PROJECTS
Bangkok Mass
Transit System
Mass Rapid
Transit Authority of
Thailand
Suvarnabhumi Airport
Paragon Shopping
Center
PURCHASE
70% of raw
materials are purchased
from local suppliers,
the remaining 30%
including steel and chemical
are imported from Republic
of China, Japan, Taiwan, Korea, Germany, Brazil,
and Australia.
MAJOR SUPPLIERS
N.S.C. Nippon Co.,
Ltd. : Japan
China Steel Co.,
Ltd. : Taiwan
Thai Cold Rolled
Steel Sheet Public
Company Limited :
Thailand
Sahaviriya Steel Industries
Public Company Limited : Thailand
SALES
Its products are
sold to construction
contractors and
manufacturers both locally
and overseas, in Singapore,
U.S.A., Hong Kong, Republic
of China, Taiwan, United
Kingdom, Germany, Denmark, Canada, Australia, India, Indonesia, Brunei
and Middle East countries.
MAJOR CUSTOMERS
C.M.C Steel Trading
Co., Ltd. :
Thailand
S. Charoenkit Metal [1981]
Co., Ltd. : Thailand
Rungsiam Steel [2540]
Co., Ltd. :
Thailand
Steelareus Co., Ltd. : Thailand
Chaicharoen Steel Co.,
Ltd. : Thailand
Sripoonthong Co., Ltd. :
Thailand
Top Steel Enterprise
Co., Ltd. :
Thailand
Royal Steel Trade
Co., Ltd. :
Thailand
Lohacharoen Co., Ltd. : 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
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
[Head Office :
333 Silom Rd.,
Bangrak, Bangkok 10500]
Kasikornbank
Public Co., Ltd.
[Head Office :
1 Kasikorn Lane, Rajburana
Rd., Rajburana, Bangkok
10140]
Bank
of Ayudhya Public
Co., Ltd.
[Head Office
: 1222 Rama
3 Rd., Bangpongpang, Yannawa, Bangkok 10120]
The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office :
9 Ratchadaphisek Rd., SCB
Park, Chatuchak, Bangkok]
EMPLOYMENT
The
subject employs approximately
650 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office,
factory I and warehouse
at the heading
address. Premise is
located in an
industrial area.
Factory
II is located at
224 Moo 5,
T. Lamsai, A.
Wangnoi, Ayutthaya 13170.
Tel.:
[66] 35 272-441
Fax: [66] 35
271-441
COMMENT
The
company was formed in
1968 as a manufacturer,
exporter and distributor
of steel pipes. Over
40 years experience,
it has committed to
produce quality products
and gained trustworthiness from
customers. The company has strongly
built customer’s base both
domestic and international. At
present, the company
is the largest
manufacturer and distributor
of steel pipe in
Thailand, with export
volumes of 70%
approximately. It is
also the biggest
exporter of steel
pipe in the
country, as well
as the sole
exporter of steel
pipe to USA.
Increasing
of steel pipe
consumption from industrial
expanded has sustained
its strong business
in the past years
as well as
long-term prospect.
FINANCIAL
INFORMATION
The capital was registered
at Bht. 3,000,000
divided into 300
shares of Bht. 10,000
each.
The capital was increased
later as following:
Bht. 45,000,000 on
January 3, 1978
Bht. 90,000,000 on
August 18, 1982
The
latest registered capital
was increased to
Bht. 1,000,000,000 divided
into
1,000,000,000 shares
of Bht. 1
each, with the
current paid-up capital
at Bht.
750,000,000.
THE
SHAREHOLDERS LISTED WERE
[as
at January 19,
2015] at Bht.
750 million of
capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Wichit Ratanasirivilai Nationality: Thai Address : 274
Rama 2 Soi
3, Rama 2
Road,
Bangmod, Jomthong, Bangkok |
238,823,698 |
31.84 |
|
Mr. Somchai Karuchit Nationality: Thai Address : 120/1-2
Theparak Rd., Bangmuang,
Muang, Samutprakarn |
86,557,000 |
11.54 |
|
Mrs. Sunantha Lamatipanont Nationality: Thai Address : 575/4
Moo 8, Bangpakok,
Rajburana, Bangkok |
30,302,000 |
4.04 |
|
Mr. Amornsak Ampaphankit Nationality: Thai Address : 6
Srinakarin Road, Nongbon,
Prawet, Bangkok |
16,665,100 |
2.22 |
|
Mrs. Chanida Chaiyakarn Nationality: Thai Address : 49
Soi Klongnamkaew, Samsennok,
Huaykwang, Bangkok |
16,000,000 |
2.13 |
|
Mrs. Duangta Chongyangyuenvong Nationality: Thai Address : 49
Soi Klongnamkaew, Samsennok,
Huaykwang, Bangkok |
15,454,020 |
2.06 |
|
Mr. Kimhua Saeheng Nationality: Chinese Address : 1702-6
Banthadthong Rd., Wangmai,
Pathumwan, Bangkok |
13,391,969 |
1.79 |
|
Mr. Wichai Ratanasirivilai Nationality: Thai Address : 87/6 Moo 8,
Bangmod, Jomthong, Bangkok |
13,391,969 |
1.79 |
|
Mr. Wicharn Ratanasirivilai Nationality: Thai Address : 87/4 Moo 8,
Bangmod, Jomthong, Bangkok |
13,391,969 |
1.79 |
|
Mr. Winai Ratanasirivilai Nationality: Thai Address : 87/8 Moo 8,
Bangmod, Jomthong, Bangkok |
13,391,969 |
1.79 |
|
Mr. Wirat Ratanasirivilai Nationality: Thai Address : 87/5 Moo 8,
Bangmod, Jomthong, Bangkok |
13,391,969 |
1.79 |
|
Mr. Wiroj Ratanasirivilai Nationality: Thai Address : 87/2 Moo 8,
Bangmod, Jomthong, Bangkok |
13,391,969 |
1.79 |
|
Mr. Wimol Ratanasirivilai Nationality: Thai Address : 87/3 Moo 8,
Bangmod, Jomthong, Bangkok |
13,391,969 |
1.79 |
|
Mr. Wipong Ratanasirivilai Nationality: Thai Address : 87/9 Moo 8,
Bangmod, Jomthong, Bangkok |
13,391,969 |
1.79 |
|
Others |
239,062,430 |
31.85 |
Total Shareholders : 78
Share Structure [as at January 19,
015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
77 |
736,608,031 |
98.21 |
|
Foreign-Chinese |
1 |
13,391,969 |
1.79 |
|
Total |
78 |
750,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.:
Mr. Somkid Tiatrakul No. 2785
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Cash in Hand
& at Bank |
44,242,582 |
44,442,242 |
27,934,513 |
|
Cash at bank pledged as a
Collateral |
73,905,952 |
- |
- |
|
Trade Accounts Receivable - Others |
471,476,085 |
346,168,620 |
381,907,846 |
|
- Related
Company |
136,873,380 |
26,618,840 |
75,842,764 |
|
Other Receivable-Related Company |
115,684,475 |
66,776,334 |
38,388,304 |
|
Inventories |
2,541,282,087 |
1,739,809,162 |
2,199,595,754 |
|
Short-term Lending-Related Company |
- |
- |
20,000,000 |
|
Refundable Value Added
Tax |
1,929,607 |
21,670,368 |
15,068,671 |
|
Advance Payment for
Purchase Inventories |
19,931,452 |
13,794,194 |
21,805,663 |
|
Compensation Income |
28,011,872 |
9,705,939 |
|
|
Other Current Assets
|
12,592,471 |
10,020,912 |
9,039,521 |
|
|
|
|
|
|
Total Current Assets
|
3,445,929,963 |
2,279,006,611 |
2,789,583,036 |
|
|
|
|
|
|
Investment in Subsidiaries |
457,999,400 |
119,999,400 |
118,000,000 |
|
Advance for Machinery |
3,520,061 |
5,614,666 |
11,135,512 |
|
Cash Paid for Purchase of Land |
1,501,000,369 |
1,388,524,960 |
- |
|
Fixed Assets |
45,073,450 |
27,995,000 |
1,300,055,853 |
|
Computer Programme |
3,582,366 |
3,034,978 |
3,964,257 |
|
Withholding Income Tax |
1,366,542 |
- |
3,007,021 |
|
Other Non-current Assets |
16,033,920 |
16,925,420 |
11,485,500 |
|
Total Assets |
5,474,506,071 |
3,841,101,035 |
4,237,231,179 |
LIABILITIES & SHAREHOLDERS' EQUITY
[BAHT]
|
Current
Liabilities |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Bank |
3,241,777,774 |
1,651,927,541 |
2,230,182,742 |
|
Trade Accounts Payable - Others |
339,889,050 |
262,411,973 |
439,258,667 |
|
- Related
Company |
423,032 |
1,708 |
26,104 |
|
Related Company Payable |
979,525 |
1,580,492 |
2,340,940 |
|
Current Portion of Financial
Lease Contract Liabilities |
2,074,187 |
5,471,190 |
6,673,341 |
|
Current Portion of
Employee Benefit Obligation |
- |
515,923 |
1,489,041 |
|
Deposit from Customers |
55,793,419 |
3,637,559 |
2,558,216 |
|
Related Company |
15,066,150 |
- |
- |
|
Accrued Income Tax |
- |
70,813,791 |
11,305,580 |
|
Accrued Expenses |
29,970,953 |
78,076,147 |
52,006,219 |
|
Other Current Liabilities |
3,326,445 |
1,751,684 |
3,467,380 |
|
|
|
|
|
|
Total Current Liabilities |
3,689,300,535 |
2,076,187,008 |
2,749,308,230 |
|
Financial Lease Contract Liabilities, Net of
Current Portion |
3,968,063 |
6,042,250 |
3,496,061 |
|
Employee Benefit Obligation |
18,355,560 |
11,197,220 |
4,414,831 |
|
Deferred Income Tax
Liabilities |
116,123,114 |
117,396,513 |
- |
|
Total Liabilities |
3,827,747,272 |
2,210,822,991 |
2,757,219,122 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1 par
value Authorized &
issued share capital
1,000,000,000 shares
|
1,000,000,000 |
1,000,000,000 |
1,000,000,000 |
|
|
|
|
|
|
Capital Paid |
750,000,000 |
750,000,000 |
750,000,000 |
|
Retained Earning Appropriated for Statutory Reserve |
75,000,000 |
75,000,000 |
71,163,330 |
|
Unappropriated |
342,200,452 |
325,719,697 |
75,862,942 |
|
Other Components of Shareholders’ Equity |
479,558,347 |
479,558,347 |
582,985,785 |
|
Total Shareholders' Equity |
1,646,758,799 |
1,630,278,044 |
1,480,012,057 |
|
Total Liabilities &
Shareholders' Equity |
5,474,506,071 |
3,841,101,035 |
4,237,231,179 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Sales Income |
6,757,536,943 |
5,710,482,782 |
3,756,841,374 |
|
Service Income |
- |
7,221,910 |
17,801,397 |
|
Export Income |
103,880,451 |
272,042,345 |
151,576,966 |
|
Total Revenues |
6,861,417,394 |
5,989,747,037 |
3,926,219,737 |
|
Cost of Sold & Service |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
6,122,764,562 |
5,095,491,497 |
3,349,330,079 |
|
Cost of Service |
- |
884,416 |
9,139,332 |
|
Export Expenses |
99,296,708 |
271,370,122 |
146,040,574 |
|
Total Cost of Sold
& Service |
6,222,061,270 |
5,367,746,035 |
3,504,509,985 |
|
|
|
|
|
|
Gross Margin |
639,356,124 |
622,001,002 |
421,709,752 |
|
Gain(loss) on Exchange |
[268,204,553] |
81,465,002 |
- |
|
Tax Compensation |
21,414,071 |
23,593,065 |
5,422,032 |
|
Other Income |
64,070,601 |
59,879,172 |
49,893,740 |
|
Profit Before Expenses |
456,636,243 |
786,938,241 |
477,025,524 |
|
|
|
|
|
|
Selling Expenses |
25,561,435 |
119,662,916 |
72,755,325 |
|
Administrative Expenses |
321,521,940 |
280,469,385 |
188,901,981 |
|
Management Remuneration |
- |
- |
24,466,430 |
|
Profit/[Loss] on Exchange Rate |
- |
- |
42,846,359 |
|
Total Expenses |
347,083,375 |
400,132,301 |
328,970,095 |
|
Profit before Financial
Cost & Income Tax |
109,552,868 |
386,805,940 |
148,055,429 |
|
Financial Cost |
[69,253,326] |
[49,172,204] |
[59,160,894] |
|
Profit before Income
Tax |
40,299,542 |
337,633,736 |
88,894,535 |
|
Income Tax |
[8,818,787] |
[78,080,947] |
[12,091,980] |
|
|
|
|
|
|
Net Profit / [Loss] |
31,480,755 |
259,552,789 |
76,802,555 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.93 |
1.10 |
1.01 |
|
QUICK RATIO |
TIMES |
0.23 |
0.23 |
0.19 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
152.23 |
213.96 |
3.02 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.25 |
1.56 |
0.93 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
149.08 |
118.30 |
229.09 |
|
INVENTORY TURNOVER |
TIMES |
2.45 |
3.09 |
1.59 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
25.08 |
21.09 |
35.50 |
|
RECEIVABLES TURNOVER |
TIMES |
14.55 |
17.30 |
10.28 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
19.94 |
17.84 |
45.75 |
|
CASH CONVERSION CYCLE |
DAYS |
154.22 |
121.56 |
218.85 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
90.68 |
89.62 |
89.26 |
|
SELLING & ADMINISTRATION |
% |
5.06 |
6.68 |
6.66 |
|
INTEREST |
% |
1.01 |
0.82 |
1.51 |
|
GROSS PROFIT MARGIN |
% |
6.66 |
13.14 |
12.15 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
92.28 |
96.07 |
93.03 |
|
NET PROFIT MARGIN |
% |
0.46 |
4.33 |
1.96 |
|
RETURN ON EQUITY |
% |
1.91 |
15.92 |
5.19 |
|
RETURN ON ASSET |
% |
0.58 |
6.76 |
1.81 |
|
EARNING PER SHARE |
BAHT |
0.04 |
0.35 |
0.10 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.70 |
0.58 |
0.65 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.32 |
1.36 |
1.86 |
|
TIME INTEREST EARNED |
TIMES |
91.43 |
117.03 |
61.74 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
14.55 |
52.56 |
|
|
OPERATING PROFIT |
% |
10.03 |
57.55 |
|
|
NET PROFIT |
% |
(87.87) |
237.95 |
|
|
FIXED ASSETS |
% |
61.01 |
(97.85) |
|
|
TOTAL ASSETS |
% |
42.52 |
(9.35) |
|
ANNUAL
GROWTH: IMPRESSIVE
An annual sales growth is 14.55%. Turnover has increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
6.66 |
Deteriorated |
Industrial
Average |
18.38 |
|
Net Profit Margin |
0.46 |
Deteriorated |
Industrial
Average |
8.30 |
|
Return on Assets |
0.58 |
Deteriorated |
Industrial
Average |
7.71 |
|
Return on Equity |
1.91 |
Deteriorated |
Industrial
Average |
11.38 |
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 6.66%. 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 0.46%.
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 0.58%.
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 1.91%.
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 |
0.93 |
Risky |
Industrial
Average |
2.18 |
|
Quick Ratio |
0.23 |
|
|
|
|
Cash Conversion Cycle |
154.22 |
|
|
|
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 0.93 times in 2013, decreased from 1.1 times, then the company may
have problems meeting its short-term obligations. 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 0.23 times in 2013,
same figure as 0.23 times in 2012, 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 155 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.70 |
Acceptable |
Industrial
Average |
0.32 |
|
Debt to Equity Ratio |
2.32 |
Risky |
Industrial
Average |
0.47 |
|
Times Interest Earned |
91.43 |
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 91.43 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 0.7 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 Downtrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
152.23 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.25 |
Impressive |
Industrial
Average |
0.93 |
|
Inventory Conversion Period |
149.08 |
|
|
|
|
Inventory Turnover |
2.45 |
Satisfactory |
Industrial
Average |
3.10 |
|
Receivables Conversion Period |
25.08 |
|
|
|
|
Receivables Turnover |
14.55 |
Impressive |
Industrial
Average |
3.96 |
|
Payables Conversion Period |
19.94 |
|
|
|
The company's Account Receivable Ratio is calculated as 14.55 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 increased from 118 days at the
end of 2012 to 149 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 3.09 times in year 2012 to 2.45 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.25 times and 1.56
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 Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.85 |
|
|
1 |
Rs.94.96 |
|
Euro |
1 |
Rs.69.10 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.