MIRA INFORM REPORT
|
Report No. : |
310064 |
|
Report Date : |
09.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
TYCOONS WORLDWIDE GROUP [THAILAND] PUBLIC COMPANY LIMITED |
|
|
|
|
Formerly Known As : |
TYCOONS WORLDWIDE GROUP [THAILAND] COMPANY LIMITED |
|
|
|
|
Registered Office : |
99 Moo 1, Tumbon Nikompattana, Amphur Nikompattana, Rayong 21180 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
09.09.1996 |
|
|
|
|
Com. Reg. No.: |
0107546000172 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer,
Distributor and Exporter of Wire Rod and Fasteners |
|
|
|
|
No. of Employees : |
1,000 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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
TYCOONS WORLDWIDE GROUP [THAILAND] PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 99 MOO
1, TUMBON NIKOMPATTANA,
AMPHUR NIKOMPATTANA,
RAYONG 21180, THAILAND
TELEPHONE : [66] 38 636-800-22
FAX :
[66] 38 636-977, 38
636-969
E-MAIL ADDRESS : tycoons@tycons.com
iro@tycoons.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1996
REGISTRATION NO. : 0107546000172 [Former : 40854600018, 1948/2539]
TAX ID NO. : 3011763162
CAPITAL REGISTERED : BHT. 6,035,039,000
CAPITAL PAID-UP : BHT. 6,035,039,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. HUANG,
PING LUN, TAIWANESE
PRESIDENT
NO. OF STAFF : 1,000
LINES OF BUSINESS : WIRE ROD
& FASTENERS
MANUFACTURER,
DISTRIBUTOR & EXPORTER
CORPORATE
PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR WITH
NORMAL BUSINESS ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject
was established on September 9,
1996 originally as a
private limited company,
under the registered
name “Tycoons Worldwide
Group [Thailand] Company
Limited” by Tycoons
Group International Co., Ltd., Taiwan, with
the business objective
to manufacture and
distribute wide range
of wire rods
and fasteners to
both domestic and
international markets.
Subject received promotional privilege from
the Board of Investment
[BOI] to produce
wire & screw
on October 11,
1996.
The subject
invested with Bht.
6.8 billion in
the industrial area
of Eastern Rayong
of Thailand on
700,000 M2 of
area in 1997.
On July
9, 2003, the
subject’s status was
converted to a
public limited company under
the name TYCOONS
WORLDWIDE GROUP [THAILAND]
PUBLIC COMPANY LIMITED,
and listed on
the Stock Exchange
of Thailand [SET]
on December 11,
2003. It currently
employs 1,000 staff.
In 2009,
the subject established a
joint venture with
E-United Group to operate
steel making plant
in Vietnam, under
the registered name
“Tycoons Worldwide Steel [Vietnam] Ltd.”
with a production
capacity at 3 million
tons of steel
ingots per year.
The subject’s
registered address is 99 Moo 1, Tumbon Nikompattana, Amphur Nikompattana, Rayong
21180, and this
is the company’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Huang,
Wen-Sung |
[x] : Chairman |
Taiwanese |
60 |
|
Mrs. Lu, Yen-Chuan |
[x] : Vice Chairman |
Taiwanese |
61 |
|
Mr. Yang,
Po-Lung |
[x] |
Taiwanese |
- |
|
Mr. Surabhon Kwunchaithunya |
|
Thai |
65 |
|
Mr. Jirawat Huang |
|
Thai |
60 |
|
Mr. Phiphat Wangphichit |
|
Thai |
78 |
|
Mr. Huang, Ping-Lun |
[x] |
Taiwanese |
35 |
AUTHORIZED
PERSON
Two of the
mentioned directors [x]
can jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Huang,
Ping-Lun is
the President [Fastener Production
Division Manager/ Marketing].
He is
Taiwanese nationality with
the age of
35 years old.
Mr. Chang, Yung-Liang is the
Vice President [Financial
Division].
He is
Taiwanese nationality.
Ms. Hwang Feng-Mei is the
Assistant Vice President.
She is
Taiwanese.
Mrs. Huang
Li-Hui is
the Assistant Vice
President & Administration
Division.
She is
Thai nationality.
BUSINESS
OPERATIONS
The subject’s
activity is a
manufacturer of wire
rods, annealing wire, screw and
bolts [include thread
rod], mainly supply
to automotive parts
and electronic part
production industry. The
products are as
the followings:
Steel Grade
·
Low Carbon
Steel Wire Rods
·
Carbon Steel
Wire Rods For
Cold Heading and
Cold Forging
·
High Carbon
Steel Wire Rods
·
Low Alloy
Steel Wire Rods
·
Welding Steel
Wire Rods
·
Free Cutting
Steel Wire Rods
Wire Products
Regarding to the
range of wire
products [Spherodized Annealing
wire], the company
can produce wire
in the range
of diameter from
2.2 mm. to
5.5 mm., from
5.5 mm. to
42.0 mm. and
the material grade
are as follow:
·
Material for
nail
·
Material for
drilling point screw
·
Material for
bolt
Screw Products
1. Chipboard
screws
2. Drywall
screws
3. Self
Drilling screws
4. Self
Tapping screws
5. Machine
screws
6. Hex
Head Machine screws
7. Wood
screws
8. Thread
Road
9. Special
screws or Bolts
Process of
Wire Rods Production
Tycoons has
invested almost 3
billion Bht. to
construct the wire
rods rolling plant
in Thailand. Together
with high technology
of the equipment
for High Speed
Wire Rod Mill
by SKET of
Germany, Billet Inspection
and Conditioning Line
by NORITAKE and
Walking Beam Type
Reheating Furnace by
Chugai Ro Co.,
Ltd., from Japan.
For electrical portion,
the whole rolling
mill plant has
been highly controlled
by Automation Control
System of which
supplied by ABB,
one of the
most outstanding electrical
supplier in the
world. Besides, ORBIS
Hot Gauge for
Wire Rod &
Bar Mil by
IPL from England
is supplied to
check dimension of
material during process.
Tycoons also
supported by manpower
of China Metallurgical
Import & Export
Baogang Company and
Taigang Import &
Export Corporation from
Mainland China to
train subject’s operators
to familiarize with
rolling mill process.
Tycoons could
provide a wide range of
coil products, from 5.5
mm. to 42 mm. dimension
of wire rod
coil and bar
in coil compatible
with low carbon
steel, medium/high carbon
steel, cold heading
steel and alloy
steel.
Process of
Spheroidized Annealing Wire
Tycoons Thailand
has the experience
in production of high
quality annealed wire
produced by High
Speed Machines [Herborn
& Breitenback of
Germany]. The wire
were stored by
star shape wire
support, and pass
the Spheroidized annealing
by German LOI
bell type vacuum
system. The surface
of material will
be bright after
pass the process
of acid washing,
wire surface plating
and skin pass.
The production is
also supplied to
foreign customers demand.
Process of
Screw Production.
The subject
can control every
process by PLC. Moreover,
it has the
expert engineers to
control in each
step. After pass
the quality inspection,
it packs and
ships by it
selves. As well,
carries good reputation
from the customers
in Europe and
America.
Tycoons makes
drywall screws, chipboard
screws, self tapping
screws, machine screws,
hew head machine
screws, self drilling
screws, tek screws
and decking screws
by using 400
sets of forming
equipments and &
sets of heat
treatment equipments. It
also has phosphate,
zinc plating, dacrotizing
and rusper for
surface coating.
Tycoons has
been considered to be the
largest supplier in
South East Asia.
PRODUCTION [REAL]
CAPACITY [in 2013]
Wire Rod : 360,000 [146,137.72] tons/year
Annealed Wire : 144,000 [128,840.32] tons/year
Screws : 36,000 [
17,781.31] tons/year
Bolts : 36,000 [
35,918,34] tons/year
IMPORT [COUNTRIES]
90% of
raw materials mainly
steel/billet are imported
from Taiwan, Brazil,
South Africa, Ukraine,
Australia, Republic of
China, Vietnam, Indonesia,
Germany, Pakistan, Poland,
Italy and Russia,
the remaining 10% is
purchased from local
suppliers.
MAJOR SUPPLIERS
Tycoons Group
Enterprise Ltd. :
Taiwan
EXPORT [COUNTRIES]
52% of
the products is
exported to Taiwan,
U.S.A., Russia, Singapore, Malaysia,
India, Australia, Republic
of China, Italy,
Poland, Vietnam, Indonesia,
Germany, Pakistan, Spain
and United Kingdom.
SALES [LOCAL]
48% of
its products is
sold locally to
manufacturers, wholesalers and
end-users.
MAJOR CUSTOMER
Tycoons Group
Enterprise Ltd.. :
Taiwan
REVENUE
STRUCTURE
|
Product |
2012 |
2013 |
||
|
|
Million
baht |
% |
Million
baht |
% |
|
Domestic sales |
|
|
|
|
|
- Wire
rod |
4,292.71 |
45.51 |
3,242.94 |
35.27 |
|
- Annealed
rod |
157.11 |
1.67 |
180.34 |
1.96 |
|
- Screw |
- |
- |
- |
- |
|
- Bolt |
1.98 |
0.02 |
- |
- |
|
- Others |
78.22 |
0.83 |
40.11 |
0.43 |
|
Total international sales |
4,530.02 |
48.03 |
3,463.39 |
37.66 |
|
|
|
|
|
|
|
International sales |
|
|
|
|
|
- Wire
rod |
1,547.00 |
16.40 |
1,961.66 |
21.33 |
|
- Annealed
rod |
1,321.20 |
14.01 |
1,478.66 |
16.08 |
|
- Screw |
704.08 |
7.47 |
902.07 |
9.81 |
|
- Bolt |
1,329.19 |
14.09 |
1,389.10 |
15.11 |
|
- Others |
- |
- |
0.82 |
0.01 |
|
Total international sales |
4,901.47 |
51.97 |
5,732.31 |
62.34 |
|
|
|
|
|
|
|
Total revenue |
9,431.49 |
100.00 |
9,195.70 |
100.00 |
PARENT
COMPANY
Tycoons Group
International Co., Ltd.
SUBSIDIARY AND AFFILIATED COMPANIES
All Manage
International Ltd.
Business Type :
Holding Company
Location :
British Virgin Islands
Investment :
100% held by
the subject.
TY Steel
Co., Ltd.
Business Type:
Manufacturer of billet.
Location :
Thailand
Investment :
49.76% held by
the subject.
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 30-60-90
days.
Local bills
are paid by
cash or on
the credits term
of 30-60-90 days.
Imports are
by L/C at
sight or T/T.
Exports are
against L/C at
sight or T/T.
BANKING
Bank of
China [ICBC]
[Bangkok
Office : 179
South Sathorn Rd.,
Thungmahamek, Sathorn, Bangkok
10120]
Kasikornbank Public Co., Ltd.
[Rayong
Branch : Nikompattana,
Rayong province]
Bangkok Bank
Public Co., Ltd.
[Head
Office : 333
Silom Road, Silom,
Bangrak, Bangkok 10500]
[Maptaphud
Branch : Maptaphud,
Chonburi province]
TMB Bank
Public Co., Ltd.
[Head
Office : 3000
Phaholyothin Rd., Chompol,
Jatujak, Bangkok 10900]
EMPLOYMENT
The subject
employs approximately 1,000
staff [office staff
and factory workers].
LOCATION DETAILS
The premise is
owned for operating
office, factory &
warehouse at the
heading address. Premises
is located in
provincial.
COMMENT
The
company is considered to
be the only
screw manufacturer in Thailand,
and one of the
few in the
world, with upstream
integration (producing wire
rod as well).
The company’s four
major products are
wire rod as
well as three
downstream products: annealed
wire, screws and
bolts. The company’s
screw and bolt
production capacity ranks highest
amongst local peers.
Nonetheless, the company
has no policy to locally sell
screw because of
cannibalization incurred with
others, who are
the wire rod purchasers to
produce the screw.
FINANCIAL
INFORMATION
The capital was
registered at Bht.
1,833,000,000 divided into 183,300,000 shares
of Bht. 10
each.
On November
12, 1999, the
capital was increased
to Bht. 5,028,000,000
divided into 502,800,000
shares of Bht.
10 each.
On December
4, 2003, the
capital was increased
to Bht. 6,285,000,000 divided
into 628,500,000 shares
of Bht. 10 each.
In 2009,
the capital was
decreased to Bht.
6,035,039,000 divided into
603,503,900 shares of
Bht. 10 each with
fully paid.
MAIN
SHAREHOLDERS
[as at March
14, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Tycoons Group
International Co., Ltd. |
419,588,592 |
69.53 |
|
Citibank Nominees
Singapore Pte. Ltd.-First
Commercial
Bank-TDR |
60,000,000 |
9.94 |
|
Chase Nominees
Limited 42 |
47,184,100 |
7.82 |
|
Thai NVDR
Co., Ltd. |
7,756,280 |
1.29 |
|
Tycoons Worldwide
Group [Thailand] Public Company
Limited |
6,755,000 |
1.12 |
|
Others |
62,219,928 |
10.30 |
Total Shareholders
: 1,803
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.:
Ms. Tippawan Nananuwat
No. 3459
BALANCE
SHEET [BAHT]
The latest
financial figures published as at December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and cash equivalents |
193,221,755 |
167,269,047 |
669,457,237 |
|
Trade and
other receivable |
847,495,869 |
380,837,605 |
378,183,684 |
|
Inventories |
2,112,650,253 |
2,457,415,837 |
3,502,514,644 |
|
Advance payments
for goods and services |
19,415,970 |
58,498,658 |
68,363,967 |
|
Valued added
tax refundable |
108,730,637 |
8,303,667 |
98,710,234 |
|
Other current
assets |
7,706,098 |
20,255,532 |
3,003,786 |
|
|
|
|
|
|
Total Current
Assets |
3,289,220,582 |
3,092,580,346 |
4,720,233,552 |
|
Restricted bank deposits |
174,239,673 |
174,239,673 |
91,500,000 |
|
Investment in
a subsidiary |
61,372,575 |
61,372,575 |
97,394,980 |
|
Investment in
a associate |
443,097,970 |
417,991,970 |
229,895,584 |
|
Property, plant
and equipment |
5,024,959,209 |
5,184,778,335 |
5,430,808,797 |
|
Other intangible
assets |
633,893 |
502,885 |
731,256 |
|
Deferred tax
assets |
84,407,549 |
113,000,000 |
- |
|
Other non - current Assets |
29,567,180 |
13,559,339 |
16,153,418 |
|
Total Assets |
9,107,498,631 |
9,058,025,123 |
10,586,717,587 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Short-term
Loan from Financial Institutions |
1,821,110,830 |
1,805,318,198 |
2,473,774,913 |
|
Trade and
other payable |
1,034,871,985 |
1,119,946,661 |
1,232,855,270 |
|
Current portion
of long-term loans
from
financial institutions |
231,850,565 |
226,121,633 |
762,000,000 |
|
Current portion
of liabilities under
Finance
lease agreements |
3,099,012 |
2,983,355 |
2,233,655 |
|
Advance received
from customers |
84,667,926 |
60,311,863 |
112,691,040 |
|
Provision for
loss from raw
material purchase
contracts |
- |
6,064,605 |
11,720,694 |
|
Other current
liabilities |
3,525,507 |
10,814,007 |
21,886,749 |
|
|
|
|
|
|
Total Current
Liabilities |
3,179,125,825 |
3,231,560,322 |
4,617,162,321 |
|
Long-term loans
from financial institutions, net
of current portion |
349,925,282 |
281,775,847 |
40,000,000 |
|
of liabilities
under hire purchase
agreements, net
of current portion |
2,804,909 |
4,857,455 |
5,343,353 |
|
Provision for
long-term employee benefits |
16,850,063 |
14,815,073 |
13,217,940 |
|
Total Liabilities
|
3,548,706,079 |
3,533,008,697 |
4,675,723,614 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
Share
capital |
|
|
|
|
Registered 603,503,900 ordinary
shares of Baht
10 each |
6,035,039,000 |
6,035,039,000 |
6,035,039,000 |
|
Issued
and fully paid
up |
|
|
|
|
603,503,900 ordinary
shares of Baht
10 each |
6,035,039,000 |
6,035,039,000 |
6,035,039,000 |
|
|
|
|
|
|
Treasury shares |
[47,531,810] |
[47,531,810] |
[47,531,810] |
|
Retained Earnings Appropriated- Statutory reserve |
16,832,439 |
16,832,439 |
16,832,439 |
|
- Treasury share reserve |
47,531,810 |
47,531,810 |
47,531,810 |
|
Deficit |
[493,078,887] |
[526,855,013] |
[140,877,466] |
|
Total Shareholders' Equity |
5,558,792,552 |
5,525,016,426 |
5,910,993,973 |
|
Total
Liabilities & Shareholders' Equity |
9,107,498,631 |
9,058,025,123 |
10,586,717,587 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
8,353,612,843 |
9,195,700,002 |
9,431,492,157 |
|
Gain (losses) on
disposal and write- Off
of equipment |
607,101 |
[37,534,155] |
- |
|
Gain (losses) on
exchange |
36,692,425 |
[84,723,140] |
- |
|
Interest income |
5,414,038 |
6,903,323 |
8,020,417 |
|
Other Income |
55,363,846 |
15,740,943 |
22,434,223 |
|
Total Revenues |
8,451,690,253 |
9,096,086,973 |
9,461,946,797 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of
sales |
8,026,961,446 |
9,108,163,672 |
9,461,489,134 |
|
Decrease of
inventory to net realizable value
[reversal] |
[26,461,796] |
[69,513,000] |
[2,729,064] |
|
|
8,000,499,650 |
9,038,650,672 |
9,458,760,070 |
|
Selling expenses |
174,155,452 |
225,953,570 |
226,915,624 |
|
Administrative expenses |
145,482,814 |
143,938,847 |
134,061,437 |
|
Bad debt |
- |
9,018,998 |
- |
|
Allowance for
doubtful account [reversal] |
2,163,313 |
[18,165,910] |
[11,566,077] |
|
Reversal of losses from raw material Purchase
contracts |
[6,064,605] |
[5,656,089] |
[13,687,671] |
|
Impairment loss
on investment |
- |
36,022,405 |
- |
|
Losses [gain]
from derivatives |
- |
- |
[344,637] |
|
Losses [gain]
on exchange rate |
- |
- |
[32,326,104] |
|
Impairment loss
on fixed assets |
- |
82,434,237 |
- |
|
Total Expenses
|
8,316,236,624 |
9,512,196,730 |
9,761,812,642 |
|
|
|
|
|
|
Profit / [Loss]
before Financial Cost & Income Tax |
135,453,629 |
[416,109,757] |
[299,865,845] |
|
Financial Costs |
[71,906,215] |
[82,867,790] |
[101,450,324] |
|
Profit / [Loss]
before Income Tax |
63,547,414 |
[498,977,547] |
[401,316,169] |
|
Income Tax |
[28,828,218] |
[49,280,688] |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
34,719,196 |
[548,258,235] |
[401,316,169] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.03 |
0.96 |
1.02 |
|
QUICK RATIO |
TIMES |
0.33 |
0.17 |
0.23 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS
TURNOVER |
TIMES |
1.67 |
1.78 |
1.75 |
|
TOTAL ASSETS
TURNOVER |
TIMES |
0.92 |
1.02 |
0.90 |
|
INVENTORY
CONVERSION PERIOD |
DAYS |
96.38 |
99.24 |
135.16 |
|
INVENTORY
TURNOVER |
TIMES |
3.79 |
3.68 |
2.70 |
|
RECEIVABLES
CONVERSION PERIOD |
DAYS |
36.94 |
15.02 |
14.53 |
|
RECEIVABLES
TURNOVER |
TIMES |
9.88 |
24.30 |
25.12 |
|
PAYABLES CONVERSION
PERIOD |
DAYS |
47.21 |
45.23 |
47.57 |
|
CASH CONVERSION
CYCLE |
DAYS |
86.11 |
69.03 |
102.11 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS
SOLD |
% |
95.55 |
97.67 |
99.57 |
|
SELLING &
ADMINISTRATION |
% |
3.82 |
4.00 |
3.80 |
|
INTEREST |
% |
0.86 |
0.90 |
1.07 |
|
GROSS PROFIT
MARGIN |
% |
5.39 |
0.62 |
0.03 |
|
NET PROFIT MARGIN
BEFORE EX. ITEM |
% |
1.62 |
(4.50) |
(3.16) |
|
NET PROFIT MARGIN |
% |
0.41 |
(5.92) |
(4.22) |
|
RETURN ON EQUITY |
% |
0.62 |
(9.92) |
(6.79) |
|
RETURN ON ASSET |
% |
0.38 |
(6.05) |
(3.79) |
|
EARNING PER SHARE |
BAHT |
0.06 |
(0.91) |
(0.66) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.39 |
0.39 |
0.44 |
|
DEBT TO EQUITY
RATIO |
TIMES |
0.64 |
0.64 |
0.79 |
|
TIME INTEREST
EARNED |
TIMES |
1.88 |
(5.02) |
(2.96) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(9.52) |
(2.59) |
|
|
OPERATING PROFIT |
% |
(132.55) |
38.77 |
|
|
NET PROFIT |
% |
106.33 |
(36.62) |
|
|
FIXED ASSETS |
% |
(3.08) |
(4.53) |
|
|
TOTAL ASSETS |
% |
0.55 |
(14.44) |
|
ANNUAL
GROWTH: ACCEPTABLE
An annual sales
growth is -9.52%. Turnover has decreased from THB
PROFITABILITY : RISKY
PROFITABILITY RATIO
|
Gross Profit
Margin |
5.39 |
Deteriorated |
Industrial Average |
11.42 |
|
Net Profit Margin |
0.41 |
Deteriorated |
Industrial Average |
1.52 |
|
Return on Assets |
0.38 |
Deteriorated |
Industrial Average |
4.61 |
|
Return on Equity |
0.62 |
Deteriorated |
Industrial Average |
10.69 |
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 5.39%. 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 0.41%. 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 0.38%.
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 0.62%.
Trend of the average competitors in the same
industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.03 |
Satisfactory |
Industrial Average |
1.17 |
|
Quick Ratio |
0.33 |
|
|
|
|
Cash Conversion
Cycle |
86.11 |
|
|
|
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 1.03 times in 2014,
increased from 0.96 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 0.33 times in 2014, increased from 0.17 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 87 days.
Trend of the average competitors in the same
industry for last 5 years
Current Ratio Uptrend
LEVERAGE : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.39 |
Impressive |
Industrial Average |
0.55 |
|
Debt to Equity
Ratio |
0.64 |
Impressive |
Industrial Average |
1.20 |
|
Times Interest
Earned |
1.88 |
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
1.89 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 0.39 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 Downtrend
Times Interest
Earned Stable
ACTIVITY : ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets
Turnover |
1.67 |
Impressive |
Industrial Average |
- |
|
Total Assets
Turnover |
0.92 |
Deteriorated |
Industrial Average |
3.03 |
|
Inventory Conversion
Period |
96.38 |
|
|
|
|
Inventory
Turnover |
3.79 |
Deteriorated |
Industrial Average |
9.16 |
|
Receivables
Conversion Period |
36.94 |
|
|
|
|
Receivables
Turnover |
9.88 |
Satisfactory |
Industrial Average |
12.96 |
|
Payables Conversion
Period |
47.21 |
|
|
|
The company's
Account Receivable Ratio is calculated as 9.88 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 99 days at the end of 2013 to 96 days at the end of 2014. This
represents a positive trend. And Inventory turnover has increased from 3.68
times in year 2013 to 3.79 times in year 2014.
The company's Total
Asset Turnover is calculated as 0.92 times and 1.02 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 Uptrend
Inventory Turnover Uptrend
Receivables
Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.20 |
|
|
1 |
Rs.94.71 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.