MIRA INFORM REPORT
|
Report No. : |
321502 |
|
Report Date : |
12.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
THAI TEXTILE INDUSTRY PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
385 Moo
1, Soi Bang
Make Khao, Sukhumvit
Road, K.M. 30.5, T.
Taiban, A. Muang,
Samutprakarn 1028 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
16.02.1970 |
|
|
|
|
Com. Reg. No.: |
0107537000441 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in
textile business comprising
manufacture, import and
distribute raw cotton,
cotton yarn, synthetic
yarn, blended yarn,
white dyed fabric,
colored dyed fabric
and printed fabric,
as well as
garments. |
|
|
|
|
No. of Employee : |
1,630 |
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 : |
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 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 and address
THAI TEXTILE INDUSTRY PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 385
MOO 1, SOI
BANG MAKE KHAO,
SUKHUMVIT ROAD,
K.M. 30.5, T. TAIBAN,
A. MUANG, SAMUTPRAKARN
10280,
THAILAND
TELEPHONE : [66]
2703-8484
FAX :
[66] 2387-1983,
2389-2423
E-MAIL ADDRESS : thaitex@tti.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1970
REGISTRATION NO. : 0107537000441 [Former : BOR MOR JOR 291]
TAX ID NO. : 3271002995
CAPITAL REGISTERED : BHT.
500,000,000
CAPITAL PAID-UP : BHT.
500,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. BOONNAM
BOONNAMSUP, THAI
PRESIDENT
NO. OF
STAFF : 1,630
LINES OF
BUSINESS : TEXTILE
MANUFACTURE
CORPORATE
PROFILE
OPERATING TREND : STABLE
PRESENT
SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The
subject was initially
established on February 16, 1970 as
a private limited company
under the name style “Siam Rung Ruang
Weaving Co., Ltd.”
by Thai groups.
In October 1971,
the subject’s name
was changed to “Thai
Textile Industry Co.,
Ltd.”.
The
subject is owned
by the Boonnamsup
family, and is
one of the
leading textile manufacturers
in Thailand.
The
subject was listed
on the Stock
Exchange of Thailand on
December 21, 1987,
and converted its status to a
public limited company, named THAI TEXTILE INDUSTRY PUBLIC COMPANY LIMITED on February 3,
1994. Subject currently
employs 1,630 staff.
It
achieved the standard
ISO 9001 : 2008 and
ISO 14001 : 2004 certification.
The subject’s registered address is 385 Moo 1, Soi Bang Make Khao, Sukhumvit Rd., K.M. 30.5, T. Taiban, A. Muang, Samutprakarn 10280, and
this is the subject’s current
operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr.
Boonnam Boonnamsup |
[x] : Chairman |
Thai |
85 |
|
Mr.
Mongkol Mangkornkanok |
[x] |
Thai |
77 |
|
Mr.
Somsak Chaiyapinunt |
|
Thai |
61 |
|
Mr.
Kasem Worarittichai |
|
Thai |
43 |
|
Mr.
Preecha Chaipromprasith |
|
Thai |
70 |
|
Mr.
Phaiboon Jaroonchaikanakij |
[x] |
Thai |
70 |
|
Mr.
Chuang Kullawanwichit |
[x] |
Thai |
75 |
|
Mr.
Suchart Chantanakarcha |
|
Thai |
64 |
|
Mr.
Tawatchai Chaiyapinunt |
[x] |
Thai |
62 |
|
Mr.
Kumjorn Chuenchoochit |
[x] |
Thai |
59 |
|
Mrs.
Siriwan Boonnamsap |
|
Thai |
76 |
|
Mrs.
Ratana Suthipongchai |
|
Thai |
41 |
|
Ms. Naruemon Worarittichai |
|
Thai |
73 |
|
Mr.
Kajornvut Namsirikul |
|
Thai |
54 |
|
Mr.
Chin Chinsettawong |
|
Thai |
77 |
|
Mr.
Korn Sereerojanasiri |
|
Thai |
69 |
|
Mr. Pairod
Chuenchoochit |
|
Thai |
56 |
AUTHORIZED
PERSON
Any
two of the
mentioned directors [x] can
jointly sign on
behalf of the
subject with the
company’s affixed.
MANAGEMENT
Mr.
Boonnam Boonnamsup is
the President.
He
is Thai nationality
with the age
of 85 years
old.
Mr. Mongkol
Mangkornkanok is the
Executive Director.
He
is Thai nationality.
Mr.
Kumjorn Chuenchoochit is
the Production Director.
He
is Thai nationality
with the age
of 59 years
old.
Mr.
Lin Mow Siung
is the Plant
Director.
He
is Chinese nationality
with the age
73 years old.
Mr.
Tawatchai Chaiyapinunt is
the Sales & Marketing Director.
He
is Thai nationality
with the age
of 62 years
old.
Mr.
Phaiboon Jaroonchaikanakij is
the Financial Director.
He
is Thai nationality
with the age of 70
years old.
Mr. Chuang
Kullawanwichit is the
Accounting Director.
He
is Thai nationality
with the age of
75 years old.
Mr. Chalerm
Techawal is the
Production Manager.
He
is Thai nationality.
BUSINESS
OPERATIONS
The
subject is engaged in
textile business comprising
manufacture, import and
distribute raw cotton,
cotton yarn, synthetic
yarn, blended yarn,
white dyed fabric,
colored dyed fabric
and printed fabric,
as well as
garments.
The
products and services
are as follows:
·
Raw Cotton
The products
are imported in
order to use
as a raw
material to yarn
spinning producer for
both the company
and subsidiaries, as
well as distribute
to other companies.
·
Yarn
Consist of
cotton yarn, synthetic
yarn and blended
yarn, produces by
the
company, the
subsidiaries and other
companies, used as
a raw material
for
weaving, as
well as distribute
to other companies.
·
Fabric
The main
products are cotton
fabric, white dyed
fabric, color dyed
fabric and
printed fabric,
supply to garment
manufacturers and traders
both domestic and
international markets.
·
Garment
Most of
the products are
shirt for women
and men, distribute
to both local
and international markets.
PRODUCTIONS
CAPACITY
Weaving : 25,500,000
yards per annum
Yarn
Spinning : 5,500,000
pounds per annum
Garment : 2,000,000
pieces per annum
MAJOR
BRANDS
“TTI”
IMPORT
[COUNTRIES]
Raw materials such
as raw cotton
fiber, polyester fiber,
T/C yarn, cotton,
yarn, and polyester
yarn are imported from Republic of China, U.S.A., Uzbekistan, Sudan, Australia,
Hong Kong, India
as well as are
purchased from local
suppliers.
MAJOR
SUPPLIERS
Thai
Rung Textile Co.,
Ltd. : Thailand
Thai
Blanket Industry Co.,
Ltd. : Thailand
K.
Cotton Co., Ltd. : Thailand
Burapa
Textile Co. Ltd. : Thailand
Jong
Stit Co., Ltd. : Thailand
SALES
[LOCAL]
50%
of the products
is sold to local garment
manufacturers, fabric wholesalers
and retailers as
well as end-users.
EXPORT
[COUNTRIES]
50%
of the products
is exported to
Australia, Bangladesh, France,
India, Vietnam, Canada, Chile,
Republic of China,
Columbia, Hong Kong, Germany,
United Kingdom, Hungary,
Malaysia and Taiwan.
MAJOR
CUSTOMER
Thai
Rung Textile Co.,
Ltd. : Thailand
REVENUE STRUCTURE OF THE COMPANY AND SUBSIDIARIES
|
|
2014 |
|
2013 |
|
|
Products/ Services |
[Million Baht] |
% |
[Million Baht] |
% |
Company
|
|
|
|
|
Garment
|
|
|
|
|
|
Domestic Sales |
55.97 |
1.37 |
21.41 |
0.52 |
|
Export |
125.95 |
3.08 |
190.45 |
4.62 |
|
Fabric |
|
|
|
|
|
Domestic Sales |
962.64 |
23.54 |
970.57 |
23.53 |
|
Export |
1,000.92 |
24.47 |
1,014.71 |
24.60 |
|
Cotton/ Yarn Spinning |
|
|
|
|
Domestic
Sales
|
607.26 |
14.85 |
627.03 |
15.20 |
|
Export |
28.95 |
0.71 |
26.96 |
0.65 |
|
Domestic Services |
26.66 |
0.65 |
70.15 |
1.70 |
|
Other Income |
93.68 |
2.29 |
92.60 |
2.24 |
|
Total |
2,902.03 |
70.96 |
3,013.88 |
73.06 |
|
Subsidiary [Thai
Rung Textile Co.,
Ltd.] |
|
|
|
|
|
Cotton/ Yarn |
1,062.43 |
25.98 |
1,035.86 |
25.11 |
|
Domestic Services |
60.91 |
1.49 |
61.78 |
1.50 |
|
Other Income |
64.53 |
1.58 |
13.26 |
0.32 |
|
Total |
1,187.87 |
29.05 |
1,110.90 |
26.93 |
Total
Revenue
|
4,089.90 |
100.00 |
4,124.78 |
100.00 |
SUBSIDIARY AND AFFILIATED COMPANY
Thai
Rung Textile Co.,
Ltd.
Business Type
: Yarn spinning
factory
Investment :
The subject is
holding 87.31% of
the company’s shares.
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
Local
bills are paid
by cash or
on the credits term
of 30-60 days.
Imports
are by L/C
at sight or
on the credits
term of 90-180
days or T/T.
Sales
are by cash
or on the
credits term of
30-60 days.
Exports
are against T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd. : [ Sampeng
Branch ]
Kasikornbank
Public Co., Ltd.
Standard
Chartered Bank [Thai]
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
1,630 staff.
LOCATION
DETAILS
The
premise is owned for operating
office and factory I,
at the heading address.
Premised is located
in industrial area.
Branches:
Factory II [Spinning]
: 275
Soi Bangmakekhao, Sukhumvit
Rd., KM. 30.5, Taiban, Muang, Samutprakarn 10280
Factory
III [Garment]
:
595 Moo 6, Sukhumvit
Rd., Bangpoomai, Muang,
Samutprakarn 10280
Tel
: [66]
2710-6228-9, Fax : [66] 2710-6230
Branch
Office [Sampeng]
:
791-793 Mahajak Road,
Jakkrawad, Samphantawong, Bangkok
10100.
Tel. [66] 2222-9171-2,
Fax. [66] 2224-6334
Showroom
[Rama 9]
:
286 Rain Tree
Office Garden Building,
A-5, Rama 9
Road, Soi 17,
Huaykwang,
Bangkok 10320. Tel.
[66] 2719-6499, Fax.
[66] 2719-6411.
COMMENT
The
company has been
firmly established for
44 years and is
recognized by both
local and overseas customers as
a leading manufacturer
and distributor of cotton
yarns, woven and
non-woven fabrics. The
products have been strong consumption from
garment manufactures, wholesalers
as well as export
markets.
Over
the years, the
company expanded business
both within and
beyond Thailand by way to
backward and forward integration. In
Thailand, the company
has been enhancing
production capacities from time
to time at
its existing location
by adding new
production lines. This growth
not only means
capacity increase but
also technological up
gradation to produce new
generation textiles. Being significant
exporter, the company contributes significantly
to the economy
of Thailand.
Thailand was
not doing so well
in 2014 due to many reasons such as, lower than expected domestic consumption,
export growth, private
investment and etc.
Economy slowdown amid
the fragile state
of domestic consumption
and the slow
recovery of the
global economy, therefore general
outlook in the
first six months of
2015 does not
look so promising.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 4
million, divided into
400 share of
Bht. 10,000 each.
The
capital was increased
later as followings:
Bht. 200
million on June
24, 1987
Bht. 350
million on September
6, 1989
Bht. 500
million on October
26, 1989
The latest registered capital was
increased to Bht. 500 million, divided
into 50 million shares of
Bht. 10 each
with fully paid.
MAIN
SHAREHOLDERS
[as
at March 25,
2015]
|
Name |
Holding |
% |
|
|
|
|
|
Mr. Kumjorn Chuenchoochit |
10,835,567 |
21.67 |
|
Thai
Textile International Co.,
Ltd. |
4,056,087 |
8.11 |
|
Ms. Supatra Boonnamsup |
2,010,000 |
4.02 |
|
Merrill
Lynch, Pierce, Fenner &
Smith Inc. |
2,000,000 |
4.00 |
|
Great
Chance Holdings Ltd. |
2,000,000 |
4.00 |
|
Mr. Tawatchai Chaiyapinunt |
1,963,750 |
3.93 |
|
R.P.T. Resources Co.,
Ltd. |
1,718,100 |
3.44 |
|
T.T. Resources Co.,
Ltd. |
1,582,305 |
3.16 |
|
Mrs. Suwannee Chaiyapinunt |
1,510,370 |
3.02 |
|
Ms. Yaowaluck Boonnamsup |
1,450,000 |
2.90 |
|
Ms. Yaowanuch Boonnamsup |
1,405,110 |
2.81 |
|
Ms. Petcharat Boonnamsup |
1,130,640 |
2.26 |
|
Wongchang
Enterprises Co., Ltd. |
1,100,000 |
2.20 |
|
Mr. Phaiboon Jaroonchaikanakij |
1,060,000 |
2.12 |
|
Orient
Capital Corporation |
1,000,000 |
2.00 |
|
Mr. Kasem
Vorarittichai |
1,000,000 |
2.00 |
|
Others |
14,178,071 |
28.36 |
Total
Shareholders : 1,923
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Pradit
Royrodthuk No. 218
SST Master Co.,
Ltd.
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2014, 2013 & 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
43,062,286 |
29,860,804 |
26,827,378 |
|
Trade and Other
Receivable |
305,380,388 |
376,235,304 |
337,080,177 |
|
Inventories |
842,794,836 |
914,102,561 |
950,164,235 |
|
Assets Classified as
Held for Sale |
- |
83,825,994 |
- |
|
Other Current Assets |
6,994,655 |
6,936,836 |
7,884,039 |
|
|
|
|
|
|
Total Current Assets
|
1,198,232,165 |
1,410,961,499 |
1,321,955,829 |
|
Investment in Subsidiary
|
550,325,004 |
550,325,004 |
550,325,004 |
|
Other Long-term Investments |
60,790,000 |
61,142,500 |
61,142,500 |
|
Property, Plant and Equipment |
881,956,652 |
956,845,363 |
1,030,863,367 |
|
Investment Properties |
48,221,776 |
48,221,776 |
48,221,776 |
|
Computer Software |
2,685,435 |
496,295 |
827,155 |
|
Deferred Income Tax Assets |
48,274,466 |
61,718,394 |
58,048,452 |
|
Corporate Income Tax Refundable |
5,817,630 |
7,058,706 |
6,308,997 |
|
Other Non-current Assets |
66,973 |
66,973 |
66,973 |
|
Total Assets |
2,796,370,101 |
3,096,836,510 |
3,077,760,053 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft and Short-term Loans from Financial Institutions |
792,438,426 |
726,979,366 |
598,144,607 |
|
Trade and Other Payable |
233,548,770 |
293,761,685 |
231,291,682 |
|
Current Portion of Long-term
Loan from Financial Institutions |
73,321,000 |
135,002,000 |
135,432,000 |
|
Short-term Loans from Related Persons & Related Companies |
- |
233,000,000 |
355,000,000 |
|
Other Current Liabilities |
3,083,519 |
3,623,641 |
3,383,618 |
|
|
|
|
|
|
Total Current Liabilities |
1,102,391,715 |
1,392,366,692 |
1,323,251,907 |
|
Long-term Loans |
40,006,000 |
113,327,000 |
148,329,000 |
|
Deferred Income Tax
Liabilities |
- |
- |
1,604,661 |
|
Employee Benefit Obligations |
69,341,061 |
63,658,590 |
63,568,589 |
|
Total Liabilities |
1,211,738,776 |
1,569,352,282 |
1,536,754,157 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10 par
value authorized, issued
and fully paid share
capital 50,000,000 shares |
500,000,000 |
500,000,000 |
500,000,000 |
|
|
|
|
|
|
Capital Paid |
500,000,000 |
500,000,000 |
500,000,000 |
|
Premium on Common
Shares |
623,840,000 |
623,840,000 |
623,840,000 |
|
Retained Earning Appropriated for Legal reserve |
50,000,000 |
50,000,000 |
50,000,000 |
|
General reserve |
50,000,000 |
50,000,000 |
50,000,000 |
|
Unappropriated |
360,791,325 |
303,644,228 |
317,165,896 |
|
Total Shareholders' Equity |
1,584,631,325 |
1,527,484,228 |
1,541,005,896 |
|
Total Liabilities &
Shareholders' Equity |
2,796,370,101 |
3,096,836,510 |
3,077,760,053 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales |
2,790,306,139 |
2,852,988,052 |
2,608,178,444 |
|
Service Income |
26,660,849 |
70,149,879 |
88,215,421 |
|
Dividend Income |
28,381,380 |
27,287,630 |
2,562,500 |
|
Gain on Disposal
of Fixed Assets |
160,378,028 |
52,289,724 |
22,050,609 |
|
Other Income |
20,798,241 |
39,843,602 |
38,836,398 |
|
Total Revenues |
3,026,524,637 |
3,042,558,887 |
2,759,843,372 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Sales
|
2,627,932,942 |
2,686,974,368 |
2,507,150,166 |
|
Cost of Services |
24,232,533 |
72,427,234 |
88,231,091 |
|
Selling Expenses |
106,211,890 |
99,740,737 |
59,181,887 |
|
Administrative Expenses |
132,312,288 |
129,619,441 |
143,765,506 |
|
Total Expenses |
2,890,689,653 |
2,988,761,780 |
2,798,328,650 |
|
|
|
|
|
|
Profit /[Loss] before Financial Costs and Income Tax |
135,834,984 |
53,797,107 |
[38,485,278] |
|
Financial Costs |
[40,243,959] |
[53,385,366] |
[54,700,629] |
|
|
|
|
|
|
Profit / [Loss] before Income Tax |
95,591,025 |
411,741 |
[93,185,907] |
|
Income Tax income [expenses] |
[13,443,928] |
6,433,001 |
17,834,725 |
|
|
|
|
|
|
Net Profit / [Loss] |
82,147,097 |
6,844,742 |
[75,351,182] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.09 |
1.01 |
1.00 |
|
QUICK RATIO |
TIMES |
0.32 |
0.35 |
0.28 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.19 |
3.05 |
2.62 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.01 |
0.94 |
0.88 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
115.99 |
120.91 |
133.63 |
|
INVENTORY TURNOVER |
TIMES |
3.15 |
3.02 |
2.73 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
39.57 |
46.98 |
45.63 |
|
RECEIVABLES TURNOVER |
TIMES |
9.22 |
7.77 |
8.00 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
32.14 |
38.86 |
32.53 |
|
CASH CONVERSION CYCLE |
DAYS |
123.42 |
129.03 |
146.73 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
94.15 |
94.40 |
96.25 |
|
SELLING & ADMINISTRATION |
% |
8.47 |
7.85 |
7.53 |
|
INTEREST |
% |
1.43 |
1.83 |
2.03 |
|
GROSS PROFIT MARGIN |
% |
13.29 |
9.69 |
6.10 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.82 |
1.84 |
(1.43) |
|
NET PROFIT MARGIN |
% |
2.92 |
0.23 |
(2.79) |
|
RETURN ON EQUITY |
% |
5.18 |
0.45 |
(4.89) |
|
RETURN ON ASSET |
% |
2.94 |
0.22 |
(2.45) |
|
EARNING PER SHARE |
BAHT |
1.64 |
0.14 |
(1.51) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.43 |
0.51 |
0.50 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.76 |
1.03 |
1.00 |
|
TIME INTEREST EARNED |
TIMES |
3.38 |
1.01 |
(0.70) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(3.63) |
8.41 |
|
|
OPERATING PROFIT |
% |
152.49 |
(239.79) |
|
|
NET PROFIT |
% |
1,100.15 |
109.08 |
|
|
FIXED ASSETS |
% |
(7.83) |
(7.18) |
|
|
TOTAL ASSETS |
% |
(9.70) |
0.62 |
|
ANNUAL
GROWTH : ACCEPTABLE
An annual sales growth is -3.63%. Turnover has decreased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
13.29 |
Impressive |
Industrial
Average |
(9.93) |
|
Net Profit Margin |
2.92 |
Impressive |
Industrial
Average |
(1.96) |
|
Return on Assets |
2.94 |
Impressive |
Industrial
Average |
(1.93) |
|
Return on Equity |
5.18 |
Impressive |
Industrial
Average |
(5.04) |
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 13.29%. 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 2.92% 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
2.94%, 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. Return on Equity ratio
is 5.18%, 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.
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 |
1.09 |
Satisfactory |
Industrial
Average |
1.10 |
|
Quick Ratio |
0.32 |
|
|
|
|
Cash Conversion Cycle |
123.42 |
|
|
|
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 1.09 times in 2014, increased from 1.01 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 0.32 times in 2014, decreased
from 0.35 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 124 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.43 |
Impressive |
Industrial
Average |
0.66 |
|
Debt to Equity Ratio |
0.76 |
Impressive |
Industrial
Average |
1.92 |
|
Times Interest Earned |
3.38 |
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 3.38 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 0.43 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 |
3.19 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.01 |
Impressive |
Industrial
Average |
0.96 |
|
Inventory Conversion Period |
115.99 |
|
|
|
|
Inventory Turnover |
3.15 |
Impressive |
Industrial
Average |
3.05 |
|
Receivables Conversion Period |
39.57 |
|
|
|
|
Receivables Turnover |
9.22 |
Impressive |
Industrial
Average |
3.13 |
|
Payables Conversion Period |
32.14 |
|
|
|
The company's Account Receivable Ratio is calculated as 9.22 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 121 days at the
end of 2013 to 116 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 3.02 times in year 2013 to 3.15 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.01 times and 0.94
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 Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.85 |
|
|
1 |
Rs.98.47 |
|
Euro |
1 |
Rs.71.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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.