MIRA INFORM REPORT
|
Report No. : |
343527 |
|
Report Date : |
06.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
PHELPS DODGE INTERNATIONAL [THAILAND] LIMITED |
|
|
|
|
Formerly Known As : |
PHELPS DODGE [THAILAND]
LTD. |
|
|
|
|
Registered Office : |
159 Moo 10,
Theparak Road, Bangpla, Bangplee, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
04.06.1968 |
|
|
|
|
Com. Reg. No.: |
0105511002860 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject’s activity
is a manufacturer of
electric cables and
wires with a
complete products line
of copper and
aluminum wire and
cable for transmission distribution, construction and
industrial application of
electrical energy as
well as a
wide range of
telecommunication
applications. |
|
|
|
|
No. of Employees : |
800 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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, and generally pro-investment policies Thailand has historically had a
strong economy due in part to competitive industrial and agriculture exports - mostly
electronics, agricultural commodities, automobiles and parts, and processed
foods. The economy experienced slow growth and declining exports in 2014, in
part due to domestic political turmoil and sluggish global demand. With full
employment, Thailand attracts an estimated 2-4 million migrant workers from
neighboring countries, and faces labor shortages. Following the May 2014 coup
d’tat, tourism decreased 6-7% but is beginning to recover. The household debt
to GDP ratio is over 80%. 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 baht has remained
stable.
|
Source
: CIA |
Company
Name
PHELPS DODGE INTERNATIONAL [THAILAND] LIMITED
[FORMER : PHELPS DODGE [THAILAND]
LTD.]
SUMMARY
BUSINESS ADDRESS : 159 MOO 10,
THEPARAK ROAD, BANGPLA,
BANGPLEE, SAMUTPRAKARN
10540, THAILAND
TELEPHONE : [66] 2769-2400
FAX : [66] 2769-2440
E-MAIL ADDRESS : salesTH_oversea@pdic.com
salesTH_domestic@pdic.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1968
REGISTRATION NO. : 0105511002860 [Former
: 347/2511]
TAX ID NO. : 3271002797
CAPITAL REGISTERED : BHT.
44,000,000
CAPITAL PAID-UP : BHT.
44,000,000
SHAREHOLDER’S PROPORTION : AMERICAN :
75.47%
THAI
: 24.53%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
NIROUTH JEAKVATHANYOO, THAI
MANAGING DIRECTOR
NO. OF STAFF : 800
LINES OF BUSINESS : ELECTRIC WIRE
AND CABLE
MANUFACTURER, DISTRIBUTOR
AND 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 June
4, 1968 as
a private limited
company under the
registered name PHELPS
DODGE THAILAND LTD.,
with the business
objective to manufacture
and distribute wide
range of wires
and cables for
electrical, electronics and
communication industry, to
both domestic and
international markets. On May
26, 2008, subject’s name
was changed to PHELPS DODGE INTERNATIONAL [THAILAND] LIMITED.
It currently employs
approximately 800 staff.
It was a
joint venture between
an existing Thai
firm and Phelps
Dodge Corporation, one
of the world
leading in copper
mining and refining
companies in the
United States of
America and also a
world leader in
the manufacture of
copper and aluminum cables and
having investments in
eighteen affiliated companies
which engaged in
the manufacture of
electrical wires and cables
throughout the world.
Phelps Dodge Corporation
has more than
100 years’ experience in the
pioneering and development of new technology through its
wholly owned subsidiary, Phelps Dodge
International Corp., who provides technical
assistance to Phelps
Dodge Thailand, enabling
it to manufacture
the well known
line of quality
products for which
Phelps Dodge is
famous. Presently, the
subject is a
subsidiary of Phelps
Dodge International Corporation,
U.S.A., which is
a member of
General Cable Corporation
in U.S.A.
Awards/Certification:
In 1995 subject
is the first
Thai wire and
cable company to
obtain the international
ISO 9001 certificate
which was awarded
by the British
Approvals Service for
Cables [BASEC] for
both factories at
Bangplee and Samrong.
In 1997, the
subject obtained an
additional ISO 9001 certificate
from Thai Industrial
Standard Institute [TIS].
In 1999 the subject achieved ISO 14001 from British Approvals Service for
Cables [BASEC].
In 2000 Transferred
the ISO 9001 and
ISO 14001 registrations from
BASEC to Underwriters
Laboratories Inc., [UL].
In 2000 Transferred
the TIS/ISO 9001 registration
to Management System
Certification [Thailand] [MASCI].
In 2001 The
Bangplee Plant obtained
its OHSAS 18001 certificate
from Underwriters Laboratories
Inc., [UL].
In 2002 The
Bangplee and Rayong
plants obtained ISO 9001 version 2000
from UL and
MASCI.
The subject’s registered
address was initially located at
220 Moo 8, Soi Wat Dansamrong, Sukhumvit
Rd., Samrong Nua,
Samutprakarn 10540.
On January 7,
2005, subject’s registered
address was relocated
to 159 Moo
10, Theparak Rd., Bangpla,
Bangplee, Samutprakarn 10540,
while the subject’s
operation address was on 16th Floor, Maneeya
Building, 518/5 Ploenchit
Rd., Lumpini, Pathumwan,
Bangkok 10330.
At present, the
operation address is
located at the
same as the
registered address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Srivanik Hasdin |
|
Thai |
58 |
|
Mr. Suthas Ruangmanamongkol |
|
Thai |
53 |
|
Mr. Vonnarat Tangkaravakoon |
[x] |
Thai |
43 |
|
Mr. Chinawat Assavapokee |
[x] |
Thai |
41 |
|
Mr. Phichet Lochanachit |
[-] |
Thai |
45 |
|
Mrs. Somsri Patumasootra |
|
Thai |
83 |
|
Mr. Surachak Ruangsook |
|
Thai |
52 |
|
Mr. Chanin Yensudchai |
[x] |
Thai |
55 |
|
Mr. Nirouth Jeakvathanyoo |
[-] |
Thai |
60 |
AUTHORIZED PERSON
Any two of
the mentioned director
[x] can jointly
sign or any
of the mentioned
directors [x] can
jointly sign with
one of the
mentioned directors [-] on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Nirouth Jeakvathanyoo
is the Managing
Director
He is Thai
nationality with the
age of 60
years old.
Mr. Somsak Dendamrongvit
is the Procurement
& Special Project
Manager.
He is Thai
nationality.
Mr. Suranan Jotikabukkana
is the Human Resources & Administration Manager.
He is Thai
nationality.
Mr. Churdpong Maneesin
is the Power
& Telecom Cable
Operation Manager.
He is Thai
nationality.
Mr. Prasit Tanganurakpongsa is
the Building Wire
Operation Manager.
He is Thai
nationality.
Mr. Sompol Supparinyaporn is
the Export &
Sales Marketing Manager.
He is Thai
nationality.
Mr. Manop Vivatsethchai
is the Factory
Manager.
He is Thai
nationality.
Mr. Krisana Marksap
is the Cable
Engineering Manager.
He is Thai
nationality.
Ms. Phannee Dhanubumrongsart is
the Director Information
Technology Service.
She is Thai
nationality.
Mr. Sujin Anusanakul is
the Business Development
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer of
electric cables and
wires with a
complete products line
of copper and
aluminum wire and
cable for transmission
distribution, construction and
industrial application of
electrical energy as
well as a
wide range of telecommunication applications.
Its products are as follows:
- Power cable
aluminum
- Power cable
copper [Crosslinked Polyethylene
or XLPE]
- Lead sheathed
cable
- Building wire
& cable
- Telephone cable
- UTP LAN
cable
- Telecommunication cable
- Special cable
PURCHASE
Raw materials for
production: PVC resin,
copper and aluminum
are purchased from
approximately 30 suppliers
both domestic and
overseas, by 60% is
purchased from local suppliers,
and the remaining
40% is imported from
United States of America, Japan,
Australia, France, Germany, Singapore,
Republic of China,
Taiwan and United
Kingdom.
MAJOR SUPPLIERS
Phelps Dodge International
Corporation : United
States of America
Henrich GmbH. : Germany
Mitsui Corp. : Japan
Thai Plastic &
Chemicals Public Co., Ltd. :
Thailand
General Cable Corporation : U.S.A.
SALES
The subject currently
maintains around 200
customers both domestic and
overseas, by 80%
is sold directly
to the states
enterprises, contractors and
through dealers all over the
country, the remaining
20% is exported to around
26 countries such as Myanmar,
Bangladesh, Singapore,
Philippines, Hong Kong, Pakistan,
Laos, Vietnam, Indonesia, Korea, India,
Cambodia, Canada, Malaysia, Taiwan,
Republic of China,
Australia, U.S.A., and
Middle East countries.
MAJOR CUSTOMERS
CAT Telecom Public
Co., Ltd. : Thailand
TOT Public Co., Ltd. : Thailand
The Electricity Generating
Authority of Thailand
[EGAT] : Thailand
The Metropolitan Electricity
Authority [MEA] : Thailand
The Provincial Electricity
Authority [PEA] : Thailand
Sang Siam Electric
[1977] Co., Ltd. : Thailand
Phelps Dodge Trading
Co., Ltd. : Thailand
True Corporation Public
Company Limited : Thailand
Advance Info Service
Public Company Limited : Thailand
SUBSIDIARIES & AFFILIATED COMPANIES
Thai Copper Rod
Co., Ltd.
Business Type : Manufacturer of
copper rod
Address : 22/2 Moo
5, Theparak Rd.,
Bangpleeyai, Samutprakarn 10540
Phelps Dodge Trading
Co., Ltd.
Business Type : Trading company
Address : 518/5 Ploenchit
Rd., Lumpini, Pathumwan,
Bangkok 10330
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
according to the
past two years.
CREDIT
Sales are by
cash or on the
credits term of
30-60 days.
Local bills are
paid by cash
or on the credits
term of 30-60
days.
Imports are by
L/C at sight
or D/P, D/A
on the credit
term of 30
days & T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Samrong Branch : 1788
Sukhumvit Rd., Samrongnua,
Muang, Samutprakarn]
Siam Commercial Bank
Public Co., Ltd.
[Head Office :
9 Ratchadapisek Rd.,
Ladyao, Jatujak, Bangkok
10900]
Citiban N.A.
[Bangkok Branch, 82
North Sathorn Road,
Silom, Bangrak, Bangkok 10500]
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 800 office
staff and factory
workers.
LOCATION DETAILS
The premise is
rented for administrative office
& factory I at the heading
address. The premise
is located in
industrial area.
Factory II :
9/9 Moo 4,
T. Nikompatana, A.
Nikompatana, Rayong 21180
Land area
: 24,000 square
meters.
Tel : [66] 38
877-155 Fax : [66] 38
887-153
Bangkok Office : 16th Floor, Maneeya
Building, 518/5 Ploenchit
Rd., Lumpini,
Pathumwan, Bangkok 10330.
Tel. : [66] 2680-5825,
2680-5800, Fax. : [66] 2680-5899
COMMENT
The company is
a pioneer in
the local wire
and cable industry
introducing state-of-the-art processes,
products and technology
to Thailand. It is
capable of manufacturing
world class quality
wire and cable
at competitive price
with strict global
standards.
Domestic industrial slowdown
from lower demand
and the faltering
economy of export markets
has shrunk consumption
of industrial products,
in which also
cited as an obstacles
to the subject’s
business growth.
FINANCIAL INFORMATION
The capital was
originally registered at
Bht. 20,000,000 with
fully paid.
The capital was
increased later as
follows:
Bht. 24,000,000 in
1969
Bht. 33,600,000
in 1971
Bht. 44,000,000
in 1972
The latest registered
capital was increased
to Bht. 44,000,000
divided into 44,000
shares of Bht.
1,000 each with
fully paid.
MAIN SHAREHOLDERS
: [as at
August 31, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Phelps Dodge International Corporation
Nationality: American Address : 806 Douglas
Rd., Florida, U.S.A. |
33,206 |
75.47 |
|
TISCO Bank Public
Co., Ltd. Nationality: Thai Address : 48/2 North
Sathorn Rd., Silom, Bangrak, Bangkok |
4,100 |
9.32 |
|
Ms. Poonlarp Ruangsook Nationality: Thai Address : 8/1 Soi
Sriviang, Silom Rd.,
Bangrak, Bangkok |
1,067 |
2.42 |
|
Mr. Surachak Ruangsook Nationality: Thai Address : 8/1 Soi
Sriviang, Silom Rd.,
Bangrak, Bangkok |
766 |
1.74 |
|
Mrs. Siriwan Ruangsook Nationality: Thai Address : 8/1 Soi
Sriviang, Silom Rd.,
Bangrak, Bangkok |
600 |
1.36 |
|
Mr. Thammanit Angsusingh Nationality: Thai Address : 23 Sukhumvit
38 Rd., Klongtoey,
Prakanong, Bangkok |
420 |
0.95 |
|
Mrs. Yingluck Santivejjakul Nationality: Thai Address : 8/1 Soi Sriviang, Silom
Rd., Bangrak, Bangkok |
400 |
0.91 |
|
Others |
3,441 |
7.83 |
Total Shareholders :
41
Share Structure [as
at August 31,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
40 |
10,794 |
24.53 |
|
Foreign - American |
1 |
33,206 |
75.47 |
|
Total |
41 |
44,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO. :
Mr. Wallop Wilaiworawit No.
6797
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 |
621,601,037 |
995,580,056 |
1,038,953,619 |
|
Trade Accounts & Notes Receivable |
|
|
|
|
- Related
Company |
196,107,801 |
244,077,006 |
526,720,627 |
|
- Non Related Company |
2,422,827,150 |
2,318,986,655 |
2,654,009,786 |
|
Other Receivable |
|
|
|
|
- Related
Company |
105,957,853 |
- |
375,762 |
|
- Non Related Company |
114,553,470 |
71,551,854 |
107,852,926 |
|
Advance Receivables Purchase
Agreement |
- |
1,625,855 |
14,724,357 |
|
Forward Contract Receivable |
10,224,227 |
27,258,960 |
- |
|
Inventories |
1,187,272,575 |
1,143,763,429 |
1,691,305,612 |
|
Other Current Assets |
3,721,449 |
4,655,569 |
17,870,158 |
|
|
|
|
|
|
Total Current Assets
|
4,662,265,562 |
4,807,500,384 |
6,051,812,847 |
|
Investment in Associated
Company |
20,000,000 |
20,000,000 |
20,000,000 |
|
Fixed Assets |
1,001,598,045 |
1,022,685,600 |
1,062,382,912 |
|
Deferred Income Tax |
100,863,902 |
122,139,807 |
114,659,673 |
|
Long-term Loan to Related Company |
57,417,500 |
- |
- |
|
Other Non-current Assets |
32,959,970 |
1,324,516 |
2,415,611 |
|
Total Assets |
5,875,104,979 |
5,973,650,307 |
7,251,271,043 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
|
|
|
|
Trade Accounts
Payable |
|
|
|
|
- Related
Company |
7,061,234 |
3,911,536 |
4,590,915 |
|
- Non Related Company |
2,986,723,673 |
2,685,821,652 |
3,764,598,049 |
|
Other Payable |
|
|
|
|
- Related
Company |
92,001,166 |
43,599,474 |
73,030,364 |
|
- Non Related Company |
142,325,239 |
144,860,679 |
153,739,619 |
|
Payable Forward Foreign
Exchange Contract |
- |
- |
59,695,056 |
|
Accrued Income Tax |
- |
9,412,423 |
67,864,644 |
|
Other Current Liabilities |
23,744,979 |
37,552,538 |
16,503,748 |
|
|
|
|
|
|
Total Current Liabilities |
3,251,856,291 |
2,925,158,302 |
4,140,022,395 |
|
Reserve for Employees’ Benefit |
178,226,617 |
158,952,587 |
151,014,292 |
|
Total Liabilities |
3,430,082,908 |
3,084,110,889 |
4,291,036,687 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 44,000 shares |
44,000,000 |
44,000,000 |
44,000,000 |
|
|
|
|
|
|
Capital Paid |
44,000,000 |
44,000,000 |
44,000,000 |
|
Retained Earning Appropriated for
statutory reserve |
4,400,000 |
4,400,000 |
4,400,000 |
|
Unappropriated |
2,396,622,071 |
2,841,139,418 |
2,911,707,641 |
|
Reserve for Risk Protection |
- |
- |
126,715 |
|
Total Shareholders' Equity |
2,445,022,071 |
2,889,539,418 |
2,960,234,356 |
|
Total Liabilities &
Shareholders' Equity |
5,875,104,979 |
5,973,650,307 |
7,251,271,043 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales |
7,365,291,813 |
7,728,647,752 |
8,688,326,709 |
|
Other Income |
83,053,472 |
18,922,184 |
21,984,496 |
|
Dividend Income |
1,000,000 |
2,000,000 |
1,000,000 |
|
Gain on Exchange
Rate |
31,474,840 |
- |
18,005,138 |
|
Total Revenues |
7,480,820,125 |
7,749,569,936 |
8,729,316,343 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
6,827,032,134 |
6,714,109,829 |
7,451,821,852 |
|
Selling Expenses |
286,084,953 |
225,003,034 |
485,181,538 |
|
Administrative Expenses |
426,767,292 |
397,273,429 |
417,758,010 |
|
Loss on Exchange Rate |
- |
33,392,761 |
- |
|
Total Expenses |
7,539,884,379 |
7,369,779,053 |
8,354,761,400 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
[59,064,254] |
379,790,883 |
374,554,943 |
|
Financial Cost |
[49,521,608] |
[58,242,259] |
[73,648,024] |
|
Profit / [Loss] before Income Tax |
[108,585,862] |
321,548,624 |
300,906,919 |
|
Expense ( Income ) |
[27,931,485] |
[84,116,847] |
[114,095,969] |
|
|
|
|
|
|
Net Profit / [Loss] |
[136,517,347] |
237,431,777 |
186,810,950 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.43 |
1.64 |
1.46 |
|
QUICK RATIO |
TIMES |
1.07 |
1.25 |
1.05 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
7.35 |
7.56 |
8.18 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.25 |
1.29 |
1.20 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
63.48 |
62.18 |
82.84 |
|
INVENTORY TURNOVER |
TIMES |
5.75 |
5.87 |
4.41 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
120.07 |
109.52 |
111.50 |
|
RECEIVABLES TURNOVER |
TIMES |
3.04 |
3.33 |
3.27 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
159.68 |
146.01 |
184.39 |
|
CASH CONVERSION CYCLE |
DAYS |
23.86 |
25.69 |
9.94 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
92.69 |
86.87 |
85.77 |
|
SELLING & ADMINISTRATION |
% |
9.68 |
8.05 |
10.39 |
|
INTEREST |
% |
0.67 |
0.75 |
0.85 |
|
GROSS PROFIT MARGIN |
% |
8.88 |
13.40 |
14.70 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(0.80) |
4.91 |
4.31 |
|
NET PROFIT MARGIN |
% |
(1.85) |
3.07 |
2.15 |
|
RETURN ON EQUITY |
% |
(5.58) |
8.22 |
6.31 |
|
RETURN ON ASSET |
% |
(2.32) |
3.97 |
2.58 |
|
EARNING PER SHARE |
BAHT |
(3,102.67) |
5,396.18 |
4,245.70 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.58 |
0.52 |
0.59 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.40 |
1.07 |
1.45 |
|
TIME INTEREST EARNED |
TIMES |
(1.19) |
6.52 |
5.09 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(4.70) |
(11.05) |
|
|
OPERATING PROFIT |
% |
(115.55) |
1.40 |
|
|
NET PROFIT |
% |
(157.50) |
27.10 |
|
|
FIXED ASSETS |
% |
(2.06) |
(3.74) |
|
|
TOTAL ASSETS |
% |
(1.65) |
(17.62) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -4.7%. Turnover has decreased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.88 |
Impressive |
Industrial Average |
0.98 |
|
Net Profit Margin |
(1.85) |
Deteriorated |
Industrial Average |
3.00 |
|
Return on Assets |
(2.32) |
Deteriorated |
Industrial Average |
3.87 |
|
Return on Equity |
(5.58) |
Deteriorated |
Industrial Average |
5.50 |
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 8.88%. 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 -1.85%.
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 -2.32%.
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 -5.58%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.43 |
Acceptable |
Industrial Average |
2.78 |
|
Quick Ratio |
1.07 |
|
|
|
|
Cash Conversion Cycle |
23.86 |
|
|
|
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 1.43 times in 2014, decreased from 1.64 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 1.07 times in 2014,
decreased from 1.25 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 24 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.58 |
Acceptable |
Industrial Average |
0.29 |
|
Debt to Equity Ratio |
1.40 |
Risky |
Industrial Average |
0.41 |
|
Times Interest Earned |
(1.19) |
Risky |
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 -1.2 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.58 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 |
7.35 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.25 |
Satisfactory |
Industrial Average |
1.29 |
|
Inventory Conversion Period |
63.48 |
|
|
|
|
Inventory Turnover |
5.75 |
Impressive |
Industrial Average |
4.06 |
|
Receivables Conversion Period |
120.07 |
|
|
|
|
Receivables Turnover |
3.04 |
Satisfactory |
Industrial Average |
3.70 |
|
Payables Conversion Period |
159.68 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.04 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 62 days at the
end of 2013 to 63 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 5.87 times in year 2013 to 5.75 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.25 times and 1.29
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 Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.29 |
|
|
1 |
Rs.99.31 |
|
Euro |
1 |
Rs.73.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.