MIRA INFORM REPORT
|
Report No. : |
344307 |
|
Report Date : |
10.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
VINYTHAI PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
Map Ta Phut Industrial Estate, No. 2
I-3 Road, Map Ta Phut, Muang,
Rayong 21150 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
27.12.1988 |
|
|
|
|
Com. Reg. No.: |
0107536000846 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in manufacturing of
petrochemical products, especially
Polyvinyl Chloride Resin
[PVC resins], including Emulsion Resin [E-PVC]
Suspension Resin [S-PVC],
Caustic Soda Liquid
and Vinyl Chloride Monomer [VCM]. Its products are supplied to
plastics, electronics, automobile
parts, chemicals, foods,
textiles, petroleum, pulp
and papers, monosodium
glutamate industries |
|
|
|
|
No. of Employees : |
464 |
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 : |
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
VINYTHAI PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : MAP TA PHUT
INDUSTRIAL ESTATE, NO.
2 I-3 ROAD,
MAP TA
PHUT, MUANG, RAYONG
21150, THAILAND
TELEPHONE : [66] 38
925-000
FAX : [66] 38
683-048
E-MAIL ADDRESS : varaiporn.p@vinythai.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1988
REGISTRATION NO. : 0107536000846
TAX ID NO. : 3101598247
CAPITAL REGISTERED : BHT.
7,111,160,664
CAPITAL PAID-UP : BHT.
7,111,160,664
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : MR.
BRUNO MARIE JOSEPH VAN
DER WIELEN,
BELGIAN, MANAGING DIRECTOR
NO. OF STAFF
: 464
LINES OF BUSINESS : PETROCHEMICALS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
|
|
|
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 established
on December 27, 1988 as
a private limited
company under the
registered name “Vinythai
Co., Ltd.” by
a joint venture
between the Solvay
Group of Belgium and Charoen Pokphand Group of
Thailand, to produce and supply
petrochemical products, especially PVC resin
and by products
of PVC production. The subject
currently employs 464
staff.
The subject was
granted investment promotional
privileges by the
Board of Investment
[BOI], Thailand on
March 28, 1989.
On August 16,
1993, the subject’s
status was converted
to a public
limited company under
the name VINTHAI
PUBLIC COMPANY LIMITED,
and its name
was listed on
The Stock Exchange
of Thailand, under
symbol name “VNT”
on February 23,
1995.
Awards/Certifications :
July 2, 1997 : ISO 9002 certification by BVQI (Bureau
Veritas Quality International)
for the
PVC business.
November 7, 1997 : License
for displaying the
Standard Mark on
PVC pipe grade
from TISI
(The Thai Industrial
Standard Institute)
July 24, 1998 : ISO
9002 certification by
BVQI for the caustic soda
business
July 8, 1999 : ISO
14001 certification by
BVQI for the
environmental
management system
December 24, 1999 : ISO
9002 certification by
BVQI for the
VCM and EDC
business
June 29, 2001 : OHSAS
18001 certification by
BVQI for the
occupational health
and safety
management system
The subject’s registered
address and head
office are located
at Map Ta
Phut Industrial Estate,
No. 2 I-3
Road, Map Ta
Phut, Muang, Rayong 21150.
Whereas the Bangkok office
is located at 14th Floor, Green
Tower, 3656/41 Rama
IV Road, Klongton,
Kongtoey, Bangkok 10110.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Bruno Marie Joseph Van Der Wielen |
[x] |
Belgian |
59 |
|
Mr. Pote Videtyontrakich |
|
Thai |
62 |
|
Mr. Vincenzo Morici |
[x] |
Italian |
64 |
|
Mr. Supattanapong Punmeechaow |
[+] |
Thai |
- |
|
Mrs. Puntip Oungpasuk |
[+] |
Thai |
55 |
|
Mr. Pipop Pruecksamars |
|
Thai |
68 |
|
Mr. Andre R. J. Vanderheyden |
|
Belgian |
68 |
|
Mrs. Danuja Kunpanitchakit |
|
Thai |
62 |
|
Mr. Vincent Paul Lean Marie
De Cuyper |
[x] |
Belgian |
54 |
|
Mr. Matin Laudenbach |
[x] |
Belgium |
- |
|
Mr. Richard Marcel Auguste
Verlaque |
[x] |
Belgium |
- |
AUTHORIZED PERSON
Any of the
mentioned directors [x]
can jointly sign
with one of
the directors [+] on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Bruno Marie Joseph Van
Der Wielen is
the Managing Director.
He is Belgian
nationality with the
age of 59
years old.
Mr. Jean-Luc Preat is
the Business Director.
He is Belgian
nationality.
Mrs. Siriporn
Wutthilaohaphan is the
Operation Director.
She is Thai
nationality.
Mrs. Jamjuree Sirovetnukul is
the Vice President
Finance and Accounting.
She is Thai
nationality.
Mr. Sompot Cheeranorawanich is
the Vice President
Corporate Affairs and
Communications-Company Secretary.
He is Thai
nationality.
Mr. Chaiyot Thaveeratitham is the
Finance Department Manager.
He is Thai
nationality.
Mr. Kittipong Jamsak is
the Accounting Department Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
of petrochemical products,
especially Polyvinyl Chloride
Resin [PVC resins], including
Emulsion Resin [E-PVC] Suspension
Resin [S-PVC], Caustic
Soda Liquid and
Vinyl Chloride Monomer [VCM]. Its products
are supplied to plastics,
electronics, automobile parts,
chemicals, foods, textiles,
petroleum, pulp and
papers, monosodium glutamate
industries.
MAJOR BRAND
“SIAMVIC”
TOTAL PRODUCTION
CAPACITY [tons/year]
Products 2014
2013 2012
PVC 280,000 280,000 280,000
VCM 400,000 400,000 400,000
Caustic Soda 366,000 366,000 366,000
PURCHASE
90% of raw
material such as
ethylene, salt and
electricity are purchased
from local suppliers,
and the remaining
10% is imported
from United States
of America, Belgium,
Japan, Singapore, Republic
of China, Germany
and Korea.
MAJOR SUPPLIERS
|
Name |
Country |
Products |
|
|
|
|
|
Pimai Salt Co.,
Ltd. |
Thailand |
Salt |
|
PTT Global Chemical Public Co.,
Ltd. |
Thailand |
Ethylene |
|
Glow Energy Public
Co., Ltd. |
Thailand |
Electricity |
|
Bangkok Industrial Gas
Co., Ltd. |
Thailand |
Industrial gas |
|
IRPC Public Company
Limited |
Thailand |
PVC resin |
SALES [LOCAL]
60% of its
products is sold
locally to manufacturers, wholesalers
and end-users in
various industries such
as plastic, electronic,
automobile parts, chemical,
food, textile, construction,
rubber, PVC leather,
PVC pipe and
etc.
EXPORT [COUNTRIES]
40% of its
products is exported
to New Zealand, Turkey, Republic
of China, India,
Australia, Indonesia, Philippines,
Vietnam and Europe.
The Subject’s Income
Structure [Company and Associated Company]
|
|
2013 |
2014 |
||
|
|
Millions Baht |
% |
Millions Baht |
% |
|
Sales in Thailand |
|
|
|
|
|
1. PVC Resins |
5,184 |
34.9 |
5,347 |
35.8 |
|
2. Caustic Soda |
2,688 |
18.1 |
2,935 |
19.7 |
|
3 VCM |
2,824 |
19.0 |
2,760 |
18.5 |
|
4. Others |
533 |
3.6 |
540 |
3.6 |
|
Total sales in
Thailand |
11,229 |
75.6 |
11,582 |
77.6 |
|
Sales abroad |
|
|
|
|
|
1. PVC Resins |
3,184 |
21.4 |
3,164 |
21.2 |
|
2. Caustic Soda |
362 |
2.4 |
107 |
10.7 |
|
3. VCM |
73 |
0.5 |
76 |
0.5 |
|
Total sales abroad |
3,619 |
24.4 |
3,347 |
22.4 |
|
Sales in Thailand
and abroad |
|
|
|
|
|
1. PVC Resins |
8,368 |
56.4 |
8,510 |
57.0 |
|
2. Caustic Soda |
3,050 |
20.5 |
3,042 |
20.4 |
|
3 VCM |
2,897 |
19.5 |
2,836 |
19.0 |
|
4. Others |
533 |
3.6 |
540 |
3.6 |
|
Total sales in
Thailand and abroad |
14,848 |
100.0 |
14,929 |
100.0 |
Income structure of
Subsidiary Company
|
|
2013 |
2014 |
||
|
|
Millions Baht |
% |
Millions Baht |
% |
|
Advance Biochemical
[Thailand] Co., Ltd. |
|
|
|
|
|
Produce & supply epichlorohydrin |
3,143 |
97.2 |
3,455 |
97.5 |
|
Others |
90 |
2.8 |
87 |
2.5 |
|
% Shareholding by Vinythai |
|
100.0 |
|
100.0 |
SUBSIDIARY COMPANIES
Advanced Biochemical [Thailand]
Co., Ltd.
Business Type: Manufacturer
and distributor of
Epichlorohydrin.
Investment : The
subject holds 100%
of the company’s
shares.
Vinythai Holding Pte.
Ltd.
Business Type: Holding
company
Investment : The
subject holds 100%
of the company’s
shares.
ASSOCIATED COMPANY
Pimai Salt Co.,
Ltd.
Address : Thailand
Business Type : Producer
& supplier of
pure refined salt
Investment : The
subject holds 28.49%
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
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
L/C at sight
or T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
[Head Office
: 1 Kasikorn
Lane, Rajburana Rd., Rajburana,
Bangkok 10900]
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Bangrak, Bangkok
10500]
The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office
: 9 Ratchadapisek
Rd., Ladyao, Jatujak,
Bangkok 10400]
Krung Thai Bank
Public Co., Ltd.
[Head Office
: 35 Sukhumvit Rd.,
Klongtoeynua, Watana, Bangkok
10110]
EMPLOYMENT
The subject employs
464 office staff
and factory workers
consists of :
- Bangkok : 36
staff
- Rayong : 428 staff
LOCATION DETAILS
The premise is
owned for operating
head office, factory
and warehouse at
the heading address.
It is located
in industrial area.
Bangkok Office:
14th Floor, Green Tower,
3656/41 Rama IV
Road, Klongton, Kongtoey,
Bangkok 10110
Tel.: [66] 2229-9100 Fax: [66]
2240-1383, 2240-1386
COMMENT
The subject sells plastic and chemical products to
customers base spanning across Thailand and Asia.
The subject firmly advocates
the Sustainable Development philosophy that aims at growing
its businesses on operations
deeply anchored in their
corporate responsibilities.
The Thai petrochemicals
industry is seeing more certainty and growth as the political situation stabilizes.
The situation in Thailand
has improved in recent
months leading to improved
performance in the automobile
and auto parts
manufacturing,
agro-industrial exports and
overall manufacturing. As such, the
country's petrochemicals industry
can look forward to a year of recovery in 2015.
The crisis has
limited the growth potential
in Thailand's infrastructure and construction sectors, which are also major
petrochemicals consumers, particularly
in the polyvinyl chloride
(PVC) segment, but like
the automotive industry
a contraction 2014 will turn to
growth in 2015.
The subject’s business
outlook is bright.
FINANCIAL INFORMATION
The capital was
registered at Bht.
1,000,000 divided into
10,000 shares of
Bht. 100 each.
The capital was
increased/decreased as the
followings:
Bht. 25,800,000
on November 14,
1989
Bht. 1,273,000,000 on
February 26, 1991
Bht. 2,562,250,000 on
December 17, 1991
Bht. 6,022,971,000 in
1999
Bht. 9,322,971,990 on
May 24, 2000
Bht. 7,111,160,664 in
2005
The latest registered
capital was decreased
to Bht. 7,111,160,664
divided into 1,185,193,444 shares
of Bht. 6
each with fully
paid-up.
MAIN SHAREHOLDERS: [as
at May 12,
2015] at Bht. 7,111,160,664 of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Solvay Vinyls Holding
A.G. |
592,594,639 |
50.00 |
|
PTT Global Chemical
Public Co., Ltd. |
296,038,689 |
24.98 |
|
SOLVAY VINYLS HOLDING
AG. |
103,916,420 |
8.77 |
|
Charoen Pokphand Holding
Co., Ltd. |
21,200,000 |
1.79 |
|
Mr. Chaweng Apatha |
13,930,000 |
1.18 |
|
Thai NVDR Co.,
Ltd. |
13,294,532 |
1.12 |
|
Mr. Anucha Kijthanamongkolchai |
11,640,002 |
0.98 |
|
East Fourteen Limited-Dimensional
Emer Mkts Value Fd |
6,688,917 |
0.56 |
|
Others |
125,890,245 |
10.62 |
Total Shareholders :
4,210
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Supachai Panyawattano No.
3930
Ernst & Young
Office Limited
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 |
1,810,409,356 |
1,152,356,377 |
796,303,383 |
|
Trade account receivable |
1,765,275,950 |
2,432,843,439 |
2,057,909,273 |
|
Other receivable |
44,138,071 |
50,972,825 |
- |
|
Short-term loan to subsidiary |
1,600,000,000 |
1,250,000,000 |
850,000,000 |
|
Current portion of long-term loans to subsidiaries |
- |
333,333,333 |
428,600,000 |
|
Inventories |
676,943,236 |
747,901,394 |
642,607,549 |
|
Other current assets |
96,162,714 |
122,540,703 |
95,595,867 |
|
Total Current Assets
|
5,992,929,327 |
6,089,948,071 |
4,871,016,072 |
|
Non-Current Assets |
|
|
|
|
Investment in associated
company |
397,678,320 |
397,678,320 |
397,678,320 |
|
Investment in subsidiaries companies |
1,454,097,446 |
2,870,497,776 |
2,870,497,776 |
|
Long-term loans to
subsidiaries, net of current
portion |
3,006,549,071 |
2,793,720,267 |
2,571,400,000 |
|
Property, plant and
equipment |
9,467,819,609 |
10,232,489,267 |
11,001,468,205 |
|
Intangible assets |
51,827,457 |
53,719,458 |
55,776,538 |
|
Deferred tax assets |
396,126,397 |
123,578,919 |
28,709,004 |
|
Other non-current assets |
8,665,465 |
10,779,141 |
11,733,406 |
|
Total Non-Current
Assets |
14,782,763,765 |
16,482,463,148 |
16,937,263,249 |
|
TOTAL ASSETS |
20,775,693,092 |
22,572,411,219 |
21,808,279,321 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
CURRENT
LIABILITIES |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Account payable-trade |
1,094,156,950 |
1,472,890,249 |
1,163,648,310 |
|
Other payable |
126,153,692 |
182,193,101 |
- |
|
Amounts due to
related parties |
- |
333,333,333 |
428,600,000 |
|
Other current liabilities |
174,615,689 |
156,477,364 |
137,111,328 |
|
Total Current Liabilities |
1,394,926,331 |
2,144,894,047 |
1,729,359,638 |
|
|
|
|
|
|
Non-Current Liabilities |
|
|
|
|
Long-term loan, net of
current portion |
3,000,389,631 |
3,094,919,667 |
2,571,400,000 |
|
Provision for long-term employee benefits |
96,151,249 |
85,465,055 |
70,096,278 |
|
Total Liabilities |
4,491,467,211 |
5,325,278,769 |
4,370,855,916 |
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital Registered 1,185,193,444 ordinary
shares of Bht.
6 each |
7,111,160,664 |
7,111,160,664 |
7,111,160,664 |
|
Issued and fully
paid |
|
|
|
|
1,185,193,444 ordinary
shares of Bht. 6
each |
7,111,160,664 |
7,111,160,664 |
7,111,160,664 |
|
Premium on ordinary
shares |
1,303,712,790 |
1,303,712,790 |
1,303,712,790 |
|
Retained earnings Appropriated-statutory reserve |
711,116,066 |
711,116,066 |
675,289,196 |
|
Unappropriated |
7,159,827,201 |
8,123,678,320 |
8,346,270,457 |
|
Other components of
shareholders’ equity |
[1,590,840] |
[2,535,390] |
990,298 |
|
Total Shareholders’ Equity
|
16,284,225,881 |
17,247,132,450 |
17,437,423,405 |
|
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY |
20,775,693,092 |
22,572,411,219 |
21,808,279,321 |
PROFIT &
LOSS ACCOUNT
|
REVENUE |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales |
14,929,681,730 |
14,847,701,338 |
15,268,954,586 |
|
Other income |
|
|
|
|
Interest
income |
192,356,715 |
199,651,033 |
190,023,539 |
|
Exchange gain |
7,529,210 |
35,287,712 |
39,469,194 |
|
Others |
191,694,805 |
220,906,029 |
220,449,438 |
|
Total other
income |
391,580,730 |
455,844,774 |
449,942,171 |
|
Total Revenues |
15,321,262,460 |
15,303,546,112 |
15,718,896,757 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of sales |
13,940,966,877 |
13,478,672,931 |
12,454,230,694 |
|
Selling expenses |
559,643,116 |
575,054,495 |
674,432,175 |
|
Administrative expenses |
308,389,431 |
345,219,385 |
339,821,906 |
|
Loss on disposal
of equipment |
- |
- |
27,923,146 |
|
Loss on impairment
of investment in subsidiaries |
1,416,400,330 |
- |
- |
|
Doubtful account |
101,400,000 |
- |
- |
|
Financial cost |
147,401,266 |
162,595,647 |
128,442,675 |
|
Total Expenses |
16,474,201,020 |
14,561,542,458 |
13,624,850,596 |
|
Profit before income tax |
[1,152,938,560] |
742,003,654 |
2,094,046,161 |
|
Income tax [expenses] |
272,098,405 |
90,974,451 |
[149,710,648] |
|
NET EARNINGS [LOSS]
FOR THE YEAR |
[880,840,155] |
832,978,105 |
1,944,335,513 |
BALANCE SHEET
[BAHT]
The six-month financial
figures published for
June 30, 2015
was : [Unaudited]
ASSETS
[Thousand
Baht]
|
CURRENT ASSETS |
2015 |
|
|
|
|
Cash and cash
equivalents |
1,028,468 |
|
Current investment in treasury
bill |
298,760 |
|
Trade account receivable |
1,432,964 |
|
Other receivable |
45,075 |
|
Short-term loan to subsidiary |
1,600,000 |
|
Inventories |
826,462 |
|
Other current assets |
137,535 |
|
Total Current Assets
|
5,369,264 |
|
Non-Current Assets |
|
|
Investment in associate
|
397,678 |
|
Investment in subsidiaries |
1,454,098 |
|
Long-term loans to
subsidiaries |
3,186,859 |
|
Property, plant and
equipment |
8,993,271 |
|
Intangible assets |
50,272 |
|
Deferred tax assets |
400,418 |
|
Other non-current assets |
60,460 |
|
Total Non-Current
Assets |
14,543,056 |
|
TOTAL ASSETS |
19,912,320 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
[Thousand
Baht]
|
CURRENT
LIABILITIES |
2015 |
|
|
|
|
Account payable-trade |
1,074,444 |
|
Other payables |
110,077 |
|
Other current liabilities |
53,398 |
|
Total Current Liabilities |
1,237,919 |
|
|
|
|
Non-Current Liabilities |
|
|
Long-term loans |
2,309,929 |
|
Employee benefits obligations |
115,067 |
|
Total Liabilities |
3,662,915 |
|
Shareholders’ Equity |
|
|
Share capital |
|
|
Authorised share capital |
7,111,161 |
|
Issued and fully paid |
7,111,161 |
|
Additional paid-in capital : |
|
|
Premium on
ordinary shares |
1,303,713 |
|
Retained earnings: Appropriated-statutory reserve |
711,116 |
|
Unappropriated |
7,124,455 |
|
Other components of shareholders’
equity |
[1,040] |
|
Total Shareholders’ Equity
|
16,249,405 |
|
TOTAL LIABILITIES &
SHAREHOLDERS' EQUITY |
19,912,320 |
PROFIT &
LOSS ACCOUNT
For Six-month period ended June
30, 2015:
[Thousand
Baht]
|
REVENUE |
2015 |
|
|
|
|
Revenue from sale of goods |
6,391,566 |
|
Interest income |
92,492 |
|
Other income |
132,678 |
|
Total Revenues |
6,616,736 |
|
Expenses |
|
|
|
|
|
Cost of sales |
6,077,936 |
|
Selling expenses |
264,811 |
|
Administrative expenses |
129,874 |
|
Financial cost |
52,519 |
|
Total Expenses |
6,525,140 |
|
Profit before income
tax |
91,596 |
|
Income tax benefits |
[2,584] |
|
NET EARNINGS [LOSS]
FOR THE YEAR |
94,180 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
4.30 |
2.84 |
2.82 |
|
QUICK RATIO |
TIMES |
3.74 |
2.43 |
2.39 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.58 |
1.45 |
1.39 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.72 |
0.66 |
0.70 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
17.72 |
20.25 |
18.83 |
|
INVENTORY TURNOVER |
TIMES |
20.59 |
18.02 |
19.38 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
43.16 |
59.81 |
49.19 |
|
RECEIVABLES TURNOVER |
TIMES |
8.46 |
6.10 |
7.42 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
28.65 |
39.89 |
34.10 |
|
CASH CONVERSION CYCLE |
DAYS |
32.23 |
40.17 |
33.92 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
93.38 |
90.78 |
81.57 |
|
SELLING & ADMINISTRATION |
% |
5.81 |
6.20 |
6.64 |
|
INTEREST |
% |
0.99 |
1.10 |
0.84 |
|
GROSS PROFIT MARGIN |
% |
9.25 |
12.29 |
21.38 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(7.72) |
5.00 |
13.71 |
|
NET PROFIT MARGIN |
% |
(5.90) |
5.61 |
12.73 |
|
RETURN ON EQUITY |
% |
(5.41) |
4.83 |
11.15 |
|
RETURN ON ASSET |
% |
(4.24) |
3.69 |
8.92 |
|
EARNING PER SHARE |
BAHT |
(0.74) |
0.70 |
1.64 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.22 |
0.24 |
0.20 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.28 |
0.31 |
0.25 |
|
TIME INTEREST EARNED |
TIMES |
(7.82) |
4.56 |
16.30 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
0.55 |
(2.76) |
|
|
OPERATING PROFIT |
% |
(255.38) |
(64.57) |
|
|
NET PROFIT |
% |
(205.75) |
(57.16) |
|
|
FIXED ASSETS |
% |
(7.47) |
(6.99) |
|
|
TOTAL ASSETS |
% |
(7.96) |
3.50 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is 0.55%. Turnover has increased from THB
14,847,701,338.00 in 2013 to THB 14,929,681,730.00 in 2014. While net profit
has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
9.25 |
Deteriorated |
Industrial Average |
41.18 |
|
Net Profit Margin |
(5.90) |
Deteriorated |
Industrial Average |
4.95 |
|
Return on Assets |
(4.24) |
Deteriorated |
Industrial Average |
7.64 |
|
Return on Equity |
(5.41) |
Deteriorated |
Industrial Average |
13.40 |
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 9.25%. 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 -5.9%.
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 -4.24%.
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 -5.41%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
4.30 |
Impressive |
Industrial Average |
1.78 |
|
Quick Ratio |
3.74 |
|
|
|
|
Cash Conversion Cycle |
32.23 |
|
|
|
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 4.3 times in 2014, increased from 2.84 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 3.74 times in 2014,
increased from 2.43 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 33 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.22 |
Impressive |
Industrial Average |
0.39 |
|
Debt to Equity Ratio |
0.28 |
Impressive |
Industrial Average |
0.65 |
|
Times Interest Earned |
(7.82) |
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 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 -7.83 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 0.22 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.58 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.72 |
Deteriorated |
Industrial Average |
1.54 |
|
Inventory Conversion Period |
17.72 |
|
|
|
|
Inventory Turnover |
20.59 |
Impressive |
Industrial Average |
9.36 |
|
Receivables Conversion Period |
43.16 |
|
|
|
|
Receivables Turnover |
8.46 |
Impressive |
Industrial Average |
6.94 |
|
Payables Conversion Period |
28.65 |
|
|
|
The company's Account Receivable Ratio is calculated as 8.46 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 20 days at the
end of 2013 to 18 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 18.02 times in year 2013 to 20.59
times in year 2014.
The company's Total Asset Turnover is calculated as 0.72 times and 0.66
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.64.78 |
|
|
1 |
Rs.99.54 |
|
Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.