MIRA INFORM REPORT
|
Report No. : |
345959 |
|
Report Date : |
24.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
KULTHORN KIRBY PUBLIC COMPANY LIMITED |
|
|
|
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Registered Office : |
126 Soi Chalong Krung 31, Chalong Krung Road, Lam Pla Thio, Lat Krabang, Bangkok 10520 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.06.2015 |
|
|
|
|
Date of Incorporation : |
24.03.1980 |
|
|
|
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Com. Reg. No.: |
0107537002150 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
The subject is
engaged in manufacturing of
hermetic compressor, reciprocating type
with sizes from 1/20 - 3 Hp., for various kinds
of refrigeration products,
such as refrigerators, freezers, water coolers, commercial
refrigerators and air conditioners, as
well as manufacturing of
condensing units, the
components of refrigeration products,
electrical motor parts,
and other motor
compressor parts. |
|
|
|
|
No. of Employees : |
2,010 |
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 |
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|
|
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Payment Behaviour : |
Slow but correct |
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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 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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'etat, 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
KULTHORN KIRBY
PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 126 SOI
CHALONG KRUNG 31,
CHALONG KRUNG
ROAD, LAM PLA
THIO,
LAT KRABANG,
BANGKOK 10520, THAILAND
TELEPHONE
: [66] 2326-0831-6,
2739-4893
FAX :
[66] 2326-0837,
2739-4892
EMAIL ADDRESS : kkc@kulthorn.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1980
REGISTRATION NO. : 0107537002150 [Former : BOR.MOR.JOR.462]
TAX ID NO. : 3101118650
CAPITAL REGISTERED : BHT.
1,200,000,000
CAPITAL PAID-UP : BHT.
1,200,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE
: MR.
SUTEE SIMAKULTHORN, THAI
PRESIDENT AND
MANAGING DIRECTOR
NO. OF
STAFF : 2,010
LINES OF
BUSINESS : MANUFACTURER, EXPORTER
AND
DISTRIBUTOR OF
RECIPROCATING COMPRESSORS FOR
REFRIGERATORS, FREEZERS, COOLERS
AND AIR CONDITIONERS
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
established on March
24, 1980 as
a private limited
company under the
name style KULTHORN
KIRBY CO., LTD., by the
Simakulthorn family, and
James N. Kirby
Pty., Ltd., Australia,
IFCT, and 9
local refrigerator manufacturers
to manufacture hermetic
compressors under license
from Tecumseh Products
Co., Ltd. U.S.A.,
with a royalty
fee of 1.5%
of sales. The
agreement expired in
2005. An application
to set up
a local compressor
assembly plant to
supply local refrigerator
manufacturers was awarded
promotional privileges by the Government’s Board
of Investment [BOI] on
28 June, 1979.
The subject was
listed on the
Stock Exchange of
Thailand on February
22, 1991, and converted
its status into a
public limited company
under the name
KULTHORN KIRBY PUBLIC
COMPANY LIMITED on
June 13, 1994.
Presently, the subject
is a manufacturer
and distributor of
motor compressor, reciprocating
type for refrigeration
products to both
domestic and international
markets. It currently employs
2,010 staff.
Subject also
achieved many awards
as follows: ISO 9001 : 2000 quality management system, ISO 14001 environment
management, OHSAS 18001
safety management system
certification and TIS 17025-2543 [ISO/IEC 17025 : 1999] for
motor testing operation
room quality system.
The subject’s registered
address was initially
located at 44/1 Moo 7,
Ladkrabang Industrial Estate,
Chalong Krung Road,
Lam Pla Thio,
Lat Krabang, Bangkok
10520.
On October 24,
2011, the registered
address was changed
from “44/1 Moo 7, Ladkrabang Industrial Estate,” to “126 Soi
Chalong Krung 31,”
by the Government
district office, actually
both are the
same location. This
is also the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sumeth Simakulthorn |
[x] : Chairman |
Thai
|
77 |
|
Mr. Thomas
Frederick Overs, Jr. |
[+] |
Australian |
- |
|
Sub. Lt. Samart
Mekavanichkul |
|
Thai
|
79 |
|
Mr. Tawachai Jalanakaran |
|
Thai
|
61 |
|
Mr. Padoong Techasarintr |
|
Thai
|
75 |
|
Mr. Praphot Aphiphunya |
|
Thai
|
73 |
|
Mr. Somlak
Jiamtiranat |
|
Thai |
66 |
|
Pol. Gen.
Pateep Tanprasert |
[+] |
Thai
|
- |
|
Mr. Arnon
Simakulthorn |
[x] |
Thai
|
71 |
|
Mr. Sutee Simakulthorn |
[x] |
Thai
|
46 |
|
Mr. Titisak
Simakulthorn |
[x] |
Thai |
37 |
|
Mr. Praphad Podhivorakhun |
[+] |
Thai
|
69 |
|
Mr. Prasan
Tanprasert |
[+] |
Thai
|
67 |
|
Mr. Kanit
Muangkrachang |
[+] |
Thai |
51 |
|
Mr. Paiboon
Boonpermvitaya |
[+] |
Thai |
59 |
AUTHORIZED PERSON
Anyone of the
above directors [x]
can jointly sign with anyone
of the directors [+]
on behalf of
the subject with
the company’s affixed.
MANAGEMENT
Mr. Sutee Simakulthorn is
the President and
Managing Director.
He is Thai
nationality with the
age of 46
years old.
Mr. Paiboon Boonpermvitaya is
the Executive Vice
President [Manufacturing].
He is Thai
nationality with the
age of 59
years old.
Mr. Titisak
Simakulthorn
is the Executive
Vice President [Marketing & Logistics].
He is Thai
nationality with the
age of 37
years old.
Mr. Chanachai Kulnoppaleark is
the Vice President [Office of
the Company Secretary].
He is Thai
nationality.
Mr. Kumjorn Kunvapanichkul is
the Vice President [Marketing].
He is Thai
nationality.
Ms. Sopida
Doungratmaneechot is the
Manager - Finance Department.
She is Thai
nationality.
Mrs. Chanpen
Phadungsilp is the
Manager - Accounting & Costing
Department.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in
manufacturing of hermetic
compressor, reciprocating type
with sizes from 1/20 - 3 Hp., for various kinds
of refrigeration products,
such as refrigerators, freezers, water coolers, commercial
refrigerators and air conditioners, as well as
manufacturing of condensing
units, the components
of refrigeration products,
electrical motor parts,
and other motor
compressor parts.
The
reciprocating compressor can
be used with
many types of
refrigerant including Ozone
Friendly Substance such
as R22, R290,
R134a, R404A, R407C, R410A,
R507, and R600a with
the sizes from
1/20 horsepower to
10 horsepower. The products
has been used
production technology by
Tecumseh Products Company,
U.S.A., as well as
refrigeration condensing unit,
which is the
component of refrigeration
products, electrical motor
parts and other
motor compressor parts.
The products are
sold and serviced
to OEM manufacturers.
REGISTERED TRADEMARK
“TECUMSEH”
BRAND NAME
“KK-KULTHORN”
PRODUCTION CAPACITY
[Unit
: Million Sets]
|
Year |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Production Capacity |
5.16 |
5.16 |
5.16 |
|
Real Capacity |
|
|
|
|
Compressor Motors |
2.60 |
2.29 |
2.34 |
|
Condensing Unit |
0.010 |
0.015 |
0.01 |
|
|
|
|
|
|
Total Real Capacity |
2.61 |
2.31 |
2.35 |
PURCHASE
80% of its
raw materials and components such
as hot & cold
rolled steel, aluminium
& electrical equipments
are purchased from
local suppliers, and
the remaining 20% such as
steel plate, aluminium
and electrical equipments
are imported from
Japan, United States of
America, Australia, U.K.,
Spain, Malaysia, Republic
of China and
Italy.
Raw materials: steel
casting parts, enamel
copper wires, metal
powder and compressor
coating paints are
purchased from local
suppliers as follows:
Kulthorn Kirby Foundry
Co., Ltd. :
Thailand
Kulthorn
Materials and Controls
Co., Ltd. :
Thailand
Kulthorn Premier Ltd. :
Thailand
Kulthorn Steel Co.,
Ltd. :
Thailand
Suzhou Kulthorn Magnet
Wire Co., Ltd. :
Thailand
SALES [LOCAL]
40% of its
products is sold
locally to manufacturers
and end-users.
EXPORT [COUNTRIES]
60% of its products
is exported to United States of
America, Malaysia, Indonesia,
Bangladesh, Australia, Saudi
Arabia, Philippines, Sri
Lanka, Republic of
China, Egypt, Germany,
Greece, Italy, Nepal,
Pakistan, Singapore, Taiwan,
India, Korea, Russia,
New Zealand and
Africa.
MAJOR CUSTOMERS
Fujitsu General [Thailand]
Co., Ltd.
Sanden Intercool [Thailand]
Public Co., Ltd.
Simac
International Co., Ltd.
Thai Toshiba Electric
Industries Co., Ltd.
Kulthorn Co., Ltd.
Freser [HK] Co.,
Ltd.
Thai Samsung Electronics
Co., Ltd.
REVENUE STRUCTURE
[COMPANY AND SUBSIDIARY]
|
|
2014 |
2013 |
||
|
|
Thousand baht |
% |
Thousand baht |
% |
|
Motor
Compressor for [Cooling Capacity] |
|
|
|
|
|
Refrigerator,
Freezer, water Cooler [160-900 B.T.U./Hrs] |
1,234,867 |
22.97 |
1,278,749 |
27.69 |
|
Refrigerator,
Commercial Refrigerator [900-5,000 B.T.U./Hrs] |
1,000,765 |
18.62 |
957,575 |
20.74 |
|
Commercial
refrigerator, Air Conditioners
[5,000-35,000 B.T.U./Hrs] |
3,116,357 |
57.97 |
2,357,737 |
51.06 |
|
Large Size Air
Conditioner |
23,402 |
0.44 |
23,277 |
0.51 |
|
[37,000-120,000 B.T.U./Hrs] |
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
5,375,391 |
100.0 |
4,617,338 |
100.0 |
SUBSIDIARIES
Kulthorn Kirby Foundry
Company Limited
Business Type : Manufacturer
of iron castings
Address : 212/62
Pattanakarn Rd., Khwang
Pravet, Khet Pravet,
Bangkok 10250
Investment : 100%
Kulthorn Premier
Company Limited
Business Type : Manufacturer
of hermatic compressor,
motor and iron
coatings for
commercial refrigerators
Address :
466 Moo 9,
Nongkee, Kabinburi, Prachinburi
25110.
Investment : 100%
Kulthorn Steel Company
Limited
Business Type : Slitting
of electrical steel
for compressor
Address :
61/1 Moo 4,
Lat Krabang Industrial
Estate, Chalongkrung Rd.,
Lam Pla
Thio, Lat Krabang,
Bangkok 10520.
Investment : 100%
Kulthorn
Materials and Controls
Company Limited
Business Type : Manufacturer
of enameled copper
wires and thermostat
used in air
conditioners and
refrigerators
Address :
1/2 Moo 22
Suwinthawong Rd., T. Saladaeng, A. Bangnampriew,
Chachoengsao 24000.
Investment : 100%
LITIGATION
On November 30,
1999 the
subject entered into a
debt restructuring agreement
with the financial
institution creditors to
restructure the outstanding debts to
these institutions.
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 60-120 days
and T/T.
Sales are by
cash or on
the credits term
of 30-60 days.
Exports are against
L/C at sight
and T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Ladkrabang Branch : 223 Moo 1,
Onnuch-Ladkrabang Rd., Ladkrabang,
Bangkok 10520]
Kasikornbank
Public Co., Ltd.
[Ladkrabang Branch : 220 Moo 1,
Onnuch-Ladkrabang Rd., Ladkrabang,
Bangkok 10520]
Hongkong & Shanghai
Banking Corp.
[Bangkok Branch :
968 Rama 4 Rd., Silom,
Bangrak, Bangkok 10500]
Bank of America
NT & SA
[Bangkok Branch :
2/2 Wireless Rd.,
Lumpini, Pathumwan, Bangkok 10330]
TMB Bank Public
Co., Ltd.
[Head Office:
3000 Phaholyothin Rd.,
Chompol, Jatujak, Bangkok 10900]
EMPLOYMENT
The subject currently
employs 2,010 staff
[office staff, sales
representatives and factory
workers].
LOCATION DETAILS
The premise is owned
for administrative an office,
factory and warehouse
at the heading
address on 57,600
square meters. Premise is
located in an
industrial area.
COMMENT
The company is
Thailand’s first manufacturer
of high-efficiency hermetic
compressors. Over the
past 34 years
it has steadily
developed to become
a leading manufacture of high-quality
hermetic compressors for
both the refrigeration and
air-conditioning
manufacturing
industries.
It has gained
trust and a
reputation for reliability
from world-renowned manufacturers
of refrigeration and
air-conditioning systems both
locally and overseas,
as well as
continuing to improve
the overall efficiency
and quality of
its operations and
products.
The subject has
recently registered for
an increase of its registered
capital to Bht. 1,200
million with fully
paid-up, this would assist
on the company’s liquidity flow.
Nevertheless, the subject
maintains a moderate
business with steady growth.
FINANCIAL INFORMATION
The capital was
initially registered at Bht. 40,000,000, divided
into 400,000 shares
of Bht. 100 each.
The capital was
increased later as
followings:
Bht. 71,600,000
in April, 1983
Bht. 87,000,000
in May, 1985
Bht. 97,000,000
in June, 1990
Bht. 115,000,000
in January, 1991
Bht. 150,000,000
in June, 1993
The latest registered
capital was increased
to Bht. 1,200,000,000 divided
into
1,200,000,000
shares of Bht.
1 each with fully paid.
MAIN SHAREHOLDERS
[as at May
7, 2015] at
Bht. 1,000,000,000 of
capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Simakulthorn
Holding Co., Ltd. |
320,148,844 |
32.01 |
|
Heatcraft
Australia Pty. Ltd. |
65,255,000 |
6.53 |
|
Ms. Saisamorn
Suriyathep |
44,839,343 |
4.48 |
|
Ms. Sasi Ingkanan |
42,242,648 |
4.22 |
|
F.O. Supakorn
Chantasasawat |
41,952,515 |
4.20 |
|
Ms. Urai
Khem-amnart |
41,746,233 |
4.17 |
|
Ms. Pojanee
Khem-amnart |
40,723,352 |
4.07 |
|
Ms. Kalpapas
Parnpichtawee |
36,975,358 |
3.70 |
|
Mr. Suchon
Simakulthorn |
25,259,552 |
2.53 |
|
Mr. Suraporn Simakulthorn |
25,245,941 |
2.52 |
|
Mr. Arnon
Simakulthorn |
23,014,021 |
2.30 |
|
Mr. Sumeth
Simakulthorn |
22,632,768 |
2.26 |
|
Mrs. Benjamas
Phuhaiphol |
18,116,549 |
1.81 |
|
Mrs. Supatra
Khamthien |
16,629,085 |
1.66 |
|
Other shareholders |
235,218,791 |
23.54 |
Total Shareholders :
2,717 [including the
above shareholders]
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Ms. Saifon
Inkaew No. 4434
Ernst &
Young Office Limited
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 |
182,545,963 |
64,135,741 |
14,720,685 |
|
Trade Accounts & Other Receivable |
1,032,373,984 |
935,582,494 |
904,708,897 |
|
Short-term Loans to
Parties |
237,057,566 |
6,428,883 |
- |
|
Inventories |
1,246,248,091 |
1,014,946,549 |
909,498,025 |
|
VAT Receivable |
86,535,594 |
30,812,478 |
23,569,498 |
|
Other Current Assets
|
13,950,752 |
7,895,730 |
9,992,010 |
|
|
|
|
|
|
Total Current Assets |
2,798,711,950 |
2,059,801,875 |
1,862,489,115 |
|
Investment in
Subsidiaries |
2,434,372,497 |
2,434,372,497 |
2,334,372,497 |
|
Property, Plant and Equipment |
1,544,947,516 |
1,743,414,288 |
1,892,962,993 |
|
Other
Intangible Assets |
25,684,683 |
11,707,353 |
3,209,619 |
|
Deferred Tax Assets |
13,519,909 |
16,383,518 |
- |
|
Other
Non-current Assets |
1,468,149 |
1,249,031 |
786,715 |
|
Total Assets |
6,818,704,704 |
6,266,928,562 |
6,093,820,939 |
LIABILITIES
& SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial
Institutions |
1,907,748,048 |
1,723,294,080 |
1,555,321,928 |
|
Trade Accounts
& Other Payable |
1,230,216,246 |
942,280,955 |
964,165,851 |
|
Short-term Loan from Related Party |
503,610,895 |
155,765,152 |
30,500,000 |
|
Current
Portion of Long-term Loans |
634,700,000 |
550,000,000 |
550,000,000 |
|
Current Portion of
Liabilities under Hire-purchase & Financial Lease Agreements |
15,746,168 |
13,981,793 |
9,440,209 |
|
Dividend Payable |
500,673,274 |
674,534 |
581,197 |
|
Other Current Liabilities |
12,984,700 |
68,031,972 |
61,888,882 |
|
|
|
|
|
|
Total Current Liabilities |
4,805,679,331 |
3,454,028,486 |
3,171,898,067 |
|
Long-term Loan -
Net of Current Portion |
- |
550,000,000 |
1,100,000,000 |
|
Liabilities under Hire-purchase &
financial Lease
Agreements - Net of Current
Portion |
34,296,232 |
46,447,442 |
26,247,069 |
|
Provision for Long-term
Employee Benefits |
63,017,930 |
57,673,152 |
54,530,797 |
|
Total Liabilities |
4,902,993,493 |
4,108,149,080 |
4,352,855,933 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share capital :
Baht 1
par value Authorized &
issued share capital
1,000,000,000 shares |
1,000,000,000 |
1,000,000,000 |
1,000,000,000 |
|
|
|
|
|
|
Capital Paid |
1,000,000,000 |
1,000,000,000 |
850,000,000 |
|
Premium on Share Capital |
500,000,000 |
500,000,000 |
350,000,000 |
|
Retained Earnings: Appropriated for
Statutory Reserve |
100,000,000 |
100,000,000 |
90,601,450 |
|
Unappropriated |
315,711,211 |
558,779,482 |
450,363,556 |
|
Total Shareholders'
Equity |
1,915,711,211 |
2,158,779,482 |
1,740,965,006 |
|
Total Liabilities
& Shareholders' Equity |
6,818,704,704 |
6,266,928,562 |
6,093,820,939 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales &
Service Income |
6,193,749,220 |
4,942,463,814 |
4,871,589,688 |
|
Other Income Income from
Scrap Sales |
246,194,292 |
228,413,831 |
280,842,017 |
|
Gain on Exchange
Rate |
6,950,526 |
- |
42,582,527 |
|
Interest Income |
1,002,477 |
737,072 |
204,310 |
|
Dividend Income |
75,602,029 |
282,527,818 |
220,592,852 |
|
Others |
14,255,671 |
9,801,938 |
4,198,058 |
|
Total Revenues |
6,537,754,215 |
5,463,944,473 |
5,420,009,452 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
5,922,765,846 |
4,754,055,879 |
4,841,617,037 |
|
Selling Expenses |
64,122,209 |
63,250,510 |
58,451,243 |
|
Administrative
Expenses |
177,484,968 |
163,172,863 |
157,925,929 |
|
Loss on Exchange Rate |
- |
75,569,671 |
- |
|
Total Expenses |
6,164,373,023 |
5,056,048,923 |
5,057,994,209 |
|
|
|
|
|
|
Profit / [Loss] before
Financial Cost & Income
Tax |
373,381,192 |
407,895,550 |
362,015,243 |
|
Financial Costs |
[113,585,853] |
[136,464,593] |
[169,606,515] |
|
|
|
|
|
|
Profit / [Loss]
before Income Tax |
259,795,339 |
271,430,957 |
192,408,728 |
|
Income Tax |
[2,863,610] |
[2,863,058] |
[1,093,054] |
|
|
|
|
|
|
Net Profit / [Loss]
|
256,931,729 |
268,567,899 |
191,315,674 |
BALANCE
SHEET [BAHT]
The latest financial figures published
as at June
30, 2015 was :
[Unaudited]
ASSETS
[Unit : Thousand Baht]
|
Current
Assets |
2015 |
|
|
|
|
Cash and cash equivalents |
92,775 |
|
Trade and other
receivable |
1,200,506 |
|
Short-term loans to
Parties |
318,628 |
|
Inventories |
1,442,573 |
|
Dividend receivable from
related parties |
100,050 |
|
VAT receivable |
40,676 |
|
Other current assets
|
11,908 |
|
|
|
|
Total Current Assets |
3,207,116 |
|
Investment in
subsidiaries |
2,434,372 |
|
Property, plant and
equipment |
1,447,560 |
|
Other
intangible assets |
27,119 |
|
Deferred tax assets |
23,009 |
|
Other
non-current assets |
1,548 |
|
Total Assets |
7,140,724 |
LIABILITIES
& SHAREHOLDERS’ EQUITY [BAHT]
[Unit : Thousand Baht]
|
Current
Liabilities |
2015 |
|
|
|
|
Bank
overdrafts and short-term Loan
from financial institutions |
1,961,775 |
|
Trade and other
payable |
1,312,038 |
|
Short-term loan from related parties |
564,769 |
|
Current
portion of long-term
loans |
363,200 |
|
Current Portion
of liabilities under financial
lease agreements |
16,313 |
|
Dividend payable |
33,430 |
|
Other current liabilities |
17,021 |
|
|
|
|
Total Current Liabilities |
4,268,546 |
|
Long-term loans -
net of current portion |
48,600 |
|
Liabilities
under financial lease
agreements, net of
current portion |
25,995 |
|
Provision for long-term
employee benefits |
66,711 |
|
Total Liabilities |
4,409,852 |
|
|
|
|
Shareholders' Equity |
|
|
Share capital |
|
|
Registered |
|
|
1,200,000,000 ordinary
shares of Baht
1 each |
1,200,000 |
|
Issued and
fully paid up |
|
|
1,200,000,000 ordinary shares
of Baht 1 each |
1,200,000 |
|
Share premium |
700,000 |
|
Retained earnings: Appropriated for
statutory reserve |
100,000 |
|
Unappropriated |
730,872 |
|
Total Shareholders'
Equity |
2,730,872 |
|
Total Liabilities
& Shareholders' Equity |
7,140,724 |
PROFIT &
LOSS ACCOUNT
For the six-month period ended 30,
June 2015.
[Unit : Thousand Baht]
|
Revenue |
2015 |
|
|
|
|
Sales and service
income |
3,366,985 |
|
Other Income Income from
scrap sales |
94,215 |
|
Interest income |
8,267 |
|
Dividend income |
135,052 |
|
Others |
8,124 |
|
Total Revenues |
3,612,643 |
|
Expenses |
|
|
|
|
|
Cost of sales
and services |
2,990,491 |
|
Selling expenses |
42,197 |
|
Administrative
expenses |
94,931 |
|
Loss on exchange |
7,561 |
|
Total Expenses |
3,135,180 |
|
|
|
|
Profit before financial
cost and income
tax |
477,463 |
|
Financial costs |
[71,791] |
|
|
|
|
Profit before income
tax |
405,672 |
|
Income tax [expenses] |
9,489 |
|
|
|
|
Net Profit / [Loss]
|
415,161 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.58 |
0.60 |
0.59 |
|
QUICK RATIO |
TIMES |
0.30 |
0.29 |
0.29 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.01 |
2.83 |
2.57 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.91 |
0.79 |
0.80 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
76.80 |
77.92 |
68.57 |
|
INVENTORY TURNOVER |
TIMES |
4.75 |
4.68 |
5.32 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
60.84 |
69.09 |
67.78 |
|
RECEIVABLES TURNOVER |
TIMES |
6.00 |
5.28 |
5.38 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
75.81 |
72.35 |
72.69 |
|
CASH CONVERSION CYCLE |
DAYS |
61.83 |
74.67 |
63.66 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
95.62 |
96.19 |
99.38 |
|
SELLING & ADMINISTRATION |
% |
3.90 |
4.58 |
4.44 |
|
INTEREST |
% |
1.83 |
2.76 |
3.48 |
|
GROSS PROFIT MARGIN |
% |
9.93 |
14.36 |
11.87 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.03 |
8.25 |
7.43 |
|
NET PROFIT MARGIN |
% |
4.15 |
5.43 |
3.93 |
|
RETURN ON EQUITY |
% |
13.41 |
12.44 |
10.99 |
|
RETURN ON ASSET |
% |
3.77 |
4.29 |
3.14 |
|
EARNING PER SHARE |
BAHT |
0.26 |
0.27 |
0.23 |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.72 |
0.66 |
0.71 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.56 |
1.90 |
2.50 |
|
TIME INTEREST EARNED |
TIMES |
3.29 |
2.99 |
2.13 |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
25.32 |
1.45 |
|
|
OPERATING PROFIT |
% |
(8.46) |
12.67 |
|
|
NET PROFIT |
% |
(4.33) |
40.38 |
|
|
FIXED ASSETS |
% |
(11.38) |
(7.90) |
|
|
TOTAL ASSETS |
% |
8.80 |
2.84 |
|
ANNUAL
GROWTH : ACCEPTABLE
An annual sales growth is 25.32%. Turnover has increased
from THB
PROFITABILITY
: ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
9.93 |
Impressive |
Industrial
Average |
1.34 |
|
Net Profit Margin |
4.15 |
Deteriorated |
Industrial
Average |
12.95 |
|
Return on Assets |
3.77 |
Deteriorated |
Industrial
Average |
17.67 |
|
Return on Equity |
13.41 |
Deteriorated |
Industrial
Average |
28.41 |
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. Gross Profit Margin is 9.93%. 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 4.15%. 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 3.77%.
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 13.41%.
Trend
of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY
: RISKY
LIQUIDITY
RATIO
|
Current Ratio |
0.58 |
Risky |
Industrial
Average |
1.60 |
|
Quick Ratio |
0.30 |
|
|
|
|
Cash Conversion Cycle |
61.83 |
|
|
|
The Current Ratio is to ascertain whether a company's
short-term assets are readily available to pay off its short-term liabilities. The
company's figure is 0.58 times in 2014, decrease from 0.6 times, then the
company may not be efficiently using its current assets. 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 0.3
times in 2014, increase from 0.29 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 62 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: ACCEPTABLE
LEVERAGE
RATIO
|
Debt Ratio |
0.72 |
Acceptable |
Industrial
Average |
0.31 |
|
Debt to Equity Ratio |
2.56 |
Risky |
Industrial
Average |
0.45 |
|
Times Interest Earned |
3.29 |
Impressive |
Industrial
Average |
- |
Debt to Equity Ratio a measurement of how much suppliers,
lenders, creditors and obligors have committed to the company versus what the shareholders
have committed. A higher the percentage means that the company is using less
equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet
its debt obligations. Ratio is 3.29 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 0.72 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
: SATISFACTORY
ACTIVITY
RATIO
|
Fixed Assets Turnover |
4.01 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.91 |
Acceptable |
Industrial
Average |
1.47 |
|
Inventory Conversion Period |
76.80 |
|
|
|
|
Inventory Turnover |
4.75 |
Acceptable |
Industrial
Average |
6.45 |
|
Receivables Conversion Period |
60.84 |
|
|
|
|
Receivables Turnover |
6.00 |
Satisfactory |
Industrial
Average |
7.01 |
|
Payables Conversion Period |
75.81 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.00
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 78 days at the
end of 2013 to 77 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 4.68 times in year 2013 to 4.75 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.91
times and 0.79 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.64.88 |
|
UK Pound |
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.72.06 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
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.