MIRA INFORM REPORT
|
Report No. : |
339595 |
|
Report Date : |
07.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
THAI HUA RUBBER PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
238/1 Ratchadapisek Road, Huaykwang, Bangkok 10320 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
03.09.1985 |
|
|
|
|
Com. Reg. No.: |
0107539000251 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in
manufacturing, exporting and distributing various
kinds of natural
rubber products, such
as ribbed smoked
sheet [RSS], air
dried sheets [ADS],
standard Thai rubber [STR] and concentrated latex. Its
products are supplied
to various industries,
such as auto
tires, auto parts, belts,
toys, adhesive glues,
shoe soles |
|
|
|
|
No. of Employee : |
2,000 |
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 – 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 |
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
THAI HUA RUBBER PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 238/1
RATCHADAPISEK ROAD, HUAYKWANG,
BANGKOK 10320,
THAILAND
TELEPHONE : [66] 2274-0471-7,
2274-0484
FAX :
[66] 2274-0231,
2274-0531
E-MAIL
ADDRESS : marketing@thaihua.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1985
REGISTRATION
NO. : 0107539000251 [BOR
MOR JOR. 626]
TAX
ID NO. : 3101358612
CAPITAL REGISTERED : BHT. 2,300,000,000
CAPITAL PAID-UP : BHT.
1,700,000,000
SHAREHOLDER’S PROPORTION : THAI :
71.73%
FOREIGN :
28.27%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : DR. LUCKCHAI KITTIPOL,
THAI
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
NO.
OF STAFF : 2,000
LINES
OF BUSINESS : NATURAL RUBBER
PRODUCTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
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 originally
established on September
3, 1985 as a private
limited company under
the registered name “Thai Hua
Rubber Company Limited” by Thai group, Kittipol
family, with the
business objective to
manufacture and supply
various kinds of
natural rubber products
to both domestic
and export markets.
On
August 23, 1996, subject converted
its status to
a public limited
company, named THAI
HUA RUBBER PUBLIC COMPANY LIMITED. Subject
currently operates the
products through 14
production plants in
various provinces. It
employs approximately 2,000
staff.
The subject’s registered
address is 238/1 Ratchadapisek Rd., Huaykwang,
Bangkok 10320, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Dr. Luckchai Kittipol |
[x] |
Thai |
59 |
|
Mr. Sangob Pandokmai |
|
Thai |
79 |
|
Mr. Somchai Pakapasviwat |
|
Thai |
69 |
|
Pol. Gen. Suthep Thamrak |
|
Thai |
70 |
|
Mr. Kritaya Kittipol |
[-] |
Thai |
64 |
|
Pol. Maj. Gen Veerapong Chuenpakdi |
|
Thai |
57 |
|
Mr. Anan Jesdavisuth |
[-] |
Thai |
61 |
AUTHORIZED
PERSON
Only the mentioned
director [x] signs
or both of
the directors [-]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Luckchai Kittipol is
the President and
Chief Executive Officer.
He is Thai
nationality with the
age of 59
years old.
He is also
the Honorary President
and Executive Director of Thai Rubber Association.
Mr. Reyong Kittipol is
the Senior Executive
Vice President [Production, Human
Resources & IT].
He is Thai
nationality.
Mr. Amphol Raungturakit is
the Senior Executive Vice
President [Finance & Accounting]
He is Thai
nationality.
Ms. Subin Saetiao is
the Senior Executive
Vice President [Administration].
She is Thai
nationality.
Ms. Chanida Wilaiwan is
the Executive Vice
President [Accounting].
She is Thai
nationality.
Mr. Yew Kong Hing
is the Executive
Vice President [Marketing].
He is Malaysian
nationality.
Mr. Piya Oranriksuphak is
the Executive Vice
President [Finance & Accounting].
He is Thai
nationality.
Mr. Rawat Kittipol is
the Executive Vice
President [Factory & Production].
He is Thai
nationality.
Mr. Chetta Meemangkang is
the Executive Vice
President [Research & Development].
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject is engaged in
manufacturing, exporting and distributing
various kinds of
natural rubber products,
such as ribbed
smoked sheet [RSS],
air dried sheets
[ADS], standard Thai
rubber [STR] and
concentrated latex. Its products
are supplied to
various industries, such
as auto tires,
auto parts, belts, toys,
adhesive glues, shoe
soles and etc.
PRODUCTION CAPACITY
Products Tons/Month
Ribbed Smoked Sheet [RSS]
RSS1 : 2,000
RSS2 : 3,000
RSS3 : 15,000
Standard Thai Rubber [STR] STR5 : 1,000
STR5L : 1,000
STR5CV50 : 1,000
STR5CV60 : 1,000
STR10 : 5,000
STR20 : 27,000
Ribbed Smoked Sheet [RSS] : 10,000
Compound
Standard Thai Rubber [STR] : 10,000
Compound
Air Dried Sheet : 500
Latex : 10,000
Skim Block : 1,500
PURCHASE
100% of raw
material is purchased
from local suppliers.
SALES
90% of the
products is exported
to U.S.A., Japan,
Republic of China,
Malaysia, Korea, Germany, France,
United Kingdom, Indonesia, South Africa, Singapore, Middle East country, India,
Taiwan, Italy, and
etc., the remaining
10% is sold
to local market.
MAJOR
CUSTOMERS
Goodyear
[Thailand] Co., Ltd. : Thailand
Thai
Bridgestone Co., Ltd. : Thailand
SUBSIDIARY
COMPANIES
Thai Mac STR
Co., Ltd.
Business Type : Manufacturer
of Standard Thai
Rubber [STR].
Investment : 100%
of holding
Thai Hua Plantation
Co., Ltd.
Business Type : Manufacturer
of latex products
Investment : 100%
of holding
Rubber Focus Trading
Co., Ltd.
Business Type : Distributor
of rubber and
related products
Investment : 100%
of holding
THR Holdings [1978]
Pte. Ltd.
Business Type : Holding and
investment
Investment : 100%
of holding
168 Trailer Transport
Co., Ltd.
Business Type : Transportation.
Investment : 99.97%
of holding
Lao Thai Hua
Co., Ltd.
Business Type : Manufacturer and distributor
of latex products
Investment : 85.41%
of holding
Thai Hua International
Rubber Co., (P) Ltd.
Business Type : Manufacturer
and distributor of
latex products
Investment : 70%
of holding
Rubber Resources Pte. Ltd.
Business Type : Holding and
investment
Investment : 60%
of holding
LITIGATION
Bankruptcy and
Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
according the past
two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Exports are against
L/C at sight
or T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
Krung Thai Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
2,000 staff.
LOCATION
DETAILS
The premise
is owned for administrative office at
the heading address. Premise is
located in commercial/residential area.
Factories/Branches:
·
Sadao
Branch, 26/2 Moo 4, Kanchanawanich Rd.,
Phangpla, Sadao, Songkhla
90170.
·
Krabi
Branch, 338 Moo
1, Petchkasem Rd.,
Khao Khram, Krabi
81100.
·
Songkalerk
Branch, 80/4 Moo 1 ,
Samnaktong, Muang, Rayong 21100.
·
Rayong
Branch, 167 Moo
13, Krasaebon, Klang,
Rayong 21100.
·
Bangklam
Branch, 5 Moo
10, Asia Rd.,
Tha Chang, Bangklam,
Songkhla 90110.
·
Udornthani
Branch, 148 Moo 15, Nittayo Rd.,
Phon Ngam, Nongharn, Udornthani 41130.
·
Trang
Branch, 155 Moo
5, Bangrak, Muang,
Trang 92000.
·
Chalung
Branch, 130 Moo
1, Petchkasem Rd., Chalung, Hadyai, Songkhla
91140.
·
Sakolnakorn
Branch, 222 Moo
3, Morthong, Baanmuang,
Sakonnakorn 47140.
·
Suratthani
Branch, 27/5 Moo
5, Sin-Jaroen, Praseng,
Suratthani 84210.
·
Phitsanulok
Branch, 168 Moo
3, Wangnokaen, Muang,
Phitsanulok 65130.
·
195 Moo 5,
Nonsomboon, Bungkarn, Bungkarn
43140.
·
109 Moo 4,
Bungcharoen, Banguad, Buriram
31180.
·
85/1
Moo 5, Thabma,
Muang, Rayong 21000.
Overseas
Branch Office:
·
L B02107 Jebel Ali
Dubai, United Arab
Emirates.
COMMENT
Natural rubber prices
in Thailand have
been declined year
after year mainly
due to a
decrease in demand
of natural rubber
worldwide resulted by
a slowdown of
global economy. The
subject’s business performance
in 2013 was
considered moderately fair.
However, the prices
of natural rubber
have not been
increased in recent years. In
fact, the prices are
getting lower and lower. The company would have inevitably
affected from these
factors and would
result in a
slowdown of its
sales revenues and current operating
performance.
FINANCIAL
INFORMATION
The
capital was registered at
Bht. 10,000,000 divided into
100,000 shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 50,000,000 on
September 12, 1991
Bht. 60,000,000 on
February 24, 1995
Bht. 80,000,000 on
December 7, 1995
Bht.
1,500,000,000 in 2006
Bht.
1,650,000,000 on December
30, 2010
Bht.
1,700,000,000 on December
15, 2011
Bht.
2,300,000,000 on September
6, 2012
The
latest registered capital
was increased to
Bht. 2,300,000,000 divided
into
2,300,000,000 shares
of Bht. 1
each, with the current
capital paid-up at
Bht.
1,700,000,000.
MAIN
SHAREHOLDERS
[as
at April 30,
2015] at Bht.
1,700,000,000 of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Luckchai Kittipol Nationality: Thai Address :
238/1 Ratchadapisek Rd.,
Huaykwang,
Bangkok |
555,233,878 |
32.66 |
|
Luck Sands Investment Co., Ltd. Nationality: Irish Address : Tortola,
British Virgin Islands |
214,971,800 |
12.64 |
|
Jabez Investments Limited Nationality: Singaporean Address : 18
Rochdale Rd., Singapore |
180,000,000 |
10.59 |
|
Thai Hua Holding
Co., Ltd. Nationality: Thai Address : 238/1
Ratchadapisek Rd., Huaykwang, Bangkok |
102,473,328 |
6.03 |
|
Asean China Investment
Fund II L.P. Nationality: Cayman Islands Address : North
Church Street, George
Town, Grand Cayman,
Cayman Islands |
50,000,000 |
2.94 |
|
Mr. Pawit Kulthanawit Nationality: Thai Address : 1/2
Moo 2, Samkor,
Sena, Ayutthaya |
36,000,000 |
2.12 |
|
Mr. Kritaya Kittipol Nationality: Thai Address : 7/1
Moo 4, Kached,
Muang, Rayong |
34,767,039 |
2.04 |
|
Mrs. Lawana Kittipol Nationality: Thai Address : 66/117
Ladprao 80 Rd., Wangthonglang, Bangkok |
26,461,000 |
1.56 |
|
Mr. Vijit Chiemcharoenwuth Nationality: Thai Address : 15/27
Soi Charoenchai, Klongtonnua, Wattana, Bangkok |
20,800,000 |
1.22 |
|
Others |
479,292,955 |
28.20 |
Total Shareholders : 221
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
208 |
1,219,410,375 |
71.73 |
|
Foreign |
13 |
480,589,625 |
28.27 |
|
Total |
221 |
1,700,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Bongkoch Amsangiam No.
3684
BALANCE
SHEET [BAHT]
The financial statement
as of December
31, 2014 was
not submitted to
the Commercial Registration
Department.
The
latest financial figures
published for December
31, 2013, 2012 & 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash in Hand
& at Bank |
637,231,950 |
95,136,608 |
122,823,528 |
|
Short-term Investment |
25,743,405 |
22,710,727 |
114,049 |
|
Receivable & Deposit
for Rubber Trading in Advance |
55,129,094 |
30,981,153 |
33,116,620 |
|
Trade Accounts Receivable |
6,129,697,531 |
5,659,593,215 |
5,095,591,652 |
|
Other Receivable |
378,650,626 |
215,336,560 |
461,253,249 |
|
Short-term Lending to Related
Company |
18,200,000 |
24,100,000 |
769,809,120 |
|
Current Portion of Long-term
Receivable -
Related Company |
52,569,580 |
35,371,998 |
15,300,000 |
|
Inventories |
2,645,336,300 |
4,614,065,995 |
3,409,194,656 |
|
Advance Payment for Goods |
1,048,059,780 |
347,236,545 |
415,003,005 |
|
Other Current Assets
|
120,894,235 |
143,831,092 |
46,741,895 |
|
|
|
|
|
|
Total Current Assets
|
11,111,512,501 |
11,188,363,893 |
10,368,947,774 |
|
Investment in Associated Company |
- |
147,000,000 |
147,000,000 |
|
Investment in Subsidiary |
3,066,662,752 |
2,901,484,905 |
2,106,926,833 |
|
Other Long-term Investment |
1,365,615,856 |
1,448,294,376 |
1,143,425,463 |
|
Long-term Lending to Related
Company |
989,567,678 |
808,949,228 |
- |
|
Long-term Receivable to Related Company |
26,107,452 |
67,923,754 |
172,038,883 |
|
Real Estate for
Investment |
90,833,753 |
90,833,753 |
90,833,753 |
|
Fixed Assets |
2,159,743,489 |
1,519,754,762 |
1,084,691,934 |
|
Intangible Assets |
7,932,689 |
7,653,038 |
- |
|
Deferred Income Tax |
26,144,534 |
25,583,226 |
- |
|
Other Non-current Assets |
121,027,156 |
81,017,198 |
106,564,151 |
|
Total Assets |
18,965,147,860 |
18,286,858,133 |
15,220,428,791 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loans from Financial
Institutions |
12,602,541,590 |
13,615,148,104 |
10,626,734,467 |
|
Trade Accounts Payable |
2,113,096,019 |
740,089,676 |
1,168,458,236 |
|
Other Payable |
430,763,912 |
334,968,001 |
169,918,073 |
|
Current Portion of Long-term Loan from Financial Institutions |
127,296,000 |
321,294,608 |
296,481,000 |
|
Current Portion of Financial Lease Contract Liabilities |
12,237,826 |
7,040,776 |
- |
|
Accrued Income Tax |
11,668,935 |
3,068,170 |
1,454,467 |
|
Other Current Liabilities |
99,411,229 |
95,911,551 |
118,405,776 |
|
|
|
|
|
|
Total Current Liabilities |
15,397,015,511 |
15,117,520,886 |
12,381,452,019 |
|
Long-term Loan from Financial Institutions |
295,780,000 |
243,446,000 |
143,367,000 |
|
Financial Lease Contract
Liabilities |
29,871,610 |
28,971,694 |
- |
|
Employee Benefits Obligation |
20,837,619 |
18,615,077 |
16,532,605 |
|
Total Liabilities |
15,743,504,740 |
15,408,553,657 |
12,541,351,624 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1 par value
authorized and issued share
capital 2,300,000,000 shares in 2013 & 2012, 1,700,000,000 shares in 2011
|
2,300,000,000 |
2,300,000,000 |
1,700,000,000 |
|
|
|
|
|
|
Capital Paid |
1,700,000,000 |
1,700,000,000 |
1,700,000,000 |
|
Surplus on Share
Capital |
209,250,000 |
209,250,000 |
209,250,000 |
|
Retained Earning Appropriated for
statutory reserve |
146,953,746 |
127,951,746 |
110,769,542 |
|
Unappropriated |
1,165,439,374 |
841,102,730 |
659,057,625 |
|
Total Shareholders' Equity |
3,221,643,120 |
2,878,304,476 |
2,679,077,167 |
|
Total Liabilities &
Shareholders' Equity |
18,965,147,860 |
18,286,858,133 |
15,220,428,791 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
32,923,508,392 |
34,910,174,080 |
42,263,288,570 |
|
Services Income |
69,211,384 |
38,494,716 |
- |
|
Investment Income |
136,152,039 |
65,058,876 |
47,873,072 |
|
Gain on Exchange Rate |
537,474,447 |
479,887,204 |
- |
|
Other Income |
54,834,692 |
60,629,614 |
130,093,525 |
|
Total Revenues |
33,721,180,954 |
35,554,244,490 |
42,441,255,167 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
31,143,234,666 |
32,461,503,211 |
39,408,305,496 |
|
Cost of Services |
46,355,805 |
32,427,250 |
- |
|
Selling Expenses |
1,305,851,210 |
1,794,801,990 |
1,590,772,971 |
|
Administrative Expenses |
275,417,482 |
254,688,356 |
216,753,585 |
|
Loss on Exchange Rate |
- |
- |
91,427,115 |
|
Financial Cost |
538,788,322 |
653,988,276 |
467,318,818 |
|
Total Expenses |
33,309,647,485 |
35,197,409,083 |
41,774,577,985 |
|
|
|
|
|
|
Profit before Income
Tax |
411,533,469 |
356,835,407 |
666,677,182 |
|
Income Tax |
[34,194,825] |
[17,235,429] |
[21,662,047] |
|
|
|
|
|
|
Net Profit / [Loss] |
377,338,644 |
339,599,978 |
645,015,135 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.72 |
0.74 |
0.84 |
|
QUICK RATIO |
TIMES |
0.47 |
0.40 |
0.52 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
15.28 |
23.00 |
38.96 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.74 |
1.91 |
2.78 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
30.96 |
51.83 |
31.58 |
|
INVENTORY TURNOVER |
TIMES |
11.79 |
7.04 |
11.56 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
67.81 |
59.11 |
44.01 |
|
RECEIVABLES TURNOVER |
TIMES |
5.38 |
6.18 |
8.29 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
24.73 |
8.31 |
10.82 |
|
CASH CONVERSION CYCLE |
DAYS |
74.04 |
102.62 |
64.76 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
94.53 |
92.98 |
93.24 |
|
SELLING & ADMINISTRATION |
% |
4.79 |
5.86 |
4.28 |
|
INTEREST |
% |
1.63 |
1.87 |
1.11 |
|
GROSS PROFIT MARGIN |
% |
7.67 |
8.76 |
7.18 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.25 |
1.02 |
1.58 |
|
NET PROFIT MARGIN |
% |
1.14 |
0.97 |
1.53 |
|
RETURN ON EQUITY |
% |
11.71 |
11.80 |
24.08 |
|
RETURN ON ASSET |
% |
1.99 |
1.86 |
4.24 |
|
EARNING PER SHARE |
BAHT |
0.22 |
0.20 |
0.38 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.83 |
0.84 |
0.82 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.89 |
5.35 |
4.68 |
|
TIME INTEREST EARNED |
TIMES |
0.76 |
0.55 |
1.43 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(5.60) |
(17.31) |
|
|
OPERATING PROFIT |
% |
15.33 |
(46.48) |
|
|
NET PROFIT |
% |
11.11 |
(47.35) |
|
|
FIXED ASSETS |
% |
42.11 |
40.11 |
|
|
TOTAL ASSETS |
% |
3.71 |
20.15 |
|
ANNUAL
GROWTH : IMPRESSIVE
An annual sales growth is -5.6%. Turnover has decreased from THB
34,948,668,796.00 in 2012 to THB 32,992,719,776.00 in 2013. While net profit
has increased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
7.67 |
Acceptable |
Industrial Average |
13.35 |
|
Net Profit Margin |
1.14 |
Impressive |
Industrial Average |
0.98 |
|
Return on Assets |
1.99 |
Acceptable |
Industrial Average |
2.80 |
|
Return on Equity |
11.71 |
Impressive |
Industrial Average |
7.36 |
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 7.67%. 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. Net Profit Margin ratio is 1.14%,
higher figure when 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. When compared with the
industry average, it was lower, the company's figure is 1.99%.
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 11.71%, 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 |
0.72 |
Risky |
Industrial Average |
1.10 |
|
Quick Ratio |
0.47 |
|
|
|
|
Cash Conversion Cycle |
74.04 |
|
|
|
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 0.72 times in 2013, decrease from 0.74 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 0.47 times in 2013,
decrease from 0.4 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 75 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.83 |
Acceptable |
Industrial Average |
0.66 |
|
Debt to Equity Ratio |
4.89 |
Risky |
Industrial Average |
1.90 |
|
Times Interest Earned |
0.76 |
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 0.77 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 0.83 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
15.28 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.74 |
Acceptable |
Industrial Average |
2.86 |
|
Inventory Conversion Period |
30.96 |
|
|
|
|
Inventory Turnover |
11.79 |
Impressive |
Industrial Average |
6.92 |
|
Receivables Conversion Period |
67.81 |
|
|
|
|
Receivables Turnover |
5.38 |
Acceptable |
Industrial Average |
8.14 |
|
Payables Conversion Period |
24.73 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.38 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 52 days at the
end of 2012 to 31 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 7.04 times in year 2012 to 11.79
times in year 2013.
The company's Total Asset Turnover is calculated as 1.74 times and 1.91
times in 2013 and 2012 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 Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.40 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
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.