MIRA INFORM REPORT
|
Report No. : |
339962 |
|
Report Date : |
11.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
TOYOTA TSUSHO [THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
607
Asoke-Dindaeng Road,
Kwaeng Dindaeng, Khet
Dindaeng, Bangkok 10400 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
05.01.1957 |
|
|
|
|
Com. Reg. No.: |
0105500000011 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in importing, exporting,
distributing, and brokerage
wide range of
industrial products such
as chemicals, plastics, global
production parts, industrial
vehicle, consumer goods,
vehicle, steel sheet,
machinery, metal, processed
food, energy, textile material, ferrous & non-ferrous
products, auto parts, business development & equipment, as
well as logistics
service. |
|
|
|
|
No. of Employee : |
600 |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 and address
TOYOTA TSUSHO
[THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 607
ASOKE-DINDAENG ROAD,
KWAENG DINDAENG,
KHET DINDAENG,
BANGKOK 10400,
THAILAND
TELEPHONE : [66] 2625-5555,
2625-5821-3
FAX :
[66] 2625-5591,
2625-5547
E-MAIL
ADDRESS : info@tttc.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1957
REGISTRATION
NO. : 0105500000011 [Former : 3/2500]
TAX
ID NO. : 3101015355
CAPITAL REGISTERED : BHT. 60,000,000
CAPITAL PAID-UP : BHT.
60,000,000
SHAREHOLDER’S PROPORTION : THAI : 51.00%
JAPANESE :
49.00%
FISCAL YEAR CLOSING DATE : MARCH
31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
HIROFUMI SATO, JAPANESE
PRESIDENT
NO.
OF STAFF : 600
LINES
OF BUSINESS : INTERNATIONAL TRADING
COMPANY
IMPORTER, EXPORTER
AND DISTRIBUTOR
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on January 5, 1957
as a private
limited company under
the registered name TOYOTA
[THAILAND] CO., LTD., by
a joint venture
between Thai and Japanese groups,
the Jaovisidha family
and Toyota Tsusho
Corporation in Japan,
with the holding
around 51% and 49% of
the company’s shares respectively.
The subject’s business objective
is engaged in
trading and retailing
wide range of
industrial products.
On July 20, 1987, the subject’s
name was changed
to TOYOTA TSUSHO [THAILAND]
CO., LTD. It currently
employs approximately 600
staff.
Subject
achieved the ISO 9002
and ISO 14001 certificates in September 2000
and December 2003 respectively.
The
subject’s registered address
is 607 Asoke-Dindaeng Road,
Kwaeng Dindaeng,
Khet
Dindaeng, Bangkok 10400,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Suchin Jaovisidha |
|
Thai |
91 |
|
Dr. Chet Jaovisidha |
|
Thai |
69 |
|
Mrs. Penparn Jaovisidha |
|
Thai |
66 |
|
Mrs. Varaporn Jaovisidha |
|
Thai |
65 |
|
Mrs. Chantra Jaovisidha |
|
Thai |
89 |
|
Mr. Hirofumi Sato |
|
Japanese |
60 |
|
Mr. Yuji Nakagawa |
|
Japanese |
57 |
|
Mr. Yuichi Oi |
|
Japanese |
60 |
|
Mr. Toshiyuki Azeo |
|
Japanese |
47 |
AUTHORIZED
PERSON
Two of
the above directors
can jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Hirofumi Sato is
the President.
He is Japanese
nationality with the
age of 60
years old.
Mr. Yuji Nakagawa
is the Executive
Vice President.
He is Japanese
nationality with the
age of 57
years old.
Mr. Toshiyuki Azeo
is the Executive
Vice President.
He is Japanese
nationality with the
age of 47 years
old.
Mrs. Penparn Jaovisidha
is the Vice
President.
She is Thai
nationality with the
age of 66
years old.
Mr. Hiromasa Suzuki
is the Marketing
Director.
He is Japanese
nationality.
BUSINESS
OPERATIONS
The subject is
engaged in importing,
exporting, distributing, and
brokerage wide range
of industrial products such as chemicals, plastics, global
production parts, industrial
vehicle, consumer goods,
vehicle, steel sheet,
machinery, metal, processed
food, energy, textile material, ferrous & non-ferrous
products, auto parts, business development & equipment, as
well as logistics
service.
The subject also
provides maintenance and
installation services.
PURCHASE
The products
are purchased from
both local and
overseas suppliers in
Japan, Singapore, Australia,
United States of America,
Taiwan, Republic of China, Malaysia, Italy, Indonesia,
Germany, France, United
Kingdom, Denmark and
other worldwide countries.
SALES
The products are
sold and serviced
locally to dealers,
manufacturers and end-users.
EXPORT
The
products are also
exported to Japan,
United States of
America, Taiwan,
Republic
of China, Vietnam, Indonesia, Laos, Malaysia,
Australia, Hong Kong, India,
Canada, Philippines,
Singapore, Myanmar, Cambodia
and the country
in Middle East
and Europe.
SUBSIDIARY
AND AFFILIATED COMPANIES
SUBSIDIARIES
Green Metals [Thailand] Co.,
Ltd.
Business Type : Processing & marketing of
steel scrap
Processing Technology
[Thailand] Co., Ltd.
Business Type : Processing & marketing of
aluminium products
Industrial Tech Service [Thailand] Co.,
Ltd.
Business Type : Trading
all kind of
machinery, spare parts
equipment & accessories for
production both locally
and international
Thai Hino [Nakornsawan]
Co., Ltd.
Business Type : Dealer
of “HINO” automobiles
Toyota Libra Co.,
Ltd.
Business Type : Dealer
of “TOYOTA” automobiles
Toyota Transport [Thailand] Co.,
Ltd.
Business Type : Transport
service
Toyota Tsusho Energy [Thailand] Co.,
Ltd.
Business Type : Trading
of petroleum and
related products
Toyota Tsusho Forklift [Thailand] Co.,
Ltd.
Business Type : Trading
and rental servicing
of material handling
equipment and
various types of
industrial machinery and
equipment
TT Assembly [Thailand] Co.,
Ltd.
Business Type : Manufacturing
and assembling of
tire and wheel
TT Fuji Tool
Support Co., Ltd.
Business Type : Trading
various kinds of
industrial machinery and
parts
TTK Logistics [Thailand] Co.,
Ltd.
Business Type : Logistics
service
TT Insurance Broker [Thailand] Co.,
Ltd.
Business Type : Property & casualty insurance
services
TT Marunouchi [Thailand]
Co., Ltd.
Business Type : Transport
TT Techno-Park Co.,
Ltd.
Business Type : Services
AFFILIATED COMPANIES
Digital Media Asia
Pacific Co., Ltd.
Business Type : Design,
development and maintenance
service of software
and
IT
systems
Thai Chemical Terminal
Co., Ltd.
Business Type : Chemical
storage service and
chemical transportation service
Thai Auto Conversion
Co., Ltd.
Business Type : Manufacturing, assembling, modifying,
converting, selling and
leasing of
automobiles,
motorcycles and trucks
Toyota Auto Body
Thailand Co., Ltd.
Business Type : Producing
and servicing of car parts
and truck bodies
for car
Assembly plant
Yamada Machine Tool
[Thailand] Co., Ltd.
Business Type : Distributing
of machine tools
Zeon Advance Polymix
Co., Ltd.
Business Type : Manufacturing
of compound rubbers
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
Bangkok
Bank Public Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok 10500]
The
Siam Commercial Bank
Public Co., Ltd.
[Head Office : 9
Ratchadapisek Rd., Ladyao,
Jatujak, Bangkok 10900]
Krung
Thai Bank Public
Co., Ltd.
[Asoke-Dindaeng Branch : 607 Asoke- Dindaeng Rd.,
Dindaeng, Bangkok 10320]
Bank
of Tokyo- Mitsubishi UFJ
Ltd.
[Bangkok Branch : 54 North
Sathorn Rd., Silom,
Bangrak, Bangkok 10500]
Sumitomo
Mitsui Banking Corporation
[Bangkok Branch : 138 Silom Rd., Suriyawongse,
Bangrak, Bangkok 10500]
Hongkong
& Shanghai Banking
Corporation
[Bangkok Branch : 968
Rama 4 Rd., Silom,
Bangrak, Bangkok 10500]
EMPLOYMENT
The
subject employs approximately
600 staff [office and
sales staff].
LOCATION
DETAILS
The
premise is owned
for administrative office at the
heading address. Premise is
located in commercial/residential area.
Warehouse
and Branch:
-
700/149
Moo 1, Amatanakorn
Industrial Estate, Bangna-Trad
Rd., T. Bankao,
A. Panthong,
Chonburi 20160
-
700/187, 189
Moo 1, Amatanakorn
Industrial Estate, Bangna-Trad
Rd., T. Bankao,
A.
Panthong, Chonburi 20160
-
911/88 Moo 5,
Hemaraj Eastern Seaboard
Industrial Estate, T. Khaokansong,
A.
Sriracha, Chonburi 20110
COMMENT
Due to
the economy slowdown
and slow growth
of many related
industries, the subject’s
sales revenue as
of March 31,
2015 was decreased
subsequently comparing to the previous
year. Nevertheless, it
was able to
maintain a large
amount of net profit.
Despite of many
unfavourable factors, the
subject’s business remains
solid and enjoys
steady growth.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each.
The
capital was increased
later as following:
Bht. 4,000,000 on
February 12, 1968
Bht. 10,000,000
on August 28,
1980
Bht. 30,000,000
on September 28,
1982
Bht. 60,000,000
on December 24,
2002
The
latest registered capital
was increased to
Bht. 60,000,000 divided into
600,000 shares of 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
[as
at July 3,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Toyota Tsusho Corporation Nationality: Japanese Address : 7-23 Toyota
Building, Nakamura-ku,
Nagoya, Japan |
294,000 |
49.00 |
|
Dr. Chet Jaovisidha Nationality: Thai Address : 224/4
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok 10110 |
117,189 |
19.53 |
|
Mr. Kanop Jaovisidha Nationality: Thai Address : 224
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok 10110 |
113,099 |
18.85 |
|
Visidha Co., Ltd. Nationality: Thai Address : 607 Asoke-Dindaeng Rd., Dindaeng, Bangkok 10320 |
21,640 |
3.61 |
|
Mrs. Chantra Jaovisidha Nationality: Thai Address : 224 Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok 10110 |
18,000 |
3.00 |
|
|
|
|
|
Ms. Manaporn Jaovisidha Nationality: Thai Address : 224/1
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok 10110 |
15,990 |
2.66 |
|
Ms. Mathana Jaovisidha Nationality: Thai Address : 198/3
Sukhumvit 49 Rd., Klongtonnua,
Watana, Bangkok 10110 |
5,330 |
0.89 |
|
Ms. Nalinee Jaovisidha Nationality: Thai Address : 92/11
Sukhumvit 31 Rd., Klongtonnua,
Watana, Bangkok 10110 |
5,330 |
0.89 |
|
Mr. Phipit Jaovisidha Nationality: Thai Address : 224/3
Sukhumvit 49 Rd.,
Klongtonnua,
Wattana, Bangkok 10110 |
5,330 |
0.89 |
|
Ms. Anustha Jaovisidha Nationality: Thai Address : 198/2
Sukhumvit 49 Rd., Klongtonnua,
Watana, Bangkok 10110 |
4,090 |
0.68 |
|
Mr. Suchin Jaovisidha Nationality: Thai Address : 224 Sukhumvit 49
Rd., Klongtonnua,
Wattana, Bangkok 10110 |
2 |
- |
Total Shareholders : 11
Share Structure [as
at July 3,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
10 |
306,000 |
51.00 |
|
Foreign - Japanese |
1 |
294,000 |
49.00 |
|
Total |
11 |
600,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Charnchai Chaiprasit No.
3760
BALANCE
SHEET [BAHT]
The
latest financial figures
published for March
31, 2015, 2014
& 2013 were:
ASSETS
|
Current Assets |
2015 |
2014 |
2013 |
|
|
|
|
|
|
Cash and Cash Equivalents |
344,384,647 |
669,100,334 |
36,875,118 |
|
Trade Accounts & Other
Receivable |
14,171,012,335 |
14,017,821,775 |
17,932,525,207 |
|
Short-term Loan |
1,661,350,658 |
1,603,174,590 |
1,190,840,623 |
|
Current Portion of Long-term
Loan |
34,743,623 |
28,411,220 |
29,090,733 |
|
Inventories |
8,244,051,167 |
8,541,442,978 |
11,103,598,277 |
|
Deferred Value Added Tax |
161,060,471 |
601,441,696 |
84,249,468 |
|
Advance Payment |
67,712,990 |
85,550,160 |
396,478,955 |
|
Deferred Income |
- |
- |
4,504,646 |
|
Other Current Assets
|
40,467,161 |
28,567,132 |
67,644,685 |
|
|
|
|
|
|
Total Current Assets
|
24,724,783,052 |
25,575,509,885 |
30,845,807,712 |
|
Investment available for Sale |
11,969,625 |
14,837,500 |
- |
|
Investment in Associated Company |
95,899,197 |
43,476,000 |
38,276,000 |
|
Investment in Subsidiaries |
1,217,473,610 |
1,213,473,610 |
1,184,065,317 |
|
Other Long-term Investment |
591,987,448 |
579,677,230 |
588,403,856 |
|
Loan to Employees |
17,259,374 |
23,745,415 |
23,020,724 |
|
Long-term Loan |
91,408,338 |
109,081,047 |
151,650,415 |
|
Fixed Assets |
824,388,962 |
631,870,059 |
576,678,744 |
|
Intangible Assets |
9,452,731 |
6,697,828 |
7,102,454 |
|
Deferred Income Tax |
102,143,045 |
101,380,174 |
8,004,723 |
|
Other Non-current Assets |
27,418,353 |
28,910,066 |
31,154,528 |
|
Total Assets |
27,714,183,735 |
28,328,658,814 |
33,454,164,473 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2015 |
2014 |
2013 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
1,767,819,644 |
2,711,046,882 |
4,326,911,095 |
|
Trade Accounts &
Other Payable |
14,728,838,817 |
15,113,449,777 |
18,600,685,900 |
|
Current Portion of Long-term
Loan |
200,000,000 |
300,000,000 |
3,118,490 |
|
Short-term Loan from Related Company |
355,990,807 |
208,301,583 |
249,409,204 |
|
Accrued Income Tax |
145,654,575 |
209,262,565 |
256,874,241 |
|
Accrued Expenses |
- |
- |
590,591,616 |
|
Other Current Liabilities |
49,520,361 |
59,467,695 |
300,907,322 |
|
|
|
|
|
|
Total Current Liabilities |
17,247,824,204 |
18,601,528,502 |
24,328,497,868 |
|
Long-term Loan |
- |
200,000,000 |
520,611,787 |
|
Obligation from Employee
Benefit |
208,200,000 |
203,809,380 |
193,216,065 |
|
Total Liabilities |
17,456,024,204 |
19,005,337,882 |
25,042,325,720 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par
value authorized, issued
and fully paid share
capital 600,000 shares |
60,000,000 |
60,000,000 |
60,000,000 |
|
|
|
|
|
|
Capital Paid |
60,000,000 |
60,000,000 |
60,000,000 |
|
Unrealized Profit from Investment
in Marketable Securities Available for Sale |
6,492,820 |
8,787,120 |
8,146,908 |
|
Retained Earning Appropriated for Statutory Reserve |
6,000,000 |
6,000,000 |
6,000,000 |
|
General Reserve |
25,000,000 |
25,000,000 |
25,000,000 |
|
Unappropriated |
10,160,666,711 |
9,223,533,812 |
8,312,691,845 |
|
Total Shareholders' Equity |
10,258,159,531 |
9,323,320,932 |
8,411,838,753 |
|
Total Liabilities &
Shareholders' Equity |
27,714,183,735 |
28,328,658,814 |
33,454,164,473 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2015 |
2014 |
2013 |
|
|
|
|
|
|
Sales & Service Income |
102,688,645,916 |
116,901,819,725 |
129,547,493,717 |
|
Other Income |
983,902,996 |
1,011,484,079 |
990,626,282 |
|
Total Revenues |
103,672,548,912 |
117,913,303,804 |
130,538,119,999 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
99,492,599,872 |
113,381,427,892 |
125,340,752,567 |
|
Selling Expenses |
138,118,210 |
138,037,835 |
149,126,781 |
|
Administrative Expenses |
1,206,904,236 |
1,212,870,617 |
1,202,473,832 |
|
Other Expenses |
- |
- |
354,348,782 |
|
Loss on Exchange
Rate |
41,415,332 |
333,134,195 |
- |
|
Total Expenses |
100,879,037,650 |
115,065,470,539 |
127,046,701,962 |
|
|
|
|
|
|
Profit before Financial
Cost & Income Tax |
2,793,511,262 |
2,847,833,265 |
3,491,418,037 |
|
Financial Cost |
[72,992,889] |
[112,842,765] |
[184,290,950] |
|
|
|
|
|
|
Profit before Income Tax |
2,720,518,373 |
2,734,990,500 |
3,307,127,087 |
|
Income Tax |
[439,385,473] |
[468,148,533] |
[692,026,321] |
|
|
|
|
|
|
Net Profit / [Loss] |
2,281,132,900 |
2,266,841,967 |
2,615,100,766 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2015 |
2014 |
2013 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.43 |
1.37 |
1.27 |
|
QUICK RATIO |
TIMES |
0.94 |
0.88 |
0.79 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
124.56 |
185.01 |
224.64 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.71 |
4.13 |
3.87 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
30.24 |
27.50 |
32.33 |
|
INVENTORY TURNOVER |
TIMES |
12.07 |
13.27 |
11.29 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
50.37 |
43.77 |
50.52 |
|
RECEIVABLES TURNOVER |
TIMES |
7.25 |
8.34 |
7.22 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
54.03 |
48.65 |
54.17 |
|
CASH CONVERSION CYCLE |
DAYS |
26.58 |
22.61 |
28.69 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
96.89 |
96.99 |
96.75 |
|
SELLING & ADMINISTRATION |
% |
1.31 |
1.16 |
1.04 |
|
INTEREST |
% |
0.07 |
0.10 |
0.14 |
|
GROSS PROFIT MARGIN |
% |
4.07 |
3.88 |
4.01 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.72 |
2.44 |
2.70 |
|
NET PROFIT MARGIN |
% |
2.22 |
1.94 |
2.02 |
|
RETURN ON EQUITY |
% |
22.24 |
24.31 |
31.09 |
|
RETURN ON ASSET |
% |
8.23 |
8.00 |
7.82 |
|
EARNING PER SHARE |
BAHT |
3,801.89 |
3,778.07 |
4,358.50 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.63 |
0.67 |
0.75 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.70 |
2.04 |
2.98 |
|
TIME INTEREST EARNED |
TIMES |
38.27 |
25.24 |
18.95 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(12.16) |
(9.76) |
|
|
OPERATING PROFIT |
% |
(1.91) |
(18.43) |
|
|
NET PROFIT |
% |
0.63 |
(13.32) |
|
|
FIXED ASSETS |
% |
30.47 |
9.57 |
|
|
TOTAL ASSETS |
% |
(2.17) |
(15.32) |
|
ANNUAL
GROWTH : ACCEPTABLE
An annual sales growth is -12.16%. Turnover has decreased from THB
116,901,819,725.00 in 2014 to THB 102,688,645,916.00 in 2015. While net profit
has increased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
4.07 |
Deteriorated |
Industrial
Average |
12.36 |
|
Net Profit Margin |
2.22 |
Satisfactory |
Industrial
Average |
2.23 |
|
Return on Assets |
8.23 |
Acceptable |
Industrial
Average |
11.99 |
|
Return on Equity |
22.24 |
Acceptable |
Industrial
Average |
37.33 |
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 4.07%. 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 2.22%.
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 8.23%.
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 22.24%.
Trend of the average
competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.43 |
Impressive |
Industrial
Average |
1.35 |
|
Quick Ratio |
0.94 |
|
|
|
|
Cash Conversion Cycle |
26.58 |
|
|
|
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 2015, increase from 1.37 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 0.94 times in 2015,
increase from 0.88 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 27 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.63 |
Impressive |
Industrial
Average |
0.67 |
|
Debt to Equity Ratio |
1.70 |
Acceptable |
Industrial
Average |
2.08 |
|
Times Interest Earned |
38.27 |
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 38.28 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 0.63 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 |
124.56 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
3.71 |
Acceptable |
Industrial
Average |
5.42 |
|
Inventory Conversion Period |
30.24 |
|
|
|
|
Inventory Turnover |
12.07 |
Acceptable |
Industrial
Average |
17.77 |
|
Receivables Conversion Period |
50.37 |
|
|
|
|
Receivables Turnover |
7.25 |
Satisfactory |
Industrial
Average |
9.06 |
|
Payables Conversion Period |
54.03 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.25 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 27 days at the
end of 2014 to 30 days at the end of 2015. This represents a negative trend.
And Inventory turnover has decreased from 13.27 times in year 2014 to 12.07
times in year 2015.
The company's Total Asset Turnover is calculated as 3.71 times and 4.13
times in 2015 and 2014 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.66.58 |
|
|
1 |
Rs.102.29 |
|
Euro |
1 |
Rs.74.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.