MIRA INFORM REPORT
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Report No. : |
342961 |
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Report Date : |
30.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
EKARAT ENGINEERING PUBLIC COMAPANY LIMITED |
|
|
|
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Registered Office : |
28th Floor, Um
Tower, 9/291 Ramkhamhaeng Road,
Suanluang, Bangkok 10250 |
|
|
|
|
Country : |
Thailand |
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|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
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Date of Incorporation : |
24.06.1981 |
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|
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Com. Reg. No.: |
0107537002711 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
The subject’s
activity are manufacturer, distributor
and service provider
for transformer and
electric systems. Range of
products and services
are as follows : Manufacturer and distributor
of power transformer
in Oil &
Dry Types Distribution Transformer; which
have the electric
power between 1-30,000
kVA for three
phases and voltage
system up to 36
kV for frequency 50Hz.
and 60 Hz.
The products are
made-to-order to meet voltage
specification and usage.
The products are
manufactured and tested
in accordance with
IEC, ANSI, JIS,
VDE, and DIN
standards and other
requirements. |
|
|
|
|
No. of Employees : |
806 |
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 |
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Payment Behaviour : |
No Complaints |
|
Litigation : |
-- |
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 |
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Restricted |
C2 |
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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
EKARAT ENGINEERING PUBLIC COMAPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 28th
FLOOR, UM TOWER,
9/291
RAMKHAMHAENG ROAD, SUANLUANG,
BANGKOK
10250, THAILAND
TELEPHONE : [66] 2719-8777
FAX : [66] 2719-8760
E-MAIL ADDRESS : marketing@ekarat-transformer.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1981
REGISTRATION NO. : 0107537002711 [Former: BOR MOR JOR. 518]
TAX ID NO. : 3101155990
CAPITAL REGISTERED : BHT.
1,074,631,523.20
CAPITAL PAID-UP : BHT.
1,074,631,523.20
SHAREHOLDER’S PROPORTION : THAI
: 99.83%
FOREIGN :
0.17%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
DANUCHA NOICHAIBOON, THAI
MANAGING DIRECTOR
NO. OF STAFF : 806
LINES OF BUSINESS : TRANSFORMER &
SOLAR SYSTEM
MANUFACTURER AND
SERVICE PROVIDER
|
|
|
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 June
24, 1981 as
a private limited company
under the registered
“Ekarat Engineering Co.,
Ltd.” by Thai
groups. On December
9, 1994, its
status was converted
to a public
limited company under
the name EKARAT
ENGINEERING PUBLIC COMPANY
LIMITED. It currently
employs 806 staff.
The business objective
is a manufacturer
and distributor of
transformer with range
from 5-1,000 kVA
for single phase,
10 - 20,000 kVA
for three phases
to both domestic and
overseas markets, as
well as operator and
distributor of solar farm,
supply to Provincial
Electricity Authority. It achieved
certifications: TIS-ISO 9001
from Thai Industrial
Standard Office, The
Ministry of Industry,
in 1996; ISO 9001:1994
from SGS Yarsley
International, U.K., in
1998; QHSAS 18001 : 1999,
ISO 14001 from SGS
in 2001; ISO 9001: 2000 from
SGS in 2002,
and ISO 50001 : 2011
from AJA.
In 2003, the subject
was ordered to enter into the rehabilitation plan by Central Bankruptcy
Court. However, the
plan had been
completed, and the
Court has ordered
to give up
the plan on September 1,
2004.
On August 7,
2006, subject was
listed on the
Stock Exchange of
Thailand, under the
symbolic “AKR”.
The subject’s registered and business address is 28th
Flr., UM Tower, 9/291 Ramkhamhaeng
Rd., Suanluang, Bangkok
10250.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vichit Yamboonruang |
Chairman |
Thai |
74 |
|
Mr. Anan
Santichewasatian |
[x] |
Thai |
61 |
|
Mr. Pitak
Chaicharoen |
|
Thai |
75 |
|
Mr. Wiwat
Sangtian |
|
Thai |
66 |
|
Mr. Prinya
Nakchudtree |
|
Thai |
74 |
|
Mr. Wara
Tongprasin |
|
Thai |
44 |
|
Mr. Danucha Noichaiboon |
[x] |
Thai |
59 |
|
Mrs. Daranee Kantamara |
[x] |
Thai |
62 |
|
Ms. Urawee
Kanokpruk |
|
Thai |
38 |
|
Mr. Vinai
Vittavasgarnvej |
|
Thai |
65 |
AUTHORIZED PERSON
Any two of
the mentioned directors
[x] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Danucha Noichaiboon
is the Managing
Director.
He is Thai nationality with
the age of 59 years
old.
Mr. Anan Santichewastian is
the Chief Financial
Officer.
He is Thai
nationality with the
age of 61
years old.
Mrs. Daranee Kantamara is
the Deputy Managing
Director of General Administration. She is
Thai nationality with
the age of
62 years old.
Mr. Vithep Vachirapahu is the
Senior Deputy Managing
Director of Marketing.
He is Thai
nationality.
Mr. Daroonwat Noichaiboon is
the Deputy Managing
Director of Services.
He is Thai
nationality.
Mr. Atthayut Vutthithummee is
the Deputy Managing
Director of Sales.
He is Thai
nationality.
Mr. Weera Noyomthai is
the Deputy Managing
Director of Energy.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
are manufacturer, distributor
and service provider
for transformer and
electric systems. Range of
products and services
are as follows :
Manufacturer and distributor
of power transformer
in Oil &
Dry Types Distribution
Transformer; which have
the electric power
between 1-30,000 kVA
for three phases
and voltage system
up to 36 kV for
frequency 50Hz. and
60 Hz. The
products are made-to-order to meet
voltage specification and
usage. The products
are manufactured and
tested in accordance
with IEC, ANSI,
JIS, VDE, and
DIN standards and
other requirements.
Types of transformers
Hermetically sealed tank [fully
oil filled]
Hermetically sealed tank [N2, gas
filled]
Conservator tank [open
type]
Conservator tank [rubber
bag sealed]
Dry type cast
resin
Low voltage dry
type [insulation class
H]
Other products, such
as radiator fin,
corrugated fin, complete
tanks, conservator, therminal
connector, transformer breater,
thermometer with contact,
cast resin transformer enclosure, main
distribution board [MDB], indoor
unit substation, outdoor unit
substation, distribution board
and control panels
Type of Transformer Oil
Mineral Oil
Less-Flammable Oil, such as
FR3
Silicone
Midel
R-Temp
Service of transformer and electric
systems can be
divided into 2
work groups.
Transformer maintenance and
repairing service works
group
Electric system designing,
installing and maintenance
service works group.
The services are
included:
On Load Tap
Changer maintenance service
Industrial electric motor
maintenance and repairing
service
Electric system maintenance
service
Electric generator maintenance
and repairing service
Medium and low
voltage electric system
designing and installing
service for industry
Sub-station designing and
construction service
Management & administration consulting
service
Operating room service
The subject currently
has 10 distribution
and service centers
nationwide.
The subject is
also operator of
solar farm, with
the capacity of 0.627 MW./annum. Its
production are sold
to The Provincial
Electricity Authority, at
the price [adder]
amount of 8
Baht per unit
for 10 years,
under the agreement
no. VSPP-PEA-015/2553, on
March 26, 2010.
The solar farm
is located in T.
Kroksomboon, A. Srimahaphote, Prachinburi
province.
PRODUCTION CAPACITY
[As of 2014]
Transformer 2,346,948
units/annum
BRAND NAME
“EKARAT”
IMPORT [COUNTRIES]
Most of raw
materials such as
Copper Wire, Silicone
Core, Bushing Machinery, and etc., are imported from Japan, Republic of China,
Taiwan, Israel, U.S.A., Spain, Germany,
Australia, Italy and
France.
MAJOR SUPPLIERS
Westing House Co.,
Ltd. : U.S.A.
Elco Co., Ltd. : Israel
Starkstorm-Geratebau GmbH. : Germany
Ekarat Solar Co.,
Ltd. :
Thailand
SALES [LOCAL]
90% of its
products is sold
locally to manufacturers, wholesalers,
Thai government &
end-users.
EXPORT [COUNTRY]
10% of its
products is exported
through the oversea
representatives in United Kingdom, Bangladesh, Malaysia,
Indonesia, Kuwait, Australia, Jordan,
Oman, Bahrain, Sri
Lanka, United Arab
Emirates, Iraq, New
Zealand, Yemen, Qatar,
Saudi Arabia, India,
Nigeria and other
countries
MAJOR CUSTOMERS
Electricity Generating Authority
of Thailand
Metropolitan Electricity Authority
of Thailand
Provincial Electricity Authority
of Thailand
AJ Plast Manufacturing
Public Co., Ltd.
GIF Engineering Co.,
Ltd.
Royal Motor Work
Co., Ltd.
PTT Nature Gas
Distribution Co., Ltd.
OVERSEAS REPRESENTATIVES:
AEG Engineering Ltd. : Bangladesh
Cross - Link Electric Corporation : Philippines
Motorpol New Zealand : New
Zealand
Powerpoint Electrical SDN. BHD. : Malaysia
Teknojaya SDN. BHD. : Brunei
Rafif General Trading
& Contracting Corporation : Kuwait
Amptech Pty Ltd. : Australia
Champa Lao Co.,
Ltd. : Laos
REVENUE STRUCTURE [Company
and Subsidiary]
[Unit : Million
Baht]
|
|
2014 |
|
2013 |
|
|
|
Amount
[Baht] |
% |
Amount
[Baht] |
% |
|
Products/ Services |
|
|
|
|
|
Sale
of Products |
1,803.39 |
86.87 |
1,745.95 |
87.84 |
|
Service |
231.30 |
11.14 |
211.15 |
10.62 |
|
Construction |
- |
- |
2.17 |
0.11 |
|
Electricity distribution |
15.53 |
0.75 |
11.96 |
0.60 |
|
Total
Products/ Service
Income |
2,050.22 |
98.76 |
1,971.23 |
99.17 |
|
Other
Income |
25.73 |
1.24 |
16.33 |
0.83 |
|
|
|
|
|
|
|
Total
Income |
2,075.95 |
100.00 |
1,987.56 |
100.00 |
SUBUSIDIARY
& AFFILIATED COMPANY
Ekarat Solar Co.,
Ltd.
Business Type : Manufacturer
& installation of
solar module and
solar cell
Investment : 99.99%
held by the
subject
LITIGATION
As at March 30,
2012, the company
and Thai Military Bank Public
Company Limited are
achieve the agreement
to restructure the
subsidiary’s loan as
the details follow:
Amount of debt
before restructuring at
Baht 1,320,351,5983.88 as
principle and interest.
The status is
Ekarat Engineering Public
Company Limited as the
Guarantor and Ekarat
Solar Co., Ltd.
as the Debtor. The conclusions of the
payment are:
1). Amount of
Baht 505,000,000.00, interest
MLR per annum,
with 7 years installment
term (April 2012 to March
2019)
2). Amount of Baht
300,000,000.00, interest MLR per annum,
with the source
of fund from selling
the common stock
of Ekarat Solar Co., Ltd. (the subsidiary)
and/or the subsidiary’s
assets and need
to be paid
within March 31, 2014.
Note
Effect to financial
statement of the company,
Net Profit (Loss) in
the company’s financial statement
will increase due to
the company will
pay the interest
to the Bank
in lower amount
because at present,
the company recorded
the interest paid
to Bank in
default rate but
after the debt
restructuring, the interest
rate will be MLR.
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
& T/T.
BANKING
The Bangkok Bank
Public Co., Ltd.
[Head Office
: 333 Silom
Road, Silom, Bangrak,
Bangkok ]
Krung Thai Bank
Public Co., Ltd.
[Head Office
: 35 Sukhumvit
Road, Klongtoeynua, Wattana,
Bangkok]
The Siam Commercial
Bank Public Co.,
Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 806 office
staff and factory
workers.
LOCATION DETAILS
The premise is
rented for operating
administrative office at
the heading address.
Premise is located
in commercial/residential area.
Factory and warehouse
are located at
190/1 Moo 6, T.
Ta-Saan, A. Bangpakong, Chachoengsao
24130 on 160,000
square metres. Tel:
[66] 38 530-210-1
Fax: [66] 38
530-322, 38 530-226.
There are 10
sales and service
centers in Bangkok
and provincials as the followings:
- 1068/2 Sukhumvit
101/1 Rd., Prakanong,
Bangkok 10260.
- 26/7 Moo
2, Asia Highway,
T. Thanu, A. U-Thai, Ayuthaya
13210.
- 399/7 Mahidol
Rd., T. Nonghoi, A. Muang,
Chiengmai 50000.
- 324/80 Moo
3, Mitraparp Rd.,
T. Sila, A. Muang, Khon Kaen
40000.
- 900/5 Petchkasem
Rd., T. Huayjarakae, A. Muang,
Nakornpathom 73000.
- 2175/2 Suebsiri
Rd., T. Naimuang, A. Muang,
Nakornratchasima 30000.
- 190 Moo
6, T. Ta-Saan, A. Bangpakong, Chachoengsao
24130.
- 1369 Petchkasrem
Rd., T. Hadyai, A. Hadyai,
Songkla 90110.
- 218/21 Moo
1, Chonkasem Rd.,
T. Makhamtia, A. Muang, Suratthani 84000.
- 75/40 Moo
6, T. Rassada, A. Muang,
Phuket 83000.
COMMENT
The company is the largest
transformer manufacturer in
Thailand and in
ASEAN countries in
terms of manufacturing
and distributing. The
Ekarat transformer is
the only transformer
made in Thailand
conforming to global
standards of quality,
including the international
IEC, Japan’s JIS,
Germany’s VDE and
Din, and the
USA’s ANSI.
In 2014, the overall Thai economy was affected by slowly recovery of world
economy. The local consumption demand is shrinking from the expiring of
government economic stimulation programs
and unstable political situation at the end of the year, which resulted in the growth rate of Thai’s
GDP 0.7%.
However, in 2014, the company operation result could achieve also the
target and continuously reducing
the expenses and cost of
production, while the transformers
revenue expanded both in local and
foreign markets in 2015.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 200,000,000 divided into
200,000,000 shares of
Bht. 1 each.
The capital was
increased and decreased
later as followings
:
Bht. 302,871,490 on
September 18, 2000
Bht. 3,028,714,900
on July 29,
2004
Bht. 508,173,640 on
July 30, 2004
[decreased]
Bht. 608,173,640 on
December 22, 2004
Bht. 790,173,640 on
October 4, 2005
Bht. 632,138,912 on
September 24, 2012
[decreased]
Bht. 671,647,594 on
May 8, 2013
Bht. 671,644,701 on
November 28, 2013
[decreased]
Bht. 1,074,631,523
on November 29,
2013
The latest registered capital was
decreased to Bht.
1,074,631,523 divided into
1,343,289,404 shares of
Bht. 0.80 each
with fully paid.
MAIN SHAREHOLDERS
: [as of May 11,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
K. V. Assets Co.,
Ltd. |
170,000,000 |
12.66 |
|
Ms. Teraya Kanokpruk |
128,700,000 |
9.58 |
|
Ms. Chatchada Kanokpruk |
100,000,000 |
7.44 |
|
Ms. Kuneerat Waewmaneewan |
50,184,500 |
3.74 |
|
Mr. Poompat Nampaisal |
34,500,000 |
2.57 |
|
Thai NVDR Co.,
Ltd. |
22,567,538 |
1.68 |
|
Mr. Kongkrai Kanokpruk |
15,088,000 |
1.12 |
|
Ms. Urawee Kanokpruk |
15,000,000 |
1.12 |
|
Mr. Pornchai Thongvanich |
14,917,987 |
1.11 |
|
Mrs. Paradee Chiamchanya |
11,000,000 |
0.82 |
|
Others |
781,331,379 |
58.16 |
Total Shareholders :
8,735 [including the
above shareholders]
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mrs. Suvimol Kritayakian No.
2982
BALANCE SHEET
[BAHT]
The latest financial
figures published as
at December 31,
2014, 2013 & 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 [Adjusted] |
|
|
|
|
|
|
Cash and cash
Equivalents |
252,165,835.60 |
204,461,220.07 |
109,238,081.55 |
|
Short-term Investment |
69,085.14 |
69,085.14 |
69,085.14 |
|
Trade Accounts &
Other Receivable |
519,952,134.60 |
369,693,958.22 |
351,165,983.64 |
|
Trade Accounts Receivable - Related Company |
- |
- |
167,085.97 |
|
Trade Accounts Receivable - Construction & Unbilled
Work Value |
- |
- |
3,993,847.77 |
|
Inventories |
370,387,040.20 |
331,529,864.70 |
433,175,823.55 |
|
Other Current Assets
|
- |
- |
91.17 |
|
|
|
|
|
|
Total Current Assets
|
1,142,574,095.54 |
905,754,128.13 |
897,809,998.79 |
|
Cash at Bank
pledged as a Collateral |
- |
36,380,340.00 |
37,364,226.30 |
|
Real Estate for Investment |
1,312,938.00 |
1,312,938.00 |
1,312,938.00 |
|
Assent for Rent |
6,325,476.35 |
7,396,830.21 |
9,941,555.91 |
|
Fixed Assets |
1,091,455,233.24 |
1,128,002,046.71 |
295,164,817.54 |
|
Intangible Assets |
1,875,761.55 |
2,556,069.20 |
2,437,596.89 |
|
Deferred tax assets |
15,115,919.46 |
8,923,926.55 |
5,337,390.20 |
|
Others Assets |
465,747.59 |
442,647.59 |
291,239.07 |
|
Total Assets |
2,259,125,171.73 |
2,090,768,926.39 |
1,249,659,762.70 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 [Adjusted] |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial
Institution |
68,245,897.40 |
10,000,000.00 |
10,780,266.90 |
|
Trade Accounts &
Other Payable |
304,369,972.00 |
175,886,281.25 |
207,498,489.40 |
|
Trade Accounts Payable - Related Company |
1,190,912.93 |
62,787,211.35 |
3,870,925.66 |
|
Accrued Expenses |
70,729,500.21 |
46,474,896.60 |
58,001,655.43 |
|
Advance Income from Goods &
Service |
91,355,388.04 |
58,373,183.39 |
63,705,306.01 |
|
Current Portion of
Finance Lease Contract Liabilities |
3,950,791.95 |
2,878,442.86 |
2,071,233.06 |
|
Current Portion of
Long-term Loan |
105,256,589.13 |
98,435,176.89 |
- |
|
Accrued Income Tax |
22,504,364.44 |
24,036,068.02 |
59,993,430.66 |
|
|
|
|
|
|
Total Current Liabilities |
667,603,416.10 |
478,871,260.36 |
405,921,307.12 |
|
|
|
|
|
|
Financial Lease Contract Liabilities |
9,659,494.91 |
8,845,203.70 |
8,568,423.22 |
|
Long-term Loan |
208,689,975.74 |
297,608,663.20 |
- |
|
Commitment to Employee
Benefits |
54,694,622.20 |
43,938,883.40 |
20,754,237.60 |
|
Total Liabilities |
940,647,508.95 |
829,264,010.66 |
435,243,967.94 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share Capital :
Baht. 0.80 par value
authorized issued
and fully paid share capital 1,343,289,404 shares
|
1,074,631,523.20 |
1,074,631,523.20 |
- |
|
Share Capital :
Baht. 0.80 par value
authorized issued
and fully paid share capital 790,173,640
shares |
- |
- |
632,138,912.00 |
|
|
|
|
|
|
Capital Paid |
1,074,631,523.20 |
1,074,631,523.20 |
632,138,912.00 |
|
Retained Earning Appropriated for
statutory reserve |
17,987,383.29 |
11,780,552.68 |
8,846,974.63 |
|
Unappropriated |
225,858,756.29 |
175,092,839.85 |
173,429,908.13 |
|
Total Shareholders' Equity |
1,318,477,662.78 |
1,261,504,915.73 |
814,415,794.76 |
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
2,259,125,171.73 |
2,090,768,926.39 |
1,249,659,762.70 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 [Adjusted] |
|
|
|
|
|
|
Sales |
1,802,324,448.92 |
1,740,701,828.42 |
2,010,231,050.79 |
|
Services & Maintenance Income |
231,295,892.09 |
205,290,432.11 |
262,148,686.19 |
|
Construction Income |
- |
- |
16,637,928.26 |
|
Electricity Income |
15,534,964.42 |
11,964,618.68 |
11,983,884.91 |
|
Total Revenues |
2,049,155,305.43 |
1,957,956,879.21 |
2,301,001,550.15 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,282,153,858.79 |
1,220,701,057.94 |
1,371,019,388.91 |
|
Cost of Services
& Maintenance |
149,899,175.79 |
140,102,753.36 |
172,734,462.42 |
|
Cost of Electricity
|
8,288,906.40 |
6,765,307.65 |
6,729,265.36 |
|
Cost of Construction |
- |
- |
16,173,661.35 |
|
[Reversal] Loss from
Diminution of Inventories |
1,661,931.60 |
172,648.66 |
284,227.15 |
|
Total Expenses |
1,442,003,872.58 |
1,367,741,767.61 |
1,566,941,005.19 |
|
Gross Profit |
607,151,432.85 |
590,215,111.60 |
734,060,544.96 |
|
Other Income |
24,999,600.56 |
22,186,359.62 |
14,691,375.60 |
|
Doubtful Debt - Trade
Account Receivable &
Loan to Subsidiaries |
13,776,678.13 |
[142,268,940.44] |
240,680,226.99 |
|
Loss from Diminution of
Subsidiaries |
- |
- |
[300,000,000.00] |
|
Loss from Diminution of Fixed Assets |
[23,108,094.44] |
[131,239.07] |
- |
|
Selling Expenses |
[199,924,159.26] |
[156,310,795.78] |
[171,089,009.72] |
|
Administrative Expenses |
[223,392,866.31] |
[167,027,633.01] |
[160,349,025.05] |
|
Director Remuneration |
[5,532,000.00] |
[5,519,000.00] |
[3,370,000.00] |
|
|
|
|
|
|
Profit / [Loss] before
Financial Cost & Income Tax |
193,970,591.53 |
141,143,862.92 |
354,624,112.78 |
|
Financial Cost |
[39,029,769.25] |
[28,714,032.34] |
[10,030,973.22] |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
154,940,822.28 |
112,429,830.58 |
344,593,139.56 |
|
Income Tax |
[30,804,210.03] |
[53,758,269.56]0 |
[98,350,158.85] |
|
|
|
|
|
|
Net Profit / [Loss] |
124,136,612.25 |
58,671,561.02 |
246,242,980.71 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.71 |
1.89 |
2.21 |
|
QUICK RATIO |
TIMES |
1.16 |
1.20 |
1.14 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.88 |
1.74 |
7.80 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.91 |
0.94 |
1.84 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
93.86 |
88.48 |
100.92 |
|
INVENTORY TURNOVER |
TIMES |
3.89 |
4.13 |
3.62 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
92.62 |
68.92 |
55.70 |
|
RECEIVABLES TURNOVER |
TIMES |
3.94 |
5.30 |
6.55 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
77.13 |
46.94 |
48.34 |
|
CASH CONVERSION CYCLE |
DAYS |
109.34 |
110.46 |
108.28 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
70.29 |
69.85 |
68.09 |
|
SELLING & ADMINISTRATION |
% |
(20.66) |
(16.51) |
(14.40) |
|
INTEREST |
% |
1.90 |
1.47 |
0.44 |
|
GROSS PROFIT MARGIN |
% |
29.71 |
30.15 |
31.91 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
29.63 |
30.14 |
31.90 |
|
NET PROFIT MARGIN |
% |
6.06 |
3.00 |
10.70 |
|
RETURN ON EQUITY |
% |
9.42 |
4.65 |
30.24 |
|
RETURN ON ASSET |
% |
5.49 |
2.81 |
19.70 |
|
EARNING PER SHARE |
BAHT |
0.09 |
0.04 |
0.31 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.42 |
0.40 |
0.35 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.71 |
0.66 |
0.53 |
|
TIME INTEREST EARNED |
TIMES |
15.56 |
20.55 |
73.18 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
4.66 |
(14.91) |
|
|
OPERATING PROFIT |
% |
2.87 |
(19.60) |
|
|
NET PROFIT |
% |
111.58 |
(76.17) |
|
|
FIXED ASSETS |
% |
(3.24) |
282.16 |
|
|
TOTAL ASSETS |
% |
8.05 |
67.31 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 4.66%. Turnover has increased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
29.71 |
Impressive |
Industrial Average |
- |
|
Net Profit Margin |
6.06 |
Acceptable |
Industrial Average |
8.84 |
|
Return on Assets |
5.49 |
Deteriorated |
Industrial Average |
15.68 |
|
Return on Equity |
9.42 |
Deteriorated |
Industrial Average |
40.26 |
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 29.71%. 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 6.06%.
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 5.49%.
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 9.42%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.71 |
Impressive |
Industrial Average |
1.35 |
|
Quick Ratio |
1.16 |
|
|
|
|
Cash Conversion Cycle |
109.34 |
|
|
|
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 1.71 times in 2014, decreased from 1.89 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 1.16 times in 2014,
increased from 1.2 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 110 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.42 |
Impressive |
Industrial Average |
0.63 |
|
Debt to Equity Ratio |
0.71 |
Impressive |
Industrial Average |
1.67 |
|
Times Interest Earned |
15.56 |
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 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 15.56 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 0.42 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 Uptrend
Times Interest Earned Stable
ACTIVITY : IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.88 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.91 |
Acceptable |
Industrial Average |
1.77 |
|
Inventory Conversion Period |
93.86 |
|
|
|
|
Inventory Turnover |
3.89 |
Impressive |
Industrial Average |
3.61 |
|
Receivables Conversion Period |
92.62 |
|
|
|
|
Receivables Turnover |
3.94 |
Satisfactory |
Industrial Average |
4.42 |
|
Payables Conversion Period |
77.13 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.94 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 88 days at the
end of 2013 to 94 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 4.13 times in year 2013 to 3.89 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.91 times and 0.94
times in 2014 and 2013 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Uptrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.18 |
|
|
1 |
Rs.100.46 |
|
Euro |
1 |
Rs.74.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.