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MIRA
INFORM REPORT
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Report No. : |
492886 |
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Report Date : |
22.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
DIAMOND BUILDING PRODUCTS PUBLIC COMPANY LIMITED |
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Formerly Known As : |
DIAMOND ROOFING TILES PUBLIC COMPANY LIMITED |
|
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Registered Office : |
69-70 Moo 1, Mittraphap Road, Km. 115, T. Talingchan, A. Muang, Saraburi 18000 |
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|
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Country : |
Thailand |
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|
|
|
Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
28.08.1985 |
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|
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Com. Reg. No.: |
0107547001041 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
The subject is
engaged in manufacturing and
distributing wide range
of roof tiles
and related products,
including boards and
ceilings, siding boards,
and other roof
accessories and non-roof
products, as well
as providing service
of roof stripping
and installation |
|
|
|
|
No. of Employees : |
887 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
THAILAND - ECONOMIC OVERVIEW
With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two-thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about one-third of the labor force. Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly from neighboring countries.
Over the last few decades, Thailand has reduced poverty substantially. In 2013, the Thai Government implemented a nationwide 300 baht (roughly $10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners.
Thailand’s economy is recovering from slow growth during the years since the 2014 coup. Thailand’s economic fundamentals are sound, with low inflation, low unemployment, and reasonable public and external debt levels. Tourism and government spending - mostly on infrastructure and short-term stimulus measures – have helped to boost the economy, and The Bank of Thailand has been supportive, with several interest rate reductions.
Over the longer-term, household debt levels, political uncertainty, and an aging population pose risks to growth.
|
Source : CIA |
Company name
DIAMOND
BUILDING PRODUCTS PUBLIC
COMPANY LIMITED
[FORMER
: DIAMOND ROOFING
TILES PUBLIC COMPANY
LIMITED]
SUMMARY
BUSINESS
ADDRESS : 69-70
MOO 1, MITTRAPHAP
ROAD, KM. 115,
T.
TALINGCHAN, A. MUANG, SARABURI
18000,
THAILAND
TELEPHONE : [66] 36
224-171-8
FAX :
[66] 36
224-170
E-MAIL
ADDRESS : corpcenter@dbp.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1985
REGISTRATION
NO. : 0107547001041 [Former
: 0107574701044]
TAX
ID NO. : 3101358346
CAPITAL REGISTERED : BHT. 1,047,958,000
CAPITAL PAID-UP : BHT.
1,047,958,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
SATID SUDBUNTAD, THAI
CHIEF EXECUTIVE
OFFICER &
CHIEF OPERATING
OFFICER
NO.
OF STAFF : 887
LINES
OF BUSINESS : ROOF
TILES AND RELATED
PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 originally
established on August 28,
1985 as a
private limited company under
the registered name “Diamond
Roofing Tiles Co.,
Ltd.” by Thai groups,
with the
business objective to
manufacture wide range
of roof tiles
and related products
to both domestic
and overseas markets.
On
December 2, 2004,
its status was converted
to a public
limited company under
the name “Diamond
Roofing Tiles Public
Company Limited”, and
it was listed
on the Stock
Exchange of Thailand
[SET], under the
symbol “DRT” on
November 29, 2005.
On
January 18, 2011,
its registered name
was changed to
DIAMOND BUILDING PRODUCTS
PUBLIC COMPANY LIMITED.
It currently employs
887 staff.
The
subject achieved the
standard ISO OHSAS
18001 : 2007
and ISO 14001 : 2004
certificates
in 2005 and
2009 respectively.
The
subject’s registered address
is 69-70 Moo 1, Mittraphap Rd.,
KM. 115, T. Talingchan, A. Muang,
Saraburi 18000, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prakit Pradipasen |
[x] |
Thai |
76 |
|
Mr. Chaiyut Srivikorn |
[x] |
Thai |
52 |
|
Mr. Asanee Chantong |
[x] |
Thai |
66 |
|
Mr. Satid Sudbuntad |
[x] |
Thai |
58 |
|
Mr. Sakda Maneeratchatchai |
|
Thai |
74 |
|
Mr. Anun Louharanoo |
|
Thai |
65 |
|
Mr. Maitree Tawonatiwasna |
[x] |
Thai |
72 |
|
Mr. Woodthikrai Soatthiyanon |
|
Thai |
65 |
|
Mr. Thanit Pulivekin |
|
Thai |
68 |
|
Mr. Warayu Pradipasen |
|
Thai |
41 |
|
Mr. Chatchai Teepsuwan |
|
Thai |
49 |
|
Mr. Kamolaphat Teepsuwan |
|
Thai |
50 |
AUTHORIZED PERSON
Any two of
the mentioned directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Satid Sudbuntad is
the Chief Executive
Officer and Chief
Operating Officer.
He is Thai
nationality with the
age of 58 years
old.
Mr. Maitree Tawonatiwasna is the Deputy
Chief Executive Officer.
He is Thai
nationality with the
age of 72
years old.
Ms. Thanakarn Phanthapirat is
the Assistant Managing
Director
[Accounting and
Finance].
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and distributing wide
range of roof
tiles and related
products, including boards
and ceilings, siding
boards, and other
roof accessories and
non-roof products, as
well as providing
service of roof
stripping and installation
under the trade names “DIAMOND”, “ADAMAS”,
“JEARANAI”, “WIN WIN”,
“SKY”, “GRAN ONDA” and
“DEERA”. The products and
services are as
follows:
1.
Tile products
1.1 Fiber
Cement Tile Group
such as Roman Tile,
Small Corrugated Tile,
Flat Sheet,
Jatulon and Fiber
Cement Ridges
1.2 Concrete
Tile Group such
as CT Diamond,
Adamas and Concrete
Ridges and etc.
2.
Board
and Ceiling Product Group,
namely Boards, Ceiling
or “Diamond Board”, Autoclaved
Aerated Concrete or
“Diamond Block”, Lintel
or “Diamond Lintel”,
and Kitchen Counter
or “Diamond Counter”,
etc.
3.
Siding Board Product
Group, including Siding
Board, Lathes, Eaves, Fences
and Floor Plank, etc.
4.
Special Product
Group consists of 2 product
groups as follows:
4.1 Roof
Accessory Group such
as Heat Insulators,
Foils, Bird Guards
and Mortar Paint,
etc.
4.2 Non-Roof
Product Group, namely
Truss, Beam, Purlins
and Gypsum Board, etc.
5.
Roof Stripping
and Installation Services,
comprises of Truss,
Roof and
Siding Board Product.
PURCHASE
61% of raw
material is purchased
from local suppliers,
the remaining 39%
and machinery are
imported from Austria,
Germany, Republic of
China and Taiwan.
MAJOR
SUPPLIER
MFL
Faserzementanlagen GesmbH : Austria
SALES/SERVICES
84% of the
products is sold
locally by wholesale
to over 5,000
dealers, and over
100 project owners,
the remaining 16%
is exported to
Laos, Malaysia, Republic
of China, Philippines,
Myanmar, Taiwan, Malaysia,
Vietnam, Indonesia and
Cambodia.
REVENUE STRUCTURE
|
|
2016 |
2015 |
||
|
Products/Services |
Million baht |
% |
Million baht |
% |
|
|
|
|
|
|
|
Sales Income |
3,803.83 |
92.36 |
3,834.53 |
92.06 |
|
- Roofing Products |
2,063.92 |
50.12 |
2,119.95 |
50.90 |
|
- Board &
Ceiling Products |
685.26 |
16.64 |
645.51 |
15.50 |
|
- Siding Board
Products |
735.83 |
17.87 |
720.81 |
17.31 |
|
- Special Products |
318.82 |
7.73 |
348.26 |
8.35 |
|
|
|
|
|
|
|
Services Income |
314.47 |
7.64 |
330.59 |
7.94 |
|
|
|
|
|
|
|
Total Income |
4,118.30 |
100.00 |
4,165.12 |
100.00 |
SUBSIDIARY AND AFFILIATED
COMPANY
Diamond Materials Co.,
Ltd.
Business Type :
Manufacturer and distributor
of autoclaved aerated
concrete products
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
T/T.
BANKING
Bangkok
Bank Public Company
Limited
Kasikornbank
Public Company Limited
EMPLOYMENT
The
subject employs 887
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading
address.
Premise is located
in provincial.
Branches:
- 40th Floor,
Phaholyothin Place Building, 408/163-165
Phaholyothin Rd., Samsennai,
Phyathai, Bangkok 10400.
Tel.: [66] 2619-0742
Fax: [66] 2619-0488
-
490 Khon Kaen
Distributor Center, T.
Banped, A. Muang, Khon
Kaen 40000.
Tel.: [66] 43
234-644 Fax: [66] 43
234-643
- 169-170 Moo
4, Mittraphap Rd.,
T. Tandiew, A.
Kaengkhoi, Saraburi 18110.
Call Center
: [66] 2619-2333
COMMENT
The
subject is specialized
in manufacturing, distributing and
exporting of roof
tiles and related
products. The products
have been distributed
widely in Thai
market and overseas
countries. With its
accumulated experience for
more than 30
years, the subject
has gained creditability
and comprehensive network
in the Thai
industry as well
as in overseas.
Generally, its business
is solid and
growing considerably.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 1,049,650,000 divided into
1,049,650,000 shares of
Bht. 1 each.
On
April 30, 2015,
the capital was
decreased to Bht.
1,047,958,000 divided into
1,047,958,000 shares
of Bht. 1 each
with fully paid-up.
MAIN
SHAREHOLDERS : [as at
September 21, 2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Myriad Materials Co.,
Ltd. |
557,847,900 |
53.23 |
|
Diamond Building Products
Public Company Limited |
99,996,200 |
9.54 |
|
Long Term Bualuang
Open Fund |
23,947,600 |
2.29 |
|
Long Term Bualuang
Open Fund 75/25 |
15,690,400 |
1.50 |
|
Mr. Prakit Pradipasen |
12,119,500 |
1.16 |
|
Bualuang
Siripholbansatpiban Open Fund |
10,433,500 |
1.00 |
|
Mrs. Siriwan Cheungteerapanich |
10,000,000 |
0.95 |
|
Bualuang Flexible Open Fund
for Provident Fund |
8,662,100 |
0.83 |
|
Value Plus Long
Term Fund for
dividend |
7,745,500 |
0.74 |
|
Bualuang
Siripholbansatpiban Open Fund
for Provident Fund |
7,394,100 |
0.71 |
|
Others |
294,121,200 |
28.05 |
Total Shareholders :
3,747
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Bongkot Umsageam No.
3684
Financials
DIAMOND
BUILDING PRODUCTS PUBLIC
COMPANY LIMITED
BALANCE SHEET [BAHT]
The latest financial figures published
as at December 31,
2016, 2015 and
2014 were:
ASSETS
|
Current Assets |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Cash and cash equivalents |
19,980,683 |
26,005,036 |
12,974,302 |
|
Trade accounts receivable
|
539,097,867 |
551,229,864 |
522,926,160 |
|
Other receivables |
55,401,480 |
56,501,413 |
37,163,953 |
|
Inventories |
610,864,254 |
670,156,298 |
664,230,223 |
|
Non-current asset held
for sale |
- |
18,149,413 |
- |
|
Other current assets
|
4,663,018 |
4,398,950 |
3,939,576 |
|
|
|
|
|
|
Total Current Assets
|
1,230,007,302 |
1,326,440,974 |
1,241,234,214 |
|
Investment in subsidiary |
170,000,000 |
200,000,000 |
200,000,000 |
|
Investment properties |
49,162,391 |
48,962,391 |
67,111,804 |
|
Property, plant and equipment |
1,764,449,179 |
2,003,290,508 |
2,251,199,766 |
|
Intangible assets |
7,482,871 |
10,837,108 |
15,983,955 |
|
Deferred tax assets |
34,976,074 |
22,406,870 |
20,283,089 |
|
Other non-current assets |
1,206,735 |
1,158,759 |
1,220,959 |
|
Total Assets |
3,257,284,552 |
3,613,096,610 |
3,797,033,787 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Bank overdraft and
short-term loan from financial institutions |
818,000,000 |
450,000,000 |
394,200,000 |
|
Trade accounts payable
|
123,116,805 |
145,197,487 |
106,465,776 |
|
Other payable |
100,093,017 |
124,504,148 |
104,390,342 |
|
Current Portion of
long-term loans from financial institutions |
100,000,000 |
287,500,000 |
400,000,000 |
|
Current Portion of
financial lease liabilities |
5,634,804 |
5,913,630 |
6,320,066 |
|
Income tax payable |
38,363,074 |
33,002,441 |
15,884,920 |
|
Other Current Liabilities |
23,996,884 |
20,557,916 |
16,260,259 |
|
|
|
|
|
|
Total Current Liabilities |
1,209,204,584 |
1,066,675,622 |
1,043,521,363 |
|
Long-term loans |
- |
100,000,000 |
417,500,000 |
|
Finance lease liabilities |
13,107,844 |
17,818,781 |
7,536,527 |
|
Employee benefits obligations |
115,583,437 |
81,337,122 |
73,673,297 |
|
Total Liabilities |
1,337,895,865 |
1,265,831,525 |
1,542,231,187 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share capital |
|
|
|
|
Authorized share
capital |
1,047,958,000 |
1,047,958,000 |
1,049,650,000 |
|
Issued and
paid-up share capital |
1,047,958,000 |
1,047,958,000 |
1,047,958,000 |
|
Additional paid in capital : |
|
|
|
|
Premium on ordinary shares
|
166,511,520 |
166,511,520 |
166,511,520 |
|
Surplus on treasury
shares |
165,206,460 |
165,206,460 |
165,206,460 |
|
Retained Earnings: Appropriated for
statutory reserve |
105,000,000 |
105,000,000 |
105,000,000 |
|
Unappropriated |
434,712,707 |
862,589,105 |
770,126,620 |
|
Total Shareholders' Equity |
1,919,388,687 |
2,347,265,085 |
2,254,802,600 |
|
Total Liabilities and
Shareholders' Equity |
3,257,284,552 |
3,613,096,610 |
3,797,033,787 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Revenue from sale of goods
and rendering
of services |
4,118,301,866 |
4,165,122,528 |
4,227,889,760 |
|
Other income |
42,507,503 |
9,171,995 |
24,173,798 |
|
Total Revenues |
4,160,809,369 |
4,174,294,523 |
4,252,063,558 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of sales
of goods and
rendering of services |
3,012,935,444 |
3,089,829,086 |
3,211,881,223 |
|
Selling expenses |
201,745,963 |
201,333,039 |
180,483,245 |
|
Administrative expenses |
438,239,364 |
419,031,157 |
431,762,416 |
|
Finance costs |
18,556,814 |
34,328,701 |
50,608,217 |
|
Total Expenses |
3,671,477,585 |
3,744,521,983 |
3,874,735,101 |
|
Profit before income
tax expense |
489,331,784 |
429,772,540 |
377,328,457 |
|
Income tax expense |
[97,053,731] |
[85,800,135] |
[75,547,066] |
|
|
|
|
|
|
Net Profit / [Loss] |
392,278,053 |
343,972,405 |
301,781,391 |
DIAMOND
BUILDING PRODUCTS PUBLIC
COMPANY LIMITED
BALANCE SHEET [BAHT]
The latest financial figures published
as at September
30, 2017 was
: [Unaudited]
ASSETS
[Thousand
Baht]
|
Current Assets |
2017 |
|
|
|
|
Cash and cash equivalents |
49,129 |
|
Trade accounts receivable
|
480,084 |
|
Other current receivables |
22,911 |
|
Inventories |
585,719 |
|
Other current assets
|
6,997 |
|
|
|
|
Total Current Assets
|
1,144,840 |
|
Investment in subsidiary |
170,000 |
|
Investment properties |
49,162 |
|
Property, plant and equipment |
1,654,275 |
|
Intangible assets |
4,979 |
|
Deferred tax assets |
36,069 |
|
Other non-current assets |
5,449 |
|
Total Assets |
3,064,774 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
[Thousand Baht]
|
Current Liabilities |
2017 |
|
|
|
|
Short-term loan from
financial institutions |
598,000 |
|
Trade accounts payable
|
179,600 |
|
Other current payables |
150,990 |
|
Current Portion of
long-term loans from financial institutions |
25,000 |
|
Current Portion of
financial lease liabilities |
5,407 |
|
Income tax payable |
19,471 |
|
Other Current Liabilities |
18,337 |
|
|
|
|
Total Current Liabilities |
996,865 |
|
|
|
|
Finance lease liabilities |
11,956 |
|
Employee benefits obligations |
123,035 |
|
Total Liabilities |
1,131,856 |
|
|
|
|
Shareholders' Equity |
|
|
Share capital |
|
|
Authorized share
capital |
1,047,958 |
|
Issued and
paid-up share capital |
1,047,958 |
|
Additional paid in capital : |
|
|
Premium on ordinary shares
|
166,512 |
|
Surplus on treasury
shares |
165,206 |
|
Retained earnings: Appropriated for
statutory reserve |
105,000 |
|
Unappropriated |
448,242 |
|
Total Shareholders' Equity |
1,932,918 |
|
Total Liabilities and
Shareholders' Equity |
3,064,774 |
PROFIT & LOSS
ACCOUNT
For
the nine-month period
ended September 30,
2017.
[Thousand Baht]
|
Revenue |
2017 |
|
|
|
|
Revenue from sale of goods
and rendering of
services |
3,193,559 |
|
Other income |
9,677 |
|
Total Revenues |
3,203,236 |
|
Expenses |
|
|
|
|
|
Cost of sales
of goods and
rendering of services |
2,341,906 |
|
Selling expenses |
128,655 |
|
Administrative expenses |
314,687 |
|
Finance costs |
9,769 |
|
Total Expenses |
2,795,017 |
|
Profit before income
tax expense |
408,219 |
|
Income tax expense |
[81,863] |
|
|
|
|
Net Profit / [Loss] |
326,356 |
DIAMOND BUILDING
PRODUCTS PUBLIC COMPANY LIMITED
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.02 |
1.24 |
1.19 |
|
QUICK RATIO |
TIMES |
0.51 |
0.59 |
0.55 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.33 |
2.08 |
1.88 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.26 |
1.15 |
1.11 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
74.00 |
79.17 |
75.48 |
|
INVENTORY TURNOVER |
TIMES |
4.93 |
4.61 |
4.84 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
47.78 |
48.31 |
45.14 |
|
RECEIVABLES TURNOVER |
TIMES |
7.64 |
7.56 |
8.09 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
14.91 |
17.15 |
12.10 |
|
CASH CONVERSION CYCLE |
DAYS |
106.87 |
110.32 |
108.53 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
73.16 |
74.18 |
75.97 |
|
SELLING & ADMINISTRATION |
% |
15.54 |
14.89 |
14.48 |
|
INTEREST |
% |
0.45 |
0.82 |
1.20 |
|
GROSS PROFIT MARGIN |
% |
27.87 |
26.04 |
24.60 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
11.88 |
10.32 |
8.92 |
|
NET PROFIT MARGIN |
% |
9.53 |
8.26 |
7.14 |
|
RETURN ON EQUITY |
% |
20.44 |
14.65 |
13.38 |
|
RETURN ON ASSET |
% |
12.04 |
9.52 |
7.95 |
|
EARNING PER SHARE |
BAHT |
37.43 |
32.82 |
28.80 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.41 |
0.35 |
0.41 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.70 |
0.54 |
0.68 |
|
TIME INTEREST EARNED |
TIMES |
26.37 |
12.52 |
7.46 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(1.12) |
(1.48) |
|
|
OPERATING PROFIT |
% |
13.86 |
13.90 |
|
|
NET PROFIT |
% |
14.04 |
13.98 |
|
|
FIXED ASSETS |
% |
(11.92) |
(11.01) |
|
|
TOTAL ASSETS |
% |
(9.85) |
(4.84) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -1.12%. Turnover has decreased from THB
4,165,122,528.00 in 2015 to THB 4,118,301,866.00 in 2016. While net profit has
increased from THB 343,972,405.00 in 2015 to THB 392,278,053.00 in 2016. And
total assets has decreased from THB 3,613,096,610.00 in 2015 to THB
3,257,284,552.00 in 2016.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
27.87 |
Impressive |
Industrial Average |
20.43 |
|
Net Profit Margin |
9.53 |
Impressive |
Industrial Average |
4.57 |
|
Return on Assets |
12.04 |
Impressive |
Industrial Average |
2.34 |
|
Return on Equity |
20.44 |
Impressive |
Industrial Average |
4.59 |
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 27.87%. 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. Net Profit Margin ratio is 9.53%,
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. Return on Assets ratio is
12.04%, 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.
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 20.44%, 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 :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.02 |
Impressive |
Industrial Average |
0.34 |
|
Quick Ratio |
0.51 |
|
|
|
|
Cash Conversion Cycle |
106.87 |
|
|
|
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 1.02 times in 2016, decrease from 1.24 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 0.51 times in 2016,
decrease from 0.59 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 107 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.41 |
Impressive |
Industrial Average |
0.45 |
|
Debt to Equity Ratio |
0.70 |
Impressive |
Industrial Average |
0.81 |
|
Times Interest Earned |
26.37 |
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 26.37 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 0.41 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.33 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.26 |
Impressive |
Industrial Average |
0.51 |
|
Inventory Conversion Period |
74.00 |
|
|
|
|
Inventory Turnover |
4.93 |
Impressive |
Industrial Average |
4.05 |
|
Receivables Conversion Period |
47.78 |
|
|
|
|
Receivables Turnover |
7.64 |
Satisfactory |
Industrial Average |
8.12 |
|
Payables Conversion Period |
14.91 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.64 and 7.56 in
2016 and 2015 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2016 increased
from 2015. This would suggest the company had good performance in the
management of its debt collections.
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 79 days at the end of 2015 to 74
days at the end of 2016. This represents a positive trend. And Inventory
turnover has increased from 4.61 times in year 2015 to 4.93 times in year 2016.
The company's Total Asset Turnover is calculated as 1.26 times and 1.15
times in 2016 and 2015 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 |
INR 63.81 |
|
|
1 |
INR 90.66 |
|
Euro |
1 |
INR 79.94 |
|
Thai baht |
1 |
INR 2.06 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.