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MIRA INFORM REPORT
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Report No. : |
516154 |
|
Report Date : |
22.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
MALEE GROUP PUBLIC COMPANY LIMITED |
|
|
|
|
Formerly Known As : |
MALEE SAMPRAN PUBLIC
COMPANY LIMITED |
|
|
|
|
Registered Office : |
401/1
Moo 8, Phaholyothin Road,
T. Kukot, A.
Lamlukka, Pathumthani 12130 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2017 |
|
|
|
|
Date of Incorporation : |
1964 |
|
|
|
|
Com. Reg. No.: |
0107535000079 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
The
subject is engaged
in manufacturing and
distributing beverage and
processed fruit and
refreshment products under
its “MALEE” brand. The products can
be divided into
2 business groups
as the followings: Beverage
Business, Processed Fruit
Business |
|
|
|
|
No. of Employees : |
1,588 |
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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
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 (31.12.2017) |
Current Rating (01.04.2018) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
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 and address
MALEE GROUP PUBLIC
COMPANY LIMITED
[FORMER :
MALEE SAMPRAN PUBLIC
COMPANY LIMITED]
SUMMARY
BUSINESS
ADDRESS : 401/1
MOO 8, PHAHOLYOTHIN
ROAD,
T. KUKOT, A. LAMLUKKA, PATHUMTHANI 12130,
THAILAND
TELEPHONE : [66] 2080-7899,
2992-5800
FAX :
[66] 2080-7800,
2992-5850
E-MAIL
ADDRESS : naharuthai_chu@malee.co.th
ir@malee.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1978
REGISTRATION / TAX ID NO. : 0107535000079
CAPITAL REGISTERED : BHT. 140,000,000
CAPITAL PAID-UP : BHT.
140,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MS. ROONGCHAT BOONYARAT,
THAI
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 1,588
LINES
OF BUSINESS : CANNED FOODS,
CANNED FRUITS AND
BEVERAGE PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject’s business has begun by Mr. Boon Kulpiyavaja in 1964. Later on February 2, 1978, the subject was formed as a private limited company under the registered name “Malee Sampran Factory Co., Ltd.” to manufacture and distribute processed agricultural products, comprising processed fruits and beverage products.
On March 13, 1992, the subject was listed on the Stock Exchange of Thailand, and on September 17, 1992, the subject registered for a conversion of its status to become a public limited company under the name “Malee Sampran Factory Public Company Limited”.
From April 1995, the subject’s shareholders structure was changed by Abico Holdings Public Company Limited, which had acquired 10,000,000 shares from the existing shareholders, or 40% of Bht. 250 million registered capital. The subject increased its capital again from Bht. 250 million to Bht. 650 million, Bht. 500 million of which were already paid up on September 26, 1996.
On May 15, 1998, its name was changed to “Malee Sampran Public Company Limited”.
On April 28, 2016, its name was finally changed to MALEE GROUP PUBLIC COMPANY LIMITED. It currently employs 1,588 staff.
Since its commencing, the subject has been considered as one of the best food and beverages companies in Thailand with the main products being “MALEE” brand canned fruits and fruit juices, which have been widely recognized both domestically and abroad.
It has been assessed and certified with ISO 14001:1996 certificate from SGS Yarsley in August 2003.
The subject also received “GOLD SUPER BRAND AWARD” from Reader Digest, a world’s leading magazine available in 60 nations around the globe in 2003.
In August 2007, “MALEE” brand was selected in Hong Kong to be one of the top 20 leading brands in Thailand from survey of Media magazine, Asian Integrated Media, a regional brand consultant, and Synovate, a global marketing research company, as well as was awarded Trusted Brand from the survey of Reader’s Digest for the fifth consecutive year.
The subject’s registered address is 401/1 Moo 8, Phaholyothin Rd., T. Kukot,
A. Lamluka, Pathumthani 12130, and this is the subject’s current operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Chintana Boonyarat : Chairman |
[x] |
Thai |
66 |
|
Mr. Kitti Vilaivarangkul |
[x] |
Thai |
61 |
|
Mr. Pichai Chirathivat |
[x] |
Thai |
57 |
|
Ms. Nattharin Talthong |
|
Thai |
49 |
|
Ms. Roongchat Boonyarat |
[x] |
Thai |
33 |
|
Ms. Nart Fongsmut |
|
Thai |
55 |
|
Mr. Opas Lopansri |
[x] |
Thai |
36 |
|
Mr. Arin Jira |
|
Thai |
68 |
AUTHORIZED
PERSON
Two
of the mentioned
directors [x] can
jointly sign on
behalf of the
subject with the
company’s affixed.
MANAGEMENT
Ms. Roongchat Boonyarat
is the Chief
Executive Officer.
She
is Thai nationality
with the age
of 33 years
old.
Mr. Opas
Lopansri is the
Senior Executive Vice
President, Foreign Business.
He
is Thai nationality
with the age of 36
years old.
Mrs. Siripen
Tantvechapikul is the
Senior Vice President,
Accounting & Financial.
She
is Thai nationality.
Mr. Nattapol
Suwansiri is the
Senior Vice President,
Strategy & Business Development.
He
is Thai nationality.
Mr.
Phat Tanangsungnoen is
the Senior Executive
Vice President, Agro-Business.
He
is Thai nationality.
Mr. Sura
Siwilai is the
Senior Vice President,
Production.
He
is Thai nationality.
Ms. Pacharin
Aranyawat is the
Senior Executive Vice
President, Research &
Development.
She
is Thai nationality.
Ms. Chomchanok Buathongeiam
is the Senior
Executive Vice President, Quality
Management.
She
is Thai nationality.
Mr. Prayoon
Yavichai is the
Senior Executive Vice
President, Human Resources.
He
is Thai nationality.
Mr. Suradej
Srisuwan is the
Senior Executive Vice
President, IT Business.
He
is Thai nationality.
Ms. Wanpen
Tasai is the Executive Vice
President, Administration.
She
is Thai nationality.
Mr. Preecha
Homchan is the
Executive Vice President,
Manufacturing.
He
is Thai nationality.
Ms. Siriwadee Sawaengdee
is the Executive
Vice President, Purchasing.
She
is Thai nationality.
Mr. Rung
Sornin is the
Executive Vice President,
Engineering.
He
is Thai nationality.
BUSINESS
OPERATIONS
The
subject is engaged
in manufacturing and
distributing beverage and
processed fruit and refreshment products
under its “MALEE”
brand. The products can be
divided into 2
business groups as
the followings:
·
Beverage
Business: vegetable juice,
UHT and pasteurized
fruit juice under
“MALEE”, “MALEE
HEALTI PLUS”, “MALEE
NUTRIENT”,
“MALEE JUICE MIX”,
“MALEE FOOD SERVICE”,
“MALEE TROPICAL”,
and “MALEE COCO”
brands, as well as
coffee and drinking
water packaged
in can, UHT
box and PET
plastic bottles under
“MALEE” brand, fresh
cow milk both pasteurized
and UHT under
“CHOKECHAI FARM” brand,
as well as
“MALEE I-CORN” corn milk,
“TURBUSTA MAXX” and
“MALEE ORIENTAL CAFÉ”
canned coffee.
- Processed Fruit Business: includes
canned seasonal fruit
[rambutan, rambutan
stuffed with pineapple,
lychee, longan, water
chestnut, toddy palm,
mango
and etc.], canned
sweet corn, canned
pineapple, mixed canned
fruit under
“MALEE” , “FIRST CHOICE”,
“FARMER” and “MALEE
FOOD
SERVICE” brands.
The
subject is also
engaged in contract
manufacturing business to manufacture
and develop products
according to customers’
requirements and customers’
brands for both
domestic and overseas
market. It also
controls the quality
of production in
accordance with the
standards and criteria
of GMP, HACCP,
BRC, IFS, HALAL,
US FDA and
Q-MARK.
PRODUCTION
CAPACITY
330,000,000
liters per annum
[in 2017]
PURCHASE
[LOCAL]
100%
of raw material
such as fresh
fruit and vegetable
and other materials
are
purchased
locally.
MAJOR
SUPPLIER
Swan
Industries (Thailand) Limited : Thailand
SALES
64%
of the products
has been marketed
locally by Malee
Enterprise Co., Ltd., the subject’s
subsidiary company.
EXPORT
[COUNTRIES]
36%
of the products
is exported to Republic
of China, Japan,
Cambodia, Malaysia, Indonesia,
Philippines, Pakistan, Hong Kong, Taiwan, Korea, Laos, India, Australia,
Myanmar, Vietnam and
the country in
Europe and Middle
East.
REVENUE
STRUCTURE
|
Consolidated |
2017 |
2016 |
||
|
|
Million Bht. |
% |
Million Bht. |
% |
|
Domestic |
3,781 |
64 |
3,978 |
61 |
|
Export |
2,135 |
36 |
2,563 |
39 |
|
|
|
|
|
|
|
Total
Sales |
5,916 |
100.00 |
6,541 |
100.00 |
SUBSIDIARIES
& AFFILIATES COMPANIES
Malee
Enterprise Co., Ltd.
Business Type : Marketing & distributing
of “MALEE” products
Address :
401/1 Moo 8, Phaholyothin Rd.,
T. Kukot, A. Lamluka,
Pathumthani 12130
Investment :
99.99%
Malee
Capital Co., Ltd.
Business Type : Investment business
and providing service
for affiliates
Address :
401/1 Moo 8,
Phaholyothin Rd., T.
Kukot, A. Lamluka,
Pathumthani 12130
Investment :
99.99%
Malee
International Co., Ltd.
Business Type : International Trading
Address :
401/1 Moo 8,
Phaholyothin Rd., T.
Kukot, A. Lamluka,
Pathumthani 12130
Investment : 99.99%
Monde
Malee Beverage Corporation
Business Type : Manufacturer and
distributor of beverage
products in Philippines
Investment : 49%
Mega
Malee Co., Ltd.
Business Type : Develop health
focused food and
beverage products
Address : 384
Moo 4, Soi
6, Phattara 3
Road, T. Phraksa, A. Muang,
Samutprakarn
10280
Investment : 49%
Malee
Applied Sciences Co.,
Ltd.
Business Type : Innovation research & development
Address :
142 Moo
9, Phaholyothin Road,
T. Klongnueng, A.
Klongluang,
Pathumthani
12120
Investment : 99.99%
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 IRICO’S
DATABASE for the
past two years.
CREDIT
Purchasing
terms are on
the credits of
30-60 days.
Selling
terms are made
by cash or
on the credits
of 30-60 days.
Exports
are against L/C
at sight or
T/T.
BANKING
The
Siam Commercial Bank
Public Company Limited
[Head Office : 9 Ratchadapisek
Rd., Ladyao, Jatujak,
Bangkok 10900]
Bangkok
Bank Public Company
Limited
[Head Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Bank
of Ayudhya Public
Company Limited
[Head Office : 1222 Rama 3
Rd., Bangpongpang, Yannawa,
Bangko 10120]
Deutsche
Bank AG.
[Bangkok Branch : 208 Wireless
Rd., Lumpini, Pathumwan,
Bangkok 10330]
EMPLOYMENT
The
subject employs 1,588 staff
[office staff and
factory workers].
LOCATION
DETIALS
The
premise is owned
for administrative an
office at the
heading address. Premise
is
located in provincial.
Factory
and warehouse is
located at 26/1 Sampran Road, Sampran,
Nakornphatom 73110. Land
Area : 576,000
square meters
Tel.:
[66] 34 311-260,
34 311-891-2 Fax:
[66] 34 321-619.
COMMENT
The
subject was formed
in 1978 as a
leading manufacturer, distributor
and exporter of
canned fruit, fruit
juice and other
beverage products. Subject
had strongly grown in
the past several
years from consumption
in both domestic and
export markets.
Despite
a decrease in
both sales or
service income and
net profit in 2017
comparing to the
previous year, its
operating performance was
moderately fair. The
subject’s business remains
promising.
Note:
Please be
informed that the
current business address
is 401/1 Moo 8
Phaholythin Road,
T. Kukot, A. Lamlukka, Pathumthani 12130, without ABICO BUILDING.
FINANCIAL
INFORMATION
The
capital was initially
registered at Bht. 5,000,000 divided
into 50,000 shares of
Bht.
100 each.
The
capital was increased
later as followings:
Bht.
10,000,000 on March
25, 1981
Bht.
80,000,000 on May
27, 1991
Bht. 100,000,000 on
July 9, 1991
Bht. 125,000,000 on
February 21, 1992
Bht. 999,990,000 in
2005
The
latest registered capital
was decreased to
Bht. 140,000,000 divided
into
280,000,000 shares of
Bht. 0.50 each with
fully paid.
MAIN
SHAREHOLDERS [as at
May 8, 2018]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Abico Holdings Public
Company Limited |
75,100,000 |
26.82 |
|
Mrs. Kamolchat Juangroongruangkit |
48,500,000 |
17.32 |
|
Thai NVDR Co.,
Ltd. |
9,407,798 |
3.36 |
|
Mrs. Chintana Boonyarat |
8,015,500 |
2.86 |
|
Mr. Wat Chirathivat |
7,397,900 |
2.64 |
|
Mr. Pichai Chirathivat |
6,597,900 |
2.36 |
|
Mr. Kobchai Chirathivat |
6,407,900 |
2.29 |
|
K Master Pool
Fund |
5,199,700 |
1.86 |
|
Malee Group Public
Company Limited |
4,000,000 |
1.43 |
|
Mr. Surasak Burapadecha |
3,264,000 |
1.17 |
|
State Street Europe
Limited |
2,934,700 |
1.05 |
|
Others |
103,174,602 |
36.84 |
Total Shareholders :
6,729
NAME
OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Chaiyut Angsuwittaya No.
3885
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December
31, 2017, 2016
and 2015 were:
ASSETS
|
Current Assets |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Cash and cash equivalents |
60,934,208 |
46,427,751 |
40,449,746 |
|
Trade receivables |
|
|
|
|
Subsidiary |
402,006,928 |
254,936,235 |
325,917,480 |
|
Related parties |
30,661,709 |
- |
- |
|
Unrelated parties |
377,749,485 |
354,694,947 |
435,769,838 |
|
Less: Allowance
for doubtful accounts |
[5,172,977] |
[5,501,364] |
[5,262,101] |
|
Trade receivable, net |
805,245,145 |
604,129,818 |
756,425,217 |
|
Other receivables |
69,951,629 |
34,448,551 |
54,460,029 |
|
Short-term loans to subsidiary |
40,000,000 |
- |
- |
|
Current portion of
long-term loans to subsidiary |
4,000,000 |
13,666,675 |
- |
|
Inventories |
819,473,443 |
639,331,994 |
569,907,199 |
|
Other current assets
|
33,117,423 |
31,363,115 |
8,282,377 |
|
|
|
|
|
|
Total Current Assets
|
1,832,721,848 |
1,369,367,904 |
1,429,524,568 |
|
|
|
|
|
|
Investments in
subsidiaries |
174,478,488 |
164,478,488 |
282,125,535 |
|
Investments in joint venture |
60,224,870 |
43,577,755 |
- |
|
Long-term loans to subsidiaries |
4,000,000 |
11,388,896 |
34,173,351 |
|
Restricted bank deposits |
21,001,034 |
21,130,078 |
21,328,721 |
|
Property, plant and equipment |
2,013,724,623 |
1,667,362,098 |
1,012,848,327 |
|
Intangible assets |
31,909,563 |
40,322,424 |
36,147,422 |
|
Deferred tax assets |
23,079,320 |
25,082,133 |
21,006,557 |
|
Other non-current assets Deposits |
30,163,828 |
8,490,863 |
7,028,764 |
|
Others |
4,319,140 |
6,218,036 |
3,071,291 |
|
Total non-current assets |
2,362,900,866 |
1,988,050,771 |
1,417,729,968 |
|
Total Assets |
4,195,622,714 |
3,357,418,675 |
2,847,254,536 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Bank overdrafts and
short-term loan from financial
institutions |
1,327,768,049 |
1,046,947,526 |
749,211,720 |
|
Trade payable |
|
|
|
|
Subsidiaries |
419,162 |
15,060,299 |
82,768,677 |
|
Related party |
9,600,370 |
18,571,124 |
17,137,217 |
|
Unrelated parties |
451,512,208 |
297,740,092 |
444,117,298 |
|
Other payables |
159,934,768 |
142,272,930 |
82,667,502 |
|
Current portion of
long-term loan from financial institutions |
127,660,000 |
- |
- |
|
Current portion of
liabilities under finance lease
agreement |
39,536,293 |
33,352,862 |
19,709,885 |
|
Short-term loans from
related parties |
- |
- |
42,000,000 |
|
Income tax payable |
10,381,045 |
54,697,661 |
41,144,241 |
|
Other current liabilities Advances received
for goods |
28,833,328 |
44,167,532 |
35,596,814 |
|
Accrued dividends
payment |
5,307,055 |
2,983,307 |
2,979,623 |
|
Others |
15,148,929 |
17,719,106 |
10,152,946 |
|
|
|
|
|
|
Total Current Liabilities |
2,176,101,207 |
1,673,512,439 |
1,527,485,923 |
|
|
|
|
|
|
Long-term loans, net
of current portion from financial
institutions |
246,400,000 |
- |
- |
|
Liabilities under finance
lease agreement, net
of current portion |
85,340,495 |
90,561,917 |
63,380,075 |
|
Deferred tax liabilities |
56,450,474 |
60,544,544 |
59,457,085 |
|
Employee benefit obligation |
58,706,809 |
57,207,780 |
56,546,171 |
|
Total Liabilities |
2,622,998,985 |
1,881,826,680 |
1,706,869,254 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share capital |
|
|
|
|
Authorized share
capital |
|
|
|
|
280,000,000 ordinary
shares of Baht 0.50 each
as at December
31, 2017 and 140,000,000
ordinary shares of Baht 1.00
each as at
December 31, 2016 and
2015 |
140,000,000 |
140,000,000 |
140,000,000 |
|
Issued and fully paid-up share capital |
|
|
|
|
280,000,000 ordinary
shares of Baht 0.50 each
as at December
31, 2017 and 140,000,000
ordinary shares of Baht 1.00
each as at
December 31, 2016 and
2015 |
140,000,000 |
140,000,000 |
140,000,000 |
|
Share premium on issue of treasury shares |
5,848,058 |
5,848,058 |
5,848,058 |
|
Retained earnings (deficit) Appropriated- statutory reserve
|
14,000,000 |
14,000,000 |
14,000,000 |
|
Unappropriated |
1,216,206,420 |
1,119,174,686 |
783,967,973 |
|
Other components of equity |
196,569,251 |
196,569,251 |
196,569,251 |
|
Total Shareholders' Equity |
1,572,623,729 |
1,475,591,995 |
1,140,385,282 |
|
Total Liabilities and
Shareholders' Equity |
4,195,622,714 |
3,357,418,675 |
2,847,254,536 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Revenues from sales |
5,115,771,623 |
5,534,498,841 |
4,436,511,685 |
|
Other income |
|
|
|
|
Gain on exchange rate |
9,282,979 |
5,672,303 |
- |
|
Gain on sales of assets |
929,251 |
- |
1,792,739 |
|
Others |
65,370,580 |
45,976,380 |
71,776,565 |
|
Total Revenues |
5,191,354,433 |
5,586,147,524 |
4,510,080,989 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of sales
|
4,168,238,068 |
4,349,519,228 |
3,624,296,926 |
|
Selling expenses |
158,890,364 |
163,876,640 |
111,249,467 |
|
Administrative expenses |
444,828,941 |
375,173,639 |
324,267,681 |
|
Other expenses - Loss
on exchange rate |
- |
445,200 |
2,750,317 |
|
- Adjustment
for increase in
impairment on investment |
- |
12,647,047 |
- |
|
Finance costs |
22,136,922 |
22,642,377 |
33,720,120 |
|
Total Expenses |
4,794,094,295 |
4,924,304,131 |
4,096,284,511 |
|
|
|
|
|
|
Profit [Loss] before
Income Tax Expenses |
397,260,138 |
661,843,393 |
413,796,478 |
|
Tax Expenses [Income] |
[55,229,484] |
[123,706,161] |
[82,745,594] |
|
|
|
|
|
|
Net Profit / [Loss] |
342,030,654 |
538,137,232 |
333,050,884 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2017 |
2016 |
2015 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.84 |
0.82 |
0.94 |
|
QUICK RATIO |
TIMES |
0.45 |
0.42 |
0.56 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.54 |
3.32 |
4.38 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.22 |
1.65 |
1.56 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
71.76 |
53.65 |
57.39 |
|
INVENTORY TURNOVER |
TIMES |
5.09 |
6.80 |
6.36 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
26.95 |
23.39 |
35.85 |
|
RECEIVABLES TURNOVER |
TIMES |
13.54 |
15.60 |
10.18 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
39.54 |
24.99 |
44.73 |
|
CASH CONVERSION CYCLE |
DAYS |
59.17 |
52.06 |
48.52 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
81.48 |
78.59 |
81.69 |
|
SELLING & ADMINISTRATION |
% |
11.80 |
9.74 |
9.82 |
|
INTEREST |
% |
0.43 |
0.41 |
0.76 |
|
GROSS PROFIT MARGIN |
% |
20.00 |
22.34 |
19.97 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.77 |
11.96 |
9.33 |
|
NET PROFIT MARGIN |
% |
6.69 |
9.72 |
7.51 |
|
RETURN ON EQUITY |
% |
21.75 |
36.47 |
29.21 |
|
RETURN ON ASSET |
% |
8.15 |
16.03 |
11.70 |
|
EARNING PER SHARE |
BAHT |
1.22 |
3.84 |
2.38 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.63 |
0.56 |
0.60 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.67 |
1.28 |
1.50 |
|
TIME INTEREST EARNED |
TIMES |
17.95 |
29.23 |
12.27 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(7.57) |
24.75 |
|
|
OPERATING PROFIT |
% |
(39.98) |
59.94 |
|
|
NET PROFIT |
% |
(36.44) |
61.58 |
|
|
FIXED ASSETS |
% |
20.77 |
64.62 |
|
|
TOTAL ASSETS |
% |
24.97 |
17.92 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -7.57%. Sales Income has decreased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
20.00 |
Impressive |
Industrial
Average |
13.95 |
|
Net Profit Margin |
6.69 |
Satisfactory |
Industrial
Average |
7.22 |
|
Return on Assets |
8.15 |
Satisfactory |
Industrial
Average |
10.73 |
|
Return on Equity |
21.75 |
Satisfactory |
Industrial
Average |
26.26 |
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. Gross Profit Margin is 20%. 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 6.69%.
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 8.15%.
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 21.75%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.84 |
Risky |
Industrial
Average |
0.98 |
|
Quick Ratio |
0.45 |
|
|
|
|
Cash Conversion Cycle |
59.17 |
|
|
|
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 0.84 times in 2017, increase from 0.82 times, then the company may
have problems meeting its short-term obligations. 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 0.45 times in 2017,
increase from 0.42 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 60 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.63 |
Acceptable |
Industrial
Average |
0.55 |
|
Debt to Equity Ratio |
1.67 |
Risky |
Industrial
Average |
1.21 |
|
Times Interest Earned |
17.95 |
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 17.95 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.54 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.22 |
Satisfactory |
Industrial
Average |
1.52 |
|
Inventory Conversion Period |
71.76 |
|
|
|
|
Inventory Turnover |
5.09 |
Satisfactory |
Industrial
Average |
5.22 |
|
Receivables Conversion Period |
26.95 |
|
|
|
|
Receivables Turnover |
13.54 |
Impressive |
Industrial
Average |
7.98 |
|
Payables Conversion Period |
39.54 |
|
|
|
The company's Account Receivable Ratio is calculated as 13.54 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 54 days at the
end of 2016 to 72 days at the end of 2017. This represents a negative trend.
And Inventory turnover has decreased from 6.8 times in year 2016 to 5.09 times
in year 2017.
The company's Total Asset Turnover is calculated as 1.22 times and 1.65
times in 2017 and 2016 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 |
INR 68.20 |
|
|
1 |
INR 89.58 |
|
Euro |
1 |
INR 78.79 |
|
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 : |
SDA |
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.