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MIRA INFORM REPORT
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Report No. : |
508373 |
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Report Date : |
15.05.2018 |
IDENTIFICATION DETAILS
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Name : |
INDORAMA POLYESTER INDUSTRIES PUBLIC COMPANY LIMITED |
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|
Formerly Known As : |
TUNTEX (THAILAND)
PUBLIC COMPANY LIMITED |
|
|
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Registered Office : |
35th Floor, Ocean Tower 2, 75/92 Soi Sukhumvit 19 [Wattana], Asoke Road, Klongtoeynua, Wattana, Bangkok 10110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2016 |
|
|
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Date of Incorporation : |
16.04.1987 |
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Com. Reg. No.: |
0107537002451 |
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Legal Form : |
Public Limited Company |
|
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Line of Business : |
The subject’s
activities are manufacturer, exporter
and distributor of
Polyester Yarn products, including Partially Oriented Yarn
[POY], Draw Textured Yarn [DTY], Polyester
Staple Fibre, Utra-Fine
Polyester Fibre, Specialty
Filament Yarns as
well as PET
plastic resin, serving customers
in the main
end use markets
of apparels, home textiles,
automotive, plastic packaging,
hygiene products and
non-woven sectors with
an extensive range
of products for
all sectors. |
|
|
|
|
No. of Employees : |
900 |
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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 |
|
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
INDORAMA POLYESTER
INDUSTRIES PUBLIC COMPANY
LIMITED
[FORMER : TUNTEX
(THAILAND) PUBLIC COMPANY
LIMITED]
SUMMARY
ADDRESS : 35th FLOOR,
OCEAN TOWER 2,
75/92 SOI
SUKHUMVIT 19 [WATTANA],
ASOKE ROAD,
KLONGTOEYNUA,
WATTANA, BANGKOK
10110, THAILAND
TELEPHONE :
[66] 2661-6661
FAX : [66] 2661-6664-5
E-MAIL : info@indorama-th.com
petasiasales@indorama.net
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
EATABLISHED : 1987
REGISTRATION NO. : 0107537002451 [Former : BOR MOR
JOR. 492]
TAX ID NO. : 3101440362
CAPITAL REGISTERED : BHT.
2,226,220,000
CAPITAL PAID-UP : BHT. 2,202,850,000
SHAREHOLDER’S PROPORTION : THAI :
0.16%
FOREIGN :
99.84%
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
UDEY PAUL SINGH
GILL, INDIAN
PRESIDENT &
CHIEF EXECUTIVE OFFICER
NO. OF
STAFF : 900
LINES OF
BUSINESS : POLYESTER YARNS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject
was initially established on April
16, 1987 as a private
limited company under
the registered name C.P.P. (Thailand) Co.,
Ltd. On July 30, 1987, the
subject’s name was
changed to Tuntex
(Thailand) Co., Ltd.,
and was listed
on the Stock
Exchange of Thailand
on September 15, 1993.
Its status was
converted into a
public limited company on August 1, 1994 under the name
TUNTEX (THAILAND) PUBLIC COMPANY LIMITED.
The subject
received Board of
Investment Promotion in
producing synthetic fibre
such as POY [Partially Oriented Yarn], Staple Fibre, Chip, DTY [Draw Textured Yarn] and SDY [Spin Draw Yarn]. It was a joint venture company
among Taiwanese, Japanese and
Thai investors.
On December
30, 2008, the
subject’s name was
changed to INDORAMA POLYESTER INDUSTRIES PUBLIC COMPANY LIMITED. On April
30, 2009, the subject was withdrawn from
the Stock Exchange
of Thailand.
On July
28, 2009, Indo
Poly (Thailand) Ltd.,
was taken over
by the subject,
with total amount
of 1,487 million
baht.
Presently, the
major shareholders are
Indorama Ventures Public
Company Limited, and
Indorama Holdings Co., Ltd., which are
holding around 64.94%
and 34.62%, of
the subject’s shares
respectively. It currently
employs approximately 900
staff.
CERTIFICATIONS
ISO 9001, ISO 14001,
OHSAS 18001, CSR -DIW Certification, REACH compliance, Oekotex 100,
Green label, ISO 50001.
The subject’s
registered address was
initially at Room
1812, 18th Floor,
B.B. Building,
54 Sukhumvit 21
Rd., [Soi Asoke],
Klongtoeynua, Wattana, Bangkok
10110.
Later, the
registered address was
relocated to 35th Floor,
Ocean Tower 2,
75/92 Soi Sukhumvit
19 [Wattana], Asoke
Rd., Klongtoeynua, Wattana,
Bangkok 10110, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Aloke
Lohia : Chairman |
[x] |
Indian |
60 |
|
Mr. Khanit
See |
|
Thai
|
68 |
|
Mrs. Suchitra
Lohia |
[x] |
Indian |
54 |
|
Mr. Ramesh
Kumar Nasingh Pura |
[x] |
Indian |
58 |
|
Mr. Asoke Kumar
Arora |
[x] |
Indian |
58 |
|
Mrs. Suchada Sukpantavorn |
|
Thai |
53 |
|
Mr. Udey Paul
Singh Gill |
|
Indian |
65 |
AUTHORIZED PERSON
Any of
the mentioned directors
[x] can sign
on behalf of
the subject with
the company’s affixed.
MANAGEMENT
Mr. Aloke
Lohia is the
Chief Executive Officer
of the Group.
He is
Indian nationality with
the age of
60 years old.
Mr. Udey Paul
Singh Gill is
the President &
Chief Executive Officer.
He is
Indian nationality with
the age of 65 years
old.
Mr. Ramesh
Kumar Nasingh Pura
is the Chief
Operating Officer.
He is
Indian nationality with
the age of
58 years old.
Mr. Anives Divaree
is the Vice
President [Operation].
He is Indian nationality.
Mrs. Sunantha Larnopparat
is the Human
Resources Manager.
She is
Thai nationality.
Mrs. Suchada
Sukpantavorn
is the General
Manager.
She is
Thai nationality with
the age of
53 years old.
BUSINESS OPERATIONS
The subject’s
activities are manufacturer,
exporter and distributor
of Polyester Yarn
products, including Partially Oriented Yarn [POY], Draw Textured Yarn
[DTY], Polyester Staple Fibre,
Utra-Fine Polyester Fibre,
Specialty Filament Yarns
as well as
PET plastic resin, serving customers
in the main
end use markets
of apparels, home textiles,
automotive, plastic packaging,
hygiene products and
non-woven sectors with
an extensive range
of products for
all sectors.
PRODUCTIONS
Polyester yarn : 290,600
tons per annum
Ultra-Fine Polyester
Fibre : 199,600
tons per annum
PET plastic
resin : 108,000
tons per annum
PURCHASE
Cotton/plastic resin
and raw materials
such as Mono Ethylene Glycol [MEG] and Pure
Terephthalic Acid [PTA] are purchased
from both local
and overseas suppliers in
Japan, Germany, Taiwan,
Australia, India, Indonesia
and Republic of
China.
MAJOR SUPPLIERS
Indorama Petrochem
Limited : Thailand
TPT Petrochemicals Public
Company Limited :
Thailand
IRPC Public
Company Limited : Thailand
SALES [LOCAL]
20% of
the products is
sold locally to
manufacturers, wholesalers and
end-users.
EXPORT [COUNTRIES]
80% of
the products is
exported to Australia,
Republic of China, Singapore, Taiwan,
Indonesia, Korea, New Zealand, Vietnam, Myanmar, Columbia,
Malaysia, Philippines, India,
Pakistan, Japan, Hong Kong,
Egypt, Russia, Canada,
Mexico and the
countries in Europe,
Africa and Middle
East.
MAJOR CUSTOMER
Prohesa S.A.S. : Columbia
LITIGATIONS
Bankruptcy
and Receivership
On December 15,
2003, the Central
Bankruptcy Court has
ordered Tuntex (Thailand)
Public Company Limited
[Debtor] to enter
into business rehabilitation and
appointed Tuntex (Thailand)
Public Company Limited to be
the Planner according
to the lawsuit
red case no.
2382/2546. As a
result of such
Court order, the
power and duties in
managing the business
and assets of the
debtor, including all
legal rights of
the company’s shareholders
shall be vested
in the Planner according
to Article 90/25
of Bankruptcy Act
B.E. 2483.
On September
10, 2004, the Court
approved the rehabilitation plan
and assigned Tuntex [Thailand]
Public Company Limited
to be the Plan
Administrator. As a
result of such
Court order, the
power and duties
of the Planner
shall be vested
in the Plan Administrator
according to Article
90/59 of Bankruptcy
Act B.E. 2483.
On October 27, 2008, the Court has
ordered a cancellation
of company’s rehabilitation according
to Article 90/70
of Bankruptcy Act
B.E. 2483. As
a result of
such Court order,
the power and
duties in managing
the business and
assets of the
debtor shall be
vested in the
management of debtor
and shareholders.
Others
The
subject has several
litigations in relation to
its normal course of business
operation, but the management believes that
it would not have
significant affect on the
company’s business.
PARENT COMPANY
Indorama Ventures
Public Company Limited
RELATED AND ASSOCIATED
COMPANIES
TPT Petrochemicals Public
Company Limited
Business Type : Manufacturer
of Purified Terephthalic
Acid [PTA]
Tuntex Textile
(Thailand) Co., Ltd.
Business Type :
Manufacturing & distribution
of fabrics
Indorama Petrochem
Ltd.
Business Type :
Manufacturing & distribution
of PTA acid
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 Company Limited
[Head Office :
333 Silom Rd.,
Silom, Bangrak, Bangkok
10500]
The Siam
Commercial Bank Public
Company Limited
[Head
Office : 9
Ratchadapisek Rd., Ladyao,
Jatujak, Bangkok 10900]
Krung Thai
Bank Public Company
Limited
[Head Office : 35 Sukhumvit
Rd., Klongtoeynua, Wattana,
Bangkok 10110]
Kasikornbank Public
Company Limited
Bank of
Ayudhya Public Company
Limited
EMPLOYMENT
The
subject employs approximately
900 staff. [office, sales
staff and factory workers]
LOCATION DETAILS
The premise
is rented for operating administrative office at
the heading address.
Premise located
in commercial/residential area.
Factory I
is located at
6, I - 2 Road,
Mabtaphut Industrial Estate,
T. Mabtaphut,
A. Muang,
Rayong 21150. Tel:
[66] 38 683-870-8,
Fax [66] 38
683-883-8.
Factory II
is located at
35/8 Moo 4, T.
Khunkaew, A. Nakornchaisri,
Nakhonpathom 73120.
Tel : [66]
34 222-191-6.
COMMENT
The company is
a manufacturer, distributor
and exporter of polyester yarns. The
company is a
member of Indorama group, it is one of
the largest producers
of polyester yarns. Despite
a decrease in
sales or service
income in 2016,
the subject obtained
higher net profit
which was benefitted
from a drastic
decrease in cost of
goods sold that
increased high profit
margin. Nevertheless, the
subject operates a
moderate business in
amidst of slowdown
of economy, slow
growth and less
expansion of related
industries.
FINANCIAL INFORMATION
The capital
was originally registered
at Bht. 100,000 divided into
1,000 shares of
Bht. 100
each.
The capital
was increased later
as followings:
Bht.
80 million on
July 30, 1987
Bht.
600 million on
December 28, 1987
Bht.
750
million on November
11, 1988
Bht.
900 million
on November 22,
1989
Bht. 1,000
million on August
22, 1990
Bht. 1,500
million on July
21, 1992
Bht. 1,800
million on July
15, 1993
Bht. 2,100
million in 1996
Bht. 2,300
million in 1997
Bht. 2,800
million in 1998
Bht. 2,960
million on August
14, 2003
The latest
registered capital was
decreased to Bht. 2,226,220,000
divided into
2,226,220,000 shares
of Bht. 1
each, with the
current capital paid-up
at
Bht. 2,202,850,000.
MAIN SHAREHOLDERS [as
at April 28,
2017] at Bht. 2,202,850,000 of
capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Indorama
Ventures Public Company
Limited Nationality:
Mauritius Address : 37th Floor,
Ocean Tower 2, 75/102 Soi
Sukhumvit 19 [Wattana],
Asoke Rd., Klongtoeynua, Wattana,
Bangkok |
1,430,636,976 |
64.94 |
|
Indorama
Holdings Co., Ltd. Nationality:
Mauritius Address : 28th Floor,
Ocean Tower 2, 75/64, 65 Soi
Sukhumvit 19 [Wattana],
Asoke Rd., Klongtoeynua, Wattana,
Bangkok |
762,777,905 |
34.62 |
|
Mycene
Holdings [BVI] Ltd. Nationality: BVI Address : Unit 46, 12th Floor, Kowloonbay International
Trade & Exhibition
Center, 1 Trademart
Drive, Kowloon Bay,
Hong Kong |
2,017,899 |
0.09 |
|
Others |
7,417,220 |
0.35 |
Total
Shareholders : 837
Share Structure [as at April 28,
2017]
|
Nationality |
Shareholders |
No.
of Share |
% Shares |
|
|
|
|
|
|
Thai |
790 |
3,407,337 |
0.16 |
|
Foreign |
47 |
2,199,442,663 |
99.84 |
|
Total |
837 |
2,202,850,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.:
Mr. Sumeth Jangsamsee
No. 9362
financial
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2016, 2015
and 2014 were:
ASSETS
|
Current
Assets |
2016 |
2015 |
2014 [Adjusted] |
|
|
|
|
|
|
Cash and cash
equivalents |
22,884,227 |
20,372,495 |
35,036,542 |
|
Trade account and
other receivable |
1,658,258,092 |
1,928,450,679 |
2,246,826,650 |
|
Inventories
|
2,688,573,764 |
2,309,855,310 |
2,391,316,855 |
|
Other current assets
|
305,515,437 |
303,475,125 |
540,784,273 |
|
|
|
|
|
|
Total Current Assets |
4,675,231,520 |
4,562,153,609 |
5,213,964,320 |
|
Property, plant
and equipment |
5,875,803,585 |
6,134,600,849 |
6,276,728,981 |
|
Deferred
income tax assets |
55,880,458 |
99,658,641 |
115,061,081 |
|
Other
non-current assets |
23,272,221 |
14,154,879 |
38,066,114 |
|
Total Assets |
10,630,187,784 |
10,810,567,978 |
11,643,820,496 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2016 |
2015 |
2014 [Adjusted] |
|
|
|
|
|
|
Bank overdraft |
- |
100,000,000 |
30,477 |
|
Trade account and
other payable |
1,936,189,503 |
3,677,288,376 |
2,296,297,743 |
|
Current portion
of long-term liabilities
|
178,110,841 |
178,831,500 |
195,411 |
|
Short-term
loan to parent company |
3,429,800,000 |
2,023,750,150 |
3,569,150,150 |
|
Other current liabilities |
384,383,486 |
378,682,120 |
342,719,482 |
|
|
|
|
|
|
Total Current Liabilities |
5,928,483,830 |
6,358,552,146 |
6,208,393,263 |
|
Long-term loan from
parent company |
1,577,721,126 |
1,760,853,774 |
2,810,000,000 |
|
Employee
benefits obligation |
89,233,323 |
75,743,900 |
49,195,601 |
|
Long-term
liabilities |
225,216,651 |
218,127,507 |
159,815,004 |
|
Total
Liabilities |
7,820,654,930 |
8,413,277,327 |
9,227,403,868 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital |
|
|
|
|
Registered |
|
|
|
|
2,226,220,000 ordinary shares of
Baht 1 each |
2,226,220,000 |
2,226,220,000 |
2,226,220,000 |
|
Issued & Fully
Paid |
|
|
|
|
2,202,850,000
ordinary shares of Baht 1 each |
2,202,850,000 |
2,202,850,000 |
2,202,850,000 |
|
Premium on
share capital
|
96,495,000 |
96,495,000 |
96,495,000 |
|
Differences arising
from
transactions under the
same control |
[907,144,640] |
[907,144,640] |
[907,144,640] |
|
Retained Earnings :
[Deficit] Appropriated for
statutory reserve |
107,194,501 |
107,194,501 |
107,194,501 |
|
Unappropriated |
1,310,137,993 |
897,895,790 |
917,021,767 |
|
Total Shareholders'
Equity |
2,809,532,854 |
2,397,290,651 |
2,416,416,628 |
|
Total
Liabilities and Shareholders' Equity |
10,630,187,784 |
10,810,567,978 |
11,643,820,496 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2016 |
2015 |
2014 [Adjusted] |
|
|
|
|
|
|
Sales or services
income |
16,251,494,181 |
16,947,315,801 |
19,808,217,158 |
|
Interest income |
104,797 |
2,225,226 |
88,880,060 |
|
Other income |
119,518,244 |
83,290,238 |
168,997,335 |
|
Total Revenues |
16,371,117,222 |
17,032,831,265 |
20,066,094,553 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of sales
|
14,846,312,188 |
15,988,257,937 |
- |
|
Selling expenses |
491,819,490 |
8,928,528 |
- |
|
Administrative
expenses |
250,339,232 |
125,816,511 |
- |
|
Raw material and
material supplies |
- |
- |
18,961,186,330 |
|
Loss from disposal
of land |
- |
- |
1,600,000 |
|
Other expenses |
1,400,000 |
672,547,156 |
686,359,054 |
|
Financial cost |
320,728,227 |
356,331,802 |
359,616,199 |
|
Total Expenses |
15,910,599,137 |
17,026,065,423 |
20,008,761,583 |
|
|
|
|
|
|
Profit/[loss]
before income tax |
460,518,085 |
6,765,842 |
57,332,970 |
|
Income tax |
[44,677,723] |
[17,500,317] |
[86,336,836] |
|
|
|
|
|
|
Profit/[loss]
for the year |
415,840,362 |
[10,734,475] |
[29,003,866] |
|
|
|
|
|
|
Other
comprehensive income/[loss] |
|
|
|
|
Profit/[Loss]
from estimation according to mathematical method
of insurance for employee benefits |
[4,497,699] |
[10,489,377] |
[9,657,410] |
|
Income tax related
to components of comprehensive income /[loss] |
899,540 |
2,097,875 |
1,931,482 |
|
Profit / [Loss]
other comprehensive |
[3,598,159] |
98,391,502 |
[7,725,928] |
|
|
|
|
|
|
Net Profit /
[Loss] Comprehensive For The
Year |
412,242,203 |
[19,125,977] |
[36,729,794] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.79 |
0.72 |
0.84 |
|
QUICK RATIO |
TIMES |
0.28 |
0.31 |
0.37 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.77 |
2.76 |
3.16 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.53 |
1.57 |
1.70 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
66.10 |
52.73 |
46.03 |
|
INVENTORY TURNOVER |
TIMES |
5.52 |
6.92 |
7.93 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
37.24 |
41.53 |
41.40 |
|
RECEIVABLES TURNOVER |
TIMES |
9.80 |
8.79 |
8.82 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
47.60 |
83.95 |
44.20 |
|
CASH CONVERSION CYCLE |
DAYS |
55.74 |
10.32 |
43.23 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
91.35 |
94.34 |
95.72 |
|
SELLING & ADMINISTRATION |
% |
4.57 |
0.80 |
- |
|
INTEREST |
% |
1.97 |
2.10 |
1.82 |
|
GROSS PROFIT MARGIN |
% |
9.38 |
6.16 |
5.58 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.83 |
0.04 |
0.29 |
|
NET PROFIT MARGIN |
% |
2.56 |
(0.06) |
(0.15) |
|
RETURN ON EQUITY |
% |
14.80 |
(0.45) |
(1.20) |
|
RETURN ON ASSET |
% |
3.91 |
(0.10) |
(0.25) |
|
EARNING PER SHARE |
BAHT |
18.88 |
(0.49) |
(1.32) |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.74 |
0.78 |
0.79 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.78 |
3.51 |
3.82 |
|
TIME INTEREST EARNED |
TIMES |
1.44 |
0.02 |
0.16 |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(4.11) |
(14.44) |
|
|
OPERATING PROFIT |
% |
6,706.52 |
(88.20) |
|
|
NET PROFIT |
% |
3,973.88 |
62.99 |
|
|
FIXED ASSETS |
% |
(4.22) |
(2.26) |
|
|
TOTAL ASSETS |
% |
(1.67) |
(7.16) |
|
ANNUAL
GROWTH : ACCEPTABLE
An annual sales growth is -4.11%. Turnover has decreased from
THB 16,947,315,801.00 in 2015 to THB 16,251,494,181.00 in 2016. While net
profit has increased from THB
PROFITABILITY
: EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
9.38 |
Impressive |
Industrial
Average |
8.38 |
|
Net Profit Margin |
2.56 |
Impressive |
Industrial
Average |
1.55 |
|
Return on Assets |
3.91 |
Impressive |
Industrial
Average |
1.50 |
|
Return on Equity |
14.80 |
Impressive |
Industrial
Average |
2.80 |
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 9.38%. 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 2.56%, 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 3.91%, 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 14.8%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY
: RISKY
LIQUIDITY
RATIO
|
Current Ratio |
0.79 |
Risky |
Industrial
Average |
0.97 |
|
Quick Ratio |
0.28 |
|
|
|
|
Cash Conversion Cycle |
55.74 |
|
|
|
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 0.79 times in 2016, increase from 0.72 times, then the
company may not be efficiently using its current assets. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further
refines the current ratio by measuring the amount of the most liquid current
assets there are to cover current liabilities. The company's figure is 0.28
times in 2016, decrease from 0.31 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 56 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE
: ACCEPTABLE
LEVERAGE
RATIO
|
Debt Ratio |
0.74 |
Acceptable |
Industrial
Average |
0.44 |
|
Debt to Equity Ratio |
2.78 |
Risky |
Industrial
Average |
0.79 |
|
Times Interest Earned |
1.44 |
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 1.44 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 0.74 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 |
2.77 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.53 |
Impressive |
Industrial
Average |
0.97 |
|
Inventory Conversion Period |
66.10 |
|
|
|
|
Inventory Turnover |
5.52 |
Satisfactory |
Industrial
Average |
7.22 |
|
Receivables Conversion Period |
37.24 |
|
|
|
|
Receivables Turnover |
9.80 |
Impressive |
Industrial
Average |
6.54 |
|
Payables Conversion Period |
47.60 |
|
|
|
The company's Account Receivable Ratio is calculated as 9.80
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 53 days at the
end of 2015 to 66 days at the end of 2016. This represents a negative trend.
And Inventory turnover has decreased from 6.92 times in year 2015 to 5.52 times
in year 2016.
The company's Total Asset Turnover is calculated as 1.53
times and 1.57 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 Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.32 |
|
|
1 |
INR 91.25 |
|
Euro |
1 |
INR 80.50 |
|
THB |
1 |
INR 2.12 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
TPT |
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.