MIRA INFORM REPORT
|
Report Date : |
10.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
THAI
PLASTIC AND CHEMICALS
PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
14th - 15th Floor, Rajanakarn Building., 183 South Sathorn Road, Yannawa, Sathorn, Bangkok 10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
02.12.1966 |
|
|
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Com. Reg. No.: |
0107537001242 |
|
|
|
|
Legal Form : |
Private Limited Company
|
|
|
|
|
Line of Business : |
Manufacturer, distributor and exporter Pvc resin and
other downstream Products |
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 |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
company name
THAI PLASTIC
AND CHEMICALS PUBLIC
COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 14th - 15th FLOOR,
RAJANAKARN BUILDING.,
183
SOUTH SATHORN ROAD,
YANNAWA,
SATHORN,
BANGKOK 10120, THAILAND
TELEPHONE : [66] 2676-6000
FAX : [66]
2676-6046
E-MAIL ADDRESS : contact_ir@thaiplastic.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1966
REGISTRATION NO. : 0107537001242
[Former : BOR.MOR.JOR.371]
CAPITAL REGISTERED : BHT.
875,000,000
CAPITAL PAID-UP : BHT.
875,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
KANET KHAOCHAN, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 1,030
LINES OF
BUSINESS : PVC
RESIN AND OTHER
DOWNSTREAM
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 formed on December 2, 1966 as a private limited company under the name style “Thai Plastic And Chemicals Public Company Limited”. TPC is the first manufacturer of PVC resins and compound and VCM [Vinyl Chloride Monomer] in Thailand. In 1971 First PVC resin/compound production started at TPC’s plant in Samutprakan, Thailand’s first PVC plant.
In 1972 TPC entered into a joint-venture, with shares held equally by the Mitsui Group of Japan and Thasco Chemical Co., Ltd., Mitsui Toatsu Chemicals Inc., one of the shareholders, provided technical assistance. In 1987 construction of TPC’s second plant in Mab Ta Phut, Rayong, part of Thailand’s first petrochemical complex, was started to produce VCM, a principal raw material, and to further increase production capacity for PVC resin. In 1990 Marketing of PVC resin from TPC’s second plant commenced, and production of VCM begun at Rayong, with some of the output being sent to the first PVC plant in Samutprakan.
On April 27, 1984 the subject was listed on the Stock Exchange of Thailand, and registered for a conversion of its status to become a public limited company under the name THAI PLASTIC AND CHEMICALS PUBLIC COMPANY LIMITED on April 26, 1994. It currently employs 1,030 staff.
At present, the major shareholder is The Siam Cement Public Company Limited, the Thailand’s leading cements and concrete products manufacturer.
Certifications
ISO 9001 certified by RWTUV in 1998
ISO 14001 certified by TISI in 1999 [Rayong Plant]
TIS 18001 certified by MASCI in 2001
The subject’s registered and business address is 183 Rajanakarn Building, South Sathorn Rd., Yannawa, Sathorn, Bangkok 10120.
BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Yos Euarchukiati : Chairman |
Thai |
69 |
|
Mr. Somchai Kongsala |
Thai |
73 |
|
Mrs.
Vilaiphan Euarchukiati |
Thai |
66 |
|
Mr. Sak Euarchukiati |
Thai |
62 |
|
Mr.
Dhep Vongvanich |
Thai |
65 |
|
Dr. Prawit Ninsuvannakul |
Thai |
68 |
|
Mr. Cholanat Yanranop |
Thai |
52 |
|
Mr. Aree Chavalitcheewinkul |
Thai |
48 |
|
Mr.
Apiporn Pasawat |
Thai |
63 |
|
Mr. Aviruth Wongbuddhapitak |
Thai |
63 |
|
Mr. Kanet Khaochan |
Thai |
58 |
|
Mr. Nitya Pibulsongkram |
Thai |
70 |
AUTHORIZED PERSON
Two
of the above
directors jointly sign
on behalf of
the subject with
the company’s affixed.
MANAGEMENT
Mr. Kanet Khaochan
is the Managing
Director.
He
is Thai nationality
with the age
of 58 years
old.
Mr. Prachak Sothornsak
is the General
Manager, Production Group.
He
is Thai nationality.
Mr. Manop
Plukmontol is the
General Manager, Technical
Group.
He
is Thai nationality.
Mr. Wirat
Mongkolpiyathana is the
General Manager, Compound Group.
He
is Thai nationality.
Mr. Wisit
Reechaipichitkul is the
General Manager, Commercial
Group.
He
is Thai nationality.
Mrs. Chantanida
Sarikaphuti is the
General Manager, Corporate
Services Group.
She
is Thai nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer,
distributor and exporter
of PVC resin
and other downstream
products that use
PVC as raw
material, such as
the manufacture of
PVC compound, PVC
pipe and fittings,
and other finished
products made from
PVC.
PRODUCTS AND PRODUCTION CAPACITY
PVC resin : 886,000
tons per year
PVC compound : 68,500
tons per year
Caustic soda [50%] : 52,000
tons per year
PVC pipe
and fitting : 140,000
tons per year
PVC profile : 14,700
tons per year
IMPORT
[COUNTRIES]
Some
of raw materials
such as plastic
resin and chemical
are imported from
Indonesia, Japan, Korea,
Republic of China,
Canada and Germany.
MAJOR SUPPLIERS
|
Company |
Country |
|
Rayong
Olefins Co., Ltd. |
Thailand |
|
PTT Chemical
Public Co., Ltd. |
Thailand |
|
Dow Chemical
[Thailand] Co., Ltd. |
Thailand |
|
Vinythai Public
Co., Ltd. |
Thailand |
|
Mitsui &
Co Ltd. |
Japan |
|
Mitsubishi Corporation |
Japan |
SALES
[LOCAL]
52%
of the products
is sold locally
to various industrial
manufacturers such as
construction, packaging, PVC
leather, medical equipment,
plastic toys, footwear
and etc., as
well as to
wholesalers and end-users.
EXPORT
[COUNTRIES]
48%
of the products
is also exported
to Malaysia, Vietnam,
Hong Kong, Singapore,
Republic of China,
Indonesia, Japan, Taiwan,
Turkey, Bangladesh, Africa, Australia,
New Zealand, Middle
East countries and
etc.
SALE STRUCTURE
[Company and its
subsidiaries]
|
Business |
2010 |
2009 |
||
|
|
Million Baht |
% |
Million Baht |
% |
|
|
|
|
|
|
|
1. PVC Business |
19,800 |
67.70 |
15,640 |
63.5 |
|
2. Downstream Business |
8,972 |
30.70 |
8,668 |
35.2 |
|
3. Others |
457 |
1.60 |
314 |
1.3 |
|
Total income |
29,229 |
100.00 |
24,622 |
100.00 |
SUBSIDIARIES
The PVC
Business:
TPC Paste
Resin Co., Ltd.
Business Type : Manufacture
and distribution of PVC paste
resin
TPC Vina
Plastic and Chemical
Corp., Ltd.
Business Type : Manufacture
and distribution of PVC resin
Downstream Business:
Nawaplastic Industry
[Saraburi] Co., Ltd.
Business Type : Manufacture
and distribution of PVC pipes
and fittings
Nawaplastic Industry
Co., Ltd.
Business Type : Manufacture
and distribution of
finished PVC products
Siam Stabilizers
and Chemicals Co.,
Ltd.
Business Type : Manufacture
and distribution of PVC stabilizers
Viet-Thai Plastchem
Co., Ltd.
Business Type : Manufacture
and distribution of PVC compound
Minh Thai
House Component Co.,
Ltd.
Business Type : Manufacture
and distribution of
finished PVC products
Other Business:
Total Plant
Service Co., Ltd.
Business Type : Investment
and engineering services
Nawa Intertech
Co., Ltd.
Business Type : Manufacture
and distribution of
moulds
Chemtech Co.,
Ltd.
Business Type : Manufacture
and distribution of
XLPE compound
ASSOCIATED COMPANIES
The PVC
Business:
PT. TPC
Indo Plastic and
Chemicals
Business Type : Manufacture
and distribution of PVC resin
Downstream Business:
Riken [Thailand]
Co., Ltd.
Business Type : Manufacture
and sales of PVC compound
Interplastic Co.,
Ltd.
Business Type : Manufacture
and distribution of PVC pipes
and fittings
Nawacam Co.,
Ltd.
Business Type : Manufacture
and distribution of PVC pipes
and fittings
Other Businesses:
Siam TPC
Co., Ltd.
Business Type : Investment
SCG Plastics
[China] Co., Ltd.
Business Type : Trading
agent
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 for
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 30-60-90 days.
Imports are by
L/C on the
credits term of
30-60-90 days or
T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Bank of Tokyo-Mitsubishi UFJ
Ltd.
United Overseas Bank
[Thai] Public Co., Ltd.
Bank of America
NT & SA
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 1,030
staff including office &
sales staff and
factory workers.
LOCATION DETAILS
The
premise is rented
for operating administrative office
on 515 sq. m.
at the above
address. Premise is
located in a
prime commercial area.
Factory
I is located
on 80,000 square
meters of area
at 19 Soi
Sukaphibal 16, Poochaosamingprai Road,
Bangyapraek, Phrapradaeng, Samutprakan
Province 10130. Tel:
[66] 2385-9459, 2385-9468
Fax: [66] 2385-9458
Factory
II is located
at 8, I-1
Road, Mab Ta Phut
Industrial Estate, Mab
Ta Phut, Muang,
Rayong 21150. Tel:
[66] 38 683-900
Fax: [66] 38
683-392
REMARK
MAXIMUM
CREDIT OF US$
1,000,000 SHOULD BE
IN ORDER.
COMMENT
The company
is the leader in PVC
in ASEAN, and
has production facilities
in three countries,
namely Thailand, Vietnam
and Indonesia. The company was the
pioneer in PVC production
in Thailand, and
likewise the first
manufacturer of PVC
in Vietnam. The
company is committed, moreover,
to producing high-quality
PVC, and to
developing new products
from PVC. Such products will contribute to
a higher standard of
living in the ASEAN region and
serve as replacements
for natural wood in the
construction industry.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
10,000,000 with fully
paid.
The
capital was increased
later as followings:
Bht.
400,000,000 in 1988
Bht.
500,000,000 in 1993
Bht.
870,000,000 in 1995
Bht.
875,000,000 in 1996
The
latest capital was
divided into 875,000,000
shares of Bht. 1 each
with fully paid.
MAIN SHAREHOLDERS : [as at
April 8, 2011]
|
Name |
Holding |
% |
|
|
|
|
|
Siam Cement Public
Company Limited |
399,392,220 |
45.64 |
|
Ladawan Capital Co.,
Ltd. |
161,312,850 |
18.44 |
|
Mr. Yos Euachukiati |
45,767,780 |
5.23 |
|
Mrs. Vilaiphan Euachukiati |
28,512,490 |
3.26 |
|
Mrs. Lawan Techapaibul |
17,332,340 |
1.98 |
|
Tawee Assets Management
Corporation |
13,917,000 |
1.59 |
|
Social Affairs Office |
12,092,800 |
1.38 |
|
American International Assurance
Company Limited - Apex |
11,452,600 |
1.31 |
|
Mr. Phawuth Watthanakul |
10,988,250 |
1.26 |
|
Mr. Sak Eurchukiati |
10,610,000 |
1.21 |
|
Thai NVDR Co.,
Ltd. |
7,295,829 |
0.83 |
|
American International Assurance
Company Limited - Tiger |
5,155,000 |
0.59 |
|
Mrs. Surang Prempree |
5,030,000 |
0.57 |
|
Others |
146,140,841 |
16.71 |
Total Shareholders : 4,441
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Vinij
Silamongkol No. 3378
BALANCE SHEET
The
latest financial figures
published as at
December 31, 2010 &
2009 were:
ASSETS
[Thousand
Baht]
|
Current
Assets |
2010 |
2009 |
|
|
|
|
|
Cash and cash equivalents |
396,053 |
84,519 |
|
Trade
accounts receivable |
3,563,640 |
3,586,108 |
|
Short-term investments to
related company |
87,919 |
125,958 |
|
Inventories
|
2,035,951 |
1,936,301 |
|
Value added tax receivable |
227,833 |
196,879 |
|
Other current assets |
201,585 |
398,025 |
|
Total Current Assets |
6,512,981 |
6,327,790 |
|
Non Current Assets |
|
|
|
Investment
in subsidiaries |
2,248,915 |
2,061,145 |
|
Investment in associated |
53,330 |
53,330 |
|
Investment in subsidiaries |
297,302 |
297,302 |
|
Other long-term investment |
1,217,836 |
1,222,074 |
|
Property,
plant and equipment |
6,525,176 |
6,802,908 |
|
Intangible assets |
52,655 |
44,563 |
|
Other
non-current assets |
18,774 |
24,996 |
|
Total non current assets |
10,413,988 |
10,506,318 |
|
Total Assets
Net |
16,926,969 |
16,834,108 |
|
LIABILITIES
& SHAREHOLDERS' EQUITY
[Thousand
Baht]
|
Current Liabilities |
2010 |
2009 |
|
|
|
|
|
|
|
Trade accounts payable |
2,916,613 |
2,398,953 |
|
|
Current portion of long-term loans |
296,667 |
1,571,667 |
|
|
Accounts payable & short-term loan from related company |
1,192,362 |
273,111 |
|
|
Accrued expenses |
102,208 |
57,746 |
|
|
Accrued income tax |
290,221 |
104,716 |
|
|
Other payable |
105,162 |
89,848 |
|
|
Other current liabilities |
24,360 |
26,507 |
|
|
|
|
|
|
|
Total Current
Liabilities |
4,927,593 |
4,522,548 |
|
|
|
|
|
|
|
Long-term loan from financial |
575,000 |
1,451,667 |
|
|
Provident fund employees |
122,223 |
106,500 |
|
|
Total Liabilities |
5,624,816 |
6,080,715 |
|
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
Share Capital |
|
|
|
|
Authorized share capital 87,500,000
ordinary shares of
Baht 10.00 each |
875,000 |
875,000 |
|
|
Issued and paid up
share capital 87,500,000
ordinary share of
Baht. 10.00 each fully paid |
875,000 |
875,000 |
|
|
Premium on share
capital |
2,700,000 |
2,700,000 |
|
|
Change in value of
investment |
594,559 |
559,157 |
|
|
Retained Earnings |
|
|
|
|
Appropriated |
|
|
|
|
- Legal
reserve |
87,500 |
87,500 |
|
|
- General
reserve |
1,184,000 |
1,184,000 |
|
|
- Unappropriated |
5,861,094 |
5,347,736 |
|
|
Total Shareholders’ Equity |
11,302,153 |
10,753,393 |
|
|
Total Liabilities
and Shareholders’ Equity
|
16,926,969 |
16,834,108 |
|
STATEMENT OF INCOME
[Thousand
Baht]
|
Sale
|
2010 |
2009 |
|
|
|
|
|
Sales & services |
24,160,620 |
19,532,205 |
|
Dividend
income |
458,249 |
407,324 |
|
Sales
of Investment |
616,410 |
- |
|
Gain
on exchange rate |
108,316 |
59,241 |
|
Other
income |
158,512 |
157,093 |
|
Total Sale |
25,502,107 |
20,155,863 |
|
Expenses |
|
|
|
Cost
of sales & services |
22,056,871 |
17,153,870 |
|
Selling
expenses |
618,243 |
582,175 |
|
Administrative expense |
738,094 |
597,236 |
|
Director’s
remuneration |
89,804 |
95,322 |
|
Total Expenses |
23,503,012 |
18,428,603 |
|
|
|
|
|
Loss
Before Finance Cost & Income Tax
|
1,999,095 |
1,727,260 |
|
Finance Cost |
[91,765] |
[124,505] |
|
Loss
Before Income Tax |
1,907,330 |
1,602,755 |
|
Income Tax |
[387,722] |
[170,579] |
|
|
|
|
|
Net Income |
1,519,608 |
1,432,176 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.32 |
1.40 |
|
QUICK RATIO |
TIMES |
0.87 |
0.88 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.70 |
2.87 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.43 |
1.16 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
33.69 |
41.20 |
|
INVENTORY TURNOVER |
TIMES |
10.83 |
8.86 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
53.84 |
67.01 |
|
RECEIVABLES TURNOVER |
TIMES |
6.78 |
5.45 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
48.26 |
51.04 |
|
CASH CONVERSION CYCLE |
DAYS |
39.26 |
57.17 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
91.29 |
87.82 |
|
SELLING & ADMINISTRATION |
% |
2.56 |
2.98 |
|
INTEREST |
% |
0.38 |
0.64 |
|
GROSS PROFIT MARGIN |
% |
14.26 |
15.37 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.27 |
8.84 |
|
NET PROFIT MARGIN |
% |
6.29 |
7.33 |
|
RETURN ON EQUITY |
% |
13.45 |
13.32 |
|
RETURN ON ASSET |
% |
8.98 |
8.51 |
|
EARNING PER SHARE |
BAHT |
17.37 |
16.37 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.33 |
0.36 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.50 |
0.57 |
|
TIME INTEREST EARNED |
TIMES |
21.78 |
13.87 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
23.70 |
|
|
OPERATING PROFIT |
% |
15.74 |
|
|
NET PROFIT |
% |
6.10 |
|
|
FIXED ASSETS |
% |
(4.08) |
|
|
TOTAL ASSETS |
% |
0.55 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
14.26 |
Impressive |
Industrial Average |
8.06 |
|
Net Profit Margin |
6.29 |
Impressive |
Industrial Average |
3.56 |
|
Return on Assets |
8.98 |
Impressive |
Industrial Average |
6.29 |
|
Return on Equity |
13.45 |
Impressive |
Industrial Average |
12.12 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 14.26%. When
compared with the industry average, the ratio of the company was higher. This
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 6.29%
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
8.98%, 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 13.45%, 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 RATIO
|
Current Ratio |
1.32 |
Satisfactory |
Industrial Average |
1.34 |
|
Quick Ratio |
0.87 |
|
|
|
|
Cash Conversion Cycle |
39.26 |
|
|
|
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 1.32 times in 2010, decrease from 1.4 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 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 0.87 times in 2010,
decrease from 0.88 times, by excluding inventory, the company may have problems
meeting current liabilities.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 40 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.33 |
Impressive |
Industrial Average |
0.44 |
|
Debt to Equity Ratio |
0.50 |
Impressive |
Industrial Average |
0.91 |
|
Times Interest Earned |
21.78 |
Impressive |
Industrial Average |
10.88 |
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 21.79 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 0.33 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.70 |
Impressive |
Industrial Average |
2.99 |
|
Total Assets Turnover |
1.43 |
Satisfactory |
Industrial Average |
1.67 |
|
Inventory Conversion Period |
33.69 |
|
|
|
|
Inventory Turnover |
10.83 |
Impressive |
Industrial Average |
9.95 |
|
Receivables Conversion Period |
53.84 |
|
|
|
|
Receivables Turnover |
6.78 |
Impressive |
Industrial Average |
6.25 |
|
Payables Conversion Period |
48.26 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.17 |
|
UK Pound |
1 |
Rs.73.72 |
|
Euro |
1 |
Rs.64.26 |
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.