MIRA INFORM
REPORT
|
Report Date : |
06.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
VANACHAI
GROUP PUBLIC COMPANY
LIMITED |
|
|
|
|
Registered Office : |
2/1
Sunant Building, Pibulsongkram Road, Bangsue, Bangkok
10800 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
23.02.1989 |
|
|
|
|
Com. Reg. No.: |
0107537002621 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and
distributor of mdf board and
doorskin 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 |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
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
VANACHAI GROUP
PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 2/1
SUNANT BUILDING, PIBULSONGKRAM
ROAD,
BANGSUE, BANGKOK
10800, THAILAND
TELEPHONE : [66] 2585-4900-3,
2913-2180-9
FAX :
[66] 2587-0516,
2587-9556
E-MAIL
ADDRESS : vanachai@vanachai.com,
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1989
REGISTRATION
NO. : 0107537002621 [Former: BOR
MOR JOR. 509]
CAPITAL REGISTERED : BHT. 1,425,839,127
CAPITAL PAID-UP : BHT.
1,305,839,127
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. WANTHANA JAROENNAWARAT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 940
LINES
OF BUSINESS : MDF
BOARD AND DOORSKIN
PRODUCTS
MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established on
February 23, 1989,
originally as a
private limited company
under the registered
name “M.D.F. Planner
Co., Ltd.” by
Thai groups, with
the business objective to
manufacture MDF board, doorskin and
laminate flooring products with
the promotional privileges
granted by Thailand’s
Board of Investment [BOI].
On
November 1, 1994,
the subject registered
for a conversion of
its status to
a public limited
company and changed its name to be
VANACHAI GROUP PUBLIC
COMPANY LIMITED.
In 1995,
it was listed
on the Stock
Exchange of Thailand [SET] under
the symbol “VNG”.
Subject
is also a
holding company of
Vanachai Group which
engaged in panel
board manufacturing and
trading business. It
currently employs approximately
940 staff.
The
subject’s registered address
is 2/1 Pibulsongkram
Rd., Bangsue, Bangkok
10800, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sompop Sahawat : Chairman |
[-] |
Thai |
59 |
|
Mr. Vasun Jaroennawarat |
|
Thai |
56 |
|
Mr. Wanthana Jaroennawarat |
[-] |
Thai |
51 |
|
Mr. Suebtrakul
Soonthornthum : Vice
Chairman |
|
Thai |
69 |
|
Mr. Suthep Chaipattanavanich |
|
Thai |
48 |
|
Mr. Nirun Suntipiromkul |
|
Thai |
58 |
|
Ms. Yupaporn Boongate :
Vice Chairman |
[x] |
Thai |
57 |
|
Mr. Nipon Wisittuthasart |
|
Thai |
72 |
|
Mr. Patta Sahawat |
[x] |
Thai |
39 |
|
Ms. Phattra Sahawat |
|
Thai |
37 |
|
Mr. Somprasong Sahawat |
|
Thai |
35 |
|
Pol.Gen. Soontorn Saikwan |
|
Thai |
67 |
|
Gen. Vichit Yathip |
|
Thai |
65 |
|
Mr. Kraithip Krairerk |
|
Thai |
57 |
|
Mr. Sompop Charoenkul |
|
Thai |
- |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can jointly sign
with one of
the mentioned directors
[-] on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Wanthana Jaroennawarat is
the Managing Director.
He is Thai
nationality with the
age of 51
years old.
Mr. Nirun Suntipiromkul is
the Deputy Managing
Director [Factory Plant Manager].
He is Thai
nationality with the
age of 58
years old.
Mr. Patta Sahawat is
the Deputy Managing
Director.
He is Thai
nationality with the
age of 39
years old.
Ms. Phattra Sahawat is
the Assistant Managing
Director.
She is Thai
nationality with the
age of 37
years old.
Mr. Somprasong Sahawat is
the Assistant Managing
Director.
He is Thai
nationality with the
age of 35
years old.
Mr. Surapong Dumrisilp is
the Assistant Deputy
Managing Director.
He is Thai
nationality.
Mr. Witoon Samapat is the Administrative Manager.
He is Thai
nationality.
Mr. Phumsakdi Chullavullipha is
the Planning &
Development Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and distributing MDF board, molded
doorskin, laminated MDF
board, laminated particleboard
and laminate flooring.
Subject is also
a holding company
and invests in
subsidiaries which engaged
in panel board
manufacturing and trading
business.
PRODUCTION CAPACITY
MDF board :
360,000 cubic meters
per year
Doorskin : 3,600,000
sheets per year
Laminate Flooring :
2,200,000 square meters
per year
PURCHASE
90% of raw material
is purchased from
local suppliers, the
remaining 10% including chemical,
parawood and wood
lumber are imported
from United States
of America, Sweden,
Singapore, Malaysia, Myanmar
and Australia.
MAJOR SUPPLIER
Vanachai Chemical Industries
Co., Ltd. : Thailand
SALES
[LOCAL]
100% of the
products is sold
locally to Woodtex
International Co., Ltd.
[70%], and wholesalers
[30%].
MAJOR CUSTOMER
Woodtex International Co.,
Ltd.
REVENUE STRUCTURE
[million baht]
Company and its
subsidiaries
|
Products |
2010 |
2009 |
||
|
|
Amount |
% |
Amount |
% |
|
MDF board |
4,981.07 |
52 |
3,417.12 |
46 |
|
Particle board |
3,472.60 |
36 |
2,982.79 |
40 |
|
Laminated MDF board |
561.58 |
6 |
483.04 |
7 |
|
Molded doorskin |
132.57 |
2 |
177.18 |
3 |
|
Laminated particleboard |
385.00 |
4 |
315.73 |
4 |
|
Adhesive and papers |
32.83 |
- |
28.96 |
- |
|
Others |
3.21 |
- |
6.94 |
- |
|
Total sale |
9,568.86 |
100.00 |
7,411.76 |
100.00 |
SUBSIDIARY AND AFFILIATED
COMPANIES
Particle Planner Co.,
Ltd.
Business Type : Manufacturer
of particleboard
Investment : The
subject holds 99.99%
of the company’s
shares.
Vanachai Panel Industries
Co., Ltd.
Business Type : Manufacturer
of particleboard, MDF
board, laminate particleboard, and
laminate MDF board
Investment : The
subject holds 99.99%
of the company’s
shares.
Vanachai Chemical Industries
Co., Ltd.
Business Type : Manufacturer
of resin and melamine impregnated
paper for among
the
Vanachai Group sales
Investment : The
subject holds 99.99%
of the company’s
shares.
Woodtek International Co.,
Ltd.
Business Type : Operate
marketing business for
all products under
Vanachai Group Plc.
Investment : The
subject holds 99.97%
of the company’s
shares.
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 days.
Imports are by
L/C at sight or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok]
Kasikornbank Public Co.,
Ltd.
[Head Office : 1
Kasikorn Lane, Rajburana
Rd., Rajburana, Bangkok]
Krung Thai Bank
Public Co., Ltd.
[Head Office : 35
Suhumvit Rd., Klongtoeynua,
Wattana, Bangkok]
TMB Bank Public
Co., Ltd.
[Head Office: 3000
Phaholyothin Rd., Chompol,
Jatujak, Bangkok]
EMPLOYMENT
The
subject employs approximately
940 office staff
and factory
workers.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
I is located
at 22/1 Banbung - Naunmok Rd.,
Banbung, Chonburi province.
Tel
: [66] 38
297-322-30 Fax: [66]
38 297-334
Factory
II is located
at 112 Kangkoi
Industrial Estate, Moo 1, T.
Banthat, A. Kaengkoi,
Saraburi province. Tel
: [66] 36
245-644
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
5,000,000.
COMMENT
The
subject is engaged
in wood-base panel
productions which are used
as substitutes for
natural wood boards
in various industries
such as construction,
furniture, interior decoration, electrical
appliances manufacturing and
all modified wood
industries.
In 2010 the company
reported an increase in sale
figures on MDF board,
molded doorskin, laminated
MDF board, laminated
particleboard and laminate
flooring in respect
to a high
demand of the products
from local construction
and real estate
industry. Also the
operating performance of its subsidiaries
was impressive which
gave the subject’s
high dividend in
2010.
The
subject’s business remains
stable and it
is optimistic for
another year of
success in 2011.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 220,000,000
divided into 22,000
hares of Bht.
10,000 each.
The
capital was increased
later as following:
Bht. 285,000,000 on
October 16, 1991
Bht. 500,000,000 on
March 15, 1993
Bht. 1,000,000,000
on November 1,
1994
Bht. 1,420,000,000 in
2003
Bht. 1,426,666,667 in
2004
The
latest registered capital was decreased to Bht. 1,425,839,127 divided
into 1,425,839,127 shares
of Bht. 1
each.
MAIN
SHAREHOLDERS :
[as at
March 18, 2011]
at Bht. 1,305,839,127
of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
The Vanachai Group
of Companies Co.,
Ltd. |
639,020,466 |
48.94 |
|
Mr. Sompop Sahawat |
54,999,933 |
4.21 |
|
Bangkok Bank Public
Co., Ltd. |
43,970,760 |
3.37 |
|
Mr. Anucha Kijthanamongkolchai |
38,700,000 |
2.96 |
|
Mr. Somprasong Sahawat |
27,500,000
|
2.11 |
|
Ms. Somjairak Sahawat |
27,500,000
|
2.11 |
|
Ms. Yupaporn Boongate |
27,499,966 |
2.11 |
|
Mr. Patta Sahawat |
27,499,966 |
2.11 |
|
Ms. Phattra Sahawat |
27,499,966 |
2.11 |
|
Mrs. Siriporn Chaipattanavanich |
27,499,966 |
2.11 |
|
Sinnsuptawee Assets Management
Co., Ltd. |
19,005,300 |
1.46 |
|
Mr. Wanthana Jaroennawarat |
18,333,300 |
1.40 |
|
Mr. Vasun Jaroennawarat |
18,333,300 |
1.40 |
|
Mr. Vithit Pongpirodom |
12,000,000 |
0.92 |
|
Thai NVDR Co.,
Ltd. |
10,846,222 |
0.83 |
|
Others |
285,629,982 |
21.85 |
Total Shareholders :
5,301
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Prapasri Leelasupa No. 4664
BALANCE SHEET [BAHT]
The latest financial figures published as at December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash
Equivalent Items |
57,441,004.70 |
84,317,615.98 |
|
Trade Accounts and
Notes Receivable |
428,190,020.00 |
486,089,890.09 |
|
Inventories |
507,455,139.22 |
419,059,452.90 |
|
Spare Parts for Repairs |
104,621,043.98 |
99,191,628.43 |
|
Sale Department Receivable
|
7,059,040.66 |
6,576,090.91 |
|
Damage Compensation Receivable |
40,800,000.00 |
- |
|
Other Current Assets
|
26,308,516.66 |
18,234,239.89 |
|
|
|
|
|
Total Current Assets
|
1,171,874,765.22 |
1,113,468,918.20 |
|
Non-Current Assets |
|
|
|
Investments in
Subsidiary Companies |
4,701,998,460.00 |
4,701,998,460.00 |
|
Property, Plant and Equipment |
1,444,417,064.33 |
1,521,893,022.82 |
|
Land not Used
in Operation |
131,644,074.00 |
131,644,074.00 |
|
Other Non-Current Assets |
2,215,969.98 |
2,551,880.54 |
|
Total Non-Current Assets |
6,280,275,568.31 |
6,358,087,437.36 |
|
Total Assets |
7,452,150,333.53 |
7,471,556,355.56 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft and
Short-term Loans due to Financial Institutions |
316,542,651.69 |
50,000,000.00 |
|
Trade Accounts Payable |
298,100,472.34 |
297,451,469.36 |
|
Current Portion of
Long-term Loans |
847,000,000.00 |
847,000,000.00 |
|
Short-term Loan from
Subsidiary Company |
330,000,000.00 |
100,000,000.00 |
|
Accrued Income Tax |
- |
1,623,451.46 |
|
Accrued Expenses |
72,155,340.91 |
62,048,333.22 |
|
Other Accounts Payable |
58,265,063.06 |
63,823,306.53 |
|
Accounts Payable-Assets Purchase |
6,155,644.17 |
1,910,249.10 |
|
Advance Received from
Customers |
15,253,863.98 |
22,114,021.30 |
|
Other Current Liabilities |
3,381,465.89 |
2,063,718.02 |
|
|
|
|
|
Total Current Liabilities |
1,946,854,502.04 |
1,448,034,548.99 |
|
|
|
|
|
Long Term Loan, Net
from Current Portion |
2,271,000,000.00 |
3,118,000,000.00 |
|
Total Liabilities |
4,217,854,502.04 |
4,566,034,548.99 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Share capital |
|
|
|
Authorized Share Capital |
|
|
|
1,425,839,127 Ordinary Shares @ Baht 1.00 |
1,425,839,127.00 |
1,425,839,127.00 |
|
Issued and Paid-Up Share Capital |
|
|
|
1,305,839,127 Ordinary Shares @ Baht 1.00 |
1,305,839,127.00 |
1,305,839,127.00 |
|
Premiums on Share Capital |
1,020,000,000.00 |
1,020,000,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve |
142,667,000.00 |
142,667,000.00 |
|
Unappropriated |
765,789,704.49 |
437,015,679.57 |
|
Total Shareholders' Equity |
3,234,295,831.49 |
2,905,521,806.57 |
|
Total Liabilities &
Shareholders' Equity |
7,452,150,333.53 |
7,471,556,355.56 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sale from Operations |
|
|
|
Sale from Sales |
2,865,228,293.19 |
2,595,823,789.31 |
|
Sale from Sales of
Raw Materials |
46,447,390.70 |
35,358,406.47 |
|
Total Sale from
Operations |
2,911,675,683.89 |
2,631,182,195.78 |
|
Cost of Operation |
|
|
|
Cost of
Sales |
[2,410,571,297.50] |
[2,141,411,535.10] |
|
Cost of
Sales - Raw Material |
[34,374,562.41] |
[26,102,694.36] |
|
Total Cost of
Operation |
[2,444,945,859.91] |
[2,167,514,229.46] |
|
Gross Profit |
466,729,823.98 |
463,667,966.32 |
|
Dividend Income
from Subsidiary Companies |
599,071,305.47 |
95,999,931.75 |
|
Gain from Exchange Rate |
1,133,077.74 |
- |
|
Other Income |
11,132,477.76 |
12,453,152.73 |
|
Profit Before Expenses |
1,078,066,684.95 |
572,121,050.80 |
|
Selling Expenses |
[153,794,351.20] |
[149,461,924.56] |
|
Administrative Expenses |
[113,109,065.55] |
[112,667,421.08] |
|
Executives’ remuneration |
[25,861,720.00] |
[30,237,340.00] |
|
Total Expenses |
[292,765,136.75] |
[292,366,685.64] |
|
|
|
|
|
Profit Before Financial Cost
and Income Tax |
785,301,548.20 |
279,754,365.16 |
|
Financial Cost |
[144,912,711.11] |
[142,593,512.47] |
|
Profit Before Corporate
Income Tax |
640,388,837.09 |
137,160,852.69 |
|
Corporate Income Tax |
[11,271,812.96] |
[1,714,473.99] |
|
|
|
|
|
Net Profit / [Loss] |
629,117,024.13 |
135,446,378.70 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.60 |
0.77 |
|
QUICK RATIO |
TIMES |
0.25 |
0.39 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.98 |
1.71 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.38 |
0.35 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
(76.84) |
(71.43) |
|
INVENTORY TURNOVER |
TIMES |
(4.75) |
(5.11) |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
54.55 |
68.35 |
|
RECEIVABLES TURNOVER |
TIMES |
6.69 |
5.34 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
(45.14) |
(50.70) |
|
CASH CONVERSION CYCLE |
DAYS |
22.85 |
47.62 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
(84.13) |
(82.49) |
|
SELLING & ADMINISTRATION |
% |
(9.32) |
(10.10) |
|
INTEREST |
% |
5.06 |
5.49 |
|
GROSS PROFIT MARGIN |
% |
185.75 |
183.86 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
111.84 |
112.63 |
|
NET PROFIT MARGIN |
% |
21.96 |
5.22 |
|
RETURN ON EQUITY |
% |
19.45 |
4.66 |
|
RETURN ON ASSET |
% |
8.44 |
1.81 |
|
EARNING PER SHARE |
BAHT |
0.48 |
0.10 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.57 |
0.61 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.30 |
1.57 |
|
TIME INTEREST EARNED |
TIMES |
22.11 |
20.50 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
10.38 |
|
|
OPERATING PROFIT |
% |
9.61 |
|
|
NET PROFIT |
% |
364.48 |
|
|
FIXED ASSETS |
% |
(5.09) |
|
|
TOTAL ASSETS |
% |
(0.26) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
185.75 |
Impressive |
Industrial Average |
14.53 |
|
Net Profit Margin |
21.96 |
Impressive |
Industrial Average |
(16.80) |
|
Return on Assets |
8.44 |
Impressive |
Industrial Average |
0.03 |
|
Return on Equity |
19.45 |
Impressive |
Industrial Average |
10.97 |
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. Gross Profit Margin is 185.75%. 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 21.96%
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
8.44%, 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.
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 19.45%, 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 Uptrend
LIQUIDITY RATIO
|
Current Ratio |
0.60 |
Risky |
Industrial Average |
9.89 |
|
Quick Ratio |
0.25 |
|
|
|
|
Cash Conversion Cycle |
22.85 |
|
|
|
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 0.6 times in 2010, decrease from 0.77 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 0.25 times in 2010,
decrease from 0.39 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 23 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.57 |
Impressive |
Industrial Average |
0.95 |
|
Debt to Equity Ratio |
1.30 |
Satisfactory |
Industrial Average |
1.86 |
|
Times Interest Earned |
22.11 |
Impressive |
Industrial Average |
17.53 |
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
stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 22.12 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 0.57 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.98 |
Deteriorated |
Industrial Average |
5.06 |
|
Total Assets Turnover |
0.38 |
Deteriorated |
Industrial Average |
1.03 |
|
Inventory Conversion Period |
(76.84) |
|
|
|
|
Inventory Turnover |
(4.75) |
Deteriorated |
Industrial Average |
6.31 |
|
Receivables Conversion Period |
54.55 |
|
|
|
|
Receivables Turnover |
6.69 |
Acceptable |
Industrial Average |
11.89 |
|
Payables Conversion Period |
(45.14) |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.85 |
|
UK Pound |
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
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.