MIRA INFORM REPORT
|
Report Date : |
31.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
BANGKOK
GLASS INDUSTRY COMPANY
LIMITED |
|
|
|
|
Registered Office : |
32nd Floor, Ocean Tower 1, 170/87 Ratchadapisek Road, Klongtoey, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
11.03.1974 |
|
|
|
|
Com. Reg. No.: |
0105517003019 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Glass Container 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 : |
Usually Correct |
|
|
|
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
BANGKOK GLASS
INDUSTRY COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 32nd FLOOR,
OCEAN TOWER 1,
170/87 RATCHADAPISEK
ROAD,
KLONGTOEY, BANGKOK
10110, THAILAND
TELEPHONE : [66] 2648-6100
FAX :
[66] 2648-6198
E-MAIL
ADDRESS : natcha@bgiglass.com
sirinapa@bgiglass.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1974
REGISTRATION
NO. : 0105517003019 [Former
: 298/2517]
CAPITAL REGISTERED : BHT. 1,350,000,000
CAPITAL PAID-UP : BHT.
1,350,000,000
SHAREHOLDER’S PROPORTION : THAI :
97.25%
FOREIGN :
2.75%
FISCAL YEAR CLOSING DATE : DECEMBER
31
LEGAL
STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE : MR.
SURASAK DECHARIN, THAI
PRESIDENT
NO. OF
STAFF : 2,109
LINES
OF BUSINESS : GLASS
CONTAINER 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
established on March
11, 1974 as a
private limited company
under the name
style BANGKOK GLASS
INDUSTRY COMPANY LIMITED
by Thai and
foreign groups including
Industrial Finance
Corporation of Thailand [IFCT], DEG-German
Investment & Development Company,
Oberland Glas AG.,
and others.
Its business objective
is to produce
glass container with
a promotional privilege
granted by The
Board of Investment
[BOI].
There are 2 plants
which are located
in Thanyaburi District, Pathumthani
Province and Klaeng
District, Rayong Province.
Subject currently employ
2,109 staff.
The subject
is also the
first company in
Thailand to produce
various kinds of
glass block products
in 1993 under
its own brand
“BG”. The products
have been certified
for quality standards
from 3 international
standard institutes including
TIS 1395-2540, Thailand,
DIN 18175 from
MPA NRW Institute of
Germany, and BS 746:PART 22: 1987 from
PSB institute in
Singapore.
The subject’s registered
address is 32nd Floor,
Ocean Tower 1, 170/87
Ratchadapisek Rd.,
Klongtoey, Bangkok 10110,
and this is
the subject’s current
operating address.
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chai Sophonpanich |
|
Thai |
68 |
|
Mr. Chaleow Yoovidhya |
|
Thai |
84 |
|
Mr. Vapee Bhirombhakdi |
[x] |
Thai |
76 |
|
Mr. Santi Bhirombhakdi |
|
Thai |
64 |
|
Mr. Wutha Bhirombhakdi |
[x] |
Thai |
76 |
|
Mr. Piya Bhirombhakdi |
|
Thai |
68 |
|
Mr. Dibhyaraks Sukhum |
|
Thai |
77 |
|
Mr. Pong Sarasin |
|
Thai |
84 |
|
Mr. Surasak Decharin |
[x] |
Thai |
63 |
|
Mr. Jutinun Bhirombhakdi |
[x] |
Thai |
63 |
|
Mr. Rojanarith Thepakham |
[x] |
Thai |
52 |
|
Mr. Palis Bhirombhakdi |
[x] |
Thai |
45 |
|
Mr. Wuthinan Bhirombhakdi |
|
Thai |
47 |
AUTHORIZED PERSON
Two of the
above directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Surasak Decharin is
the President.
He is Thai
nationality with the
age of 63
years old.
Mr. Pavin Bhirombhakdi
is the Executive
Vice President.
He is Thai
nationality.
Mr. Akapong Wongjirathiti is the
Executive Vice President [Research & Development].
He is Thai
nationality.
Mrs. Suchitra Chupitaksin is
the Vice President
to Office of
President.
She is Thai
nationality.
Mrs. Lucksana Wongrungrojkit is
the Vice President
[Human Resources &
Administration]. She is
Thai nationality.
Mrs. Amarat Puvaveeranon is
the Chief Financial
Officer.
She is Thai
nationality.
Mr. Naris Krairachsiri is
the Chief Technical
Officer.
He is Thai
nationality.
Mr. Panya Cheakkajon is
the Chief Plant
Officer [Pathumthani].
He is Thai
nationality.
Mr. Manoj Ratanamaneephan is the
Chief Plant Officer [Ayutthaya].
He is Thai
nationality.
Mr. Supasin Leelarith is
the Chief Commercial
Officer.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activities
are manufacturer, exporter
and distributor various
kinds of glass
container products, with
around 120 different
types. Its products
are supplied to various
industries such as beers & liquors, foods,
pharmaceuticals,
insecticide, energy drink
and beverage industries
and etc. The
technology know-how for
production process is provided
by Oberland Glas
AG., Germany.
MAJOR BRAND
“BG”
PRODUCTION CAPACITY
Pathumthani plant :
4-6 million bottles per
day
Rayong plant : 3-5 million
bottles per day
Range
of Glass Bottle
products:
Bottle weight range
from 60 gm. - 1,000
gm.
Bottle capacity range
from 55 cc. - 1,000
ml. in flint
and amber.
Size
of Products:
Glass bottles : 750, 500
and 250 cm. [28m.m.
Pilfer Proff, 26
mm. Crown, 30
mm.
MTO
and MTB]
Glass block :
190x190x80 mm. and
190x190x100 mm.
PURCHASE
Most of raw materials
such as recycled
glass, silica sand,
soda ash, limestone,
dolomite, feldspare, cullet
and other chemical
additives are purchased
from local suppliers,
the remaining as
well as chemical
are imported from
Malaysia, Germany, United
States of America, Taiwan,
Japan, Singapore and
Republic of China.
MAJOR SUPPLIERS
Sera Color Co., Ltd. : Thailand
Rayong Supplier Co., Ltd. : Thailand
SALES
The products are
sold to approximate
5,000 customers both
domestic and overseas.
80% of its
products is sold
locally by wholesale
to manufacturer, Thai
government and end-user,
the remaining 20% is exported
to Philippines, Korea,
Taiwan, Indonesia, Vietnam, Laos, Japan,
Africa, Germany, Italy,
Singapore, Hong Kong, Australia,
Malaysia, Saudi Arabia, Kuwait, Norway,
Canada, Myanmar, Russia
and etc.
MAJOR CUSTOMERS
Boon Rawd Brewery
Co., Ltd : Thailand
Serm Suk Public
Co., Ltd. : Thailand
Green Spot [Thailand] Co., Ltd. :
Thailand
Thai Pure Drinks
Co., Ltd. :
Thailand
Beer Thai [1991]
Public Co., Ltd. : Thailand
Defence Pharmaceutical Co.,
Ltd. : Thailand
Osotspa Co., Ltd. : Thailand
Lampang Food Products
Co., Ltd. : Thailand
Carabao Tawandang Co.,
Ltd. :
Thailand
T.C. Pharmaceutical Industry
Co., Ltd. : Thailand
Chotiwat Manufacturing Co.,
Ltd. : Thailand
Hi-Q Food Products
Co., Ltd. :
Thailand
Siam Winery Co.,
Ltd. : Thailand
Thai Agri Food
Public Co., Ltd. : Thailand
The Government Pharmaceutical Organization : Thailand
RELATED COMPANIES
Bangkok Visypak Co., Ltd.
Business Type: Manufacturer of
corrugated carton
Petpak Co., Ltd.
Business Type: Manufacturer of
pet bottles
Prachinburi Glass Industry
Co., Ltd.
Business Type: Manufacturer of
glass container
Khon Kaen Glass
Industry Co., Ltd.
Business Type: Manufacturer of
glass container
Ayutthaya Glass Industry
Co., Ltd.
Business Type: Manufacturer of
glass container
BG Pak Co., Ltd.
Business Type: Manufacturer of
plastic closures and crown closures
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 on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T
Exports are against
T/T.
BUSINESS TRANSACTION
The products are
sold by cash
and credit, with
the maximum credit
given at 30-60
days. The subject
is not found
to have payment
problem from its
customers.
BANKING
Kasikornbank
Public Co., Ltd.
[Head Office :
1 Kasikorn Lane,
Rajburana Rd., Rajburana,
Bangkok 10140]
The
Siam Commercial Bank
Public Co., Ltd.
[Head Office :
9 Ratchadapisek Rd.,
Ladyao, Jatujak, Bangkok
10900]
Bangkok Bank Public
Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok 10500]
Krung Thai Bank
Public Co., Ltd.
[Head Office : 35
Sukhumvit Rd., Klongtoeynua, Wattana,
Bangkok 10110]
EMPLOYMENT
The subject employs
approximately 2,109 office
staff and factory
workers.
LOCATION DETAILS
The premise is
rented for administrative office
on the space
area of 400
square meters at the heading
address. Premises is
located in commercial area.
The factory I [Phathumthani Plant]
is situated on
640,000 square meters
plot of land,
which located at
47/1 Moo 2, Rangsit-Nakornnayok Road,
K.M. 7, T. Buengyeetho, A. Thanyaburi, Pathumthani
Province 12130. Tel.:
[66] 2834-7000 Fax: [66]
2533-1140.
The factory II [Rayong Plant] is
located at 194
Moo 4, Nernmaihom
Rd., T. Krasaebon,
A. Klaeng, Rayong 21110
Tel : [66] 38 678-119-9, Fax : [66] 38 672-804.
REMARK
MAXIMUM CREDIT OF
US$ 5,000,000 SHOULD
BE IN ORDER.
COMMENT
The company is
the leading manufacturer
for glass industry
in the country.
Its major customers are breweries
companies which sales have significantly increased each year. Rising demand
of glass containers especially
for breweries has constantly increased while the glass block for construction
industry has slightly dropped resulted
by slowdown of construction industry. Even though
the subject reported
slow sales in
2010, its business
remained healthy.
The subject anticipates
a slowdown in
the operating performance
for the rest
of this year
due to a
current severe flood
in Thailand which
hardly hit its
factory in Pathumthani and the
production has been
temporarily stopped.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 50,000,000 divided
into 50,000 shares
of Bht. 1,000
each.
The capital was
increased later as
followings :
Bht. 330,000,000
on April 23,
1982
Bht. 410,000,000
on September 22,
1983
Bht. 451,000,000
on October 31,
1989
Bht. 700,000,000
on December 22,
1994
Bht. 900,000,000
on December 29,
1995
Bht.
1,350,000,000 on December
30, 2008
The latest registered
capital was increased
to Bht. 1,350,000,000 divided
into 13,500,000 shares
of Bht. 100
each with fully
paid.
MAIN SHAREHOLDERS : [as at
March 22, 2011]
|
NAME |
HOLDING |
% |
|
Boon Rawd Brewery
Co., Ltd. Nationality: Thai Address : 999 Samsen
Rd., Bangkrabue, Dusit, Bangkok |
8,238,930 |
61.03 |
|
Green Spot Co., Ltd. Nationality: Thai Address : 288 Srinakarin
Rd., Huamark,
Bangkapi, Bangkok |
409,325 |
3.03 |
|
Mr. Vapee Pirompakdi Nationality: Thai Address : 999 Samsen Rd., Bangkrabue,
Dusit, Bangkok |
406,333 |
3.01 |
|
Thai Pure Drink
Co., Ltd. Nationality: Thai Address : 214 Vibhavadee
Rangsit Rd., Bangkhen,
Bangkok |
348,497 |
2.58 |
|
Bangkok Insurance Public
Co., Ltd. Nationality: Thai Address : 25 South
Sathorn Rd.,
Thungmahamek, Sathorn, Bangkok |
337,405 |
2.50 |
|
Srisiri Enterprise Co.,
Ltd. Nationality: Thai Address : 90/9 Sukhumvit
31 Rd.,
Klongtonnua, Wattana, Bangkok |
224,061 |
1.66 |
|
Mr. Wutha Pirompakdi Nationality: Thai Address : 999 Samsen Rd., Bangkrabue, Dusit, Bangkok |
207,685 |
1.54 |
|
Others |
3,327,764 |
24.65 |
Total Shareholders : 318
Share Structure [as
at March 22,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
315 |
13,128,831 |
97.25% |
|
Foreign |
3 |
371,169 |
2.75% |
|
Total |
318 |
13,500,000 |
100.00% |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Visutta Jariyathanakorn No.
3853
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
& at Bank |
20,755,156 |
119,539,677 |
|
Trade Accounts Receivable
- Related Company |
319,190,650 |
414,586,655 |
|
Trade Accounts Receivable
- Others |
324,360,140 |
327,547,682 |
|
Less: Allowance for
Doubtful Accounts |
[3,956,824] |
[4,219,064] |
|
|
|
|
|
Trade Accounts Receivable
- Net |
639,593,966 |
737,915,273 |
|
Inventories |
1,132,362,112 |
1,493,675,247 |
|
Refundable Custom Tax |
6,346,214 |
6,346,214 |
|
Refundable Value Added
Tax |
24,622,715 |
- |
|
Other Short-term Loan |
29,823,238 |
- |
|
Other Current Assets
|
52,966,632 |
16,928,138 |
|
|
|
|
|
Total Current Assets
|
1,906,470,033 |
2,374,404,549 |
|
Long-term Investment |
3,610,914,197 |
1,322,744,714 |
|
Other Long-term Investment |
7,201,257 |
7,201,257 |
|
Advance & Loan
to Related Company |
1,579,472,203 |
1,061,814,802 |
|
Non-operating Assets |
15,742,425 |
16,438,562 |
|
Fixed Assets |
2,805,856,588 |
4,582,613,803 |
|
Computer Programme |
10,195,559 |
10,544,547 |
|
Other Assets |
3,972,106 |
3,154,358 |
|
Total Assets |
9,939,824,368 |
9,378,916,592 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Short-term Loan from Bank |
1,829,575,741 |
1,012,000,000 |
|
Trade Accounts Payable
- Others |
306,277,035 |
464,005,337 |
|
Trade Accounts Payable
- Related Company |
16,810,998 |
53,471,804 |
|
Short-term Loan from
Related Company |
- |
70,000,000 |
|
Current Portion of
Long-term Loan from Financial Institution |
392,000,000 |
550,000,000 |
|
Current Portion of
Lease Finance Contract Payable |
860,702 |
860,702 |
|
Accrued Income Tax |
11,168,831 |
8,388,855 |
|
Accrued Expenses |
68,162,767 |
73,420,148 |
|
Other Current Liabilities |
11,657,267 |
5,951,922 |
|
|
|
|
|
Total Current Liabilities |
2,636,513,341 |
2,238,098,768 |
|
Long-term Loan from Bank
- Net of
Current Portion |
558,000,000 |
400,000,000 |
|
Lease Finance Contract
Payable, Net of
Current Portion |
1,785,006 |
2,577,976 |
|
Reserve for Employee’s
Retirement Welfare |
312,827,121 |
392,652,504 |
|
Total Liabilities |
3,509,125,468 |
3,033,329,248 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 13,500,000 shares |
1,350,000,000 |
1,350,000,000 |
|
|
|
|
|
Capital Paid |
1,350,000,000 |
1,350,000,000 |
|
Premium on Share Capital |
1,579,000,000 |
1,579,000,000 |
|
Retained Earning Appropriated for - Statutory
Reserve |
102,300,000 |
90,000,000 |
|
- Other Reserve |
594,000,000 |
594,000,000 |
|
|
696,300,000 |
684,000,000 |
|
Unappropriated |
2,805,398,900 |
2,732,587,344 |
|
Total Shareholders' Equity |
6,430,698,900 |
6,345,587,344 |
|
Total Liabilities & Shareholders' Equity |
9,939,824,368 |
9,378,916,592 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
4,680,484,303 |
5,620,436,117 |
|
Dividend Income |
40,618,690 |
28,014,351 |
|
Interest Income |
32,628,691 |
26,509,766 |
|
Other Income |
178,727,425 |
94,303,443 |
|
Total Sales |
4,932,459,109 |
5,769,263,677 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
4,165,494,595 |
5,059,469,967 |
|
Selling Expenses |
196,963,262 |
61,110,494 |
|
Administrative Expenses |
298,514,509 |
297,188,288 |
|
Total Expenses |
4,660,972,366 |
5,417,768,749 |
|
|
|
|
|
Profit before Financial Cost
& Income Tax |
271,486,743 |
351,494,928 |
|
Financial Cost |
[63,565,290] |
[79,470,026] |
|
|
|
|
|
Profit before Income Tax |
207,921,453 |
272,024,902 |
|
Income Tax |
[28,309,897] |
[26,394,920] |
|
|
|
|
|
Net Profit / [Loss] |
179,611,556 |
245,629,982 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.72 |
1.06 |
|
QUICK RATIO |
TIMES |
0.25 |
0.38 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.67 |
1.23 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.47 |
0.60 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
99.22 |
107.76 |
|
INVENTORY TURNOVER |
TIMES |
3.68 |
3.39 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
25.29 |
21.27 |
|
RECEIVABLES TURNOVER |
TIMES |
14.43 |
17.16 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
26.84 |
33.47 |
|
CASH CONVERSION CYCLE |
DAYS |
97.68 |
95.55 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
89.00 |
90.02 |
|
SELLING & ADMINISTRATION |
% |
10.59 |
6.37 |
|
INTEREST |
% |
1.36 |
1.41 |
|
GROSS PROFIT MARGIN |
% |
16.39 |
12.63 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.80 |
6.25 |
|
NET PROFIT MARGIN |
% |
3.84 |
4.37 |
|
RETURN ON EQUITY |
% |
2.79 |
3.87 |
|
RETURN ON ASSET |
% |
1.81 |
2.62 |
|
EARNING PER SHARE |
BAHT |
13.30 |
18.19 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.35 |
0.32 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.55 |
0.48 |
|
TIME INTEREST EARNED |
TIMES |
4.27 |
4.42 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(16.72) |
|
|
OPERATING PROFIT |
% |
(22.76) |
|
|
NET PROFIT |
% |
(26.88) |
|
|
FIXED ASSETS |
% |
(38.77) |
|
|
TOTAL ASSETS |
% |
5.98 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
16.39 |
Impressive |
Industrial Average |
10.63 |
|
Net Profit Margin |
3.84 |
Impressive |
Industrial Average |
0.67 |
|
Return on Assets |
1.81 |
Satisfactory |
Industrial Average |
1.83 |
|
Return on Equity |
2.79 |
Deteriorated |
Industrial Average |
6.21 |
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 16.39%. 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. Net Profit Margin ratio is 3.84%,
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. When compared with the
industry average, it was lower, the company's figure is 1.81%.
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 2.79%.
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 |
0.72 |
Risky |
Industrial Average |
1.58 |
|
Quick Ratio |
0.25 |
|
|
|
|
Cash Conversion Cycle |
97.68 |
|
|
|
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 0.72 times in 2010, decrease from 1.06 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 0.38 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 98 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.35 |
Impressive |
Industrial Average |
0.66 |
|
Debt to Equity Ratio |
0.55 |
Impressive |
Industrial Average |
2.10 |
|
Times Interest Earned |
4.27 |
Impressive |
Industrial Average |
1.31 |
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 4.28 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 0.35 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 Uptrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.67 |
Deteriorated |
Industrial Average |
11.32 |
|
Total Assets Turnover |
0.47 |
Deteriorated |
Industrial Average |
2.67 |
|
Inventory Conversion Period |
99.22 |
|
|
|
|
Inventory Turnover |
3.68 |
Acceptable |
Industrial Average |
6.11 |
|
Receivables Conversion Period |
25.29 |
|
|
|
|
Receivables Turnover |
14.43 |
Impressive |
Industrial Average |
7.39 |
|
Payables Conversion Period |
26.84 |
|
|
|
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.48.82 |
|
UK Pound |
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.69.29 |
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.