MIRA
INFORM REPORT
|
Report Date : |
01.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
ASIA
FIBER PUBLIC COMPANY
LIMITED |
|
|
|
|
Registered Office : |
27TH Floor Wall Street Tower, 33/133-136 Surawongse Road, Suriyawongse, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.06.2011 |
|
|
|
|
Date of Incorporation : |
22.09.1975 |
|
|
|
|
Com. Reg. No.: |
0107536001630 |
|
|
|
|
Legal Form : |
Public
Limited Company |
|
|
|
|
Line of Business : |
manufacturer, exporter and distributor of nylon chip, nylon filament yarn, nylon textured yarn and filament woven fabrics |
|
|
|
|
No. of Employees : |
654 |
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 : |
Good |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
ASIA FIBER PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 27th FLOOR
WALL STREET TOWER,
33/133-136 SURAWONGSE
ROAD,
SURIYAWONGSE, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66]
2632-7071-5
FAX :
[66] 2236-1982-3
E-MAIL
ADDRESS : sales@asiafiber.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1975
REGISTRATION
NO. : 0107536001630
CAPITAL
REGISTERED : BHT.
1,000,000,000
CAPITAL
PAID-UP : BHT. 455,742,660
FISCAL
YEAR CLOSING DATE : JUNE
30
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
CHEN NAMCHAISIRI, THAI
PRESIDENT
NO.
OF STAFF : 654
LINES
OF BUSINESS : NYLON
CHIP, NYLON FILAMENT
YARN,
NYLON TEXTURED
YARN AND FILAMENT
WOVEN FABRICS
MANUFACTURER, EXPORTER
AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject was
initially established on September 22,
1975 as a
private limited company
under the registered
name “Asia Synthetic
Textile Co., Ltd.”
by a Thai-Taiwanese joint
venture. On September
22, 1985, its
name was changed
to “Asia Fiber
Co., Ltd.” It was
also listed on
the Stock Exchange
of Thailand in
the same year.
On December 27,
1993 the subject
registered for a
conversion of its
status to a public
limited company under
the name ASIA
FIBER PUBLIC COMPANY
LIMITED. Since then,
the subject gradually
became more Thai-Controlled, and
now it is
100% managed by
Thai personnel. It
currently employs 654
staff.
With the continuous
expansion of its
production capacity, the
subject has become
the country’s largest
manufacturer of nylon
since 1990. Moreover, it
was also classified
as “Privileged Exporter”
by the Custom
Department. Furthermore, AFC
was the very
first manufacturer who
brought an introduction
of the new
technology in producing
FDY and POY. This
new technology is
considered to be the most
up-to-date technology which
assists in speeding
up production, reducing
processing steps, cutting
down production cost,
as well as
enhancing the quality
of the products.
The subject’s registered
address is 27th Flr.,
Wall Street Tower, 33/133-136 Surawongse
Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pipat Sirikiatsoong |
[x] Chairman |
Thai |
96 |
|
Mr. Namchai Namchaisiri |
Vice
Chairman |
Thai |
90 |
|
Mr. Mongkol Mangkornkanok |
[x] |
Thai |
74 |
|
Mr. Yodjin Uahwatanasakul |
|
Thai |
81 |
|
Mr. Chaeng Thong-thai |
|
Thai |
73 |
|
Mr. Chen Namchaisiri |
[x] |
Thai |
56 |
|
Mrs. Jintana Thanatavee |
[x] |
Thai |
69 |
|
Mr. Nipon Leelasithorn |
[x] |
Thai |
51 |
|
Mr. Vitoon Sirikietsoong |
[x] |
Thai |
62 |
|
Mr. Pira Sirikietsoong |
[x] |
Thai |
58 |
|
Mr. Somsak Puntanakasem |
|
Thai |
63 |
|
Mr. Tanace Kuvinichkul |
|
Thai |
64 |
|
Mr. Vichien Tejapaibul |
|
Thai |
73 |
|
Mr. Terawat Tachapongvorachai |
|
Thai |
73 |
|
Mr. Montri Mangkornkanok |
|
Thai |
66 |
|
Mr. Vira Sirikietsoong |
|
Thai |
58 |
|
Mr. Teera Sirikietsoong |
|
Thai |
55 |
|
Mr. Payong U-Prasitwong |
|
Thai |
71 |
AUTHORIZED PERSON
Any two of
the above directors
[x] jointly sign
on behalf of
the subject the
company’s affixed.
MANAGEMENT
Mr. Chen Namchaisiri
is the President.
He is Thai
nationality with the
age of 56
years old.
Mr. Pira Sirikietsoong is
the Vice President.
He is Thai
nationality with the
age of 58
years old.
Mr. Vira Sirikietsoong is
the Factory Manager.
He is Thai
nationality with the
age of 58
years old.
Mr. Sathien Taechanoraraj is
the Assistant Factory
Manager.
He is Thai
nationality.
Mr. Naris Truengjit is
the Manager of
Nylon Production Department.
He is Thai
nationality.
Mr.
Noraniti Wesayasatit is
the Manager of
Quality Control &
Development
Department.
He is Thai
nationality with the
age of 63
years old.
Mr. Saksomboon Chaicharoen
is the Manager
of Fabric Production
Department.
He is Thai
nationality with the
age of 56
years old.
Mr. Suwat Suvichanijakul is
the Personnel and Administration Manager.
He is Thai
nationality.
Mr. Anant Vaivoothpinyo is
the Manager of
Business Department.
He is Thai
nationality with the
age of 63
years old.
Mr. Suthep Permpornsakul is
the Manager of
Filament Yarn Production
Department.
He is Thai
nationality with the
age of 55
years old.
Mr. Chalong Forngmanee is
the Manager of
Engineering Department.
He is Thai
nationality.
Mr. Thanoo
La-orsitthipirom is the
Manager of Fabrics
Dyeing & Finishing
Department.
He is Thai
nationality.
Mrs. Phenprapa Chaiyakul is
the Manager of
Inventory Department.
She is Thai
nationality.
Mr. Chamnan Chawanabenjawuth is
the Finance and
Account Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is the manufacturer,
exporter and distributor
of Nylon Products
to be used
as raw material
in yarn spinning,
texturizing, fabric weaving,
and knitting. There
are five main
product groups and
services as follows:
1.
Nylon
Chip : to
be used for
filament production.
2.
Filament
Yarn : Two
types of filament
produced from nylon
chip, Nylon Filament
Yarn to be
used for fabric
weaving, and Pre-Oriented
Yarn (POY) to
be used to
produce Nylon Textured
Yarn.
3.
Nylon
Textured Yarn :
is produced from
POY through the
process of drawing
and false-twisting. This
stretchable, fluffy yarn
is used in
fabric and sock
knitting.
4.
Taffeta Fabric :
is the type
of fabric woven
from filament yarn.
The fabric produced,
or grey fabric,
is also dyed
and finished for
enhanced look and
quality.
5.
Fabric
Dyeing and Finishing
Services : is
performed as commissioned
on fabrics supplied
by customers.
PRODUCTIONS
|
Products |
2011 |
|
Nylon Chip |
12,916 Metric
Tons |
|
Filament Yarn |
5,160 Metric
Tons |
|
Textured Yarn |
2,076 Metric
Tons |
|
Fabrics |
3.81
Million Yards |
REGISTERED TRADEMARK
“AFC” & “COCONUT
PALM”
PURCHASE
60% of the
raw material is
purchased from local
suppliers.
IMPORT [COUNTRIES]
40% of the raw
materials such as
Caprolactam and chemical
are also imported
from Germany, Poland,
Japan, and Netherlands.
MAJOR SUPPLIER
Ube Chemicals [Asia]
Public Company Limited
: Thailand
SALES [LOCAL]
40% of the
products is sold
locally to manufacturers.
EXPORT [COUNTRIES]
60% of the
products is exported
to U.S.A., Canada,
Australia, United Kingdom, Germany, Malaysia,
Singapore, Japan, Taiwan,
Hong Kong and
Middle East country.
MAJOR CUSTOMERS
|
Name |
Country |
Products |
|
Thai Far
East Co., Ltd. |
Thailand |
Nylon Fabric, Stretch
Yarn & Fabric |
|
T.F.E. Trading
Co., Ltd. |
Thailand |
Nylon Fabric &
Fabric |
|
Kangwan Panich
LP. |
Thailand |
- |
Income Structure [as
of June 30,
2011]
|
Products |
2011/2010 |
|
2010/2009 |
|
||
|
|
Million Baht |
% |
Million Baht |
% |
||
|
Domestic Sale Value |
|
|
|
|
||
|
Nylon Chip |
128 |
7.91 |
154 |
11.86 |
||
|
Filament Yarn |
60 |
3.71 |
35 |
2.70 |
||
|
Textured Yarn |
217 |
13.40 |
171 |
13.16 |
||
|
Fabric |
136 |
8.40 |
115 |
8.85 |
||
|
Dyeing and
Furnishing Services |
16 |
0.99 |
17 |
1.31 |
||
|
Total |
557 |
34.41 |
492 |
37.88 |
||
|
|
|
|
|
|
||
|
International Sale Value |
|
|
|
|
||
|
Nylon Chip |
634 |
39.16 |
414 |
31.87 |
||
|
Filament Yarn |
268 |
16.55 |
234 |
18.01 |
||
|
Textured Yarn |
159 |
9.82 |
153 |
11.78 |
||
|
Fabric |
1 |
0.06 |
6 |
0.46 |
||
|
Total |
1,062 |
65.59 |
807 |
62.12 |
||
|
|
|
|
|
|
||
|
Total Domestic and International Sale
Value |
|
|
|
|
||
|
Nylon Chip |
762 |
47.07 |
568 |
43.73 |
||
|
Filament Yarn |
328 |
20.26 |
269 |
20.71 |
||
|
Textured Yarn |
376 |
23.22 |
324 |
24.94 |
||
|
Fabric |
137 |
8.46 |
121 |
9.31 |
||
|
Dyeing and
Furnishing Services |
16 |
0.99 |
17 |
1.31 |
||
|
Total |
1,619 |
100.00 |
1,299 |
100.00 |
||
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
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
Local bills are
paid on the
credits term of
30-60 days.
Sales are on
the credits term
of 30-60 days.
Imports are by
L/C on the
credits term of
60-120 days or
T/T.
Exports are against
T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office
: 9 Ratchadapisek
Road, Jatujak, Jatujak,
Bangkok]
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Road, Silom, Bangrak,
Bangkok]
Kasikornbank Public Co.,
Ltd.
[Head Office
: 1 Kasikorn Lane,
Rajburana Road, Rajburana,
Bangkok]
Krung Thai Bank
Public Co., Ltd.
[New Petchburi
Branch : Makkasan,
Rajthewi, Bangkok]
EMPLOYMENT
The subject employs
654 staff [office
staff and factory
workers].
LOCATION DETAILS
The premise is
rented for operating
an office at
the heading address.
Premise is located
in a prime
commercial area.
The factory is
located at 406-407
Moo 7, Sukhumvit
Road, K.M. 33.5, Bangpoomai,
Samutprakarn 10280 in
Bangpoo Industrial Estate
on 115-rai [45-acre]
plot or 184,000
sq.m.. Tel: [66] 2323-9692 Fax:
[66] 2323-9577.
The factory encompasses the production
areas, warehouses, utilities,
a canteen, several
dormitory buildings, and a pre-treatment
facility of waste
water.
COMMENT
The subject is one of the leading
manufacturers of nylon-6 products in Thailand.
Its business performance
in 2011 was
strong compared to
the previous year.
Economy improvement and industrial
upturn in 2011
have resulted to
increase demand of Nylon and Filament Yarn from both
local overseas markets.
Subject’s current business
is promising.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 150,000,000.
The capital was
increased later as
followings:
Bht.
225,000,000 on November
20, 1987
Bht.
260,000,000 on December
30, 1987
Bht.
310,000,000 on October
17, 1988
Bht.
372,000,000 on September
26, 1991
The latest capital
was increased to
Bht. 1,000,000,000 divided
into 100,000,000 shares
of Bht. 10
each, with the
current capital paid-up at
Bht. 455,742,660.
MAIN SHAREHOLDERS [as at
September 19, 2011]
at Bht. 455,742,660
of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Namchaisiri Holding Co.,
Ltd. |
3,866,700 |
8.48 |
|
Mr. Vitoon Sirikietsoong |
2,562,500 |
5.62 |
|
Mr. Jul Namchaisiri |
2,414,200 |
5.30 |
|
Mrs. Ann Malakul Na
Ayudhya |
2,027,866 |
4.45 |
|
Mr. Peera Sirikietsoong |
1,603,966 |
3.52 |
|
Mr. Pipat Sirikietsoong |
1,550,208 |
3.40 |
|
Mrs. Vipa Widhayasai |
1,509,870 |
3.31 |
|
Mr. Teera Sirikietsoong |
1,487,000 |
3.26 |
|
Mr. Veera Sirikietsoong |
1,145,900 |
2.51 |
|
Asia Garment Co.,
Ltd. |
1,139,500 |
2.50 |
|
The Bank of
New York [Nominees] Limited |
1,111,100 |
2.44 |
|
Thai Industries Development
Co., Ltd. |
1,098,903 |
2.41 |
|
Others |
24,056,553 |
52.8 |
Total Shareholders :
1,708
NAME OF AUDITOR
AND CERTIFIED PUBLIC
ACCOUNTANT NO.:
Mrs. Chintana Taechamontrikul No.
5131
BALANCE SHEET [BAHT]
The
latest financial figures
published for June
30, 2011 & 2010
were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash in hand
and at banks
|
148,821,360.06 |
200,962,679.61 |
|
Temporary investment |
100,475,116.34 |
- |
|
Trade accounts and
notes receivable - net - Related
companies |
52,300,736.85 |
55,151,900.62 |
|
- Others
companies |
133,152,265.32 |
145,214,081.52 |
|
Inventories |
247,450,998.13 |
242,439,967.84 |
|
Other current assets
|
39,875,439.93 |
12,837,480.43 |
|
|
|
|
|
Total Current Assets
|
722,075,916.63 |
656,606,110.02 |
|
Investment in shares
of associated company |
28,500,000.00 |
22,500,000.00 |
|
Investment in shares
of other company |
500,000.00 |
500,000.00 |
|
Property, plant and
equipment |
345,352,083.74 |
347,500,336.96 |
|
Intangible assets |
10,864.38 |
14,164.38 |
|
Other assets |
63,000.00 |
63,000.00 |
|
Total Assets |
1,096,501,864.75 |
1,027,183,611.36 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade accounts payable |
29,214,050.26 |
36,135,092.02 |
|
Forward exchange contracts
payable |
852,486.27 |
- |
|
Current portion of
liabilities under financial lease
agreement - net |
378,711.29 |
- |
|
Other current liabilities |
24,346,849.28 |
27,928,099.46 |
|
|
|
|
|
Total Current Liabilities |
54,792,097.10 |
64,063,191.48 |
|
Liabilities by contract of financial leased-net |
680,611.69 |
- |
|
Other non-current liabilities |
909,901.26 |
909,901.26 |
|
Total Liabilities |
56,382,610.05 |
64,973,092.74 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital - common shares
Baht 10 par value
Authorized share capital - 100,000,000 shares
|
1,000,000,000.00 |
1,000,000,000.00 |
|
|
|
|
|
Issued and fully paid-up share
capital - 45,574,266 shares |
455,742,660.00 |
455,742,660.00 |
|
Premium on share
capital |
369,500,000.00 |
369,500,000.00 |
|
Unrealized [gain] loss Revaluation surplus
on land |
300,892,762.65 |
279,992,762.65 |
|
Unrealized gain
from changes in
fair value of
investments in available-for- sale securities |
475,116.34 |
- |
|
Retained Earning |
|
|
|
Appropriated for: Statutory reserve
|
16,247,500.00 |
16,247,500.00 |
|
General reserve |
1,357,626.34 |
1,357,626.34 |
|
Unappropriated [deficit] |
[104,096,410.63] |
[160,630,030.37] |
|
Total Shareholders' Equity |
1,040,119,254.70 |
962,210,518.62 |
|
Total Liabilities &
Shareholders' Equity |
1,096,501,864.75 |
1,027,183,611.36 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales & services |
1,618,795,550.64 |
1,299,308,919.31 |
|
Other income |
22,247,653.17 |
19,487,049.23 |
|
Total Revenues |
1,641,043,203.81 |
1,318,795,968.54 |
|
Expenses |
|
|
|
|
|
|
|
Cost of goods
sold |
1,525,336,830.83 |
1,239,409,553.03 |
|
Selling expenses |
29,026,867.06 |
28,471,693.97 |
|
Administrative expenses |
20,910,429.31 |
20,140,125.36 |
|
Management benefit expenses |
8,441,739.00 |
8,251,201.00 |
|
Other expense |
771,947.68 |
1,157,595.32 |
|
Total Expenses |
1,584,487,813.88 |
1,297,430,168.68 |
|
|
|
|
|
Profit / [Loss] before finance
cost & income tax |
56,555,389.93 |
21,365,799.86 |
|
Finance costs |
[21,770.19] |
[3,536.85] |
|
Net Profit / [Loss] |
56,533,619.74 |
21,362,263.01 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
13.18 |
10.25 |
|
QUICK RATIO |
TIMES |
7.93 |
6.26 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.69 |
3.74 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.48 |
1.26 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
59.21 |
71.40 |
|
INVENTORY TURNOVER |
TIMES |
6.16 |
5.11 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
30.02 |
40.79 |
|
RECEIVABLES TURNOVER |
TIMES |
12.16 |
8.95 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
6.99 |
10.64 |
|
CASH CONVERSION CYCLE |
DAYS |
82.24 |
101.55 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
94.23 |
95.39 |
|
SELLING & ADMINISTRATION |
% |
3.61 |
4.38 |
|
INTEREST |
% |
0.00 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
7.15 |
6.11 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.49 |
1.64 |
|
NET PROFIT MARGIN |
% |
3.49 |
1.64 |
|
RETURN ON EQUITY |
% |
5.44 |
2.22 |
|
RETURN ON ASSET |
% |
5.16 |
2.08 |
|
EARNING PER SHARE |
BAHT |
1.24 |
0.47 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.05 |
0.06 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.05 |
0.07 |
|
TIME INTEREST EARNED |
TIMES |
2,597.84 |
6,040.91 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
24.59 |
|
|
OPERATING PROFIT |
% |
164.70 |
|
|
NET PROFIT |
% |
164.64 |
|
|
FIXED ASSETS |
% |
(0.62) |
|
|
TOTAL ASSETS |
% |
6.75 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
7.15 |
Satisfactory |
Industrial
Average |
7.78 |
|
Net Profit Margin |
3.49 |
Impressive |
Industrial
Average |
0.29 |
|
Return on Assets |
5.16 |
Impressive |
Industrial
Average |
0.83 |
|
Return on Equity |
5.44 |
Impressive |
Industrial
Average |
1.74 |
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. The company's figure is 7.15%. When
compared with the industry average, the ratio of the company was lower,
indicated that company was originated from the
problems with control over its costs.
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 3.49%,
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 5.16%, 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 5.44%, 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.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
13.18 |
Impressive |
Industrial
Average |
1.11 |
|
Quick Ratio |
7.93 |
|
|
|
|
Cash Conversion Cycle |
82.24 |
|
|
|
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 13.18 times in 2011, increased from 10.25 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 7.93 times in 2011,
increased from 6.26 times, although excluding inventory so the company still
have good short-term financial strength.
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 83 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.05 |
Impressive |
Industrial
Average |
0.55 |
|
Debt to Equity Ratio |
0.05 |
Impressive |
Industrial
Average |
1.30 |
|
Times Interest Earned |
2,597.84 |
Impressive |
Industrial
Average |
2.03 |
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 2597.84 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 0.05 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 |
4.69 |
Impressive |
Industrial
Average |
2.05 |
|
Total Assets Turnover |
1.48 |
Impressive |
Industrial
Average |
1.01 |
|
Inventory Conversion Period |
59.21 |
|
|
|
|
Inventory Turnover |
6.16 |
Impressive |
Industrial
Average |
2.85 |
|
Receivables Conversion Period |
30.02 |
|
|
|
|
Receivables Turnover |
12.16 |
Impressive |
Industrial
Average |
5.52 |
|
Payables Conversion Period |
6.99 |
|
|
|
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.55.81 |
|
UK Pound |
1 |
Rs.87.67 |
|
Euro |
1 |
Rs.68.45 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.