MIRA INFORM REPORT
|
Report Date : |
22.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
PANEL PLUS CO., LTD. |
|
|
|
|
|
|
Registered Office : |
25th Floor, Ploenchit Center Building, 2 Sukhumvit 2 Road, Klongtoey, Bangkok 10110 |
|
|
|
|
|
|
Country : |
Thailand |
|
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
|
|
Year of Establishment : |
2004 |
|
|
|
|
|
|
Com. Reg. No.: |
0105547007217 |
|
|
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Particle Board and Related Products |
|
|
|
|
|
|
No. of Employees : |
700 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure,
a free-enterprise economy, generally pro-investment policies, and strong export
industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more
than 4% per year - as it recovered from the Asian financial crisis of 1997-98.
Thai exports - mostly machinery and electronic components, agricultural
commodities, and jewelry - continue to drive the economy, accounting for more
than half of GDP. The global financial crisis of 2008-09 severely cut
Thailand's exports, with most sectors experiencing double-digit drops. In 2009,
the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its
fastest pace since 1995, as exports rebounded from their depressed 2009 level.
Steady economic growth at just below 4% during the first three quarters of 2011
was interrupted by historic flooding in October and November in the industrial
areas north of Bangkok, crippling the manufacturing sector and leading to a
revised growth rate of only 0.1% for the year. The industrial sector is poised
to recover from the second quarter of 2012 onward, however, and the government
anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while
private sector forecasts range between 3.8% and 5.7%.
Source
: CIA
Company
name
PANEL
PLUS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 25th FLOOR,
PLOENCHIT CENTER BUILDING,
2 SUKHUMVIT
2 ROAD, KLONGTOEY,
BANGKOK
10110, THAILAND
TELEPHONE : [66] 2656-8527-32,
2656-8188
FAX :
[66] 2656-8533-4
E-MAIL
ADDRESS : benjarkt@panelplus.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0105547007217
TAX
ID NO. : 3031259850
CAPITAL REGISTERED : BHT. 837,212,200
CAPITAL PAID-UP : BHT.
837,212,200
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
[FORMER : OCTOBER
31]
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS.
AMPORN KANCHANAKAMNERD, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 700
LINES
OF BUSINESS : PARTICLE BOARD
AND RELATED 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 January 16, 2004
as a private
limited company under the
initially registered name “Hatyai Panel
Co., Ltd.” by Thai
groups. On September
1, 2005, its
name was changed
to PANEL PLUS
CO., LTD. The
business objective is to
manufacture Plain Particle Boards
and Melamine Faced Chipboard
for both domestic
and oversea markets
On
October 25, 2006,
subject became a
subsidiary of Mitr
Phol Sugar Corp.,
Ltd.
In
2012, its production
line was expanded
to produce Medium
Density Fiberboard [MDF]. It currently employs
approximate 700 staff.
The subject’s registered
address is 25th Floor,
Ploenchit Center Bldg., 2
Sukhumvit 2 Rd.,
Klongtoey, Bangkok 10110,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sukkarn Wathanavekin |
|
Thai |
56 |
|
Mrs. Amporn Kanchanakamnerd |
[x] |
Thai |
48 |
|
Mr. Krisada Monthienvichienchai |
[x] |
Thai |
54 |
|
Mr. Isara Wongkusolkij |
[x] |
Thai |
64 |
|
Mr. Atthapol Wongkusolkij |
|
Thai |
40 |
|
Mr. Banthern Wongkusolkij |
[x] |
Thai |
56 |
|
Ms. Teeranart Wongkusolkij |
|
Thai |
41 |
|
Mr. Suwat Mongkolsin |
|
Thai |
67 |
AUTHORIZED PERSON
Two of the mentioned directors [x] can jointly sign on
behalf of the subject with
company’s affixed.
MANAGEMENT
Mrs. Amporn Kanchanakamnerd is
the Managing Director.
She is Thai
nationality with the
age of 48
years old.
Mr. Ativej Havaree is
the Marketing Director.
He is Thai nationality.
Mr. Nakorn Puakvilai is
the Factory Manager [Hatyai].
He is Thai
nationality.
Mr. Arthit Prasobsong is
the Factory Manager [Chaiyaphum].
He is Thai
nationality.
Mr. Thawatchai Chiewchanluang is
the Factory Manager [Samutsakorn].
He is Thai
nationality.
Ms. Chonnee Noobutr is
the Account & Finance Manager.
She is Thai
nationality.
Mr. Thana Chongluemtham is
the Sales & Marketing Manager
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in manufacturing
Plain Particle Board, Melamine
Faced Chipboard and
Medium Density Fiberboard [MDF], under
the brand name
“PANEL PLUS”.
PRODUCTION CAPACITY
Plain Particle Board : 300,000
cubic meters per
year
Melamine Faced Chipboard :
23,500,000 square meters
per year
Medium Density Fiberboard : 400,000
cubic meters per
year
PURCHASE
Raw materials mainly
rubber woods are
purchased from local
suppliers.
IMPORT
Some of
its raw material
are imported from Germany, U.S.A., Singapore,
Taiwan, Japan Brazil,
India and Republic
of China.
MAJOR
SUPPLIER
Mitr
Phol Sugar Corp.,
Ltd. : Thailand
SALES
80% of the
products is sold
locally by wholesale
to dealers and end-users.
EXPORT
20% of the
products is exported
to Japan, Taiwan,
Singapore, Malaysia, Laos,
Cambodia, Hong Kong,
Vietnam, Philippines, Indonesia,
Korea, U.S.A., and the
countries in Middle
East and Europe.
MAJOR CUSTOMERS
S.B. Furniture Industry
Co., Ltd. :
Thailand
Rockworth Public Company
Limited : Thailand
Modernform Group Public
Company Limited :
Thailand
RELATED AND
AFFILIATED COMPANIES
The Panel Plus
group consists of:
MP Particle Board Co., Ltd.
Business Type :
Manufacturer of particle
board
Furnish Board Co.,
Ltd.
Business Type :
Manufacturer of particle
board
Panel Décor Co.,
Ltd.
Business Type :
Manufacturer of melamine
coated paper
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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 700 staff.
LOCATION DETAILS
The
premise is rented for administrative office at the heading
address. Premise is
located in a
prime commercial area.
Factory
and Warehouse:
- 417/14 Karnchanavanich Rd.,
Phatong, Hatyai, Songkhla
90230
Tel. : [66] 74 291-130-4,
Fax. : [66] 74 291-020
-
39 Moo 10, Koksa-ard,
Phookiew, Chaiyaphum 36110
-
53/3
Moo 5, Nadee,
Muang, Samutsakorn 74000
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$ 10,000,000.
COMMENT
The subject is a manufacturer, distributor and exporter of particle
board and melamine faced chipboard. Demand of the
products are depending
upon consumption from furniture
and related industries. Meanwhile
growth in domestic and exports markets
have gradually improved due to economic
improvement. Windfall from flooding
has increased
demand of household
and office furniture
since the beginning of 2012,
as well as its whole year business
is excellent.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 100,000 divided into
1,000 shares of
Bht. 100 each.
The
capital was increased
later as follows:
Bht. 335,000,000
on February
26, 2004
Bht. 537,212,200
on February
10, 2005
Bht. 837,212,200
on May 4,
2011
The
latest registered capital
was increased to Bht. 837,212,200 divided
into 8,372,122 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
May 4, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mitr Phol Sugar
Corp., Ltd. Nationality: Thai Address : 2
Sukhumvit 2 Rd.,
Klongtoey, Bangkok |
7,432,106 |
88.77 |
|
Eastern Sugar Co.,
Ltd. Nationality: Thai Address : 78
Charoenkrung 30 Rd.,
Bangrak, Bangkok |
751,123 |
8.97 |
|
Mr. Preecha Chai-anand Nationality: Thai Address : 127
Soi Wat Machamandikaram, Bangsue,
Bangkok |
77,857 |
0.93 |
|
Mr. Pradit Kanchanakamnerd Nationality: Thai Address : 35/1
Moo 10, Thamaka,
Kanchanaburi |
51,904 |
0.62 |
|
Mrs. Vimol Kanchanakamnerd Nationality: Thai Address : 35/1
Moo 10, Thamaka,
Kanchanaburi |
51,904 |
0.62 |
|
Mr. Sukkarn Wathanavekin Nationality: Thai Address : 78 Charoenkrung 30 Rd.,
Bangrak, Bangkok |
5,076 |
0.06 |
|
Lady Natthika Wathanavekin Nationality: Thai Address : 159/48
Soi Songsa-ard, Ladyao,
Jatujak, Bangkok |
2,146 |
0.03 |
|
Mr. Soonthorn Wongkusolkij Nationality: Thai Address : 27
Soi Sukhumvit 43,
Sukhumvit Rd., Klongtonnua, Wattana,
Bangkok |
1 |
- |
|
Mr. Vitoon Wongkusolkij Nationality: Thai Address : 102
Soi Sukhumvit 33,
Sukhumvit Rd.,
Klongtonnua, Wattana, Bangkok |
1 |
- |
|
Mr. Isara Wongkusolkij Nationality: Thai Address : 230/6
Soi Sukhumvit 1,
Sukhumvit Rd.,
Klongtoeynua, Wattana, Bangkok |
1 |
- |
|
Mr. Chanin Wongkusolkij Nationality: Thai Address : 125/220
Moo 5, Pakkred,
Nonthaburi |
1 |
- |
|
Mr. Veerajate Wongkusolkij Nationality: Thai Address : 1219/57
Sukhumvit Rd.,
Klongtonnua, Wattana, Bangkok |
1 |
- |
|
|
|
|
|
Mrs. Amporn Kanchanakamnerd Nationality: Thai Address : 36/15
Soi Aree 4,
Phaholyothin Rd.,
Samsennai, Wattana, Bangkok |
1 |
- |
Total Shareholders : 13
Share Structure [as
at May 4,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
13 |
8,372,122 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
13 |
8,372,122 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sudwin Panyawongkhanti No.
3534
BALANCE
SHEET [BAHT]
The
financial figures published
for October 31,
2011 & 2010
were:
ASSETS
|
Current Assets |
2011 [Adjusted] |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
88,458,018 |
95,173,172 |
|
Short-term Investment |
36,974,024 |
58,499,493 |
|
Trade Accounts Receivable |
|
|
|
- Related company |
269,725 |
110,638 |
|
- Non-related company |
410,595,270 |
306,232,098 |
|
Account Receivable - Related company |
3,830,407 |
8,097,012 |
|
- Non-related company |
17,237,969 |
- |
|
Short-term Lending to Related Company |
235,000,000 |
185,000,000 |
|
Inventories |
357,989,730 |
361,445,827 |
|
Other Current Assets
|
|
|
|
Assets Receivable |
74,988,550 |
- |
|
Refundable Value
Added Tax |
10,686,087 |
11,709,771 |
|
Advance Payment |
2,950,635 |
20,783,111 |
|
Prepaid Expenses |
3,290,961 |
- |
|
Other |
4,627,276 |
23,479,695 |
|
|
|
|
|
Total Current Assets
|
1,246,898,653 |
1,070,530,817 |
|
Long-term Lending to
Related Company |
750,000,000 |
- |
|
Investment in Subsidiaries |
547,405,533 |
119,390,833 |
|
Real state for Investment |
7,665,393 |
- |
|
Other Non-current Assets
Available for Sale |
4,345,039 |
- |
|
Fixed Assets |
699,506,863 |
1,670,863,300 |
|
Intangible Assets |
9,257,074 |
6,766,395 |
|
Other Non-current Assets |
1,401,144 |
5,647,089 |
|
Total Assets |
3,266,479,699 |
2,873,198,434 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 [Adjusted] |
2010 |
|
|
|
|
|
Trade Accounts Payable |
|
|
|
- Related company |
109,902,945 |
128,304,451 |
|
- Non-related company |
64,620,848 |
63,119,272 |
|
Accounts Payable - Related company |
10,003,299 |
10,387,538 |
|
- Non-related company |
34,429,095 |
- |
|
Assets Payable - Related Company |
- |
25,240,556 |
|
Short-term Loan from
Related Company |
440,000,000 |
391,000,000 |
|
Current Portion of Long-term
Loans from Related Company |
80,000,000 |
17,000,000 |
|
Current Portion of Finance Lease
Contract Liabilities |
20,394,875 |
18,452,194 |
|
Other Current Liabilities |
|
|
|
Accrued Income
Tax |
11,581,850 |
- |
|
Advance Income |
8,935,766 |
- |
|
Accrued Expenses |
81,620,307 |
57,968,283 |
|
Other |
6,547,330 |
32,338,795 |
|
|
|
|
|
Total Current Liabilities |
868,036,315 |
743,811,089 |
|
Long-term Loan from Related Company, Net of
Current Portion |
1,285,000,000 |
615,000,000 |
|
Finance Lease Contract
Liabilities, Net of
Current Portion |
11,102,500 |
24,544,050 |
|
Total Liabilities |
2,164,138,815 |
1,383,355,139 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 8,372,122 & 5,372,122 shares in
2011 & 2010
respectively |
837,212,200 |
537,212,200 |
|
|
|
|
|
Capital Paid |
837,212,200 |
537,212,200 |
|
Premium on Share Capital |
33,500,000 |
33,500,000 |
|
Surplus on Assets
Appraisal |
- |
786,779,413 |
|
Retained Earning Appropriated for
Statutory Reserve |
1,927,477 |
1,927,477 |
|
Unappropriated |
229,701,207 |
130,424,205 |
|
Total Shareholders' Equity |
1,102,340,884 |
1,489,843,295 |
|
Total Liabilities & Shareholders' Equity |
3,266,479,699 |
2,873,198,434 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 [Adjusted] |
2010 |
|
|
|
|
|
Sales |
2,573,393,126 |
2,307,806,289 |
|
Other Income |
|
|
|
Administrative Income |
10,600,000 |
16,600,000 |
|
Gain on Exchange Rate |
45,226,228 |
29,537,793 |
|
Dividend Income |
33,449,987 |
5,400,000 |
|
Others |
43,366,829 |
22,303,311 |
|
Total Revenues |
2,706,036,170 |
2,381,647,393 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,026,185,955 |
1,770,306,357 |
|
Selling Expenses |
369,749,953 |
346,499,084 |
|
Administrative Expenses |
146,602,519 |
99,069,336 |
|
Total Expenses |
2,542,538,427 |
2,215,874,777 |
|
Profit before Financial
Expenses & Income Tax |
163,497,743 |
165,772,616 |
|
Financial Expenses |
[39,308,732] |
[37,454,179] |
|
Profit before Income Tax |
124,189,011 |
128,318,437 |
|
Income Tax |
[24,912,009] |
[3,344,958] |
|
Net Profit / [Loss] |
99,277,002 |
124,973,479 |
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 was:
ASSETS
|
Current Assets |
2011 |
|
|
|
|
Cash and Cash Equivalents |
141,314,420 |
|
Short-term Investment |
56,087,238 |
|
Trade Accounts Receivable - Related company |
422,038 |
|
- Non-related company |
278,080,966 |
|
Other Receivable - Related company |
8,872,624 |
|
- Non-related company |
7,332,837 |
|
Short-term Loan to Related Company |
249,000,000 |
|
Inventories |
410,814,127 |
|
Refundable Value Added
Tax |
11,509,924 |
|
Advance Payment |
111,500 |
|
Prepaid Expenses |
3,091,836 |
|
Other Current Assets
|
4,264,707 |
|
|
|
|
Total Current Assets
|
1,170,902,217 |
|
Investment in Subsidiaries |
547,405,533 |
|
Long-term Loan to Related Company |
884,000,000 |
|
Real Estate for
Investment |
7,626,389 |
|
Non-current Assets Available-for-Sale |
4,345,032 |
|
Fixed Assets |
711,152,771 |
|
Intangible Assets |
8,922,077 |
|
Other Non-current Assets |
1,392,255 |
|
Total Assets |
3,335,746,274 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
|
|
|
|
Trade Accounts Payable |
|
|
- Related company |
117,096,996 |
|
- Non-related company |
82,594,823 |
|
Other Payable |
|
|
- Related company |
12,213,895 |
|
- Non-related company |
33,945,825 |
|
Current Portion of Long-term Loans from
Related Company |
80,000,000 |
|
Finance Lease
Contract Liabilities |
20,552,981 |
|
Short-term Loan from Related Company |
440,000,000 |
|
Accrued Income Tax |
11,581,850 |
|
Advance Income |
10,068,262 |
|
Accrued Expenses |
37,856,638 |
|
Other Current Liabilities |
9,903,352 |
|
Total Current Liabilities |
855,814,622 |
|
|
|
|
Long-term Loan from Related Company, Net
of Current Portion |
1,419,000,000 |
|
Finance Lease Contract
Liabilities, Net of
Current Portion |
7,585,617 |
|
Employee Benefits Obligation |
55,010,185 |
|
Total Liabilities |
2,337,410,424 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 8,372,122 shares
|
837,212,200 |
|
|
|
|
Capital Paid |
837,212,200 |
|
Premium on Share Capital |
33,500,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
1,927,477 |
|
Unappropriated |
125,696,173 |
|
Total Shareholders' Equity |
998,335,850 |
|
Total Liabilities & Shareholders' Equity |
3,335,746,274 |
PROFIT &
LOSS ACCOUNT
For the period from
November 1, 2011 - December 31,
2011 was:
|
Revenue |
Nov. 1,
2011 – Dec. 31,
2011 |
|
|
|
|
Sales |
261,576,919 |
|
Other Income |
14,555,431 |
|
Total Revenues |
276,13,350 |
|
Expenses |
|
|
|
|
|
Cost of Goods
Sold |
244,356,258 |
|
Selling Expenses |
42,704,466 |
|
Administrative Expenses |
19,922,447 |
|
Other Expenses |
8,246,372 |
|
Total Expenses |
315,229,543 |
|
Profit / [Loss] before
Financial Cost & Income Tax |
[39,097,193] |
|
Financial Cost |
[11,076,792] |
|
Profit / [Loss] before Income Tax |
[50,173,985] |
|
Income Tax |
- |
|
Net Profit / [Loss] |
[50,173,985] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.44 |
1.44 |
|
QUICK RATIO |
TIMES |
0.91 |
0.88 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.68 |
1.38 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.79 |
0.80 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
64.49 |
74.52 |
|
INVENTORY TURNOVER |
TIMES |
5.66 |
4.90 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
58.24 |
48.43 |
|
RECEIVABLES TURNOVER |
TIMES |
6.27 |
7.54 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
11.64 |
13.01 |
|
CASH CONVERSION CYCLE |
DAYS |
111.09 |
109.94 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
78.74 |
76.71 |
|
SELLING & ADMINISTRATION |
% |
20.07 |
19.31 |
|
INTEREST |
% |
1.53 |
1.62 |
|
GROSS PROFIT MARGIN |
% |
26.42 |
26.49 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.35 |
7.18 |
|
NET PROFIT MARGIN |
% |
3.86 |
5.42 |
|
RETURN ON EQUITY |
% |
9.01 |
8.39 |
|
RETURN ON ASSET |
% |
3.04 |
4.35 |
|
EARNING PER SHARE |
BAHT |
11.86 |
23.26 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.66 |
0.48 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.96 |
0.93 |
|
TIME INTEREST EARNED |
TIMES |
4.16 |
4.43 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
11.51 |
|
|
OPERATING PROFIT |
% |
(1.37) |
|
|
NET PROFIT |
% |
(20.56) |
|
|
FIXED ASSETS |
% |
(58.14) |
|
|
TOTAL ASSETS |
% |
13.69 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
26.42 |
Impressive |
Industrial Average |
16.36 |
|
Net Profit Margin |
3.86 |
Impressive |
Industrial Average |
2.48 |
|
Return on Assets |
3.04 |
Impressive |
Industrial Average |
1.73 |
|
Return on Equity |
9.01 |
Impressive |
Industrial Average |
(2.44) |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues after accounting for the cost
of goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. Gross Profit Margin is 26.42%. 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 3.86%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
3.04%, 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 9.01%, 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 |
1.44 |
Impressive |
Industrial Average |
1.33 |
|
Quick Ratio |
0.91 |
|
|
|
|
Cash Conversion Cycle |
111.09 |
|
|
|
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 1.44 times in 2011, same figure as
in 2010, 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 0.91 times in 2011,
increase 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 112 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.66 |
Acceptable |
Industrial Average |
0.42 |
|
Debt to Equity Ratio |
1.96 |
Risky |
Industrial Average |
0.01 |
|
Times Interest Earned |
4.16 |
Impressive |
Industrial Average |
3.16 |
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 4.16 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 0.66 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.68 |
Impressive |
Industrial Average |
1.28 |
|
Total Assets Turnover |
0.79 |
Satisfactory |
Industrial Average |
0.81 |
|
Inventory Conversion Period |
64.49 |
|
|
|
|
Inventory Turnover |
5.66 |
Impressive |
Industrial Average |
3.50 |
|
Receivables Conversion Period |
58.24 |
|
|
|
|
Receivables Turnover |
6.27 |
Impressive |
Industrial Average |
6.19 |
|
Payables Conversion Period |
11.64 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.08 |
|
|
1 |
Rs.89.53 |
|
Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.