MIRA
INFORM REPORT
|
Report Date : |
27.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
THAI RUBBER LATEX
CORPORATION [ |
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|
|
|
Registered Office : |
99/1-3 Moo 13, |
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Country : |
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|
|
|
Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
06.12.1985 |
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|
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Com. Reg. No.: |
0107536000137 |
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|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Latex Concentrate And Rubber Products |
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No. of Employees : |
100 |
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
THAI
RUBBER LATEX CORPORATION
[THAILAND] PUBLIC COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 99/1-3 MOO
13, BANGNA-TRAD ROAD,
K.M. 7,
BANGKAEW, BANGPLEE,
SAMUTPRAKARN 10540
TELEPHONE : [66] 2751-7171,
2751-7140-75
FAX : [66] 2316-3938,
2316-5873
E-MAIL
ADDRESS : marketing@thaitexgroup.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1985
REGISTRATION
NO. : 0107536000137 [Former : 4259/2528]
CAPITAL REGISTERED : BHT. 749,607,657
CAPITAL PAID-UP : BHT.
681,453,819
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. VORATHEP WONGSASUTHIKUL, THAI
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
NO.
OF STAFF : 100
LINES
OF BUSINESS : LATEX
CONCENTRATE AND RUBBER
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 December 6, 1985
originally as a private
limited company under the
registered name “Thai
Rubber Latex Corporation
[Thailand] Co., Ltd.” by Thai groups.
On July 30, 1991,
subject was listed
on the Stock
Exchange of Thailand [SET],
and its status
was converted to
a public limited
company under the
name THAI RUBBER LATEX
CORPORATION [THAILAND] PUBLIC COMPANY
LIMITED, on March 8, 1993.
The subject’s business objective is engaged
in latex and
rubber production and
distribution. It currently
employs approximately 100 staff.
It
achieved the ISO 9001:2000, ISO/IEC 17025
and ISO:14001 certification.
The subject’s registered
address is 99/1-3 Moo 13, Bangna-Trad Rd., K.M. 7, Bangkaew, Bangplee,
Samutprakarn 10540, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vorathep Wongsasuthikul |
[x] |
Thai |
63 |
|
Mr. Prachnon Temritikulchai |
[x] |
Thai |
66 |
|
Mr. Paiboon Waraprateep |
[x] |
Thai |
73 |
|
Mr. Tiwa Sapakit |
|
Thai |
80 |
|
Mr. Erwin Muller |
|
Thai |
82 |
|
Mr. Suchart
Charoenpornpanichkul |
|
Thai |
47 |
|
Mr. Wanchai Thanittiraporn |
|
Thai |
64 |
|
Mrs. Suchada Sodthibhapkul |
|
Thai |
58 |
|
Mr. Yanyong Tavarorit |
|
Thai |
43 |
|
Mr. Somkad Sueptrakul |
|
Thai |
60 |
|
Mr. Pakhawat Kovithvathanaphong |
|
Thai |
63 |
AUTHORIZED PERSON
Three of the mentioned directors [x] can jointly sign on behalf
of the
subject with company’s
affixed.
MANAGEMENT
Mr. Vorathep Wongsasuthikul is
the President and
Chief Executive Officer.
He is Thai
nationality with the
age of 63
years old.
Mr. Paiboon Waraprateep is
the Vice President.
He is Thai
nationality with the
age of 73 years
old.
Mr. Prachnon Temritikulchai is
the Vice President.
He is Thai
nationality with the age
of 66 years
old.
Mr. Prawit Woraprateep is the
Finance & Project
Analysis Department Manager.
He is Thai
nationality.
Mrs. Chalongkwan Wongsasuthikul is
the Procurement Department
Manager.
She is Thai
nationality.
Mr. Direkrit Wongsasuthikul is
the Marketing & Sales Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s core
business is engaged
in manufacturing and
distributing of concentrated
latex, as well
as rubber sheet
and other rubber
products. Its products
are supplied to
variety of industries, such as
gloves, yarns/threads, household
goods, shoes and
automotive industry.
The subject also
invests in its subsidiaries
and affiliated companies
which can be
classified into 7 groups
of businesses, consisting
of latex group,
rubber thread group,
service group, rubber estate
group, broker group,
blocked rubber group
and other group.
STRUCTURE AND BUSINESS
DIVISION
Company Name Share holding
[%]
- Latex
Group
-
Thai
Rubber Latex Corporation [Thailand] Public Co., Ltd.
-
Thai
Rubber Latex Group
Co., Ltd. 99.99
- Rubber
Thread Group
- Worldflex Public
Company Limited 98.44
3. Service
Group
-
Thai Thank Installation
Co., Ltd. 65.43
4. Rubber
Estate Group
-
Thai Rubber Land
and Plantation Co.,
Ltd. 99.99
5. Broker
Group
-
Agrowealth Co., Ltd. 99.99
6. Blocked
Rubber Group
-
Thai Rubber H P N R
Co., Ltd. 99.99
7.
Other Group
- Latex Systems
Co., Ltd. 44.93
PURCHASE
100% of raw
material and chemical
are purchased from
local suppliers, mainly
from Thai Rubber
Latex Group of
companies, the remaining
from other latex
planters.
SALES
60% of the
products is sold
locally by wholesale
to manufacturers and
end-users, the remaining
40% is exported
to Malaysia, Republic
of China, Indonesia,
France and Korea.
MAJOR CUSTOMER
World Flex Public
Company Limited :
Thailand
REVENUE
STRUCTURE [unit : million Baht]
|
|
2011 |
2010 |
||
|
|
Million baht |
% |
Million baht |
% |
|
Product |
|
|
|
|
|
Latex concentrate |
21,155.71 |
90.87 |
17,112.15 |
87.79 |
|
Rubber Thread |
1,827.18 |
7.85 |
2,173.48 |
11.15 |
|
Other [Latex mattress &
pillow] |
238.35 |
1.02 |
165.55 |
0.85 |
|
Rubber Estate |
50.93 |
0.22 |
34.08 |
0.17 |
|
Broker |
8.20 |
0.04 |
6.67 |
0.03 |
|
Blocked Rubber |
0.45 |
- |
0.04 |
0.01 |
|
Total Income |
23,280.82 |
100.00 |
19,491.97 |
100.00 |
Note: Total income
are composed of incomes from
subsidiaries and associated,
and are before
related party
transactions.
SUBSIDIARY/AFFILIATED COMPANIES
Thai Rubber Latex
Group Co., Ltd.
Business Type :
Manufacturer of concentrated
latex.
Worldflex Public Company
Limited
Business Type :
Manufacturer of Rubber
elastic products.
Thai Tank Installation
Co., Ltd.
Business Type :
Storage and shipment
service for exports
of latex.
Thai Rubber Land
and Plantation Co.,
Ltd.
Business Type :
The rubber planting
project.
Agrowealth Co., Ltd.
Business Type :
Agricultural future trading.
Thai Rubber H P N R
Co., Ltd.
Business Type : Manufacturer of
sticks and latex.
Latex Systems Co., Ltd.
Business Type :
Producer and distributor
of latex foam
mattress
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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 100 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
and warehouse are located at 29 Moo 2,
Banbueng-Klaeng Rd., T. Nongyai,
A. Nongyai, Chonburi 20190.
Tel. : [66] 38 168-529-34,
Fax.: [66] 38 168-529-34
Ext. 105.
COMMENT
In
the early part
of year 2011,
the subject saw
the global natural
rubber prices continued
their rise, which
began during the
later part of 2010,
reaching new historical
record high levels.
The demand from
China remained steady
for tire grade
rubber, the total
global consumption of
natural rubber in
2011 increased by
3.7% to 10.608
million tons. In
addition to that,
the supplies were interrupted
quite often throughout
the year due
to erratic weather
conditions like rain,
flood and other natural
calamities in the
main rubber producing
areas globally. It
is indeed surprising
that the global natural
rubber production still
increased to 10.650
million tons in
2011 as compared
to 10.013 million
tons of 2010, increase of
5.7% year on
year. The reason
is most probably
the rubber planters
were encountered by the
high prices to
tap and also
probably more usage of
production stimulation techniques
by planters also
helped.
In 2011,
some of the
big gloves producers
both in Thailand
and Malaysia have
already switched some
production lines to use synthetic
rubber latex as raw material to produce gloves
due to comparatively cheaper
synthetic latex prices.
However, the smaller
and the medium
ones are still
finding it difficult
to switch immediately
and they lack
resources of fund.
Therefore, the subject
expects the latex
sales to the
domestic dipping industry
to be stagnant
in 2012 too,
as the subject
have experienced during
2011. Like in 2011,
the subject expected
the Malaysian Natural
Rubber Latex demand
to remain dormant
during this year. Nevertheless,
the subject expects
increasing sales growth
in China market
continuously in the
future.
However,
considering the low
GDP growth of
global economy in
2012 and lower
natural rubber priced
compared to 2011,
the subject do not
forecast the high
growth sales of
latex group in
2012. But the
subject promises to
manage business with
making good wealth
and remaining leader
in latex industry
further.
Generally, the subject still
has high business
potential with moderate
growth.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000 divided
into 100,000 shares of Bht.
100 each.
The
capital was increased
and decreased later
as follows:
Bht. 436,209,696
on July 20,
2010
Bht. 599,688,442
on June 22,
2011
Bht. 599,686,126
on April 30,
2012 [decreased]
Bht. 749,607,657 on
May 1,
2012 [increased]
The
latest registered capital
was increased to Bht. 749,607,657 divided
into 749,607,657 shares
of Bht. 1
each, with the
current capital paid
up at Bht. 681,453,819
THE
SHAREHOLDERS LISTED WERE
: [as at
May 11, 2012]
at Bht. 545,169,489
of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Thipawan Suthathipkul |
69,835,850 |
12.81 |
|
Mr. Prakit Woraprateep |
40,000,000 |
7.34 |
|
Mr. Prawit Woraprateep |
29,988,342 |
5.50 |
|
Mr. Vorathep Wongsasuthikul |
25,813,086 |
4.73 |
|
Mrs. Nualrudee Kritayanukul |
19,762,059 |
3.62 |
|
Thaisri Insurance Public
Company Limited |
14,488,875 |
2.66 |
|
Ms. Sunee Markboonprasit |
12,000,000 |
2.20 |
|
Thai NVDR Co.,
Ltd. |
10,999,641 |
2.02 |
|
Mrs. Kanittha Thongruengkul |
6,265,800 |
1.15 |
|
Mr. Pisuth Viriyamettakul |
6,000,000 |
1.10 |
|
Others |
310,015,836 |
56.87 |
Total Shareholders :
6,169
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Vichart Logestkravee No.
4451
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 & 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Cash in hand
& at Bank
|
46,612,404 |
20,900,318 |
|
Trade accounts and
notes receivable |
1,450,439,274 |
1,544,844,416 |
|
Short-term loans to
related company |
683,073,141 |
480,200,000 |
|
Short-term loans to
other company |
13,280,706 |
6,514,820 |
|
Inventories |
421,730,179 |
578,435,509 |
|
Advance payments for
goods |
72,984,317 |
72,404,501 |
|
Refundable value added
tax |
- |
- |
|
Other current assets
|
9,552,839 |
7,563,145 |
|
|
|
|
|
Total Current Assets
|
2,697,672,860 |
2,710,862,709 |
|
Investment in subsidiaries |
1,574,982,356 |
1,320,361,538 |
|
Investment in associated companies |
37,570,345 |
37,570,345 |
|
Real estate for
investment |
84,447,845 |
- |
|
Fixed Assets |
194,854,842 |
256,261,073 |
|
Intangible assets |
1,821,673 |
2,325,062 |
|
Land right benefits |
6,270,000 |
3,129,500 |
|
Withholding income tax |
138,316,119 |
92,096,795 |
|
Other assets |
1,842,367 |
5,522,478 |
|
Total Assets |
4,737,778,407 |
4,428,129,500 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Bank overdraft and
short-term loan from financial institution |
1,737,960,172 |
1,711,836,856 |
|
Trade accounts and
notes payable |
1,372,335,095 |
1,499,509,837 |
|
Short-term loan & advance from
related company |
- |
18,000,000 |
|
Current portion of
long-term loans |
111,500,000 |
37,500,000 |
|
Current portion of
finance lease and hire-purchase contracts
payable |
3,476,453 |
- |
|
Accrued expenses |
15,601,481 |
21,595,497 |
|
Other current liabilities |
22,824,390 |
5,032,014 |
|
|
|
|
|
Total Current Liabilities |
3,263,697,591 |
3,293,474,204 |
|
Long-term loans - net of
current portion |
35,750,000 |
147,250,000 |
|
Finance lease and
hire-purchase contracts payable -
net of current
portion |
5,214,611 |
- |
|
Reserve for employees’ benefits |
4,114,230 |
3,686,750 |
|
Total Liabilities |
3,308,776,432 |
3,444,410,954 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital |
|
|
|
Registered capital |
|
|
|
599,686,442 ordinary shares
of Bht. 1 each in 2011; 436,209,696 ordinary shares of Bht. 1 each in
2010 |
599,686,442 |
436,209,696 |
|
|
|
|
|
Issued and fully paid
up |
|
|
|
545,169,489 ordinary shares of
Bht. 1 each in 2011; 436,135,595 ordinary shares of Bht. 1 each in 2010 |
545,169,489 |
436,135,595 |
|
Premium on share capital |
342,113,518 |
124,045,530 |
|
Retained Earning |
|
|
|
Appropriated - statutory reserve |
50,000,000 |
50,000,000 |
|
Unappropriated |
374,528,494 |
283,979,959 |
|
Other components of shareholders’ equity |
117,190,474 |
89,557,462 |
|
Total Shareholders' Equity |
1,429,001,975 |
983,718,546 |
|
Total Liabilities &
Shareholders' Equity |
4,737,778,407 |
4,428,129,500 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Sales and service
income |
9,767,767,050 |
8,234,682,989 |
|
Other income |
195,373,973 |
305,733,684 |
|
Total Revenues |
9,963,141,023 |
8,540,416,673 |
|
Expenses |
|
|
|
|
|
|
|
Cost of sales
and services |
9,441,802,312 |
7,971,258,384 |
|
Selling expenses |
193,044,785 |
146,057,418 |
|
Administrative expenses |
53,660,120 |
54,036,816 |
|
Other expenses |
17,839,036 |
51,031,764 |
|
Total Expenses |
9,706,346,253 |
8,222,384,382 |
|
|
|
|
|
Profit / [Loss] before
financial expenses & income tax |
256,794,770 |
318,032,291 |
|
Financial expenses |
[83,242,086] |
[77,313,487] |
|
Income tax |
[1,491,677] |
- |
|
Net Profit / [Loss] |
172,061,007 |
240,718,804 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.83 |
0.82 |
|
QUICK RATIO |
TIMES |
0.69 |
0.65 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
50.13 |
32.13 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.06 |
1.86 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
16.30 |
26.49 |
|
INVENTORY TURNOVER |
TIMES |
22.39 |
13.78 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
54.20 |
68.47 |
|
RECEIVABLES TURNOVER |
TIMES |
6.73 |
5.33 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
53.05 |
68.66 |
|
CASH CONVERSION CYCLE |
DAYS |
17.45 |
26.30 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
96.66 |
96.80 |
|
SELLING & ADMINISTRATION |
% |
2.53 |
2.43 |
|
INTEREST |
% |
0.85 |
0.94 |
|
GROSS PROFIT MARGIN |
% |
5.34 |
6.91 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.63 |
3.86 |
|
NET PROFIT MARGIN |
% |
1.76 |
2.92 |
|
RETURN ON EQUITY |
% |
12.04 |
24.47 |
|
RETURN ON ASSET |
% |
3.63 |
5.44 |
|
EARNING PER SHARE |
BAHT |
31.56 |
55.19 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.70 |
0.78 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.32 |
3.50 |
|
TIME INTEREST EARNED |
TIMES |
3.08 |
4.11 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
18.62 |
|
|
OPERATING PROFIT |
% |
(19.26) |
|
|
NET PROFIT |
% |
(28.52) |
|
|
FIXED ASSETS |
% |
(23.96) |
|
|
TOTAL ASSETS |
% |
6.99 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.34 |
Acceptable |
Industrial Average |
8.82 |
|
Net Profit Margin |
1.76 |
Impressive |
Industrial Average |
(0.36) |
|
Return on Assets |
3.63 |
Impressive |
Industrial Average |
0.60 |
|
Return on Equity |
12.04 |
Impressive |
Industrial Average |
0.61 |
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 5.34%. When
compared with the industry average, the ratio of the company was lower. This 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. Net Profit Margin ratio is 1.76%,
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
3.63%, 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 12.04%, 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.
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 |
0.83 |
Risky |
Industrial Average |
23.66 |
|
Quick Ratio |
0.69 |
|
|
|
|
Cash Conversion Cycle |
17.45 |
|
|
|
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 0.83 times in 2011, increase from 0.82 times, then the company may
have problems meeting its short-term obligations. 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 0.69 times in 2011,
increase from 0.65 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 18 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.70 |
Impressive |
Industrial Average |
0.87 |
|
Debt to Equity Ratio |
2.32 |
Acceptable |
Industrial Average |
2.71 |
|
Times Interest Earned |
3.08 |
Deteriorated |
Industrial Average |
6.65 |
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 3.09 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 0.7 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 |
50.13 |
Impressive |
Industrial Average |
26.65 |
|
Total Assets Turnover |
2.06 |
Acceptable |
Industrial Average |
2.91 |
|
Inventory Conversion Period |
16.30 |
|
|
|
|
Inventory Turnover |
22.39 |
Impressive |
Industrial Average |
10.81 |
|
Receivables Conversion Period |
54.20 |
|
|
|
|
Receivables Turnover |
6.73 |
Deteriorated |
Industrial Average |
17.55 |
|
Payables Conversion Period |
53.05 |
|
|
|
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.57.07 |
|
|
1 |
Rs.88.96 |
|
Euro |
1 |
Rs.71.40 |
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.