MIRA INFORM REPORT
|
Report Date : |
08.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
INDORAMA
POLYESTER INDUSTRIES PUBLIC
COMPANY LIMITED |
|
|
|
|
Formerly Known As : |
TUNTEX [ |
|
|
|
|
Registered Office : |
35th
Floor, Ocean Tower
2, 75/92 Soi
Sukhumvit 19, Asoke
Road, Klongtoeynua, Wattana,
Bangkok 10110 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
16.04.1987 |
|
|
|
|
Com. Reg. No.: |
0107537002451 |
|
|
|
|
Legal Form : |
Public
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor and exporter of polyester yarns |
|
|
|
|
No. of Employees
: |
1000 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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
INDORAMA POLYESTER
INDUSTRIES PUBLIC COMPANY
LIMITED
[FORMER
: TUNTEX [THAILAND]
PUBLIC COMPANY LIMITED]
SUMMARY
ADDRESS : 35th FLOOR,
OCEAN TOWER 2,
75/92 SOI
SUKHUMVIT 19, ASOKE
ROAD, KLONGTOEYNUA, WATTANA,
BANGKOK 10110
TELEPHONE : [66] 2661-6661
FAX : [66] 2661-6664
E-MAIL : solarn@indorama-th.com
info@indorama-th.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1987
REGISTRATION
NO. : 0107537002451 [Former : BOR MOR
JOR. 492]
CAPITAL REGISTERED : BHT.
2,226,220,000
CAPITAL PAID-UP : BHT. 2,202,850,000
SHAREHOLDER’S PROPORTION : THAI :
0.16%
FOREIGN :
99.84%
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
SASHI PRAKASH KHAITAN,
INDIAN
PRESIDENT
& CHIEF EXECUTIVE OFFICER
NO.
OF STAFF : 1,000
LINES
OF BUSINESS : POLYESTER
YARNS
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 initially
established on April
16, 1987 as a private
limited company under the registered name C.P.P. [Thailand]
Co., Ltd. On
July 30, 1987, the subject
changed its name
to Tuntex [Thailand] Co.,
Ltd., and was
listed on the
Stock Exchange of Thailand on
September 15, 1993. Its status
was converted into a
public limited company on August 1, 1994 under
the name TUNTEX [THAILAND]
PUBLIC COMPANY LIMITED.
The
subject received Board
of Investment Promotion
in producing synthetic
fibre such as
POY [Partially Oriented
Yarn], Staple Fibre,
Chip, DTY [Draw
Textured Yarn] and SDY [Spin
Draw Yarn]. It was
a joint venture
company among Taiwanese, Japanese and
Thai investors.
On
December 30, 2008,
the subject registered
for a change
of its name
to INDORAMA POLYESTER INDUSTRIES
PUBLIC COMPANY LIMITED, and revoked its
name from the
Stock Exchange of
Thailand on April
30, 2009. It
currently employs
approximate 1,000 staff.
CERTIFICATIONS
ISO 9001,
ISO 14001, OHSAS 18001, CSR -DIW Certification, REACH compliance , Oekotex 100,
Green label, ISO 50001.
The
subject’s registered address was
initially located at
Room 1812, 18th Floor,
B.B. Building, 54 Sukhumvit 21 Rd [Soi Asoke], Klongtoeynua, Wattana,
Bangkok 10110.
Later,
the registered address
was relocated to 35th Floor,
Ocean Tower 2,
75/92 Soi Sukhumvit
19, Asoke Rd.,
Klongtoeynua, Wattana, Bangkok
10110, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Suchada Sukphanthavorn |
|
Thai |
- |
|
Mr.
Khanit Khongthanarat |
|
Thai |
62 |
|
Mr.
Aloke Lohia |
[x] |
Indian |
54 |
|
Mrs.
Suchitra Lohia |
[x] |
Indian |
48 |
|
Mr.
Amit Lohia |
|
Indian |
38 |
|
Mr.
Sashi Prakash Khaitan |
[x] |
Indian |
64 |
|
Mr.
Ramesh Kumar Narsinghpura |
[x] |
Indian |
52 |
|
Mr.
Vachara Phanchet |
|
Thai |
51 |
|
Mr. Udey
Paul Singhgill |
|
Indian |
59 |
AUTHORIZED PERSON
One
of the mentioned
directors [x] can sign on
behalf of the
subject with the
company’s affixed.
MANAGEMENT
Mr.
Aloke Lohia is
the Chief Executive
Officer of Group.
He
is Indian nationality
with the age
of 54 years
old.
Mr. Sashi
Prakash Khaitan is
the President & Chief Executive
Officer.
He
is Indian nationality
with the age
of 64 years old.
Mr.
Ramesh Kumar Narsinghpura is
the Chief Operating
Officer.
He
is Indian nationality
with the age
of 52 years
old.
Mr.
Ashok Arora is
the Senior Vice
President.
He
is Indian nationality.
Mrs. Sunantha Larnopparat
is the Human
Resources Manager.
She
is Thai nationality.
Mr. Markandey Shukla
is the General
Manager.
He
is Indian nationality.
BUSINESS OPERATIONS
The
subject’s activities are
manufacturer, exporter and
distributor of polyester
fibers, yarns and
chips, serving customers in the main end use markets of apparels, home
textiles, automotive, and non-woven sectors with an extensive range of products
for all sectors.
PRODUCTIONS
Polyester
yarn : 285,000
tons per annum
PET
plastic resin :
108,000 tons per
annum
PURCHASE
Cotton/plastic resin and raw materials such
as Mono Ethylene Glycol [MEG] and Pure
Terephthalic Acid [PTA] are purchased
from both local
and overseas suppliers in
Japan, Germany, Taiwan,
Australia, India and Republic
of China.
MAJOR
SUPPLIER
Indorama
Petrochem Limited :
Thailand
SALES
[LOCAL]
20%
of the products
is sold locally
to manufacturers, wholesalers
and end-users.
EXPORT
[COUNTRIES]
80% of the
products is also
exported to Europe, Australia, Republic of China, Singapore,
Taiwan, Indonesia and
Middle East.
LITIGATIONS
Bankruptcy and
Receivership
On December 15, 2003, the Central Bankruptcy Court has ordered Tuntex [Thailand] Public Company Limited [Debtor] to enter into business rehabilitation and appointed Tuntex [Thailand] Public Company Limited to be the Planner according to the lawsuit red case no. 2382/2546. As a result of such Court order, the power and duties in managing the business and assets of the debtor, including all legal rights of the company’s shareholders shall be vested in the Planner according to Article 90/25 of Bankruptcy Act B.E. 2483.
On September 10, 2004, the Court approved the rehabilitation plan and assigned Tuntex [Thailand] Public Company Limited to be the Plan Administrator. As a result of such Court order, the power and duties of the Planner shall be vested in the Plan Administrator according to Article 90/59 of Bankruptcy Act B.E. 2483.
On October 27, 2008, the Court has ordered a cancellation of company’s rehabilitation according to Article 90/70 of Bankruptcy Act B.E. 2483. As a result of such Court order, the power and duties in managing the business and assets of the debtor shall be vested in the management of debtor and shareholders.
Others
The subject has several litigations in relation to its normal course of business operation, but the management believes that it would not have significant affect on the company’s business.
PARENT COMPANY
Indorama
Ventures Public Co., Ltd.
SUBSIDIARIES AND ASSOCIATED
COMPANIES
Chaophraya Heritage Co.,
Ltd.
Business Type : Real
Estate
Investment : The
subject holds 100% of
the company’s shares.
Tuntex
Textile [Thailand] Co.,
Ltd.
Business Type : Manufacturing &
distribution of fabrics
Investment : The
subject holds 16.67% of
the company’s shares.
CREDIT
Local
bills are by
cash or on the
credits term of
30-60 days.
Imports
are by L/C
at sight or
T/T.
Sales
are by cash
or on the
credits term of
30-60 days.
Exports
are against L/C
at sight or
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
[Head Office :
333 Silom Rd.,
Silom, Bangrak, Bangkok
10500]
The
Siam Commercial Bank
Public Co., Ltd.
[Head Office :
9 Ratchadapisek Rd.,
Ladyao, Jatujak, Bangkok
10900]
Krung
Thai Bank Public
Co., Ltd.
[Head Office : 35 Sukhumvit
Rd., Klongtoeynua, Wattana,
Bangkok 10110]
EMPLOYMENT
The subject employs approximately 1,000 staff. [office & sales staff and factory workers]
LOCATION
DETAILS
The premise is rented for operating
administrative office at the
heading address. Premise located
in commercial/residential area.
Factory
I is located
at 6, I - 2
Road, Mabtaphut Industrial
Estate, T. Mabtaphut,
A. Muang, Rayong
21150. Tel: [66]
38 683-870-8, Fax
[66] 38 683-884.
Factory
II is located
at 35/8 Moo
4, T. Khunkaew, A.
Nakornchaisri, Nakhonpathom 73120.
Tel : [66]
34 322-191-6.
COMMENT
The
company is a
manufacture, distributor and
exporter of polyester yarns. Economic conditions have not
had a great impact on its
business and the year ended with a
record-breaking the year, which
the results were remarkable.
The record earnings were driven by strong demand globally
across all its business lines, resulting
in higher integrated margins. The company’s business model of global
operations, scale and integration delivered robust growth in both
sales and earnings. The depth of
its integration allows to capture margins in
the Polyester Value Chain,
while its scale
provides for a competitive cost structure.
The
company is a
member of Indorama group, it
is one of the
largest producers of
polyester yarns, expects
to benefit from a
continuous economic improvement
in Asian country
especially in China.
FINANCIAL INFORMATION
The
capital was originally
registered at Bht. 100,000
divided into 1,000
shares of Bht.
100 each.
The
capital was increased
later as followings:
Bht.
80 million on July 30,
1987
Bht.
600 million on
December 28, 1987
Bht.
750
million on November
11, 1988
Bht.
900
million on November
22, 1989
Bht. 1,000
million on August
22, 1990
Bht. 1,500
million on July
21, 1992
Bht. 1,800
million on July
15, 1993
Bht. 2,100
million in 1996
Bht. 2,300
million in 1997
Bht. 2,800
million in 1998
Bht. 2,960
million on August
14, 2003
The
latest registered capital
was decreased to
Bht. 2,226,220,000 divided
into 2,226,220,000 shares
of Bht. 1
each with Bht. 2,202,850,000 paid-up
capital.
MAIN
SHAREHOLDERS [as at
April 20, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Indorama Ventures Public
Co., Ltd. |
1,430,636,976 |
64.94 |
|
Indorama Holdings Co.,
Ltd. |
762,428,437 |
34.61 |
|
Mycene Holdings [B.V.I.] Ltd. |
2,017,899 |
0.09 |
|
Others |
7,766,688 |
0.36 |
Total Shareholders : 852
Share Structure [as
at April 20,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
802 |
3,407,337 |
0.16% |
|
Foreign |
50 |
2,199,442,663 |
99.84% |
|
Total |
852 |
2,202,850,000 |
100.00% |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.:
Mr. Veerachai Ratanacharaskul No.
4323
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and cash
equivalents |
162,855,066 |
25,015,749 |
|
Trade account receivable |
1,710,568,003 |
1,718,641,232 |
|
Inventories |
2,114,259,587 |
1,565,213,140 |
|
Other current assets
|
279,294,944 |
373,294,164 |
|
Total Current Assets
|
4,266,977,600 |
3,682,164,285 |
|
Deposits at financial institution under restrictions |
7,180,757 |
7,140,873 |
|
Property, plant and equipment |
6,579,294,997 |
4,567,626,305 |
|
Intangible assets |
329,738 |
1,023,940 |
|
Other assets |
52,052,433 |
46,258,217 |
|
Total Assets |
10,905,835,525 |
8,304,213,620 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank overdraft and
short-term loans from Financial institutions |
239,136,435 |
1,927,072,558 |
|
Trade account payable
|
2,576,158,636 |
2,460,671,065 |
|
Short-term loan to parent
company |
636,400,000 |
- |
|
Current portion of long-term
loan from bank |
415,140,000 |
140,000,000 |
|
Current portion of long-term
accrued interest under debt
restructuring agreement |
47,379,310 |
60,841,740 |
|
Current portion of finance
lease contract Liabilities |
12,502,030 |
12,399,092 |
|
Current portion of long-term
payable for machinery |
10,906,668 |
- |
|
Other Current Liabilities |
281,982,123 |
233,658,365 |
|
|
|
|
|
Total Current Liabilities |
4,219,605,202 |
4,834,642,820 |
|
Long-term loan from
parent company |
32,000,000 |
- |
|
Long-term loan from
bank |
2,235,180,000 |
1,328,630,000 |
|
Long-term accrued interest
under debt restructuring agreement |
89,069,898 |
115,654,695 |
|
Finance lease contract
liabilities |
46,872,745 |
58,519,585 |
|
Long-term payable for
machinery |
19,086,669 |
- |
|
Total Liabilities |
6,641,814,514 |
6,337,447,100 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital |
|
|
|
Registered |
|
|
|
2,226,220,000 ordinary
shares of Baht 1 each |
2,226,220,000 |
2,226,220,000 |
|
|
|
|
|
Issued & Fully Paid 2,202,850,000 ordinary shares
of Baht 1
each |
2,202,850,000 |
2,202,850,000 |
|
Share premium |
96,495,000 |
96,495,000 |
|
Revaluation surplus
on assets |
1,342,198,767 |
866,414,796 |
|
Revaluation surplus
of changes in values of investments invested
by an associate
|
[907,144,640] |
[907,144,640] |
|
Retained Earnings Appropriated for
statutory reserve |
20,280,333 |
- |
|
Unappropriated [Deficit] |
1,509,341,551 |
[291,848,636] |
|
Total Shareholders' Equity |
4,264,021,011 |
1,966,766,520 |
|
Total Liabilities &
Shareholders' Equity |
10,905,835,525 |
8,304,213,620 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
15,586,788,790 |
8,791,502,560 |
|
Reversal of provision for
loss from diminution |
1,294,129,519 |
- |
|
Gain from exchange
rate |
79,067,803 |
1,932,859 |
|
Gain from debt
restructuring |
- |
6,169,170 |
|
Gain from disposal
of land, building & equipment |
1,684,567 |
14,999 |
|
Interest income |
1,186,088 |
416,374 |
|
Other income |
82,065,145 |
40,242,013 |
|
Total Sales |
17,044,921,912 |
8,840,277,975 |
|
Expenses |
|
|
|
|
|
|
|
Cost of sales
|
14,191,262,500 |
8,663,477,157 |
|
Selling expenses |
701,147,808 |
476,939,746 |
|
Administrative expenses |
122,957,859 |
63,123,212 |
|
Executives’ remuneration |
2,810,000 |
12,060,000 |
|
Total Expenses |
15,018,178,167 |
9,127,835,719 |
|
|
|
|
|
Income [loss] before
financial cost |
2,026,743,745 |
[183,789,764] |
|
Financial cost |
[112,753,525] |
[73,265,165] |
|
|
|
|
|
Net Profit / [Loss] |
1,913,990,220 |
[257,054,929] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.01 |
0.76 |
|
QUICK RATIO |
TIMES |
0.44 |
0.36 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.37 |
1.92 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.43 |
1.06 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
54.38 |
65.94 |
|
INVENTORY TURNOVER |
TIMES |
6.71 |
5.54 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
40.06 |
71.35 |
|
RECEIVABLES TURNOVER |
TIMES |
9.11 |
5.12 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
66.26 |
103.67 |
|
CASH CONVERSION CYCLE |
DAYS |
28.18 |
33.63 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
91.05 |
98.54 |
|
SELLING & ADMINISTRATION |
% |
5.29 |
6.14 |
|
INTEREST |
% |
0.72 |
0.83 |
|
GROSS PROFIT MARGIN |
% |
18.31 |
2.01 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
13.00 |
(3.27) |
|
NET PROFIT MARGIN |
% |
12.28 |
(2.92) |
|
RETURN ON EQUITY |
% |
44.89 |
(13.07) |
|
RETURN ON ASSET |
% |
17.55 |
(3.10) |
|
EARNING PER SHARE |
BAHT |
0.87 |
(0.12) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.61 |
0.76 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.56 |
3.22 |
|
TIME INTEREST EARNED |
TIMES |
17.97 |
(3.92) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
77.29 |
|
|
OPERATING PROFIT |
% |
(804.81) |
|
|
NET PROFIT |
% |
844.58 |
|
|
FIXED ASSETS |
% |
44.04 |
|
|
TOTAL ASSETS |
% |
31.33 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
18.31 |
Impressive |
Industrial
Average |
16.39 |
|
Net Profit Margin |
12.28 |
Impressive |
Industrial
Average |
1.33 |
|
Return on Assets |
17.55 |
Impressive |
Industrial
Average |
1.58 |
|
Return on Equity |
44.89 |
Impressive |
Industrial
Average |
2.20 |
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. The company’s figure is serves as the
source for paying additional expenses and future savings. The company’s figure is 18.31%. 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. The
company’s figure is 12.28%, 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 17.55%, 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 44.89%, 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 Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.01 |
Acceptable |
Industrial
Average |
1.45 |
|
Quick Ratio |
0.44 |
|
|
|
|
Cash Conversion Cycle |
28.18 |
|
|
|
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 1.01 times in 2010, increased from 0.76 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 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 0.44 times in 2010, increased from 0.36 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 29
days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.61 |
Acceptable |
Industrial Average |
0.50 |
|
Debt to Equity Ratio |
1.56 |
Risky |
Industrial
Average |
0.94 |
|
Times Interest Earned |
17.97 |
Impressive |
Industrial
Average |
1.72 |
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 17.98 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 0.61
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 |
2.37 |
Impressive |
Industrial
Average |
2.14 |
|
Total Assets Turnover |
1.43 |
Impressive |
Industrial
Average |
1.11 |
|
Inventory Conversion Period |
54.38 |
|
|
|
|
Inventory Turnover |
6.71 |
Impressive |
Industrial
Average |
3.64 |
|
Receivables Conversion Period |
40.06 |
|
|
|
|
Receivables Turnover |
9.11 |
Impressive |
Industrial
Average |
5.08 |
|
Payables Conversion Period |
66.26 |
|
|
|
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.53.34 |
|
UK Pound |
1 |
Rs.86.09 |
|
Euro |
1 |
Rs.69.36 |
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.