MIRA
INFORM REPORT
|
Report Date : |
11.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
ADITYA BIRLA CHEMICALS [THAILAND] LTD. |
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Registered Office : |
16th Floor, Mahathun Plaza Building, 888/160-161 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
26.12.1994 |
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Com. Reg. No.: |
0105537150963 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and Exporter of Epoxy Resin Products |
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No. of Employees : |
500 |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
ADITYA
BIRLA CHEMICALS [THAILAND]
LTD.
[EPOXY
DIVISION]
SUMMARY
BUSINESS
ADDRESS : 16th FLOOR,
MAHATHUN PLAZA BUILDING,
888/160-161 PLOENCHIT
ROAD, LUMPINI,
PATHUMWAN, BANGKOK
10330
TELEPHONE : [66] 2253-5031-3
FAX :
[66] 2253-5030
E-MAIL
ADDRESS : epoxymktg@adityabirlachemicals.com
info@epotec.info
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION
NO. : 0105537150963 [Former:
3283/2537]
TAX
ID NO. : 3011529300
CAPITAL REGISTERED : BHT. 1,700,000,000
CAPITAL PAID-UP : BHT.
1,700,000,000
SHAREHOLDER’S PROPORTION : THAI :
99.24%
FOREIGN :
0.76%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. LALITKUMAR
SHANTARAM NAIK, INDIAN
PRESIDENT
NO.
OF STAFF : 500
[COMPANY’S STAFF]
130 [EPOXY
DIVISION ONLY]
LINES
OF BUSINESS : EPOXY
RESIN 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 26,
1994 as a
private limited company under
the name style
“Thai Organic Chemicals
Co., Ltd.”, by a
joint venture between
Thai Rayon Public
Co., Ltd. and Thai Carbon Black
Public Co., Ltd., which
are members of Aditya Birla
Group, in order
to produce wide
range of industrial
chemicals. The plant
is situated in
Eastern Industrial Estate
at Maptaphut, Rayong
Province.
On December 30, 2005, subject’s
name was changed
to ADITYA BIRLA CHEMICALS
[THAILAND] LTD. It
currently employs approximate
500 staff.
Epoxy division was
set up in
2005 by a
transfer of its
production activities from
Thai Epoxy and
Allied Products Co.,
Ltd., in order
to manufacture various
epoxy resin products
in liquid, solid,
solutions, blends and
multifunctional forms, and
distribute to both
domestic and international
markets under its
own “EPOTEC” brand. The
division employs 130
staff.
The division achieved many international standards, including
ISO 18001, ISO 14001 and
ISO 9001 certifications by Bureau Veritas Certification, as
well as Application
Development Centre testing [mechanical and
analytical] laboratory accreditation
by Germanischer Lloyd.
The subject’s registered
address is 16th Flr., Mahathun Plaza
Bldg., 888/160-161 Ploenchit Rd.,
Lumpini, Pathumwan, Bangkok
10330, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pratheep Sajjatrakul |
|
Thai |
73 |
|
Mr. Kumar Mangalam
Birla |
: Chairman |
Indian |
44 |
|
Mrs. Rajcharee Birla |
|
Indian |
67 |
|
Mr. Khrisna Kischor Maheshwari |
|
Indian
|
57 |
|
Mr. Hari Krishna
Agarwal |
|
Indian |
52 |
|
Mr. Lalitkumar Shantaram Naik |
|
Indian |
50 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Lalitkumar Shantaram Naik is the
President.
He is Indian
nationality with the
age of 50
years old.
Mr. P. K. Dubey is
the Vice President
of Epoxy Division.
He is Indian
nationality.
Mr. Vellaia Mepyyappan
is the Vice President of
Production and Technical.
He is Indian
nationality.
BUSINESS OPERATIONS
Epoxy division is
engaged in manufacturing
and distributing various
kinds of epoxy
resin products. The
products are Curing
Agents, Cycloaliphatic Epoxy
Resin, Epoxy Phenol
Novolac Resin, Epoxy
Systems, Liquid Epoxy
Resin, Reactive Diluents,
Solid Epoxy Resin,
Solvent-cut Epoxy Resin
and Waterborne Epoxy
Resin, under its
own “EPOTEC” brand.
The high quality
products find wide application
in the automotive,
construction, heavy engineering,
transport, electronics, foods & beverage packing,
coatings, composites, adhesives,
aviation, aerospace and
wind energy industries.
The division has
also set up a R
& D and Application Development
Center for accelerating
product development, application
testing and provision
for technical service
to customers.
PURCHASE
Most of raw
materials are purchased
from local suppliers,
and the remaining
is imported from
Japan, France, India,
and Republic of
China, Taiwan.
MAJOR SUPPLIER
Aditya Birla Chemiacls
[Thailand] Ltd.
SALES
Its products are
sold to both
local and overseas
customers mainly in
Germany, Dubai and
India.
RELATED COMPANIES
Birla Group of Companies:
Aditya Birla Nuvo
Ltd.
Business Type :
Manufacturer and distributor
of industrial chemical.
Bihar Caustic and
Chemicals Ltd.
Business Type :
Manufacturer and distributor
of industrial chemical.
Grasim Industries Ltd.
Business Type :
Manufacturer of industrial
chemical.
Tanfac Industries Ltd.
Business Type :
Manufacturer of industrial
chemical.
Thai Peroxide Ltd.
Business Type : Manufacturer of
industrial chemical.
Thai Polyphosphate and
Chemicals Co., Ltd.
Business Type :
Manufacturer of industrial
chemical.
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
The Company was sued for damages by one customer amounting to about 26 million baht.
Although the outcome of the case can not
be anticipated at this time, the Company's management believes that the outcome
of the case would not have a material impact on the financial statements of the
Company as a whole.
On September 29,
2009, The Central
Administrative Court has
ordered 8 government
sectors to stop
the 76 projects
temporarily, including company’s
three projects in
Map Ta Phut Industrial Estate
to suspend their operations, due to the pollution and
environmental problems. However, on
December 2, 2009 the
Supreme Administrative Court was
ordered against to
stop only 56 projects, including
the company’s two
projects. The Government is in the process to find a solution to mitigate the impact of
those projects. Affiliate company believes
that it will be
able to comply with new
regulations and guidelines to
be issued by
the government.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
[Poochao Branch
: Poochaosamingprai Rd., Samrong,
Phrapradaeng, Samutprakarn]
[Maptaphud Branch :
Pakornsongkrohraj Rd., Huaypong,
Muang, Rayong]
Bangkok Bank Public
Co., Ltd.
[Head Office :
333 Silom Rd.,
Silom, Bangrak, Bangkok
10500]
Kasikornbank Public Co., Ltd.
[Head Office :
1 Kasikorn Lane,
Rajburana Rd., Rajburana,
Bangkok 10140]
EMPLOYMENT
The subject employs
130 office staff
and factory workers
[Epoxy division].
LOCATION DETAILS
The premise is
rented for administrative office at
the heading address.
Premise is located
in a commercial
area.
Factory :
Epoxy Resin Factory
No. 2, I - 5 Rd.,
Mabtaphut Industrial Estate,
T. Mabtaphut, A. Muang,
Rayong 21150
Tel: [66] 38
685-233-4, Fax: [66] 38 683-982.
Sales offices :
- Aditya Birla Chemicals [Europe] GmbH.,
Germany
- Aditya Birla Chemicals [Thailand] Ltd. [RAKFTZ], Dubai
- Aditya Birla Epoxy [India]
Ltd., India
COMMENT
The
epoxy division of
Aditya Birla Chemicals [Thailand]
Ltd. is a pioneer manufacturer of epoxy
resins in the
entire ASEAN region.
The Epoxy Division with
its modern R&D and
application center facilities,
has moved from
being a product
supplier to a solutions
provider, working closely with
customers to provide
superior value through
customized products, specially
formulations and systems.
Since commencement subject has
excessively grown in
line with strong demand of the products
from both domestic and overseas markets. With its
strong fundamental of management
and production processing,
it is believed
that subject is
capable to maintain
its solid business.
FINANCIAL INFORMATION
The capital was
registered at Bht.
10,000 divided into
10 shares of
Bht. 1,000 each.
The capital were
increased and decreased
later as followings:
Increased were : Bht. 370 million
on March 20,
1995
Bht. 650
million on February
25, 1997
Bht. 2,240
million on September
14, 2004
Decreased was : Bht.
1,040 million on October 11,
2005
On October 26,
2005, the registered
capital was increased
to Bht. 1,700 million,
divided into 170,000,000
shares of Bht.
10 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 27,
2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Thai Polyphosphate and
Chemicals Co., Ltd. Nationality : Thai Address : 77
Moo 6, Poochaosamingprai Rd.,
Samrong, Phrapradaeng, Samutprakarn |
64,140,251 |
37.73 |
|
Thai Carbon Black
Public Co., Ltd. Nationality : Thai Address : 888/160-161
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok |
50,982,000 |
29.99 |
|
Thai Rayon Public
Co., Ltd. Nationality : Thai Address : 888/160-161
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok 10330 |
50,960,605 |
29.98 |
|
Thai Industrial Management
Co., Ltd. Nationality : Thai Address : 77
Moo 6, Poochaosamingprai Rd.,
Samrong, Phrapradaeng, Samutprakarn |
2,618,000 |
1.54 |
|
Asseau Incorporate [Hong
Kong] Nationality : Chinese Address : Level
28, Three Pacific Place,
1 Queen’s Road East, Hong Kong |
1,298,244 |
0.76 |
|
Ms. Kasorn Mettachit Nationality : Thai Address : 100/111
Moo 4, T. Namkok,
A. Muang, Rayong |
700 |
- |
|
Mr. Chaiyan Sunder
Mahansaria Nationality : Indian Address : 25/10
Sukhumvit 20 Rd.,
Klongtoey, Phrakanong, Bangkok |
100 |
- |
|
Mr. Khrisna Kischor Maheshwari Nationality : Indian Address : 77
Moo 6, Poochaosamingprai Rd.,
Samrongtai, Phrapradaeng, Samutprakarn |
100 |
- |
Total Shareholders : 8
Share Structure [as
at April 27,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
168,701,556 |
99.24 |
|
Foreign |
3 |
1,298,444 |
0.76 |
|
Total |
8 |
170,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Narong Pantawong No. 3315
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 |
464,341,165 |
86,548,313 |
|
Short-term Investment |
238,000,000 |
- |
|
Trade Accounts &
Other Receivable |
1,971,875,426 |
1,936,859,130 |
|
Short-term Lending to
Related Company |
26,000,000 |
- |
|
Inventories |
1,629,662,135 |
1,725,258,882 |
|
Other Current Assets
Prepayment for
Goods |
158,576,280 |
19,958,847 |
|
Refundable Input
Tax |
63,357,669 |
84,207,918 |
|
Others |
61,148,379 |
56,510,338 |
|
|
|
|
|
Total Current Assets
|
4,612,961,054 |
3,909,343,428 |
|
Investment in Subsidiary |
159,128,044 |
137,131,844 |
|
Real Estate for
Investment |
41,935,350 |
41,935,350 |
|
Fixed Assets |
4,104,610,710 |
4,028,112,812 |
|
Intangible Assets |
7,879,538 |
9,048,086 |
|
Prepayment for Goods |
58,327,516 |
21,713,403 |
|
Other Assets |
8,095,011 |
26,016,686 |
|
Total Assets |
8,992,937,223 |
7,173,301,609 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
161,793,370 |
125,000,000 |
|
Trade Accounts &
Other Payable |
1,075,414,719 |
1,112,994,655 |
|
Current Portion of Long-term
Loan |
- |
50,000,000 |
|
Short-term Loan from Related Company |
217,000,000 |
96,000,000 |
|
Accrued Income Tax |
129,068,800 |
21,404,065 |
|
Other Current Liabilities |
36,731,712 |
37,965,499 |
|
|
|
|
|
Total Current Liabilities |
1,620,008,601 |
1,443,364,219 |
|
|
|
|
|
Reserve for Long-term
Employee Benefits |
100,453,211 |
31,734,637 |
|
Reserve for Assets
Demolishment |
31,673,213 |
30,750,691 |
|
Total Liabilities |
1,752,135,025 |
1,505,849,547 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 170,000,000 shares |
1,700,000,000 |
1,700,000,000 |
|
|
|
|
|
Capital Paid |
1,700,000,000 |
1,700,000,000 |
|
Retained Earning : Appropriated for
Statutory Reserve |
17,894,737 |
8,947,368 |
|
Unappropriated |
5,522,907,461 |
4,958,504,694 |
|
Total Shareholders' Equity |
7,240,802,198 |
6,667,452,062 |
|
Total Liabilities & Shareholders' Equity |
8,992,937,223 |
8,173,301,609 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Sales |
12,457,637,098 |
10,526,524,712 |
|
Other Income |
|
|
|
Gain on Exchange Rate |
59,837,671 |
- |
|
Others |
67,926,105 |
60,505,225 |
|
Total Revenues |
12,585,400,874 |
10,587,029,937 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
10,141,637,570 |
8,498,584,647 |
|
Selling Expenses |
1,004,217,954 |
828,249,808 |
|
Administrative Expenses |
314,591,846 |
295,823,310 |
|
Loss on Diminution
of Assets |
120,785,666 |
3,089,411 |
|
Loss on Exchange Rate |
- |
7,652,175 |
|
Total Expenses |
11,581,233,036 |
9,633,399,351 |
|
|
|
|
|
Profit Before Financial Cost &
Income Tax |
1,004,167,838 |
953,630,586 |
|
Financial Cost |
[9,494,294] |
[10,981,471] |
|
|
|
|
|
Profit Before Income Tax |
994,673,544 |
942,649,115 |
|
Income Tax |
[192,763,520] |
[97,005,537] |
|
|
|
|
|
Net Profit / [Loss] |
801,910,024 |
845,643,578 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.85 |
2.71 |
|
QUICK RATIO |
TIMES |
1.67 |
1.40 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.04 |
2.61 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.39 |
1.47 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
58.65 |
74.10 |
|
INVENTORY TURNOVER |
TIMES |
6.22 |
4.93 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
57.77 |
67.16 |
|
RECEIVABLES TURNOVER |
TIMES |
6.32 |
5.43 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
38.70 |
47.80 |
|
CASH CONVERSION CYCLE |
DAYS |
77.72 |
93.45 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
81.41 |
80.73 |
|
SELLING & ADMINISTRATION |
% |
10.59 |
10.68 |
|
INTEREST |
% |
0.08 |
0.10 |
|
GROSS PROFIT MARGIN |
% |
19.62 |
19.84 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.06 |
9.06 |
|
NET PROFIT MARGIN |
% |
6.44 |
8.03 |
|
RETURN ON EQUITY |
% |
11.07 |
12.68 |
|
RETURN ON ASSET |
% |
8.92 |
11.79 |
|
EARNING PER SHARE |
BAHT |
4.72 |
4.97 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.19 |
0.21 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.24 |
0.23 |
|
TIME INTEREST EARNED |
TIMES |
105.77 |
86.84 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
18.35 |
|
|
OPERATING PROFIT |
% |
5.30 |
|
|
NET PROFIT |
% |
(5.17) |
|
|
FIXED ASSETS |
% |
1.90 |
|
|
TOTAL ASSETS |
% |
25.37 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
19.62 |
Impressive |
Industrial
Average |
13.98 |
|
Net Profit Margin |
6.44 |
Impressive |
Industrial
Average |
4.31 |
|
Return on Assets |
8.92 |
Impressive |
Industrial
Average |
4.00 |
|
Return on Equity |
11.07 |
Impressive |
Industrial
Average |
7.52 |
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 19.62%. 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 6.44%, 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 8.92%, 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 11.07%, 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 |
2.85 |
Impressive |
Industrial
Average |
1.63 |
|
Quick Ratio |
1.67 |
|
|
|
|
Cash Conversion Cycle |
77.72 |
|
|
|
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 2.85 times in 2011, increased from 2.71 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 1.67 times in 2011,
increased from 1.4 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 78 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.19 |
Impressive |
Industrial
Average |
0.41 |
|
Debt to Equity Ratio |
0.24 |
Impressive |
Industrial
Average |
0.75 |
|
Times Interest Earned |
105.77 |
Impressive |
Industrial
Average |
6.16 |
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 105.77 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 0.19 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 |
3.04 |
Impressive |
Industrial
Average |
1.65 |
|
Total Assets Turnover |
1.39 |
Impressive |
Industrial
Average |
0.94 |
|
Inventory Conversion Period |
58.65 |
|
|
|
|
Inventory Turnover |
6.22 |
Impressive |
Industrial
Average |
5.52 |
|
Receivables Conversion Period |
57.77 |
|
|
|
|
Receivables Turnover |
6.32 |
Impressive |
Industrial
Average |
4.67 |
|
Payables Conversion Period |
38.70 |
|
|
|
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.55.34 |
|
|
1 |
Rs.88.50 |
|
Euro |
1 |
Rs.70.74 |
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.