MIRA
INFORM REPORT
|
Report Date : |
03.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
THAI GLASS
INDUSTRIES PUBLIC COMPANY
LIMITED |
|
|
|
|
Registered Office : |
15 Moo 1,
Rajburana Road, Rajburana, Bangkok 10140 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
18.12.1972 |
|
|
|
|
Com. Reg. No.: |
0107537000041 |
|
|
|
|
Legal Form : |
Public
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer of glass packaging products |
|
|
|
|
No. of Employees : |
1,400 |
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 : |
Usually correct |
|
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 (31.03.2012) |
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
THAI
GLASS INDUSTRIES PUBLIC
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 15
MOO 1, RAJBURANA ROAD,
RAJBURANA,
BANGKOK 10140,
THAILAND
TELEPHONE : [66] 2427-0060-4
FAX :
[66] 2427-6603
EMAIL
ADDRESS : vichienr@bjc.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1972
REGISTRATION
NO. : 0107537000041 [Former : BOR
MOR JOR 251]
TAX
ID NO. : 3101088755
CAPITAL REGISTERED : BHT. 1,170,000,000
CAPITAL PAID-UP : BHT.
1,170,000,000
SHAREHOLDER’S PROPORTION : THAI :
99.96%
FOREIGN :
0.04%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
WERAPON HIRUNVIWATKUN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 1,400
LINES
OF BUSINESS : GLASS
PACKAGING PRODUCTS
MANUFACTURER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on December
18, 1972 as
a private limited
company under the
registered name THAI
GLASS INDUSTRIES CO.,
LTD. by Thai
groups. It is
one of Thailand’s
leading manufacturers of
glass packaging products.
On April 25,
1975, the subject
was listed on
the Stock Exchange
of Thailand, and
its status was
converted to a
public limited company
under the name
THAI GLASS INDUSTRIES
PUBLIC COMPANY LIMITED
on January 3, 1994.
On December 29,
1998 the subject
revoked its name
from the Stock Exchange
of Thailand. It
currently employs 1,400
staff. The subject
is a subsidiary
of Berli Jucker
Public Company Limited.
The subject’s registered address
is 15 Moo 1,
Rajburana Rd., Rajburana, Bangkok
10140, and this
is the company’s
current operation address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Aswin
Taechacharoenvikul : Chairman |
|
Thai |
37 |
|
Mr. Sitthichai
Chaikriengkrai |
|
Thai |
59 |
|
Mrs. Thapanee
Taechacharoenvikul |
|
Thai |
37 |
|
Mrs. Vipada Duangrat |
|
Thai |
59 |
|
Mr. Pathapong Eiamsuro |
|
Thai |
54 |
|
Mr. Teerapol Kiatsuranont |
|
Thai |
55 |
|
Mr. Manus Manoonchai |
|
Thai |
58 |
|
Mr. Werapon Hirunviwatkun |
|
Thai |
51 |
|
Mr. Sumeth Valaisathien |
|
Thai |
58 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Werapon Hirunviwatkun is
the Managing Director.
He is Thai
nationality with the
age of 51
years old.
Mr. Veerasak Chongcharoenchai is
the Operation Manager [Rajburana].
He is Thai
nationality.
Mr. Manawat Thongsen is
the Operation Manager [Bangplee].
He is Thai
nationality.
Mr. Pongsak Suthisripook is
the Senior Manager Planning,
Purchasing and Logistics.
He is Thai
nationality.
Mr. Vichien Rungwattanakij is
the Sales & Marketing Manager. [Packaging Products Division of Berli Jucker
Public Co., Ltd.]
He is Thai
nationality.
Mr. Chusak Suya is
the Human Resources
Manager.
He is Thai
nationality.
Mr. Suponchai Somboonpatarakit is
the Technical &
Engineering Service Director.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer
wide range of
glass packaging products,
including bottle and
jar for variety
of industries such
as foods, beverage [drinking water,
soda water], pharmaceutical, health
drink, energy drink,
non-alcoholic drink, and alcoholic
beverage [beer, whisky, wine,
cooler].
The subject is
the largest glassware
manufacturer in Thailand.
PRODUCTIONS
3,300 tons/day
PURCHASE
Raw materials such
as sand, limestone, sodium
sulphate, coke dust
and chemical are
purchased mainly from
local suppliers, the
remaining is imported
from United States of America, Germany, Republic
of China, Sweden
and Japan.
MAJOR SUPPLIERS
ACI Pty. Ltd. : Australia
Owens-Brockway Illinois Inc. :
United States of
America
SALES [LOCAL]
100% of the
products has been
marketed by the
Packaging Products Division
of Berli Jucker
Public Company Limited,
the parent company.
SUBSIDIARIES & AFFILIATED
COMPANIES
The subject is
not found to have any subsidiaries or affiliated companies
here in Thailand.
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
according to 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.
BANKING
The Standard Chartered
Bank [Thai] Public Co.,
Ltd.
[Bangkok Branch
: 990 Rama
4 Rd., Bangrak,
Bangkok 10500]
The
Siam Commercial Bank
Public Co., Ltd.
[Suksawad Branch :
Suksawad Rd., Bangkok]
Kasikornbank
Public Co., Ltd.
[Head Office :
1 Kasikorn Lane,
Rajburana Rd., Rajburana,
Bangkok 10140]
Bangkok
Bank Public Co.,
Ltd.
[Head Office :
333 Silom Rd.,
Bangrak, Bangkok 10500]
EMPLOYMENT
The subject employs
approximately 1,400 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is owned
for operating administrative office
and factory I on
40,000 square meters
of land area
at the heading
address. Premise is located
in commercial/residential area.
The factory II
is located at
78 Moo 3,
Soi Wat Srivaree
Noi, Bangna-Trad Road,
K.M. 18, Bangplee,
Samutprakarn 10540 Thailand.
Tel : [66]
2337-1207, 2740-5001, Fax :
[66] 2337-1221.
Sales & Marketing Office :
99 Berli Jucker
House, Soi Rubia,
Sukhumvit 42 Rd.,
Phrakanong, Klongtoey,
Bangkok 10110. Tel.:
[66] 2367-1511, 2367-1518,
Fax: [66] 2367-1000.
COMMENT
The subject has been
operating for four
decades and is
free to sell the
products to customers
in various major
industries i.e. beer,
liquor, soft drinks, health
drinks and etc. The subject’s
products are of high
quality and competitive
in price. It
has been enjoying
a high market
share, and the
business is expanding
steadily.
Over the years, the subject
has been actively
supporting various industrial
sector such as food and beverage. In the past year,
the company has
performed well and
enhanced the competitiveness of
the glass industries
in the country.
Generally, the subject’s business
is stable and
remains profitable.
At present, the
subject’s products are
marketed and sole
distributed by the Packaging
Product Division of
Berli Jucker Public
Co., Ltd., the parent
company.
FINANCIAL INFORMATION
The capital was
registered at Bht. 12,000,000 divided
into 120,000 shares
of Bht. 100 each.
The capital was
increased later as
followings :
Bht. 80,000,000 on
June 5, 1973
Bht. 100,000,000
on August 15,
1975
Bht. 130,000,000
on September 7,
1977
Bht. 195,000,000
on January 20,
1981
Bht. 260,000,000
on August 13,
1991
Bht. 585,000,000
in 1995
Bht. 1,170,000,000 in
2000
The latest registered capital
was increased to 1,170,000,000 divided
into 117,000,000 shares of
Bht. 10 each
with fully paid.
MAIN SHAREHOLDERS : [as at
April 26, 2012]
|
NAME |
HOLDING |
% |
|
Berli Jucker Public Co., Ltd. Nationality: Thai Address : 99 Soi Rubia, Sukhumvit 42 Rd., Klongtoey, Bangkok |
115,355,235 |
98.59 |
|
Mr. Santi Pruekwatananont Nationality: Thai Address : 58 Sab Rd., Siphaya, Bangrak, Bangkok |
242,090 |
0.20 |
|
Mrs. Orasa Pruekwatananont Nationality: Thai Address : 120/6 Moo 6, Tharaeng, Bangkhen, Bangkok |
182,090 |
0.15 |
|
Mrs. Pasana Teng-amnuay Nationality: Thai Address : 307, 307/1 Charansanitwong 40 Rd., Bangplad, Bangkok |
137,000 |
0.12 |
|
Mrs. Vilai Pruekwatananont Nationality: Thai Address : 58 Sab Rd., Siphaya, Bangrak, Bangkok |
102,000 |
0.09 |
|
Others |
981,585 |
0.85 |
Total Shareholders : 221
Share Structure [as
at April 26,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
219 |
116,956,200 |
99.96 |
|
Foreign |
2 |
43,800 |
0.04 |
|
Total |
221 |
117,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Nittaya Chetchotiros No. 4439
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash in Hand
& at Bank |
28,689,973 |
4,402,893 |
8,368,491 |
|
Trade Accounts Receivable |
1,561,696,307 |
1,339,054,935 |
1,198,795,726 |
|
Other Receivable -
Related Company |
98,457,546 |
27,769,446 |
36,735,128 |
|
Inventories |
1,016,687,162 |
1,056,239,595 |
1,070,047,150 |
|
Other Current Assets |
155,914,081 |
10,850,188 |
18,233,422 |
|
|
|
|
|
|
Total Current Assets
|
2,861,445,069 |
2,438,317,057 |
2,332,179,917 |
|
Investment in Subsidiary Company |
- |
- |
324,982,781 |
|
Investment in Associated
Company |
80,000,000 |
80,000,000 |
80,000,000 |
|
Fixed Assets |
3,519,275,930 |
4,042,844,094 |
4,524,542,114 |
|
Intangible Assets |
2,791,707 |
1,265,160 |
791,612 |
|
Deferred Income Tax Assets |
58,974,824 |
49,429,754 |
130,641,067 |
|
Other Non-current Assets |
62,736,555 |
64,323,395 |
78,015,022 |
|
Total Assets |
6,585,224,085 |
6,676,179,460 |
7,471,152,513 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Short-term Loan from Bank |
1,232,000,000 |
5,000,000 |
891,500,000 |
|
Trade Accounts Payable |
796,343,612 |
833,685,959 |
629,382,734 |
|
Current Portion of
Long-term Loans from Related
Company |
- |
1,600,000,000 |
- |
|
Current Portion of Long-term
Loan |
248,500,000 |
334,000,000 |
334,000,000 |
|
Other Payable -Related Company
|
97,160,064 |
237,738,594 |
372,221,006 |
|
Purchase Assets Payable |
3,199,726 |
107,086,688 |
116,611,892 |
|
Accrued Income Tax |
34,073,133 |
95,081,489 |
- |
|
Other Current Liabilities |
135,988,214 |
117,343,499 |
111,291,382 |
|
|
|
|
|
|
Total Current Liabilities |
2,547,264,749 |
3,329,936,229 |
2,455,007,014 |
|
Long-term Loan from
Bank |
- |
248,500,000 |
582,500,000 |
|
Long-term Loan from
Related Company |
1,000,000,000 |
- |
1,600,000,000 |
|
Reserve for Employees’
Pension |
237,333,972 |
125,671,445 |
122,281,434 |
|
Total Liabilities |
3,784,598,721 |
3,704,107,674 |
4,759,788,448 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 117,000,000 shares |
1,170,000,000 |
1,170,000,000 |
1,170,000,000 |
|
|
|
|
|
|
Capital Paid |
1,170,000,000 |
1,170,000,000 |
1,170,000,000 |
|
Retained Earning Appropriated for Statutory Reserve |
117,000,000 |
117,000,000 |
117,000,000 |
|
Other Reserve |
4,000,000 |
4,000,000 |
4,000,000 |
|
Unappropriated |
1,509,625,364 |
1,681,071,786 |
1,420,364,065 |
|
Total Shareholders' Equity |
2,800,625,364 |
2,972,071,786 |
2,711,364,065 |
|
Total Liabilities &
Shareholders' Equity |
6,585,224,085 |
6,676,179,460 |
7,471,152,513 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales |
7,246,305,343 |
6,828,112,034 |
5,984,257,070 |
|
Other Income |
200,573,120 |
27,922,719 |
28,142,710 |
|
Total Revenues |
7,446,878,463 |
6,856,034,753 |
6,012,399,780 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods Sold
|
6,436,451,660 |
5,707,672,940 |
5,376,559,899 |
|
Selling Expenses |
286,057,801 |
275,646,721 |
266,746,746 |
|
Administrative Expenses |
123,782,669 |
103,323,899 |
81,184,013 |
|
Loss on Diminution
in Value of Investment in
Subsidiary |
- |
3,982,782 |
6,794,482 |
|
Other Expenses |
- |
- |
21,847,808 |
|
Financial Cost |
84,574,497 |
102,416,427 |
136,560,301 |
|
Total Expenses |
6,930,866,627 |
6,193,042,769 |
5,889,693,249 |
|
Profit / [Loss] before Income Tax |
516,011,836 |
662,991,984 |
122,706,531 |
|
Income Tax |
[170,595,344] |
[197,534,263] |
[36,294,949] |
|
|
|
|
|
|
Net Profit / [Loss] |
345,416,492 |
465,457,721 |
86,411,582 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.12 |
0.73 |
0.95 |
|
QUICK RATIO |
TIMES |
0.66 |
0.41 |
0.51 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.06 |
1.69 |
1.32 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.10 |
1.02 |
0.80 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
57.65 |
67.55 |
72.64 |
|
INVENTORY TURNOVER |
TIMES |
6.33 |
5.40 |
5.02 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
78.66 |
71.58 |
73.12 |
|
RECEIVABLES TURNOVER |
TIMES |
4.64 |
5.10 |
4.99 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
45.16 |
53.31 |
42.73 |
|
CASH CONVERSION CYCLE |
DAYS |
91.16 |
85.81 |
103.03 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
88.82 |
83.59 |
89.85 |
|
SELLING & ADMINISTRATION |
% |
5.66 |
5.55 |
5.81 |
|
INTEREST |
% |
1.17 |
1.50 |
2.28 |
|
GROSS PROFIT MARGIN |
% |
13.94 |
16.82 |
10.63 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.12 |
9.71 |
2.05 |
|
NET PROFIT MARGIN |
% |
4.77 |
6.82 |
1.44 |
|
RETURN ON EQUITY |
% |
12.33 |
15.66 |
3.19 |
|
RETURN ON ASSET |
% |
5.25 |
6.97 |
1.16 |
|
EARNING PER SHARE |
BAHT |
2.95 |
3.98 |
0.74 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.57 |
0.55 |
0.64 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.35 |
1.25 |
1.76 |
|
TIME INTEREST EARNED |
TIMES |
6.10 |
6.47 |
0.90 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
6.12 |
14.10 |
|
|
OPERATING PROFIT |
% |
(22.17) |
440.31 |
|
|
NET PROFIT |
% |
(25.79) |
438.65 |
|
|
FIXED ASSETS |
% |
(12.95) |
(10.65) |
|
|
TOTAL ASSETS |
% |
(1.36) |
(10.64) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is 6.12%. Turnover has increased from THB
6,828,112,034.00 in 2010 to THB 7,246,305,343.00 in 2011. While net profit has
decreased from THB 465,457,721.00 in 2010 to THB 345,416,492.00 in 2011. And
total assets has decreased from THB 6,676,179,460.00 in 2010 to THB
6,585,224,085.00 in 2011.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
13.94 |
Impressive |
Industrial
Average |
13.86 |
|
Net Profit Margin |
4.77 |
Impressive |
Industrial
Average |
4.01 |
|
Return on Assets |
5.25 |
Impressive |
Industrial
Average |
2.19 |
|
Return on Equity |
12.33 |
Impressive |
Industrial
Average |
4.61 |
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. Gross Profit Margin is 13.94%. When compared with the industry
average, the ratio of the company was higher, 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 4.77%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant
position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
5.25%, 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 12.33%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a
dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.12 |
Impressive |
Industrial
Average |
0.65 |
|
Quick Ratio |
0.66 |
|
|
|
|
Cash Conversion Cycle |
91.16 |
|
|
|
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 1.12 times in 2011, decrease from 0.73 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 0.66 times in 2011,
increase from 0.41 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 92 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.57 |
Acceptable |
Industrial
Average |
0.53 |
|
Debt to Equity Ratio |
1.35 |
Risky |
Industrial
Average |
1.09 |
|
Times Interest Earned |
6.10 |
Impressive |
Industrial
Average |
3.29 |
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 6.11 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 0.57 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 Downtrend
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.06 |
Impressive |
Industrial
Average |
0.70 |
|
Total Assets Turnover |
1.10 |
Impressive |
Industrial
Average |
0.59 |
|
Inventory Conversion Period |
57.65 |
|
|
|
|
Inventory Turnover |
6.33 |
Impressive |
Industrial
Average |
3.94 |
|
Receivables Conversion Period |
78.66 |
|
|
|
|
Receivables Turnover |
4.64 |
Acceptable |
Industrial
Average |
7.09 |
|
Payables Conversion Period |
45.16 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.64 and 5.10 in
2011 and 2010 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2011
decreased from 2010. This would suggest the company had deteriorated in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has decreased from 68 days at the
end of 2010 to 58 days at the end of 2011. This represents a positive trend.
And Inventory turnover has increased from 5.4 times in year 2010 to 6.33 times
in year 2011.
The company's Total Asset Turnover is calculated as 1.1 times and 1.02
times in 2011 and 2010 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.33 |
|
|
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.69.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.