MIRA
INFORM REPORT
|
Report Date : |
13.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
THAI
POLYMER SUPPLY CO., LTD. |
|
|
|
|
Registered Office : |
406 Soi Thonglor, Sukhumvit 55 Road, Klongtonnua, Klongtoey, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
26.02.1982 |
|
|
|
|
Com. Reg. No.: |
0105525006986 [Former : 698/2525] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and distributor of engineering plastics & related products |
|
|
|
|
No. of Employees : |
320 |
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 – 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 POLYMER SUPPLY CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 406
SOI THONGLOR, SUKHUMVIT
55 ROAD,
KLONGTONNUA, KLONGTOEY,
BANGKOK 10110,
THAILAND
TELEPHONE : [66] 2750-7296,
2730-1240
FAX :
[66] 2750-7299,
2730-1010
E-MAIL
ADDRESS : info@thaipolymer.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1982
REGISTRATION
NO. : 0105525006986 [Former :
698/2525]
TAX
ID NO. : 3101242539
CAPITAL REGISTERED : BHT. 200,000,000
CAPITAL PAID-UP : BHT. 180,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
CHAK SUEMANOTHAM, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 320
LINES
OF BUSINESS : ENGINEERING PLASTICS
& RELATED PRODUCTS
IMPORTER AND
DISTRIBUTOR
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 February
26, 1982 as
a private limited
company under the name style
THAI POLYMER SUPPLY CO,.,
LTD., by Thai
group, Suemanotham family,
with the business
objective to import
and distribute engineering plastics
and related products
to local market.
It currently employs
320 staff.
The subject’s registered
address is 406
Soi Thonglor, Sukhumvit
55 Rd., Klongtonnua,
Klongtoey, Bangkok 10110, and
this is company’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality
|
Age
|
|
|
|
|
|
|
Mr. Chak Suemanotham |
|
Thai
|
57 |
|
Mrs. Arunee Suemanotham |
|
Thai |
59 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Chak Suemanotham
is the Managing
Director.
He is Thai
nationality with the
age of 57
years old.
Mr. Komsan Suemanotham
is the Deputy
Managing Director.
He is Thai nationality.
Mr. Pitikorn Hangavichit is
the Factory &
Product Manager.
He is Thai
nationality.
Mr. Mana Sosongchan
is the Sales
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is an importer
and distributor of
engineering and related
products, which can
be divided into
5 main products
as follows:
- Engineering Plastics
-
Plastics,
polyurethane, silicone, rubber
and tapes.
- Air Supply
-
“HITACHI”
inkjet printer, air
compressor and air
cooled
-
“MACSA”
laser marking
-
“SEMAC”
labeling & code machine
-
“FUJI”
vacuum pump
-
“SHOWA
DENKI” blower & vacuum pump
-
“TAIYO”
cable
- Insulating “KAMMTEX”
- Fluid System
-
“WILO”
heating, pump, air
conditioner, water supply
-
“JAMES
WALKER”, “TEADIT” gaskets
-
“TEADIT”
valves & pumps
-
“TOYOX”
industrial pressure hoses
-
“CHARLOTTE”, “SC KISUI” plastic
pipe fitting
-
“ESLON”
rubber & elastomer
5. Conveyor & Component
-
“DUNLOP” conveyor belt,
conveyor chain, bearing
support, leveling pad
range, “HCB” & “HABASIT”
PVC conveyor belt,
“TSUBAKI” gripper
chain, lambda chain,
super mill chain.
The subject also provides
lathe service for
various engineering plastic parts
such as bush,
gear, valve, seat,
gaskets, o-ring and
etc.
PURCHASE
60% of the
products are purchased
from local suppliers, and
the remaining 40%
is imported from
Singapore, Korea, Spain,
Japan, Republic of
China, Malaysia, Netherlands,
Brazil, Austria, Germany
and United Kingdom.
MAJOR SUPPLIERS
Uni Conveyer Pte. : Singapore
Hitachi Industrial Equipment
System Co., Ltd. :
Thailand
Masca ID S.A. :
Spain
Wilo Pump GmbH. :
Germany
Praher Valves GmbH. :
Austria
SALES [LOCAL]
100% of its
products is sold
locally to manufacturer,
wholesalers and end-user.
SUBSIDIARIES & AFFILIATED
COMPANIES
Asia Fluoropolymer Co., Ltd.
Business Type : Manufacturer
of plastics
Thakotech Co., Ltd.
Business Type : Flooring
system
Siam Materials &
Engineering Co., Ltd.
Business Type : Distributor
of valve and
pump
Asian Tech & Engineering Co.,
Ltd.
Business Type :
Manufacturer and distributor
of cremator and
incinerator.
Polyurethane Co., Ltd.
Business Type :
Manufacturer and distributor
of polyurethane.
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 on the
credits term of
30-60 days.
Imports are by
L/C on the
credits term of
30-60 days or
T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
[Thonglor Branch,
Sukhumvit 55 Rd.,
Klongtonnua, Wattana, Bangkok]
Citibank NA
[Bangkok Branch,
82 North Sathorn
Rd., Silom, Bangrak,
Bangkok]
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 320 staff.
[office, sales staff and
factory workers]
LOCATION DETAILS
The premise is
owned for operating
office at the
heading address. It
is located in
commercial/residential area.
Factory is
located at :
- 33/54 Moo
10, T. Bangpla,
A. Bangplee, Samutprakarn
Tel.: [66] 2752-3186-9
Warehouses are
located at :
-
33/35 Moo 10,
T. Bangpla, A.
Bangplee, Samutprakarn.
- 33/62 Moo
10, T. Bangpla,
A. Bangplee, Samutprakarn.
Tel: [66]
2750-7296-7, 2752-3185-9 Fax : [66]
2750-7299
Branches
The subject currently
has 29 branches
and shops, located
both in Bangkok
and provincial as
follows:
- 161 Moo 1,
Soi Wat Changkien, Huaykaew, Changpheuk, Chiangmai
- 2/54 Athlete Village
Soi 4, Lauwnadee, Naimuang, Khon
Kaen
- 792/2
Pichaironarongsongkhram
Rd., Pakpreaw, Muang,
Saraburi 18000
- 121/2 Moo 6,
Hmueanwai, Muang, Nakornratchasima
- 25/56 Moo 18,
Klongnueng, Klongluang, Pathumthani
- 2/18 Sanam-Chan, Muang,
Nakornpathom 73000
- 297/207-8 Moo 12,
Najomthien Rd., Nongprue, Banglamung, Chonburi
20260
- 267/196 Muangmai Maptaphut, Muang,
Rayong
- 183 Moo 2,
Hnong Hu Chang
Rd., Koak Lak,
Muang, Rayong
- 8/84 Moo 3,
Leangmuang Rd., Makhamtia, Muang,
Suratthani
- 229 Tesaban Rd.,
Kuanglang, Hadyai, Songkhla
- etc.
COMMENT
The subject was established itself as a
prominent supplier of engineering
plastic and related
products. Its products and
services are renowned for reliability, cost competitiveness and uncompromising standards of international
quality supplying the
products to leading
industries.
The subject
is able to
maintains a leading
role in its
business line.
FINANCIAL INFORMATION
The capital was
registered at Bht.
300,000 divided into
3,000 shares of
Bht. 100 each.
The capital was
increased later as
followings :
Bht.
1,000,000 on September
15, 1986
Bht.
30,000,000 on November
13, 1998
Bht.
49,000,000 on August 1, 2001
Bht.
100,000,000 on December
23, 2003
Bht.
200,000,000 on November
28, 2007
The latest registered
capital was increased
to Bht. 200,000,000
divided into 2,000,000
shares of Bht.
100 each.
THE SHAREHOLDERS LISTED
WERE : [as at
April 30, 2012]
at Bht. 180,000,000
of capitalization
NAME
|
HOLDING
|
% |
|
|
|
|
Mr. Chak
Suemanotham
Nationality: Thai Address : 406
Soi Sukhumvit 55, Sukhumvit Rd.,
Klongtonnua, Watana, Bangkok |
1,000,000 |
50.00 |
Mrs. Arunee
Suemanotham
Nationality: Thai Address : 406
Soi Sukhumvit 55, Sukhumvit Rd.,
Klongtonnua, Watana, Bangkok |
999,995 |
50.00 |
Mr. Suthep
Pha-ngamvichitr
Nationality: Thai Address : 406
Soi Sukhumvit 55, Sukhumvit Rd.,
Klongtonnua, Watana, Bangkok |
1 |
- |
|
Mr. Surachart Pairachwan Nationality: Thai Address : 416/10
Soi Sukhumvit 55, Sukhumvit Rd.,
Klongtonnua, Watana, Bangkok |
1 |
- |
Mr. Vatcharin
Vorapitpong
Nationality: Thai Address : 410/10
Soi Sukhumvit 55, Sukhumvit Rd.,
Klongtonnua, Watana, Bangkok |
1 |
- |
Ms.
Rungnapa Suemanotham
Nationality: Thai Address : 79/32
Moo 1, Asoke-Dindaeng Rd.,
Dindaeng, Bangkok |
1 |
- |
|
Ms. Pornthip Pha-ngamvichitr Nationality: Thai Address : 406
Soi Sukhumvit 55, Sukhumvit Rd.,
Klongtonnua, Watana, Bangkok |
1 |
- |
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
2,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
2,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Supasa-ngad Pemavipark No.
2557
BALANCE SHEET [BAHT]
The latest financial figures published as at December 31, 2011, 2010 & 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
4,040,053.51 |
3,782,852.94 |
5,300,502.55 |
|
Trade Accounts &
Other Receivable |
274,507,671.48 |
236,354,126.63 |
177,463,071.60 |
|
Short-term Lending |
3,306,045.88 |
3,473,045.88 |
3,623,135.38 |
|
Inventories |
332,516,939.25 |
269,143,331.20 |
238,280,946.14 |
|
Other Current Assets
|
1,604,405.47 |
398,180.70 |
7,327,321.41 |
|
|
|
|
|
|
Total Current Assets
|
615,975,115.59 |
513,151,537.35 |
431,994,977.08 |
|
Investment in Associated |
4,999,400.00 |
4,999,400.00 |
4,999,400.00 |
|
Fixed Assets |
275,397,453.95 |
249,072,384.37 |
201,543,321.83 |
|
Other Non - current Assets |
2,147,082.91 |
2,147,082.91 |
- |
|
Total Assets |
898,519,052.45 |
769,370,404.63 |
638,537,698.91 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
285,713,430.67 |
103,836,070.60 |
93,873,369.72 |
|
Trade Accounts & Other
Payable |
275,167,822.83 |
330,319,508.72 |
224,071,892.62 |
|
Current Portion of Long-term
Loans |
11,634,465.04 |
8,251,469.46 |
9,818,685.74 |
|
Short-term Loan |
625,500.00 |
6,625,500.00 |
- |
|
Accrued Income Tax |
5,619,068.46 |
6,106,458.14 |
- |
|
Other Current Liabilities |
- |
- |
29,799,577.70 |
|
|
|
|
|
|
Total Current Liabilities |
578,760,287.00 |
455,139,006.92 |
357,563,525.78 |
|
Long-term Loan |
18,705,054.33 |
29,757,067.35 |
8,688,651.62 |
|
Employee Benefits Obligation |
2,753,710.77 |
- |
- |
|
Total Liabilities |
600,219,052.10 |
484,896,074.27 |
366,252,177.40 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized &
issued share capital
2,000,000 shares |
200,000,000.00 |
200,000,000.00 |
200,000,000.00 |
|
|
|
|
|
|
Capital Paid |
180,000,000.00 |
180,000,000.00 |
180,000,000.00 |
|
Retained Earnings: Appropriated for Statutory Reserve |
2,532,300.00 |
1,422,800.00 |
750,000.00 |
|
Unappropriated |
115,767,700.36 |
103,051,530.36 |
91,535,521.51 |
|
Total Shareholders' Equity |
298,300,000.36 |
284,474,330.36 |
272,285,521.51 |
|
Total Liabilities & Shareholders' Equity |
898,519,052.45 |
769,370,404.63 |
638,537,698.91 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
1,217,860,740.96 |
1,135,637,631.97 |
841,632,117.72 |
|
Service and Rental
Income |
1,088,000.00 |
1,189,800.00 |
1,052,250.00 |
|
Other Income |
2,943,104.54 |
10,220,463.80 |
10,361,594.77 |
|
Total Revenues |
1,221,891,845.50 |
1,147,047,895.77 |
853,045,962.49 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
823,393,743.92 |
778,461,111.36 |
579,682,596.94 |
|
Selling Expenses |
199,633,358.02 |
206,547,341.20 |
136,496,330.27 |
|
Administrative Expenses |
130,745,432.33 |
115,016,628.50 |
102,160,977.28 |
|
Other Expenses |
12,783,569.55 |
669,196.23 |
662,182.88 |
|
Total Expenses |
1,166,556,103.82 |
1,100,694,277.29 |
819,002,087.37 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
55,335,741.68 |
46,353,618.48 |
34,043,875.12 |
|
Financial Costs |
[19,400,707.28] |
[13,033,225.30] |
[13,872,445.15] |
|
Profit before Income
Tax |
35,935,034.40 |
33,320,393.18 |
20,171,429.97 |
|
Income Tax |
[12,109,364.41] |
[11,131,584.33] |
[6,716,054.03] |
|
|
|
|
|
|
Net Profit / [Loss] |
23,825,669.99 |
22,188,808.85 |
13,455,375.94 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.06 |
1.13 |
1.21 |
|
QUICK RATIO |
TIMES |
0.49 |
0.54 |
0.52 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.43 |
4.56 |
4.18 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.36 |
1.48 |
1.32 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
147.40 |
126.19 |
150.03 |
|
INVENTORY TURNOVER |
TIMES |
2.48 |
2.89 |
2.43 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
82.20 |
75.89 |
76.87 |
|
RECEIVABLES TURNOVER |
TIMES |
4.44 |
4.81 |
4.75 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
121.98 |
154.88 |
141.09 |
|
CASH CONVERSION CYCLE |
DAYS |
107.62 |
47.20 |
85.81 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
67.55 |
68.48 |
68.79 |
|
SELLING & ADMINISTRATION |
% |
27.10 |
28.29 |
28.32 |
|
INTEREST |
% |
1.59 |
1.15 |
1.65 |
|
GROSS PROFIT MARGIN |
% |
32.69 |
32.42 |
32.44 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.54 |
4.08 |
4.04 |
|
NET PROFIT MARGIN |
% |
1.95 |
1.95 |
1.60 |
|
RETURN ON EQUITY |
% |
7.99 |
7.80 |
4.94 |
|
RETURN ON ASSET |
% |
2.65 |
2.88 |
2.11 |
|
EARNING PER SHARE |
BAHT |
13.24 |
12.33 |
7.48 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.67 |
0.63 |
0.57 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.01 |
1.70 |
1.35 |
|
TIME INTEREST EARNED |
TIMES |
2.85 |
3.56 |
2.45 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
7.22 |
34.91 |
|
|
OPERATING PROFIT |
% |
19.38 |
36.16 |
|
|
NET PROFIT |
% |
7.38 |
64.91 |
|
|
FIXED ASSETS |
% |
10.57 |
23.58 |
|
|
TOTAL ASSETS |
% |
16.79 |
20.49 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 7.22%. Turnover has increased from THB
1,136,827,431.97 in 2010 to THB 1,218,948,740.96 in 2011. While net profit has
increased from THB 22,188,808.85 in 2010 to THB 23,825,669.99 in 2011. And
total assets has increased from THB 769,370,404.63 in 2010 to THB
898,519,052.45 in 2011.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
32.69 |
Impressive |
Industrial
Average |
21.18 |
|
Net Profit Margin |
1.95 |
Satisfactory |
Industrial
Average |
2.05 |
|
Return on Assets |
2.65 |
Impressive |
Industrial
Average |
2.10 |
|
Return on Equity |
7.99 |
Impressive |
Industrial
Average |
5.18 |
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 32.69%. 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. The company's figure is 1.95%.
When compared with the industry average, the ratio of the company was lower.
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
2.65%, 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 7.99%, 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 : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.06 |
Acceptable |
Industrial
Average |
1.46 |
|
Quick Ratio |
0.49 |
|
|
|
|
Cash Conversion Cycle |
107.62 |
|
|
|
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 1.06 times in 2011, decreased from 1.13 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 0.49 times in 2011,
decreased from 0.54 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 108 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.67 |
Acceptable |
Industrial
Average |
0.57 |
|
Debt to Equity Ratio |
2.01 |
Risky |
Industrial
Average |
1.44 |
|
Times Interest Earned |
2.85 |
Impressive |
Industrial
Average |
2.76 |
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 2.86 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 0.67 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 Downtrend
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.43 |
Impressive |
Industrial
Average |
2.49 |
|
Total Assets Turnover |
1.36 |
Impressive |
Industrial
Average |
1.03 |
|
Inventory Conversion Period |
147.40 |
|
|
|
|
Inventory Turnover |
2.48 |
Satisfactory |
Industrial
Average |
2.78 |
|
Receivables Conversion Period |
82.20 |
|
|
|
|
Receivables Turnover |
4.44 |
Impressive |
Industrial
Average |
3.83 |
|
Payables Conversion Period |
121.98 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.44 and 4.81 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 increased from 126 days at the
end of 2010 to 147 days at the end of 2011. This represents a negative trend.
And Inventory turnover has decreased from 2.89 times in year 2010 to 2.48 times
in year 2011.
The company's Total Asset Turnover is calculated as 1.36 times and 1.48
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
UK Pound |
1 |
Rs.83.78 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.