MIRA
INFORM REPORT
|
Report Date : |
26.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
PTT
POLYMER MARKETING COMPANY
LIMITED |
|
|
|
|
Registered Office : |
9th Floor, Energy Complex Tower A, 555/1 Vibhavadee Rangsit Road, Chatuchak, Bangkok 10900 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
24.06.2005 |
|
|
|
|
Com. Reg. No.: |
0105548082506 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
distributor
and exporter of
wide range of
polymers, specialized in
Polyethylene products, including
High Density Polyethylene [HDPE],
Low Density Polyethylene [LDPE], Linear
Low Density Polyethylene [LLDPE],
under the brand “INNOPLUS”,
as well as
Biopolymer [PLA/ PBS] and Polystyrene
[PS] consisting of
GPPS resin [General Purpose
Polystyrene] and HIPS
resin [High Impact Polystyrene], under
the brand “DIAREX” |
|
|
|
|
No. of Employees : |
120 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the next seven years with a plan to start in 2013.
Source
: CIA
Company name
PTT POLYMER MARKETING
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 9th FLOOR,
ENERGY COMPLEX TOWER
A,
555/1 VIBHAVADEE
RANGSIT ROAD,
CHATUCHAK, BANGKOK
10900, THAILAND
TELEPHONE : [66] 2140-4488
FAX :
[66] 2140-4333
E-MAIL
ADDRESS : export@pttpm.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION
NO. : 0105548082506
TAX
ID NO. : 3380090777
CAPITAL REGISTERED : BHT. 40,000,000
CAPITAL PAID-UP : BHT.
40,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SUPACHOKE LIAMKAEO, THAI
PRESIDENT
NO.
OF STAFF : 120
LINES
OF BUSINESS : POLYMER PRODUCTS
DISTRIBUTOR AND
EXPORTER
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 June 24, 2005 as
a private limited
company under the
name style PTT
POLYMER MARKETING COMPANY
LIMITED, by Thai
groups, to distribute wide
range of polymer
products to both
domestic and international
markets. It currently
employs approximately 120
staff.
Presently,
the subject is
a joint venture
among PTT Public
Company Limited, IRPC
Public Company Limited and
PTT Global Chemical Public
Company Limited, which are
members of PTT group
of companies, the Thailand’s largest petroleum and petrochemical company
and the leading
petrochemical producer in
Asia.
The
subject’s registered address
was initially located
at 555 Ardnarong
Rd., Klongtoey, Bangkok
10110.
On
March 2, 2010
the subject’s registered
address was relocated
to 9th Floor,
Energy Complex Tower
A, 555/1 Vibhavadee
Rangsit Rd., Chatuchak,
Bangkok 10900, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Atthawuth Hiranburana |
[+] |
Thai |
57 |
|
Mr. Somsak Premmanee |
[-] |
Thai |
57 |
|
Mr. Athikom Terbsiri |
[+] |
Thai |
51 |
|
Mr. Pitiphan Theppatimakorn |
[-] |
Thai |
57 |
|
Mr. Supachoke Liamkaeo |
[x] |
Thai |
58 |
|
Mrs. Sriwan Eiamrungroj |
[+] |
Thai |
55 |
|
Mrs. Buppha Amornkiatkajorn |
[-] |
Thai |
55 |
|
Mr. Charnsilp Trinuchakorn |
[+] |
Thai |
53 |
|
Mr. Pramin Phantawesak |
[-] |
Thai |
59 |
AUTHORIZED PERSON
Only the mentioned
director [x] signs
or one of
the mentioned directors
[-] can jointly
sign with anyone
of the directors [+] on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Supachoke Liamkaeo
is the President.
He is Thai
nationality with the
age of 58
years old.
Mr. Saravut Damrichob is
the Vice President,
Finance & Accounting Dept.
He is Thai
nationality.
Mr. Amnuai Phrom-Anant
is the Vice
President, Planning & Business Intelligence
Dept. & Corporate
Support Dept.
He is Thai
nationality.
Ms. Somsri Phanichrungruang is
the Vice President,
Export Sales Dept.
She is Thai
nationality.
Mr. Paiboon Prapussornchaikul is
the Vice President,
Specialty Products Dept.
He is Thai
nationality.
Ms. Ratchaneekorn
Auksaranuwong is the
Vice President, Customer
Service Dept.
She is Thai
nationality.
Mr. Narongchai Pisutpunya is
the Executive Vice
President, Commercial &
Marketing and Acting
Vice President, Domestic
Sales Dept.
He is Thai
nationality.
Mr. Watcharasit Reinsriwong is
the Acting Vice
President, Technical Support
Dept.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in distributing
and exporting wide
range of polymers,
specialized in Polyethylene
products, including High
Density Polyethylene [HDPE],
Low Density Polyethylene [LDPE], Linear
Low Density Polyethylene [LLDPE],
under the brand “INNOPLUS”,
as well as
Biopolymer [PLA/ PBS] and Polystyrene
[PS] consisting of
GPPS resin [General Purpose
Polystyrene] and HIPS
resin [High Impact Polystyrene],
under the brand
“DIAREX”.
PURCHASE
100% of the
products is purchased
from local suppliers.
MAJOR SUPPLIERS
Bangkok Polyethylene Public
Company Limited
HMC Polymer Company
Limited
IRPC
Public Company Limited
PTT
Global Chemical Public
Company Limited
SALES
The products are
sold to customers
both local and
overseas, 60% of
the products is
exported to U.S.A., UAE,
Republic of China, Korea, Singapore,
Taiwan, Japan, India,
Pakistan, Indonesia, Vietnam, Malaysia,
Laos, Australia, Africa,
Middle East and European countries,
the remaining 40%
is sold locally.
SUBSIDIARY AND AFFILIATED
COMPANY
Polymer Marketing DMCC
Business Type :
Distributor of polymer
products
Address :
Unit 406, Indigo
Tower, Plot No. D1,
Jumeirah Lake Towers,
P.O. Box
71645, Dubai, U.A.E.
LITIGATION
Bankruptcy and
Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department for
the past five
years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Sales are by cash or
on the credits
term of 30-60
days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Exports are against
L/C at sight
or T/T.
BANKING
Standard Chartered Bank
[Thai] Public Co.,
Ltd.
Bangkok Bank Public
Co., Ltd.
Siam Commercial Bank
Public Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
120 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Oversea
Office:
Guangzhou
Representative Office
-
China Shin Office
Building, Unit 3803, Building A,
No. 9 Linhexi Road,
Tianhe District, Guangzhou,
510620, Republic of
China.
Ho
Chi Minh City
Representative Office
-
Unit
900, 9th/F., 2A-4A
Ton Duc Thang
Street, Ben Nghe Ward
District 1, Ho
Chi Minh City,
Vietnam.
Shanghai
Representative Office
-
Room
No. 13-012, 13th/F., Hang
Seng Bank Tower,
1000 Lujiazui Ring
Road,
Pudong New Area,
Shanghai 200120, Republic
of China.
Jakarta
Representative Office
-
Sentral
Senayan III, 15th Floor,
Jalan Asia Afrika
No. 8, Gelora Bung
Karno,
Tanah Abang, Jakarta
Pusat 10270, Indonesia.
COMMENT
The industry which produces chemicals
using oil and natural gas as
principal raw materials,
plays a prominent role
in the manufacturing
sector and the
production of consumer goods in particular. Petrochemicals can be transformed into thousands of
industrial and consumer
products, from plastic
to paints and
rubber to textiles.
The
subject has been
established as an arm of PTT group
to bring with
many advantages for PTT’s
wide portfolio of petrochemical
subsidiaries. It will
not only optimise
marketing management
efficiency, but also
reinforce the group’s
competitive edge over its
rivals.
The subject provides the most professional
sales and marketing services to PTT Group’s polymer manufacturing
units, which contributes to the company’s growth and solid business.
The
subject has solid
business and stable
growth.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 40,000,000 divided
into 400,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 26, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
PTT Public Company
Limited Nationality: Thai Address : 555
Vibhavadee Rangsit Rd.,
Chatuchak, Bangkok |
200,000 |
50.00 |
|
IRPC Public Company
Limited Nationality: Thai Address : 299 Moo 5,
Sukhumvit Rd., Cherngnoen,
Muang, Rayong |
100,000 |
25.00 |
|
PTT Global Chemical
Public Company Limited Nationality: Thai Address : Energy
Complex Tower A, 555/1
Vibhavadee Rangsit Rd.,
Chatuchak, Bangkok |
99,998 |
25.00 |
|
Mrs. Vilawan Songcharoen Nationality: Thai Address : 34/42 Moo 3, Salathamsop, Taweewatana, Bangkok |
1 |
- |
|
Mrs. Pilasphan Udomjarumanee Nationality: Thai Address : 35
Srinakarin Rd., Nongbon,
Prawes, Bangkok |
1 |
- |
Total Shareholders : 5
Share Structure [as at April
26, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
400,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
400,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Sukhumaporn
Wongariyaporn No. 4843
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2012, 2011 &
2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
2,667,119,456 |
2,042,313,394 |
1,619,712,768 |
|
Trade Accounts Receivable - Other Company |
4,167,853,755 |
3,296,591,733 |
2,320,043,249 |
|
- Related Company |
118,979,898 |
123,902,439 |
41,810,715 |
|
Account Receivable - Related Company |
4,717,442 |
4,712,947 |
2,861,744 |
|
Inventories |
408,106,997 |
471,961,024 |
392,362,091 |
|
Refundable Value Added Tax |
513,844,832 |
470,127,945 |
308,421,502 |
|
Prepayment |
7,417,326 |
3,903,385 |
3,362,431 |
|
Other Current Assets
|
22,740,427 |
17,371,143 |
14,972,282 |
|
|
|
|
|
|
Total Current Assets
|
7,910,780,133 |
6,430,884,010 |
4,703,546,782 |
|
Investment in Subsidiaries |
1,959,695 |
1,959,695 |
1,959,695 |
|
Fixed Assets |
30,732,207 |
39,325,675 |
51,959,933 |
|
Intangible Assets |
53,612,612 |
50,117,140 |
62,880,871 |
|
Other Assets -Deposit
|
12,320,460 |
11,701,627 |
11,123,837 |
|
Deferred Income Tax |
6,502,421 |
5,754,803 |
7,448,038 |
|
Total Assets |
8,015,907,528 |
6,539,742,950 |
4,838,919,156 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade
Accounts Payable
- Other Company |
20,462,115 |
35,252,395 |
21,906,157 |
|
- Related Company |
7,075,390,491 |
5,819,960,736 |
4,383,414,119 |
|
Account
Payable - Related Company |
70,428,946 |
46,637,004 |
43,049,059 |
|
Current
Portion of Financial Lease
Contract Liabilities |
1,333,310 |
3,100,506 |
3,272,519 |
|
Pre-receipt from
Customer |
123,735,767 |
46,113,112 |
25,418,621 |
|
Accrued
Expenses |
63,406,411 |
40,381,926 |
22,695,608 |
|
Accrued
Income Tax |
26,090,980 |
47,588,435 |
38,430,483 |
|
Other
Current Liabilities |
14,413,880 |
29,947,459 |
12,796,827 |
|
|
|
|
|
|
Total Current
Liabilities |
7,395,261,900 |
6,068,981,573 |
4,550,983,393 |
|
Reserve
for Employee’s Benefit |
32,512,105 |
28,774,015 |
24,826,794 |
|
Financial
Lease Contract Liabilities,
Net of Current Portion |
- |
1,333,310 |
2,842,940 |
|
Total Liabilities |
7,427,774,005 |
6,099,088,898 |
4,578,653,127 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share
capital : Baht 100 par
value
authorized, issued and
fully paid share
capital 400,000 shares |
40,000,000 |
40,000,000 |
40,000,000 |
|
|
|
|
|
|
Capital
Paid |
40,000,000 |
40,000,000 |
40,000,000 |
|
Retained
Earning - Unappropriated |
548,133,523 |
400,654,052 |
220,266,029 |
|
Total Shareholders' Equity |
588,133,523 |
440,654,052 |
260,266,029 |
|
Total Liabilities
& Shareholders' Equity |
8,015,907,528 |
6,539,742,950 |
4,838,919,156 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales |
70,647,856,998 |
62,704,682,520 |
38,845,637,570 |
|
Other Income |
216,441,789 |
267,009,487 |
152,697,018 |
|
Total Revenues |
70,864,298,787 |
62,971,692,007 |
38,998,334,588 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
68,922,935,516 |
61,185,819,617 |
37,834,558,754 |
|
Selling Expenses |
1,336,605,765 |
1,151,258,205 |
722,438,012 |
|
Administrative Expenses |
415,706,614 |
376,862,910 |
310,012,589 |
|
Total Expenses |
70,675,247,895 |
62,713,940,732 |
38,867,009,355 |
|
|
|
|
|
|
Profit before Financial Cost & Income Tax |
189,050,892 |
257,751,275 |
131,325,233 |
|
Financial Cost |
[116,924] |
[258,725] |
[2,088,536] |
|
|
|
|
|
|
Profit before Income Tax |
188,933,968 |
257,492,550 |
129,236,697 |
|
Income Tax |
[41,454,497] |
[77,104,527] |
[38,530,103] |
|
Net Profit / [Loss] |
147,479,471 |
180,388,023 |
90,706,594 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.07 |
1.06 |
1.03 |
|
QUICK RATIO |
TIMES |
0.94 |
0.90 |
0.88 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2,298.82 |
1,594.50 |
747.61 |
|
TOTAL ASSETS TURNOVER |
TIMES |
8.81 |
9.59 |
8.03 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
2.16 |
2.82 |
3.79 |
|
INVENTORY TURNOVER |
TIMES |
168.88 |
129.64 |
96.43 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
21.53 |
19.19 |
21.80 |
|
RECEIVABLES TURNOVER |
TIMES |
16.95 |
19.02 |
16.74 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
0.11 |
0.21 |
0.21 |
|
CASH CONVERSION CYCLE |
DAYS |
23.59 |
21.79 |
25.37 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
97.56 |
97.58 |
97.40 |
|
SELLING & ADMINISTRATION |
% |
2.48 |
2.44 |
2.66 |
|
INTEREST |
% |
0.00 |
0.00 |
0.01 |
|
GROSS PROFIT MARGIN |
% |
2.75 |
2.85 |
3.00 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.27 |
0.41 |
0.34 |
|
NET PROFIT MARGIN |
% |
0.21 |
0.29 |
0.23 |
|
RETURN ON EQUITY |
% |
25.08 |
40.94 |
34.85 |
|
RETURN ON ASSET |
% |
1.84 |
2.76 |
1.87 |
|
EARNING PER SHARE |
BAHT |
368.70 |
450.97 |
226.77 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.93 |
0.93 |
0.95 |
|
DEBT TO EQUITY RATIO |
TIMES |
12.63 |
13.84 |
17.59 |
|
TIME INTEREST EARNED |
TIMES |
1,616.87 |
996.24 |
62.88 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
12.67 |
61.42 |
|
|
OPERATING PROFIT |
% |
(26.65) |
96.27 |
|
|
NET PROFIT |
% |
(18.24) |
98.87 |
|
|
FIXED ASSETS |
% |
(21.85) |
(24.32) |
|
|
TOTAL ASSETS |
% |
22.57 |
35.15 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 12.67%. Turnover has increased from THB
62,704,682,520.00 in 2011 to THB 70,647,856,998.00 in 2012. While net profit
has decreased from THB 180,388,023.00 in 2011 to THB 147,479,471.00 in 2012.
And total assets has increased from THB 6,539,742,950.00 in 2011 to THB
8,015,907,528.00 in 2012.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
2.75 |
Deteriorated |
Industrial Average |
24.08 |
|
Net Profit Margin |
0.21 |
Deteriorated |
Industrial Average |
2.06 |
|
Return on Assets |
1.84 |
Deteriorated |
Industrial Average |
5.28 |
|
Return on Equity |
25.08 |
Impressive |
Industrial Average |
11.96 |
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 2.75%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have problems with control over its costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 0.21%. 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. When compared with the
industry average, it was lower, the company's figure is 1.84%.
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 25.08%, 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 |
1.07 |
Acceptable |
Industrial Average |
1.63 |
|
Quick Ratio |
0.94 |
|
|
|
|
Cash Conversion Cycle |
23.59 |
|
|
|
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 1.07 times in 2012, increased from 1.06 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 0.94 times in 2012,
increased from 0.9 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 24 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.93 |
Acceptable |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
12.63 |
Risky |
Industrial Average |
1.33 |
|
Times Interest Earned |
1,616.87 |
Impressive |
Industrial Average |
0.85 |
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 1616.87 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 0.93 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 :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
2,298.82 |
Impressive |
Industrial Average |
1.46 |
|
Total Assets Turnover |
8.81 |
Impressive |
Industrial Average |
2.53 |
|
Inventory Conversion Period |
2.16 |
|
|
|
|
Inventory Turnover |
168.88 |
Impressive |
Industrial Average |
7.40 |
|
Receivables Conversion Period |
21.53 |
|
|
|
|
Receivables Turnover |
16.95 |
Impressive |
Industrial Average |
4.53 |
|
Payables Conversion Period |
0.11 |
|
|
|
The company's Account Receivable Ratio is calculated as 16.95 and 19.02
in 2012 and 2011 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
2012 decreased from 2011. 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 3 days at the end
of 2011 to 2 days at the end of 2012. This represents a positive trend. And
Inventory turnover has increased from 129.64 times in year 2011 to 168.88 times
in year 2012.
The company's Total Asset Turnover is calculated as 8.81 times and 9.59
times in 2012 and 2011 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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.87 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.