MIRA INFORM REPORT
|
Report Date : |
24.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
KHONKAEN GLASS INDUSTRY COMPANY LIMITED |
|
|
|
|
Registered Office : |
32nd Floor, Ocean Tower 1 Building, 170/87 New Ratchadapisek Road, Klongtoey, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
2006 |
|
|
|
|
Com. Reg. No.: |
0105549129832 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and Distributor of Standard Glass Bottles |
|
|
|
|
No. of Employees : |
150 |
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 – 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
KHONKAEN GLASS INDUSTRY COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 32nd FLOOR,
OCEAN TOWER 1
BUILDING,
170/87 NEW
RATCHADAPISEK ROAD,
KLONGTOEY, BANGKOK
10110
TELEPHONE : [66] 2648-6100
FAX : [66] 2648-6198
E-MAIL ADDRESS : marketing@bgiglass.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2006
REGISTRATION NO. 0105549129832
TAX ID NO. : 3032416092
CAPITAL REGISTERED : BHT.
900,000,000
CAPITAL PAID-UP : BHT.
900,000,000
SHAREJOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SURASAK DECHARIN,
THAI
PRESIDENT
NO. OF STAFF : 150
LINES OF BUSINESS : STANDARD GLASS
BOTTLES
MANUFACTURER 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 November
1, 2006 as
a private limited
company under the name
style KHONKAEN GLASS
INDUSTRY COMPANY LIMITED
by Thai groups,
with the business
objective to manufacture
and distribute various
styles of glass
bottle to domestic
market. It currently
employs approximately 150
staff.
Subject is a
joint investment between
Bangkok Glass Company
Limited and Khonkaen
Brewery Co., Ltd.,
which are holding
around 51% and
49% of the subject’s shares
respectively. Both are
member of the
Boonrawd group of
companies.
The subject’s registered
address is 32nd Floor,
Ocean Tower 1 Bldg., 170/87
New Ratchadapisek Rd.,
Klongtoey, Bangkok 10110,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vapee Bhirombhakdee |
|
Thai |
78 |
|
Mr. Santi Bhirombhakdee |
|
Thai |
67 |
|
Mr. Jutinand Bhirombhakdee |
|
Thai |
56 |
|
Mr. Pawin Bhirombhakdee |
|
Thai |
38 |
|
Mr. Rojrith Thepakham |
|
Thai |
54 |
|
Mr. Surasak Decharin |
|
Thai |
65 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Surasak Decharin is
the President.
He is Thai
nationality with the
age of 65
years old.
Mr. Pawin Bhirombhakdee is
the Vice President.
He is Thai
nationality with the
age of 38
years old.
Mr. Santipab Monthon is
the Administration Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and distributing various
styles of standard
glass bottle. The
subject has started
its production in
2007.
PRODUCTION CAPACITY
266,500,000 bottles per
annum
PURCHASE
Most of raw
materials are purchased
from local suppliers,
the remaining and
machinery are imported
from U.S.A., Republic of
China and Germany.
MAJOR SUPPLIER
Bangkok Glass Industry
Company Limited
SALES
100% of the
products is sold
locally to Khonkaen
Brewery Co., Ltd.
RELATED AND AFFILIATED
COMPANIES
Khonkaen Brewery Co.,
Ltd.
Business Type :
Manufacturer of beer
products
Rayong Glass Industry
Co., Ltd.
Business Type :
Manufacturer of glass
bottles
Prachinburi Glass Industry
Co., Ltd.
Business Type :
manufacturer of glass bottles
Ayutthaya Glass Industry
Co., Ltd.
Business Type :
Manufacturer of glass
bottles
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 IRICO’S
DATABASE 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
Kasikornbank Bank Public
Co., Ltd.
Bangkok Bank Public
Co., Ltd.
Krung Thai Bank
Public Co., Ltd.
EMPLOYMENT
The subject employs
approximately 150 office
staff and factory
workers.
LOCATION DETAILS
The premise is
owned administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory and warehouse
are located at
111 Moo 19, 208
Rd., T. Thaphra,
A. Muang, Khonkaen
40260.
Tel. : [66]
43 341-344, 43
261-738, 349-900-14
Fax : [66] 43
261-738, 349-904
Branch office is
located at 114/1
Moo 5, T. Thaphra,
A. Muang, Khonkaen 40260.
COMMENT
The subject is
a manufacturer and distributor
of glass bottle for Khonkaen Brewery
Co., Ltd. Subject
has strong production capability in
order to serve strong demand
with high technology
processing.
Subject’s business performance
remains upbeat as
its products have
been used as a
glass bottle of beer.
Domestic sales also
maintain at good
level. Its business
trend is expanding
steadily.
FINANCIAL INFORMATION
The capital was
registered at Bht.
600,000,000 divided into
6,000,000 shares of
Bht. 100 each.
On June 30,
2008, the capital was
increased to Bht.
900,000,000 divided into
9,000,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 4, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Bangkok Glass Industry
Co., Ltd. Nationality: Thai Address : 170/87
New Ratchadapisek Rd.,
Klongtoey, Bangkok |
4,589,998 |
51.00 |
|
Khonkaen Brewery Co.,
Ltd. Nationality: Thai Address : 333
Moo 19, 208
Rd.,
[Khonkaen-Mahasarakham] T.
Thaphra, A.
Muang, Khonkaen |
4,409,996 |
49.00 |
|
Mr. Vapee Bhirombhakdee Nationality: Thai Address : 2571
Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok |
1 |
- |
|
Mr. Santi Bhirombhakdee Nationality: Thai Address : 7
Sukhumvit 41 Rd.,
Klongton, Wattana, Bangkok |
1 |
- |
|
Mr. Jutinand Bhirombhakdee Nationality: Thai Address : 91
Ramkhamhaeng 12 Rd.,
Huamark,
Bangkapi, Bangkok |
1 |
- |
|
Mr. Rojrith Thepakham Nationality: Thai Address : 15/8
Thungmahamek, Sathorn, Bangkok |
1 |
- |
|
Mr. Surasak Decharin Address :
114 Soi Ramindra 67,
Kannayao, Bangkok |
1 |
- |
|
Mr. Pawin Bhirombhakdee Nationality: Thai Address : 563
Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok |
1 |
- |
Total Shareholders : 8
Share Structure
[as at April
4, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
9,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
9,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Vissuda Jariyathanakorn No.
3853
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
3,922,865 |
6,009,427 |
13,798,863 |
|
Trade Accounts &
Other Receivable |
128,722,119 |
197,159,620 |
267,283,753 |
|
Lending to Parent
Company |
- |
107,000,000 |
- |
|
Short-term Lending to Related
Company |
40,138,130 |
40,426,593 |
- |
|
Inventories |
227,793,006 |
192,866,216 |
190,382,006 |
|
Refundable Value Added
Tax |
- |
- |
91,269,193 |
|
Refundable Import Duty |
6,151,244 |
8,955,161 |
18,801,021 |
|
Other Current Assets
|
16,954,561 |
33,480,515 |
25,916,891 |
|
|
|
|
|
|
Total Current Assets
|
423,681,925 |
585,897,532 |
607,451,727 |
|
Investment in Subsidiary |
130,000,000 |
130,000,000 |
130,000,000 |
|
Other Long-term Investment |
3,870,200 |
2,804,400 |
3,381,215 |
|
Fixed Assets |
2,090,684,197 |
2,282,460,174 |
2,378,938,264 |
|
Computer Programme |
6,219,100 |
7,677,915 |
3,728,115 |
|
Deposit |
451,892 |
423,892 |
328,892 |
|
Total Assets |
2,654,907,314 |
3,009,263,913 |
3,123,828,213 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Short-term Loan from Bank |
632,000,000 |
750,000,000 |
834,500,000 |
|
Trade Accounts & Other Payable
|
202,801,935 |
201,632,217 |
163,283,248 |
|
Short-term Loan from Parent Company |
- |
- |
226,225,968 |
|
Current Portion of Long-term
Loan from Bank |
340,000,000 |
330,000,000 |
230,000,000 |
|
Accrued Income Tax |
2,163,501 |
402,660 |
- |
|
Accrued Expenses |
- |
- |
7,546,582 |
|
Other Current Liabilities |
3,831,256 |
2,573,784 |
10,760,469 |
|
|
|
|
|
|
Total Current Liabilities |
1,180,796,692 |
1,284,608,661 |
1,472,316,267 |
|
Long-term Loan from Bank, Net
of Current Portion |
100,000,000 |
440,000,000 |
470,000,000 |
|
Provision for Long-term
Employee Benefits |
2,130,164 |
1,500,000 |
- |
|
Total Liabilities |
1,282,926,856 |
1,726,108,661 |
1,942,316,267 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 9,000,000 shares |
900,000,000 |
900,000,000 |
900,000,000 |
|
|
|
|
|
|
Capital Paid |
900,000,000 |
900,000,000 |
900,000,000 |
|
Retained Earnings: Appropriated for Statutory Reserve |
18,458,000 |
9,758,000 |
- |
|
Unappropriated |
452,171,087 |
373,111,069 |
280,648,948 |
|
Unrealized Profit from
Change in Value of
Investment |
1,351,371 |
286,183 |
862,998 |
|
Total Shareholders' Equity |
1,371,980,458 |
1,283,155,252 |
1,181,511,946 |
|
Total Liabilities & Shareholders' Equity |
2,654,907,314 |
3,009,263,913 |
3,123,828,213 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
2,253,966,165 |
2,001,902,086 |
1,752,450,907 |
|
Interest Income |
4,670,535 |
1,199,376 |
84,378 |
|
Gain on Exchange Rate |
114,698 |
243,164 |
- |
|
Other Income |
7,064,456 |
3,860,242 |
3,220,528 |
|
Total Revenues |
2,265,815,854 |
2,007,204,868 |
1,755,755,813 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,967,623,254 |
1,668,660,885 |
1,398,935,640 |
|
Selling Expenses |
12,926,401 |
29,553,751 |
58,606,019 |
|
Administrative Expenses |
79,529,341 |
73,013,639 |
55,039,065 |
|
Total Expenses |
2,060,078,996 |
1,771,228,275 |
1,512,580,724 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
205,736,858 |
235,976,593 |
243,175,089 |
|
Financial Costs |
[55,277,792] |
[61,336,297] |
[47,914,789] |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
150,459,066 |
174,640,296 |
195,260,300 |
|
Income Tax |
[2,699,048] |
[420,175] |
[89,505] |
|
|
|
|
|
|
Net Profit / [Loss] |
147,760,018 |
174,220,121 |
195,170,795 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.36 |
0.46 |
0.41 |
|
QUICK RATIO |
TIMES |
0.15 |
0.27 |
0.19 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.08 |
0.88 |
0.74 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.85 |
0.67 |
0.56 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
42.26 |
42.19 |
49.67 |
|
INVENTORY TURNOVER |
TIMES |
8.64 |
8.65 |
7.35 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
20.84 |
35.95 |
55.67 |
|
RECEIVABLES TURNOVER |
TIMES |
17.51 |
10.15 |
6.56 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
37.62 |
44.10 |
42.60 |
|
CASH CONVERSION CYCLE |
DAYS |
25.48 |
34.03 |
62.74 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
87.30 |
83.35 |
79.83 |
|
SELLING & ADMINISTRATION |
% |
4.10 |
5.12 |
6.48 |
|
INTEREST |
% |
2.45 |
3.06 |
2.73 |
|
GROSS PROFIT MARGIN |
% |
13.23 |
16.91 |
20.36 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.13 |
11.79 |
13.88 |
|
NET PROFIT MARGIN |
% |
6.56 |
8.70 |
11.14 |
|
RETURN ON EQUITY |
% |
10.77 |
13.58 |
16.52 |
|
RETURN ON ASSET |
% |
5.57 |
5.79 |
6.25 |
|
EARNING PER SHARE |
BAHT |
16.42 |
19.36 |
21.69 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.48 |
0.57 |
0.62 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.94 |
1.35 |
1.64 |
|
TIME INTEREST EARNED |
TIMES |
3.72 |
3.85 |
5.08 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
12.59 |
14.23 |
|
|
OPERATING PROFIT |
% |
(12.81) |
(2.96) |
|
|
NET PROFIT |
% |
(15.19) |
(10.73) |
|
|
FIXED ASSETS |
% |
(8.40) |
(4.06) |
|
|
TOTAL ASSETS |
% |
(11.78) |
(3.67) |
|
ANNUAL GROWTH : RISKY
An annual sales growth is 12.59%. Turnover has increased from THB
2,001,902,086.00 in 2011 to THB 2,253,966,165.00 in 2012. While net profit has decreased
from THB 174,220,121.00 in 2011 to THB 147,760,018.00 in 2012. And total assets
has decreased from THB 3,009,263,913.00 in 2011 to THB 2,654,907,314.00 in
2012.
PROFITABILITY : EXCELLENT
PROFITABILITY RATIO
|
Gross Profit Margin |
13.23 |
Impressive |
Industrial Average |
5.94 |
|
Net Profit Margin |
6.56 |
Impressive |
Industrial Average |
2.77 |
|
Return on Assets |
5.57 |
Impressive |
Industrial Average |
1.65 |
|
Return on Equity |
10.77 |
Impressive |
Industrial Average |
3.32 |
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 13.23%. 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 6.56%, 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 5.57%, 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 10.77%, 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 Uptrend
LIQUIDITY : ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.36 |
Risky |
Industrial Average |
0.78 |
|
Quick Ratio |
0.15 |
|
|
|
|
Cash Conversion Cycle |
25.48 |
|
|
|
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 0.36 times in 2012, decreased from 0.46 times, then the company may not be
efficiently using its current assets. 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 0.15 times in 2012,
decreased from 0.27 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 26 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.48 |
Acceptable |
Industrial Average |
0.48 |
|
Debt to Equity Ratio |
0.94 |
Impressive |
Industrial Average |
0.92 |
|
Times Interest Earned |
3.72 |
Impressive |
Industrial Average |
0.79 |
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 3.73 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 0.48 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 Downtrend
ACTIVITY : EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.08 |
Impressive |
Industrial Average |
0.02 |
|
Total Assets Turnover |
0.85 |
Impressive |
Industrial Average |
0.63 |
|
Inventory Conversion Period |
42.26 |
|
|
|
|
Inventory Turnover |
8.64 |
Impressive |
Industrial Average |
4.60 |
|
Receivables Conversion Period |
20.84 |
|
|
|
|
Receivables Turnover |
17.51 |
Impressive |
Industrial Average |
2.71 |
|
Payables Conversion Period |
37.62 |
|
|
|
The company's Account Receivable Ratio is calculated as 17.51 and 10.15 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
increased from 2011. This would suggest the company had good performance 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 is
42 days at the end of 2011,
same figure as
in 2012. And Inventory turnover has decreased from
8.65 times in year 2011 to 8.64 times in year 2012.
The company's Total Asset Turnover is calculated as 0.85 times and 0.67
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.99 |
|
|
1 |
Rs.84.19 |
|
Euro |
1 |
Rs.71.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.