MIRA INFORM REPORT
|
Report Date : |
23.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
PTT PHENOL
COMPANY LIMITED |
|
|
|
|
Registered Office : |
4th Floor,
Energy Complex Building,
555/1 Vibhavadi-Rangsit Road, Jatujak, Bangkok
10900 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
04.06.2004 |
|
|
|
|
Com. Reg. No.: |
0105547075484 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and distributor
of Phenol, Acetone
and BPA for
petrochemical and oil
refinery industries. |
|
|
|
|
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 crisis 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 PHENOL COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 4th FLOOR,
ENERGY COMPLEX BUILDING,
555/1
VIBHAVADI-RANGSIT ROAD,
JATUJAK,
BANGKOK 10900
TELEPHONE : [66] 2140-3600-3
FAX :
[66] 2140-3614,
2140-3611
E-MAIL
ADDRESS : info@pttphenol.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0105547075484 [Former : 0108354704515]
TAX
ID NO. : 3031436077
CAPITAL REGISTERED : BHT. 11,851,200,000
CAPITAL PAID-UP : BHT. 9,001,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PRAMIN PUNTAWEESAK,
THAI
CHIEF EXECUTIVE
OFFICER AND PRESIDENT
EMPLOYEES : 150
LINES
OF BUSINESS : PETROCHEMICAL
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 June 4,
2004 as a
private limited company
under the name style
PTT PHENOL COMPANY
LIMITED, by PTT
group of companies,
initially by a
joint venture among
PTT Public Company
Limited, PTT Chemical Public
Company Limited and PTT Aromatics and Refining Public Company Limited, with
shareholding around 40%, 30%
and 30% of
the subject’s shares
respectively.
In
2011, there was a
merger between PTT
Chemical Public Company
Limited and PTT
Aromatics and Refining
Public Company Limited,
under the new
name PTT Global Chemical
Public Company Limited.
In
2013, the subject
becomes a wholly
owned subsidiary of
PTT Global Chemical
Public Company Limited.
Its
business objective is
to manufacture petrochemical
products, specialized in
Phenol for petrochemical production
and refinery industry.
It currently employs
approximately 150 staff.
The subject’s registered address was initially
located at 123 Vibhavadi-Rangsit Rd., Chompol, Jatujak,
Bangkok 10900.
On
March 2, 2010,
it was relocated
to 4th Flr.,
Energy Complex Bldg.,
555/1 Vibhavadi-Rangsit Rd.,
Jatujak, Bangkok 10900,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Patipan Sukhonthamarn |
|
Thai |
52 |
|
Mr. Thanes Charoensap |
|
Thai |
59 |
|
Mrs. Panthip Ungphasook |
|
Thai |
53 |
|
Mr. Tosaporn Boonyapipat |
|
Thai |
48 |
|
Mr. Pramin Puntaweesak |
|
Thai |
59 |
|
Mr. Bavorn Wongsinudom |
|
Thai |
59 |
|
Mr. Narong Banditkamol |
|
Thai |
59 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Pramin Puntaweesak
is the Chief
Executive Officer and
President.
He is Thai nationality with
the age of 59 years
old.
Mr. Siridej Khumvongdi is
the Vice President
of Administration.
He is Thai
nationality.
Mr. Kamphon Chaikijkosri is
the Vice President
of Operation.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s objective
is a manufacturer
and distributor of
Phenol, Acetone and
BPA for petrochemical
and oil refinery
industries.
PRODUCTION
Phenol : 200,000
tons per annum
Acetone : 124,000
tons per annum
BPA : 150,000
tons per annum
PURCHASE
100% of raw
materials are purchased
from local suppliers
and agents.
MAJOR SUPPLIERS
PTT Global Chemical
Public Company Limited :
Thailand
PTT Public Company
Limited : Thailand
SALES
100% of the
products is sold
locally by wholesale
to petrochemical industry
and oil refinery.
MAJOR CUSTOMERS
IRPC Public Company
Limited
Thai Oil Public
Company Limited
PTT Public Company
Limited
Bangchak Petroleum Public
Company Limited
Chevron Group of
Companies
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to have
any subsidiary or
affiliated company 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 the past two
years.
CREDIT
Sales are by
cash or on
the credit terms
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
BANKING
Bangkok Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
Krung Thai Bank
Public Co., Ltd.
TMB Bank Public
Co., Ltd.
EMPLOYMENT
The
subject currently employs
approximately 150 staff.
LOCATION DETAILS
The premise
is owned for
administrative office at
the heading address. Premise is
located in commercial/residential area.
Factory
and warehouse are
located at 9
Soi G9, Pakornsongkrohraj Rd.,
Maptaphut, Muang, Rayong
21000. Tel :
[66] 38 643-901, Fax
: [66] 38 643-827.
Premise
is on 214,400
square meters of
land area.
COMMENT
PTT Phenol was the
first company to produce phenol in Southeast Asia, the world’s largest market
for this chemical. Phenol is used as a raw material in the production of
plastic polycarbonate.
In
the second half of
2013 many industries
performed worse than
in the first
six months due to
the global economic
slowdown, prompting the Office
of Industrial Economics
to cut its
growth forecast for
industrial gross domestic
product (GDP). It cited the slower
growth of the
global economy and
declining purchasing power
in the Thai market
for the revision. Many
industries’ performance are
expected to drop
in the second
half of the
year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 800,000,000 divided
into 8,000,000 shares
of Bht. 100
each.
The
capital was increased
later as following:
Bht. 4,000,000,000 on
April 10, 2006
Bht. 5,400,000,000 on
September 1, 2006
Bht. 7,000,000,000 on
August 1, 2008
Bht. 9,252,000,000 on
March 24, 2009
Bht. 11,851,200,000 on
July 12, 2013
The
latest registered capital
was increased to Bht. 11,851,200,000 divided
into 118,512,000 shares of
Bht. 100 each,
with the current
capital paid-up at Bht. 9,001,000,000.
THE SHAREHOLDERS
LISTED WERE
[as
at July 11,
2013] at Bht.
9,001,000,000 of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
PTT Global Chemical
Public Company Limited Nationality: Thai Address : 14th - 18th Floor, Energy Complex Building A, 555/1 Vibhavadi-Rangsit Rd.,
Jatujak, Bangkok |
118,511,998 |
100.00 |
|
Mr. Vina Kemajito Nationality: Thai Address : 147
Soi Prachachuen 37,
Prachachuen Rd.,
Bangsue, Bangsue, Bangkok |
1 |
- |
|
Mr. Tosaporn Boonyapipat Nationality: Thai Address : 31/361
Moo 2, T. Thabma,
A. Muang, Rayong |
1 |
- |
Total Shareholders : 3
Share Structure
[as
at July 11,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
118,512,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
118,512,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Vairoj Chindamaneepitak No.
3565
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 [Adjusted] |
2010 [Adjusted] |
|
|
|
|
|
|
Cash and Cash
Equivalents |
3,879,508,669 |
4,155,632,963 |
1,173,140,162 |
|
Short-term Investment |
338,700,000 |
- |
- |
|
Trade Account Receivable - Related Company |
- |
- |
238,125,243 |
|
Trade Account Receivable - Other Companies |
2,172,804,222 |
722,212,507 |
1,297,016,871 |
|
Other Receivable - Related Company |
43,829,891 |
30,918,147 |
2,279,259 |
|
Inventories |
1,444,286,541 |
1,886,260,911 |
691,248,665 |
|
Advance Payment - Related Company
|
- |
- |
649,605 |
|
Advance Payment - Other Companies |
- |
- |
771,585 |
|
Derivative Assets |
14,267,335 |
8,445,208 |
32,820,941 |
|
Refundable Value Added Tax |
75,630,874 |
113,582,186 |
94,140,238 |
|
Other Current Assets
|
6,712,403 |
934,633 |
32,419,517 |
|
Total Current Assets
|
7,975,739,935 |
6,917,986,555 |
3,562,612,086 |
|
|
|
|
|
|
Fixed Assets |
14,027,733,965 |
14,641,017,258 |
15,954,599,887 |
|
Intangible Assets |
970,209,852 |
700,568,724 |
441,637,531 |
|
Leasehold Right - Related
Company |
23,607,707 |
25,914,657 |
28,221,607 |
|
Deferred Income Tax Assets |
104,623,954 |
68,052,542 |
2,741,384 |
|
Other Assets |
207,648,747 |
147,358,226 |
99,743,854 |
|
Total Assets |
23,309,564,160 |
22,500,897,962 |
20,089,556,349 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 [Adjusted] |
2010 [Adjusted] |
|
|
|
|
|
|
Trade Account Payable |
2,803,856,039 |
1,458,618,925 |
991,894,032 |
|
Other Payable – Related Company |
- |
- |
62,678,786 |
|
Other Payable – Other Companies |
530,283,130 |
240,580,818 |
84,697,530 |
|
Construction Project Payable - Related Company |
16,468,305 |
33,645,771 |
33,807,282 |
|
Construction Project Payable - Other Company |
- |
- |
16,230,301 |
|
Current Portion of
Long-term Loan from Financial
Institution |
425,224,038 |
252,800,000 |
158,000,000 |
|
Current Portion of Financial
Lease Contract Liabilities |
2,116,660 |
2,600,736 |
4,117,191 |
|
Derivative |
- |
46,988,072 |
1,896,780 |
|
Other Current Liabilities |
41,269 |
101,217 |
44,153,416 |
|
Total Current Liabilities |
3,777,989,441 |
2,035,335,539 |
1,397,475,318 |
|
Long-term Loan from
Financial Institution |
7,051,364,317 |
8,014,412,394 |
8,737,836,432 |
|
Financial Lease Contract
Liabilities |
- |
3,889,626 |
11,467,506 |
|
Liabilities from Employee
Benefits |
24,304,743 |
18,829,467 |
13,706,921 |
|
Derivatives |
16,255,126 |
84,899,635 |
- |
|
Total Liabilities |
10,869,913,627 |
10,157,366,661 |
10,160,486,177 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized & issued
share capital 92,520,000 shares
|
9,252,000,000 |
9,252,000,000 |
9,252,000,000 |
|
Capital Paid |
8,351,200,000 |
8,351,200,000 |
8,351,200,000 |
|
Retained Earning -
Unappropriated |
4,088,450,533 |
3,929,397,992 |
1,577,870,172 |
|
Total Shareholders' Equity |
12,439,650,533 |
12,280,597,992 |
9,929,070,172 |
|
Total Liabilities &
Shareholders' Equity |
23,309,564,160 |
22,437,964,653 |
20,089,556,349 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 [Adjusted] |
2010 [Adjusted] |
|
|
|
|
|
|
Sales Income |
16,202,588,016 |
15,708,113,865 |
13,167,033,402 |
|
Gain on Exchange Rate |
42,000,807 |
85,556,868 |
39,643,111 |
|
Gain on Derivative Assets |
174,606,840 |
26,001,841 |
29,834,589 |
|
Other Income |
179,306,142 |
99,870,771 |
194,042,737 |
|
Total Revenues |
16,598,501,805 |
15,919,543,345 |
13,430,553,839 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
15,388,781,621 |
12,436,265,724 |
10,126,934,617 |
|
Selling Expenses |
471,573,483 |
352,782,988 |
194,492,092 |
|
Administrative Expenses |
245,740,960 |
226,880,172 |
209,359,681 |
|
Loss on Derivative |
8,445,208 |
216,990,837 |
2,153,840 |
|
Financial Cost |
424,412,713 |
337,473,653 |
219,774,752 |
|
Total Expenses |
16,538,953,985 |
13,570,393,374 |
10,752,714,982 |
|
Loss before Income
Expenses |
59,547,820 |
2,349,149,971 |
2,677,838,857 |
|
Income Expenses [Reverse Income Tax] |
[36,571,412] |
[137,786,209] |
[957,554] |
|
Net Profit / [Loss] |
96,119,232 |
2,486,936,180 |
2,678,796,411 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.11 |
3.40 |
2.55 |
|
QUICK RATIO |
TIMES |
1.70 |
2.41 |
1.94 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.16 |
1.07 |
0.83 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.70 |
0.70 |
0.66 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
34.26 |
55.36 |
24.91 |
|
INVENTORY TURNOVER |
TIMES |
10.65 |
6.59 |
14.65 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
48.95 |
16.78 |
35.95 |
|
RECEIVABLES TURNOVER |
TIMES |
7.46 |
21.75 |
10.15 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
66.50 |
42.81 |
35.75 |
|
CASH CONVERSION CYCLE |
DAYS |
16.70 |
29.33 |
25.12 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
94.98 |
79.17 |
76.91 |
|
SELLING & ADMINISTRATION |
% |
4.43 |
3.69 |
3.07 |
|
INTEREST |
% |
2.62 |
2.15 |
1.67 |
|
GROSS PROFIT MARGIN |
% |
7.47 |
22.18 |
25.09 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.37 |
14.96 |
20.34 |
|
NET PROFIT MARGIN |
% |
0.59 |
15.83 |
20.34 |
|
RETURN ON EQUITY |
% |
0.77 |
20.25 |
26.98 |
|
RETURN ON ASSET |
% |
0.41 |
11.05 |
13.33 |
|
EARNING PER SHARE |
BAHT |
1.15 |
29.78 |
32.08 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.47 |
0.45 |
0.51 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.87 |
0.83 |
1.02 |
|
TIME INTEREST EARNED |
TIMES |
0.14 |
6.96 |
12.18 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
3.15 |
19.30 |
|
|
OPERATING PROFIT |
% |
(97.47) |
(12.27) |
|
|
NET PROFIT |
% |
(96.14) |
(7.16) |
|
|
FIXED ASSETS |
% |
(4.19) |
(8.23) |
|
|
TOTAL ASSETS |
% |
3.59 |
12.00 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 3.15%. Turnover has increased from THB 15,708,113,865.00
in 2011 to THB 16,202,588,016.00 in 2012. While net profit has decreased from
THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
7.47 |
Deteriorated |
Industrial
Average |
40.70 |
|
Net Profit Margin |
0.59 |
Deteriorated |
Industrial
Average |
5.11 |
|
Return on Assets |
0.41 |
Deteriorated |
Industrial Average |
4.22 |
|
Return on Equity |
0.77 |
Deteriorated |
Industrial
Average |
7.30 |
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 7.47%. 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 0.59%. 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 0.41%.
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. When compared with the
industry average, it was lower, the company's figure is 0.77%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY : IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
2.11 |
Impressive |
Industrial
Average |
1.72 |
|
Quick Ratio |
1.70 |
|
|
|
|
Cash Conversion Cycle |
16.70 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets are
readily available to pay off its short-term liabilities. The company's figure
is 2.11 times in 2012, decreased from 3.4 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 1.7 times in 2012,
decreased from 2.41 times, although excluding inventory so the company still
have good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 17 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.47 |
Acceptable |
Industrial
Average |
0.39 |
|
Debt to Equity Ratio |
0.87 |
Impressive |
Industrial
Average |
0.65 |
|
Times Interest Earned |
0.14 |
Risky |
Industrial
Average |
2.13 |
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 0.15 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.47 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.16 |
Impressive |
Industrial
Average |
0.38 |
|
Total Assets Turnover |
0.70 |
Satisfactory |
Industrial
Average |
0.82 |
|
Inventory Conversion Period |
34.26 |
|
|
|
|
Inventory Turnover |
10.65 |
Impressive |
Industrial
Average |
5.15 |
|
Receivables Conversion Period |
48.95 |
|
|
|
|
Receivables Turnover |
7.46 |
Impressive |
Industrial
Average |
2.38 |
|
Payables Conversion Period |
66.50 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.46 and
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 55 days at the
end of 2011 to 34 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 6.59 times in year 2011 to 10.65
times in year 2012.
The company's Total Asset Turnover is calculated as 0.7 in 2012 and
2011. 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.63.02 |
|
UK Pound |
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.84.91 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.