MIRA INFORM REPORT
|
Report Date : |
23.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
THAI URETHANE PLASTIC CO., LTD. |
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Registered Office : |
29th Floor, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
02.07.1985 |
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Com. Reg. No.: |
0105528022842 [Former :
2284/2528] |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The subject’s activity
is a manufacturer various kinds of synthetic resin
and polyurethane synthetic leather including alkyd, amino resin, acrylic resin, polyurethane
solution, polyurethane systems
and unsaturated polyester
resin. |
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No. of Employees : |
580 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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) |
|
|
B1 |
B1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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
THAI URETHANE PLASTIC CO., LTD.
SUMMARY
BUSINESS ADDRESS : 29th FLOOR,
CHARN ISSARA TOWER
II,
2922/309 NEW
PETCHBURI ROAD,
BANGKAPI, HUAYKWANG,
BANGKOK 10320,
THAILAND
TELEPHONE : [66] 2308-2088,
2308-7200
FAX : [66] 2308-2784-5,
2308-7260
E-MAIL ADDRESS : export@thaiurethane.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1985
REGISTRATION NO. : 0105528022842 [Former
: 2284/2528]
TAX ID NO. :
3101348873
CAPITAL REGISTERED : BHT.
300,000,000
CAPITAL PAID-UP : BHT.
270,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
NIPON ASWAPANYAWONGSE, THAI
PRESIDENT
NO. OF STAFF : 580
LINES OF BUSINESS : POLYURETHANE LEATHER
& RESIN
MANUFACTURER, DISTRIBUTOR
& 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 July
2, 1985 as
a private limited
company under the
name style THAI URETHANE PLASTIC CO., LTD. by Aswapanyawongse family,
to produce synthetic
resin and polyurethane leather
products for both
local and overseas
markets. It currently
employs 580 staff.
The subject also achieved the
quality standard ISO 9000
certificate for its
production.
The subject’s registered
address is 29th Floor,
Charn Issara Tower
II, 2922/309 New Petchburi
Rd., Bangkapi, Huaykwang, Bangkok
10320, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Nipon Aswapanyawongse |
[x] |
Thai |
79 |
|
Ms. Supatra Aswapanyawongse |
|
Thai |
52 |
|
Ms. Sukanya Aswapanyawongse |
|
Thai |
50 |
AUTHORIZED PERSON
The above director
[x] can sign
or both of
the rest directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Nipon Aswapanyawongse is
the President.
He is Thai
nationality with the
age of 79
years old.
Ms. Sukanya Aswapanyawongse is
the Purchasing Managing.
She is Thai
nationality with the
age of 50
years old.
Ms. Supatra Aswapanyawongse is
the Human Resource
Manager.
She is Thai
nationality with the
age of 52
years old.
Mr. Peera Eiawsakul
is the Factory
Manager I.
He is Thai
nationality.
Ms. Piyawadee Dechapanyachat is
the Factory Manager
II.
She is Thai
nationality.
Mr. Cherngchai Kulsorakij
is the Exports
Manager.
He is Thai
nationality.
Ms. Wanna Preechavanich
is the QA
Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer various kinds of synthetic resin
and polyurethane synthetic leather including alkyd, amino resin, acrylic resin,
polyurethane solution, polyurethane systems
and unsaturated polyester
resin.
PU synthetic leather is
supplied for footwear,
bags & luggage,
stationery, sporting goods,
upholstery, decoration, packaging
& display, and
garment industry, and
synthetic resin products are
supplied to shoe sole,
casting decorative panel,
putty, fiberglass and
PU leather industries.
MAJOR BRAND
“TUP”
PRODUCTION CAPACITY
1,500 tons per month
IMPORT [COUNTRIES]
50% of raw
materials are imported
from Japan, Singapore,
Germany, United States
of America, Korea, Taiwan,
Republic of China and United
Kingdom, and the remaining
50% is purchased from local suppliers.
MAJOR SUPPLIERS
BASF [Thai] Co., Ltd. : Thailand
Bayer Thai Co., Ltd. : Thailand
Shell Company of
Thailand Ltd. :
Thailand
Mitsubishi & Co., Ltd. : Thailand
SALES
The products are
sold by wholesale
to domestic and
overseas customers in
Korea,
Japan, Indonesia, Pakistan,
Philippines, Vietnam, Taiwan,
Republic of China, Finland,
United Kingdom, Italy,
Sweden and Germany.
MAJOR CUSTOMER
Thai Leather Trading
Co., Ltd. : Thailand
SUBSIDIARIES & AFFILIATED COMPANIES
The Urethane Group
of Companies:
MRC Resins [Thailand]
Ltd.
Business Type: Manufacturer of
solvent borne acrylic
resin for paint,
adhesive & ink
Thai Urethane Industrial
Co., Ltd.
Business Type: Manufacturer of
polyurethane synthetic leather
“Dry Process”
TU Chemical Co., Ltd.
Business Type: Manufacturer of
industrial chemicals
TU Land Co., Ltd.
Business Type: Land developer
Synthese Co., Ltd.
Business Type: Manufacturer of
industrial chemical
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.
Imports are by
L/C at sight
or T/T on
the credit term
of 30 days.
Exports are against
L/C at sight
& T/T.
BUSINESS TRANSACTION
The products are sold
to customers by
cash and credit,
with the maximum credit given
at 30-60 days.
The subject is
found to have
late payment by some customers,
but they can negotiate.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Krung Thai Bank
Public Co., Ltd.
[New Petchburi
Branch : 2259 New Petchburi
Rd., Bangkapi, Huaykwang,
Bangkok 10320]
EMPLOYMENT
The subject employs
approximately 580 staff.
LOCATION DETAILS
The premise is
rented for administrative office
on 6,180 square meters
of area at
the heading address.
Premise is located
in commercial/residential area.
Factory locations:
Factory I :
76 Bangna-Trad Rd.,
KM. 25, Bangplee,
Samutprakarn 10540, Thailand,
Land
Area : 32,000
sq.m.
Tel :
[66] 2708-5200-6, Fax
: [66] 2708-4395.
Factory II : 4/2
Moo 1, Bangna-Trad Road,
Bangchalong, Bangplee,
Samutprakarn 10540,
Tel: [66] 2337-0315-6.
COMMENT
The company is the
first manufacturing unit of
Dry Process Polyurethane
Synthetic leather in Thailand.
The company has
placed special emphasis
on quality control
with the research
and development spirit constantly
been improving quality
control techniques, as well as
continuing to better
the quality of its
production and trying
to come up with
good new production
to satisfy the
market both domestic
and overseas. At present, the subject has been
recognized as a
leading quality Polyurethane
Synthetic Leather producer in the
country.
Despite slow consumption
from industrial sector,
its business remains
promising.
FINANCIAL INFORMATION
The capital was
registered at Bht.
20,000,000 divided into 2,000
shares of Bht.
10,000 each.
The capital was increased
later as followings:
Bht. 70,000,000
on September 30,
1994
Bht. 100,000,000
on March 8,
1995
Bht. 200,000,000
on April 11,
1997
Bht. 300,000,000
on December 19,
1997
The latest registered
capital was increased
to Bht. 300,000,000
divided into 30,000,000
shares of Bht.
10 each.
THE SHAREHOLDERS LISTED
WERE
[as at
April 30, 2013]
at Bht. 270,000,000
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Nipon Aswapanyawongse Nationality: Thai Address : 256
Pattanakarn Rd., Suanluang, Bangkok
10250 |
17,999,998 |
60.00 |
|
Ms. Supatra Aswapanyawongse Nationality: Thai Address : 256
Pattanakarn Rd., Suanluang, Bangkok
10250 |
6,000,000 |
20.00 |
|
Ms. Sukanya Aswapanyawongse Nationality: Thai Address : 258 Pattanakarn Rd.,
Suanluang, Bangkok
10250 |
6,000,000 |
20.00 |
|
Mrs. Thipawan Aswapanyawongse Nationality: Thai Address : 258
Pattanakarn Rd., Suanluang, Bangkok
10250 |
2 |
- |
Total Shareholders : 4
Share Structure
[as at April
30, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
30,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
30,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Suchart Sitthichaikasem No.
2053
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 |
11,755,425.36 |
18,218,833.34 |
12,541,095.04 |
|
Trade Accounts & Other Receivable |
306,625,888.04 |
318,824,830.71 |
294,923,817.86 |
|
Short-term Lending to
Person or Related Company |
7,437,552.19 |
6,903,963.00 |
57,289,319.35 |
|
Short-term Lending to Other Person or Business |
350,000.00 |
400,000.00 |
350,000.00 |
|
Inventories |
176,958,876.93 |
170,855,924.06 |
189,546,817.53 |
|
Other Current Assets
|
8,153,368.14 |
7,706,874.43 |
15,385,430.35 |
|
|
|
|
|
|
Total Current Assets
|
511,281,110.66 |
522,910,325.54 |
570,036,480.13 |
|
Long-term Investment
|
151,070,650.00 |
151,070,650.00 |
157,720,650.00 |
|
Fixed Assets |
278,920,799.24 |
305,843,769.11 |
342,701,468.21 |
|
Other Assets |
14,588,993.03 |
12,039,631.31 |
9,079,146.11 |
|
Total Assets |
955,861,552.93 |
991,864,375.96 |
1,079,537,744.45 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
12,838,504.73 |
8,024,436.87 |
18,169,012.73 |
|
Trade Accounts & Other
Payable |
141,561,379.66 |
157,277,847.27 |
146,609,310.21 |
|
Current Portion of
Long-term Loans |
14,448,983.52 |
23,450,055.92 |
30,260,620.57 |
|
Short-term Loan from Person or Other |
30,000,000.00 |
40,000,000.00 |
53,881,000.00 |
|
Accrued Income Tax |
- |
- |
40,000,000.00 |
|
Other Current Liabilities |
561,158.97 |
295,263.07 |
8,351,228.24 |
|
|
|
|
|
|
Total Current Liabilities |
199,410,026.88 |
229,047,603.13 |
297,271,171.75 |
|
Long-term Loan from Person or Other |
- |
14,448,745.90 |
37,768,446.35 |
|
Employee Benefits
Obligation |
353,644.98 |
- |
- |
|
Other Non-current Liabilities |
1,384,670.00 |
166,985.40 |
48,487.50 |
|
Total Liabilities |
201,148,341.86 |
243,663,334.43 |
335,088,105.60 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value Authorized & issued share
capital 30,000,000 shares |
300,000,000.00 |
300,000,000.00 |
300,000,000.00 |
|
|
|
|
|
|
Capital Paid |
270,000,000.00 |
270,000,000.00 |
270,000,000.00 |
|
Premium on Share Capital |
45,000,000.00 |
45,000,000.00 |
45,000,000.00 |
|
Appropriated for Statutory Reserve |
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
Unappropriated |
429,713,211.07 |
423,201,041.53 |
419,449,638.85 |
|
Total Shareholders' Equity |
754,713,211.07 |
748,201,041.53 |
744,449,638.85 |
|
Total Liabilities & Shareholders' Equity |
955,861,552.93 |
991,864,375.96 |
1,079,537,744.45 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
570,043,072.24 |
587,027,698.32 |
629,307,516.36 |
|
Service Income |
89,820,078.06 |
76,468,060.08 |
78,585,848.84 |
|
Other Income |
15,622,191.66 |
28,433,323.63 |
15,132,433.73 |
|
Total Revenues |
675,485,341.96 |
691,929,082.09 |
723,025,798.93 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
580,740,398.06 |
593,979,827.80 |
638,461,153.16 |
|
Selling Expenses |
17,547,104.56 |
22,949,700.04 |
25,427,463.74 |
|
Administrative Expenses |
58,608,384.94 |
53,374,549.02 |
50,417,958.02 |
|
Loss on Impairment of
Investment |
- |
7,775,000.00 |
- |
|
Other Expenses |
6,277,448.76 |
- |
13,756,995.77 |
|
Total Expenses |
663,173,336.32 |
678,079,076.86 |
728,063,570.69 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost |
12,312,005.64 |
13,850,005.17 |
[5,037,771.76] |
|
Financial Cost |
[5,799,836.10] |
[10,098,602.49] |
[10,236,686.63] |
|
|
|
|
|
|
Net Profit / [Loss] |
6,512,169.54 |
3,751,402.68 |
[15,274,458.39] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.56 |
2.28 |
1.92 |
|
QUICK RATIO |
TIMES |
1.64 |
1.50 |
1.23 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.37 |
2.17 |
2.07 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.69 |
0.67 |
0.66 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
111.22 |
104.99 |
108.36 |
|
INVENTORY TURNOVER |
TIMES |
3.28 |
3.48 |
3.37 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
169.61 |
175.39 |
152.07 |
|
RECEIVABLES TURNOVER |
TIMES |
2.15 |
2.08 |
2.40 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
88.97 |
96.65 |
83.81 |
|
CASH CONVERSION CYCLE |
DAYS |
191.86 |
183.73 |
176.61 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
88.01 |
89.52 |
90.19 |
|
SELLING & ADMINISTRATION |
% |
11.54 |
11.50 |
10.71 |
|
INTEREST |
% |
0.88 |
1.52 |
1.45 |
|
GROSS PROFIT MARGIN |
% |
14.36 |
14.76 |
11.95 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.87 |
2.09 |
(0.71) |
|
NET PROFIT MARGIN |
% |
0.99 |
0.57 |
(2.16) |
|
RETURN ON EQUITY |
% |
0.86 |
0.50 |
(2.05) |
|
RETURN ON ASSET |
% |
0.68 |
0.38 |
(1.41) |
|
EARNING PER SHARE |
BAHT |
0.24 |
0.14 |
(0.57) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.21 |
0.25 |
0.31 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.27 |
0.33 |
0.45 |
|
TIME INTEREST EARNED |
TIMES |
2.12 |
1.37 |
(0.49) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(0.55) |
(6.27) |
|
|
OPERATING PROFIT |
% |
(11.10) |
(374.92) |
|
|
NET PROFIT |
% |
73.59 |
124.56 |
|
|
FIXED ASSETS |
% |
(8.80) |
(10.76) |
|
|
TOTAL ASSETS |
% |
(3.63) |
(8.12) |
|
ANNUAL GROWTH : RISKY
An annual sales growth is -0.55%. Turnover has decreased from THB
663,495,758.40 in 2011 to THB 659,863,150.30 in 2012. While net profit has
increased from THB 3,751,402.68 in 2011 to THB 6,512,169.54 in 2012. And total
assets has decreased from THB 991,864,375.96 in 2011 to THB 955,861,552.93 in
2012.
PROFITABILITY : RISKY
PROFITABILITY RATIO
|
Gross Profit Margin |
14.36 |
Deteriorated |
Industrial Average |
40.70 |
|
Net Profit Margin |
0.99 |
Deteriorated |
Industrial Average |
5.11 |
|
Return on Assets |
0.68 |
Deteriorated |
Industrial Average |
4.22 |
|
Return on Equity |
0.86 |
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 14.36%. 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 0.99%.
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 0.68%.
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 0.86%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY : SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
2.56 |
Impressive |
Industrial Average |
1.72 |
|
Quick Ratio |
1.64 |
|
|
|
|
Cash Conversion Cycle |
191.86 |
|
|
|
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 2.56 times in 2012, increased from 2.28 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 1.64 times in 2012,
increased from 1.5 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 192 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.21 |
Impressive |
Industrial Average |
0.39 |
|
Debt to Equity Ratio |
0.27 |
Impressive |
Industrial Average |
0.65 |
|
Times Interest Earned |
2.12 |
Satisfactory |
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 2.13 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 0.21 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 : SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.37 |
Impressive |
Industrial Average |
0.38 |
|
Total Assets Turnover |
0.69 |
Satisfactory |
Industrial Average |
0.82 |
|
Inventory Conversion Period |
111.22 |
|
|
|
|
Inventory Turnover |
3.28 |
Acceptable |
Industrial Average |
5.15 |
|
Receivables Conversion Period |
169.61 |
|
|
|
|
Receivables Turnover |
2.15 |
Satisfactory |
Industrial Average |
2.38 |
|
Payables Conversion Period |
88.97 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.15 and 2.08 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 has increased from 105 days at the
end of 2011 to 111 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 3.48 times in year 2011 to 3.28 times
in year 2012.
The company's Total Asset Turnover is calculated as 0.69 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.61.78 |
|
|
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.84.49 |
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.