MIRA INFORM REPORT
|
Report Date : |
26.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
VEE RUBBER
CORPORATION LTD. |
|
|
|
|
Registered Office : |
924 Rama
9 Road, Bangkapi, Huaykwang, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
05.01.2009 |
|
|
|
|
Com. Reg. No.: |
0105552000071 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Distributor of Automobile Tyres and Inner Tubes |
|
|
|
|
No. of Employees : |
2,000 |
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) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
With a well-developed infrastructure,
a free-enterprise economy, generally pro-investment policies, and strong export
industries,
|
Source
: CIA |
Company name
VEE
RUBBER CORPORATION LTD.
SUMMARY
BUSINESS
ADDRESS : 924
RAMA 9 ROAD,
BANGKAPI,
HUAYKWANG, BANGKOK
10320
TELEPHONE : [66] 2719-6644-5
FAX :
[66] 2719-6620,
2719-6661-2, 2716-8825
E-MAIL
ADDRESS : info@veerubber.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION
NO. : 0105552000071
CAPITAL REGISTERED : BHT. 249,000,000
CAPITAL PAID-UP : BHT.
249,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
VITORN SUKANJANAPONG, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 2,000
LINES
OF BUSINESS : AUTOMOBILE TYRES
AND INNER TUBES
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
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 January
5, 2009 as a
private limited company
under the name style
VEE RUBBER CORPORATION LTD.,
by Thai
group, Sukanjanapong family,
under the merger
between Vee Rubber
International Co., Ltd.,
Registration No. 0105530020207
and Vee Rubber
Company Limited., Registration
No. 0105520010276, in
order to manufacture wide
range of automotive tyres and
inner tube to
both domestic and
export markets. Subject
currently employs approximately 2,000 staff.
The subject is
a member of
Vee Rubber Group
of companies.
The subject’s registered
address is 924
Rama 9 Rd., Bangkapi,
Huaykwang, Bangkok 10320,
and this the
subject’s current operation
address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vitorn Sukanjanapong |
|
Thai |
64 |
|
Mr. Vichit Sukanjanapong |
|
Thai |
58 |
|
Mr. Veerapol Sukanjanapong |
|
Thai |
58 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Vitorn Sukanjanapong is
the Managing Director.
He is Thai
nationality with the
age of 64
years old.
Mr.
Vichit Sukanjanapong is
the Deputy Managing
Director and Marketing
Manager.
He is Thai
nationality with the
age of 58
years old.
Mr. Pinyo Patradilok
is the Sales
Manager.
He is Thai
nationality.
Mr. Tanate Watanapongsakul is
the Purchasing Manager.
He is Thai
nationality.
Mr. Nitas Kongmoon
is the Factory
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer of
automobile tyre and
inner tube as
followings: various tyres
for go-kart, motorcycle,
bicycle, mountain bike,
trailer, ATV car, passenger
car and truck,
under its own
brands “VEE RUBBER”
and “V-TECH”.
PURCHASE
Raw materials, chemical
and nylon cord
are imported from
Japan, India, Malaysia,
Korea, Taiwan and Republic
of China, as
well as are
purchased from local
suppliers.
EXPORT [COUNTRY]
80%
of its products
is exported to European
countries, United States of
America, Canada, Latin
America, Japan, Singapore, Australia,
New Zealand, Malaysia,
South Africa and
Middle East country.
SALES [LOCAL]
20% of its
products is sold
locally to wholesalers
and dealers.
MAJOR CUSTOMERS [DEALER]
Vee Karnchana Mart
Co., Ltd. : Thailand
Luck 888 Co.,
Ltd. : Thailand
Yang T.N.K. 2004
Limited Partnership :
Thailand
Muang Ngam Ubol
Limited Partnership :
Thailand
Siam Yang Yont
Shop : 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 for the
past two years.
SUBSIDIARIES & AFFILIATED
COMPANIES
Vee Rubber Group
of companies comprising:
Vee Tyre and
Rubber Co., Ltd.
Business Type : Manufacturer
of tyres for
truck, motorcycle and
bicycle
Vee Karnchana Mart
Co., Ltd.
Business Type : Distributor
of automobile tyres
Vee Rubber [Petchaburi]
Co., Ltd.
Business Type : Manufacturer
of tyres
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office :
333 Silom Rd.,
Silom, Bangrak, Bangkok
10500]
Bank
of Ayudhya Public
Co., Ltd.
[Head Office : 1222
Rama 3 Rd., Bangpongpang, Yannawa,
Bangkok 10120]
TMB Bank Public
Co., Ltd.
[Head Office : 3000
Phaholyothin Rd., Jompol,
Jatujak, Bangkok]
EMPLOYMENT
The subject employs
approximately 2,000 staff.
[office, sales staff
and factory workers]
LOCATION DETAILS
The premise is rented for administrative office in a 7 storey building at
the heading address.
Premise is located
in commercial/residential area.
Factories are as
follows:
Factory I :
87/5 Moo 4,
T. Bankoah, A.
Muang, Samutsakorn 74000
Tel.
[66] 34 422-908,
34 422-809, 34
424-062.
Factory II : 22/3
Moo 2, Bangpraew-Phrapratone Rd.,
T. Chaimongkol,
A. Muang, Samutsakorn
74000.
Factory III :
14/7 Moo 2,
Bangpraew-Phrapratone Rd., T. Chaimongkol,
A. Muang, Samutsakorn
74000.
Factory IV : 159/1
Moo 1, T. Khaoyoy,
A. Khaoyoy, Petchburi 76140.
Factory V : 94/1
Moo 1, T. Khaoyoy,
A. Khaoyoy, Petchburi 76140.
COMMENT
With
long experience in manufacturing automotive
tyres and inner
tubes for more than
30 years, the subject is doing
solid business and growth remains strong
in line with improvement of
automotive industry.
The company is regarded
as a world leader
in the manufacture
of vehicle tyres. The
company produces tyres
of all shapes
and sizes from bikes
to large commercial
vehicles and trucks.
At present, its
products lead to
even greater demand
and the company
enjoyed constant growth
not only in Thailand
but also overseas.
FINANCIAL INFORMATION
The capital was
registered at Bht.
249,000,000 divided into
2,490,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Vitorn Sukanjanapong Nationality: Thai Address : 142/37
North Sathorn Rd.,
Silom,
Bangrak, Bangkok |
1,424,019 |
57.19 |
|
Mr. Veerapol Sukanjanapong Nationality: Thai Address : 142/35
North Sathorn Rd., Silom,
Bangrak, Bangkok |
425,117 |
17.07 |
|
Mr. Vichit Sukanjanapong Nationality: Thai Address : 488/60
Soi Sukhumvit 55, Klongtonnua,
Wattana, Bangkok |
425,117 |
17.07 |
|
Mr. Viwat Sukanjanapong Nationality: Thai Address : 90
Moo 7, T. Pangla,
A. Sadoaw, Songkhla |
194,985 |
7.83 |
|
Mrs. Inthira Sukanjanapong Nationality: Thai Address : 108
Niphat-uthit 1 Rd., A. Hadyai, Songkhla |
17,573 |
0.71 |
|
Mrs. Suree Sukanjanapong Nationality: Thai Address : 36/18
Moo 16, Bangkaew,
Bangplee, Samutprakarn
|
3,189 |
0.13 |
Total Shareholders : 6
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
2,490,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
2,490,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Orachorn Sarasak No.
2814
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 |
75,669,506.64 |
50,712,285.61 |
50,341,493.04 |
|
Short-term Investment |
411,269.64 |
444,277.82 |
376,710.44 |
|
Trade Account Receivable
|
982,633,493.32 |
975,859,981.79 |
824,652,780.97 |
|
Short-term Lending |
54,237,950.91 |
35,994,871.52 |
37,052,037.05 |
|
Inventories |
924,458,145.34 |
1,145,116,702.48 |
793,177,074.41 |
|
Other Current Assets |
2,261,353.10 |
7,889,517.28 |
12,895,704.76 |
|
Total Current Assets
|
2,039,671,718.95 |
2,216,017,636.50 |
1,718,495,800.67 |
|
Other Long-term Investment |
93,208,439.22 |
93,208,439.22 |
93,208,439.22 |
|
Fixed Assets |
511,316,141.64 |
503,720,746.07 |
504,474,478.93 |
|
Other Non-current Assets |
34,969,401.74 |
52,724,028.91 |
70,028,757.25 |
|
Total Assets |
2,679,165,701.55 |
2,865,670,850.70 |
2,386,207,476.07 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institution |
1,650,355,492.62 |
1,777,307,727.40 |
1,313,690,736.60 |
|
Trade Account & Other Payable |
326,198,333.91 |
378,617,621.69 |
322,695,688.01 |
|
Short-term Loan |
14,800,000.00 |
27,700,000.00 |
- |
|
Current Portion of
Long-term Loan |
- |
- |
21,380,000.00 |
|
Accrued Income Tax |
5,082,398.76 |
5,314,508.99 |
- |
|
Other Current Liabilities |
6,038,839.13 |
3,689,520.16 |
49,609,961.47 |
|
Total Current Liabilities |
2,002,475,064.42 |
2,192,629,378.24 |
1,707,376,386.08 |
|
Employee Benefits Obligation |
46,827,958.07 |
33,458,424.65 |
- |
|
Other Long-term Loan |
- |
- |
91,481.05 |
|
Other Non-current Liabilities |
329,493.00 |
792,897.00 |
288,026.26 |
|
Total Liabilities |
2,049,632,515.49 |
2,226,880,699.89 |
1,707,755,893.39 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 2,490,000 shares |
249,000,000.00 |
249,000,000.00 |
249,000,000.00 |
|
Capital Paid |
249,000,000.00 |
249,000,000.00 |
249,000,000.00 |
|
Retained Earning Appropriated for Statutory Reserve |
6,000,000.00 |
6,000,000.00 |
6,000,000.00 |
|
Unappropriated |
374,533,186.06 |
383,790,150.81 |
423,451,582.68 |
|
Total Shareholders' Equity |
629,533,186.06 |
638,790,150.81 |
678,451,582.68 |
|
Total Liabilities &
Shareholders' Equity |
2,679,165,701.55 |
2,865,670,850.70 |
2,386,207,476.07 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales |
3,499,591,297.36 |
3,353,844,145.04 |
2,864,892,511.63 |
|
Other Income |
15,432,433.24 |
29,994,820.68 |
9,998,321.25 |
|
Total Revenues |
3,515,023,730.60 |
3,383,838,965.72 |
2,874,890,832.88 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,222,266,978.02 |
3,123,591,227.50 |
2,601,946,826.25 |
|
Selling Expenses |
89,380,852.92 |
84,448,339.07 |
99,988,121.64 |
|
Administrative Expenses |
91,197,171.44 |
88,405,302.77 |
103,392,461.55 |
|
Total Expenses |
3,402,845,002.38 |
3,296,444,869.34 |
2,805,327,409.44 |
|
Profit / [Loss] before Financial Cost & Income Tax |
112,178,728.22 |
87,394,096.38 |
69,563,423.44 |
|
Financial Cost |
[85,659,878.11] |
[71,686,698.85] |
[49,338,442.10] |
|
Profit / [Loss] before Income Tax |
26,518,850.11 |
15,707,397.53 |
20,224,981.34 |
|
Income Tax |
[8,700,250.87] |
[9,658,727.30] |
[9,182,371.77] |
|
Net Profit / [Loss] |
17,818,599.24 |
6,048,670.23 |
11,042,609.57 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.02 |
1.01 |
1.01 |
|
QUICK RATIO |
TIMES |
0.56 |
0.48 |
0.53 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.84 |
6.66 |
5.68 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.31 |
1.17 |
1.20 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
104.72 |
133.81 |
111.27 |
|
INVENTORY TURNOVER |
TIMES |
3.49 |
2.73 |
3.28 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
102.49 |
106.20 |
105.06 |
|
RECEIVABLES TURNOVER |
TIMES |
3.56 |
3.44 |
3.47 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
36.95 |
44.24 |
45.27 |
|
CASH CONVERSION CYCLE |
DAYS |
170.25 |
195.77 |
171.06 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
92.08 |
93.13 |
90.82 |
|
SELLING & ADMINISTRATION |
% |
5.16 |
5.15 |
7.10 |
|
INTEREST |
% |
2.45 |
2.14 |
1.72 |
|
GROSS PROFIT MARGIN |
% |
8.37 |
7.76 |
9.53 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.21 |
2.61 |
2.43 |
|
NET PROFIT MARGIN |
% |
0.51 |
0.18 |
0.39 |
|
RETURN ON EQUITY |
% |
2.83 |
0.95 |
1.63 |
|
RETURN ON ASSET |
% |
0.67 |
0.21 |
0.46 |
|
EARNING PER SHARE |
BAHT |
7.16 |
2.43 |
4.43 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.77 |
0.78 |
0.72 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.26 |
3.49 |
2.52 |
|
TIME INTEREST EARNED |
TIMES |
1.31 |
1.22 |
1.41 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
4.35 |
17.07 |
|
|
OPERATING PROFIT |
% |
28.36 |
25.63 |
|
|
NET PROFIT |
% |
194.59 |
(45.22) |
|
|
FIXED ASSETS |
% |
1.51 |
(0.15) |
|
|
TOTAL ASSETS |
% |
(6.51) |
20.09 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 4.35%. Turnover has increased from THB 3,353,844,145.04
in 2011 to THB 3,499,591,297.36 in 2012. While net profit has increased from
THB 6,048,670.23 in 2011 to THB 17,818,599.24 in 2012. And total assets has
decreased from THB 2,865,670,850.70 in 2011 to THB 2,679,165,701.55 in 2012.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.37 |
Deteriorated |
Industrial
Average |
112.00 |
|
Net Profit Margin |
0.51 |
Deteriorated |
Industrial
Average |
6.13 |
|
Return on Assets |
0.67 |
Deteriorated |
Industrial
Average |
6.60 |
|
Return on Equity |
2.83 |
Deteriorated |
Industrial
Average |
12.09 |
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 8.37%. 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 0.51%.
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 0.67%.
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 2.83%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.02 |
Satisfactory |
Industrial
Average |
1.33 |
|
Quick Ratio |
0.56 |
|
|
|
|
Cash Conversion Cycle |
170.25 |
|
|
|
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 1.02 times in 2012, increase from 1.01 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 0.56 times in 2012,
increased from 0.48 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 171 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.77 |
Acceptable |
Industrial
Average |
0.49 |
|
Debt to Equity Ratio |
3.26 |
Risky |
Industrial
Average |
0.79 |
|
Times Interest Earned |
1.31 |
Impressive |
Industrial
Average |
0.14 |
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 1.31 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 0.77 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 Uptrend
Times Interest Earned Downtrend
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.84 |
Impressive |
Industrial
Average |
(0.44) |
|
Total Assets Turnover |
1.31 |
Impressive |
Industrial
Average |
1.10 |
|
Inventory Conversion Period |
104.72 |
|
|
|
|
Inventory Turnover |
3.49 |
Acceptable |
Industrial
Average |
5.47 |
|
Receivables Conversion Period |
102.49 |
|
|
|
|
Receivables Turnover |
3.56 |
Impressive |
Industrial
Average |
1.34 |
|
Payables Conversion Period |
36.95 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.56 and 3.44 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 decreased from 134 days at the
end of 2011 to 105 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 2.73 times in year 2011 to 3.49 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.31 times and 1.17
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 Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.63 |
|
|
1 |
Rs.99.94 |
|
Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%) Maket trend (10%) Operational
size (10%)
MIRA INFORM REPORT
|
Report Date : |
26.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
VEE RUBBER
CORPORATION LTD. |
|
|
|
|
Registered Office : |
924 Rama
9 Road, Bangkapi, Huaykwang, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
05.01.2009 |
|
|
|
|
Com. Reg. No.: |
0105552000071 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Distributor of Automobile Tyres and Inner Tubes |
|
|
|
|
No. of Employees : |
2,000 |
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) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies,
and strong export industries,
|
Source
: CIA |
Company
name
VEE
RUBBER CORPORATION LTD.
SUMMARY
BUSINESS
ADDRESS : 924
RAMA 9 ROAD,
BANGKAPI,
HUAYKWANG, BANGKOK
10320
TELEPHONE : [66] 2719-6644-5
FAX :
[66] 2719-6620,
2719-6661-2, 2716-8825
E-MAIL
ADDRESS : info@veerubber.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION
NO. : 0105552000071
CAPITAL REGISTERED : BHT. 249,000,000
CAPITAL PAID-UP : BHT.
249,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
VITORN SUKANJANAPONG, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 2,000
LINES
OF BUSINESS : AUTOMOBILE TYRES
AND INNER TUBES
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
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 January
5, 2009 as a
private limited company
under the name style
VEE RUBBER CORPORATION LTD.,
by Thai
group, Sukanjanapong family,
under the merger
between Vee Rubber
International Co., Ltd.,
Registration No. 0105530020207
and Vee Rubber
Company Limited., Registration
No. 0105520010276, in
order to manufacture wide
range of automotive tyres and
inner tube to both domestic
and export markets.
Subject currently employs
approximately 2,000 staff.
The subject is
a member of
Vee Rubber Group
of companies.
The subject’s registered
address is 924
Rama 9 Rd., Bangkapi,
Huaykwang, Bangkok 10320,
and this the
subject’s current operation
address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vitorn Sukanjanapong |
|
Thai |
64 |
|
Mr. Vichit Sukanjanapong |
|
Thai |
58 |
|
Mr. Veerapol Sukanjanapong |
|
Thai |
58 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Vitorn Sukanjanapong is
the Managing Director.
He is Thai
nationality with the
age of 64
years old.
Mr.
Vichit Sukanjanapong is
the Deputy Managing
Director and Marketing
Manager.
He is Thai
nationality with the
age of 58
years old.
Mr. Pinyo Patradilok
is the Sales
Manager.
He is Thai
nationality.
Mr. Tanate Watanapongsakul is
the Purchasing Manager.
He is Thai
nationality.
Mr. Nitas Kongmoon
is the Factory
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer of
automobile tyre and
inner tube as
followings: various tyres
for go-kart, motorcycle,
bicycle, mountain bike,
trailer, ATV car, passenger
car and truck,
under its own
brands “VEE RUBBER”
and “V-TECH”.
PURCHASE
Raw materials, chemical
and nylon cord
are imported from
Japan, India, Malaysia,
Korea, Taiwan and Republic
of China, as
well as are
purchased from local
suppliers.
EXPORT [COUNTRY]
80%
of its products
is exported to European
countries, United States of
America, Canada, Latin
America, Japan, Singapore, Australia,
New Zealand, Malaysia,
South Africa and
Middle East country.
SALES [LOCAL]
20% of its
products is sold
locally to wholesalers
and dealers.
MAJOR CUSTOMERS [DEALER]
Vee Karnchana Mart
Co., Ltd. : Thailand
Luck 888 Co.,
Ltd. : Thailand
Yang T.N.K. 2004
Limited Partnership :
Thailand
Muang Ngam Ubol
Limited Partnership :
Thailand
Siam Yang Yont
Shop : 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 for the
past two years.
SUBSIDIARIES & AFFILIATED
COMPANIES
Vee Rubber Group
of companies comprising:
Vee Tyre and
Rubber Co., Ltd.
Business Type : Manufacturer
of tyres for
truck, motorcycle and
bicycle
Vee Karnchana Mart
Co., Ltd.
Business Type : Distributor
of automobile tyres
Vee Rubber [Petchaburi]
Co., Ltd.
Business Type : Manufacturer
of tyres
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office :
333 Silom Rd.,
Silom, Bangrak, Bangkok
10500]
Bank
of Ayudhya Public
Co., Ltd.
[Head Office : 1222
Rama 3 Rd., Bangpongpang, Yannawa,
Bangkok 10120]
TMB Bank Public
Co., Ltd.
[Head Office : 3000
Phaholyothin Rd., Jompol,
Jatujak, Bangkok]
EMPLOYMENT
The subject employs
approximately 2,000 staff.
[office, sales staff
and factory workers]
LOCATION DETAILS
The premise is rented for administrative office in a 7 storey building at
the heading address.
Premise is located
in commercial/residential area.
Factories are as
follows:
Factory I : 87/5
Moo 4, T.
Bankoah, A. Muang,
Samutsakorn 74000
Tel.
[66] 34 422-908,
34 422-809, 34
424-062.
Factory II : 22/3
Moo 2, Bangpraew-Phrapratone Rd.,
T. Chaimongkol,
A. Muang, Samutsakorn
74000.
Factory III :
14/7 Moo 2,
Bangpraew-Phrapratone Rd., T. Chaimongkol,
A. Muang, Samutsakorn
74000.
Factory IV : 159/1
Moo 1, T. Khaoyoy,
A. Khaoyoy, Petchburi 76140.
Factory V : 94/1
Moo 1, T. Khaoyoy,
A. Khaoyoy, Petchburi 76140.
COMMENT
With
long experience in manufacturing automotive
tyres and inner
tubes for more than
30 years, the subject is doing
solid business and growth remains strong
in line with improvement of
automotive industry.
The company is regarded
as a world leader
in the manufacture
of vehicle tyres. The
company produces tyres
of all shapes
and sizes from bikes
to large commercial
vehicles and trucks.
At present, its
products lead to
even greater demand
and the company
enjoyed constant growth
not only in Thailand
but also overseas.
FINANCIAL INFORMATION
The capital was
registered at Bht.
249,000,000 divided into
2,490,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Vitorn Sukanjanapong Nationality: Thai Address : 142/37
North Sathorn Rd.,
Silom, Bangrak, Bangkok
|
1,424,019 |
57.19 |
|
Mr. Veerapol Sukanjanapong Nationality: Thai Address : 142/35
North Sathorn Rd., Silom,
Bangrak, Bangkok |
425,117 |
17.07 |
|
Mr. Vichit Sukanjanapong Nationality: Thai Address : 488/60
Soi Sukhumvit 55,
Klongtonnua,
Wattana, Bangkok |
425,117 |
17.07 |
|
Mr. Viwat Sukanjanapong Nationality: Thai Address : 90
Moo 7, T. Pangla,
A. Sadoaw, Songkhla |
194,985 |
7.83 |
|
Mrs. Inthira Sukanjanapong Nationality: Thai Address : 108
Niphat-uthit 1 Rd., A. Hadyai, Songkhla |
17,573 |
0.71 |
|
Mrs. Suree Sukanjanapong Nationality: Thai Address : 36/18
Moo 16, Bangkaew,
Bangplee,
Samutprakarn |
3,189 |
0.13 |
Total Shareholders : 6
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
2,490,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
2,490,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Orachorn Sarasak No.
2814
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 |
75,669,506.64 |
50,712,285.61 |
50,341,493.04 |
|
Short-term Investment |
411,269.64 |
444,277.82 |
376,710.44 |
|
Trade Account Receivable
|
982,633,493.32 |
975,859,981.79 |
824,652,780.97 |
|
Short-term Lending |
54,237,950.91 |
35,994,871.52 |
37,052,037.05 |
|
Inventories |
924,458,145.34 |
1,145,116,702.48 |
793,177,074.41 |
|
Other Current Assets |
2,261,353.10 |
7,889,517.28 |
12,895,704.76 |
|
Total Current Assets
|
2,039,671,718.95 |
2,216,017,636.50 |
1,718,495,800.67 |
|
Other Long-term Investment |
93,208,439.22 |
93,208,439.22 |
93,208,439.22 |
|
Fixed Assets |
511,316,141.64 |
503,720,746.07 |
504,474,478.93 |
|
Other Non-current Assets |
34,969,401.74 |
52,724,028.91 |
70,028,757.25 |
|
Total Assets |
2,679,165,701.55 |
2,865,670,850.70 |
2,386,207,476.07 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institution |
1,650,355,492.62 |
1,777,307,727.40 |
1,313,690,736.60 |
|
Trade Account & Other Payable |
326,198,333.91 |
378,617,621.69 |
322,695,688.01 |
|
Short-term Loan |
14,800,000.00 |
27,700,000.00 |
- |
|
Current Portion of
Long-term Loan |
- |
- |
21,380,000.00 |
|
Accrued Income Tax |
5,082,398.76 |
5,314,508.99 |
- |
|
Other Current Liabilities |
6,038,839.13 |
3,689,520.16 |
49,609,961.47 |
|
Total Current Liabilities |
2,002,475,064.42 |
2,192,629,378.24 |
1,707,376,386.08 |
|
Employee Benefits Obligation |
46,827,958.07 |
33,458,424.65 |
- |
|
Other Long-term Loan |
- |
- |
91,481.05 |
|
Other Non-current Liabilities |
329,493.00 |
792,897.00 |
288,026.26 |
|
Total Liabilities |
2,049,632,515.49 |
2,226,880,699.89 |
1,707,755,893.39 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 2,490,000 shares |
249,000,000.00 |
249,000,000.00 |
249,000,000.00 |
|
Capital Paid |
249,000,000.00 |
249,000,000.00 |
249,000,000.00 |
|
Retained Earning Appropriated for Statutory Reserve |
6,000,000.00 |
6,000,000.00 |
6,000,000.00 |
|
Unappropriated |
374,533,186.06 |
383,790,150.81 |
423,451,582.68 |
|
Total Shareholders' Equity |
629,533,186.06 |
638,790,150.81 |
678,451,582.68 |
|
Total Liabilities &
Shareholders' Equity |
2,679,165,701.55 |
2,865,670,850.70 |
2,386,207,476.07 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales |
3,499,591,297.36 |
3,353,844,145.04 |
2,864,892,511.63 |
|
Other Income |
15,432,433.24 |
29,994,820.68 |
9,998,321.25 |
|
Total Revenues |
3,515,023,730.60 |
3,383,838,965.72 |
2,874,890,832.88 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,222,266,978.02 |
3,123,591,227.50 |
2,601,946,826.25 |
|
Selling Expenses |
89,380,852.92 |
84,448,339.07 |
99,988,121.64 |
|
Administrative Expenses |
91,197,171.44 |
88,405,302.77 |
103,392,461.55 |
|
Total Expenses |
3,402,845,002.38 |
3,296,444,869.34 |
2,805,327,409.44 |
|
Profit / [Loss] before Financial Cost & Income Tax |
112,178,728.22 |
87,394,096.38 |
69,563,423.44 |
|
Financial Cost |
[85,659,878.11] |
[71,686,698.85] |
[49,338,442.10] |
|
Profit / [Loss] before Income Tax |
26,518,850.11 |
15,707,397.53 |
20,224,981.34 |
|
Income Tax |
[8,700,250.87] |
[9,658,727.30] |
[9,182,371.77] |
|
Net Profit / [Loss] |
17,818,599.24 |
6,048,670.23 |
11,042,609.57 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.02 |
1.01 |
1.01 |
|
QUICK RATIO |
TIMES |
0.56 |
0.48 |
0.53 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.84 |
6.66 |
5.68 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.31 |
1.17 |
1.20 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
104.72 |
133.81 |
111.27 |
|
INVENTORY TURNOVER |
TIMES |
3.49 |
2.73 |
3.28 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
102.49 |
106.20 |
105.06 |
|
RECEIVABLES TURNOVER |
TIMES |
3.56 |
3.44 |
3.47 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
36.95 |
44.24 |
45.27 |
|
CASH CONVERSION CYCLE |
DAYS |
170.25 |
195.77 |
171.06 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
92.08 |
93.13 |
90.82 |
|
SELLING & ADMINISTRATION |
% |
5.16 |
5.15 |
7.10 |
|
INTEREST |
% |
2.45 |
2.14 |
1.72 |
|
GROSS PROFIT MARGIN |
% |
8.37 |
7.76 |
9.53 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.21 |
2.61 |
2.43 |
|
NET PROFIT MARGIN |
% |
0.51 |
0.18 |
0.39 |
|
RETURN ON EQUITY |
% |
2.83 |
0.95 |
1.63 |
|
RETURN ON ASSET |
% |
0.67 |
0.21 |
0.46 |
|
EARNING PER SHARE |
BAHT |
7.16 |
2.43 |
4.43 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.77 |
0.78 |
0.72 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.26 |
3.49 |
2.52 |
|
TIME INTEREST EARNED |
TIMES |
1.31 |
1.22 |
1.41 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
4.35 |
17.07 |
|
|
OPERATING PROFIT |
% |
28.36 |
25.63 |
|
|
NET PROFIT |
% |
194.59 |
(45.22) |
|
|
FIXED ASSETS |
% |
1.51 |
(0.15) |
|
|
TOTAL ASSETS |
% |
(6.51) |
20.09 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 4.35%. Turnover has increased from THB
3,353,844,145.04 in 2011 to THB 3,499,591,297.36 in 2012. While net profit has
increased from THB 6,048,670.23 in 2011 to THB 17,818,599.24 in 2012. And total
assets has decreased from THB 2,865,670,850.70 in 2011 to THB 2,679,165,701.55
in 2012.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.37 |
Deteriorated |
Industrial
Average |
112.00 |
|
Net Profit Margin |
0.51 |
Deteriorated |
Industrial
Average |
6.13 |
|
Return on Assets |
0.67 |
Deteriorated |
Industrial
Average |
6.60 |
|
Return on Equity |
2.83 |
Deteriorated |
Industrial
Average |
12.09 |
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 8.37%. 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 0.51%.
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 0.67%.
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 2.83%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.02 |
Satisfactory |
Industrial
Average |
1.33 |
|
Quick Ratio |
0.56 |
|
|
|
|
Cash Conversion Cycle |
170.25 |
|
|
|
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 1.02 times in 2012, increase from 1.01 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 0.56 times in 2012,
increased from 0.48 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 171 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.77 |
Acceptable |
Industrial
Average |
0.49 |
|
Debt to Equity Ratio |
3.26 |
Risky |
Industrial
Average |
0.79 |
|
Times Interest Earned |
1.31 |
Impressive |
Industrial
Average |
0.14 |
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 1.31 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 0.77 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 Uptrend
Times Interest Earned Downtrend
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.84 |
Impressive |
Industrial
Average |
(0.44) |
|
Total Assets Turnover |
1.31 |
Impressive |
Industrial
Average |
1.10 |
|
Inventory Conversion Period |
104.72 |
|
|
|
|
Inventory Turnover |
3.49 |
Acceptable |
Industrial
Average |
5.47 |
|
Receivables Conversion Period |
102.49 |
|
|
|
|
Receivables Turnover |
3.56 |
Impressive |
Industrial
Average |
1.34 |
|
Payables Conversion Period |
36.95 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.56 and 3.44 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 decreased from 134 days at the
end of 2011 to 105 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 2.73 times in year 2011 to 3.49 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.31 times and 1.17
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 Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.63 |
|
|
1 |
Rs.99.94 |
|
Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.