MIRA
INFORM REPORT
|
Report Date : |
15.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
ALUCON PUBLIC
COMPANY LIMITED |
|
|
|
|
Registered Office : |
500 Moo 1,
Soi Sirikam, Sukhumvit
Road, Samrongnua, Muang,
Samutprakarn 10270 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.09.2013 (Unaudited) |
|
|
|
|
Date of Incorporation : |
25.04.1961 |
|
|
|
|
Com. Reg. No.: |
0107537001854 [Former
: BOR MOR JOR. 432] |
|
|
|
|
Legal Form : |
private limited company |
|
|
|
|
Line of Business : |
Engaged in manufacturing and
distributing wide range
of impact extruded
aluminium containers as follows: -
Aluminium
Collapsible Tubes -
Aluminium
Aerosol Cans -
Aluminium
Bottles -
Aluminium
Felt Pen Bodies -
Aluminium
Slugs for Impack
Extrusion -
Aluminium
Coins -
Aluminium
Tube for tablet -
Aluminium
Pettles -
Aluminium
Plates |
|
|
|
|
No. of Employees : |
1,475 |
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 – December 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
ALUCON
PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 500
MOO 1, SOI SIRIKAM,
SUKHUMVIT ROAD,
SAMRONGNUA, MUANG,
SAMUTPRAKARN 10270,
THAILAND
TELEPHONE : [66] 2398-0147
FAX :
[66] 2398-3455,
2361-2511
E-MAIL
ADDRESS : export@alucon.th.com
alucon@ksc.th.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1961
REGISTRATION
NO. : 0107537001854 [Former
: BOR MOR JOR. 432]
CAPITAL REGISTERED : BHT.
432,000,000
CAPITAL PAID-UP : BHT.
431,999,860
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. TAKAAKI TAKEUCHI,
JAPANESE
MANAGING DIRECTOR
NO.
OF STAFF : 1,475
LINES OF
BUSINESS : ALUMINIUM CONTAINERS
AND RELATED
PRODUCTS
MANUFACTURER, EXPORTER
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 April 25,
1961 as a
private limited company under
the registered name “Alucon Industry
Company Limited” by
Thai and German
venture groups to
manufacture and distribute
wide range of
aluminium containers and
related products. It is
the largest producer
of aluminium impact
extruded packaging materials
in Asia.
On
November 10, 1989, the
subject was listed
on the Stock Exchange
of Thailand [SET], under
symbol name “ALUCON”.
On
May 27, 1994, the subject
registered for a
conversion of its
status to a
public limited company,
under the name “ALUCON PUBLIC
COMPANY LIMITED”.
Presently,
the major shareholders
is Takeuchi Press
Industries Co., Ltd.,
in Japan, with holding
around 48% of
the subject’s shares.
It currently employs
1,475 staff.
The
subject’s registered address
is 500 Moo 1, Soi Sirikam,
Sukhumvit Rd., Samrongnua,
Muang, Samutprakarn 10270,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Takaaki Takeuchi |
[x] |
Japanese |
55 |
|
Mrs. Eumporn Pamornbutr |
[x] |
Thai |
65 |
|
Mr. Vibool Ueranant |
|
Thai |
58 |
|
Mr. Somchai Aungsananta :
Chairman |
|
Thai |
60 |
|
Ms. Vrinporn Uer-anant |
|
Thai |
64 |
|
Mr. Subpachai Lovanit |
|
Thai |
72 |
|
Ms. Salinee Mahtani |
|
Thai |
48 |
|
Mr. Krit Indhewat |
|
Thai |
73 |
|
Mr. Toshiyuki Koike |
|
Japanese |
42 |
|
Mr. Yoshihiro Mitsuta |
|
Japanese |
64 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Takaaki Takeuchi is
the Managing Director.
He is Japanese
nationality with the
age of 55
years old.
Mrs. Eumporn Pamornbutr is
the Assistant Managing
Director of Financial and
Local Sales.
She is Thai
nationality with the
age of 65
years old.
Mr. Subpachai Lovanit is
the Plant Manager.
He is Thai
nationality with the
age of 72
years old.
Ms. Salinee Mahtani is
the General Manager.
She is Thai
nationality with the
age of 48
years old.
Mr. Kazuhiro Nakanishi is
the Assistant Factory
Manager.
He is Japanese
nationality.
Mr. Yoshihiro Mitsuta is
the Senior Technical
Manager.
He is Japanese
nationality with the
age of 64
years old.
Mr. Ian Denis Neighbour
is the Technical
Manager [Tubes & Cans].
Mr. Maksimilian Pristovsek is
the Plant and
Technical Manager [Slugs].
He is Slovenian
nationality.
Mr. Pitipong Achamongkol is the Local
Affairs Department Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in
manufacturing and distributing
wide range of
impact extruded aluminium
containers as follows:
-
Aluminium
Collapsible Tubes
-
Aluminium
Aerosol Cans
-
Aluminium
Bottles
-
Aluminium
Felt Pen Bodies
-
Aluminium
Slugs for Impack
Extrusion
-
Aluminium
Coins
-
Aluminium
Tube for tablet
-
Aluminium
Pettles
-
Aluminium
Plates
The products are
supplied to cosmetic,
adhesives, medical and
pharmaceutical industries.
The subject also produces slugs in more than 200 standard sizes. Aluminum
slugs products are
used by the company’s factories,
however, about half of aluminium slug production is
sold to customers in Thailand
and for exports.
PRODUCTION
746 million pieces per
annum
PURCHASE
Raw material mainly aluminium
ingot is imported from
suppliers and agents in Switzerland, Australia
and Japan, the
remaining is purchased
locally.
MAJOR SUPPLIER
Takeuchi Press Industries
Co., Ltd. : Japan
EXPORT
76% of the
products is exported
to more than
200 customers in
30 countries such
as Japan, Australia, Taiwan,
Singapore, Malaysia, Middle
East, South Africa
and others.
SALES [LOCAL]
24% of the
products is sold
locally by wholesale
to manufacturers.
MAJOR
CUSTOMER
Takeuchi
Press Industries Co., Ltd. :
Japan
REVENUE STRUCTURE
[unit :
million Baht]
|
|
2012 |
2011 |
||
|
Sales |
Amount |
% |
Amount |
% |
|
Domestic Sales |
1,538 |
31.95 |
1,288 |
28.20 |
|
Export |
3,276 |
68.05 |
3,279 |
71.80 |
|
Total |
4,814 |
100.00 |
4,567 |
100.00 |
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 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.
Exports are against
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Krung Thai Bank
Public Co., Ltd.
Kasikornbank Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
1,475 office staff
and factory workers.
LOCATION
DETAILS
The premise
is rented for
administrative office, factory I
and warehouse at the heading
address. Premise is located in commercial/residential area. [Aluminium
collapsible tube production factory]
Factory II and Factory
III are located at
272/5 Moo 3,
Pak-ruam Aow-Udom Rd., Borwin, Sriracha, Cholburi
20110. [Factory II : Aluminium aerosol
cans, bottles, felt
pen bodies, tablet
tube production factory] & [Factory III : Aluminium slugs,
plates, coils production
factory]
COMMENT
The subject is the large producer in Asia
of impact extruded aluminum containers
with an annual capacity of
746 million pieces,
meanwhile worldwide production
approximately amount to
more than 19
billion pieces.
The operations of ALUCON are fully
integrated as the company operates two aluminum slug pants which produce
the intermediate material required for
the production of aluminium impact extruded containers as well as plastic
caps for fitting to aluminium tubes and
all tooling as well as most spare parts.
Its
products have been widely used
worldwide with the largest markets
being Japan, Australia,
Taiwan, the Middle East
and South Africa.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 20,000,000
divided into 2,000,000
shares of Bht. 10
each.
The
capital was increased
later as follows:
Bht. 288,000,000
on May 2,
2008
Bht. 432,000,000
on May 18,
2011
The
latest registered capital
was increased to Bht. 432,000,000 divided
into 43,200,000 shares
of Bht. 10
each.
MAIN
SHAREHOLDERS : [as
at May 3,
2013] at Bht.
431,999,860 of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Takeuchi Press Industries
Co., Ltd. |
20,812,500 |
48.18 |
|
Mutual Fund for
Foreign Investor Co.,
Ltd. |
9,667,850 |
22.38 |
|
Mrs. Mekin Uer-anant |
1,580,850 |
3.66 |
|
Harmut and Ilse
Schneider Foundation for Children, Switzerland |
1,381,950 |
3.20 |
|
Mr. Kulhaszaram Tanwani |
1,200,000 |
2.78 |
|
Mr. Hartmut Wilhelm Schneider |
1,127,250 |
2.61 |
|
Mr. Nares Rojsiltham |
788,275 |
1.82 |
|
Mrs. Masdanikunj Chander |
725,850 |
1.68 |
|
Mr. Rames Rojsiltham |
516,375 |
1.20 |
|
BNP Paribas Securities
Services, London Branch |
450,000 |
1.04 |
|
Others |
4,949,086 |
11.45 |
Total Shareholders : 409
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Siriphen Sukcharoenyingyong No.
3636
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
|
241,969,619 |
184,527,568 |
248,874,365 |
|
Trade Account Receivable
|
821,826,331 |
758,433,615 |
618,715,878 |
|
Inventories |
792,516,293 |
817,091,209 |
695,964,887 |
|
Refundable Value Added
Tax |
11,598,982 |
23,166,161 |
32,663,327 |
|
Other Current Assets
|
7,228,128 |
12,569,916 |
8,183,350 |
|
|
|
|
|
|
Total Current Assets
|
1,875,139,353 |
1,795,788,469 |
1,604,401,807 |
|
Property, Plant and
Equipment |
3,331,060,120 |
3,165,893,528 |
2,803,915,296 |
|
Intangible Assets |
11,066,394 |
11,982,504 |
11,431,268 |
|
Deferred Tax Assets |
76,486,655 |
70,096,157 |
98,795,186 |
|
Other Non-current Assets |
208,910 |
248,800 |
238,800 |
|
Total Assets |
5,293,961,432 |
5,044,009,458 |
4,518,782,357 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
154,425,851 |
171,477,970 |
158,581,168 |
|
Trade Account Payable |
156,392,703 |
283,382,961 |
180,022,974 |
|
Other Payable to
& Short-term Loans
from Related
Parties |
894,303,758 |
780,297,040 |
532,904,970 |
|
Current Portion of Long-term
Loan from Financial Institution |
- |
- |
84,829,640 |
|
Current Portion of
Long-term Loans From &
Accrued Interest Payable
to Related Parties |
10,524,385 |
61,501,028 |
- |
|
Other Payables |
121,145,610 |
170,312,104 |
116,758,705 |
|
Income Tax Payable |
92,771,022 |
110,090,991 |
106,999,239 |
|
Other Current Liabilities |
21,145,206 |
21,971,397 |
25,892,629 |
|
|
|
|
|
|
Total Current Liabilities |
1,450,708,535 |
1,599,033,491 |
1,205,989,325 |
|
Long-term Loans from & Accrued Interest Payable to Related Party |
- |
10,300,205 |
70,451,233 |
|
Deferred Income |
40,976,213 |
46,777,874 |
52,563,684 |
|
Employee Benefit Obligations |
416,025,528 |
342,798,754 |
318,097,100 |
|
Total Liabilities |
1,907,710,276 |
1,998,910,324 |
1,647,101,342 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
value Authorized
& issued share capital
43,200,000 shares |
432,000,000 |
432,000,000 |
432,000,000 |
|
|
|
|
|
|
Capital Paid |
431,999,860 |
431,999,860 |
431,999,860 |
|
Premium on Share Capital |
254,000,000 |
254,000,000 |
254,000,000 |
|
Retained Earning |
|
|
|
|
- Statutory Reserve |
43,200,000 |
43,200,000 |
43,200,000 |
|
- Unappropriated [Deficit] |
2,657,051,296 |
2,315,899,274 |
2,142,481,155 |
|
Total Shareholders' Equity |
3,386,251,156 |
3,045,099,134 |
2,871,681,015 |
|
Total Liabilities &
Shareholders' Equity |
5,293,961,432 |
5,044,009,458 |
4,518,782,357 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales |
4,813,624,783 |
4,567,189,591 |
4,057,556,204 |
|
Gain on Foreign Exchange Rate |
2,414,824 |
26,307,036 |
- |
|
Other Income |
122,033,949 |
141,727,512 |
113,457,632 |
|
Total Revenues |
4,938,073,556 |
4,735,224,139 |
4,171,013,836 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,841,075,627 |
3,759,203,694 |
3,103,012,970 |
|
Selling Expenses |
127,903,851 |
108,330,853 |
155,519,080 |
|
Administrative Expenses |
96,371,982 |
86,092,863 |
73,525,804 |
|
Key Management Personnel Compensation |
63,561,070 |
65,971,377 |
65,734,203 |
|
Loss on Exchange Rate |
- |
- |
3,463,671 |
|
Finance Costs |
31,680,515 |
18,804,429 |
14,504,156 |
|
Total Expenses |
4,160,593,045 |
4,038,403,216 |
3,415,759,884 |
|
|
|
|
|
|
Profit / [Loss] before Income Tax
|
777,480,511 |
696,820,923 |
755,253,952 |
|
Income Tax |
[177,128,573] |
[242,602,895] |
[211,669,369] |
|
Net Profit / [Loss] |
600,351,938 |
454,218,028 |
543,584,583 |
BALANCE SHEET [BAHT]
The
latest financial figures
published for September
30, 2013 was
: [Unaudited]
ASSETS
[Thousand Baht]
|
Current Assets |
2013 |
|
|
|
|
Cash and Cash Equivalents
|
96,082 |
|
Trade Account Receivable
|
849,226 |
|
Inventories |
1,085,287 |
|
Refundable Value Added
Tax |
13,894 |
|
Other Current Assets
|
11,323 |
|
|
|
|
Total Current Assets |
2,055,812 |
|
Property, Plant and
Equipment |
3,793,112 |
|
Intangible Assets |
9,939 |
|
Deferred Tax Assets |
77,020 |
|
Other Non-current Assets |
209 |
|
Total Assets |
5,936,092 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
[Thousand Baht]
|
Current
Liabilities |
2013 |
|
|
|
|
Bank Overdraft & Short-term Loans from Financial Institution |
150,073 |
|
Trade Account Payable |
274,827 |
|
Other Payable to
& Short-term Loans from
Related Parties |
1,099,731 |
|
Other Payables |
237,227 |
|
Income Tax Payable |
40,906 |
|
Other Current Liabilities |
19,686 |
|
|
|
|
Total Current Liabilities |
1,822,450 |
|
|
|
|
Deferred Income |
36,649 |
|
Employee Benefit Obligations |
446,291 |
|
Total Liabilities |
2,305,390 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Share capital : Baht 10
value Authorized, issued
and paid-up share
capital 43,200,000 shares |
432,000 |
|
|
|
|
Capital Paid |
432,000 |
|
Premium on Share Capital |
254,000 |
|
Retained Earning |
|
|
- Statutory Reserve |
43,200 |
|
- Unappropriated |
2,901,502 |
|
Total Shareholders' Equity |
3,630,702 |
|
Total Liabilities &
Shareholders' Equity |
5,936,092 |
PROFIT & LOSS ACCOUNT
For the
nine-month period ended
September 30, 2013.
[Thousand Baht]
|
Revenue |
2013 |
|
|
|
|
Sales |
3,846,167 |
|
Gain on Foreign Exchange Rate |
12,894 |
|
Other Income |
102,287 |
|
Total Revenues |
3,961,348 |
|
Expenses |
|
|
|
|
|
Cost of Goods
Sold |
3,043,122 |
|
Selling Expenses |
105,790 |
|
Administrative Expenses |
70,652 |
|
Key Management Personnel Compensation |
51,109 |
|
Finance Costs |
21,214 |
|
Total Expenses |
3,291,887 |
|
|
|
|
Profit / [Loss] before Income Tax
|
669,461 |
|
Income Tax |
[122,610] |
|
Net Profit / [Loss] |
546,851 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.29 |
1.12 |
1.33 |
|
QUICK RATIO |
TIMES |
0.73 |
0.59 |
0.72 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.45 |
1.44 |
1.45 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.91 |
0.91 |
0.90 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
75.31 |
79.34 |
81.86 |
|
INVENTORY TURNOVER |
TIMES |
4.85 |
4.60 |
4.46 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
62.32 |
60.61 |
55.66 |
|
RECEIVABLES TURNOVER |
TIMES |
5.86 |
6.02 |
6.56 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
14.86 |
27.52 |
21.18 |
|
CASH CONVERSION CYCLE |
DAYS |
122.76 |
112.43 |
116.35 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
79.80 |
82.31 |
76.47 |
|
SELLING & ADMINISTRATION |
% |
4.66 |
4.26 |
5.64 |
|
INTEREST |
% |
0.66 |
0.41 |
0.36 |
|
GROSS PROFIT MARGIN |
% |
22.79 |
21.37 |
26.32 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
16.15 |
15.26 |
18.61 |
|
NET PROFIT MARGIN |
% |
12.47 |
9.95 |
13.40 |
|
RETURN ON EQUITY |
% |
17.73 |
14.92 |
18.93 |
|
RETURN ON ASSET |
% |
11.34 |
9.01 |
12.03 |
|
EARNING PER SHARE |
BAHT |
13.90 |
10.51 |
12.58 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.36 |
0.40 |
0.36 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.56 |
0.66 |
0.57 |
|
TIME INTEREST EARNED |
TIMES |
24.54 |
37.06 |
52.07 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
5.40 |
12.56 |
|
|
OPERATING PROFIT |
% |
11.58 |
(7.74) |
|
|
NET PROFIT |
% |
32.17 |
(16.44) |
|
|
FIXED ASSETS |
% |
5.22 |
12.91 |
|
|
TOTAL ASSETS |
% |
4.96 |
11.62 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 5.4%. Turnover has increased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
22.79 |
Impressive |
Industrial
Average |
8.40 |
|
Net Profit Margin |
12.47 |
Impressive |
Industrial
Average |
5.02 |
|
Return on Assets |
11.34 |
Impressive |
Industrial
Average |
6.50 |
|
Return on Equity |
17.73 |
Impressive |
Industrial
Average |
14.57 |
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 22.79%. When
compared with the industry average, the ratio of the company was higher,
indicated that company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that net
profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company’s figure is 12.47%, higher figure when compared with
those of its average competitors in the same industry, indicated that business
was an efficient operator in a dominant
position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
11.34%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 17.73%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.29 |
Impressive |
Industrial
Average |
1.17 |
|
Quick Ratio |
0.73 |
|
|
|
|
Cash Conversion Cycle |
122.76 |
|
|
|
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 1.29 times in 2012, increased from 1.12 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 0.73 times in 2012,
increased from 0.59 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 123 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.36 |
Impressive |
Industrial
Average |
0.55 |
|
Debt to Equity Ratio |
0.56 |
Impressive |
Industrial
Average |
1.24 |
|
Times Interest Earned |
24.54 |
Impressive |
Industrial
Average |
- |
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 24.55 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 0.36 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.45 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.91 |
Acceptable |
Industrial
Average |
1.30 |
|
Inventory Conversion Period |
75.31 |
|
|
|
|
Inventory Turnover |
4.85 |
Satisfactory |
Industrial
Average |
5.10 |
|
Receivables Conversion Period |
62.32 |
|
|
|
|
Receivables Turnover |
5.86 |
Impressive |
Industrial
Average |
4.35 |
|
Payables Conversion Period |
14.86 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.86 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 79 days at the
end of 2011 to 75 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 4.6 times in year 2011 to 4.85 times
in year 2012.
The company's Total Asset Turnover is calculated as 0.91 times and 0.91
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 Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.27 |
|
|
1 |
Rs.103.66 |
|
Euro |
1 |
Rs.85.17 |
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.