MIRA INFORM REPORT
|
Report Date : |
20.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
SOLVAY
PEROXYTHAI LIMITED |
|
|
|
|
Formerly Known as: |
PEROXYTHAI LIMITED |
|
|
|
|
Registered Office : |
16th-17th Floor, Wave Place, 55 Wireless Road, Lumpini, Pathumwan, Bangkok 10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
29.07.1987 |
|
|
|
|
Com. Reg. No.: |
0105530037339 [Former: 3731/2530] |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
manufacturer of
Hydrogen Peroxide and
Peracetic Acid mainly
for paper, textile,
tannery, electronics, packaging
and dairy foods
processing industries. |
|
|
|
|
No. of Employees : |
390 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
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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 – 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 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
SOLVAY PEROXYTHAI
LIMITED
[FORMER :
PEROXYTHAI LIMITED]
SUMMARY
BUSINESS
ADDRESS : 16th-17th FLOOR,
WAVE PLACE, 55
WIRELESS ROAD,
LUMPINI, PATHUMWAN,
BANGKOK 10330
TELEPHONE : [66] 2610-6470
FAX :
[66] 2610-6479
E-MAIL
ADDRESS : cumming.andrew@solvay.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1987
REGISTRATION
NO. : 0105530037339 [Former: 3731/2530]
TAX
ID NO. : 3101490916
CAPITAL REGISTERED : BHT. 419,057,925
CAPITAL PAID-UP : BHT.
419,057,925
SHAREHOLDER’S PROPORTION : FOREIGN
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. SIRIPORN VUTTHILAOHAPHAN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 390
LINES
OF BUSINESS : HYDROGEN PEROXIDE
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 July
29, 1987 as
a private limited
company under the
registered name “Thai Peroxigen Chemicals Co., Ltd.” by
Thai-Dutch Groups, to manufacture hydrogen
peroxide for both
domestic and international
markets. On March
14, 1988 the
subject’s name was
changed to “Peroxythai Limited”,
and finally changed
to SOLVAY PEROXYTHAI
LIMITED on September
22, 2008. It
currently employs 390
staff.
The subject
is a wholly
owned subsidiary of
Solvay Chemicals and
Plastics Holding B.V.,
in Netherlands.
The subject is
a multi-national chemical
company with the
headquarters in Brussels, Belgium,
and is the
largest manufacturer of
hydrogen peroxide in
Thailand.
It also achieved
the international quality
standard ISO 9001 : 2001 certification
in May 2004
and received the
promotional privilege from
the Board of
Investment.
The subject’s registered
address was initially
located at 14th Flr., Green
Tower, 3656/41 Rama 4 Rd.,
Klongton, Klongtoey, Bangkok
10110.
On September 22,
2008, it was
relocated to 16th-17th Flr., Wave
Place, 55 Wireless Rd.,
Lumpini, Pathumwan, Bangkok
10330, and this is
the company’s current
operation address.
THE BOARD
OF DIRECTORS
Name
|
|
Nationality
|
Age
|
|
|
|
|
|
|
Mrs. Siriporn Vuthilaohaphan |
|
Thai |
46 |
|
Mr. Andrew Leonard
Cumming |
|
British |
56 |
|
Mr. Wei Zou |
|
Chinese |
39 |
AUTHORIZED
PERSON
Any two of
the mentioned directors
can jointly sign
on behalf of
the subject
company’s affixed.
MANAGEMENT
Mrs. Siriporn Vutthilaohaphan is
the Managing Director.
She is British
nationality with the
age of 46
years old.
Ms. Phenchan Kwancharoensap is
the Account & Financial Manager.
She is Thai
nationality.
Mr. Samphan Wattanasurakij is
the Domestic Sales
Manager.
He is Thai
nationality.
Ms. Vibharat Pholdej is
the Regional Sales
and Marketing Manager.
She is Thai
nationality.
Ms. Ratana Boonyathiti
is the Administration &
Personnel Manager.
She is Thai
nationality.
Mr. Sanya Chamroen
is the Production
Manager.
He is Thai
nationality.
Ms. Chaveewan
Wattanachaiyongsakul is the
Factory Manager.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject’s activity is a
manufacturer of Hydrogen Peroxide
and Peracetic Acid
mainly for paper,
textile, tannery, electronics,
packaging and dairy
foods processing industries.
PRODUCTION
100,000 tons per
annum
PURCHASE
80% of raw materials
is purchased from
local suppliers, and
the remaining 20%
is imported from
Belgium, Netherlands, Japan,
United Kingdom, Denmark
and France.
MAJOR SUPPLIERS
Solvay Chemicals International
S.A. : Belgium
Dow Chemical [Thailand]
Co., Ltd. : Thailand
DISTRIBUTION
80% of the products
is sold locally
by wholesale to
related company and
manufacturers, and the
remaining 20% is exported
to Taiwan, Singapore,
Republic of China, Hong
Kong, Vietnam, Indonesia,
Japan, India and
Malaysia.
MAJOR CUSTOMER
L.C. Industrial Co.,
Ltd. : Thailand
PARENT COMPANY
Solvay Chemicals and Plastics Holding
B.V. : Netherlands
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
for the past
two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid on the
credits term of
60-90 days.
Imports are by
L/C at sight
or T/T and
open account.
Exports are against
L/C on the
credit term of
90 days &
T/T.
BUSINESS TRANSACTION
The
subject is not
found to have
problem on its
account receivable and
payable due to
the products are
purchased, and sold
to related companies
in both local and overseas which
term and conditions
can be negotiable.
BANKING
Kasikornbank Public Co.,
Ltd.
[Head Office
: 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
[Silom Branch
: 142 Silom
Rd., Silom, Bangrak,
Bangkok 10500 ]
Deutsche Bank
AG
[Bangkok Branch
: 208 Wireless
Rd., Lumpini, Pathumwan,
Bangkok 10330]
Citibank N.A.
[Bangkok Branch
: 82 North
Sathorn Rd., Silom,
Bangrak, Bangkok 10500]
EMPLOYMENT
The subject currently
employs 390 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. It is
located in commercial
area.
Factories :
Factory I is located
at 1, 1-3A
Rd., Maptaphut Industrial
Estate, A. Muang, Rayong
Province 21150, Tel:
[66] 38 683-616-20
Fax: [66] 38
683-624.
Factory II is located
at 10/3 Moo
2, T. Banchang, A. Banchang,
Rayong 21130.
COMMENT
The company has
efficiency improvements from
the production and
industrial expansion. It offers
a full range of
Hydrogen Peroxide to
meet with market
requirements. It is
the largest manufacturer
of Hydrogen Peroxide in the country
to support the
strong business growth
both in Thailand
and throughout the
region.
The success of
the company is
based on its flexibility
to adapt its
products and its
services to the
market requirements.
FINANCIAL
INFORMATION
The capital was
registered at Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
The capital was
increased/decreased later as
the followings:
Bht. 290,000,000 on
August 9, 1989
Bht. 433,000,000 on
November 29, 1989
Bht. 573,000,000 on
June 24, 1991
Bht. 793,000,000 on March 5,
1993
Bht. 873,000,000 on
January 7, 1997
Bht. 838,115,850
on February 9,
2001 [Decreased]
Bht. 419,057,925
on November 24,
2004 [Decreased]
The latest registered
capital was decreased
to Bht. 419,057,925
divided into 16,762,317 shares
of Bht. 25
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as of
April 25, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Solvay Chemicals and
Plastics Holding B.V. Nationality : Dutch Address : Netherlands |
16,762,311 |
100.00 |
|
Solvay Zimi SA. Nationality : Belgian Address : Belgium |
1 |
- |
|
Solvay Participations Belgic
SA. Nationality : Belgian Address : Belgium
|
1 |
- |
|
Solvay Chemicals International SA. Nationality : Belgian Address : Belgium |
1 |
- |
|
Solvay Kimi SA. Nationality : Dutch Address : Netherlands |
1 |
- |
|
Solvay Participations France
SA. Nationality : French Address : France |
1 |
- |
Solvay Interrox Limited Nationality : British Address : England |
1 |
- |
Total Shareholders : 7
Share Structure [as
at April 25,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
7 |
16,762,317 |
100.00 |
|
Total |
7 |
16,762,317 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUTANT :
Mr. Niti Cheungnijnirand No.
3809
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 |
318,269,182 |
577,339,421 |
497,555,271 |
|
Trade Accounts and Other Receivable |
159,398,613 |
156,432,724 |
197,782,187 |
|
Short-term Lending to
Related Company |
12,000,000 |
48,000,000 |
35,000,000 |
|
Inventories |
56,097,994 |
109,455,729 |
82,444,033 |
|
Other Current Assets |
11,306,963 |
18,764,751 |
9,394,603 |
|
|
|
|
|
|
Total Current Assets
|
557,072,752 |
909,992,625 |
822,176,094 |
|
Investment in Related Company |
100 |
100 |
100 |
|
Fixed Assets |
792,055,400 |
559,675,832 |
356,538,826 |
|
Intangible Assets |
2,815,948 |
2,903,788 |
2,513,020 |
|
Other Non-current Assets |
4,263,580 |
3,345,461 |
3,618,551 |
|
Total Assets |
1,356,207,780 |
1,475,917,806 |
1,184,846,591 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts & Other Payable |
188,475,202 |
202,724,180 |
156,299,017 |
|
Short-term Estimated Liabilities |
13,059,863 |
23,850,805 |
25,078,274 |
|
Accrued Income Tax |
11,004,935 |
52,526,803 |
45,538,619 |
|
Accrued Dividend |
- |
200,309,688 |
- |
|
Other Current Liabilities
|
10,936,472 |
8,173,268 |
10,243,060 |
|
|
|
|
|
|
Total Current Liabilities |
223,476,472 |
487,584,744 |
237,158,970 |
|
Employee Benefits Obligation
|
22,264,358 |
20,660,433 |
- |
|
Total Liabilities |
245,740,830 |
508,245,177 |
237,158,970 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 25
par value authorized, issued
and fully paid share
capital 16,762,317 shares |
419,057,925 |
419,057,925 |
419,057,925 |
|
|
|
|
|
|
Capital Paid |
419,057,925 |
419,057,925 |
419,057,925 |
|
Retained Earning Appropriated for
Statutory Reserve
|
21,651,821 |
21,651,821 |
11,109,206 |
|
Unappropriated |
669,757,204 |
526,962,883 |
517,520,490 |
|
Total Shareholders' Equity |
1,110,466,950 |
967,672,629 |
947,687,621 |
|
Total Liabilities &
Shareholders' Equity |
1,356,207,780 |
1,475,917,806 |
1,184,846,591 |
PROFIT &
LOSS ACCOUNT
|
Sale |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
1,218,852,431 |
1,192,520,591 |
1,085,590,569 |
|
Services Income |
97,781,691 |
182,632,136 |
- |
|
Gain on Exchange
Rate |
6,007,193 |
5,421,520 |
4,361,789 |
|
Interest Income |
6,718,254 |
11,529,086 |
2,952,798 |
|
Other Income |
27,599,952 |
14,561,251 |
11,459,870 |
|
Total Sales |
1,356,959,521 |
1,406,664,584 |
1,104,365,026 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
775,545,108 |
680,966,588 |
706,204,978 |
|
Cost of Services |
93,125,420 |
155,789,318 |
- |
|
Selling Expenses |
236,618,323 |
182,483,646 |
154,934,832 |
|
Administrative Expenses |
75,662,305 |
74,284,885 |
45,592,870 |
|
Total Expenses |
1,180,951,156 |
1,093,524,437 |
906,732,680 |
|
|
|
|
|
|
Profit before Income
Tax |
176,008,365 |
313,140,147 |
197,632,346 |
|
Income Tax |
[33,214,044] |
[92,845,451] |
[61,028,872] |
|
|
|
|
|
|
Net Profit / [Loss] |
142,794,321 |
220,294,696 |
136,603,474 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.49 |
1.87 |
3.47 |
|
QUICK RATIO |
TIMES |
2.19 |
1.60 |
3.08 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.66 |
2.46 |
3.04 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.97 |
0.93 |
0.92 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
23.57 |
47.75 |
42.61 |
|
INVENTORY TURNOVER |
TIMES |
15.48 |
7.64 |
8.57 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
44.19 |
41.52 |
66.50 |
|
RECEIVABLES TURNOVER |
TIMES |
8.26 |
8.79 |
5.49 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
79.19 |
88.43 |
80.78 |
|
CASH CONVERSION CYCLE |
DAYS |
(11.43) |
0.84 |
28.33 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
65.98 |
60.85 |
65.05 |
|
SELLING & ADMINISTRATION |
% |
23.72 |
18.67 |
18.47 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
37.09 |
41.44 |
36.68 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
13.37 |
22.77 |
18.21 |
|
NET PROFIT MARGIN |
% |
10.85 |
16.02 |
12.58 |
|
RETURN ON EQUITY |
% |
12.86 |
22.77 |
14.41 |
|
RETURN ON ASSET |
% |
10.53 |
14.93 |
11.53 |
|
EARNING PER SHARE |
BAHT |
8.52 |
13.14 |
8.15 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.18 |
0.34 |
0.20 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.22 |
0.53 |
0.25 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(4.26) |
26.67 |
|
|
OPERATING PROFIT |
% |
(43.79) |
58.45 |
|
|
NET PROFIT |
% |
(35.18) |
61.27 |
|
|
FIXED ASSETS |
% |
41.52 |
56.97 |
|
|
TOTAL ASSETS |
% |
(8.11) |
24.57 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -4.26%. Turnover has decreased from THB
1,375,152,727.00 in 2011 to THB 1,316,634,122.00 in 2012. While net profit has
decreased from THB 220,294,696.00 in 2011 to THB 142,794,321.00 in 2012. And
total assets has decreased from THB 1,475,917,806.00 in 2011 to THB
1,356,207,780.00 in 2012.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
37.09 |
Impressive |
Industrial
Average |
35.85 |
|
Net Profit Margin |
10.85 |
Impressive |
Industrial
Average |
3.09 |
|
Return on Assets |
10.53 |
Impressive |
Industrial
Average |
2.95 |
|
Return on Equity |
12.86 |
Impressive |
Industrial
Average |
4.99 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from sales 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 37.09%. 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 10.85%, 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
10.53%, 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 12.86%, 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 :
EXCELLENT
LIQUIDITY RATIO
|
Current Ratio |
2.49 |
Impressive |
Industrial
Average |
1.64 |
|
Quick Ratio |
2.19 |
|
|
|
|
Cash Conversion Cycle |
(11.43) |
|
|
|
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 2.49 times in 2012, increased from 1.87 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 2.19 times in 2012,
increased from 1.6 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 -12 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.18 |
Impressive |
Industrial
Average |
0.40 |
|
Debt to Equity Ratio |
0.22 |
Impressive |
Industrial
Average |
0.66 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.18 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 :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.66 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.97 |
Impressive |
Industrial Average |
0.96 |
|
Inventory Conversion Period |
23.57 |
|
|
|
|
Inventory Turnover |
15.48 |
Impressive |
Industrial
Average |
5.47 |
|
Receivables Conversion Period |
44.19 |
|
|
|
|
Receivables Turnover |
8.26 |
Impressive |
Industrial
Average |
4.77 |
|
Payables Conversion Period |
79.19 |
|
|
|
The company's Account Receivable Ratio is calculated as 8.26 and 8.79 in
2012 and 2011 respectively. This ratio measures the efficiency of the company in
managing its trade debtors to generate sale. 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
decreased from 2011. This would suggest the company had deteriorated 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 48 days at the
end of 2011 to 24 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 7.64 times in year 2011 to 15.48
times in year 2012.
The company's Total Asset Turnover is calculated as 0.97 times and 0.93
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.62.12 |
|
UK Pound |
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.