MIRA INFORM REPORT
|
Report Date : |
03.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
THAI ACRYLIC FIBRE CO., LTD. |
|
|
|
|
Registered Office : |
16th Floor, Mahatun Plaza Building, 888/168-169 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
10.04.1987 |
|
|
|
|
Com. Reg. No.: |
0105530016978 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in
manufacturing wide range
of Acrylic Fibre
and special products,
the main materials
for textile, knitwear,
sportswear, carpet, toys,
blanket & bedding set, upholstery
and apparel industries |
|
|
|
|
No. of Employees |
420 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. 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 in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and deployed 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 recession severely cut Thailand's exports, with most sectors experiencing double-digit drops. In late 2011 Thailand's recovery was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. The government 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 following seven years. This was expected to lead to an economic upsurge but growth has remained slow, in part due to ongoing political unrest and resulting uncertainties. Spending on infrastructure will require re-approval once a new government is seated
|
Source
: CIA |
Company
name
THAI ACRYLIC
FIBRE CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 16th FLOOR,
MAHATUN PLAZA BUILDING,
888/168-169 PLOENCHIT
ROAD,
LUMPINI, PATHUMWAN,
BANGKOK 10330,
THAILAND
TELEPHONE : [66] 2253-6745-54
FAX :
[66] 2253-4679,
2253-6734
E-MAIL
ADDRESS : marketing@thaiacrylic.com
amit.dayal@adityabirla.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1987
REGISTRATION
NO. : 0105530016978 [Former: 1695/2530]
TAX
ID NO. : 3101440195
CAPITAL REGISTERED : BHT. 712,500,000
CAPITAL PAID-UP : BHT.
712,500,000
SHAREHOLDER’S PROPORTION : THAI :
84.73%
FOREIGN :
15.27%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
NIRINT SAJDEV, THAI
PRESIDENT
AND
CHIEF EXECUTIVE OFFICER
NO.
OF STAFF : 420
LINES
OF BUSINESS : ACRYLIC FIBRE
MANUFACTURER, DISTRIBUTOR
& EXPORTER
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on April
10, 1987 as
a private limited
company under the
name style THAI
ACRYLIC FIBRE CO.,
LTD. The subject
is the flagship company
of the Aditya
Birla Group, set
up in technical
collaboration with Japan
Exlan Co., Ltd., to
manufacture acrylic fibre
by being granted
the promotional privilege from the
Board of Investment
[BOI]. Its production
facility is located
in Kaengkhoi, Saraburi
Province. The subject currently
employs approximately 420
staff.
The subject is
the 5th largest
acrylic fiber manufacturer in the world.
Its products are
marketed under the
brand name “BIRLACRIL”
trademark, which include
high quality dyed
and raw white
tow, top and
fiber for various
manufacturers, such as
sweaters, blankets, carpets,
soft toys, and
awning with over
30 different variety
of acrylic fibers.
The products are
sold in more
than 40 countries
covering all continents.
The company has a strong
focus on systems
improvement and has
established comprehensive standards
of ISO 9001 : 2000, ISO 14001,
OHSAS 18000 and SA 8000.
The company also
achieved Level 7 in
the International Quality
Rating System (IQRS) of
DNV, Norway and
has received the
Qimpro Benchmark Award 2001
and 2003; the Golden
Peacock Global Quality
Award - 2003; the
National Award for
Excellence in Energy Management
2003 and the
Golden Peacock Global
Environment Management Award 2004.
The subject is a subsidiary
of India-based Aditya
Birla Group, the
first synthetic yarn
plant in Thailand
which came on
stream in 1970.
The subject is also the
first acrylic fibre
manufacturer in ASEAN,
and one of
the top two
service providers of
acrylic application development.
The
subject’s registered address
is 16th Floor, Mahatun
Plaza Building, 888/168-169 Ploenchit Rd., Lumpini, Pathumwan, Bangkok 10330, and
this is the
subject’s current operation
address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Shyam Sunder
Mahansaria |
|
Indian |
79 |
|
Mr. Nirint Sajdev |
|
Thai |
75 |
|
Mr. Deepak Mittal |
|
Indian |
70 |
|
Mr. Kumara Mangalam
Birla : Chairman of
the Group |
|
Indian |
48 |
|
Mrs. Rajashree Birla |
|
Indian |
68 |
|
Mr. Songkram Chivapravatdamrong |
|
Thai |
70 |
|
Mr. Hari Krishna
Agarwal |
|
Indian |
55 |
|
Mr. Krishna Kishore
Maheehwari |
|
Indian |
59 |
|
Mr. Thomas Varghese |
|
Indian |
53 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Nirint Sajdev
is the President
& Chief Executive Officer.
He is Thai
nationality with the
age of 75
years old.
Mr. Krishna Kishore
Maheehwari is the
Vice President - Technical.
He is Indian
nationality with the
age of 59
years old.
Mr. Lahvindra Singh
is the Vice
President - Manufacturing.
He is Indian
nationality.
Mr. Amit Dayal
is the Vice
President - Marketing & Sales
Manager.
He is Indian
nationality.
Mr. Deepak Mittal
is the Vice
President.
He is Indian
nationality with the
age of 70
years old.
Mr. Vinay Jain
is the Financial
Manager.
He is Indian
nationality.
Mr. Pirom Areephan is
the General Manager.
He is Thai
nationality.
Ms. Karuna Choonint is
the Human Resources
Manager.
She is Thai
nationality.
Mr. Arunabha Bhattacharya is
the Customer Technical
Support Department Manager.
He is Thai
nationality.
Mr. Sushil K. Chaudhari is
the Purchasing Department
Manager.
He is Indian
nationality.
BUSINESS
OPERATIONS
The subject
is engaged in
manufacturing wide range
of Acrylic Fibre
and special products,
the main materials
for textile, knitwear,
sportswear, carpet, toys,
blanket & bedding set, upholstery
and apparel industries.
The products and
brands are as
follows:
1. Specialty
Products
Brand: “PILBLOC”,
“AMICOR”, “RADIANZA”, “PURA”,
“WARMOS”,
“ECOFUR”, “CRAVONA”,
“DURASHINE”, “MICROSUPREME”,
and “BIRLACRIL XS”
2.
Standard Products
Range
of products include
raw white, acrylic
tow worsted spinning,
acrylic staple
fiber
raw white worsted,
semi worsted & woolen spinning.
Products and
Applications:
·
“RADIANZA” fiber
applies in fashion
apparels productions, as
well as uniforms,
sweaters and pullover,
mufflers &caps, stoles,
knitwear, blankets &
throws, and carpet.
·
“WARMOS” fiber
applies in the
productions of knitted
fabric [Jersey, sweaters], hand
knit yarn and
carpets.
·
“ECOFUR” fiber
applies in the
productions of overcoats,
jackets, coat linings,
BOA/high pile articles,
soft toys, automotive
seat covers, Raschel
blankets and fancy
yarns.
·
“CRAYONA”
fiber applies in the productions
of sweaters, pullovers
and cardigans, fashion apparels,
jacket and overcoats,
winter wear in
blend with wool, gloves,
caps and stoles.
·
“DURASHINE” fiber applies
in the productions
of awning, sun
umbrellas, outdoor furniture
and upholsteries, marine
exterior and decorative.
·
“PURA” optical
white fiber applies
in the productions
of knitwear, sweater,
Jersey, under wear,
shirts, socks, hand knits,
woven upholstery, curtain,
woven cloth, religious
dress and pile fabric
products.
The subject
received the production
technology from Japan
Exlan Co., Ltd., Japan.
PRODUCTION CAPACITY
114,000 tons per
annum
IMPORT [COUNTRIES]
Raw material, chemical,
cotton and computer
technology are imported
from
Japan, Hong Kong, Republic
of China, Taiwan, Singapore, India
and Switzerland.
MAJOR SUPPLIERS
Gutor Electronic Ltd. : Switzerland
Thai Rayon Public Company Limited : Thailand
Thai Sulphites and
Chemicals Co., Ltd. :
Thailand
Asahi Kasei Chemical
Corporation : Japan
Mitsui & Co [Thailand] Ltd. : Thailand
BASF [Thai] Ltd. : Thailand
SALES [LOCAL]
15% of the
products is sold
locally by wholesale
to manufacturers and
end-users.
EXPORT [COUNTRY]
85% of the products is
exported to India,
Indonesia, Philippines, Republic
of China, Pakistan,
Iran, Vietnam, Hong Kong, Nepal, Myanmar, Canada,
Australia, Bangladesh, South Africa,
South Korea, Sri Lanka,
Turkey and some
countries in Europe
and Middle East
region.
RELATED & AFFILIATED
COMPANIES
The Aditya Birla
Group consists of:
Indo Thai Synthetics
Co., Ltd.
Business Type : Manufacturer of
synthetics yarn
Thai Rayon Public
Co., Ltd.
Business Type : Manufacturer of
viscose rayon staple
fibre and anhydrous
sodium sulphate
Thai Carbon Black
Public Co., Ltd.
Business Type : Manufacturer of
carbon black
Thai Polyphosphate & Chemicals Co., Ltd.
Business Type : Manufacturer of
sodium tripoly - phosphate
Thai Epoxy and
Allied Products Co., Ltd
Business Type : Manufacturer of
expoxy resin
Thai Sulphites &
Chemicals Co., Ltd.
Business Type : Manufacturer of
sulphate
P.T. Indo Liberty
Textile Co., Ltd.
Business Type : Manufacturer of
spun yarn
Thai Peroxide Co., Ltd.
Business Type : Manufacturer of
hydrogen peroxide
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Deutsche Bank AG
[Bangkok Office
: 208 Wireless Rd.,
Lumpini, Pathumwan, Bangkok
10330]
The Siam Commercial
Bank Public Co., Ltd.
[Head Office
: 9 Ratchadapisek
Rd., Ladyao, Jatujak,
Bangkok 10900]
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Kasikornbank Public Co., Ltd.
[Head Office
: 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
EMPLOYMENT
The subject employs
approximately 420 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
The factory is
located at 54
Moo 5, Sudbantad,
Tarndiew, Kaengkhoi, Saraburi 18110
Thailand, on approximately
160,000 square meters plot
of land.
Tel : [66] 36
251-316-24, 36 240-100
Fax : [66]
36 251-325-6
COMMENT
Thai Acrylic Fibre (TAF) ranks
among the top three quality acrylic
fibre producers globally. It is one of the top two service providers of acrylic
application development. The company has also been rated as a top class acrylic
producer for the manufacture of special blanket applications.
Its products enjoy world wide reputation and recognition. Consistent
superior quality and reliable services have enabled
the company to achieve the
leadership in the
industry.
The subject
remained stable growth in exports despite the overall market is stiffing
from the slow consumption in some
countries in Europe.
FINANCIAL
INFORMATION
The capital was registered
at Bht. 205,000,000 divided into
2,050,000 shares of
Bht. 100 each.
The capital was
increased later as
followings:
Bht. 570,000,000
on October 21,
1993
Bht. 712,500,000
on April 23,
1996
The latest registered
capital was increased
to Bht. 712,500,000
divided into 71,250,000
shares of Bht. 10 each
with fully paid.
MAIN SHAREHOLDERS : [as at
April 30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Thai Rayon Public
Co., Ltd. Nationality: Thai Address : 888/160-161
Ploenchit Rd., Lumpini, Pathumwan,
Bangkok 10330 |
21,373,173 |
30.00 |
|
Thai Carbon Black
Public Co., Ltd. Nationality: Thai Address : 888/122,
888/128 Ploenchit Rd.,
Lumpini, Pathumwan, Bangkok
10330 |
11,386,503 |
15.98 |
|
Mr. Songkram Chivapravatdamrong Nationality: Thai Address : 470
Bangkhunthienchaitalay Rd.,
Samaedam, Bangkhunthien, Bangkok |
8,906,250 |
12.50 |
|
Asseau Company Ltd.
Nationality: British Address : Barclays House
Wickhams Cay Road
Town, Tortola, BVI |
6,175,000 |
8.67 |
|
Mrs. Ratchanee Kalili Nationality : Thai Address : 58/99
Soi Prompak, Klongtonnua,
Watana, Bangkok |
3,272,100 |
4.59 |
|
Mr. Kamol Pichitsingh Nationality : Thai Address : 58/99
Soi Prompak, Klongtonnua,
Watana, Bangkok |
1,278,846 |
1.79 |
|
Mr. Direk Panichkraiwalkosin Nationality: Thai Address : 25/1
Charansanitwongse Rd., Thaphra,
Bangkokyai, Bangkok |
1,196,153 |
1.67 |
|
Thai Acrylic Co.,
Ltd. Nationality: Thai Address : 85
Sukhumvit 42 Rd.,
Prakanong, Bangkok |
975,000 |
1.37 |
|
Mahasmuth Investment [Pte]
Ltd. Nationality: Singaporean Address : 15
Scotts Rd., #04-01/03
Thong Teck Bldg., Singapore |
929,245 |
1.30 |
|
Other Shareholders |
15,757,730 |
22.13 |
Total Shareholders : 103
Share Structure [as
at April 30, 2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
85 |
60,368,063 |
84.73 |
|
Foreign |
18 |
10,881,937 |
15.27 |
|
Total |
103 |
71,250,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Suwannee Puripinyo No.
3371
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 [Adjusted] |
|
|
|
|
|
|
Cash and Cash Equivalents |
71,339,291 |
59,789,625 |
111,554,421 |
|
Trade Accounts Receivable |
1,578,274,223 |
1,101,765,837 |
1,331,570,876 |
|
Inventories |
1,317,799,956 |
1,061,868,321 |
1,024,461,220 |
|
Current Portion of Lending
to Related Company |
71,646,077 |
- |
- |
|
Other Current Assets
|
15,006,839 |
25,554,055 |
28,451,106 |
|
|
|
|
|
|
Total Current Assets
|
3,054,066,386 |
2,248,977,838 |
2,496,037,623 |
|
Lending to Related Company |
721,444,129 |
739,887,939 |
276,697,885 |
|
Investment in Related
Company |
210,144,495 |
504,060,714 |
504,060,714 |
|
Fixed Assets |
1,815,945,772 |
1,945,921,464 |
2,204,288,033 |
|
Intangible Assets |
3,590,655 |
3,680,856 |
1,437,884 |
|
Other Assets |
2,079,650 |
4,248,091 |
3,743,530 |
|
Total Assets |
5,807,271,087 |
5,446,776,902 |
5,486,265,669 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 [Adjusted] |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
887,287,636 |
860,671,943 |
279,165,763 |
|
Current Portion of Long-term Loan from Financial Institutions |
- |
50,000,000 |
220,000,000 |
|
Trade Accounts & Other
Payable |
1,713,955,250 |
1,340,792,637 |
1,531,190,319 |
|
Accrued Income Tax |
28,094,978 |
- |
33,655,726 |
|
Advance Received from Customer |
17,310,098 |
8,963,677 |
6,760,568 |
|
Other Current Liabilities |
5,873,220 |
8,434,449 |
7,813,474 |
|
|
|
|
|
|
Total Current Liabilities |
2,652,521,182 |
2,268,862,706 |
2,078,585,850 |
|
Long-term Loan Financial
Institutions |
- |
- |
50,000,000 |
|
Employee Benefits Obligation |
138,005,059 |
110,228,187 |
110,502,222 |
|
Total Liabilities |
2,790,526,241 |
2,379,090,893 |
2,239,088,072 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value Authorized, issued
& fully paid-up share capital
71,250,000 shares |
712,500,000 |
712,500,000 |
712,500,000 |
|
|
|
|
|
|
Capital Paid |
712,500,000 |
712,500,000 |
712,500,000 |
|
Premium on Share
Capital |
603,000,000 |
603,000,000 |
603,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
71,250,000 |
71,250,000 |
71,250,000 |
|
Unappropriated |
1,629,994,846 |
1,680,936,009 |
1,860,427,597 |
|
Total Shareholders' Equity |
3,016,744,846 |
3,067,686,009 |
3,247,177,597 |
|
Total Liabilities &
Shareholders' Equity |
5,807,271,087 |
5,446,776,902 |
5,486,265,669 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 [Adjusted] |
|
|
|
|
|
|
Sales Income |
8,441,886,480 |
8,061,760,889 |
9,399,081,102 |
|
Gain / [Loss] on Exchange Rate |
79,841,129 |
11,361,704 |
[12,239,151] |
|
Other Income |
43,790,866 |
70,416,258 |
21,337,379 |
|
Total Revenues |
8,565,518,475 |
8,143,538,851 |
9,408,179,330 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
7,858,003,767 |
7,895,906,766 |
8,796,061,728 |
|
Selling Expenses |
188,042,174 |
214,592,826 |
169,730,614 |
|
Administrative Expenses |
138,133,615 |
105,780,660 |
92,688,724 |
|
Loss on Impairment of Investment |
293,916,219 |
- |
- |
|
Total Expenses |
8,478,095,775 |
8,216,280,252 |
9,058,481,066 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
87,422,700 |
[72,741,401] |
349,698,264 |
|
Financial Cost |
[31,291,143] |
[35,500,187] |
[41,009,987] |
|
Profit / [Loss] before Income
Tax |
56,131,557 |
[108,241,588] |
308,688,277 |
|
Income Tax |
[53,635,220] |
- |
[78,583,103] |
|
|
|
|
|
|
Net Profit / [Loss] |
2,496,337 |
[108,241,588] |
230,105,174 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.15 |
0.99 |
1.20 |
|
QUICK RATIO |
TIMES |
0.62 |
0.51 |
0.69 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.65 |
4.14 |
4.26 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.45 |
1.48 |
1.71 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
61.21 |
49.09 |
42.51 |
|
INVENTORY TURNOVER |
TIMES |
5.96 |
7.44 |
8.59 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
68.24 |
49.88 |
51.71 |
|
RECEIVABLES TURNOVER |
TIMES |
5.35 |
7.32 |
7.06 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
79.61 |
61.98 |
63.54 |
|
CASH CONVERSION CYCLE |
DAYS |
49.84 |
36.99 |
30.68 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
93.08 |
97.94 |
93.58 |
|
SELLING & ADMINISTRATION |
% |
3.86 |
3.97 |
2.79 |
|
INTEREST |
% |
0.37 |
0.44 |
0.44 |
|
GROSS PROFIT MARGIN |
% |
8.38 |
3.07 |
6.51 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.04 |
(0.90) |
3.72 |
|
NET PROFIT MARGIN |
% |
0.03 |
(1.34) |
2.45 |
|
RETURN ON EQUITY |
% |
0.08 |
(3.53) |
7.09 |
|
RETURN ON ASSET |
% |
0.04 |
(1.99) |
4.19 |
|
EARNING PER SHARE |
BAHT |
0.04 |
(1.52) |
3.23 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.48 |
0.44 |
0.41 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.93 |
0.78 |
0.69 |
|
TIME INTEREST EARNED |
TIMES |
2.79 |
(2.05) |
8.53 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
4.72 |
(14.23) |
|
|
OPERATING PROFIT |
% |
(220.18) |
(120.80) |
|
|
NET PROFIT |
% |
102.31 |
(147.04) |
|
|
FIXED ASSETS |
% |
(6.68) |
(11.72) |
|
|
TOTAL ASSETS |
% |
6.62 |
(0.72) |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 4.72%. Turnover has increased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.38 |
Impressive |
Industrial
Average |
- |
|
Net Profit Margin |
0.03 |
Deteriorated |
Industrial
Average |
1.10 |
|
Return on Assets |
0.04 |
Deteriorated |
Industrial
Average |
1.89 |
|
Return on Equity |
0.08 |
Deteriorated |
Industrial
Average |
3.95 |
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 8.38%. 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 0.03%.
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 0.04%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is 0.08%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.15 |
Satisfactory |
Industrial Average |
1.24 |
|
Quick Ratio |
0.62 |
|
|
|
|
Cash Conversion Cycle |
49.84 |
|
|
|
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 1.15 times in 2013, increased from 0.99 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 0.62 times in 2013,
increased from 0.51 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 50 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.48 |
Impressive |
Industrial
Average |
0.61 |
|
Debt to Equity Ratio |
0.93 |
Impressive |
Industrial
Average |
1.25 |
|
Times Interest Earned |
2.79 |
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 2.8 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 0.48 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 |
4.65 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.45 |
Satisfactory |
Industrial
Average |
1.72 |
|
Inventory Conversion Period |
61.21 |
|
|
|
|
Inventory Turnover |
5.96 |
Satisfactory |
Industrial
Average |
6.01 |
|
Receivables Conversion Period |
68.24 |
|
|
|
|
Receivables Turnover |
5.35 |
Impressive |
Industrial
Average |
4.75 |
|
Payables Conversion Period |
79.61 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.35 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 increased from 49 days at the
end of 2012 to 61 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 7.44 times in year 2012 to 5.96 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.45 times and 1.48
times in 2013 and 2012 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.59.97 |
|
|
1 |
Rs.102.90 |
|
Euro |
1 |
Rs.82.02 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIS |
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.