MIRA
INFORM REPORT
|
Report Date : |
04.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
JALAPRATHAN CEMENT PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
23/124-128 Soi Soonvijai, Rama 9 Road, Bangkapi, Huaykwang, Bangkok 10320 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
1956 |
|
|
|
|
Com. Reg. No.: |
0107537001676 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer,
Distributor & Exporter of Portland Cement
and Ready-Mixed Concrete |
|
|
|
|
No. of Employees : |
900 |
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 : |
Slow but correct |
|
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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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
JALAPRATHAN CEMENT
PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 23/124-128 SOI SOONVIJAI,
RAMA 9 ROAD,
BANGKAPI, HUAYKWANG,
BANGKOK 10320,
THAILAND
TELEPHONE : [66] 2641-5600
FAX : [66] 2641-5680
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1956
REGISTRATION NO. : 0107537001676 [Former
: BOR.MOR.JOR.414]
TAX ID NO. : 3101009125
CAPITAL REGISTERED : BHT. 1,200,000,000
CAPITAL PAID-UP : BHT. 1,200,000,000
SHAREHOLDER’S PROPORTION : THAI
: 96.32%
FOREIGN :
3.68%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
NOPADOL RAMYARUPA, THAI
MANAGING DIRECTOR
NO. OF STAFF : 900
LINES OF BUSINESS : PORTLAND CEMENT
AND READY-MIXED
CONCRETE
MANUFACTURER, DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
initially formed on
September 12, 1956
as a private
limited company under
the originally registered
name “Jalaprathan Cement
Company Limited” by Thai
Groups. On June
18, 1975, it
was listed on
the Stock Exchange
of Thailand. Its
status was eventually
converted into a public
company, named JALAPRATHAN
CEMENT PUBLIC COMPANY
LIMITED, on May
17, 1994. Its
business objective is
to manufacture and
market Portland cement
to both domestic
and international markets.
On August 27,
2002, subject was
withdrawn from the
Stock Exchange of
Thailand [SET].
In 2003, the
subject and Asia
Cement Public Company Limited,
which are the
members of Italcementi Group in
Italy, have merged their management,
including accounting and financial, sales & marketing, purchasing
and procurement under the professional
management team.
Presently, the subject
is a subsidiary company of Asia
Cement Public Company
Limited, with is
holding 88.66% of the
subject’s shares. It
currently employs approximately
900 staff.
The subject’s registered
and business address
was initially located
at 2974 New
Petchburi Rd., Bangkapi, Huaykwang, Bangkok 10320.
In 2007, the subject’s
registered address was
relocated to 23/124-128 Soi Soonvijai,
Rama 9 Rd., Bangkapi,
Huaykwang, Bangkok 10320,
and this is
also the subject’s operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Gen. Ayupoon Karnasuta
|
[x] : Chairman |
Thai |
77 |
|
Mr. Rapee Sukhayang |
[x] |
Thai |
71 |
|
Mr. Giovanni Maggiora |
[x] |
Italian |
- |
|
Pol. Lt.Gen. Suthep Dhamaraks |
|
Thai |
69 |
|
Mr. Goran Leopold Seifert |
|
Swedish |
65 |
|
Mr. Roberto Callieri |
[x] |
Italian |
51 |
|
Mr. Nopadol Ramyarupa |
[x] |
Thai |
63 |
AUTHORIZED PERSON
Two of the mentioned
directors [x] can jointly
sign on behalf
of the subject
with
company’s affixed.
MANAGEMENT
Mr. Nopadol Ramyarupa is
the Managing Director.
He is Thai
nationality with the
age of 63
years old.
Mr. Viroj Sukchitsamran is
the Factory Manager.
He is Thai
nationality.
Mrs. Wattana Phraepaisal is
the Q.A. Manager.
She is Thai
nationality.
BUSINESS OPERATION
The subject’s activity
is a manufacturer,
distributor and exporter
of Portland cements
and ready-mixed concrete.
PRODUCTION CAPACITY
2.3 million tons
per annum
MAJOR BRANDS
Portland Cement :
“GREEN NAGA”, “SHARK”,
“RED LOTUS”, “BLACK
LOTUS”,
Mixed Concrete :
“COBRA”, “LOTUS COBRA”,
“LOTUS SUPER COBRA”
PURCHASE [LOCAL]
Raw materials are
purchased from suppliers
both domestic and
overseas in Italy,
France and Germany.
SALES [LOCAL]
80% of the
products is sold
to manufacturers, wholesalers,
end-users and government.
EXPORT [COUNTRIES]
20% of the
products is exported
to Laos, Brunei, Republic of China,
Cambodia,
Vietnam and Myanmar.
PARENT COMPANY
Asia Cement Public
Company Limited
Business Type :
Manufacturer & distributor
of cement products
SUBSIDIARY AND AFFILIATED COMPANIES
Jalaprathan Concrete Co.,
Ltd.
Business Type :
Manufacturer & distributor
of ready-mixed concrete
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
30-60-90 days.
Imports are by
T/T.
Exports are against
T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office
: 9 Ratchadapisek
Rd., Jatujak, Bangkok]
Bangkok Bank Public
Co., Ltd.
[Bangkapi Branch
: Sukhumvit Rd.,
Klongtonnua, Wattana, Bangkok]
EMPLOYMENT
The subject employs
approximately 900 staff
comprising office, sales
staff and factory
workers.
LOCATION DETAILS
The premise is
owned for operating
office at the
heading address. Premise
is located in
commercial/residential area.
The Factory I
is located at
1 Jalaprathan Cement
Rd., A. Takli,
Nakhonsawan 60140. Tel. : [66]
56 261-260
The Factory II
is located at
1 Jalaprathan Cement
Rd., A. Cha-Am,
Cholburi 20180. Tel. : [66]
32 471-415-6
COMMENT
The fallout from
the economic crisis has
continued to impact 2014.
Demand for construction materials was
particularly affected in
domestic and the
countries of Western Europe. Contrastingly, the
positive contribution from Asian countries and
the recovery in
North America were
confirmed.
Earnings for 2013
are distinctly positive
with a profit
of 105.35 million baht
as the impact of impairment
was substantially lower
than in the
previous year.
FINANCIAL INFORMATION
The capital was
registered at Bht.
455,000,000 divided into
4,550,000 shares of
Bht. 100 each.
The capital was
increased later as
follows:
Bht. 850,000,000 in
1997
Bht. 1,200,000,000 in
1998
The latest registered
capital was increased to Bht. 1,200,000,000 divided into
120,000,000 shares of
Bht. 10 each
with fully paid.
MAIN SHAREHOLDERS
[as at April 28,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Asia Cement Public
Company Limited Nationality: Thai Address : 23/124-128
Rama 9 Road,
Bangkapi,
Huaykwang, Bangkok |
106,389,989 |
88.66 |
|
Mr. Adnan Khashoggi Nationality: - Address : Level
5, HSBC Building,
968
Rama 4
Road, Silom, Bangrak,
Bangkok |
3,246,810 |
2.71 |
|
Kiatnakin Bank Public
Company Limited Nationality: Thai Address : Amarin
Tower, 500 Ploenchit
Road,
Lumpini, Pathumwan, Bangkok |
2,248,530 |
1.87 |
|
Mr. Thavornsawad Chawanothai Nationality: Thai Address : 25
Soi Sukhumvit 39,
Klongton, Klongtoey, Bangkok |
1,114,750 |
0.93 |
|
Carr Sheppards Client
A/C Nationality: British Address : 1st Floor,
Trithip Building, Silom
Road, Silom,
Bangrak, Bangkok |
1,083,340 |
0.90 |
|
Others |
5,916,581 |
4.93 |
Total Shareholders :
2,363
Share Structure [as
at April 28,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2,344 |
115,590,750 |
96.32 |
|
Foreign |
19 |
4,409,250 |
3.68 |
|
Total |
2,363 |
120,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Termpong Opanaphan No.
4501
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2013,
2012 & 2011
were:
ASSETS
|
Current Assets |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
88,966,397 |
62,107,373 |
48,191,321 |
|
Trade Accounts & Other Receivable |
446,925,496 |
395,192,410 |
339,059,263 |
|
Inventories |
519,601,714 |
496,154,377 |
515,860,480 |
|
Refundable Tax |
8,415,092 |
6,000,599 |
7,682,176 |
|
Other Current Assets |
1,951,970 |
1,496,650 |
2,337,376 |
|
|
|
|
|
|
Total Current Assets
|
1,065,860,669 |
960,951,409 |
913,130,616 |
|
Investment in Subsidiaries |
286,241,767 |
286,241,767 |
286,241,767 |
|
Land Building & Equipment |
2,402,079,633 |
2,452,949,087 |
2,314,300,901 |
|
Deferred Income Tax Assets |
33,526,833 |
24,978,151 |
25,625,993 |
|
Other Non-current Assets |
365,121 |
382,521 |
347,895 |
|
Total Assets |
3,788,074,023 |
3,725,502,935 |
3,539,647,172 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
350,000,000 |
250,000,000 |
180,000,000 |
|
Trade Accounts & Other Payable |
468,331,634 |
568,616,107 |
516,140,147 |
|
Current Portion of Long-term
Loans |
913,174,130 |
434,653,781 |
435,998,975 |
|
Short-term Provision |
900,000 |
2,043,000 |
700,000 |
|
Other Current Liabilities |
9,818,499 |
8,132,666 |
3,592,651 |
|
|
|
|
|
|
Total Current Liabilities |
1,742,224,263 |
1,263,445,554 |
1,136,431,773 |
|
|
|
|
|
|
Long-term Loans, Net of Current Portion
|
125,000,000 |
641,000,000 |
784,000,000 |
|
Reserve for Employee
Benefits |
22,397,715 |
21,889,144 |
18,282,602 |
|
Long-term Provision |
3,062,045 |
2,832,946 |
2,944,008 |
|
Deferred Income Tax Liabilities |
259,145,354 |
266,357,174 |
221,929,263 |
|
Total Liabilities |
2,151,829,377 |
2,195,524,818 |
2,163,587,646 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 120,000,000 shares |
1,200,000,000 |
1,200,000,000 |
1,200,000,000 |
|
|
|
|
|
|
Capital Paid |
1,200,000,000 |
1,200,000,000 |
1,200,000,000 |
|
Premium on Share Capital |
973,768,690 |
973,768,690 |
973,768,690 |
|
Retained Earning Appropriated for Statutory Reserve |
54,026,280 |
54,026,280 |
54,026,280 |
|
Other Reserve |
122,000,000 |
122,000,000 |
122,000,000 |
|
Unappropriated |
[1,744,802,985] |
[1,881,693,514] |
[1,859,330,074] |
|
Other Components of Equity |
1,031,252,661 |
1,061,876,661 |
885,594,630 |
|
Total Shareholders' Equity |
1,636,244,646 |
1,529,978,117 |
1,376,059,526 |
|
Total Liabilities &
Shareholders' Equity |
3,788,074,023 |
3,725,502,935 |
3,539,647,172 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Sales Income |
2,365,718,625 |
2,030,758,912 |
1,832,948,153 |
|
Interest Income |
771,860 |
1,153,021 |
13,364,486 |
|
Compensation for Damage from the Floods |
- |
11,670,505 |
- |
|
Other Income |
13,260,397 |
9,820,170 |
13,489,032 |
|
Total Revenues |
2,379,750,882 |
2,053,402,608 |
1,859,801,671 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,100,365,063 |
1,881,691,735 |
1,641,631,835 |
|
Selling Expenses |
1,510,000 |
8,059,892 |
20,251,766 |
|
Administrative Expenses |
122,013,981 |
103,755,304 |
114,098,374 |
|
Allowance for Doubtful Account [Reversal] |
179,307 |
- |
[263,493,023] |
|
Other Expenses |
- |
- |
93,739,233 |
|
Total Expenses |
2,224,068,351 |
1,993,506,931 |
1,606,228,185 |
|
Profit before Financial Cost & Income Tax |
155,682,531 |
59,895,677 |
253,573,486 |
|
Financial Cost |
[66,319,508] |
[78,899,177] |
[83,037,836] |
|
Profit before Income Tax |
89,363,023 |
[19,003,500] |
170,535,650 |
|
Income Tax |
[15,989,103] |
[1,476,184] |
[13,703,275] |
|
Net Profit / [Loss] |
105,352,126 |
[20,479,684] |
156,832,375 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.61 |
0.76 |
0.80 |
|
QUICK RATIO |
TIMES |
0.31 |
0.36 |
0.34 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.98 |
0.83 |
0.79 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.62 |
0.55 |
0.52 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
90.30 |
96.24 |
114.70 |
|
INVENTORY TURNOVER |
TIMES |
4.04 |
3.79 |
3.18 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
68.95 |
71.03 |
67.52 |
|
RECEIVABLES TURNOVER |
TIMES |
5.29 |
5.14 |
5.41 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
81.39 |
110.30 |
114.76 |
|
CASH CONVERSION CYCLE |
DAYS |
77.86 |
56.97 |
67.46 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
88.78 |
92.66 |
89.56 |
|
SELLING & ADMINISTRATION |
% |
5.22 |
5.51 |
7.33 |
|
INTEREST |
% |
2.80 |
3.89 |
4.53 |
|
GROSS PROFIT MARGIN |
% |
11.81 |
8.46 |
11.90 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.58 |
2.95 |
13.83 |
|
NET PROFIT MARGIN |
% |
4.45 |
(1.01) |
8.56 |
|
RETURN ON EQUITY |
% |
6.44 |
(1.34) |
11.40 |
|
RETURN ON ASSET |
% |
2.78 |
(0.55) |
4.43 |
|
EARNING PER SHARE |
BAHT |
0.88 |
(0.17) |
1.31 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.57 |
0.59 |
0.61 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.32 |
1.44 |
1.57 |
|
TIME INTEREST EARNED |
TIMES |
2.35 |
0.76 |
3.05 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
16.49 |
10.79 |
|
|
OPERATING PROFIT |
% |
159.92 |
(76.38) |
|
|
NET PROFIT |
% |
614.42 |
(113.06) |
|
|
FIXED ASSETS |
% |
(2.07) |
5.99 |
|
|
TOTAL ASSETS |
% |
1.68 |
5.25 |
|
ANNUAL GROWTH : IMPRESSIVE
An annual sales growth is 16.49%. Turnover has increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
11.81 |
Deteriorated |
Industrial Average |
90.16 |
|
Net Profit Margin |
4.45 |
Deteriorated |
Industrial Average |
13.47 |
|
Return on Assets |
2.78 |
Deteriorated |
Industrial Average |
11.04 |
|
Return on Equity |
6.44 |
Deteriorated |
Industrial Average |
16.87 |
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 11.81%. 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 4.45%.
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 2.78%.
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
6.44%.
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 |
0.61 |
Risky |
Industrial Average |
1.14 |
|
Quick Ratio |
0.31 |
|
|
|
|
Cash Conversion Cycle |
77.86 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 0.61 times in 2013, decreased from 0.76 times, then the company may
not be efficiently using its current assets. 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 0.31 times in 2013,
decreased from 0.36 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 78 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.57 |
Acceptable |
Industrial Average |
0.42 |
|
Debt to Equity Ratio |
1.32 |
Risky |
Industrial Average |
0.62 |
|
Times Interest Earned |
2.35 |
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 2.35 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 0.57 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 Stable
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.98 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.62 |
Acceptable |
Industrial Average |
1.04 |
|
Inventory Conversion Period |
90.30 |
|
|
|
|
Inventory Turnover |
4.04 |
Acceptable |
Industrial Average |
5.58 |
|
Receivables Conversion Period |
68.95 |
|
|
|
|
Receivables Turnover |
5.29 |
Deteriorated |
Industrial Average |
10.86 |
|
Payables Conversion Period |
81.39 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.29 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 96 days at the
end of 2012 to 90 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 3.79 times in year 2012 to 4.04 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.62 times and 0.55
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.59.21 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.80.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NNA |
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.