MIRA
INFORM REPORT
|
Report Date : |
27.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
THAI GLASS INDUSTRIES PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
15 Moo 1, Rajburana Road, Rajburana, Bangkok 10140 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
1972 |
|
|
|
|
Com. Reg. No.: |
0107537000041 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer of Glass
Container Products |
|
|
|
|
No. of Employees : |
1,400 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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. 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 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.
|
Source
: CIA |
company name
THAI GLASS
INDUSTRIES PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 15 MOO 1, RAJBURANA
ROAD, RAJBURANA,
BANGKOK 10140,
THAILAND
TELEPHONE : [66] 2427-0060-4
FAX : [66] 2427-6603
EMAIL ADDRESS : vichienr@bjc.co.th
weraponh@bjc.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1972
REGISTRATION NO. : 0107537000041 [Former : BOR
MOR JOR 251]
TAX ID NO. : 3101088755
CAPITAL REGISTERED : BHT.
1,170,000,000
CAPITAL PAID-UP : BHT.
1,170,000,000
SHAREHOLDER’S PROPORTION : THAI
: 99.96%
FOREIGN :
0.04%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
WERAPON HIRUNVIWATKUN, THAI
MANAGING DIRECTOR
NO. OF STAFF : 1,400
LINES OF BUSINESS : GLASS
CONTAINER PRODUCTS
MANUFACTURER
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 December
18, 1972 as
a private limited
company under the
registered name THAI
GLASS INDUSTRIES CO.,
LTD. by Thai
groups. It is
one of Thailand’s
leading manufacturers of
glass container products.
On April 25,
1975, the subject
was listed on
the Stock Exchange
of Thailand, and
its status was
converted to a
public limited company
under the name
THAI GLASS INDUSTRIES
PUBLIC COMPANY LIMITED
on January 3, 1994.
On December 29,
1998 the subject
revoked its name
from the Stock Exchange
of Thailand. It
currently employs 1,400
staff. The subject
is a subsidiary
of Berli Jucker
Public Company Limited.
In September 2000,
the company was
certified by ISO 9002 (BS EN ISO 9002:1994) certification from
Bureau Veritas Quality International
(BVQI), and was
followed in June
2001 by ISO 9001:2000
(BS EN ISO 9001:2000)
certification.
The subject’s registered address
is 15 Moo 1,
Rajburana Rd., Rajburana, Bangkok
10140, and this
is the company’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Aswin
Taechacharoenvikul : Chairman |
|
Thai |
38 |
|
Mr. Sitthichai Chaikriengkrai |
|
Thai |
60 |
|
Mrs. Thapanee
Taechacharoenvikul |
|
Thai |
38 |
|
Mrs. Vipada Duangrat |
|
Thai |
60 |
|
Mr. Pathapong Eiamsuro |
|
Thai |
55 |
|
Mr. Teerapol Kiatsuranont |
|
Thai |
56 |
|
Mr. Manus Manoonchai |
|
Thai |
59 |
|
Mr. Werapon Hirunviwatkun |
|
Thai |
52 |
|
Mr. Sumeth Valaisathien |
|
Thai |
59 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Werapon Hirunviwatkun
is the Managing
Director.
He is Thai
nationality with the
age of 52
years old.
Mr. Veerasak Chongcharoenchai is
the Operation Manager [Rajburana].
He is Thai
nationality.
Mr. Manawat Thongsen
is the Operation
Manager [Bangplee].
He is Thai
nationality.
Mr. Pongsak Suthisripook is
the Senior Manager Planning,
Purchasing and Logistics.
He is Thai
nationality.
Mr. Vichien Rungwattanakij
is the
Sales & Marketing Manager.
[Packaging Products Division of Berli Jucker
Public Co., Ltd.]
He is Thai
nationality.
Mr. Chusak Suya is
the Human Resources
Manager.
He is Thai
nationality.
Mr. Suponchai
Somboonpatarakit is the
Technical & Engineering
Service Director.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer
wide range of
glass container products,
including bottle and
jar for various
industries such as
foods, beverage [drinking water,
soda water], pharmaceutical, healthy drink,
energy drink, fruit juice
drink, and alcoholic beverage [beer, whisky,
wine and wine cooler].
The subject is
the largest glassware
manufacturer in Thailand.
PRODUCTIONS
3,300 tons/day
PURCHASE
Raw materials such
as sand, limestone, sodium
sulphate, coke dust
and chemical are
purchased mainly from
local suppliers, the
remaining is imported
from United States of America, Germany, Republic
of China, Taiwan,
Malaysia, Canada, India,
Sweden and Japan.
MAJOR SUPPLIERS
ACI Pty. Ltd. : Australia
Owens-Brockway Illinois Inc. :
United States of
America
SALES [LOCAL]
100% of the
products has been
marketed by the
Packaging Products Division
of Berli Jucker
Public Company Limited,
the parent company.
SUBSIDIARIES & AFFILIATED COMPANIES
The subject is
not found to have any subsidiaries or affiliated companies
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.
BANKING
The Standard Chartered
Bank [Thai] Public Co.,
Ltd.
[Bangkok Branch
: 990 Rama
4 Rd., Bangrak,
Bangkok 10500]
The Siam Commercial
Bank Public Co.,
Ltd.
[Suksawad Branch
: Suksawad Rd.,
Bangkok]
Kasikornbank Public Co.,
Ltd.
[Head Office
: 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Bangrak, Bangkok
10500]
EMPLOYMENT
The subject employs
approximately 1,400 staff. [office
staff and factory
workers]
LOCATION DETAILS
The premise is owned
for operating administrative office
and factory I on
40,000 square meters
of land area
at the heading
address. Premise is located
in commercial/residential area.
The factory II
is located at
78 Moo 3,
Soi Wat Srivaree
Noi, Bangna-Trad Rd.,
K.M. 18, Bangplee,
Samutprakarn 10540 Thailand.
Tel : [66]
2337-1207, 2740-5001, Fax :
[66] 2337-1221.
Sales & Marketing Office :
99 Berli Jucker
House, Soi Rubia,
Sukhumvit 42 Rd.,
Phrakanong, Klongtoey,
Bangkok 10110. Tel.:
[66] 2367-1511, 2367-1518,
Fax: [66] 2367-1000.
COMMENT
The subject has been
operating for more than four
decades and is
free to sell the
products to customers
in various major
industries i.e. beer,
liquor, soft drinks, health
drinks and etc. The subject’s
products are of high
quality and competitive
in price. It has been
enjoying a high
market share, and
the business is
expanding steadily.
Over the years, the subject
has been actively
supporting various industrial
sector such as food and beverage. In
the past year, the
company has performed
well and enhanced the
competitiveness of the glass industries
in the country.
Generally, the subject’s
business is stable
and remains profitable.
The subject marked
by its constant
drive to be
the best in
the business and
the concern for
the environment, is the leader
amongst glass manufacturers
in the Southeast
Asian Region.
FINANCIAL INFORMATION
The capital was
registered at Bht. 12,000,000 divided
into 120,000 shares
of Bht. 100 each.
The capital was
increased later as
followings :
Bht. 80,000,000
on June 5,
1973
Bht. 100,000,000
on August 15,
1975
Bht. 130,000,000
on September 7,
1977
Bht. 195,000,000
on January 20,
1981
Bht. 260,000,000
on August 13,
1991
Bht. 585,000,000
in 1995
Bht. 1,170,000,000 in
2000
The latest registered capital
was increased to 1,170,000,000 divided
into 117,000,000 shares of
Bht. 10 each
with fully paid.
MAIN SHAREHOLDERS
[as at April
26, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Berli Jucker Public
Company Limited Nationality: Thai Address : 99
Soi Rubia, Sukhumvit
42 Rd.,
Klongtoey, Bangkok |
115,355,235 |
98.59 |
|
Mr. Santi Pruekwatananont Nationality: Thai Address : 58
Sab Rd., Siphaya,
Bangrak, Bangkok |
242,090 |
0.20 |
|
Mrs. Orasa Pruekwatananont Nationality: Thai Address : 120/6
Moo 6, Tharaeng, Bangkhen,
Bangkok |
182,090 |
0.15 |
|
Mrs. Pasana Teng-amnuay Nationality: Thai Address : 307,
307/1 Charansanitwong 40
Rd.,
Bangplad, Bangkok |
137,000 |
0.12 |
|
Mrs. Vilai Pruekwatananont Nationality: Thai Address : 58
Sab Rd., Siphaya,
Bangrak, Bangkok |
102,000 |
0.09 |
|
Others |
981,585 |
0.85 |
Total Shareholders : 221
Share Structure [as
at April 26,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
219 |
116,956,200 |
99.96 |
|
Foreign |
2 |
43,800 |
0.04 |
|
Total |
221 |
117,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Chavala Thienprasertkij No.
4301
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2012, 2011 &
2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash in Hand
& at Bank |
19,448,074 |
28,689,973 |
4,402,893 |
|
Trade Accounts & Other Receivable |
|
|
|
|
Trade Accounts
Receivable |
1,594,194,383 |
1,561,696,307 |
1,339,054,935 |
|
Other Receivable
- Related Company |
54,403,681 |
98,457,546 |
27,769,446 |
|
Other Receivable |
55,607,939 |
128,757,548 |
- |
|
Inventories |
1,311,910,005 |
1,016,687,162 |
1,056,239,595 |
|
Other Current Assets |
1,888,599 |
27,156,533 |
10,850,188 |
|
|
|
|
|
|
Total Current Assets
|
3,037,452,681 |
2,861,445,069 |
2,438,317,057 |
|
Investment in Related Company |
100 |
- |
- |
|
Investment in Associated
Company |
80,000,000 |
80,000,000 |
80,000,000 |
|
Fixed Assets |
3,005,252,827 |
3,519,275,930 |
4,042,844,094 |
|
Intangible Assets |
8,501,664 |
2,791,707 |
1,265,160 |
|
Deferred Income Tax Assets |
53,467,940 |
58,974,824 |
49,429,754 |
|
Other Non-current Assets |
52,054,532 |
62,736,555 |
64,323,395 |
|
Total Assets |
6,236,729,744 |
6,585,224,085 |
6,676,179,460 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Short-term Loan from Bank |
1,062,000,000 |
1,232,000,000 |
5,000,000 |
|
Trade Accounts & Other Payable |
|
|
|
|
Trade Accounts
Payable |
676,106,966 |
796,343,612 |
833,685,959 |
|
Other Receivable
- Related Company |
86,940,850 |
97,160,064 |
237,738,594 |
|
Other Receivable |
91,494,846 |
77,575,591 |
- |
|
Purchase Assets Payable |
9,112,959 |
3,199,726 |
107,086,688 |
|
Current Portion of Long-term
Loan |
- |
248,500,000 |
334,000,000 |
|
Current Portion of
Long-term Loans from
Related Company |
- |
- |
1,600,000,000 |
|
Accrued Income Tax |
54,540,632 |
34,073,133 |
95,081,489 |
|
Other Current Liabilities |
61,546,105 |
58,412,623 |
117,343,499 |
|
|
|
|
|
|
Total Current Liabilities |
2,041,742,358 |
2,547,264,749 |
3,329,936,229 |
|
Long-term Loan from
Bank |
- |
- |
248,500,000 |
|
Long-term Loan from
Related Company |
1,000,000,000 |
1,000,000,000 |
- |
|
Reserve for Employees’
Pension |
243,506,466 |
237,333,972 |
125,671,445 |
|
Total Liabilities |
3,285,248,824 |
3,784,598,721 |
3,704,107,674 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 117,000,000 shares |
1,170,000,000 |
1,170,000,000 |
1,170,000,000 |
|
|
|
|
|
|
Capital Paid |
1,170,000,000 |
1,170,000,000 |
1,170,000,000 |
|
Retained Earning Appropriated for Statutory Reserve |
117,000,000 |
117,000,000 |
117,000,000 |
|
Other Reserve |
4,000,000 |
4,000,000 |
4,000,000 |
|
Unappropriated |
1,660,480,920 |
1,509,625,364 |
1,681,071,786 |
|
Total Shareholders' Equity |
2,951,480,920 |
2,800,625,364 |
2,972,071,786 |
|
Total Liabilities &
Shareholders' Equity |
6,236,729,744 |
6,585,224,085 |
6,676,179,460 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales |
7,516,127,058 |
7,246,305,343 |
6,828,112,034 |
|
Other Income |
70,584,834 |
200,573,120 |
27,922,719 |
|
Total Revenues |
7,586,711,892 |
7,446,878,463 |
6,856,034,753 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
6,633,789,731 |
6,436,451,660 |
5,707,672,940 |
|
Selling Expenses |
267,684,344 |
286,057,801 |
275,646,721 |
|
Administrative Expenses |
124,377,458 |
123,782,669 |
103,323,899 |
|
Loss on Diminution
in Value of Investment in
Subsidiary |
- |
- |
3,982,782 |
|
Financial Cost |
75,091,394 |
84,574,497 |
102,416,427 |
|
Total Expenses |
7,100,942,927 |
6,930,866,627 |
6,193,042,769 |
|
Profit / [Loss] before Income Tax |
485,768,965 |
516,011,836 |
662,991,984 |
|
Income Tax |
[118,463,409] |
[170,595,344] |
[197,534,263] |
|
|
|
|
|
|
Net Profit / [Loss] |
367,305,556 |
345,416,492 |
465,457,721 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.49 |
1.12 |
0.73 |
|
QUICK RATIO |
TIMES |
0.84 |
0.71 |
0.41 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.50 |
2.06 |
1.69 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.21 |
1.10 |
1.02 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
72.18 |
57.65 |
67.55 |
|
INVENTORY TURNOVER |
TIMES |
5.06 |
6.33 |
5.40 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
77.42 |
78.66 |
71.58 |
|
RECEIVABLES TURNOVER |
TIMES |
4.71 |
4.64 |
5.10 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
37.20 |
45.16 |
53.31 |
|
CASH CONVERSION CYCLE |
DAYS |
112.40 |
91.16 |
85.81 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
88.26 |
88.82 |
83.59 |
|
SELLING & ADMINISTRATION |
% |
5.22 |
5.66 |
5.55 |
|
INTEREST |
% |
1.00 |
1.17 |
1.50 |
|
GROSS PROFIT MARGIN |
% |
12.68 |
13.94 |
16.82 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.46 |
7.12 |
9.71 |
|
NET PROFIT MARGIN |
% |
4.89 |
4.77 |
6.82 |
|
RETURN ON EQUITY |
% |
12.44 |
12.33 |
15.66 |
|
RETURN ON ASSET |
% |
5.89 |
5.25 |
6.97 |
|
EARNING PER SHARE |
BAHT |
3.14 |
2.95 |
3.98 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.53 |
0.57 |
0.55 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.11 |
1.35 |
1.25 |
|
TIME INTEREST EARNED |
TIMES |
6.47 |
6.10 |
6.47 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
3.72 |
6.12 |
|
|
OPERATING PROFIT |
% |
(5.86) |
(22.17) |
|
|
NET PROFIT |
% |
6.34 |
(25.79) |
|
|
FIXED ASSETS |
% |
(14.61) |
(12.95) |
|
|
TOTAL ASSETS |
% |
(5.29) |
(1.36) |
|
ANNUAL GROWTH : ACCEPTABLE
An annual sales growth is 3.72%. Turnover has increased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
12.68 |
Impressive |
Industrial Average |
3.58 |
|
Net Profit Margin |
4.89 |
Impressive |
Industrial Average |
2.89 |
|
Return on Assets |
5.89 |
Impressive |
Industrial Average |
2.61 |
|
Return on Equity |
12.44 |
Impressive |
Industrial Average |
4.73 |
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 12.68%. 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 4.89%, 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
5.89%, 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 12.44%, 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 |
1.49 |
Impressive |
Industrial Average |
0.95 |
|
Quick Ratio |
0.84 |
|
|
|
|
Cash Conversion Cycle |
112.40 |
|
|
|
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 1.49 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 0.84 times in 2012,
increased from 0.71 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 113 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.53 |
Acceptable |
Industrial Average |
0.42 |
|
Debt to Equity Ratio |
1.11 |
Risky |
Industrial Average |
0.73 |
|
Times Interest Earned |
6.47 |
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 6.47 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 0.53 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.50 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.21 |
Impressive |
Industrial Average |
0.90 |
|
Inventory Conversion Period |
72.18 |
|
|
|
|
Inventory Turnover |
5.06 |
Acceptable |
Industrial Average |
6.94 |
|
Receivables Conversion Period |
77.42 |
|
|
|
|
Receivables Turnover |
4.71 |
Satisfactory |
Industrial Average |
5.06 |
|
Payables Conversion Period |
37.20 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.71 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 58 days at the
end of 2011 to 72 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 6.33 times in year 2011 to 5.06 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.21 times and 1.1
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.60.17 |
|
|
1 |
Rs.99.39 |
|
Euro |
1 |
Rs.83.09 |
INFORMATION DETAILS
|
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.