MIRA INFORM REPORT
|
Report Date : |
22.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
ENERGY EARTH PUBLIC
COMPANY LIMITED |
|
|
|
|
Registered Office : |
Room 125-128, 12th Floor,
Thai CC Tower, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
1992 |
|
|
|
|
Com. Reg. No.: |
0107538000240 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Coal mining operator, importer and distributor of coal products |
|
|
|
|
No of Employees : |
95 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
With a well-developed infrastructure,
a free-enterprise economy, generally pro-investment policies, and strong export
industries,
|
Source
: CIA |
COMPANY NAME
ENERGY EARTH
PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : ROOM
125-128, 12th FLOOR,
THAI CC TOWER,
43
SATHORN,
TELEPHONE : [66] 2673-9631-3
FAX :
[66] 2673-9634
E-MAIL
ADDRESS : thanawat@energyearth.co.th
thanyakamol@energyearth.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1992
REGISTRATION
NO. : 0107538000240
TAX
ID NO. : 3032477239
CAPITAL REGISTERED : BHT. 4,439,103,137
CAPITAL PAID-UP : BHT.
2,971,513,474
SHAREHOLDER’S PROPORTION : -
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. KHAJOHNPONG KHAMDEE,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 95
LINES
OF BUSINESS : COAL
MINING OPERATOR, IMPORTER
AND
DISTRIBUTOR OF
COAL PRODUCTS
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
in 1992, originally
as a private
limited company under
the registered name “Advance
Paint and Chemical [Thailand] Company
Limited” by Thai
groups, with the
initial business objective
to manufacture and distribute wide
range of industrial
paints and coating
products, under various
brands, “SEVEN STAR”,
“NEW
CONFIDENT” and “CLIMATE
GUARD”.
On
April 28, 1995,
its status was
changed to public
company under the
name “Advance Paint and
Chemical [Thailand] Public
Company Limited”. In
1996, it was
listed on the
Stock Exchange of Thailand [SET]. It
currently employs 95
staff.
On
July 5, 2002,
the subject had
entered into the
rehabilitation plan. However,
it was out
from the plan
on September 30,
2002.
On
December 13, 2010,
its registered name was
changed to ENERGY
EARTH PUBLIC COMPANY LIMITED,
and returned to
trade in MAI
market on May
18, 2011. Its
business objective was
diversified to operate
in mining business.
In
2012, the subject
has entered into
the Joint Operating
Agreement with East
Star Co., Ltd.,
to operate coal
mining in Myanmar,
which expected to
start operation within
2013.
In
February 2013, the
subject was listed on Frankfurter Wertpapierborse [FWB], the
Frankfurt Stock Exchange,
in Secondary Listing
type.
The
subject’s registered address
is Room 125-128,
12th Floor, Thai
CC Tower,
889
South Sathorn Road, Yananwa, Sathorn, Bangkok 10120.
In
2014, its building’s
address number “889”
has been changed
to “43” by
the
Sathorn District Office, which actually as
the same location, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Khajohnpong Khamdee |
[x] |
Thai |
42 |
|
Mr. Eknarin Thammaraks |
|
Thai |
38 |
|
Mr. Thongchai Watanasoponwong |
|
Thai |
37 |
|
Mr. Somkiat Sukdheva |
|
Thai |
70 |
|
Mr. Nugoon Sri-in |
[x] |
Thai |
57 |
|
Mr. Phiroon Phihakendr |
[x] |
Thai |
47 |
|
Mr. Phisudhi Phihakendr |
[x] |
Thai |
63 |
|
Mr. Phipat Phihakendr |
[x] |
Thai |
35 |
|
Mr. Phiboon Phihakendr |
[x] |
Thai |
30 |
|
Ms. Kanchana Chakvichitsopon |
[x] |
Thai |
62 |
|
Mr. Thanawat Pratoomsuwan |
[x] |
Thai |
43 |
|
Mr. Parada Bunnag |
|
Thai |
52 |
|
Mr. Suriyaporn Bunchai |
|
Thai |
46 |
AUTHORIZED PERSON
Any two of
the mentioned directors
[x] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Khajohnpong Khamdee is
the Managing Director.
He is Thai
nationality with the
age of 42
years old.
Mr. Phiroon Phihakendr is
the Deputy Managing
Director.
He is Thai
nationality with the
age of 47
years old.
Mr. Nugoon Sri-in is
the Assistant Managing
Director - Production.
He is Thai
nationality with the
age of 57
years old.
Mr. Thanawat Pratoomsuwan is
the Assistant Managing
Director - Finance and Accounting.
He is Thai
nationality with the
age of 43
years old.
Mr. Paiboon Assawasiriwong is
the Assistant Managing
Director - Sales
and International Sales.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
has been granted
a concession to
operate coal mining
in Myanmar and
Indonesia, as well
as importing, distributing
and re-exporting various
kinds of coals,
such as Anthracite,
Bituminous, Sub-Bituminous and
Lignite.
IMPORT
The
products are imported
from Indonesia and
Myanmar.
MAJOR SUPPLIERS
PT.
Tri Tunggal Pitriati : Indonesia
Energy
Perfect Co., Ltd. : Thailand
Earth
Star Co., Ltd. : Thailand
SALES
The products are
supplied to various
industries, including papers,
textiles, foods, energy
generators, power plants,
cement. 73% of
the products is
re-exported to Republic
of China, India,
Korea, Taiwan and
Japan, the remaining
27% is sold
locally.
REVENUE STRUCTURE
[Company
and Consolidates]
|
|
2012 |
2013 |
||
|
Income |
Million baht |
% |
Million baht |
% |
|
Revenue from Coal
Selling |
|
|
|
|
|
Domestic |
1,867.79 |
17.83 |
3,624.13 |
26.80 |
|
Export |
8,584.12 |
81.96 |
9,885.58 |
73.11 |
|
Other Revenue |
|
|
|
|
|
Others |
22.30 |
0.21 |
12.44 |
0.09 |
|
|
|
|
|
|
|
Total Revenue |
10,474.21 |
100.00 |
13,522.15 |
100.00 |
SUBSIDIARY COMPANIES
Energy Perfect Company
Limited
Business Type: Importer
and distributor of
coals
Investment : The
subject is holding 99.99%
of the company’s
shares.
PT Tri Tunggal
Pitriati
Business Type: Operator
of coal mining
in Indonesia
Investment : The
subject is holding 99.99%
of the company’s
shares.
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 to 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
T/T.
BANKING
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs 95
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
COMMENT
The
company is become
a coal industrial
leader in Thailand
and Asia with
full
supply-chain
management and supportive modern
technologies, maintaining an
international level of service,
environmental care and
stepping forward to
the world class
market.
The
revenue from domestic
coal selling has been
increased from the
year 2012 because the
group was successful
in expanding the
new domestic customer
base by having
customers in all over
the country and
was able to
expand to sell
to the cement
industry. Also, the
company can still
maintain the existing customer
base.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 70,000,000
divided into 7,000,000
shares of Bht.
10 each with
fully paid.
The
capital was increased
and decreased later
as follows:
Bht. 140,000,000 on
May 2, 1997
Bht. 34,800,250
on July 23,
2002 [decreased]
Bht. 1,674,800,250 on
July 26, 2002
[increased]
Bht. 4,189,800,250 on
January 9, 2003
[increased]
Bht. 418,980,025 on
December 14, 2004 [decreased]
Bht. 222,712,675 on
December 3, 2010
[decreased]
Bht. 2,222,712,675 on
December 7, 2010
[increased]
Bht. 3,027,615,570 on
September 23, 2011
[increased]
Bht. 4,439,103,137 on
July 7, 2014
[increased]
The
latest registered capital
was increased to
Bht. 4,439,103,137 divided
into
4,439,103,137 shares
of Bht. 1
each, with a
current paid-up capital
at Bht.
2,971,513,474.
MAIN SHAREHOLDERS
[as
at October 27,
2014] at Bht.
2,971,513,474 of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Phipat Phihakendr Nationality: Thai Address : 555
Soi Sonamai, Bangpongpang,
Yannawa, Bangkok |
404,538,202 |
13.61 |
|
Mr. Khajohnpong Khamdee Nationality: Thai Address : 88/100
Phrayasurent Rd., Bangchan,
Klongsamwa, Bangkok |
341,538,202 |
11.50 |
|
Mr. Phiboon Phihakendr Nationality: Thai Address : 555
Soi Sonamai, Bangpongpang, Yannawa, Bangkok
|
270,338,202 |
9.10 |
|
Mr. Phiroon Phihakendr Nationality: Thai Address : 555
Soi Sonamai, Bangpongpang,
Yannawa, Bangkok |
225,038,202 |
7.57 |
|
Mr. Phisudhi Phihakendr Nationality: Thai Address : 555
Soi Sonamai, Bangpongpang,
Yannawa, Bangkok |
219,019,099 |
7.37 |
|
Mrs. Voranuch Phihakendr Nationality: Thai Address : - |
162,519,200 |
5.47 |
|
Mr. Yanyong Phanwongklom Nationality: Thai Address : - |
68,074,400 |
2.29 |
|
Mr. Patchawat Kanachayangkool Nationality: Thai Address : - |
67,682,500 |
2.28 |
|
Mr. Krisakorn Techaviboon Nationality: Thai Address : - |
50,015,077 |
1.68 |
|
Ms. Varakorn Phanwongklom Nationality: Thai Address : - |
49,147,812 |
1.65 |
|
Mr. Kasemsan Kanachayangkool Nationality: Thai Address : - |
44,599,060 |
1.50 |
|
Thai NVDR Co.,
Ltd. Nationality: Thai Address : - |
43,418,555 |
1.46 |
|
Other Shareholders |
1,025,584,963 |
34.52 |
Total Shareholders :
10,586
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO
Ms. Vimolsri Jongudomsombat No.
3899
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 [Restated] |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
192,350,771 |
123,314,512 |
9,974,367 |
|
Trade Accounts & Other Receivable |
1,310,751,767 |
1,441,885,914 |
99,381,404 |
|
Inventories |
1,058,019,421 |
570,796,286 |
- |
|
Lending & Deferred
Interest to Related Companies |
547,412,994 |
2,445,844,452 |
- |
|
Advance Payment for Goods |
5,819,355,691 |
883,346,465 |
108,279,416 |
|
Other Current Assets
|
38,272,058 |
17,656,364 |
386,758 |
|
|
|
|
|
|
Total Current Assets
|
8,966,162,702 |
5,482,843,993 |
218,021,945 |
|
|
|
|
|
|
Deposits from Financial Institutions Pledged as Collateral |
341,720,463 |
335,633,131 |
70,789,501 |
|
Investment in Subsidiaries |
1,384,569,082 |
1,288,510,295 |
1,302,650,620 |
|
Property, Plant and Equipment |
9,998,181 |
3,721,282 |
1,936,456 |
|
Deferred Tax Assets |
2,101,188 |
6,434,416 |
- |
|
Other Non-current Assets |
1,958,816 |
306,234 |
267,113 |
|
Total Assets |
10,706,510,432 |
7,117,449,351 |
1,593,665,635 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 [Restated] |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
5,685,307,680 |
3,278,679,290 |
247,105,807 |
|
Trade Accounts & Other Payable
|
253,347,412 |
624,788,665 |
10,043,748 |
|
Loan & Accrued
Interest from Related Person |
- |
1,016,199 |
- |
|
Current Portion of
Lease Contract Liabilities |
1,110,159 |
330,460 |
278,254 |
|
Accrued Income Tax |
151,226,204 |
124,442,082 |
- |
|
Other Current Liabilities |
1,694,724 |
1,790,975 |
298,859 |
|
|
|
|
|
|
Total Current Liabilities |
6,092,686,179 |
4,031,047,671 |
257,726,668 |
|
Liabilities under Hire-purchase Agreements, net
of Current Portion |
2,480,101 |
620,169 |
950,629 |
|
Employee Benefits Obligation |
1,405,122 |
1,260,812 |
1,034,271 |
|
Deferred Tax Liabilities |
22,831,911 |
289,986 |
- |
|
Total Liabilities |
6,119,403,313 |
4,033,218,638 |
259,711,568 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1
par value Authorized, & issued share
capital 3,027,615,570 common
shares, Baht 1 par
value |
3,027,616 |
3,027,616 |
3,027,616 |
|
Issued and fully paid-up common shares-Baht 1 par value |
|
|
|
|
2,956,550,376 common shares as
a 2013 2,605,495,683 common shares as
a 2012 |
|
|
|
|
2,554,170,445 common shares as
a 2011 |
2,956,550,376 |
2,605,495,683 |
2,554,170,445 |
|
Premium on Share Capital |
959,805,667 |
796,214,166 |
772,296,604 |
|
Deficit on Share
Capital |
[1,800,000,000] |
[1,800,000,000] |
[1,800,000,000] |
|
Retained Earnings: Appropriated for Statutory Reserve |
135,200,000 |
75,200,000 |
- |
|
Unappropriated |
2,244,223,437 |
1,478,012,420 |
[192,512,982] |
|
Other Components of Shareholders’ Equity |
91,327,639 |
[70,691,556] |
- |
|
Total Shareholders' Equity |
4,587,107,119 |
3,084,230,713 |
1,333,954,067 |
|
Total Liabilities & Shareholders' Equity |
10,706,510,432 |
7,117,449,351 |
1,593,665,635 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2013 |
2012 [Restated] |
2011 |
|
|
|
|
|
|
Sales Income |
8,235,872,811 |
3,381,335,820 |
773,210,614 |
|
Dividend Income |
- |
1,140,000,000 |
- |
|
Gain on Exchange Rate |
- |
14,182,736 |
- |
|
Other Income |
258,863,203 |
309,185,406 |
462,117 |
|
Total Revenues |
8,494,736,014 |
4,844,703,962 |
773,672,731 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
6,444,415,761 |
2,601,128,258 |
666,976,367 |
|
Selling Expenses |
236,090,029 |
163,771,030 |
10,189,682 |
|
Administrative Expenses |
103,739,702 |
84,019,451 |
43,903,107 |
|
Remuneration Director |
21,736,000 |
18,410,000 |
14,057,926 |
|
Loss on Exchange Rate |
120,554,689 |
- |
- |
|
Financial Cost |
196,964,448 |
70,615,769 |
7,054,874 |
|
Total Expenses |
7,123,500,629 |
2,937,944,508 |
742,181,956 |
|
|
|
|
|
|
Profit / [Loss] before Income Tax |
1,371,235,385 |
1,906,759,454 |
31,490,775 |
|
Financial Cost |
[284,487,830] |
[165,399,988] |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
1,086,747,555 |
1,741,359,466 |
31,490,775 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.47 |
1.36 |
0.85 |
|
QUICK RATIO |
TIMES |
0.25 |
0.39 |
0.42 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
823.74 |
908.65 |
399.29 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.77 |
0.48 |
0.49 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
59.92 |
80.10 |
- |
|
INVENTORY TURNOVER |
TIMES |
6.09 |
4.56 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
58.09 |
155.65 |
46.91 |
|
RECEIVABLES TURNOVER |
TIMES |
6.28 |
2.35 |
7.78 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
14.35 |
87.67 |
5.50 |
|
CASH CONVERSION CYCLE |
DAYS |
103.67 |
148.07 |
41.42 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
78.25 |
76.93 |
86.26 |
|
SELLING & ADMINISTRATION |
% |
4.13 |
7.33 |
7.00 |
|
INTEREST |
% |
2.39 |
2.09 |
0.91 |
|
GROSS PROFIT MARGIN |
% |
24.89 |
66.35 |
13.80 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
16.65 |
56.39 |
4.07 |
|
NET PROFIT MARGIN |
% |
13.20 |
51.50 |
4.07 |
|
RETURN ON EQUITY |
% |
23.69 |
56.46 |
2.36 |
|
RETURN ON ASSET |
% |
10.15 |
24.47 |
1.98 |
|
EARNING PER SHARE |
BAHT |
0.37 |
0.67 |
0.01 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.57 |
0.57 |
0.16 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.33 |
1.31 |
0.19 |
|
TIME INTEREST EARNED |
TIMES |
6.96 |
27.00 |
4.46 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
143.57 |
337.31 |
|
|
OPERATING PROFIT |
% |
(28.09) |
5,954.98 |
|
|
NET PROFIT |
% |
(37.59) |
5,429.74 |
|
|
FIXED ASSETS |
% |
168.68 |
92.17 |
|
|
TOTAL ASSETS |
% |
50.43 |
346.61 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 143.57%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
24.89 |
Satisfactory |
Industrial
Average |
27.11 |
|
Net Profit Margin |
13.20 |
Impressive |
Industrial
Average |
2.92 |
|
Return on Assets |
10.15 |
Impressive |
Industrial
Average |
5.28 |
|
Return on Equity |
23.69 |
Impressive |
Industrial
Average |
15.31 |
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 24.89%. 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 13.2%, 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
10.15%, 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 23.69%, 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 |
1.47 |
Impressive |
Industrial
Average |
1.41 |
|
Quick Ratio |
0.25 |
|
|
|
|
Cash Conversion Cycle |
103.67 |
|
|
|
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 1.47 times in 2013, increased from 1.36 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 0.25 times in 2013,
decreased from 0.39 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 104 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.57 |
Impressive |
Industrial
Average |
0.63 |
|
Debt to Equity Ratio |
1.33 |
Acceptable |
Industrial
Average |
1.73 |
|
Times Interest Earned |
6.96 |
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 6.97 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 Downtrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
823.74 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.77 |
Deteriorated |
Industrial
Average |
1.81 |
|
Inventory Conversion Period |
59.92 |
|
|
|
|
Inventory Turnover |
6.09 |
Impressive |
Industrial
Average |
4.69 |
|
Receivables Conversion Period |
58.09 |
|
|
|
|
Receivables Turnover |
6.28 |
Impressive |
Industrial
Average |
3.50 |
|
Payables Conversion Period |
14.35 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.28 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 80 days at the
end of 2012 to 60 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 4.56 times in year 2012 to 6.09 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.77 times and 0.48
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.85 |
|
|
1 |
Rs.97.01 |
|
Euro |
1 |
Rs.77.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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.