MIRA
INFORM REPORT
|
Report Date : |
26.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOC GLYCOL COMPANY LIMITED |
|
|
|
|
Registered Office : |
15th
Floor, Energy Complex
Building A, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
27.11.2003 |
|
|
|
|
Com. Reg. No.: |
0105546143745 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing of ethylene glycol and ethylene
oxide. The products have been used
mainly in polyester fibers and polyethylene teraphthalate (PET plastic
bottles) industries. |
|
|
|
|
No of Employees : |
130 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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) |
|
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 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
TOC GLYCOL COMPANY
LIMITED
SUMMARY
BUSINESS ADDRESS : 15th
FLOOR, ENERGY COMPLEX
BUILDING A,
555/1
VIBHAVADI-RANGSIT ROAD, CHATUCHAK,
BANGKOK
10900, THAILAND
TELEPHONE : [66] 2265-8100,
2265-8400
FAX : [66] 2265-8111,
2265-8500
E-MAIL ADDRESS : egmarketing@glycol.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2003
REGISTRATION NO. : 0105546143745 [Former :
10454602393]
TAX ID NO. : 3031160354
CAPITAL REGISTERED : BHT.
5,395,000,000
CAPITAL PAID-UP : BHT.
5,395,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SERMSAK SRIYAPHAI, THAI
MANAGING DIRECTOR
NO. OF STAFF : 130
LINES OF BUSINESS : PETROCHEMICALS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
|
CORPORATE PROFILE |
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH BORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH GOOD PERFORMENCE
HISTORY
The subject was
established on November
27, 2003 as
a private limited
company under the name
style TOC GLYCOL COMPANY LIMITED by Thai
groups, in order
to produce ethylene
glycol and ethylene
oxide. The subject currently
employs approximately 130
staff.
The subject is a wholly
owned subsidiary of PTT Global Chemical Public Company
Limited, which is
also a member
of PTT group
of companies.
The subject’s registered address was initially at 3rd Floor,
PTTEP Building, 555 Vibhavadi-Rangsit Rd., Chomphol, Chatuchak,
Bangkok 10900.
On September 1, 2004
the subject’s registered
address was relocated
to 123 Vibhavadi-Rangsit Rd.,
Chomphol, Chatuchak, Bangkok
10900.
On March 22, 2010,
it was finally
relocated to 15th Floor,
Energy Complex Building
A, 555/1 Vibhavadi-Rangsit Rd.,
Chatuchak, Bangkok 10900,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Athavudh Hirunburana |
|
Thai |
59 |
|
Mrs. Thasnalak Santikul |
|
Thai |
60 |
|
Mr. Sermsak Sriyaphai |
|
Thai |
59 |
|
Mr. Suvit Tinnachote |
|
Thai |
58 |
|
Mr. Pana Naksuk |
|
Thai |
59 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sermsak Sriyaphai is
the Managing Director.
He is Thai
nationality with the
age of 59
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
of ethylene glycol
and ethylene oxide.
The products have
been used mainly in
polyester fibers and
polyethylene teraphthalate (PET
plastic bottles) industries.
Ranges of products
are as follows:
Monoethylene Glyco [MEG] is
a key raw material in the
manufacture of polyester
for textile industry
and PET plastic for
the plastic bottle
and film industries.
Diethylene Glycol [DEG] and
Triethylene Glycol [TEG] are additives of polyurethane and
both elastic and more rigid types
foam, and also
used in solvents
production.
Ethylene Oxide [EO] is an intermediate
in the production of other industrial
chemicals, including ethoxylate,
ethanol amine and cloline
chloride.
PRODUCTION
CAPACITY
Monoethylene Glyco [MEO] : 450,160
tons per annum
Diethylene Glycol [DEG] :
43,000 tons per
annum
Triethylene Glycol [TEG] :
42,000 tons per
annum
Ethylene Oxide [EO] : 85,000
tons per annum
PURCHASE
Some of raw material and chemicals for the
production are imported from
Japan, Germany, U.S.A. and
Singapore.
MAJOR SUPPLIER
PTT Global Chemical
Public Company Limited : Thailand
SALES
80% of the
products is sold
locally by wholesale
to manufacturers, the
remaining 20% is
exported to Republic
of China, India,
Sri Lanka, Vietnam,
Korea, Taiwan, Indonesia
and Malaysia.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
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
Bangkok Bank Public
Co., Ltd.
TMB Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 130 office
staff and factory
workers.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory I :
9 Soi G-12,
Eastern Industrial Estate,
Pakorn Songkhraorat Rd.,
Map Ta Phut, Muang,
Rayong 21150.
Tel : [66] 38
922-000, Fax : [66] 38
925-988.
Factory II : 9/1
Soi G-12, Eastern
Industrial Estate, Pakorn
Songkhraorat Rd.,
Map Ta Phut, Muang,
Rayong 21150.
COMMENT
The company was established under strong
determination to diversify business
of PTT Global
Chemical Public Company Limited, a leader in Thailand’s
chemical industry. Subject
is created for
the purposes of giving
added value to
PTT Chemical’s olefins
stream and filling
the gap in the
country’s PET plastic
and textile industries.
Since the production
has been started
in 2004, the products
have been supplied
to textile, plastic film and
clear plastic bottles
in Thailand and
worldwide.
Subject is considered a
strong business in
petrochemical industry. Its
operating
performance is solid
and remains profitable
for many consecutive
years.
FINANCIAL INFORMATION
The capital was
registered at Bht.
4,515,000,000 divided into
45,150,000 shares of
Bht. 100 each.
On March 28, 2005 the capital was
increased to Bht. 5,395,000,000 divided
into 53,950,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 24, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
PTT Global Chemical
Public Company Limited Nationality: Thai Address : 555/1
Vibhavadi-Rangsit Rd., Chatuchak,
Bangkok 10900 |
53,949,998 |
100.00 |
|
Mr. Sermsak Sriyaphai Nationality: Thai Address : 24
Soi Seemuang-Anusorn, Dingdaeng, Bangkok |
1 |
- |
|
Mr. Veena Khenmachitto Nationality: Thai Address : 147
Soi Nophakao, Bangsue,
Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 24,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
53,950,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
53,950,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Vairoj Chindamaneepitak No.
3565
BALANCE SHEET
[BAHT]
The latest financial
figures published for
December 31, 2013,
2012 & 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
171,598,394 |
29,283,062 |
38,098,875 |
|
Trade Accounts Receivable
|
2,121,932,859 |
2,136,540,490 |
1,328,138,677 |
|
Other Receivable |
276,878,121 |
259,972,761 |
13,146,910 |
|
Inventories |
799,586,088 |
542,237,654 |
398,970,469 |
|
Short-term Loan to Receivable Company |
1,237,545,524 |
710,651,428 |
1,200,769,349 |
|
Other Current Assets
|
74,949,846 |
6,372,525 |
29,954,024 |
|
Total Current Assets
|
4,682,490,832 |
3,685,057,920 |
3,009,078,304 |
|
|
|
|
|
|
Fixed Assets |
9,697,773,032 |
9,461,373,426 |
8,317,032,061 |
|
Intangible Assets |
145,757,973 |
152,828,062 |
31,144,224 |
|
Deferred Income Tax Assets |
16,625,599 |
16,638,347 |
9,742,674 |
|
Other Non-current Assets |
1,021,388,860 |
791,158,304 |
887,389,345 |
|
Total Assets |
15,564,036,296 |
14,107,056,059 |
12,254,386,608 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts Payable |
1,238,000,418 |
738,547,837 |
539,215,397 |
|
Other Receivable |
213,239,952 |
519,893,056 |
144,603,341 |
|
Short-term Loan from Related Company |
- |
800,000,000 |
- |
|
Payable-Construction |
237,640,181 |
41,569,750 |
31,528,078 |
|
Current Portion of Financial
Lease Contract Liabilities
|
2,565,566 |
2,073,470 |
2,088,775 |
|
Accrued Income Tax |
7,483,927 |
6,448,018 |
11,628,654 |
|
Pre-received Income |
- |
- |
18,497,620 |
|
Other Current Liabilities |
6,193,992 |
19,691,682 |
56,648,243 |
|
Total Current Liabilities |
1,705,124,036 |
2,128,223,813 |
804,210,108 |
|
|
|
|
|
|
Financial Lease Contract
Liabilities |
1,774,875 |
3,696,341 |
3,673,259 |
|
Employee Benefits Obligation |
15,528,519 |
12,595,366 |
8,182,921 |
|
Total Liabilities |
1,722,427,430 |
2,144,515,520 |
816,066,288 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 53,950,000 shares |
5,395,000,000 |
5,395,000,000 |
5,395,000,000 |
|
Capital Paid |
5,395,000,000 |
5,395,000,000 |
5,395,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
539,500,000 |
539,500,000 |
539,500,000 |
|
Unappropriated |
7,907,108,866 |
6,028,040,539 |
5,503,820,320 |
|
Total Shareholders' Equity |
13,841,608,866 |
11,962,540,539 |
11,438,320,320 |
|
Total Liabilities &
Shareholders' Equity |
15,564,036,296 |
14,107,056,059 |
12,254,386,608 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
16,199,781,952 |
14,450,855,028 |
12,647,287,956 |
|
Interest Income |
50,571,413 |
46,378,850 |
37,907,937 |
|
Gain on Exchange Rate |
17,703,923 |
1,338,481 |
16,962,329 |
|
Gain on Derivative |
7,419,269 |
- |
- |
|
Other Income |
95,897,381 |
62,212,978 |
49,087,360 |
|
Total Revenues |
16,371,373,938 |
14,575,785,337 |
12,751,245,582 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
11,123,362,392 |
9,459,767,199 |
7,766,222,098 |
|
Selling Expenses |
190,058,586 |
114,209,212 |
58,427,076 |
|
Administrative Expenses |
220,816,733 |
122,634,194 |
111,265,966 |
|
Loss on Derivative |
401,047 |
- |
- |
|
Cost of Financial |
29,963,917 |
23,003,382 |
850,125 |
|
Total Expenses |
11,564,602,675 |
9,719,613,987 |
7,936,765,265 |
|
Profit Before Income Tax |
4,806,771,263 |
4,856,171,350 |
4,814,480,317 |
|
Income Tax |
[14,402,936] |
[15,951,131] |
[22,840,324] |
|
Net Profit / [Loss] |
4,792,368,327 |
4,840,220,219 |
4,791,539,993 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.75 |
1.73 |
3.74 |
|
QUICK RATIO |
TIMES |
1.51 |
1.14 |
1.72 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.67 |
1.53 |
1.52 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.04 |
1.02 |
1.03 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
26.24 |
20.92 |
18.75 |
|
INVENTORY TURNOVER |
TIMES |
13.91 |
17.45 |
19.47 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
47.81 |
53.96 |
38.33 |
|
RECEIVABLES TURNOVER |
TIMES |
7.63 |
6.76 |
9.52 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
40.62 |
28.50 |
25.34 |
|
CASH CONVERSION CYCLE |
DAYS |
33.42 |
46.39 |
31.74 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
68.66 |
65.46 |
61.41 |
|
SELLING & ADMINISTRATION |
% |
2.54 |
1.64 |
1.34 |
|
INTEREST |
% |
0.18 |
0.16 |
0.01 |
|
GROSS PROFIT MARGIN |
% |
32.40 |
35.40 |
39.42 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
29.67 |
33.60 |
38.07 |
|
NET PROFIT MARGIN |
% |
29.58 |
33.49 |
37.89 |
|
RETURN ON EQUITY |
% |
34.62 |
40.46 |
41.89 |
|
RETURN ON ASSET |
% |
30.79 |
34.31 |
39.10 |
|
EARNING PER SHARE |
BAHT |
88.83 |
89.72 |
88.81 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.11 |
0.15 |
0.07 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.12 |
0.18 |
0.07 |
|
TIME INTEREST EARNED |
TIMES |
160.42 |
211.11 |
5,663.26 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
12.10 |
14.26 |
|
|
OPERATING PROFIT |
% |
(1.02) |
0.87 |
|
|
NET PROFIT |
% |
(0.99) |
1.02 |
|
|
FIXED ASSETS |
% |
2.50 |
13.76 |
|
|
TOTAL ASSETS |
% |
10.33 |
15.12 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 12.1%. Turnover has increased from THB 14,450,855,028.00
in 2012 to THB 16,199,781,952.00 in 2013. While net profit has decreased from
THB 4,840,220,219.00 in 2012 to THB 4,792,368,327.00 in 2013. And total assets
has increased from THB 14,107,056,059.00 in 2012 to THB 15,564,036,296.00 in 2013.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
32.40 |
Impressive |
Industrial Average |
21.58 |
|
Net Profit Margin |
29.58 |
Impressive |
Industrial Average |
1.65 |
|
Return on Assets |
30.79 |
Impressive |
Industrial Average |
2.85 |
|
Return on Equity |
34.62 |
Impressive |
Industrial Average |
5.43 |
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. Gross Profit Margin is 32.4%. 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. Net Profit Margin ratio is 29.58%,
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
30.79%, 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 34.62%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
2.75 |
Impressive |
Industrial Average |
1.34 |
|
Quick Ratio |
1.51 |
|
|
|
|
Cash Conversion Cycle |
33.42 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 2.75 times in 2013, increase from 1.73 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 1.51 times in 2013,
increase from 1.14 times, although excluding inventory so the company still
have good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 34 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.11 |
Impressive |
Industrial Average |
0.48 |
|
Debt to Equity Ratio |
0.12 |
Impressive |
Industrial Average |
0.94 |
|
Times Interest Earned |
160.42 |
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 160.42 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 0.11 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 |
1.67 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.04 |
Acceptable |
Industrial Average |
1.73 |
|
Inventory Conversion Period |
26.24 |
|
|
|
|
Inventory Turnover |
13.91 |
Impressive |
Industrial Average |
10.32 |
|
Receivables Conversion Period |
47.81 |
|
|
|
|
Receivables Turnover |
7.63 |
Impressive |
Industrial Average |
7.20 |
|
Payables Conversion Period |
40.62 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.63 and 6.76 in
2013 and 2012 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2013
increased from 2012. This would suggest the company had good performance in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 21 days at the
end of 2012 to 26 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 17.45 times in year 2012 to 13.91
times in year 2013.
The company's Total Asset Turnover is calculated as 1.04 times and 1.02
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 Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.92 |
|
|
1 |
Rs.97.12 |
|
Euro |
1 |
Rs.76.93 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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.