MIRA
INFORM REPORT
|
Report Date : |
02.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
UNISON
LABORATORIES CO.,LTD. |
|
|
|
|
Registered Office : |
39
Moo 4, T. Klong-Udomcholajorn,
A. Muang, Chachoengsao 24000 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
02.07.1956 |
|
|
|
|
Com. Reg. No.: |
0105499000718 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Pharmaceutical Products. |
|
|
|
|
No. of Employees : |
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 – 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 |
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
UNISON LABORATORIES CO.,LTD.
SUMMARY
BUSINESS
ADDRESS : 39
MOO 4, T. KLONG-UDOMCHOLAJORN,
A.
MUANG, CHACHOENGSAO 24000,
THAILAND
TELEPHONE :
[66] 38
564-930-2
FAX :
[66] 38
364-929
E-MAIL
ADDRESS : export@unisonlab.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1956
REGISTRATION
NO. : 0105499000718 [Former : 120/2499]
TAX
ID NO. : 3101042283
CAPITAL REGISTERED : BHT. 181,000,000
CAPITAL PAID-UP : BHT.
181,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SUDDHINAI THANESVORAKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 400
LINES
OF BUSINESS : PHARMACEUTICAL PRODUCTS
MANUFACTURER, DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on July
2, 1956 as a private
limited company under
the registered name “Unison America
Co., Ltd.”, by Thai group,
Thanesvorakul family. On
March 13, 1968
the subject’s name
was changed to
UNISON LABORATORIES CO., LTD.
It currently employs
approximately 400 staff.
The subject
is a leading
pharmaceutical product manufacturer
in Thailand, with
over one hundred
registered pharmaceutical products
widely recognized in
both domestic and
international markets. The products
have been approved
by the Food
and Drug Administration [FDA],
Ministry of Public Health of Thailand
and Department of
Medical Sciences.
UNISON is a certified GMP [Good Manufacturing Practice] manufacturer
of pharmaceutical products
in the area
of both PENICILLIN
and NON-PENICILLIN. The
products are in
form of tablet,
capsule, powder for
oral suspension, cream
and ointment with
sugar and film
coating facilities. Most
of its tablets
and capsules are
packed in blister
and strip packaging.
The subject’s registered
address was initially
at 160 Soi
Onnuch, Sukhumvit 77
Rd., Ladkrabang, Bangkok
10520.
On January 18,
2006, the registered
address was changed
by the government,
to be 30
Soi Onnuch, Ladkrabang
Rd., Ladkrabang, Bangkok 10520.
On March 29, 2010,
the registered address
was relocated to
39 Moo 4, T.
Klong-Udomcholajorn, A. Muang, Chachoengsao 24000, and this is the subject’s current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Suddhinai Thanesvorakul |
|
Thai |
64 |
|
Dr. Vaivudhi Thanesvorakul |
|
Thai |
66 |
|
Mrs. Kanda Thanesvorakul |
|
Thai |
63 |
|
Ms. Tharntip Thanesvorakul |
|
Thai |
36 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Suddhinai Thanesvorakul is
the Managing Director.
He is Thai
nationality with the
age of 64
years old.
Ms. Tharntip Thanesvorakul is
the General Manager.
She is Thai
nationality with the
age of 36
years old.
Ms. Suneerat Masomchai
is the Account
Manager.
She is Thai
nationality.
Mrs. Kanokwan Thammitr
is the Plant
& Production Manager.
She is Thai
nationality.
Mr. Sombat Poonpitayathorn is
the Marketing Director.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is manufacturer of
pharmaceutical products, Ethical,
Generic, and OTC drugs
including non-steroidal anti-inflammatory drugs [NSAID’S],
antihyperlipidemic, antibacterial
[penicillins], antihypertensive, antibacterial [quinolones], antifungal, antidiabetic, oil
[soft gelatin capsule products] and etc., as
well as health
food supplements [nutritional
and herbal products],
foods, cosmetics, toiletries
and personal care
products.
Lists of the
products are as
follows:
|
Drugs |
Trade Name |
|
Tetracyclines |
Amermycin, Docyl |
|
Anti-Anginal |
Amlod |
|
Penicillin |
Amprexyl, Dicloson, Lidoxin, Moximed, Pener, Unomox |
|
Cough & Cold |
Amtuss, Expetan |
|
Antihistamines |
Bosnum |
|
Calcium/with Vitamins |
Calcar, Carbocal |
|
Haemorrheologicals |
Cerator |
|
Anticoagulants |
Cilosol |
|
Quinolones |
Cipon |
|
Antispasmodies |
Deolin |
|
Topical Corticosteroids |
Derzid |
|
Antidiabetic Agents |
Deson, Diasef, Xeltic |
|
Topical Antifungals |
Diazon Cream |
|
Antivirals |
Entir |
|
Macrolides |
Fascar, Floctil |
|
Antidepressants |
Fluxetil |
|
Antacids, Antireflux Agents |
Gaster |
|
Nonsteroidal Antiinflammaroty |
Gesica, Ibufac |
|
Antiparkinsonian Drugs |
Levomet, Sefmex, Vopar |
|
Dyslipidaemic Agent |
Lexemin |
|
Nootropics & Neurotonics |
Mecobin |
|
Antipsychotics |
Olapin - 10, Quantia 200 |
|
Muscle Relaxants |
Orano, Pormus |
|
Beta-Blockers |
Palon, Preloc, Sefloc |
|
Dyslipidaemic Agents |
Raset |
|
Vitamin B-Complex/with C |
Re-B Forte, Vitabion, Vitelsix |
|
Quinolones |
Rexacin, Sefnor, Uroxin, Viotisone |
|
Analgesics (Opioid) |
Sefmal |
|
Anti-inflammatory Enzymes |
Serrason |
|
Antifungals |
Stalene |
|
Laxatives, Purgatives |
U-Enema, Uni-Ma Enema, Xubil |
|
Topical Corticosteriods |
Uniderm |
|
Antispasmodics |
Unigan |
|
Antivirals |
Vivir |
|
Anthelmintics |
Zela |
|
etc. |
Elonza, Vultin 400 |
The subject’s products
are approved by
The National Health
Organizations in many
countries worldwide.
PURCHASE
Raw materials are
purchased from suppliers
from both in
domestic and overseas
in Japan, Germany,
Republic of China,
Taiwan, Italy, U.S.A.,
India, Hungary, Spain,
Switzerland and Latin
America countries, as
well as machinery
is imported from
Korea.
MAJOR SUPPLIERS
Anben Pharma S.A.R.L. : France
BASF [Thai] Co.,
Ltd. : Thailand
Mitsubishi Corporation :
Japan
SALES [LOCAL]
60% of its
products is sold
locally to dealer,
Thai government and
private hospitals.
EXPORT [COUNTRY]
40% of the
products is exported
to Hong Kong, Myanmar,
Philippines, Bangladesh, Fiji,
Malaysia, Nigeria, Taiwan,
India, Pakistan, Yemen,
Singapore, Uruguay, Panama,
Sri Lanka, Vietnam, Republic of China, Europe,
Africa, Cambodia, Laos,
Latin America and Middle
East countries.
MAJOR CUSTOMERS
Ministry of Public
Health : Thailand
Medline Co., Ltd. : Thailand
Zuellig Pharma Ltd. : Thailand
The Government Pharmaceutical Organization : Thailand
PARENT COMPANY
Medline Co., Ltd.
Address: 736-750
Pracha-uthit Road, Huaykwang,
Bangkok
AFFILIATED COMPANY
F.C.P. Co., Ltd.
Business Type : Distributor of
pharmaceutical and cosmetic
products
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 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 D/A on the
credits term of
90-120 days or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
[Silom Branch:
Silom Rd., Suriyawong,
Bangrak, Bangkok 10500]
Bangkok Bank Public
Co., Ltd.
Export-Import Bank of
Thailand
EMPLOYMENT
The subject employs
approximately 400 staff.
[office, sales staff
and factory workers]
LOCATION DETAILS
The premise is
owned for administrative office
and factory on
92,800 square meters of
area at the
heading address. Premise
is located in an industrial
area.
Branch/warehouse:
- 243 - 243/1 Onnuch Rd.,
Prawet, Bangkok 10250.
COMMENT
More than 50 years of growth
and expansion, the
company has become
one of the
leading pharmaceutical product
manufacturers in Thailand with over
one hundred registered
pharmaceutical products widely
recognized in both
domestic and international
markets. These include
ETHICAL, GENERIC, and
OTC drugs approved
by the Food
and Drug Administration [FDA], Ministry of Public
Health of Thailand. As well UNISON’s
pharmaceutical products are
approved by the
National Health Organizations
in many countries
around the world.
The subject’s sales
were reported increasing
in 2013 compared to the previous year. While current local
and export markets
are still moderate with
improving its sales
from last year’s
level.
FINANCIAL INFORMATION
The capital was
registered at Bht.
300,000 divided into
1,500 shares of
Bht. 200 each.
The capital was
increased later as
follows:
Bht. 30,000,000
on March
14, 1979
Bht. 66,000,000
on November
2, 2006
Bht. 76,000,000
on December 25, 2006
Bht. 181,000,000
on December 21,
2009
The latest registered
capital was increased
to Bht. 181,000,000
divided into 1,810,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE : [as at
April 24, 2014]
|
NAME |
HOLDING |
% |
|
Medline Co., Ltd. Nationality: Thai Address : 736-750
Pracha-Utit Rd., Samsennok,
Huaykwang, Bangkok 10320 |
1,809,994 |
99.99 |
|
Mr. Suddhinai Thanesvorakul Nationality: Thai Address : 52
Soi Ramkhamhaeng 12, Huamark,
Bangkapi, Bangkok |
1 |
|
|
Mrs. Kanda Thanesvorakul Nationality: Thai Address : 916
Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok |
1 |
|
|
Mr. Chatree Pongsakornchai Nationality: Thai Address : 217/16
Pracharaj 1 Rd., Bangsue,
Bangkok 10800 |
1 |
= 0.01 |
|
Ms. Tharntip Thanesvorakul Nationality: Thai Address : 48 Soi Ramkhamhaeng 12,
Huamark,
Bangkapi, Bangkok |
1 |
|
|
Mr. Anol Thanesvorakul Nationality: Thai Address : 7
Soi Ramkhamhaeng 118 Yaek
41,
Saphansoong, Bangkok |
1 |
|
|
Dr. Vaivudhi Thanesvorakul Nationality: Thai Address : 7
Soi Ramkhamhaeng 12 Yaek 4,
Huamark, Bangkapi, Bangkok |
1 |
|
Total Shareholders : 7
Share Structure [as
at April 24,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
1,810,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
1,810,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Prawit Wongkanit
No. 4193
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 |
13,751,096.34 |
13,542,429.31 |
3,809,415.81 |
|
Trade Accounts & Other Receivable |
498,859,979.81 |
384,096,218.58 |
395,037,706.86 |
|
Inventories |
209,996,839.63 |
236,896,664.32 |
219,945,258.51 |
|
Other Current Assets
|
8,356,839.78 |
11,757,803.45 |
13,078,797.26 |
|
|
|
|
|
|
Total Current Assets
|
730,964,755.56 |
646,293,115.66 |
631,871,178.44 |
|
Other Long-term Investment |
8,359,100.00 |
6,260,500.00 |
4,538,450.00 |
|
Fixed Assets |
1,263,344,352.65 |
1,261,429,664.60 |
1,124,575,321.92 |
|
Other Non-current Assets |
21,890,052.63 |
9,812,381.85 |
18,482,390.86 |
|
Total Assets |
2,024,558,260.84 |
1,923,795,662.11 |
1,779,467,341.22 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
254,746,048.84 |
187,801,574.27 |
213,646,119.42 |
|
Trade Accounts & Other Payable
|
110,211,317.51 |
131,090,505.40 |
152,692,991.96 |
|
Current Portion of Long-term Loans |
102,960,000.00 |
71,364,000.00 |
75,571,440.00 |
|
Other Current Liabilities |
3,496,510.54 |
1,288,704.05 |
1,839,562.02 |
|
|
|
|
|
|
Total Current Liabilities |
471,413,876.89 |
391,544,783.72 |
443,750,113.40 |
|
Long-term Loan |
561,580,000.00 |
564,230,000.00 |
455,428,560.00 |
|
Other Non-current Liabilities |
87,038,223.66 |
145,532,826.43 |
168,723,556.68 |
|
Total Liabilities |
1,120,032,100.55 |
1,101,307,610.15 |
1,067,902,230.08 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 1,810,000 shares |
181,000,000.00 |
181,000,000.00 |
181,000,000.00 |
|
|
|
|
|
|
Capital Paid |
181,000,000.00 |
181,000,000.00 |
160,000,000.00 |
|
Retained Earning - Unappropriated [Deficit] |
723,526,160.29 |
641,488,051.96 |
551,565,111.14 |
|
Total Shareholders' Equity |
904,526,160.29 |
822,488,051.96 |
711,565,111.14 |
|
Total Liabilities &
Shareholders' Equity |
2,024,558,260.84 |
1,923,795,662.11 |
1,779,467,341.22 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales |
1,168,774,604.46 |
1,038,329,956.04 |
1,075,834,249.19 |
|
Other Income |
1,081,375.82 |
5,052,292.42 |
17,709,853.45 |
|
Total Revenues |
1,169,855,980.28 |
1,043,382,248.46 |
1,093,544,102.64 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
730,977,711.79 |
657,082,401.59 |
597,172,325.65 |
|
Selling Expenses |
115,654,928.69 |
109,483,734.84 |
97,764,405.79 |
|
Administrative Expenses |
191,875,051.43 |
138,388,872.22 |
139,239,753.92 |
|
Total Expenses |
1,038,507,691.91 |
904,955,008.65 |
834,176,485.36 |
|
|
|
|
|
|
Profit / Loss] before Financial Costs & Income Tax |
131,348,288.37 |
138,427,239.81 |
259,367,617.28 |
|
Financial Costs |
[49,310,180.04] |
[48,504,298.99] |
[41,144,936.86] |
|
|
|
|
|
|
Profit / [Loss] before Income Tax |
82,038,108.33 |
89,922,940.82 |
218,222,680.42 |
|
Income Tax |
- |
- |
[430,961.69] |
|
Net Profit / [Loss] |
82,038,108.33 |
89,922,940.82 |
217,791,718.73 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.55 |
1.65 |
1.42 |
|
QUICK RATIO |
TIMES |
1.09 |
1.02 |
0.90 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.93 |
0.82 |
0.96 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.58 |
0.54 |
0.60 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
104.86 |
131.59 |
134.43 |
|
INVENTORY TURNOVER |
TIMES |
3.48 |
2.77 |
2.72 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
155.79 |
135.02 |
134.03 |
|
RECEIVABLES TURNOVER |
TIMES |
2.34 |
2.70 |
2.72 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
55.03 |
72.82 |
93.33 |
|
CASH CONVERSION CYCLE |
DAYS |
205.62 |
193.79 |
175.13 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
62.54 |
63.28 |
55.51 |
|
SELLING & ADMINISTRATION |
% |
26.31 |
23.87 |
22.03 |
|
INTEREST |
% |
4.22 |
4.67 |
3.82 |
|
GROSS PROFIT MARGIN |
% |
37.55 |
37.20 |
46.14 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
11.24 |
13.33 |
24.11 |
|
NET PROFIT MARGIN |
% |
7.02 |
8.66 |
20.24 |
|
RETURN ON EQUITY |
% |
9.07 |
10.93 |
30.61 |
|
RETURN ON ASSET |
% |
4.05 |
4.67 |
12.24 |
|
EARNING PER SHARE |
BAHT |
45.32 |
49.68 |
136.12 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.55 |
0.57 |
0.60 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.24 |
1.34 |
1.50 |
|
TIME INTEREST EARNED |
TIMES |
2.66 |
2.85 |
6.30 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
12.56 |
(3.49) |
|
|
OPERATING PROFIT |
% |
(5.11) |
(46.63) |
|
|
NET PROFIT |
% |
(8.77) |
(58.71) |
|
|
FIXED ASSETS |
% |
0.15 |
12.17 |
|
|
TOTAL ASSETS |
% |
5.24 |
8.11 |
|
ANNUAL GROWTH: SATISFACTORY
An annual sales growth is 12.56%. Turnover has increased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
37.55 |
Impressive |
Industrial
Average |
17.18 |
|
Net Profit Margin |
7.02 |
Impressive |
Industrial
Average |
3.53 |
|
Return on Assets |
4.05 |
Acceptable |
Industrial
Average |
7.65 |
|
Return on Equity |
9.07 |
Deteriorated |
Industrial
Average |
19.07 |
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 37.55%. 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 7.02%, 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. When compared with the
industry average, it was lower, the
company's figure is 4.05%.
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 9.07%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.55 |
Impressive |
Industrial
Average |
1.48 |
|
Quick Ratio |
1.09 |
|
|
|
|
Cash Conversion Cycle |
205.62 |
|
|
|
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 1.55 times in 2013, decreased from 1.65 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 1.09 times in 2013,
increased from 1.02 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 206 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.55 |
Impressive |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
1.24 |
Acceptable |
Industrial
Average |
1.40 |
|
Times Interest Earned |
2.66 |
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 2.67 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 0.55 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 : ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.93 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.58 |
Deteriorated |
Industrial
Average |
2.16 |
|
Inventory Conversion Period |
104.86 |
|
|
|
|
Inventory Turnover |
3.48 |
Deteriorated |
Industrial
Average |
8.87 |
|
Receivables Conversion Period |
155.79 |
|
|
|
|
Receivables Turnover |
2.34 |
Satisfactory |
Industrial
Average |
2.75 |
|
Payables Conversion Period |
55.03 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.34 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 132 days at the
end of 2012 to 105 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 2.77 times in year 2012 to 3.48 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.58 times and 0.54
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.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.