MIRA
INFORM REPORT
|
Report Date : |
03.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
THAI TEXTILE
PRINTING PUBLIC COMPANY LIMITED |
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Formerly Known As : |
THAI TEXTILE PRINTING [1980] COMPANY LIMITED |
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Registered Office : |
386 Moo 2, Sukhumvit Road, T. Bangpoomai, A. Muang, Samutprakarn 10280 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
17.09.1970 |
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Com. Reg. No.: |
0107548000021 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Engaged in textile
dyeing, bleaching, printing
and finishing services
for fabrics and
yarns, specialized in 100%
cotton, texture polyester/cotton, cotton/nylon blend,
and synthetic fiber
[polyester and nylon] and
etc., Range of
products and services
included yarn dyed
fabric, white dyeing fabric,
continuous dyeing fabric,
exhaustion dyeing fabric
and printing fabric |
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|
|
|
No. of Employees : |
400 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies,
and strong export industries, Thailand achieved steady growth due largely to
industrial and agriculture exports - mostly electronics, agricultural
commodities, automobiles and parts, and processed foods. Unemployment, at less
than 1% of the labor force, stands as one of the lowest levels in the world,
which puts upward pressure on wages in some industries. Thailand also attracts
nearly 2.5 million migrant workers from neighboring countries. The Thai government
in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy
and deployed new tax reforms designed to lower rates on middle-income earners.
The Thai economy has weathered internal and external economic shocks in recent
years. The global economic recession severely cut Thailand's exports, with most
sectors experiencing double-digit drops. In late 2011 Thailand's recovery was
interrupted by historic flooding in the industrial areas in Bangkok and its
five surrounding provinces, crippling the manufacturing sector. The government
approved flood mitigation projects worth $11.7 billion, which were started in
2012, to prevent similar economic damage, and an additional $75 billion for
infrastructure over the following seven years. This was expected to lead to an
economic upsurge but growth has remained slow, in part due to ongoing political
unrest and resulting uncertainties. Spending on infrastructure will require
re-approval once a new government is seated
|
Source
: CIA |
Company name
THAI
TEXTILE PRINTING PUBLIC
COMPANY LIMITED
[FORMER : THAI TEXTILE
PRINTING [1980] COMPANY LIMITED]
SUMMARY
BUSINESS
ADDRESS : 386
MOO 2, SUKHUMVIT
ROAD,
T.
BANGPOOMAI, A. MUANG,
SAMUTPRAKARN 10280,
THAILAND
TELEPHONE : [66] 2323-9067-9,
2323-1165-9
FAX :
[66] 2709-5795,
2323-9631, 2323-1170
E-MAIL
ADDRESS : textile@ttpp.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1970
REGISTRATION
NO. : 0107548000021 [Former
: 574/2513]
TAX
ID NO. : 3101159257
CAPITAL REGISTERED : BHT. 350,000,000
CAPITAL PAID-UP : BHT.
350,000,000
SHAREHOLDER’S PROPORTION : THAI :
79.29%
FOREIGN :
20.71%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
CHAROEN LAOHATHAI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 400
LINES
OF BUSINESS : TEXTILE BLEACHING,
DYEING, PRINTING
& FINISHING
SERVICES
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 September
17, 1970 as
a private limited
company under the registered name “Siam Printing
& Dyeing Co., Ltd.”, by
Thai and Taiwanese
groups, with the
business objective to
provide service of
textile bleaching, dyeing,
printing and finishing to both
local and international
markets.
On June 26, 1980, subject changed
its name to “Thai
Textile Printing [1980]
Company Limited”, and
converted to public
limited company under
the name THAI
TEXTILE PRINTING PUBLIC COMPANY LIMITED on January 25,
2005. It currently
employs approximately 400 staff.
The
subject achieved ISO 14001
certification by SGS on
September 10, 2002.
The subject’s registered
address is 386
Moo 2, Sukhumvit Rd.,
T. Bangpoomai, A. Muang, Samutprakarn
10280, and this
is the company’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Boonnam Boonnamsap |
[x] |
Thai |
84 |
|
Mr. Mongkol Mungkornkanok |
|
Thai |
76 |
|
Mr. Tawatchai Chaiyapinant |
|
Thai |
61 |
|
Mr. Kumjorn Chuenchoochit |
[x] |
Thai |
58 |
|
Mr. Charoen Laohathai |
[x] |
Thai |
63 |
|
Mr. Montri Sathirakawinsakul |
|
Thai |
63 |
|
Mr. Chang Ying-Fu |
|
Taiwanese |
80 |
|
Mr. Wu Chou-Feng |
[+] |
Taiwanese |
56 |
|
Mrs. Wuchang Yu-Ying |
|
Taiwanese |
55 |
|
Mr. Chen Shang-Rong |
[+] |
Taiwanese |
65 |
|
Mr. Preecha Chaipromprasit |
|
Thai |
69 |
|
Mr. Siri Chaichanpanich |
|
Thai |
57 |
|
Mrs. Chen Yu-Chen |
|
Taiwanese |
60 |
|
Mr. Chen Chi-Ling |
[+] |
Taiwanese |
35 |
AUTHORIZED PERSON
One of the
above directors [x] and [+]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Charoen Laohathai
is the Managing
Director.
He is Thai
nationality with the
age of 63 years
old.
Mr. Chen Shang-Rong
is the Deputy
Managing Director & Factory Manager.
He is Taiwanese
nationality with the
age of 65 years
old.
Mr. Kumjorn Chuenchoochit is
the Executive Director.
He is Thai
nationality with the
age of 58 years
old.
Mr. Tawatchai Chaiyapinant is
the Executive Director
He is Thai
nationality with the
age of 61
years old.
Mr. Wu Chou-Feng
is the Executive
Director.
He is Taiwanese
nationality with the
age of 56
years old.
BUSINESS OPERATIONS
The subject is engaged
in textile dyeing,
bleaching, printing and
finishing services for
fabrics and yarns,
specialized in 100% cotton,
texture polyester/cotton, cotton/nylon
blend, and synthetic
fiber [polyester and nylon]
and etc., Range
of products and
services included yarn
dyed fabric, white dyeing
fabric, continuous dyeing
fabric, exhaustion dyeing
fabric and printing
fabric.
PRODUCTION
CAPACITY
7-8
million yard/month
PURCHASE
80% of raw materials is
purchased from local
suppliers, and the remaining
20% including machinery
and chemical are
imported from Taiwan, Germany, Republic of China, Hong
Kong, Japan and
Singapore. Fabrics are
supplied by subject
and its customers.
SALES/SERVICES
90% of products
is serviced locally
to manufacturers, the
remaining 10% is
exported to India,
Indonesia, Republic of
China and the
countries in Europe.
MAJOR CUSTOMERS
Thai Textile Industry
Public Co., Ltd. :
Thailand
Thai Textile Development
Finishing Co., Ltd. :
Thailand
Thai Standard Industry
Co., Ltd. :
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.
RELATED COMPANIES
The subject is
found to have
related companies as
follows:
The Textile Industry
Public Co., Ltd.
Business Type: Manufacturer
of yarns and
fabrics
Thai Rung Textile
Co., Ltd.
Business Type: Yarn
spinning service
Rama Textile Industry
[1988] Co., Ltd.
Business Type: Yarn
dyeing service
Thai Standard Industry
Co., Ltd.
Business Type: Weaving
factory
CREDIT
Sales & service
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
T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Paknam Branch :
Muang, Samutprakarn 10280]
Kasikornbank Public Co.,
Ltd.
[Bangpoomai
Branch : Muang, Samutprakarn
10280]
EMPLOYMENT
The subject employs
approximately 400 staff.
[office, sales staff
and factory workers]
LOCATION DETAILS
The premise is owned
for administrative office,
factory and warehouse
on 110,984 square
meters of land
at the heading address. Premise
is located in
an industrial area.
COMMENT
Effect by global economic slowdown
and Thailand political
uncertainties have led to shrinking
country in first
six months of 2014.
There is a
declining in exports
of almost all
products including fabrics and
garments. Most of
Thai’s producers have
suffered from steep
decline in main
markets like U.S.A., E.U.
and Japan.
Nevertheless, the subject
still maintained moderate
business.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 35,000,000 divided
into 3,500 shares
of Bht. 10,000
each with fully
paid.
The capital was
increased later as
follows:
Bht. 100,000,000
on June 25,
1985
Bht. 225,000,000
on June 28,
1995
Bht. 350,000,000
on August 27,
1998
The latest registered
capital was increased
to Bht. 350,000,000
divided into 3,500,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Thai Unique Textile
Public Co., Ltd. Nationality: Thai Address : 69 Moo 10,
Bangchalong, Bangplee, Samutprakarn |
1,000,000 |
28.57 |
|
R.P.T. Holding Co., Ltd. Nationality: Thai Address : 286
Rama 9 Road, Bangkapi,
Huaykwang, Bangkok |
493,705 |
14.11 |
|
Thai Textile International Co., Ltd. Nationality: Thai Address : 791-793
Mahachak Road, Chakrawad,
Samphantawong, Bangkok |
262,494 |
7.50 |
|
China Unique Holding
Ltd. Nationality: Taiwanese Address : P.O. Box
1164, George Town,
Cayman Island
B.W.I |
250,000 |
7.14 |
|
B.M.K. Holding Co., Ltd. Nationality: Thai Address : 286
Rama 9 Road, Bangkapi, Huaykwang,
Bangkok |
209,000 |
5.97 |
|
Ms. Yaowaluck Boonnamsap Nationality: Thai Address : 642/13-16
South Sathorn Road,
Thungmahamek, Sathorn, Bangkok |
139,684 |
3.99 |
|
Thai Textile Public
Company Limited Nationality: Thai Address : 385
Sukhumvit Road, K.M. 30.5,
Taiban, Muang, Samutprakarn |
125,000 |
3.57 |
|
Bangkok Bank Public
Co., Ltd. Nationality: Thai Address : 333 Silom Road, Suriwongse,
Bangrak,
Bangkok |
100,000 |
2.86 |
|
Others |
920,117 |
26.29 |
Total Shareholders : 74
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
64 |
2,775,011 |
79.29 |
|
Foreign |
10 |
724,989 |
20.71 |
|
Total |
74 |
3,500,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Chayapol Suppasedtanon No.
3972
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
65,290,902 |
72,677,163 |
35,839,389 |
|
Trade Accounts &
Other Receivable |
86,329,862 |
95,938,848 |
88,357,611 |
|
Inventories |
90,332,127 |
67,235,621 |
71,142,377 |
|
Other Current Assets
|
20,877,613 |
19,649,995 |
17,330,711 |
|
|
|
|
|
|
Total Current Assets
|
262,830,504 |
255,501,627 |
212,670,088 |
|
|
|
|
|
|
Other Long-term Investment |
17,698,000 |
17,698,000 |
17,698,000 |
|
Fixed Assets |
300,714,140 |
327,893,960 |
376,215,722 |
|
Total Assets |
581,242,644 |
601,093,587 |
606,583,810 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
30,000,000 |
30,000,000 |
30,000,000 |
|
Trade Accounts & Other
Payable |
92,849,721 |
77,107,102 |
76,646,900 |
|
Current Portion of
Long-term Loans |
34,501,600 |
35,570,000 |
16,020,000 |
|
Other Current Liabilities |
7,604,633 |
7,987,503 |
8,175,638 |
|
|
|
|
|
|
Total Current Liabilities |
164,955,954 |
150,664,605 |
130,842,538 |
|
Long-term Loans, Net of Current Portion |
35,826,360 |
57,033,360 |
48,703,360 |
|
Reserve for Employee
Benefits |
17,694,442 |
16,416,161 |
15,364,582 |
|
Other Non-current Liabilities |
427,500 |
745,500 |
324,000 |
|
Total Liabilities |
218,904,256 |
224,859,626 |
195,234,480 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 3,500,000 shares |
350,000,000 |
350,000,000 |
350,000,000 |
|
|
|
|
|
|
Capital Paid |
350,000,000 |
350,000,000 |
350,000,000 |
|
Retained Earnings: Appropriated
for Statutory Reserve |
9,244,632 |
9,244,632 |
9,244,632 |
|
Unappropriated |
3,093,756 |
16,989,329 |
52,104,698 |
|
Total Shareholders' Equity |
362,338,388 |
376,233,961 |
411,349,330 |
|
Total Liabilities & Shareholders' Equity |
581,242,644 |
601,093,587 |
606,583,810 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Service Income |
621,960,962 |
583,655,151 |
634,662,808 |
|
Other Income |
3,070,429 |
2,436,745 |
2,705,113 |
|
Total Revenues |
625,031,391 |
586,091,896 |
637,367,921 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Service |
578,804,024 |
546,790,563 |
564,881,571 |
|
Administrative Expenses |
54,872,383 |
58,071,276 |
54,313,705 |
|
Total Expenses |
633,676,407 |
604,861,839 |
619,195,276 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
[8,645,016] |
[18,769,943] |
18,172,645 |
|
Financial Costs |
[5,250,557] |
[5,845,426] |
[2,210,847] |
|
Profit / [Loss] before Income
Tax |
[13,895,573] |
[24,615,369] |
15,961,798 |
|
Income Tax |
- |
- |
[4,967,505] |
|
|
|
|
|
|
Net Profit / [Loss] |
[13,895,573] |
[24,615,369] |
10,994,293 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.59 |
1.70 |
1.63 |
|
QUICK RATIO |
TIMES |
0.92 |
1.12 |
0.95 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.07 |
1.78 |
1.69 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.07 |
0.97 |
1.05 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
56.96 |
44.88 |
45.97 |
|
INVENTORY TURNOVER |
TIMES |
6.41 |
8.13 |
7.94 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
50.66 |
60.00 |
50.82 |
|
RECEIVABLES TURNOVER |
TIMES |
7.20 |
6.08 |
7.18 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
58.55 |
51.47 |
49.53 |
|
CASH CONVERSION CYCLE |
DAYS |
49.08 |
53.41 |
47.26 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
93.06 |
93.68 |
89.00 |
|
SELLING & ADMINISTRATION |
% |
8.82 |
9.95 |
8.56 |
|
INTEREST |
% |
0.84 |
1.00 |
0.35 |
|
GROSS PROFIT MARGIN |
% |
7.43 |
6.73 |
11.42 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(1.39) |
(3.22) |
2.86 |
|
NET PROFIT MARGIN |
% |
(2.23) |
(4.22) |
1.73 |
|
RETURN ON EQUITY |
% |
(3.83) |
(6.54) |
2.67 |
|
RETURN ON ASSET |
% |
(2.39) |
(4.10) |
1.81 |
|
EARNING PER SHARE |
BAHT |
(3.97) |
(7.03) |
3.14 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.38 |
0.37 |
0.32 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.60 |
0.60 |
0.47 |
|
TIME INTEREST EARNED |
TIMES |
(1.65) |
(3.21) |
8.22 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
6.56 |
(8.04) |
|
|
OPERATING PROFIT |
% |
(53.94) |
(203.29) |
|
|
NET PROFIT |
% |
43.55 |
(323.89) |
|
|
FIXED ASSETS |
% |
(8.29) |
(12.84) |
|
|
TOTAL ASSETS |
% |
(3.30) |
(0.91) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 6.56%. Turnover has increased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
7.43 |
Impressive |
Industrial
Average |
4.86 |
|
Net Profit Margin |
(2.23) |
Deteriorated |
Industrial
Average |
(16.54) |
|
Return on Assets |
(2.39) |
Deteriorated |
Industrial
Average |
(15.06) |
|
Return on Equity |
(3.83) |
Deteriorated |
Industrial
Average |
(51.45) |
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 7.43%. 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 -2.23%, 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
-2.39%, 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 -3.83%, 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 :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.59 |
Impressive |
Industrial
Average |
1.13 |
|
Quick Ratio |
0.92 |
|
|
|
|
Cash Conversion Cycle |
49.08 |
|
|
|
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 1.59 times in 2013, decreased from 1.7 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 0.92 times in 2013,
decreased from 1.12 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 50 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.38 |
Impressive |
Industrial
Average |
0.96 |
|
Debt to Equity Ratio |
0.60 |
Impressive |
Industrial
Average |
3.80 |
|
Times Interest Earned |
(1.65) |
Risky |
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 -1.65 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.38 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 |
2.07 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.07 |
Satisfactory |
Industrial
Average |
1.17 |
|
Inventory Conversion Period |
56.96 |
|
|
|
|
Inventory Turnover |
6.41 |
Impressive |
Industrial
Average |
5.40 |
|
Receivables Conversion Period |
50.66 |
|
|
|
|
Receivables Turnover |
7.20 |
Impressive |
Industrial
Average |
5.17 |
|
Payables Conversion Period |
58.55 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.20 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 45 days at the
end of 2012 to 57 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 8.13 times in year 2012 to 6.41 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.07 times and 0.97
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.60.61 |
|
|
1 |
Rs.100.48 |
|
Euro |
1 |
Rs.79.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
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.