MIRA
INFORM REPORT
|
Report Date : |
10.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
TAVORN RUBBER INDUSTRY [1982] COMPANY LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
06.08.1982 |
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Com. Reg. No.: |
0905525000336 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in Manufacturing, Distributing and Exporting
Concentrated Latex. |
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No of Employees : |
400 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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
TAVORN RUBBER INDUSTRY [1982] COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 33
KARNCHANAVANICH ROAD, T.
SADAO,
A. SADAO,
SONGKHLA 90120, THAILAND
TELEPHONE : [66] 74
411-353-4, 74 411-573-4,
74 411-453-4
FAX : [66] 74
411-352, 411-152
E-MAIL ADDRESS : tvrrubb@tvrrubber.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1982
REGISTRATION NO. : 0905525000336 [Former
: SOK. KHOR. 154]
TAX ID NO. : 3901003217
CAPITAL REGISTERED : BHT.
450,000,000
CAPITAL PAID-UP : BHT.
450,000,000
SHAREHOLDER’S
PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : DR.
TAVORN RUANGVARUNWATTANA, THAI
MANAGING DIRECTOR
NO. OF STAFF : 400
LINES OF BUSINESS : CONCENTRATED LATEX
MANUFACTURER, DISTRIBUTOR
& EXPORTER
|
|
|
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 on August
6, 1982 as a private
limited company under the
registered name TAVORN
RUBBER INDUSTRY [1982]
COMPANY LIMITED by Thai
groups, with the business
objective initially to
manufacture ribbed smoke
sheets and concentrated
latex products.
In 2002, the
subject was granted
the standard ISO 9001 certificate by SGS
Yarsley International Ltd.
In 2013, the subject
stopped its ribbed
smoke sheets production
line, and became
to produce concentrated
latex only for
both domestic and
exports. It currently
employs approximately 400
staff.
The subject’s registered
address was initially
at 41 Padangbezar
Rd., T. Sadao,
A. Sadao, Songkhla 90120.
On October 12,
1993, the subject’s
registered address was
relocated to 33 Karnchanavanich Rd.,
T. Sadao, A.
Sadao, Songkhla 90120,
and this is
the company’s current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Dr. Tavorn Ruangvarunwattana |
|
Thai |
67 |
|
Mrs. Naiyana Ruangvarunwattana |
|
Thai |
67 |
|
Mr. Chairat Ruangvarunwattana |
|
Thai |
42 |
|
Mr. Chaiphot Ruangvarunwattana |
|
Thai |
39 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Dr. Tavorn Ruangvarunwattana is
the Managing Director.
He is Thai nationality with
the age of 67 years
old. He is
holding the Managing Director position
of the subject
and the companies in the
group.
Mrs. Naiyana
Ruangvarunwattana is the
Deputy Managing Director.
She is Thai
nationality with the
age of 67
years old.
Mr. Chairat
Ruangvarunwattana is the
Factory Manager.
He is Thai
nationality with the
age of 42
years old.
BUSINESS OPERATIONS
The subject’s is
engaged in manufacturing, distributing
and exporting concentrated
latex.
PURCHASE
100% of raw
materials mainly natural
latex is purchased
directly from planters
in the southern
region of Thailand,
as well as chemicals are
purchased from local
agents.
MAJOR SUPPLIER
Tavorn Rubber Products
Industry Co., Ltd. : Thailand
EXPORT
80% of the
products is exported
to manufactures and dealers
in Asian Region such
as Taiwan, Republic of China,
Korea, Malaysia, Singapore, Australia, Indonesia, India Philippines and
Europe.
SALES [LOCAL]
20% of the
products is sold
locally by wholesale
to manufacturers.
MAJOR CUSTOMER
Great Jin-An International
Corp. : Taiwan
AFFILIATED/RELATED COMPANIES
Tavorn Rubber Products
Industry Co., Ltd.
Business Type : Manufacturer
of concentrated latex
products
Address : 33
Karnchanavanich Rd., T.
Sadao, A. Sadao,
Songkhla 90120
Tavorn TTR Industry
Co., Ltd.
Business Type : Blocked
Rubber and T.T.R.
products
Address : 33 Karnchanavanich Rd.,
T. Sadao, A.
Sadao, Songkhla 90120
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 credit terms
of 30-60 days.
Local bills are
paid by cash
or on the
credit term of
30-60 days.
Exports are against
L/C at sight
or T/T.
BUSINESS TRANSACTION
In term of
sales, its products
are sold to
overseas customers mainly
by L/C at
sight, and the
remaining are by T/T
on negotiated term.
The subject is not
found to have
payment problem from
its customers. For
the purchasing, 100%
of raw material
is purchased from
local suppliers with
maximum credit receipt
at 30-60 days.
The subject is not found to have
payment problems with any suppliers.
BANKING
Krung Thai
Bank Public Co.,
Ltd.
[Hadyai Branch:
18 Nipat-uthit Rd.,
Hadyai, Songkhla 90110]
Export-Import Bank
of Thailand
[Hadyai Branch : 24
Sinbenchapol Bldg., Korhong,
Hadyai, Songkhla 90110]
Bangkok Bank
Public Co., Ltd.
EMPLOYMENT
The subject employs
approximately 400 staff. [office staff
and factory workers]
LOCATION DETAILS
The premise is
owned for administrative office
and factory on
80,000 square meters plot
of land at
the heading address. Premise is
located in rural
area of Songkhla
province, in the
Southern region.
COMMENT
It was pessimistic about
the market of
rubber sheet and
latex in the
first quarter of 2013 after
enjoying a strong
sales growth in
the previous year. This was resulted
by decreasing demand
of major market
like China. Economy slowdown
in China has
halted demand of rubber
sheet and latex
reflecting price declining
considerably. Over supply
of rubber in
global market hurts
Thai rubber exporter causing
a rapid decline in
orders.
The subject is
also affected by a decrease in
rubber price and
prompting to shift
its production to
serve the domestic
market.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 10,000,000 divided into
1,000 shares of
Bht. 10,000 each.
The capital was
increased later as
follows:
Bht. 20,000,000
on March 11,
1987
Bht. 80,000,000
on March 28,
2001
Bht. 87,000,000
on November 11,
2003
Bht. 187,000,000
on September 1,
2009
Bht. 287,000,000
on December 27,
2012
Bht. 450,000,000
on February 18,
2014
The latest registered
capital was increased
to Bht. 450,000,000
divided into 45,000
shares of Bht. 10,000
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at April 30,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Dr. Tavorn Ruangvarunwattana Nationality: Thai Address : 33/36
Karnchanavanich Rd., T.
Sadao, A. Sadao,
Songkhla 90120 |
12,710 |
28.24 |
|
Mrs. Naiyana Ruangvarunwattana Nationality: Thai Address : 33/36
Karnchanavanich Rd., T.
Sadao, A. Sadao,
Songkhla 90120 |
12,610 |
28.02 |
|
Mr. Chairat Ruangvarunwattana Nationality: Thai Address : 33/36
Karnchanavanich Rd., T.
Sadao, A. Sadao,
Songkhla 90120 |
6,620 |
14.71 |
|
Mr. Chaiphot Ruangvarunwattana
Nationality: Thai Address : 33/36
Karnchanavanich Rd., T.
Sadao, A. Sadao,
Songkhla 90120 |
6,620 |
14.71 |
|
Mrs. Pornsiri Ruangvarunwattana Nationality: Thai Address : 33/36
Karnchanavanich Rd., T.
Sadao, A. Sadao,
Songkhla 90120 |
3,220 |
7.16 |
|
Ms. Karaked Ruangvarunwattana Nationality: Thai Address : 33/36
Karnchanavanich Rd., T.
Sadao, A. Sadao,
Songkhla 90120 |
3,220 |
7.16 |
Total Shareholders : 6
Share
Structure [as at
April 30, 2014]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
45,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
45,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Somkaew
Runglertkriengkrai No. 2715
TAVORN RUBBER INDUSTRY [1982] COMPANY
LIMITED
BALANCE SHEET [BAHT]
The latest financial
figures published for December
31, 2013, 2012 & 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalent |
33,278,022.14 |
33,881,506.89 |
102,375,909.00 |
|
Short-term Investment -
fixed assets |
- |
- |
24,867,261.77 |
|
Trade Accounts Receivable |
598,238,811.75 |
648,989,465.87 |
1,022,511,996.43 |
|
Short-term Lending to Person
Related |
358,513,816.06 |
1,356,821.99 |
178,753,491.43 |
|
Inventories |
584,040,338.68 |
758,698,073.70 |
695,969,739.70 |
|
Advance Payment |
54,490,927.73 |
25,249,622.05 |
13,310,887.05 |
|
Other Current Assets |
24,520,607.24 |
65,502,813.64 |
80,784,937.50 |
|
|
|
|
|
|
Total
Current Assets |
1,653,082,523.60 |
1,533,678,304.14 |
2,118,574,222.88 |
|
Long-term Investment-fixed assets |
45,034,553.86 |
45,261,828.94 |
- |
|
Other Long-term Investment |
127,090,610.00 |
127,090,610.00 |
127,380,812.50 |
|
Fixed Assets |
597,304,429.07 |
569,323,138.82 |
380,205,075.75 |
|
Other Non-current Assets |
158,204.80 |
38,204.80 |
38,204.80 |
|
Total
Assets |
2,422,670,321.33 |
2,275,392,086.70 |
2,631,198,315.93 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institute |
1,560,562,317.02 |
1,490,583,909.17 |
1,943,002,684.04 |
|
Trade Accounts Payable
& Other |
148,661,388.29 |
133,918,225.48 |
75,417,779.84 |
|
Current Portion of Long-term Liabilities |
13,200,000.00 |
18,192,000.00 |
- |
|
Short-term Loan from Person & Related Company |
- |
- |
68,200,569.17 |
|
Other Current Liabilities |
76,891,085.97 |
76,940,305.63 |
108,516,331.81 |
|
|
|
|
|
|
Total Current Liabilities |
1,799,314,791.28 |
1,719,634,440.28 |
2,195,137,364.86 |
|
|
|
|
|
|
Long-term Loan from Financial Institutions |
16,041,086.74 |
28,040,787.93 |
30,125,513.21 |
|
Total
Liabilities |
1,815,355,878.02 |
1,747,675,228.21 |
2,225,262,878.07 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10,000
par value authorized,
issued and fully
paid share
capital 28,700 shares
in 2013 & 2012; 18,700, shares in 2011 |
287,000,000.00 |
287,000,000.00 |
187,000,000.00 |
|
|
|
|
|
|
Capital Paid |
287,000,000.00 |
287,000,000.00 |
187,000,000.00 |
|
Retained Earning |
|
|
|
|
Appropriated for Statutory Reserve |
6,345,720.47 |
6,345,720.47 |
6,345,720.47 |
|
Unappropriated |
313,968,722.84 |
234,371,138.02 |
212,589,717.39 |
|
Total
Shareholders' Equity |
607,314,443.31 |
527,716,858.49 |
405,935,437.86 |
|
Total
Liabilities & Shareholders'
Equity |
2,422,670,321.33 |
2,275,392,086.70 |
2,631,198,315.93 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
6,687,595,763.64 |
8,016,869,765.33 |
9,719,552,904.62 |
|
Other Income |
50,179,281.62 |
46,803,493.93 |
114,219,249.65 |
|
Total
Revenues |
6,737,775,045.26 |
8,063,673,259.26 |
9,833,772,154.27 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
6,262,810,883.02 |
7,478,156,027.53 |
9,084,691,493.37 |
|
Selling Expenses |
276,424,206.88 |
464,540,870.62 |
480,865,557.39 |
|
Administrative Expenses |
56,571,922.59 |
32,353,865.16 |
38,157,774.59 |
|
Other Expenses |
279,798.67 |
- |
- |
|
Total Expenses
|
6,596,086,811.16 |
7,975,050,763.31 |
9,603,714,825.35 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
141,688,234.10 |
88,622,495.95 |
230,057,328.92 |
|
Financial Cost |
[40,989,643.04] |
[58,360,216.24] |
[64,527,251.10] |
|
Profit / [Loss] before Income
Tax |
100,698,591.06 |
30,262,279.71 |
165,530,077.82 |
|
Income Tax |
[21,101,006.24] |
[8,480,859.08] |
[52,109,409.61] |
|
|
|
|
|
|
Net
Profit / [Loss] |
79,597,584.82 |
21,781,420.63 |
113,420,668.21 |
TAVORN RUBBER
INDUSTRY [1982] COMPANY
LIMITED
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.92 |
0.89 |
0.97 |
|
QUICK RATIO |
TIMES |
0.55 |
0.40 |
0.61 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
11.20 |
14.08 |
25.56 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.76 |
3.52 |
3.69 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
34.04 |
37.03 |
27.96 |
|
INVENTORY TURNOVER |
TIMES |
10.72 |
9.86 |
13.05 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
32.65 |
29.55 |
38.40 |
|
RECEIVABLES TURNOVER |
TIMES |
11.18 |
12.35 |
9.51 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
8.66 |
6.54 |
3.03 |
|
CASH CONVERSION CYCLE |
DAYS |
58.03 |
60.04 |
63.33 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
93.65 |
93.28 |
93.47 |
|
SELLING & ADMINISTRATION |
% |
4.98 |
6.20 |
5.34 |
|
INTEREST |
% |
0.61 |
0.73 |
0.66 |
|
GROSS PROFIT MARGIN |
% |
7.10 |
7.30 |
7.71 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.12 |
1.11 |
2.37 |
|
NET PROFIT MARGIN |
% |
1.19 |
0.27 |
1.17 |
|
RETURN ON EQUITY |
% |
13.11 |
4.13 |
27.94 |
|
RETURN ON ASSET |
% |
3.29 |
0.96 |
4.31 |
|
EARNING PER SHARE |
BAHT |
2,773.44 |
758.93 |
6,065.28 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.75 |
0.77 |
0.85 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.99 |
3.31 |
5.48 |
|
TIME INTEREST EARNED |
TIMES |
3.46 |
1.52 |
3.57 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(16.58) |
(17.52) |
|
|
OPERATING PROFIT |
% |
59.88 |
(61.48) |
|
|
NET PROFIT |
% |
265.44 |
(80.80) |
|
|
FIXED ASSETS |
% |
4.91 |
49.74 |
|
|
TOTAL ASSETS |
% |
6.47 |
(13.52) |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is -16.58%. Turnover has decreased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
7.10 |
Impressive |
Industrial Average |
0.79 |
|
Net Profit Margin |
1.19 |
Impressive |
Industrial Average |
1.00 |
|
Return on Assets |
3.29 |
Impressive |
Industrial Average |
2.43 |
|
Return on Equity |
13.11 |
Impressive |
Industrial Average |
8.13 |
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 7.1%. 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 1.19%, 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 3.29%, 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 13.11%, 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 : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.92 |
Risky |
Industrial Average |
1.18 |
|
Quick Ratio |
0.55 |
|
|
|
|
Cash Conversion Cycle |
58.03 |
|
|
|
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 0.92 times in 2013, increased from 0.89 times, then the company may have
problems meeting its short-term obligations. When compared with the industry
average, the ratio of the company was lower.
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 0.55 times in 2013,
increased from 0.4 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 59 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.75 |
Acceptable |
Industrial Average |
0.72 |
|
Debt to Equity Ratio |
2.99 |
Risky |
Industrial Average |
2.61 |
|
Times Interest Earned |
3.46 |
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 3.46 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 0.75 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
11.20 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
2.76 |
Impressive |
Industrial Average |
2.44 |
|
Inventory Conversion Period |
34.04 |
|
|
|
|
Inventory Turnover |
10.72 |
Impressive |
Industrial Average |
8.34 |
|
Receivables Conversion Period |
32.65 |
|
|
|
|
Receivables Turnover |
11.18 |
Impressive |
Industrial Average |
6.61 |
|
Payables Conversion Period |
8.66 |
|
|
|
The company's Account Receivable Ratio is calculated as 11.18 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 37 days at the
end of 2012 to 34 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 9.86 times in year 2012 to 10.72
times in year 2013.
The company's Total Asset Turnover is calculated as 2.76 times and 3.52
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.60.43 |
|
|
1 |
Rs.97.25 |
|
Euro |
1 |
Rs.77.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.