MIRA
INFORM REPORT
|
Report Date : |
11.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
PTT POLYMER MARKETING COMPANY LIMITED |
|
|
|
|
Registered Office : |
9th
Floor, Energy Complex
Tower A, 555/ |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
24.06.2005 |
|
|
|
|
Com. Reg. No.: |
0105548082506 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Distributor and
Exporter of Polymer Products. |
|
|
|
|
No of Employees : |
135 |
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 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
PTT POLYMER
MARKETING COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 9th FLOOR,
ENERGY COMPLEX TOWER
A,
555/1 VIBHAVADEE
RANGSIT ROAD,
CHATUCHAK, BANGKOK 10900,
THAILAND
TELEPHONE : [66] 2140-4488
FAX :
[66] 2140-4333
E-MAIL ADDRESS : export@pttpm.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2005
REGISTRATION NO. : 0105548082506
TAX ID NO. : 3380090777
CAPITAL REGISTERED
: BHT.
40,000,000
CAPITAL PAID-UP
: BHT.
40,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS.
SIRIWAN CHIERAPONG, THAI
PRESIDENT
NO. OF
STAFF : 135
LINES OF
BUSINESS : POLYMER PRODUCTS
DISTRIBUTOR AND
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 June 24,
2005 as a
private limited company
under the name
style PTT POLYMER
MARKETING COMPANY LIMITED,
by Thai groups, to
distribute wide range
of polymer products
to both domestic
and international markets.
It currently employs
135 staff.
Presently,
the subject is
a joint venture
among PTT Public
Company Limited, IRPC
Public Company Limited and
PTT Global Chemical
Public Company Limited, which
are members of PTT
group of companies, the Thailand’s largest petroleum
and petrochemical company and
the leading petrochemical
producer in Asia.
The
subject’s registered address
was initially at
555 Ardnarong Rd.,
Klongtoey, Bangkok 10110.
On
March 2, 2010
the subject’s registered
address was relocated
to 9th Floor,
Energy Complex Tower
A, 555/1 Vibhavadee
Rangsit Rd., Chatuchak,
Bangkok 10900, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Atthawuth Hiranburana |
[+] |
Thai |
58 |
|
Mr. Somsak
Premmanee |
[-] |
Thai |
58 |
|
Mr. Saran
Rangkasiri |
[-] |
Thai |
- |
|
Mrs. Sriwan Eiamrungroj |
[+] |
Thai |
56 |
|
Ms. Siriwan Chierapong |
[x] |
Thai |
- |
|
Mrs. Buppha Amonkiatkajorn |
[-] |
Thai |
56 |
|
Mr. Charnsilp Trinuchakorn |
[+] |
Thai |
54 |
|
Mr. Sukrit
Surabotsopon |
[+] |
Thai |
- |
|
Mr. Pramin
Phantawesak |
[-] |
Thai |
60 |
AUTHORIZED PERSON
Only
the mentioned director
[x] signs or
anyone of the
mentioned directors [-]
can jointly sign
with anyone of
the directors [+] on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Siriwan Chierapong
is the President.
She
is Thai nationality.
Mr. Saravut Damrichob
is the Vice
President, Finance & Accounting
Dept.
He
is Thai nationality.
Mr. Amnuai
Phrom-Anant is the
Vice President, Domestic
Sales Dept.
He
is Thai nationality.
Mr. Charan
Siriphornchaikul is the
Acting Vice President,
Corporate Support Dept.
He
is Thai nationality.
Ms.
Ratchaneekorn Auksaranuwong is
the Vice President,
Customer Service Dept.
She
is Thai nationality.
Mr. Narongchai Pisutpunya
is the Executive
Vice President.
He
is Thai nationality.
Ms. Somsri Phanichrungruang is
the Vice President,
Export Sales Dept.
She
is Thai nationality.
Mr. Paiboon Prapussornchaikul is
the Vice President,
Specialty Products Dept.
He
is Thai nationality.
Mr.
Watcharasit Reinsriwong is
the Vice President,
Technical Support Dept.
He
is Thai nationality.
Ms. Kamolwan Wongkolkitsilp is
the Vice President,
Marketing Dept.
She
is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in distributing
and exporting wide
range of polymers,
specialized in Polyethylene
products, including High
Density Polyethylene [HDPE],
Low Density Polyethylene [LDPE], Linear
Low Density Polyethylene [LLDPE],
under the brand “INNOPLUS”,
as well as Biopolymer [PLA/PBS],
Polypropylene [PP], Bioplastic [PLA/PBS] and
Polystyrene [PS] consisting of
GPPS resin [General
Purpose Polystyrene] and
HIPS resin [High Impact
Polystyrene], and others
[Engineering Plastic, such
as PC, PET
and PMMA, under
the brand “DIAREX”.
PURCHASE
100%
of the raw
material is purchased
from local suppliers.
MAJOR SUPPLIERS
Bangkok
Polyethylene Public Company
Limited
HMC
Polymer Company Limited
IRPC Public
Company Limited
PTT Global
Chemical Public Company
Limited
SALES
The
products are sold
to customers both
local and overseas,
60% of the
products is exported to U.S.A., UAE, Republic of China, Korea, Singapore, Taiwan,
Japan, India, Pakistan, Indonesia,
Vietnam, Malaysia, Laos,
Australia, Africa, Middle East
and European countries, the
remaining 40% is
sold locally.
SUBSIDIARY AND AFFILIATED COMPANY
Polymer Marketing
DMCC
Business
Type: Distributor of
polymer products
Address :
Unit 406, Indigo
Tower, Plot No. D1,
Jumeirah Lake Towers,
P.O. Box
71645, Dubai, U.A.E.
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.
Exports
are against L/C
at sight or
T/T.
BANKING
Standard
Chartered Bank [Thai]
Public Co., Ltd.
Bangkok
Bank Public Co.,
Ltd.
Siam
Commercial Bank Public
Co., Ltd.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The subject
currently employs 135
staff.
LOCATION DETAILS
The premise
is rented for
administrative office at the heading
address. Premise is
located in commercial/
residential area.
Oversea Offices:
Guangzhou Representative Office
-
China Shin Office
Building, Unit 3803, Building A,
No. 9 Linhexi Road,
Tianhe District, Guangzhou,
510620, Republic of
China.
Ho Chi
Minh City Representative Office
-
Unit
900, 9th/F., 2A-4A
Ton Duc Thang
Street, Ben Nghe Ward
District 1, Ho
Chi Minh City,
Vietnam.
Shanghai Representative Office
-
Room
No. 13-012, 13th/F., Hang
Seng Bank Tower,
1000 Lujiazui Ring
Road,
Pudong
New Area, Shanghai
200120, Republic of
China.
Jakarta Representative Office
-
Sentral
Senayan III, 15th Floor,
Jalan Asia Afrika
No. 8, Gelora Bung
Karno,
Tanah
Abang, Jakarta Pusat
10270, Indonesia.
COMMENT
The industry
which produces chemicals using
oil and natural gas as principal
raw materials, plays a
prominent role in
the manufacturing sector
and the production
of consumer goods in particular. Petrochemicals can be transformed into thousands of
industrial and consumer
products, from plastic
to paints and
rubber to textiles.
The
subject has been
established as an arm of PTT
group to
bring with many
advantages for PTT’s wide
portfolio of petrochemical subsidiaries.
It will not
only optimise marketing
management efficiency, but
also reinforce the
group’s competitive edge over
its rivals.
The subject provides the most professional
sales and marketing services to PTT Group’s polymer manufacturing
units, which contributes to the company’s growth and solid business. The
subject has solid
business and stable
growth.
FINANCIAL
INFORMATION
The capital
was registered at
Bht. 40,000,000 divided into 400,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
January 10, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
PTT Public
Company Limited Nationality: Thai Address
: 555 Vibhavadee
Rangsit Rd., Chatuchak,
Bangkok |
200,000 |
50.00 |
|
IRPC Public
Company Limited Nationality: Thai Address
: 299 Moo 5, Sukhumvit
Rd., Cherngnoen, Muang,
Rayong |
100,000 |
25.00 |
|
PTT Global
Chemical Public Company
Limited Nationality: Thai Address
: Energy Complex
Tower A, 555/1 Vibhavadee Rangsit
Rd., Chatuchak, Bangkok |
99,998 |
25.00 |
|
Mrs.
Vilawan Songcharoen Nationality: Thai Address
: 34/42 Moo 3, Salathamsop, Taweewatana, Bangkok |
1 |
- |
|
Mrs.
Pilasphan Udomjarumanee Nationality: Thai Address
: 35 Srinakarin
Rd., Nongbon, Prawes,
Bangkok |
1 |
- |
Total Shareholders
: 5
Share Structure
[as at January
10, 2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
400,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
400,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Ms. Sukhumaporn Wongariyaporn
No. 4843
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 |
2,244,929,361 |
2,667,119,456 |
2,042,313,394 |
|
Trade Accounts Receivable
- Other Company |
5,571,178,360 |
4,167,853,755 |
3,296,591,733 |
|
- Related Company |
110,430,363 |
118,979,898 |
123,902,439 |
|
Account Receivable - Related Company |
3,434,716 |
4,717,442 |
4,712,947 |
|
Inventories |
441,980,697 |
408,106,997 |
471,961,024 |
|
Refundable Value Added Tax |
641,200,453 |
513,844,832 |
470,127,945 |
|
Prepayment |
2,354,179 |
7,417,326 |
3,903,385 |
|
Other
Current Assets |
16,176,726 |
22,740,427 |
17,371,143 |
|
|
|
|
|
|
Total Current
Assets |
9,031,684,855 |
7,910,780,133 |
6,430,884,010 |
|
Investment
in Subsidiaries |
1,959,695 |
1,959,695 |
1,959,695 |
|
Fixed Assets |
18,317,450 |
30,732,207 |
39,325,675 |
|
Intangible Assets |
34,834,245 |
53,612,612 |
50,117,140 |
|
Other Assets -Deposit |
12,470,320 |
12,320,460 |
11,701,627 |
|
Deferred
Income Tax |
6,587,873 |
6,502,421 |
5,754,803 |
|
Total Assets
|
9,105,854,438 |
8,015,907,528 |
6,539,742,950 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts Payable - Other Company |
4,005,104 |
20,462,115 |
35,252,395 |
|
- Related Company |
7,967,952,254 |
7,075,390,491 |
5,819,960,736 |
|
Account Payable - Related Company |
60,039,232 |
70,428,946 |
46,637,004 |
|
Current Portion of Financial
Lease Contract Liabilities |
- |
1,333,310 |
3,100,506 |
|
Pre-receipt from Customer |
53,804,712 |
123,735,767 |
46,113,112 |
|
Accrued Expenses |
80,092,891 |
63,406,411 |
40,381,926 |
|
Accrued Income Tax |
40,458,063 |
26,090,980 |
47,588,435 |
|
Other Current Liabilities |
23,499,698 |
14,413,880 |
29,947,459 |
|
|
|
|
|
|
Total Current Liabilities |
8,229,851,954 |
7,395,261,900 |
6,068,981,573 |
|
Reserve for Employee’s
Benefit |
32,939,367 |
32,512,105 |
28,774,015 |
|
Financial Lease Contract
Liabilities, Net of Current
Portion |
- |
- |
1,333,310 |
|
Total
Liabilities |
8,262,791,321 |
7,427,774,005 |
6,099,088,898 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 400,000 shares |
40,000,000 |
40,000,000 |
40,000,000 |
|
|
|
|
|
|
Capital Paid |
40,000,000 |
40,000,000 |
40,000,000 |
|
Retained Earning - Unappropriated
|
803,063,117 |
548,133,523 |
400,654,052 |
|
Total
Shareholders' Equity |
843,063,117 |
588,133,523 |
440,654,052 |
|
Total
Liabilities & Shareholders' Equity |
9,105,854,438 |
8,015,907,528 |
6,539,742,950 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales
Income |
75,645,923,474 |
70,647,856,998 |
62,704,682,520 |
|
Other
Income |
33,904,530 |
49,378,738 |
267,009,487 |
|
Total Revenues
|
75,679,828,004 |
70,697,235,736 |
62,971,692,007 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost
of Goods Sold
|
73,996,425,116 |
68,922,935,516 |
61,185,819,617 |
|
Selling Expenses |
1,201,666,769 |
1,336,605,765 |
1,151,258,205 |
|
Administrative Expenses |
451,146,222 |
415,706,614 |
376,862,910 |
|
Loss
on Exchange Rate |
[286,924,738] |
[167,063,051] |
- |
|
Total Expenses |
75,362,313,369 |
70,508,184,844 |
62,713,940,732 |
|
|
|
|
|
|
Profit
before Financial Cost &
Income Tax |
317,514,635 |
189,050,892 |
257,751,275 |
|
Financial
Cost |
[1,001,292] |
[116,924] |
[258,725] |
|
|
|
|
|
|
Profit
before Income Tax |
316,513,343 |
188,933,968 |
257,492,550 |
|
Income
Tax |
[61,583,749] |
[41,454,497] |
[77,104,527] |
|
Net Profit / [Loss] |
254,929,594 |
147,479,471 |
180,388,023 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.10 |
1.07 |
1.06 |
|
QUICK RATIO |
TIMES |
0.96 |
0.94 |
0.90 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4,129.72 |
2,298.82 |
1,594.50 |
|
TOTAL ASSETS TURNOVER |
TIMES |
8.31 |
8.81 |
9.59 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
2.18 |
2.16 |
2.82 |
|
INVENTORY TURNOVER |
TIMES |
167.42 |
168.88 |
129.64 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
26.88 |
21.53 |
19.19 |
|
RECEIVABLES TURNOVER |
TIMES |
13.58 |
16.95 |
19.02 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
0.02 |
0.11 |
0.21 |
|
CASH CONVERSION CYCLE |
DAYS |
29.04 |
23.59 |
21.79 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
97.82 |
97.56 |
97.58 |
|
SELLING & ADMINISTRATION |
% |
2.18 |
2.48 |
2.44 |
|
INTEREST |
% |
0.00 |
0.00 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
2.23 |
2.51 |
2.85 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.42 |
0.27 |
0.41 |
|
NET PROFIT MARGIN |
% |
0.34 |
0.21 |
0.29 |
|
RETURN ON EQUITY |
% |
30.24 |
25.08 |
40.94 |
|
RETURN ON ASSET |
% |
2.80 |
1.84 |
2.76 |
|
EARNING PER SHARE |
BAHT |
637.32 |
368.70 |
450.97 |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.91 |
0.93 |
0.93 |
|
DEBT TO EQUITY RATIO |
TIMES |
9.80 |
12.63 |
13.84 |
|
TIME INTEREST EARNED |
TIMES |
317.10 |
1,616.87 |
996.24 |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
7.07 |
12.67 |
|
|
OPERATING PROFIT |
% |
67.95 |
(26.65) |
|
|
NET PROFIT |
% |
72.86 |
(18.24) |
|
|
FIXED ASSETS |
% |
(40.40) |
(21.85) |
|
|
TOTAL ASSETS |
% |
13.60 |
22.57 |
|
ANNUAL GROWTH: IMPRESSIVE
An annual sales growth is7.07%. Turnover has increased from THB 70,647,856,998.00
in 2012 to THB 75,645,923,474.00 in 2013. While net profit has increased from
THB
PROFITABILITY
: ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
2.23 |
Deteriorated |
Industrial Average |
24.16 |
|
Net Profit Margin |
0.34 |
Deteriorated |
Industrial Average |
0.80 |
|
Return on Assets |
2.80 |
Acceptable |
Industrial Average |
3.92 |
|
Return on Equity |
30.24 |
Impressive |
Industrial Average |
12.18 |
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 2.23%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have problems with control over its costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 0.34%.
When compared with the industry average, the ratio of the company was lower.
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 2.8%.
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 30.24%, 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 |
1.10 |
Satisfactory |
Industrial Average |
1.39 |
|
Quick Ratio |
0.96 |
|
|
|
|
Cash Conversion Cycle |
29.04 |
|
|
|
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 1.1 times in 2013, increased from 1.07 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 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 0.96 times in 2013,
increased from 0.94 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 30 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE:
ACCEPTABLE
LEVERAGE
RATIO
|
Debt Ratio |
0.91 |
Acceptable |
Industrial Average |
0.65 |
|
Debt to Equity Ratio |
9.80 |
Risky |
Industrial Average |
1.83 |
|
Times Interest Earned |
317.10 |
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 317.11 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 0.91 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
: EXCELLENT
ACTIVITY
RATIO
|
Fixed Assets Turnover |
4,129.72 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
8.31 |
Impressive |
Industrial Average |
4.88 |
|
Inventory Conversion Period |
2.18 |
|
|
|
|
Inventory Turnover |
167.42 |
Impressive |
Industrial Average |
20.91 |
|
Receivables Conversion Period |
26.88 |
|
|
|
|
Receivables Turnover |
13.58 |
Impressive |
Industrial Average |
7.38 |
|
Payables Conversion Period |
0.02 |
|
|
|
The company's Account Receivable Ratio is calculated as 13.58 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 is 2 days at the end of 2012, same
number of days
as in 2013.
Inventory turnover has decreased from 168.88 times in year 2012 to
167.42 times in year 2013.
The company's Total Asset Turnover is calculated as 8.31 times and 8.81
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 Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.83 |
|
UK Pound |
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.