MIRA
INFORM REPORT
|
Report Date : |
18.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
THAI POLYESTER
CO., LTD. [TPC] |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
09.03.2001 |
|
|
|
|
Com. Reg. No.: |
0105544023912 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer of
Polyester Fiber [textile grade],
including Polyester Staple Fiber
[PSF], Partially Oriented
Yarn [POY], Spin
Drawn Yarn [SDY], Dope Dyed
Yarn, Mono Filament
Yarn & Mono Texturizing
Yarn and Draw
Texturizing Yarn |
|
|
|
|
No. of Employees : |
500 |
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 : |
Slow but correct |
|
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
POLYESTER CO., LTD.
[TPC]
SUMMARY
BUSINESS
ADDRESS : 470
BANGKHUNTHIEN-CHAITALAY ROAD,
SAMAEDAM, BANGKHUNTHIEN,
BANGKOK 10150,
THAILAND
TELEPHONE : [66] 2415-1111
FAX
: [66] 2892-1987-8
E-MAIL
ADDRESS : mkt@thaipolyester.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2001
REGISTRATION
NO. : 0105544023912 [Former : [3]
448/2544]
TAX
ID NO. : 3030239761
CAPITAL REGISTERED : BHT. 3,026,000,000
CAPITAL PAID-UP : BHT.
3,026,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SONGKRAM
CHEEVAPRAWATDAMRONG, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 500
LINES
OF BUSINESS : POLYESTER FIBER
PRODUCTS
MANUFACTURER, DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NARMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on March 9, 2001 as
a private limited
company by a
merger between Thai
Polyester Co., Ltd.,
registration no. [3] 6/2539, and Jong Stit Land Co., Ltd.,
registration no. Sor Por.1433
to produce polyester
fiber. The subject currently
employs approximately 500
staff.
It is a
member of Jong
Stit Group, the
largest consumer of
polyester filament and
fiber in Thailand.
The products include
yarns, polyester fabrics,
pile fabrics for
toys, garments and
blankets.
The subject’s registered
address was initially at
34 Moo 1, Bangkhunthien-Chaitalay Rd.,
Samaedam, Bangkhunthien, Bangkok
10150.
On July 2,
2010, subject’s registered
address was relocated to
470 Bangkhunthien-Chaitalay Rd., Samaedam,
Bangkhunthien, Bangkok 10150, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Songkram Cheevaprawatdamrong |
[x] |
Thai |
70 |
|
Mrs. Pucharaporn Laulikitnan |
[x] |
Thai |
66 |
|
Mrs. Oraphan Sathienkij-ampai |
|
Thai |
60 |
|
Ms. Siriwan Kongkaewrasmee |
|
Thai |
40 |
AUTHORIZED PERSON
One of the
above directors [x]
can sign or
both of the
rest directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Songkram Cheevaprawatdamrong is
the Managing Director.
He is Thai
nationality with the
age of 70
years old.
Mr. Rungsan Charoenkijmongkol is
the General Manager.
He is Thai
nationality.
Mr. Shih Pei
Chin is the
Factory Manager.
He is Chinese
nationality.
BUSINESS OPERATIONS
The subject’s activity is
a manufacturer of
Polyester Fiber [textile grade],
including Polyester Staple Fiber
[PSF], Partially Oriented
Yarn [POY], Spin
Drawn Yarn [SDY], Dope Dyed
Yarn, Mono Filament
Yarn & Mono Texturizing
Yarn and Draw
Texturizing Yarn.
PRODUCTION CAPACITY
Polyester Staple Fiber
[PSF] :
7,200 tons/month
Partially Oriented Yarn
[POY] :
7,500 tons/month
Spin Drawn Yarn
[SDY] :
2,400 tons/month
Dope Dyed Yarn : 450
tons/month
Mono Filament Yarn
& Mono Texturizing Yarn : 150 tons/month
Draw Texturizing Yarn : 2,400 tons/month
IMPORT [COUNTRIES]
Some of raw
materials as well
as machinery are
imported from Taiwan,
Japan,
Republic of China,
India, Germany and
United Kingdom.
MAJOR SUPPLIERS
Franfurt’s Zimmer AG. : Germany
SALES
Most of the
products are sold
locally by wholesale
to dealers and
manufacturers, the remaining
is exported to Taiwan, Republic
of China, United Kingdom, Columbia,
India, France, Japan,
Italy and the
countries in Africa
and Middle East.
MAJOR SUPPLIER
Textiles Miratex S.A. : Columbia
ASSOCIATED COMPANIES
|
Name |
Country |
Business Type |
|
Jong Stit Co.,
Ltd. |
Thailand |
Manufacturer of yarn
spinning, dyeing & fabric
finishing |
|
Jong Stit Plush
Co., Ltd. |
Thailand |
Manufacturer of pile
fabric |
|
Bigmart Knitting Co.,
Ltd. |
Thailand |
Manufacturer of fleece
fabric |
|
Jong Stit Knitting
Co., Ltd. |
Thailand |
Manufacturer of Knitted
fabric |
|
New Warp Co.,
Ltd. |
Thailand |
Manufacturer of Warp
knitted fabric |
|
Home Textile Co.,
Ltd. |
Thailand |
Manufacturer of polyester
blanket |
|
Textile Mart Co.,
Ltd. |
Thailand |
Retail & wholesale
outlet for synthetic
fabric |
|
Fashino Co., Ltd. |
Thailand |
Manufacturer of garment
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 for the
past two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Bank
of Ayudhya Public
Co., Ltd.
[Head Office : 1222
Rama 3 Rd., Bangpongpang, Yannawa,
Bangkok 10120]
Krung Thai Bank
Public Co., Ltd.
Export Import Bank
of Thailand
[Head Office : Phaholyothin Rd.,
Samsennai, Phyathai, Bangkok
10400]
EMPLOYMENT
The subject employs
approximately 500 office
staff and factory
workers.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is located
in industrial area.
Factory is located
on 3.2 million
square meters [800 acres] plot of land
at 888 Moo
1, Highway No.
331 KM 69
[Ban Nong Phai
Kaeo], Banbung, Chonburi
20220.
Tel. [66] 38
442-888.
COMMENT
Subject was formed in
2001 as a manufacturer of Polyester
Fiber products. The products
are served mainly
to industrial users.
The
subject is a
manufacturer of polyester fiber
products. The machinery
used in its
manufacturing is from
world leading of
textile machinery. Its plant
is operating at
high efficiency, and quality
of products is
comparable to top
class plants in
world markets. This
has enabled the
subject a commitment
to the concept
of absolute consistency
in quality.
FINANCIAL INFORMATION
The capital was
registered at Bht. 2,064,000,000 divided into
206,400,000 shares of
Bht. 10 each.
The capital was
increased later as
follows:
Bht. 2,150,000,000
on July 17,
2001
Bht. 3,000,000,000
on June 1,
2012
Bht. 3,026,000,000
on October 30, 2013
The latest registered
capital was increased
to Bht. 3,026,000,000
divided into
302,600,000 shares of
Bht. 10 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at August 20,
2014]
|
NAME |
HOLDING |
% |
|
Mr. Pucharaporn Laulikitnan Nationality: Thai Address : 993 Bangkhunthien-Chaitalay Rd.,
Samaedam, Bangkhunthien,
Bangkok 10150 |
132,699,690 |
43.86 |
|
Mr. Songkram Cheevaprawatdamrong Nationality: Thai Address : 55 Moo 6, Rama 2 Rd.,
Samaedam,
Bangkhunthien, Bangkok 10150 |
89,100,000 |
29.44 |
|
Mr. Torpong Cheevaprawatdamrong Nationality: Thai Address : 55 Moo 6, Rama 2 Rd.,
Samaedam,
Bangkhunthien, Bangkok 10150 |
80,800,000 |
26.70 |
|
Mr. Prasert Chaikanjanasak Nationality: Thai Address : 64/1 Sukhumvit 71 Rd., Prakanongnua,
Wattana, Bangkok 10110 |
200 |
- |
|
Ms. Napaporn Karuhamart Nationality: Thai Address : 396/5 Machachai
Rd., Samranraj, Phranakorn, Bangkok
10200 |
50 |
- |
|
Mrs. Wimon Patipanthewa Nationality: Thai Address : 93/282 Moo
2, Prachauthit Rd.,
Thungkru, Bangkok |
50 |
- |
|
Mrs. Oraphan Sathienkij-ampai Nationality: Thai Address : 482 Moo 18,
Suksawad Rd., Bangpueng,
Phrapradaeng, Samutprakarn |
10 |
- |
Total Shareholders : 7
Share Structure [as
at August 20,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
302,600,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
302,600,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Chonticha Leelapanang No.
1815
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 |
84,296,250.15 |
77,111,572.05 |
90,355,242.14 |
|
Short-term Investment |
177,535,286.52 |
200,520,964.64 |
- |
|
Trade Accounts &
Other Receivable |
1,043,018,214.47 |
996,317,548.68 |
627,402,273.97 |
|
Inventories |
1,483,031,196.44 |
1,237,315,977.94 |
1,014,249,045.13 |
|
Revenue Department Receivable |
27,702,012.78 |
29,251,863.96 |
37,906,307.99 |
|
Other Current Assets
|
12,383,943.36 |
61,493,439.51 |
225,833,632.29 |
|
|
|
|
|
|
Total Current Assets
|
2,827,966,903.72 |
2,602,011,366.78 |
1,995,746,501.52 |
|
|
|
|
|
|
Fixed Assets |
1,373,685,913.10 |
1,604,628,430.64 |
1,902,507,171.72 |
|
Intangible Assets |
1,940,075.91 |
71,896.19 |
100,428.95 |
|
Total Assets |
4,203,592,892.73 |
4,206,711,693.61 |
3,898,354,102.19 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
760,417,285.96 |
834,898,650.64 |
593,417,503.60 |
|
Short-term Loan from Financial Institutions |
- |
- |
800,000,000.00 |
|
Accrued Income Tax |
5,660,192.99 |
6,541,790.87 |
8,175,283.55 |
|
Other Current Liabilities |
57,347,950.48 |
54,474,163.16 |
79,747,989.11 |
|
|
|
|
|
|
Total Current Liabilities |
823,425,429.43 |
895,914,604.67 |
1,481,340,776.26 |
|
|
|
|
|
|
Provision for Employee
Benefits |
175,000.00 |
116,000.00 |
122,000.00 |
|
Total Liabilities |
823,600,429.43 |
896,030,604.67 |
1,481,462,776.26 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 302,600,000 shares in
2013; 300,000,000 shares in 2012 & 215,000,000 shares in 2011 |
3,026,000,000.00 |
3,000,000,000.00 |
2,150,000,000.00 |
|
|
|
|
|
|
Capital Paid |
3,026,000,000.00 |
3,000,000,000000 |
2,150,000,000.00 |
|
Premium on Share Capital |
9,618,148.53 |
6,730,210.00 |
- |
|
Retained Earnings: Appropriated for Statutory Reserve |
45,779,000.00 |
45,779,000.00 |
45,779,000.00 |
|
Unappropriated |
298,595,314.77 |
258,171,878.94 |
221,112,325.93 |
|
Total Shareholders' Equity |
3,379,992,463.30 |
3,310,681,088.94 |
2,416,891,325.93 |
|
Total Liabilities & Shareholders' Equity |
4,203,592,892.73 |
4,206,711,693.61 |
3,898,354,102.19 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Domestic Sales |
5,081,262,135.64 |
5,424,192,352.70 |
5,166,947,545.39 |
|
Overseas Sales |
2,585,859,895.98 |
3,013,703,405.24 |
3,601,448,113.95 |
|
Income tax Offset |
1,268,671.31 |
1,943,929.62 |
2,486,439.30 |
|
Gain on Exchange Rate |
13,150,051.94 |
14,664,330.54 |
29,038,019.49 |
|
Gain on Disposal of Assets |
23,434,961.47 |
- |
646,014.12 |
|
Interest Income |
1,922,798.91 |
2,992,129.22 |
2,460,062.74 |
|
Other Income |
16,851,468.47 |
21,479,606.50 |
51,442,619.93 |
|
Total Revenues |
7,723,749,983.72 |
8,478,975,753.82 |
8,854,468,814.92 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
7,501,116,517.26 |
8,239,297,971.59 |
8,608,189,666.95 |
|
Selling Expenses |
140,132,853.03 |
154,488,587.68 |
154,300,422.96 |
|
Administrative Expenses |
28,238,340.04 |
20,938,824.73 |
19,361,470.41 |
|
Total Expenses |
7,669,487,710.33 |
8,414,725,384.00 |
8,781,851,560.32 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
54,262,273.39 |
64,250,369.82 |
72,617,254.60 |
|
Financial Cost |
[3,174,929.08] |
[15,462,147.59] |
[22,422,702.06] |
|
Profit before Income
Tax |
51,087,344.31 |
48,788,222.23 |
50,194,552.54 |
|
Income Tax |
[10,663,908.48] |
[11,728,669.22] |
[15,773,448.19] |
|
|
|
|
|
|
Net Profit / [Loss] |
40,423,435.83 |
37,059,553.01 |
34,421,104.35 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.43 |
2.90 |
1.35 |
|
QUICK RATIO |
TIMES |
1.58 |
1.42 |
0.48 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.58 |
5.26 |
4.61 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.82 |
2.01 |
2.25 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
72.16 |
54.81 |
43.01 |
|
INVENTORY TURNOVER |
TIMES |
5.06 |
6.66 |
8.49 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
49.65 |
43.10 |
26.12 |
|
RECEIVABLES TURNOVER |
TIMES |
7.35 |
8.47 |
13.98 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
37.00 |
36.99 |
25.16 |
|
CASH CONVERSION CYCLE |
DAYS |
84.82 |
60.92 |
43.96 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
97.83 |
97.65 |
98.17 |
|
SELLING & ADMINISTRATION |
% |
2.20 |
2.08 |
1.98 |
|
INTEREST |
% |
0.04 |
0.18 |
0.26 |
|
GROSS PROFIT MARGIN |
% |
2.90 |
2.84 |
2.81 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.71 |
0.76 |
0.83 |
|
NET PROFIT MARGIN |
% |
0.53 |
0.44 |
0.39 |
|
RETURN ON EQUITY |
% |
1.20 |
1.12 |
1.42 |
|
RETURN ON ASSET |
% |
0.96 |
0.88 |
0.88 |
|
EARNING PER SHARE |
BAHT |
0.13 |
0.00 |
0.16 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.20 |
0.21 |
0.38 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.24 |
0.27 |
0.61 |
|
TIME INTEREST EARNED |
TIMES |
17.09 |
4.16 |
3.24 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(9.13) |
(3.77) |
|
|
OPERATING PROFIT |
% |
(15.55) |
(11.52) |
|
|
NET PROFIT |
% |
9.08 |
7.67 |
|
|
FIXED ASSETS |
% |
(14.39) |
(15.66) |
|
|
TOTAL ASSETS |
% |
(0.07) |
7.91 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -9.13%. Turnover has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
2.90 |
Acceptable |
Industrial
Average |
5.21 |
|
Net Profit Margin |
0.53 |
Deteriorated |
Industrial
Average |
5.02 |
|
Return on Assets |
0.96 |
Deteriorated |
Industrial
Average |
4.97 |
|
Return on Equity |
1.20 |
Deteriorated |
Industrial
Average |
8.41 |
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 2.9%. 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 0.53%.
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 0.96%.
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 1.2%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
3.43 |
Impressive |
Industrial
Average |
1.60 |
|
Quick Ratio |
1.58 |
|
|
|
|
Cash Conversion Cycle |
84.82 |
|
|
|
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 3.43 times in 2013, increased from 2.9 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 1.58 times in 2013,
increased from 1.42 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 85 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.20 |
Impressive |
Industrial
Average |
0.36 |
|
Debt to Equity Ratio |
0.24 |
Impressive |
Industrial
Average |
0.55 |
|
Times Interest Earned |
17.09 |
Impressive |
Industrial
Average |
- |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 17.1 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 0.2 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 Downtrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
5.58 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.82 |
Impressive |
Industrial
Average |
0.99 |
|
Inventory Conversion Period |
72.16 |
|
|
|
|
Inventory Turnover |
5.06 |
Satisfactory |
Industrial
Average |
5.68 |
|
Receivables Conversion Period |
49.65 |
|
|
|
|
Receivables Turnover |
7.35 |
Impressive |
Industrial
Average |
5.24 |
|
Payables Conversion Period |
37.00 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.35 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 55 days at the
end of 2012 to 72 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 6.66 times in year 2012 to 5.06 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.82 times and 2.01
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.60.95 |
|
|
1 |
Rs.99.32 |
|
Euro |
1 |
Rs.78.96 |
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.