MIRA
INFORM REPORT
|
Report No. : |
315534 |
|
Report Date : |
03.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
THAI GLASS INDUSTRIES
PUBLIC COMPANY LIMITED |
|
|
|
|
Formerly Known As : |
THAI GLASS INDUSTRIES CO., LTD.
|
|
|
|
|
Registered Office : |
15 Moo 1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
18.12.1972 |
|
|
|
|
Com. Reg. No.: |
0107537000041 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer of Glass Containers. |
|
|
|
|
No. of Employees : |
1,400 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC
OVERVIEW
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies,
and strong export industries, Thailand achieved steady growth due largely to
industrial and agriculture exports - mostly electronics, agricultural
commodities, automobiles and parts, and processed foods. Unemployment, at less
than 1% of the labor force, stands as one of the lowest levels in the world,
which puts upward pressure on wages in some industries. Thailand also attracts
nearly 2.5 million migrant workers from neighboring countries. The Thai
government in 2013 implemented a nation-wide 300 baht ($10) per day minimum
wage policy and deployed new tax reforms designed to lower rates on
middle-income earners. The Thai economy has weathered internal and external
economic shocks in recent years. The global economic recession severely cut
Thailand's exports, with most sectors experiencing double-digit drops. In late
2011 Thailand's recovery was interrupted by historic flooding in the industrial
areas in Bangkok and its five surrounding provinces, crippling the
manufacturing sector. The government approved flood mitigation projects worth
$11.7 billion, which were started in 2012, to prevent similar economic damage,
and an additional $75 billion for infrastructure over the following seven
years. This was expected to lead to an economic upsurge but growth has remained
slow, in part due to ongoing political unrest and resulting uncertainties.
Spending on infrastructure will require re-approval once a new government is
seated.
|
Source
: CIA |
Company Name
THAI GLASS INDUSTRIES PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 15
MOO 1, RAJBURANA ROAD,
RAJBURANA,
BANGKOK 10140,
THAILAND
TELEPHONE : [66] 2427-0060-4
FAX :
[66] 2427-6603
EMAIL
ADDRESS : vichienr@bjc.co.th
weraponh@bjc.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1972
REGISTRATION
NO. : 0107537000041 [Former : BOR
MOR JOR 251]
TAX
ID NO. : 3101088755
CAPITAL REGISTERED : BHT. 1,170,000,000
CAPITAL PAID-UP : BHT.
1,170,000,000
SHAREHOLDER’S PROPORTION : THAI :
99.96%
FOREIGN :
0.04%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
ASWIN TECHAJAREONVIKUL, THAI
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
NO.
OF STAFF : 1,400
LINES
OF BUSINESS : GLASS
CONTAINERS
MANUFACTURER
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 December
18, 1972 as
a private limited
company under the
registered name THAI
GLASS INDUSTRIES CO.,
LTD. by Thai
groups. It is
one of Thailand’s
leading manufacturers of
glass containers. It currently
employs approximately 1,400 staff.
On April 25,
1975, the subject
was listed on
the Stock Exchange
of Thailand, and
its status was
converted to a public
limited company, under
the name THAI
GLASS INDUSTRIES PUBLIC
COMPANY LIMITED on
January 3, 1994.
On December 29, 1998 the
subject revoked its
name from the Stock Exchange of
Thailand. The subject is currently
a subsidiary of
Berli Jucker Public
Company Limited.
In September 2000,
the company was
certified by ISO 9002 (BS EN ISO 9002:1994)
certification from Bureau Veritas Quality
International (BVQI), and was followed
in June 2001
by ISO 9001:2000 (BS EN ISO 9001:2000) certification.
The subject’s registered address
is 15 Moo 1,
Rajburana Rd., Rajburana, Bangkok
10140, and this
is the company’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sitthichai
Chaikriengkrai |
|
Thai |
61 |
|
Mr. Pathaphong Iamsuro |
|
Thai |
56 |
|
Mr. Terapon Kiatsuranon |
|
Thai |
57 |
|
Mrs. Wiphada Duangrat |
|
Thai |
61 |
|
Mr. Sumeth Valaisathien |
|
Thai |
60 |
|
Mr. Manus Manoonchai |
|
Thai |
59 |
|
Ms. Sureerat Silpsakulsuk |
|
Thai |
55 |
|
Mrs. Kamonwan Sivaraksa |
|
Thai |
47 |
|
Mr. Werapon Hirunviwatkun |
|
Thai |
53 |
|
Mr. Boonsak Satitmannaitham |
|
Thai |
44 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Aswin Techajareonvikul is
the President and
Chief Executive Officer.
He is Thai nationality with
the age of 39 years
old.
Mr. Werapon Hirunviwatkun is
the Senior Vice
President.
He is Thai
nationality with the
age of 53
years old.
Mrs. Wiphada Duangrat is
the Executive Vice
President.
She is Thai nationality with
the age of 61 years
old.
Mr. Sumeth Valaisathien is
the Technical &
Engineering Service Director.
He is Thai
nationality.
Mr. Veerasak Chongcharoenchai is
the Operation Manager [Rajburana].
He is Thai
nationality.
Mr. Manawat Thongsen is
the Operation Manager [Bangplee].
He is Thai
nationality.
Mr. Vichien Rungwattanakit is the
Sales & Marketing Director [Packaging Products Division of
Berli Jucker Public
Co., Ltd.]
He is Thai
nationality.
Mr. Chusak Suya is
the Human Resources
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer
wide range of
glass containers such
as bottle and
jar for various
industries i.e. foods,
beverage [drinking water, soda
water], pharmaceutical, healthy
drink, energy drink,
fruit juice, and
alcoholic beverage [beer,
whisky, wine and wine cooler].
The subject is the
largest glassware manufacturer
in Thailand.
PRODUCTIONS
3,300 tons/day
PURCHASE
Raw materials such
as sand, limestone, sodium
sulphate, coke dust
and chemical are
purchased mainly from
local suppliers, the
remaining is imported
from United States of America, Germany, Republic
of China, Taiwan,
Malaysia, Canada, Australia,
India, Sweden and
Japan.
MAJOR SUPPLIERS
ACI Pty. Ltd. : Australia
Owens-Brockway Illinois Inc. :
United States of
America
SALES [LOCAL]
100% of the
products has been
marketed by the
Packaging Products Division
of Berli Jucker
Public Company Limited,
the parent company.
SUBSIDIARIES & AFFILIATED COMPANIES
The subject is
not found to have any subsidiaries or affiliated companies
here in 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 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.
BANKING
The Standard Chartered
Bank [Thai] Public Co.,
Ltd.
[Bangkok Branch
: 990 Rama
4 Rd., Bangrak,
Bangkok 10500]
The
Siam Commercial Bank
Public Co., Ltd.
[Suksawad Branch :
Suksawad Rd., Bangkok]
Kasikornbank
Public Co., Ltd.
[Head Office :
1 Kasikorn Lane,
Rajburana Rd., Rajburana,
Bangkok 10140]
Bangkok
Bank Public Co.,
Ltd.
[Head Office :
333 Silom Rd.,
Bangrak, Bangkok 10500]
EMPLOYMENT
The subject employs approximately
1,400 staff. [office staff
and factory workers]
LOCATION DETAILS
The premise is owned
for operating administrative office
and factory I on
40,000 square meters
of land area
at the heading
address. Premise is located
in commercial/residential area.
The factory II
is located at
78 Moo 3,
Soi Wat Srivaree
Noi, Bangna-Trad Rd.,
K.M. 18, Bangplee,
Samutprakarn 10540 Thailand.
Tel : [66]
2337-1207, 2740-5001, Fax :
[66] 2337-1221.
Sales & Marketing Office:
99 Berli Jucker
House, Soi Rubia,
Sukhumvit 42 Rd.,
Phrakanong, Klongtoey,
Bangkok 10110. Tel.:
[66] 2367-1511, 2367-1518,
Fax: [66] 2367-1000.
COMMENT
The subject has been
operating for more than four
decades and is
free to sell the
products to customers
in various major
industries i.e. beer,
liquor, soft drinks, health
drinks and etc. The subject’s
products are of high
quality and competitive
in price. It
has been enjoying
a high market
share, and the
business is expanding
steadily.
Over the years, the subject
has been actively
supporting various industries
such as food, beverage
and pharmaceutical. During
2013-2014, the company’s
performance had been slowing
down from industrial
downturn.
However, the subject’s
business is stable
and remains profitable.
FINANCIAL INFORMATION
The capital was
registered at Bht. 12,000,000 divided
into 120,000 shares
of Bht. 100 each.
The capital was
increased later as
followings :
Bht. 80,000,000 on
June 5, 1973
Bht. 100,000,000
on August 15,
1975
Bht. 130,000,000
on September 7,
1977
Bht. 195,000,000
on January 20,
1981
Bht. 260,000,000
on August 13,
1991
Bht. 585,000,000
in 1995
Bht. 1,170,000,000 in
2000
The latest registered capital
was increased to 1,170,000,000 divided
into 117,000,000 shares of
Bht. 10 each
with fully paid.
MAIN SHAREHOLDERS
[as at
April 28, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Berli Jucker Public Company Limited Nationality: Thai Address : 99 Soi Rubia, Sukhumvit 42 Rd., Klongtoey, Bangkok |
115,355,235 |
98.59 |
|
Mr. Santi Pruekwattananon Nationality: Thai Address : 58 Sab Rd., Siphaya, Bangrak, Bangkok |
242,090 |
0.20 |
|
Mrs. Orasa Pruekwattananon Nationality: Thai Address : 33/260 Baan Nonsee Condo, Chan Rd., Chongnonsee, Yannawa, Bangkok |
182,090 |
0.15 |
|
Mrs. Pasana Teng-amnuay Nationality: Thai Address : 307, 307/1 Charansanitwong 40 Rd., Bangyeekan, Bangplad, Bangkok |
137,000 |
0.12 |
|
Mr. Ying Pruekwattananon Nationality: Thai Address : 58 Sab Rd., Siphaya, Bangrak, Bangkok |
102,000 |
0.09 |
|
Others |
981,585 |
0.85 |
Total Shareholders : 221
Share Structure [as
at April 28,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
219 |
116,956,200 |
99.96 |
|
Foreign |
2 |
43,800 |
0.04 |
|
Total |
221 |
117,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.:
Mr. Chavala Thienprasertkij No.
4301
Note:
The 2014 financial
statement has not
yet available during
investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash in Hand
& at Bank |
21,309,054 |
19,448,074 |
28,689,973 |
|
Trade Accounts & Other Receivable |
|
|
|
|
Trade Accounts
Receivable |
1,489,794,480 |
1,594,194,383 |
1,561,696,307 |
|
Other Receivable
- Related Company |
72,820,311 |
54,403,681 |
98,457,546 |
|
Other Receivable |
8,942,859 |
55,607,939 |
128,757,548 |
|
Inventories |
1,364,573,290 |
1,311,910,005 |
1,016,687,162 |
|
Other Current Assets |
6,813,568 |
1,888,599 |
27,156,533 |
|
|
|
|
|
|
Total Current Assets
|
2,964,253,562 |
3,037,452,681 |
2,861,445,069 |
|
Investment in Related Company |
350 |
100 |
- |
|
Investment in Associated
Company |
80,000,000 |
80,000,000 |
80,000,000 |
|
Fixed Assets |
2,535,757,077 |
3,005,252,827 |
3,519,275,930 |
|
Intangible Assets |
14,236,063 |
8,501,664 |
2,791,707 |
|
Deferred Income Tax Assets |
51,186,187 |
53,467,940 |
58,974,824 |
|
Other Non-current Assets |
51,404,067 |
52,054,532 |
62,736,555 |
|
Total Assets |
5,696,837,306 |
6,236,729,744 |
6,585,224,085 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Short-term Loan from Bank |
- |
1,062,000,000 |
1,232,000,000 |
|
Trade Accounts & Other Payable |
|
|
|
|
Trade Accounts
Payable |
763,632,293 |
676,106,966 |
796,343,612 |
|
Other Receivable
- Related Company |
86,587,754 |
86,940,850 |
97,160,064 |
|
Other Receivable |
159,664,973 |
91,494,846 |
77,575,591 |
|
Purchase Assets Payable |
16,874,178 |
9,112,959 |
3,199,726 |
|
Current Portion of Long-term
Loan |
1,000,000,000 |
- |
248,500,000 |
|
Short-term Loan from Related Company |
560,000,000 |
- |
- |
|
Accrued Income Tax |
18,063,359 |
54,540,632 |
34,073,133 |
|
Other Current Liabilities |
291,320 |
61,546,105 |
58,412,623 |
|
|
|
|
|
|
Total Current Liabilities |
2,605,113,877 |
2,041,742,358 |
2,547,264,749 |
|
|
|
|
|
|
Long-term Loan from
Related Company |
- |
1,000,000,000 |
1,000,000,000 |
|
Provision for Employees
Benefits |
230,389,272 |
243,506,466 |
237,333,972 |
|
Other Non-current Liabilities |
100,000 |
- |
- |
|
Total Liabilities |
2,835,603,149 |
3,285,248,824 |
3,784,598,721 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 117,000,000 shares |
1,170,000,000 |
1,170,000,000 |
1,170,000,000 |
|
|
|
|
|
|
Capital Paid |
1,170,000,000 |
1,170,000,000 |
1,170,000,000 |
|
Retained Earning Appropriated for Statutory Reserve |
117,000,000 |
117,000,000 |
117,000,000 |
|
Other Reserve |
4,000,000 |
4,000,000 |
4,000,000 |
|
Unappropriated |
1,570,234,157 |
1,660,480,920 |
1,509,625,364 |
|
Total Shareholders' Equity |
2,861,234,157 |
2,951,480,920 |
2,800,625,364 |
|
Total Liabilities &
Shareholders' Equity |
5,696,837,306 |
6,236,729,744 |
6,585,224,085 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales |
7,059,621,069 |
7,516,127,058 |
7,246,305,343 |
|
Other Income |
121,597,637 |
70,584,834 |
200,573,120 |
|
Total Revenues |
7,181,218,706 |
7,586,711,892 |
7,446,878,463 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
6,356,701,894 |
6,633,789,731 |
6,436,451,660 |
|
Selling Expenses |
323,512,120 |
267,684,344 |
286,057,801 |
|
Administrative Expenses |
206,192,860 |
124,377,458 |
123,782,669 |
|
Financial Cost |
58,392,261 |
75,091,394 |
84,574,497 |
|
Total Expenses |
6,944,799,135 |
7,100,942,927 |
6,930,866,627 |
|
Profit / [Loss] before Income Tax |
236,419,571 |
485,768,965 |
516,011,836 |
|
Income Tax |
[45,866,334] |
[118,463,409] |
[170,595,344] |
|
|
|
|
|
|
Net Profit / [Loss] |
190,553,237 |
367,305,556 |
345,416,492 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.14 |
1.49 |
1.12 |
|
QUICK RATIO |
TIMES |
0.61 |
0.84 |
0.71 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.78 |
2.50 |
2.06 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.24 |
1.21 |
1.10 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
78.35 |
72.18 |
57.65 |
|
INVENTORY TURNOVER |
TIMES |
4.66 |
5.06 |
6.33 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
77.03 |
77.42 |
78.66 |
|
RECEIVABLES TURNOVER |
TIMES |
4.74 |
4.71 |
4.64 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
43.85 |
37.20 |
45.16 |
|
CASH CONVERSION CYCLE |
DAYS |
111.53 |
112.40 |
91.16 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
90.04 |
88.26 |
88.82 |
|
SELLING & ADMINISTRATION |
% |
7.50 |
5.22 |
5.66 |
|
INTEREST |
% |
0.83 |
1.00 |
1.17 |
|
GROSS PROFIT MARGIN |
% |
11.68 |
12.68 |
13.94 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.35 |
6.46 |
7.12 |
|
NET PROFIT MARGIN |
% |
2.70 |
4.89 |
4.77 |
|
RETURN ON EQUITY |
% |
6.66 |
12.44 |
12.33 |
|
RETURN ON ASSET |
% |
3.34 |
5.89 |
5.25 |
|
EARNING PER SHARE |
BAHT |
1.63 |
3.14 |
2.95 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.50 |
0.53 |
0.57 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.99 |
1.11 |
1.35 |
|
TIME INTEREST EARNED |
TIMES |
4.05 |
6.47 |
6.10 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(6.07) |
3.72 |
|
|
OPERATING PROFIT |
% |
(51.33) |
(5.86) |
|
|
NET PROFIT |
% |
(48.12) |
6.34 |
|
|
FIXED ASSETS |
% |
(15.62) |
(14.61) |
|
|
TOTAL ASSETS |
% |
(8.66) |
(5.29) |
|
ANNUAL GROWTH: RISKY
An annual sales growth is -6.07%. Turnover has decreased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
11.68 |
Impressive |
Industrial
Average |
4.33 |
|
Net Profit Margin |
2.70 |
Satisfactory |
Industrial
Average |
3.34 |
|
Return on Assets |
3.34 |
Impressive |
Industrial
Average |
2.17 |
|
Return on Equity |
6.66 |
Impressive |
Industrial
Average |
4.03 |
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 11.68%. 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 2.7%. 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. Return on Assets ratio is 3.34%, 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 6.66%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.14 |
Impressive |
Industrial
Average |
1.12 |
|
Quick Ratio |
0.61 |
|
|
|
|
Cash Conversion Cycle |
111.53 |
|
|
|
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 1.14 times in 2013, decreased from 1.49 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 0.61 times in 2013,
decreased from 0.84 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 112 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.50 |
Impressive |
Industrial
Average |
0.52 |
|
Debt to Equity Ratio |
0.99 |
Impressive |
Industrial
Average |
1.07 |
|
Times Interest Earned |
4.05 |
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 4.05 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 0.5 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 : EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.78 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.24 |
Impressive |
Industrial
Average |
0.65 |
|
Inventory Conversion Period |
78.35 |
|
|
|
|
Inventory Turnover |
4.66 |
Impressive |
Industrial
Average |
4.00 |
|
Receivables Conversion Period |
77.03 |
|
|
|
|
Receivables Turnover |
4.74 |
Impressive |
Industrial
Average |
3.32 |
|
Payables Conversion Period |
43.85 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.74 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 72 days at the
end of 2012 to 78 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 5.06 times in year 2012 to 4.66 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.24 times and 1.21
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.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
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.