MIRA INFORM REPORT
|
Report No. : |
318854 |
|
Report Date : |
25.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
COTCO PLASTICS COMPANY LIMITED |
|
|
|
|
Registered Office : |
6, 8
Mom Chao Sanga-Ngam Supadit Road, Minburi, Bangkok
10510 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Year of Establishment : |
1988 |
|
|
|
|
Com. Reg. No.: |
0105531018265 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Subject is manufacturer and distributor of PVC artificial
leather: solid/sponge leather, sponge foam; PVC
sheet and films:
transparent, translucent, opaque/color sheet |
|
|
|
|
No. of Employee : |
180 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Thailand |
B |
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 has had a strong economy due in part to industrial and agriculture
exports - mostly electronics, agricultural commodities, automobiles and parts,
and processed foods. Thailand 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 both 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. Government
approved flood mitigation projects, worth $11.7 billion, were started in 2012
to prevent a repeat. Thai growth slowed in 2013 and has remained low since, as
the country faced political uncertainty and a coup in May 2014. The interim
government is implementing a special $11 billion short-term stimulus package
and has approved a budget of more than $80 billion to aid an economic rebound.
|
Source
: CIA |
Company
name
COTCO PLASTICS
COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 6, 8
MOM CHAO SANGA-NGAM SUPADIT ROAD,
MINBURI, BANGKOK
10510, THAILAND
TELEPHONE : [66] 2517-0978-9
FAX : [66] 2517-1968,
2517-9454
E-MAIL
ADDRESS : cs@cotcoplastics.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1988
REGISTRATION NO. : 0105531018265
TAX ID NO. : 3101530681
CAPITAL
REGISTERED : BHT.
110,000,000
CAPITAL
PAID-UP : BHT.
110,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
VORAPHOT PIAN-APITHAM, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 180
LINES OF
BUSINESS : ARTIFICIAL LEATHER
& PVC SHEET
MANUFACTURER, EXPORTER
& DISTRIBUTOR
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 March 15,
1988 as a
private limited company
under the registered
name “C.O.T. Metal
Co., Ltd.” to
manufacture artificial leather
and PVC sheet &
film for local
and overseas markets.
On May 3,
1998 subject’s name
was changed to
“COTCO PLASTICS COMPANY LIMITED”. The subject is also a member of The Chamnan group
of companies. It currently
employs 180 staff.
The subject’s registered
address was initially
at 25-25/1 Sereethai
Rd., Bangchan, Minburi,
Bangkok 10510.
On
May 3, 2006
the subject’s registered
address was changed
to “6, 8 Mom
Chao Sanga-Ngam Supadit
Rd., Minburi, Bangkok 10510” by district government, but both
addresses are the
same location, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Kantiya Tantipidok |
|
Thai |
54 |
|
Mr. Voraphot Pian-apitham |
[x] |
Thai |
53 |
|
Mrs. Usanee Meeprasertsakul |
|
Thai |
51 |
|
Ms. Sirichan Wanawattanawong |
|
Thai |
62 |
AUTHORIZED PERSON
Only the above
director [x] can
sign or two
of the rest
directors can jointly
sign on behalf
of the subject with
company’s affixed.
MANAGEMENT
Mr. Voraphot Pian-apitham is
the Managing Director.
He is Thai
nationality with the
age of 53
years old.
Mr. Somnuek
Phuripanyapinan is the
General Manager.
He is Thai
nationality.
Mr. Anan
Phusap is the
Sales & Marketing
Manager.
He is Thai
nationality.
Mrs. Usanee Meeprasertsakul is
the Finance &
Procurement Manager.
She is Thai
nationality with the
age of 51
years old.
Ms. Patcharee Sornsomboon is the Administration &
Personnel Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activities are manufacturer and distributor of PVC artificial
leather: solid/sponge leather, sponge foam; PVC
sheet and films:
transparent, translucent, opaque/color
sheet.
MAJOR BRAND
“COTCO”
PRODUCTION CAPACITY
Artificial leather :
4,800,000 yards per
annum
PVC sheet :
10,000 tons per
annum
IMPORT [COUNTRIES]
Most of raw
materials and machinery
are imported from
Germany, Japan, Taiwan
and Republic of
China, the rest
is purchased from
local suppliers.
SALES [LOCAL]
80% of its
products is sold
locally to manufacturers
and wholesalers.
EXPORT [COUNTRY]
20% of its
products is exported
to Hong Kong, Singapore, Malaysia,
United Kingdom, Philippines,
Australia, Republic of
China, Korea, India,
Japan, Taiwan, Indonesia
and United States of
America.
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
for the past
two years.
SUBSIDIARY AND
AFFILIATED COMPANIES
The Chamnan Group
of Companies consists
of :
United Coating Co.,
Ltd.
Business Type : Manufacturer
of artificial solid
leather
Cotco Metal Works
Limited
Business Type :
Manufacturer of metal
Chamnan Overseas Trade
Co., Ltd.
Business Type : Holding
company
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 on the
credit term of
90 days or T/T.
Exports are against
L/C at sight
or on the
credit term of
90 days or
T/T.
BUSINESS TRANSACTION
The products are
sold to customer
both cash and credit
with credit given
at 30-60 days.
There are some
delay payments by
customer, but it
can be negotiated.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Krung Thai
Bank Public Co.,
Ltd.
[Minburi Branch :
547-550 Sihaburanamukit Rd.,
Minburi, Bangkok ]
Kasikornbank Public
Co., Ltd.
[Sukhapibal 2
Branch : 97/140-146 Sukhapibal
2 Rd., Kannayao,
Bangkok]
EMPLOYMENT
The subject employs
approximately 180 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
owned for administrative office,
factory and warehouse
on 6,305 square
meters of area
at the heading
address. Premise is
located in an
industrial area.
COMMENT
The subject is a manufacturer,
distributor and exporter of
artificial leather, PVC sheet, films, sponge
foam and etc.
The products are mainly
served to various industries
such as furniture, fashion, sports, advertising,
stationery, medical equipment and
etc. Industrial slowdown
and slow consumption
in domestic market have
resulted to decreasing
demand of such
products. Subject’s business
has slowly grown
during these two
years.
FINANCIAL INFORMATION
The capital was
registered at Bht.
10,000,000 divided into
100,000 shares of
Bht. 100 each.
The capital was
increased later as
follows:
Bht. 15,000,000
on May 3,
1988
Bht. 30,000,000
on April 21,
1989
Bht. 50,000,000
on December 19,
1989
Bht. 100,000,000
on March 26,
2004
Bht. 110,000,000
on September 27,
2007
The latest registered
capital was increased
to Bht. 110,000,000
divided into 1,100,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE
[as at April
30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Cotco Manufacturers Co., Ltd. Nationality: Thai Address : 8 Mom
Chao Sanga-Ngam Supadit
Rd., Minburi, Bangkok |
1,066,357 |
96.94 |
|
Mr. Met
Chokchaichan Nationality: Thai Address : 113 Phrapanvasa
Rd., Thapeeling, Muang,
Suphanburi |
28,560 |
2.60 |
|
Ms. Sirichan Wanawattanawong Nationality: Thai Address : 28 Soi
Sereethai 61 Yaek
3, Kannayao, Bangkok |
4,800 |
0.44 |
|
Mr. Naruenart
Attasamphan Nationality: Thai Address : 99/457 Moo
8, Ratanathibeth Rd., Bangkrasor, Muang,
Nonthaburi |
279 |
0.02 |
|
Mr. Voraphot
Pian-apitham Nationality: Thai Address : 249 Soi
Prachauthis 98, Thungkru, Bangkok |
1 |
- |
|
Mrs. Kantiya
Tantipidok Nationality: Thai Address : 1178/163 Soi Phaholyothin 32,
Phaholyothin Rd., Chankasem,
Chatuchak, Bangkok |
1 |
- |
|
Mrs. Usanee Meeprasertsakul Nationality: Thai Address : 41/1 Pracharajbamphen Rd.,
Huaykwang, Bangkok |
1 |
- |
|
Ms. Orawan
Pian-apitham Nationality: Thai Address : 59/7 Moo
5, Prachauthis Rd.,
Thungkru, Bangkok |
1 |
- |
Total Shareholders
: 8
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
1,100,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
1,100,000 |
100.00 |
NAME
OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Kulthida Pasurakul No. 5946
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 |
6,354,018.90 |
243,077.31 |
8,655,885.99 |
|
Short-term Investment |
2,668.40 |
2,606.82 |
37,243,521.78 |
|
Trade Accounts & Other Receivable |
43,351,472.62 |
37,730,301.24 |
23,628,412.85 |
|
Inventories |
65,880,924.63 |
62,943,074.95 |
65,375,110.92 |
|
|
|
|
|
|
Total Current Assets
|
115,589,084.55 |
100,919,060.32 |
134,902,931.54 |
|
For - Sale Investment |
199,290.00 |
199,290.00 |
199,290.00 |
|
Cash at Bank pledged as a Collateral |
- |
- |
76,300.00 |
|
Fixed Assets |
88,268,691.68 |
97,173,716.36 |
76,314,015.52 |
|
Intangible Assets |
1,346,990.52 |
1,522,437.73 |
1,614,171.70 |
|
Other Non-current Assets |
1,258,665.90 |
1,303,784.89 |
55,164.60 |
|
Total Assets |
206,662,722.65 |
201,118,289.30 |
213,161,873.36 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
16,885,349.15 |
7,634,777.63 |
14,212,943.36 |
|
Trade Accounts & Other Payable |
79,964,525.52 |
73,669,059.81 |
71,827,722.26 |
|
Current Portion of Financial Lease Contract Liabilities |
435,529.65 |
274,763.15 |
288,636.00 |
|
Income Tax |
- |
- |
5,574,674.84 |
|
|
|
|
|
|
Total Current Liabilities |
97,285,404.32 |
81,578,600.59 |
91,903,976.46 |
|
|
|
|
|
|
Financial Lease Contract
Liabilities, net |
76,378.25 |
213,067.55 |
463,664.85 |
|
Obligation for Employee
Benefits |
13,937,525.95 |
12,906,403.31 |
13,163,495.45 |
|
Total Liabilities |
111,299,308.52 |
94,698,071.45 |
105,531,136.76 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,100,000 shares |
110,000,000.00 |
110,000,000.00 |
110,000,000.00 |
|
|
|
|
|
|
Capital Paid |
110,000,000.00 |
110,000,000.00 |
110,000,000.00 |
|
Retained Earning-
Unappropriated [Deficit] |
[14,539,475.87] |
[3,482,672.15] |
[2,272,153.40] |
|
Other Components of Equity |
[97,110.00] |
[97,110.00] |
[97,110.00] |
|
Total Shareholders' Equity |
95,363,414.13 |
106,420,217.85 |
107,630,736.60 |
|
Total Liabilities &
Shareholders' Equity |
206,662,722.65 |
201,118,289.30 |
213,161,873.36 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
314,166,544.43 |
362,524,972.27 |
370,003,491.42 |
|
Gain on Land Sale |
- |
- |
82,220,370.53 |
|
Other Income |
3,292,707.10 |
4,115,488.91 |
3,537,371.63 |
|
Total Revenues |
317,459,251.53 |
366,640,461.18 |
455,761,233.58 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
298,541,840.16 |
332,251,335.23 |
345,818,778.86 |
|
Selling Expenses |
8,885,820.67 |
9,399,939.79 |
14,861,742.89 |
|
Administrative Expenses |
20,880,161.56 |
25,927,204.61 |
28,659,024.26 |
|
Total Expenses |
328,307,822.39 |
367,578,479.63 |
389,339,546.01 |
|
Profit before Financial Cost & Income Tax |
[10,848,570.86] |
[938,018.45] |
66,421,687.57 |
|
Financial Cost |
[208,232.86] |
[272,500.30] |
[251,034.81] |
|
Profit before Income Tax |
[11,056,803.72] |
[1,210,518.75] |
66,170,652.76 |
|
Income Tax |
- |
- |
[15,792,924.84] |
|
Net Profit / [Loss] |
[11,056,803.72] |
[1,210,518.75] |
50,377,727.92 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.19 |
1.24 |
1.47 |
|
QUICK RATIO |
TIMES |
0.51 |
0.47 |
0.76 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.56 |
3.73 |
4.85 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.52 |
1.80 |
1.74 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
80.55 |
69.15 |
69.00 |
|
INVENTORY TURNOVER |
TIMES |
4.53 |
5.28 |
5.29 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
50.37 |
37.99 |
23.31 |
|
RECEIVABLES TURNOVER |
TIMES |
7.25 |
9.61 |
15.66 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
97.77 |
80.93 |
75.81 |
|
CASH CONVERSION CYCLE |
DAYS |
33.15 |
26.20 |
16.50 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
95.03 |
91.65 |
93.46 |
|
SELLING & ADMINISTRATION |
% |
9.47 |
9.74 |
11.76 |
|
INTEREST |
% |
0.07 |
0.08 |
0.07 |
|
GROSS PROFIT MARGIN |
% |
6.02 |
9.49 |
29.71 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(3.45) |
(0.26) |
17.95 |
|
NET PROFIT MARGIN |
% |
(3.52) |
(0.33) |
13.62 |
|
RETURN ON EQUITY |
% |
(11.59) |
(1.14) |
46.81 |
|
RETURN ON ASSET |
% |
(5.35) |
(0.60) |
23.63 |
|
EARNING PER SHARE |
BAHT |
(10.05) |
(1.10) |
45.80 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.54 |
0.47 |
0.50 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.17 |
0.89 |
0.98 |
|
TIME INTEREST EARNED |
TIMES |
(52.10) |
(3.44) |
264.59 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(13.34) |
(2.02) |
|
|
OPERATING PROFIT |
% |
1,056.54 |
(101.41) |
|
|
NET PROFIT |
% |
(813.39) |
(102.40) |
|
|
FIXED ASSETS |
% |
(9.16) |
27.33 |
|
|
TOTAL ASSETS |
% |
2.76 |
(5.65) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -13.34%. Turnover has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
6.02 |
Deteriorated |
Industrial
Average |
40.56 |
|
Net Profit Margin |
(3.52) |
Deteriorated |
Industrial
Average |
3.91 |
|
Return on Assets |
(5.35) |
Deteriorated |
Industrial
Average |
5.07 |
|
Return on Equity |
(11.59) |
Deteriorated |
Industrial
Average |
11.06 |
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 6.02%. 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 -3.52%.
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 -5.35%.
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 -11.59%.
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 |
1.19 |
Satisfactory |
Industrial
Average |
1.56 |
|
Quick Ratio |
0.51 |
|
|
|
|
Cash Conversion Cycle |
33.15 |
|
|
|
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 1.19 times in 2013, decreased from 1.24 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 0.51 times in 2013,
increased from 0.47 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 34 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.54 |
Impressive |
Industrial
Average |
0.73 |
|
Debt to Equity Ratio |
1.17 |
Satisfactory |
Industrial
Average |
1.72 |
|
Times Interest Earned |
(52.10) |
Risky |
Industrial
Average |
- |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A 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 -52.1 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.54 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.56 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.52 |
Satisfactory |
Industrial
Average |
1.73 |
|
Inventory Conversion Period |
80.55 |
|
|
|
|
Inventory Turnover |
4.53 |
Acceptable |
Industrial
Average |
8.05 |
|
Receivables Conversion Period |
50.37 |
|
|
|
|
Receivables Turnover |
7.25 |
Impressive |
Industrial
Average |
6.27 |
|
Payables Conversion Period |
97.77 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.25 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 69 days at the
end of 2012 to 81 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 5.28 times in year 2012 to 4.53 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.52 times and 1.8
times in 2013 and 2012 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.40 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.68.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
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.