MIRA INFORM REPORT
|
Report No. : |
334915 |
|
Report Date : |
06.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
JALAPRATHAN
CEMENT PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
23/124-128 Soi Soonvijai, Rama 9 Road, Bangkapi, Huaykwang, Bangkok 10320 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
12.09.1956 |
|
|
|
|
Com. Reg. No.: |
0107537001676 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Portland Cement and Ready-Mixed Concrete |
|
|
|
|
No. of Employees : |
900 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
A2 |
A2 |
|
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 historically had a strong economy due in part to industrial and
agriculture exports - mostly electronics, agricultural commodities, automobiles
and parts, and processed foods. The economy experienced slow growth and
declining exports in 2014, in part due to domestic political turmoil and
sluggish global demand. With full employment, Thailand attracts an estimated 4
million migrant workers from neighboring countries, and faces labor shortages.
Following the May 2014 coup d’tat, tourism decreased 6-7% but is beginning to
recover. The household debt to GDP ratio is over 80%. 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 baht has remained stable.
|
Source
: CIA |
Company
Name
JALAPRATHAN CEMENT PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 23/124-128 SOI
SOONVIJAI, RAMA 9
ROAD,
BANGKAPI, HUAYKWANG,
BANGKOK 10320,
THAILAND
TELEPHONE : [66] 2641-5600
FAX :
[66] 2641-5680
E-MAIL
ADDRESS : info@jcc.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1956
REGISTRATION
NO. : 0107537001676 [Former
: BOR.MOR.JOR.414]
TAX
ID NO. : 3101009125
CAPITAL REGISTERED : BHT. 1,200,000,000
CAPITAL PAID-UP : BHT. 1,200,000,000
SHAREHOLDER’S PROPORTION : THAI :
96.32%
FOREIGN :
3.68%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
NOPADOL RAMYARUPA, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 900
LINES
OF BUSINESS : PORTLAND CEMENT AND READY-MIXED
CONCRETE
MANUFACTURER, DISTRIBUTOR & EXPORTER
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
initially formed on
September 12, 1956
as a private
limited company under the originally
registered name “Jalaprathan Cement
Company Limited” by Thai
Groups. On June
18, 1975, it
was listed on
the Stock Exchange
of Thailand. Its
status was eventually
converted into a public
company, named JALAPRATHAN
CEMENT PUBLIC COMPANY
LIMITED, on May
17, 1994. Its
business objective is
to manufacture and
market Portland cement
to both domestic
and international markets.
On August 27, 2002,
the subject was
withdrawn from the Stock Exchange
of Thailand [SET].
In 2003, the
subject and Asia
Cement Public Company Limited,
which are the
members of Italcementi Group in
Italy, have merged their management,
including accounting and financial, sales & marketing, purchasing
and procurement under the professional
management team.
Presently, the subject
is a subsidiary company of Asia
Cement Public Company
Limited, which is
holding 88.66% of
the subject’s shares.
It currently employs
approximately 900 staff.
The subject’s registered
and business address
was initially at
2974 New Petchburi Rd., Bangkapi, Huaykwang,
Bangkok 10320.
In 2007, the subject’s
registered address was
relocated to 23/124-128 Soi Soonvijai,
Rama 9 Rd., Bangkapi, Huaykwang, Bangkok 10320, and this
is also the subject’s operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Gen. Ayupoon Karnasuta
|
[x] : Chairman |
Thai |
78 |
|
Mr. Rapee Sukhayang |
[x] |
Thai |
72 |
|
Mr. Giovanni Maggiora |
[x] |
Italian |
- |
|
Pol. Lt.Gen. Suthep Dhamaraks |
|
Thai |
70 |
|
Mr. Nopadol Ramyarupa |
[x] |
Thai |
64 |
|
Mr. Roberto Callieri |
[x] |
Italian |
52 |
|
Mr. Agostino Nuzzolo |
|
Italian |
47 |
AUTHORIZED
PERSON
Two of the mentioned
directors [x] can jointly
sign on behalf
of the subject
with
company’s affixed.
MANAGEMENT
Mr. Nopadol Ramyarupa is
the Managing Director.
He is Thai
nationality with the
age of 64 years old.
Mr. Pratya Chandratip is
the Sales & Marketing Director.
He is Thai
nationality.
Mr. Viroj Sukchitsamran is
the Factory Manager.
He is Thai
nationality.
BUSINESS
OPERATION
The subject’s activity
is engaged in manufacturing, distributing
and exporting various
kinds of cement
products, as follows:
Products Brands
Ordinary Portland Cement “RED LOTUS”,
“RED LOTUS EXTRA”
Mixed Cement “GREEN LOTUS”,
“BLUE LOTUS”
“SUPER POWER
LOTUS”, “COBRA”
Masonry Cement “ORANGE LOTUS”
Dry Mortar Cement “LOTUS MORTAR”
Portland Cement Type
III “BLACK LOTUS”
Portland Cement Type V “SHARK LOTUS”
Oil Well Cement “WELL CEMENT”
PRODUCTION CAPACITY
2.3 million tons
per annum
PURCHASE [LOCAL]
Raw materials are
purchased from suppliers
both domestic and
overseas in Italy,
France, Republic of
China and Germany.
SALES [LOCAL]
80% of the
products is sold
to manufacturers, wholesalers,
end-users and government.
EXPORT [COUNTRIES]
20% of the
products is exported
to Laos, Brunei,
Republic of China, Cambodia,
Vietnam, Indonesia, Malaysia
and Myanmar.
PARENT
COMPANY
Asia Cement Public
Company Limited
Business Type :
Manufacturer & distributor
of cement products
SUBSIDIARY
AND AFFILIATED COMPANIES
Jalaprathan Concrete Co.,
Ltd.
Business Type :
Manufacturer & distributor
of ready-mixed concrete
Naga Property Co.,
Ltd.
Business Type :
Real estate business
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
30-60-90 days.
Imports are by
T/T.
Exports are against
T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office
: 9 Ratchadapisek
Rd., Jatujak, Bangkok]
Bangkok Bank Public
Co., Ltd.
[Bangkapi Branch
: Sukhumvit Rd., Klongtonnua, Wattana,
Bangkok]
EMPLOYMENT
The subject employs
approximately 900 staff
comprising office, sales
staff and factory
workers.
LOCATION
DETAILS
The premise is
owned for operating
office at the
heading address. Premise
is located in
commercial/residential area.
The Factory I
is located at
1 Jalaprathan Cement
Rd., A. Takli,
Nakhonsawan 60140. Tel. : [66]
56 261-260
The Factory II
is located at
1 Jalaprathan Cement
Rd., A. Cha-Am, Chonburi
20180. Tel. : [66] 32
471-415-6
COMMENT
Even though the Thai economy was
slowdown in 2014, the Company
expected that the construction material
market still has a potential to grow in the long term. This was due
mainly to the government investment in
infrastructure projects. In terms of regional markets, growth will
also be supported by the rapid
economic expansion, especially in the
neighboring countries such as Cambodia,
Myanmar, and Laos. These emerging countries are in need of construction materials
not only to fulfill their basic
infrastructure development, but also to
support the residential and non-residential demand
to prepare for the upcoming
AEC in
2016.
Company is currently under rapid
expansion through expanding
its own plant network,
acquiring production units
from local players, and through franchising.
FINANCIAL
INFORMATION
The
capital was registered at
Bht. 455,000,000 divided
into 4,550,000 shares
of Bht. 100
each.
The capital was
increased later as
follows:
Bht.
850,000,000 in 1997
Bht.
1,200,000,000 in 1998
The latest registered
capital was increased to Bht. 1,200,000,000 divided into
120,000,000 shares of
Bht. 10 each
with fully paid.
MAIN
SHAREHOLDERS
[as
at April
3, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Asia Cement Public
Company Limited Nationality: Thai Address : 23/124-128
Rama 9 Road,
Bangkapi,
Huaykwang, Bangkok |
106,389,989 |
88.66 |
|
Mr. Adnan Khashoggi Nationality: - Address : Level
5, HSBC Building,
968
Rama 4
Road, Silom, Bangrak,
Bangkok |
3,246,810 |
2.71 |
|
Kiatnakin Bank Public
Company Limited Nationality: Thai Address : Amarin
Tower, 500 Ploenchit
Road,
Lumpini, Pathumwan, Bangkok |
2,248,530 |
1.87 |
|
Mr. Thavornsawad Chawanothai Nationality: Thai Address : 25
Soi Sukhumvit 39, Klongton,
Klongtoey, Bangkok |
1,114,750 |
0.93 |
|
Carr Sheppards Client
A/C Nationality: British Address : 1st Floor,
Trithip Building, Silom
Road, Silom,
Bangrak, Bangkok |
1,083,340 |
0.90 |
|
Others |
5,916,581 |
4.93 |
Total Shareholders : 2,363
Share Structure [as
at April 3,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2,344 |
115,590,750 |
96.32 |
|
Foreign |
19 |
4,409,250 |
3.68 |
|
Total |
2,363 |
120,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Termpong Opanaphan No. 4501
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 [Adjusted] |
|
|
|
|
|
|
Cash and Cash Equivalents |
160,092,470 |
88,966,397 |
62,107,373 |
|
Trade Accounts & Other Receivable |
428,444,728 |
446,925,496 |
395,192,410 |
|
Inventories |
542,558,283 |
519,601,714 |
496,154,377 |
|
Refundable Tax |
10,702,049 |
8,415,092 |
6,000,599 |
|
Other Current Assets
|
4,009,836 |
1,951,970 |
1,496,650 |
|
|
|
|
|
|
Total Current Assets
|
1,145,807,366 |
1,065,860,669 |
960,951,409 |
|
Investment in Subsidiaries |
286,241,767 |
286,241,767 |
286,241,767 |
|
Land Building & Equipment |
2,263,667,617 |
2,402,079,633 |
2,452,949,087 |
|
Deferred Income Tax Assets |
57,730,052 |
33,526,833 |
24,978,151 |
|
Other Non-current Assets |
1,684,775 |
365,121 |
382,521 |
|
Total Assets |
3,755,131,577 |
3,788,074,023 |
3,725,502,935 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 [Adjusted] |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
280,000,000 |
350,000,000 |
250,000,000 |
|
Trade Accounts & Other Payable |
613,818,885 |
468,331,634 |
568,616,107 |
|
Current Portion of Long-term
Loans |
557,736,474 |
913,174,130 |
434,653,781 |
|
Short-term Provision |
1,276,000 |
900,000 |
2,043,000 |
|
Other Current Liabilities |
14,714,085 |
9,818,499 |
8,132,666 |
|
|
|
|
|
|
Total Current Liabilities |
1,467,545,444 |
1,742,224,263 |
1,263,445,554 |
|
Long-term Loans, Net of Current Portion
|
- |
125,000,000 |
641,000,000 |
|
Reserve for Employee
Benefits |
27,200,311 |
22,397,715 |
21,889,144 |
|
Long-term Provision |
3,015,002 |
3,062,045 |
2,832,946 |
|
Deferred Income Tax Liabilities |
239,974,281 |
259,145,354 |
266,357,174 |
|
Total Liabilities |
1,737,735,038 |
2,151,829,377 |
2,195,524,818 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 120,000,000 shares |
1,200,000,000 |
1,200,000,000 |
1,200,000,000 |
|
|
|
|
|
|
Capital Paid |
1,200,000,000 |
1,200,000,000 |
1,200,000,000 |
|
Premium on Share Capital |
973,768,690 |
973,768,690 |
973,768,690 |
|
Retained Earning Appropriated for Statutory Reserve |
54,026,280 |
54,026,280 |
54,026,280 |
|
Other Reserve |
122,000,000 |
122,000,000 |
122,000,000 |
|
Unappropriated |
[1,285,716,692] |
[1,744,802,985] |
[1,881,693,514] |
|
Other Components of Equity |
953,318,261 |
1,031,252,661 |
1,061,876,661 |
|
Total Shareholders' Equity |
2,017,396,539 |
1,636,244,646 |
1,529,978,117 |
|
Total Liabilities &
Shareholders' Equity |
3,755,131,577 |
3,788,074,023 |
3,725,502,935 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 [Adjusted] |
|
|
|
|
|
|
Sales Income |
2,451,005,720 |
2,365,718,625 |
2,030,758,912 |
|
Interest Income |
716,553 |
771,860 |
1,153,021 |
|
Gain from Sale
of Assets |
66,932,792 |
5,804,829 |
- |
|
Compensation for Damage from the Floods |
- |
- |
11,670,505 |
|
Other Income |
28,891,794 |
7,455,568 |
9,820,170 |
|
Total Revenues |
2,547,546,859 |
2,379,750,882 |
2,053,402,608 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,069,734,188 |
2,100,365,063 |
1,881,691,735 |
|
Selling Expenses |
158,086 |
1,510,000 |
8,059,892 |
|
Administrative Expenses |
80,075,382 |
122,013,981 |
103,755,304 |
|
Allowance for Doubtful Account [Reversal] |
[410,441] |
179,307 |
- |
|
Total Expenses |
2,149,557,215 |
2,224,068,351 |
1,993,506,931 |
|
|
|
|
|
|
Profit before Financial Cost & Income Tax |
397,989,644 |
155,682,531 |
59,895,677 |
|
Financial Cost |
[57,285,986] |
[66,319,508] |
[78,899,177] |
|
|
|
|
|
|
Profit before Income Tax |
340,703,658 |
89,363,023 |
[19,003,500] |
|
Income Tax Benefit / [Expenses] |
42,789,081 |
15,989,103 |
[1,476,184] |
|
Net Profit / [Loss] |
383,492,739 |
105,352,126 |
[20,479,684] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.78 |
0.61 |
0.76 |
|
QUICK RATIO |
TIMES |
0.40 |
0.31 |
0.36 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.08 |
0.98 |
0.83 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.65 |
0.62 |
0.55 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
95.68 |
90.30 |
96.24 |
|
INVENTORY TURNOVER |
TIMES |
3.81 |
4.04 |
3.79 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
63.80 |
68.95 |
71.03 |
|
RECEIVABLES TURNOVER |
TIMES |
5.72 |
5.29 |
5.14 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
108.25 |
81.39 |
110.30 |
|
CASH CONVERSION CYCLE |
DAYS |
51.24 |
77.86 |
56.97 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
84.44 |
88.78 |
92.66 |
|
SELLING & ADMINISTRATION |
% |
3.27 |
5.22 |
5.51 |
|
INTEREST |
% |
2.34 |
2.80 |
3.89 |
|
GROSS PROFIT MARGIN |
% |
19.49 |
11.81 |
8.46 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
16.24 |
6.58 |
2.95 |
|
NET PROFIT MARGIN |
% |
15.65 |
4.45 |
(1.01) |
|
RETURN ON EQUITY |
% |
19.01 |
6.44 |
(1.34) |
|
RETURN ON ASSET |
% |
10.21 |
2.78 |
(0.55) |
|
EARNING PER SHARE |
BAHT |
3.20 |
0.09 |
(0.17) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.46 |
0.57 |
0.59 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.86 |
1.32 |
1.44 |
|
TIME INTEREST EARNED |
TIMES |
6.95 |
2.35 |
0.76 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
3.61 |
16.49 |
|
|
OPERATING PROFIT |
% |
155.64 |
159.92 |
|
|
NET PROFIT |
% |
264.01 |
614.42 |
|
|
FIXED ASSETS |
% |
(5.76) |
(2.07) |
|
|
TOTAL ASSETS |
% |
(0.87) |
1.68 |
|
ANNUAL
GROWTH: SATISFACTORY
An annual sales growth is 3.61%. Turnover has increased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
19.49 |
Deteriorated |
Industrial
Average |
63.63 |
|
Net Profit Margin |
15.65 |
Impressive |
Industrial
Average |
14.10 |
|
Return on Assets |
10.21 |
Acceptable |
Industrial
Average |
16.61 |
|
Return on Equity |
19.01 |
Acceptable |
Industrial
Average |
31.04 |
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 19.49%. 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 15.65%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is 10.21%.
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 19.01%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.78 |
Risky |
Industrial
Average |
0.75 |
|
Quick Ratio |
0.40 |
|
|
|
|
Cash Conversion Cycle |
51.24 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets are
readily available to pay off its short-term liabilities. The company's figure
is 0.78 times in 2014, increased from 0.61 times, then the company may not be
efficiently using its current assets. 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 0.4 times in 2014,
increased from 0.31 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 52 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.46 |
Impressive |
Industrial
Average |
0.49 |
|
Debt to Equity Ratio |
0.86 |
Impressive |
Industrial
Average |
1.03 |
|
Times Interest Earned |
6.95 |
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 6.95 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 0.46 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.08 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.65 |
Acceptable |
Industrial
Average |
1.18 |
|
Inventory Conversion Period |
95.68 |
|
|
|
|
Inventory Turnover |
3.81 |
Acceptable |
Industrial
Average |
5.30 |
|
Receivables Conversion Period |
63.80 |
|
|
|
|
Receivables Turnover |
5.72 |
Acceptable |
Industrial
Average |
8.42 |
|
Payables Conversion Period |
108.25 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.72 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 90 days at the
end of 2013 to 96 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 4.04 times in year 2013 to 3.81 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.65 times and 0.62
times in 2014 and 2013 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.63.82 |
|
|
1 |
Rs.99.15 |
|
Euro |
1 |
Rs.69.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.