MIRA INFORM REPORT
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Report No. : |
353360 |
|
Report Date : |
11.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
AGC CHEMICALS [THAILAND] CO., LTD. |
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|
|
|
Formerly Known As : |
THASCO CHEMICAL CO., LTD. |
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Registered Office : |
24th Floor, Bangkok Insurance Building, 25 South Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
15.07.1964 |
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Com. Reg. No.: |
0105507001757 |
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Legal Form : |
Private
Limited Company |
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|
|
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Line of Business : |
Manufacturer,
distributor and exporter various
kinds of industrial
base chemicals, such as
Sodium Hydroxide, Potassium
Hydroxide, Potassium Carbonate, Liquid
Sodium Hydroxide, Hydrochloric
Acid, Sodium Hypochlorite, Sodium
Hydroxide Flaks, Chlorine,
Refrigerant, Solvent, Polypropylene Glycol, Polytetrafluoroethylene, Ethylene
Tetrafluoroethylene [ETFE] and
Perflouroakoxy [PFA]. |
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|
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No. of Employee : |
850 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
THAILAND ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies Thailand has historically had a strong economy due in part to competitive 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 2-4 million migrant workers from neighboring countries, and faces labor shortages. Following the May 2014 coup d'etat, 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 and address
AGC CHEMICALS [THAILAND] CO., LTD.
[FORMER
: THASCO CHEMICAL
CO., LTD.]
SUMMARY
BUSINESS ADDRESS : 24th FLOOR,
BANGKOK INSURANCE BUILDING,
25 SOUTH
SATHORN ROAD, THUNGMAHAMEK,
SATHORN, BANGKOK
10120, THAILAND
TELEPHONE
: [66] 2679-1600
FAX :
[66] 2677-3177
E-MAIL ADDRESS : info@acth.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1964
REGISTRATION NO. : 0105507001757 [Former : 231/2507]
TAX ID NO. : 3101018127
CAPITAL REGISTERED : BHT.
1,400,000,000
CAPITAL PAID-UP
: BHT.
1,400,000,000
SHAREHOLDER’S PROPORTION : JAPANESE :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE
: MR.
MASUMI SUEHIRO, JAPANESE
PRESIDENT
NO. OF
STAFF : 850
LINES OF
BUSINESS : INDUSTRIAL CHEMICALS
MANUFACTURER, IMPORTER,
DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was established
on July 15,
1964 as a
private limited company
under the registered name “Thai
Tomiden Caustic Soda
Co., Ltd.” by Thai
and Japanese groups.
On October 22,
1965 its name was changed to “Thai Asahi
Caustic Soda Co., Ltd.”
and was
changed to “Thasco Chemical
Co., Ltd.” on September
19, 1988.
In 1994 the
subject was granted
promotional privileges from the
Board of Investment
for its chemicals
plant at the
Eastern Industrial Estate,
Map Ta Phut,
Rayong Province.
The subject achieved
the international standard
ISO 9002 certificate
by BVQI, U.K.
in 1999 and
ISO 14001 certificate in 2000.
In 2005, subject
became a wholly
owned subsidiary of
Asahi Glass Co.,
Ltd., Japan, and
its name was changed to
AGC CHEMICALS [THAILAND]
CO., LTD., on April 19,
2007. It produces
various kinds of
base chemicals using
advanced technology transferred
from Asahi Glass Co., Ltd. The
subject currently employs
approximately 850 staff.
The subject is
also a member
of AGC group.
The subject’s registered
address is 24th Floor,
Bangkok Insurance Building,
25 South Sathorn
Rd., Thungmahamek, Sathorn,
Bangkok 10120, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality
|
Age |
|
|
|
|
|
|
Mr. Bhakbhumi
Chiraratn |
|
Thai
|
63 |
|
Mr. Masumi Suehiro |
[x] |
Japanese |
58 |
|
Mr. Masayoshi Namba |
|
Japanese |
52 |
|
Mr. Susumu
Matsumoto |
|
Japanese
|
39 |
|
Mr. Takayasu Ide |
|
Japanese |
59 |
|
Mr. Takeshi
Harigaya |
[x] |
Japanese |
57 |
|
Mr. Chikashi Hase |
|
Japanese |
46 |
AUTHORIZED
PERSON
One of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Masumi Suehiro is
the President.
He is Japanese
nationality with the
age of 58
years old.
Mr. Takeshi Harigaya is
the Vice President
[Operation, Rayong].
He is Japanese
nationality with the
age of 57
years old.
Mr. Masayoshi Namba is
the Vice President
[Operation, Samutprakarn].
He is Japanese
nationality with the
age of 52
years old.
Mr. Bhakbhumi
Chiraratn is the
Executive
Director/Administration Manager.
He is Thai
nationality with the
age of 63
years old.
BUSINESS
OPERATIONS
The subject’s activity
is a manufacturer, distributor and exporter
various kinds of
industrial base chemicals,
such as Sodium Hydroxide, Potassium Hydroxide, Potassium Carbonate, Liquid Sodium
Hydroxide, Hydrochloric Acid, Sodium
Hypochlorite, Sodium Hydroxide Flaks, Chlorine, Refrigerant,
Solvent, Polypropylene Glycol, Polytetrafluoroethylene, Ethylene
Tetrafluoroethylene [ETFE] and
Perflouroakoxy [PFA].
The products are
supplied to pulp & paper, consumer
goods, fabric, rubber,
petroleum, glass industries
and etc.
The subject are
also an importer and
distributor of Fluorochemicals and
other high valued-added
products, including Fluorinate
Water and Oil
Repellant, Fluorinated Solvent,
Fluorinated Resins for
costing, Fluorinated Resins [PTFE, ETFE], Fluorinated
Elastomers, Fluoropolymer Films,
Ion-exchange Membrane and
Optical Filters for
PFPs.
TRANSPORTATION
The subject built
its own jetty to transport
products by river. Also
for safety and
convenience, products are delivered by pipeline to
some of the subject’s
customers located in the
Map Ta Phut Industrial Estate.
PURCHASE
Most of the
products are used
chlorine as a
raw material and
state-of-the-art technology developed
by the Asahi
Glass group of
Japan, as well
as other raw
materials including electricity,
pure salt, natural
gas and etc,
which they have
been purchased from
local suppliers, and
the rest is
imported from United States
of America, India, Japan,
Taiwan, Republic of
China and Europe.
MAJOR
SUPPLIERS
|
Name |
Country |
|
|
|
|
Asahi Glass Co.,
Ltd. |
: Japan |
|
Mitsui & Co |
: Japan |
|
Thai-MC Co., Ltd.
|
: Thailand |
|
Pimai Salt Co.,
Ltd. |
: Thailand |
|
BASF [Thai] Ltd. |
: Thailand |
SALES
[LOCAL]
20% of its products is
sold locally to
wholesalers, manufacturers and
Thai Government.
EXPORT
[COUNTRY]
80% of the products
is exported to
Singapore, Vietnam, Japan,
South Africa, Australia,
Hong Kong, United States of
America, Taiwan, Canada,
New Zealand, Argentina,
Brazil, Indonesia, Malaysia,
Myanmar, Republic of
China, Korea, Middle
East and European
countries.
MAJOR
CUSTOMERS
|
Name |
Country |
|
Thep
Enterprise Co., Ltd. |
: Thailand |
|
Chemical Enterprise
Co., Ltd. |
: Thailand |
|
S.T. Chemical Business
Co., Ltd. |
: Thailand |
|
Premium
Chemical Marketing Co.,
Ltd. |
: Thailand |
SUBSIDIARY
COMPANY
Surisa Co., Ltd.
Business Type :
Distributor of salt
products
RELATED
& AFFILIATED COMPANIES
AGC Group of
companies consists of:
|
Name |
Country |
Business Type |
|
AGC Micro Glass [Thailand] Co., Ltd. |
Thailand
|
Manufacturer
of glass lenses |
|
AGC Technology Solutions [Thailand] Co., Ltd. |
Thailand
|
- |
|
AGC Techno Glass
[Thailand] Co., Ltd.
|
Thailand
|
Manufacturer
of heat- resistance glass
tableware |
|
AGC Flatglass
[Thailand] Public Co., Ltd. |
Thailand
|
Manufacturer
of industrial float glasses |
|
AGC Automotive [Thailand]
Co., Ltd. |
Thailand
|
Automotive
glasses fabrication and
sales |
|
Thai Plastic and Chemicals Public Co., Ltd. |
Thailand
|
Manufacturer
of PVC resin |
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.
Exports are against
T/T.
BANKING
Bank of Tokyo - Mitsubishi UFJ
Ltd.
[Bangkok Office : 54
North Sathorn Rd., Silom,
Bangrak, Bangkok 10500]
Sumitomo-Mitsui
Banking Corporation
[Bangkok Office : 138
Silom Rd., Silom,
Bangrak, Bangkok 10500]
Bangkok Bank Public Co., Ltd.
[Head Office
: 333 Silom Rd.,
Silom, Bangrak, Bangkok
10500]
EMPLOYMENT
The subject employs
approximately 850 staff
[office staff and
factory workers].
LOCATION
DETAILS
The premise is
rented for administrative
office at the
heading address. Premise
is located in
a prime commercial area.
Plants and warehouses
are located at :
·
Phrapradaeng Plant:
202 Moo 1, KM.
17, Suksawad Rd.,
T. Pakklongbangplakod,
A. Prasamutjaedee, Samutprakarn
10290 on 64,000
square meters of area.
Tel: [66]
2463-6345-8, Fax: [66] 2463-3728.
·
Rayong
Plant: 4 Soi G
12, Eastern Industrial
Estate, Pakorn Songkrohrad
Rd.,
T. Map Ta Phut,
A. Muang, Rayong 21150,
on 28,800 square meters
of area.
Tel: [66]
38 683-573, Fax: [66]
38 683-576.
COMMENT
AGC Chemicals
[Thailand] Co., Ltd. produces
premium quality chemical
products to serve
the growing demand
for both domestic and international
markets. It always
invests in modern
technology which negates
environmental impact while
ensuring high quality
products.
It has gained
trust and a
reputation for reliability
from world-renowned manufacturers
of its products
both local and
overseas, as well
as continuing to
improve the overall
efficiency of its
operations and products.
Despite domestic industry
has slowed improvement,
subject is able
to maintain a
steady growth.
FINANCIAL
INFORMATION
The capital was registered at
Bht. 21,000,000 divided into
42,000 shares of Bht. 500
each.
The capital was
increased later as
followings :
Bht. 50,000,000 on
August 25, 1981
Bht. 100,000,000 on
November 2, 1987
Bht. 300,000,000 on May 17,
1990
Bht. 600,000,000 on
March 23, 1998
Bht. 2,800,000,000
on February 12,
2002
On August 22, 2005,
the capital was
decreased to Bht. 1,400,000,000
divided into 14,000,000
shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
[as at April
20, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Asahi Glass Co., Ltd.
Nationality:
Japanese Address : 1-5-1 Marunouchi, Chiyoda,
Tokyo, Japan |
13,999,998 |
100.00 |
|
Mr. Masumi Suehiro Nationality:
Japanese Address : 25
South Sathorn Rd.,
Thungmahamek,
Sathorn, Bangkok |
1 |
- |
|
Mr. Susumu
Matsumoto Nationality:
Japanese Address : 25
South Sathorn Rd.,
Thungmahamek,
Sathorn, Bangkok |
1 |
- |
Total
Shareholders : 3
Share Structure [as at
April 20, 2015]
|
Nationality |
Shareholders |
No.
of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - Japanese |
3 |
14,000,000 |
100.00 |
|
Total |
3 |
14,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Eaksit
Chuthamsathit No. 4195
BALANCE
SHEET [BAHT]
The latest
financial figures published
for December 31,
2014, 2013 & 2012
were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash
Equivalents |
315,430,125 |
577,308,242 |
1,150,307,039 |
|
Trade Accounts
Receivable |
1,141,231,318 |
1,039,065,960 |
1,310,466,834 |
|
Other Receivable |
77,651,080 |
39,471,398 |
47,753,380 |
|
Short-term Loan to Related Company |
590,630,400 |
408,472,500 |
- |
|
Inventories
|
584,109,548 |
648,346,275 |
440,130,470 |
|
Total Current
Assets |
2,709,052,471 |
2,712,664,375 |
2,948,657,723 |
|
Investment in Subsidiaries & Associated
Company |
490,100 |
490,100 |
490,100 |
|
Other Long-term Investment |
1,845,932 |
1,845,932 |
1,845,932 |
|
Long-term Lending to Related Company |
415,618,604 |
415,618,604 |
415,618,604 |
|
Fixed Assets
|
2,452,951,191 |
2,355,933,535 |
2,480,199,105 |
|
Intangible Assets |
14,554,840 |
4,629,966 |
3,237,023 |
|
Other Non-current
Assets |
11,239,546 |
17,209,182 |
18,860,112 |
|
Total Assets |
5,605,752,684 |
5,508,391,694 |
5,868,908,599 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts Payable |
344,521,110 |
480,568,006 |
468,223,480 |
|
Other Payable |
201,498,768 |
297,623,786 |
194,328,678 |
|
Total
Current Liabilities |
546,019,878 |
778,191,792 |
662,552,158 |
|
|
|
|
|
|
Employees’
Benefit Obligation |
292,400,861 |
266,503,251 |
247,087,814 |
|
Total Liabilities |
838,420,739 |
1,044,695,043 |
909,639,972 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized and
issued share capital
14,000,000 shares |
1,400,000,000 |
1,400,000,000 |
1,400,000,000 |
|
Capital Paid |
1,400,000,000 |
1,400,000,000 |
1,400,000,000 |
|
Statutory Reserve |
268,128,000 |
268,128,000 |
268,128,000 |
|
Retained Earning - Unappropriated
|
3,099,203,945 |
2,795,568,651 |
3,291,140,627 |
|
Total Shareholders' Equity |
4,767,331,945 |
4,463,696,651 |
4,959,268,627 |
|
Total Liabilities
& Shareholders' Equity |
5,605,752,684 |
5,508,391,694 |
5,868,908,599 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
6,484,779,678 |
6,086,146,822 |
7,149,164,539 |
|
Interest Income |
18,420,786 |
22,634,328 |
26,572,075 |
|
Gain on Exchange Rate |
6,564,267 |
525,531 |
10,830,657 |
|
Other Income |
181,243,015 |
41,474,384 |
54,149,011 |
|
Total Revenues |
6,691,007,746 |
6,150,781,065 |
7,240,716,282 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
5,722,922,778 |
5,418,653,595 |
6,246,696,183 |
|
Selling Expenses |
330,035,007 |
349,406,398 |
400,695,175 |
|
Administrative
Expenses |
194,414,667 |
178,293,048 |
209,517,441 |
|
Total
Expenses |
6,247,372,452 |
5,946,353,041 |
6,856,908,799 |
|
Net Profit / [Loss]
|
443,635,294 |
204,428,024 |
383,807,483 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
4.96 |
3.49 |
4.45 |
|
QUICK RATIO |
TIMES |
3.89 |
2.65 |
3.79 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.64 |
2.58 |
2.88 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.16 |
1.10 |
1.22 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
37.25 |
43.67 |
25.72 |
|
INVENTORY TURNOVER |
TIMES |
9.80 |
8.36 |
14.19 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
64.23 |
62.32 |
66.91 |
|
RECEIVABLES TURNOVER |
TIMES |
5.68 |
5.86 |
5.46 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
21.97 |
32.37 |
27.36 |
|
CASH CONVERSION CYCLE |
DAYS |
79.52 |
73.62 |
65.26 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
88.25 |
89.03 |
87.38 |
|
SELLING & ADMINISTRATION |
% |
8.09 |
8.67 |
8.54 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
14.93 |
12.03 |
13.90 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.84 |
3.36 |
5.37 |
|
NET PROFIT MARGIN |
% |
6.84 |
3.36 |
5.37 |
|
RETURN ON EQUITY |
% |
9.31 |
4.58 |
7.74 |
|
RETURN ON ASSET |
% |
7.91 |
3.71 |
6.54 |
|
EARNING PER SHARE |
BAHT |
31.69 |
14.60 |
27.41 |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.15 |
0.19 |
0.15 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.18 |
0.23 |
0.18 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
6.55 |
(14.87) |
|
|
OPERATING PROFIT |
% |
117.01 |
(46.74) |
|
|
NET PROFIT |
% |
117.01 |
(46.74) |
|
|
FIXED ASSETS |
% |
4.12 |
(5.01) |
|
|
TOTAL ASSETS |
% |
1.77 |
(6.14) |
|
ANNUAL GROWTH : EXCELLENT
An annual sales growth is
6.55%. Turnover has increased from THB 6,086,146,822.00 in 2013 to THB
6,484,779,678.00 in 2014. While net profit has increased from THB
204,428,024.00 in 2013 to THB 443,635,294.00 in 2014. And total assets has
increased from THB 5,508,391,694.00 in 2013 to THB 5,605,752,684.00 in 2014.
PROFITABILITY
: IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
14.93 |
Deteriorated |
Industrial
Average |
32.39 |
|
Net Profit Margin |
6.84 |
Impressive |
Industrial
Average |
3.25 |
|
Return on Assets |
7.91 |
Impressive |
Industrial
Average |
3.83 |
|
Return on Equity |
9.31 |
Impressive |
Industrial
Average |
6.21 |
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 14.93%. 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 6.84%, 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. Return on Assets ratio is
7.91%, 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 9.31%, 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
: IMPRESSIVE
LIQUIDITY
RATIO
|
Current Ratio |
4.96 |
Impressive |
Industrial
Average |
1.71 |
|
Quick Ratio |
3.89 |
|
|
|
|
Cash Conversion Cycle |
79.52 |
|
|
|
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 4.96 times in 2014, decrease from 3.49 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 3.89
times in 2014, decrease from 2.65 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 80 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: EXCELLENT
LEVERAGE
RATIO
|
Debt Ratio |
0.15 |
Impressive |
Industrial
Average |
0.37 |
|
Debt to Equity Ratio |
0.18 |
Impressive |
Industrial
Average |
0.58 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which
are financed through debt. The company's figure is 0.15 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 |
2.64 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.16 |
Satisfactory |
Industrial
Average |
1.18 |
|
Inventory Conversion Period |
37.25 |
|
|
|
|
Inventory Turnover |
9.80 |
Impressive |
Industrial
Average |
7.22 |
|
Receivables Conversion Period |
64.23 |
|
|
|
|
Receivables Turnover |
5.68 |
Impressive |
Industrial
Average |
5.18 |
|
Payables Conversion Period |
21.97 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.68
and 5.86 in 2014 and 2013 respectively. This ratio measures the efficiency of
the company in managing its trade debtors to generate revenue. A lower ratio
may indicate over extension and collection problems. Conversely, a higher ratio
may indicate an overtly stringent policy. In this case, the company's A/R ratio
in 2014 decreased from 2013. This would suggest the company had deteriorated in
the management of its debt collections.
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 decreased from 44 days at the
end of 2013 to 37 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 8.36 times in year 2013 to 9.8 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.16
times and 1.1 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.66.79 |
|
UK Pound |
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.73.46 |
|
BHT |
1 |
Rs.1.86 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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.