MIRA INFORM REPORT
|
Report No. : |
354200 |
|
Report Date : |
16.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
CLARIANT [THAILAND] LTD. |
|
|
|
|
Formerly Known As : |
CLARIANT CHEMICALS [THAILAND] LTD. |
|
|
|
|
Registered Office : |
6th , 7th
Floor, Vibulthani Tower
I, 3195/11-12 Rama 4
Road, Klongton, Klongtoey,
Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
29.05.1997 |
|
|
|
|
Com. Reg. No.: |
0105540051385 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject’s main activities are
importer and distributor
of specialty chemicals
for various industries.
The products are as follows: - Textile, leather, paper
chemicals - Pigments and additives - Functional Chemicals - Consumer industrial chemicals - Emulsions, detergents and
intermediates The subject is
also a manufacturer, distributor
and exporter of
textile chemicals and
pigments. |
|
|
|
|
No. of Employees : |
320 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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 |
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, 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
CLARIANT [THAILAND] LTD.
[FORMER: CLARIANT CHEMICALS [THAILAND]
LTD.]
SUMMARY
BUSINESS ADDRESS
: 6th , 7th FLOOR,
VIBULTHANI TOWER I,
3195/11-12 RAMA
4 ROAD, KLONGTON,
KLONGTOEY,
BANGKOK 10110,
THAILAND
TELEPHONE : [66]
2661-5360-89, 2709-3131
FAX : [66] 2661-4063-4,
2661-4060
E-MAIL ADDRESS : info.thclariant@clariant.com
REGISTRATION ADDRESS
: SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1997
REGISTRATION NO. : 0105540051385 [Former : [5]
875/2540]
TAX ID NO. : 3011852873
CAPITAL REGISTERED : BHT.
400,000,000
CAPITAL PAID-UP : BHT.
400,000,000
SHAREHOLDER’S PROPORTION : SWISS :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
FRANCOIS DIDIER BLEGER,
FRENCH
MANAGING DIRECTOR
NO. OF STAFF : 320
LINES OF BUSINESS : SPECIALTY CHEMICALS
MANUFACTURER, DISTRIBUTOR
& EXPORTER
|
|
|
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 May
29, 1997 as
a private limited
company under the registered
name MOWILITH [THAILAND]
LTD., by Thai and
Swiss groups, in
order to manufacture
and market specialty
chemicals in Thailand.
On August 21, 1997 the subject’s name was changed
to CLARIANT POLYMER
[THAILAND] LTD.
On September 18,
1997, its name
was changed to
CLARIANT EMULSIONS [THAILAND]
LTD. In
1998, the subject acquired
emulsions business from Hoechst Chemical Industries
Limited.
In 2002, the
subject took over
the business of
Clariant Chemicals Ltd.,
then changed its
name again to
CLARIANT CHEMICALS [THAILAND]
LTD., on January 2,
2002.
On August 1,
2008, its name
was finally changed
to CLARIANT [THAILAND]
LTD. Subject currently
employs approximately 320
staff.
At present, the
subject is a
subsidiary of Clariant
International Ltd. in
Switzerland, a global
leading specialty chemical
group.
The subject’s registered address
is 6th, 7th Flr.,
Vibulthani Tower I, 3195/11-12 Rama 4 Rd.,
Klongton, Klongtoey, Bangkok
10110, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Alfred Christian
Munch |
|
Swiss |
55 |
|
Mrs. Phenkhae
Hassadeevijitr |
|
Thai |
41 |
|
Mr. Francois Didier Bleger |
|
French |
48 |
|
Mr. Pierre Bourgeois |
|
French |
44 |
|
Mr. Daniel Hug |
|
Swiss |
42 |
|
Ms. Vimol Tangsombatvisit |
|
Thai |
52 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Francois Didier Bleger
is the Managing
Director.
He is French
nationality with the
age of 48
years old.
Mr. Thanongsak Ritthichai
is the Factory
Manager.
He is Thai
nationality.
Mr. Pureephat Wangpaiboonkij is
the Leather & Emulsion Manager.
He is Thai
nationality.
Mr. Wisit Saebay
is the Textile
Business Manager.
He is Thai
nationality.
Mr. Damrong Roonkasaem
is the Paper
Manager.
He is Thai
nationality.
Mr. Lek Leelaphiwat is
the Division Manager [Pigments & Additives].
He is Thai
nationality.
Mr. Teerachai Ngauviriyasiripong is
the Sales Manager.
He is Thai
nationality.
Mr. Chakkrit
Sukhumratanaporn is the
Sales Manager [Masterbatches].
He is Thai
nationality.
BUSINESS OPERATION
The subject’s main activities are
importer and distributor
of specialty chemicals
for various industries.
The products are as follows:
- Textile, leather, paper
chemicals
- Pigments and additives
- Functional Chemicals
- Consumer industrial chemicals
- Emulsions, detergents and
intermediates
The subject is
also a manufacturer, distributor
and exporter of
textile chemicals and
pigments.
PRODUCTION CAPACITY
20,000 tons/year
IMPORT [COUNTRIES]
50% of raw materials
and chemicals are
imported from Switzerland,
U.S.A., U.K., Japan, Taiwan,
Republic of China,
Singapore, India, Malaysia
and Germany.
MAJOR SUPPLIERS
Clariant International Ltd. : Switzerland,
Germany, Japan
Clariant Masterbatches [Thailand]
Ltd. : Thailand
Clariant [Malaysia] Sdn. Bhd. : Malaysia
SALES [LOCAL]
60% of the
products is sold
locally to manufacturers, wholesalers
and end-users, such
as footwear, leather,
paper, rubber, plastic,
home electric appliance,
automotive, furniture, construction,
textile finishing, packaging
and others.
EXPORT [COUNTRIES]
40% of its
products is exported
to Malaysia, Singapore,
Bangladesh, Vietnam, Taiwan,
Korea, Japan, Philippines,
India, Indonesia, Republic of
China, Pakistan and
the countries in
Middle East.
PARENT COMPANY
Clariant International Ltd. : Switzerland
RELATED/AFFILIATED COMPANIES
Clariant Masterbatches [Thailand]
Ltd.
[Former : Drycolor Pacific
Ltd.]
Business Type :
Manufacturer of Masterbatches
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 to the
past two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
[Rama 4
Branch : Rama 4 Rd., Klongtoey, Bangkok 10110]
The Siam Commercial
Bank Public Co.,
Ltd.
[Klongtoey Branch :
Rama 4 Rd., Klongtoey,
Bangkok 10110]
Standard Charter Bank
[Bangkok Office]
EMPLOYMENT
The subject employs
approximately 320 office
staff and factory
workers.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is located
in commercial area.
Factory & Warehouse:
851 Moo 4, Bangpoo
Industrial Estate, Sukhumvit
Rd., T. Praeksa,
A. Muang, Samutprakarn
10280.
700/848 Moo 1, Amata
Nakorn Industrial Estate,
T. Panthong, A. Panthong, Chonburi
20000.
888/6-7, 999/6-7 Moo 7,
Bangplee-Tamru Road, T. Bangpleeyai, A. Bangplee,
Samutprakarn 10540.
Warehouses:
229/111, 112, 113 Moo 1, T.
Bangsaothong, A. Bangsaothong, Samutprakarn
10540.
34/5 Moo 1,
Chaengwattana Road, T. Klongklua,
A. Pakkred, Nonthaburi 11120.
COMMENT
The subject was
formed in 1997 as
a distributor of
specialty chemicals. Since
it has been
in the business,
the subject has supplied
variety chemicals to
various industries.
However, economy sluggish
and industrial slowdown
have resulted to
a low performance in
the year 2014
and continued slowing
in the year
2015.
FINANCIAL INFORMATION
The capital was registered
at Bht. 100,000 divided
into 100 shares of
Bht. 1,000 each.
The capital was
increased later as
followings :
Bht. 100,000,000 on
December 3, 1997
Bht. 600,000,000 on
August 5, 1999
On April 10,
2007, the capital
was decreased to
Bht. 400,000,000 divided into
400,000 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Clariant International Ltd.
Nationality: Swiss Address : Switzerland |
399,998 |
100.00 |
|
Clariant Ltd. Nationality: Swiss Address : Switzerland |
1 |
- |
|
Clariant Participation Ltd. Nationality: Swiss Address : Switzerland |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign-Swiss |
3 |
400,000 |
100.00 |
|
Total |
3 |
400,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Krit Chatchawalwong No. 5016
BALANCE SHEET
[BAHT]
The latest financial figures published
as at December
31, 2014, 2013 & 2012
were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
77,791,863 |
104,102,206 |
94,491,803 |
|
Short-term Loans |
- |
861,400 |
- |
|
Trade Accounts & Other Receivable |
248,687,213 |
259,833,179 |
372,118,729 |
|
Short-term Loan and Accrued
Interest |
180,382,142 |
180,474,312 |
- |
|
Inventories |
142,527,203 |
146,143,611 |
323,653,425 |
|
Value Added Tax |
- |
977,213 |
4,215,935 |
|
Other Current Assets
|
2,647,405 |
2,697,598 |
2,614,499 |
|
|
|
|
|
|
Total Current Assets
|
652,035,826 |
695,089,519 |
797,094,391 |
|
Investment in Subsidiaries
Company |
- |
29,185,000 |
29,185,000 |
|
Intangible Assets |
2,448,350 |
3,012,640 |
3,612,180 |
|
Fixed Assets |
48,635,000 |
30,570,801 |
162,907,016 |
|
Deposit |
2,540,476 |
3,085,522 |
5,563,104 |
|
Total Assets |
705,659,652 |
760,943,482 |
998,361,691 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
197,621,820 |
211,356,261 |
379,455,787 |
|
Short-term Loan &
Accrued Interest to Related Company |
- |
29,931,143 |
29,163,364 |
|
Accrued Income Tax |
3,501,676 |
1,479,905 |
6,274,796 |
|
Value Added Tax |
1,275,465 |
- |
- |
|
Other Current Liabilities |
6,142,453 |
1,767,515 |
3,468,486 |
|
|
|
|
|
|
Total Current Liabilities |
208,541,414 |
244,534,824 |
418,362,433 |
|
|
|
|
|
|
Estimated Liabilities for Employee Benefits
|
23,695,373 |
27,213,173 |
38,782,378 |
|
Total Liabilities |
232,236,787 |
271,747,997 |
457,144,811 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 400,000 shares |
400,000,000 |
400,000,000 |
400,000,000 |
|
|
|
|
|
|
Capital Paid |
400,000,000 |
400,000,000 |
400,000,000 |
|
Retained Earnings: Appropriated for statutory reserve |
38,924,665 |
36,449,665 |
36,449,665 |
|
Unappropriated [Deficit] |
98,590,590 |
116,838,210 |
168,859,605 |
|
Lower part of
Business Combination under Common Control |
[64,092,390] |
[64,092,390] |
[64,092,390] |
|
Total Shareholders' Equity |
473,422,865 |
489,195,485 |
541,216,880 |
|
Total Liabilities & Shareholders' Equity |
705,659,652 |
760,943,482 |
998,361,691 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
1,113,505,499 |
1,820,039,795 |
1,923,812,381 |
|
Service Income |
35,654,873 |
43,259,817 |
35,068,480 |
|
Other Income |
40,753,979 |
19,929,229 |
109,279,257 |
|
Total Revenues |
1,189,914,351 |
1,883,228,841 |
2,068,160,118 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
881,199,101 |
1,390,489,540 |
1,480,710,645 |
|
Cost of Services |
34,738,194 |
41,612,680 |
33,354,615 |
|
Selling Expenses |
74,908,216 |
165,364,670 |
172,519,217 |
|
Administrative Expenses |
157,531,072 |
228,253,825 |
264,454,042 |
|
Other Expenses |
- |
88,049,561 |
648,362 |
|
Total Expenses |
1,148,376,583 |
1,913,770,276 |
1,951,686,881 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
41,537,768 |
[30,541,435] |
116,473,237 |
|
Financial Costs |
[604,260] |
[725,857] |
[984,345] |
|
Profit / [Loss] before Income Tax |
40,933,508 |
[31,267,292] |
115,488,892 |
|
Income Tax |
[7,206,128] |
[15,269,320] |
[24,920,817] |
|
|
|
|
|
|
Net Profit / [Loss] |
33,727,380 |
[46,536,612] |
90,568,075 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.13 |
2.84 |
1.91 |
|
QUICK RATIO |
TIMES |
2.43 |
2.23 |
1.12 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
23.63 |
60.95 |
12.02 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.63 |
2.45 |
1.96 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
56.80 |
37.25 |
78.02 |
|
INVENTORY TURNOVER |
TIMES |
6.43 |
9.80 |
4.68 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
78.99 |
50.90 |
69.34 |
|
RECEIVABLES TURNOVER |
TIMES |
4.62 |
7.17 |
5.26 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
78.75 |
53.87 |
91.48 |
|
CASH CONVERSION CYCLE |
DAYS |
57.03 |
34.28 |
55.88 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
79.70 |
76.86 |
77.29 |
|
SELLING & ADMINISTRATION |
% |
20.23 |
21.12 |
22.31 |
|
INTEREST |
% |
0.05 |
0.04 |
0.05 |
|
GROSS PROFIT MARGIN |
% |
23.84 |
24.21 |
28.29 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.61 |
(1.64) |
5.95 |
|
NET PROFIT MARGIN |
% |
2.93 |
(2.50) |
4.62 |
|
RETURN ON EQUITY |
% |
7.12 |
(9.51) |
16.73 |
|
RETURN ON ASSET |
% |
4.78 |
(6.12) |
9.07 |
|
EARNING PER SHARE |
BAHT |
84.32 |
(116.34) |
226.42 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.33 |
0.36 |
0.46 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.49 |
0.56 |
0.84 |
|
TIME INTEREST EARNED |
TIMES |
68.74 |
(42.08) |
118.33 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(38.33) |
(4.88) |
|
|
OPERATING PROFIT |
% |
(236.00) |
(126.22) |
|
|
NET PROFIT |
% |
172.47 |
(151.38) |
|
|
FIXED ASSETS |
% |
59.09 |
(81.23) |
|
|
TOTAL ASSETS |
% |
(7.27) |
(23.78) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -38.33%. Turnover has decreased from THB
1,863,299,612.00 in 2013 to THB 1,149,160,372.00 in 2014. While net profit has
increased from THB -46,536,612.00 in 2013 to THB 33,727,380.00 in 2014. And
total assets has decreased from THB 760,943,482.00 in 2013 to THB
705,659,652.00 in 2014.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
23.84 |
Impressive |
Industrial Average |
23.33 |
|
Net Profit Margin |
2.93 |
Impressive |
Industrial Average |
2.20 |
|
Return on Assets |
4.78 |
Impressive |
Industrial Average |
2.56 |
|
Return on Equity |
7.12 |
Impressive |
Industrial Average |
5.37 |
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. Gross Profit Margin is 23.84%. 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. Net Profit Margin ratio is 2.93%,
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 4.78%, 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 7.12%, 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 |
3.13 |
Impressive |
Industrial Average |
1.28 |
|
Quick Ratio |
2.43 |
|
|
|
|
Cash Conversion Cycle |
57.03 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 3.13 times in 2014, increase from 2.84 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 2.43 times in 2014,
increase from 2.23 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 58 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.33 |
Impressive |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
0.49 |
Impressive |
Industrial Average |
1.37 |
|
Times Interest Earned |
68.74 |
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 68.75 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 0.33 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 |
23.63 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.63 |
Impressive |
Industrial Average |
1.16 |
|
Inventory Conversion Period |
56.80 |
|
|
|
|
Inventory Turnover |
6.43 |
Impressive |
Industrial Average |
4.33 |
|
Receivables Conversion Period |
78.99 |
|
|
|
|
Receivables Turnover |
4.62 |
Impressive |
Industrial Average |
3.72 |
|
Payables Conversion Period |
78.75 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.62 and 7.17 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 increased from 37 days at the
end of 2013 to 57 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 9.8 times in year 2013 to 6.43 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.63 times and 2.45
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.67.04 |
|
|
1 |
Rs.101.67 |
|
Euro |
1 |
Rs.73.93 |
|
Thai Baht |
1 |
Rs.1.86 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
AMR |
|
|
|
|
Report Prepared
by : |
TPT |
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.