MIRA
INFORM REPORT
|
Report No. : |
305931 |
|
Report Date : |
04.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
AGC CHEMICALS [ |
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|
Formerly Known As : |
THASCO CHEMICAL CO., LTD |
|
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Registered Office : |
24th Floor, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
15.07.1964 |
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Com. Reg. No.: |
0105507001757 [Former :
231/2507] |
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Legal Form : |
Private Limited Company
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Line of Business : |
·
Manufacturer,
distributor and exporter various
kinds of industrial
base chemicals, such
as Liquid Sodium Hydroxide, Potassium Hydroxide,
Hydrochloric Acid, Chlorine, Potassium Carbonate, Sodium
Hypochlorite, Sodium Hydroxide
Flaks, Refrigerant, Solvent,
Polypropylene Glycol,
Polytetrafluoroethylene, and Ethylene
Tetrafluoroethylene [ETFE]. ·
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. |
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|
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No. of Employee : |
960 |
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 |
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Payment Behaviour : |
Slow but correct |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic recession severely cut Thailand's exports, with most sectors experiencing double-digit drops. In late 2011 Thailand's recovery was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. The government approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the following seven years. This was expected to lead to an economic upsurge but growth has remained slow, in part due to ongoing political unrest and resulting uncertainties. Spending on infrastructure will require re-approval once a new government is seated.
|
Source
: CIA |
Company name
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 : 960
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
FAIR 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. It
currently employs 960
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 Nambu |
|
Japanese |
- |
|
Mr. Susumu Matsumoto |
|
Japanese |
39 |
|
Mr. Takayasu Ide |
|
Japanese |
59 |
|
Mr. Takeshi Harigaya |
[x] |
Japanese |
57 |
|
Mr. Akinori Eto |
|
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. Tokichi Kureshima is
the Vice President
[Operation, Samutprakarn].
He is Japanese
nationality.
Mr. Bhakbhumi Chiraratn is
the Executive Director.
He is Thai
nationality with the
age of 63
years old.
Mr. Chatchai Sathawong
is the Administration Manager.
He is Thai
nationality.
Mr. Siriphan Chunchuangchot Financial
Manager.
He is Thai
nationality.
Mr. Wanlarp Saiparn is
the QC & QA Manager.
He is Thai
nationality.
Mr. Jarin Veera-Olarnsith is
the Quality, Safety
and Environmental Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity is a
manufacturer, distributor
and exporter various
kinds of industrial
base chemicals, such
as Liquid Sodium Hydroxide, Potassium Hydroxide,
Hydrochloric Acid, Chlorine, Potassium Carbonate, Sodium
Hypochlorite, Sodium Hydroxide
Flaks, Refrigerant, Solvent,
Polypropylene Glycol,
Polytetrafluoroethylene, and Ethylene
Tetrafluoroethylene [ETFE]. Its
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
All 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, are 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 |
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 |
LITIGATIO
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
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 960 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 industrial downturn,
subject still maintains
solid business.
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. 70,000,000 on
January 5, 1982
Bht. 100,000,000 on
December 21, 1987
Bht. 300,000,000 on
May 17, 1990
Bht. 480,000,000 on
May 14, 1997
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 25, 2014]
|
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 25,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
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, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
577,308,242 |
1,150,307,039 |
1,125,847,499 |
|
Trade Accounts Receivable |
1,039,065,960 |
1,310,466,834 |
1,004,898,402 |
|
Other Receivable |
39,471,398 |
47,753,380 |
20,375,504 |
|
Short-term Loan to Related Company |
408,472,500 |
- |
- |
|
Inventories |
648,346,275 |
440,130,470 |
450,383,026 |
|
Total Current
Assets |
2,712,664,375 |
2,948,657,723 |
2,601,504,431 |
|
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 |
2,355,933,535 |
2,480,199,105 |
2,705,409,475 |
|
Intangible Assets |
4,629,966 |
3,237,023 |
2,806,292 |
|
Other Non-current Assets |
17,209,182 |
18,860,112 |
20,450,325 |
|
Total Assets
|
5,508,391,694 |
5,868,908,599 |
5,748,125,159 |
LIABILITIES & SHAREHOLDERS'
EQUITY
[BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts Payable |
480,568,006 |
468,223,480 |
322,193,902 |
|
Other Payable |
297,623,786 |
194,328,678 |
124,422,773 |
|
Total Current
Liabilities |
778,191,792 |
662,552,158 |
446,616,675 |
|
|
|
|
|
|
Employees’ Benefit Obligation |
266,503,251 |
247,087,814 |
226,047,339 |
|
Total Liabilities |
1,044,695,043 |
909,639,972 |
672,664,014 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized &
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 |
2,795,568,651 |
3,291,140,627 |
3,407,333,145 |
|
Total Shareholders' Equity |
4,463,696,651 |
4,959,268,627 |
5,075,461,145 |
|
Total Liabilities
& Shareholders' Equity |
5,508,391,694 |
5,868,908,599 |
5,748,125,159 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
6,086,146,822 |
7,149,164,539 |
6,748,255,194 |
|
Interest Income |
22,634,328 |
26,572,075 |
33,824,594 |
|
Gain on Exchange Rate |
525,531 |
10,830,657 |
8,197,463 |
|
Other Income |
41,474,384 |
54,149,011 |
22,283,870 |
|
Total Revenues
|
6,150,781,065 |
7,240,716,282 |
6,812,561,121 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
5,418,653,595 |
6,246,696,183 |
5,563,878,710 |
|
Selling Expenses |
349,406,398 |
400,695,175 |
374,925,949 |
|
Administrative Expenses |
178,293,048 |
209,517,441 |
166,155,448 |
|
Total Expenses |
5,946,353,041 |
6,856,908,799 |
6,104,960,107 |
|
Net Profit / [Loss] |
204,428,024 |
383,807,483 |
707,601,014 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.49 |
4.45 |
5.82 |
|
QUICK RATIO |
TIMES |
2.65 |
3.79 |
4.82 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.58 |
2.88 |
2.49 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.10 |
1.22 |
1.17 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
43.67 |
25.72 |
29.55 |
|
INVENTORY TURNOVER |
TIMES |
8.36 |
14.19 |
12.35 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
62.32 |
66.91 |
54.35 |
|
RECEIVABLES TURNOVER |
TIMES |
5.86 |
5.46 |
6.72 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
32.37 |
27.36 |
21.14 |
|
CASH CONVERSION CYCLE |
DAYS |
73.62 |
65.26 |
62.76 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
89.03 |
87.38 |
82.45 |
|
SELLING & ADMINISTRATION |
% |
8.67 |
8.54 |
8.02 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
12.03 |
13.90 |
18.50 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.36 |
5.37 |
10.49 |
|
NET PROFIT MARGIN |
% |
3.36 |
5.37 |
10.49 |
|
RETURN ON EQUITY |
% |
4.58 |
7.74 |
13.94 |
|
RETURN ON ASSET |
% |
3.71 |
6.54 |
12.31 |
|
EARNING PER SHARE |
BAHT |
14.60 |
27.41 |
50.54 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.19 |
0.15 |
0.12 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.23 |
0.18 |
0.13 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(14.87) |
5.94 |
|
|
OPERATING PROFIT |
% |
(46.74) |
(45.76) |
|
|
NET PROFIT |
% |
(46.74) |
(45.76) |
|
|
FIXED ASSETS |
% |
(5.01) |
(8.32) |
|
|
TOTAL ASSETS |
% |
(6.14) |
2.10 |
|
ANNUAL GROWTH : RISKY
An annual sales growth is -14.87%. Turnover has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
12.03 |
Deteriorated |
Industrial
Average |
62.38 |
|
Net Profit Margin |
3.36 |
Acceptable |
Industrial
Average |
6.26 |
|
Return on Assets |
3.71 |
Acceptable |
Industrial
Average |
6.99 |
|
Return on Equity |
4.58 |
Deteriorated |
Industrial
Average |
11.35 |
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 12.03%. 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 3.36%.
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 3.71%.
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 4.58%.
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 |
3.49 |
Impressive |
Industrial
Average |
2.09 |
|
Quick Ratio |
2.65 |
|
|
|
|
Cash Conversion Cycle |
73.62 |
|
|
|
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 3.49 times in 2013, decreased from 4.45 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 2.65 times in 2013,
decreased from 3.79 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 74 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.19 |
Impressive |
Industrial
Average |
0.36 |
|
Debt to Equity Ratio |
0.23 |
Impressive |
Industrial
Average |
0.56 |
|
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 0.19 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.58 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.10 |
Satisfactory |
Industrial
Average |
1.12 |
|
Inventory Conversion Period |
43.67 |
|
|
|
|
Inventory Turnover |
8.36 |
Impressive |
Industrial
Average |
4.66 |
|
Receivables Conversion Period |
62.32 |
|
|
|
|
Receivables Turnover |
5.86 |
Impressive |
Industrial
Average |
4.83 |
|
Payables Conversion Period |
32.37 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.86 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 26 days at the
end of 2012 to 44 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 14.19 times in year 2012 to 8.36
times in year 2013.
The company's Total Asset Turnover is calculated as 1.1 times and 1.22
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.61.74 |
|
|
1 |
Rs.92.71 |
|
Euro |
1 |
Rs.69.94 |
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.