MIRA
INFORM REPORT
|
Report No. : |
306211 |
|
Report Date : |
06.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
ALLNEX [ |
|
|
|
|
Formerly Known As : |
CYTEC INDUSTRIES [ |
|
|
|
|
Registered Office : |
27th Floor,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
25.01.1968 |
|
|
|
|
Com. Reg. No.: |
0105511000468 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of
Coating Materials. |
|
|
|
|
No. of Employees : |
120 |
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
ALLNEX [THAILAND]
LTD.
[FORMER: CYTEC
INDUSTRIES [THAILAND] LTD.]
SUMMARY
BUSINESS ADDRESS : 27th FLOOR, PANJATHANI
BUILDING,
127/32 NONSEE
ROAD, CHONGNONSI,
YANNAWA, BANGKOK
10120, THAILAND
TELEPHONE : [66] 2296-9100
FAX :
[66] 2295-4985-6,
2295-4679
E-MAIL ADDRESS : ekdanai.seedala@allnex.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1968
REGISTRATION NO. : 0105511000468
TAX ID NO. : 3101075533
CAPITAL REGISTERED
: BHT.
1,130,000,000
CAPITAL PAID-UP
: BHT.
1,130,000,000
SHAREHOLDER’S PROPORTION : THAI :
5.04%
FOREIGN :
94.96%
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE : MR.
BOONSONG PANJING, THAI
COUNTRY MANAGER
AND FACTORY MANAGER
NO. OF
STAFF : 120
LINES OF
BUSINESS : COATING
MATERIALS
MANUFACTURER,
DISTRIBUTOR AND 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 January
25, 1968 as
a private limited
company under the registered name “Hoechst Chemical Industries Ltd.” by German groups. It was initially a subsidiary of Hoechst AG, Germany
in order to manufacture
industrial chemicals for
both domestic and
international markets.
Later, the subject was formed
a company by a
joint venture between Hoechst AG. and Vianova Resin GmbH, Germany, and
its name was changed
to “Vianova Resins
Ltd.” on January 5, 1998.
On January 3, 2001, the subject’s
name was changed
to “Solutia Chemicals
[Thailand] Ltd.”, and
became a subsidiary
of Erste Viking
Resin GmbH, Germany.
On March 3,
2003 its name
was changed to “Surface
Specialties [Thailand] Ltd.”, then changed again to “Cytec
Industries [Thailand] Ltd.”
on October 3,
2005, and was finally
changed to ALLNEX
[THAILAND] LTD. on
June 12, 2013.
At present, the
subject is a
subsidiary of Allnex Belgium
SA/NV, Belgium, which
is a member
of Allnex USA
Inc, in U.S.A. It currently employs
approximately 120 staff.
The subject achieved
ISO 9000 certification from TUV
institution in 2002, and
ISO 14001 certification
in 2003.
The subject’s registered address
was initially at 19th Floor,
Lake Ratchada Office Complex,
193 Ratchadapisek Rd.,
Klongtoey, Bangkok 10110.
In August 2005,
the subject’s registered
address was relocated
to 27th Floor,
Panjathani Bldg., 127/32 Nonsee
Rd., Chongnonsi, Yannawa, Bangkok
10120, and this is
the subject’s current
operation address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Boonsong Panjing |
|
Thai |
46 |
|
Mr. Viroj
Arbharatanachai |
|
Thai |
49 |
|
Mr. Duncan
Adrian Taylor |
|
British |
53 |
AUTHORIZED PERSON
Anyone
of the above
directors can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Boonsong Panjing
is the Country
Manager and Factory
Manager.
He
is Thai nationality
with the age
of 46 years
old.
Mr. Duncan
Adrian Taylor is
the General Manager.
He
is British nationality
with the age
of 53 years
old.
Mr. Nophadol
Noppornchaicharn is the
Sales Manager.
He
is Thai nationality.
Mr. Viroj Arbharatanachai is
the Marketing Manager.
He
is Thai nationality
with the age
of 49 years
old.
Mrs. Purada Pongsapichart is
the Safety and
Environmental Manager.
She
is Thai nationality.
BUSINESS OPERATIONS
The
subject’s activities are
manufacturer, distributor and
exporter of coating
materials and specialty chemicals including
Liquid Coating Resins,
Un-Saturated Polyester, Pressure
Sensitive Adhesive and
Powder Coating Resin.
The products have
been used in
various industries, such
as automobile, graphic,
architectural, glasses, electronics,
woods, textiles, tires,
paper, adhesive and
other industries.
BRAND NAME
“ALLNEX”
PURCHASE
70%
of raw materials
and chemicals are
purchased from local
suppliers, the remaining
30% is imported
from United States
of America, Germany,
Republic of China,
Japan, India, Switzerland,
Belgium and France.
MAJOR SUPPLIERS
Allnex
Belgium SA/NA : Belgium
Allnex
USA Inc. : United
States of America
Allnex
Resins [Shanghai] Co.,
Ltd. : Republic
of China
EXPORT [COUNTRIES]
70% of
the products is exported
to United States of America,
Taiwan, Republic of China,
India, Vietnam, Indonesia, Australia,
New Zealand, Canada, Korea, Japan,
U.K., Philippines, Pakistan, Myanmar,
Africa, Europe and
Malaysia.
SALES [LOCAL]
30%
of the products
is also sold
directly to local
manufacturers and wholesalers.
MAJOR CUSTOMERS
Allnex
Korea Co., Ltd. : Korea
SUBSIDIARY AND AFFILIATED COMPANY
The
subject is not
found to have
any subsidiary or
affiliated company here
in Thailand.
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 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 credit 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
Bank of
America NT &
SA.
[Bangkok Office : 2/2
Wireless Rd., Pathumwan,
Bangkok 10330]
Bangkok Bank
Public Co., Ltd.
[Head Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
The Siam
Commercial Bank Public
Co., Ltd.
[Petchburi Branch : 1060 Petchburi
Rd., Rajthevee, Bangkok 10400]
Kasikornbank Public
Co., Ltd.
[Ratchadapisek Branch : 252 Ratchadapisek
Rd., Samsennok, Huaykwang,
Bangkok 10320]
Hongkong and
Shanghai Banking Corp.
[Bangkok Office : 968 Rama 4
Rd., Silom, Bangrak,
Bangkok 10500]
EMPLOYMENT
The subject employs approximately
120 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.
Factory
& Warehouse are
located at 2
Soi G. 2 Maptaphut Industrial
Estate, Prakornsongkrohrat Rd.,
T. Huaypong, A.
Muang, Rayong 21150.
Tel. :
[66] 38 685-352,
38 685-066-8
Fax:
[66] 38 685-070
Area:
76,800 square meters
Laboratory :
888 Moo 8,
Theparak Rd., T. Samrongnua, A. Muang,
Samutprakarn 10270.
COMMENT
The subject has
good performance as well as good system of credit risk and information
management with strong
support from its parent company
and partners. Subject’s business
had significantly grown in
line with strong demand from
industrial users.
However, during 2013-2014 domestic
industrial slowdown from
lower demand and
the faltering economy of
export markets had
shrunk the subject’s
business growth.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000 divided
into 5,000 shares
of Bht. 1,000
each.
The
capital was increased
later as followings:
Bht. 6,000,000
in November 1968
Bht. 8,000,000
in April 1972
Bht. 12,000,000
in August 1974
Bht. 20,000,000 in
May 1977
Bht. 300,000,000
on June 7,
1995
Bht.
1,375,000,000 on June
2, 1999
Bht.
1,530,000,000 on January
20, 2003
On
June 26, 2006, the
capital was decreased
to Bht. 1,130,000,000 divided
into
1,130,000
shares of Bht.
1,000 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[As at
April 21, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Allnex Belgium
SA/NV Nationality: Belgian Address
: Brussels, Belgium |
1,072,997 |
94.96 |
|
Bangkok Bank
Public Co., Ltd. Nationality: Thai Address
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500 |
21,000 |
1.86 |
|
Bangkok First
Investment & Trust
Public Co., Ltd. Nationality: Thai Address
: 25 South Sathorn
Rd., Thungmahamek, Sathorn, Bangkok
10120 |
18,000 |
1.59 |
|
Bangkok Insurance
Public Co., Ltd. Nationality: Thai Address
: 25 South Sathorn
Rd., Thungmahamek, Sathorn, Bangkok
10120 |
18,000 |
1.59 |
|
Allnex Holding
II Germany GmbH. Nationality: German Address
: Wiesbaden, Germany |
1 |
- |
|
Allnex Germany
GmbH. Nationality: German Address
: Wiesbaden, Germany |
1 |
- |
|
Allnex France
S.A.S. Nationality: French Address
: France |
1 |
- |
Total Shareholders
: 7
Share Structure
[As at
April 21, 2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
57,000 |
5.04 |
|
Foreign |
4 |
1,073,000 |
94.96 |
|
Total |
7 |
1,130,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Ms. Wirintip
Siriratanaanan No. 9091
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 |
100,333,336 |
232,448,746 |
444,128,048 |
|
Trade Accounts & Notes Receivable |
496,582,644 |
474,471,657 |
493,890,527 |
|
Receivable from
Related Company |
34,073,893 |
229,602,093 |
12,805,890 |
|
Short-term
Lending to Related Company |
978,000,000 |
465,391,700 |
33,065,902 |
|
Inventories |
168,000,007 |
169,719,318 |
196,194,343 |
|
Other Current
Assets |
21,573,238 |
19,079,890 |
17,888,357 |
|
Total Current
Assets |
1,798,563,118 |
1,590,713,404 |
1,197,973,067 |
|
Non-Current Assets |
|
|
|
|
Fixed
Assets |
334,946,202 |
342,330,731 |
515,148,344 |
|
Other
Non-current Assets |
924,690 |
873,450 |
1,255,650 |
|
Total
Non-current Assets |
335,870,892 |
343,204,181 |
516,403,994 |
|
Total Assets
|
2,134,434,010 |
1,933,917,585 |
1,714,377,061 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade
Accounts Payable |
360,658,521 |
315,753,413 |
288,280,241 |
|
Account
Payable-Related Company |
23,284,165 |
8,460,758 |
7,903,708 |
|
Accrued
Expenses |
45,540,171 |
44,975,671 |
43,308,981 |
|
Accrued
Income Tax |
19,303,152 |
36,784,954 |
66,997,006 |
|
Other
Current Liabilities |
43,747,895 |
52,439,024 |
54,997,617 |
|
Total Current
Liabilities |
492,533,904 |
458,413,820 |
461,487,553 |
|
Employees’ Benefits Obligation |
20,115,946 |
18,097,000 |
15,091,000 |
|
Total Liabilities |
512,649,850 |
476,510,820 |
476,578,553 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share
capital : Baht 1,000 par
value
authorized, issued and
fully
paid share capital
1,130,000 shares |
1,130,000,000 |
1,130,000,000 |
1,130,000,000 |
|
Capital
Paid |
1,130,000,000 |
1,130,000,000 |
1,130,000,000 |
|
Retained Earning
Appropriated for Statutory Reserve |
2,215,997 |
2,215,997 |
2,215,997 |
|
Unappropriated |
489,568,163 |
325,190,768 |
105,582,511 |
|
Total Shareholders' Equity |
1,621,784,160 |
1,457,406,765 |
1,237,798,508 |
|
Total
Liabilities & Shareholders' Equity |
2,134,434,010 |
1,933,917,585 |
1,714,377,061 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales |
2,002,618,839 |
2,212,796,349 |
2,359,528,826 |
|
Gain
on Exchange Rate |
21,423,305 |
- |
32,182,702 |
|
Other
Income |
73,108,625 |
133,053,497 |
67,826,967 |
|
Total Revenues
|
2,097,150,769 |
2,345,849,846 |
2,459,538,495 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost
of Goods Sold
|
1,661,329,151 |
1,835,901,233 |
1,995,717,129 |
|
Selling
Expenses |
76,000,489 |
90,752,157 |
102,849,027 |
|
Administrative Expenses |
148,139,458 |
124,642,978 |
111,658,120 |
|
Loss
on Exchange Rate |
- |
3,672,271 |
- |
|
Total Expenses |
1,885,469,098 |
2,054,968,639 |
2,210,224,276 |
|
Profit
before Financial Cost
&
Income Tax |
211,681,671 |
290,881,207 |
249,314,219 |
|
Financial Cost |
[3,997,099] |
[4,869,059] |
- |
|
Profit
before Income Tax |
207,684,572 |
286,012,148 |
249,314,219 |
|
Income Tax |
[43,307,177] |
[66,403,891] |
[74,514,558] |
|
Net Profit / [Loss] |
164,377,395 |
219,608,257 |
174,799,661 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.65 |
3.47 |
2.60 |
|
QUICK RATIO |
TIMES |
3.27 |
3.06 |
2.13 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.98 |
6.46 |
4.58 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.94 |
1.14 |
1.38 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
36.91 |
33.74 |
35.88 |
|
INVENTORY TURNOVER |
TIMES |
9.89 |
10.82 |
10.17 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
90.51 |
78.26 |
76.40 |
|
RECEIVABLES TURNOVER |
TIMES |
4.03 |
4.66 |
4.78 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
79.24 |
62.78 |
52.72 |
|
CASH CONVERSION CYCLE |
DAYS |
48.18 |
49.23 |
59.56 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
82.96 |
82.97 |
84.58 |
|
SELLING & ADMINISTRATION |
% |
11.19 |
9.73 |
9.09 |
|
INTEREST |
% |
0.20 |
0.22 |
- |
|
GROSS PROFIT MARGIN |
% |
21.76 |
23.05 |
19.66 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
10.57 |
13.15 |
10.57 |
|
NET PROFIT MARGIN |
% |
8.21 |
9.92 |
7.41 |
|
RETURN ON EQUITY |
% |
10.14 |
15.07 |
14.12 |
|
RETURN ON ASSET |
% |
7.70 |
11.36 |
10.20 |
|
EARNING PER SHARE |
BAHT |
145.47 |
194.34 |
154.69 |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.24 |
0.25 |
0.28 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.32 |
0.33 |
0.39 |
|
TIME INTEREST EARNED |
TIMES |
52.96 |
59.74 |
- |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(9.50) |
(6.22) |
|
|
OPERATING PROFIT |
% |
(27.23) |
16.67 |
|
|
NET PROFIT |
% |
(25.15) |
25.63 |
|
|
FIXED ASSETS |
% |
(2.16) |
(33.55) |
|
|
TOTAL ASSETS |
% |
10.37 |
12.81 |
|
ANNUAL GROWTH: RISKY
An annual sales growth is -9.5%. Turnover has decreased from THB
PROFITABILITY
: SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
21.76 |
Deteriorated |
Industrial Average |
62.38 |
|
Net Profit Margin |
8.21 |
Impressive |
Industrial Average |
6.26 |
|
Return on Assets |
7.70 |
Impressive |
Industrial Average |
6.99 |
|
Return on Equity |
10.14 |
Satisfactory |
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
21.76%. 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 8.21%, 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 7.7%, 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.
When compared with the industry average, it was lower, the company's figure is
10.14%.
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 |
3.65 |
Impressive |
Industrial Average |
2.09 |
|
Quick Ratio |
3.27 |
|
|
|
|
Cash Conversion Cycle |
48.18 |
|
|
|
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 3.65 times in 2013, increased from 3.47 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 3.27 times in 2013, increased from 3.06 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
49 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: EXCELLENT
LEVERAGE
RATIO
|
Debt Ratio |
0.24 |
Impressive |
Industrial Average |
0.36 |
|
Debt to Equity Ratio |
0.32 |
Impressive |
Industrial Average |
0.56 |
|
Times Interest Earned |
52.96 |
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 52.96 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 0.24 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 |
5.98 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.94 |
Satisfactory |
Industrial Average |
1.12 |
|
Inventory Conversion Period |
36.91 |
|
|
|
|
Inventory Turnover |
9.89 |
Impressive |
Industrial Average |
4.66 |
|
Receivables Conversion Period |
90.51 |
|
|
|
|
Receivables Turnover |
4.03 |
Satisfactory |
Industrial Average |
4.83 |
|
Payables Conversion Period |
79.24 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.03 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 34 days at the
end of 2012 to 37 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 10.82 times in year 2012 to 9.89
times in year 2013.
The company's Total Asset Turnover is
calculated as 0.94 times and 1.14 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 Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.87 |
|
|
1 |
Rs.94.07 |
|
Euro |
1 |
Rs.70.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.