MIRA INFORM REPORT
|
Report No. : |
307879 |
|
Report Date : |
14.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
THAI URETHANE PLASTIC CO., LTD. |
|
|
|
|
Registered Office : |
29th Floor, Charn Issara Tower Ii, 2922/309 New Petchburi Road, Bangkapi, Huaykwang, Bangkok 10320, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
02.07.1985 |
|
|
|
|
Com. Reg. No.: |
0105528022842 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer various kinds
of synthetic resin
and polyurethane synthetic
leather including alkyd, amino resin, acrylic resin, polyurethane
solution, polyurethane systems
and unsaturated polyester
resin. |
|
|
|
|
No. of Employee : |
500 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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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 and address
THAI URETHANE PLASTIC CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 29th FLOOR, CHARN
ISSARA TOWER II,
2922/309 NEW
PETCHBURI ROAD,
BANGKAPI, HUAYKWANG,
BANGKOK 10320,
THAILAND
TELEPHONE : [66] 2308-2088,
2308-7200
FAX :
[66] 2308-2784-5,
2308-7260
E-MAIL
ADDRESS : export@thaiurethane.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1985
REGISTRATION
NO. : 0105528022842 [Former
: 2284/2528]
TAX
ID NO. : 3101348873
CAPITAL REGISTERED : BHT. 300,000,000
CAPITAL PAID-UP : BHT.
270,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
NIPON ASWAPANYAWONGSE, THAI
PRESIDENT
NO.
OF STAFF : 500
LINES
OF BUSINESS : POLYURETHANE LEATHER
& RESIN
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 July
2, 1985 as
a private limited
company under the
name style THAI URETHANE PLASTIC CO., LTD. by Aswapanyawongse family,
to produce synthetic
resin and polyurethane
leather products for
both local and
overseas markets. It
currently employs approximately 500 staff.
The subject also
achieved the quality
standard ISO 9000
certificate for its
production.
The subject’s registered
address is 29th Floor,
Charn Issara Tower
II, 2922/309
New Petchburi Rd., Bangkapi, Huaykwang, Bangkok 10320, and this
is the subject’s current
operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Nipon Aswapanyawongse |
[x] |
Thai |
81 |
|
Ms. Supatra Aswapanyawongse |
|
Thai |
54 |
|
Ms. Sukanya Aswapanyawongse |
|
Thai |
52 |
AUTHORIZED
PERSON
The above director
[x] signs or
both of the
rest directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Nipon Aswapanyawongse is
the President.
He is Thai
nationality with the
age of 81
years old.
Ms. Sukanya Aswapanyawongse is
the Purchasing Manager.
She is Thai
nationality with the
age of 52
years old.
Ms. Supatra Aswapanyawongse is
the Marketing &
Human Resource Manager.
She is Thai
nationality with the
age of 54
years old.
Mr. Peera Eiawsakul
is the Factory
Manager I.
He is Thai
nationality.
Ms. Piyawadee Dechapanyachat is
the Factory Manager
II.
She is Thai
nationality.
Mr. Cherngchai Kulsurakit
is the Export
Manager.
He is Thai
nationality.
Ms. Wanna Preechavanich is
the QA Manager.
She is Thai
nationality.
BUSINESS
OPERATIONS
The subject’s activity is a manufacturer
various kinds of
synthetic resin and polyurethane synthetic leather including alkyd, amino resin,
acrylic resin, polyurethane solution,
polyurethane systems and
unsaturated polyester resin.
PU synthetic leather is supplied for
footwear, bags &
luggage, stationery, sporting
goods, upholstery, furniture,
decoration, packaging & display, and
garment industry, while synthetic
resin products are
supplied to shoe sole,
casting decorative panel,
putty, fiberglass and
PU leather industries.
MAJOR
BRAND
“TUP”
PRODUCTION
CAPACITY
1,500 tons per month
IMPORT
[COUNTRIES]
50% of raw
materials are imported
from Japan, Singapore,
Germany, United States
of America, Korea, Taiwan, Republic of China, India, Netherlands and
United Kingdom, and the remaining
50% is purchased from local suppliers.
MAJOR
SUPPLIERS
BASF [Thai] Co., Ltd. : Thailand
Bayer Thai Co., Ltd. : Thailand
The Shell Company
of Thailand Ltd. : Thailand
Mitsubishi & Co., Ltd. : Thailand
SALES
The products are
sold by wholesale
to domestic and
overseas customers in
Korea, Japan, Indonesia,
Pakistan, Philippines, Vietnam, Taiwan, India, Republic of
China, Finland, United
Kingdom, Italy, Sweden,
Australia and Germany.
MAJOR
CUSTOMER
Thai Leather Trading
Co., Ltd. : Thailand
SUBSIDIARIES
& AFFILIATED COMPANIES
The Urethane Group
of Companies:
MRC Resins [Thailand]
Ltd.
Business Type: Manufacturer of
solvent borne acrylic
resin for paint,
adhesive & ink
Thai Urethane Industrial
Co., Ltd.
Business Type: Manufacturer of
polyurethane synthetic leather
“Dry Process”
TU Chemical Co., Ltd.
Business Type: Manufacturer of
industrial chemicals
TU Land Co., Ltd.
Business Type: Land developer
Synthese Co., Ltd.
Business Type: Manufacturer of
industrial chemical
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
& T/T.
BUSINESS
TRANSACTION
The products are sold
to customers by
cash and credit,
with the maximum credit given at
30-60 days. The subject
is found to
have late payment by some
customers, but they
can negotiate.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Krung Thai Bank
Public Co., Ltd.
[New Petchburi
Branch : 2259 New Petchburi
Rd., Bangkapi, Huaykwang,
Bangkok 10320]
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 500 staff.
LOCATION
DETAILS
The premise is
rented for administrative office
on 6,180 square meters
of area at
the heading address.
Premise is located
in commercial/residential area.
Factory locations:
Factory I :
76 Moo 7,
Soi Thammasiri, Bangna-Trad
Rd., T. Bangsaothong,
A. Bangsaothong, Samutprakarn
10540
Land
Area : 32,000
sq.m.
Tel :
[66] 2708-5200-6, Fax
: [66] 2708-4395
Factory II : 4/2
Moo 1, Bangna-Trad Rd., T. Bangchalong, A. Bangplee,
Samutprakarn 10540
Tel: [66]
2337-0315-6
COMMENT
The company is the first
manufacturing unit of Dry
Process Polyurethane Synthetic leather
in Thailand. The
company has placed
special emphasis on
quality control with
the research and development
spirit constantly been
improving quality control
techniques, as well
as continuing the better
quality of its
production and trying
to come up with
good new production
to satisfy the
market both domestic
and overseas. At
present, the subject has
been recognized as a leading
quality Polyurethane Synthetic Leather producer in the country.
Despite slow consumption
from industrial sector,
its business remains
promising.
FINANCIAL
INFORMATION
The capital was
registered at Bht.
20,000,000 divided into 2,000
shares of Bht.
10,000 each.
The capital was increased
later as followings:
Bht. 70,000,000
on September 30,
1994
Bht. 100,000,000
on March 8,
1995
Bht. 200,000,000
on April 11,
1997
Bht. 300,000,000
on December 19,
1997
The latest registered
capital was increased
to Bht. 300,000,000
divided into 30,000,000
shares of Bht. 10 each, with the current capital
paid-up at Bht.
270,000,000 or 10,000,000 shares
of Bht. 7 each
and 20,000,000 shares
of Bht. 10
each.
THE
SHAREHOLDERS LISTED WERE
[as at April
30, 2014] at
Bht. 270,000,000 of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Nipon Aswapanyawongse Nationality: Thai Address : 256
Pattanakarn Rd., Suanluang, Bangkok
10250 |
17,999,998 |
60.00 |
|
Ms. Supatra Aswapanyawongse Nationality: Thai Address : 256 Pattanakarn Rd.,
Suanluang, Bangkok
10250 |
6,000,000 |
20.00 |
|
Ms. Sukanya Aswapanyawongse Nationality: Thai Address : 258
Pattanakarn Rd., Suanluang, Bangkok
10250 |
6,000,000 |
20.00 |
|
Mrs. Thipawan Aswapanyawongse Nationality: Thai Address : 258
Pattanakarn Rd., Suanluang, Bangkok
10250 |
2 |
- |
Total Shareholders : 4
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
30,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
30,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Suchart Sitthichaikasem No. 2053
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
11,781,403.78 |
11,755,425.36 |
18,218,833.34 |
|
Trade Accounts & Other Receivable |
322,492,305.44 |
306,625,888.04 |
318,824,830.71 |
|
Short-term Loans to
Person or Related Company |
7,960,677.19 |
7,437,552.19 |
6,903,963.00 |
|
Short-term Loans to Other Person or Business |
350,000.00 |
350,000.00 |
400,000.00 |
|
Inventories |
177,869,141.35 |
176,958,876.93 |
170,855,924.06 |
|
Other Current Assets
|
10,680,671.36 |
8,153,368.14 |
7,706,874.43 |
|
|
|
|
|
|
Total Current Assets
|
531,134,199.12 |
511,281,110.66 |
522,910,325.54 |
|
Long-term Investment
|
151,070,650.00 |
151,070,650.00 |
151,070,650.00 |
|
Fixed Assets |
271,644,588.11 |
278,920,799.24 |
305,843,769.11 |
|
Other Non-current Assets
|
17,512,986.89 |
14,588,993.03 |
12,039,631.31 |
|
Total Assets |
971,362,424.12 |
955,861,552.93 |
991,864,375.96 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
4,898,585.06 |
12,838,504.73 |
8,024,436.87 |
|
Trade Accounts & Other
Payable |
172,479,159.03 |
141,561,379.66 |
157,277,847.27 |
|
Current Portion of
Long-term Loans |
- |
14,448,983.52 |
23,450,055.92 |
|
Short-term Loan from Person or Other |
30,000,000.00 |
30,000,000.00 |
40,000,000.00 |
|
Other Current Liabilities |
124,355.71 |
561,158.97 |
295,263.07 |
|
|
|
|
|
|
Total Current Liabilities |
207,502,099.80 |
199,410,026.88 |
229,047,603.13 |
|
Long-term Loan from Person or Other |
- |
- |
14,448,745.90 |
|
Employee Benefits
Obligation |
2,488,115.22 |
353,644.98 |
- |
|
Other Non-current Liabilities |
6,062,041.36 |
1,384,670.00 |
166,985.40 |
|
Total Liabilities |
216,052,256.38 |
201,148,341.86 |
243,663,334.43 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value Authorized & issued share
capital 30,000,000 shares |
300,000,000.00 |
300,000,000.00 |
300,000,000.00 |
|
|
|
|
|
|
Capital Paid |
270,000,000.00 |
270,000,000.00 |
270,000,000.00 |
|
Premium on Share Capital |
45,000,000.00 |
45,000,000.00 |
45,000,000.00 |
|
Retained Earnings |
|
|
|
|
Appropriated - Statutory
Reserve |
27,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
Unappropriated |
413,310,167.74 |
429,713,211.07 |
423,201,041.53 |
|
Total Shareholders' Equity |
755,310,167.74 |
754,713,211.07 |
748,201,041.53 |
|
Total Liabilities & Shareholders' Equity |
971,362,424.12 |
955,861,552.93 |
991,864,375.96 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
550,278,164.32 |
570,043,072.24 |
587,027,698.32 |
|
Service Income |
98,869,818.46 |
89,820,078.06 |
76,468,060.08 |
|
Other Income |
31,094,546.10 |
15,622,191.66 |
28,433,323.63 |
|
Total Revenues |
680,242,528.88 |
675,485,341.96 |
691,929,082.09 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
585,670,911.29 |
580,740,398.06 |
593,979,827.80 |
|
Selling Expenses |
16,071,207.56 |
17,547,104.56 |
22,949,700.04 |
|
Administrative Expenses |
68,808,252.93 |
58,608,384.94 |
53,374,549.02 |
|
Loss on Impairment of
Investment |
- |
- |
7,775,000.00 |
|
Other Expenses |
- |
6,277,448.76 |
- |
|
Total Expenses |
670,550,371.78 |
663,173,336.32 |
678,079,076.86 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost |
9,692,157.10 |
12,312,005.64 |
13,850,005.17 |
|
Financial Cost |
[3,695,200.43] |
[5,799,836.10] |
[10,098,602.49] |
|
|
|
|
|
|
Net Profit / [Loss] |
5,996,956.67 |
6,512,169.54 |
3,751,402.68 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.56 |
2.56 |
2.28 |
|
QUICK RATIO |
TIMES |
1.65 |
1.64 |
1.50 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.39 |
2.37 |
2.17 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.67 |
0.69 |
0.67 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
110.85 |
111.22 |
104.99 |
|
INVENTORY TURNOVER |
TIMES |
3.29 |
3.28 |
3.48 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
181.33 |
169.61 |
175.39 |
|
RECEIVABLES TURNOVER |
TIMES |
2.01 |
2.15 |
2.08 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
107.49 |
88.97 |
96.65 |
|
CASH CONVERSION CYCLE |
DAYS |
184.69 |
191.86 |
183.73 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
90.22 |
88.01 |
89.52 |
|
SELLING & ADMINISTRATION |
% |
13.08 |
11.54 |
11.50 |
|
INTEREST |
% |
0.57 |
0.88 |
1.52 |
|
GROSS PROFIT MARGIN |
% |
14.57 |
14.36 |
14.76 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.49 |
1.87 |
2.09 |
|
NET PROFIT MARGIN |
% |
0.92 |
0.99 |
0.57 |
|
RETURN ON EQUITY |
% |
0.79 |
0.86 |
0.50 |
|
RETURN ON ASSET |
% |
0.62 |
0.68 |
0.38 |
|
EARNING PER SHARE |
BAHT |
0.22 |
0.24 |
0.14 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.22 |
0.21 |
0.25 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.29 |
0.27 |
0.33 |
|
TIME INTEREST EARNED |
TIMES |
2.62 |
2.12 |
1.37 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(1.62) |
(0.55) |
|
|
OPERATING PROFIT |
% |
(21.28) |
(11.10) |
|
|
NET PROFIT |
% |
(7.91) |
73.59 |
|
|
FIXED ASSETS |
% |
(2.61) |
(8.80) |
|
|
TOTAL ASSETS |
% |
1.62 |
(3.63) |
|
ANNUAL
GROWTH : RISKY
An annual sales growth is -1.62%. Turnover has decreased from THB
659,863,150.30 in 2012 to THB 649,147,982.78 in 2013. While net profit has
decreased from THB 6,512,169.54 in 2012 to THB 5,996,956.67 in 2013. And total
assets has increased from THB 955,861,552.93 in 2012 to THB 971,362,424.12 in
2013.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
14.57 |
Acceptable |
Industrial
Average |
24.65 |
|
Net Profit Margin |
0.92 |
Acceptable |
Industrial
Average |
1.83 |
|
Return on Assets |
0.62 |
Deteriorated |
Industrial
Average |
2.51 |
|
Return on Equity |
0.79 |
Deteriorated |
Industrial
Average |
4.75 |
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 14.57%. 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 0.92%.
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 0.62%.
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 0.79%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
2.56 |
Impressive |
Industrial
Average |
1.67 |
|
Quick Ratio |
1.65 |
|
|
|
|
Cash Conversion Cycle |
184.69 |
|
|
|
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 2.56 times in 2013, as same figure
as 2.56 times in 2012, 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 1.65 times in 2013,
increased from 1.64 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 185 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.22 |
Impressive |
Industrial Average |
0.48 |
|
Debt to Equity Ratio |
0.29 |
Impressive |
Industrial
Average |
0.94 |
|
Times Interest Earned |
2.62 |
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 2.63 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 0.22 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 :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.39 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.67 |
Deteriorated |
Industrial
Average |
1.37 |
|
Inventory Conversion Period |
110.85 |
|
|
|
|
Inventory Turnover |
3.29 |
Deteriorated |
Industrial
Average |
6.66 |
|
Receivables Conversion Period |
181.33 |
|
|
|
|
Receivables Turnover |
2.01 |
Deteriorated |
Industrial
Average |
4.91 |
|
Payables Conversion Period |
107.49 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.01 and 2.15 in
2013 and 2012 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 2013
decreased from 2012. 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 is
111 days at the end of 2012,
same number of
days as in
2013. And Inventory turnover has
increased from 3.28 times in year 2012 to 3.29 times in year 2013.
The company's Total Asset Turnover is calculated as 0.67 times and 0.69
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.62.14 |
|
|
1 |
Rs.95.78 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.