MIRA INFORM REPORT
|
Report No. : |
301836 |
|
Report Date : |
09.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
BIONET-ASIA CO., LTD. |
|
|
|
|
Registered Office : |
19 Soi Udomsuk
37, Sukhumvit 103
Road, Bangjak, Prakanong, Bangkok
10260 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
27.02.2001 |
|
|
|
|
Com. Reg. No.: |
0105544019761 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing, developing
and researching various
kinds of vaccines, such as
Acellular Pertussis Vaccine, Dengue Virus
Vaccine, Diphtheria, Tetanus,
Hepatitis B, Meningitis, mainly
for children. |
|
|
|
|
No. of Employee : |
260 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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
BIONET-ASIA CO.,
LTD.
SUMMARY
BUSINESS ADDRESS : 19 SOI UDOMSUK
37, SUKHUMVIT 103
ROAD,
BANGJAK, PRAKANONG,
BANGKOK 10260,
THAILAND
TELEPHONE : [66] 2361-8110,
2361-4000-3
FAX : [66] 2361-8105
E-MAIL ADDRESS : info@bionet-asia.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2001
REGISTRATION NO. : 0105544019761
TAX ID NO. : 3030234438
CAPITAL REGISTERED : BHT.
48,960,000
CAPITAL PAID-UP : BHT.
48,960,000
SHAREHOLDER’S PROPORTION : THAI : 60.78%
BELGIAN :
39.22%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VITOON VONGHANGOOL,
THAI
PRESIDENT
NO. OF STAFF : 260
LINES OF BUSINESS : VACCINES
MANUFACTURER AND
SUPPLIER
|
|
|
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 February 27,
2001 as a private
limited company under
the registered name BIONET-ASIA CO.,
LTD., by Thai and
Belgian groups, with
the business objective
to manufacture, research and
develop various vaccines
for children. The
vaccines have been
pre-qualified by World Health
Organization for the
supply to United
Nations agencies. It
currently employs approximately
260 staff.
The subject’s registered address
is 19 Soi Udomsuk 37,
Sukhumvit 103 Road,
Bangjak, Prakanong, Bangkok
10260, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vitoon Vonghangool |
|
Thai |
67 |
|
Mr. Hong Thai Pham |
|
French |
46 |
|
Mr. Jean O.A. Petre |
|
Belgian |
70 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Vitoon Vonghangool is
the President.
He is Thai
nationality with the
age of 67 years
old.
Mr. Hong Thai Pham
is the Chief
Executive Officer.
He is French
nationality with the
age of 46 years
old.
Mr. Dario Cresci is
the Chief Operating
Officer.
He is Italian
nationality.
Mr. Nadir Harjee is
the Technical Director.
He is Swiss
nationality.
Mr. Jean O.A. Petre
is the Scientific
Director.
He is Belgian
nationality with the
age of 70
years old.
Mrs. Simonetta Viviani is
the Director Clinical
Development.
She is Italian
nationality.
Mr. Laurent Dapremont is
the Director Strategic
Business Development.
He is Australian
nationality.
Mr. Bruno Alfonsi is
the Director Market
Access.
He is Italian
nationality.
BUSINESS
OPERATIONS
The subject is
engaged in manufacturing, developing
and researching various
kinds of vaccines, such as
Acellular Pertussis Vaccine, Dengue Virus
Vaccine, Diphtheria, Tetanus,
Hepatitis B, Meningitis and
etc., mainly for
children.
The
subject can
provide customers with
technical support in
plant conceptual design,
GMP, development and manufacturing
process. It has
in-house expertise and
know-how for different technology platforms
such as protein conjugation, recombinant
antigens, vaccine formulation
and adjuvants. In addition, through
its scientific network,
it can provide
access to new technologies
such as cell-culture, monoclonal
antibodies and etc.
PURCHASE
Raw materials and
chemicals are purchased
from suppliers both
domestic and overseas
in U.S.A., Japan and
the European countries.
SALES
The products are
sold to government
sector in local
and overseas in
Asia, Africa and
Latin America countries.
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 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
The banker’s name
was not disclosed.
EMPLOYMENT
The subject employs
approximately 260 staff.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Fcatory is located
at 81 Moo
1, Hi-Tech Industrial
Estate, T. Baanlen, A. Bangpa-in,
Ayutthaya 13160. Tel. : [66] 35 950-750-8,
Fax. : [66] 35 950-759.
COMMENT
The subject is a biotech company
based in Thailand. It focuses on the development and marketing of
vaccines in the emerging countries. The subject is now leveraging its expertise and
networking to become a leading biotech company and partner in the development, manufacturing
and supply of vaccines in the emerging countries.
The subject has
strong business growth
and continued expanding.
FINANCIAL INFORMATION
The capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each with
fully paid.
The capital was
increased later as
follows:
Bht. 2,000,000
on December 12,
2001
Bht. 4,000,000
on August 15,
2003
Bht. 48,960,000
on August 28,
2007
The latest registered
capital was increased
to Bht. 48,960,000
divided into 489,600
shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 10,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Vitoon Vonghangool Nationality: Thai Address :
51 Soi Pattanakarn
61, Prawet,
Bangkok |
288,000 |
58.82 |
|
Mr. Hong Thai Pham Nationality: French Address : 100/51 Soi
Yothinpattana, Praditmanutham Road,
Klongchan, Bangkapi, Bangkok
|
96,000 |
19.61 |
|
Mr. Jean O.A. Petre Nationality: Belgian Address : Belgium |
96,000 |
19.61 |
|
Mr. Suvit Vachiraprasit Nationality: Thai Address : 62/25
Ratchadapisek Road, Wad
Thaphra,
Bangkokyai, Bangkok |
9,600 |
1.96 |
Total Shareholders : 4
Share Structure [as
at April 10,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
297,600 |
60.78 |
|
Foreign |
2 |
192,000 |
39.22 |
|
Total |
4 |
489,600 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Parinda Kreebongkarn No. 6690
BALANCE SHEET
[BAHT]
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 [Adjusted] |
|
|
|
|
|
|
Cash and Cash Equivalents |
33,854,535.28 |
40,866,998.52 |
50,569,800.49 |
|
Trade Accounts &
Other Receivable |
281,708,422.58 |
98,294,006.91 |
27,280,020.59 |
|
Inventories |
21,894,304.17 |
10,366,251.92 |
8,121,046.12 |
|
Other Current Assets
|
16,005,940.92 |
14,407,669.99 |
4,939,208.24 |
|
|
|
|
|
|
Total Current Assets
|
353,463,202.95 |
163,934,927.34 |
90,910,075.44 |
|
Cash at Bank pledged as a Collateral |
3,433,577.79 |
585,972.34 |
417,715.90 |
|
Available for Sales Investment |
10,835,840.75 |
43,433,691.68 |
- |
|
Investment in Associated |
- |
- |
2,130.97 |
|
Investment in Subsidiaries |
11,000,000.00 |
11,000,000.00 |
11,000,000.00 |
|
Investment Property |
785,248.00 |
- |
- |
|
Other Investments |
- |
- |
968.54 |
|
Fixed Assets |
669,816,679.29 |
504,489,970.50 |
287,630,048.97 |
|
Intangible Assets |
10,403,571.32 |
7,678,571.36 |
8,928,571.40 |
|
Other Non - current Assets |
111,121,956.02 |
11,541,306.40 |
11,599,901.72 |
|
Total Assets |
1,170,860,076.12 |
742,664,439.62 |
410,489,412.94 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 [Adjusted] |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
64,872,933.68 |
174,384,248.38 |
41,319,917.00 |
|
Current Portion of
Long-term Liabilities Financial Lease contract
liabilities |
227,671.22 |
1,028,801.05 |
1,881,917.97 |
|
Long-term loans from financial |
25,726,800.00 |
21,000,000.00 |
15,000,000.00 |
|
Short-term Loan |
- |
60,000,000.00 |
60,000,000.00 |
|
Other Current Liabilities |
1,502,824.95 |
1,967,017.19 |
1,215,729.39 |
|
|
|
|
|
|
Total Current Liabilities |
92,330,229.85 |
258,380,066.62 |
119,417,564.36 |
|
Financial Lease contract liabilities |
- |
227,671.32 |
1,256,472.37 |
|
Long-term Loan from Financial |
174,734,919.00 |
34,750,000.00 |
28,750,000.00 |
|
Long-term Loan |
90,000,000.00 |
30,000,000.00 |
- |
|
Employee Benefits Obligation |
320,591.79 |
270,668.29 |
241,470.17 |
|
Other Non-current Liabilities |
3,401,750.02 |
1,252,230.79 |
75,000.00 |
|
Total Liabilities |
360,787,490.66 |
324,880,637.02 |
149,740,506.90 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par
value authorized, issued
and fully paid share
capital 48,960,000 shares |
48,960,000.00 |
48,960,000.00 |
48,960,000.00 |
|
|
|
|
|
|
Capital Paid |
48,960,000.00 |
48,960,000.00 |
48,960,000.00 |
|
Retained Earnings: Appropriated for Statutory
Reserve |
932,825.00 |
932,825.00 |
932,825.00 |
|
Unappropriated |
760,118,479.53 |
367,694,575.00 |
210,856,081.04 |
|
Other Components of Shareholder |
61,280.93 |
196,402.60 |
- |
|
Total Shareholders' Equity |
810,072,585.46 |
417,783,802.60 |
260,748,906.04 |
|
Total Liabilities &
Shareholders' Equity |
1,170,860,076.12 |
742,664,439.62 |
410,489,412.94 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 [Adjusted] |
|
|
|
|
|
|
Sales Income |
558,300,251.75 |
217,693,627.48 |
560,528,253.00 |
|
Service Income |
67,692,614.63 |
9,505,076.43 |
115,902,690.63 |
|
Revenue Royalties |
360,608,345.58 |
92,551,900.00 |
- |
|
Gain on Disposal of Investment |
537,270.74 |
62,351,299.55 |
- |
|
Gain on Exchange Rate |
30,940,393.24 |
2,372,470.29 |
- |
|
Compensation Income |
- |
30,439,499.82 |
- |
|
Other Income |
21,768,974.64 |
9,252,715.20 |
10,139,411.61 |
|
Total Revenues |
1,039,847,850.58 |
424,166,588.77 |
686,570,355.24 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
387,733,657.43 |
148,186,424.99 |
486,639,986.57 |
|
Cost of Services |
- |
3,286,413.67 |
5,324,868.48 |
|
Selling Expenses |
31,665,919.53 |
6,297,545.36 |
2,373,681.95 |
|
Administrative Expenses |
68,544,847.81 |
80,092,970.56 |
72,808,735.05 |
|
Expenses for Research and Development |
148,346,085.95 |
110,649,384.22 |
71,866,881.67 |
|
Loss on Impairment of Assets [reversal] |
- |
[86,514,495.77] |
86,514,495.77 |
|
Total Expenses |
636,290,510.72 |
261,998,243.03 |
725,528,649.49 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
403,557,339.86 |
162,168,345.74 |
[38,958,294.25] |
|
Financial Cost |
[11,133,435.33] |
[5,329,851.78] |
[4,096,978.38] |
|
Income Tax |
- |
- |
[7,515,315.88] |
|
|
|
|
|
|
Net Profit / [Loss] |
392,423,904.53 |
156,838,493.96 |
[50,570,588.51] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.83 |
0.63 |
0.76 |
|
QUICK RATIO |
TIMES |
3.42 |
0.54 |
0.65 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.47 |
0.63 |
2.35 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.84 |
0.43 |
1.65 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
20.61 |
24.98 |
6.03 |
|
INVENTORY TURNOVER |
TIMES |
17.71 |
14.61 |
60.58 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
104.22 |
112.20 |
14.72 |
|
RECEIVABLES TURNOVER |
TIMES |
3.50 |
3.25 |
24.80 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
61.07 |
420.21 |
30.66 |
|
CASH CONVERSION CYCLE |
DAYS |
63.76 |
(283.03) |
(9.91) |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
39.30 |
47.37 |
72.73 |
|
SELLING & ADMINISTRATION |
% |
10.16 |
27.02 |
11.11 |
|
INTEREST |
% |
1.13 |
1.67 |
0.61 |
|
GROSS PROFIT MARGIN |
% |
66.10 |
85.28 |
28.77 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
40.90 |
50.72 |
(5.76) |
|
NET PROFIT MARGIN |
% |
39.78 |
49.05 |
(7.48) |
|
RETURN ON EQUITY |
% |
48.44 |
37.54 |
(19.39) |
|
RETURN ON ASSET |
% |
33.52 |
21.12 |
(12.32) |
|
EARNING PER SHARE |
BAHT |
801.52 |
320.34 |
(103.29) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.31 |
0.44 |
0.36 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.45 |
0.78 |
0.57 |
|
TIME INTEREST EARNED |
TIMES |
36.25 |
30.43 |
(9.51) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
208.55 |
(52.73) |
|
|
OPERATING PROFIT |
% |
148.85 |
(516.26) |
|
|
NET PROFIT |
% |
150.21 |
410.14 |
|
|
FIXED ASSETS |
% |
32.77 |
75.40 |
|
|
TOTAL ASSETS |
% |
57.66 |
80.92 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 208.55%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
66.10 |
Deteriorated |
Industrial Average |
153.36 |
|
Net Profit Margin |
39.78 |
Impressive |
Industrial Average |
3.66 |
|
Return on Assets |
33.52 |
Impressive |
Industrial Average |
8.51 |
|
Return on Equity |
48.44 |
Impressive |
Industrial Average |
21.17 |
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 66.1%. 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 39.78%, 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
33.52%, 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 48.44%, 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 |
3.83 |
Impressive |
Industrial Average |
1.57 |
|
Quick Ratio |
3.42 |
|
|
|
|
Cash Conversion Cycle |
63.76 |
|
|
|
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 3.83 times in 2013, increased from 0.63 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 3.42 times in 2013,
increased from 0.54 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 64 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.31 |
Impressive |
Industrial Average |
0.59 |
|
Debt to Equity Ratio |
0.45 |
Impressive |
Industrial Average |
1.42 |
|
Times Interest Earned |
36.25 |
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 36.25 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 0.31 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 |
1.47 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.84 |
Deteriorated |
Industrial Average |
2.33 |
|
Inventory Conversion Period |
20.61 |
|
|
|
|
Inventory Turnover |
17.71 |
Impressive |
Industrial Average |
5.91 |
|
Receivables Conversion Period |
104.22 |
|
|
|
|
Receivables Turnover |
3.50 |
Impressive |
Industrial Average |
3.29 |
|
Payables Conversion Period |
61.07 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.50 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 decreased from 25 days at the end of 2012 to 21
days at the end of 2013. This represents a positive trend. And Inventory
turnover has increased from 14.61 times in year 2012 to 17.71 times in year
2013.
The company's Total Asset Turnover is calculated as 0.84 times and 0.43
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.62.97 |
|
|
1 |
Rs.94.97 |
|
Euro |
1 |
Rs.74.43 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.