MIRA INFORM REPORT
|
Report No. : |
327364 |
|
Report Date : |
20.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
INDORAMA PETROCHEM LTD. |
|
|
|
|
Registered Office : |
35th Floor, Ocean Tower, 75/93 SOI Sukhumvit 19, Sukhumvit Road, Klongtoeynua, Wattana, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
19.05.2003 |
|
|
|
|
Com. Reg. No.: |
0105546057211 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer,
Distributor and Exporter of Purified Terephthalic Acid. |
|
|
|
|
No. of Employees : |
200 |
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 |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
A2 |
A2 |
|
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 has historically had a strong economy due in part to industrial and
agriculture exports - mostly electronics, agricultural commodities, automobiles
and parts, and processed foods. The economy experienced slow growth and
declining exports in 2014, in part due to domestic political turmoil and
sluggish global demand. With full employment, Thailand attracts an estimated 4
million migrant workers from neighboring countries, and faces labor shortages.
Following the May 2014 coup d’tat, tourism decreased 6-7% but is beginning to
recover. The household debt to GDP ratio is over 80%. The Thai government in
2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and
deployed new tax reforms designed to lower rates on middle-income earners. The
Thai baht has remained stable.
|
Source
: CIA |
Company
Name
INDORAMA PETROCHEM
LTD.
SUMMARY
BUSINESS
ADDRESS : 35th FLOOR,
OCEAN TOWER,
75/93 SOI
SUKHUMVIT 19, SUKHUMVIT
ROAD,
KLONGTOEYNUA, WATTANA,
BANGKOK 10110,
THAILAND
TELEPHONE : [66] 2661-6658
FAX :
[66] 2661-6664,
2661-7524
E-MAIL
ADDRESS : irpl@indorama.net
nop@indorama.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION
NO. : 0105546057211 [Former : 10654600697]
TAX
ID NO. : 3030915931
CAPITAL REGISTERED : BHT. 4,727,820,420
CAPITAL PAID-UP : BHT.
4,727,820,420
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. DILIP KUMAR
AGARWAL, INDIAN
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 200
LINES
OF BUSINESS : PURIFIED TEREPHTHALIC
ACID
MANUFACTURER,
DISTRIBUTOR AND EXPORTER
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on May 19,
2003 as a
private limited company
under the name
style INDORAMA PETROCHEM
LTD., by Thai-Foreign
groups, with the
business objective to
manufacture Purified Terephthalic
Acid for domestic
and export markets.
It currently employs
approximately 200 staff.
Presently,
subject is a
wholly owned subsidiary
of Indorama Ventures
Public Company Limited,
Thailand, which is a
member of Canopus
International Limited in
Mauritius.
The
subject is also
a member of
Indorama Group, which
is the world-class
enterprise competing on
an international playing
field, has strong
presence in polyesters
and textiles for
last more than
three decades, which
use petrochemicals as raw
materials. Since 2002, the group
has started backward
integration by entering
into petrochemicals: successfully
started one of largest
PTA plant at
Thailand in March
2006.
On
May 4, 2007,
subject achieved the
ISO 9001:2000 certificate.
The
subject’s registered address
was initially at 36/81
Sukhumvit 21 Rd.,
Klongtoeynua, Wattana, Bangkok
10110.
In
October 2008, subject’s
registered address was
relocated to 35th Flr.,
Ocean Tower, 75/93 Soi Sukhumvit 19, Sukhumvit
Rd., Klongtoeynua, Wattana,
Bangkok 10110, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sanjeev Sharma |
|
Indian |
48 |
|
Mr. Dilip Kumar Agarwal |
|
Indian |
59 |
|
Mr. Sandeep Pandurang Kamat |
|
Indian |
48 |
|
Mr. Aloke Lohia |
|
Indian |
57 |
|
Mrs. Suchitra Lohia |
|
Indian |
51 |
AUTHORIZED
PERSON
Any of the
mentioned directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Dilip Kumar Agarwal
is the Chief
Executive Officer.
He is Indian
nationality with the
age of 59
years old.
Mr. Sunil Fotedar is
the Acting President.
He is Indian
nationality.
Mr. Nop Siwasitchai is
the VP [Human
Resources & Administration].
He is Thai
nationality.
Mr. Sanjeev Sharma is
the VP [Marketing].
He is Indian
nationality with the
age of 48
years old.
Mr. Bala Subramanian is
the Production Manager.
He is Indian
nationality.
BUSINESS
OPERATIONS
The subject is
engaged in manufacturing
and marketing of
Purified Terephthalic Acid, which
is a major
raw material in
the manufacture of PET, Polyester
fiber and Polyester
film.
PRODUCTION CAPACITY
Approximately 771,000 metric
tons per annum.
PURCHASE
Most of raw
materials are purchased
from local suppliers,
and the remaining
as well as
machinery are imported from
Indonesia, Italy, India,
Republic of China,
Netherlands and Germany.
MAJOR SUPPLIERS
PTT Global Chemical
Public Company Limited : Thailand
IRPC
Public Company Limited
SALES
60% of the
products is sold
locally by wholesale
to dealers and
manufacturers, and the
remaining 40% is
exported to Indonesia,
Vietnam, United Kingdom,
Germany, Japan, Taiwan, Republic
of China, Malaysia,
Australia and United
States of America.
MAJOR CUSTOMER
Indorama Polyester Industries
Public Company Limited
: Thailand
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 the past two
years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight or T/T.
BANKING
Krung Thai Bank
Public Co., Ltd.
Bangkok Bank Public
Co., Ltd.
Bank of Ayudhya
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
200 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial
area.
Factory
and warehouse are
located at 4
Moo 2, Asia
Industrial Estate, T.
Banchang,
A. Banchang,
Rayong 21130. Tel
: [66] 38
689-081-5 Fax : [66] 38
689-090
COMMENT
The
subject was set-up as one of the world largest
plants of Purified
Terephthalic Acid in
Asia Industrial Estate,
petrochemical hub of Rayong
province in Thailand. The
plant is one
of the single
largest train plants
for the production
of PTA until
today.
PTA (Purified Terephthalic Acid) is a major
raw material in the
manufacture of polyester polymer. There
has been a
growth in demand
for PTA, particularly
in Asia, driven
by increasing end usages of
polyesters in apparel, packaging
and industrial applications.
Subject’s
business performance had been
affected by domestic
industrial slowdown as well as global
economic recovery remained
hazy and this also had
negative implications for
its exports throughout
the year 2014.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 100,000 divided
into 10,000 shares
of Bht. 10
each.
The
capital was increased
later as following:
Bht. 600,000,000 on
January 22, 2004
Bht. 4,712,000,000
on April 12,
2004
Bht. 4,727,820,420
on November 4,
2005
The
latest registered capital
was increased to
Bht. 4,727,820,420 divided into
472,782,042 shares of
Bht. 10 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at April
21, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Indorama Ventures Public
Company Limited Nationality: Thai Address : 75/102
Sukhumvit 19 Rd.,
Klongtoetnua,
Wattana, Bangkok |
472,782,036 |
100.00 |
|
Mr. Amit Lohia Nationality: Indian Address : 4
Cable Rd., Singapore |
2 |
|
|
Mr. Sri Prakash Lohia Nationality: Indonesian Address : Jakarta,
Indonesia |
1 |
- |
|
Mrs. Seema Lohia Nationality: Indian Address : Jakarta,
Indonesia |
1 |
- |
|
Mrs. Aarti Lohia Nationality: Indian Address : Jakarta,
Indonesia |
1 |
- |
|
Mrs. Shruti Lohia Nationality: Indian Address : Jakarta,
Indonesia |
1 |
- |
Total Shareholders : 6
Share Structure [as
at April 21
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
472,782,036 |
100.00 |
|
Foreign |
5 |
6 |
- |
|
Total |
6 |
472,782,042 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Orawan Chunhakitpaisan No.
6105
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December 31,
2014, 2013 & 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
19,172,760 |
199,724,253 |
176,824,585 |
|
Trade Accounts Receivable |
1,623,674,107 |
2,508,943,416 |
2,100,207,217 |
|
Inventories |
1,202,532,187 |
1,285,729,585 |
1,547,791,542 |
|
Lending to Parent Company |
- |
164,300,000 |
164,300,000 |
|
Other Current Assets
|
304,249,767 |
245,898,320 |
225,656,014 |
|
|
|
|
|
|
Total Current Assets
|
3,149,628,821 |
4,404,595,574 |
4,214,779,358 |
|
Fixed Assets |
11,149,697,388 |
11,339,461,499 |
11,668,004,019 |
|
Intangible Assets |
316,630,553 |
330,813,698 |
346,042,642 |
|
Deferred Income Tax Assets |
467,527,041 |
455,612,668 |
- |
|
Other Non-current Assets |
12,207,455 |
15,760,933 |
15,999,525 |
|
Total Assets |
15,095,691,258 |
16,546,244,372 |
16,244,825,544 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institutions |
3,741,043 |
2,688,495,196 |
2,550,007,742 |
|
Trade Accounts Payable |
1,413,138,023 |
2,198,117,663 |
2,429,474,391 |
|
Short-term Loan from Related Company |
2,543,000,000 |
- |
- |
|
Current Portion of Finance
Lease Contract Liabilities |
- |
- |
1,219,178 |
|
Other Current Liabilities |
1,712,134,356 |
820,656,957 |
262,040,913 |
|
|
|
|
|
|
Total Current Liabilities |
5,672,013,422 |
5,707,269,816 |
5,242,742,224 |
|
Long-term Loan from
Financial Institution
|
- |
1,773,699,349 |
2,601,829,014 |
|
Long-term Loan from
Parent Company |
4,830,253,657 |
3,387,638,081 |
2,432,956,949 |
|
Employee Benefits Obligation |
14,262,238 |
29,145,142 |
24,689,669 |
|
Total Liabilities |
10,516,529,317 |
10,897,752,388 |
10,302,217,856 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 472,782,042 shares |
4,727,820,420 |
4,727,820,420 |
4,727,820,420 |
|
|
|
|
|
|
Capital Paid |
4,727,820,420 |
4,727,820,420 |
4,727,820,420 |
|
Loss on Estimated Insurance |
- |
- |
[4,674,819] |
|
Statutory Reserve |
472,782,042 |
472,782,042 |
472,782,042 |
|
Retained Earning -
Unappropriated [Deficit] |
[621,440,521] |
447,889,522 |
746,680,045 |
|
Total Shareholders' Equity |
4,579,161,941 |
5,648,491,984 |
5,942,607,688 |
|
Total Liabilities &
Shareholders' Equity |
15,095,691,258 |
16,546,244,372 |
16,244,825,544 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
19,275,831,388 |
23,482,267,505 |
24,951,506,330 |
|
Gain on Exchange
Rate |
132,440,244 |
- |
277,272,008 |
|
Other Income |
18,188,722 |
4,703,003 |
8,077,390 |
|
Total Revenues |
19,426,460,354 |
23,486,970,508 |
25,236,855,728 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
19,579,422,206 |
23,300,791,330 |
24,659,425,423 |
|
Selling Expenses |
478,355,304 |
456,861,814 |
499,533,317 |
|
Administrative Expenses |
73,444,199 |
43,036,824 |
73,860,449 |
|
Remuneration Management |
14,891,576 |
17,073,941 |
10,784,933 |
|
Loss on Exchange
Rate |
- |
71,722,599 |
- |
|
Financial Cost |
358,965,381 |
347,161,826 |
287,484,708 |
|
Total Expenses |
20,505,078,666 |
24,236,648,334 |
25,531,088,830 |
|
Loss before Income Tax
Benefit |
[1,078,618,312] |
[749,677,826] |
[294,233,102] |
|
Income Tax Benefit |
11,914,373 |
133,549,541 |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
[1,066,703,939] |
[616,128,285] |
[294,233,102] |
|
Loss from Estimated
Insurance |
[2,626,104] |
[ 50,547] |
[806,887] |
|
|
|
|
|
|
Net Profit / [Loss] |
[1,069,330,043] |
[616,178,832] |
[295,039,989] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.56 |
0.77 |
0.80 |
|
QUICK RATIO |
TIMES |
0.29 |
0.47 |
0.43 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.73 |
2.07 |
2.14 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.28 |
1.42 |
1.54 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
22.42 |
20.14 |
22.91 |
|
INVENTORY TURNOVER |
TIMES |
16.28 |
18.12 |
15.93 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
30.75 |
39.00 |
30.72 |
|
RECEIVABLES TURNOVER |
TIMES |
11.87 |
9.36 |
11.88 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
26.34 |
34.43 |
35.96 |
|
CASH CONVERSION CYCLE |
DAYS |
26.82 |
24.71 |
17.67 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
101.57 |
99.23 |
98.83 |
|
SELLING & ADMINISTRATION |
% |
2.86 |
2.13 |
2.30 |
|
INTEREST |
% |
1.86 |
1.48 |
1.15 |
|
GROSS PROFIT MARGIN |
% |
(0.79) |
0.79 |
2.31 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(5.60) |
(3.19) |
(1.18) |
|
NET PROFIT MARGIN |
% |
(5.53) |
(2.62) |
(1.18) |
|
RETURN ON EQUITY |
% |
(23.29) |
(10.91) |
(4.95) |
|
RETURN ON ASSET |
% |
(7.07) |
(3.72) |
(1.81) |
|
EARNING PER SHARE |
BAHT |
(2.26) |
(1.30) |
(0.62) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.70 |
0.66 |
0.63 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.30 |
1.93 |
1.73 |
|
TIME INTEREST EARNED |
TIMES |
(3.00) |
(2.16) |
(1.02) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(17.91) |
(5.89) |
|
|
OPERATING PROFIT |
% |
43.88 |
154.79 |
|
|
NET PROFIT |
% |
(73.13) |
(109.40) |
|
|
FIXED ASSETS |
% |
(1.67) |
(2.82) |
|
|
TOTAL ASSETS |
% |
(8.77) |
1.86 |
|
ANNUAL
GROWTH: RISKY
An annual sales growth is -17.91%. Turnover has decreased from THB
23,482,267,505.00 in 2013 to THB 19,275,831,388.00 in 2014. While net profit has
decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
(0.79) |
Deteriorated |
Industrial
Average |
(13.77) |
|
Net Profit Margin |
(5.53) |
Deteriorated |
Industrial
Average |
(5.36) |
|
Return on Assets |
(7.07) |
Deteriorated |
Industrial
Average |
3.38 |
|
Return on Equity |
(23.29) |
Deteriorated |
Industrial
Average |
7.31 |
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 -0.79%. When compared with the industry
average, the ratio of the company was higher, indicated that company was more
profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is -5.53%.
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 -7.07%.
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 -23.29%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.56 |
Risky |
Industrial
Average |
1.35 |
|
Quick Ratio |
0.29 |
|
|
|
|
Cash Conversion Cycle |
26.82 |
|
|
|
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 0.56 times in 2014, decreased from 0.77 times, then the company may
not be efficiently using its current assets. When compared with the industry
average, the ratio of the company was lower.
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 0.29 times in 2014,
decreased from 0.47 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 27 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.70 |
Acceptable |
Industrial
Average |
0.59 |
|
Debt to Equity Ratio |
2.30 |
Risky |
Industrial
Average |
1.24 |
|
Times Interest Earned |
(3.00) |
Risky |
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -3.01 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.7 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.73 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.28 |
Deteriorated |
Industrial
Average |
3.12 |
|
Inventory Conversion Period |
22.42 |
|
|
|
|
Inventory Turnover |
16.28 |
Satisfactory |
Industrial
Average |
19.73 |
|
Receivables Conversion Period |
30.75 |
|
|
|
|
Receivables Turnover |
11.87 |
Satisfactory |
Industrial
Average |
12.62 |
|
Payables Conversion Period |
26.34 |
|
|
|
The company's Account Receivable Ratio is calculated as 11.87 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 20 days at the
end of 2013 to 22 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 18.12 times in year 2013 to 16.28
times in year 2014.
The company's Total Asset Turnover is calculated as 1.28 times and 1.42
times in 2014 and 2013 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.82 |
|
|
1 |
Rs.101.26 |
|
Euro |
1 |
Rs.72.36 |
INFORMATION DETAILS
|
Analysis Done by
: |
SAN |
|
|
|
|
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.