MIRA INFORM REPORT
|
Report No. : |
311598 |
|
Report Date : |
14.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
OCEAN GLASS PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
34th Floor,
Ocean Tower Ii,
75/88-91 Sukhumvit 19
Road, Klongtoey Nua, Wattana, Bangkok
10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
21.09.1979 |
|
|
|
|
Com. Reg. No.: |
0107536000153 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing and
marketing wide range
of glassware products |
|
|
|
|
No. of Employees : |
730 |
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 |
|
Payment Behaviour : |
No Complaints |
|
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
OCEAN GLASS PUBLIC
COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 34th FLOOR,
OCEAN TOWER II,
75/88-91
SUKHUMVIT 19
ROAD, KLONGTOEY NUA,
WATTANA, BANGKOK
10110, THAILAND
TELEPHONE : [66] 2661-6556
FAX : [66] 2661-6550
E-MAIL ADDRESS : contact@oceanglass.com
ir@oceanglass.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1979
REGISTRATION NO. : 0107536000153 [Former :
BOR MOR JOR. 89]
CAPITAL REGISTERED : BHT.
500,000,000
CAPITAL PAID-UP : BHT.
213,307,150
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
KIRATI ASSAKUL, THAI
MANAGING DIRECTOR
NO. OF STAFF : 730
LINES OF BUSINESS : GLASSWARES
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
September 21, 1979 originally as a
private limited company under
the name style “Ocean Glass
Co., Ltd.” by
Thai groups, in order
to manufacture wide
range of glassware
products with the
promotional privileges granted by
the Board of
Investment [BOI].
On March 11,
1993, subject’s status
was converted to
a public limited
company under the name OCEAN
GLASS PUBLIC COMPANY
LIMITED, and was
listed on the
Stock Exchange of
Thailand [SET] on August
19, 1993, under
the symbol name “OGC”.
It currently employs
approximately 730 staff.
Subject also achieved
the ISO 9001:2000 certification
for the quality
management system.
In 2004, the
subject’s subsidiary, Ocean
Sasaki Glass Co.,
Ltd., has transferred its
whole business to
the subject.
The subject’s registered
address is 34th Floor,
Ocean Tower II,
75/88-91 Sukhumvit 19
Rd., Klongtoey Nua,
Wattana, Bangkok 10110,
and this is
the subject’s current
operation address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kirati Assakul |
[x] |
Thai |
57 |
|
Mr. Naputt Assakul |
[x] |
Thai |
39 |
|
Mr. Tatchapol Poshyanonda |
|
Thai |
50 |
|
Mr. Chatchawin Charoenrajapark |
|
Thai |
55 |
|
Mr. Chakri Chanruangvanich |
[x] |
Thai |
59 |
|
Mr. Chaipranin Visudhipol |
|
Thai |
56 |
|
Mr. Woragan Xuto |
|
Thai |
62 |
|
Mr. Matthew Kichodhan |
|
Canadian |
49 |
AUTHORIZED PERSON
Two of the
above directors [x]
can jointly sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Name Position
Mr. Kirati Assakul Managing Director
Mrs. Chantana Srisamarnmitre Assistant Managing
Director
Ms. Jariya Saengchaiya Executive
Director, Production
Mr. Athanasios Tsepisis Executive Director,
Customer & Channel
Development
Ms. Lalitpat Wanichsermkul Executive Director,
Finance & Accounting and
Information Technology
Mr. Rawis Inkanisorn Executive Director,
Supply Chain
Mrs. Yada Andaris Executive Director,
Human Resources
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and marketing wide
range of glassware
products, which can be divided
into 3 main
products as the followings:
Blownware : water
glass, jar, and
other glassware
Pressware :
plate, bowl, saucer,
mug, ashtray and
etc.
Stemware : wine glass,
champagne glass, brandy
glass and etc.
BRAND NAMES
“OCEAN” “LUCARIS” and “OCEAN
PROFESSIONAL”
PRODUCTION
122 million pieces
per year
PURCHASE
Raw materials are
purchased from suppliers
and agents both
domestic and overseas,
such as Japan,
Taiwan, Republic of
China, Hong Kong,
Sweden, Germany, France
and etc.
DISTRIBUTION
The subject’s customers
are divided into
3 main target
groups: food service
market, retail market [B2B]
and OEM market.
SALES [LOCAL]
30 % of the
products is sold
locally by wholesale
to dealers nationwide,
and by retail
through the company’s
sales force and
outside agents.
EXPORT
70 % of the
products is exported
to over 70 worldwide
countries, such as
Australia, Republic of China,
Vietnam, Myanmar, Cambodia, Indonesia, Philippines, Pakistan, Singapore, Iran,
India, New Zealand,
Hungary, Japan, Laos,
Bangladesh, Nepal, Malaysia,
U.S.A., Nigeria, Egypt,
Korea, Taiwan, Hong
Kong, Sri Lanka and
etc.
MAJOR CUSTOMER
Ocean Glass Trading
[Shanghai] Co., Ltd.
REVENUE STRUCTURE
[Company and Subsidiary]
|
|
2013 Million baht |
2012 Million baht |
Change [%] |
|
|
|
|
|
|
Revenue: |
|
|
|
|
Revenue from Sales |
2,008.67 |
2,008.29 |
0.02 |
|
Foreign Exchange Gain
[L] |
[7.92] |
16.56 |
[147.85] |
|
Other Income |
11.10 |
22.78 |
[57.27] |
|
|
|
|
|
|
Total Revenue |
2,011.85 |
2,047.63 |
[1.75] |
Revenue from the
sales stated Baht
2,008.67 Million increased
of Baht 0.32
Million, or increased
0.02% from previous
year.
|
|
2013 Million baht |
2012 Million baht |
Change [%] |
|
|
|
|
|
|
Revenue from Sales |
569.34 |
594.21 |
[4.19] |
|
Export Sales |
1,439.33 |
1,414.08 |
1.79 |
|
Total Revenue from Sales |
2,008.67 |
2,008.29 |
|
SUBSIDIARY AND
AFFILIATED COMPANY
Ocean Glass Trading
[Shanghai] Co., Ltd.
Business Type : Manufacturer of
glassware product in
Republic of China
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
Bangkok Bank Public
Co., Ltd.
Siam Commercial Bank
Public Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
730 staff comprising
office, sale 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 is located
at 365-365/1 Moo 4, Bangpoo Industrial
Estate, Praksa, Muang,
Samutprakarn 10280.
Showrooms/Branches:
Ocean Shop :
- 175 Sukhumvit
21 Rd., Klongtoeynua,
Wattana, Bangkok 10110.
Tel. [66] 2661-6556 Ext.
449 Fax: [66]
2258-0484
Showroom [Khon Kaen] :
- 381/43 Mitraparp
Rd., A. Muang,
Khon Kaen 40000
Tel. [66]
43 228-149 Fax
: [66] 43
228-159
Showroom [Phnom Penh] :
- #75 Eo, Charles
de Gaulle Blvd
[217], Sangkat Orussey
3, Khan 7
Makara,
Phnom Penh,
Cambodia
Ocean Glass Representative
- Unit 2A,
level 2 Broadway
C, 150 Nguyen
Luong Bang St. Dist 7,
HCMC, Vietnam
Vietnam Branch
- 184 Ba
Thang Hai Street,
Ward 12 District
10, Ho Chi
Minh City, Vietnam
COMMENT
In 2014 the
company and its
subsidiary had maintained
a growth rate
similar to the
previous year. Its
business expansion plan
was in placed.
However, under the
economic and business
circumstances, glassware and
tableware has steadily
grown in recent
year, while the prices
continue to have
an impact due
to the appreciation
of the baht.
Moreover, European and
American manufacturers also
moved their productions
into China and
United Arab Emirates.
FINANCIAL INFORMATION
The capital was registered
at Bht. 100,000,000 divided
into 1,000,000 shares of
Bht. 100
each.
The capital was
increased later as
following:
Bht. 150,000,000
on June 23,
1987
Bht. 165,000,000
on April 27,
1992
Bht. 500,000,000
on March 11,
1993
The latest registered
capital was increased to Bht.
500,000,000 divided into
50,000,000 shares of
Bht. 10 each, with
a current capital
paid-up at Bht. 213,307,150.
THE SHAREHOLDERS LISTED
WERE : [as
at March 12,
2014] at Bht. 213,307,150 of
capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ocean Holding Co.,
Ltd. |
7,000,000 |
32.82 |
|
Mrs. Sumalee Assakul |
1,552,838 |
7.28 |
|
Mr. Kirati Assakul |
1,477,458 |
6.93 |
|
Mr. Veerawuth Assakul |
1,477,378 |
6.93 |
|
Mrs. Nusara Banyatpiyapoj |
1,207,866 |
5.66 |
|
Toyo-Sasaki Glass Co.,
Ltd. |
630,715 |
2.96 |
|
Mr. Surapol Assakul |
468,082 |
2.19 |
|
Mr. Vichit Chinwongvorakul |
383,100 |
1.80 |
|
Mrs. Ratchadaporn Chaiyapruk |
373,200 |
1.75 |
|
Mr. Niti Osathanugrah |
346,800 |
1.63 |
|
Mr. Chamroen Rungwatanaseth |
276,600 |
1.30 |
|
Other Shareholders |
6,136,678 |
28.75 |
Total Shareholders :
1,339
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Methee Ratanasrimetha No.
3425
BALANCE SHEET
[BAHT]
The latest financial figures published
as at December
31, 2014, 2013
& 2012 were:
ASSETS
[Thousand Baht]
|
Current Assets |
2014 |
2013 [Restated] |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
91,050 |
247,327 |
34,536 |
|
Trade Accounts &
Other Receivable |
251,820 |
220,880 |
200,179 |
|
Inventories |
978,649 |
1,061,795 |
940,489 |
|
Value Added Tax Receivables |
63,890 |
20,968 |
- |
|
Other Current Assets
|
4,541 |
3,923 |
42,921 |
|
|
|
|
|
|
Total Current Assets
|
1,389,950 |
1,554,893 |
1,218,125 |
|
Investments in Subsidiaries |
5,900 |
5,636 |
5,636 |
|
Property, Plant and Equipment |
1,744,526 |
1,798,018 |
1,888,923 |
|
Intangible Assets |
19,847 |
23,911 |
- |
|
Other Non - current Assets |
3,466 |
3,440 |
34,309 |
|
Total Assets |
3,163,689 |
3,385,898 |
3,146,993 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
[Thousand Baht]
|
Current
Liabilities |
2014 |
2013 [Restated] |
2012 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
215,896 |
507,281 |
400,000 |
|
Trade Accounts & Other
Payable |
298,611 |
333,905 |
232,630 |
|
Current Portion of
Long-term Borrowings from Financial
Institutions |
160,000 |
70,500 |
31,200 |
|
Other Current Liabilities |
3,466 |
2,445 |
124,698 |
|
|
|
|
|
|
Total Current Liabilities |
677,973 |
914,131 |
788,528 |
|
Long-term Borrowings from Financial Institutions |
772,000 |
929,700 |
750,200 |
|
Deferred Tax Liabilities |
69,002 |
34,077 |
84,538 |
|
Employee Benefits Obligation |
87,201 |
83,364 |
272 |
|
Total Liabilities |
1,606,176 |
1,961,272 |
1,623,538 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share Capital |
|
|
|
|
Authorised share capital Ordinary shares,
50,000,000 shares of par Baht 10 each |
500,000 |
500,000 |
500,000 |
|
Issued and paid-up share capital |
|
|
|
|
Authorised share capital Ordinary shares,
21,330,715 shares of par Baht 10 each |
213,307 |
213,307 |
213,307 |
|
Premium on Share Capital |
302,807 |
302,807 |
302,807 |
|
Retained Earnings: Appropriated for Statutory Reserve |
50,000 |
50,000 |
50,000 |
|
Unappropriated |
638,971 |
585,546 |
616,134 |
|
Other Components of Equity |
352,428 |
272,966 |
341,207 |
|
Total Shareholders' Equity |
1,557,513 |
1,424,626 |
1,523,455 |
|
Total Liabilities & Shareholders' Equity |
3,163,689 |
3,385,898 |
3,146,993 |
PROFIT &
LOSS ACCOUNT
[Thousand Baht]
|
Revenue |
2014 |
2013 [Restated] |
2012 |
|
|
|
|
|
|
Sales Income |
2,067,570 |
1,985,055 |
1,998,640 |
|
Foreign Exchange Gain [Loss] |
5,557 |
[8,049] |
17,393 |
|
Other Income |
9,507 |
11,095 |
22,776 |
|
Total Revenues |
2,082,634 |
1,988,101 |
2,038,809 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,332,019 |
1,451,526 |
1,403,947 |
|
Selling Expenses |
345,080 |
357,203 |
369,397 |
|
Administrative Expenses |
101,398 |
99,638 |
138,828 |
|
Shutdown Expenses |
185,282 |
81,349 |
144,789 |
|
Finance Costs |
50,372 |
52,046 |
54,224 |
|
Total Expenses |
2,014,151 |
2,041,762 |
2,111,185 |
|
Profit / [Loss] before Income
Tax |
68,483 |
53,661 |
[72,376] |
|
Income Tax |
[15,058] |
[8,806] |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
53,425 |
[44,855] |
[72,376] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.05 |
1.70 |
1.54 |
|
QUICK RATIO |
TIMES |
0.60 |
0.54 |
0.30 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.19 |
1.10 |
1.06 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.65 |
0.59 |
0.64 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
268.17 |
267.00 |
244.51 |
|
INVENTORY TURNOVER |
TIMES |
1.36 |
1.37 |
1.49 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
44.46 |
40.61 |
36.56 |
|
RECEIVABLES TURNOVER |
TIMES |
8.21 |
8.99 |
9.98 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
81.83 |
83.96 |
60.48 |
|
CASH CONVERSION CYCLE |
DAYS |
230.80 |
223.65 |
220.59 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
64.42 |
73.12 |
70.25 |
|
SELLING & ADMINISTRATION |
% |
21.59 |
23.01 |
25.43 |
|
INTEREST |
% |
2.44 |
2.62 |
2.71 |
|
GROSS PROFIT MARGIN |
% |
36.30 |
27.03 |
31.76 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.31 |
(2.70) |
(3.62) |
|
NET PROFIT MARGIN |
% |
2.58 |
(2.26) |
(3.62) |
|
RETURN ON EQUITY |
% |
3.43 |
(3.15) |
(4.75) |
|
RETURN ON ASSET |
% |
1.69 |
(1.32) |
(2.30) |
|
EARNING PER SHARE |
BAHT |
2.50 |
(2.10) |
(3.39) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.51 |
0.58 |
0.52 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.03 |
1.38 |
1.07 |
|
TIME INTEREST EARNED |
TIMES |
1.36 |
(1.03) |
(1.33) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
4.16 |
(0.68) |
|
|
OPERATING PROFIT |
% |
(227.62) |
(25.86) |
|
|
NET PROFIT |
% |
219.11 |
38.03 |
|
|
FIXED ASSETS |
% |
(2.98) |
(4.81) |
|
|
TOTAL ASSETS |
% |
(6.56) |
7.59 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 4.16%. Turnover has increased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
36.30 |
Impressive |
Industrial Average |
4.71 |
|
Net Profit Margin |
2.58 |
Acceptable |
Industrial Average |
4.47 |
|
Return on Assets |
1.69 |
Acceptable |
Industrial Average |
3.10 |
|
Return on Equity |
3.43 |
Acceptable |
Industrial Average |
5.71 |
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
36.3%. 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 2.58%.
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 1.69%.
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 3.43%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
2.05 |
Impressive |
Industrial Average |
1.20 |
|
Quick Ratio |
0.60 |
|
|
|
|
Cash Conversion Cycle |
230.80 |
|
|
|
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 2.05 times in 2014, increased from 1.7 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 0.6 times in 2014,
increased from 0.54 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 231 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.51 |
Impressive |
Industrial Average |
0.52 |
|
Debt to Equity Ratio |
1.03 |
Acceptable |
Industrial Average |
1.07 |
|
Times Interest Earned |
1.36 |
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 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 1.36 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 0.51 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 |
1.19 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.65 |
Satisfactory |
Industrial Average |
0.70 |
|
Inventory Conversion Period |
268.17 |
|
|
|
|
Inventory Turnover |
1.36 |
Deteriorated |
Industrial Average |
4.09 |
|
Receivables Conversion Period |
44.46 |
|
|
|
|
Receivables Turnover |
8.21 |
Impressive |
Industrial Average |
2.62 |
|
Payables Conversion Period |
81.83 |
|
|
|
The company's Account Receivable Ratio is calculated as 8.21 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 267 days at the
end of 2013 to 268 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 1.37 times in year 2013 to 1.36 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.65 times and 0.59
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.67 |
|
|
1 |
Rs.93.16 |
|
Euro |
1 |
Rs.66.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.