MIRA INFORM REPORT
|
Report No. : |
322527 |
|
Report Date : |
19.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
TOC GLYCOL COMPANY LIMITED |
|
|
|
|
Registered Office : |
15th Floor,
Energy Complex Building
A, 555/1 Vibhavadi-Rangsit Road,
Chatuchak, Bangkok 10900 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
27.11.2003 |
|
|
|
|
Com. Reg. No.: |
0105546143745 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in manufacturing of
ethylene glycol and
ethylene oxide. The
products have been
used mainly in polyester
fibers and polyethylene teraphthalate (PET
plastic bottles) industries.
|
|
|
|
|
No. of Employee : |
130 |
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 |
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|
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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 has had a strong economy due in part to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand 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 both 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. Government approved flood mitigation projects, worth $11.7 billion, were started in 2012 to prevent a repeat. Thai growth slowed in 2013 and has remained low since, as the country faced political uncertainty and a coup in May 2014. The interim government is implementing a special $11 billion short-term stimulus package and has approved a budget of more than $80 billion to aid an economic rebound.
|
Source
: CIA |
Company
name and address
TOC GLYCOL COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 15th FLOOR,
ENERGY COMPLEX BUILDING
A,
555/1 VIBHAVADI-RANGSIT ROAD,
CHATUCHAK,
BANGKOK 10900,
THAILAND
TELEPHONE : [66] 2265-8100,
2265-8400
FAX :
[66] 2265-8111,
2265-8500
E-MAIL
ADDRESS : egmarketing@glycol.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION
NO. : 0105546143745 [Former
: 10454602393]
TAX
ID NO. : 3031160354
CAPITAL REGISTERED : BHT. 5,395,000,000
CAPITAL PAID-UP : BHT.
5,395,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SERMSAK SRIYAPHAI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 130
LINES
OF BUSINESS : PETROCHEMICALS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH
BORMAL BUSINESS ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMENCE
HISTORY
The
subject was established
on November 27,
2003 as a
private limited company under
the name style TOC GLYCOL COMPANY LIMITED by Thai groups,
in order to
produce ethylene glycol
and ethylene oxide. The
subject currently employs
approximately 130 staff.
The subject
is a wholly owned subsidiary
of PTT Global Chemical Public Company
Limited, which is
also a member
of PTT group
of companies.
The subject’s registered address was
initially at 3rd Floor, PTTEP
Building, 555 Vibhavadi-Rangsit
Rd., Chomphol, Chatuchak, Bangkok
10900.
On
September 1, 2004 the
subject’s registered address
was relocated to 123
Vibhavadi-Rangsit Rd., Chomphol,
Chatuchak, Bangkok 10900.
On
March 22, 2010, it
was finally relocated
to 15th Floor,
Energy Complex Building
A, 555/1 Vibhavadi-Rangsit Rd.,
Chatuchak, Bangkok 10900,
and this is the
subject’s current operation
address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Athavudh Hirunburana |
|
Thai |
60 |
|
Mrs. Warawan Tippawanich |
|
Thai |
52 |
|
Mr. Sermsak Sriyaphai |
|
Thai |
60 |
|
Mr. Suvit Tinnachote |
|
Thai |
59 |
|
Mr. Pana Naksuk |
|
Thai |
60 |
AUTHORIZED
PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sermsak Sriyaphai is
the Managing Director.
He is Thai
nationality with the
age of 60
years old.
BUSINESS
OPERATIONS
The subject is
engaged in manufacturing
of ethylene glycol
and ethylene oxide.
The products have
been used mainly in
polyester fibers and
polyethylene teraphthalate (PET
plastic bottles) industries.
Ranges of products
are as follows:
·
Monoethylene
Glyco [MEG] is a
key raw material in the
manufacture of polyester
for textile industry
and PET plastic for
the plastic bottle
and film industries.
·
Diethylene Glycol [DEG] and Triethylene Glycol [TEG] are additives of
polyurethane and both
elastic and more rigid types foam,
and also used
in solvents production.
·
Ethylene Oxide [EO]
is an intermediate in the production of other industrial chemicals, including
ethoxylate, ethanol amine
and cloline chloride.
PRODUCTION
CAPACITY
Monoethylene
Glyco [MEO] :
450,160 tons per
annum
Diethylene Glycol [DEG] : 43,000
tons per annum
Triethylene Glycol [TEG] : 42,000
tons per annum
Ethylene Oxide [EO] : 85,000
tons per annum
PURCHASE
Some of
raw material and chemicals for
the production are imported from Japan, Germany, U.S.A.
and Singapore.
MAJOR
SUPPLIERS
PTT
Global Chemical Public
Company Limited : Thailand
IRPC
Public Company Limited : Thailand
SALES
80%
of the products
is sold locally
by wholesale to
manufacturers, the remaining
20% is exported
to Republic of
China, India, Sri
Lanka, Vietnam, Korea,
Taiwan, Indonesia and
Malaysia.
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
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
TMB
Bank Public Co.,
Ltd.
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
130 office staff
and factory workers.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in
commercial/residential area.
Factory
I : 9
Soi G-12, Eastern
Industrial Estate, Pakorn
Songkhraorat Rd.,
Map Ta Phut, Muang,
Rayong 21150.
Tel : [66] 38
922-000, Fax : [66] 38
925-988.
Factory
II : 9/1 Soi
G-12, Eastern Industrial
Estate, Pakorn Songkhraorat
Rd.,
Map Ta Phut, Muang,
Rayong 21150.
COMMENT
The company was established
under strong determination to diversify
business of PTT
Global Chemical Public Company Limited, a leader in Thailand’s
chemical industry. Subject
is created for
the purposes of giving
added value to
PTT Chemical’s olefins
stream and filling
the gap in the
country’s PET plastic
and textile industries.
Since the production
has been started
in 2004, the products
have been supplied
to textile, plastic film and
clear plastic bottles
in Thailand and
worldwide.
Subject
is considered a
strong business in
petrochemical industry. Its
operating
performance
is solid and
remains profitable for
many consecutive years.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 4,515,000,000
divided into 45,150,000
shares of
Bht. 100
each.
On
March 28, 2005 the
capital was increased to
Bht. 5,395,000,000 divided
into
53,950,000
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
[as
at April 24,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
PTT Global Chemical
Public Company Limited Nationality: Thai Address : 555/1
Vibhavadi-Rangsit Rd., Chatuchak,
Bangkok 10900 |
53,949,998 |
100.00 |
|
Mr. Sermsak Sriyaphai Nationality: Thai Address : 24
Soi Seemuang-Anusorn, Dingdaeng, Bangkok |
1 |
- |
|
Mr. Veena Khenmachitto Nationality: Thai Address : 147
Soi Nophakao, Bangsue,
Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 24,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
53,950,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
53,950,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Vairoj Chindamaneepitak No.
3565
Note:
The 2014 financial
statement has not
been disclosed to
public by the
Commercial Registration
Department during investigation.
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
171,598,394 |
29,283,062 |
38,098,875 |
|
Trade Accounts Receivable
|
2,121,932,859 |
2,136,540,490 |
1,328,138,677 |
|
Other Receivable |
276,878,121 |
259,972,761 |
13,146,910 |
|
Inventories |
799,586,088 |
542,237,654 |
398,970,469 |
|
Short-term Loan to Receivable Company |
1,237,545,524 |
710,651,428 |
1,200,769,349 |
|
Other Current Assets
|
74,949,846 |
6,372,525 |
29,954,024 |
|
Total Current Assets
|
4,682,490,832 |
3,685,057,920 |
3,009,078,304 |
|
|
|
|
|
|
Fixed Assets |
9,697,773,032 |
9,461,373,426 |
8,317,032,061 |
|
Intangible Assets |
145,757,973 |
152,828,062 |
31,144,224 |
|
Deferred Income Tax Assets |
16,625,599 |
16,638,347 |
9,742,674 |
|
Other Non-current Assets |
1,021,388,860 |
791,158,304 |
887,389,345 |
|
Total Assets |
15,564,036,296 |
14,107,056,059 |
12,254,386,608 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts Payable |
1,238,000,418 |
738,547,837 |
539,215,397 |
|
Other Receivable |
213,239,952 |
519,893,056 |
144,603,341 |
|
Short-term Loan from Related Company |
- |
800,000,000 |
- |
|
Payable-Construction |
237,640,181 |
41,569,750 |
31,528,078 |
|
Current Portion of Financial
Lease Contract Liabilities
|
2,565,566 |
2,073,470 |
2,088,775 |
|
Accrued Income Tax |
7,483,927 |
6,448,018 |
11,628,654 |
|
Pre-received Income |
- |
- |
18,497,620 |
|
Other Current Liabilities |
6,193,992 |
19,691,682 |
56,648,243 |
|
Total Current Liabilities |
1,705,124,036 |
2,128,223,813 |
804,210,108 |
|
|
|
|
|
|
Financial Lease Contract
Liabilities |
1,774,875 |
3,696,341 |
3,673,259 |
|
Employee Benefits Obligation |
15,528,519 |
12,595,366 |
8,182,921 |
|
Total Liabilities |
1,722,427,430 |
2,144,515,520 |
816,066,288 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 53,950,000 shares |
5,395,000,000 |
5,395,000,000 |
5,395,000,000 |
|
Capital Paid |
5,395,000,000 |
5,395,000,000 |
5,395,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
539,500,000 |
539,500,000 |
539,500,000 |
|
Unappropriated |
7,907,108,866 |
6,028,040,539 |
5,503,820,320 |
|
Total Shareholders' Equity |
13,841,608,866 |
11,962,540,539 |
11,438,320,320 |
|
Total Liabilities &
Shareholders' Equity |
15,564,036,296 |
14,107,056,059 |
12,254,386,608 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
16,199,781,952 |
14,450,855,028 |
12,647,287,956 |
|
Interest Income |
50,571,413 |
46,378,850 |
37,907,937 |
|
Gain on Exchange Rate |
17,703,923 |
1,338,481 |
16,962,329 |
|
Gain on Derivative |
7,419,269 |
- |
- |
|
Other Income |
95,897,381 |
62,212,978 |
49,087,360 |
|
Total Revenues |
16,371,373,938 |
14,575,785,337 |
12,751,245,582 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
11,123,362,392 |
9,459,767,199 |
7,766,222,098 |
|
Selling Expenses |
190,058,586 |
114,209,212 |
58,427,076 |
|
Administrative Expenses |
220,816,733 |
122,634,194 |
111,265,966 |
|
Loss on Derivative |
401,047 |
- |
- |
|
Cost of Financial |
29,963,917 |
23,003,382 |
850,125 |
|
Total Expenses |
11,564,602,675 |
9,719,613,987 |
7,936,765,265 |
|
Profit Before Income Tax |
4,806,771,263 |
4,856,171,350 |
4,814,480,317 |
|
Income Tax |
[14,402,936] |
[15,951,131] |
[22,840,324] |
|
Net Profit / [Loss] |
4,792,368,327 |
4,840,220,219 |
4,791,539,993 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.75 |
1.73 |
3.74 |
|
QUICK RATIO |
TIMES |
1.51 |
1.14 |
1.72 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.67 |
1.53 |
1.52 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.04 |
1.02 |
1.03 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
26.24 |
20.92 |
18.75 |
|
INVENTORY TURNOVER |
TIMES |
13.91 |
17.45 |
19.47 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
47.81 |
53.96 |
38.33 |
|
RECEIVABLES TURNOVER |
TIMES |
7.63 |
6.76 |
9.52 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
40.62 |
28.50 |
25.34 |
|
CASH CONVERSION CYCLE |
DAYS |
33.42 |
46.39 |
31.74 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
68.66 |
65.46 |
61.41 |
|
SELLING & ADMINISTRATION |
% |
2.54 |
1.64 |
1.34 |
|
INTEREST |
% |
0.18 |
0.16 |
0.01 |
|
GROSS PROFIT MARGIN |
% |
32.40 |
35.40 |
39.42 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
29.67 |
33.60 |
38.07 |
|
NET PROFIT MARGIN |
% |
29.58 |
33.49 |
37.89 |
|
RETURN ON EQUITY |
% |
34.62 |
40.46 |
41.89 |
|
RETURN ON ASSET |
% |
30.79 |
34.31 |
39.10 |
|
EARNING PER SHARE |
BAHT |
88.83 |
89.72 |
88.81 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.11 |
0.15 |
0.07 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.12 |
0.18 |
0.07 |
|
TIME INTEREST EARNED |
TIMES |
160.42 |
211.11 |
5,663.26 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
12.10 |
14.26 |
|
|
OPERATING PROFIT |
% |
(1.02) |
0.87 |
|
|
NET PROFIT |
% |
(0.99) |
1.02 |
|
|
FIXED ASSETS |
% |
2.50 |
13.76 |
|
|
TOTAL ASSETS |
% |
10.33 |
15.12 |
|
ANNUAL
GROWTH : SATISFACTORY
An annual sales growth is 12.1%. Turnover has increased from THB
14,450,855,028.00 in 2012 to THB 16,199,781,952.00 in 2013. While net profit
has decreased from THB 4,840,220,219.00 in 2012 to THB 4,792,368,327.00 in
2013. And total assets has increased from THB 14,107,056,059.00 in 2012 to THB
15,564,036,296.00 in 2013.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
32.40 |
Impressive |
Industrial
Average |
21.58 |
|
Net Profit Margin |
29.58 |
Impressive |
Industrial
Average |
1.65 |
|
Return on Assets |
30.79 |
Impressive |
Industrial
Average |
2.85 |
|
Return on Equity |
34.62 |
Impressive |
Industrial
Average |
5.43 |
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. Gross Profit Margin is 32.4%. 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. Net Profit Margin ratio is 29.58%,
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
30.79%, 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 34.62%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
2.75 |
Impressive |
Industrial
Average |
1.34 |
|
Quick Ratio |
1.51 |
|
|
|
|
Cash Conversion Cycle |
33.42 |
|
|
|
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 2.75 times in 2013, increased from 1.73 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 1.51 times in 2013,
increased from 1.14 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 34 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.11 |
Impressive |
Industrial
Average |
0.48 |
|
Debt to Equity Ratio |
0.12 |
Impressive |
Industrial
Average |
0.94 |
|
Times Interest Earned |
160.42 |
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 160.42 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 0.11 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.67 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.04 |
Acceptable |
Industrial
Average |
1.73 |
|
Inventory Conversion Period |
26.24 |
|
|
|
|
Inventory Turnover |
13.91 |
Impressive |
Industrial
Average |
10.32 |
|
Receivables Conversion Period |
47.81 |
|
|
|
|
Receivables Turnover |
7.63 |
Impressive |
Industrial
Average |
7.20 |
|
Payables Conversion Period |
40.62 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.63 and 6.76 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
increased from 2012. This would suggest the company had good performance 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 has increased from 21 days at the
end of 2012 to 26 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 17.45 times in year 2012 to 13.91
times in year 2013.
The company's Total Asset Turnover is calculated as 1.04 times and 1.02
times in 2013 and 2012 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Uptrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.55 |
|
|
1 |
Rs.99.86 |
|
Euro |
1 |
Rs.72.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.