MIRA INFORM REPORT
|
Report No. : |
347570 |
|
Report Date : |
05.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
TAVORN RUBBER INDUSTRY [1982] COMPANY
LIMITED |
|
|
|
|
Registered Office : |
33 Karnchanavanich Road, T. Sadao, A.
Sadao, Songkhla 90120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
06.08.1982 |
|
|
|
|
Com. Reg. No.: |
0905525000336 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturing, Distributing and Exporting of Ribbed Smoke Sheet and
Concentrated Latex. |
|
|
|
|
No. of Employees : |
400 |
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 – 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, and generally pro-investment policies Thailand has historically had a
strong economy due in part to competitive 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 2-4 million migrant
workers from neighboring countries, and faces labor shortages. Following the
May 2014 coup d'etat, 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
TAVORN
RUBBER INDUSTRY [1982] COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 33
KARNCHANAVANICH ROAD, T.
SADAO,
A. SADAO,
SONGKHLA 90120, THAILAND
TELEPHONE : [66] 74
411-353-4, 74 411-573-4,
74 411-453-4
FAX : [66] 74
411-352, 74 411-152
E-MAIL ADDRESS : tvrrubb@tvrrubber.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1982
REGISTRATION NO. : 0905525000336 [Former : SOK. KHOR. 154]
TAX ID NO. : 3901003217
CAPITAL
REGISTERED : BHT.
450,000,000
CAPITAL
PAID-UP : BHT.
450,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : DR.
TAVORN RUANGVARUNWATTANA, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 400
LINES OF
BUSINESS : CONCENTRATED LATEX
MANUFACTURER, DISTRIBUTOR & EXPORTER
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 August
6, 1982 as a private
limited company under the
registered name TAVORN
RUBBER INDUSTRY [1982]
COMPANY LIMITED by Thai
groups, with the business
objective initially to
manufacture ribbed smoke
sheets and concentrated
latex products for
both in domestic
and international markets.
In 2002, the
subject was granted
the standard ISO 9001 certificate by SGS
Yarsley International Ltd.
In 2013, the subject
stopped its ribbed
smoke sheets production
line temporarily. However,
the production of
ribbed smoke sheets
was restarted in
2014. It currently
employs approximately 400
staff.
The subject’s registered
address was initially
at 41 Padangbezar
Rd., T. Sadao,
A. Sadao, Songkhla 90120.
On October 12,
1993, the subject’s
registered address was
relocated to 33 Karnchanavanich Rd.,
T. Sadao, A.
Sadao, Songkhla 90120,
and this is the company’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Dr. Tavorn Ruangvarunwattana |
|
Thai |
68 |
|
Mrs. Naiyana Ruangvarunwattana |
|
Thai |
68 |
|
Mr. Chairat Ruangvarunwattana |
|
Thai |
43 |
|
Mr. Chaiphot Ruangvarunwattana |
|
Thai |
40 |
AUTHORIZED
PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Dr. Tavorn Ruangvarunwattana is
the Managing Director.
He is Thai nationality with
the age of 68 years
old. He is holding the
Managing Director position of the subject
and the companies in the
group.
Mrs. Naiyana Ruangvarunwattana is
the Deputy Managing
Director.
She is Thai
nationality with the
age of 68
years old.
Mr. Chairat Ruangvarunwattana is
the Factory Manager.
He is Thai
nationality with the
age of 43
years old.
BUSINESS
OPERATIONS
The subject’s is engaged in manufacturing, distributing and exporting of ribbed smoke
sheet and concentrated latex.
PRODUCTION CAPACITY
Ribbed Smoke Sheet : 500-1,000 metric
tons per month
Concentrated Latex : 4,000-5,000
metric tons per
month
PURCHASE
100% of raw
materials mainly natural
latex is purchased
directly from planters
in the southern
region of Thailand,
as well as
chemicals are purchased
from local agents.
MAJOR SUPPLIER
Tavorn Rubber Products
Industry Co., Ltd. : Thailand
EXPORT
80% of the
products is exported
to manufactures and dealers
in Asian Region such
as Taiwan, Republic of China,
Korea, Malaysia, Singapore, Australia, Indonesia, India Philippines and
Europe.
SALES [LOCAL]
20% of the
products is sold
locally by wholesale
to manufacturers.
MAJOR CUSTOMER
Great Jin-An International
Corp. : Taiwan
AFFILIATED/RELATED
COMPANIES
Tavorn Rubber
Products Industry Co., Ltd.
Business Type : Manufacturer
of concentrated latex
products
Address : 33
Karnchanavanich Rd., T.
Sadao, A. Sadao,
Songkhla 90120
Tavorn TTR
Industry Co., Ltd.
Business Type : Blocked
Rubber and TTR
products
Address : 33 Karnchanavanich Rd.,
T. Sadao, A.
Sadao, Songkhla 90120
Tavorn Rubber
Industry [Northeast] Co., Ltd.
Business Type : Manufacturer
of block rubber
[STR-20]
Address : 33
Karnchanavanich Rd., T.
Sadao, A. Sadao,
Songkhla 90120
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 credit terms
of 30-60 days.
Local bills are
paid by cash
or on the
credit term of
30-60 days.
Exports are against
L/C at sight
or T/T.
BUSINESS
TRANSACTION
In term of
sales, its products
are sold to
overseas customers mainly
by L/C at
sight, and the
remaining are by T/T
on negotiated term.
The subject is not
found to have
payment problem from
its customers. For
the purchasing, 100%
of raw material
is purchased from
local suppliers with
maximum credit receipt
at 30-60 days.
The subject is not found to have
payment problems with any suppliers.
BANKING
Krung Thai
Bank Public Co.,
Ltd.
[Hadyai Branch:
18 Nipat-uthit Rd.,
Hadyai, Songkhla 90110]
Export-Import Bank
of Thailand
[Hadyai Branch : 24
Sinbenchapol Bldg., Korhong,
Hadyai, Songkhla 90110]
Bangkok Bank
Public Co., Ltd.
EMPLOYMENT
The subject employs
approximately 400 staff. [office staff
and factory workers]
LOCATION
DETAILS
The premise is
owned for administrative office and
factory on 80,000
square meters plot of
land at the
heading address. Premise is located
in rural area
of Songkhla province,
in the Southern
region.
COMMENT
The subject’s operating
performance in 2014
was considered satisfactory
with a slightly
decrease in sales
revenue but an
increase in net
profit comparing to
the previous year.
This was resulted by
decreasing demand of
major market like
China. Economy slowdown in
China has halted
demand of rubber sheet
and latex reflecting
price declining considerably.
Oversupply of rubber
in global market
hurts Thai rubber exporter
causing a rapid decline
in orders.
The subject is
also affected by a
decrease in rubber
price and prompting
to shift its
production to serve
the domestic market.
FINANCIAL
INFORMATION
The capital was
initially registered at
Bht. 10,000,000 divided into
1,000 shares of
Bht. 10,000 each.
The capital was increased later
as follows:
Bht. 20,000,000
on March 11,
1987
Bht. 80,000,000
on March 28,
2001
Bht. 87,000,000
on November 11,
2003
Bht. 187,000,000
on September 1,
2009
Bht. 287,000,000
on December 27,
2012
Bht. 450,000,000
on February 18,
2014
The latest registered
capital was increased
to Bht. 450,000,000
divided into 45,000
shares of Bht. 10,000
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
[as at April
30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Dr. Tavorn
Ruangvarunwattana Nationality: Thai Address : 33/36
Karnchanavanich Rd., T.
Sadao, A. Sadao,
Songkhla 90120 |
12,710 |
28.24 |
|
Mrs. Naiyana
Ruangvarunwattana Nationality: Thai Address : 33/36
Karnchanavanich Rd., T.
Sadao, A. Sadao,
Songkhla 90120 |
12,610 |
28.02 |
|
Mr. Chairat
Ruangvarunwattana Nationality: Thai Address : 33/36
Karnchanavanich Rd., T.
Sadao, A. Sadao,
Songkhla 90120 |
6,620 |
14.71 |
|
Mr. Chaiphot
Ruangvarunwattana Nationality: Thai Address : 33/36
Karnchanavanich Rd., T.
Sadao, A. Sadao,
Songkhla 90120 |
6,620 |
14.71 |
|
Mrs. Pornsiri
Ruangvarunwattana Nationality: Thai Address : 33/36
Karnchanavanich Rd., T.
Sadao, A. Sadao,
Songkhla 90120 |
3,220 |
7.16 |
|
Ms. Karaked
Ruangvarunwattana Nationality: Thai Address : 33/36
Karnchanavanich Rd., T.
Sadao, A. Sadao,
Songkhla 90120 |
3,220 |
7.16 |
Total Shareholders
: 6
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
45,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
45,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Somkaew
Runglertkriengkrai No. 2715
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December 31, 2014,
2013 & 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalent |
12,015,218.66 |
33,278,022.14 |
33,881,506.89 |
|
Trade Accounts Receivable |
749,582,362.81 |
598,238,811.75 |
648,989,465.87 |
|
Short-term Lending to Person
Related |
36,113,255.50 |
358,513,816.06 |
1,356,821.99 |
|
Inventories |
298,565,369.84 |
584,040,338.68 |
758,698,073.70 |
|
Advance Payment |
64,993,487.29 |
54,490,927.73 |
25,249,622.05 |
|
Other Current Assets |
22,127,463.39 |
24,520,607.24 |
65,502,813.64 |
|
|
|
|
|
|
Total Current Assets
|
1,183,397,157.49 |
1,653,082,523.60 |
1,533,678,304.14 |
|
Long-term Investment-fixed assets |
162,236,447.05 |
45,034,553.86 |
45,261,828.94 |
|
Other Long-term Investment |
127,090,610.00 |
127,090,610.00 |
127,090,610.00 |
|
Fixed Assets |
648,425,181.67 |
597,304,429.07 |
569,323,138.82 |
|
Other Non-current Assets |
158,204.80 |
158,204.80 |
38,204.80 |
|
Total Assets |
2,121,307,601.01 |
2,422,670,321.33 |
2,275,392,086.70 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institute |
969,368,041.16 |
1,560,562,317.02 |
1,490,583,909.17 |
|
Trade Accounts Payable
& Other |
125,929,302.06 |
148,661,388.29 |
133,918,225.48 |
|
Current Portion of Long-term Liabilities |
22,920,000.00 |
13,200,000.00 |
18,192,000.00 |
|
Other Current Liabilities |
105,651,818.81 |
76,891,085.97 |
76,940,305.63 |
|
|
|
|
|
|
Total Current Liabilities |
1,223,869,162.03 |
1,799,314,791.28 |
1,719,634,440.28 |
|
|
|
|
|
|
Long-term Loan from Financial Institutions |
33,555,890.40 |
16,041,086.74 |
28,040,787.93 |
|
Total Liabilities |
1,257,425,052.43 |
1,815,355,878.02 |
1,747,675,228.21 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10,000
par value authorized, issued
share capital 45,000 shares in
2014; 28,700 shares in 2013 & 2012 |
450,000,000.00 |
287,000,000.00 |
287,000,000.00 |
|
|
|
|
|
|
Capital Paid |
450,000,000.00 |
287,000,000.00 |
287,000,000.00 |
|
Retained Earning |
|
|
|
|
Appropriated for statutory reserve |
22,044,156.61 |
6,345,720.47 |
6,345,720.47 |
|
Unappropriated |
391,838,391.97 |
313,968,722.84 |
234,371,138.02 |
|
Total Shareholders' Equity |
863,882,548.58 |
607,314,443.31 |
527,716,858.49 |
|
Total Liabilities &
Shareholders' Equity |
2,121,307,601.01 |
2,422,670,321.33 |
2,275,392,086.70 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
6,032,030,222.65 |
6,687,595,763.64 |
8,016,869,765.33 |
|
Other Income |
32,958,024.50 |
50,179,281.62 |
46,803,493.93 |
|
Total Revenues |
6,064,988,247.15 |
6,737,775,045.26 |
8,063,673,259.26 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
5,489,878,889.78 |
6,262,810,883.02 |
7,478,156,027.53 |
|
Selling Expenses |
313,909,991.53 |
276,424,206.88 |
464,540,870.62 |
|
Administrative Expenses |
32,885,897.46 |
56,571,922.59 |
32,353,865.16 |
|
Other Expenses |
22,970.08 |
279,798.67 |
- |
|
Total Expenses |
5,836,697,748.85 |
6,596,086,811.16 |
7,975,050,763.31 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
228,290,498.30 |
141,688,234.10 |
88,622,495.95 |
|
Financial Cost |
[37,569,462.26] |
[40,989,643.04] |
[58,360,216.24] |
|
Profit / [Loss] before Income
Tax |
190,721,036.04 |
100,698,591.06 |
30,262,279.71 |
|
Income Tax |
[39,752,930.77] |
[21,101,006.24] |
[8,480,859.08] |
|
|
|
|
|
|
Net Profit / [Loss] |
150,968,105.27 |
79,597,584.82 |
21,781,420.63 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.97 |
0.92 |
0.89 |
|
QUICK RATIO |
TIMES |
0.65 |
0.55 |
0.40 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
9.30 |
11.20 |
14.08 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.84 |
2.76 |
3.52 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
19.85 |
34.04 |
37.03 |
|
INVENTORY TURNOVER |
TIMES |
18.39 |
10.72 |
9.86 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
45.36 |
32.65 |
29.55 |
|
RECEIVABLES TURNOVER |
TIMES |
8.05 |
11.18 |
12.35 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
8.37 |
8.66 |
6.54 |
|
CASH CONVERSION CYCLE |
DAYS |
56.84 |
58.03 |
60.04 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
91.01 |
93.65 |
93.28 |
|
SELLING & ADMINISTRATION |
% |
5.75 |
4.98 |
6.20 |
|
INTEREST |
% |
0.62 |
0.61 |
0.73 |
|
GROSS PROFIT MARGIN |
% |
9.53 |
7.10 |
7.30 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.78 |
2.12 |
1.11 |
|
NET PROFIT MARGIN |
% |
2.50 |
1.19 |
0.27 |
|
RETURN ON EQUITY |
% |
17.48 |
13.11 |
4.13 |
|
RETURN ON ASSET |
% |
7.12 |
3.29 |
0.96 |
|
EARNING PER SHARE |
BAHT |
3,354.85 |
2,773.44 |
758.93 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.59 |
0.75 |
0.77 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.46 |
2.99 |
3.31 |
|
TIME INTEREST EARNED |
TIMES |
6.08 |
3.46 |
1.52 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(9.80) |
(16.58) |
|
|
OPERATING PROFIT |
% |
61.12 |
59.88 |
|
|
NET PROFIT |
% |
89.66 |
265.44 |
|
|
FIXED ASSETS |
% |
8.56 |
4.91 |
|
|
TOTAL ASSETS |
% |
(12.44) |
6.47 |
|
ANNUAL GROWTH:
SATISFACTORY
An annual sales growth is -9.8%. Turnover has decreased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
9.53 |
Impressive |
Industrial
Average |
- |
|
Net Profit Margin |
2.50 |
Impressive |
Industrial
Average |
0.44 |
|
Return on Assets |
7.12 |
Impressive |
Industrial
Average |
0.81 |
|
Return on Equity |
17.48 |
Impressive |
Industrial
Average |
2.58 |
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 9.53%. 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 2.5%,
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
7.12%, 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 17.48%, 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 : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.97 |
Risky |
Industrial
Average |
1.17 |
|
Quick Ratio |
0.65 |
|
|
|
|
Cash Conversion Cycle |
56.84 |
|
|
|
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 0.97 times in 2014, increase from 0.92 times, then the company may
have problems meeting its short-term obligations. 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 0.65 times in 2014,
increase from 0.55 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 57 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.59 |
Impressive |
Industrial
Average |
0.66 |
|
Debt to Equity Ratio |
1.46 |
Acceptable |
Industrial
Average |
1.91 |
|
Times Interest Earned |
6.08 |
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 6.08 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 0.59 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 Downtrend
Times Interest Earned Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
9.30 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
2.84 |
Impressive |
Industrial
Average |
1.83 |
|
Inventory Conversion Period |
19.85 |
|
|
|
|
Inventory Turnover |
18.39 |
Impressive |
Industrial
Average |
7.30 |
|
Receivables Conversion Period |
45.36 |
|
|
|
|
Receivables Turnover |
8.05 |
Impressive |
Industrial
Average |
4.10 |
|
Payables Conversion Period |
8.37 |
|
|
|
The company's Account Receivable Ratio is calculated as 8.05 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 34 days at the
end of 2013 to 20 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 10.72 times in year 2013 to 18.39
times in year 2014.
The company's Total Asset Turnover is calculated as 2.84 times and 2.76
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.65.57 |
|
|
1 |
Rs.101.13 |
|
Euro |
1 |
Rs.71.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.