MIRA INFORM REPORT
|
Report No. : |
351254 |
|
Report Date : |
27.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
INDORAMA VENTURES PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
37th Floor, Ocean Tower 2, 75/102 Soi Sukhumvit 19 [Wattana], Asoke Road, Klongtoeynua, Wattana, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
21.02.2003 |
|
|
|
|
Com. Reg. No.: |
0107552000201 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Holding and Investment Company |
|
|
|
|
No. of Employees : |
11,125 [Group of Companies] |
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 : |
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, 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
INDORAMA VENTURES PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 37th FLOOR,
OCEAN TOWER 2,
75/102 SOI
SUKHUMVIT 19 [WATTANA],
ASOKE ROAD,
KLONGTOEYNUA,
WATTANA, BANGKOK
10110, THAILAND
TELEPHONE : [66] 2661-6661
FAX :
[66] 2661-6664-5
E-MAIL ADDRESS : anirudha.m@indorama.net
rawissara.T@indorama.net
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 2003
REGISTRATION NO. : 0107552000201
TAX ID NO. : 3030817082
CAPITAL REGISTERED : BHT. 5,666,010,449
CAPITAL PAID-UP : BHT. 4,814,272,115
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
ALOKE LOHIA, INDIAN
GROUP CHIEF
EXECUTIVE OFFICER
NO. OF STAFF : 11,125 [GROUP
OF COMPANIES]
LINES OF BUSINESS : HOLDING
AND INVESTMENT COMPANY
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
February 21, 2003, originally
as a private
limited company under
the initially registered
name “Indorama Ventures
Co., Ltd.” by
Thai and Indian
groups. On September
25, 2009, its
status was converted
to a public
limited company under
the name INDORAMA
VENTURES PUBLIC COMPANY
LIMITED, and listed
on the Stock
Exchange of Thailand [SET] under
symbolic name “IVL”
on February 5,
2010. Its business
objective is engaged
in holding and
investment in petrochemical
industry. It currently
employs 11,125 staff
including the group of
companies.
The subject is
the world’s largest
Polyester Value Chain
producers, with 51
operating sites in
17 countries across
four continents [as of
December 31, 2014],
providing value-added and
differentiated products and
services to the
fast-moving consumer goods
industry.
The subject is
a subsidiary of
Indorama Resources Co.,
Ltd., Thailand, and
is also a
member of Canopus
International Limited in
Mauritius.
The subject’s registered
address is 37th Floor,
Ocean Tower 2,
75/102 Soi Sukhumvit
19 [Wattana], Asoke Road,
Klongtoeynua, Wattana, Bangkok
10110, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sri Prakash
Lohia |
|
Indonesian |
63 |
|
Mr. Aloke Lohia |
[x] |
Indian |
57 |
|
Mrs.
Suchitra Lohia |
[x] |
Indian |
51 |
|
Mr. Dilip Kumar
Agarwal |
[x] |
Indian |
58 |
|
Mr. Amit Lohia |
|
Indian |
41 |
|
Mr. William Ellwood
Heinecke |
|
Thai |
66 |
|
Mr. Rathian Srimongkol |
|
Thai |
56 |
|
Mr. Siri Ganjarerndee |
|
Thai |
67 |
|
Mr. Maris Samaram |
|
Thai |
73 |
|
Mr. Khanit See |
|
Thai |
65 |
|
Mr. Udey Paul
Singh Gill |
|
Indian |
62 |
|
Mr. Russell Leighton
Kekuewa |
|
American |
61 |
|
Mr.
Chakramon Phasukavanich |
|
Thai |
67 |
|
Mr. Sanjay Ahuja |
[x] |
Indian |
47 |
AUTHORIZED
PERSON
Any two
of the above
directors [x] can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Aloke Lohia
is the
Group Chief Executive
Officer.
He is
Indian nationality with
the age of 57
years old.
Mr. Dilip Kumar
Agarwal is
the Chief Executive
Officer & Regional PET Business
Heads & Corporate Center.
He is
Indian nationality with
the age of
58 years old.
Mr. PC Gupta
is the
President of PTA
Business.
He is
Indian nationality.
Mr. Udey Paul
Singh Gill is
the President of
Polyester Business.
He is
Indian nationality with
the age of
62 years old.
Mr. SN Mohta
is the
President of EG/EO Business.
He is
Indian nationality.
Mr. SP Khaitan
is the
President of Wool
Business.
He is
Indian nationality.
BUSINESS
OPERATIONS
The subject
is a holding
company conducting its
business through investment
in subsidiaries and
affiliates engaged in
the manufacture and
distribute of integrated
petrochemical products. The
products include Ethylene
Oxide and Ethylene
Glycol [EO & EG], Purified Terephthalic
Acid [PTA], Polyethylene Terephthalate
[PET], Polyester and
yarn and wool
products.
Presently, its
business segments are as follows:
1. PET Products
Company Country Investment [%]
Indorama Polymers
PCL Thailand 99.26
Asia Pet
[Thailand] Ltd. Thailand 99.99
StarPet Inc. U.S.A. 100.00
UAB Orion
Global Pet Lithuania 100.00
Indorama Polymers
Workington Ltd. U.K. 100.00
Indorama Polymers
Rotterdam B.V. Netherlands 100.00
AlphaPet Inc. U.S.A. 100.00
Indorama PET
[Nigeria] Ltd. Nigeria
90.00
Guangdong IVL
PET Polymer
Company
Limited China 100.00
Auriga Polymers
Inc. U.S.A. 100.00
Petform [Thailand]
Ltd. Thailand 60.00
Indorama Ventures
Poland Sp.z.o.o Poland
100.00
Indorama Ventures
Polymers
Mexico,
S.de.R.L.de C.V. Mexico
100.00
Beverage Plastics
Limited U.K. 51.00
Aurus Packaging
Limited Nigeria 100.00
Indorama
Ventures Packaging [Philippines] Philippines 99.99
etc.
2.
Polyester Fiber and
Yarn Products
Company Country Investment [%]
Indorama Polyester
Industries PCL Thailand 99.97
PT Indorama
Ventures Indonesia Indonesia 99.99
PT Indorama
Polyester Industries
Indonesia Indonesia 99.97
Wellman France
Recyclage SAS. France 100.00
Wellman International
Limited Ireland 100.00
PT Indorama
Polychem Indonesia Indonesia 100.00
FiberVisions Manufacturing
Company U.S.A. 100.00
FiberVisions Products,
Inc. U.S.A. 100.00
FiberVisions A/S Denmark 100.00
FiberVisions [China]
Textile Products China
100.00
Limited
Trevira GmbH. Germany 75.00
Indorama Holdings
Co., Ltd. Thailand 99.81
3. Feedstock
Company Country Investment [%]
Indorama Petrochem
Ltd. Thailand
99.99
TPT Petrochemicals PCL Thailand 99.97
Indorama Holdings
Rotterdam B.V. Netherlands 100.00
Indorama Ventures [Oxide & Glycois] Ltd. U.S.A. 100.00
REVENUE
STRUCTURE
[Consolidated Financial
Statements]
|
|
2013 |
2014 |
||
|
Details |
Million
baht |
% |
Million
baht |
% |
|
Business Segments |
|
|
|
|
|
PET |
146,418 |
64 |
145,121 |
59 |
|
Fibers and
Yarns |
47,968 |
21 |
70,274 |
29 |
|
Feedstock |
70,391 |
31 |
64,477 |
26 |
|
Elimination |
[35,656] |
[16] |
[35,965] |
[14] |
|
Consolidated revenue
from - sales
of goods |
229,120 |
100.0 |
243,907 |
100.0 |
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 for the
past two years.
CREDIT
Bills are
paid by cash
or on the
credits term of
30-60 days.
BANKING
Bangkok Bank Public
Co., Ltd.
Bank of Ayudhya
Public Co., Ltd.
EMPLOYMENT
The subject has
no employee due to
the company is
a holding company
by investing in
the subsidiaries both
in Thailand and
overseas, which employ
11,125 staff [Group
of companies].
LOCATION
DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in a prime
commercial area.
COMMENT
The company’s
core profitability is improving due to its diversification of risk through geographic regions and
product mix. Despite a non-cash
inventory revaluation as a result of
lower crude oil price, this new environment has brought some positive impacts to the company.
These include lower working capital requirements, improved competitiveness to competing
materials, and higher disposable income
and therefore higher demand from end consumers. In 2015, it expects to benefit
from volume growth on these higher demand factors.
FINANCIAL
INFORMATION
The capital was
registered at Bht.
3,351,543,910 divided into
3,3515,43910 shares of
Bht. 1 each.
The capital was
increased / decreased later as
the followings:
Bht. 5,082,000,000 on
October 1, 2009
Bht. 4,334,271,047 on
December 17, 2010
Bht. 4,815,456,719 on
December 20, 2010
Bht. 4,814,257,245 on
August 7, 2014
Bht. 5,666,010,449 on
August 8, 2014
The latest registered
capital was increased
to Bht. 5,666,010,449 divided
into 5,666,010,449 shares
of Bht. 1
each, with the
current capital paid-up
at Bht. 4,814,272,115.
MAIN
SHAREHOLDERS
[as
at August 25,
2015] at Bht.
4,814,272,115 of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Indorama Resources
Co., Ltd. Nationality: Thai Address :
75/64 Ocean Tower
2, Soi Sukhumvit
19 [Wattana], Asoke
Rd., Klongtoeynua, Wattana, Bangkok |
3,066,038,376 |
63.69 |
|
Bangkok Bank
Public Co., Ltd. Nationality: Thai Address :
333 Silom Rd.,
Silom, Bangrak, Bangkok
|
230,180,944 |
4.78 |
|
Thai NVDR
Co., Ltd. Nationality: Thai Address :
- |
206,287,340 |
4.28 |
|
Canopus International Limited Nationality: Mauritian Address :
Les Casades, Edith
Cavell Street, Port-Louis, Mauritius |
130,000,000 |
2.70 |
|
Mr.
Taweechat Jurangkul Nationality: Thai Address :
- |
99,784,300 |
2.07 |
|
State Street
Bank Europe Limited Nationality: British Address :
- |
55,034,591 |
1.14 |
|
Chase Nominees
Limited Nationality: - Address :
- |
45,771,709 |
0.95 |
|
|
|
|
|
GIC Private
Limited Nationality: British Address :
- |
28,459,900 |
0.59 |
|
HSBC [Singapore]
Nominees Pte. Ltd. Nationality: Singaporean Address :
- |
26,369,964 |
0.55 |
|
State Street
Bank and Trust
Company Nationality: - Address :
- |
24,888,446 |
0.52 |
|
Other Shareholders |
901,456,545 |
18.73 |
Total Shareholders
: 20,465
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Vinij Silamongkol
No. 3378
BALANCE
SHEET [BAHT]
The latest
financial figures published as at December
31, 2014, 2013
& 2012 were:
ASSETS
[Unit
: Thousand Baht]
|
Current Assets |
2014 |
2013 |
2012 [Restated] |
|
|
|
|
|
|
Cash and cash equivalents |
2,887,049 |
677,182 |
1,597,853 |
|
Short-term investments |
5,000,000 |
50,000 |
- |
|
Short-term loans
to related parties |
16,914,437 |
12,342,325 |
10,886,893 |
|
Other current
assets |
211,167 |
418,994 |
106,574 |
|
|
|
|
|
|
Total Current
Assets |
25,012,653 |
13,488,501 |
12,591,320 |
|
Investment in
subsidiaries & other equity security |
42,141,073 |
40,907,068 |
29,095,241 |
|
Other long-term
investments |
70,000 |
70,000 |
105,000 |
|
Long-term loans to
related parties |
26,140,536 |
23,415,709 |
31,469,744 |
|
Deferred tax
assets |
25,977 |
83,928 |
135,634 |
|
Other non-current
assets |
249,085 |
- |
10,398 |
|
Total Assets |
93,639,324 |
77,965,206 |
73,407,337 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
[Unit
: Thousand Baht]
|
Current Liabilities |
2014 |
2013 |
2012 [Restated] |
|
|
|
|
|
|
Short-term loans
from related party |
- |
164,300 |
164,300 |
|
Current portion
of long-term loan from
financial institution |
1,668,564 |
1,953,267 |
67,111 |
|
Other current
liabilities |
292,616 |
248,021 |
251,807 |
|
|
|
|
|
|
Total Current
Liabilities |
1,961,180 |
2,365,588 |
483,218 |
|
Long-term loans
from financial institutions |
5,721,807 |
9,359,376 |
11,295,302 |
|
Debentures |
27,498,956 |
23,795,700 |
21,623,792 |
|
Other non-current
liabilities |
14,250 |
447,584 |
8,034 |
|
Total Liabilities
|
35,196,193 |
35,968,248 |
33,410,346 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
Share
capital |
|
|
|
|
Authorized
share capital |
5,666,010 |
4,815,857 |
4,815,857 |
|
|
|
|
|
|
Issued
and paid-up share capital |
4,814,257 |
4,814,257 |
4,814,257 |
|
Share premium |
29,774,627 |
29,774,627 |
29,774,627 |
|
Unrealised surpluses [deficits] Hedging
reserve |
154,865 |
[236,338] |
1,891 |
|
Retained
Earnings: Appropriated for statutory reserve |
481,586 |
481,586 |
481,586 |
|
Unappropriated |
8,343,724 |
7,162,826 |
4,924,630 |
|
Total Shareholders' Equity |
58,443,131 |
41,996,958 |
39,996,991 |
|
Total Liabilities
& Shareholders' Equity |
93,639,324 |
77,965,206 |
73,407,337 |
PROFIT
& LOSS ACCOUNT
[Unit : Thousand Baht]
|
Revenue |
2014 |
2013 |
2012 [Restated] |
|
|
|
|
|
|
Interest income |
1,695,555 |
1,827,109 |
1,873,172 |
|
Dividend income |
2,622,699 |
3,296,322 |
3,441,471 |
|
Net foreign
exchange gain |
34,754 |
358,227 |
- |
|
Other income |
215,650 |
186,550 |
146,744 |
|
Total Revenues |
4,568,658 |
5,668,208 |
5,461,387 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Administrative expenses |
47,291 |
40,075 |
47,538 |
|
Management
benefit expenses |
17,770 |
10,504 |
40,538 |
|
Net foreign
exchange loss |
- |
- |
264,482 |
|
Financial costs |
1,773,844 |
1,727,608 |
1,625,035 |
|
Total Expenses
|
1,838,905 |
1,778,187 |
1,977,593 |
|
|
|
|
|
|
Profit before
Income Tax |
2,729,753 |
3,890,021 |
3,483,794 |
|
Income Tax |
- |
[111,263] |
[20,395] |
|
|
|
|
|
|
Net Profit / [Loss] |
2,729,753 |
3,778,758 |
3,463,399 |
INDORAMA
VENTURES PUBLIC COMPANY
LIMITED
BALANCE
SHEET [BAHT]
The nine-month
financial figures published as at September
30, 2015 was :
ASSETS
[Unit : Thousand Baht]
[Unaudited]
|
Current Assets |
2015 |
|
|
|
|
Cash and cash equivalents |
7,175 |
|
Short-term loans
to related parties |
13,225,911 |
|
Other current
assets |
227,628 |
|
|
|
|
Total Current
Assets |
13,460,714 |
|
Investment in
subsidiaries & other equity
security |
46,846,899 |
|
Other long-term
investments |
70,000 |
|
Long-term loans to
related parties |
39,157,894 |
|
Deferred tax
assets |
101,180 |
|
Other non-current
assets |
221,562 |
|
Total Assets |
99,858,249 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
[Unit : Thousand Baht]
[Unaudited]
|
Current Liabilities |
2015 |
|
|
|
|
Bank overdrafts
and short-term loans from financial institutions |
624,500 |
|
Current portion
of long-term loan
from financial institutions |
2,766,422 |
|
Other current
liabilities |
792,165 |
|
|
|
|
Total Current
Liabilities |
4,183,087 |
|
Long-term loans
from financial institutions |
9,576,133 |
|
Debentures |
27,507,900 |
|
Other non-current
liabilities |
367,914 |
|
Total Liabilities
|
41,635,034 |
|
|
|
|
Shareholders'
Equity |
|
|
Share
capital |
|
|
Authorized share
capital |
5,666,010 |
|
|
|
|
Issued
and paid-up share capital |
4,814,272 |
|
Share premium |
29,775,146 |
|
Unrealised
surpluses [deficits] Hedging
reserve |
[119,437] |
|
Retained
earnings: Appropriated for statutory reserve |
566,601 |
|
Unappropriated |
8,312,561 |
|
Total Shareholders' Equity |
58,223,215 |
|
Total Liabilities
& Shareholders' Equity |
99,858,249 |
PROFIT
& LOSS ACCOUNT
For the nine-month
period ended September
30, 2015.
[Unit : Thousand Baht]
[Unaudited]
|
Revenue |
2015 |
|
|
|
|
Interest income |
1,962,893 |
|
Dividend income |
2,153,024 |
|
Net foreign
exchange gain |
52,960 |
|
Other income |
295,057 |
|
Total Revenues |
4,463,934 |
|
Expenses |
|
|
|
|
|
Administrative expenses |
283,102 |
|
Management
benefit expenses |
8,601 |
|
Financial costs |
1,269,529 |
|
Total Expenses
|
1,561,232 |
|
|
|
|
Profit before
Income Tax |
2,902,702 |
|
Income Tax |
[6,628] |
|
|
|
|
Net Profit / [Loss] |
2,909,330 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
12.75 |
5.70 |
26.06 |
|
QUICK RATIO |
TIMES |
12.65 |
5.52 |
25.84 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS
TURNOVER |
TIMES |
- |
- |
- |
|
TOTAL ASSETS
TURNOVER |
TIMES |
0.05 |
0.07 |
0.07 |
|
INVENTORY CONVERSION
PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY
TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES
CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
RECEIVABLES
TURNOVER |
TIMES |
- |
- |
- |
|
PAYABLES
CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
CASH CONVERSION
CYCLE |
DAYS |
- |
- |
- |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS
SOLD |
% |
0.41 |
0.21 |
0.76 |
|
SELLING &
ADMINISTRATION |
% |
1.10 |
0.78 |
0.89 |
|
INTEREST |
% |
41.08 |
33.72 |
30.58 |
|
GROSS PROFIT
MARGIN |
% |
105.39 |
110.43 |
102.00 |
|
NET PROFIT MARGIN
BEFORE EX. ITEM |
% |
63.21 |
75.93 |
65.55 |
|
NET PROFIT MARGIN |
% |
63.21 |
73.75 |
65.17 |
|
RETURN ON EQUITY |
% |
4.67 |
9.00 |
8.66 |
|
RETURN ON ASSET |
% |
2.92 |
4.85 |
4.72 |
|
EARNING PER SHARE |
BAHT |
56.70 |
78.49 |
71.94 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.38 |
0.46 |
0.46 |
|
DEBT TO EQUITY
RATIO |
TIMES |
0.60 |
0.86 |
0.84 |
|
TIME INTEREST
EARNED |
TIMES |
1.54 |
2.25 |
2.14 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(15.72) |
(3.60) |
|
|
OPERATING PROFIT |
% |
(29.83) |
11.66 |
|
|
NET PROFIT |
% |
(27.76) |
9.11 |
|
|
FIXED ASSETS |
% |
- |
- |
|
|
TOTAL ASSETS |
% |
20.10 |
6.21 |
|
ANNUAL GROWTH : RISKY
An annual sales
growth is -15.72%. Turnover has decreased from THB
PROFITABILITY : ACCEPTABLE
PROFITABILITY RATIO
|
Gross Profit Margin |
105.39 |
Impressive |
Industrial Average |
48.61 |
|
Net Profit Margin |
63.21 |
Satisfactory |
Industrial Average |
64.68 |
|
Return on Assets |
2.92 |
Deteriorated |
Industrial Average |
11.32 |
|
Return on Equity |
4.67 |
Deteriorated |
Industrial Average |
18.50 |
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 105.39%. 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 63.21%. 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 2.92%.
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 4.67%.
Trend of the average competitors in the same
industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
12.75 |
Impressive |
Industrial Average |
1.48 |
|
Quick Ratio |
12.65 |
|
|
|
|
Cash Conversion
Cycle |
- |
|
|
|
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 12.75 times in 2014,
increased from 5.7 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 12.65 times in 2014, increased from 5.52
times, although excluding inventory so the company still have good short-term
financial strength.
Trend of the average competitors in the same
industry for last 5 years
Current Ratio Uptrend
LEVERAGE : IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.38 |
Acceptable |
Industrial Average |
0.35 |
|
Debt to Equity
Ratio |
0.60 |
Impressive |
Industrial Average |
0.53 |
|
Times Interest
Earned |
1.54 |
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
1.54 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 0.38 less than 0.5, most of the company's assets are
financed through equity.
Trend of the average competitors in the same
industry for last 5 years
Debt Ratio Downtrend
Times Interest
Earned Stable
ACTIVITY : RISKY
ACTIVITY RATIO
|
Fixed Assets
Turnover |
- |
|
Industrial
Average |
- |
|
Total Assets
Turnover |
0.05 |
Deteriorated |
Industrial
Average |
0.17 |
|
Inventory
Conversion Period |
- |
|
|
|
|
Inventory
Turnover |
- |
|
Industrial
Average |
0.30 |
|
Receivables
Conversion Period |
- |
|
|
|
|
Receivables
Turnover |
- |
|
Industrial
Average |
2.77 |
|
Payables
Conversion Period |
- |
|
|
|
The company's Total
Asset Turnover is calculated as 0.05 times and 0.07 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.66.55 |
|
|
1 |
Rs.100.64 |
|
Euro |
1 |
Rs.70.70 |
|
THAI BAHT |
1 |
Rs.1.86 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
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.