MIRA INFORM REPORT
|
Report No. : |
347199 |
|
Report Date : |
30.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
AMCOR FLEXIBLES BANGKOK PUBLIC COMPANY LIMITED |
|
|
|
|
Formerly Known As : |
ALCAN PACKAGING STRONGPACK PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
91 Moo 13, Kingkaew Road, T. Rachadhewa, A. Bangplee, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.06.2014 |
|
|
|
|
Date of Incorporation : |
30.08.1977 |
|
|
|
|
Com. Reg. No.: |
0107536000501 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor & Exporter of Flexible Packaging Materials. |
|
|
|
|
No. of Employees : |
780 |
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
AMCOR FLEXIBLES BANGKOK PUBLIC COMPANY LIMITED
[FORMER: ALCAN PACKAGING STRONGPACK PUBLIC COMPANY LIMITED]
SUMMARY
BUSINESS
ADDRESS : 91 MOO 13, KINGKAEW ROAD, T. RACHADHEWA,
A. BANGPLEE, SAMUTPRAKARN
10540, THAILAND
TELEPHONE : [66]
2312-4122-9, 2750-2240-5
FAX :
[66] 2312-4133,
2312-4679, 2312-4130
E-MAIL
ADDRESS : market@amcor.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1977
REGISTRATION
NO. : 0107536000501 [Former : BOR.MOR.JOR.124]
TAX
ID NO. : 3101062458
CAPITAL
REGISTERED : BHT.
330,000,000
CAPITAL
PAID-UP : BHT.
330,000,000
SHAREHOLDER’S PROPORTION : THAI :
54.00%
BRITISH :
46.00%
FISCAL
YEAR CLOSING DATE : JUNE
30
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
RALF KLAUS WUNDERLICH,
DEUTSCH
PRESIDENT
NO.
OF STAFF : 780
LINES
OF BUSINESS : FLEXIBLE PACKAGING MATERIALS
MANUFACTURER, DISTRIBUTOR & EXPORTER
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject was
initially established on
August 30, 1977 as
a private limited
company under the name “Strongpack Co., Ltd.” by
a group of Thai
investors and the
Industrial Finance Corporation
of Thailand, with
the business objective
to provide manufacturing
service of flexible
packaging materials for
various industries. On May 16, 1978,
it was listed
on the Stock Exchange of Thailand. On June 17, 1993,
its status was
converted to public
limited company.
In 1984, the
subject’s first joint
venture with AB
Akerlund and Rausing
of Sweden.
In 1995, the subject’s
new joint venture
with VAW Europack GmbH, the
second largest European softpack company, comprising
prominent operators from
France, Germany and Italy. VAW Europack GmbH works continuously
at the cutting edge of technology,
providing technological inspiration
to the subject.
In 1996, the subject
achieved ISO 9001
Certification and has
acquired Strong Thai Pack Co.,
Ltd., another flexible
packaging manufacturer.
In 1999, VAW
Europack GmbH, had
merged its business
with VAW Aluminium
AG., and became
the subject’s major
supplier.
In 2000, VAW Aluminium AG.
has merged its
business with VAW Auslands-Beteiligungs GmbH, and changed its
name to Hydro Aluminium Foreign
Holdings GmbH.
In May 2003,
Hydro Aluminium Foreign
Holdings GmbH sold
the subject’s shares
to Alcan Inc., and
became a major
shareholder of the
subject.
On July 22,
2003, the subject’s
name was changed
to ALCAN PACKAGING
STRONGPACK PUBLIC COMPANY
LIMITED [APSP].
On November 29,
2005, the subject
revoked its name
from the Stock
Exchange of
Thailand [SET].
On April 21,
2010, its registered
name was finally
changed to AMCOR
FLEXIBLES BANGKOK PUBLIC
COMPANY LIMITED.
At present, the
major shareholders are
Amcor Flexibles Phetchaburi
Company Limited, Thailand, and Amcor
Holdco 3 Limited, England, with
holding around 53.42% and
46% of the
subject’s shares respectively.
It currently employs
approximately 780 staff.
The subject’s registered
address is 91 Moo
13, Kingkaew Rd., T.
Rachadhewa,
A. Bangplee, Samutprakarn
10540, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Prof. Toemsakdi Krishnamra |
: Chairman |
Thai |
88 |
|
Mr. Anothai Techamontrikul |
: Vice Chairman |
Thai |
72 |
|
Mr. Udom Vichayabhai |
|
Thai |
80 |
|
Mr. Dong Chen |
|
Chinese |
47 |
|
Mr. Ralf Klaus Wunderlich |
|
Deutsch |
49 |
|
Mr. Rumpai Sukhyanga |
|
Thai |
71 |
|
Mrs. Ampai Chamnanthongpaiwan |
|
Thai |
58 |
|
Mr. Blair Gordon
Simpkins Hope |
|
New Zealander |
47 |
AUTHORIZED
PERSON
Any two of
the above directors can
jointly sign on
behalf of the
subject with the
company’s affixed.
MANAGEMENT
Mr. Ralf Klaus Wunderlich
is the President.
He is Deutsch
nationality with the
age of 49
years old.
Ms. Antika Boonyasarn is
the Sales & Marketing Manager.
She is Thai
nationality.
Mr. Somphop Saengpetphairoj is the Financial & Accounting Manager.
He is Thai
nationality.
Mr. Nutthawut Mahavilai is
the Personnel Manager.
He is Thai
nationality.
Ms. Sirinart Chamnanlertkul is
the Purchasing Manager.
She is Thai
nationality.
Mr. Natthapol Siroratanakul is
the Factory Manager.
He is Thai
nationality.
Mr. Vinai Jitkham
is the Engineering
and Products Development
Manager.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject’s activity is a
contract manufacturing of flexible
packaging materials for
various industries such as
food, cosmetics, pharmaceutical,
chemical and consumer goods. The products
include refills, portion pack,
pouch, bag, wrapper,
specialty film and
etc., under customer’s own
brands.
BRAND NAME
“AMCOR”
IMPORT [COUNTRIES]
30% of raw materials
such as flexible
film, paper, aluminium foil, PVC resin,
ink, adhesives, solvents and etc. are imported from Singapore,
Republic of China, Taiwan, India, Germany, France,
Australia, U.S.A., U.K., and
other European countries. The
majority of 70%
is purchased from
local suppliers.
MAJOR SUPPLIERS
|
Name |
Country |
|
|
|
|
Dow Chemical Thailand
Ltd. |
Thailand |
|
3TM Plastics Co.,
Ltd. |
Thailand |
|
Thai Film Industries
Public Co., Ltd. |
Thailand |
|
ICI 1996 [Thailand] Ltd. |
Thailand |
|
Toyo Ink [Thailand]
Co., Ltd. |
Thailand |
|
Amcor Limited |
U.K. |
SALES [LOCAL]
85% of its
products is sold
locally to manufacturers and
end-users, mainly hospitals both private
and government sectors.
EXPORT [COUNTRIES]
15% of the products is exported to Pakistan, Vietnam, Korea, Hong Kong,
Malaysia, Philippines, Japan, Australia,
New Zealand, Sri Lanka, India, Indonesia, Republic of
China, Bangladesh and
Iran.
MAJOR CUSTOMERS
|
Name |
Country |
|
|
|
|
Unilever Thai Holding
Ltd. |
Thailand |
|
Proctor and Gamble
Manufacturer Co., Ltd. |
Thailand |
|
Frito Lay Thailand
Co., Ltd. |
Thailand |
|
Kao Industrial [Thailand]
Co., Ltd. |
Thailand |
|
Saha Pathana Inter-Holding Co.,
Ltd. |
Thailand |
|
Pepsi-Cola Thai Trading
Co., Ltd. |
Thailand |
|
Nestle [Thailand] Co., Ltd. |
Thailand |
|
IP Manufacturing Co., Ltd. |
Thailand |
|
BIO Manufacturing Co., Ltd. |
Thailand |
|
Johnson & Johnson [Thailand] Co., Ltd. |
Thailand |
|
Colgate Palmolive [Thailand]
Co., Ltd. |
Thailand |
|
Lion Corporation
[Thailand] Ltd. |
Thailand |
SUBSIDIARIES
& AFFILIATED COMPANIES
Amcor Flexibles Chonburi
Co., Ltd.
Business Type :
Manufacturer of Flexible
Packaging Materials
Amcor Flexibles Phetchaburi
Company Limited
Business Type :
Manufacturer of Flexible
Packaging Materials
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 IRICO’S
DATABASE for 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 of 30-60
days.
Imports are by
L/C on the
credits term of 30-60
days & T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
Bangkok Bank Public
Co., Ltd.
Citibank, NA
BNP Paribas Banking
Sumitomo-Mitsui Banking Corporation
EMPLOYMENT
The subject employs
approximately 780 staff
comprising office staff
and factory workers.
LOCATION
DETAILS
The premise is
owned for administrative an
office, factory and
warehouse on 80,000
square meters of
land at the
heading address. Premise
is located in
industrial area.
COMMENT
The subject has
been firmly established
for over three decades
as a contract
manufacturer of flexible packaging
materials supplying to
various industries. The
subject’s posted a slow business in
2014 due to shrinking
consumption from related industries.
However, the subject’s
business remains solid
with good profit for
many consecutive years.
FINANCIAL
INFORMATION
The capital was initially
registered at Bht. 50,000,000 divided into
500,000 shares of Bht.
100 each.
On January 19,
1979, its capital was
increased to Bht.
100,000,000 divided into
Bht. 1,000,000 shares
of Bht. 100 each.
The latest capital was
increased to Bht. 330,000,000 divided
into 33,000,000 shares
of Bht. 10
each with fully
paid.
MAIN SHAREHOLDERS: [as at July
3, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Amcor Flexibles Phetchaburi
Company Limited
Nationality: Thai Address : 91 Moo 13,
Kingkaew Rd., T. Rachadhewa, A.
Bangplee, Samutprakarn 10540 |
17,627,242 |
53.42 |
|
Amcor Holdco 3
Limited Nationality: British Address : A-L
House 83 Tower
Road North
Warmley, Bristol BS 30
8 XP, England |
15,179,970 |
46.00 |
|
Others |
192,788 |
0.58 |
Total Shareholders: 117
Share Structure [as at July
3, 2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
116 |
17,820,030 |
54.00 |
|
Foreign - British |
1 |
15,179,970 |
46.00 |
|
Total |
117 |
33,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Prasit Yuengsrikul No.
4174
BALANCE
SHEET [BAHT]
The
latest financial figures
published for June
30, 2014, 2013 &
2012 were:
ASSETS
|
Current Assets |
2014 |
2013 [Adjusted] |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
174,998,162 |
10,890,554 |
94,709,833 |
|
Trade Accounts Receivable |
553,169,459 |
402,556,604 |
529,703,583 |
|
Other Receivable |
139,515,780 |
218,081,077 |
235,587,953 |
|
Short-term Lending to
Related Company |
686,150,000 |
880,150,000 |
159,250,000 |
|
Inventories |
306,367,996 |
267,342,641 |
280,525,837 |
|
Current Portion of Financial Lease Contract Receivable Machine |
- |
3,263,953 |
3,242,781 |
|
Deferred Value Added Tax |
74,062,011 |
79,446,687 |
108,901,308 |
|
Other Current Assets
|
308,206 |
956,176 |
1,197,245 |
|
|
|
|
|
|
Total Current Assets
|
1,934,571,614 |
1,862,687,692 |
1,413,118,540 |
|
Deferred Income Tax Assets |
15,430,130 |
15,299,962 |
- |
|
Investment in Subsidiary |
139,083,718 |
139,083,718 |
139,083,318 |
|
Fixed Assets |
525,013,725 |
459,614,599 |
488,910,165 |
|
Intangible Assets |
3,102,645 |
3,905,153 |
6,622,947 |
|
Financial Lease Contract Receivable
Machinery, net |
- |
- |
3,261,959 |
|
Other Non-current Assets |
1,162,000 |
1,159,000 |
1,073,003 |
|
Total Assets |
2,618,363,832 |
2,481,750,124 |
2,052,069,932 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 [Adjusted] |
2012 |
|
|
|
|
|
|
Trade Accounts Payable |
698,932,509 |
593,226,878 |
621,723,556 |
|
Other Payable |
92,094,839 |
47,394,405 |
82,669,693 |
|
Accrued Income Tax |
39,535 |
6,553,504 |
9,597,473 |
|
Short-term Loan from
Subsidiaries |
- |
174,000,000 |
- |
|
Short-term Loan from Financial Institutions |
- |
15,000,000 |
- |
|
|
|
|
|
|
Total Current Liabilities |
791,066,883 |
836,174,787 |
713,990,722 |
|
|
|
|
|
|
Estimated Liabilities for Employee’s Benefit |
70,611,713 |
66,010,711 |
59,124,831 |
|
Total Liabilities |
861,678,596 |
902,185,498 |
773,115,553 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 33,000,000 shares |
330,000,000 |
330,000,000 |
330,000,000 |
|
|
|
|
|
|
Capital Paid |
330,000,000 |
330,000,000 |
330,000,000 |
|
Premium on Share
Capital |
137,314,000 |
137,314,000 |
137,314,000 |
|
Retained Earning Appropriated for Statutory
Reserve |
33,000,000 |
33,000,000 |
33,000,000 |
|
Unappropriated |
1,254,553,658 |
1,079,250,626 |
778,640,379 |
|
Other Components of Shareholder’s Equity |
1,817,578 |
- |
- |
|
Total Shareholders' Equity |
1,756,685,236 |
1,579,564,626 |
1,278,954,379 |
|
Total Liabilities &
Shareholders' Equity |
2,618,363,832 |
2,481,750,124 |
2,052,069,932 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 [Adjusted] |
2012 |
|
|
|
|
|
|
Sales Income |
2,396,170,347 |
2,512,760,304 |
2,398,579,092 |
|
Other Income |
182,843,179 |
256,849,534 |
258,707,493 |
|
Total Revenues |
2,579,013,526 |
2,769,609,838 |
2,657,286,585 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Rental |
2,196,412,311 |
2,255,963,778 |
2,252,197,003 |
|
Selling Expenses |
43,459,083 |
47,788,589 |
27,187,856 |
|
Administrative Expenses |
142,242,096 |
151,721,992 |
129,675,789 |
|
Total Expenses |
2,382,113,490 |
2,455,474,359 |
2,409,060,648 |
|
|
|
|
|
|
Profit before Financial Cost &
Income Tax |
196,900,036 |
314,135,479 |
248,225,937 |
|
Financial Cost |
[7,714,317] |
[5,788,433] |
[3,582,853] |
|
Profit before Income Tax |
189,185,719 |
308,347,046 |
244,643,084 |
|
Income Tax |
[13,882,687] |
[27,059,586] |
[19,460,500] |
|
|
|
|
|
|
Net Profit / [Loss] |
175,303,032 |
281,287,460 |
225,182,584 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.45 |
2.23 |
1.98 |
|
QUICK RATIO |
TIMES |
1.96 |
1.81 |
1.43 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.56 |
5.47 |
4.91 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.92 |
1.01 |
1.17 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
50.91 |
43.25 |
45.46 |
|
INVENTORY TURNOVER |
TIMES |
7.17 |
8.44 |
8.03 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
84.26 |
58.47 |
80.61 |
|
RECEIVABLES TURNOVER |
TIMES |
4.33 |
6.24 |
4.53 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
116.15 |
95.98 |
100.76 |
|
CASH CONVERSION CYCLE |
DAYS |
19.03 |
5.75 |
25.31 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
91.66 |
89.78 |
93.90 |
|
SELLING & ADMINISTRATION |
% |
7.75 |
7.94 |
6.54 |
|
INTEREST |
% |
0.32 |
0.23 |
0.15 |
|
GROSS PROFIT MARGIN |
% |
15.97 |
20.44 |
16.89 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.22 |
12.50 |
10.35 |
|
NET PROFIT MARGIN |
% |
7.32 |
11.19 |
9.39 |
|
RETURN ON EQUITY |
% |
9.98 |
17.81 |
17.61 |
|
RETURN ON ASSET |
% |
6.70 |
11.33 |
10.97 |
|
EARNING PER SHARE |
BAHT |
5.31 |
8.52 |
6.82 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.33 |
0.36 |
0.38 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.49 |
0.57 |
0.60 |
|
TIME INTEREST EARNED |
TIMES |
25.52 |
54.27 |
69.28 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(4.64) |
4.76 |
|
|
OPERATING PROFIT |
% |
(37.32) |
26.55 |
|
|
NET PROFIT |
% |
(37.68) |
24.92 |
|
|
FIXED ASSETS |
% |
14.23 |
(5.99) |
|
|
TOTAL ASSETS |
% |
5.50 |
20.94 |
|
ANNUAL
GROWTH: ACCEPTABLE
An annual sales growth is -4.64%. Turnover has decreased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
15.97 |
Deteriorated |
Industrial Average |
54.08 |
|
Net Profit Margin |
7.32 |
Impressive |
Industrial
Average |
5.56 |
|
Return on Assets |
6.70 |
Satisfactory |
Industrial
Average |
7.26 |
|
Return on Equity |
9.98 |
Satisfactory |
Industrial
Average |
12.27 |
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 15.97%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have problems with control over its costs.
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 7.32%,
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. When compared with the
industry average, it was lower, the
company's figure is 6.7%.
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 9.98%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
2.45 |
Impressive |
Industrial
Average |
1.85 |
|
Quick Ratio |
1.96 |
|
|
|
|
Cash Conversion Cycle |
19.03 |
|
|
|
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 2.45 times in 2014, increased from 2.23 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 1.96 times in 2014,
increased from 1.81 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 20 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.33 |
Impressive |
Industrial
Average |
0.36 |
|
Debt to Equity Ratio |
0.49 |
Impressive |
Industrial
Average |
0.56 |
|
Times Interest Earned |
25.52 |
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 25.53 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 0.33 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.56 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.92 |
Acceptable |
Industrial
Average |
1.31 |
|
Inventory Conversion Period |
50.91 |
|
|
|
|
Inventory Turnover |
7.17 |
Impressive |
Industrial
Average |
5.72 |
|
Receivables Conversion Period |
84.26 |
|
|
|
|
Receivables Turnover |
4.33 |
Satisfactory |
Industrial
Average |
4.61 |
|
Payables Conversion Period |
116.15 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.33 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 43 days at the
end of 2013 to 51 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 8.44 times in year 2013 to 7.17 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.92 times and 1.01
times in 2014 and 2013 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.15 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.71.25 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.