MIRA INFORM REPORT
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Report No. : |
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Report Date : |
16.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
THAI METAL DRUM MANUFACTURING PUBLIC COMPANY LIMITED |
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|
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Registered Office : |
35th Floor, Lake Rajada Office Complex, 193/142 Ratchadapisek Road, Klongtoey, Bangkok 10110, |
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|
|
|
Country : |
Thailand |
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|
|
Financials (as on) : |
30.09.2013 (Unaudited) |
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|
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Date of Incorporation : |
26.05.1958 |
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Com. Reg. No.: |
0107537000645 |
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|
|
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Legal Form : |
Public Limited Company |
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|
|
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Line of Business : |
Subject is engaged
in manufacturing, distributing and exporting
200-litre steel drum
containers consist of
tight head drum
and open head
drum for storage
and transport of
petrochemicals, lubricant oils,
chemicals, agriculture products
and other liquids
industries. |
|
|
|
|
No. of Employee : |
128 |
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|
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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 |
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|
|
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Payment Behaviour : |
No complaints |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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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’�tat, 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
THAI METAL
DRUM MANUFACTURING PUBLIC
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 35th FLOOR,
LAKE RAJADA OFFICE
COMPLEX,
193/142 RATCHADAPISEK ROAD, KLONGTOEY,
BANGKOK 10110, THAILAND
TELEPHONE : [66] 2264-0817-9
FAX :
[66] 2264-0820
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1958
REGISTRATION
NO. : 0107537000645
TAX
ID NO. : 3101065756
CAPITAL REGISTERED : BHT. 150,000,000
CAPITAL PAID-UP : BHT.
150,000,000
SHAREHOLDER’S PROPORTION : -
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
NATE CHARANVAS, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 128
LINES
OF BUSINESS : STEEL DRUM
CONTAINERS
MANUFACTURER, DISTRIBUTOR
AND 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 originally
established on May
26, 1958 as
a private limited
company under the
registered name “Thai
Metal Drum Manufacturing
Company Limited” by
Thai groups. On
November 10, 1989, the
subject was listed
on the Stock
Exchange of Thailand [SET]. On
February 22, 1994,
its status was
converted to a
public limited company
under the name
THAI METAL DRUM
MANUFACTURING PUBLIC COMPANY
LIMITED. Its business
objective is to
manufacture steel drum
containers for industrial
uses. It currently
employs 128 staff.
It
has achieved the
international standard of ISO
9001 : 2000 certification for
the production quality
management system by
Bureau Veritas Quality
International [BVQI] in
2001, and ISO 14001
certification for environmental
quality management system
by United Registrar
of Systems [Thailand] [URS] in
2008.
The
subject’s registered address
is 35th Floor,
Lake Rajada Office
Complex, 193/142 Ratchadapisek
Road, Klongtoey, Bangkok
10110, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Nibhond Charanvas |
|
Thai |
- |
|
Mr. Somchai Jongsirilerd |
|
Thai |
- |
|
Mrs. Achariyar Pattanawong |
|
Thai |
- |
|
Mr. Vivat Charanvas |
|
Thai |
- |
|
Mr. Sukit Wanglee |
|
Thai |
- |
|
Mr. Suchin Wanglee |
|
Thai |
- |
|
Mr. Anurat Tiyaphorn |
|
Thai |
- |
|
Mrs. Wanida Chansikarin |
|
Thai |
- |
|
Mr. Nate Charanvas |
|
Thai |
- |
|
M.L. Chintat Jombunud |
|
Thai |
- |
|
Mr. Danai-Thanit Bisalputra |
|
Thai |
- |
AUTHORIZED
PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Nate Charanvas is
the Managing Director.
He is Thai
nationality.
Mr. Somchai Jongsirilerd is
the Assistant Managing
Director.
He is Thai
nationality.
M.L. Chintat Jombunud is
the Accounting and
Finance Manager.
He is Thai
nationality.
Mrs. Suwaporn Nansurakit is
the Office Manager.
She is Thai
nationality.
Mr. Panya Pattarayutawat is
the Sales Manager.
He is Thai
nationality.
Mr. Wiboon Wattanaputtpreut is
the Plant Manager.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject
is engaged in
manufacturing, distributing
and exporting 200-litre
steel drum containers
consist of tight
head drum and
open head drum
for storage and
transport of petrochemicals, lubricant
oils, chemicals, agriculture
products and other
liquids industries.
The subject
is also a
distributor of Polyethylene Terepthalate
[PET] plastic bottles
and preforms, as
well as providing
of office rental
service, namely “Lake
Rajada Office Complex”,
the 38 storey
office building and
space of 51,730
square meters, including
817 vehicles parking
space, with 10
floors parking facility.
PURCHASE
75% of raw
materials is purchased
from local suppliers,
the remaining 25%
is imported from
Republic of China,
Korea, India and
Singapore.
MAJOR
SUPPLIER
The
PET Co., Ltd. : Thailand
SALES
/ SERVICES
The products are
sold and serviced
to both local
and overseas customers
in Japan, Singapore,
Indonesia, Malaysia and
Korea.
MAJOR
CUSTOMER
Sermsuk Public Company
Limited : Thailand
REVENUE
STRUCTURE
[company and consolidates]
[unit : million Baht]
|
|
2012 |
2011 |
||
|
Product Group |
Amount |
% |
Amount |
% |
|
|
|
|
|
|
|
Metal Drum |
1,157.57 |
56.73 |
1,001.92 |
57.78 |
|
Plastic Products |
832.98 |
40.82 |
680.77 |
39.25 |
|
Office Rental Service |
50.10 |
2.45 |
51.58 |
2.97 |
|
Less : Miscellaneous Transaction |
[13.18] |
- |
[15.10] |
- |
|
|
|
|
|
|
|
Total Revenue |
2,027.47 |
100.00 |
1,719.17 |
100.00 |
SUBSIDIARY
COMPANIES
Songkhla Metal Drum
Co., Ltd.
Business Type :
Manufacturer and distributor of
metal drums
The PET Co.,
Ltd.
Business Type :
Manufacturer and distributor of
plastic products
Surat Metal Drum
Co., Ltd.
Business Type :
Distributor of raw
material for metal
drum manufacturing
ASSOCIATED
COMPANIES
Eastplast Co., Ltd.
Business Type :
Manufacturer of plastic
product
Surat Metal Drum
Co., Ltd.
Business Type :
Distributor of raw
material for container
production
Lake Rajada Co.,
Ltd.
Business Type :
Distributor of machinery
and raw material
for container production
LITIGATION
Bankruptcy and
Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
according to the
past two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T on
negotiated terms.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
128 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in prime commercial
area.
Factory
and warehouse is
located at 179 Moo
9, T. Bangwa, A. Bangpakong,
Chachoengsao
24180. Tel :
[66] 38 571-980-2
Fax : [66] 38
571-983.
COMMENT
The
subject has been
firmly established for
over 50 years
as a manufacturer,
distributor and exporter of
steel drum containers.
Its products are
supplied to various
industries. There is
high demand of the
products in line
with the growth
and improvement of
related industries. Generally, the subject’s
business is solid
and always profitable.
FINANCIAL
INFORMATION
The
capital was initially
registered at Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100 each
with fully paid.
On
June 3, 1992,
the registered capital
was increased to
Bht. 150,000,000 divided
into 1,500,000 shares
of Bht. 100 each with fully
paid.
On
February 22, 1994,
the capital was
divided into 15,000,000
shares of Bht. 10
each with fully
paid.
In
2013, the capital
was divided into
150,000,000 shares of
Bht. 1 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at May 30,
2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Nate Charanvas |
48,952,910 |
32.64 |
|
Mr. Nibhond Charanvas |
14,632,260 |
9.75 |
|
Navakij Insuarance Public
Company Limited |
13,760,000 |
9.17 |
|
Mr. Yongyuth Charanvas |
13,009,120 |
8.67 |
|
Rangsit Ruam Patana
Co., Ltd. |
6,435,000 |
4.29 |
|
Ms. Savitree Charanvas |
4,556,000 |
3.04 |
|
Mr. Supachai Sutthipongchai |
3,822,000 |
2.55 |
|
Mr. Nop Charanvas |
3,493,000 |
2.33 |
|
Thai NVDR Co.,
Ltd. |
2,978,600 |
1.99 |
|
Ms. Moeka Takeuchi |
2,900,000 |
1.93 |
|
Others |
35,461,110 |
23.64 |
Total Shareholders :
1,001
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Pornchai Kittipanya-ngam No.
2778
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and cash equivalents |
29,153,720.75 |
17,108,847.51 |
24,498,641.55 |
|
Current investments |
338,026,521.03 |
275,139,969.91 |
209,912,536.16 |
|
Trade and other
receivable |
135,099,135.18 |
127,466,827.19 |
118,695,229.84 |
|
Short-term loans to related
party |
- |
37,000,000.00 |
4,654.50 |
|
Inventories |
103,395,979.62 |
89,390,172.07 |
89,111,467.53 |
|
Other current assets
|
34,379,001.73 |
487,500.37 |
899,803.46 |
|
|
|
|
|
|
Total Current Assets
|
640,036,358.31 |
546,593,317.05 |
443,122,333.04 |
|
|
|
|
|
|
Fixed deposits at banks
used as collateral |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
Investments in subsidiary
companies |
94,070,966.70 |
94,070,966.70 |
94,070,966.70 |
|
Long-term investments |
60,000,000.00 |
30,000,000.00 |
10,000,000.00 |
|
Long-term loans to related
party |
40,000,000.00 |
40,000,000.00 |
40,000,000.00 |
|
Investment property |
116,578,317.96 |
122,442,642.85 |
182,190,252.81 |
|
Property, plant and
equipment |
242,960,408.29 |
232,030,919.32 |
244,912,286.09 |
|
Land not used
operation |
- |
- |
102,118,850.97 |
|
Intangible assets |
27,576.95 |
49,790.99 |
80,987.54 |
|
Other non-current assets |
2,637,799.78 |
2,907,637.28 |
2,538,797.78 |
|
Total Assets |
1,199,311,427.99 |
1,071,095,274.19 |
1,122,034,474.93 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade and other
payables |
44,384,108.42 |
23,022,367.13 |
17,500,232.54 |
|
Accrued income tax |
1,576,216.52 |
3,043,046.82 |
1,246,499.43 |
|
Accrued expenses |
- |
- |
2,447,647.95 |
|
Other current liabilities |
2,813,757.16 |
3,845,450.22 |
3,296,895.55 |
|
|
|
|
|
|
Total Current Liabilities |
48,774,082.10 |
29,910,864.17 |
24,491,275.47 |
|
|
|
|
|
|
Deposit and guarantee
received |
15,034,944.27 |
13,291,930.82 |
12,625,271.78 |
|
Employee benefits obligation |
6,736,331.00 |
6,293,596.00 |
- |
|
Total Liabilities |
70,545,357.37 |
49,496,390.99 |
37,116,547.25 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 15,000,000 shares |
150,000,000.00 |
150,000,000.00 |
150,000,000.00 |
|
|
|
|
|
|
Capital Paid |
150,000,000.00 |
150,000,000.00 |
150,000,000.00 |
|
Premium on share capital |
340,000,000.00 |
340,000,000.00 |
340,000,000.00 |
|
Surplus on revaluation of
land |
- |
- |
192,018,947.78 |
|
Retained Earnings: Appropriated for statutory reserve |
15,000,000.00 |
15,000,000.00 |
15,000,000.00 |
|
Unappropriated |
587,766,070.62 |
480,598,883.20 |
387,898,979.90 |
|
Other components of equity |
36,000,000.00 |
36,000,000.00 |
- |
|
Total Shareholders' Equity |
1,128,766,070.62 |
1,021,598,883.20 |
1,084,917,927.68 |
|
Total Liabilities & Shareholders' Equity |
1,199,311,427.99 |
1,071,095,274.19 |
1,122,034,474.93 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Revenues from sales
and services |
|
|
|
|
Revenues from
sales of goods
and the rendering of
services |
824,316,874.91 |
709,856,953.69 |
605,209,383.73 |
|
Rental and
service incomes |
45,274,751.11 |
48,891,007.67 |
43,880,635.34 |
|
Total revenues
from sales and services |
869,591,626.02 |
758,747,961.36 |
649,090,019.07 |
|
Cost of sales
and services |
|
|
|
|
Cost of
sales of goods
and the rendering of
services |
[623,990,948.26] |
[543,012,516.24] |
[500,451,562.37] |
|
Cost of
rental and services |
[15,021,720.97] |
[13,038,502.50] |
[25,488,213.46] |
|
Total cost
of sales and
services |
[639,012,669.23] |
[556,051,018.74] |
[525,939,775.83] |
|
Gross profit |
230,578,956.79 |
202,696,942.62 |
123,150,243.24 |
|
Other incomes |
36,772,696.92 |
25,694,226.83 |
33,365,863.48 |
|
Profit before expenses
|
267,351,653.71 |
228,391,169.45 |
156,516,106.72 |
|
Selling expenses |
[28,143,013.84] |
[23,211,772.07] |
[21,346,180.88] |
|
Administrative expenses |
[18,870,789.54] |
[11,575,651.68] |
[10,462,901.00] |
|
Management benefit
expenses |
[17,319,265.00] |
[15,476,822.00] |
[13,845,296.00] |
|
Profit / [Loss] before Income Tax |
203,018,585.33 |
177,944,923.70 |
110,861,728.84 |
|
Income Tax |
[5,851,397.91] |
[7,935,849.40] |
[4,824,876.27] |
|
|
|
|
|
|
Net Profit / [Loss] |
197,167,187.42 |
170,009,074.30 |
[106,036,852.57] |
BALANCE
SHEET [BAHT]
The latest financial figures published
as at September
30, 2013, was : [Unaudited]
ASSETS
|
Current Assets |
2013 |
|
|
|
|
Cash and cash equivalents |
12,209,887.53 |
|
Current investments |
301,042,122.19 |
|
Trade and other
receivable |
136,588,480.83 |
|
Inventories |
84,822,520.54 |
|
Other current assets
|
22,601,940.50 |
|
|
|
|
Total Current Assets
|
557,264,951.59 |
|
|
|
|
Fixed deposits at banks
used as collateral |
3,000,000.00 |
|
Investments in subsidiary
companies |
94,070,966.70 |
|
Long-term investments |
50,000,000.00 |
|
Long-term loans to related
party |
24,000,000.00 |
|
Investment property |
112,197,252.56 |
|
Property, plant and
equipment |
317,932,781.15 |
|
Intangible assets |
18,991.10 |
|
Other non-current assets |
2,619,049.78 |
|
Total Assets |
1,161,103,992.88 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
|
|
|
|
Trade and other
payables |
53,808,153.05 |
|
Reserve for income
tax |
8,190,691.72 |
|
Other current liabilities |
3,263,727.05 |
|
|
|
|
Total Current Liabilities |
65,262,571.82 |
|
|
|
|
Deposit and guarantee
received |
14,103,229.53 |
|
Employee benefits obligation |
7,267,663.05 |
|
Deferred tax liabilities |
12,975,198.66 |
|
Total Liabilities |
99,608,663.06 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Share capital : Baht 1
par value authorized, issued
and fully paid share
capital 150,000,000 shares |
150,000,000.00 |
|
|
|
|
Capital Paid |
150,000,000.00 |
|
Premium on share capital |
340,000,000.00 |
|
Retained Earnings: Appropriated for statutory reserve |
15,000,000.00 |
|
Unappropriated |
527,695,329.82 |
|
Other components of equity |
28,800,000.00 |
|
Total Shareholders' Equity |
1,061,495,329.82 |
|
Total Liabilities & Shareholders' Equity |
1,161,103,992.88 |
PROFIT
& LOSS ACCOUNT
For the nine-month period
from January 1, - September 30,
2013.
|
Revenue |
2013 |
|
|
|
|
Revenues from sales
and services |
|
|
Revenues from
sales of goods
and the rendering
of services |
620,376,664.47 |
|
Rental and
service incomes |
35,337,298.83 |
|
Total revenues
from sales and
services |
655,713,963.30 |
|
Cost of sales
and services |
|
|
Cost of
sales of goods
and the rendering
of services |
[454,833,485.11] |
|
Cost of
rental and services |
[11,633,252.95] |
|
Total cost
of sales and
services |
[466,466,738.06] |
|
Gross profit |
189,247,225.24 |
|
Other incomes |
40,121,457.40 |
|
Profit before expenses
|
229,368,682.64 |
|
Selling expenses |
[21,431,418.53] |
|
Administrative expenses |
[9,119,239.95] |
|
Management benefit
expenses |
[17,174,655.00] |
|
Profit before Income Tax |
181,640,369.16 |
|
Income Tax |
[12,956,739.09] |
|
|
|
|
Net Profit / [Loss] |
168,683,630.07 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
13.12 |
18.27 |
18.09 |
|
QUICK RATIO |
TIMES |
10.30 |
15.27 |
14.42 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.58 |
3.27 |
2.65 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.73 |
0.71 |
0.58 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
59.06 |
58.68 |
61.84 |
|
INVENTORY TURNOVER |
TIMES |
6.18 |
6.22 |
5.90 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
56.71 |
61.32 |
66.75 |
|
RECEIVABLES TURNOVER |
TIMES |
6.44 |
5.95 |
5.47 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
25.35 |
15.11 |
12.15 |
|
CASH CONVERSION CYCLE |
DAYS |
90.41 |
104.88 |
116.44 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
73.48 |
73.29 |
81.03 |
|
SELLING & ADMINISTRATION |
% |
7.40 |
6.62 |
7.03 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
30.74 |
30.10 |
24.11 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
23.35 |
23.48 |
17.08 |
|
NET PROFIT MARGIN |
% |
22.67 |
22.41 |
(16.34) |
|
RETURN ON EQUITY |
% |
17.47 |
16.64 |
(9.77) |
|
RETURN ON ASSET |
% |
16.44 |
15.87 |
(9.45) |
|
EARNING PER SHARE |
BAHT |
13.14 |
11.33 |
(7.07) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.06 |
0.05 |
0.03 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.06 |
0.05 |
0.03 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
14.61 |
16.89 |
|
|
OPERATING PROFIT |
% |
13.97 |
60.67 |
|
|
NET PROFIT |
% |
15.97 |
260.33 |
|
|
FIXED ASSETS |
% |
4.71 |
(5.26) |
|
|
TOTAL ASSETS |
% |
11.97 |
(4.54) |
|
ANNUAL
GROWTH : EXCELLENT
An annual sales growth is 14.61%. Turnover has increased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
30.74 |
Deteriorated |
Industrial
Average |
70.14 |
|
Net Profit Margin |
22.67 |
Impressive |
Industrial
Average |
6.36 |
|
Return on Assets |
16.44 |
Impressive |
Industrial
Average |
9.03 |
|
Return on Equity |
17.47 |
Satisfactory |
Industrial
Average |
17.84 |
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 30.74%. 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. Net Profit Margin ratio is 22.67%,
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
16.44%, 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. When compared with the
industry average, it was lower, the company's figure is 17.47%.
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 |
13.12 |
Impressive |
Industrial
Average |
1.65 |
|
Quick Ratio |
10.30 |
|
|
|
|
Cash Conversion Cycle |
90.41 |
|
|
|
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 13.12 times in 2012, decrease from 18.27 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 10.3 times in 2012,
decrease from 15.27 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 91 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.06 |
Impressive |
Industrial
Average |
0.47 |
|
Debt to Equity Ratio |
0.06 |
Impressive |
Industrial
Average |
0.88 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.06 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 |
3.58 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.73 |
Acceptable |
Industrial Average |
1.42 |
|
Inventory Conversion Period |
59.06 |
|
|
|
|
Inventory Turnover |
6.18 |
Impressive |
Industrial Average |
4.27 |
|
Receivables Conversion Period |
56.71 |
|
|
|
|
Receivables Turnover |
6.44 |
Impressive |
Industrial Average |
5.59 |
|
Payables Conversion Period |
25.35 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.44 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 is
59 days at the end of 2011,
same number of
days as in
2012. And Inventory turnover has
decreased from 6.22 times in year 2011 to 6.18 times in year 2012.
The company's Total Asset Turnover is calculated as 0.73 times and 0.71
times in 2012 and 2011 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.66.44 |
|
|
1 |
Rs.102.41 |
|
Euro |
1 |
Rs.75.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
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.