|
|
|
MIRA INFORM REPORT
|
Report No. : |
510168 |
|
Report Date : |
22.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
PTT PHENOL COMPANY LIMITED |
|
|
|
|
Registered Office : |
15th Floor, Energy
Complex Building A, 555/1
Vibhavadi-Rangsit Road, Jatujak, Bangkok 10900 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2017 |
|
|
|
|
Date of Incorporation : |
04.06.2004 |
|
|
|
|
Com. Reg. No.: |
0105547075484 [Former: 0108354704515] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject operates
as a manufacturer and
distributor of Phenol,
Acetone and Bisphenol A [BPA] for
petrochemical and oil
refinery industries. |
|
|
|
|
No. of Employees : |
186 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
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
|
Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
THAILAND - ECONOMIC OVERVIEW
With a relatively well-developed infrastructure, a free-enterprise economy,
and generally pro-investment policies, Thailand is highly dependent on
international trade, with exports accounting for about two-thirds of GDP.
Thailand’s exports include electronics, agricultural commodities, automobiles
and parts, and processed foods. The industry and service sectors produce about
90% of GDP. The agricultural sector, comprised mostly of small-scale farms,
contributes only 10% of GDP but employs about one-third of the labor force.
Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly
from neighboring countries.
Over the last few decades, Thailand has reduced poverty substantially.
In 2013, the Thai Government implemented a nationwide 300 baht (roughly $10)
per day minimum wage policy and deployed new tax reforms designed to lower
rates on middle-income earners.
Thailand’s economy is recovering from slow growth during the years since
the 2014 coup. Thailand’s economic fundamentals are sound, with low inflation,
low unemployment, and reasonable public and external debt levels. Tourism and
government spending - mostly on infrastructure and short-term stimulus measures
– have helped to boost the economy, and The Bank of Thailand has been
supportive, with several interest rate reductions.
Over the longer-term, household debt levels, political uncertainty, and
an aging population pose risks to growth.
|
Source
: CIA |
Company name
PTT PHENOL COMPANY
LIMITED
SUMMARY
BUSINESS ADDRESS : 15TH FLOOR,
ENERGY COMPLEX BUILDING
A,
555/1
VIBHAVADI-RANGSIT ROAD,
JATUJAK, BANGKOK
10900, THAILAND
TELEPHONE : [66] 2265-8400
FAX : [66] 2265-8125
E-MAIL ADDRESS : info@pttphenol.com
pranee.k@pttphenol.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2004
REGISTRATION NO. : 0105547075484 [Former: 0108354704515]
TAX ID NO. : 3031436077
CAPITAL REGISTERED : BHT.
11,851,200,000
CAPITAL PAID-UP : BHT.
11,851,200,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
PRAMIN PHANTAWESAK, THAI
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
EMPLOYEES : 186
LINES OF BUSINESS : PETROCHEMICAL
MANUFACTURER AND
DISTRIBUTOR
|
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 June 4,
2004 as a
private limited company
under the registered name PTT
PHENOL COMPANY LIMITED,
by PTT group
of companies, initially
by a joint
venture among PTT
Public Company Limited, PTT
Chemical Public Company Limited and PTT Aromatics and Refining Public
Company Limited, with holding
around 40%, 30%
and 30% of
the subject’s shares
respectively.
In 2013, the subject became
a wholly owned
subsidiary of PTT
Global Chemical Public Company
Limited.
Its business objective
is to manufacture
petrochemical products, specialized
in Phenol for petrochemical
production and refinery
industry. It currently
employs 186 staff.
The subject’s registered
address was initially
at 123 Vibhavadi-Rangsit Rd., Chompol,
Jatujak, Bangkok 10900.
On March 2,
2010, it was
relocated to 4th Floor,
Energy Complex Building,
555/1 Vibhavadi-Rangsit Rd.,
Jatujak, Bangkok 10900.
In 2018, its
registered address was
moved from 4th Floor
to 15th Floor
of the same
building, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Patiparn Sukorndhaman |
|
Thai |
57 |
|
Mr. Kumpol Chaikitkosi |
|
Thai |
58 |
|
Mr. Narongsak Jivakanun |
|
Thai |
49 |
|
Mr. Pramin Phantawesak |
|
Thai |
64 |
|
Mr. Bowon Vongsinudom |
|
Thai |
64 |
|
Ms. Duangkamol Settanung |
|
Thai |
59 |
|
Mr. Pukpong Wungrattanasopon |
|
Thai |
48 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Pramin Phantawesak
is the President
and Chief Executive
Officer.
He is Thai
nationality with the
age of 64 years
old.
Mr. Patiparn Sukorndhaman is
the Vice President.
He is Thai
nationality with the
age of 57
years old.
Mr. Kumpol Chaikitkosi is
the Managing Director.
He is Thai
nationality with the
age of 58
years old.
Mr. Warophat Kimchuwanit
is the Vice
President of Production
Planning,
Sales & Marketing.
He is Thai
nationality.
Mr. Worathep Lertwinyu
is the Vice
President of Head
Business Development.
He is Thai
nationality.
Mr. Paisarn Sarapee
is the Vice
President of Phenol
Plant.
He is Thai
nationality.
Mr. Yingyos Julapai
is the Vice
President of Bisphenol A & Acetone Plant.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject operates
as a manufacturer
and distributor of
Phenol, Acetone and
Bisphenol A [BPA] for petrochemical
and oil refinery
industries.
PRODUCTION
Phenol : 250,000
tons per annum
Acetone : 154,000
tons per annum
BPA : 150,000
tons per annum
PURCHASE
100% of raw
materials and chemical
are purchased from
local suppliers and
agents.
MAJOR SUPPLIERS
PTT Global Chemical
Public Company Limited : Thailand
PTT Public Company
Limited : Thailand
IRPC Public Company
Limited : Thailand
Thai-MC Company Limited : Thailand
SALES
100% of the
products is sold locally by
wholesale to petrochemical
and oil refinery
industries.
MAJOR CUSTOMERS
IRPC Public Company
Limited
Thai Oil Public
Company Limited
PTT Public Company
Limited
Bangchak Petroleum Public
Company Limited
Chevron Group of
Companies
Esso (Thailand) Public
Company Limited
RPCG Public Company
Limited
SCG Group of
companies
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to have
any subsidiary or
affiliated company here
in Thailand.
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
according to 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
credits term of
30-60 days.
BANKING
Bangkok Bank Public
Company Limited
The Siam Commercial
Bank Public Company
Limited
Krung Thai Bank
Public Company Limited
TMB Bank Public
Company Limited
EMPLOYMENT
The subject currently
employs 186 staff.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory and warehouse
are located at
9 Soi G9,
Pakornsongkrohraj Rd., T. Maptaphut,
A. Muang, Rayong 21000.
Tel : [66]
38 643-901, 38
643-942 Fax :
[66] 38 643-827
Premises is on
214,400 square meters
of land area.
COMMENT
PTT Phenol was the first company to produce Phenol in
Southeast Asia, the world’s largest market for petrochemical chemicals.
The products are used as a raw material
for oil industry. The company
rapidly adopted immediate
actions, including proactive sales and marketing
strategies, energy saving measures, the
improvement in the operating
system and cash
flow management to
ensure sustainable growth.
Sluggish economy and shrinking
industrial consumption have affected
the subject’s sales
in the previous
years. However, the subject’s
business has seen an
improvement with an
increase in both sales
or service income
and net profit
in 2017 comparing
to the previous
year. Generally, the
subject’s business remains
solid and profitable.
FINANCIAL INFORMATION
The capital was
registered at Bht. 800,000,000 divided
into 8,000,000 shares
of Bht. 100
each.
The capital was
increased later as
following:
Bht. 4,000,000,000 on
April 10, 2006
Bht. 5,400,000,000 on
September 1, 2006
Bht. 7,000,000,000 on
August 1, 2008
Bht. 9,252,000,000 on
March 24, 2009
Bht. 11,851,200,000 on
July 12, 2013
The latest registered
capital was increased
to Bht. 11,851,200,000
divided into 118,512,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at March 28,
2018]
|
NAME |
HOLDING |
% |
|
|
|
|
|
PTT Global Chemical
Public Company Limited Nationality: Thai Address : 14th - 18th Floor, Energy Complex Building A, 555/1 Vibhavadi-Rangsit Rd.,
Jatujak, Bangkok |
118,511,998 |
100.00 |
|
Mrs. Korakoch Thongmee Nationality: Thai Address : 30/152
Moo 1, T. Bangmuang, A. Muang, Samutprakarn |
1 |
- |
|
Mr. Tosaporn Boonyapipat Nationality: Thai Address : 31/361
Moo 2, T. Thabma,
A. Muang, Rayong |
1 |
- |
Total Shareholders : 3
Share Structure [as
at March 28,
2018]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
118,512,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
118,512,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Nathapong Tantijattanont No.
8829
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2017,
2016 and 2015
were:
ASSETS
|
Current Assets |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Cash and Cash
Equivalents |
1,696,014,264 |
1,782,011,722 |
651,279,276 |
|
Short-term Investment |
250,000,000 |
120,000,000 |
1,080,000,000 |
|
Trade Account and
Other Receivable |
4,007,884,100 |
2,904,143,541 |
1,458,160,067 |
|
Inventories |
1,619,639,692 |
1,516,129,295 |
962,995,824 |
|
Other Current Assets
|
425,256,318 |
337,907,003 |
178,430,063 |
|
Total Current Assets
|
7,998,794,374 |
6,660,191,561 |
4,330,865,230 |
|
|
|
|
|
|
Property, Plant and Equipments
|
19,621,614,780 |
20,895,827,717 |
20,863,792,337 |
|
Intangible Assets |
974,944,519 |
1,024,665,209 |
1,073,608,761 |
|
Deferred Income Tax Assets |
100,934,166 |
88,621,626 |
90,790,393 |
|
Other Non-current Assets |
382,212,471 |
393,731,296 |
95,734,776 |
|
Total Assets |
29,078,500,310 |
29,063,037,409 |
26,454,791,497 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Trade Account and Other Payables |
2,819,043,451 |
2,395,056,160 |
1,475,071,702 |
|
Current Portion of
Long-term Liabilities |
1,289,462,388 |
1,288,800,497 |
1,153,113,528 |
|
Other Current Liabilities |
3,888,574 |
7,545,292 |
5,300,135 |
|
Total Current Liabilities |
4,112,394,413 |
3,691,401,949 |
2,633,485,365 |
|
Long-term Loans |
7,982,437,872 |
9,271,900,260 |
9,002,050,001 |
|
Employee Benefits Obligation |
118,056,914 |
39,167,465 |
32,990,694 |
|
Other Non-current Liabilities |
3,099,120 |
3,299,400 |
- |
|
Total Liabilities |
12,215,988,319 |
13,005,769,074 |
11,668,526,060 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital
118,512,000 shares |
11,851,200,000 |
11,851,200,000 |
11,851,200,000 |
|
Capital Paid |
11,851,200,000 |
11,851,200,000 |
11,201,400,000 |
|
Retained Earnings: [Deficit] |
|
|
|
|
Appropriated for statutory
reserve |
204,422,527 |
204,422,527 |
204,422,527 |
|
Unappropriated |
4,806,889,464 |
4,001,645,808 |
3,330,821,803 |
|
Other Components of
Shareholders’ Equity |
- |
- |
49,621,107 |
|
Total Shareholders' Equity |
16,862,511,991 |
16,057,268,335 |
14,786,265,437 |
|
Total Liabilities and
Shareholders' Equity |
29,078,500,310 |
29,063,037,409 |
26,454,791,497 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Sales or Services Income |
25,246,490,395 |
17,533,557,472 |
12,676,663,810 |
|
Other Income |
408,164,736 |
288,008,819 |
157,448,632 |
|
Total Revenues |
25,654,655,131 |
17,821,566,291 |
12,834,112,442 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold or Services |
23,141,037,672 |
15,961,905,786 |
12,087,718,143 |
|
Selling Expenses |
722,299,825 |
566,815,538 |
405,768,841 |
|
Administrative Expenses |
403,894,719 |
321,559,851 |
298,289,281 |
|
Other Expenses |
159,725,204 |
- |
- |
|
Financial Cost |
389,590,228 |
298,292,344 |
220,386,056 |
|
Total Expenses |
24,816,547,648 |
17,148,573,519 |
13,012,162,321 |
|
Profit/[Loss] before Income Tax |
838,107,483 |
672,992,772 |
[178,049,879] |
|
Expenses (Income) Income Taxes |
9,810,633 |
[2,168,767] |
[20,372,916] |
|
Net Profit / [Loss] |
847,918,116 |
670,824,005 |
[198,422,795] |
|
Other Comprehensive Income Gain (losses)
on cash flow hedging instruments |
- |
[49,621,107] |
41,165,191 |
|
Gain (loss) on projected earnings |
[42,674,460] |
- |
- |
|
Total Net Profit
and Other Comprehensive Income
for the Year |
805,243,656 |
621,202,898 |
[157,257,604] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2017 |
2016 |
2015 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.95 |
1.80 |
1.64 |
|
QUICK RATIO |
TIMES |
1.45 |
1.30 |
1.21 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.29 |
0.84 |
0.61 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.87 |
0.60 |
0.48 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
25.55 |
34.67 |
29.08 |
|
INVENTORY TURNOVER |
TIMES |
14.29 |
10.53 |
12.55 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
57.94 |
60.46 |
41.98 |
|
RECEIVABLES TURNOVER |
TIMES |
6.30 |
6.04 |
8.69 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
44.46 |
54.77 |
44.54 |
|
CASH CONVERSION CYCLE |
DAYS |
39.03 |
40.36 |
26.52 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
91.66 |
91.04 |
95.35 |
|
SELLING & ADMINISTRATION |
% |
4.46 |
5.07 |
5.55 |
|
INTEREST |
% |
1.54 |
1.70 |
1.74 |
|
GROSS PROFIT MARGIN |
% |
9.96 |
10.61 |
5.89 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.32 |
3.84 |
(1.40) |
|
NET PROFIT MARGIN |
% |
3.36 |
3.83 |
(1.57) |
|
RETURN ON EQUITY |
% |
5.03 |
4.18 |
(1.34) |
|
RETURN ON ASSET |
% |
2.92 |
2.31 |
(0.75) |
|
EARNING PER SHARE |
BAHT |
7.15 |
5.66 |
(1.77) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.42 |
0.45 |
0.44 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.72 |
0.81 |
0.79 |
|
TIME INTEREST EARNED |
TIMES |
2.15 |
2.26 |
(0.81) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
43.99 |
38.31 |
|
|
OPERATING PROFIT |
% |
24.53 |
(477.98) |
|
|
NET PROFIT |
% |
26.40 |
438.08 |
|
|
FIXED ASSETS |
% |
(6.10) |
0.15 |
|
|
TOTAL ASSETS |
% |
0.05 |
9.86 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 43.99%. Turnover has increased from THB
17,533,557,472.00 in 2016 to THB 25,246,490,395.00 in 2017. While net profit
has increased from THB 670,824,005.00 in 2016 to THB 847,918,116.00 in 2017.
And total assets has increased from THB 29,063,037,409.00 in 2016 to THB
29,078,500,310.00 in 2017.
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
9.96 |
Satisfactory |
Industrial Average |
15.20 |
|
Net Profit Margin |
3.36 |
Satisfactory |
Industrial Average |
6.33 |
|
Return on Assets |
2.92 |
Acceptable |
Industrial Average |
6.42 |
|
Return on Equity |
5.03 |
Satisfactory |
Industrial Average |
9.37 |
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 9.96%. 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 3.36%.
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 5.03%.
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 |
1.95 |
Impressive |
Industrial Average |
1.94 |
|
Quick Ratio |
1.45 |
|
|
|
|
Cash Conversion Cycle |
39.03 |
|
|
|
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 1.95 times in 2017, increase from 1.8 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 1.45 times in 2017,
increase from 1.3 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 40 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.42 |
Acceptable |
Industrial Average |
0.26 |
|
Debt to Equity Ratio |
0.72 |
Impressive |
Industrial Average |
0.36 |
|
Times Interest Earned |
2.15 |
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 2.16 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 0.42 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 |
1.29 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.87 |
Satisfactory |
Industrial Average |
1.02 |
|
Inventory Conversion Period |
25.55 |
|
|
|
|
Inventory Turnover |
14.29 |
Impressive |
Industrial Average |
5.86 |
|
Receivables Conversion Period |
57.94 |
|
|
|
|
Receivables Turnover |
6.30 |
Satisfactory |
Industrial Average |
8.29 |
|
Payables Conversion Period |
44.46 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.30 and 6.04 in
2017 and 2016 respectively. This ratio measures the efficiency of the company in
managing its trade debtors to generate revenue. A lower ratio may indicate over
extension and collection problems. Conversely, a higher ratio may indicate an
overtly stringent policy. In this case, the company's A/R ratio in 2017
increased from 2016. This would suggest the company had good performance in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has decreased from 35 days at the
end of 2016 to 26 days at the end of 2017. This represents a positive trend.
And Inventory turnover has increased from 10.53 times in year 2016 to 14.29
times in year 2017.
The company's Total Asset Turnover is calculated as 0.87 times and 0.6
times in 2017 and 2016 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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 68.09 |
|
|
1 |
INR 91.41 |
|
Euro |
1 |
INR 79.93 |
|
Thai Baht |
1 |
INR 2.11 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.