MIRA
INFORM REPORT
|
Report Date : |
09.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
D.H.A. SIAMWALLA LTD |
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Registered Office : |
210 Surawongse Road, Siphya, Bangrak,
Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1942 |
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|
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Com. Reg. No.: |
0105485000257 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Importer, Exporter & Distributor of Stationeries. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME OF THE COMPANY
D.H.A. SIAMWALLA
LTD.
SUMMARY
BUSINESS ADDRESS : 210
SURAWONGSE ROAD, SIPHYA,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2237-0500,
2234-3983, 2237-2895
FAX : [66] 2236-7950,
2267-2394, 2631-4029
E-MAIL ADDRESS : service@dhas.com,
export@dhas.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1942
REGISTRATION NO.
: 0105485000257 [Former : 689]
CAPITAL
REGISTERED : BHT. 480,000
CAPITAL
PAID-UP : BHT. 480,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
EK SIAMWALLA, THAI
PRESIDENT
NO. OF
STAFF : 594
LINES OF
BUSINESS : STATIONERIES
MANUFACTURER, IMPORTER,
EXPORTER
& DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH AVERAGE PERFORMANCE
HISTORY
The subject
was initially found
in 1907 as a
limited partnership by
Mr. D.H.A. Siamwalla
and officially registered as
a private limited
company on August
31, 1942 under
the name style
D.H.A. SIAMWALLA LTD. At
present, the subject
is managed by
the third generation
of the Siamwalla family, a
major Thai-Indian family
in Thailand. It
currently employs 594
staff.
Its popular and widely respected
Elephant Brand products
made their debut in 1960, with
the appearance of the now-famous “Elephant” file, made for it by a contractor. In 1976, using simple manual methods,
it began making them itself. The subject
built the first factory in 1980
at the Nava Nakorn Industrial Estate in
Pathum Thani, and a second in 1988. Other items went into
production: the Elephant Brand notebook, duplicating
stencil paper, duplicating
ink, self-adhesive labels
and more.
HONOUR
In 1989, subject
received Asian Hitech award
under Elephant brand products
for applying outstanding
technologies and modern
applied sciences in production,
services and management
from Thai Industrial
Standards Institute [TISI],
standard marks.
In 1992, the
subject was the
first company to obtain
the [TISI] mark
for locally produced lever
arch mechanism.
The subject’s registered
address is 210
Surawongse Rd., Siphya,
Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD OF
DIRECTORS
|
Name |
Nationality |
Age |
|
Mr. Toemsakdi Krisnamara : Chairman |
Thai |
81 |
|
Mr. Mit Siamwalla :
Advisor of Chairman |
Thai |
80 |
|
Mr. Ek Siamwalla |
Thai |
78 |
|
Ms. Pranee Lopansri |
Thai |
80 |
|
Mr. Yingsak Siamwalla |
Thai |
50 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Ek
Siamwalla is the President.
He is Thai nationality with
the age of
78 years old.
Mr. Yingsak
Siamwalla is the Managing Director.
He is Thai nationality with
the age of
50 years old.
Mr. Suradej
Suchaxaya is the Deputy Managing
Director & Supports
Manager.
He is Thai nationality.
Mr. Wanchai
Kanchanabul is the Deputy Managing
Director & Operation
Manager.
He is Thai nationality.
Mr. Manoch
Srikerd is the Finance &
Account Manager.
He is Thai nationality.
Ms. Pranee
Lophansri is the
Executive Director.
She is Thai nationality.
Mr. Suharit
Siamwalla is the Sales Director.
He is Thai nationality.
Mr. Sirichai
Chaiyapornphan is the
Marketing Director.
He is Thai nationality.
Mr. Opas
Siamwalla is the Planning &
Business Development Director.
He is Thai nationality.
INSURANCE
Insurances are carried
on :
Inventory with Commercial
Union Assurance Co., Ltd.
Building with
Commercial Union Assurance Co., Ltd.
Equipment with
Commercial Union Assurance Co., Ltd.
BUSINESS OPERATIONS
The subject is
engaged in importing, distributing & exporting wide
range of stationery
goods, which divided
into 7 main products, including
file supplies, book
& paper products,
pen, pencil &
marker, office supplies
products, school supplies
products, art supplies
and architecture supplies.
The subject is
also a manufacturer of quality
products under its
own brand “ELEPHANT”,
such as notebook,
duplicating stencil paper,
duplicating ink, self-adhesive labels, various types
of files and
index.
Imported Products
The subject also imported selected products from overseas. These include office products, corporate
gifts, drafting, commercial and fine art supplies, papers and boards and many
more.
MAJOR BRANDS
The subject is
a sole distributor of the
following brand products:
“ELEPHANT”
“FEDRIGON”
“CRESCENT”
“DAHILE”
“UCHIDA”
“GATEWAY”
“CAMEL”
“CROSS”
“ROTRING”
“EXTRA”
“LABEST”
“SCHWAN STABILO”
“TRODAT”
“WINSOR & NEWTON”
“CANSON”
“ MAGIC COLOR ”
“ MASTER ART ”
“ AVERY DENNISON ”
“ SCANGLOBE ”
“ DEVILBISS ”
“ SANFORD ”
etc.
IMPORT [COUNTRIES]
30% of the products is
imported from England,
U.S.A., Germany, Holland,
France, Japan, Denmark,
Australia, Singapore, Taiwan, Italy,
India, Hong Kong
and Korea.
MAJOR SUPPLIERS
|
Name |
Country |
|
Arjo Wiggins Fine
Papers Export Ltd. |
: England |
|
R. Ancker Jorgensen
A/S |
: Denmark |
|
Bieffe Dibruno Ferrarese s.p.a. |
: Italy |
|
Cartier Fedrigoni &
Co., s.p.a. |
: Italy |
|
Camlin Private Ltd. |
: India |
|
A.T. Cross Export
Co. |
: U.S.A. |
|
Conte |
: France |
|
Daler Board Co.,
Ltd. |
: England |
|
Dayglo Color Corporation |
: U.S.A. |
|
Eiki Industrial Co.,
Ltd. |
: Japan |
|
Elof Hansson, Inc. |
: U.S.A. |
|
Encyclopaedia Britannica Education
Corporation |
: U.S.A. |
|
Eothen Films International |
: England |
|
Franz Just &
Sohne |
: Austria |
|
Fuji-Corana Seiki Ltd. |
: Japan |
|
Ken-A-Vision Mfg., Inc. |
: U.S.A. |
|
Liquid Paper Australia |
: Australia |
|
Mecanorma |
: France |
|
Mitsubishi Pencil Co.,
Ltd. |
: Japan |
|
Neusidedler
Aktiengesellschaft Fur Papierfabrikation |
: Austria |
|
Nystrom Division of
Carnation Company |
: U.S.A. |
|
Olympus Co., Ltd. |
: Japan |
|
Reeves |
: England |
|
Rexel Ltd. |
: England |
|
Rotring Werke Riepe
KG. |
: Germany |
|
Royal Sovereing Group
Speedry Marker Division |
: England |
|
Sanford Corporation |
: U.S.A. |
|
Scan-Globes A/S |
: Denmark |
|
Schwan-Stabilo Schwanhausser
GmbH & Co. |
: Germany |
|
Superior Specialties, Inc. |
: U.S.A. |
|
Uchida Yoko Co.,
Ltd. |
: Japan |
|
Wiggins Teape [Japan]
Ltd. |
: Japan |
|
Wiggins Teape Overseas
Sales Ltd. |
: England |
|
Wiggins Teape [Singapore] Pte., Ltd. |
: Singapore |
|
Winsor & Newton
Ltd. |
: England |
The subject has
received license to
manufacture their products
as followed :
|
Products |
Licenser |
|
|
|
|
- Mitsubishi Wood - Cased Pencils |
Mitsubishi Pencil Co., Ltd., Japan |
|
- Extar Duplicating Stencils
and Ink |
Uchida Yoko Co., Ltd., Japan |
|
- Stabilo - Boss Highlighters |
Schwan-Stabilo, Germany |
|
- Trodat Line Daters |
Trodat-Werke, Austria |
|
- Avery Self - Adhesive Labels |
Dennison-Danmark A/S, Denmark |
SALES [LOCAL]
90% of its products is
sold locally to
wholesalers, Thai Government,
manufacturers & retailers.
Market Shares
|
Highlighter |
“BOSS” |
60% |
|
Pen |
“CROSS” |
40% |
|
File |
“ELEPHANT” |
70% |
|
Paper |
“CONQUEROR” |
65% |
|
Writing instrument |
“ROTRING” |
90% |
EXPORT [COUNTRY]
10% of its products under
“ELEPHANT” brand name;
labels, files &
etc. are exported
to Vietnam, Taiwan,
Singapore, Laos, Indonesia,
Republic of China,
Australia, United Kingdom, Malaysia
and etc.
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
for the past
two years.
SUBSIDIARIES &
AFFILIATED COMPANY
Universal Franchise
Co., Ltd.
Business Type: Printing house
Investment :
99.99 %
MEMBERSHIP OF
ASSOCIATES
- The Thai Chamber
of Commerce
- The German-Thai Chamber
of Commerce
- The India-Thai Chamber
of Commerce
- Thailand Management Association
- The Federation of
Thai Industries
- The Thai Stationers
and Office Supplies
Association
- Thai Article Numbering
Council [TANC]
- Thailand Management Association
CREDIT
The subject sells
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 & T/T.
Exports are against
L/C at sight & T/T.
BUSINESS TRANSACTION
The products are
sold both by
cash and credit
with the maximum
credit given at
30-60 days. There
is no problem on its
account receivable.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office :
333 Silom Rd.,
Silom, Bangrak, Bangkok
10500]
Standard Chartered
Bank
[ Bangkok Office : 990 Rama 4
Rd., Silom, Bangrak,
Bangkok 10500]
The Siam
Commercial Bank Public Co., Ltd.
[ Head Office :
9 Ratchadapisek Rd.,
Ladyao, Jatujak, Bangkok 10900]
EMPLOYMENT
The subject employs
594 staff. [office
staff, sales staff
and factory workers]
LOCATION DETAILS
The premise is
owned for operating
office at the
heading address in
a prime commercial
area on 3,500
square meters.
· The factory
I is located at 101/27
Nava Nakorn Industrial
Estate. KM. 46,
Phaholyothin Highway, Klongnueng,
Klongluang, Pathumthani Province
12120. Tel. [66] 2529-2340-2, Fax. [66] 2750-1495,
on 7,500 sq.m.
of area.
· The factory
II is located at 60/67
Nava Nakorn Industrial
Estate, Phaholyothin Highway,
Klongnueng, Klongluang, Pathumthani
Province 12120. Tel.
[66] 2529-1732-40, Fax. [66]
2529-1741, on 3,500
sq.m. of area.
Warehouse
& Service Center :
94 Moo 15, Bangna-Trad Road,
Bangpleeyai, Bangplee, Samutprakarn.
Tel : [66] 2750-1540 Fax
[66] 2750-1495.
REMARK
SIAMWALLA IS THE
WELL KNOWN AND
WELL REPUTATION THAI-INDIAN
FAMILY IN THE
KINGDOM AND CAN BE
RELIABLE FOR BUSINESS
ENGAGEMENTS.
COMMENT
The company is
the leading in
manufacturing, importing and
distributing of stationery
goods. It is
also the country’s
largest importer of
aluminum utensils, papers
and boards, and
the largest manufacturer of exercise books,
notebooks and various
files. Moreover, its
factory is the
most advanced in
the stationery industry,
fully automatic machines.
DHAS is the
first company to
produce file clips
comparable in quality
to those made
abroad, and still
remain the only
exporter of file
mechanisms in Thailand.
With the strong
fundamental of its
system, the company
is still remained
in strong financial,
marketing and trading
strategy and also
the leading in
the industry so
far.
The subject still
has strong gain in its business from over 2,000 traditional stationery shops
nationwide.
FINANCIAL INFORMATION
The capital was
registered at Bht.
120,000 divided into
1,200 shares of
Bht. 100 each.
Later, on March
13, 1995 the
capital was increased
to Bht. 480,000
divided into 4,800
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE: [as at April
27, 2007]
|
NAME |
HOLDING |
% |
|
Mr. Ek
Siamwalla Nationality: Thai Address : 109
Soi Soonvijai 14,
Huaykwang, Bangkok |
2,196 |
45.75 |
|
Mr. Mit
Siamwalla Nationality: Thai Address : 127 Soi Soonvijai 14, Huaykwang, Bangkok |
1,747 |
36.40 |
|
Mr. Amman
Siamwalla Nationality: Thai Address : 105 Soi Soonvijai 14, Huaykwang, Bangkok |
178 |
3.71 |
|
Mr. Yingsak
Siamwalla Nationality: Thai Address : 127 Soi Soonvijai 14, Huaykwang, Bangkok |
100 |
2.08 |
|
Mr. Opas
Siamwalla Nationality: Thai Address : 127 Soi Soonvijai 14, Huaykwang, Bangkok |
100 |
2.08 |
|
Mr. Suharit
Siamwalla Nationality: Thai Address : 127 Soi Soonvijai 14, Huaykwang, Bangkok |
100 |
2.08 |
|
Mr. Danuphol
Siamwalla Nationality: Thai Address : 127 Soi Soonvijai 14, Huaykwang, Bangkok |
100 |
2.08 |
|
Mr. Pratheep
Siamwalla Nationality: Thai Address : 105 Soi Soonvijai 14, Huaykwang, Bangkok |
74 |
1.54 |
|
Mr. Naris
Siamwalla Nationality: Thai Address : 105 Soi Soonvijai 14, Huaykwang, Bangkok |
74 |
1.54 |
|
Mr. Rachit
Siamwalla Nationality: Thai Address : 105 Soi Soonvijai 14, Huaykwang, Bangkok |
74 |
1.54 |
|
Mrs. Yasamin
Siamwalla Nationality: Thai Address : 253 Ladprao 94 Rd., Wangthonglang, Bangkok |
49 |
1.02 |
|
Ms. Pranee
Lophantsri Nationality: Thai Address : 40 Sukhumvit 39 Rd., Prakanong, Bangkok |
4 |
0.09 |
|
Mr. Termsak
Krisanamara Nationality: Thai Address : 289
Silom Rd., Surawong,
Bangrak, Bangkok |
4 |
0.09 |
Total Shareholders : 13
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr.
Somsith Techamontrikul No.
430
BALANCE SHEET
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
50,116,642 |
91,304,903 |
|
Short-term Investment |
303,532,052 |
271,497,097 |
|
Trade Accounts &
Notes Receivable [note 1] |
541,035,542 |
505,223,013 |
|
Inventories [note 2] |
407,058,364 |
367,117,536 |
|
Deposit Land |
48,375,000 |
48,375,000 |
|
Other Current Assets
|
22,475,903 |
5,530,145 |
|
|
|
|
|
Total Current
Assets |
1,372,593,503 |
1,289,047,694 |
|
|
|
|
|
Other Long-term Investment |
19,999,300 |
19,999,300 |
|
Fixed Assets
[note 3] |
514,686,050 |
364,165,262 |
|
Other Assets |
8,693,080 |
21,294,177 |
|
Total Assets |
1,915,971,933 |
1,694,506,433 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accounts Payable [note 4] |
115,934,755 |
111,768,585 |
|
Short Term Loan |
50,000,000 |
- |
|
Current Portion of
Liabilities under Finance
Lease Contract |
10,042,560 |
20,085,114 |
|
Accrued Income Tax |
70,458,606 |
59,098,358 |
|
Accrued Expenses |
93,269,124 |
72,527,556 |
|
Other Current Liabilities |
28,240,277 |
23,551,090 |
|
Total Current
Liabilities |
367,945,322 |
287,030,703 |
|
|
|
|
|
Liabilities under Finance
Lease Contract net of Current Portion |
5,021,275 |
15,063,835 |
|
|
|
|
|
Total Current
Liabilities |
372,966,597 |
302,094,538 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 4,800 shares |
480,000 |
480,000 |
|
|
|
|
|
Capital Paid |
480,000 |
480,000 |
|
Unrealized Gain on
Marketable Securities |
778,009 |
871,478 |
|
Retained Earning Appropriated for
Statutory Reserve
|
48,000 |
48,000 |
|
Other Reserve |
8,057,672 |
8,057,672 |
|
Unappropriated |
1,533,641,655 |
1,382,954,745 |
|
Total
Shareholders' Equity |
1,543,005,336 |
1,392,411,895 |
|
Total
Liabilities & Shareholders' Equity |
1,915,971,933 |
1,694,506,433 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
1,961,92,318 |
1,763,900,494 |
|
Other Income |
43,240,120 |
43,437,436 |
|
Total Revenues
|
2,005,160,438 |
1,807,337,930 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,218,795,404 |
1,146,506,909 |
|
Selling & Administrative Expenses |
401,766,124 |
340,128,641 |
|
Total Expenses |
1,620,561,528 |
1,486,635,550 |
|
|
|
|
|
Profit / [Loss] before Interest Expenses & Income Tax |
384,598,910 |
320,702,380 |
|
Interest Expenses |
[548,290] |
[443,515] |
|
Income Tax |
[113,363,710] |
[95,066,448] |
|
|
|
|
|
Net Profit / [Loss] |
270,686,910 |
225,192,417 |
FINANCIAL NOTE 2006
& 2005
NOTE 1 Trade Accts. & Notes Receivable
|
|
2006 |
2005 |
|
|
|
|
|
Trade Accts. Receivable |
433,277,801 |
398,931,382 |
|
Notes Receivable |
109,334,625 |
111,345,859 |
|
Total |
542,612,426 |
510,277,241 |
|
Less: Allowance
for Doubtful Account |
[1,576,884] |
[5,054,228] |
|
Total
|
541,035,542 |
505,223,013 |
NOTE 2
Inventories
|
|
2006 |
2005 |
|
|
|
|
|
Finished Goods |
237,519,523 |
188,684,780 |
|
Works in Progress |
18,858,853 |
19,712,628 |
|
Raw Material |
122,801,542 |
118,942,950 |
|
Maintenance Goods |
5,448,765 |
1,836,691 |
|
Spare Parts |
16,084,397 |
14,297,642 |
|
Goods in Transit |
6,345,284 |
23,616,497 |
|
Sampling Goods |
- |
26,348 |
|
Total
|
407,058,364 |
367,117,536 |
NOTE 3 Fixed
Assets
|
|
2006 |
2005 |
|
|
|
|
|
Land |
95,698,845 |
89,156,092 |
|
Land Improvement |
2,397,000 |
2,397,000 |
|
Building |
301,087,330 |
289,630,081 |
|
Machineries and Equipments |
523,541,598 |
516,154,760 |
|
Machine under Finance
Lease Contract |
50,212,783 |
50,212,783 |
|
Office Automations |
222,751,185 |
218,156,552 |
|
Vehicle |
63,738,764 |
66,034,704 |
|
Assets Under Construction |
174,022,207 |
5,033,297 |
|
Total Fixed Assets |
1,433,449,712 |
1,236,775,269 |
|
Less :
Depreciation |
918,763,662 |
[872,610,007] |
|
|
|
|
|
Total |
514,686,050 |
364,165,262 |
NOTE 4
Trade Accts. Payable
|
|
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable-Local |
81,617,736 |
70,346,672 |
|
Trade Accts. Payable-Foreign |
34,317,019 |
41,421,913 |
|
Total |
115,934,755 |
111,768,585 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
11.23 |
|
|
Operating Profit |
7.82 |
|
|
Net Profit |
20.20 |
|
|
Fixed Assets |
41.33 |
|
|
Total Assets |
13.07 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
62.12 |
65.00 |
|
Operating Profit Margin |
19.60 |
18.18 |
|
S & A
Expenses |
20.48 |
19.28 |
|
Interest Paid |
0.03 |
0.03 |
|
Other Revenues |
2.20 |
2.46 |
|
Net Profit Margin |
13.80 |
12.77 |
|
Earning Per Shares |
56,393.11 |
46,915.09 |
|
No. of Shares |
4,800 |
4,800 |
Net Sales was
increased by 11.23%,
Operating Profit was
increased by 7.82%,
Net Profit was
increased by 20.20%,
Fixed Assets was
increased by 41.33%,
Total Assets was
increased by 13.07%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 65.00%
to 62.12%, Operating
Profit Margin was
increased from 18.18%
to 19.60%, S
& A Expenses
was increased from
19.28% to 20.48%,
Interest Paid was increased
from 0.03% to
0.03%, Other Revenues
was decreased from
2.46% to 2.20%,
Net Profit Margin
was increased from
12.77% to 13.80%.
Earning Per Shares
was increased from
46,915.09 baht per
share to 56,393.11
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.85 |
2.19 |
|
Quick-Assets Ratio |
1.21 |
1.47 |
Current Ratio was
decreased from 2.19
to 1.85, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.47 to 1.21,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.63 |
0.53 |
|
Times Interest Earned |
701.45 |
723.09 |
D/E Ratio was increased from 0.53 to 0.63, show the company had fund from Equity more than fund from Loan, investment risked of the company is low, Times Interest Earned was decreased from 723.09 to 701.45, capacity to pay interest paid was good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
3.81 |
4.84 |
|
Total Assets Turnover |
1.02 |
1.04 |
|
Return on Assets |
14.13 |
13.29 |
|
Return on Equity |
23.04 |
20.37 |
|
Day's Payable |
21.27 |
22.81 |
|
Day’s Inventories |
74.69 |
74.93 |
|
Day’s Receivables |
99.28 |
103.11 |
Fixed Assets Turnover
was decreased from
4.84 times to
3.81 times, Total
Assets Turnover was
decreased from 1.04
times to 1.02
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from 13.29 to
14.13, Return on
Equity was increased
from 20.37 to
23.04, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 23
days to 22
days, while Day’s
Inventories was stable
at 75 days, but Day’s
Receivables was decreased
from 104 days
to 100 days.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)