MIRA INFORM REPORT
|
Report Date : |
18.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
CENTRAL DEPARTMENT STORE
LTD. [CDS] |
|
|
|
|
Registered Office : |
1027 Ploenchit Road,
Chidlom, Lumpini,
Pathumwan, Bangkok 10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
26.04.1974 |
|
|
|
|
Com. Reg. No.: |
0105517005330 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Owner & Management Of Department Store |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
CENTRAL DEPARTMENT STORE
LTD. [CDS]
SUMMARY
ADDRESS : 1027
PLOENCHIT ROAD, CHIDLOM,
LUMPINI, PATHUMWAN,
BANGKOK 10330,
THAILAND
TELEPHONE : [66]
2255-3833, 2655-7777, 2655-7799
FAX : [66]
2254-9150-1
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1974
REGISTRATION NO. : 0105517005330 [Former: 539/2517]
CAPITAL REGISTERED : BHT.
3,335,000,000
CAPITAL PAID-UP : BHT.
3,335,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS.
YUWADEE BHICHARNCHITR, THAI
PRESIDENT
NO. OF STAFF : 9,000
LINES OF BUSINESS : DEPARTMENT STORE
OWNER &
MANAGEMENT
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 April
26, 1974 as a
private limited company
under the registered
name Chidlom Department
Store Ltd. by
Chirathivat Family. On November
13, 1995 its
name was changed
to CENTRAL DEPARTMENT STORE LTD. It
is a subsidiary
of Central Retail
Corporation Ltd. [CRC],
which is a
member of the Central Group of
Companies, a leader
in retail business
in Thailand.
The subject currently has 16
branches of Central
Department Store with
approximate employment of
9,000 staff.
The subject’s registered address is 1027 Ploenchit
Rd., Lumpini, Pathumwan,
Bangkok 1033, and
this is the
company’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Wanchai Chirathivat |
[x] |
Thai |
84 |
|
Mr. Suthiporn Chirathivat |
[x] |
Thai |
80 |
|
Mr. Suthichai Chirathivat |
[x] |
Thai |
71 |
|
Mr. Suthikiat Chirathivat |
[x] |
Thai |
69 |
|
Mr. Suthichart Chirathivat |
[x] |
Thai |
66 |
|
Mr. Suthilak Chirathivat |
[x] |
Thai |
55 |
|
Mr. Thos Chirathivat |
[x] |
Thai |
47 |
|
Mr. Wat Chirathivat |
[x] |
Thai |
57 |
|
Mr. Kriengsak Chirathivat |
[x] |
Thai |
57 |
|
Mr. Narongrith Chirathivat |
[x] |
Thai |
53 |
|
Mrs. Nitsinee Chirathivat |
[x] |
Thai |
- |
|
Mr. Prin Chirathivat |
[x] |
Thai |
49 |
|
Mrs. Yuwadee Bhicharnchitr |
[x] |
Thai |
58 |
|
Ms. Wantana Prueksawan |
|
Thai |
64 |
AUTHORIZED PERSON
Two
of the mentioned
directors [x] can
jointly sign or
one of the
directors [x] can jointly
sign with Ms. Wantana Prueksawan on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mrs. Yuwadee Bhicharnchitr is
the President.
She is Thai
nationality with the
age of 58
years old.
Mrs. Nitsinee Chirathivat
is the Vice
President of Operation
[Products].
She is Thai
nationality.
Mrs. Siriket Jirakitti
is the Vice
President of Operation
[Branch].
She is Thai
nationality.
Ms. Piyawan Leelasompop is
the Senior Vice
President [Marketing].
She is Thai
nationality.
Mrs. Surangrat Chiratihivat is
the Direct Marketing
Director.
She is Thai
nationality.
Mrs. Wanthanee Chirathivat
is the Vice
President.
She is Thai
nationality.
Mrs. Saisavalee Pakdisantiskul is
Vice President of
Financial.
She is Thai
nationality.
Mr. Ruangvech Vitavatkarnvech is
the Assistant President.
He is Thai
nationality.
Ms. Nattrira Boonsri is
the Assistant Vice
President [Operation Products].
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in retail
business which manages
a leading department
store under the
name “CENTRAL DEPARTMENT
STORE”. The subject
currently has 16 branches as
follows:
1. Central Chidlom
(opened in 1973)
Address: 1027
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok 10330
2. Central Ladprao
(opened in 1983)
Address: 1691
Phaholyothin Rd., Ladyao,
Chatuchak, Bangkok 10900
3. Central Bangna
(opened in 1993)
Address: 1090
Moo 12, Bangna-Trad
Rd., Bangna, Bangkok
10260
4. Central Pinklao
(opened in 1995)
Address: 7/1 Borom
Rachachonnanee Rd., Arun Amarin, Bangkoknoi, Bangkok 10700
5. Central Rama
3 (opened in
1997)
Address: 79/3
Sathupradit Rd., Chong
Nonsi, Yannawa, Bangkok
10120
6. Central Silom
Complex (opened in
1991)
Address: 306
Silom Rd., Suriwong,
Bangrak, Bangkok 10500
7. Future Park,
Rangsit (opened in
1996)
Address: 161 Moo 2, Phaholyothin
Rd., Prachathipat,
Thanyaburi, Pathumthani 10230
8. Central Ramindra
(opened in 1993)
Address: 109/9
Moo 3, Anusaowari,
Bangkhen, Bangkok 10220
9. Central Kad
Suan Kaew, Chiang
Mai (opened in
1992)
Address: 21
Huay Keaw Rd.,
T. Suthep, A. Muang,
Chiang Mai, 50200
10. Central Had-Yai, Songkhla
(opened 1994)
Address: 1
Sanaeha Nusorn Rd.,
T. Had-Yai, A. Had-Yai, Songkhla
90110
11. Zen, (Central World),
(opened in 1989)
Address: 4,
4/5 Rajdumri Rd.,
Pathumwan, Bangkok 10330
12. Central Rama II
(opened in 2002)
Address: 128
Moo 6, Samaedum,
Bangkhunthian, Bangkok 10150
13. Central Phuket (opened
in 2004)
Address: 74-75
Wichitsongkram Rd., A. Muang,
Phuket 83000
14. Central Chaengwattana (opened
in 2008)
Address: 99/99
Moo 2 Chaengwattana
Rd., Bangtalad, Pakkret,
Nonthaburi 11120
15. Central Pattaya Beach,
Chonburi (opened in
2009)
Address: 436/19
Moo 9, T. Nongprue, A. Banglamung,
Chonburi 20150
16. Central Hang Zhou,
China (opened in
2010)
Address: Hang
Zhou, Republic of
China.
However, 3 branches are registered and managed
by property owners: Central
Bangna, Central Kad
Suan Kaew [Chiang Mai]
and Central Hadyai
[Songkhla].
PURCHASE
Consumer
products are imported
worldwide from United Kingdom,
United States of America, Denmark,
Netherlands, Spain, Singapore,
Japan, Hong Kong,
Korea, Republic of
China, Taiwan, France,
Italy, Australia, Germany, Switzerland,
Africa, India, Indonesia and etc.
by the subject and
Central Marketing Group,
as well as
purchased from local
suppliers or contracting
with the manufacturers.
MAJOR SUPPLIERS
- Central Trading Co.,
Ltd. : Thailand
- Central Garment Factory
Co., Ltd. : Thailand
- S.K. Garment [1995] Co.,
Ltd. : Thailand
- Sahapatanapiboon Public Co.
Ltd. : Thailand
- Unilever Co., Ltd. : Thailand
- Elca Thai Co., Ltd.
: Thailand
- etc.
SALES [LOCAL]
100% of its
products is sold
locally by retail
to end-users.
PARENT COMPANY
Central Retail Corporation
Ltd. [C R C]
Address: 22 Soi
Somkid, Ploenchit Road,
Lumpini, Pathumwan, Bangkok
10330
Subsidiary Companies
The Central Group
[Retails Business], consists
of ;
Central Food Retail
Co., Ltd.
Business Type : Top
supermarket business
Investment :
99.99% held by
the subject
Central Supermarket Co.,
Ltd.
Business Type : Supermarket
business
Investment :
99.99% held by
the subject
C R C Power Retail
Co., Ltd.
Business Type : Retail
Business
Investment : 99.99%
held by the
subject
Bangna Department Store
Co., Ltd.
Business Type : Department
store
Investment :
70.25% held by
the subject
Retail Value Co.,
Ltd.
Business Type : Investment Company
Investment :
75% held by
the subject
CRC Property Co.,
Ltd.
Business Type : Real
estate
Investment :
99.99% held by
the subject
Central Embassy Plaza
Co., Ltd.
Business Type : Rental
service
Central Embassy Hotel
Co., Ltd.
Business Type : Hotel
business
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.
CREDIT
Sales are by
cash or on
the credit term
of 30 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.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head
Office : 333
Silom Rd., Silom,
Bangrak, Bangkok 10500]
Krung Thai
Bank Public Co.,
Ltd.
[Head
Office : 35
Sukhumvit Rd., Klongtoeynua,
Wattana, Bangkok]
Bank of
Ayudhya Public Co.,
Ltd.
[Head
Office : 1222
Rama 3 Rd.,
Bangpongpang, Yannawa, Bangkok 10120]
Kasikornbank Public
Co., Ltd.
[Head
Office : 1
Kasikorn Lane, Rajburana
Rd., Rajburana, Bangkok 10140]
Citibank NA.
[Bangkok
Branch : 127 South Sathorn
Rd., Sathorn, Bangkok
10120]
Bank of
America NT & SA
[Bangkok
Branch : 2/2 Wireless
Rd., Pathumwan, Bangkok
10330]
EMPLOYMENT
The
subject employs approximately
9,000 staff. [ office and sales staff at all branches].
LOCALTION DETAILS
The
premise is owned
for administrative office at
the heading address.
Premise is located
in commercial area.
Warehouse:
- 123/8
Moo 7, Samaedum,
Bangkhunthian, Bangkok 10150
- 661/1
Charoennakorn Rd., Bukkalo,
Thonburi, Bangkok 10600
Branch Office:
- 9th Floor,
Chidlom Tower, 22
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok 10330
Tel.:
[66] 2793-7900 Fax:
[66] 2255-6959
REMARK
CREDIT OF US$
125,000 AGAINST D/A
TERM SHOULD BE
IN ORDER.
COMMENT
Central Department Store is
the most
oldest and leading
in department store
business in Thailand. It
is a solid retail
business and expanding steadily. With variety
products: apparels, leather
goods, cosmetic, sporting goods,
foods and consumer
products have enabled
subject being recognized
by middle and
high-end customer segments
as the best
and favorable shopping
place in Thailand.
Since the third quarter of 2010 subject’s business performance
has grown significantly from strong
domestic purchasing power.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000 shares
of Bht. 100 each.
The capital was
increased later as
followings:
Bht.
10,000,000 on January
20, 1977
Bht.
20,000,000 on April
25, 1988
Bht.
80,000,000 on December
27, 1991
Bht. 3,335,000,000 on
June 26, 1995
The latest registered capital was
increased to Bht. 3,335,000,000 divided
into 333,500,000 shares of
Bht. 10 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [ as
at April 30,
2011]
|
NAME |
HOLDING |
% |
|
Central Retail Corporation
Ltd. Nationality: Thai Address : 22 Ploenchit
Rd., Lumpini,
Pathumwan, Bangkok 10330 |
333,499,973 |
100.00 |
|
Mr. Wanchai Chirathivat Nationality: Thai Address : 118/1 Gozze Rd.,
Silom, Bangrak, Bangkok 10500
|
3 |
- |
|
Mr. Suthiporn Chirathivat Nationality: Thai Address : 124 Gozze
Rd., Silom, Bangrak, Bangkok 10500 |
3 |
- |
|
Mr. Suthichai Chirathivat Nationality: Thai Address : 124 Gozze
Rd., Silom, Bangrak, Bangkok 10500 |
3 |
- |
|
Mr. Suthikiat Chirathivat Nationality: Thai Address : 22/5 Moo 9, Phaholyotin
Rd., Ladyao, Jatujak,
Bangkok 10900 |
3 |
- |
|
Mr. Suthichart Chirathivat Nationality: Thai Address : 118/2 Gozze
Rd., Silom, Bangrak, Bangkok 10500 |
3 |
- |
|
Mr. Suthitham Chirathivat Nationality: Thai Address : 124 Gozze
Rd., Silom, Bangrak, Bangkok 10500 |
3 |
- |
|
Mr. Suthisak Chirathivat Nationality: Thai Address : 124 Gozze
Rd., Silom, Bangrak,
Bangkok 10500 |
3 |
- |
|
Mr. Prin Chirathivat Nationality: Thai Address : 22/15 Phaholyothin 23
Rd., Ladyao,
Jatujak, Bangkok 10900 |
3 |
- |
|
Mr. Thos Chirathivat Nationality: Thai Address : 22/14 Phaholyothin 23
Rd., Ladyao,
Jatujak, Bangkok 10900 |
3 |
- |
Total Shareholders : 10
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT NO.:
Mr. Thanit Osatalert
No. 5155
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in hand
& at Bank
|
4,218,975,776 |
2,366,887,704 |
|
Short-term Investment |
- |
160,014,901 |
|
Trade Accounts Receivable
|
1,147,354,387 |
1,148,043,998 |
|
Inventories |
2,110,765,141 |
2,143,945,062 |
|
Other Current Assets
|
371,932,161 |
208,655,109 |
|
|
|
|
|
Total Current Assets
|
7,849,027,465 |
6,027,546,774 |
|
Investment in Subsidiaries
Company |
2,472,148,134 |
1,687,845,293 |
|
Investment in Associated
Company |
104,549,467 |
104,549,467 |
|
Long-term Loan &
Deferred Interest Related Company |
- |
109,148 |
|
Fixed Assets |
3,392,119,739 |
4,854,881,916 |
|
Deferred Leasehold Right |
2,929,345,358 |
3,166,116,068 |
|
Intangible Assets |
32,443,899 |
23,846,235 |
|
Other Assets |
680,940,911 |
702,552,514 |
|
Total Assets |
17,460,574,973 |
16,567,447,415 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Short-term Loan from Financial Institutions |
101,454,241 |
106,120,560 |
|
Trade Accounts Payable |
5,204,038,256 |
5,054,264,283 |
|
Current Portion of
Long-term Loan from Financial Institute |
473,370,000 |
498,960,000 |
|
Short-term Loan from
Related Company |
2,207,265,648 |
1,009,654,818 |
|
Current Portion of
Financial Least Contract Liabilities |
- |
32,693,918 |
|
Accrued Income Tax |
718,272,251 |
382,308,929 |
|
Other Current Liabilities
|
2,718,965,625 |
2,501,236,112 |
|
|
|
|
|
Total Current Liabilities |
11,423,366,021 |
9,585,238,620 |
|
Long-term Loan from Financial Institutions |
740,900,000 |
907,700,000 |
|
Unrecognized Income from
Leasehold Right |
183,232,136 |
241,231,378 |
|
Total Liabilities |
12,347,498,157 |
10,734,169,998 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 333,500,000 shares |
3,335,000,000 |
3,335,000,000 |
|
|
|
|
|
Capital Paid |
3,335,000,000 |
3,335,000,000 |
|
Unrealized Gain/[Loss] from
Change in Value of Investment
|
- |
14,900 |
|
Retained Earning Statutory Reserve |
333,500,000 |
333,500,000 |
|
Unappropriated |
1,444,576,816 |
2,164,762,517 |
|
Total Shareholders' Equity |
5,113,076,816 |
5,833,277,417 |
|
Total Liabilities &
Shareholders' Equity |
17,460,574,973 |
16,567,447,415 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
27,577,605,409 |
26,490,220,791 |
|
Rental & Services Income |
1,733,356,680 |
1,706,308,425 |
|
Interest Income |
21,593,649 |
15,533,258 |
|
Gain on Exchange Rate |
72,922,071 |
71,064,349 |
|
Other Income |
1,855,092,239 |
1,197,674,263 |
|
Total Sale s |
31,260,570,048 |
29,480,801,086 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
20,021,770,288 |
19,453,146,229 |
|
Selling Expenses |
5,157,228,427 |
5,420,624,173 |
|
Administrative Expenses |
3,172,911,055 |
1,508,019,321 |
|
Total Expenses |
28,351,909,770 |
26,381,789,723 |
|
|
|
|
|
Profit before Financial Cost & Income Tax |
2,908,660,278 |
3,099,011,363 |
|
Financial Cost |
[64,033,144] |
[85,418,933] |
|
Profit before Income Tax |
2,844,627,134 |
3,013,592,430 |
|
Income Tax |
[1,230,312,835] |
[900,475,398] |
|
Net Profit / [Loss] |
1,614,314,299 |
2,113,117,032 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.69 |
0.63 |
|
QUICK RATIO |
TIMES |
0.47 |
0.38 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
8.64 |
5.81 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.68 |
1.70 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
38.48 |
40.23 |
|
INVENTORY TURNOVER |
TIMES |
9.49 |
9.07 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
14.29 |
14.86 |
|
RECEIVABLES TURNOVER |
TIMES |
25.55 |
24.56 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
94.87 |
94.83 |
|
CASH CONVERSION CYCLE |
DAYS |
(42.10) |
(39.75) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
68.31 |
68.99 |
|
SELLING & ADMINISTRATION |
% |
28.42 |
24.57 |
|
INTEREST |
% |
0.22 |
0.30 |
|
GROSS PROFIT MARGIN |
% |
38.34 |
35.56 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.92 |
10.99 |
|
NET PROFIT MARGIN |
% |
5.51 |
7.49 |
|
RETURN ON EQUITY |
% |
31.57 |
36.23 |
|
RETURN ON ASSET |
% |
9.25 |
12.75 |
|
EARNING PER SHARE |
BAHT |
4.84 |
6.34 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.71 |
0.65 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.41 |
1.84 |
|
TIME INTEREST EARNED |
TIMES |
45.42 |
36.28 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
3.95 |
|
|
OPERATING PROFIT |
% |
(6.14) |
|
|
NET PROFIT |
% |
(23.61) |
|
|
FIXED ASSETS |
% |
(30.13) |
|
|
TOTAL ASSETS |
% |
5.39 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
38.34 |
Impressive |
Industrial Average |
15.66 |
|
Net Profit Margin |
5.51 |
Impressive |
Industrial Average |
(4.47) |
|
Return on Assets |
9.25 |
Impressive |
Industrial Average |
3.41 |
|
Return on Equity |
31.57 |
Impressive |
Industrial Average |
15.20 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sale s after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. Gross Profit Margin is 38.34%. When
compared with the industry average, the ratio of the company was higher. This indicated that company was more
profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. Net Profit Margin ratio is 5.51%
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
9.25%, 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. Return on Equity ratio
is 31.57%, 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.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
0.69 |
Risky |
Industrial Average |
4.87 |
|
Quick Ratio |
0.47 |
|
|
|
|
Cash Conversion Cycle |
(42.10) |
|
|
|
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 0.69 times in 2010, increase from 0.63 times, then the company may not be
efficiently using its current assets. When compared with the industry average,
the ratio of the company was lower.
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 0.47 times in 2010,
increase from 0.38 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 -43 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.71 |
Impressive |
Industrial Average |
3.81 |
|
Debt to Equity Ratio |
2.41 |
Acceptable |
Industrial Average |
3.02 |
|
Times Interest Earned |
45.42 |
Deteriorated |
Industrial Average |
19,008.76 |
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 45.43 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 0.71 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
8.64 |
Impressive |
Industrial Average |
(4,242.25) |
|
Total Assets Turnover |
1.68 |
Satisfactory |
Industrial Average |
1.91 |
|
Inventory Conversion Period |
38.48 |
|
|
|
|
Inventory Turnover |
9.49 |
Impressive |
Industrial Average |
8.41 |
|
Receivables Conversion Period |
14.29 |
|
|
|
|
Receivables Turnover |
25.55 |
Deteriorated |
Industrial Average |
147.98 |
|
Payables Conversion Period |
94.87 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
|
UK Pound |
1 |
Rs.72.43 |
|
Euro |
1 |
Rs.63.62 |
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.