MIRA INFORM REPORT
|
Report Date : |
24.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAHAMIT
MACHINERY PUBLIC COMPANY
LIMITED |
|
|
|
|
Registered Office : |
42, 48 Soi
Chokchaijongchamroen, Rama
3 Road, Bangpongpang, Yannawa, Bangkok 10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
07.06.1973 |
|
|
|
|
Com. Reg. No.: |
0107537002664 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Importer & Distributor of industrial machinery & spare parts |
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
SAHAMIT MACHINERY
PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 42,
48 SOI CHOKCHAIJONGCHAMROEN,
RAMA 3
ROAD, BANGPONGPANG, YANNAWA,
BANGKOK 10120,
THAILAND
TELEPHONE : [66] 2295-1000-8,
2295-1901-9
FAX :
[66] 2295-1009,
2295-1020
E-MAIL
ADDRESS : info@sahamit.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1973
REGISTRATION
NO. : 0107537002664
[Former : BOR MOR JOR. 513]
CAPITAL REGISTERED : BHT.
550,000,000
CAPITAL PAID-UP : BHT.
530,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
CHAISILP TAEMSIRICHAI, THAI
PRESIDENT
NO.
OF STAFF : 443
LINES
OF BUSINESS : INDUSTRIAL MACHINERY
& SPARE PARTS
IMPORTER &
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
7, 1973 as
a private limited
company under the name
style “Sahamit Machinery Co.,
Ltd.” by Thai
groups, with the
initial business objective
to import and
distribute material, machinery
and appliances for
domestic industries. The
subject currently expands
its business to
other businesses, which
can be divided
into 5 major
products groups: special
steel, machine tools
& tooling, pulp
& paper, machinery
& equipment for
wood processing and
electrical engineering.
On November 21,
1994 the subject
registered for a
conversion of its
status to a
public limited company
under the name
SAHAMIT MACHINERY PUBLIC
COMPANY LIMITED. On
May 18, 2005,
it was listed
on the Stock
Exchange of Thailand.
Subject currently employs
443 staff.
The subject’s registered
address is 42,
48 Soi Chokchaijongchamroen, Rama 3
Rd., Bangpongpang, Yannawa, Bangkok 10120, and
this is also the
company’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality
|
Age
|
|
|
|
|
|
|
Mr. Thana Senawatanakul |
|
Thai |
71 |
|
Mr. Chaisilp Taemsirichai |
[x] |
Thai |
69 |
|
Mr. Prasong Srithornrathkul |
[x] |
Thai |
69 |
|
Mr. Pramote Sivaruk |
[+] |
Thai |
69 |
|
Mr. Pornsilp Taemsirichai |
[+] |
Thai |
67 |
|
Mr. Kriangkrai Boonkitticharoen |
|
Thai |
69 |
|
Mr. Pichai Nithivasin |
|
Thai |
69 |
|
Mr. Preaw Limpsiriphan |
|
Thai |
75 |
|
Mr. Prayoon Vivejpuwanont |
|
Thai |
79 |
|
Mr. Karoon Kittisathaporn |
|
Thai |
65 |
|
Gen. Wapirom Manasrangsee |
|
Thai |
66 |
AUTHORIZED PERSON
Both of the
directors [x] can
jointly sign or
one of the
directors [x] can
jointly sign with
one of the
directors [+] on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Chaisilp Taemsirichai is
the President.
He is
Thai nationality with
the age of 69
years old.
Mr. Prasong Srithornrathkul is
the Vice President.
He is Thai
nationality with the
age of 69
years old.
Mr. Pramote Sivaruk
is the Vice
President.
He is Thai
nationality with the
age of 69
years old.
Mr. Thavee Senawatanakul is
the Assistant to
President.
He is Thai
nationality
Mr. Phut Sarayarnthanawuth is
the Assistant to
Vice President.
He is Thai
nationality.
Mrs. Angkana Kokphol is
the Assistant to
Vice President.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
distributing and servicing
wide range of
industrial machinery and
spare parts, which
can be divided
into 5 major
product groups as
follows:
1.
Special Steel
Product :
Special Steel Tool
Machinery and carbon
steel
Aluminum alloy
Metal
band saw blades
Injection
pins for plastic
mould
Service : The subject
provides a fully
integrated cutting service
such as
vertical
& horizontal milling
machine and surface
grinding.
Machine for
making finishing plate
for mould and
dies, and heat treatment
service.
2.
Machine Tool
and Hand Tool
Product :
High quality electrical
discharge machine [CNC
Machine]
: Wide
range of milling
cutters and inserts
for milling in
almost
any
work material
: Digital
Readout, Measuring Equipment
: Tool
holders for various
machines
Service :
The subject provides assistance,
training and maintenance
services,
using
high quality spare
parts and qualified
professional
engineering teams.
3.
Pulp and
Paper
Product : Newsprint
for newspaper, printing
and writing paper
:
Paper cutting and
slitting machines
Machinery, accessories, forming
fabric felt, canvas,
refiner plate
and chemicals for
pulp and paper
industry
Service :
The subject provides
slit reels to standard sizes
and converted
reams
of paper as
per customer’s requests.
4. Machinery and
Equipment for Wood
processing
Product : Abrasive paper,
abrasive cloth and
abrasive fiber
Self
manufactured and imported
Industrial knives
Tapioca
sawblades
Brand
new and used
woodworking machineries for
the panel and
furniture
industry
Service : The subject
provides slit and
jointed abrasive to
various sizes
ordered
by industrial customers,
as well as
consulting service for machine
selection.
5.
Electrical Engineering
Product : Computer
Substation Control System
: Electrical
Meter, Measuring center
Wind
Generator
: Low-voltage
Switch Gear
Service : The
subject offers before
and after sales
services including
consultation
and training, system
design and integration,
installation
and commissioning.
Heat Treatment Service
Type of Services
: Vacuum quenching,
low pressure nitriding
allnit, carburizing,
Carbonitriding, normalizing,
annealing, oil quenching & others.
MAJOR BRANDS
“SECO”, “SONY”,
“CHARMILLES”, “EVERISING”, “ZAYER”,
“VERTEX”, “RONTGEN”, “WIKUS”,
“KELLENBERER”, “BRUKS KLOCKNER”,
“CEHISA”, “HERMES ABRASIVE”,
“IMEAS”, “MICHEL NORDLINGER”,
“SEAL”, “TOYO KNIFE”, “KITAMURA”,
“HARDINGE” and etc.
PURCHASE
The subject purchases
the products from
both local and
overseas suppliers. 70% of
the products is
imported from Japan,
Germany, Austria, Netherlands,
Australia, Singapore, Spain,
Taiwan, United States
of America, United
Kingdom, Switzerland, Sweden,
Russia, Slovania and
France. The remaining
30% is purchased
from local suppliers.
At present, the
subject has around
70 local and
international suppliers.
MAJOR SUPPLIERS
|
Charmilles Technologies SA. |
: |
Switzerland
|
|
Seco Tools [S.E.A.]
Pte. Ltd. |
: |
Singapore |
|
Toyo Knife Ltd. |
: |
Japan |
|
Bohler International GmbH |
: |
Austria |
|
Bruks Klockner GmbH. |
: |
Germany |
SALES
[LOCAL]
100% of
the products is
sold locally. 50%
of them is
sold by wholesale
to local dealers,
and another 50% is sold
directly to end-users,
such as manufactures, with
over 2,000 customers
nationwide.
MAJOR CUSTOMERS
|
Thai Union Paper
Co., Ltd. |
: |
Thailand
|
|
Siam Pulp and
Paper Public Co., Ltd. |
: |
Thailand |
|
Bangkok Steel Industry
Co., Ltd. |
: |
Thailand |
SUBSIDIARIES AND AFFILIATEd
COMPANIES
K. S. Mould Parts
Co., Ltd.
Business Type : Manufacturer
of mould parts.
Reanthong Wittaya Co.,
Ltd.
Business Type :
Distributor of stationery
products.
Khon Kaen Sugar
Industry Public Co.,
Ltd.
Business Type :
Manufacturer of cane
sugar products.
Mahachai Kraft Paper
Co., Ltd.
Business Type :
Distributor of kraft
paper.
Unique Design Co.,
Ltd.
Business Type :
Manufacturer & distributor of
wooden furniture.
Tamaka Sugar Industries
Co., Ltd.
Business Type : Manufacturer
of sugar
New Krung Thai
Sugar Industries Co.,
Ltd.
Business Type : Manufacturer
of sugar
Khonkaen Alcohol Co.,
Ltd.
Business Type : Manufacturer
& distributor of
eternal and fertilizer
Bangkok Industrial Gas
Co., Ltd.
Business Type : Distributor
of nitrogen gas
P.M.T. Commercial Co.,
Ltd.
Business Type : Service
apartment
LITIGATIONS
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
Local bills are
by cash or
on the credits
terms of 30-60
days.
Sales are by
cash or on
the credits term
of 30-60 days.
Imports are by
L/C at sight
and T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head
Office : 333
Silom Rd., Bangrak,
Bangkok 10500]
[Ramkhamhaeng Branch
: Ramkhamhaeng Rd.,
Huamark, Bangkapi, Bangkok]
Kasikornbank Public
Co., Ltd.
[Patpong
Branch : Surawong
Rd., Suriyawongse, Bangrak,
Bangkok 10500]
Krung Thai
Bank Public Co.,
Ltd.
[Head
Office : 35
Sukhumvit Road, Klongton
Nua, Watana, Bangkok 10110]
Hongkong &
Shanghai Banking Corp.
[Bangkok
Branch : 968
Rama IV Rd.,
Silom, Bangrak, Bangkok 10500]
EMPLOYMENT
The subject employs
443 staff. [office,
sale staff and
service workers]
LOCATION DETAILS
The premise is
owned for operating
administrative office in
a 9 storey
building, in the
area of 3,280
square meters at
the heading address.
Premise is located
in residential/commercial area.
There are 6
warehouses, covering the
10,000 square meters
of area, located
at 152, 155
Moo 4, Sukhumvit
Rd., Bangpakong, Chachoengsao
province.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 5,000,000.
COMMENT
Subject’s business performance
remains upbeat as
its products have
been widely used
in various industries.
Domestic markets are maintained
at good level.
Its business trend
is expanding steadily.
FINANCIAL INFORMATION
The capital was
registered at Bht.
400,000 divided into
4,000 shares of
Bht. 100 each.
The capital was
increased as followings
:
Bht. 2,000,000
in 1976
Bht. 50,000,000
in September, 1991
Bht. 70,000,000
in March, 1993
Bht. 140,000,000
on December 22,
1993
Bht.
220,000,000 in 1997
Bht. 550,000,000
in 2004
The latest registered
capital was increased
to Bht. 550,000,000 divided into
550,000,000 shares of
Bht. 1 each with the
current capital paid-up
of Bht. 530,000,000.
MAIN SHAREHOLDERS : [as at May
13, 2011] at
Bht. 530,000,000 of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pramote Sivaruk Nationality : Thai Address : 86
Hiranrujee, Thonburi, Bangkok
10600 |
44,125,572 |
8.33 |
|
Mr. Chaisilp Taemsirichai Nationality : Thai
Address : 336
Werng-nakornkasem,
Samphantawong, Bangkok |
43,469,346 |
8.20 |
|
Mr. Prasong Srithornrathkul Nationality : Thai Address : 200/254
Sukhumvit 77 Rd.,
Praves,
Prakanong, Bangkok 10250 |
42,878,936 |
8.09 |
|
Ms. Piyaporn Srithornrathkul Nationality : Thai Address : 200/254
Sukhumvit 77 Rd.,
Praves,
Prakanong, Bangkok 10250 |
25,538,900 |
4.82 |
|
|
|
|
|
Ms. Piyamol Srithornrathkul Nationality : Thai Address : 200/254
Sukhumvit 77 Rd.,
Praves,
Prakanong, Bangkok 10250 |
25,200,000 |
4.75 |
|
Ms. Nathaporn Taemsirichai Nationality : Thai
Address : - |
21,738,600 |
4.10 |
|
Ms. Sasirat Sivaruk Nationality : Thai Address : 86
Hiranrujee, Thonburi, Bangkok
10600 |
15,022,300 |
2.83 |
|
Mr. Chalee Soponpanich Nationality : Thai Address : 299
Soi Sawasdee, Sukhumvit
Rd,
Klongtonnua, Watana, Bangkok |
14,400,000 |
2.72 |
|
Mr. Chatree Soponpanich Nationality : Thai Address : - |
14,400,000 |
2.72 |
|
Mr. Pornsilp Taemsirichai Nationality : Thai Address : 265/2
Sukhumvit 31 Rd.,
Wattana, Bangkok
10110 |
12,600,000 |
2.38 |
|
Mr. Chaiyasit Viriyamettakul Nationality : Thai Address : - |
11,100,000 |
2.09 |
|
Thai NVDR
Co., Ltd. Nationality : Thai Address : - |
11,060,100 |
2.09 |
|
Others |
248,466,246 |
46.88 |
Total Shareholders : 998
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Pichai Dutchanapirom
No. 2421
BALANCE SHEET [BAHT]
The
latest financial figures
published as at
December 31, 2010
& 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in hand
& at bank
|
13,633,354.90 |
11,316,581.34 |
|
Trade accounts &
notes receivable |
499,480,475.50 |
409,502,601.86 |
|
Inventories |
1,001,622,257.88 |
978,418,657.68 |
|
Cash deposit for
purchase |
19,492,559.97 |
15,140,800.00 |
|
Other current assets |
6,050,303.85 |
5,645,882.64 |
|
|
|
|
|
Total Current Assets
|
1,540,278,952.10 |
1,420,024,523.52 |
|
Non-Current Assets |
|
|
|
Property, plant
and equipment-net |
594,471,029.14 |
560,636,314.18 |
|
Land &
building for rent-net |
11,591,062.39 |
10,995,596.19 |
|
Land used
for rubber trees
plantation |
22,948,863.00 |
17,665,423.00 |
|
Restricted deposit
at financial institute |
574,427.34 |
567,578.38 |
|
Other non-current assets |
2,761,488.91 |
966,863.56 |
|
Total non-current
assets-net |
632,346,870.78 |
590,831,775.31 |
|
Total Assets |
2,172,625,822.88 |
2,010,856,298.83 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Short-term loans from financial institutions |
330,189,078.50 |
443,457,689.34 |
|
Accounts payable -trade |
204,605,976.79 |
131,131,639.98 |
|
Cash received in
advance under the Hiring Agreement |
24,485,301.11 |
18,355,000.00 |
|
Cash Received in Advance Under
the Hiring Agreement |
19,293,853.42 |
5,445,847.59 |
|
Current portion of
long-term loan |
- |
11,208,000.00 |
|
Corporate income tax
payable |
32,240,840.41 |
8,513,950.86 |
|
Other Current Liabilities
|
30,219,857.79 |
19,171,934.59 |
|
|
|
|
|
Total Current Liabilities |
641,034,908.02 |
637,284,062.36 |
|
Long-term Loans |
- |
2,476,000.00 |
|
Other non-current liabilities |
150,000.00 |
150,000.00 |
|
Total Liabilities |
641,184,908.02 |
639,910,062.36 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Share Capital :
Baht. 1 par
value Authorized share
capital 550,000,000 shares, Baht 1 par value each |
550,000,000.00 |
550,000,000.00 |
|
Issued and
fully paid-up 530,000,000 shares, Baht 1 par value each |
530,000,000.00 |
530,000,000.00 |
|
Surplus capital |
|
|
|
Premium on
common stock |
262,262,300.00 |
262,262,300.00 |
|
Surplus on land revaluation |
91,697,455.00 |
68,201,865.00 |
|
Retained Earning Appropriated for
statutory reserve |
55,000,000.00 |
55,000,000.00 |
|
Treasury Shares Reserve |
10,260,844.16 |
- |
|
Unappropriated |
592,481,159.86 |
455,482,071.47 |
|
Total Shareholders' Equity |
1,541,701,759.02 |
1,370,946,236.47 |
|
Less: Treasury Shares |
[10,260,844.16] |
- |
|
|
|
|
|
Total Liabilities &
Shareholders' Equity |
2,172,625,822.88 |
2,010,856,298.83 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
2,108,914,891.30 |
1,413,455,691.02 |
|
Other Income Commissions |
11,881,727.24 |
11,784,338.94 |
|
Gain on exchange rate |
13,031,855.41 |
5,491,157.60 |
|
Reverse of Loss on Land Revaluation |
16,854,410.00 |
- |
|
Others |
7,147,710.21 |
2,801,502.61 |
|
Total Sale s |
2,157,830,594.16 |
1,433,532,690.17 |
|
Expenses |
|
|
|
|
|
|
|
Cost of sales and services |
1,599,355,115.53 |
1,112,711,710.22 |
|
Selling expenses |
81,045,583.12 |
63,592,477.05 |
|
Administrative expenses |
192,457,659.10 |
166,660,882.07 |
|
Management benefit expenses |
20,668,024.00 |
18,127,600.00 |
|
Total Expenses |
1,893,526,381.75 |
1,361,092,669.34 |
|
|
|
|
|
Net income before
finance costs & Income Tax |
264,304,212.41 |
72,440,020.83 |
|
Finance costs |
[10,335,472.62] |
[20,601,086.21] |
|
Net income before
income tax |
253,968,739.79 |
51,838,934.62 |
|
Corporate income tax |
[53,715,807.24] |
[11,706,609.74] |
|
|
|
|
|
Net Profit / [Loss] |
200,252,932.55 |
40,132,324.88 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.40 |
2.23 |
|
QUICK RATIO |
TIMES |
0.80 |
0.66 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.48 |
2.47 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.97 |
0.70 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
228.59 |
320.95 |
|
INVENTORY TURNOVER |
TIMES |
1.60 |
1.14 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
86.45 |
105.75 |
|
RECEIVABLES TURNOVER |
TIMES |
4.22 |
3.45 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
46.69 |
43.01 |
|
CASH CONVERSION CYCLE |
DAYS |
268.34 |
383.68 |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
75.84 |
78.72 |
|
SELLING & ADMINISTRATION |
% |
13.95 |
17.57 |
|
INTEREST |
% |
0.49 |
1.46 |
|
GROSS PROFIT MARGIN |
% |
26.48 |
22.70 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
12.53 |
5.13 |
|
NET PROFIT MARGIN |
% |
9.50 |
2.84 |
|
RETURN ON EQUITY |
% |
12.99 |
2.93 |
|
RETURN ON ASSET |
% |
9.22 |
2.00 |
|
EARNING PER SHARE |
BAHT |
37.78 |
7.57 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.30 |
0.32 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.42 |
0.47 |
|
TIME INTEREST EARNED |
TIMES |
25.57 |
3.52 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
49.20 |
|
|
OPERATING PROFIT |
% |
264.86 |
|
|
NET PROFIT |
% |
398.98 |
|
|
FIXED ASSETS |
% |
6.02 |
|
|
TOTAL ASSETS |
% |
8.04 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
26.48 |
Impressive |
Industrial Average |
13.13 |
|
Net Profit Margin |
9.50 |
Impressive |
Industrial Average |
(6.46) |
|
Return on Assets |
9.22 |
Impressive |
Industrial Average |
(1.65) |
|
Return on Equity |
12.99 |
Impressive |
Industrial Average |
(8.34) |
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 26.48%. When compared with
the industry average, the ratio of the company was higher, 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 9.5%
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
9.22%, 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 12.99%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
2.40 |
Deteriorated |
Industrial Average |
20.66 |
|
Quick Ratio |
0.80 |
|
|
|
|
Cash Conversion Cycle |
268.34 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 2.4 times in 2010, increase
from 2.23 times, then it is generally considered to have good short-term
financial strength. When compared with the industry average, the ratio of the
company was 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 0.8 times in 2010,
increase from 0.66 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 269 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.30 |
Impressive |
Industrial Average |
0.95 |
|
Debt to Equity Ratio |
0.42 |
Impressive |
Industrial Average |
2.25 |
|
Times Interest Earned |
25.57 |
Deteriorated |
Industrial Average |
81.13 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the shareholders
have committed. A lower the percentage means that the company is using less
leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 25.58 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 0.3 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.48 |
Deteriorated |
Industrial Average |
62.51 |
|
Total Assets Turnover |
0.97 |
Acceptable |
Industrial Average |
1.66 |
|
Inventory Conversion Period |
228.59 |
|
|
|
|
Inventory Turnover |
1.60 |
Deteriorated |
Industrial Average |
12.67 |
|
Receivables Conversion Period |
86.45 |
|
|
|
|
Receivables Turnover |
4.22 |
Deteriorated |
Industrial Average |
14.78 |
|
Payables Conversion Period |
46.69 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.28 |
|
UK Pound |
1 |
Rs.73.30 |
|
Euro |
1 |
Rs.63.61 |
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.