MIRA
INFORM REPORT
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Report Date : |
30.11.2011 |
IDENTIFICATION DETAILS
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Name : |
THAI PRESIDENT FOODS PCL |
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Registered Office : |
T.F. Group Bldg 304 Srinakarin Rd Huamark Bang Kapi 10240 Bangkok,
10240 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
18.04.1972 |
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Legal Form : |
Public Parent |
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Line of Business : |
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No. of Employees : |
3,195 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Thailand |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
Thai President Foods PCL
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Business
Description
|
Thai President Foods Public Company Limited is a Thailand-based
company engaged in the manufacture and distribution of instant noodles and
biscuit products. It operates under the Mama trademark for its instant
noodles products and under Bissin and Homey trademarks for biscuit products.
It operates three factories in Chonburi, Lamphum and Rayong provinces. The
Company’s subsidiaries are President Danish Foods Company Limited, which is
engaged in the manufacture of cookies products under the brand name Homey and
Bissin; Taisun Foods Company Limited, which is engaged in the distribution of
fruit juice under brand name Greenmate and Kelly; Thai Anbao Paper Products
Company Limited, which is engaged in the manufacture and distribution of
paper packaging, and Dai-Ichi Packaging Company Limited, which is engaged in
providing packaging service for consumable products. As of December 31, 2010,
it had total production capacity of six million packs per day of instant
noodles. For the six months ended 30 June 2011, Thai President Foods Public
Company Limited's revenues for the period increased 9% to BAH4.57B. The
Company's net income for the period decreased 40% to BAH413.6M as compared to
the prior year. Revenues for the period reflect an increase in income from
sales. Net income for the period suffered from an increase in cost of sales,
as well as increased administrative expenses. |
Industry
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Industry |
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ANZSIC 2006: |
1199 - Other Food Product Manufacturing Not
Elsewhere Classified |
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NACE 2002: |
1589 - Manufacture of other food products not
elsewhere classified |
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NAICS 2002: |
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UK SIC 2003: |
1589 - Manufacture of other food products not
elsewhere classified |
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US SIC 1987: |
Key Executives
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Significant Developments
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* number of significant developments within the last 12 months |
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News
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Financial Summary
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Stock
Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = THB 31.72462
2 - Balance Sheet Item Exchange Rate: USD 1 = THB 30.145
Corporate Overview
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Corporate Structure News
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Thai President
Foods PCL |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Bangkok |
Thailand |
Food Processing |
284.7 |
3,195 |
|
|
Subsidiary |
Bangkok |
Thailand |
Food Processing |
37.2 |
1,041 |
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|
Subsidiary |
Bangkok |
Thailand |
Food Processing |
144.9 |
3,560 |
|
|
Subsidiary |
Bangkok, Bangkok |
Thailand |
Food Processing |
|
1,000 |
|
|
Subsidiary |
Muang Lamphun, Lamphun |
Thailand |
Food Processing |
|
180 |
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|
Subsidiary |
Bangkok, Bangkok |
Thailand |
Food Processing |
|
18 |
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Subsidiary |
Bangkok |
Thailand |
Food Processing |
615.4 |
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Executives Report
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Significant Developments
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Japan Firms Tap Asia With A Little Help From Friends
Nikkei English News
14 November 2011
|
[What follows is
the full text of the news story.] TOKYO
(Nikkei)--A number of Japanese companies have established a solid presence in
rapidly growing Asia, and the secret seems to be finding good partners that
know their local markets inside out. Relief materials
delivered to flood victims in Thailand almost always included packages of
Mama Japanese-style instant noodles. Mama noodles are a marquee product of
Thai President Foods Public Co., a unit of Saha group, a major Thai
conglomerate that controls more than 200 companies making such items as
foods, cosmetics, clothing, detergent and toilet products. The group marked
sharp growth after World War II by importing huge volumes of products from
Japan. Saha has formed
joint ventures with many Japanese companies since the 1960s, including
women's underwear manufacturer Wacoal Holdings Corp. (3591) and daily goods
maker Lion Corp. (4912). In September, it agreed to set up a joint venture
with drugstore chain operator Tsuruha Holdings Inc. (3391). In October 2010,
Tsuruha President Tatsuru Tsuruha flew to Bangkok, where Saha is
headquartered. Having seen a competitor forced to withdraw in just a year
after entering the Chinese market on its own, he was convinced that he must
find a partner that fully understands the local market. He met with Saha's
chairman, who is fluent in Japanese, and the two agreed to set up
Japanese-style drugstores in Thailand, signing a partnership agreement on the
spot. Their first drugstore is expected to open in a shopping mall Saha plans
to build by the end of 2012 in the south. Convenience
stores are growing rapidly in Indonesia, whose population of more than 200
million makes it the largest country in the Association of Southeast Asian
Nations. PT Modern Internasional Tbk has been operating Seven-Eleven
convenience stores there since 2009 under a deal with Seven & i Holdings
Co. (3382). Seven-Eleven
locations have lit up Jakarta's previously dark streets, drawing young people
who hang out at the stores until the wee hours of the morning. There are 42
locations today, and plans call for building a network of 1,000 stores in 10
years. Modern
Internasional became a sales agent of Fujifilm Holdings Corp.'s (4901)
predecessor in 1971 and launched Fuji Image Plaza film development services
in 1988. It has diversified operations by becoming a distributor for Ricoh
Co. (7752) copiers and Shimadzu Corp. (7701) medical equipment. Japanese-style
snacks have also gained traction in the Chinese market. Iwatsuka
Confectionery Co. (2221) owns a stake in Taiwanese firm Want Want China
Holdings Ltd., which controls more than 70% of the mainland's rice cracker
market. Want Want's products can be found at stores in even remote villages,
and the firm has some 350 directly run shops. The firm intends to build an
Indonesian factory next year and has set its sights on constructing an Indian
plant in three to five years, according to a senior official. The relationship
between the two companies began in 1981, when the 24-year-old chairman of
Want Want, a member of the founding family, asked the founder of Iwatsuka for
technological assistance. The Japanese firm's technologies are used to make
many of the rice crackers now sold in China, and Iwatsuka would benefit from
Want Want's expansion through dividends and payments for its technologies. (The Nikkei
Veritas Nov. 13 edition) |
|
THAI NEWSPAPER HIGHLIGHTS - JAN 31, 2011
Asia Pulse Businesswire
31 January 2011
|
[What follows is
the full text of the news story.] BANGKOK, Jan
31Asia Pulse - Highlights of today's newspapers: THE BANGKOK
POST: - Banpu Plc,
Asean's largest coal miner, expects only a slight increase in its bottom line
this year despite last year's acquisition of Australia-based Centennial Coal
and rising prices that will push revenue growth by 40 per cent. - BioNet-Asia Co
Ltd, the only privately owned vaccine research and development company in
Thailand, is seeking a major role in the drive to reduce vaccine imports and
consumer costs and to meet domestic and Asean demand when the Asean Economic
Community (AEC) materialises in 2015. - The board of
TOT Plc says it is being frustrated in its attempts to pursue compensation
from mobile market leader Advanced Info Service (AIS) for damages resulting from
disputed concession amendments. - Thai Nakorn
Patana, the local pharmaceutical manufacturer best known for the Tiffy and
Sara brands, is expanding its hotel and golf-course investments to tap
growing tourism opportunities. - Thailands
gross domestic product is expected to expand by between four and five per
cent this year, Supak Sivarak, president of CIMB Thailand, said on Monday. THE NATION: - The
Association of Thai Travel Agents expects tourist arrivals this year to fall
to only 12 million. - Advanced Info
Service (AIS) said it has yet to receive the letter of TOT to demand its
payment of around Bt73 billion in connection to its concession amendments and
the telecom excise. - Kasikorn
Leasing extended total loans of Bt41.6 billion in 2010, up 33.41 per cent on
year thanks to the better-than-expected automotive industry. - Major
new-media agency Monster Media has set an ambitious target of 100-per-cent
growth every year. - Hotels in
Cha-am and Hua Hin are slowly recovering after the deep plunge in the number
of tourists last year. Thiva Kesavan, general manager of the Alila Cha-am,
reveals key strategies they have adopted in anticipation, in an interview
with The Nation's Suchat Sritama. - After being
given responsibility for its own marketing by Saha Group, Thai President
Foods, the manufacturer of Mama instant noodles, will focus on developing the
concept of dynamic branding to reach all customer groups and prepare for the
arrival of the Asean Economic Community in 2015. - Central Group
has paid nearly Bt1 billion to buy a 47-rai prime plot near the transport
station in Songkhla's Hat Yai from an individual. - Private and
state telecom operators' new network expansion plans have hit a snag as the
National Telecommunications Commission (NTC) has declined to grant them the
permission for import of new network equipment, citing that its full
regulatory power is still in doubt. ASIA PULSE nt 31-01 2127 |
|
Global Instant Noodles Market to Reach 139.2 Billion Packs by 2015,
According to a New Report by Global Industry Analysts, Inc.
PR Web
04 January 2011
|
[What follows is
the full text of the news story.] San Jose, CA
(Vocus/PRWEB) January 04, 2011 With the
overwhelming pace of modern man�s busy lifestyles, set by increased working
time, heavier traffic, growing importance given to workouts and healthy
existence, people have an ever dwindling free time at their disposal and
thereby demand more convenience foods and ready meals. Against
this backdrop of an era characterized by the growing desire for minimal
cooking efforts, reduced labor time and liberation from extensive time
consuming cooking, the future for instant noodles stands palpably clear.
Harried lifestyles brought upon by the growing number of women working, has
triggered a shift in cooking habits away from conventional time consuming
preparation of fresh foods to easy precooked, easy to prepare meals. With
consumers having less time to cook meals at home and with the contemporary
mom no longer cooking, the task of preparing foods is transferred to the food
processor. Increasing
number of nuclear families, rise in disposable incomes, young singles with
little or no cooking skills, enhanced awareness of healthful diets and increased
interest in ethnic and international foods, represent additional factors that
are expected to have a bearing on eating and food preparation habits. As the
next generation of convenient ready and easy to prepare foods hit the market,
instant noodles, as a product category, banking on its strength of
convenience are poised to encounter days of plenty in the upcoming years.
Instant noodles are finely tuned to fit into the consumers� ever-dwindling
cooking time schedules. The trend of cooking meals in just a few minutes is
gaining momentum not only among individual consumers but also among
institutions and public food outlets. Even restaurants and fast food joints
are turning to convenience food to meet the ever-busy consumers demand for
quick service and quality food. Global recession
had a major impact on virtually all industries, but some segments fared
better than others. Decline in sales of fast food products was relatively less
when compared to durables during the years 2008 and 2009. Instant noodles
market across the globe was minimally affected by the recent slump in macro
economy. Demand for noodles stood positive across several geographies
including the matured as well as developing nations. Recession has in fact
proved to be a boon in certain regional markets, as instant noodles are
considered cost-effective alternative for cutting down the cost of living
during tiring times. Today, instant noodles have become an integral part of
the individuals� diet plan. Asia-Pacific
represents the largest regional market for instant noodles worldwide, as
stated by the new market research report on Instant Noodles. The region is portended
to continue its dominance over the coming years. The United States trails
Asia-Pacific in terms of sales of instant noodles. Growth-wise, Middle
East/Africa is projected to be the fastest growing regional market for
instant noodles, with a CAGR of more than 13% over the analysis period. Disposable
income and purchasing power parity of consumers in various regions across the
globe represent major economic factors that influence the demand for and
consumption of instant noodles. Typically, consumers with higher disposable
income consume higher amounts of instant noodles. Demand in the future will
stem from countries presently not ranked among the top consuming countries
worldwide. Driving forces will include product characteristics such as lesser
cooking time, anytime-anywhere consumption, affordability, hygiene, safety
and nutrition. Innovation in flavors will however represent a key factor,
kindling consumer interest. Given the unimaginable variety in satisfying
flavors, instant noodles add a new dimension to traditional meals all over
the world. Although widely
consumed, instant noodles, as a product category, have been forced to
confront health issues just like any other packaged food product. Few of the
controversial health issues pertaining to instant noodles include among
others its high fat content. Moreover use of partially hydrogenated vegetable
oils (PHVO), which are rich in trans-fatty acids present potent health issues
related to obesity. The use of Monosodium Glutamate (MSG), an artificial
additive, has also been a controversial issue. The excessive use of this
synthetic additive according to research studies poses potential health
hazards, and hence brings instant noodles directly under the microscope. Major players profiled
in the report include Acecook Vietnam Co. Ltd, Ajinomoto Company Inc., AFP
Properties Limited, Hebei Hualong Food Group Co. Ltd, HJ Heinz Co Ltd,
Nestl� India Ltd, New Dragon Asia Corp., Nissin Food Products Co. Ltd.,
Nong Shim Co Ltd, PT Indofood Sukses Makmur TBK, PT Sentrafood Indonusa,
Samyang Foods Co. Ltd, Sco-Fro Foods Ltd, Tat Hui Foods Pte Ltd, Thai
President Foods Public Company Limited, Tingyi (Cayman Islands) Holding Corp,
Toyo Suisan Kaisha Ltd, Uni-President Enterprises Corp, among others. The research
report titled �Instant Noodles: A Global Strategic Business Report�
announced by Global Industry Analysts Inc., provides a comprehensive review
of the instant noodles markets, impact of recession on the markets, current
market trends, key growth drivers, recent product introductions, recent
industry activity, and profiles of major/niche global as well as regional
market participants. The report provides annual sales estimates and
projections for Instant Noodles market for the years 2007 through 2015 for
the following geographic markets - US, Canada, Japan, Europe, Asia-Pacific,
Middle East/Africa and Latin America. Also, a seven-year (2000-2006) historic
analysis is provided for additional perspective. For more details
about this comprehensive market research report, please visit � http://www.strategyr.com/Instant_Noodles_Market_Report.asp About Global
Industry Analysts, Inc. Global Industry Analysts, Inc. |
|
Annual Income Statement
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate
(Period Average) |
31.724617 |
34.331774 |
33.367913 |
34.251325 |
37.915929 |
|
Auditor |
Ernst &
Young Office Ltd |
Ernst &
Young Office Ltd |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
284.7 |
242.8 |
240.4 |
206.2 |
155.8 |
|
Revenue |
284.7 |
242.8 |
240.4 |
206.2 |
155.8 |
|
Total Revenue |
284.7 |
242.8 |
240.4 |
206.2 |
155.8 |
|
|
|
|
|
|
|
|
Cost of Revenue |
203.0 |
171.9 |
192.9 |
161.9 |
120.2 |
|
Cost of Revenue, Total |
203.0 |
171.9 |
192.9 |
161.9 |
120.2 |
|
Gross Profit |
81.7 |
70.9 |
47.5 |
44.3 |
35.6 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
31.4 |
25.6 |
25.6 |
24.2 |
17.1 |
|
Labor & Related Expense |
2.2 |
1.8 |
1.7 |
- |
- |
|
Total Selling/General/Administrative Expenses |
33.6 |
27.4 |
27.2 |
24.2 |
17.1 |
|
Interest Income -
Operating |
-1.6 |
-1.3 |
-1.5 |
-2.1 |
-1.3 |
|
Investment Income -
Operating |
-5.4 |
-1.8 |
-5.0 |
-4.2 |
-5.0 |
|
Interest/Investment Income - Operating |
-7.0 |
-3.2 |
-6.5 |
-6.3 |
-6.3 |
|
Interest Expense (Income) - Net Operating Total |
-7.0 |
-3.2 |
-6.5 |
-6.3 |
-6.3 |
|
Impairment-Assets Held for Use |
- |
- |
0.2 |
0.0 |
- |
|
Unusual Expense (Income) |
- |
- |
0.2 |
0.0 |
- |
|
Other, Net |
-1.5 |
-1.1 |
-1.5 |
-1.2 |
-1.3 |
|
Other Operating Expenses, Total |
-1.5 |
-1.1 |
-1.5 |
-1.2 |
-1.3 |
|
Total Operating Expense |
228.2 |
194.9 |
212.3 |
178.7 |
129.7 |
|
|
|
|
|
|
|
|
Operating Income |
56.5 |
47.9 |
28.1 |
27.5 |
26.1 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-0.2 |
-0.1 |
-0.2 |
-0.1 |
-0.1 |
|
Interest Expense, Net Non-Operating |
-0.2 |
-0.1 |
-0.2 |
-0.1 |
-0.1 |
|
Interest Income (Expense) - Net Non-Operating Total |
-0.2 |
-0.1 |
-0.2 |
-0.1 |
-0.1 |
|
Income Before Tax |
56.4 |
47.8 |
27.9 |
27.4 |
26.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
8.8 |
6.7 |
3.8 |
3.9 |
3.5 |
|
Income After Tax |
47.6 |
41.1 |
24.1 |
23.4 |
22.5 |
|
|
|
|
|
|
|
|
Minority Interest |
-4.1 |
-2.8 |
-2.2 |
-2.8 |
-1.0 |
|
Net Income Before Extraord Items |
43.5 |
38.2 |
21.9 |
20.7 |
21.4 |
|
Net Income |
43.5 |
38.2 |
21.9 |
20.7 |
21.4 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
43.5 |
38.2 |
21.9 |
20.7 |
21.4 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
43.5 |
38.2 |
21.9 |
20.7 |
21.4 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
180.0 |
180.0 |
180.0 |
180.0 |
180.0 |
|
Basic EPS Excl Extraord Items |
0.24 |
0.21 |
0.12 |
0.11 |
0.12 |
|
Basic/Primary EPS Incl Extraord Items |
0.24 |
0.21 |
0.12 |
0.11 |
0.12 |
|
Diluted Net Income |
43.5 |
38.2 |
21.9 |
20.7 |
21.4 |
|
Diluted Weighted Average Shares |
180.0 |
180.0 |
180.0 |
180.0 |
180.0 |
|
Diluted EPS Excl Extraord Items |
0.24 |
0.21 |
0.12 |
0.11 |
0.12 |
|
Diluted EPS Incl Extraord Items |
0.24 |
0.21 |
0.12 |
0.11 |
0.12 |
|
Dividends per Share - Common Stock Primary Issue |
0.03 |
0.07 |
0.04 |
0.05 |
0.05 |
|
Gross Dividends - Common Stock |
17.1 |
11.8 |
7.4 |
9.7 |
9.1 |
|
Interest Expense, Supplemental |
0.2 |
0.1 |
0.2 |
0.1 |
0.1 |
|
Depreciation, Supplemental |
10.8 |
10.4 |
9.5 |
7.1 |
6.3 |
|
Total Special Items |
- |
- |
0.2 |
0.0 |
0.0 |
|
Normalized Income Before Tax |
56.4 |
47.8 |
28.1 |
27.4 |
26.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
- |
- |
0.0 |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
8.8 |
6.7 |
3.8 |
3.9 |
3.5 |
|
Normalized Income After Tax |
47.6 |
41.1 |
24.3 |
23.5 |
22.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
43.5 |
38.2 |
22.1 |
20.7 |
21.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.24 |
0.21 |
0.12 |
0.12 |
0.12 |
|
Diluted Normalized EPS |
0.24 |
0.21 |
0.12 |
0.12 |
0.12 |
|
Amort of Acquisition Costs, Supplemental |
- |
- |
0.0 |
0.0 |
0.0 |
|
Amort of Intangibles, Supplemental |
0.1 |
0.1 |
0.1 |
0.1 |
- |
|
Rental Expenses |
- |
- |
0.2 |
0.2 |
- |
|
Advertising Expense, Supplemental |
- |
- |
2.3 |
2.2 |
- |
|
Normalized EBIT |
49.5 |
44.7 |
21.8 |
21.2 |
19.8 |
|
Normalized EBITDA |
60.4 |
55.1 |
31.3 |
28.5 |
26.1 |
|
Defined Contribution Expense - Domestic |
- |
- |
0.5 |
0.5 |
0.3 |
|
Total Pension Expense |
- |
- |
0.5 |
0.5 |
0.3 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate |
30.145 |
33.34 |
34.78 |
33.685 |
36.15 |
|
Auditor |
Ernst &
Young Office Ltd |
Ernst &
Young Office Ltd |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
104.7 |
55.8 |
27.9 |
47.4 |
33.3 |
|
Short Term Investments |
29.9 |
41.7 |
30.8 |
21.6 |
12.9 |
|
Cash and Short Term Investments |
134.5 |
97.5 |
58.7 |
69.0 |
46.2 |
|
Accounts Receivable -
Trade, Gross |
55.7 |
47.4 |
46.3 |
41.5 |
31.2 |
|
Provision for Doubtful
Accounts |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
- |
|
Trade Accounts Receivable - Net |
55.6 |
47.3 |
46.2 |
41.4 |
31.2 |
|
Total Receivables, Net |
55.6 |
47.3 |
46.2 |
41.4 |
31.2 |
|
Inventories - Finished Goods |
- |
3.3 |
3.5 |
2.6 |
3.2 |
|
Inventories - Work In Progress |
- |
0.4 |
0.3 |
0.4 |
0.5 |
|
Inventories - Raw Materials |
- |
7.8 |
8.3 |
7.1 |
6.4 |
|
Inventories - Other |
14.1 |
- |
0.0 |
0.0 |
0.0 |
|
Total Inventory |
14.1 |
11.4 |
12.2 |
10.0 |
10.1 |
|
Prepaid Expenses |
0.2 |
0.2 |
0.2 |
0.3 |
0.2 |
|
Other Current Assets |
1.8 |
1.0 |
1.2 |
1.8 |
1.2 |
|
Other Current Assets, Total |
1.8 |
1.0 |
1.2 |
1.8 |
1.2 |
|
Total Current Assets |
206.2 |
157.5 |
118.4 |
122.4 |
88.9 |
|
|
|
|
|
|
|
|
Buildings |
- |
36.9 |
35.4 |
23.9 |
22.2 |
|
Land/Improvements |
- |
9.9 |
9.5 |
9.5 |
8.9 |
|
Machinery/Equipment |
- |
102.7 |
95.1 |
84.5 |
76.1 |
|
Construction in
Progress |
- |
2.8 |
2.1 |
17.5 |
4.8 |
|
Property/Plant/Equipment - Gross |
- |
152.4 |
142.1 |
135.4 |
111.9 |
|
Accumulated Depreciation |
- |
-90.4 |
-77.9 |
-73.4 |
-63.1 |
|
Property/Plant/Equipment - Net |
75.5 |
62.0 |
64.2 |
62.0 |
48.9 |
|
Goodwill - Gross |
- |
- |
- |
- |
0.4 |
|
Accumulated Goodwill Amortization |
- |
- |
- |
- |
-0.3 |
|
Goodwill, Net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Intangibles - Gross |
- |
0.8 |
0.7 |
0.7 |
- |
|
Accumulated Intangible Amortization |
- |
-0.6 |
-0.5 |
-0.5 |
- |
|
Intangibles, Net |
0.2 |
0.2 |
0.2 |
0.2 |
- |
|
LT Investment - Affiliate Companies |
29.4 |
23.8 |
21.9 |
19.5 |
16.1 |
|
LT Investments - Other |
14.3 |
11.2 |
8.4 |
4.8 |
18.8 |
|
Long Term Investments |
43.8 |
35.0 |
30.3 |
24.3 |
34.9 |
|
Other Long Term Assets |
0.5 |
0.5 |
0.3 |
0.4 |
0.5 |
|
Other Long Term Assets, Total |
0.5 |
0.5 |
0.3 |
0.4 |
0.5 |
|
Total Assets |
326.1 |
255.1 |
213.5 |
209.4 |
173.2 |
|
|
|
|
|
|
|
|
Accounts Payable |
28.9 |
18.2 |
20.3 |
25.3 |
14.8 |
|
Accrued Expenses |
6.3 |
5.2 |
3.6 |
3.4 |
3.7 |
|
Notes Payable/Short Term Debt |
0.0 |
0.1 |
0.1 |
0.0 |
0.1 |
|
Current Portion - Long Term Debt/Capital Leases |
0.6 |
0.6 |
0.7 |
0.4 |
0.4 |
|
Income Taxes Payable |
5.3 |
4.2 |
1.7 |
2.2 |
2.1 |
|
Other Payables |
3.2 |
1.6 |
1.6 |
1.4 |
1.8 |
|
Other Current Liabilities |
0.8 |
0.8 |
0.4 |
1.0 |
0.1 |
|
Other Current liabilities, Total |
9.3 |
6.6 |
|
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.93 |
|
|
1 |
Rs.80.62 |
|
Euro |
1 |
Rs.69.36 |
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.