MIRA
INFORM REPORT
|
Report Date : |
05.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
MILOTT LABORATORIES CO.,
LTD. |
|
|
|
|
Registered Office : |
84/55 Moo 11, Soi Tanasit, Theparak Road, Bangpla, Bangplee, Samuprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
28.08.1989 |
|
|
|
|
Com. Reg. No.: |
0105532080312 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor & Exporter of Cosmetic & Related Products |
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
MILOTT
LABORATORIES CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 84/55
MOO 11, SOI
TANASIT, THEPARAK ROAD,
BANGPLA, BANGPLEE,
SAMUPRAKARN 10540
TELEPHONE : [66] 22312-1178-81, 2312-1396-8,
2752-5611-8
FAX :
[66] 22312-1182,
2752-3511, 2312-1399
E-MAIL
ADDRESS : kusuma@milott.co.th, kazu@milott.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1989
REGISTRATION
NO. : 0105532080312 [Former
: 8032/2532]
CAPITAL REGISTERED : BHT. 55,000,000
CAPITAL PAID-UP : BHT.
55,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
NIPHON VAMASIRI, THAI
PRESIDENT
NO.
OF STAFF : 1,300
LINES
OF BUSINESS : COSMETIC &
RELATED PRODUCTS
MANUFACTURER, DISTRIBUTOR
& EXPORTER
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 August 28,
1989 as a
private limited under the registered
name “Thai Milott Laboratories
Co., Ltd” by
Thai & Japanese
Groups. On July
20, 1994 the
subject’s name was changed
to MILOTT LABORATORIES CO., LTD.
It is a
joint venture between VS
Inter Holding Co.,
Ltd., Thailand and Milott
Cosmetic Corporation, Japan
in order to produce cosmetic & related
products for many
prominent brands of
both domestic and international markets. The subject also received
the promotional privilege from Board
of Investment [BOI],
Thailand. It currently
has staff strength
of 1,300.
The subject provided various services to meet the
needs of the growing
cosmetics industry, ranging from formulation and
shade development to
packaging, full quality control service,
bulk manufacturing, filling,
FDA registration and
exporting.
On January 20, 2000, the
subject received the ISO 9002
certification by TUV
Rheinland, and also
received its Good
Manufacturing Practice [GMP]
award from The
Food and Drug
Administration, Ministry of
Public Health, Thailand.
The subject’s
registered address is 84/55 Moo 11, Soi Tanasit, Theparak Rd., Bangpla,
Bangplee, Samutprakarn 10540,
and this is
the company’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Niphon Vamasiri |
|
Thai |
59 |
|
Mrs. Charinpan Intarasuksant |
|
Thai |
53 |
|
Mrs. Benjaluck Sahakitpinyo |
|
Thai |
55 |
|
Mr. Sotaro Ishibashi |
|
Japanese |
72 |
|
Mr. Nopparat Vamasiri |
|
Thai |
57 |
|
Ms. Rungravi Kittisinchaikul |
|
Thai |
52 |
|
Ms. Kusuma Vamasiri |
|
Thai |
54 |
|
Mr. Ijiro Karashima |
|
Japanese |
60 |
|
Mr. Somchai Phantana-angoon |
|
Thai |
64 |
|
Mr. Kazueki Ishibashi |
|
Japanese |
33 |
|
Mr. Yuzo Ishibashi |
|
Japanese |
61 |
AUTHORIZED PERSON
Two of the
above directors can jointly
sign on behalf
of the subject
with company’s affixed.
SENIOR MANAGEMENT
Mr. Niphon Vamasiri
is the President.
He is Thai
nationality with the
age of 59
years old.
Ms. Rungravi Kittisinchaiul is
the Managing Director.
She is Thai
nationality with the
age of 52
years old.
Mr. Kazueki Ishibashi is
the Director [Business Development].
He is Japanese
nationality with the
age of 33
years old.
Mr. Choompol Vamasiri is
the Customer Service
Manager.
He is Thai
nationality.
Mrs. Charinpan Intarasuksant is
the Technical Manager.
She is Thai
nationality with the
age of 53 years old.
Ms. Maneerat Mekariya is
the Customer Service
Manager.
She is Thai
nationality.
Ms. Kusuma Vamasiri
is the Logistic &
Purchasing Manager.
She is Thai
nationality.
Mrs. Benjaluck Sahakitpinyo is the Finance
Manager.
She is Thai
nationality with the
age of 55
years old.
Mr. Nopparat Vamasiri
is the Engineering
Manager.
He is Thai
nationality with the
age of 57
years old.
BUSINESS OPERATIONS
The subject is engaged in
manufacturing service wide
range of products comprising cosmetics,
skincare & toiletries, hair
care and etc.
The products are
as follows:
- Makeup: lipstick,
liquid eyeliner, mascara,
eye pencil, blusher,
liquid foundation,
pressed powder, loose
powder, make-up remover and
etc.
- Skin cares:
Moisturizers, whitening facial
day cream, slimming
gel/cream, cleansers,
toner, essence,
face mask, body
lotion, treatment products
and etc.
- Toiletries: body wash,
liquid soap, body
soap, deodorant, perfume,
bar soap and etc.
- Hair Products: shampoo,
conditioner, hair dye,
hair treatment, hair
serum and etc.
- Spa & Natural Products: massage
oil, salt scrub,
body lotion, hair
mask, natural
soap, clay mask
and etc.
- Nail Enamel & Treatment: nail
polish, base coat,
calcium nail, top
coat and etc.
- Food Supplement Products:
collagen
SERVICES
- Product Formulation
- Shade Hatching
- Packaging Development
- Product Registration
- Contracted filling manufacturer
MAJOR BRANDS
AVON, JOHNSON &
JOHNSON, REVLON and
UNILEVER
PRODUCTION CAPACITY
10,000,000 product units per
month
PURCHASE
70% of raw materials
for production process is
purchased from local
suppliers, and the remaining 30%
as well as manufacturing
facilities are supplied from the leading
companies in the
United States of America,
Australia, U.K., Republic
of China, Taiwan
and Japan.
MAJOR SUPPLIERS
The East Asiatic
[Thailand] Public Co., Ltd. :
Thailand
Milott Cosmetics Corporation
:
Japan
Thai Puff Industry
Co., Ltd. :
Thailand
BASF [Thai] Ltd. : Thailand
Lenso Corporation Public
Company Limited : Thailand
SALES/SERVICE
The products are
sold & serviced for many
international brand leaders. The subject
currently maintains over 100 customers
both local and
overseas. 80% of
its products is
sold to local
customers, the remaining 20% is
exported to Japan,
Hong Kong, Republic of China,
U.S.A. and European
countries.
MANUFACTURING FACILITIES
The manufacturing line for skin care and toiletries comprising:
-
Closed vacuum
mixing tanks for products
such as skin care,
foundation and mascara
-
Ppen
mixing tanks for products
such as shampoo,
lotions and liquid
soaps
-
High
frequency, fully automated
filling machines for
products like cleansing foam
and facial scrub, as well
as cream and
gel cleansers
-
Full
automated filling machines for light
lotions such as toners and heavy formulations such as face masks
-
Six and eight-head filling machines for such
products as deodorants
-
High intensity oven facilities for the production
of such specialized products
as crystal deodorising sticks.
The manufacturing line for cosmetics
comprising:
-
Automatic powder pressing machines for such products as two-way cake,
pressed powder and blush
-
Semi-automatic filling machine for such products as
“non-transfer” lipsticks
-
Semi-automatic filling machine for such products as
lipstick pencils.
The manufacturing line for hair dye
comprising:
-
Mixing tanks, varying in size from 200 kilos to 1 tonne
-
Semi-automatic filling machine for hair dye.
MAJOR CUSTOMERS
- Avon Cosmetics [Thailand]
Co., Ltd. : Thailand
- Johnson & Johnson
[Thailand] Co., Ltd. : Thailand
- Unilever Thai Holding
Co., Ltd. :
Thailand
- I.C.C. International
Public Co., Ltd. : Thailand
- U-Star [Thailand] Co.,
Ltd. :
Thailand
- Monapolitant Co., Ltd. :
Thailand
- Boots Retail [Thailand] Co.,
Ltd. : Thailand
PARENT COMPANY
VS Inter Holding
Ltd.
Address: 30
Ladprao 128 Rd.,
Wangthonglang, Bangkok
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 on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60-90 days.
Imports are by
L/C at sight
or T/T on
negotiated term.
Exports are against
L/C at sight
or T/T.
BUSINESS TRANSACTION
The subject is
not found to
have any payment
problem both on its account receivable and payable.
BANKING
Bangkok Bank Public
Co., Ltd.
[Theparak Branch: Theparak Rd.,
Bangplee, Samutprakarn 10540]
EMPLOYMENT
The subject employs
approximately 1,300 office [office
staff and factory
workers]
LOCATION DETAILS
The premise is
owned for administrative office
and factory on
100,000 square meter plot of land
at the
heading address. Premise
is located in
an industrial area.
Branches/Factories :
-
84/9
Moo 11, Theparak
Rd., Bangpla, Bangplee,
Samutprakarn 10540.
-
84/61 Moo
11, Theparak Rd.,
Bangpla, Bangplee, Samutprakarn
10540.
-
84/60
Moo 11, Theparak
Rd., Bangpla, Bangplee,
Samutprakarn 10540.
-
84/58 Moo
11, Theparak Rd.,
Bangpla, Bangplee, Samutprakarn
10540.
-
335/5
Srinakarin Rd., Nongbon,
Prawet, Bangkok 10250.
REMARK
CREDIT OF US$ 125,000
AGAINST D/A TERM
SHOULD BE IN
ORDER.
COMMENT
The subject is a leading manufacturer
of cosmetics, skin
and hair care products for
both large multinational companies. In combining
Japanese technology and materials with a cost-efficient manufacturing facility,
the company is recognized as the high quality producers of cosmetic products in
the region. The subject had improved its
position by producing cosmetics in large volumes for the regional markets. About 35% of its annual revenue of about one
billion baht is derived from exports.
The subject currently has
over 100 customers both domestic and international with requiring
more than 10,000
items. It is considered a key
experienced player in the country’s
cosmetic industry. Its current
market situation is
strong and continue growing
well.
FINANCIAL INFORMATION
The capital was
registered at Bht.
25,000,000 divided into
250,000 shares of Bht.
100 each.
Capital was increased
later as followings
:
Bht. 30,000,000
on July 20,
1994
Bht. 40,000,000
on October 31,
1996
Bht. 55,000,000
on May 14,
1998
The latest registered
capital was increased
to Bht. 55,000,000 divided into 550,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE
[as at
April 28, 2011]
|
NAME |
HOLDING |
% |
|
V.S. Inter Holding
Co., Ltd. Nationality: Thai Address : 131
Ladprao 128 Rd.,
Wangthongland,
Bangkapi, Bangkok 10230 |
280,494 |
51.00 |
|
Mr. Sotaro Ishibashi Nationality: Japanese Address : 2-35-19
Katakura Kanagawaku, Yokohama, Japan |
137,500 |
25.00 |
|
Milott Cosmetics Corporation Nationality: Japanese Address : 2976
Tzuketasho Kanagawaku,
Yokohama, Japan |
77,000 |
14.00 |
|
Mr. Somchai Phantana-angoon Nationality: Thai Address : 103/5
Boromratchonnee Rd., Aroon
Amarin,
Bangkoknoi, Bangkok |
27,500 |
5.00 |
|
Mr. Kazueki Ishibashi Nationality: Japanese Address : 2-35-19
Katakura Kanagawaku, Yokohama, Japan |
27,500 |
5.00 |
|
Mr. Niphon Vamasiri Nationality: Thai Address : 22/368
Bangna-Trad 56 Rd., Bangna, Bangkok |
3 |
- |
|
Mrs. Pimpis Sakkhuna Nationality: Thai Address : 99/217
Moo 6, Tharaeng, Bangkhen, Bangkok |
1 |
- |
|
Mrs. Charinpan Intarasuksant Nationality: Thai Address : 7
Soi Napalai 15,
Bangna,
Bangkok 10260 |
1 |
- |
|
Ms. Rungravi Kittisinchaikul Nationality: Thai Address : 5/64
Moo 4, Thungsonghong, Laksi, Bangkok |
1 |
- |
Total Shareholders :
9
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Pichai Dutchapirom No.
2421
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
249,827,752.01 |
60,942,856.92 |
|
Trade Accounts Receivable |
476,194,234.64 |
345,217,921.72 |
|
Short-term Loan to
Person & Related Company |
18,750,000.00 |
18,750,000.00 |
|
Inventories |
692,349,710.22 |
580,391,470.79 |
|
Deposit for Machinery &
Goods |
18,352,840.55 |
3,779,918.31 |
|
Other Current Assets
|
35,606,088.98 |
32,973,653.30 |
|
|
|
|
|
Total Current Assets
|
1,491,080,626.40 |
1,042,055,821.04 |
|
Long-term Investment |
237,423,200.00 |
252,723,100.00 |
|
Fixed Assets |
782,014,546.46 |
794,300,072.86 |
|
Intangible Assets |
|
|
|
Trading |
2,800,000.00 |
- |
|
Computer Programme |
2,142,960.23 |
2,006,223.28 |
|
Other Assets |
301,600.00 |
275,900.00 |
|
Total Assets |
2,515,762,933.09 |
2,091,361,117.18 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
640,000,000.00 |
620,000,000.00 |
|
Trade Accounts Payable |
781,948,346.11 |
469,890,203.03 |
|
Current Portion of Hire-purchase Contract Liabilities |
1,638,997.89 |
3,282,796.31 |
|
Current Portion of Long-term
Loan |
84,000,000.00 |
67,500,000.00 |
|
Short-term Loan - Related Company |
- |
10,000,000.00 |
|
Accrued Income Tax |
18,567,513.66 |
4,044,387.23 |
|
Other Payable |
43,059,861.55 |
32,508,229.57 |
|
Accrued Expenses |
11,151,512.50 |
9,194,565.68 |
|
Other Current Liabilities |
22,912,677.87 |
11,687,397.65 |
|
|
|
|
|
Total Current Liabilities |
1,603,278,909.58 |
1,228,107,579.47 |
|
Hire-purchase Contract Liabilities |
1,028,614.36 |
1,258,129.27 |
|
Long-term Loan |
180,000,000.00 |
197,500,000.00 |
|
Total Liabilities |
1,784,307,523.94 |
1,426,865,708.74 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 550,000 shares |
55,000,000.00 |
55,000,000.00 |
|
|
|
|
|
Capital Paid |
55,000,000.00 |
55,000,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve |
5,500,000.00 |
5,500,000.00 |
|
Unappropriated |
670,955,409.15 |
603,995,408.44 |
|
Total Shareholders' Equity |
731,455,409.15 |
664,495,408.44 |
|
Total Liabilities & Shareholders' Equity |
2,515,762,933.09 |
2,091,361,117.18 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
3,750,300,258.19 |
2,877,450,131.99 |
|
Other Income |
70,383,592.95 |
71,222,889.84 |
|
Total Revenues |
3,820,683,851.14 |
2,948,673,021.83 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,448,860,212.11 |
2,684,198,821.67 |
|
Selling Expenses |
26,969,599.13 |
25,454,039.71 |
|
Administrative Expenses |
180,393,263.89 |
136,863,555.79 |
|
Total Expenses |
3,656,223,075.13 |
2,846,516,417.17 |
|
|
|
|
|
Profit before Finance Cost & Income Tax |
164,460,776.01 |
102,156,604.66 |
|
Finance Cost |
[29,659,674.08] |
[26,819,603.51] |
|
Profit before Income Tax |
134,801,101.93 |
75,337,001.15 |
|
Income Tax |
[40,341,101.22] |
[23,723,180.03] |
|
|
|
|
|
Net Profit / [Loss] |
94,460,000.71 |
51,613,821.12 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.93 |
0.85 |
|
QUICK RATIO |
TIMES |
0.46 |
0.35 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.80 |
3.62 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.49 |
1.38 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
73.27 |
78.92 |
|
INVENTORY TURNOVER |
TIMES |
4.98 |
4.62 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
46.35 |
43.79 |
|
RECEIVABLES TURNOVER |
TIMES |
7.88 |
8.34 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
82.76 |
63.90 |
|
CASH CONVERSION CYCLE |
DAYS |
36.86 |
58.82 |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
91.96 |
93.28 |
|
SELLING & ADMINISTRATION |
% |
5.53 |
5.64 |
|
INTEREST |
% |
0.79 |
0.93 |
|
GROSS PROFIT MARGIN |
% |
9.91 |
9.19 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.39 |
3.55 |
|
NET PROFIT MARGIN |
% |
2.52 |
1.79 |
|
RETURN ON EQUITY |
% |
12.91 |
7.77 |
|
RETURN ON ASSET |
% |
3.75 |
2.47 |
|
EARNING PER SHARE |
BAHT |
171.75 |
93.84 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.71 |
0.68 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.44 |
2.15 |
|
TIME INTEREST EARNED |
TIMES |
5.54 |
3.81 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
30.33 |
|
|
OPERATING PROFIT |
% |
60.99 |
|
|
NET PROFIT |
% |
83.01 |
|
|
FIXED ASSETS |
% |
(1.55) |
|
|
TOTAL ASSETS |
% |
20.29 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
9.91 |
Satisfactory |
Industrial
Average |
13.11 |
|
Net Profit Margin |
2.52 |
Deteriorated |
Industrial
Average |
12.90 |
|
Return on Assets |
3.75 |
Deteriorated |
Industrial
Average |
7.95 |
|
Return on Equity |
12.91 |
Satisfactory |
Industrial
Average |
14.09 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues after accounting for the cost
of goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. The company's figure is 9.91%. When compared with
the industry average, the ratio of the company was lower, indicated that
company was originated from the problems with control over its costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 2.52%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is 3.75%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is 12.91%.
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 |
0.93 |
Risky |
Industrial
Average |
(9.95) |
|
Quick Ratio |
0.46 |
|
|
|
|
Cash Conversion Cycle |
36.86 |
|
|
|
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 0.93 times in 2010, increase from 0.85 times, then the company may have
problems meeting its short-term obligations. When compared with the industry
average, the ratio of the company was higher, indicated that company was an
efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.46 times in 2010,
increase from 0.35 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 37 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.71 |
Acceptable |
Industrial
Average |
0.41 |
|
Debt to Equity Ratio |
2.44 |
Risky |
Industrial
Average |
0.67 |
|
Times Interest Earned |
5.54 |
Impressive |
Industrial
Average |
(823.73) |
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 5.55 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.80 |
Impressive |
Industrial
Average |
(18.72) |
|
Total Assets Turnover |
1.49 |
Satisfactory |
Industrial
Average |
1.58 |
|
Inventory Conversion Period |
73.27 |
|
|
|
|
Inventory Turnover |
4.98 |
Impressive |
Industrial
Average |
3.55 |
|
Receivables Conversion Period |
46.35 |
|
|
|
|
Receivables Turnover |
7.88 |
Impressive |
Industrial
Average |
0.43 |
|
Payables Conversion Period |
82.76 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.22 |
|
|
1 |
Rs.76.07 |
|
Euro |
1 |
Rs.65.06 |
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.