MIRA
INFORM REPORT
|
Report Date : |
21.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
DKSH [THAILAND] LIMITED |
|
|
|
|
Formerly Known As : |
DIETHELM LIMITED |
|
|
|
|
Registered Office : |
Preecha Building, 2533 Sukhumvit 62 Road Bangchak, Phrakanong, Bangkok 10260 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
05.02.1980 |
|
|
|
|
Com. Reg. No.: |
0105523002118 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer & Distributor of International Trading Company |
|
|
|
|
No. of Employees : |
6,000 |
RATING & COMMENTS
|
MIRAs Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
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 September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
DKSH
[THAILAND] LIMITED
[FORMER :
DIETHELM LIMITED]
SUMMARY
BUSINESS
ADDRESS : PREECHA BUILDING, 2533 SUKHUMVIT
62 ROAD,
BANGCHAK, PHRAKANONG,
BANGKOK 10260,
TELEPHONE : [66]
2332-7140-51, 2742-4531-40,
2790-8879,
2790-4000
FAX : [66] 2332-7164,
2742-6929, 2332-6103
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1980
REGISTRATION
NO. : 0105523002118 [Former : 213/2523]
CAPITAL REGISTERED : BHT.
200,000,000
CAPITAL PAID-UP : BHT. 200,000,000
SHAREHOLDERS PROPORTION : THAI
: 51%
SWISS : 49%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SOMBOON PRASITJOOTRAKUL, THAI
PRESIDENT [CONSUMER
GOODS]
NO.
OF STAFF : 6,000
LINES
OF BUSINESS : INTERNATIONAL TRADING
COMPANY 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 February 5, 1980 as a
private limited company
under the registered
name Diethelm Pharmachem
Ltd. by Thai and
Swiss Groups. On
August 28, 1990
the subjects name
was changed to Diethelm Trading
Co., Ltd.
In
November 2000, the
subject became a
part of the
Diethelm Keller Service
Asia when the
Diethelm Company has
merged with Edward
Keller Company, to
be Diethelm Keller
Group. On December
27, 2004, the
subjects name was
changed to DKSH
[Thailand] Limited.
In 2006,
Diethelm & Co., Ltd., the
subjects related company,
has merged its
business with the
subject, then subjects
name was changed
to Diethelm Limited
on September 26,
2006.
On
December 21, 2009,
its name was
finally changed to DKSH
[THAILAND] LIMITED.
At
present, the subject
operates as a
trading and marketing
business. It currently
employs approximately 6,000
staff.
The
subjects registered address
is 2533 Sukhumvit
62 Rd., Bangchak,
Phrakanong, Bangkok 10260,
and this is the subjects
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somboon Prasitjootrakul |
|
Thai |
54 |
|
Mr. Stephen John
Ferraby |
|
Australian |
48 |
|
Mr. Somkiat Seehapithak |
|
Thai |
63 |
|
Mr. David A.F. Macdonald |
|
Canadian |
46 |
|
Mr. Bernd Leper |
|
German |
42 |
|
Mr. Sucheep Sripruttha |
|
Thai |
51 |
|
Mrs. Phensri Nimmanpatcharin |
|
Thai |
52 |
|
Mr. Vorathep Korkijpoonphol |
|
Thai |
53 |
|
Mr. Kevin Doyle Corning |
|
American |
50 |
AUTHORIZED PERSON
Two of
the above directors
can jointly sign on behalf
of the subject
with companys affixed.
MANAGEMENT
Mr. Somboon Prasitjootrakul is
the President [Consumer Goods].
He is Thai
nationality with the
age of 54
years old.
Mr. Stephen John Ferraby
is the Country
Finance.
He is Australian
nationality with the
age of 48
years old.
Mr. Kevin Doyle Corning
is the Vice
President [Luxury &
Lifestyle].
He is American
nationality with the
age of 50
years old.
Mr. David A.F. Mcdonald is
the Vice President
[Performance Materials].
He is Canadian
nationality with the
age of 46
years old.
Mr. Bernd Lepper is
the Vice President
[Healthcare].
He is German
nationality with the
age of 42
years old.
Mr. Adrian Eberile is
the Head Business
Unit of Technology
Group.
He is Swiss
nationality.
Mrs. Phensri Nimmahnpatcharin is
Human Resources Manager.
She is Thai
nationality with the
age of 52
years old.
BUSINESS OPERATIONS
The subjects activities are
international trading business,
importer and distributor various
kinds of products
as the followings:
1.
Consumer Goods Business
Unit
·
Foods
fast moving consumer
goods; long shelves
life, cereal, chocolate,
sweet, candy, beverage,
chilled, frozen products
and dairy products.
- Non-Food,
consists of:
-
Personal care products:
skin care, hair
care, blotting paper,
his & her,
intimate cleaning.
-
Household goods: car
care, automobile
-
Toiletry: kitchen utility
-
Durables: toys, stationery,
baby products, stroller,
shoes, glasses and
sporting equipment
-
Pet care
2.
Healthcare
Business Unit
The
products are consisted
of medical devices,
OTC & consumer health, and
pharmaceutical. The subject
is the largest
distributor in the
healthcare sector, providing
wide range of services to
both multinational companies,
such as Astra Zeneca,
Eli Lilly, GlaxoSmithkline, Janssen-Cilag, Novo
Nordisk, Roche, Roche
Diagnostics and Terumo
and also local
companies, through Silom
Medical and T.C
Union Global.
3.
Performance
Materials Unit
The products are
supplied to various
industries as follows:
-
Food
and Beverages, such
as beverage & dairy, confectionery & bakery, food
services, food supplement & nutrition and
processed foods
-
Specialty
chemicals, such as graphics & electronics, paints & coatings, polymer,
fibers,
and adhesives
-
Pharmaceuticals,
such as active
pharmaceutical ingredients, amino
acid
derivatives,
coupling and protecting
agents, excipients, formulation/ finished
dosage forms, intermediates.
-
Personal
care, such as
beverage & dairy, actives, anti-irritants, anti-microbial,
Colorants,
pigment, dyes, conditioners,
moisturizer, efficacy booster,
feel enhancer, preservative,
Rheology viscosity, viscosity
modifier.
-
Animal
care, such as
feed additives, macro
ingredients, animal health
products [vaccines & antibiotics],
and companion health
products
4.
Technology
Business Unit
The
subject provides technology
services, with wide
range of products
and services as
follows:
-
Food & beverage, such
as restaurant & hotel
equipment, agricultural equipment
-
Industry,
such as machine
tools, manufacturing systems
and printing machinery
-
Infrastructure,
such as construction & earthmoving equipment,
mining & querry
equipment, transport &
lifting equipment.
-
Energy,
such as engines
and power generation.
-
Research,
such as analytical
instrument and life
science equipment.
5.
Luxury & Lifestyles Business
Unit
-
Accessories & apparel, fashion
apparel Levis and
watches.
PURCHASE
The products are purchased from over 300 suppliers both
in domestic and international. 80% of its products is
imported from France, Singapore,
United Kingdom, United States of America, Switzerland, Germany, Japan, Hong
Kong, Italy, Taiwan, India, Brazil,
Norway, Spain, Korea, Netherlands, Canada, Philippines, Republic of China and etc., the
remaining 20% is
purchased locally.
MAJOR SUPPLIERS
Rovithai/Roche, Thailand
Alpharma,
Norway
Alltech,
U.S.A.
Provimi,
Netherlands
Ascor
Chimici, Italy
IDV,
Italy
Vetcare,
India
Aurobindo,
India
Orffa,
India
Shanxi
Province, China
Reckitt,
Thailand
Cargill,
Thailand
Olic,
Thailand
Tessenderlo,
Netherlands
Bonimex,
Netherlands
Akzo
Nobel, Sweden
Lignotech,
U.S.A.
H.J.
Baker, U.S.A.
Maruha,
Japan
Toyo
Science, Japan
Eisai,
Japan
CJ
Corporation, S. Korea
Cadbury
Adams [Thailand] Co.,
Ltd., Thailand
Belersderl
[Thailand] Co., Ltd.,
Thailand
Air
Products, U.S.A
Shin
Etsu, Japan
Vam
Organic Chemical Ltd.,
U.S.A
Honam
Petrochemical Corp.
Denykem
Ltd.
Shindongbank
Corporation, China
Eliokem
Tolsa
SA
Aldoro,
Germany
Alcan
Chemical, France
SALES
[LOCAL]
100%
of its products
is sold locally
to manufacturers, wholesalers,
end-users and Thai
Government.
MAJOR
CUSTOMERS
ABB
Ltd.
Electricity
Generating Authority of
Thailand
Metropolitan
Electricity Authority
Provincial
Electricity Authority
TOT
Corporation Public Co., Ltd.
etc.
SUBSIDIARY COMPANY
Diethelm
Keller Logistics Limited
Business
Type : Distributor of pharmaceutical products
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
credits term of
30-60 days.
Local
bills are paid
by cash or
on the credits
term of 30-60
days.
Imports
are by L/C
at sight, D/A
& T/T.
BANKING
Kasikornbank
Public Co., Ltd.
[Suapa Branch : 306 Suapa
Rd., Pomprab, Bangkok
10100]
The
Siam Commercial Bank
Public Co., Ltd.
[Wireless Branch : 130-132 Sinthorn
Building, Wireless Rd.,
Lumpini,
Bangkok 10330]
Deutsche
Bank AG
[Bangkok Branch : 208 Wireless
Rd., Lumpini, Pathumwan, Bangkok
10330]
Standard
Chartered Bank [Thai]
Public Co., Ltd.
[Bangkok Branch : 990 Rama
4 Rd., Silom,
Bangrak, Bangkok 10500]
Bangkok
Bank Public Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok 10500]
EMPLOYMENT
The
subject employs approximately
6,000 staff. [office,
sales staff and
warehouse workers]
LOCATION DETAILS
The premise is owned for
administrative office at the
heading address. Premise is located
in commercial/residential area.
The
subject currently has
21 branches and
warehouses nationwide as the followings:
- 183 Rajdamri
Rd., Lumpini, Pathumwan,
Bangkok
- 1696 New
Petchburi Road, Bangkapi,
Huaykwang, Bangkok 10310.
- 979/110 Moo
12, Soi Meelarb,
Sukhumvit 103 Road,
Bangna, Phrakanong,
Bangkok.
- 161 Moo
16, Bangpa-in Industrial
Estate, Bangkrasan, Bangpa-in,
Ayutthaya.
- 2535 Sukhumvit
Road, Bangchak, Phrakanong,
Bangkok.
- 63 Moo
4, Chalongkrung Rd.,
Lamplatiew, Ladkrabang, Bangkok.
- 280 Charoenkrung
Road [New Road],
Samphantawong, Bangkok 10100
Bangkok.
- 48/19-20 Montri
Rd., Sobtui, Muang,
Lampang.
- 24/1-6 Moo
7 Bangna-Trad Road,
Bangchalong, Bangplee, Samutprakarn.
- 939 Moo
2, Bangpra-in Industrial
Estate, Udomsorayuth, Klongjik,
Bangpra-in, Ayudhya .
- 594 Luang
Rd., Pomprab, Pomprabsattrupai, Bangkok.
- 933 Mahachai
Rd., Wangburapa, Phranakorn,
Bangkok
- 61/9 Bangna-Trad
Rd., Seesajarakaeyai, Bangsaothong,
Samutprakarn.
- 122 Chiangmai-Sankampaeng Rd.,
Tonpao, Sankampaeng, Chiangmai.
- 55/3 Surapol
Rd., Naimuang, Muang, Ubonratchathani.
- 262 Chiangmai-Lampang Rd.,
Paton, Muang, Chiangmai.
- 120, 122 Chotewithayakul 3
Rd., Korhong, Hadyai,
Songkhla.
- 62 Moo
1, Bangna-Trad Rd.,
Seesajarakaeyai,
Bangsaothong, Samutprakarn.
- 88, 88/1-2 Moo
11, Bangchalong, Bangplee,
Samutprakarn.
- 3/6-9 Nonsee
Rd., Chongnonsi, Yannawa,
Bangkok.
- 222, 222/1-2 Moo
1, Seesajarakaeyai, Bangsaothong,
Samutprakarn.
REMARK
MAXIMUM
CREDIT OF EUR
10,000,000 SHOULD BE
IN ORDER.
COMMENT
The
company is a
leading trading business
in the Kingdom
of Thailand. Diethelms dynamic
growth is the result of its strong fundamental and excellent knowledge of the
business and the economic environment in the country. Its
turnover has steadily
grown each year due to its nationwide market coverage
all segments of consumer goods and a well functioning and efficient logistic
system make the products available to the targeted customers all over the country. The company is considered a quality and high
profile network company. Its business
is very solid.
Despite of an
impact from a
severe flood crisis
in Thailand during
October - November
2011, the company reported
a slightly increase
in its sales
revenue in 2011 comparing to
the previous year.
The company is expanding
subsequently in the first quarter
of 2012. The
company imports more
new products in
2012 which would
generate more revenues
and help to expand its market and
customer base nationwide.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided into 10,000 shares of
Bht. 100 each
with fully paid.
The capital was
increased later as
followings :
Bht. 20,000,000
on March 22,
1991
Bht. 25,000,000
on May 17,
1991
Bht. 100,000,000
on June 9,
1992
Bht. 200,000,000
on December 2,
1997
The latest registered capital was increased to Bht. 200,000,000 divided into 2,000,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 29,
2011]
|
NAME |
HOLDING |
% |
|
Landee Co., Ltd. Nationality: Thai Address : 2533
Sukhumvit Rd., Bangchak, Phrakanong, Bangkok |
1,020,004 |
51.00 |
|
DKSH Holding AG. Nationality: Swiss Address : 8
Wiesenstrasse, Zurich 8008, Switzerland
|
979,995 |
49.00 |
|
Ms. Joy Keller Nationality: Thai Address : 280
New Rd., Samphanthawong,
Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 29,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
1,020,005 |
51.00 |
|
Foreign - Swiss |
1 |
979,995 |
49.00 |
|
Total |
3 |
2,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Paibul Tankul
No. 4298
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
958,444,106 |
674,213,926 |
|
Trade Accounts Receivable |
19,213,731,000 |
17,129,560,536 |
|
Short-term Loan to
Related Company |
228,735,056 |
415,600,000 |
|
Inventories |
4,912,922,062 |
5,034,586,096 |
|
Other Receivable |
32,832,780 |
31,283,690 |
|
Goods Receivable |
1,808,616,219 |
1,832,405,715 |
|
Other Current Assets
|
330,441,574 |
252,091,725 |
|
|
|
|
|
Total Current Assets
|
27,485,722,797 |
25,369,741,688 |
|
Investment in Subsidiary,
Joint Venture & Related Company |
89,638,164 |
58,848,100 |
|
Long-term Investment |
5,355 |
5,355 |
|
Fixed Assets |
646,215,890 |
783,822,555 |
|
Intangible Assets |
250,238,199 |
394,949,461 |
|
Other Assets |
561,265,416 |
385,638,567 |
|
Total Assets |
29,033,085,821 |
26,993,005,726 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan |
350,000,000 |
2,600,000,000 |
|
Trade Accounts Payable |
18,015,116,047 |
16,469,744,052 |
|
Short-term Loan from
Related Company |
451,700,000 |
1,032,900,000 |
|
Other Current Liabilities |
2,587,625,437 |
2,125,403,319 |
|
|
|
|
|
Total Current Liabilities |
21,404,441,484 |
22,228,047,371 |
|
Long-term Loan from
Bank |
1,000,000,000 |
- |
|
Employees Remuneration |
337,961,503 |
272,712,623 |
|
Other Liabilities |
16,649,235 |
18,069,574 |
|
Total Liabilities |
22,759,052,222 |
22,518,829,568 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 2,000,000 shares |
200,000,000 |
200,000,000 |
|
|
|
|
|
Capital Paid |
200,000,000 |
200,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
20,000,000 |
20,000,000 |
|
Unappropriated |
6,054,033,599 |
4,254,176,158 |
|
Total Shareholders' Equity |
6,274,033,599 |
4,474,176,158 |
|
Total Liabilities & Shareholders' Equity |
29,033,085,821 |
26,993,005,726 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales, Service & Rental Income |
81,130,260,878 |
69,694,911,571 |
|
Other Income |
675,681,073 |
243,269,435 |
|
Total Revenues |
81,805,941,951 |
69,938,181,006 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
70,848,431,436 |
60,581,711,805 |
|
Selling Expenses |
3,844,605,589 |
3,277,531,510 |
|
Administrative Expenses |
4,357,631,608 |
4,311,780,106 |
|
Total Expenses |
79,050,668,633 |
68,171,023,421 |
|
|
|
|
|
Profit before Interest
Expenses & Income Tax |
2,755,273,318 |
1,767,157,585 |
|
Interest Expenses |
[61,192,920] |
[126,758,217] |
|
Profit before Income
Tax |
2,694,080,398 |
1,640,399,368 |
|
Income Tax |
[894,222,957] |
[512,619,063] |
|
|
|
|
|
Net Profit / [Loss] |
1,799,857,441 |
1,127,780,305 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.28 |
1.14 |
|
QUICK RATIO |
TIMES |
0.95 |
0.82 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
125.55 |
88.92 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.79 |
2.58 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
25.31 |
30.33 |
|
INVENTORY TURNOVER |
TIMES |
14.42 |
12.03 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
86.44 |
89.71 |
|
RECEIVABLES TURNOVER |
TIMES |
4.22 |
4.07 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
92.81 |
99.23 |
|
CASH CONVERSION CYCLE |
DAYS |
18.94 |
20.81 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
87.33 |
86.92 |
|
SELLING & ADMINISTRATION |
% |
10.11 |
10.89 |
|
INTEREST |
% |
0.08 |
0.18 |
|
GROSS PROFIT MARGIN |
% |
13.51 |
13.42 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.40 |
2.54 |
|
NET PROFIT MARGIN |
% |
2.22 |
1.62 |
|
RETURN ON EQUITY |
% |
28.69 |
25.21 |
|
RETURN ON ASSET |
% |
6.20 |
4.18 |
|
EARNING PER SHARE |
BAHT |
899.93 |
563.89 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.78 |
0.83 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.63 |
5.03 |
|
TIME INTEREST EARNED |
TIMES |
45.03 |
13.94 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
16.41 |
|
|
OPERATING PROFIT |
% |
55.92 |
|
|
NET PROFIT |
% |
59.59 |
|
|
FIXED ASSETS |
% |
(17.56) |
|
|
TOTAL ASSETS |
% |
7.56 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
13.51 |
Impressive |
Industrial
Average |
10.35 |
|
Net Profit Margin |
2.22 |
Impressive |
Industrial
Average |
0.62 |
|
Return on Assets |
6.20 |
Impressive |
Industrial
Average |
4.83 |
|
Return on Equity |
28.69 |
Impressive |
Industrial
Average |
11.74 |
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. Gross Profit Margin is 13.51%. 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 2.22%,
higher figure when 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
6.2%, 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 28.69%, 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 |
1.28 |
Deteriorated |
Industrial
Average |
31.77 |
|
Quick Ratio |
0.95 |
|
|
|
|
Cash Conversion Cycle |
18.94 |
|
|
|
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 1.28 times in 2010, increase from 1.14 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 0.95 times in 2010,
increase from 0.82 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 19 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.78 |
Acceptable |
Industrial
Average |
0.56 |
|
Debt to Equity Ratio |
3.63 |
Risky |
Industrial
Average |
1.68 |
|
Times Interest Earned |
45.03 |
Deteriorated |
Industrial
Average |
177.48 |
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 45.03 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 0.78 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 |
125.55 |
Deteriorated |
Industrial
Average |
168,201.54 |
|
Total Assets Turnover |
2.79 |
Deteriorated |
Industrial
Average |
21.36 |
|
Inventory Conversion Period |
25.31 |
|
|
|
|
Inventory Turnover |
14.42 |
Deteriorated |
Industrial
Average |
215.17 |
|
Receivables Conversion Period |
86.44 |
|
|
|
|
Receivables Turnover |
4.22 |
Deteriorated |
Industrial
Average |
162.23 |
|
Payables Conversion Period |
92.81 |
|
|
|
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.49.21 |
|
|
1 |
Rs.77.75 |
|
Euro |
1 |
Rs.64.58 |
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 SCs 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.