MIRA
INFORM REPORT
|
Report Date : |
21.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
KINGFISHER
HOLDINGS LIMITED |
|
|
|
|
Registered Office : |
22nd
Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
08.02.1972 |
|
|
|
|
Com. Reg. No.: |
0105515000918 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
manufacturer &
contracted of
seafood products |
|
|
|
|
No. of Employees : |
3000 employees |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
|
Source : CIA |
Company name
KINGFISHER HOLDINGS LIMITED
SUMMARY
BUSINESS
ADDRESS : 22nd FLOOR,
PANJATHANI BUILDING,
127/27 NONSEE
ROAD, CHONGNONSEE,
YANNAWA, BANGKOK
10120, THAILAND
TELEPHONE : [66] 2681-1035-43
FAX : [66] 2681-1055-6
E-MAIL
ADDRESS : khl@kingfisher.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1972
REGISTRATION
NO. : 0105515000918 [Former : 91/2515]
TAX
ID NO. : 3101104004
CAPITAL REGISTERED : BHT. 119,911,500
CAPITAL PAID-UP : BHT.
119,911,500
SHAREHOLDER’S PROPORTION : THAI :
51.00%
FOREIGN :
49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
MASARU IKEMI, JAPANESE
MANAGING DIRECTOR
NO.
OF STAFF : 3,000
LINES
OF BUSINESS : SEAFOOD PRODUCTS
MANUFACTURER &
CONTRACTED
MANUFACTURER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH GOOD ERFORMANCE
HISTORY
The subject was
established on February
8, 1972 as
a private limited
company under the
name style “Safcol
Thailand Limited”. It
is a joint
venture between Safcol
of Australia and a group
of Thai and
Hong Kong investors
in order to
produce canned fresh
tuna and frozen
seafood products. It
has become the
first cannery in
Thailand of fresh
tuna for export.
On September 18,
1989 the subject’s
name was changed
to “Kingfisher Holdings Limited”,
and a year
later Safcol Holding
Ltd. sold its
42% equity stake
to a new
investor consortium comprising
Asia Securities Trading
Co., Ltd., Bangkok Bank
and Siam Venture
Fund managed by
Hambrecht & Quist
[Thailand] Ltd.
In December 1990, Maruha
Corporation of Japan
acquired a 33%
stake, and in so
doing, increased Kingfisher’s
capital base. Maruha, one
of the World’s
biggest seafood enterprise,
brought enormous technical
and marketing resources
to the group.
Presently, the major
shareholder is Maruha
Nichiro Holdings Inc.
of Japan.
Awards/Certification
The subject achieved
many standards, such
as EFSIS/BRC Global
Standard, HACCP, GMP,
HALAL, ISO 9001 and ISO
17025 certification.
The subject’s registered
address was initially
located at Southeast
Insurance Building, 315
Silom Rd., Bangrak,
Bangkok 10500.
On
August 16 1972,
subject’s registered address
was moved to
1888-1890 [warehouse 45] New Rd.,
Yannawa, Bangkok 10120
On June 10,
1983 it moved
again to 135
Arjnarong Rd., Klongtoey,
Prakanong, Bangkok 10110
On May 23,
1996, the registered
address was relocated
to 22nd Flr.,
Panjathani Building, 127/27
Nonsee Rd., Chongnonsee,
Yannawa, Bangkok 10120,
and this is the
company’s current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Joseph Kaiyuen
Kiang |
[x] |
American |
64 |
|
Mr. Christopher John King |
|
British |
68 |
|
Mr. Chote Pokavanich |
[x] |
Thai |
70 |
|
Mr. Decha Sriviradecha |
[x] |
Thai |
59 |
|
Mr. Masaru Ikemi |
[-] |
Japanese |
55 |
|
Mr. Masayuki Nakajima |
[-] |
Japanese |
56 |
|
Mr. Akinori Murata |
[-] |
Japanese |
63 |
|
Mr. Kazutake Takada |
[-] |
Japanese |
51 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can jointly sign
with anyone of
the mentioned directors [-] on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Masaru Ikemi
is the Managing
Director.
He is Japanese
nationality with the
age of 55
years old.
Mr.
Joseph Kaiyuen Kiang
is the Deputy
Managing Director [Administration &
Operation].
He
is American nationality
with the age of 64
years old.
Ms. Vimolmas Assawachindajit is
the Deputy Managing
Director [Frozen Products]. She is
Thai nationality.
Mr. Kazutake Takada
is the Deputy
Managing Director [Financial & Accounting].
He is Japanese
nationality with the
age of 51
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
wide range of
premium frozen seafood,
canned seafood and
canned pet food
products, as well
as innovative canned
and pouch value-added
lines. Its products
are as follows:
1. Frozen Seafood
Shrimp products “KINGFISHER”
Fish products “KINGFISHER”
Crustacean/Cephalopod “KINGFISHER”
Value added
products “KINGFISHER”
2. Canned/ Pouch Seafood
Tuna/Value added “KINGFISHER”
Sardine/Mackerel “KINGFISHER”
Crustacean/Cephalopod “KINGFISHER”
3. Canned Pet food [Wet]
Cat/Dog foods “TOP
DOG”, “TOP CAT”
Canned/Pouch chicken “KINGFISHER”
Fish Protein “KINGFISHER”
The subject is
also a contracted manufacturing
of the products
under customer’s brands.
PURCHASE
Most of raw
materials for processing
such as fish,
squid, shrimp, shellfish
and etc. are
purchased from local
suppliers and fishermen,
the remaining are
imported from Japan,
Germany, Indonesia, India,
Myanmar, and Singapore.
MAJOR SUPPLIERS
Southeast Asian Packaging
& Canning Co., Ltd.
: Thailand
Products : Packaging &
Canning Products
SALES
The products are
sold and serviced
to domestic and
international markets. 70%
of the products
is sold directly
to international agents
in the U.S.A.,
Great Europe, Africa,
Middle East, United
Kingdom, France, Germany,
Italy, Singapore, Brazil, Malaysia,
India, Brunei, Indonesia,
Korea, Taiwan, Hong
Kong, Vietnam, Australia,
New Zealand and etc.,
20% is exported
through Kingfisher Products
Limited [NZ] in
New Zealand and
Australia, and the remaining
10% is distributed
locally by Kingfisher
108 Trading Limited,
a subsidiary company.
The subject is currently
producing the products
under its own
brand and over
100 customer’s brands
worldwide.
SUBSIDIARIES AND AFFILIATED
COMPANY IN THAILAND
It is found
the subject has
four subsidiary companies
in Thailand as
follow:
Southeast Asian Packaging &
Canning Ltd., Thailand
Business Type : Manufacturer
of empty
can
K F Foods Ltd.,
Thailand
Business Type : Distributor of
food products
Kingfisher 108 Trading
Ltd., Thailand
Business Type : Trading Company
Oceanic Cannery Co., Ltd.,
Thailand
Business Type : Transportation Service
The head office
of subsidiary companies in
Thailand is located at
Panjathani Tower Building,
127/27 Nonsee [Ratchadapisek] Rd.,
Chongnonsee, Yannawa, Bangkok
10120.
SUBSIDIARY AND AFFILIATED
COMPANY IN OVERSEAS
It is found
the subject has one subsidiary
company in overseas
as follows:
Kingfisher Products Limited,
New Zealand
Business Type : Trading
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
credit term of
30 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Hongkong & Shanghai
Banking Corp.
[Bangkok Office : 968 Rama 4 Rd., Silom,
Bangrak, Bangkok 10500]
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom Rd., Bangrak,
Bangkok 10500]
The Siam Commercial
Bank Public Co., Ltd.
[Head Office
: 9 Ratchadapisek Rd.,
Ladyao, Jatujak, Bangkok
10500]
Kasikornbank Public Co., Ltd.
[Yannawa Branch :
1668/26-28 New Rd.,
Yannawa, Sathorn,, Bangkok
10120]
EMPLOYMENT
The subject employs
approximately 3,000 staff. [office staff
and factory workers]
LOCATION DETAILS
The premise is
rented for administrative office
in a multi-storey
building at the
heading address. The
premise is located
in commercial/residential area.
Factories are located
at the following
address:
· 1261 Vichienchodok
Rd., Mahachai, Samutsakorn
74000, Thailand
· 24-26 Soi
Raj-U-Thai 1, T. Boryang,
A. Muang, Songkla
90000, Thailand
· 233 Moo
4, Bangpoo Industrial
Estate, A. Muang,
Samutprakarn 10280, Thailand
· 6/10 Moo
4, T. Banplaiklongkru, A. Nadee,
Samutsakorn 74000.
· 1 Moo
4, T. Banplaiklongkru, A. Nadee,
Samutsakorn 74000.
COMMENT
The company
becomes a leading
food company with
international acclaim for
the world markets, and
Maruha Corporation of Japan,
one of the
biggest seafood enterprises
in the world,
joined Kingfisher as
a shareholder in 1990.
This partnership has
markedly improved Kingfisher access
to the Japanese
markets and raw
material sources around
the world. Its
operations have diversified
to include frozen
premium seafood products,
innovative canned and
pouch value-added lines,
pet foods, fish proteins
and can making.
The subject
is accredited as a solid
business in canned
seafood in the
country.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 1,500,000 divided
into 75,000 shares
of Bht. 20
each.
The capital was
increased later as
followings:
Bht. 6,500,000
on October 4,
1978
Bht. 16,500,000
on November 30,
1990
Bht. 39,941,000
on October 1,
1993
Bht. 79,941,000
on November 10,
1995
Bht. 119,911,500 on
February 25, 2000
The latest registered
capital was increased
to Bht. 119,911,500
divided into 11,991,150
shares of Bht.
10 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 12, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Maruha Nichiro Holdings
Inc. Nationality: Japanese Address : 2-20 3 Chome Toyosu,
Koto-Ku, Tokyo 135-8603,
Japan |
5,182,719 |
43.22 |
|
Mr. Decha Sriviradecha Nationality: Thai Address : 151 Soi Tien
Sieng, South Sathorn
Rd., Thungmahamek, Sathorn,
Bangkok 10120 |
1,546,390 |
12.90 |
|
Land & Building
Development Co., Ltd. Nationality: Thai Address : 151 Soi Tien
Sieng, South Sathorn
Rd., Thungmahamek, Sathorn,
Bangkok 10120 |
1,411,379 |
11.77 |
|
Cheng Holding Co.,
Ltd. Nationality: Thai Address : 149 Soi
Tien Sieng, South
Sathorn Rd., Thungmahamek, Sathorn,
Bangkok 10120 |
1,034,284 |
8.62 |
|
Jasco Co., Ltd. Nationality: Thai Address : 52/107
Sukhumvit 3 Rd.,
Klongtoeynua, Wattana, Bangkok
10110 |
960,902 |
8.01 |
|
Maruha Holdings [Thailand]
Ltd. Nationality: Thai Address : 1126/2
New Petchburi Rd.,
Makkasan,
Rajthevi, Bangkok 10400 |
896,266 |
7.47 |
|
Mr. Joseph Kaiyuen
Kiang Nationality: American Address : 233
Moo 4, T. Bangpoo,
A. Muang, Samutprakarn 10280 |
692,944 |
5.78 |
|
Other Shareholders |
266,266 |
2.23 |
Total Shareholders : 12
Share Structure [as
at April 12,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
10 |
6,115,487 |
51.00 |
|
Foreign |
2 |
5,875,663 |
49.00 |
|
Total |
12 |
11,991,150 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Krisada Lertwana No.
4958
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Cash and Cash Equivalents |
31,793,253 |
29,823,010 |
|
Trade Accounts & Other Receivable |
106,795,392 |
153,448,075 |
|
Inventories |
270,490,751 |
209,839,130 |
|
Other Current Assets
|
11,870,429 |
12,867,974 |
|
|
|
|
|
Total Current Assets
|
420,949,825 |
405,978,189 |
|
Investment in Subsidiaries |
491,398,748 |
491,398,748 |
|
Investment in Joint Venture |
14,796,000 |
- |
|
Investment in Other Company |
2,067,750 |
5,057,750 |
|
Real Estate for
Investment |
251,118,210 |
247,666,560 |
|
Fixed Assets |
292,120,186 |
287,952,292 |
|
Other Non-current Assets |
4,962,488 |
5,948,460 |
|
Total Assets |
1,477,413,207 |
1,444,001,999 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Short-term Loan from Financial Institutions |
90,000,000 |
- |
|
Trade Accounts & Other
Payable |
132,380,037 |
113,986,657 |
|
Short-term Loan from
Related Company |
34,700,000 |
61,600,000 |
|
Accrued Income Tax |
9,384,133 |
- |
|
Other Current Liabilities |
5,530,559 |
1,083,281 |
|
|
|
|
|
Total Current Liabilities |
271,994,729 |
176,669,938 |
|
|
|
|
|
Reserve for Employee’s Benefit |
20,552,975 |
16,200,766 |
|
Total Liabilities |
292,547,704 |
192,870,704 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
value authorized, issued
and fully paid share
capital 11,991,150 shares |
119,911,500 |
119,911,500 |
|
|
|
|
|
Capital Paid |
119,911,500 |
119,911,500 |
|
Premium on Share Capital |
77,195,590 |
77,195,590 |
|
Retained Earning |
|
|
|
Appropriated for
Statutory Reserve |
11,991,150 |
11,991,150 |
|
General Reserve |
85,000,000 |
85,000,000 |
|
Unappropriated |
890,767,263 |
957,033,055 |
|
Total Shareholders' Equity |
1,184,865,503 |
1,251,131,295 |
|
Total Liabilities & Shareholders' Equity |
1,477,413,207 |
1,444,001,999 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Sales |
2,016,131,056 |
1,955,854,574 |
|
Dividend Income |
56,734,198 |
286,690,734 |
|
Gain on Exchange Rate |
- |
38,486,692 |
|
Other Income |
108,612,251 |
83,312,994 |
|
Total Revenues |
2,181,477,505 |
2,364,344,994 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,892,155,771 |
1,898,656,117 |
|
Selling Expenses |
66,188,855 |
74,679,964 |
|
Administrative Expenses |
123,188,379 |
117,844,870 |
|
Loss on Exchange Rate |
136,923 |
- |
|
Total Expenses |
2,081,669,928 |
2,091,180,951 |
|
|
|
|
|
Profit before Financial Costs & Income Tax |
99,807,577 |
273,164,043 |
|
Financial Costs |
[2,928,205] |
[2,435,334] |
|
|
|
|
|
Profit / [Loss] before Income Tax |
96,879,372 |
270,728,709 |
|
Income Tax |
[13,255,789] |
- |
|
Net Profit / [Loss] |
83,623,583 |
270,728,709 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.55 |
2.30 |
|
QUICK RATIO |
TIMES |
0.51 |
1.04 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.90 |
6.79 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.36 |
1.35 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
52.18 |
40.34 |
|
INVENTORY TURNOVER |
TIMES |
7.00 |
9.05 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
19.33 |
28.64 |
|
RECEIVABLES TURNOVER |
TIMES |
18.88 |
12.75 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
25.54 |
21.91 |
|
CASH CONVERSION CYCLE |
DAYS |
45.98 |
47.06 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
93.85 |
97.08 |
|
SELLING & ADMINISTRATION |
% |
9.39 |
9.84 |
|
INTEREST |
% |
0.15 |
0.12 |
|
GROSS PROFIT MARGIN |
% |
14.35 |
23.81 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.95 |
13.97 |
|
NET PROFIT MARGIN |
% |
4.15 |
13.84 |
|
RETURN ON EQUITY |
% |
7.06 |
21.64 |
|
RETURN ON ASSET |
% |
5.66 |
18.75 |
|
EARNING PER SHARE |
BAHT |
6.97 |
22.58 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.20 |
0.13 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.25 |
0.15 |
|
TIME INTEREST EARNED |
TIMES |
34.08 |
112.17 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
3.08 |
|
|
OPERATING PROFIT |
% |
(63.46) |
|
|
NET PROFIT |
% |
(69.11) |
|
|
FIXED ASSETS |
% |
1.45 |
|
|
TOTAL ASSETS |
% |
2.31 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
14.35 |
Impressive |
Industrial
Average |
8.09 |
|
Net Profit Margin |
4.15 |
Impressive |
Industrial
Average |
2.25 |
|
Return on Assets |
5.66 |
Impressive |
Industrial
Average |
3.95 |
|
Return on Equity |
7.06 |
Deteriorated |
Industrial
Average |
14.78 |
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 14.35%. 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. The company’s figure is 4.15%,
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
5.66%, 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. When compared with the
industry average, it was lower, the company's figure is 7.06%.
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 |
1.55 |
Impressive |
Industrial
Average |
1.06 |
|
Quick Ratio |
0.51 |
|
|
|
|
Cash Conversion Cycle |
45.98 |
|
|
|
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 1.55 times in 2011, decreased from 2.3 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 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 0.51 times in 2011,
decreased from 1.04 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 46 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.20 |
Impressive |
Industrial
Average |
0.68 |
|
Debt to Equity Ratio |
0.25 |
Impressive |
Industrial
Average |
2.22 |
|
Times Interest Earned |
34.08 |
Impressive |
Industrial
Average |
2.40 |
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 34.09 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 0.2 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.90 |
Impressive |
Industrial
Average |
5.03 |
|
Total Assets Turnover |
1.36 |
Satisfactory |
Industrial
Average |
1.73 |
|
Inventory Conversion Period |
52.18 |
|
|
|
|
Inventory Turnover |
7.00 |
Impressive |
Industrial
Average |
4.71 |
|
Receivables Conversion Period |
19.33 |
|
|
|
|
Receivables Turnover |
18.88 |
Impressive |
Industrial
Average |
7.27 |
|
Payables Conversion Period |
25.54 |
|
|
|
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.91 |
|
UK Pound |
1 |
Rs.87.38 |
|
Euro |
1 |
Rs.70.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.