MIRA
INFORM REPORT
|
Report Date : |
01.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
ITALTHAI
INDUSTRIAL CO., LTD. |
|
|
|
|
Registered Office : |
2013 Italthai House, New Petchburi Road, Bangkapi, Huaykwang, Bangkok 10310 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
21.05.1955 |
|
|
|
|
Com. Reg. No.: |
0105498000650 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in general trading business :- Foods & Beverage
Solutions Energy & Transportation Machinery Solution Overseas Business |
|
|
|
|
No. of Employees : |
620 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
ITALTHAI INDUSTRIAL
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 2013
ITALTHAI HOUSE, NEW
PETCHBURI ROAD,
BANGKAPI, HUAYKWANG,
BANGKOK 10310,
THAILAND
TELEPHONE : [66] 2319-1031-40,
2319-2021-37, 2718-0820-39
FAX :
[66] 2318-2654,
2318-3027
E-MAIL
ADDRESS : iti@italthai.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1955
REGISTRATION
NO. : 0105498000650 [Former : 137/2498]
TAX
ID NO. : 3101065589
CAPITAL REGISTERED : BHT. 1,110,000,000
CAPITAL PAID-UP : BHT.
1,110,000,000
SHAREHOLDER’S PROPORTION : THAI :
99.35%
FOREIGN :
0.65%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS.
NIJAPORN CHARANACHITTA, THAI
PRESIDENT
NO.
OF STAFF : 620
LINES
OF BUSINESS : TRADING COMPANY
IMPORTER
& DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The subject was
established on May 21, 1955
as a private limited company
under the name style
ITALTHAI INDUSTRIAL CO., LTD.
It is
a member of Italthai
Group of Companies, found by Dr.
Chaijudh Karnasuta and Giorgio Berlingieri, with the aim of assisting
the industrial development
of Thailand. It
currently employs approximate
620 staff.
Italthai Industrial Co., Ltd. began its business by producing oxygen for ship salvaging
purposes, and has
expanded its business
to several fields
until it is
recognized as a
pioneer company to introduce
new technologies and
products to the
country.
Presently, its business
became to be
construction equipments and food & beverage distribution
in Thailand.
The subject’s registered address is 2013 Italthai
House, New Petchburi Rd., Bangkapi, Huaykwang,
Bangkok 10310, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Nijaporn Charanachitta |
[x] : Chairman |
Thai |
61 |
|
Mr. Yuthachai Charanachitta |
|
Thai |
33 |
|
Mr. Premchai Karnasuta |
|
Thai |
62 |
|
Mr. Atipong Phongwan |
|
Thai |
60 |
|
Mr. Sarun Veangsong |
|
Thai |
44 |
|
Mrs. Nipawan Srisinsap |
|
Thai |
45 |
AUTHORIZED PERSON
The mentioned
director [x] can
sign or two of
the rest directors
can jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mrs.
Nijaporn Charanachitta is
the President.
She
is Thai nationality
with the age
of 61 years
old.
Mr. Atiphong Phongwan
is the Senior
Vice President & Chief Operation
Officer.
He is Thai
nationality with the
age of 60
years old.
Mr. Prasert Tithipeisarn is
the Vice President.
He is Thai
nationality.
Mr. Kriengkrai Dhiranand is
the Vice President.
He is Thai
nationality.
Mr. Sarun Veansong is
the Vice President.
He is Thai
nationality with the
age of 44
years old.
BUSINESS OPERATION
The subject is engaged
in general trading
business, which can be
divided into 4
business groups as
follows:
Group 1: Foods & Beverage Solutions, specializes
in international wines
and sprits, under
various core brands,
such as “Georges Duboeuf”,
“Marchesi de Fresobaldi”,
“Champagne Taittinger”, “Columbia
Crest”, “Hugel et
Fils, Sileni Estate”, etc.,
as well as
emphasize on wine
glass “Riedel”.
Besides alcoholic beverages, its Food & Beverage Solutions
has a unique
range of non-alcoholic beverages
by being appointed
as the sole
distributor of the
world’s leading mineral
waters, Perrier and Vittel.
Group 2:
Energy & Transportation
·
Energy Solution;
specializes in diesel
engine and diesel
generating sets. The
subject is a
representative of “Volvo Penta” Engines from
Sweden and “FG
Wilson” generator sets from
United Kingdom. Some of
customers are BTS
sky train mass
transit, MRTA underground mass
transit, TOT communication system and Suvarnabhumi International
Airport.
·
Transport Technologies
Subject
is one of
the major suppliers
to Thailand’s extensive
rail infrastructure, mainly
to the Royal
State Railway of
Thailand and the
private industrial sector
various kinds of
rolling stock and
machinery for rail
transportation. The group
sold more than
100 diesel locomotives,
manufactured by Alstom
Transport in France,
to the State
Railway of Thailand
and sold various
kinds of rolling
stock for using
in the Terminal
and Runway of
the New Bangkok
International Airport.
Group 3:
Overseas Business
The group
is focused to
initiate new product
lines to be
produced by Italthai
group’s facilities as
well as source
out local and
foreign partners in
developing market potential
products lines to be
supplied to the
local and international
markets. Some of
the business is
to export the
special design water
tank equipped with
full accessories and
Attachment produced by the steel
fabrication unit of
ITD, the sister
company, as well
as producing machinery
OEM parts for
international market, high
tensile steel dump
body for KOMATSU
off-highway truck, CATERPILLAR
underground mining truck
and etc.
Group 4:
Machinery Solution
Subject is
a major heavy
equipment supplier and
solution provider to
Thailand’s construction mining
and other key
industries, The business
is centered around
three major exclusive
suppliers VOLVO construction
Equipment, Doosan-IR Portables
and Bobcat compact
equipment, Tadano Mobile
Cranes. The products
sells to all
of Thailand’s reputable
civil contractors, mining
firms and industrial
manufacturers. It has
extensive contacts with
the various government
agencies; engineer department,
Royal Irrigation Department,
Department of Public
Works and Town & Country Planning,
Department of Highways,
Electricity Generating Authority
of Thailand, Provincial
Electricity Authority and others
Provincial Authorities &
Municipal nationwide.
PURCHASE
Its products are
purchased from both
local and overseas
suppliers in France, United States
of America, Germany,
Australia, Belgium, Sweden,
Malaysia, Japan, Chili, Italy,
South Africa, United
Kingdom, Singapore, Finland,
Canada, Austria, Spain,
Taiwan, India, Hong
Kong and etc.
MAJOR SUPPLIERS
L B Foster Company : U.S.A.
Exel A/S : Finland
FG Wilson Ltd. : U.K.
Volvo Penta AB. : Sweden
Leroy Somers SA. : France
Alstom SA. : France
Nippon Sharyo Ltd. : Japan
Volvo East Asia
Pte. Ltd. : Singapore
SALES
[LOCAL]
The products are
sold locally to
wholesalers, manufacturers, contractors,
retailers,
end-users and Thai-Government.
MAJOR CUSTOMERS
|
Electricity Generating Authority
of Thailand [EGAT] |
: Thailand |
|
TOA Paint [Thailand] Co., Ltd. |
: Thailand |
|
Soon Hua Seng
Group |
: Thailand |
|
Irrigation Department |
: Thailand |
|
Suramaharas Public Co., Ltd. |
: Thailand |
|
TCC Group |
: Thailand |
|
Bangkok Transit System
Public Co., Ltd.
[BTSC] |
: Thailand |
|
Metropolitan Rapid Transit
Authority [MRTA] |
: Thailand |
|
PTT Public Company
Limited |
: Thailand |
|
State Railway of
Thailand |
: Thailand |
PARENT COMPANY
Italthai Holding Co., Ltd.
Business Type: Investment Company
SUBSIDIARY & AFFILIATED
COMPANIES
|
Italthai Development Public
Co., Ltd. |
: Construction contractor |
|
Italthai Engineering Co., Ltd. |
: Engineering contractor |
|
Italthai Marine Ltd. |
: Ship building operator |
|
Siam Machinery &
Equipment Co., Ltd. |
: Sales & services of industrial
machinery |
|
Siam Steel Syndicate
Co., Ltd. |
: Manufacturer & distributor
of steel products |
|
Thai Pride Cement
Co., Ltd. |
: Manufacturer of cement
products |
|
The Oriental Hotel [Thailand] Public Co., Ltd. |
: Hotel business. |
|
Chaophaya Development Corporation Ltd. |
: Shopping complex management |
|
Amari Co., Ltd. |
: Hotel business |
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 30-60-90 days.
Local bills are
paid by cash or on
the credits term
of 30-60-90 days.
Imports are by
L/C at sight,
T/T or by
contract.
BUSINESS TRANSACTION
The products are
sold to customers
both by cash and credit
with the maximum
credit given at
30-90 days. The
subject is not
found to have
problem on its
account receivable.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
Krung Thai Bank
Public Co., Ltd.
Kasikornbank Public Co.,
Ltd.
[Head Office :
1 Kasikorn Lane, Rajburana Rd., Rajburana, Bangkok 10140]
Bangkok Bank Public
Co., Ltd.
[Head Office :
333 Silom Rd., Silom, Bangrak,
Bangkok 10500]
Credit Agricole Indosuez
Bank
[Bangkok Branch : 152
Wireless Rd., Lumpini, Pathumwan,
Bangkok 10330]
EMPLOYMENT
The subject employs
approximately 620 staff.
[office & sales
staff and technicians]
LOCATION DETAILS
The premise is owned
for administrative office
at the heading
address. Premise is located
in commercial area.
Branch Offices:
1. Italthai Building
II
Address : 956
Sukhumvit 71 Rd., Kongton-Nua, Wattana, Bangkok 10110
Tel. : [66]
2392-6155
Fax : [66]
2390-1323
2.
Italthai
Plant & Workshop
[Machinery Solution Group]
Address : 24/18 Moo 4,
Rama 2 Rd. [Km. 26],
T. Nadee, A. Muang,
Samutsakorn
Tel. : [66] 2716-6644,
3483-4577-89
Fax : [66] 3483-4013
Workshops and warehouses
·
468 Moo 11,
Phaholyothin Rd., T. Chompoo,
A. Muang, Lampang 52100
·
523/22-24
Moo 3, Mitrapab-Khon
Kaen Rd., T. Joho,
A. Muang,
Nakornratchasima 30310
·
40/25
Lopburi-Ramate Rd., T. Klong
Hea, A. Hadyai, Songkla
90110
·
16/10 Moo
31, Leing-Muang Rd.,
T. Makamtia, A. Muang, Suratthani
84000
·
59/24
Moo 5, Tapekasattree
Rd., T. Srisunthorn, A. Thalang,
Phuket 83110
·
9/19 Moo
11, T.
Bangphra, A. Sriracha,
Chonburi 20210.
·
11/7-8
Moo 11, T. Thathong,
A. Muang, Phisanuloke 65000.
·
62 Moo 6, T.
Kamnansaeb, A. Varinchamrab, Ubon
Ratchathani 34190.
COMMENT
The
subject was formed
in 1955 as
the first company
in Italthai Group.
It has been
firmly established and
has grown to
be one of
the most reliable
sources of supply for
a wide variety
of products to the Thai
market. The subject
is a leading
trading company with
nationwide sales and services
network, operating as exclusive
distributors for international
brand names products
for the domestic market.
In
2011, the subject’s
business performance was
considered satisfactory with an increase
in both sales revenue
and net profit
compared to the previous
year. This year
the subject estimated
continuing growth due
to economic improvement,
construction and industrial
expansion.
FINANCIAL INFORMATION
The capital was
originally registered at
Bht. 100,000 divided into 1,000
shares of Bht.
100 each.
The capital was
increased / decreased later as
the followings:
Increased were: Bht. 250
million on December 23,
1991
Bht. 300
million on December 18,
1992
Bht. 500
million on October 18,
1995
Bht. 700
million on July 17,
1997
Decreased was: Bht. 210
million on September
21, 2001
Increased was: Bht. 1,110
million on March 1,
2002
The latest registered
capital was increased
to Bht. 1,110,000,000 divided
into 37,000,000 shares
of Bht. 30
each with fully
paid.
MAIN SHAREHOLDERS : [as at April
27, 2012]
|
NAME |
HOLDING |
% |
|
Italthai Holding Co., Ltd. Nationality: Thai Address : 2013 New Petchburi Rd.,
Bangkapi,
Huaykwang, Bangkok |
32,961,305 |
89.08 |
|
Mr. Yuthachai Charanachitta Nationality: Thai Address : 10
New Petchburi Rd.,
Bangkapi,
Huaykwang, Bangkok |
2,804,565 |
7.58 |
|
Bank of Ayudhya
Public Co., Ltd. Nationality: Thai Address : 1222
Rama 3 Rd.,
Bangpongpang,
Yannawa, Bangkok |
201,280 |
0.54 |
|
Avenue Asia Capital
Partners Nationality: American Address : 535
New York, U.S.A. |
152,440 |
0.41 |
|
N F S Assets Management
Co., Ltd. Nationality: Thai Address : 4444 Phayathai Rd., Pathumwan, Bangkok |
119,880 |
0.32 |
|
TMB Bank Public
Co., Ltd. Nationality: Thai Address : 3000
Phaholyothin Rd., Jatujak,
Bangkok |
110,260 |
0.30 |
|
Ms. Valaithip Charanachitta Nationality: Thai Address : 10
New Petchburi Rd.,
Bangkapi,
Huaykwang, Bangkok |
104,671 |
0.28 |
|
Ms. Chitraphan Charanachitta Nationality: Thai Address : 10
New Petchburi Rd.,
Bangkapi, Huaykwang, Bangkok |
104,671 |
0.28 |
|
Sumitomo Mitsui Banking
Corporation Nationality: Japanese Address : 138
Silom Rd., Suriyawongse,
Bangrak, Bangkok, Bangkok |
89,170 |
0.24 |
|
Others |
351,758 |
0.97 |
Total Shareholders : 28
Share Structure [as
at April 27,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
26 |
36,758,390 |
99.35 |
|
Foreign |
2 |
241,610 |
0.65 |
|
Total |
28 |
37,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Boonsri
Taechavarutama No. 3336
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
[Unit
: Thousand Baht]
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash in Hand
& at Bank |
126,534 |
122,441 |
|
Trade Accounts Receivable |
760,342 |
619,986 |
|
Current Portion of
Finance Lease Contract Receivable |
201,028 |
163,891 |
|
Inventories |
1,163,655 |
818,823 |
|
|
|
|
|
Total Current Assets
|
2,251,559 |
1,725,141 |
|
Cash at Bank
pledged as a
Collateral |
75,586 |
74,471 |
|
Finance Lease Contract
Receivable - Net |
285,130 |
104,651 |
|
Long-term Investment in
Related Company |
62,718 |
32,347 |
|
Other Long-term Investment |
- |
99 |
|
Assets for Rent |
79,042 |
201,771 |
|
Fixed Assets |
155,716 |
139,401 |
|
Non-operating Land |
12,477 |
12,477 |
|
Other Assets - Deposit
|
1,377 |
1,704 |
|
Total Assets |
2,923,605 |
2,292,062 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
[Unit
: Thousand Baht]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank
Overdraft & Short-term Loan from
Financial Institution |
119,934 |
109,307 |
|
Trade
Accounts & Other
Payable |
1,081,989 |
483,719 |
|
Current
Portion of Long-term
Loan from
Listing Company |
160,408 |
109,184 |
|
Current
Portion of Finance Lease
Contract Payable |
5,513 |
28,310 |
|
Short-term Loan from Person or Related
Company |
199,804 |
199,804 |
|
Accrued
Cost of Work |
72,762 |
54,525 |
|
|
|
|
|
Total Current Liabilities |
1,640,410 |
984,849 |
|
Long-term
Loan from Listing Company |
147,410 |
110,071 |
|
Finance
Lease Contract Payable |
41,564 |
- |
|
Finance
Lease Contract Payable |
7,208 |
18,296 |
|
Other
Liabilities |
18,773 |
12,866 |
|
Total
Liabilities |
1,855,365 |
1,126,082 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share
capital : Baht 30 par
value
authorized, issued and
fully
paid share capital
37,000,000 shares |
1,110,000 |
1,110,000 |
|
|
|
|
|
Capital
Paid |
1,110,000 |
1,110,000 |
|
Surplus [Deficit] from Change
in Value of
Investment |
[1,112] |
[1,013] |
|
Retained
Earning
Appropriated for Statutory
Reserve |
500 |
500 |
|
Unappropriated |
[41,148] |
56,493 |
|
Total Shareholders' Equity |
1,068,240 |
1,165,980 |
|
Total Liabilities &
Shareholders' Equity |
2,923,605 |
2,292,062 |
PROFIT & LOSS ACCOUNT
[Unit
: Thousand Baht]
|
Sale |
2011 |
2010 |
|
|
|
|
|
Sales |
2,599,533 |
1,622,531 |
|
Service Income |
141,180 |
118,679 |
|
Rental Income |
58,774 |
57,789 |
|
Interest Income from Finance Lease
Contract |
26,717 |
23,355 |
|
Other Income |
98,843 |
114,524 |
|
Total Sales |
2,925,047 |
1,936,878 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,250,367 |
1,294,795 |
|
Cost of Service |
71,081 |
54,699 |
|
Cost of Rent |
31,562 |
38,336 |
|
Selling Expenses |
187,000 |
147,766 |
|
Administrative Expenses |
407,872 |
344,765 |
|
Total Expenses |
2,947,882 |
1,880,361 |
|
|
|
|
|
Profit/[Loss] before Financial
Cost and Income Tax |
[22,835] |
56,517 |
|
Financial Cost |
[35,500] |
[30,100] |
|
Profit / [Loss] before Income
Tax |
[58,335] |
26,417 |
|
Income Tax |
[4,455] |
- |
|
|
|
|
|
Net Profit / [Loss] |
[62,790] |
26,417 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.37 |
1.75 |
|
QUICK RATIO |
TIMES |
0.66 |
0.92 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
17.98 |
12.91 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.96 |
0.78 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
180.51 |
215.35 |
|
INVENTORY TURNOVER |
TIMES |
2.02 |
1.69 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
99.13 |
125.79 |
|
RECEIVABLES TURNOVER |
TIMES |
3.68 |
2.90 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
167.84 |
127.22 |
|
CASH CONVERSION CYCLE |
DAYS |
111.80 |
213.92 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
84.05 |
77.14 |
|
SELLING & ADMINISTRATION |
% |
21.25 |
27.38 |
|
INTEREST |
% |
1.27 |
1.67 |
|
GROSS PROFIT MARGIN |
% |
20.43 |
30.52 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(0.82) |
3.14 |
|
NET PROFIT MARGIN |
% |
(2.24) |
1.47 |
|
RETURN ON EQUITY |
% |
(5.88) |
2.27 |
|
RETURN ON ASSET |
% |
(2.15) |
1.15 |
|
EARNING PER SHARE |
BAHT |
(1.70) |
0.71 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.63 |
0.49 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.74 |
0.97 |
|
TIME INTEREST EARNED |
TIMES |
(0.64) |
1.88 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
55.61 |
|
|
OPERATING PROFIT |
% |
(140.40) |
|
|
NET PROFIT |
% |
(337.69) |
|
|
FIXED ASSETS |
% |
11.70 |
|
|
TOTAL ASSETS |
% |
27.55 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
20.43 |
Impressive |
Industrial
Average |
15.74 |
|
Net Profit Margin |
(2.24) |
Deteriorated |
Industrial
Average |
1.55 |
|
Return on Assets |
(2.15) |
Deteriorated |
Industrial
Average |
2.93 |
|
Return on Equity |
(5.88) |
Deteriorated |
Industrial
Average |
7.57 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 20.43%. 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 -2.24%.
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 -2.15%.
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 -5.88%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.37 |
Satisfactory |
Industrial
Average |
1.63 |
|
Quick Ratio |
0.66 |
|
|
|
|
Cash Conversion Cycle |
111.80 |
|
|
|
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 1.37 times in 2011, decreased from 1.75 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 0.66 times in 2011,
decreased from 0.92 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 112 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.63 |
Acceptable |
Industrial
Average |
0.61 |
|
Debt to Equity Ratio |
1.74 |
Risky |
Industrial
Average |
1.59 |
|
Times Interest Earned |
(0.64) |
Risky |
Industrial
Average |
2.88 |
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 -0.65 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.63 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 |
17.98 |
Impressive |
Industrial
Average |
7.82 |
|
Total Assets Turnover |
0.96 |
Acceptable |
Industrial
Average |
1.89 |
|
Inventory Conversion Period |
180.51 |
|
|
|
|
Inventory Turnover |
2.02 |
Deteriorated |
Industrial
Average |
4.22 |
|
Receivables Conversion Period |
99.13 |
|
|
|
|
Receivables Turnover |
3.68 |
Satisfactory |
Industrial
Average |
4.85 |
|
Payables Conversion Period |
167.84 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.72 |
|
UK Pound |
1 |
Rs.87.95 |
|
Euro |
1 |
Rs.69.66 |
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.