MIRA
INFORM REPORT
|
Report Date : |
03.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
QUALITY MINERALS
PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
9/13-17 Yarnphaholyothin Road, Chatuchak, Bangkok |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
09.11.1995 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor
And Exporter of Calcium Carbonates
And Related Products |
|
|
|
|
No. of Employees : |
200 |
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 : |
Usually correct |
|
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
QUALITY
MINERALS PUBLIC COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 9/13-17 YARNPHAHOLYOTHIN ROAD,
CHATUCHAK, BANGKOK
10900
TELEPHONE : [66] 2618-4700
FAX :
[66] 2618-4701
E-MAIL
ADDRESS : mungkorn@qmin.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0107547000770 [Former
: 0107574700774]
TAX
ID NO. : 3011651865
CAPITAL REGISTERED : BHT. 365,750,000
CAPITAL PAID-UP : BHT.
267,750,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. MUNGKORN KRIENGWATANA, THAI
PRESIDENT
NO.
OF STAFF : 200
LINES
OF BUSINESS : CALCIUM CARBONATES
AND RELATED PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND 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 November 9,
1995, as a
private limited company under
the registered name “Quality Minerals
Co., Ltd.”, by Thai groups, in order to manufacture
wide range of
calcium carbonates and
related products with
the promotional privilege
granted by the Board
of Investment [BOI]. The
products are supplied
to both domestic
and international markets.
On August 20, 2004, the subject’s status
was converted to a public
limited company under the
name QUALITY MINERALS PUBLIC COMPANY
LIMITED. It currently
employs approximately 200
staff.
The
subject achieved ISO 9001:2000
certificate from Anglo
Japanese American Registrar
Ltd. [AJA], in 2002.
The
subject’s registered address
is 9/13-17 Yarnphaholyothin Rd.,
Chatuchak,
Bangkok
10900, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Mungkorn Kriengwatana |
[x] |
Thai |
60 |
|
Mr. Montri Kriengwatana |
[x] |
Thai |
55 |
|
Mr. Varodom Panyavanich |
[x] |
Thai |
63 |
|
Ms. Busaba Chaivaranont |
[x] |
Thai |
59 |
|
Mr. Pisith Leeartham |
|
Thai |
62 |
|
Mrs. Kalyapas Hongladarompa |
|
Thai |
58 |
|
Mr. Chokedee Boonlong |
|
Thai |
59 |
AUTHORIZED PERSON
Two of the mentioned directors [x] can jointly sign
on behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Mungkorn Kriengwatana is
the President.
He is Thai
nationality with the
age of 60
years old.
Mr. Veerakiat Nimkittikul is the Sales
Manager.
He is Thai
nationality.
Mr. Seeharach Dangtipramnakul is
the Production Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
full range of plastic
chemicals. Its products
and brands are
“Q-MIN” ground calcium carbonates,
“Q-PLAS” calcium master batch,
“Q-PLAS” white titanium dioxide
master batch and
“Q-PLAS EW” polyethylene
wax. Its products
are used for
industrial applications,
basically fillers, such
as ink for paper printing,
paints, electrical parts, automotive parts, pharmaceuticals, packaging, injection
parts and others.
The subject is
also a holding
company in its
subsidiaries: Q.M. Invent
Co., Ltd., Q. M.
Bioplast Co., Ltd., and
Q.M. Additive Co.,
Ltd.
PRODUCTION
150,000 tons/year
PURCHASE
Raw materials are purchased
from suppliers and
agents both domestic
and overseas mainly
Germany, Taiwan, Japan,
Republic of China
and Singapore.
MAJOR SUPPLIERS
Chemical Commerce Co., Ltd. : Thailand
Liack Seng Trading
Co., Ltd. : Thailand
Louis T. Leonowen
[Thailand] Co., Ltd.: Thailand
SALES
80% of the
products is sold
locally by wholesale
to manufacturers and end-users, the
remaining 20% is exported to Brazil, Germany, Republic
of China, Korea, Australia,
India, Taiwan, Bangladesh, Pakistan,
Philippines, Hong Kong,
Indonesia, Vietnam, Myanmar
and etc.
SUBSIDIARY AND AFFILIATED
COMPANY
Q. M. Invent Co., Ltd. [Former : Q.
M. Ishihara Co.,
Ltd.]
Business Type : Manufacturer
and distributor of
plastic parts
Investment : The
subject is holding
52% of the
company’s shares.
Q. M. Bioplast Co., Ltd.
Business Type : Manufacturer
and development of
Bio-plastics
Investment :
The subject is
holding 99.97% of
the company’s shares.
Q. M. Additive Co., Ltd. [Former : Q.
M. Ishihara Co.,
Ltd.]
Business Type : -
Investment :
The subject is
holding 91.65% of
the company’s shares.
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
according 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
or T/T.
Exports are against
T/T.
BANKING
Bank of Ayudhya
Public Co., Ltd.
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
200 staff comprising
office staff and
factory workers.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial / residential area.
Factory I : 31 Moo
12, Saitor Rd.,
T. Koktoom, A. Muang, Lopburi
15210
Tel
: [66] 36
658-333-8 Fax: [66]
36 658-339
COMMENT
Subject
is engaged in producing
of high quality
Ground Calcium Carbonate for
various industries. The products
are served both
domestic industrial sector and export
markets. Its sales
were strong in
2011 despite of
a severe flood
crisis in Thailand
during September -
November 2011 which
affected on many
related industries. In
2012, many industries
have been recovered
from an inundate
which contributed to
a high demand of the
subject’s products. In
general, the subject
expects a good
business in 2013
as well.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 30,000,000 divided
into 300,000 shares
of Bht. 100 each.
The
capital was increased
later as following:
Bht. 125,000,000
on March 15,
1996
Bht. 155,000,000
on November 12,
1997
Bht. 175,000,000
on June 2,
1999
Bht. 223,125,000
on April 5, 2004
Bht. 295,000,000
in 2004
Bht. 353,625,000
on November 29,
2005
Bht. 365,750,000
on February 12,
2007
The
latest registered capital was
increased to Bht. 365,750,000 divided
into 73,150,000 shares of
Bht. 5 each,
with the current
capital paid-up at
Bht. 267,750,000 or
53,550,000 shares of
Bht. 5 each.
MAIN
SHAREHOLDERS : [as
at December 12,
2012] at Bht.
267,750,000 of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Mungkorn Kriengwatana Nationality: Thai Address : 1486
Moo 2, Sukhumvit Rd.,
Samrongnua, Muang, Samutprakarn |
20,607,408 |
38.48 |
|
Mr. Montri Kriengwatana Nationality: Thai Address : 35/279
Moo 3, Sukhumvit Rd.,
Bangna, Bangkok |
17,782,836 |
33.21 |
|
Kriengwatana Enterprise Co., Ltd. Nationality: Thai Address : 35/279
Moo 3, Sukhumvit Rd.,
Bangna, Bangkok |
5,649,096 |
10.55 |
|
Bank of Ayudhya
Public Co., Ltd. Nationality: Thai Address : 1222
Rama 3 Rd.,
Bangpongpang,
Yannawa, Bangkok |
4,505,856 |
8.41 |
|
Kriengsuk Co., Ltd. Nationality: Thai Address : 1486
Moo 2, Sukhumvit Rd.,
Samrongnua, Muang,
Samutprakarn |
2,824,548 |
5.27 |
|
Mr. Chokedee Boonlong Nationality: Thai Address : 25
Charansanitwong 84 Rd.,
Bang-or,
Bangplad, Bangkok |
1,338,720 |
2.50 |
|
Other Shareholders |
841,536 |
1.58 |
Total Shareholders : 11
Share Structure [as
at December 12,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
11 |
53,550,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
11 |
53,550,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Dr. Virach Apimethithamrong No. 1378
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash & Cash
Equivalents |
344,580 |
1,385,526 |
592,670 |
|
Trade Accounts & Other Receivable |
127,718,931 |
102,559,209 |
114,156,450 |
|
Inventories |
181,724,031 |
127,248,946 |
105,832,930 |
|
Other Current Assets
|
|
|
|
|
Other Receivable-Subsidiaries |
- |
- |
346,092 |
|
Revenue Department Receivable |
18,447,497 |
14,198,343 |
11,198,822 |
|
Others |
2,454,954 |
1,878,750 |
2,385,977 |
|
|
|
|
|
|
Total Current Assets
|
330,689,993 |
247,270,774 |
234,512,941 |
|
Investment in Subsidiaries |
13,375,920 |
13,049,080 |
11,999,285 |
|
Property, Plant and
Equipment |
404,711,050 |
419,197,550 |
446,805,318 |
|
Intangible Assets |
1,563,285 |
1,253,526 |
1,251,043 |
|
Other Non-current Assets |
465,609 |
738,688 |
800,245 |
|
Total Assets |
750,805,857 |
681,509,618 |
695,368,832 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institutions |
13,870,812 |
- |
9,794,311 |
|
Trade Accounts & Other
Payable |
96,607,180 |
89,158,910 |
42,334,906 |
|
Current Portion of
Long-term Liabilities : |
|
|
|
|
- Card Concession
Payable |
132,893 |
124,783 |
117,167 |
|
- Long-term Loan |
- |
- |
4,224,868 |
|
Short-term Loan from Subsidiaries Company |
58,000,000 |
30,700,000 |
75,500.00 |
|
Accrued Income Tax |
7,506,545 |
2,174,721 |
- |
|
Other Current Liabilities |
|
|
|
|
Account Payable
Assets |
- |
- |
2,628,831 |
|
Hire-purchase of Forward Contract |
- |
- |
84,701 |
|
Others |
496,535 |
401,606 |
35,895,009 |
|
|
|
|
|
|
Total Current Liabilities |
176,613,965 |
122,560,020 |
170,579,793 |
|
|
|
|
|
|
Card Concession Payable,
Net |
- |
132,893 |
257,676 |
|
Reserve for Employee
Benefits |
14,011,791 |
- |
- |
|
Total Liabilities |
190,625,756 |
122,692,913 |
170,837,469 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 5
par value Authorized &
issued share capital 73,150,000 shares |
365,750,000 |
365,750,000 |
365,750,000 |
|
|
|
|
|
|
Capital Paid |
267,750,000 |
267,750,000 |
267,750,000 |
|
Retained Earning Appropriated for Statutory Reserve |
36,575,000 |
36,575,000 |
36,575,000 |
|
Unappropriated |
255,855,101 |
254,491,705 |
220,206,363 |
|
Total Shareholders' Equity |
560,180,101 |
558,816,705 |
524,531,363 |
|
Total Liabilities &
Shareholders' Equity |
750,805,857 |
681,509,618 |
695,368,832 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales |
682,332,933 |
640,400,070 |
638,865,417 |
|
Services Income |
8,628,569 |
6,062,427 |
3,883,035 |
|
Other Income |
|
|
|
|
Dividend Income |
2,599,925 |
17,159,505 |
519,985 |
|
Gain on
Exchange Rate |
- |
3,018,756 |
1,069,589 |
|
Others |
2,055,204 |
1,720,657 |
3,865,664 |
|
Total Revenues |
695,616,631 |
668,361,415 |
648,203,690 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
484,299,636 |
440,039,148 |
416,002,332 |
|
Cost of Services |
5,783,544 |
4,050,970 |
2,611,013 |
|
Selling Expenses |
80,384,778 |
86,141,518 |
81,511,622 |
|
Administrative Expenses |
53,670,352 |
52,013,304 |
51,505,228 |
|
Remuneration’s Directors |
3,060,000 |
3,110,000 |
3,160,000 |
|
Cost of Financial |
1,690,708 |
739,004 |
4,023,111 |
|
Total Expenses |
628,889,018 |
586,093,944 |
558,813,306 |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
66,727,613 |
82,267,471 |
89,390,384 |
|
Income Tax |
[16,469,851] |
[7,819,629] |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
50,257,762 |
74,447,842 |
89,390,384 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.87 |
2.02 |
1.37 |
|
QUICK RATIO |
TIMES |
0.73 |
0.85 |
0.67 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.71 |
1.54 |
1.44 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.92 |
0.95 |
0.92 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
135.34 |
104.59 |
92.28 |
|
INVENTORY TURNOVER |
TIMES |
2.70 |
3.49 |
3.96 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
67.47 |
57.91 |
64.83 |
|
RECEIVABLES TURNOVER |
TIMES |
5.41 |
6.30 |
5.63 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
71.95 |
73.28 |
36.91 |
|
CASH CONVERSION CYCLE |
DAYS |
130.86 |
89.21 |
120.19 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
70.93 |
68.70 |
65.13 |
|
SELLING & ADMINISTRATION |
% |
19.40 |
21.37 |
20.70 |
|
INTEREST |
% |
0.24 |
0.11 |
0.63 |
|
GROSS PROFIT MARGIN |
% |
29.75 |
34.69 |
35.72 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.66 |
12.73 |
13.91 |
|
NET PROFIT MARGIN |
% |
7.27 |
11.52 |
13.91 |
|
RETURN ON EQUITY |
% |
8.97 |
13.32 |
17.04 |
|
RETURN ON ASSET |
% |
6.69 |
10.92 |
12.86 |
|
EARNING PER SHARE |
BAHT |
0.94 |
1.39 |
1.67 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.25 |
0.18 |
0.25 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.34 |
0.22 |
0.33 |
|
TIME INTEREST EARNED |
TIMES |
39.47 |
111.32 |
22.22 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
6.88 |
0.58 |
|
|
OPERATING PROFIT |
% |
(18.89) |
(7.97) |
|
|
NET PROFIT |
% |
(32.49) |
(16.72) |
|
|
FIXED ASSETS |
% |
(3.46) |
(6.18) |
|
|
TOTAL ASSETS |
% |
10.17 |
(1.99) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 6.88%. Turnover has increased from THB 646,462,497.00
in 2010 to THB 690,961,502.00 in 2011. While net profit has decreased from THB
74,447,842.00 in 2010 to THB 50,257,762.00 in 2011. And total assets has
increased from THB 681,509,618.00 in 2010 to THB 750,805,857.00 in 2011.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
29.75 |
Impressive |
Industrial
Average |
13.98 |
|
Net Profit Margin |
7.27 |
Impressive |
Industrial
Average |
4.31 |
|
Return on Assets |
6.69 |
Impressive |
Industrial
Average |
4.00 |
|
Return on Equity |
8.97 |
Impressive |
Industrial
Average |
7.52 |
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 29.75%. When
compared with the industry average, the ratio of the company was higher, 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 7.27%,
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
6.69%, 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.
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 8.97%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profits in a
dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.87 |
Impressive |
Industrial
Average |
1.63 |
|
Quick Ratio |
0.73 |
|
|
|
|
Cash Conversion Cycle |
130.86 |
|
|
|
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 1.87 times in 2011, decrease from 2.02 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 0.73 times in 2011,
decrease from 0.85 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 131 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.25 |
Impressive |
Industrial
Average |
0.41 |
|
Debt to Equity Ratio |
0.34 |
Impressive |
Industrial
Average |
0.75 |
|
Times Interest Earned |
39.47 |
Impressive |
Industrial
Average |
6.16 |
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 39.47 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 0.25 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.71 |
Impressive |
Industrial
Average |
1.65 |
|
Total Assets Turnover |
0.92 |
Satisfactory |
Industrial
Average |
0.94 |
|
Inventory Conversion Period |
135.34 |
|
|
|
|
Inventory Turnover |
2.70 |
Deteriorated |
Industrial
Average |
5.52 |
|
Receivables Conversion Period |
67.47 |
|
|
|
|
Receivables Turnover |
5.41 |
Impressive |
Industrial
Average |
4.67 |
|
Payables Conversion Period |
71.95 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.41 and 6.30 in
2011 and 2010 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2011
decreased from 2010. This would suggest the company had deteriorated in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 105 days at the
end of 2010 to 135 days at the end of 2011. This represents a negative trend.
And Inventory turnover has decreased from 3.49 times in year 2010 to 2.7 times
in year 2011.
The company's Total Asset Turnover is calculated as 0.92 times and 0.95
times in 2011 and 2010 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
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.54.33 |
|
|
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.69.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.