MIRA
INFORM REPORT
|
Report Date : |
15.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
NOVA PRINTEX CO., LTD. |
|
|
|
|
Registered Office : |
378 Moo 4, T. Praekasa, A. Muang, Samutprakarn Province 10280 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
16.03.2007 |
|
|
|
|
Com. Reg. No.: |
0115550002646 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and Contractor of Apparels and Printing Service |
|
|
|
|
No. of Employees : |
280 |
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 but 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 (31.03.2011) |
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
NOVA
PRINTEX CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 378
MOO 4, T. PRAEKASA,
A. MUANG,
SAMUTPRAKARN PROVINCE
10280
TELEPHONE : [66] 2255-4320,
2709-2864, 2401-9797
FAX
: [66] 2709-2949,
2709-2946
E-MAIL
ADDRESS : info@novaprintex.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2007
REGISTRATION
NO. : 0115550002646
TAX
ID NO. : 3032581578
CAPITAL REGISTERED : BHT. 300,000,000
CAPITAL PAID-UP : BHT.
300,000,000
FISCAL YEAR CLOSING DATE : THAI : 100%
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SATAYA PANSINGH
KANIYAW, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 280
LINES
OF BUSINESS : APPARELS AND
PRINTING SERVICE
MANUFACTURER AND
CONTRACTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established on March
16, 2007 as
a private limited
company under the name
style NOVA PRINTEX
CO., LTD., by
Thai groups, with the
business objective to
provide manufacturing services
of garment. It
currently employs approximate
280 staff.
The
subject’s registered address
is 378 Moo
4, T. Praekasa, A. Muang,
Samutprakarn 10280, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sataya Pansingh Kaniyaw |
|
Thai |
52 |
|
Mrs. Giran Yitgor Kaniyaw |
|
Thai |
51 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sataya Pansingh Kaniyaw
is the Managing
Director.
He is Thai
nationality with the
age of 52
years old.
Mr. Sindanai Selvam is
the Operation Manager.
He is Thai
nationality.
Mr. Sukumar is the
Exports Manager.
He is Indian
nationality.
BUSINESS OPERATIONS
The subject aims
to operate as
a manufacturing contractor
of garment, mainly
jacket, T-shirt, polo
shirt, shirts, trousers
and shorts, as
well as providing
design, printing and
dyeing services for
various kinds of
fabrics e.g. cottons, rayon,
linen and silk.
PRODUCTION CAPACITY
Up to 5,000 yards
PURCHASE
Raw materials; fabric,
yarn and chemical are
purchased from suppliers
both domestic and
overseas in Japan,
Republic of China,
India and Germany.
SALES/SERVICES
100% of the
products is sold
and serviced to
manufacturer and end-users
both local and
overseas, mainly in
U.S.A., and European
countries.
MAJOR CUSTOMER
David Carey Inc. : U.S.A.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary or
affiliated company here
in Thailand.
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
or T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject currently employs
approximately 280 office
staff, engineers and
factory workers.
LOCATION DETAILS
The
premise is owned
for administrative office
and factory at
the heading address.
Premise is located
in industrial area.
COMMENT
The
subject operates as
a manufacturing contractor
of garment including
related services e.g. design,
printing and dyeing. However,
the flood crisis in
October - December
2011 had resulted
to decrease its
sales in 2011.
However,
the subject’s business performance is
considered satisfactory with
an improvement of
domestic consumption since
2012.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000
divided into 50,000
shares of Bht. 100
each.
The
capital was increased
later as following:
Bht. 10,000,000
on June 28,
2007
Bht. 30,000,000
on September 21,
2007
Bht. 50,000,000
on December 28,
2007
Bht. 100,000,000
on July 3,
2008
Bht. 200,000,000
on December 2,
2008
Bht. 300,000,000
on July 27,
2011
The
latest registered capital
was increased to
Bht. 300,000,000 divided into
3,000,000 shares of
Bht. 100 each.
THE
SHAREHOLDERS LISTED WERE
: [as at
November 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sataya Pansingh Kaniyaw Nationality: Thai Address : 22
Sukhumvit 3 Rd.,
Klongtoeynua, Wattana, Bangkok |
1,199,995 |
40.00 |
|
S.A.S. Property Co., Ltd. Nationality: Thai Address : 22
Sukhumvit 3 Rd.,
Klongtoeynua, Wattana, Bangkok |
1,000,000 |
33.33 |
|
Mr. Amarit Jawla Nationality: Thai Address : 127
Soi Ruanrith, Chakrawad,
Samphantawong, Bangkok |
499,995 |
16.67 |
|
Mrs. Giran Yitgor Kaniyaw Nationality: Thai Address : 22
Sukhumvit 3 Rd.,
Klongtoeynua,
Wattana, Bangkok |
300,000 |
10.00 |
|
Mr. Amantip Singh Kaniyaw Nationality: Thai Address : 22
Sukhumvit 3 Rd.,
Klongtoeynua,
Wattana, Bangkok |
1 |
- |
|
Ms. Anantida Kaniyaw Nationality: Thai Address : 22
Sukhumvit 3 Rd.,
Klongtoeynua, Wattana, Bangkok |
1 |
- |
|
Mr. Prem Setthi Nationality: Thai Address : 38
Charoennakorn Rd., Banglampulang,
Klongsan, Bangkok |
1 |
- |
|
Mr. Yuswinder Palsingh Kaniyaw Nationality: Thai Address : 761/16
Mahachak Rd., Chakrawad,
Samphantawong, Bangkok |
1 |
- |
|
Mr. Porawin Kaniyaw Nationality: Thai Address : 206
Isaraphap Rd., Somdejchaophraya,
Klongsan, Bangkok |
1 |
- |
Total Shareholders : 9
Share Structure [as
at November 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
9 |
3,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
9 |
3,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Chookiat Vorathamkul No.
7536
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
123,447.99 |
101,604.23 |
4,789,684.08 |
|
Trade Accounts and
Other Receivable |
62,895,408.77 |
48,088,647.59 |
26,095,309.48 |
|
Short-term Lending to
Person or Related Company |
48,314,397.53 |
14,085,293.92 |
344,836.60 |
|
Short-term Lending to
Employees |
437,489.06 |
406,519.06 |
- |
|
Inventories |
143,611,511.22 |
112,172,697.88 |
80,341,956.56 |
|
Revenue Department Receivable |
18,512,836.98 |
20,253,007.51 |
15,868,467.03 |
|
Deferred Business Tax |
8,081,951.16 |
8,000,664.82 |
7,938,061.12 |
|
Other Current Assets
|
2,749,474.54 |
1,692,435.82 |
864,591.59 |
|
|
|
|
|
|
Total Current Assets
|
284,726,517.25 |
204,800,870.83 |
136,242,906.46 |
|
Fixed Assets |
323,230,261.60 |
341,154,574.80 |
342,117,031.08 |
|
Intangible Assets |
1,624,228.93 |
1,976,871.58 |
1,943,704.15 |
|
Other Non - current Assets |
15,000.00 |
15,000.00 |
252,448.77 |
|
Total Assets |
609,596,007.78 |
547,947,317.21 |
480,556,090.46 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
139,864,481.84 |
93,672,548.51 |
44,633,364.11 |
|
Trade Accounts Payable
|
154,788,648.26 |
161,357,020.88 |
28,304,642.14 |
|
Current Portion of
Long-term Loans from Financial
Institutions |
16,740,000.00 |
13,020,000.00 |
7,200,000.00 |
|
Current Portion of
Financial Lease Contract Liabilities |
327,453.90 |
215,725.99 |
288,461.43 |
|
Payable Assets and
Other Payable |
- |
- |
143,875,600.00 |
|
Accrued Expenses |
- |
- |
1,261,010.00 |
|
Short-term Loan from Person or Related Company |
14,908,671.44 |
2,590,281.93 |
4,257,023.55 |
|
Other Current Liabilities |
1,573,378.91 |
1,398,251.11 |
1,081,748.77 |
|
|
|
|
|
|
Total Current Liabilities |
328,202,634.35 |
272,253,828.42 |
230,901,850.00 |
|
Long-term Loan from Financial Institutions, Net |
79,987,837.79 |
100,030,126.56 |
65,800,000.00 |
|
Financial Lease Contract Liabilities, Net |
882,901.21 |
608,538.75 |
806,300.11 |
|
Employee Benefits Obligation |
1,062,068.00 |
- |
- |
|
Total Liabilities |
410,135,441.35 |
372,892,493.73 |
297,508,150.11 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 3,000,000 shares in 2011;
2,000,000 shares in
2010 & 2009 respectively |
300,000,000.00 |
200,000,000.00 |
200,000,000.00 |
|
|
|
|
|
|
Capital Paid |
225,000,000.00 |
200,000,000.00 |
200,000,000.00 |
|
Premium on Share Capital |
- |
1,945,000.00 |
- |
|
Retained Earning Unappropriated |
[25,539,433.57] |
[26,890,176.52] |
[16,952,059.65] |
|
Total Shareholders' Equity |
199,460,566.43 |
175,054,823.48 |
183,047,940.35 |
|
Total Liabilities & Shareholders' Equity |
609,596,007.78 |
547,947,317.21 |
480,556,090.46 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
149,316,864.84 |
163,751,490.38 |
61,977,298.37 |
|
Service Income |
34,376,509.63 |
37,718,289.76 |
- |
|
Other Income |
2,602,786.99 |
6,573,129.47 |
1,317,675.47 |
|
Total Revenues |
186,296,161.46 |
208,042,909.61 |
63,294,973.84 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Change in Finished Goods and Work in
Process |
[16,697,295.17] |
[632,716.83] |
[25,930,652.74] |
|
Raw Material and Material Supplies |
75,700,992.94 |
93,776,148.61 |
14,914,430.59 |
|
Other Manufacture expenses |
35,728,731.50 |
41,670,741.93 |
32,231,404.41 |
|
Employees expenses |
35,859,221.51 |
38,354,692.38 |
23,701,311.56 |
|
Vehicle and Travelling
expenses |
1,465,084.58 |
773,751.73 |
1,304,903.06 |
|
Commission, Advertising, And Sales Promotion |
2,483,656.40 |
5,247,528.32 |
4,957,568.33 |
|
Professional Fee & Other |
2,622,441.64 |
277,099.43 |
160,700.00 |
|
Depreciation |
23,724,696.73 |
23,145,335.75 |
7,622,449.62 |
|
Other expenses |
6,276,638.60 |
3,772,860.17 |
1,055,392.38 |
|
Total Expenses |
167,164,168.73 |
206,385,441.49 |
60,017,507.21 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost |
19,131,992.73 |
1,657,468.12 |
3,277,466.63 |
|
Financial Costs |
[16,929,688.78] |
[11,595,584.99] |
[2,188,680.77] |
|
|
|
|
|
|
Net Profit / [Loss] |
2,202,303.95 |
[9,938,116.87] |
1,088,785.86 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.87 |
0.75 |
0.59 |
|
QUICK RATIO |
TIMES |
0.34 |
0.23 |
0.14 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.57 |
0.59 |
0.18 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.30 |
0.37 |
0.13 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
692.44 |
436.60 |
1,966.20 |
|
INVENTORY TURNOVER |
TIMES |
0.53 |
0.84 |
0.19 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
124.97 |
87.12 |
153.68 |
|
RECEIVABLES TURNOVER |
TIMES |
2.92 |
4.19 |
2.38 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
746.33 |
628.04 |
692.70 |
|
CASH CONVERSION CYCLE |
DAYS |
71.08 |
(104.32) |
1,427.19 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
41.21 |
46.55 |
24.06 |
|
SELLING & ADMINISTRATION |
% |
55.46 |
54.34 |
112.91 |
|
INTEREST |
% |
9.22 |
5.76 |
3.53 |
|
GROSS PROFIT MARGIN |
% |
60.21 |
56.72 |
78.06 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
10.42 |
0.82 |
5.29 |
|
NET PROFIT MARGIN |
% |
1.20 |
(4.93) |
1.76 |
|
RETURN ON EQUITY |
% |
1.10 |
(5.68) |
0.59 |
|
RETURN ON ASSET |
% |
0.36 |
(1.81) |
0.23 |
|
EARNING PER SHARE |
BAHT |
0.98 |
(4.97) |
0.54 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.67 |
0.68 |
0.62 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.06 |
2.13 |
1.63 |
|
TIME INTEREST EARNED |
TIMES |
1.13 |
0.14 |
1.50 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(8.82) |
225.07 |
|
|
OPERATING PROFIT |
% |
1,054.29 |
(49.43) |
|
|
NET PROFIT |
% |
122.16 |
(1,012.77) |
|
|
FIXED ASSETS |
% |
(5.25) |
(0.28) |
|
|
TOTAL ASSETS |
% |
11.25 |
14.02 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is -8.82%. Turnover has decreased from THB
201,469,780.14 in 2010 to THB 183,693,374.47 in 2011. While net profit has
increased from THB -9,938,116.87 in 2010 to THB 2,202,303.95 in 2011. And total
assets has increased from THB 547,947,317.21 in 2010 to THB 609,596,007.78 in
2011.
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
60.21 |
Impressive |
Industrial
Average |
14.07 |
|
Net Profit Margin |
1.20 |
Impressive |
Industrial
Average |
1.04 |
|
Return on Assets |
0.36 |
Deteriorated |
Industrial
Average |
1.53 |
|
Return on Equity |
1.10 |
Deteriorated |
Industrial
Average |
5.14 |
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 60.21%. 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. The company’s figure is
1.2% 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. When compared with the
industry average, its was lower, the company's figure is 0.36%.
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 1.1%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.87 |
Risky |
Industrial
Average |
1.41 |
|
Quick Ratio |
0.34 |
|
|
|
|
Cash Conversion Cycle |
71.08 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 0.87 times in 2011, increased from 0.75 times, then the company may have
problems meeting its short-term obligations. 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 0.34 times in 2011,
increased from 0.23 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 72 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.67 |
Acceptable |
Industrial
Average |
0.66 |
|
Debt to Equity Ratio |
2.06 |
Acceptable |
Industrial
Average |
2.13 |
|
Times Interest Earned |
1.13 |
Satisfactory |
Industrial
Average |
1.25 |
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 1.14 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 0.67 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 : RISKY
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.57 |
Deteriorated |
Industrial
Average |
4.29 |
|
Total Assets Turnover |
0.30 |
Deteriorated |
Industrial
Average |
1.47 |
|
Inventory Conversion Period |
692.44 |
|
|
|
|
Inventory Turnover |
0.53 |
Deteriorated |
Industrial
Average |
3.20 |
|
Receivables Conversion Period |
124.97 |
|
|
|
|
Receivables Turnover |
2.92 |
Satisfactory |
Industrial
Average |
2.94 |
|
Payables Conversion Period |
746.33 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.92 and 4.19 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 437 days at the
end of 2010 to 692 days at the end of 2011. This represents a negative trend.
And Inventory turnover has decreased from 0.84 times in year 2010 to 0.53 times
in year 2011.
The company's Total Asset Turnover is calculated as 0.3 times and 0.37
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 Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
|
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.