MIRA
INFORM REPORT
|
Report Date : |
18.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
ADINOP
CO., LTD. |
|
|
|
|
Registered Office : |
21 Soi Bangbon
3 [Soi 2], Bangbon
Road, Laksong, Bangkae, Bangkok
10160 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
10.11.1986 |
|
|
|
|
Com. Reg. No.: |
0105529040925 [Former : 4094/2529] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer & distributor of industrial chemicals |
|
|
|
|
No. of Employees : |
138 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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
achieved steady growth due largely to industrial and agriculture exports -
mostly electronics, agricultural commodities, automobiles and parts, and
processed foods. Thailand is trying to maintain growth by encouraging domestic
consumption and public investment to offset weak exports in 2012. Unemployment,
at less than 1% of the labor force, stands as one of the lowest levels in the
world, which puts upward pressure on wages in some industries. Thailand also
attracts nearly 2.5 million migrant workers from neighboring countries. The
Thai government is implementing a nation-wide 300 baht ($10) per day minimum
wage policy and deploying new tax reforms designed to lower rates on
middle-income earners. The Thai economy has weathered internal and external
economic shocks in recent years. The global economic severely cut Thailand's
exports, with most sectors experiencing double-digit drops. In 2009, the
economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%,
its fastest pace since 1995, as exports rebounded. In late 2011 growth was
interrupted by historic flooding in the industrial areas in Bangkok and its
five surrounding provinces, crippling the manufacturing sector. Industry
recovered from the second quarter of 2012 onward with GDP growth at 5.5% in
2012. The government has approved flood mitigation projects worth $11.7 billion,
which were started in 2012, to prevent similar economic damage, and an
additional $75 billion for infrastructure over the next seven years with a plan
to start in 2013.
|
Source : CIA |
Company name
ADINOP CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 21
SOI BANGBON 3 [SOI
2], BANGBON ROAD,
LAKSONG, BANGKAE,
BANGKOK 10160
TELEPHONE : [66] 2445-5022-30
FAX :
[66] 2445-5020-1
E-MAIL
ADDRESS : mail@adinop.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1986
REGISTRATION
NO. : 0105529040925 [Former
: 4094/2529]
TAX
ID NO. : 3101418286
CAPITAL REGISTERED : BHT. 8,000,000
CAPITAL PAID-UP : BHT.
8,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS.
CHUTINANT SANANSIANG, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 138
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH
NORMAL BUSINESS ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on November
10, 1986 as
a private limited
company under the registered name
ADINOP CO., LTD, by Thai
groups, with the core
business objective is to
import and distribute additives and ingredients
for food, pharmaceutical,
cosmetics, animal feeds and
pet food industries, under
HACCP systems. It
currently employs 138
staff.
It achieved the
standards, such as ISO
9001 ; 2008, ISO 22000 : 2005, ISO/IEC 17025 : 2005 certifications.
The
subject’s registered address
was initially located
at 24/3 Moo
5, Soi Romsai,
Petchkasem Rd., Laksong, Bangkae,
Bangkok 10160.
Since 2008,
its address has
been changed to 21 Soi Bangbon 3
[Soi 2],
Bangbon Rd., Laksong, Bangkae,
Bangkok 10160, by
the Bangkae District
Office, and both
addresses were the
same location, and
this is also
the company’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Chutinant Sanansiang |
|
Thai |
63 |
|
Mr. Non Ek-panyasakul |
|
Thai |
33 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Chutinant Sanansiang
is the Managing
Director.
She is Thai
nationality with the
age of 63
years old.
Mr. Suradej Ek-panyasakul is
the General Manager.
He is Thai
nationality.
Mr. Non Ek-panyasakul is
the Sales & Marketing Manager.
He is Thai
nationality with the
age of 33
years old.
BUSINESS OPERATIONS
The subject’s core
business is engaged
in importing and
distributing various kinds
of additives &
ingredient products, as
well as manufacturing
and servicing of
food colors and
seasoning for various
industries. Range of
products and services
are as follows:
1. Food Ingredients:
Food Ingredients division
is responsible for
marketing and supplying
wide range of
food colors, flavors, yeast
extracts, collagen, xanthan
gum, antioxidant, vitamins,
citric acid, trisodium
citrate, pectin, modified
starch, native starch,
emulsifiers, juice concentrates,
thickeners and health
supplements.
2. Consumer Products:
“SWIZSI” is a low-calorie sweetener
which contains acesulfame potassium
and aspartame, used
in a variety
of foods and
beverages as a
sugar substitute.
“STAR” brand of
food colors
3. Cosmetic Ingredient:
Cosmetic Ingredients division
is responsible for
marketing and supplying
high quality raw
materials in various
applications of cosmetic
and personal care
products, the wide
range of products
are emulsifiers, thickeners,
Emollients, foaming agents,
conditioning agents, film
forming Polymers, Silicone
derivatives, Hydrolyzed Protein
Preservative, coloring agent,
powder, perfume and
active ingredients.
4. Pharmaceuticals
Supply a wide
range of additive
ingredients and raw
materials for pharmaceuticals such
as food color,
flavor, fragrance, citric
acid, tridodium citrate,
preservatives, sweetener, emulsifier,
thickener, texturizer, foaming
agents, whitener, soother,
anti-acne, anti-wrinkle, moisturizer,
sunfliters, vitamins and
health supplement ingredients.
5. Seasoning
Supply a variety
of seasoning for
food applications, such as
snacks, instant noodles,
soup, ready meals,
marinade, sauce, instant
drink, etc. The subject
also provides manufacturing
service of seasoning
according to customer’s
requirement.
6. Pet Foods
The subject offers
a wide range
of products including
daily required nutrients,
preservatives, antibiotics and
supplements such as
minerals and vitamins.
7. Blending Services
8. Laboratory Services
The subject’s Quality Control
Laboratory was formed
in 2000, to control
the production process
and quality of
food coloring products.
Food testing and
laboratory service offer
a wide range
of analytical services
in both aspects
of chemistry and
microbiology testing to
customers.
9. Fragrances
Marketing and supplying
fragrances and essential
oils in various
applications of cosmetic
and personal care
products.
IMPORT [COUNTRIES]
80% of the
products is imported
from Japan, Singapore,
France, United Kingdom, Germany, United
States of America,
Brazil, Norway, India,
Republic of China,
Spain and Switzerland.
MAJOR SUPPLIERS
- Phoenix Chemical Inc., :
United States of America
- Seiwa Kasei Co., Ltd. :
Japan
- SEPPIC Group :
France
- Dr. Streatmans Chemische Produkte
GmbH. : Germany
SALES [LOCAL]
100 % of its
products is sold
locally to manufacturers, wholesalers
and end - users.
SUBSIDIARIES & AFFILIATED
COMPANIES
Nutrin Co., Ltd.
Business Type : Distributor
of food ingredients
Nutrition L.P.
Business Type : Importer &
distributor of industrial
chemicals
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 30-90 days.
Local bills are
paid by cash
or on the
credits term of
30-90 days.
Imports are by
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Kasikornbank Public Co.,
Ltd.
[Head Office
: 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
Krung Thai Bank
Public Co., Ltd.
[Head Office
: 35 Sukhumvit
Rd., Klongtoeynua, Wattana,
Bangkok 10110]
The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office
: 9 Ratchadapisek
Rd., Jatujak, Bangkok
10900]
EMPLOYMENT
The subject employs
138 staff [office and
sales staff].
LOCATION DETAILS
The premise is
owned for operating
office and warehouse
on 3,200 square meters
of area at
the heading address
in commercial/residential area.
COMMENT
The subject is the
leading supplier of essential chemicals in various
types such as additives and
ingredients for variety products
from foods to
household goods. With the
strong growth of foods,
beverages and consumer industries
resulting by strong domestic consumption, the subject
had earned a good business outcome in the past
years, while its current business
is growing strong.
FINANCIAL INFORMATION
The capital was
registered at Bht.
1,000,000 divided into
10,000 shares of
Bht. 100 each.
The capital was
increased later as
followings :
Bht. 2,000,000 on November
29, 1990
Bht. 5,000,000 on January
14, 1994
Bht. 8,000,000 on July
17, 1998
The latest registered
capital was increased
to Bht. 8,000,000
divided into 80,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE : [ as
at April 30,
2012]
|
NAME |
HOLDING |
% |
|
Mrs. Chutinant Sannansiang Nationality: Thai Address : 98 Yotha Rd.,
Taladnoi, Samphantawong, Bangkok 10100 |
72,000 |
90.00 |
|
Mr. Non Ek-panyasakul Nationality: Thai Address : 98 Yotha Rd.,
Taladnoi, Samphantawong, Bangkok 10100 |
4,000 |
5.00 |
|
Mr. Ek Ek-panyasakul Nationality: Thai Address : 98 Yotha Rd.,
Taladnoi, Samphantawong, Bangkok 10100 |
4,000 |
5.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
80,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
80,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Wasana Chayprasert No.
6999
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 |
55,419,209.83 |
62,211,614.20 |
16,433,437.36 |
|
Short-term Investment |
86,867,461.61 |
45,981,380.37 |
40,582,562.05 |
|
Trade Accounts & Other
Receivable |
75,335,950.78 |
70,333,210.60 |
60,393,654.38 |
|
Inventories |
58,781,152.54 |
48,133,662.60 |
39,562,636.03 |
|
Other Current Assets |
- |
- |
2,268,600.02 |
|
|
|
|
|
|
Total Current Assets
|
276,403,774.76 |
226,659,867.77 |
159,240,889.84 |
|
|
|
|
|
|
Fixed Assets |
19,894,261.51 |
14,702,013.36 |
15,680,761.05 |
|
Intangible Assets |
661,864.45 |
650,269.36 |
465,543.87 |
|
Other Non-current Assets |
1,150,640.36 |
203,908.88 |
142,069.40 |
|
Total Assets |
298,110,541.08 |
242,216,059.37 |
175,529,264.16 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Bank Overdraft and Short-term
Loan from Financial Institutions |
- |
- |
274,304.71 |
|
Trade Accounts & Other
Payable |
60,351,612.60 |
51,644,721.82 |
32,404,680.08 |
|
Current Portion of
Financial Lease Contract Liabilities |
478,800.00 |
- |
- |
|
Accrued Income |
11,862,560.16 |
12,282,661.03 |
- |
|
Other Current Liabilities |
- |
- |
11,079,823.74 |
|
|
|
|
|
|
Total Current Liabilities |
72,692,972.76 |
63,927,382.85 |
43,758,808.53 |
|
Financial Lease Contract
Liabilities, Net of
Current Portion |
3,726,557.87 |
- |
- |
|
Employee Benefits Obligation |
1,514,270.24 |
- |
- |
|
Total Liabilities |
77,933,800.87 |
63,927,382.85 |
43,758,808.53 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share Capital :
Baht. 100 par
value authorized issued
and fully paid
share capital 80,000
shares |
8,000,000.00 |
8,000,000.00 |
8,000,000.00 |
|
|
|
|
|
|
Capital Paid |
8,000,000.00 |
8,000,000.00 |
8,000,000.00 |
|
Retained Earning: Appropriated for Statutory
Reserve |
750,000.00 |
250,000.00 |
- |
|
Unappropriated |
211,426,740.21 |
170,038,676.52 |
123,770,455.63 |
|
Total Shareholders' Equity |
220,176,740.21 |
178,288,676.52 |
131,770,455.63 |
|
|
|
|
|
|
Total Liabilities &
Shareholders' Equity |
298,110,541.08 |
242,216,059.37 |
175,529,264.16 |
PROFIT & LOSS ACCOUNT
|
Sale |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales & Services Income |
471,372,778.93 |
465,373,122.21 |
358,536,932.61 |
|
Other Sales |
2,229,165.96 |
6,812,452.44 |
1,584,316.49 |
|
Total Sales |
473,601,944.89 |
472,185,574.65 |
360,121,249.10 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
343,881,430.12 |
341,953,245.59 |
273,735,903.56 |
|
Selling Expenses |
7,194,447.33 |
6,072,119.01 |
5,915,404.70 |
|
Administrative Expenses |
48,438,558.27 |
49,654,307.32 |
45,052,918.21 |
|
Other Expenses |
338,357.57 |
627,872.83 |
547.89 |
|
Total Expenses |
399,852,793.29 |
398,307,544.75 |
324,704,774.36 |
|
Profit / [Loss] before Finance
Cost and Income Tax |
73,749,151.60 |
73,878,029.90 |
35,416,474.74 |
|
Finance Cost |
[122,224.50] |
[13,171.58] |
[145,133.64] |
|
Profit / [Loss] before Income
Tax |
73,626,927.10 |
73,864,858.32 |
35,271,341.10 |
|
Income Tax |
[22,238,863.41] |
[22,596,637.43] |
[10,568,002.43] |
|
Net Profit / [Loss] |
51,388,063.69 |
51,268,220.89 |
24,703,338.67 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.80 |
3.55 |
3.64 |
|
QUICK RATIO |
TIMES |
2.99 |
2.79 |
2.68 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
23.69 |
31.65 |
22.86 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.58 |
1.92 |
2.04 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
62.39 |
51.38 |
52.75 |
|
INVENTORY TURNOVER |
TIMES |
5.85 |
7.10 |
6.92 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
58.34 |
55.16 |
61.48 |
|
RECEIVABLES TURNOVER |
TIMES |
6.26 |
6.62 |
5.94 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
64.06 |
55.13 |
43.21 |
|
CASH CONVERSION CYCLE |
DAYS |
56.67 |
51.42 |
71.03 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
72.95 |
73.48 |
76.35 |
|
SELLING & ADMINISTRATION |
% |
11.80 |
11.97 |
14.22 |
|
INTEREST |
% |
0.03 |
0.00 |
0.04 |
|
GROSS PROFIT MARGIN |
% |
27.52 |
27.98 |
24.09 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
15.65 |
15.88 |
9.88 |
|
NET PROFIT MARGIN |
% |
10.90 |
11.02 |
6.89 |
|
RETURN ON EQUITY |
% |
23.34 |
28.76 |
18.75 |
|
RETURN ON ASSET |
% |
17.24 |
21.17 |
14.07 |
|
EARNING PER SHARE |
BAHT |
642.35 |
640.85 |
308.79 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.26 |
0.26 |
0.25 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.35 |
0.36 |
0.33 |
|
TIME INTEREST EARNED |
TIMES |
603.39 |
5,608.90 |
244.03 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
1.29 |
29.80 |
|
|
OPERATING PROFIT |
% |
(0.17) |
108.60 |
|
|
NET PROFIT |
% |
0.23 |
107.54 |
|
|
FIXED ASSETS |
% |
35.32 |
(6.24) |
|
|
TOTAL ASSETS |
% |
23.08 |
37.99 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 1.29%. Turnover has increased from THB
465,373,122.21 in 2010 to THB 471,372,778.93 in 2011. While net profit has increased
from THB 51,268,220.89 in 2010 to THB 51,388,063.69 in 2011. And total assets
has increased from THB 242,216,059.37 in 2010 to THB 298,110,541.08 in 2011.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
27.52 |
Impressive |
Industrial Average |
13.98 |
|
Net Profit Margin |
10.90 |
Impressive |
Industrial Average |
4.31 |
|
Return on Assets |
17.24 |
Impressive |
Industrial Average |
4.00 |
|
Return on Equity |
23.34 |
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 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 27.52%. 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 10.9% 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
17.24%, 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 23.34%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
3.80 |
Impressive |
Industrial Average |
1.63 |
|
Quick Ratio |
2.99 |
|
|
|
|
Cash Conversion Cycle |
56.67 |
|
|
|
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 3.8 times in 2011, increased from 3.55 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 2.99 times in 2011,
increased from 2.79 times, although excluding inventory so the company still
have good short-term financial strength.
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 57 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.26 |
Impressive |
Industrial Average |
0.41 |
|
Debt to Equity Ratio |
0.35 |
Impressive |
Industrial Average |
0.75 |
|
Times Interest Earned |
603.39 |
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 603.4 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 0.26 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 :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
23.69 |
Impressive |
Industrial Average |
1.65 |
|
Total Assets Turnover |
1.58 |
Impressive |
Industrial Average |
0.94 |
|
Inventory Conversion Period |
62.39 |
|
|
|
|
Inventory Turnover |
5.85 |
Impressive |
Industrial Average |
5.52 |
|
Receivables Conversion Period |
58.34 |
|
|
|
|
Receivables Turnover |
6.26 |
Impressive |
Industrial Average |
4.67 |
|
Payables Conversion Period |
64.06 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.26 and 6.62 in
2011 and 2010 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate sale. 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 51 days at the
end of 2010 to 62 days at the end of 2011. This represents a negative trend.
And Inventory turnover has decreased from 7.1 times in year 2010 to 5.85 times
in year 2011.
The company's Total Asset Turnover is calculated as 1.58 times and 1.92
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.53.94 |
|
UK Pound |
1 |
Rs.82.77 |
|
Euro |
1 |
Rs.71.05 |
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.