MIRA
INFORM REPORT
|
Report Date : |
27.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
DAIICHI SANKYO [THAI] LTD. |
|
|
|
|
Formerly Known As : |
RANBAXY UNICHEM CO., LTD |
|
|
|
|
Registered Office : |
24th Floor, United
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
17.03.1983 |
|
|
|
|
Com. Reg. No.: |
0105526010863 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importing
and distributing pharmaceutical products comprising
Antibiotics &
Anti-infectives, Haematinics, Cardiovascular, Nutritional, Cefaclor,
Enteric Coated Aspirin,
Simvastatin |
|
|
|
|
No. of Employees : |
136 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 crisis 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 and address
DAIICHI SANKYO [THAI] LTD.
[FORMER :
RANBAXY UNICHEM CO.,
LTD.]
SUMMARY
BUSINESS
ADDRESS : 24th FLOOR,
UNITED CENTER BUILDING,
323 SILOM ROAD,
SILOM, BANGRAK,
BANGKOK
10500, THAILAND
TELEPHONE : [66] 2631-2070
FAX :
[66] 2236-2656
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1983
REGISTRATION
NO. : 0105526010863 [Former : 1088/2526]
TAX
ID NO. : 3101244922
CAPITAL REGISTERED : BHT. 331,149,300
CAPITAL PAID-UP : BHT.
331,149,300
SHAREHOLDER’S PROPORTION : FOREIGN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
TATSUYA IKEDA, JAPANESE
MANAGING DIRECTOR
NO.
OF STAFF : 136
LINES
OF BUSINESS : PHARMACEUTICAL PRODUCTS
IMPORTER, DISTRIBUTOR
& EXPORTER
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 17, 1983
as a private
limited company, originally
by a joint
venture between Ranbaxy
Laboratories Limited, India
and Bounty Holding
Co., Ltd., Thailand., under
the registered name “Ranbaxy [Thailand]
Co., Ltd.”, in order
to import and
distribute pharmaceutical products
for both domestic
and export markets.
On January 23,
2001, the subject’s
name was changed to
RANBAXY UNICHEM CO., LTD., with
the major shareholders were Ranbaxy
[Netherlands] B.V., Netherlands
and Ranbaxy Laboratories
Ltd., India, with
holding around 68.42%
and 20.67%, of
the subject’s shares
respectively.
On September 28,
2013, the subject
has become a
subsidiary of Daiichi
Sankyo Co., Ltd., which
is holding around
73.10% of the total
shares, and its
name was changed
to DAIICHI SANKYO
[THAI] LTD. on
October 1, 2013.
It currently employs
136 staff.
The subject’s registered
address was initially
located at Unit
313-318, 3rd Floor,
Phyathai Building, 31 Phyathai
Rd., Thanon Phyathai,
Rajthevee, Bangkok 10400.
On October 1,
2013, the subject’s
registered address was
relocated to 24th Floor,
United Center Building,
323 Silom Rd.,
Silom, Bangrak, Bangkok
10500, and this
is the company’s current operation
address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Tatsuya Ikeda |
[x] |
Japanese |
51 |
|
Mr. Alok Shubhkar Kapoor |
|
Indian |
50 |
|
Mr. Suthas Thongprasert |
|
Thai |
59 |
AUTHORIZED PERSON
Only the mentioned
director [x] signs
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Tatsuya Ikeda
is the Managing
Director.
He is Japanese
nationality with the
age of 51
years old.
Mr. Chatri Ratanavorachai is
the Marketing Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing pharmaceutical products comprising
Antibiotics &
Anti-infectives, Haematinics, Cardiovascular, Nutritional,
Cefaclor, Enteric Coated
Aspirin, Simvastatin and
etc.
MAJOR BRANDS
“SIMVOR”, “RANCIL”, “FBC”, “RANCLAV”, “VERCEF”, “ASPENT”, “INVORIL”, “LAXITAB”, “MAGNASPOR”,
“MYLOM”, “NIFIRAN”, “NORBACTIN”, “OCCIDAL”, “OFRAMAX”, “TETRADOX” and
etc.
List of Products
|
Generic Name |
Therapeutic Segment |
|
Isosoribide Dinitrate |
Cardiovascular |
|
Asprin |
Cardiovascular |
|
Enalapril |
Cardiovascular |
|
Ibuprofen+Paracetamol |
Miscellaneous |
|
Calcium Carbonate+calcium
Gluconate |
Minerals &Vitamin
Supplement |
|
Diltiazem |
Cardiovascular |
|
Ciprofloxacin |
Anti-infective : Fluoroquinolones |
|
Norfloxacin |
Anti-infective : Fluoroquinolones |
|
Cloxacillin |
Anti-infective : Penicilins |
|
Amoxycilin |
Anti-infective : Penicilins |
|
Doxycycline hyclate |
Anti-infective : Tetracycline |
|
Cefclor |
Anti-infective : Cephalosporins |
|
Cephalexin |
Anti-infective : Cephalosporins |
|
Aciclovir |
Anti-infective : Antivirals |
|
Ergotamine Tatrate +Caffeine |
Miscellaneous |
|
Vitamin E |
Minerals & Vitamin Supplement
|
|
Potassium Chloride |
Minerals & Vitamin Supplement |
|
Drops Ferrous fumarate |
Minerals & Vitamin Supplement |
|
Pentazocine |
Miscellaneous |
|
Simethicone/Pancreatin |
Gastrointestinal System |
|
Ranitidine |
Gastrointestinal System |
|
etc. |
|
PURCHASE
70% of the
products is imported
from India, United States
of America, United Kingdom, Germany,
France, Japan and
Netherlands, the remaining
30% is purchased
from local suppliers.
MAJOR SUPPLIERS
|
Ranbaxy [U.K] Ltd. |
: United Kingdom |
|
Ranbaxy Laboratories Ltd. |
: India |
|
Ranbaxy [Netherlands] B.V. |
: Netherlands |
|
Daiichi Sankyo Co.,
Ltd. |
: Japan |
|
Olic [Thailand] Co.,
Ltd. |
: Thailand |
|
Zuellig Pharma Thailand
Ltd. |
: Thailand |
SALES [LOCAL]
95% of the
products is sold
locally to Thai
Government and private
hospitals, clinics and
drugstores.
EXPORT [COUNTRY]
5% of the
products is exported
to many countries in Asia
Pacific Region, such
as Vietnam, Myanmar, and
Laos.
MAJOR CUSTOMERS
Lampang Hospital
Songkhlanagarind Hospital
Nopparat Rajathanee Hospital
Fort Suranaree Hospital
Zuellig Pharma Ltd.
DKSH [Thailand] Ltd.
Quiheng International Healthcare
Co., Ltd.
etc.
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.
BUSINESS TRANSACTION
The products
are sold by
cash and credit
with the maximum
credit given at
30-60 days. There
is no problem
on its account
receivable.
BANKING
Kasikornbank Public Co.,
Ltd.
Indian Overseas Bank
Ltd. [Bangkok Branch]
EMPLOYMENT
The subject currently
employs 136 staff.
[office and sales staff]
LOCATION DETAILS
The premise is
rented for operating
office at the
heading address. Premise
is located in
commercial area.
Branch Offices and Warehouses
-
99/19
Moo 3, Bangna-Trad
Rd., K.M. 23, T.
Bangsaothong, A. Bangsaothong, Samutprakarn
10540.
-
166
Bangpa-in Industrial Estate,
Moo 16, T. Bangkrasan, A. Bangpa-in,
Ayutthaya 13160.
-
138
Silom Road, Suriyawongse,
Bangrak, Bangkok 10500.
-
31
Phyathai Rd., Thanon
Phyathai, Rajthewi, Bangkok
10400.
-
77/47
Factory Land Phase
1, Moo 12,
Budhamonthon Sai 5 Rd., T. Raiking,
A. Sampran,
Nakornpathom 73210.
-
1899
Phaholyothin Road, Ladyao,
Jatujak, Bangkok 10900.
-
88/1-2
Moo 11, Bangna-Trad
Rd., K.M. 19, T.
Bangchalong, A. Bangplee, Samutprakarn
10540.
-
55/65 Moo
3, T. Lampho, A. Bangbuathong, Nonthaburi
11110.
COMMENT
Pharmaceutical products remain
an essential for
local consumption, as
well as re-exported to
neighboring countries. Demand of the products has also drastically increased
from expansion of healthcare industry
in the country.
The company strengthened the presence in
CVS in addition to the
traditionally strong portfolio
of Antibiotics and
Anti-infective and also
gave added reach in the
Haematinics, nutritional and G.I. segments.
The company moved
up the ranks to be amongst the Top 40th registered a
growth faster than the
market.
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
follows:
Bht. 8,000,000
on March 26,
1992
Bht. 12,000,000
on February 11,
1993
Bht. 25,000,000
on June 25,
1996
Bht. 50,000,000
on December 14,
1998
Bht. 100,000,000 on
June 20, 2003
Bht. 331,149,300 on
October 1, 2013
The latest registered
capital was increased
to Bht. 331,149,300 divided
into 3,311,493 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at September 28,
2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Daiichi Sankyo Co.,
Ltd.. Nationality: Japanese Address : 3-5-1
Nihonbashi Hon-Cho, Chuoku, Tokyo, Japan |
2,420,619 |
73.10 |
|
Ranbaxy [Netherlands] B.V.
Nationality: Dutch Address : Amsterdam,
Netherlands |
684,204 |
20.66 |
|
Ranbaxy Laboratories Ltd.
Nationality: Indian Address : Punjab,
India |
206,670 |
6.24 |
Total Shareholders : 3
Share Structure [as
at September 28,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
3 |
3,311,493 |
100.00 |
|
Total |
3 |
3,311,493 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Wannawat Hemchayart No.
7049
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2012, 2011 &
2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
19,576,072 |
34,886,380 |
50,619,435 |
|
Trade Accounts Receivable |
134,102,063 |
125,143,158 |
111,614,853 |
|
Inventories |
67,397,165 |
65,338,552 |
67,537,358 |
|
Other Current Assets
|
3,457,403 |
15,909,120 |
9,947,834 |
|
|
|
|
|
|
Total Current Assets
|
224,532,703 |
241,277,210 |
239,719,480 |
|
Equipment |
1,531,450 |
1,990,307 |
2,006,351 |
|
Intangible Assets |
74,833,338 |
84,833,338 |
94,833,327 |
|
Other Non-Current Assets |
1,430,304 |
1,431,103 |
860,720 |
|
Total Assets |
302,327,795 |
329,531,958 |
337,419,878 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts Payable |
11,936,908 |
3,886,345 |
8,325,224 |
|
Related Company Payable |
17,644,985 |
57,681,487 |
51,905,757 |
|
Accrued Sales Promotion
Expenses |
7,653,813 |
6,566,237 |
7,611,476 |
|
Accrued Income Tax |
2,028,347 |
1,061,377 |
3,767,460 |
|
Other Current Liabilities |
16,848,873 |
13,752,229 |
18,661,022 |
|
|
|
|
|
|
Total Current Liabilities |
56,112,926 |
82,947,675 |
90,270,939 |
|
Employee Benefits Obligation |
7,952,034 |
8,147,874 |
- |
|
Other Non-current Liability |
- |
- |
50,000 |
|
Total Liabilities |
64,064,960 |
91,095,549 |
90,320,939 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 1,000,000 shares |
100,000,000 |
100,000,000 |
100,000,000 |
|
|
|
|
|
|
Capital Paid |
100,000,000 |
100,000,000 |
100,000,000 |
|
Retained Earning Appropriated Statutory
Reserve |
10,000,000 |
9,930,123 |
9,360,213 |
|
Unappropriated |
128,262,835 |
128,506,286 |
137,738,726 |
|
Total Shareholders' Equity |
238,262,835 |
238,436,409 |
247,098,939 |
|
Total Liabilities & Shareholders' Equity |
302,327,795 |
329,531,958 |
337,419,878 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales |
392,281,460 |
427,857,450 |
379,779,880 |
|
Other Income |
1,310,786 |
1,488,505 |
1,167,196 |
|
Total Revenues |
393,592,246 |
429,345,955 |
380,947,076 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
254,826,312 |
274,989,938 |
233,341,881 |
|
Selling Expenses |
51,489,403 |
61,261,572 |
57,692,347 |
|
Administrative Expenses |
77,772,952 |
88,869,242 |
69,118,346 |
|
Total Expenses |
384,088,667 |
425,120,752 |
360,152,574 |
|
|
|
|
|
|
Profit before Financial Cost & Income Tax |
9,503,579 |
4,225,203 |
20,794,502 |
|
Financial Cost |
- |
[7,025] |
[509] |
|
|
|
|
|
|
Profit before Income Tax |
9,503,579 |
4,218,178 |
20,783,993 |
|
Income Tax |
[2,177,153] |
[5,380,708] |
[9,395,796] |
|
Net Profit / [Loss] |
7,326,426 |
[1,162,530] |
11,398,197 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
4.00 |
2.91 |
2.66 |
|
QUICK RATIO |
TIMES |
2.74 |
1.93 |
1.80 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
256.15 |
214.97 |
189.29 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.30 |
1.30 |
1.13 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
96.54 |
86.73 |
105.64 |
|
INVENTORY TURNOVER |
TIMES |
3.78 |
4.21 |
3.46 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
124.78 |
106.76 |
107.27 |
|
RECEIVABLES TURNOVER |
TIMES |
2.93 |
3.42 |
3.40 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
17.10 |
5.16 |
13.02 |
|
CASH CONVERSION CYCLE |
DAYS |
204.21 |
188.32 |
199.89 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
64.96 |
64.27 |
61.44 |
|
SELLING & ADMINISTRATION |
% |
32.95 |
35.09 |
33.39 |
|
INTEREST |
% |
- |
0.00 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
35.37 |
36.08 |
38.87 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.42 |
0.99 |
5.48 |
|
NET PROFIT MARGIN |
% |
1.87 |
(0.27) |
3.00 |
|
RETURN ON EQUITY |
% |
3.07 |
(0.49) |
4.61 |
|
RETURN ON ASSET |
% |
2.42 |
(0.35) |
3.38 |
|
EARNING PER SHARE |
BAHT |
7.33 |
(1.16) |
11.40 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.21 |
0.28 |
0.27 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.27 |
0.38 |
0.37 |
|
TIME INTEREST EARNED |
TIMES |
- |
601.45 |
40,853.64 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(8.31) |
12.66 |
|
|
OPERATING PROFIT |
% |
124.93 |
(79.68) |
|
|
NET PROFIT |
% |
730.21 |
(110.20) |
|
|
FIXED ASSETS |
% |
(23.05) |
(0.80) |
|
|
TOTAL ASSETS |
% |
(8.26) |
(2.34) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -8.31%. Turnover has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
35.37 |
Deteriorated |
Industrial
Average |
108.41 |
|
Net Profit Margin |
1.87 |
Deteriorated |
Industrial
Average |
4.23 |
|
Return on Assets |
2.42 |
Deteriorated |
Industrial
Average |
6.90 |
|
Return on Equity |
3.07 |
Deteriorated |
Industrial
Average |
16.09 |
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 35.37%. When compared with
the industry average, the ratio of the company was lower. This indicated that
company may have problems with control over its costs.
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 1.87%.
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 2.42%.
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 3.07%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
4.00 |
Impressive |
Industrial
Average |
1.63 |
|
Quick Ratio |
2.74 |
|
|
|
|
Cash Conversion Cycle |
204.21 |
|
|
|
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 4 times in 2012, increased from 2.91 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 2.74 times in 2012,
increased from 1.93 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 205 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.21 |
Impressive |
Industrial
Average |
0.57 |
|
Debt to Equity Ratio |
0.27 |
Impressive |
Industrial
Average |
1.33 |
|
Times Interest Earned |
- |
|
Industrial
Average |
- |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.21 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 Downtrend
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
256.15 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.30 |
Satisfactory |
Industrial
Average |
1.63 |
|
Inventory Conversion Period |
96.54 |
|
|
|
|
Inventory Turnover |
3.78 |
Impressive |
Industrial
Average |
3.69 |
|
Receivables Conversion Period |
124.78 |
|
|
|
|
Receivables Turnover |
2.93 |
Impressive |
Industrial
Average |
2.85 |
|
Payables Conversion Period |
17.10 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.93 and
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 87 days at the
end of 2011 to 97 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 4.21 times in year 2011 to 3.78 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.3 times and 1.3
times in 2012 and 2011 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 Uptrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.98 |
|
|
1 |
Rs.101.49 |
|
Euro |
1 |
Rs.84.79 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.