MIRA
INFORM REPORT
|
Report Date : |
01.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
FAMELINE PRODUCTS CO., LTD. |
|
|
|
|
Registered Office : |
72/17 Moo 3, Tepharuk Road, Bangpleeyai, Bangplee, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
17.07.1998 |
|
|
|
|
Com. Reg. No.: |
0115541002710 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor & Exporter of Metal Ceiling & Cladding 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 : |
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
FAMELINE
PRODUCTS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 72/17
MOO 3, TEPHARUK
ROAD,
BANGPLEEYAI, BANGPLEE,
SAMUTPRAKARN 10540,
THAILAND
TELEPHONE : [66] 2755-3641-4
FAX :
[66] 2755-3664
E-MAIL
ADDRESS : info@fameline.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1998
REGISTRATION
NO. : 0115541002710 [Former :
SOR POR. 8416]
TAX
ID NO. : 3271161890
CAPITAL REGISTERED : BHT. 81,575,000
CAPITAL PAID-UP : BHT.
81,575,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
BANYAD VICHITPRAPAI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 200
LINES
OF BUSINESS : METAL
CEILING & CLADDING
PRODUCTS
MANUFACTURER, 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 July
17, 1998 as
a private limited
company under the
name style FAMELINE
PRODUCTS CO., LTD.,
by Thai group,
Vichitprapai family, with
the business objective
to manufacture metal
ceiling and cladding
products to both
local and overseas
markets. It currently
employs approximately 200
staff.
The subject is
one of the
most well-known metal
ceiling manufacturers in
Thailand, which achieved
ISO 9001 certification
by AJA EQS
[England].
The subject’s registered
address is 72/17
Moo 3, Tepharuk
Rd., Bangpleeyai, Bangplee,
Samutprakarn 10540, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Banyad Vichitprapai |
Thai |
47 |
|
Mr. Bandit Vichitprapai |
Thai |
41 |
AUTHORIZED PERSON
Both of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Banyad Vichitprapai is
the Managing Director.
He is Thai
nationality with the
age of 47 years old.
Mr. Bandit Vichitprapai is
the Deputy Managing
Director & Factory
Manager.
He is Thai
nationality with the
age of 41
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and servicing variety
of Metal Ceiling,
Sun Louver & Grilles, Façade Cladding,
Aluminium Composite, Tension
Membrane and Coil
Coating.
The subject also
provides design, installation
and maintenance services
for the products.
The completed projects:
- Bangkok Mass
Transit System Public
Co., Ltd. [BTS]
- Modernform Tower
- Malaysia Embassy
- CAT Telecom
Public Co., Ltd.
- Mass Rapid
Transit Authority of
Thailand [MRTA]
- Suvarnabhumi Airport
MAJOR BRANDS
“FAMELINE”, “KNAUF”, “ALTEX”
PURCHASE
90% of raw
materials such as
aluminium sheet, paint
and chemical are
purchased from local
suppliers, and the
remaining 10% is
imported from Germany,
Singapore, Taiwan, Japan
and Republic of
China.
MAJOR SUPPLIERS
Muang Thong Aluminium
Industry Co., Ltd.
: Thailand
Ow Hieb Seng
Chieng Ngow Kim
Ltd. :
Thailand
SALES [LOCAL]
80% of its
products is sold
locally to contractors,
wholesalers and end-users.
EXPORT [COUNTRY]
20% of its
products is also
exported to Hong Kong,
Republic of China,
Brunei,
Vietnam, Singapore, India,
Malaysia and Taiwan.
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 30-60-90 days.
Local bills are
paid by cash or on
the credits term
of 30-60-90 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Kasikornbank Public Co., Ltd.
[Head Office :
1 Kasikorn Lane, Rajburana Rd., Rajburana,
Bangkok]
United Overseas Bank
[Thai] Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 200 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
owned for administrative office
on 6,400 sq.m.
of area at
the heading address.
Premise is located
in industrial area.
Factories:
Factory I : 48/9 Moo
2, Panthong-Bankao Rd.,
T. Bankao, A. Panthong,
Chonburi 20160. Tel.:
[66] 38 156-031-4
Factory II : 48/7 Moo
2, Panthong-Bankao Rd.,
T. Bankao, A. Panthong,
Chonburi 20160. Tel.:
[66] 38 156-031-4
Remark:
Factory I was
relocated from 72/17
Moo 3, Tepharuk
Rd., Bangpleeyai, Bangplee,
Samutprakarn 10540, to
the current address
in March 2012.
COMMENT
The subject
is an ISO9001
certified company, and
is well-known as
one of leading
metal ceiling manufacturers
in Thailand. It manufactures
the ultimately advanced
ceiling panel which
was designed for
universal applicability to every
type of worldwide
buildings. The products
are available in various
shapes, styles and
models in order
to suit building’s demand and any architect’s imagination.
The subject’s operating performance
in 2011 was
outstanding, and its
business trend is
expanding steadily.
FINANCIAL INFORMATION
The capital was
registered at Bht. 15,000,000 divided
into 15,000 shares
of Bht. 1,000
each.
The capital was
increased later as
follows :
Bht. 25,000,000 on December
23, 1999
Bht. 40,000,000 on October
19, 2007
Bht. 81,575,000 on October
10, 2011
The latest registered
capital was increased
to Bht. 81,575,000 divided
into 81,575 shares
of Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Somboon Vichitprapai Nationality: Thai Address : 14
Pattanakarn 54 Rd.,
Suanluang, Bangkok |
15,133 |
18.56 |
|
Mr. Bancha Vichitprapai Nationality: Thai Address : 14
Pattanakarn 54 Rd.,
Suanluang, Bangkok |
12,556 |
15.39 |
|
Mr. Bancherd Vichitprapai Nationality: Thai Address : 14
Pattanakarn 54 Rd.,
Suanluang, Bangkok |
12,556 |
15.39 |
|
Mr. Banyad Vichitprapai Nationality: Thai Address : 14
Pattanakarn 54 Rd.,
Suanluang, Bangkok |
12,556 |
15.39 |
|
Mr. Bandit Vichitprapai Nationality: Thai Address : 14
Pattanakarn 54 Rd.,
Suanluang, Bangkok |
12,556 |
15.39 |
|
Mrs. Siriwan Vichitprapai Nationality: Thai Address : 14
Pattanakarn 54 Rd.,
Suanluang, Bangkok |
9,373 |
11.49 |
|
Ms. Plewrung Vichitprapai Nationality: Thai Address : 14
Pattanakarn 54 Rd.,
Suanluang, Bangkok |
3,613 |
4.43 |
|
Mrs. Sermsiri Keetamekin Nationality: Thai Address : 212/179
Moo 6, Srinakarn Rd.,
Praves, Bangkok |
1,616 |
1.98 |
|
Mr. Meechai Saksriyuthana Nationality: Thai Address : 1914
Chan Rd., Tungwatdon,
Sathorn, Bangkok |
1,616 |
1.98 |
Total Shareholders : 9
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
9 |
81,575 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
9 |
81,575 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Jumaree Satiya
No. 5941
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
8,731,982.98 |
1,695,386.78 |
46,884.55 |
|
Trade Accounts & Other Receivable |
185,080,209.54 |
61,337,137.09 |
62,291,931.54 |
|
Short-term Lending to Related Company |
234,170.36 |
109,096.20 |
- |
|
Raw Material and
Inventories |
185,680,214.12 |
122,535,235.54 |
120,208,315.73 |
|
Other Current Assets |
- |
- |
4,438,264.14 |
|
|
|
|
|
|
Total Current Assets
|
379,726,577.00 |
185,676,855.61 |
186,985,395.96 |
|
|
|
|
|
|
Fixed Assets |
187,752,404.75 |
70,931,215.96 |
53,378,842.27 |
|
Other Long-term Investment |
3,459,741.44 |
699,866.20 |
- |
|
Other Non-current Assets |
18,185,705.50 |
11,385,462.16 |
7,006,760.37 |
|
Total Assets |
589,124,428.69 |
268,693,399.93 |
247,370,998.60 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Bank Overdraft from Financial Institutions |
119,108,910.09 |
72,417,226.61 |
45,638,569.29 |
|
Trade Accounts & Other
Payable |
133,641,023.73 |
57,384,264.40 |
66,468,828.94 |
|
Current Portion of Liabilities |
7,865,539.26 |
986,770.28 |
1,034,669.54 |
|
Accrued Income Tax |
1,692,155.19 |
1,302,205.07 |
14,422,966.26 |
|
|
|
|
|
|
Total Current Liabilities |
262,307,628.27 |
132,090,466.36 |
127,565,034.03 |
|
Long-term Loan from Related Person |
170,165,979.44 |
69,419,436.76 |
53,403,916.76 |
|
Employee’s Benefit Obligation |
5,960,000.00 |
5,960,000.00 |
- |
|
Other Long-term Loan |
13,836,436.78 |
3,741,509.93 |
1,918,516.13 |
|
Total Liabilities |
452,270,044.49 |
211,211,413.05 |
182,887,466.92 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
value authorized, issued
and fully paid share
capital 81,575 shares
in 2011;
40,000 shares in
2010 & 2009 respectively |
81,575,000.00 |
40,000,000.00 |
40,000,000.00 |
|
|
|
|
|
|
Capital Paid |
81,575,000.00 |
40,000,000.00 |
40,000,000.00 |
|
Premium on Share Capital |
33,704,248.17 |
- |
- |
|
Retained Earning - Unappropriated |
21,575,136.03 |
17,481,986.88 |
24,483,531.68 |
|
Total Shareholders' Equity |
136,854,384.20 |
57,481,986.88 |
64,483,531.68 |
|
Total Liabilities &
Shareholders' Equity |
589,124,428.69 |
268,693,399.93 |
247,370,998.60 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales |
420,741,937.92 |
225,863,150.17 |
164,521,119.71 |
|
Services Income |
11,504,940.90 |
23,296,718.02 |
15,047,008.52 |
|
Other Income |
6,772,656.01 |
3,656,515.70 |
754,767.68 |
|
Total Revenues |
439,019,534.83 |
252,816,383.89 |
180,322,895.91 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
368,017,562.36 |
204,447,058.62 |
144,301,768.61 |
|
Selling Expenses |
9,764,699.73 |
6,298,723.22 |
3,555,553.04 |
|
Administrative Expenses |
49,555,122.16 |
38,878,397.21 |
25,757,599.28 |
|
Total Expenses |
427,337,384.25 |
249,624,179.05 |
173,614,920.93 |
|
|
|
|
|
|
Profit / Loss] before Financial Costs & Income Tax Expenses |
11,682,150.58 |
3,192,204.84 |
6,707,974.98 |
|
Financial Costs |
[3,830,894.50] |
[1,154,376.29] |
[1,033,151.22] |
|
|
|
|
|
|
Profit / [Loss] before Income Tax |
7,851,256.08 |
2,037,828.55 |
5,674,823.76 |
|
Income Tax Expenses |
[3,758,106.93] |
[2,957,283.34] |
[1,780,880.77] |
|
Net Profit / [Loss] |
4,093,149.15 |
[919,454.79] |
3,893,942.99 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.45 |
1.41 |
1.47 |
|
QUICK RATIO |
TIMES |
0.74 |
0.48 |
0.49 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.30 |
3.51 |
3.36 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.73 |
0.93 |
0.73 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
184.16 |
218.76 |
304.06 |
|
INVENTORY TURNOVER |
TIMES |
1.98 |
1.67 |
1.20 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
156.29 |
89.85 |
126.62 |
|
RECEIVABLES TURNOVER |
TIMES |
2.34 |
4.06 |
2.88 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
132.55 |
102.45 |
168.13 |
|
CASH CONVERSION CYCLE |
DAYS |
207.90 |
206.17 |
262.55 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
85.14 |
82.05 |
80.36 |
|
SELLING & ADMINISTRATION |
% |
13.72 |
18.13 |
16.32 |
|
INTEREST |
% |
0.89 |
0.46 |
0.58 |
|
GROSS PROFIT MARGIN |
% |
16.43 |
19.41 |
20.06 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.70 |
1.28 |
3.74 |
|
NET PROFIT MARGIN |
% |
0.95 |
(0.37) |
2.17 |
|
RETURN ON EQUITY |
% |
2.99 |
(1.60) |
6.04 |
|
RETURN ON ASSET |
% |
0.69 |
(0.34) |
1.57 |
|
EARNING PER SHARE |
BAHT |
50.18 |
(22.99) |
97.35 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.77 |
0.79 |
0.74 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.30 |
3.67 |
2.84 |
|
TIME INTEREST EARNED |
TIMES |
3.05 |
2.77 |
6.49 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
73.48 |
38.76 |
|
|
OPERATING PROFIT |
% |
265.96 |
(52.41) |
|
|
NET PROFIT |
% |
545.17 |
(123.61) |
|
|
FIXED ASSETS |
% |
164.70 |
32.88 |
|
|
TOTAL ASSETS |
% |
119.26 |
8.62 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 73.48%. Turnover has increased from THB
249,159,868.19 in 2010 to THB 432,246,878.82 in 2011. While net profit has
increased from THB -919,454.79 in 2010 to THB 4,093,149.15 in 2011. And total
assets has increased from THB 268,693,399.93 in 2010 to THB 589,124,428.69 in
2011.
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
16.43 |
Impressive |
Industrial
Average |
11.02 |
|
Net Profit Margin |
0.95 |
Satisfactory |
Industrial
Average |
1.05 |
|
Return on Assets |
0.69 |
Deteriorated |
Industrial
Average |
2.11 |
|
Return on Equity |
2.99 |
Acceptable |
Industrial
Average |
5.65 |
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 16.43%. 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 0.95%.
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 0.69%.
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 2.99%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.45 |
Satisfactory |
Industrial
Average |
1.58 |
|
Quick Ratio |
0.74 |
|
|
|
|
Cash Conversion Cycle |
207.90 |
|
|
|
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 1.45 times in 2011, increased from 1.41 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.74 times in 2011,
increased from 0.48 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 208 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.77 |
Acceptable |
Industrial
Average |
0.60 |
|
Debt to Equity Ratio |
3.30 |
Risky |
Industrial
Average |
1.62 |
|
Times Interest Earned |
3.05 |
Impressive |
Industrial
Average |
1.70 |
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 3.05 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 0.77 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 |
2.30 |
Deteriorated |
Industrial
Average |
6.74 |
|
Total Assets Turnover |
0.73 |
Deteriorated |
Industrial
Average |
1.99 |
|
Inventory Conversion Period |
184.16 |
|
|
|
|
Inventory Turnover |
1.98 |
Deteriorated |
Industrial
Average |
5.00 |
|
Receivables Conversion Period |
156.29 |
|
|
|
|
Receivables Turnover |
2.34 |
Acceptable |
Industrial
Average |
4.64 |
|
Payables Conversion Period |
132.55 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.34 and 4.06 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 decreased from 219 days at the end of 2010 to
184 days at the end of 2011. This represents a positive trend. And Inventory
turnover has increased from 1.67 times in year 2010 to 1.98 times in year 2011.
The company's Total Asset Turnover is calculated as 0.73 times and 0.93
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.53.29 |
|
|
1 |
Rs.84.22 |
|
Euro |
1 |
Rs.72.23 |
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.