MIRA
INFORM REPORT
|
Report Date : |
07.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
MICROFIBER INDUSTRIES LIMITED |
|
|
|
|
Registered Office : |
54 Moo 12,
Kingkaew Road, Rajathewa,
Bangplee, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
27.09.1971 |
|
|
|
|
Com. Reg. No.: |
0105514005851 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Fiberglass Insulation Products |
|
|
|
|
No. of Employees : |
160 |
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 (31.03.2011) |
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
MICROFIBER INDUSTRIES LIMITED
SUMMARY
BUSINESS
ADDRESS : 54
MOO 12, KINGKAEW
ROAD, RAJATHEWA,
BANGPLEE, SAMUTPRAKARN
10540
TELEPHONE : [66] 2312-4235-7,
2312-4658, 2315-5500-10, 2750-1429
FAX
: [66]
2312-4238, 2312-4654-5
E-MAIL
ADDRESS : insulation@microfiber.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1971
REGISTRATION
NO. : 0105514005851
TAX
ID NO. : 3101058956
CAPITAL REGISTERED : BHT. 80,000,000
CAPITAL PAID-UP : BHT.
80,000,000
SHAREHOLDER’S PROPORTION : THAI :
50.17%
BRITISH :
49.83%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. RATTANA METHAPHAT,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 160
LINES
OF BUSINESS : FIBERGLASS INSULATION
PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on September 27
1971 as a
private limited company
under the name
style MICROFIBER INDUSTRIES
LIMITED, by a joint
investment between Thai
and foreign investor, with the
business objective to
manufacture and market
fiberglass insulation products,
under the trade
name “MICROFIBER” to
both domestic and
overseas markets. It
currently employs approximate 160 staff.
It
was granted a
promotional privilege by
Thailand’s Board of
Investment [BOI].
The
subject’s registered address
was initially located at
Ocean Insurance Building, 175 Sukhumvit 21
Rd., [Asoke], Klongtoeynua,
Wattana, Bangkok 10110.
On
July 9, 2009, the
registered address was
relocated to 54
Moo 12, Kingkaew
Rd., Rajathewa, Bangplee,
Samutprakarn 10540, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Thavee Chaijiraboon |
[x] |
Thai |
85 |
|
Mr. Teera Wongjirachai |
[x] |
Thai |
86 |
|
Mr. Thayuti Sriyuksiri |
[x] |
Thai |
59 |
|
Mrs. Rattana Methaphat |
[x] |
Thai |
56 |
|
Ms. Yueh Chee Amy |
|
British |
74 |
AUTHORIZED PERSON
Any two of
the mentioned directors
[x] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Rattana Methaphat is
the Managing Director.
She is Thai
nationality with the
age of 56
years old.
Mr. Rames Kloy-Eiam is
the Factory Manager.
He is Thai
nationality.
Mr. Apinan Veerasakulwong is
the Sales Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in manufacturing, distributing and exporting
various kinds of fiberglass insulation
products as follows:
·
Fiberglass
blanket & batt type insulation
for thermal & acoustical insulation
and energy conservation,
under the brand
MICROFIBER.
·
Fiberglass
pipe insulation for hot, cold
and chilled water
lines effective in thermal insulation
and energy saving,
under the brand
MICROCOVER.
·
Acoustical
ceiling panels [wall & roof] for
beauty, prestige, comfort
and energy saving,
under the brand
MICROTONE.
·
Roofing
and panel insulation
products for residential,
office building and
factory, under the
brand MICROROOF.
·
Ceiling
board insulation products
under the brand
MICROCEILING.
·
Wall
insulation products under
the brand MICRO
WALL.
·
Duct
wrap for air
conditioning system, under
the brand MICRO
DUCT WRAP, &
MICRO DUCT LINE.
·
Aluminium
foil for UV
protection under the brand
MICROFOIL.
·
Adhesive
glue for windpipe
and insulation products,
under the brand
MICRO
BOND.
- Aluminium
foil tape for
aluminium foil and
surface materials closing
works, under the
brand MICRO TAPE.
- Insulation
pin for air dust,
under the brand
MICRO PIN.
PURCHASE
Raw materials and
components, as well
as machinery are
purchased from suppliers
and agents in
both domestic and
overseas, mainly U.S.A.,
India, Republic of
China, Taiwan and Singapore.
SALES
80% of the products
is sold locally
by wholesale to dealers
and end-users, the
remaining 20% is
exported to Singapore,
Taiwan, Indonesia, Hong
Kong, Korea, Malaysia
and Australia.
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 employs approximately
160 staff.
LOCATION DETAILS
The
premise is rented
for administrative office, factory
and warehouse at the heading
address. Premise is
located in an industrial
area.
COMMENT
The subject was formed
in 1971 as
a manufacturing, marketing and
exporting various kinds
of fiberglass insulation
products for both construction
and industrial sectors.
Since its products
are for prestige, comfort and energy
saving, sales have
gradually improved from demand
of related industries. Growth
is promising in line with industrial expansion.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,500,000 divided
into 35,000 shares
of Bht. 100 each.
The
capital was increased
later as following:
Bht.
10,000,000 on
November 15, 1976
Bht. 15,000,000
on October 21,
1983
Bht. 55,000,000
on June 4,
1986
Bht. 80,000,000
on January 7,
1993
The
latest registered capital
was increased to
Bht. 80,000,000 divided into
800,000 shares of
Bht. 100 each
with fully paid.
MAIN
SHAREHOLDERS : [as
at April 27,
2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Yueh Chee Amy Nationality: British Address : Kao
Loon, Hong Kong |
144,006 |
18.00 |
|
Mr. Viboon Saechua Nationality: Thai Address : 72/2
Ramkhamhaeng 21 Rd.,
Wangthonglang, Bangkok |
120,000 |
15.00 |
|
Ms. Amelia Chua Nationality: British Address : 72/2
Ramkhamhaeng 21 Rd.,
Wangthonglang, Bangkok |
80,000 |
10.00 |
|
Ms. Belinda Chua Nationality: British Address : 72/2
Ramkhamhaeng 21 Rd.,
Wangthonglang, Bangkok |
80,000 |
10.00 |
|
Mr. Thavee Chaijiraboon Nationality: Thai Address : 72/2
Ramkhamhaeng 21 Rd.,
Wangthonglang, Bangkapi,
Bangkok |
62,665 |
7.83 |
|
Mrs. Veena Chaijiraboon Nationality: Thai Address : 72/2
Ramkhamhaeng 21 Rd.,
Wangthonglang, Bangkok |
62,664 |
7.83 |
|
Mr. Thayuti Sriyuksiri Nationality: Thai Address : 8
Sukhumvit 71 Rd.,
Prakanong, Wattana, Bangkok |
37,000 |
4.63 |
|
|
|
|
|
Ms. Ratchanee Sriyuksiri Nationality: Thai Address : 27/72
Sukhumvit 19 Rd.,
Klongtoeynua, Wattana, Bangkok |
37,000 |
4.63 |
|
Mr. Chewa Chua Nationality: British Address : Kao
Loon, Hong Kong
|
31,556 |
3.95 |
|
Fairisle Investment Ltd. Nationality: British Address : Room 1006,
Chiao Shang Building,
10/F., 92-94 Queen’s
Road, Central, Hong
Kong |
31,555 |
3.94 |
|
Mr. Teera Wongjirachai Nationality: Thai Address : 21
Soi Prompak, Sukumvit
Rd.,
Klongtonnua, Wattana, Bangkok |
20,445 |
2.56 |
|
Other Shareholders |
93,109 |
11.63 |
Total Shareholders : 20
Share Structure [as
at April 27,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
12 |
401,327 |
50.17 |
|
Foreign - British |
8 |
398,673 |
49.83 |
|
Total |
20 |
800,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Chaiyakorn
Aoonpitipongsa No. 3196
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
|
88,100,457.45 |
119,948,375.23 |
7,773,131.07 |
|
Short-term Investment |
102,323,032.29 |
56,330,709.47 |
128,704,417.77 |
|
Trade Accounts &
Other Receivable |
102,229,815.17 |
85,331,831.24 |
69,641,851.21 |
|
Inventories |
50,976,887.35 |
44,654,091.80 |
37,097,199.88 |
|
Other Current Assets
|
42,926.76 |
- |
8,635,442.69 |
|
|
|
|
|
|
Total Current Assets
|
343,673,119.02 |
306,265,007.74 |
251,852,042.62 |
|
Long-term Investment - Securities Available for Sale |
87,484,034.30 |
80,123,951.60 |
68,584,285.15 |
|
Fixed Assets |
81,350,803.52 |
97,448,249.66 |
108,171,461.99 |
|
Other Non-current Assets |
2,141,512.34 |
133,431.78 |
220,488.32 |
|
Total Assets |
514,649,469.18 |
483,970,640.78 |
428,828,278.08 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Trade Accounts Payable |
63,727,540.02 |
51,363,992.58 |
36,317,772.30 |
|
Advance Income from Goods |
- |
- |
8,715,832.04 |
|
Assets Payable |
1,620,897.53 |
1,129,534.80 |
986,709.33 |
|
Accrued Income Tax |
10,153,561.90 |
13,428,487.38 |
7,709,494.99 |
|
Other Current Liabilities |
1,624,685.58 |
1,100,466.71 |
14,841,627.40 |
|
|
|
|
|
|
Total Current Liabilities |
77,126,685.03 |
67,022,481.47 |
68,571,436.06 |
|
Reserve for Employee
Benefits |
7,302,995.00 |
- |
- |
|
Total Liabilities |
84,429,680.03 |
67,022,481.47 |
68,571,436.06 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par
value authorized, issued
and fully paid share
capital 800,000 shares |
80,000,000.00 |
80,000,000.00 |
80,000,000.00 |
|
|
|
|
|
|
Capital Paid |
80,000,000.00 |
80,000,000.00 |
80,000,000.00 |
|
Unrealized Gain / [Loss] from Change in Value of
Investment |
- |
- |
24,326,096.24 |
|
Statutory Reserve |
8,000,000.00 |
8,000,000.00 |
8,000,000.00 |
|
Retained Earning -
Unappropriated |
308,852,270.36 |
288,712,977.21 |
247,930,745.78 |
|
Other Components of Shareholders’ Equity |
33,367,518.79 |
40,235,182.10 |
- |
|
Total Shareholders' Equity |
430,219,789.15 |
416,948,159.31 |
360,256,842.02 |
|
Total Liabilities &
Shareholders' Equity |
514,649,469.18 |
483,970,640.78 |
428,828,278.08 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales |
412,218,573.74 |
357,378,165.23 |
307,407,739.14 |
|
Other Income |
|
|
|
|
Gain on Exchange Rate |
- |
2,208,105.37 |
1,090,527.31 |
|
Dividend Income |
2,387,480.00 |
5,187,360.00 |
1,829,175.00 |
|
Interest Income |
4,709,088.31 |
1,728,095.93 |
1,223,130.17 |
|
Unrealized Gain from
Disposal of Investment |
2,739,267.05 |
10,563,867.81 |
166,099.95 |
|
Other |
1,605,532.70 |
1,335,712.45 |
3,676,773.53 |
|
Total Revenues |
423,659,941.80 |
378,401,306.79 |
315,393,445.10 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
310,942,391.49 |
268,953,207.89 |
238,755,324.49 |
|
Selling Expenses |
31,233,584.11 |
28,503,564.99 |
25,880,195.38 |
|
Administrative Expenses |
14,320,179.70 |
11,303,676.15 |
14,784,643.74 |
|
Loss on Exchange Rate |
367,862.21 |
- |
- |
|
Total Expenses |
356,864,017.51 |
308,760,449.03 |
279,420,163.61 |
|
|
|
|
|
|
Profit before Financial Cost
& Income Tax |
66,795,924.29 |
69,640,857.76 |
35,973,281.49 |
|
Financial Cost |
- |
- |
[54,667.87] |
|
Profit before Income
Tax |
66,795,924.29 |
69,640,857.76 |
35,918,613.62 |
|
Income Tax |
[20,017,208.14] |
[19,258,626.33] |
[11,513,663.38] |
|
Net Profit / [Loss] |
46,778,716.15 |
50,382,231.43 |
24,404,950.24 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
4.46 |
4.57 |
3.67 |
|
QUICK RATIO |
TIMES |
3.79 |
3.90 |
3.01 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.07 |
3.67 |
2.84 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.80 |
0.74 |
0.72 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
59.84 |
60.60 |
56.71 |
|
INVENTORY TURNOVER |
TIMES |
6.10 |
6.02 |
6.44 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
90.52 |
87.15 |
82.69 |
|
RECEIVABLES TURNOVER |
TIMES |
4.03 |
4.19 |
4.41 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
74.81 |
69.71 |
55.52 |
|
CASH CONVERSION CYCLE |
DAYS |
75.55 |
78.05 |
83.88 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
75.43 |
75.26 |
77.67 |
|
SELLING & ADMINISTRATION |
% |
11.05 |
11.14 |
13.23 |
|
INTEREST |
% |
- |
- |
0.02 |
|
GROSS PROFIT MARGIN |
% |
27.34 |
30.63 |
24.93 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
16.20 |
19.49 |
11.70 |
|
NET PROFIT MARGIN |
% |
11.35 |
14.10 |
7.94 |
|
RETURN ON EQUITY |
% |
10.87 |
12.08 |
6.77 |
|
RETURN ON ASSET |
% |
9.09 |
10.41 |
5.69 |
|
EARNING PER SHARE |
BAHT |
58.47 |
62.98 |
30.51 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.16 |
0.14 |
0.16 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.20 |
0.16 |
0.19 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
658.03 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
15.35 |
16.26 |
|
|
OPERATING PROFIT |
% |
(4.09) |
93.59 |
|
|
NET PROFIT |
% |
(7.15) |
106.44 |
|
|
FIXED ASSETS |
% |
(16.52) |
(9.91) |
|
|
TOTAL ASSETS |
% |
6.34 |
12.86 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 15.35%. Turnover has increased from THB
357,378,165.23 in 2010 to THB 412,218,573.74 in 2011. While net profit has
decreased from THB 50,382,231.43 in 2010 to THB 46,778,716.15 in 2011. And
total assets has increased from THB 483,970,640.78 in 2010 to THB
514,649,469.18 in 2011.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
27.34 |
Impressive |
Industrial
Average |
20.54 |
|
Net Profit Margin |
11.35 |
Impressive |
Industrial
Average |
2.95 |
|
Return on Assets |
9.09 |
Impressive |
Industrial
Average |
4.10 |
|
Return on Equity |
10.87 |
Impressive |
Industrial
Average |
7.41 |
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 27.34%. 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 11.35%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
9.09%, 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 10.87%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
4.46 |
Impressive |
Industrial
Average |
2.10 |
|
Quick Ratio |
3.79 |
|
|
|
|
Cash Conversion Cycle |
75.55 |
|
|
|
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 4.46 times in 2011, decreased from 4.57 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 3.79 times in 2011,
decreased from 3.9 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 76 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.16 |
Impressive |
Industrial
Average |
0.37 |
|
Debt to Equity Ratio |
0.20 |
Impressive |
Industrial
Average |
0.60 |
|
Times Interest Earned |
- |
|
Industrial
Average |
5.03 |
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 0.16 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
5.07 |
Impressive |
Industrial
Average |
3.84 |
|
Total Assets Turnover |
0.80 |
Acceptable |
Industrial
Average |
1.38 |
|
Inventory Conversion Period |
59.84 |
|
|
|
|
Inventory Turnover |
6.10 |
Impressive |
Industrial
Average |
4.56 |
|
Receivables Conversion Period |
90.52 |
|
|
|
|
Receivables Turnover |
4.03 |
Satisfactory |
Industrial
Average |
4.58 |
|
Payables Conversion Period |
74.81 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.03 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 decreased from 61 days at the
end of 2010 to 60 days at the end of 2011. This represents a positive trend.
And Inventory turnover has increased from 6.02 times in year 2010 to 6.1 times
in year 2011.
The company's Total Asset Turnover is calculated as 0.8 times and 0.74
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.08 |
|
|
1 |
Rs.83.12 |
|
Euro |
1 |
Rs.72.02 |
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.