MIRA INFORM REPORT
|
Report Date : |
02.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
DAILY FOODS CO., LTD. |
|
|
|
|
Registered Office : |
D.F. Building, 76 Rimklongsaensab Road Bangkapi, Huaykwang, Bangkok 10310 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
02.06.1972 |
|
|
|
|
Com. Reg. No.: |
0105515003453 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Importer, Distributor and Exporter of Food Products |
|
|
|
|
No. of Employees : |
350 |
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 – 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 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
DAILY
FOODS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : D.F.
BUILDING, 76 RIMKLONGSAENSAB ROAD,
BANGKAPI, HUAYKWANG,
BANGKOK 10310,
THAILAND
TELEPHONE : [66] 2716-8070,
2716-8151-3
FAX :
[66] 2716-8087-8
E-MAIL
ADDRESS : info@dailyfoods.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1972
REGISTRATION
NO. : 0105515003453
TAX
ID NO. : 3101014181
CAPITAL REGISTERED : BHT. 200,000,000
CAPITAL PAID-UP : BHT.
200,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
VORAWAT PATIMAVIRUJ, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 350
LINES
OF BUSINESS : FOOD
PRODUCTS
MANUFACTURER, IMPORTER,
DISTRIBUTOR
AND 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 June
5, 1972 as
a private limited
company under the name
style DAILY FOODS
CO., LTD., by
Thai group, the
Patimaviruj family, with
the initial business
objective to manufacture a
re-combined butter named “Dannie”. Later,
the products was
expanded to others, e.g.
the “Jumbo A” 100% of
natural fruit juices.
At the present,
subject becomes a
manufacturer, importer, wholesaler and retailer
wide range of
food products to
both domestic and
international markets. It
currently employs approximately
350 staff.
The subject’s registered
address is D.F.
Building, 76 Rimklongsaensab Rd.,
Bangkapi, Huaykwang, Bangkok
10310, and this
is the company’s current
operation address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vorawat Patimaviruj |
|
Thai |
78 |
|
Mrs. Patima Patimaviruj |
|
Thai |
66 |
|
Mr. Ithipol Patimaviruj |
[x] |
Thai |
44 |
|
Mr. Patiwat Patimaviruj |
[x] |
Thai |
38 |
AUTHORIZED PERSON
Only Mr. Vorawat Patimaviruj
can sign or
both of the
mentioned directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Vorawat Patimaviruj
is the Managing Director.
He is Thai
nationality with the
age of 78
years old.
Mr. Patiwat Patimaviruj is the
Deputy Managing Director.
He is Thai
nationality with the
age of 38
years old.
Mr. Ithipol Patimaviruj
is the General
Manager.
He is Thai
nationality with the
age of 44
years old.
Mrs. Patima Patimaviruj
is the Deputy
Managing Director &
Account Manager.
She is Thai
nationality with the
age of 66
years old.
Mr. Pornsaeng Kanusenee
is the Factory
Manager.
He is Thai
nationality.
Mr. Wuthipong is
the Maintenance Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject’s activities
are manufacturer, contractor
and marketing wide
range of food
and beverage products such as sweetened
condensed milk and
creamers, natural fruit
juices, butter, cheese
and etc., as
well as canned
vegetables, tomatoes products,
corn products, syrup,
and other customized
products such as
Chutney products for
Japanese market, Pizza-based
sauce for local pizza
chains restaurant and etc.,
as well as
food supplies, e.g.
food wrappings and
paper doily.
The subject also
imports various kinds
of food products,
such as butter,
food oil, cheese,
lump caviar fish,
olive oil and
etc. from different
sources for local
customers. There are
currently over hundred
items of the
products and served
to food service
sector, catering businesses,
bakery industry, airline
groups and contract
packers.
BRAND NAMES
Own
brands : “DANNIE”,
“JUMBO”,
“JUMBO A”, “S I S”
Customer’s
brands : “PALACE”, “SUNBIRD”,
“TALLEY’ IQF”, “GIRALDA” & etc.
IMPORT [COUNTRIES]
80% of raw
materials and finished
products such as
butter oil, cheese
& concentrate [flavor]
are imported from United
States of America,
Denmark, Australia, Italy,
New Zealand, Germany, United
Kingdom and Spain.
MAJOR SUPPLIERS
Talley’s Group Limited : New
Zealand
Mozzarella Company : Denmark
SALES [LOCAL]
The products are
sold locally to
wholesalers.
EXPORT [COUNTRIES]
Some of the products
are exported to Hong Kong, Japan,
Korea, Republic of China, Malaysia,
Philippines, Indonesia, Taiwan,
Singapore, India and
United States of
America.
MAJOR CUSTOMERS
Hotel, Restaurant, Supermarket
and Department Store.
SUBSIDIARIES
& AFFILIATED COMPANIES
|
Company |
Country |
Line of
Business |
|
Silver Mark Co., Ltd. |
Thailand |
Local sales office for
other food items |
|
Siam Merchandise LP |
Thailand |
Importer of raw materials
& machineries |
|
Daily Plus Co., Ltd. |
Thailand |
Local sales office
for Tetra-Pak Juice |
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 on the
credits term of
45-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
The Siam Commercial
Bank Public Co., Ltd.
[Head Office
: 9 Ratchadapisek
Road, Ladyao, Jatujak,
Bangkok]
Bangkok Bank Public
Co., Ltd.
[Bangkapi Branch :
Sukhumvit Rd., Klongtonnua,
Wattana, Bangkok]
United Overseas Bank
[Thai] Public Co.,
Ltd.
[Head office :
191 South Sathorn
Rd., Sathorn, Bangkok]
EMPLOYMENT
The subject employs
approximately 350 office
staff and factory
workers.
LOCATION DETAILS
The premise is
owned for operating
administrative office at
the heading address.
Premises is located
in commercial/residential area.
Factory I
: Bangchan Industrial Estate,
9/3 Sereethai Road,
Bungkum, Bangkok 10230,
on 9,600
sq.m. of area.
Tel : [66]
2517-1310, Fax :
[66] 2517-1311.
Factory II : 100/2 Moo
4, Sereethai Road,
Kannayao, Bungkum, Bangkok
10230.
COMMENT
The subject has been firmly established
for 41 years and
has long experience in
supplying food products to both local and overseas
markets. Demand of canned
vegetables, tomato, corn, syrups and other customized products have significantly grown with
overwhelming from the
markets. More than hundred
items of subject’s products serve
enormous groups of
customers, such as food
service sector, catering
businesses, bakery industries,
airlines groups and
contract packers.
Its business remains
solid and expanding
steadily.
FINANCIAL INFORMATION
The capital was
registered at Bht.
2,000,000 divided into 1,000
shares of Bht.
2,000 each.
The capital was
increased later as
followings :
Bht. 3,500,000
on October 15,
1982
Bht. 15,000,000
on August 18, 1 992
Bht. 70,000,000
on July 8,
1999
Bht. 120,000,000 on
September 11, 2003
Bht. 200,000,000 on
November 18, 2005
The latest registered capital was
increased to Bht. 200,000,000 divided into 100,000
shares of Bht. 2,000
each with fully
paid.
MAIN SHAREHOLDERS : [as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Patiwat Patimaviruj Nationality: Thai Address : 1/1-2
Sukhumvit 43 Rd.,
Klongtonnua, Wattana, Bangkok |
51,400 |
51.40 |
|
Mr. Ithipol Patimaviruj Nationality: Thai Address :
1/1-2 Sukhumvit 43
Rd.,
Klongtonnua, Wattana, Bangkok |
41,200 |
41.20 |
|
Mrs. Patima Patimaviruj Nationality: Thai Address : 1/1-2
Sukhumvit 43 Rd.,
Klongtonnua,
Wattana, Bangkok |
6,900 |
6.90 |
|
Ms. Booonthrik Patimaviruj Nationality: Thai Address : 236
Charoenveang Rd., Silom,
Bangrak, Bangkok |
100 |
0.10 |
|
Ms. Kasama Patimaviruj Nationality: Thai Address : 236
Charoenveang Rd., Silom,
Bangrak, Bangkok |
100 |
0.10 |
|
Other Shareholders |
300 |
0.30 |
Total Shareholders : 12
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
12 |
100,000 |
100.00 |
|
Foreigner |
- |
- |
- |
|
Total |
12 |
100,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sawat Mekha-apirak
No. 4262
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 |
939,172.04 |
15,516,547.39 |
950,663.47 |
|
Trade Accounts & Notes
Receivable |
149,017,848.05 |
185,957,011.78 |
150,854,976.27 |
|
Inventories |
378,524,268.75 |
438,059,316.85 |
359,344,562.20 |
|
Other Current Assets
|
75,285,347.45 |
60,041,644.59 |
53,117,853.49 |
|
Total Current Assets
|
603,766,636.29 |
699,574,520.61 |
564,268,055.43 |
|
Long-term Investment |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
Fixed Assets |
281,782,512.42 |
294,151,206.73 |
361,586,427.53 |
|
Other Non-current Assets |
3,197,340.86 |
3,197,340.86 |
3,197,340.86 |
|
Total Assets |
891,746,489.57 |
999,923,068.20 |
932,051,823.82 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
360,028,988.11 |
384,760,129.10 |
437,191,979.73 |
|
Trade Accounts & Notes
Payable |
239,922,450.20 |
323,116,994.55 |
163,436,578.69 |
|
Current Portion of
Financial Lease Contract Liabilities |
864,000.00 |
864,000.00 |
- |
|
Accrued Income Tax |
1,289,626.96 |
1,867,080.67 |
|
|
Other Current Liabilities |
7,028,290.59 |
9,742,394.82 |
9,240,189.38 |
|
Total Current Liabilities |
609,133,355.86 |
720,350,599.14 |
609,868,747.80 |
|
Long-term Loan |
- |
- |
44,160,833.17 |
|
Financial Lease Contract Liabilities, Net of
Current Portion |
3,252,631.36 |
4,018,343.14 |
5,598,067.94 |
|
Total Liabilities |
612,385,987.22 |
724,368,942.28 |
659,627,648.91 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 2,000
par value authorized, issued
and fully paid share
capital 100,000 shares |
200,000,000.00 |
200,000,000.00 |
200,000,000.00 |
|
Capital Paid |
200,000,000.00 |
200,000,000.00 |
200,000,000.00 |
|
Retained Earning -
Unappropriated |
79,360,502.35 |
75,554,125.92 |
72,424,174.91 |
|
Total Shareholders' Equity |
279,360,502.35 |
275,554,125.92 |
272,424,174.91 |
|
Total Liabilities &
Shareholders' Equity |
891,746,489.57 |
999,923,068.20 |
932,051,823.82 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales |
1,836,695,740.99 |
1,175,843,839.23 |
1,123,426,316.96 |
|
Other Income |
16,669,825.58 |
9,910,474.35 |
13,405,147.74 |
|
Total Revenues |
1,853,365,566.57 |
1,185,754,313.58 |
1,136,831,464.70 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,774,109,801.75 |
1,097,613,366.22 |
1,043,378,425.14 |
|
Selling Expenses |
14,380,198.50 |
17,258,069.29 |
26,892,125.56 |
|
Administrative Expenses |
37,923,553.74 |
45,834,901.63 |
38,601,768.38 |
|
Total Expenses |
1,826,413,553.99 |
1,160,706,337.14 |
1,108,872,319.08 |
|
Profit / [Loss] before Financial Cost & Income Tax |
26,952,012.58 |
25,047,976.44 |
27,959,145.62 |
|
Financial Cost |
[19,422,239.21] |
[17,533,348.58] |
[17,910,893.70] |
|
Income Tax |
[3,723,396.94] |
[4,384,676.85] |
[4,850,983.72] |
|
Net Profit / [Loss] |
3,806,376.43 |
3,129,951.01 |
5,197,268.20 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.99 |
0.97 |
0.93 |
|
QUICK RATIO |
TIMES |
0.25 |
0.28 |
0.25 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.52 |
4.00 |
3.11 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.06 |
1.18 |
1.21 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
77.88 |
145.67 |
125.71 |
|
INVENTORY TURNOVER |
TIMES |
4.69 |
2.51 |
2.90 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
29.61 |
57.72 |
49.01 |
|
RECEIVABLES TURNOVER |
TIMES |
12.33 |
6.32 |
7.45 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
49.36 |
107.45 |
57.17 |
|
CASH CONVERSION CYCLE |
DAYS |
58.13 |
95.95 |
117.55 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
96.59 |
93.35 |
92.87 |
|
SELLING & ADMINISTRATION |
% |
2.85 |
5.37 |
5.83 |
|
INTEREST |
% |
1.06 |
1.49 |
1.59 |
|
GROSS PROFIT MARGIN |
% |
4.32 |
7.50 |
8.32 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.47 |
2.13 |
2.49 |
|
NET PROFIT MARGIN |
% |
0.21 |
0.27 |
0.46 |
|
RETURN ON EQUITY |
% |
1.36 |
1.14 |
1.91 |
|
RETURN ON ASSET |
% |
0.43 |
0.31 |
0.56 |
|
EARNING PER SHARE |
BAHT |
38.06 |
31.30 |
51.97 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.69 |
0.72 |
0.71 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.19 |
2.63 |
2.42 |
|
TIME INTEREST EARNED |
TIMES |
1.39 |
1.43 |
1.56 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
56.20 |
4.67 |
|
|
OPERATING PROFIT |
% |
7.60 |
(10.41) |
|
|
NET PROFIT |
% |
21.61 |
(39.78) |
|
|
FIXED ASSETS |
% |
(4.20) |
(18.65) |
|
|
TOTAL ASSETS |
% |
(10.82) |
7.28 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 56.2%. Turnover has increased from THB
1,175,843,839.23 in 2011 to THB 1,836,695,740.99 in 2012. While net profit has
increased from THB 3,129,951.01 in 2011 to THB 3,806,376.43 in 2012. And total
assets has decreased from THB 999,923,068.20 in 2011 to THB 891,746,489.57 in
2012.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
4.32 |
Acceptable |
Industrial
Average |
7.33 |
|
Net Profit Margin |
0.21 |
Deteriorated |
Industrial
Average |
4.42 |
|
Return on Assets |
0.43 |
Deteriorated |
Industrial
Average |
10.77 |
|
Return on Equity |
1.36 |
Deteriorated |
Industrial
Average |
20.95 |
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 4.32%. 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 0.21%.
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 0.43%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is 1.36%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.99 |
Risky |
Industrial
Average |
1.63 |
|
Quick Ratio |
0.25 |
|
|
|
|
Cash Conversion Cycle |
58.13 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's figure
is 0.99 times in 2012, increased from 0.97 times, then the company may have
problems meeting its short-term obligations. When compared with the industry
average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.25 times in 2012,
decreased from 0.28 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 59 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.69 |
Acceptable |
Industrial
Average |
0.42 |
|
Debt to Equity Ratio |
2.19 |
Risky |
Industrial
Average |
0.64 |
|
Times Interest Earned |
1.39 |
Deteriorated |
Industrial
Average |
6.57 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the shareholders
have committed. A lower the percentage means that the company is using less
leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 1.39 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 0.69 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.52 |
Impressive |
Industrial
Average |
1.87 |
|
Total Assets Turnover |
2.06 |
Satisfactory |
Industrial
Average |
2.54 |
|
Inventory Conversion Period |
77.88 |
|
|
|
|
Inventory Turnover |
4.69 |
Acceptable |
Industrial
Average |
7.27 |
|
Receivables Conversion Period |
29.61 |
|
|
|
|
Receivables Turnover |
12.33 |
Impressive |
Industrial
Average |
6.49 |
|
Payables Conversion Period |
49.36 |
|
|
|
The company's Account Receivable Ratio is calculated as 12.33 and 6.32 in
2012 and 2011 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 2012
increased from 2011. This would suggest the company had good performance 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 146 days at the
end of 2011 to 78 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 2.51 times in year 2011 to 4.69 times
in year 2012.
The company's Total Asset Turnover is calculated as 2.06 times and 1.18
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 Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.14 |
|
|
1 |
Rs.90.05 |
|
Euro |
1 |
Rs.77.06 |
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.