MIRA
INFORM REPORT
|
Report Date : |
26.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.S.C.
STARCH PRODUCTS PUBLIC
COMPANY LIMITED |
|
|
|
|
Formerly Known as: |
P.S.C Starch
Products Co., Ltd. |
|
|
|
|
Registered Office : |
4th Floor, Aekpailin Tower, 1146/24-25 Moo 5,
Srinakarin Road, North Samrong,
Muang, Samutprakarn 10270 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
11.04.2002 |
|
|
|
|
Com. Reg. No.: |
0107548000102 [Former :
0115545003397] |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
manufacturer of
various kinds of
sweetener products from
tapioca such as liquid
glucose, dextrose solution,
dextrose monohydrate, dextrose
anhydrous, D-sorbitol 70%
solution, hi-fructose tapioca
syrup 42% [HFS 42P], and hi-fructose
tapioca 55% [HFS 55P]. |
|
|
|
|
No. of Employees : |
150 |
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 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
P.S.C. STARCH PRODUCTS
PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 4th FLOOR,
AEKPAILIN TOWER,
1146/24-25 MOO 5,
SRINAKARIN ROAD,
NORTH SAMRONG,
MUANG,
SAMUTPRAKARN 10270
TELEPHONE : [66] 2743-8620-3
FAX :
[66] 2743-8623
E-MAIL
ADDRESS : pscstarch@pscstarch.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0107548000102 [Former
: 0115545003397]
TAX
ID NO. : 3030528032
CAPITAL REGISTERED : BHT. 400,000,000
CAPITAL PAID-UP : BHT.
400,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. SUMOL SEREETHORANAKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 150
LINES
OF BUSINESS : SWEETENERS AND
RELATED 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 originally
established on April
11, 2002 as
a private limited
company under the initially
registered name “P.S.C
Starch Products Co.,
Ltd.” by Thai groups. On
March 10, 2005,
its status was
changed to public
limited company under
the name P.S.C.
STARCH PRODUCTS PUBLIC
COMPANY LIMITED. Its
business objective is to manufacture
and distribute various
kinds of sweetener
products from tapioca.
It currently employs
approximately 150 staff.
The
subject’s registered address
is 4th Flr., Aekpailin Tower,
1146/24-25 Moo 5, Srinakarin
Rd., North Samrong,
Muang, Samutprakarn 10270, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Araya Gampankaew |
|
Thai |
59 |
|
Mr. Sumol Sereethoranakul |
|
Thai |
62 |
|
Mr. Sarun Sereethoranakul |
|
Thai |
32 |
|
Mr. Sirin Sereethoranakul |
|
Thai |
- |
|
Mr. Sarawuth Sereethoranakul |
|
Thai |
30 |
AUTHORIZED PERSON
Any two of the
above directors can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Sumol Sereethoranakul is
the Managing Director.
He is Thai
nationality with the
age of 62
years old.
Ms. Araya Gampankaew is
the Deputy Managing
Director.
She is Thai
nationality with the
age of 59
years old.
Mr. Sarun Sereethoranakul is
the Assistant Managing
Director.
He is Thai
nationality with the
age of 32
years old.
Mr. Sirin Sereethoranakul is
the Assistant Managing
Director.
He is Thai
nationality.
Mr. Pongsan Korwattana is
the Factory Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing various kinds
of sweetener products
from tapioca. Its products
include liquid glucose,
dextrose solution, dextrose
monohydrate, dextrose anhydrous,
D-sorbitol 70% solution,
hi-fructose tapioca syrup 42% [HFS 42P], and
hi-fructose tapioca 55% [HFS
55P].
The subject
is also manufacturing
tapioca starch/cassava starch,
supply to food
& beverage, consumer
and pharmaceutical production
industries, as well
as anhydrous ethanol
95-99.5% for fuel
and hydrous ethanol
95% for industrial
used.
PURCHASE
100%
of raw materials and
related products are
purchased from local
suppliers.
SALES
80% of the
products is sold
locally by wholesale
to manufacturers and
end-users, the remaining
20% is exported
to Japan, Hong Kong, Taiwan,
Indonesia, Singapore and
the countries in
Europe.
RELATED AND AFFILIATED
COMPANIES
Prasertchai [Seng
Heng] Co., Ltd.
Business
Type : Manufacturer
and distributor of
sweetener products
P.S.C. Steeldrums
Co., Ltd.
Business
Type : Manufacturer
and distributor of steel
tanks and drums
P.S.C. Recondrums
Co., Ltd,.
Business Type :
Manufacturer and distributor of steel
tanks
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.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
150 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in provincial,
on the outskirts
of Bangkok.
Factory
and warehouse are
located on approximately
3,520,000 square meters
of land area,
at 999 Nongyai-Borthong Rd.,
T. Nongyai, A. Nongyai, Chonburi
20190.
Tel. : [66] 38 219-698,
38 219-730-4, Fax. : [66] 38 219-719.
COMMENT
Subject
is a manufacturer, distributor and exporter
of sweetener products. The products
are mainly served
to industrial users.
Subject has strong
production capability in order to
serve demand of
the products with
high technology processing.
Subject’s
business performance remains
upbeat as its
products have been
widely used in
various industries. Domestic
sales and exports
also maintain at
good level. Its
business trend is
expanding steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 400,000,000 divided
into 400,000,000 shares
of Bht. 1 each
with fully paid.
MAIN
SHAREHOLDERS : [as
at April 30,
2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sumol Sereethoranakul Nationality: Thai Address : 6/9
Soi Promsri, Klongtonnua, Wattana,
Bangkok |
120,000,000 |
30.00 |
|
Ms. Araya Gampankaew Nationality: Thai Address : 407/39
Moo 5, North
Samrong, Muang,
Samutprakarn |
100,000,000 |
25.00 |
|
Mr. Sarun Sereethoranakul Nationality: Thai Address : 999
Moo 5, T. Nongyai,
A. Nongyai, Chonburi |
61,845,000 |
15.46 |
|
Mr. Sirin Sereethoranakul Nationality: Thai Address : 999
Moo 5, T. Nongyai,
A. Nongyai, Chonburi |
56,000,000 |
14.00 |
|
Mr. Sarawuth Sereethoranakul Nationality: Thai Address : 999
Moo 5, T. Nongyai,
A. Nongyai, Chonburi |
56,000,000 |
14.00 |
|
Mr. Suthera Sereethoranakul Nationality: Thai Address : 299
Moo 2, A. Taiban,
A. Muang, Samutprakarn
|
5,000,000 |
1.25 |
|
Ms. Sunee Gampankaew Nationality: Thai Address : 80/161
Moo 5, T. Taiban, A. Muang, Samutprakarn |
1,000,000 |
0.25 |
|
Others |
155,000 |
0.04 |
Total Shareholders : 15
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
15 |
400,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
15 |
400,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Wuthichai Kraiarnont No.
7573
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2012, 2011
and 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalent |
900,685.95 |
331,036.68 |
4,679,925.03 |
|
Trade Accounts & Other
Receivable |
391,154,570.13 |
349,456,877.49 |
353,402,556.70 |
|
Inventories |
240,001,937.42 |
112,032,649.59 |
115,026,836.64 |
|
Other Current Assets |
110,718,262.27 |
13,107,442.11 |
409,653.46 |
|
|
|
|
|
|
Total Current Assets
|
742,775,455.77 |
474,928,005.87 |
473,518,971.83 |
|
|
|
|
|
|
Fixed Assets |
1,593,720,878.84 |
1,010,541,506.74 |
1,033,644,640.04 |
|
Other Non-current Assets
|
1,465,037.64 |
408,569.44 |
9,160,204.53 |
|
Total Assets |
2,337,961,372.25 |
1,485,878,082.05 |
1,516,323,816.40 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institutions |
908,235,031.10 |
762,497,591.29 |
784,300,496.59 |
|
Trade Accounts & Other Payable |
132,251,443.14 |
95,758,704.48 |
129,707,623.02 |
|
Current Portion of
Long-term Loan from
Financial Institutions |
79,849,999.82 |
84,720,000.00 |
72,371,764.38 |
|
Current Portion of Financial
Lease Contract Liabilities |
5,710,460.64 |
- |
- |
|
Short-term Loan from Person Related |
35,300,000.00 |
24,507,176.44 |
23,704,972.64 |
|
Accrued Income Tax |
1,993,633.66 |
- |
- |
|
Other Current Liabilities |
60,858,895.21 |
287,007.08 |
5,355,294.47 |
|
|
|
|
|
|
Total Current Liabilities |
1,224,199,463.57 |
967,770,479.29 |
1,015,440,151.10 |
|
|
|
|
|
|
Long-term Loan from Financial Institutions, Net |
146,735,300.00 |
217,969,999.82 |
226,649,999.82 |
|
Financial Lease Contract
Liabilities, Net |
13,315,028.57 |
- |
- |
|
Employee Benefits Obligation |
5,299,032.04 |
4,217,331.00 |
- |
|
Total Liabilities |
1,389,548,824.18 |
1,189,957,810.11 |
1,242,090,150.92 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1
par value authorized, issued
and fully paid share
capital 400,000,000 shares |
400,000,000.00 |
400,000,000.00 |
400,000,000.00 |
|
|
|
|
|
|
Capital Paid |
400,000,000.00 |
400,000,000.00 |
400,000,000.00 |
|
Retained Earning Appropriated for Statutory Reserve |
400,000.00 |
400,000.00 |
400,000.00 |
|
Unappropriated |
[23,696,585.60] |
[104,479,728.06] |
[126,166,334.52] |
|
Other Components of Shareholder’s Equity |
571,709,133.67 |
- |
- |
|
Total Shareholders' Equity |
948,412,548.07 |
295,920,271.94 |
274,233,665.48 |
|
Total Liabilities &
Shareholders' Equity |
2,337,961,372.25 |
1,485,878,082.05 |
1,516,323,816.40 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
5,656,870,925.78 |
1,885,471,377.61 |
2,120,381,686.85 |
|
Other Income |
3,036,779.11 |
171,863.51 |
3,840,563.69 |
|
Total Revenues |
5,659,907,704.89 |
1,885,643,241.12 |
2,124,222,250.54 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
5,450,439,489.03 |
1,762,154,975.22 |
2,010,972,069.22 |
|
Selling Expenses |
15,577,658.12 |
13,116,115.84 |
10,916,979.25 |
|
Administrative Expenses |
42,173,565.57 |
20,525,152.24 |
25,757,848.40 |
|
Management Remuneration |
3,345,000.00 |
3,156,000.00 |
2,280,000.00 |
|
Financial Cost |
63,287,419.09 |
61,594,032.36 |
43,580,701.48 |
|
Total Expenses |
5,574,823,131.81 |
1,860,546,275.66 |
2,093,507,598.35 |
|
|
|
|
|
|
Profit / [Loss] before Income Tax |
85,084,573.08 |
25,096,965.46 |
30,714,652.19 |
|
Income Tax |
[10,024,695.78] |
- |
- |
|
Profit / [Loss] before Other Comprehensive |
75,059,877.29 |
25,096,965.46 |
30,714,652.19 |
|
Surplus on revaluation of
land |
257,628,574.00 |
- |
- |
|
Surplus on
revaluation of pitches Ming and
buildings |
319,803,824.84 |
- |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
652,492,276.13 |
25,096,965.46 |
30,714,652.19 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.61 |
0.49 |
0.47 |
|
QUICK RATIO |
TIMES |
0.32 |
0.36 |
0.35 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.55 |
1.87 |
2.05 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.42 |
1.27 |
1.40 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
16.07 |
23.21 |
20.88 |
|
INVENTORY TURNOVER |
TIMES |
22.71 |
15.73 |
17.48 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
25.24 |
67.65 |
60.83 |
|
RECEIVABLES TURNOVER |
TIMES |
14.46 |
5.40 |
6.00 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
8.86 |
19.83 |
23.54 |
|
CASH CONVERSION CYCLE |
DAYS |
32.45 |
71.02 |
58.17 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
96.35 |
93.46 |
94.84 |
|
SELLING & ADMINISTRATION |
% |
1.02 |
1.78 |
1.73 |
|
INTEREST |
% |
1.12 |
3.27 |
2.06 |
|
GROSS PROFIT MARGIN |
% |
3.70 |
6.55 |
5.34 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.50 |
1.33 |
1.45 |
|
NET PROFIT MARGIN |
% |
11.53 |
1.33 |
1.45 |
|
RETURN ON EQUITY |
% |
68.80 |
8.48 |
11.20 |
|
RETURN ON ASSET |
% |
27.91 |
1.69 |
2.03 |
|
EARNING PER SHARE |
BAHT |
1.63 |
0.06 |
0.08 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.59 |
0.80 |
0.82 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.47 |
4.02 |
4.53 |
|
TIME INTEREST EARNED |
TIMES |
1.34 |
0.41 |
0.70 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
200.02 |
(11.08) |
|
|
OPERATING PROFIT |
% |
239.02 |
(18.29) |
|
|
NET PROFIT |
% |
2,499.89 |
(18.29) |
|
|
FIXED ASSETS |
% |
57.71 |
(2.24) |
|
|
TOTAL ASSETS |
% |
57.35 |
(2.01) |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 200.02%. Turnover has increased from THB
1,885,471,377.61 in 2011 to THB 5,656,870,925.78 in 2012. While net profit has
increased from THB 25,096,965.46 in 2011 to THB 652,492,276.13 in 2012. And
total assets has increased from THB 1,485,878,082.05 in 2011 to THB
2,337,961,372.25 in 2012.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.70 |
Deteriorated |
Industrial Average |
141.24 |
|
Net Profit Margin |
11.53 |
Impressive |
Industrial Average |
2.85 |
|
Return on Assets |
27.91 |
Impressive |
Industrial Average |
5.12 |
|
Return on Equity |
68.80 |
Impressive |
Industrial Average |
11.00 |
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 3.7%. 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 11.53%, 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
27.91%, 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 68.8%, 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 : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.61 |
Risky |
Industrial Average |
1.22 |
|
Quick Ratio |
0.32 |
|
|
|
|
Cash Conversion Cycle |
32.45 |
|
|
|
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 0.61 times in 2012, increased from 0.49 times, then the company may not be
efficiently using its current assets. 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 0.32 times in 2012,
decreased from 0.36 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 33 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.59 |
Acceptable |
Industrial Average |
0.48 |
|
Debt to Equity Ratio |
1.47 |
Risky |
Industrial Average |
0.94 |
|
Times Interest Earned |
1.34 |
Impressive |
Industrial Average |
1.25 |
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 1.35 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 0.59 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 Downtrend
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.55 |
Impressive |
Industrial Average |
0.80 |
|
Total Assets Turnover |
2.42 |
Impressive |
Industrial Average |
1.79 |
|
Inventory Conversion Period |
16.07 |
|
|
|
|
Inventory Turnover |
22.71 |
Impressive |
Industrial Average |
8.38 |
|
Receivables Conversion Period |
25.24 |
|
|
|
|
Receivables Turnover |
14.46 |
Impressive |
Industrial Average |
4.01 |
|
Payables Conversion Period |
8.86 |
|
|
|
The company's Account Receivable Ratio is calculated as 14.46 and 5.40 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 23 days at the
end of 2011 to 16 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 15.73 times in year 2011 to 22.71
times in year 2012.
The company's Total Asset Turnover is calculated as 2.42 times and 1.27
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 Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.94 |
|
UK Pound |
1 |
Rs.90.48 |
|
Euro |
1 |
Rs.77.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.