MIRA INFORM REPORT
|
Report Date : |
27.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
TRIUMPH
MOTORCYCLES [THAILAND] LTD. |
|
|
|
|
Registered Office : |
700/801 Moo 1, Amata Nakorn Industrial Estate, T. Panthong, A. Panthong, Chonburi 20160 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
15.05.2001 |
|
|
|
|
Com. Reg. No.: |
0115544003431 [Former : SOR
POR. 10436] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
manufacturer
and exporter of motorcycle
parts |
|
|
|
|
No. of Employees : |
900 |
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
TRIUMPH MOTORCYCLES [THAILAND]
LTD.
SUMMARY
BUSINESS
ADDRESS : 700/801 MOO 1,
AMATA NAKORN INDUSTRIAL ESTATE,
T.
PANTHONG, A. PANTHONG,
CHONBURI 20160
TELEPHONE : [66] 38
469-800
FAX :
[66] 38
454-033
E-MAIL
ADDRESS : jurirach.l@triumph.co.uk
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2001
REGISTRATION
NO. : 0115544003431 [Former
: SOR POR.
10436]
TAX
ID NOP. : 3030290564
CAPITAL REGISTERED : BHT. 1,175,000,000
CAPITAL PAID-UP : BHT.
1,175,000,000
SHAREHOLDER’S PROPORTION : BRITISH :
100%
FISCAL YEAR CLOSING DATE : JUNE
30
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
JAMIE LOOKER, BRITISH
MANAGING DIRECTOR
NO.
OF STAFF : 900
LINES
OF BUSINESS : MOTORCYCLE PARTS
MANUFACTURER AND
EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on May
15, 2001 as
a private limited
company under the
name style TRIUMPH MOTORCYCLES [THAILAND] LTD. by
British group. The subject
was granted a
promotional privilege from
Board of Investment
[BOI] for its
production process. It
currently employs approximately
900 staff.
It is a
subsidiary of TRIUMPH
MOTORCYCLES [OVERSEAS] LIMITED,
United Kingdom, initially manufacture
motorcycle parts for
export markets.
The subject’s registered
address was initially
located on 27th Floor, Bangkok City Tower,
179/114-116 South Sathorn Rd.,
Tungmahamek, Sathorn, Bangkok 10120.
Later the subject’s registered
address was relocated to 700/485 Moo 2, Amata Nakorn Industrial Estate, T.
Bankao, A. Panthong, Chonburi
20160.
On March 22,
2012, its registered
address was finally
relocated to 700/801
Moo 1, Amata
Nakorn Industrial Estate,
T. Panthong, A. Panthong, Chonburi
20160, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. John Stuart
Bloor |
|
British |
69 |
|
Mr. John Lambert
Eastham |
|
British |
61 |
|
Mr. Dine Shkumar Ishwerlal Khushalbhai Mehta |
|
British |
61 |
|
Mr. Stephen John
Sargent |
|
British |
44 |
|
Mrs. Somporn Juangroongruangkit |
|
Thai |
63 |
|
Ms. Jurirach Likhitangsuvat |
[x] |
Thai |
51 |
|
Mr. Mark Fensome |
[x] |
British |
56 |
|
Mr. Garry George Clarke |
|
British |
53 |
|
Mr. Peter John Coates |
|
British |
53 |
|
Mr. Jamie Looker |
[x] |
British |
38 |
AUTHORIZED PERSON
A. Two of
the above directors
can jointly sign
on behalf of the subject
with company’s affixed.
B. Any of
the directors [x] signs
in case of contacting
with government sector on
behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Jamie Looker
is the Managing
Director.
He is British
nationality with the
age of 38
years old.
Ms. Jurirach Likhitangsuvat is
the Deputy Managing
Director.
She is Thai
nationality with the
age of 51
years old.
Mr. Dine Shkumar Ishwerlal
Khushalbhai Mehta is
the Deputy Managing
Director.
He is British
nationality with the
age of 61
years old.
Mr. Steve Warnel
is the Plant
Manager.
He is British
nationality.
Mr. Mark Fensome is
the Purchasing Manager.
He is British
nationality with the
age of 56
years old.
Mrs. Choojit Ratanathikul is the
Account Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activities
are manufacturer and
exporter of motorcycle
assembly with type
of 500 cc. up
engines, with the
production capacity at
60,000 units per
annum, as well
as motorcycle parts
such as frame,
steel pipe, under
its own brand
“TRIUMPH”.
PURCHASE
70% of raw materials
mainly aluminum, stainless
steel and steel are
purchased from local
suppliers, the remaining
30% is imported
from suppliers in
United Kingdom, Germany, Taiwan,
Republic of China,
India, Singapore, Malaysia, Indonesia
and Japan.
MAJOR SUPPLIERS
Triumph Industries Limited
: United
Kingdom
Thai Summit Group : Thailand
Thyssenkrupp Materials [Thailand]
Co., Ltd. : Thailand
EXPORT [COUNTRY]
100%
of its products
is exported to
Triumph Motorcycles [Overseas]
Limited in United
Kingdom.
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
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
L/C at sight
or T/T.
BUSINESS TRANSACTION
The subject is not
found to have
problem on its account receivable
due to the
products are sold
to the parent
company in United
Kingdom.
BANKING
Bangkok Bank Public
Co., Ltd.
[Panthong Branch:
Sukhumvit Rd., Panthong,
Cholburi 20160]
United Overseas Bank
[Thai] Public Co.,
Ltd.
[Head Office : 690
Sukhumvit Rd., Klongton,
Klongtoey, Bangkok 10110]
EMPLOYMENT
The subject employs
approximately 900 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
owned for administrative office, factory III
and warehouse at the heading
address. Premise is
located in industrial
area.
Factories:
Factory I : 700/485 Moo
2, Amata Nakorn
Industrial Estate, T. Bankao,
A. Panthong,
Chonburi 20160
Factory II : 700/480
Moo 7, Amata
Nakorn Industrial Estate,
T. Donhualoh,
A.
Muang, Chonburi 20000.
COMMENT
Since 1902,
Triumph has prided itself on building some of the finest
motorcycles in the world.
The subject is
a manufacturer and
exporter of motorcycle parts for motorcycle brand TRIUMPH.
With its strengths
in production processing
and high quality workforces, the subject had outstanding
performance and continued
expanding the production to
meet with world
standard of its
brand.
FINANCIAL INFORMATION
The capital was initially
registered at Bht. 10,000,000 divided
into 100,000 shares of
Bht. 100 each.
The capital was
increased later as
follows:
Bht. 700,000,000 on
January 22, 2008
Bht. 1,175,000,000
on June 26,
2009
The latest registered
capital was increased
to Bht. 1,175,000,000 divided
into 11,750,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at October 29,
2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Triumph Motorcycles [Overseas]
Limited Nationality: British Address : Ashby Road,
Measham, Swadlincote,
Derbyshire, DE12 7JP,
U.K. |
11,749,994 |
100.00 |
|
Triumph Industries Limited Nationality: British Address : Ashby Road,
Measham, Swadlincote,
Derbyshire, DE12 7JP,
U.K. |
1 |
- |
|
Triumph Motorcycles [Coventry]
Limited Nationality: British Address : Ashby Road,
Measham, Swadlincote,
Derbyshire, DE12 7JP,
U.K. |
1 |
- |
|
Bonneville Limited Nationality: British Address : Ashby Road,
Measham, Swadlincote, Derbyshire, DE12
7JP, U.K. |
1 |
- |
|
Bonneville Coventry Limited Nationality: British Address : Ashby Road,
Measham, Swadlincote,
Derbyshire, DE12 7JP,
U.K. |
1 |
- |
|
Triumph Parts and
Accessories Limited Nationality: British Address : Ashby Road,
Measham, Swadlincote,
Derbyshire, DE12 7JP,
U.K. |
1 |
- |
|
Memon Limited Nationality: British Address : Ashby Road,
Measham, Swadlincote,
Derbyshire, DE12 7JP,
U.K. |
1 |
- |
Total Shareholders : 7
Share Structure [as
at October 29,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - British |
7 |
11,750,000 |
100.00 |
|
Total |
7 |
11,750,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Narong Pantawong No.
3315
BALANCE SHEET [BAHT]
The latest financial figures published for June 30, 2012, 2011 & 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash in Hand
& at Bank |
25,398,734 |
59,233,802 |
119,123,559 |
|
Trade Accounts and
Other Receivable |
1,518,458,077 |
890,074,991 |
628,853,579 |
|
Related Company Receivable |
- |
- |
75,078,326 |
|
Inventories |
1,129,675,458 |
1,071,167,895 |
1,011,355,026 |
|
Other Current Assets |
|
|
|
|
Refundable Value Added
Tax |
21,094,162 |
8,351,012 |
14,847,089 |
|
Advance Received
Purchase Goods |
14,557,403 |
13,535,091 |
19,465,827 |
|
Assets Held for
Sale |
5,000,000 |
- |
- |
|
Others |
31,250,246 |
28,057,344 |
27,626,972 |
|
|
|
|
|
|
Total Current Assets
|
2,745,434,080 |
2,070,420,135 |
1,896,350,378 |
|
Cash at Bank
pledged as a Collateral |
60,501,048 |
30,048,955 |
24,684,070 |
|
Fixed Assets |
2,304,016,112 |
2,399,072,091 |
2,416,965,804 |
|
Intangible Assets |
934,096 |
916,125 |
2,368,496 |
|
Other Non current
Assets |
5,031,113 |
3,984,115 |
3,645,310 |
|
Total Assets |
5,115,916,449 |
4,504,441,421 |
4,344,014,058 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Short-term Loan from Financial Institution |
370,000,000 |
596,111,000 |
596,111,000 |
|
Trade Accounts and Other
Payable |
2,172,841,953 |
1,438,524,928 |
1,035,792,225 |
|
Related Company Payable |
- |
- |
314,202,069 |
|
Other Current Liabilities |
|
|
|
|
Other Payable |
- |
- |
30,122,602 |
|
Accrued Expenses |
- |
- |
20,926,133 |
|
Others |
4,337,561 |
4,689,335 |
4,036,652 |
|
|
|
|
|
|
Total Current Liabilities |
2,547,179,514 |
2,039,325,263 |
2,001,190,681 |
|
Long-term Loan from Related Company |
1,500,000,000 |
1,500,000,000 |
1,500,000,000 |
|
Reserve for Long-term Employee Benefits |
3,000,000 |
- |
- |
|
Total Liabilities |
4,050,179,514 |
3,539,325,263 |
3,501,190,681 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 11,750,000 shares
|
1,175,000,000 |
1,175,000,000 |
1,175,000,000 |
|
|
|
|
|
|
Capital Paid |
1,175,000,000 |
1,175,000,000 |
1,175,000,000 |
|
Retained Earning -
Unappropriated |
[109,263,065] |
[209,883,842] |
[332,176,623] |
|
Total Shareholders' Equity |
1,065,736,935 |
965,116,158 |
842,823,377 |
|
Total Liabilities &
Shareholders' Equity |
5,115,916,449 |
4,504,441,421 |
4,344,014,058 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales |
6,744,097,113 |
5,265,119,468 |
4,909,449,033 |
|
Gain on Exchange
Rate |
29,217,353 |
- |
584,163 |
|
Other Income |
12,638,249 |
7,942,248 |
6,617,515 |
|
Total Revenues |
6,785,952,715 |
5,273,061,716 |
4,916,650,711 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
6,414,699,690 |
4,889,351,222 |
4,429,206,471 |
|
Selling Expenses |
2,840,563 |
7,580,691 |
6,952,729 |
|
Administrative Expenses |
231,310,393 |
210,831,100 |
197,131,651 |
|
Loss on Impairment
of Assets |
8,938,783 |
- |
- |
|
Loss on Exchange Rate |
- |
15,690,727 |
- |
|
Total Expenses |
6,657,789,429 |
5,123,453,740 |
4,633,290,851 |
|
|
|
|
|
|
Profit before Financial
Expenses & Income Tax |
128,163,286 |
149,607,976 |
283,359,860 |
|
Financial Expenses |
[22,205,204] |
[27,315,195] |
[35,294,788] |
|
Profit before Income Tax |
105,958,082 |
122,292,781 |
248,065,072 |
|
Income Tax |
[5,337,305] |
- |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
100,620,777 |
122,292,781 |
248,065,072 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.08 |
1.02 |
0.95 |
|
QUICK RATIO |
TIMES |
0.61 |
0.47 |
0.41 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.93 |
2.19 |
2.03 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.32 |
1.17 |
1.13 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
64.28 |
79.96 |
83.34 |
|
INVENTORY TURNOVER |
TIMES |
5.68 |
4.56 |
4.38 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
82.18 |
61.70 |
46.75 |
|
RECEIVABLES TURNOVER |
TIMES |
4.44 |
5.92 |
7.81 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
123.64 |
107.39 |
85.36 |
|
CASH CONVERSION CYCLE |
DAYS |
22.82 |
34.28 |
44.74 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
95.12 |
92.86 |
90.22 |
|
SELLING & ADMINISTRATION |
% |
3.47 |
4.15 |
4.16 |
|
INTEREST |
% |
0.33 |
0.52 |
0.72 |
|
GROSS PROFIT MARGIN |
% |
5.50 |
7.29 |
9.93 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.90 |
2.84 |
5.77 |
|
NET PROFIT MARGIN |
% |
1.49 |
2.32 |
5.05 |
|
RETURN ON EQUITY |
% |
9.44 |
12.67 |
29.43 |
|
RETURN ON ASSET |
% |
1.97 |
2.71 |
5.71 |
|
EARNING PER SHARE |
BAHT |
8.56 |
10.41 |
21.11 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.79 |
0.79 |
0.81 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.80 |
3.67 |
4.15 |
|
TIME INTEREST EARNED |
TIMES |
5.77 |
5.48 |
8.03 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
28.09 |
7.24 |
|
|
OPERATING PROFIT |
% |
(14.33) |
(47.20) |
|
|
NET PROFIT |
% |
(17.72) |
(50.70) |
|
|
FIXED ASSETS |
% |
(3.96) |
(0.74) |
|
|
TOTAL ASSETS |
% |
13.57 |
3.69 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 28.09%. Turnover has increased from THB 5,265,119,468.00
in 2011 to THB 6,744,097,113.00 in 2012. While net profit has decreased from
THB 122,292,781.00 in 2011 to THB 100,620,777.00 in 2012. And total assets has
increased from THB 4,504,441,421.00 in 2011 to THB 5,115,916,449.00 in 2012.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.50 |
Satisfactory |
Industrial Average |
6.75 |
|
Net Profit Margin |
1.49 |
Deteriorated |
Industrial Average |
3.30 |
|
Return on Assets |
1.97 |
Deteriorated |
Industrial Average |
12.69 |
|
Return on Equity |
9.44 |
Deteriorated |
Industrial Average |
23.03 |
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 5.5%. When compared with
the industry average, the ratio of the company was lower. This indicated that
company may have problems with control over its costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 1.49%.
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 1.97%.
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 9.44%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.08 |
Acceptable |
Industrial Average |
1.65 |
|
Quick Ratio |
0.61 |
|
|
|
|
Cash Conversion Cycle |
22.82 |
|
|
|
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 1.08 times in 2012, increased from 1.02 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 0.61 times in 2012,
increased from 0.47 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 23 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.79 |
Acceptable |
Industrial Average |
0.45 |
|
Debt to Equity Ratio |
3.80 |
Risky |
Industrial Average |
0.82 |
|
Times Interest Earned |
5.77 |
Impressive |
Industrial Average |
- |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 5.78 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 0.79 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 :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.93 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.32 |
Deteriorated |
Industrial Average |
3.84 |
|
Inventory Conversion Period |
64.28 |
|
|
|
|
Inventory Turnover |
5.68 |
Deteriorated |
Industrial Average |
26.54 |
|
Receivables Conversion Period |
82.18 |
|
|
|
|
Receivables Turnover |
4.44 |
Acceptable |
Industrial Average |
8.56 |
|
Payables Conversion Period |
123.64 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.44 and 5.92 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
decreased from 2011. 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 80 days at the end of 2011 to
64 days at the end of 2012. This represents a positive trend. And Inventory
turnover has increased from 4.56 times in year 2011 to 5.68 times in year 2012.
The company's Total Asset Turnover is calculated as 1.32 times and 1.17
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.59.85 |
|
UK Pound |
1 |
Rs.92.31 |
|
Euro |
1 |
Rs.78.23 |
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.