MIRA INFORM REPORT
|
Report Date : |
29.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
THAI SEKISUI FOAM CO., LTD. |
|
|
|
|
Registered Office : |
700/329 Moo 6, Amata Nakorn Industrial Estate, T. Donhuaroh, A. Muang, Chonburi 20000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
18.04.1996 |
|
|
|
|
Com. Reg. No.: |
0105539045865 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and
Exporter of Polyolefin
Foam Sheet |
|
|
|
|
No. of Employees : |
80 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 – 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
THAI SEKISUI FOAM
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 700/329 MOO 6,
AMATA NAKORN INDUSTRIAL ESTATE,
T. DONHUAROH, A. MUANG,
CHONBURI 20000,
THAILAND
TELEPHONE : [66] 38
213-219-26
FAX : [66] 38
213-281
E-MAIL ADDRESS : info@thaisekisui.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1996
REGISTRATION NO. : 0105539045865
TAX ID NO. : 3011721438
CAPITAL REGISTERED : BHT.
450,000,000
CAPITAL PAID-UP : BHT.
450,000,000
SHAREHOLDER’S PROPORTION : THAI
: 8.89%
FOREIGN :
91.11%
FISCAL YEAR CLOSING DATE : MARCH 31
[Former : DECEMBER
31]
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. ROCCO PETER
ROMITI, AUSTRALIAN
PRESIDENT
NO. OF STAFF : 80
LINES OF BUSINESS : POLYOLEFIN FOAM
SHEET
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 April
18, 1996 as
a private limited
company under the
registered name THAI
SEKISUI FOAM CO.,
LTD., by Thai and foreign
groups, with the
business objective to
manufacture polyolefin foam
sheet to both
domestic and international
markets. It currently
employs approximately 80
staff.
The subject is
a subsidiary of
Sekisui Chemical Co.,
Ltd., Japan.
The subject’s registered
address is 700/329
Moo 6, Amata
Nakorn Industrial Estate,
T. Donhuaroh, A. Muang,
Chonburi 20000, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chumpol Bhornprapha |
|
Thai |
71 |
|
Mr. Rocco Peter Romiti |
[x] |
Australian |
50 |
|
Mr. Yoshiyuki Hirai |
|
Japanese |
50 |
|
Mr. George Georgiou |
[x] |
Australian |
81 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Rocco Peter Romiti
is the President
He is Australian
nationality with the
age of 50
years old.
Mr. Yoshiyuki Hirai is
the Vice President.
He is Japanese
nationality with the
age of 50
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting of polyolefin foam
sheets for various
industries, e.g. electrical,
construction, insulation, automobile,
sporting goods industries and etc.,
under its own
brands “SOFTLON” and
“THERMOBREAK”.
PURCHASE
Raw materials such
as PVC resin
and chemicals are
purchased from suppliers
both domestic and
overseas, mainly in
Japan and Singapore.
MAJOR SUPPLIERS
Sekisui Chemical Co.,
Ltd. : Japan
Sekisui Chemical Singapore
Pte. Ltd. : Singapore
IRPC Public Company
Limited : Thailand
SALES
80% of the
products is sold
locally by wholesale
to manufacturers, the
remaining 20% is
exported to Japan,
Australia and India.
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
T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject currently
employs approximately 80
staff.
LOCATION DETAILS
The premise is
owned for administrative office,
factory and warehouse on
23,308 square meters
of area at
the heading address. Premise is
located in industrial
area.
COMMENT
The subject was formed in 1996 as
a manufacturer and
distributor of polyolefin
foam sheet. It is well known
among consumers in
domestic and overseas.
The products are
mainly supplied to
multi-levels of users, including distributors.
Its customer base
has widen into
many industries and
business sectors.
FINANCIAL INFORMATION
The capital was
registered at Bht. 100,000,000 divided
into 100,000 shares
of Bht. 1,000
each with fully
paid.
On May 11,
2001, the registered
capital was increased
to Bht. 450,000,000 divided
into 450,000 shares
of Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE
[as at July
31, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Sekisui Chemical Co., Ltd. Nationality: Japanese Address : 2-2-4
Nishitenma Kita-ku, Osaka,
Japan |
409,995 |
91.11 |
|
S.P. International Co.,
Ltd. Nationality: Thai Address : 1901
Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok |
39,995 |
8.89 |
|
Mr. Rocco Peter Romiti Nationality: Australian Address : 1-5
Parraweena, taren Point,
NSW, Australia |
2 |
- |
|
Mr. George Georgiou Nationality: Australian Address : NSW,
Australia |
2 |
- |
|
Mrs. Anothai Bhornprapha Nationality: Thai Address : 102
Sukhumvit 55 Rd.,
Klongton,
Prakanong, Bangkok |
2 |
- |
|
Mr. Yoshiyuki Hirai Nationality: Japanese Address : 2-33-9-202
Konji-kita, Sunginami Tokyo, Japan |
1 |
- |
|
Mr. Chumpol Bhornprapha Nationality: Thai Address : 102
Sukhumvit 55 Rd.,
Klongton,
Prakanong, Bangkok |
1 |
- |
|
Mr. Prapol Bhornprapha Nationality: Thai Address : 102
Sukhumvit 55 Rd.,
Klongton,
Prakanong, Bangkok |
1 |
- |
|
Ms. Patama Bhornprapha Nationality: Thai Address : 102
Sukhumvit 55 Rd.,
Klongton,
Prakanong, Bangkok |
1 |
- |
Total Shareholders : 9
Share Structure
[as at July
31, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
40,000 |
8.89 |
|
Foreign |
4 |
410,000 |
91.11 |
|
Total |
9 |
450,000 |
100.00 |
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Sanit Hiranpanupong No.
3652
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
79,115,424.69 |
22,316,407.83 |
46,682,670.06 |
|
Short-term Investment |
135,000,000.00 |
135,000,000.00 |
75,000,000.00 |
|
Trade Accounts and
Other Receivable |
127,066,457.14 |
132,088,024.79 |
94,116,272.93 |
|
Inventories |
83,669,226.86 |
69,494,064.69 |
45,666,839.67 |
|
Other Current Assets
|
901,859.01 |
2,388,459.30 |
963,924.69 |
|
|
|
|
|
|
Total Current Assets
|
425,752,967.70 |
361,286,956.61 |
262,429,707.35 |
|
|
|
|
|
|
Fixed Assets |
242,154,482.45 |
177,793,781.94 |
162,887,270.07 |
|
Intangible Assets |
2,491,848.27 |
1,992,730.62 |
821,511.36 |
|
Deferred Income Tax |
2,000,487.27 |
927,880.95 |
640,349.36 |
|
Other Assets |
2,257,958.82 |
2,612,230.81 |
329,967.68 |
|
Total Assets |
674,657,744.51 |
544,613,580.93 |
427,108,805.82 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Trade Accounts and
Other Payable |
68,997,938.49 |
16,108,078.30 |
8,116,392.69 |
|
Related Company Payable |
- |
13,502,474.97 |
7,458,512.72 |
|
Accrued Income Tax |
- |
18,577,707.16 |
14,485,224.00 |
|
Payable Assets |
- |
2,248,466.70 |
627,936.99 |
|
Other Current Liabilities |
24,808,276.15 |
20,086,132.28 |
11,064,397.47 |
|
|
|
|
|
|
Total Current Liabilities |
93,806,214.64 |
70,522,859.41 |
41,752,463.87 |
|
|
|
|
|
|
Estimated for Employee
Benefits |
9,305,637.00 |
- |
- |
|
Total Liabilities |
103,111,851.64 |
70,522,859.41 |
41,752,463.87 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 450,000 shares |
450,000,000.00 |
450,000,000.00 |
450,000,000.00 |
|
|
|
|
|
|
Capital Paid |
450,000,000.00 |
450,000,000.00 |
450,000,000.00 |
|
Retained Earnings- Unappropriated
|
121,545,892.87 |
24,090,721.52 |
[64,643,658.05] |
|
Total Shareholders' Equity |
571,545,892.87 |
474,090,721.52 |
385,356,341.95 |
|
Total Liabilities & Shareholders' Equity |
674,657,744.51 |
544,613,580.93 |
427,108,805.82 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
603,313,904.40 |
531,182,397.73 |
366,533,076.36 |
|
Gain / [Loss] on Exchange Rate |
4,518,116.75 |
- |
- |
|
Interest Income |
3,677,611.03 |
- |
- |
|
Other Income |
6,290,506.09 |
5,386,346.59 |
5,917,543.64 |
|
Total Revenues |
617,800,138.27 |
536,568,744.32 |
372,450,620.00 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
361,711,798.47 |
290,483,105.21 |
199,591,714.02 |
|
Selling Expenses |
82,660,912.17 |
49,792,604.30 |
31,440,645.47 |
|
Administrative Expenses |
21,996,390.04 |
65,325,310.85 |
54,972,102.15 |
|
Loss on Disposal of
Assets |
- |
733.60 |
- |
|
Loss on Exchange Rate |
- |
4,117,970.13 |
1,293,433.43 |
|
Total Expenses |
466,369,100.68 |
409,719,724.09 |
287,297,895.07 |
|
Profit before Income
Tax |
151,431,037.59 |
126,849,020.23 |
85,152,724.93 |
|
Income Tax |
[45,944,348.24] |
[38,114,640.66] |
[26,190,962.85] |
|
|
|
|
|
|
Net Profit / [Loss] |
105,486,689.35 |
88,734,379.57 |
58,961,762.08 |
BALANCE SHEET [BAHT]
The latest financial figures published
as at March
31, 2012 was :
ASSETS
|
Current Assets |
2012 |
|
|
|
|
Cash and Cash Equivalents |
42,252,959.30 |
|
Short-term Investment |
145,000,000.00 |
|
Trade Accounts and
Other Receivable |
134,514,332.49 |
|
Inventories |
92,450,550.96 |
|
Other Current Assets
|
3,341,922.40 |
|
|
|
|
Total Current Assets
|
417,559,765.15 |
|
|
|
|
Fixed Assets |
259,594,410.28 |
|
Intangible Assets |
2,563,719.74 |
|
Deferred Income Tax |
3,267,906.77 |
|
Other Assets |
2,309,971.84 |
|
Total Assets |
685,295,773.78 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2012 |
|
|
|
|
Trade Accounts and
Other Payable |
58,876,350.52 |
|
Accrued Income Tax |
7,180,214.52 |
|
Other Current Liabilities |
24,808,276.15 |
|
|
|
|
Total Current Liabilities |
90,864,841.19 |
|
|
|
|
Estimated Liabilities for
Employee Benefits |
10,122,677.00 |
|
Total Liabilities |
100,987,518.19 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 450,000 shares |
450,000,000.00 |
|
|
|
|
Capital Paid |
450,000,000.00 |
|
Retained Earnings: Appropriated for Statutory Reserve |
5,274,334.47 |
|
Unappropriated |
129,033,921.12 |
|
Total Shareholders' Equity |
584,308,255.59 |
|
Total Liabilities & Shareholders' Equity |
685,295,773.78 |
PROFIT & LOSS ACCOUNT
|
Revenue |
Jan. 1,
2012 -Mar. 31,
2012 |
|
|
|
|
Sales Income |
147,245,499.51 |
|
Gain / [Loss] on Exchange Rate |
[1,161,760.87] |
|
Interest Income |
1,060,409.10 |
|
Other Income |
1,719,490.57 |
|
Total Revenues |
148,863,638.31 |
|
Expenses |
|
|
|
|
|
Cost of Goods
Sold |
89,797,727.39 |
|
Selling Expenses |
20,811,378.59 |
|
Administrative Expenses |
7,525,547.16 |
|
Total Expenses |
118,134,653.14 |
|
|
|
|
Profit before Income Tax |
30,728,985.17 |
|
Income Tax |
[7,768,510.83] |
|
|
|
|
Net Profit / [Loss] |
22,960,474.34 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
4.54 |
5.12 |
6.29 |
|
QUICK RATIO |
TIMES |
3.64 |
4.10 |
5.17 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.49 |
2.99 |
2.25 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.89 |
0.98 |
0.86 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
84.43 |
87.32 |
83.51 |
|
INVENTORY TURNOVER |
TIMES |
4.32 |
4.18 |
4.37 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
76.87 |
90.76 |
93.72 |
|
RECEIVABLES TURNOVER |
TIMES |
4.75 |
4.02 |
3.89 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
69.63 |
20.24 |
14.84 |
|
CASH CONVERSION CYCLE |
DAYS |
91.68 |
157.84 |
162.39 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
59.95 |
54.69 |
54.45 |
|
SELLING & ADMINISTRATION |
% |
17.35 |
21.67 |
23.58 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
42.45 |
46.33 |
47.16 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
25.10 |
23.88 |
23.23 |
|
NET PROFIT MARGIN |
% |
17.48 |
16.71 |
16.09 |
|
RETURN ON EQUITY |
% |
18.46 |
18.72 |
15.30 |
|
RETURN ON ASSET |
% |
15.64 |
16.29 |
13.80 |
|
EARNING PER SHARE |
BAHT |
234.41 |
197.19 |
131.03 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.15 |
0.13 |
0.10 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.18 |
0.15 |
0.11 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
13.58 |
44.92 |
|
|
OPERATING PROFIT |
% |
19.38 |
48.97 |
|
|
NET PROFIT |
% |
18.88 |
50.49 |
|
|
FIXED ASSETS |
% |
36.20 |
9.15 |
|
|
TOTAL ASSETS |
% |
23.88 |
27.51 |
|
ANNUAL GROWTH : EXCELLENT
An annual sales growth is 13.58%. Turnover has increased from THB
531,182,397.73 in 2010 to THB 603,313,904.40 in 2011. While net profit has
increased from THB 88,734,379.57 in 2010 to THB 105,486,689.35 in 2011. And
total assets has increased from THB 544,613,580.93 in 2010 to THB
674,657,744.51 in 2011.
PROFITABILITY : EXCELLENT
PROFITABILITY RATIO
|
Gross Profit Margin |
42.45 |
Impressive |
Industrial Average |
19.98 |
|
Net Profit Margin |
17.48 |
Impressive |
Industrial Average |
4.56 |
|
Return on Assets |
15.64 |
Impressive |
Industrial Average |
5.52 |
|
Return on Equity |
18.46 |
Impressive |
Industrial Average |
11.52 |
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. Gross Profit Margin is 42.45%. 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. Net Profit Margin ratio is 17.48%,
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 15.64%, 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 18.46%, 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 : SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
4.54 |
Impressive |
Industrial Average |
1.14 |
|
Quick Ratio |
3.64 |
|
|
|
|
Cash Conversion Cycle |
91.68 |
|
|
|
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 4.54 times in 2011, decrease from 5.12 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 3.64 times in 2011,
decrease from 4.1 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 92 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.15 |
Impressive |
Industrial Average |
0.52 |
|
Debt to Equity Ratio |
0.18 |
Impressive |
Industrial Average |
1.09 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.15 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 Uptrend
Times Interest Earned Downtrend
ACTIVITY : IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.49 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.89 |
Acceptable |
Industrial Average |
1.21 |
|
Inventory Conversion Period |
84.43 |
|
|
|
|
Inventory Turnover |
4.32 |
Satisfactory |
Industrial Average |
5.33 |
|
Receivables Conversion Period |
76.87 |
|
|
|
|
Receivables Turnover |
4.75 |
Impressive |
Industrial Average |
2.33 |
|
Payables Conversion Period |
69.63 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.75 and 4.02 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
increased from 2010. 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 87 days at the
end of 2010 to 84 days at the end of 2011. This represents a positive trend.
And Inventory turnover has increased from 4.18 times in year 2010 to 4.32 times
in year 2011.
The company's Total Asset Turnover is calculated as 0.89 times and 0.98
times in 2011 and 2010 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
|
1 |
Rs.91.14 |
|
Euro |
1 |
Rs.77.97 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.