MIRA INFORM REPORT
|
Report Date : |
07.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
ASIA GOLDEN RICE COMPANY LIMITED |
|
|
|
|
Registered Office : |
54-55
Moo 8, Chachoengsao-Bangpakong Road, Thasa-Arn, Bangpakong,
Chachoengsao 24130 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
12.01.1999 |
|
|
|
|
Com. Reg. No.: |
0115542000168 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Exporter of Thai Rice |
|
|
|
|
No. of Employees : |
500 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
|
Source : CIA |
Company name
ASIA GOLDEN RICE
COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 54-55 MOO 8,
CHACHOENGSAO-BANGPAKONG ROAD,
THASA-ARN, BANGPAKONG,
CHACHOENGSAO 24130
TELEPHONE :
[66] 38
533-355-8
FAX : [66] 38
533-355
E-MAIL ADDRESS : sales@asiagoldenrice.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1999
REGISTRATION NO. : 0115542000168
TAX ID NO. : 3271164648
CAPITAL REGISTERED : BHT.
2,520,000,000
CAPITAL PAID-UP : BHT.
2,520,000,000
SHAREHOLDER’S PROPORTION : THAI
:
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SOMBAT CHALERMWUTINAN, THAI
MANAGING DIRECTOR
NO. OF STAFF : 500
LINES OF BUSINESS : THAI
RICE
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 January 12, 1999
as a private
limited company under
the registered name
ASIA GOLDEN RICE
COMPANY LIMITED by
Thai group, with the
business objective to
export a variety of
Thai rice with
BOI promotion. It
currently employs approximately
500 staff.
The subject is
one of the
Thailand’s top five
largest rice exporters
with large scale
silo storage of
over 310,000 MTs stocking
capacity. It has
also established its own
transportation company having
more than 50 lighters
and 50 container haulages.
In addition it encompasses 14 network rice mills,
which accommodate more
than 8,000 tons
daily production capacity.
The subject is
also an affiliated
company of AGR Group Holding
Co., Ltd.
It has been
certified the standards
GMP and HACCP certification
for Thai
Jasmine rice manufacturing
by URS.
The subject’s registered address is 54-55 Moo 8,
Chachoengsao-Bangpakong Rd., Thasa-arn,
Bangpakong, Chachoengsao 24130,
and this is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chaiwat Nimwattana |
[x] |
Thai |
62 |
|
Mr. Pornchai Thonitiwong |
[x] |
Thai |
49 |
|
Mr. Vichai Boontanapibul |
|
Thai |
53 |
|
Mrs. Kulpatra Preecha |
[x] |
Thai |
48 |
|
Mr. Sombat Chalermwutinan |
[x] |
Thai |
48 |
AUTHORIZED PERSON
Any two of
the above directors [x]
can jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Sombat Chalermwutinan is
the Managing Director.
He is Thai
nationality with the
age of 48
years old.
BUSINESS OPERATIONS
The subject is
engaged in exporting
a variety of
Thai rice under
various house brands and
customer’s OEM brands.
Range of products
are as follows:
Thai Rice
Thai Rice Guide
Thai Hom Mali
Rice [Majestic Rice]
- Thai Hom
Mali Rice 100%
- Mixed Thai
Hom Mali Rice 80:20
Thai Pathumthani Fragrant
Rice
- Thai Pathumthani
Fragrant Rice [Prime
Quality]
- Thai Pathumthani
Fragrant Rice [Superb
Quality
Thai White Rice
- Thai White
Rice 100% grade
B
- Thai White
Rice 5% Broken
- Thai
White Rice 10%
Broken
- Thai
White Rice 15%
Broken
- Thai
White Rice 25%
Broken
- Thai
White Rice 100%
Broken [A1 Extra
Super]
- Thai
White Rice 100%
Broken [A1 Super]
- Thai
White Rice 100%
[Chainat Quality]
Thai Parboiled Rice
- Thai Parboiled Rice
100% Sortexed
- Thai
Parboiled Rice 100%
Non-Sortexed
- Thai
Parboiled Rice 5%
Broken
- Thai
Parboiled Rice 10%
Broken
Thai Glutinous Rice
- Thai Glutinous
Rice 10% Broken
- Thai Glutinous
Rice 100% Broken A1
Brown Rice
- Thai Brown
Hom Mali Rice
100%
- Thai Brown
White Rice 100%
- Thai Brown
Parboiled Rice 100%
PRODUCTION CAPACITY
Over 8,000 MTs of rice per
day
BRAND NAMES
House Brand [own brand] : “Asia
Classic”, “Kai-Chon”, “Lady Africa”,
“L’Mour”,
“Benjarong”, “Monarch”, “My
Deer”,
“Siam
Purice”, & “Pattra”
OEM Brand :
“Uncle Sam”, “Tomato”,
“Sultana”, “Sombrero”,
“Mama Africa”,
“Royal Feast”, “Thai
Farmer”,
“Rid Gad”,
“African Princess”, “Alohaa”,
“KC Blue”
& etc.
PURCHASE
100% of the
products is purchased
from local suppliers
both private company
and government sectors.
MAJOR SUPPLIERS
Siam Thanyachat Co.,
Ltd.
Sinchaisri Co., Ltd.
Sub Kaset Siam
Co., Ltd.
Ministry of Commerce
EXPORT
100% of the
products is exported
to U.S.A., and
many countries in
Asia, Europe, Africa
and Middle East
region.
RELATED AND AFFILIATED COMPANY
Asia Inter Rice
Co., Ltd.
Business Type : Distributor
of rice
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
CREDIT
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Exports are against
T/T on negotiated
terms.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject currently
employs approximately 500
staff.
LOCATION DETAILS
The premise is
owned for administrative office
and silo at
the heading address.
Premise is located
in provincial.
Warehouses/Silos
- 88 Moo
8, Chachoengsao-Bangpakong Rd.,
Thasa-arn, Bangpakong,
Chachoengsao 24130.
- 117/1 Moo
14, Bangpakong, Bangpakong,
Chachoengsao 24130.
Bangkok office
- 71 AGR
Building, Charoenrat Rd.,
Bangklo, Bangkorlaem, Bangkok
10120.
Tel.: [66] 2291-6555,
Fax: [66] 2291-9355, 2291-9366.
COMMENT
The subject has
become one of Thailand’s
top five largest
rice exporters of
the highest quality
to the world
market. With continual
dedications, high potential
human resources coupled
with efficient production
process, all Thai
rice products from
the company have well
received great reputations
and trusts from
its customers worldwide.
FINANCIAL INFORMATION
The capital was
registered at Bht.
30,000,000 divided into
30,000 shares of
Bht. 1,000 each
with fully paid.
The capital was
increased later as
follows:
Bht. 210,000,000 on
July 24, 2003
Bht. 525,000,000 on
December 23, 2005
Bht. 1,050,000,000
on November 12,
2009
Bht. 2,520,000,000
on December 7,
2010
The latest registered
capital was increased
to Bht. 2,520,000,000
divided into 2,520,000
shares of Bht. 1,000
each with fully
paid.
MAIN SHAREHOLDERS
[as at April
27, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
AGR Group Holding
Co., Ltd. Nationality: Thai Address : 71
AGR Building, Charoenrat
Rd.,
Bangklo, Bangkorlaem, Bangkok
|
1,155,000 |
45.83 |
|
Ms. Orawan Pattanapol Nationality: Thai Address : 13/275
Moo 10, Bangpai,
Bangkae,
Bangkok |
214,500 |
8.51 |
|
Mr. Sombat Chalermwutinan Nationality: Thai Address : 413/6
Mahaprutharam Rd., Bangrak,
Bangkok |
184,000 |
7.30 |
|
Mrs. Saisunee Sirisopapong Nationality: Thai Address : 41/6
Moo 6, Bangkanark,
Bangnampriew,
Chachoengsao |
167,700 |
6.65 |
|
Mr. Pornchai Thonitiwong Nationality: Thai Address : 54
Moo 8, Thasa-arn,
Bangpakong,
Chachoengsao |
146,120 |
5.80 |
|
Mr. Vichai Boontanapibul Nationality: Thai Address : 15/182
Soi Ramkhamhaeng 43/1,
Wangthonglang, Bangkok |
130,000 |
5.15 |
|
Mrs. Somjing Sirisopapong Nationality: Thai Address : 33/13
Moo 5, Singtothong, Bnagnampriew,
Chachoengsao |
130,000 |
5.15 |
|
Others |
393,380 |
15.61 |
Total Shareholders : 18
Share Structure
[as at April 27,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
18 |
2,520,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
18 |
2,520,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Sitthichoke Kwansong No.
4346
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 |
61,556,966.97 |
168,167,935.36 |
26,320,630.74 |
|
Short-term Investment |
145,000,000.00 |
686,100,000.00 |
1,685,000,000.00 |
|
Trade Accounts and Other
Receivable |
1,379,367,882.63 |
1,788,580,649.16 |
2,470,786,361.53 |
|
Inventories |
5,336,822,702.05 |
5,625,655,098.58 |
4,957,710,835.58 |
|
Refundable Value Added Tax |
- |
- |
6,916,890.28 |
|
Deferred Interest |
- |
- |
2,964,612.24 |
|
Other Current Assets
|
1,921,074.32 |
2,294,167.92 |
8,364,198.59 |
|
|
|
|
|
|
Total Current Assets
|
6,924,668,625.97 |
8,270,797,851.02 |
9,158,063,528.96 |
|
Cash at Bank pledged as a Collateral |
270,527.23 |
267,088.25 |
265,584.01 |
|
Long-term Investment
|
39,670,000.00 |
91,670,000.00 |
39,670,000.00 |
|
Work under Constructor-Factory |
31,511,695.70 |
378,012,391.18 |
307,414,759.60 |
|
Fixed Assets |
1,257,357,476.15 |
914,174,747.22 |
821,648,565.93 |
|
Other Non - current Assets |
16,520,406.52 |
24,937,964.01 |
7,871,907.04 |
|
Total Assets |
8,269,998,731.57 |
9,679,860,041.68 |
10,334,934,345.54 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
1,076,267,674.10 |
3,184,159,658.05 |
2,655,925,076.35 |
|
Trade Accounts and
Other Payable |
4,013,290,884.38 |
3,677,594,084.86 |
4,741,053,960.25 |
|
Current Portion of
Lease Contract Liabilities |
- |
- |
416,666.73 |
|
Deposit |
- |
- |
1,192,212.23 |
|
Accrued Withholding Income Tax |
- |
- |
17,312,037.62 |
|
Accrued Income Tax |
31,915,231.84 |
701,585.24 |
5,094,426.27 |
|
Accrued Expenses |
- |
- |
5,947,966.52 |
|
Other Current Liabilities |
3,779,400.88 |
2,783,657.74 |
4,314,536.10 |
|
|
|
|
|
|
Total Current Liabilities |
5,125,253,191.20 |
6,865,238,985.89 |
7,431,256,882.07 |
|
|
|
|
|
|
Employee Benefits Obligation |
839,100.00 |
- |
- |
|
Total Liabilities |
5,126,092,291.20 |
6,865,238,985.89 |
7,431,256,882.07 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 2,520,000 shares in 2011 & 2010; 1,050,000
shares in 2009
respectively |
2,520,000,000.00 |
2,520,000,000.00 |
1,050,000,000.00 |
|
|
|
|
|
|
Capital Paid |
2,520,000,000.00 |
2,520,000,000.00 |
682,500,000.00 |
|
Retained Earning Appropriated for Statutory
Reserve |
105,000,000.00 |
105,000,000.00 |
- |
|
Unappropriated |
518,906,440.37 |
189,621,055.79 |
2,221,177,463.47 |
|
Total Shareholders' Equity |
3,143,906,440.37 |
2,814,621,055.79 |
2,903,677,463.47 |
|
Total Liabilities &
Shareholders' Equity |
8,269,998,731.57 |
9,679,860,041.68 |
10,334,934,345.54 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
33,272,832,711.61 |
27,315,285,846.07 |
27,111,253,839.13 |
|
Gain on Exchange Rate |
47,407,041.78 |
554,589,237.99 |
159,899,416.94 |
|
Other Income |
73,166,687.49 |
78,611,706.17 |
41,367,037.89 |
|
Total Revenues |
33,393,406,440.88 |
27,948,486,790.23 |
27,312,520,293.96 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
31,754,370,475.33 |
27,314,385,524.83 |
26,315,215,318.82 |
|
Selling Expenses |
761,186,330.54 |
485,314,676.42 |
473,198,288.90 |
|
Administrative Expenses |
439,867,158.97 |
54,130,335.69 |
82,967,703.60 |
|
Total Expenses |
32,955,423,964.84 |
27,853,830,536.94 |
26,871,381,311.32 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
437,982,476.04 |
94,656,253.29 |
441,138,982.64 |
|
Financial Costs |
[48,242,582.30] |
[16,535,587.35] |
[8,131,947.98] |
|
Profit before Income
Tax |
389,739,893.74 |
78,120,665.94 |
433,007,034.66 |
|
Income Tax |
[60,454,508.16] |
[9,677,073.62] |
[8,257,920.62] |
|
|
|
|
|
|
Net Profit / [Loss] |
329,285,384.58 |
68,443,592.32 |
424,749,114.04 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.35 |
1.20 |
1.23 |
|
QUICK RATIO |
TIMES |
0.31 |
0.38 |
0.56 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
26.46 |
29.88 |
33.00 |
|
TOTAL ASSETS TURNOVER |
TIMES |
4.02 |
2.82 |
2.62 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
61.34 |
75.18 |
68.76 |
|
INVENTORY TURNOVER |
TIMES |
5.95 |
4.86 |
5.31 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
15.13 |
23.90 |
33.26 |
|
RECEIVABLES TURNOVER |
TIMES |
24.12 |
15.27 |
10.97 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
46.13 |
49.14 |
65.76 |
|
CASH CONVERSION CYCLE |
DAYS |
30.34 |
49.93 |
36.27 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
95.44 |
100.00 |
97.06 |
|
SELLING & ADMINISTRATION |
% |
3.61 |
1.97 |
2.05 |
|
INTEREST |
% |
0.14 |
0.06 |
0.03 |
|
GROSS PROFIT MARGIN |
% |
4.93 |
2.32 |
3.68 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.32 |
0.35 |
1.63 |
|
NET PROFIT MARGIN |
% |
0.99 |
0.25 |
1.57 |
|
RETURN ON EQUITY |
% |
10.47 |
2.43 |
14.63 |
|
RETURN ON ASSET |
% |
3.98 |
0.71 |
4.11 |
|
EARNING PER SHARE |
BAHT |
130.67 |
27.16 |
622.34 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.62 |
0.71 |
0.72 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.63 |
2.44 |
2.56 |
|
TIME INTEREST EARNED |
TIMES |
9.08 |
5.72 |
54.25 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
21.81 |
0.75 |
|
|
OPERATING PROFIT |
% |
362.71 |
(78.54) |
|
|
NET PROFIT |
% |
381.10 |
(83.89) |
|
|
FIXED ASSETS |
% |
37.54 |
11.26 |
|
|
TOTAL ASSETS |
% |
(14.56) |
(6.34) |
|
ANNUAL GROWTH : IMPRESSIVE
An annual sales growth is 21.81%. Turnover has increased from THB 27,315,285,846.07
in 2010 to THB 33,272,832,711.61 in 2011. While net profit has increased from
THB 68,443,592.32 in 2010 to THB 329,285,384.58 in 2011. And total assets has
decreased from THB 9,679,860,041.68 in 2010 to THB 8,269,998,731.57 in 2011.
PROFITABILITY : IMPRESSIVE
PROFITABILITY RATIO
|
Gross Profit Margin |
4.93 |
Impressive |
Industrial Average |
- |
|
Net Profit Margin |
0.99 |
Satisfactory |
Industrial Average |
0.99 |
|
Return on Assets |
3.98 |
Impressive |
Industrial Average |
3.67 |
|
Return on Equity |
10.47 |
Satisfactory |
Industrial Average |
11.05 |
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 4.93%. When
compared with the industry average, the ratio of the company was higher,
indicated that company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 0.99%.
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. Return on Assets ratio is
3.98%, 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. When compared with the
industry average, it was lower, the company's figure is 10.47%.
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 |
1.35 |
Impressive |
Industrial Average |
1.35 |
|
Quick Ratio |
0.31 |
|
|
|
|
Cash Conversion Cycle |
30.34 |
|
|
|
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 1.35 times in 2011, increased from 1.2 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 0.31 times in 2011,
decreased from 0.38 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 31 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.62 |
Impressive |
Industrial Average |
0.62 |
|
Debt to Equity Ratio |
1.63 |
Risky |
Industrial Average |
1.63 |
|
Times Interest Earned |
9.08 |
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 9.08 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 0.62 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 |
26.46 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
4.02 |
Impressive |
Industrial Average |
3.72 |
|
Inventory Conversion Period |
61.34 |
|
|
|
|
Inventory Turnover |
5.95 |
Impressive |
Industrial Average |
5.79 |
|
Receivables Conversion Period |
15.13 |
|
|
|
|
Receivables Turnover |
24.12 |
Impressive |
Industrial Average |
5.57 |
|
Payables Conversion Period |
46.13 |
|
|
|
The company's Account Receivable Ratio is calculated as 24.12 and 15.27
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 75 days at the
end of 2010 to 61 days at the end of 2011. This represents a positive trend.
And Inventory turnover has increased from 4.86 times in year 2010 to 5.95 times
in year 2011.
The company's Total Asset Turnover is calculated as 4.02 times and 2.82
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 Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
|
1 |
Rs.84.03 |
|
Euro |
1 |
Rs.70.72 |
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.