MIRA
INFORM REPORT
|
Report Date : |
15.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
DIC GRAPHICS
[THAILAND] CO., LTD. |
|
|
|
|
Formerly Known As : |
DAINIPPON
INK & CHEMICALS
[THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
20th Floor, Sermmit Tower, 159/34 Sukhumvit 21 Road, [Asoke] North Klongtoey, Wattana, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
30.09.1960 |
|
|
|
|
Com. Reg. No.: |
0105503001329 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer & distributor of printing ink & chemicals |
|
|
|
|
No. of Employees : |
180 |
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
DIC GRAPHICS
[THAILAND] CO., LTD.
[Former : DAINIPPON INK
& CHEMICALS [THAILAND]
CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 20th FLOOR,
SERMMIT TOWER,
159/34 SUKHUMVIT
21 ROAD, [ASOKE]
NORTH KLONGTOEY,
WATTANA,
BANGKOK 10110,
THAILAND
TELEPHONE : [66] 2260-6630-7
FAX :
[66] 2260-6639-42
E-MAIL
ADDRESS : dicthai@dic.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1960
REGISTRATION
NO. : 0105503001329 [Former : 198/2503]
TAX
ID NO. : 3101015195
CAPITAL REGISTERED : BHT. 637,000,000
CAPITAL PAID-UP : BHT.
637,000,000
SHAREHOLDER’S PROPORTION : SINGAPOREAN : 96.28%
THAI : 3.72%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
YUJI KIKUCHI, JAPANESE
MANAGING DIRECTOR
NO.
OF STAFF : 180
LINES
OF BUSINESS : PRINTING INK
& CHEMICALS
MANUFACTURER &
DISTRIBUTOR
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 September 30,
1960 as a
private limited company under
the registered name “Thai Watana
Industry Co., Ltd.,”
by Thai and
Japanese groups.
On
November 26, 1964,
the subject’s name was
changed to “Dainippon
Ink & Chemicals [Thailand] Co., Ltd.”, and
finally changed to DIC
GRAPHICS [THAILAND] CO.,
LTD., on April
1, 2008.
Its
business objective is
a manufacturer of
printing inks and
chemicals for printing
industry. It currently
employs approximately 180
staff.
The subject
is a subsidiary
of DIC Asia
Pacific Pte. Ltd.,
Singapore.
The subject is also a member of DIC
Group global networks
which are located
in Singapore, Malaysia, Philippine,
Hong Kong, Taiwan,
U.S.A., and United Kingdom.
The
subject achieved ISO
9002 certification for
the production’s quality
system from BVQI
on June 9,
1999.
The
subject’s registered address
was initially located
at 21st Floor,
Sermmit Tower, 159
Sukhumvit 21 Road [Asoke], North
Klongtoey, Wattana, Bangkok
10110.
Later,
its registered address was relocated
to 20th Floor, Sermmit
Tower, 159/34 Sukhumvit 21 Road
[Asoke], North Klongtoey, Wattana,
Bangkok 10110, which actually is in
the same tower,
and this is the
subject’s current operation
address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Yoshiaki Masuda |
|
Japanese |
58 |
|
Mr. Yuji Kikuchi |
[x] |
Japanese |
52 |
|
Mr. Yushiki Sugiura |
[x] |
Japanese |
51 |
|
Mr. Tokushi Kawasaki |
|
Japanese |
44 |
AUTHORIZED PERSON
One
of the mentioned
directors [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Yuji Kikuchi is
the Managing Director.
He is Japanese
nationality with the
age of 52
years old.
Mr. Masao Kinoshita is
the Planning Manager.
He is Japanese
nationality.
Mr. Nares Nopphakul is
the Factory Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The
subject’s activity is
a manufacturer various
kinds of printing
inks and chemicals
for printing industry.
Products
- Printing Inks: Offset Inks, Gravure
and Flexo Inks,
Metal Decoration Inks
- Organic Pigments: General
Purpose Pigments, Functional
Pigments
- Fiber/Leather
Colorants: Printing Agents, Colorants for
Synthetic Leather/Artificial
Leather, Mass Colorants for Fibers
- Decorative
Products/Decorative Film:
Water Transfer Printing Films, In-mold transfer films and Others.
MAJOR BRAND
“DAINIPPON”
IMPORT [COUNTRIES]
Raw
materials and machinery
are imported from
Japan, Republic of
China and Germany.
MAJOR SUPPLIERS
DIC Corporation :
Japan
SALES
100%
of its products
is sold locally
to wholesalers.
MAJOR CUSTOMER
DIC International [Thailand]
Co., Ltd.
SUBSIDIARIES & AFFILIATED
COMPANIES
DIC International [Thailand]
Co., Ltd.
Business Type: Trading
company
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
credit term of
30-60 days.
Imports are by
L/C at sight
or T/T.
BANKING
Sumitomo Mitsui
Banking Corporation
[Bangkok office,
138 Silom Rd.,
Suriyawongse, Bangrak, Bangkok]
Bank of Tokyo-Mitsubishi UFJ
Ltd.
[Bangkok office,
54 North Sathorn
Rd., Silom, Bangrak,
Bangkok]
EMPLOYMENT
The subject employs
approximately 180 staff.
LOCATION DETAILS
The
premise is rented
for operating administrative office
at the heading
address in a prime commercial
area.
The
factory is located
at Amata Nakorn
Industrial Estate, Phase
6, 700/610 Moo
4, T. Bankao, A. Panthong,
Chonburi 20160, Thailand.
Tel. : [66] 38 210-150-60
Fax. : [66] 38
210-165
Branch
office is located
at 77 Moo
2, Ninmitmai Rd.,
Saikongdin, Klongsamwa, Bangkok
10510.
COMMENT
Printing and packaging
industries have been
enjoying steady growth.
The producers of
food packaging needed
to keep up
with new technologies
to develop package
suited to industry
demand.
The subject is
doing solid business
and its business
trend is expanding
steadily.
The subject’s business performance
in 2011 was
outstanding due to consumption
demand in local
market remains strong
from printing industry.
However, demand of printing ink
industry has continued
improving from expansion
of publishing and
packaging industry.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 4,000,000 divided into
4,000 shares of
Bht. 1,000 each.
The
capital was increased
later as followings:
Bht. 7,200,000 on
September 19, 1979
Bht. 7,500,000 on
March 31, 1981
Bht. 11,250,000
on December 8, 1996
Bht. 20,000,000
on August 8,
1996
Bht. 100,000,000
on June 29,
1998
Bht. 357,000,000
on October 29,
2003
Bht. 537,000,000
on December 8,
2004
Bht. 637,000,000
on September 26,
2012
The
latest registered capital
was increased to
Bht. 637,000,000 divided into
637,000 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as at
August 10, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
DIC Asia Pacific
Pte. Ltd. Nationality: Singaporean Address : 78
Shenton Way, Singapore |
613,275 |
96.28 |
|
Mr. Chuchai
Namchuanchai Nationality: Thai Address : 187/1-3 Siphya Rd., Bangrak,
Mahaprektharam, Bangkok |
7,909 |
1.24 |
|
Mr. Kornwit
Namchuanchai Nationality: Thai Address : 662/49-50 Rama 3 Rd., Bangpongpang,
Yannawa, Bangkok |
7,909 |
1.24 |
|
Mr. Chukiat Namchuanchai Nationality: Thai Address : 74/4 Yenarkart 2 Rd., Chongnonsi,
Yannawa, Bangkok |
7,907 |
1.24 |
Total Shareholders : 4
Share Structure [as
at August 10,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
23,725 |
3.72 |
|
Foreign - Singaporean |
1 |
613,275 |
96.28 |
|
Total |
4 |
637,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Bunyarit Thanomcharoen No.
7900
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 |
5,733,995.66 |
3,508,948 |
1,916,781 |
|
Trade Accounts Receivable - Related Company |
447,453,821.41 |
436,290,379 |
430,680,764 |
|
Short-term Lending and
Deferred Interest Related Company |
568,577,319.24 |
498,389,323 |
445,241,256 |
|
Inventories |
153,559,687.37 |
132,531,565 |
108,597,496 |
|
Other Receivable- Related
Company |
- |
27,887,981 |
- |
|
Other Current Assets
|
2,750,353.98 |
4,176,212 |
7,855,980 |
|
|
|
|
|
|
Total Current Assets
|
1,178,075,178 |
1,102,784,408 |
994,292,277 |
|
Investment in Associated |
3,840,000 |
3,840,000 |
3,840,000 |
|
Other Long-term Investment |
68,600,000 |
68,600,000 |
68,600,000 |
|
Fixed Assets |
241,279,012 |
263,733,538 |
290,010,500 |
|
Intangible Assets |
485,343 |
112,337 |
249,431 |
|
Other Non - current Assets |
1,141,000 |
1,051,000 |
813,000 |
|
Total Assets |
1,493,420,533 |
1,440,121,283 |
1,357,805,208 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
176,231 |
381,501 |
284,339 |
|
Trade Accounts Payable
|
129,253,413 |
140,105,991 |
166,809,369 |
|
Other Payable- Related Company |
32,810,334 |
21,933,059 |
30,501,399 |
|
Accrued Income Tax |
22,038,092 |
24,690,616 |
6,655,022 |
|
Other Current Liabilities |
9,978,863 |
13,121,509 |
7,969,250 |
|
|
|
|
|
|
Total Current Liabilities |
194,256,993 |
200,232,676 |
212,219,379 |
|
|
|
|
|
|
Employee Benefits Obligation |
8,329,094 |
7,711,453 |
7,913,389 |
|
Total Liabilities |
202,586,027 |
207,944,129 |
220,132,768 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 537,000 shares |
537,000,000 |
537,000,000 |
537,000,000 |
|
|
|
|
|
|
Capital Paid |
537,000,000 |
537,000,000 |
537,000,000 |
|
Premium on Share Capital |
1,800,000 |
1,800,000 |
1,800,000 |
|
Retained Earnings: Appropriated for Statutory
Reserve |
53,700,000 |
47,400,000 |
42,300,000 |
|
Unappropriated |
698,334,506 |
645,977,154 |
556,572,440 |
|
Total Shareholders' Equity |
1,290,834,506 |
1,232,177,154 |
1,137,672,440 |
|
Total Liabilities &
Shareholders' Equity |
1,493,420,533 |
1,440,121,283 |
1,357,805,208 |
PROFIT & LOSS ACCOUNT
|
Sale |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
995,710,053 |
1,025,076,971 |
922,496,421 |
|
Dividend Income |
3,840,000 |
3,840,000 |
3,840,000 |
|
Gain on Exchange Rate |
- |
27,887,981 |
- |
|
Other Income |
11,319,504 |
6,543,792 |
6,079,754 |
|
Total Sales |
1,010,869,557 |
1,063,348,744 |
932,416,175 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
837,508,939 |
857,192,306 |
797,937,834 |
|
Administrative Expenses |
24,728,236 |
28,339,304 |
17,920,746 |
|
Total Expenses |
862,237,175 |
885,531,610 |
815,858,580 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
148,632,382 |
177,817,134 |
116,557,595 |
|
Financial Costs |
[35,178] |
[30,996] |
[128,572] |
|
Profit / [Loss] before Income
Tax |
148,597,204 |
177,786,138 |
116,429,023 |
|
Income Tax |
[44,294,852] |
[37,636,424] |
[14,736,589] |
|
|
|
|
|
|
Net Profit / [Loss] |
104,302,352 |
140,149,714 |
101,692,434 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
6.06 |
5.51 |
4.69 |
|
QUICK RATIO |
TIMES |
5.26 |
4.82 |
4.14 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.13 |
3.89 |
3.18 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.67 |
0.71 |
0.68 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
66.92 |
56.43 |
49.68 |
|
INVENTORY TURNOVER |
TIMES |
5.45 |
6.47 |
7.35 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
56.33 |
59.66 |
76.30 |
|
CASH CONVERSION CYCLE |
DAYS |
10.59 |
(3.23) |
(26.63) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
84.11 |
83.62 |
86.50 |
|
SELLING & ADMINISTRATION |
% |
2.48 |
2.76 |
1.94 |
|
INTEREST |
% |
0.00 |
0.00 |
0.01 |
|
GROSS PROFIT MARGIN |
% |
17.41 |
20.11 |
14.58 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
14.93 |
17.35 |
12.64 |
|
NET PROFIT MARGIN |
% |
10.48 |
13.67 |
11.02 |
|
RETURN ON EQUITY |
% |
8.08 |
11.37 |
8.94 |
|
RETURN ON ASSET |
% |
6.98 |
9.73 |
7.49 |
|
EARNING PER SHARE |
BAHT |
194.23 |
260.99 |
189.37 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.14 |
0.14 |
0.16 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.16 |
0.17 |
0.19 |
|
TIME INTEREST EARNED |
TIMES |
4,225.15 |
5,736.78 |
906.56 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(2.86) |
11.12 |
|
|
OPERATING PROFIT |
% |
(16.41) |
52.56 |
|
|
NET PROFIT |
% |
(25.58) |
37.82 |
|
|
FIXED ASSETS |
% |
(8.51) |
(9.06) |
|
|
TOTAL ASSETS |
% |
3.70 |
6.06 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -2.86%. Turnover has decreased from THB
1,025,076,971.00 in 2010 to THB 995,710,053.00 in 2011. While net profit has
decreased from THB 140,149,714.00 in 2010 to THB 104,302,352.00 in 2011. And
total assets has increased from THB 1,440,121,283.00 in 2010 to THB
1,493,420,533.00 in 2011.
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
17.41 |
Acceptable |
Industrial
Average |
31.40 |
|
Net Profit Margin |
10.48 |
Impressive |
Industrial
Average |
2.19 |
|
Return on Assets |
6.98 |
Impressive |
Industrial
Average |
3.84 |
|
Return on Equity |
8.08 |
Acceptable |
Industrial
Average |
11.62 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 17.41%. 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 10.48%, 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
6.98%, 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 8.08%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
EXCELLENT
LIQUIDITY RATIO
|
Current Ratio |
6.06 |
Impressive |
Industrial
Average |
1.36 |
|
Quick Ratio |
5.26 |
|
|
|
|
Cash Conversion Cycle |
10.59 |
|
|
|
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 6.06 times in 2011, increased from 5.51 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 5.26 times in 2011,
increased from 4.82 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 11 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.14 |
Impressive |
Industrial
Average |
0.65 |
|
Debt to Equity Ratio |
0.16 |
Impressive |
Industrial
Average |
1.86 |
|
Times Interest Earned |
4,225.15 |
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 4225.16 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 0.14 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.13 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.67 |
Deteriorated |
Industrial
Average |
1.76 |
|
Inventory Conversion Period |
66.92 |
|
|
|
|
Inventory Turnover |
5.45 |
Impressive |
Industrial
Average |
3.42 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
2.62 |
|
Payables Conversion Period |
56.33 |
|
|
|
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 increased from 56 days at the
end of 2010 to 67 days at the end of 2011. This represents a negative trend.
And Inventory turnover has decreased from 6.47 times in year 2010 to 5.45 times
in year 2011.
The company's Total Asset Turnover is calculated as 0.67 times and 0.71
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
UK Pound |
1 |
Rs.83.67 |
|
Euro |
1 |
Rs.71.02 |
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.