MIRA INFORM REPORT
|
Report Date : |
15.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
S. P. A.
INTERNATIONAL FOOD GROUP CO., LTD. |
|
|
|
|
Registered Office : |
20/1Moo 9, T. Samngam, A. Dontoom,
Nakornpathom 73150 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
17.06.1999 |
|
|
|
|
Com. Reg. No.: |
0735542000545 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor & Exporter
of Canned Tuna Products. |
|
|
|
|
No. of Employees : |
250 |
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
S. P. A.
INTERNATIONAL FOOD GROUP
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 20/1
MOO 9, T. SAMNGAM,
A. DONTOOM,
NAKORNPATHOM 73150,
THAILAND
TELEPHONE : [66] 34
382-101-5
FAX :
[66] 34
382-106
E-MAIL
ADDRESS : info@spafoodgroup.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0735542000545
TAX
ID NO. : 3701026690
CAPITAL REGISTERED : BHT. 34,500,000
CAPITAL PAID-UP : BHT.
34,500,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VIBOON LUENG-ARAMKUL, THAI
PRESIDENT
NO.
OF STAFF : 250
LINES
OF BUSINESS : CANNED TUNA
PRODUCTS
MANUFACTURER,
DISTRIBUTOR & EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on June 17,
1999 as a
private limited company
under the name
style S. P. A. INTERNATIONAL
FOOD GROUP CO.,
LTD., by Thai groups, with
the business objective
to manufacture and
market canned tuna
products to both
domestic and international
markets. It currently
employs approximately 250
staff.
The
subject’s registered address
is 20/1 Moo
9, T. Samngam, A.
Dontoom,
Nakornpathom
73150, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somchai Lueng-aramkul |
[x] |
Thai |
53 |
|
Ms. Ruengrai Lueng-aramkul |
[x] |
Thai |
65 |
|
Mr. Viboon Lueng-aramkul |
[x] |
Thai |
69 |
|
Mr. Paiboon Lueng-aramkul |
|
Thai |
66 |
|
Mr. Suwech Limpodom |
[-] |
Thai |
61 |
|
Mr. Choophan Leawrakwong |
[-] |
Thai |
48 |
AUTHORIZED PERSON
One of the mentioned directors
[x] can jointly
sign with one
of the directors
[-] on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Viboon Lueng-aramkul is
the President.
He is Thai
nationality with the
age of 69
years old.
Mr. Somchai Lueng-aramkul is
the Managing Director.
He is Thai
nationality with the
age of 53
years old.
Ms. Oranuch Lueng-aramkul is
the Plant, Marketing
and Sales Manager.
She is Thai
nationality.
Mr. Supachai Rangsitiyakorn is
the Production Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and marketing of
canned tuna, under
its own brands; “S.P.A.
OCEAN”, “BLUE OCEANO”,
“SKIPJACK”, “BONITO” and
“TONGOL”.
PRODUCTION CAPACITY
1,000,000 cases/annum
PURCHASE
Raw materials such
as tuna fish,
food ingredients and
packaging materials are
imported from India,
Malaysia, Indonesia and
Myanmar, the remaining
is purchased from
local suppliers.
EXPORT
95% of the
products is exported
to U.S.A., Canada,
Australia, Russia and
the countries in
Europe and Asia,
and the remaining
5% is sold
locally.
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
according 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
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
250 office staff
and factory workers.
LOCATION DETAILS
The premise
is owned for administrative office
and factory on
20,000 square meters
of area, at
the heading address.
Premise is located
in provincial.
COMMENT
The
company operates as
a manufacturer and
exporter of canned tuna
products mostly for
overseas markets. Subject
reported strong sales
in 2011 compared
to 2010. This
was due to
rising demand from overseas
markets. The main market of
the company’s canned tuna continuity
is the USA, with about 20 per
cent of total exports, while 2013 sees
also a good
improvement of this
market.
Currently, there
is an increasing
sales from export
markets comparing to
the same period
of last year.
However, the subject
tries to expand
more on local
market, and anticipates
an increasing sales
too.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000
divided into 500,000
shares of Bht. 10 each.
The
capital was increased
later as following:
Bht. 7,000,000 on May
29, 2001
Bht. 10,000,000 on May
2, 2002
Bht. 20,000,000 on August
25, 2005
Bht. 23,000,000 on March
27, 2007
Bht. 28,750,000 on December
9, 2008
Bht. 34,500,000 on August
4, 2009
The
latest registered capital
was increased to
Bht. 34,500,000 divided into 3,450,000 shares
of Bht. 10 each with
fully paid.
MAIN
SHAREHOLDERS : [as
at April 30,
2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Associated Food Processor
Co., Ltd. Nationality: Thai Address : 86
Sukhumvit Rd., Prakanongnua, Wattana, Bangkok |
1,200,000 |
34.78 |
|
Mr. Paiboon Lueng-aramkul Nationality: Thai Address : 315
Seri 6 Rd.,
Suanluang, Bangkok |
681,000 |
19.74 |
|
Mr. Viboon Lueng-aramkul Nationality: Thai Address : 455
Pattanakarn 53 Rd.,
Suanluang, Bangkok |
460,500 |
13.34 |
|
Mr. Somchai Lueng-aramkul Nationality: Thai Address : 171/107
Moo 7, Krathumlom,
Sampran,
Nakornpathom |
366,000 |
10.61 |
|
Mrs. Orasa Lueng-aramkul Nationality: Thai Address : 455
Pattanakarn 53 Rd.,
Suanluang, Bangkok |
135,000 |
3.91 |
|
Mr. Sompong Tantivanichayasuk Nationality: Thai Address : 302/4
Moo 6, Thungsonghong, Donmuang, Bangkok |
90,000 |
2.61 |
|
Mr. Arnont Sriyonglakhana Nationality: Thai Address : 37/4
Anuwong Rd., Chakrawad,
Samphatawong, Bangkok |
84,375 |
2.45 |
|
Mr. Charnchai Sriyonglakhana Nationality: Thai Address : 39
Anuwong Rd., Chakrawad,
Samphatawong, Bangkok |
84,375 |
2.45 |
|
Mr. Paisal Liwsamrith Nationality: Thai Address : 32/9
Moo 2, Petchkasem
Rd., Bangkae, Bangkok |
84,375 |
2.45 |
|
Mr. Mongkol Liwsamrith Nationality: Thai Address : 22/7
Moo 8, Petchkasem
Rd., Bangpai,
Bangkae, Bangkok |
84,375 |
2.45 |
|
Others |
180,000 |
5.21 |
Total Shareholders : 17
Share
Structure [as at
April 30, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
17 |
3,450,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
17 |
3,450,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Vichien Sophanpanichkul No.
4845
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 |
2,192,507.22 |
8,173,158.29 |
1,703,102.36 |
|
Trade Accounts and
Other Receivable |
60,110,733.20 |
40,588,307.92 |
49,150,147.91 |
|
Inventories |
131,173,646.20 |
72,957,334.13 |
43,675,447.78 |
|
Other Current Assets
|
465,852.43 |
141,281.87 |
7,453,407.85 |
|
|
|
|
|
|
Total Current Assets
|
193,942,739.05 |
121,860,082.21 |
101,982,105.90 |
|
|
|
|
|
|
Fixed Assets |
66,036,536.17 |
60,832,621.61 |
38,614,888.16 |
|
Other Non - current Assets |
2,073,435.50 |
49,919.90 |
727,922.99 |
|
Total Assets |
262,052,710.72 |
182,742,623.72 |
141,324,917.05 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
115,614,139.36 |
62,659,715.05 |
47,432,499.09 |
|
Trade Accounts and
Other Payable |
66,577,179.67 |
53,758,606.83 |
36,293,500.37 |
|
Current Portion of
Lease Contract Liabilities |
1,655,038.75 |
1,200,999.96 |
312,000.00 |
|
Current Portion of
Long-term Loans |
10,819,860.87 |
6,628,861.69 |
3,671,853.80 |
|
Accrued Income Tax |
3,091,318.07 |
1,637,967.41 |
- |
|
Other Current Liabilities |
- |
- |
13,281,204.74 |
|
|
|
|
|
|
Total Current Liabilities |
197,757,536.72 |
125,886,150.94 |
100,991,058.00 |
|
Lease Contract
Liabilities, Net |
249,716.21 |
921,916.71 |
468,000.00 |
|
Long-term Loans, Net |
11,991,434.24 |
15,118,910.20 |
7,782,937.28 |
|
Other Long-term Loan |
4,602,500.00 |
4,602,500.00 |
3,602,500.00 |
|
Total Liabilities |
214,601,187.17 |
146,529,477.85 |
112,844,495.28 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 3,450,000 shares |
34,500,000.00 |
34,500,000.00 |
34,500,000.00 |
|
|
|
|
|
|
Capital Paid |
34,500,000.00 |
34,500,000.00 |
34,500,000.00 |
|
Retained Earning Unappropriated |
12,951,523.55 |
1,713,145.87 |
[6,019,578.23] |
|
Total Shareholders' Equity |
47,451,523.55 |
36,213,145.87 |
28,480,421.77 |
|
Total Liabilities & Shareholders' Equity |
262,052,710.72 |
182,742,623.72 |
141,324,917.05 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
684,151,737.23 |
466,673,023.28 |
427,963,485.99 |
|
Other Income |
19,484,598.60 |
11,034,088.82 |
4,915,773.86 |
|
Total Revenues |
703,636,335.83 |
477,707,112.10 |
432,879,259.85 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
643,038,335.68 |
435,494,522.08 |
390,968,471.30 |
|
Selling Expenses |
18,040,432.47 |
12,691,288.88 |
13,192,642.56 |
|
Administrative Expenses |
15,097,271.97 |
12,370,718.90 |
11,052,769.15 |
|
Total Expenses |
676,176,040.12 |
460,556,529.86 |
415,213,883.01 |
|
|
|
|
|
|
Profit before Financial
Cost & Income
Tax |
27,460,295.71 |
17,150,582.24 |
17,665,376.84 |
|
Financial Costs |
[11,330,517.91] |
[6,054,463.95] |
[6,415,428.08] |
|
Profit before Income
Tax |
16,129,777.80 |
11,096,118.29 |
11,249,948.76 |
|
Income Tax |
[4,891,400.12] |
[3,363,394.19] |
[3,433,044.47] |
|
|
|
|
|
|
Net Profit / [Loss] |
11,238,377.68 |
7,732,724.10 |
7,816,904.29 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.98 |
0.97 |
1.01 |
|
QUICK RATIO |
TIMES |
0.32 |
0.39 |
0.50 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
10.36 |
7.67 |
11.08 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.61 |
2.55 |
3.03 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
74.46 |
61.15 |
40.77 |
|
INVENTORY TURNOVER |
TIMES |
4.90 |
5.97 |
8.95 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
32.07 |
31.75 |
41.92 |
|
RECEIVABLES TURNOVER |
TIMES |
11.38 |
11.50 |
8.71 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
37.79 |
45.06 |
33.88 |
|
CASH CONVERSION CYCLE |
DAYS |
68.74 |
47.84 |
48.81 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
93.99 |
93.32 |
91.36 |
|
SELLING & ADMINISTRATION |
% |
4.84 |
5.37 |
5.67 |
|
INTEREST |
% |
1.66 |
1.30 |
1.50 |
|
GROSS PROFIT MARGIN |
% |
8.86 |
9.05 |
9.79 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.01 |
3.68 |
4.13 |
|
NET PROFIT MARGIN |
% |
1.64 |
1.66 |
1.83 |
|
RETURN ON EQUITY |
% |
23.68 |
21.35 |
27.45 |
|
RETURN ON ASSET |
% |
4.29 |
4.23 |
5.53 |
|
EARNING PER SHARE |
BAHT |
3.26 |
2.24 |
2.27 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.82 |
0.80 |
0.80 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.52 |
4.05 |
3.96 |
|
TIME INTEREST EARNED |
TIMES |
2.42 |
2.83 |
2.75 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
46.60 |
9.05 |
|
|
OPERATING PROFIT |
% |
60.11 |
(2.91) |
|
|
NET PROFIT |
% |
45.34 |
(1.08) |
|
|
FIXED ASSETS |
% |
8.55 |
57.54 |
|
|
TOTAL ASSETS |
% |
43.40 |
29.31 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 46.6%. Turnover has increased from THB
466,673,023.28 in 2010 to THB 684,151,737.23 in 2011. While net profit has
increased from THB 7,732,724.10 in 2010 to THB 11,238,377.68 in 2011. And total
assets has increased from THB 182,742,623.72 in 2010 to THB 262,052,710.72 in
2011.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.86 |
Acceptable |
Industrial
Average |
15.96 |
|
Net Profit Margin |
1.64 |
Impressive |
Industrial
Average |
(4.52) |
|
Return on Assets |
4.29 |
Impressive |
Industrial
Average |
1.90 |
|
Return on Equity |
23.68 |
Impressive |
Industrial
Average |
10.64 |
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 8.86%. 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 1.64%,
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
4.29%, 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 23.68%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.98 |
Risky |
Industrial
Average |
10.37 |
|
Quick Ratio |
0.32 |
|
|
|
|
Cash Conversion Cycle |
68.74 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's figure
is 0.98 times in 2011, increased from 0.97 times, then the company may have
problems meeting its short-term obligations. When compared with the industry
average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.32 times in 2011,
decreased from 0.39 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 69 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.82 |
Impressive |
Industrial
Average |
1.66 |
|
Debt to Equity Ratio |
4.52 |
Risky |
Industrial
Average |
2.22 |
|
Times Interest Earned |
2.42 |
Deteriorated |
Industrial
Average |
5.60 |
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 2.43 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 0.82 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY:
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
10.36 |
Acceptable |
Industrial
Average |
19.58 |
|
Total Assets Turnover |
2.61 |
Impressive |
Industrial
Average |
2.25 |
|
Inventory Conversion Period |
74.46 |
|
|
|
|
Inventory Turnover |
4.90 |
Acceptable |
Industrial
Average |
9.64 |
|
Receivables Conversion Period |
32.07 |
|
|
|
|
Receivables Turnover |
11.38 |
Satisfactory |
Industrial
Average |
13.17 |
|
Payables Conversion Period |
37.79 |
|
|
|
The company's Account Receivable Ratio is calculated as 11.38 and 11.50
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
decreased from 2010. 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 increased from 61 days at the
end of 2010 to 74 days at the end of 2011. This represents a negative trend.
And Inventory turnover has decreased from 5.97 times in year 2010 to 4.9 times
in year 2011.
The company's Total Asset Turnover is calculated as 2.61 times and 2.55
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 Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
|
1 |
Rs.83.67 |
|
Euro |
1 |
Rs.71.02 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.