MIRA INFORM REPORT
|
Report Date : |
16.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
ADVANCE
FIBER CO., LTD. |
|
|
|
|
Registered Office : |
18th Floor, Vorasombat Building, 100/1 Rama 9 Road, Huaykwang, Bangkok 10320 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
11.04.2005 |
|
|
|
|
Com. Reg. No.: |
0105548050353 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
manufacturer and
distributor of
wooden floor products,
specialized in MDF [Medium
Density Fiber] board,
particle board and
veneer products, under
the brand ADVANCE
FIBER. |
|
|
|
|
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
ADVANCE FIBER CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 18th FLOOR, VORASOMBAT
BUILDING,
100/1 RAMA
9 ROAD, HUAYKWANG,
BANGKOK 10320,
THAILAND
TELEPHONE : [66] 2645-1062-8
FAX :
[66] 2645-1064,
2245-6444
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION
NO. : 0105548050353
TAX
ID NO. : 3031781450
CAPITAL REGISTERED : BHT. 500,000,000
CAPITAL PAID-UP : BHT.
500,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. NARONG PIYASOMBATKUL, THAI
PRESIDENT
NO.
OF STAFF : 180
LINES
OF BUSINESS : WOODEN FLOOR
PRODUCTS
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 11,
2005 as a
private limited company under
the name style
ADVANCE FIBER CO., LTD.,
by Thai group,
Piyasombatkul family, in order
to manufacture and
service of wooden
floor products to both
domestic and international
markets. It currently
employs approximately 180
staff.
The subject’s registered
address is 18th Flr.,
Vorasombat Bldg., 100/1 Rama 9 Rd., Huaykwang,
Bangkok 10320, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Narong Piyasombatkul |
|
Thai |
54 |
|
Mr. Chatchai Piyasombatkul |
|
Thai |
52 |
|
Ms. Laksamee Piyasombatkul |
|
Thai |
49 |
|
Mr. Piya Piyasombatkul |
|
Thai |
47 |
|
Ms. Yaowalak Piyasombatkul |
|
Thai |
43 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Narong Piyasombatkul is
the President.
He is Thai
nationality with the
age of 54
years old.
Mr. Piya Piyasombatkul is
the Managing Director.
He is Thai
nationality with the
age of 47
years old.
BUSINESS OPERATIONS
The subject operates
as a manufacturer and distributor
of wooden floor
products, specialized in MDF
[Medium Density Fiber] board,
particle board and
veneer products, under
the brand ADVANCE
FIBER.
PRODUCTION CAPACITY
Approximately 264,000
cubic meters per
annum
PURCHASE
100% of raw
material is purchased
from local supplier,
while machinery and
equipment are imported
from Germany and
Republic of China.
SALES
80% of the
products is sold
locally by wholesale
to dealers, the
remaining 20% is
exported to Japan,
Korea, Singapore, Hong Kong,
Republic of China,
Taiwan, and many
countries in Europe and
Middle East.
RELATED AND AFFILIATED
COMPANIES
Metropolitan Plywood Co.,
Ltd.
Business Type : Manufacturer of
plywood products
Metro Veneer Co.,
Ltd.
Business Type : Manufacturer
& distributor of teak
wood veneer products
Metro Fiber Co.,
Ltd.
Business Type : Manufacturer of
board products
Metro Topwood Co.,
Ltd.
Business Type : Manufacturer
& distributor of veneer
surfaced board
Metro Panel Co.,
Ltd.
Business Type : Manufacturer of
fiber board & hard board
H. T. L. Sawmill Co.,
Ltd.
Business Type : Manufacturer of
wooden products
NC-Ply Co., Ltd.
Business Type : Manufacturer of
door skin and
door products
Piyasombat Property Co.,
Ltd.
Business Type : Property business.
Piyasombat Land Co.,
Ltd.
Business Type : Property business.
Metro M.D.F. Co.,
Ltd.
Business Type :
Manufacturer of MDF
board
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
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 180 office
staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
is located at
111/11 Moo 4,
Sang-xuto Rd., T. Thamaka,
A. Thamaka,
Karnchanaburi 71120.
Tel.: [66] 34
542-140-9 Fax: [66]
34 541-076.
COMMENT
The
subject belongs to Piyasombatkul family,
which has involved in
MDF board industry
for decades. Since
commencement subject has
strong business growth in
line with robust
growth of construction
industry. The products
have been widely
used in residences
such as town house,
detached house and condominium. Growth
is strong during
these two years
from expansion of
construction sector.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000
shares of Bht. 100
each.
On
December 21, 2005,
the capital was
increased to Bht.
500,000,000 divided into
5,000,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 28, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Narong Piyasombatkul Nationality: Thai Address : 70 Soi Prachanukul 3, Ratchadapisek 66 Rd.,
Bangsue, Bangkok |
1,250,000 |
25,00 |
|
Mr. Chatchai Piyasombatkul Nationality: Thai Address : 74
Moo 2, Nonthaburi
1 Rd., Bangkrasor, Muang,
Nonthaburi |
1,250,000 |
25.00 |
|
Mr. Piya Piyasombatkul Nationality: Thai Address : 99/9
Moo 5, Waineo,
Thamaka,
Karnchanburi |
1,250,000 |
25.00 |
|
Ms. Yaowalak Piyasombatkul Nationality: Thai Address : 39/5
Moo 4, Saiyai,
Sainoi, Nonthaburi |
624,999 |
12.50 |
|
Ms. Laksamee Piyasombatkul Nationality: Thai Address : 39/3
Moo 4, Saiyai,
Sainoi, Nonthaburi |
624,999 |
12.50 |
|
Mrs. Jantana Piyasombatkul Nationality: Thai Address : 74
Moo 2, Nonthaburi
1 Rd., Bangkrasor, Muang, Nonthaburi |
1 |
- |
|
Mrs. Chantana Piyasombatkul Nationality: Thai Address : 70 Soi Prachanukul 3, Ratchadapisek 66 Rd., Bangsue, Bangkok |
1 |
- |
Total Shareholders : 7
Share Structure [as
at April 28,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
5,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
5,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Anupong Techa-amnuayporn No.
3700
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 |
98,374,326.14 |
229,396,149.02 |
68,767,673.36 |
|
Trade Accounts
Receivable |
282,097,608.04 |
162,766,206.36 |
188,154,752.57 |
|
Inventories |
304,986,507.14 |
194,774,440.04 |
151,661,403.03 |
|
Other Receivable |
12,406,352.19 |
11,650,351.75 |
- |
|
Other Current
Assets |
9,499,621.65 |
15,127,123.24 |
16,640,062.31 |
|
|
|
|
|
|
Total Current
Assets |
707,364,415.16 |
613,714,270.41 |
425,223,891.27 |
|
Fixed Assets |
|
1,879,828,319.50 |
1,995,615,220.11 |
|
Intangible Assets |
596,842.32 |
729,919.54 |
909,644.02 |
|
Deposit for
Land |
40,000,000.00 |
40,000,000.00 |
32,000,000.00 |
|
Total Assets |
2,510,244,191.14 |
2,534,272,509.45 |
2,453,748,755.40 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institutions |
620,000,000.00 |
620,000,000.00 |
650,000,000.00 |
|
Trade Accounts
Payable |
308,431,193.66 |
265,722,208.38 |
204,829,636.70 |
|
Current Portion
of Long-term Loans |
208,000,000.00 |
208,000,000.00 |
208,000,000.00 |
|
Other Payable |
170,955,878.31 |
110,574,239.25 |
- |
|
Other Non-current
Liabilities |
231,855.84 |
331,168.19 |
43,452,392.32 |
|
|
|
|
|
|
Total Current Liabilities
|
1,307,618,927.81 |
1,204,627,615.82 |
1,106,282,029.02 |
|
Long-term Loan from
Financial Institution |
327,583,112.30 |
535,583,112.30 |
743,583,112.30 |
|
Total Liabilities |
1,635,202,040.11 |
1,740,210,728.12 |
1,849,865,141.32 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized,
issued and fully
paid
share capital 5,000,000
shares |
500,000,000.00 |
500,000,000.00 |
500,000,000.00 |
|
|
|
|
|
|
Capital Paid |
500,000,000.00 |
500,000,000.00 |
500,000,000.00 |
|
Retained Earning -
Unappropriated |
375,042,151.03 |
294,061,781.33 |
103,883,614.08 |
|
Total Shareholders'
Equity |
875,042,151.03 |
794,061,781.33 |
603,883,614.08 |
|
Total Liabilities & Shareholders' Equity |
2,510,244,191.14 |
2,534,272,509.45 |
2,453,748,755.40 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
2,656,315,434.57 |
2,594,075,723.85 |
1,553,494,554.78 |
|
Other Income Gain
on Exchange Rate
|
15,039,619.36 |
5,969,871.83 |
- |
|
Export
Compensation Income |
6,030935.77 |
4,555,164.73 |
5,279,415.81 |
|
Interest
Income |
597,281.92 |
320,301.04 |
140,542.44 |
|
Other
Income |
4,190,258.73 |
1,418,814.82 |
9,796,614.61 |
|
Total Revenues |
2,682,173,540.35 |
2,606,339,876.27 |
1,568,711,127.64 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of
Goods Sold |
2,091,925,864.75 |
1,884,583,907.36 |
1,174,199,784.57 |
|
Selling Expenses |
446,593,756.77 |
455,063,587.48 |
244,295,695.94 |
|
Administrative Expenses |
30,521,329.95 |
40,948,104.20 |
40,233,734.64 |
|
Total Expenses |
2,569,040,951.44 |
2,380,595,599.04 |
1,458,729,215.15 |
|
|
|
|
|
|
Profit / [Loss] before
Financial Cost &
Income Tax |
113,132,588.91 |
225,744,277.23 |
109,981,912.49 |
|
Financial Costs |
[32,152,219.21] |
[35,566,109.98] |
[49,819,596.11] |
|
|
|
|
|
|
Profit / [Loss] before
Income Tax |
80,980,369.70 |
190,178,167.25 |
60,162,316.38 |
|
Income Tax |
- |
- |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
80,980,369.70 |
190,178,167.25 |
60,162,316.38 |
fINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.54 |
0.51 |
0.38 |
|
QUICK RATIO |
TIMES |
0.29 |
0.33 |
0.23 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.51 |
1.38 |
0.78 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.06 |
1.02 |
0.63 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
53.21 |
37.72 |
47.14 |
|
INVENTORY TURNOVER |
TIMES |
6.86 |
9.68 |
7.74 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
38.76 |
22.90 |
44.21 |
|
RECEIVABLES TURNOVER |
TIMES |
9.42 |
15.94 |
8.26 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
53.82 |
51.46 |
63.67 |
|
CASH CONVERSION CYCLE |
DAYS |
38.16 |
9.16 |
27.68 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
78.75 |
72.65 |
75.58 |
|
SELLING & ADMINISTRATION |
% |
17.96 |
19.12 |
18.32 |
|
INTEREST |
% |
1.21 |
1.37 |
3.21 |
|
GROSS PROFIT MARGIN |
% |
22.22 |
27.82 |
25.40 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.26 |
8.70 |
7.08 |
|
NET PROFIT MARGIN |
% |
3.05 |
7.33 |
3.87 |
|
RETURN ON EQUITY |
% |
9.25 |
23.95 |
9.96 |
|
RETURN ON ASSET |
% |
3.23 |
7.50 |
2.45 |
|
EARNING PER SHARE |
BAHT |
16.20 |
38.04 |
12.03 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.65 |
0.69 |
0.75 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.87 |
2.19 |
3.06 |
|
TIME INTEREST EARNED |
TIMES |
3.52 |
6.35 |
2.21 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
2.40 |
66.98 |
|
|
OPERATING PROFIT |
% |
(49.88) |
105.26 |
|
|
NET PROFIT |
% |
(57.42) |
216.11 |
|
|
FIXED ASSETS |
% |
(6.25) |
(5.80) |
|
|
TOTAL ASSETS |
% |
(0.95) |
3.28 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is 2.4%. Turnover has increased from THB
2,594,075,723.85 in 2010 to THB 2,656,315,434.57 in 2011. While net profit has
decreased from THB 190,178,167.25 in 2010 to THB 80,980,369.70 in 2011. And
total assets has decreased from THB 2,534,272,509.45 in 2010 to THB
2,510,244,191.14 in 2011.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
22.22 |
Impressive |
Industrial Average |
16.36 |
|
Net Profit Margin |
3.05 |
Impressive |
Industrial Average |
2.48 |
|
Return on Assets |
3.23 |
Impressive |
Industrial Average |
1.73 |
|
Return on Equity |
9.25 |
Impressive |
Industrial Average |
(2.44) |
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 22.22%. 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 3.05%,
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 3.23%, 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 9.25%, 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 |
0.54 |
Risky |
Industrial Average |
1.33 |
|
Quick Ratio |
0.29 |
|
|
|
|
Cash Conversion Cycle |
38.16 |
|
|
|
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 0.54 times in 2011, increased from 0.51 times, then the company may not be
efficiently using its current assets. 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 0.29 times in 2011,
decreased from 0.33 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 39 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.65 |
Acceptable |
Industrial Average |
0.42 |
|
Debt to Equity Ratio |
1.87 |
Risky |
Industrial Average |
0.01 |
|
Times Interest Earned |
3.52 |
Impressive |
Industrial Average |
3.16 |
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 3.52 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 0.65 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 Uptrend
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.51 |
Impressive |
Industrial Average |
1.28 |
|
Total Assets Turnover |
1.06 |
Impressive |
Industrial Average |
0.81 |
|
Inventory Conversion Period |
53.21 |
|
|
|
|
Inventory Turnover |
6.86 |
Impressive |
Industrial Average |
3.50 |
|
Receivables Conversion Period |
38.76 |
|
|
|
|
Receivables Turnover |
9.42 |
Impressive |
Industrial Average |
6.19 |
|
Payables Conversion Period |
53.82 |
|
|
|
The company's Account Receivable Ratio is calculated as 9.42 and 15.94
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 38 days at the
end of 2010 to 53 days at the end of 2011. This represents a negative trend.
And Inventory turnover has decreased from 9.68 times in year 2010 to 6.86 times
in year 2011.
The company's Total Asset Turnover is calculated as 1.06 times and 1.02
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.54.78 |
|
UK Pound |
1 |
Rs.83.38 |
|
Euro |
1 |
Rs.70.72 |
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.