MIRA INFORM REPORT
|
Report Date : |
17.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
STAR CARPET CO., LTD. |
|
|
|
|
Registered Office : |
179 Moo 3, Suranaree Industrial Estate, T. Nongbuasala, A. Muang, Nakornratchasima
30000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
14.12.1994 |
|
|
|
|
Com. Reg. No.: |
0305537002237 [Former : NOR MOR.
1186] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Distributor of Carpet |
|
|
|
|
No. of Employees : |
45 |
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 |
|
Maximum Credit Limit: |
US$ 1,000,000. |
|
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
STAR CARPET CO., LTD.
SUMMARY
BUSINESS ADDRESS : 179 MOO 3,
SURANAREE INDUSTRIAL ESTATE,
T. NONGBUASALA,
A. MUANG,
NAKORNRATCHASIMA 30000
TELEPHONE : [66] 44 212-705-6, 81
924-7757
FAX : [66] 44
212-708
E-MAIL ADDRESS : starex@starmanufacturing.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1994
REGISTRATION NO. : 0305537002237 [Former : NOR MOR. 1186]
TAX ID NO. : 3301013151
CAPITAL REGISTERED : BHT.
30,000,000
CAPITAL PAID-UP : BHT.
30,000,000
SHAREHOLDER’S PROPORTION : THAI
: 51.00%
FOREIGN :
49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. CHAUDHRY SABAHAT
ELLAHI, PAKISTANI
MANAGING DIRECTOR & FACTORY
MANAGER
NO. OF STAFF : 45
LINES OF BUSINESS : CARPET
MANUFACTURER,
EXPORTER AND DISTRIBUTOR
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 December 14,
1994 as a
private limited company,
under the originally
registered name “Happidea
Carpet Co., Ltd.,”
by Thai and
Pakistani groups. On March
8, 2000, subject’s name was changed
to STAR CARPET
CO., LTD. Its
business objective is
to manufacture, distribute
and export wide range
of carpets and
related products to
both domestic and
international markets, with
the promotional privilege
granted by the
Board of Investment [BOI]. It
currently employs 45
staff.
Currently Star Carpet Co., Ltd.
has a number of
Woven Interlock Carpet Products tested in
accordance and approved
with IMO Resolution AS.
1530.1989 to allow
for their use
in schools, hospital
and ships.
The subject’s registered
address is 179 Moo 3,
Suranaree Industrial Estate,
T. Nongbuasala, A. Muang,
Nakornratchasima 30000, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chaudhry Sabahat Ellahi |
[x] |
Pakistani |
53 |
|
Mr. Jewed Chaudhry |
|
Pakistani |
64 |
|
Mr. Suracha Sirichotekunakorn |
|
Thai |
56 |
|
Mrs. Seeme Ellahi |
|
Pakistani |
55 |
AUTHORIZED PERSON
The mentioned director
[x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Chaudhry Sabahat Ellahi
is the Managing
Director & Factory Manager.
He is Pakistani
nationality with the
age of 53
years old.
Ms. Rawan Rungruang is
the Assistant Managing
Director, Sales & Marketing Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and distributing wide
range of carpets,
rugs and related
products, including PVC
carpet, door mats,
car mats and
etc., under the
brand name “STAREX”,
as well as
manufacturing service of
mats and rugs with
variety collections to OEM
customers.
PRODUCTION CAPACITY
6,000,000 square meters
per annum
PURCHASE
Most of raw
materials and accessories
are purchased from
local suppliers, and
the remaining as
well as synthetic
yarn are imported
from Germany, Italy,
Japan, Taiwan and
Republic of China.
MAJOR SUPPLIER
Star Manufacturing Co.,
Ltd. : Thailand
EXPORT [COUNTRIES]
90% of the
products is exported
to Singapore, Japan,
Vietnam, Taiwan, Malaysia,
Indonesia, Canada, Australia,
U.S.A., and the
countries in South
America, Europe and Middle
East.
SALES [LOCAL]
10% of the
products is sold
locally by wholesale
to dealers and
end-users.
MAJOR CUSTOMERS
TRS Marketing [Thailand] Co.,
Ltd. : Thailand
Star Manufacturing Co.,
Ltd. : Thailand
RELATED AND AFFILIATED COMPANIES
Star Manufacturing Co.,
Ltd.
Business Type :
Manufacturer and distributor of
Polypropylene BCF Yarn
Star Synthetic Yarns
Co., Ltd.
Business Type : Manufacturer and distributor
of Synthetic Yarn
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 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
Bangkok Bank Public
Co., Ltd.
TMB Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
45 staff.
LOCATION DETAILS
The premise is
rented for administrative office
and factory at the heading
address. Premise is
located in provincial.
Branches:
- 53/314 Moo 1,
Pathumthani-Rangsit Rd., T. Banklang,
A. Muang, Pathumthani
12000.
Tel. : [66] 2567-6439, Fax. : [66] 2567-6483.
- 178 Moo 3, Suranaree Industrial
Estate, T. Nongbuasala, A. Muang,
Nakornratchasima
30000
REMARK
MAXIMUM CREDIT SHOULD BE GRANTED AT US$ 1,000,000.
COMMENT
The subject is
the Thailand’s only
manufacturer of premium
Woven Interlock and synthetic
carpets for both
the commercial and residential
markets, including
hospitality, government, education
or corporate business.
The subject reported its
slow sales in
2011 compared to
the previous year.
Its sales has
been dropped from
sluggish exported markets in
the past few
years. However, domestic
consumption remains moderate
and current business
outlook is positive.
In the fist
half of this
year, the subject
might have an
impact from a
strength of Thai
Baht against other
foreign currencies which
is unfavourable to
the export business.
Hopefully, it would
last for a
short period not
the entire year,
and it would
have no material
affect on the
business as a whole.
FINANCIAL INFORMATION
The capital was
registered at Bht.
10,000,000 divided into
1,000,000 shares of
Bht. 10 each.
The capital was
increased later as
follows:
Bht. 20,000,000
on August 24,
2001
Bht. 30,000,000
on January 19,
2010
The latest registered
capital was increased
to Bht. 30,000,000 divided
into 3,000,000 shares
of Bht. 10
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as at August
20, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Suracha Sirichotekunakorn Nationality: Thai Address : 104
Ladprao 80 Rd.,
Wangthonglang, Bangkok |
855,000 |
28.50 |
|
Mr. Chaudhry Sabahat Ellahi Nationality: Pakistani Address : 75-77
Winkim Rd., Central
Hong Kong |
600,000 |
20.00 |
|
Mr. Meea Sajjad Halil Nationality: American Address : 6123
Woodland Street, Dallas,
U.S.A. |
400,000 |
13.33 |
|
Mrs. Vipa Sirichotekunakorn Nationality: Thai Address : 104
Ladprao 80 Rd.,
Wangthonglang, Bangkok |
355,000 |
11.83 |
|
Mrs. Roida Halil Nationality: American Address : 6123
Woodland Street, Dallas,
U.S.A. |
350,000 |
11.67 |
|
Mrs. Rawal Rungruang Nationality: Thai Address : 1739 Dej-udom Rd.,
T. Naimaung, A. Muang,
Nakornratchasima |
311,000 |
10.37 |
|
Mrs. Seeme Ellahi Nationality: Pakistani Address : 75-77
Winkim Rd., Central
Hong Kong |
111,000 |
3.70 |
|
Mr. Chatmongkol Munsucharit Nationality: Thai Address : 205/2
Moo 16, T. Naimuang, A. Pimai,
Nakornratchasima |
9,000 |
0.3 |
|
Mr. Jewed Chaudhry Nationality: Pakistani Address : 75-77
Winkim Rd., Central
Hong Kong |
9,000 |
0.3 |
Total Shareholders : 9
Share Structure
[as at
August 20, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
1,530,000 |
51.00 |
|
Foreign |
5 |
1,470,000 |
49.00 |
|
Total |
9 |
3,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Chavalit Chanthim No. 3215
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 at Bank
|
606,013.06 |
615,096.14 |
169,500.74 |
|
Short-term Investment |
191,080.98 |
188,558.95 |
- |
|
Trade Accounts &
Other Receivable |
31,580,269.76 |
29,882,135.45 |
21,495,032.84 |
|
Inventories |
21,108,120.51 |
25,181,421.36 |
11,872,879.65 |
|
Other Current Assets |
- |
- |
3,254,454.50 |
|
|
|
|
|
|
Total Current Assets
|
53,485,484.31 |
55,867,211.90 |
36,791,867.73 |
|
Fixed Deposit at
Bank |
- |
- |
185,094.79 |
|
Fixed Assets |
29,374,609.00 |
30,898,436.80 |
31,986,323.65 |
|
Total Assets |
82,860,093.31 |
86,765,648.70 |
68,963,286.17 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Trade Accounts &
Other Payable |
19,005,204.62 |
42,092,299.13 |
39,142,662.73 |
|
Other Current Liabilities |
- |
- |
2,662,036.93 |
|
|
|
|
|
|
Total Current Liabilities |
19,005,204.62 |
42,092,299.13 |
41,804,699.66 |
|
Long-term Loan from Related Person |
10,950,907.95 |
3,347,382.65 |
11,668,006.18 |
|
Total Liabilities |
29,956,112.57 |
45,439,681.78 |
53,472,705.84 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 3,000,000 shares
in 2011 & 2010; and
2,000,000 shares in 2009 respectively |
30,000,000.00 |
30,000,000.00 |
20,000,000.00 |
|
|
|
|
|
|
Capital Paid |
30,000,000.00 |
30,000,000.00 |
20,000,000.00 |
|
Retained Earnings |
22,903,980.74 |
11,325,966.92 |
[4,509,419.67] |
|
Total Shareholders' Equity |
52,903,980.74 |
41,325,966.92 |
15,490,580.33 |
|
Total Liabilities &
Shareholders' Equity |
82,860,093.31 |
86,765,648.70 |
68,963,286.17 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
117,919,093.32 |
147,338,762.27 |
57,155,155.24 |
|
Other Income |
348,611.58 |
3,983,852.05 |
1,075,095.60 |
|
Total Revenues |
118,267,704.90 |
151,322,614.32 |
58,230,250.84 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
90,850,464.66 |
109,869,249.70 |
42,970,161.20 |
|
Selling Expenses |
10,167,961.85 |
18,755,235.89 |
5,174,069.98 |
|
Administrative Expenses |
5,663,884.10 |
6,842,622.29 |
3,134,287.99 |
|
Total Expenses |
106,682,310.61 |
135,467,107.88 |
51,278,519.17 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost |
11,585,394.29 |
15,855,506.44 |
6,951,731.67 |
|
Financial Cost |
[7,380.47] |
[20,119.85] |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
11,578,013.82 |
15,835,386.59 |
6,951,731.67 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.81 |
1.33 |
0.88 |
|
QUICK RATIO |
TIMES |
1.70 |
0.73 |
0.52 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.01 |
4.77 |
1.79 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.42 |
1.70 |
0.83 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
84.80 |
83.66 |
100.85 |
|
INVENTORY TURNOVER |
TIMES |
4.30 |
4.36 |
3.62 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
97.75 |
74.03 |
137.27 |
|
RECEIVABLES TURNOVER |
TIMES |
3.73 |
4.93 |
2.66 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
76.36 |
139.84 |
332.49 |
|
CASH CONVERSION CYCLE |
DAYS |
106.20 |
17.85 |
(94.37) |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
77.04 |
74.57 |
75.18 |
|
SELLING & ADMINISTRATION |
% |
13.43 |
17.37 |
14.54 |
|
INTEREST |
% |
0.01 |
0.01 |
- |
|
GROSS PROFIT MARGIN |
% |
23.25 |
28.13 |
26.70 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.82 |
10.76 |
12.16 |
|
NET PROFIT MARGIN |
% |
9.82 |
10.75 |
12.16 |
|
RETURN ON EQUITY |
% |
21.88 |
38.32 |
44.88 |
|
RETURN ON ASSET |
% |
13.97 |
18.25 |
10.08 |
|
EARNING PER SHARE |
BAHT |
3.86 |
5.28 |
3.48 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.36 |
0.52 |
0.78 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.57 |
1.10 |
3.45 |
|
TIME INTEREST EARNED |
TIMES |
1,569.74 |
788.05 |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(19.97) |
157.79 |
|
|
OPERATING PROFIT |
% |
(26.93) |
128.08 |
|
|
NET PROFIT |
% |
(26.89) |
127.79 |
|
|
FIXED ASSETS |
% |
(4.93) |
(3.40) |
|
|
TOTAL ASSETS |
% |
(4.50) |
25.81 |
|
ANNUAL GROWTH : RISKY
An annual sales growth is -19.97%. Turnover has decreased from THB 147,338,762.27
in 2010 to THB 117,919,093.32 in 2011. While net profit has decreased from THB
15,835,386.59 in 2010 to THB 11,578,013.82 in 2011. And total assets has
decreased from THB 86,765,648.70 in 2010 to THB 82,860,093.31 in 2011.
PROFITABILITY : IMPRESSIVE
PROFITABILITY RATIO
|
Gross Profit Margin |
23.25 |
Deteriorated |
Industrial Average |
52.61 |
|
Net Profit Margin |
9.82 |
Impressive |
Industrial Average |
(4.17) |
|
Return on Assets |
13.97 |
Impressive |
Industrial Average |
(4.29) |
|
Return on Equity |
21.88 |
Impressive |
Industrial Average |
(7.39) |
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 23.25%. 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. Net Profit Margin ratio is 9.82%,
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
13.97%, 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
is 21.88%, 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 : SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
2.81 |
Impressive |
Industrial Average |
1.78 |
|
Quick Ratio |
1.70 |
|
|
|
|
Cash Conversion Cycle |
106.20 |
|
|
|
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 2.81 times in 2011, increase from 1.33 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 1.7 times in 2011,
increase from 0.73 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 107 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.36 |
Impressive |
Industrial Average |
0.47 |
|
Debt to Equity Ratio |
0.57 |
Impressive |
Industrial Average |
0.90 |
|
Times Interest Earned |
1,569.74 |
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 1569.74 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 0.36 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 : EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.01 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.42 |
Impressive |
Industrial Average |
1.03 |
|
Inventory Conversion Period |
84.80 |
|
|
|
|
Inventory Turnover |
4.30 |
Impressive |
Industrial Average |
2.80 |
|
Receivables Conversion Period |
97.75 |
|
|
|
|
Receivables Turnover |
3.73 |
Impressive |
Industrial Average |
2.45 |
|
Payables Conversion Period |
76.36 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.73 and 4.93 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 84 days at the
end of 2010 to 85 days at the end of 2011. This represents a negative trend.
And Inventory turnover has decreased from 4.36 times in year 2010 to 4.3 times
in year 2011.
The company's Total Asset Turnover is calculated as 1.42 times and 1.7
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.54.77 |
|
|
1 |
Rs.83.31 |
|
Euro |
1 |
Rs.70.46 |
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.