MIRA
INFORM REPORT
|
Report Date : |
09.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
SIAM YAMATO STEEL CO., LTD. |
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Registered Office : |
7th |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
07.04.1992 |
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|
Com. Reg. No.: |
0105535060339 [Former:
6032/2535] |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and Exporter of Steel Products. |
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No. of Employees : |
763 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies,
and strong export industries,
|
Source
: CIA |
company Name
SIAM YAMATO STEEL
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 7th FLOOR,
SIAM CEMENT BUILDING
II,
1 SIAM
CEMENT ROAD, BANGSUE,
BANGKOK 10800,
THAILAND
TELEPHONE : [66] 2586-2783-5,
2586-2371-2, 2586-7777
FAX :
[66] 2586-2687,
2586-5224
E-MAIL ADDRESS : sys@syssteel.com
yamato@syssteel.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1992
REGISTRATION NO. : 0105535060339 [Former: 6032/2535]
TAX ID NO. : 3011123294
CAPITAL REGISTERED
: BHT.
3,000,000,000
CAPITAL PAID-UP
: BHT.
3,000,000,000
SHAREHOLDER’S PROPORTION : THAI :
10.00%
JAPANESE :
90.00%
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PAITOON JIRANANTARAT, THAI
MANAGING DIRECTOR
& MARKETING MANAGER
NO. OF
STAFF : 763
LINES OF
BUSINESS : STEEL
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 7,
1992 as a
private limited company
under the name
style “SIAM YAMATO
STEEL CO., LTD.” by
a joint venture
among Yamato Kogyo
Co., Ltd. [64.18%], Mitsui
& Co., Ltd. [18%],
Siam Cement Public
Co., Ltd. [10%], Sumitomo Corporation
[5.82%] and Mitsui
& Co. [Thailand] Ltd. [2%] to
produce hot rolled
structural steel and
sheet piles in
Thailand.
The products
are certified for
international standard by
TIS, JIS BS,
ASTM, EURONORM and AS in
order to serve diverse
requirements of both
domestic and international. It
currently employs 763
staff.
The subject received
the promotion privilege
from the Board of Investment.
Subject is
also a member
of the Siam
Cement Group.
Certification/Award:
-
ISO 9002
-
ISO/IEC
Guide 25
-
TIS 1227-1996
-
JIS G 3101,
G 3106, G 3136
-
TIS 1390-1996
-
TUV
Certificate
The
subject’s registered address
is 7th Floor,
Siam Cement Building
II, 1 Siam Cement Rd., Bangsue, Bangkok 10800, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Tomoyuki Mochizuki |
|
Japanese |
49 |
|
Mr. Chaovalit Ekabut |
|
Thai |
54 |
|
Mr. Damri
Tanchevawong |
|
Thai |
60 |
|
Mr. Hiroyuki Inoue |
|
Japanese |
68 |
|
Mr.
Makoto Horie |
|
Japanese |
54 |
|
Mr.
Thanawong Areerachakul |
|
Thai |
49 |
|
Mr. Paitoon Jiranantarat |
|
Thai |
50 |
|
Mr. Kazutaka Motobayashi |
|
Japanese |
58 |
|
Mr. Takafumi Yoshida |
|
Japanese |
58 |
|
Mr. Shinichi Hori |
|
Japanese |
50 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Paitoon
Jiranantarat is the
Managing Director &
Marketing Manager.
He
is Thai nationality
with the age
of 50 years
old.
Mr. Jesada
Plangmanee is the
Production Manager.
He
is Thai nationality.
Mr. Chaiwat
Lertamornvichaiyuth is the
Personnel Manager.
He
is Thai nationality.
Mr. Chalermkiat
Itsarangkoon Na Ayudhya is the
Project Sales &
Technical Manager.
He
is Thai nationality.
Mr. Peerapat Saengsunee
is the Engineering
Manager.
He
is Thai nationality.
Mr. Sukij Chanama
is the Procurement
Manager.
He
is Thai nationality.
Mr. Pongsak Helom
is the Sales
Manager.
He
is Thai nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer
of structure steel,
wide plant steel
and hot rolled
shape steel including
H-Beam, I-Beam, Channel, Angle,
Sheet Pile, cut-beam
and etc. Its
production has been
received manufacturing technology
from Yamato Kogyo Co., Ltd.
in Japan. The
subject also has
a cut-to-length service
for lengths other
than the standard
6 m. and 12
m.
PRODUCTION
1,100,000
tons/year
MAJOR BRAND
“SYS”
PURCHASE
Most of
raw materials are
purchased from local
suppliers, the remaining
including scrap and
iron are imported
from Japan, Germany,
Republic of China, Taiwan, Malaysia,
India, South Africa and Korea.
MAJOR SUPPLIERS
Yamato
Kogyo Ltd. : Japan
Mitsui
& Co., Ltd. : Japan
Sumitomo
Corporation [Thailand] Ltd. : Thailand
SALES [LOCAL]
85%
of its products
is sold locally
to Thai Government,
construction contractor, wholesalers,
retailers and end-users.
EXPORT
15%
of the products
is exported to
Laos, Indonesia, Taiwan,
Vietnam, Philippines, Malaysia,
Australia, Republic of
China, Hong Kong,
Korea and India.
MAJOR CUSTOMER
Kwang
Hoa Commercial Co.,
Ltd. : Thailand
PARENT COMPANY
Yamato Kogyo
Co., Ltd.: Japan
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
to the past
two years.
SUBSIDIARY AND AFFILIATED COMPANY
The
subject is not
found to have
any subsidiary or
affiliated company here
in Thailand.
CREDIT
Sales
are by cash
or on the
credits term of
30-60-90 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.
[Head Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Kasikornbank Public
Co., Ltd.
[Head Office : 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
Siam Commercial
Bank Public Co., Ltd.
[Bangsue Branch : Siam Cement
Rd., Bangsue, Bangkok 10800]
Sumitomo Mitsui
Banking Corporation
[Bangkok Office : 138 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
EMPLOYMENT
The subject
employs 763 staff
[office staff and
factory workers].
LOCATION DETAILS
The premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Note.
The administrative office
was relocated from
12th Floor to 7th Floor
of Siam Cement
Building II, in 2012.
Factory:
9, I - 7 Map
Ta Phut Industrial
Estate, T, Map Ta
Phut, A. Muang,
Rayong 21150.
Tel: [66] 38
683-723, 38 683-732
Fax: [66] 38
683-200
Warehouse:
321/7
Moo 6, Sriracha, Chonburi.
Tel.
& Fax :
[66] 38 774-454-8
COMMENT
The
subject is the manufacturer of hot
rolled structural steel in
Thailand and also
the company within the Siam Cement Group. Its business
performance in 2012
had increased accordingly
with strong consumption. The
construction industry had
been expanding at
a remarkable rate
during these few
years due to
economy improvement. Such growth
is followed by
an increase in demand
of construction materials
for both public
and private projects.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1
million, divided into
10,000 shares of
Bht. 100 each.
The
capital were increased
& decreased later as
followings:
Increased
were: Bht. 1,200,000,000 on
June 15, 1992
Bht. 3,000,000,000 on
November 4, 1993
Bht. 7,000,000,000 on
October 2, 1998
Bht. 7,800,000,000 on
December 21, 1999
Decreased
were: Bht. 7,000,000,000 on
December 2, 2002
Bht. 6,200,000,000 on
June 11, 2003
Bht. 3,000,000,000 on
December 18, 2003
The latest
registered capital was decreased
to Bht. 3,000,000,000 divided
into 30,000,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[As at
April 3, 2013
|
NAME |
HOLDING |
% |
|
|
|
|
|
Yamato Kogyo
Co., Ltd. Nationality: Japanese Address
: 380 Kibi, Ohtsu-ku. Himeji-shi, 671-1192 Japan |
19,255,343 |
64.18 |
|
Mitsui &
Co., Ltd. Nationality: Japanese Address
: 2-1, 100-0004, Japan |
5,400,000 |
18.00 |
|
Siam Cement
Public Co., Ltd. Nationality: Thai Address
: 1 Siam Cement
Rd., Bangkok |
3,000,000 |
10.00 |
|
Sumitomo Corporation
Nationality: Japanese Address
: 1-8-11, Harumi, 1-chome,
Chuo-ku, Tokyo, 104-8610, Japan |
1,744,657 |
5.82 |
|
Mitsui &
Co., [Thailand] Ltd. Nationality: Japanese Address
: 175 South
Sathorn Rd., Thunmahamek, Sathorn, Bangkok |
600,000 |
2.00 |
Total Shareholders
: 5
Share
Structure [as at
April 3, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
3,000,000 |
10.00 |
|
Foreign
- Japanese |
4 |
27,000,000 |
90.00 |
|
Total |
5 |
30,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO. :
Mr. Vichien
Kingmontree No. 3977
BALANCE SHEET [BAHT]
The latest
financial figures published
as at December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash
and Cash Equivalents |
210,796,166 |
235,945,590 |
740,579,081 |
|
Trade
Accounts & Other Receivable |
2,384,061,436 |
1,584,355,398 |
837,080,564 |
|
Other
Receivable |
- |
- |
19,173,758 |
|
Inventories |
4,241,261,258 |
4,464,656,136 |
3,118,662,395 |
|
Deferred
- Value Added Tax |
31,614,651 |
106,554,124 |
62,206,499 |
|
Other
Current Assets |
493,049 |
14,794,664 |
5,018,523 |
|
|
|
|
|
|
Total
Current Assets |
6,868,226,560 |
6,406,305,912 |
4,782,720,820 |
|
Long-term Investment |
- |
- |
15,534,000 |
|
Fixed Assets |
10,235,576,311 |
10,842,411,311 |
11,329,049,678 |
|
Intangible
Assets |
103,501,958 |
105,440,287 |
110,115,569 |
|
Deferred
Expenses |
1,193,041,782 |
1,220,797,115 |
1,331,617,371 |
|
Other
Non-current Assets |
5,031,567 |
3,166,414 |
3,193,744 |
|
Total
Assets |
18,405,378,178 |
18,578,121,039 |
17,572,231,182 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 [Adjusted] |
|
|
|
|
|
|
Short-term Loan from
Financial Institutions |
- |
380,000,000 |
- |
|
Trade
Accounts & Other Payable |
1,663,683,931 |
1,794,126,772 |
971,751,709 |
|
Other
Payable |
- |
- |
451,318,456 |
|
Current
Portion of Long-term Loan
from Financial Institutions |
740,000,000 |
695,000,000 |
295,000,000 |
|
Current Portion of
Long-term Loan from
Related Company |
307,775,000 |
318,319,000 |
3,159,000,000 |
|
Other Current Liabilities |
15,887,123 |
19,336,291 |
15,099,655 |
|
|
|
|
|
|
Total Current Liabilities |
2,727,346,054 |
3,206,782,063 |
4,892,169,820 |
|
|
|
|
|
|
Long-term Loan from
Financial Institutions |
2,000,000,000 |
2,740,000,000 |
3,435,000,000 |
|
Long-term Loan from Related Company |
2,132,250,000 |
2,450,569,000 |
- |
|
Estimated
Liabilities for
Employee Benefits |
50,520,092 |
44,437,108 |
40,373,197 |
|
|
|
|
|
|
Total
Liabilities |
6,910,116,146 |
8,441,788,171 |
8,367,543,017 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share
Capital : Baht. 100
par value
authorized issued and
fully paid
share capital 30,000,000
shares |
3,000,000,000 |
3,000,000,000 |
3,000,000,000 |
|
|
|
|
|
|
Capital
Paid |
3,000,000,000 |
3,000,000,000 |
3,000,000,000 |
|
Retained Earning
Appropriated for Statutory
Reserve |
300,000,000 |
300,000,000 |
300,000,000 |
|
Unappropriated |
8,195,262,032 |
6,836,332,868 |
5,904,688,165 |
|
Total
Shareholders' Equity |
11,495,262,032 |
10,136,332,868 |
9,204,688,165 |
|
|
|
|
|
|
Total Liabilities
& Shareholders'
Equity |
18,405,378,178 |
18,578,121,039 |
17,572,231,182 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 [Adjusted] |
|
|
|
|
|
|
Sales |
24,931,616,843 |
22,747,454,969 |
16,383,566,238 |
|
Other
Revenues |
115,624,351 |
81,276,466 |
142,234,559 |
|
Total
Revenues |
25,047,241,194 |
22,828,731,435 |
16,525,800,797 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost
of Goods Sold
|
21,946,775,990 |
20,184,108,778 |
14,717,558,539 |
|
Selling
Expenses |
541,664,180 |
555,344,062 |
382,670,974 |
|
Administrative Expenses |
920,230,990 |
857,170,431 |
740,092,754 |
|
Other Expenses |
18,663,403 |
16,282,860 |
27,522,242 |
|
Total Expenses |
23,427,334,563 |
21,612,906,131 |
15,867,844,509 |
|
|
|
|
|
|
Profit
before Financial Cost
|
1,619,906,631 |
1,215,825,304 |
657,956,288 |
|
Financial
Cost |
[260,977,467] |
[284,180,601] |
[316,207,886] |
|
Net
Profit / [Loss] |
1,358,929,164 |
931,644,703 |
341,748,402 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.52 |
2.00 |
0.98 |
|
QUICK RATIO |
TIMES |
0.95 |
0.57 |
0.33 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.44 |
2.10 |
1.45 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.35 |
1.22 |
0.93 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
70.54 |
80.74 |
77.34 |
|
INVENTORY TURNOVER |
TIMES |
5.17 |
4.52 |
4.72 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
34.90 |
25.42 |
18.65 |
|
RECEIVABLES TURNOVER |
TIMES |
10.46 |
14.36 |
19.57 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
27.67 |
32.44 |
24.10 |
|
CASH CONVERSION CYCLE |
DAYS |
77.77 |
73.71 |
71.89 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
88.03 |
88.73 |
89.83 |
|
SELLING & ADMINISTRATION |
% |
5.86 |
6.21 |
6.85 |
|
INTEREST |
% |
1.05 |
1.25 |
1.93 |
|
GROSS PROFIT MARGIN |
% |
12.44 |
11.63 |
11.04 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.50 |
5.34 |
4.02 |
|
NET PROFIT MARGIN |
% |
5.45 |
4.10 |
2.09 |
|
RETURN ON EQUITY |
% |
11.82 |
9.19 |
3.71 |
|
RETURN ON ASSET |
% |
7.38 |
5.01 |
1.94 |
|
EARNING PER SHARE |
BAHT |
45.30 |
31.05 |
11.39 |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.38 |
0.45 |
0.48 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.60 |
0.83 |
0.91 |
|
TIME INTEREST EARNED |
TIMES |
6.21 |
4.28 |
2.08 |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
9.60 |
38.84 |
|
|
OPERATING PROFIT |
% |
33.24 |
84.79 |
|
|
NET PROFIT |
% |
45.86 |
172.61 |
|
|
FIXED ASSETS |
% |
(5.60) |
(4.30) |
|
|
TOTAL ASSETS |
% |
(0.93) |
5.72 |
|
ANNUAL GROWTH: SATISFACTORY
An annual sales growth is 9.6%. Turnover has increased from THB
22,747,454,969.00 in 2011 to THB 24,931,616,843.00 in 2012. While net profit
has increased from THB 931,644,703.00 in 2011 to THB 1,358,929,164.00 in 2012.
And total assets has decreased from THB 18,578,121,039.00 in 2011 to THB
18,405,378,178.00 in 2012.
PROFITABILITY
: EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
12.44 |
Impressive |
Industrial Average |
1.58 |
|
Net Profit Margin |
5.45 |
Impressive |
Industrial Average |
0.36 |
|
Return on Assets |
7.38 |
Impressive |
Industrial Average |
0.83 |
|
Return on Equity |
11.82 |
Impressive |
Industrial Average |
2.03 |
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 12.44%. 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 5.45%,
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
7.38%, 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 11.82%, 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
: ACCEPTABLE
LIQUIDITY
RATIO
|
Current Ratio |
2.52 |
Impressive |
Industrial Average |
1.31 |
|
Quick Ratio |
0.95 |
|
|
|
|
Cash Conversion Cycle |
77.77 |
|
|
|
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 2.52 times in 2012, increased from 2
times, then it is generally considered to have good short-term financial
strength. When compared with the industry average, the ratio of the company was
higher, indicated that company was an efficient operator in a dominant position
within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.95 times in 2012,
increased from 0.57 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 78 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: EXCELLENT
LEVERAGE
RATIO
|
Debt Ratio |
0.38 |
Impressive |
Industrial Average |
0.59 |
|
Debt to Equity Ratio |
0.60 |
Impressive |
Industrial Average |
1.42 |
|
Times Interest Earned |
6.21 |
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 6.21 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 0.38 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 Downtrend
Times Interest Earned Downtrend
ACTIVITY
: IMPRESSIVE
ACTIVITY
RATIO
|
Fixed Assets Turnover |
2.44 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.35 |
Acceptable |
Industrial Average |
2.26 |
|
Inventory Conversion Period |
70.54 |
|
|
|
|
Inventory Turnover |
5.17 |
Impressive |
Industrial Average |
5.11 |
|
Receivables Conversion Period |
34.90 |
|
|
|
|
Receivables Turnover |
10.46 |
Impressive |
Industrial Average |
3.82 |
|
Payables Conversion Period |
27.67 |
|
|
|
The company's Account Receivable Ratio is
calculated as 10.46 and 14.36 in 2012 and 2011 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 2012 decreased from 2011. 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 decreased from 81 days
at the end of 2011 to 71 days at the end of 2012. This represents a positive
trend. And Inventory turnover has increased from 4.52 times in year 2011 to
5.17 times in year 2012.
The company's Total Asset Turnover is
calculated as 1.35 times and 1.22 times in 2012 and 2011 respectively. This
ratio is determined by dividing total assets into total sales turnover. The
ratio measures the activity of the assets and the ability of the firm to
generate sales through the use of the assets.
Trend
of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.73 |
|
|
1 |
Rs.100.92 |
|
Euro |
1 |
Rs.84.06 |
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.