MIRA INFORM REPORT
|
Report Date : |
18.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
INTERCONTINENTAL JEWELLERY MANUFACTURING PUBLIC COMPANY LIMITED |
|
|
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Registered Office : |
700/108 Moo 5, Amata Nakorn Industrial Estate, T. Klongtamru, A. Muang, Chonburi 20000 |
|
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|
Country : |
Thailand |
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|
|
|
Financials (as on) : |
31.12.2012 |
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|
|
Date of Incorporation : |
08.09.2003 |
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Com. Reg. No.: |
0107550000246 |
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|
|
Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacturer and Exporter of jewelry products |
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|
No of Employees : |
420 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. 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 recession severely cut Thailand's exports, with most sectors
experiencing double-digit drops. In late 2011 Thailand's recovery was
interrupted by historic flooding in the industrial areas in Bangkok and its
five surrounding provinces, crippling the manufacturing sector. The government
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 following seven years.
|
Source
: CIA |
COMPANY
NAME
INTERCONTINENTAL JEWELLERY
MANUFACTURING PUBLIC COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 700/108 MOO 5,
AMATA NAKORN INDUSTRIAL ESTATE,
T. KLONGTAMRU,
A. MUANG,
CHONBURI 20000,
THAILAND
TELEPHONE : [66] 38
468-686, 2468-603-6
FAX :
[66] 38
468-687, 38 468-139
E-MAIL
ADDRESS : andy@ijssfe.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION
NO. : 0107550000246 [Former
: 0105546107382]
TAX
ID NO. : 3031056978
CAPITAL REGISTERED : BHT. 150,000,000
CAPITAL PAID-UP : BHT.
112,500,000
SHAREHOLDER’S PROPORTION : THAI :
32.23%
FOREIGN :
67.77%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : MR.
ANDREW MICHAEL PAUL SKELHORNE, BRITISH
CHIEF EXECUTIVE
OFFICER & CHIEF OPERATION
OFFICER
NO.
OF STAFF : 420
LINES
OF BUSINESS : JEWELRY PRODUCTS
MANUFACTURER AND
EXPORTER
CORPORATE PROFILE
|
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was initially
established on September
8, 2003 as
a private limited
company under the
name style “Intercontinental Jewellery
Manufacturing Co., Ltd.”
by Thai and
foreign groups. On December 19, 2007, subject’s
status was converted
to a public
company, named INTERCONTINENTAL JEWELLERY MANUFACTURING
PUBLIC COMPANY LIMITED,
with the business
objective to manufacture
and export wide range
of jewelry products
with BOI promoted.
It currently employs
approximate 420 staff.
In
2006, it achieved
the standard ISO 9001: 2000 certification
from UKAS.
The
subject’s registered address
is 700/108 Moo
5, Amata Nakorn
Industrial Estate,
T. Klongtamru, A. Muang,
Chonburi 20000, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Andrew Michael Paul
Skelhorne |
[x] |
British |
47 |
|
Mr. Roderick Edward Morton |
[x] |
Australian |
71 |
|
Mr. Wiboon Srisurin |
[x] |
Thai |
52 |
|
Mrs. Yaowares Dechachart |
[x] |
Thai |
56 |
|
Mrs. Nataya Piluek |
|
Thai |
- |
AUTHORIZED PERSON
Two of the
mentioned directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Andrew Michael Paul
Skelhorne is the
Chief Executive Officer & Chief Operation
Officer.
He is British
nationality with the
age of 47
years old.
Mr. Wiboon Srisurin is
the Chief Financial
Officer.
He is Thai nationality with
the age of 52 years
old.
Mrs. Yaowares Dechachat is
the Customer Service
Manager.
She is British
nationality with the
age of 56
years old.
BUSINESS OPERATIONS
The subject is
engaged in design, manufacturing
and exporting wide
range of gold
jewelry products with
all types featuring
diamonds and gemstones,
as well as
silver jewelry, e.g. ring,
earring, necklace, pin,
bracelet, pendant and
etc., with over 400
models under customer’s
requirement.
The subject works
with 5 other factories
in Thailand, which
are sub-contracted to
manufacture the products
under the subject’s
designs.
PRODUCTION CAPACITY
1,400,000 pieces per
annum
PURCHASE
Raw materials such
as diamond, gemstone,
gold and accessories
are purchased from
both domestic and
overseas suppliers mainly
in India, Africa, Pakistan,
Japan, Malaysia, Hong Kong and Switzerland.
EXPORT
100% of
the products is
exported to Australia,
Hong Kong, U.S.A.,
Russia, Japan, Republic
of China, Africa,
Middle East and
European countries.
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 to for
the past two
years.
CREDIT
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
L/C at sight or T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
420 staff.
LOCATION DETAILS
The
premise is rented
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in industrial
area.
COMMENT
Subject has
strong production capability
in order to serve the customers
with professional organized
so as to
give configuration to finish
sample and on-time
delivery.
The
subject has experienced
a strong business
growth for decade
and performance is
continually improving. Since
2013, growth of
export consumption has gradually improved
and continued growing
in 2014.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 112,500,000 divided
into 1,125,000 shares
of Bht. 100 each.
On
June 2, 2009,
the capital was
increased to Bht.
150,000,000 divided into 150,000,000 shares
of Bht. 1
each, with the
current capital paid-up
at Bht. 112,500,000.
MAIN SHAREHOLDERS : [as at April
30, 2013] at
Bht. 112,500,000 of
capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Andrew Michael Paul
Skelhorne Nationality: British Address : 1314
Charoennakorn 17 Rd.,
Klongsan, Bangkok |
22,822,500 |
20.29 |
|
The Roderick E. Morton
Superannuation Fund Nationality: Australian Address : 309
Kent Road, Sydney,
New South
Wales, Australia |
21,240,200 |
18.88 |
|
Morton Unit Trust Nationality: Australian Address : 63/1 York Street, New
South Wales, Australia |
20,276,000 |
18.02 |
|
Lake Huron Co., Ltd. Nationality: Thai Address : 140/38
Silom Rd., Suriyawong,
Bangrak, Bangkok |
18,033,700 |
16.03 |
|
Mr. Wiboon Srisurin Nationality: Thai Address : 580/8
Asoke-Dindaeng Rd., Dindaeng,
Bangkok |
11,249,995 |
10.00 |
|
Mrs. Claire Josephine Riley Nationality: British Address : England |
6,187,500 |
5.50 |
|
Mr. Davis Bhupapassiri Nationality: Thai Address : 57/6
Moo 2, Nongmaidaeng, Muang,
Chonburi |
4,162,500 |
3.70 |
|
Mrs. Yaowares Dechachart Nationality: Thai Address : 42
Ladprao 124 Rd.,
Wangthonglang, Bangkok |
2,812,500 |
2.50 |
|
Hampton Consulting Pty
Ltd. Nationality: Australian Address : New
South Wales, Australia |
2,812,500 |
2.50 |
|
The Roderick Morton
Family Trust Nationality: Australian Address : 4 Fisher Avenue, New South Wales, Australia |
2,691,843 |
2.39 |
|
Others |
210,762 |
0.19 |
Total Shareholders : 16
Share
Structure [as at April 30,
2013]
|
Nationality |
Shareholders |
No.
of Share |
% Shares |
|
|
|
|
|
|
Thai |
9 |
36,258,700 |
32.23 |
|
Foreign |
7 |
76,241,300 |
67.77 |
|
Total |
16 |
112,500,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Suvimol Kritayakian No.
2982
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
4,428,917.45 |
10,852,085.06 |
3,612,830.05 |
|
Short-term Investment |
- |
25,032,806.57 |
28,012,627.15 |
|
Trade Accounts &
Other Receivable |
161,131,858.11 |
196,861,604.98 |
159,240,500.46 |
|
Advance Payment for
Goods |
15,243,549.08 |
10,649,111.92 |
12,692,571.13 |
|
Inventories |
208,311,050.89 |
198,188,142.14 |
150,213,952.38 |
|
Other Current Assets
|
- |
- |
2,932,653.80 |
|
|
|
|
|
|
Total Current Assets
|
389,115,375.53 |
441,583,750.67 |
356,705,134.97 |
|
Long-term Investment |
686,280.28 |
606,657.24 |
546,786.49 |
|
Fixed Assets |
96,809,084.47 |
93,662,612.13 |
92,947,506.75 |
|
Intangible Assets |
42,774,957.10 |
42,666,524.49 |
43,984,251.12 |
|
Cash at Bank
under Commitment |
1,074,631.76 |
1,088,994.97 |
2,077,115.36 |
|
Other Non-current Assets |
142,400.00 |
123,800.00 |
111,000.00 |
|
Total Assets |
530,602,729.14 |
579,732,339.50 |
496,371,794.69 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial
Institution |
167,321,536.50 |
138,766,804.32 |
83,338,163.07 |
|
Trade Accounts & Notes Payable |
88,331,215.43 |
101,796,434.87 |
88,569,886.24 |
|
Current Portion of Long-term
Loans |
18,116,740.52 |
15,066,675.62 |
14,389,510.08 |
|
Advance Income from
Goods |
- |
- |
1,322,793.23 |
|
Accrued Withholding Tax |
- |
- |
2,154,611.00 |
|
Other Current Liabilities |
- |
- |
10,139,111.43 |
|
|
|
|
|
|
Total Current Liabilities |
273,769,492.45 |
255,629,914.81 |
199,914,075.05 |
|
Hire-purchase Payable |
3,672,635.67 |
4,989,472.59 |
403,716.18 |
|
Long-term Loans |
2,120,000.00 |
10,880,000.00 |
24,320,000.00 |
|
Employee Benefits Obligation |
9,080,525.40 |
14,951,993.40 |
- |
|
Total Liabilities |
288,642,653.52 |
286,451,380.80 |
224,637,791.23 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1
par value Authorized &
issued share capital
150,000,000 shares
|
150,000,000.00 |
150,000,000.00 |
150,000,000.00 |
|
|
|
|
|
|
Capital Paid |
112,500,000.00 |
112,500,000.00 |
112,500,000.00 |
|
Unrealized Gain of Securities Available for Sale |
247,530.28 |
200,713.81 |
120,663.64 |
|
Statutory Reserve |
15,000,000.00 |
15,000,000.00 |
15,000,000.00 |
|
Retained Earning -
Unappropriated |
114,212,545.34 |
165,580,244.89 |
144,113,339.82 |
|
Total Shareholders' Equity |
241,960,075.62 |
293,280,958.70 |
271,734,003.46 |
|
Total Liabilities &
Shareholders' Equity |
530,602,729.14 |
579,732,339.50 |
496,371,794.69 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales |
669,575,737.49 |
850,027,067.51 |
767,095,605.87 |
|
Other Income |
2,,178,718.40 |
6,911,846.53 |
2,673,574.49 |
|
Total Revenues |
669,754,457.89 |
856,938,914.04 |
769,769,180.36 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
515,985,728.90 |
612,317,701.73 |
589,073,258.63 |
|
Selling Expenses |
49,708,828.35 |
51,332,096.13 |
41,122,662.45 |
|
Administrative Expenses |
121,245,463.52 |
120,467,451.28 |
83,519,822.54 |
|
Financial Cost |
8,155,434.40 |
6,409,302.60 |
4,021,315.44 |
|
Executives’ Remuneration Expenses |
|
- |
30,797,902.00 |
|
Total Expenses |
695,095,455.17 |
790,526,551.74 |
748,534,961.06 |
|
|
|
|
|
|
Profit before Income Tax |
[23,340,999.28] |
66,412,362.30 |
21,234,219.30 |
|
Income Tax |
[1,370,635.97] |
[4,124,569.23] |
[4,340,531.14] |
|
Other Comprehensive Income for the Year |
8,553,374.47 |
80,050.17 |
- |
|
Net Profit / [Loss] |
[16,158,260.78] |
62,367,843.24 |
16,893,688.16 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.42 |
1.73 |
1.78 |
|
QUICK RATIO |
TIMES |
0.66 |
0.95 |
1.02 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.92 |
9.08 |
8.25 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.26 |
1.47 |
1.55 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
147.36 |
118.14 |
93.08 |
|
INVENTORY TURNOVER |
TIMES |
2.48 |
3.09 |
3.92 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
87.84 |
84.53 |
75.77 |
|
RECEIVABLES TURNOVER |
TIMES |
4.16 |
4.32 |
4.82 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
62.48 |
60.68 |
54.88 |
|
CASH CONVERSION CYCLE |
DAYS |
172.71 |
141.99 |
113.97 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
77.06 |
72.04 |
76.79 |
|
SELLING & ADMINISTRATION |
% |
25.53 |
20.21 |
16.25 |
|
INTEREST |
% |
1.22 |
0.75 |
0.52 |
|
GROSS PROFIT MARGIN |
% |
22.97 |
28.78 |
23.56 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(3.78) |
7.81 |
2.77 |
|
NET PROFIT MARGIN |
% |
(2.41) |
7.34 |
2.20 |
|
RETURN ON EQUITY |
% |
(6.68) |
21.27 |
6.22 |
|
RETURN ON ASSET |
% |
(3.05) |
10.76 |
3.40 |
|
EARNING PER SHARE |
BAHT |
(0.14) |
0.55 |
0.15 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.54 |
0.49 |
0.45 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.19 |
0.98 |
0.83 |
|
TIME INTEREST EARNED |
TIMES |
(3.11) |
10.36 |
5.28 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(21.23) |
10.81 |
|
|
OPERATING PROFIT |
% |
(138.16) |
212.76 |
|
|
NET PROFIT |
% |
(125.91) |
269.18 |
|
|
FIXED ASSETS |
% |
3.36 |
0.77 |
|
|
TOTAL ASSETS |
% |
(8.47) |
16.79 |
|
ANNUAL
GROWTH : RISKY
An annual sales growth is
-21.23%. Turnover has decreased from THB 850,027,067.51 in 2011 to THB
669,575,737.49 in 2012. While net profit has decreased from THB 62,367,843.24 in
2011 to THB -16,158,260.78 in 2012. And total assets has decreased from THB
579,732,339.50 in 2011 to THB 530,602,729.14 in 2012.
PROFITABILITY
: RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
22.97 |
Satisfactory |
Industrial Average |
30.18 |
|
Net Profit Margin |
(2.41) |
Deteriorated |
Industrial Average |
4.54 |
|
Return on Assets |
(3.05) |
Deteriorated |
Industrial Average |
6.08 |
|
Return on Equity |
(6.68) |
Deteriorated |
Industrial Average |
11.06 |
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 22.97%. 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 -2.41%.
When compared with the industry average, the ratio of the company was lower.
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. When compared with the
industry average, it was lower, the company's figure is -3.05%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is -6.68%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY
: RISKY
LIQUIDITY
RATIO
|
Current Ratio |
1.42 |
Acceptable |
Industrial Average |
2.01 |
|
Quick Ratio |
0.66 |
|
|
|
|
Cash Conversion Cycle |
172.71 |
|
|
|
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 1.42 times in 2012, decreased from 1.73 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 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 0.66 times in 2012,
decreased from 0.95 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 173 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: RISKY
LEVERAGE
RATIO
|
Debt Ratio |
0.54 |
Acceptable |
Industrial Average |
0.47 |
|
Debt to Equity Ratio |
1.19 |
Risky |
Industrial Average |
0.90 |
|
Times Interest Earned |
(3.11) |
Risky |
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -3.11 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.54 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 Stable
ACTIVITY
: IMPRESSIVE
ACTIVITY
RATIO
|
Fixed Assets Turnover |
6.92 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.26 |
Satisfactory |
Industrial Average |
1.34 |
|
Inventory Conversion Period |
147.36 |
|
|
|
|
Inventory Turnover |
2.48 |
Satisfactory |
Industrial Average |
2.76 |
|
Receivables Conversion Period |
87.84 |
|
|
|
|
Receivables Turnover |
4.16 |
Impressive |
Industrial Average |
2.01 |
|
Payables Conversion Period |
62.48 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.16 and 4.32 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 increased from 118 days at the
end of 2011 to 147 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 3.09 times in year 2011 to 2.48 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.26 times and 1.47
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 Stable
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
|
Key Areas |
Score |
Weight |
Weighted
Score |
|
LIQUIDITY RATIO |
0.44 |
25.00 |
11.00 |
|
ACTIVITY RATIO |
3.33 |
20.00 |
66.60 |
|
PROFITABILITY
RATIO |
0.67 |
25.00 |
16.75 |
|
LEVERAGE RATIO |
0.44 |
10.00 |
4.40 |
|
ANNUAL GROWTH |
0.80 |
20.00 |
16.00 |
|
Total Weight
(excluding - - Score) |
|
100.00 |
|
|
|
|
|
114.75 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.38 |
|
|
1 |
Rs. 101.63 |
|
Euro |
1 |
Rs. 83.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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.