MIRA
INFORM REPORT
|
Report Date : |
28.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
GIBTHAI CO., LTD. |
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|
Registered Office : |
44/6 Suthisarnvinitchai Road, Samsennok, Huaykwang, Bangkok 10320 |
|
|
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Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
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|
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Date of Incorporation : |
1985 |
|
|
|
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Com. Reg. No.: |
0105528025574 |
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|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Scientific Products |
|
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|
No. of Employees : |
120 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 and address
GIBTHAI CO., LTD.
SUMMARY
BUSINESS ADDRESS : 44/6
SUTHISARNVINITCHAI ROAD,
SAMSENNOK,
HUAYKWANG,
BANGKOK
10320, THAILAND
TELEPHONE : [66] 2274-8331
FAX : [66] 2274-8580
E-MAIL ADDRESS : info@gibthai.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1985
REGISTRATION NO. : 0105528025574
TAX ID NO. : 3101351712
CAPITAL REGISTERED : BHT.
5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
NIVEST PRAYOONTHIEN, THAI
MANAGING DIRECTOR
NO. OF STAFF : 120
LINES OF BUSINESS : SCIENTIFIC PRODUCTS
IMPORTER AND
DISTRIBUTOR
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 July
22, 1985 as
a private limited
company under the
registered name GIBTHAI
CO., LTD., by
Thai groups, with
the business objective
to import and
supply various kinds of
scientific products for various
industries in domestic
market. It currently
employs approximately 120 staff.
The subject’s registered
address is 44/6
Suthisarnvinitchai Rd., Samsennok,
Huaykwang, Bangkok 10320,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Nivest Prayoonthien |
|
Thai |
65 |
|
Mrs. Orathai Prayoonthien |
|
Thai |
64 |
|
Mr. Nonthasak Prayoonthien |
|
Thai |
33 |
|
Mr. Nonthapol Prayoonthien |
|
Thai |
31 |
AUTHORIZED PERSON
Anyone of the
above directors can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Nivest Prayoonthien is
the Managing Director.
He is Thai
nationality with the
age of 65
years old.
Mr. Nonthasak Prayoonthien is
the Deputy Managing
Director.
He is Thai
nationality with the
age of 33
years old.
Mr. Nonthapol Prayoonthien is
the Sales & Marketing Director.
He is Thai
nationality with the
age of 31
years old.
Mrs. Anchalee Sukkapatthee is
the Account and
Finance Manager.
She is Thai
nationality.
Ms. Pathanaporn
Prakobvanichakul is the
Marketing and Customer
Services Manager.
She is Thai
nationality.
Mr. Weerapong Dangprasert is
the Laboratory Products
Manager.
He is Thai nationality.
Ms. Manatsawat Taweechurn is
the Life Science
Products Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged
in importing and
distributing various kinds of
scientific products, including
scientific and laboratory
equipments, reagents and
chemicals in the
field of biotechnology
and life sciences
research and development,
used in university,
hospital, pharmaceutical, agricultural,
electronics, food & beverage industries
and others.
The products are
mixers, chemicals and
solutions, material supplies,
liquid handling, molecular
biology solutions and etc.
The products are
divided into 4
categories as follows:
Laboratory Products
Biological Safety Cabinet & Fume Hood
Laboratory Filtration
Refrigerator & Freezer
Incubator, Oven
Centrifuge
Sterilizer
etc.
2. Life Science Products
Genomic & Proteomic Reagent
& Kit
Cell Culture & Cell Biology
Reagent
Imaging System
Thermal Cycler
Liquid Handling
Plasticware
etc.
3. Hygiene
& Cuisine Products
Air Purifier
Sous-vide Culinary Machine
& etc.
4. Clinical Products
Microplate Laminometer
Sample Banking System
etc.
MAJOR BRANDS
“LAB TECH”, “NIKKO”,
“TODAY’S”, “RBC”, “AMRESCO”,
“BIOTIX”, “BIOSAN”, “YOUNGLIM”,
“ADRONA”, “MICRODIGITAL”, “NEOGENESIS”,
“BRADY”, “ESCO”, “MICROFLEX”,
“HAIER”, “JULABO”, “ORVED” ,
“SLEE” and etc.
with
over 70 brands
PURCHASE
Most of the
products are imported
from United States of America,
Netherlands, Singapore,
Japan, Germany, Korea,
Taiwan, United Kingdom,
Switzerland, Luxembourg, Finland,
Malaysia, Spain, Denmark,
Republic of China,
and the remaining
is purchased from
local suppliers.
MAJOR SUPPLIERS
Amresco Inc. : U.S.A.
Integra Bioscience AG. : Switzerland
Micronic BV. : Netherlands
Esco Micro Pte.
Ltd. : Singapore
Amerex Instruments Inc. : U.S.A.
Julabo Laboratechnik GmbH. : Germany
Precision System Science
Co., Ltd. : Japan
Operon Co., Ltd. : Korea
Daihan Scientific [Thailand]
Co., Ltd. : Thailand
Biozone Scientific International
Inc. : U.S.A.
Advance Co., Ltd. : Japan
Haier Ltd. : Republic
of China
Membrane Solution LLC. : U.S.A.
Cleaver Scientific Ltd. : U.K.
SALES
100% of the
products is sold
locally by wholesale
to dealers and
end-users, both private
company and government
enterprise.
RELATED AND AFFILIATED COMPANIES
Pipette Doctor [Thailand] Co., Ltd.
Business Type :
Distributor of Scientific
apparatus and instruments
3 N Holding Co.,
Ltd.
Business Type :
Scientific instrument repairing
service provider
Lab Leader Co.,
Ltd.
Business Type :
Importer and distributor
of laboratory equipment
Doctor Calibration Co.,
Ltd.
Business Type :
Scientific instrument testing
and repairing service
provider
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
according for the
past two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
BANKING
Bank of Ayudhya
Public Co., Ltd.
[Samyod Branch,
Mahachai Branch, Burapa Branch, Phranakorn
Branch]
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 120 office,
sales and service
staff.
LOCATION DETAILS
The premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Branches:
Hillside 3 Nimmanhamin
Rd., T. Suthep,
A. Muang, Chiangmai 50200.
Tel.: [66] 53
219-818, Fax: [66]
53 219-866.
43/54 Punnakam Rd.,
T. Koh Hong, A. Hatyai,
Songkla 90110.
Tel.: [66] 74
201-934-6, Fax: [66]
74 201-364.
97 Moo 12,
Bypass Road, T. Muangkao,
A. Muang, Khon Kaen 40000.
Tel.: [66] 081
734-4700, 091 575-4371.
COMMENT
The company operates
as an importer
and supplier of scientific,
laboratory instrument and bio-chemical products
to local customers.
Most of the
products are supplied
to industrial sector,
hospital, scientific lab,
university and etc. Its products
are related to
market outlook which
demand remains strong.
Subject’s business
performance is promising.
FINANCIAL INFORMATION
The capital was registered at
Bht. 1,000,000 divided into
10,000 shares of
Bht. 100
each.
The capital was
increased later as
following:
Bht. 2,000,000
on August 29,
2000
Bht. 5,000,000
on February 19,
2004
The latest registered
capital was increased
to Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as at
September 22, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
3N Holding Co.,
Ltd. Nationality: Thai Address : 44/6
Suthisarnvinitchai Rd., Samsennok,
Huaykwang, Bangkok |
25,000 |
50.00 |
|
Mr. Nivest Prayoonthien Nationality: Thai Address : 80
Suthisarnvinitchai Rd., Samsennok,
Huaykwang, Bangkok |
6,250 |
12.50 |
|
Mrs. Orathai Prayoonthien Nationality: Thai Address : 80
Suthisarnvinitchai Rd., Samsennok,
Huaykwang, Bangkok |
6,250 |
12.50 |
|
Mr. Nonthasak Prayoonthien Nationality: Thai Address : 101
Soi Wattananivest 5,
Samsennok, Huaykwang, Bangkok |
6,250 |
12.50 |
|
Mr. Nonthapol Prayoonthien Nationality: Thai Address : 103
Soi Wattananivest 8,
Samsennok,
Huaykwang, Bangkok |
6,250 |
12.50 |
Total Shareholders : 5
Share Structure [as
at September 22,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
|
|
|
|
|
Total |
5 |
50,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Narong Padungsutararak No.
0903
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 |
425,997.23 |
40,000.00 |
283,359.48 |
|
Short-term Investment |
9,168,769.92 |
8,946,850.30 |
8,844,995.51 |
|
Trade Accounts & Notes
Receivable |
167,063,916.32 |
119,106,058.26 |
91,457,088.04 |
|
Inventories |
104,296,143.57 |
108,834,903.38 |
100,122,571.70 |
|
Other Current Assets
|
3,267,038.64 |
2,608,763.43 |
1,174,876.16 |
|
|
|
|
|
|
Total Current Assets
|
284,221,865.68 |
239,536,575.37 |
201,882,890.89 |
|
|
|
|
|
|
Fixed Assets |
202,409,455.79 |
161,016,079.31 |
140,982,266.07 |
|
Deferred Computer System |
670,543.40 |
1,139,726.73 |
1,160,950.03 |
|
Other Non-current Assets |
- |
- |
203,200.60 |
|
Total Assets |
487,301,864.87 |
401,692,381.41 |
344,229,307.59 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft from Financial Institutions |
50,084,360.59 |
59,205,210.12 |
53,109,728.72 |
|
Notes Payable |
91,000,000.00 |
91,035,310.00 |
58,000,000.00 |
|
Trust Receipt and Letter of Credit Payable |
80,848,587.30 |
77,471,004.64 |
54,281,254.95 |
|
Trade Accounts Payable |
62,073,075.80 |
21,875,000.61 |
35,628,598.53 |
|
Revenue Department Payable |
635,068.91 |
695,637.09 |
478,063.65 |
|
Other Short-term Loan |
2,000,000.00 |
4,000,000.00 |
9,500,000.00 |
|
Accrued Income Tax |
6,731,624.81 |
4,086,171.55 |
- |
|
Other Current Liabilities |
9,427,320.24 |
5,542,483.78 |
10,315,598.04 |
|
|
|
|
|
|
Total Current Liabilities |
302,800,037.65 |
263,910,817.79 |
221,313,243.89 |
|
Loan from Financial Institutions |
22,545,274.61 |
11,358,814.53 |
17,486,963.97 |
|
Advance to Director
|
46,489,599.24 |
47,989,599.24 |
44,496,238.24 |
|
Total Liabilities |
371,834,911.50 |
323,259,231.56 |
283,296,446.10 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning Appropriated for Statutory
Reserve |
500,000.00 |
500,000.00 |
500,000.00 |
|
Unappropriated |
109,966,953.37 |
72,933,149.85 |
55,432,861.49 |
|
Total Shareholders' Equity |
115,466,953.37 |
78,433,149.85 |
60,932,861.49 |
|
Total Liabilities &
Shareholders' Equity |
487,301,864.87 |
401,692,381.41 |
344,229,307.59 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales |
446,744,442.06 |
361,611,111.88 |
319,966,391.83 |
|
Interest Income |
221,919.62 |
101,854.79 |
95,403.98 |
|
Gain on Exchange Rate |
5,693,508.12 |
2,716,033.95 |
5,925,294.64 |
|
Gain on Disposal of Assets |
168,455.92 |
140,185.92 |
- |
|
Other Income |
- |
- |
60,534.86 |
|
Total Revenues |
452,828,325.72 |
364,569,186.54 |
326,047,625.31 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
265,679,181.19 |
221,305,702.92 |
193,302,109.94 |
|
Selling and Administrative
Expenses |
122,494,428.98 |
104,629,365.52 |
100,966,237.66 |
|
Total Expenses |
388,173,610.17 |
325,935,068.44 |
294,268,347.60 |
|
|
|
|
|
|
Profit before Financial Costs & Income Tax |
64,654,715.55 |
38,634,118.10 |
31,779,277.71 |
|
Financial Costs |
[16,085,394.92] |
[13,261,569.33] |
[13,198,394.97] |
|
|
|
|
|
|
Profit before Income Tax |
48,569,320.63 |
25,372,548.77 |
18,580,882.74 |
|
Income Tax |
[11,535,517.11] |
[7,872,260.41] |
[6,336,139.71] |
|
Net Profit / [Loss] |
37,033,803.52 |
17,500,288.36 |
12,244,743.03 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.94 |
0.91 |
0.91 |
|
QUICK RATIO |
TIMES |
0.58 |
0.49 |
0.45 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.21 |
2.25 |
2.27 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.92 |
0.90 |
0.93 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
143.29 |
179.50 |
189.06 |
|
INVENTORY TURNOVER |
TIMES |
2.55 |
2.03 |
1.93 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
136.49 |
120.22 |
104.33 |
|
RECEIVABLES TURNOVER |
TIMES |
2.67 |
3.04 |
3.50 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
85.28 |
36.08 |
67.28 |
|
CASH CONVERSION CYCLE |
DAYS |
194.50 |
263.65 |
226.11 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
59.47 |
61.20 |
60.41 |
|
SELLING & ADMINISTRATION |
% |
27.42 |
28.93 |
31.56 |
|
INTEREST |
% |
3.60 |
3.67 |
4.12 |
|
GROSS PROFIT MARGIN |
% |
41.89 |
39.62 |
41.49 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
14.47 |
10.68 |
9.93 |
|
NET PROFIT MARGIN |
% |
8.29 |
4.84 |
3.83 |
|
RETURN ON EQUITY |
% |
32.07 |
22.31 |
20.10 |
|
RETURN ON ASSET |
% |
7.60 |
4.36 |
3.56 |
|
EARNING PER SHARE |
BAHT |
740.68 |
350.01 |
244.89 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.76 |
0.80 |
0.82 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.22 |
4.12 |
4.65 |
|
TIME INTEREST EARNED |
TIMES |
4.02 |
2.91 |
2.41 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
23.54 |
13.02 |
|
|
OPERATING PROFIT |
% |
67.35 |
21.57 |
|
|
NET PROFIT |
% |
111.62 |
42.92 |
|
|
FIXED ASSETS |
% |
25.71 |
14.21 |
|
|
TOTAL ASSETS |
% |
21.31 |
16.69 |
|
ANNUAL GROWTH : EXCELLENT
An annual sales growth is 23.54%. Turnover has increased from THB
361,611,111.88 in 2011 to THB 446,744,442.06 in 2012. While net profit has
increased from THB 17,500,288.36 in 2011 to THB 37,033,803.52 in 2012. And
total assets has increased from THB 401,692,381.41 in 2011 to THB
487,301,864.87 in 2012.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
41.89 |
Acceptable |
Industrial Average |
56.50 |
|
Net Profit Margin |
8.29 |
Impressive |
Industrial Average |
2.09 |
|
Return on Assets |
7.60 |
Impressive |
Industrial Average |
4.16 |
|
Return on Equity |
32.07 |
Impressive |
Industrial Average |
12.26 |
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 41.89%. 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 8.29%, 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
7.6%, 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 32.07%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.94 |
Risky |
Industrial Average |
1.40 |
|
Quick Ratio |
0.58 |
|
|
|
|
Cash Conversion Cycle |
194.50 |
|
|
|
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 0.94 times in 2012, increased from 0.91 times, then the company may
have problems meeting its short-term obligations. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.58 times in 2012,
increased from 0.49 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 195 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.76 |
Acceptable |
Industrial Average |
0.66 |
|
Debt to Equity Ratio |
3.22 |
Risky |
Industrial Average |
1.95 |
|
Times Interest Earned |
4.02 |
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 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 4.02 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 0.76 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 :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.21 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.92 |
Deteriorated |
Industrial Average |
1.99 |
|
Inventory Conversion Period |
143.29 |
|
|
|
|
Inventory Turnover |
2.55 |
Acceptable |
Industrial Average |
4.91 |
|
Receivables Conversion Period |
136.49 |
|
|
|
|
Receivables Turnover |
2.67 |
Acceptable |
Industrial Average |
4.46 |
|
Payables Conversion Period |
85.28 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.67 and 3.04 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 180 days at the
end of 2011 to 143 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 2.03 times in year 2011 to 2.55 times
in year 2012.
The company's Total Asset Turnover is calculated as 0.92 times and 0.9
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.12 |
|
|
1 |
Rs.102.71 |
|
Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NNA |
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.