MIRA INFORM REPORT
|
Report Date : |
03.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
SURINT OMYA CHEMICALS [THAILAND] COMPANY LIMITED |
|
|
|
|
Registered Office : |
44/4 Moo 5, T. Koktum, A. Muang, Lopburi 15210 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
13.06.1979 |
|
|
|
|
Com. Reg. No.: |
0195522000022 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing, distributing and exporting of calcium carbonates which are raw materials for various industries, such as paper, paints, coatings, plastics, agricultural, foods and pharmaceuticals, construction, adhesives, consumer goods industries |
|
|
|
|
No of Employees : |
100 |
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 |
|
|
|
|
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 |
|
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 in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and deployed 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. This was expected to lead to an economic upsurge but growth has remained slow, in part due to ongoing political unrest and resulting uncertainties. Spending on infrastructure will require re-approval once a new government is seated
|
Source
: CIA |
COMPANY
NAME
SURINT
OMYA CHEMICALS [THAILAND]
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 44/4
MOO 5, T. KOKTUM,
A. MUANG,
LOPBURI 15210,
THAILAND
TELEPHONE :
[66] 36
436-582, 38 638-323
FAX :
[66] 36 436-214
E-MAIL
ADDRESS : patumvorasaith@omya.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1979
REGISTRATION
NO. : 0195522000022
TAX
ID NO. : 3171000336
CAPITAL REGISTERED : BHT. 500,000,000
CAPITAL PAID-UP : BHT.
500,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
SWISS
: 49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. USA MONSEREENUSORN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 100
LINES
OF BUSINESS : CALCIUM CARBORNATES
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 June 13, 1979
as a private
limited company under
the originally registered
name “Silathip Cheme
Company Limited”, by a
joint venture between
Thai investors and
Omya AG., in
Switzerland, with the
business objective to
manufacture and distribute
calcium carbonates to
both domestic and
international markets. It
has been granted
a concession from
the Department of
Mineral Resources for
Calcite mine in Koktum
Sub-district, Muang District,
Lopburi province. On February
14, 1988, its
registered name was
changed to SURINT
OMYA CHEMICALS [THAILAND]
COMPANY LIMITED. It currently
employs approximately 100
staff.
The subject
achieved the standard ISO
9002 : 2000 certification, a quality management
system.
The
subject’s registered address
was initially at 181
Moo 8, Phaholyothin
Road, T. Naphralan, A. Chalermprakiat, Saraburi
18240.
On September 27, 2011, its
registered address was
relocated to 44/4 Moo 5, T. Koktum, A. Muang, Lopburi 15210, and
this is the
subject’s current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Usa Monsereenusorn |
[x] |
Thai |
73 |
|
Mr. Sasis Monsereenusorn |
[+] |
Thai |
50 |
|
Mr. Atas Monsereenusorn |
[+] |
Thai |
52 |
|
Mr. Prawit Monsereenusorn |
|
Thai |
48 |
|
Mr. Thewan Uthaiwat |
[-] |
Thai |
54 |
|
Mr. Pongsak Thamsupapong |
|
Thai |
60 |
|
Mr. Max Andre Schachenmann |
[-] |
Swiss |
64 |
|
Mr. Jhon Lelie Coyle |
|
New Zealander |
50 |
|
Mr. Franz Peter Antonios
Pier |
|
Swiss |
62 |
|
Mr. David William Cherrie |
|
Australian |
52 |
AUTHORIZED PERSON
The mentioned director
[x] can jointly
sign with anyone
of the directors [-]
or any of
the mentioned directors
[+] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mrs. Usa Monsereenusorn is
the Managing Director.
She is Thai
nationality with the
age of 73
years old.
Mr. Thewan Uthaiwat is
the Executive Director.
He is Thai
nationality with the
age of 54
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing,
distributing and exporting
of calcium carbonates which
are raw materials
for various industries,
such as paper,
paints, coatings, plastics, agricultural,
foods and pharmaceuticals, construction,
adhesives, consumer goods
industries and etc.
PRODUCTION CAPACITY
500,000 metric
tons per annum
PURCHASE
Raw
materials are purchased
from suppliers both
domestic and overseas,
mainly in Switzerland,
Republic of China
and India.
MAJOR SUPPLIER
Omya
AG. : Switzerland
SALES
80% of the
products is sold
locally by wholesale to
manufacturers and end-users,
the remaining 20%
is exported to
Myanmar, Vietnam and
Indonesia.
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 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 T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 100 staff.
LOCATION DETAILS
The
premise is owned for
administrative office, factory
and warehouse at
the heading address. Premise is
located in provincial.
Warehouses:
-
369 Moo 2, T.
Koktum, A. Muang, Lopburi
15210.
-
369/1
Moo 2, T. Koktum,
A. Muang, Lopburi 15210.
-
369/2
Moo 2, T. Koktum,
A. Muang, Lopburi 15210.
Bangkok
office is located
at 5th Floor,
Usrint Building, 603
Soi Ramkhamhaeng 39,
Wangthonglang, Bangkok
10310. Tel.: [66] 2539-3586,
Fax. : [66] 2539-3585.
COMMENT
Subject has
witnessed persistent increase
in its business
turnover in addition to
secure reliable product
quality during the past
few years. Subject
has built up
good-term supply and
marketing relations with numerous recognized companies both domestic
and internationals.
Subject
has attained a solid
business status over
years’ efforts.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided into
20,000 shares of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 4,000,000
on November
7, 1979
Bht. 20,000,000
on July
11, 1989
Bht. 32,000,000
on September
5, 1990
Bht. 60,000,000
on October
16, 1992
Bht. 216,000,000
on October
22, 1993
Bht. 500,000,000
on March
27, 1996
The
latest registered capital
was increased to
Bht. 500 million divided
into 5,000,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at April
30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Omya AG. Nationality: Swiss Address : CH 4665
Oftringen, Switzerland |
2,450,000 |
49.00 |
|
Mrs. Usa Monsereenusorn Nationality: Thai Address : 849/59-61
Rama 6 Road,
Wangmai,
Pathumwan, Bangkok |
1,317,400 |
26.34 |
|
Mr. Sasis Monsereenusorn Nationality: Thai Address : 13/65
Soi Sukhumvit 23,
Klongtoeynua,
Wattana, Bangkok |
408,000 |
8.16 |
|
Ms. Prawit Monsereenusorn Nationality: Thai Address : 333
Moo 3, Soi Ladprao, Chankasem,
Chatuchak, Bangkok |
387,200 |
7.75 |
|
Ms. Tivaluck Monsereenusorn Nationality: Thai Address : 333
Moo 3, Soi
Ladprao, Chankasem,
Chatuchak, Bangkok |
387,200 |
7.75 |
|
Mr. Thewan Uthaiwat Nationality: Thai Address : 4
Soi Phaholyothin 4,
Samsennai,
Phyathai, Bangkok |
50,000 |
1.00 |
|
Mr. Pongsak Thamsupapong Nationality: Thai Address : 386/16 Soi Ladprao 87, Klong Chaokunsingh,
Wangthonglang, Bangkok |
200 |
- |
Total Shareholders : 7
Share
Structure [as at
April 30, 2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
2,550,000 |
51.00 |
|
Foreign - Swiss |
1 |
2,450,000 |
49.00 |
|
Total |
7 |
5,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Poonnart Phaocharoen
No. 5238
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
73,446,337 |
71,216,528 |
111,926,230 |
|
Trade Accounts & Other Receivable |
292,588,196 |
313,349,907 |
237,940,059 |
|
Short-term Loans to Related Company |
32,677,800 |
30,485,700 |
- |
|
Inventories |
69,650,986 |
53,958,394 |
64,978,297 |
|
Other Current Assets
|
8,379,381 |
14,719,585 |
6,828,103 |
|
|
|
|
|
|
Total Current Assets
|
476,742,700 |
483,730,114 |
421,672,689 |
|
Long-term Loan to Related Company |
- |
13,718,565 |
31,521,100 |
|
Fixed Assets |
1,293,635,095 |
1,312,955,881 |
1,322,713,209 |
|
Cost of Development Mineral
Resources |
13,687,116 |
7,203,011 |
6,605,989 |
|
Other Non-current Assets |
2,673,706 |
2,482,232 |
2,154,223 |
|
Total Assets |
1,786,738,617 |
1,820,089,803 |
1,784,667,210 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts & Other Payable |
84,285,287 |
109,524,814 |
117,157,949 |
|
Current Portion of Long-term Loans |
106,000,000 |
84,500,000 |
65,500,000 |
|
Accrued Income Tax |
29,841,273 |
37,884,207 |
34,221,110 |
|
Other Current Liabilities |
6,221,406 |
7,145,212 |
9,199,797 |
|
|
|
|
|
|
Total Current Liabilities |
226,347,966 |
239,054,233 |
226,078,856 |
|
|
|
|
|
|
Long-term Loans, net of Current
Portion |
97,000,000 |
203,000,000 |
209,000,000 |
|
Provision for Mine Rehabilitation |
3,900,992 |
3,714,992 |
3,537,992 |
|
Obligation for Employee Benefits |
31,381,629 |
27,831,862 |
22,858,278 |
|
Total Liabilities |
358,630,587 |
473,601,087 |
461,475,126 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 5,000,000 shares |
500,000,000 |
500,000,000 |
500,000,000 |
|
|
|
|
|
|
Capital Paid |
500,000,000 |
500,000,000 |
500,000,000 |
|
Retained Earning Appropriated for Statutory
Reserve |
50,000,000 |
50,000,000 |
50,000,000 |
|
Unappropriated |
878,108,030 |
796,488,716 |
773,192,084 |
|
Total Shareholders' Equity |
1,428,108,030 |
1,346,488,716 |
1,323,192,084 |
|
Total Liabilities &
Shareholders' Equity |
1,786,738,617 |
1,820,089,803 |
1,784,667,210 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
1,282,567,080 |
1,257,219,664 |
1,151,625,706 |
|
Other Income |
11,504,241 |
7,719,383 |
9,539,972 |
|
Total Revenues |
1,294,071,321 |
1,264,939,047 |
1,161,165,678 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
650,653,740 |
626,157,500 |
597,245,379 |
|
Selling Expenses |
203,029,824 |
193,486,174 |
173,086,213 |
|
Administrative Expenses |
72,140,706 |
77,539,629 |
83,413,137 |
|
Total Expenses |
925,824,270 |
897,183,303 |
853,744,729 |
|
Profit before Financial Cost & Income Tax |
368,247,051 |
367,755,744 |
307,420,949 |
|
Financial Cost |
[15,608,538] |
[16,115,905] |
[19,032,780] |
|
Profit before Income Tax |
352,638,513 |
351,639,839 |
288,388,169 |
|
Income Tax |
[61,019,199] |
[68,343,207] |
[77,998,401] |
|
Net Profit / [Loss] |
291,619,314 |
283,296,632 |
210,389,768 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.11 |
2.02 |
1.87 |
|
QUICK RATIO |
TIMES |
1.76 |
1.74 |
1.55 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.99 |
0.96 |
0.87 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.72 |
0.69 |
0.65 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
39.07 |
31.45 |
39.71 |
|
INVENTORY TURNOVER |
TIMES |
9.34 |
11.60 |
9.19 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
83.27 |
90.97 |
75.41 |
|
RECEIVABLES TURNOVER |
TIMES |
4.38 |
4.01 |
4.84 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
47.28 |
63.84 |
71.60 |
|
CASH CONVERSION CYCLE |
DAYS |
75.06 |
58.58 |
43.52 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
50.73 |
49.80 |
51.86 |
|
SELLING & ADMINISTRATION |
% |
21.45 |
21.56 |
22.27 |
|
INTEREST |
% |
1.22 |
1.28 |
1.65 |
|
GROSS PROFIT MARGIN |
% |
50.17 |
50.81 |
48.97 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
28.71 |
29.25 |
26.69 |
|
NET PROFIT MARGIN |
% |
22.74 |
22.53 |
18.27 |
|
RETURN ON EQUITY |
% |
20.42 |
21.04 |
15.90 |
|
RETURN ON ASSET |
% |
16.32 |
15.56 |
11.79 |
|
EARNING PER SHARE |
BAHT |
58.32 |
56.66 |
42.08 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.20 |
0.26 |
0.26 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.25 |
0.35 |
0.35 |
|
TIME INTEREST EARNED |
TIMES |
23.59 |
22.82 |
16.15 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
2.02 |
9.17 |
|
|
OPERATING PROFIT |
% |
0.13 |
19.63 |
|
|
NET PROFIT |
% |
2.94 |
34.65 |
|
|
FIXED ASSETS |
% |
(1.47) |
(0.74) |
|
|
TOTAL ASSETS |
% |
(1.83) |
1.98 |
|
ANNUAL
GROWTH : SATISFACTORY
An annual sales growth is 2.02%.
Turnover has increased from THB 1,257,219,664.00 in 2012 to THB
1,282,567,080.00 in 2013. While net profit has increased from THB
283,296,632.00 in 2012 to THB 291,619,314.00 in 2013. And total assets has
decreased from THB 1,820,089,803.00 in 2012 to THB 1,786,738,617.00 in 2013.
PROFITABILITY
: IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
50.17 |
Satisfactory |
Industrial
Average |
62.38 |
|
Net Profit Margin |
22.74 |
Impressive |
Industrial
Average |
6.26 |
|
Return on Assets |
16.32 |
Impressive |
Industrial
Average |
6.99 |
|
Return on Equity |
20.42 |
Impressive |
Industrial
Average |
11.35 |
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 50.17%. 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 22.74%, 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
16.32%, 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 20.42%, 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
: SATISFACTORY
LIQUIDITY
RATIO
|
Current Ratio |
2.11 |
Impressive |
Industrial
Average |
2.09 |
|
Quick Ratio |
1.76 |
|
|
|
|
Cash Conversion Cycle |
75.06 |
|
|
|
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 2.11 times in 2013, increased from 2.02 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 1.76 times in 2013,
increased from 1.74 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 76 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: EXCELLENT
LEVERAGE
RATIO
|
Debt Ratio |
0.20 |
Impressive |
Industrial
Average |
0.36 |
|
Debt to Equity Ratio |
0.25 |
Impressive |
Industrial
Average |
0.56 |
|
Times Interest Earned |
23.59 |
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 23.6 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 0.2 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 Stable
ACTIVITY
: IMPRESSIVE
ACTIVITY
RATIO
|
Fixed Assets Turnover |
0.99 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.72 |
Acceptable |
Industrial
Average |
1.12 |
|
Inventory Conversion Period |
39.07 |
|
|
|
|
Inventory Turnover |
9.34 |
Impressive |
Industrial
Average |
4.66 |
|
Receivables Conversion Period |
83.27 |
|
|
|
|
Receivables Turnover |
4.38 |
Satisfactory |
Industrial
Average |
4.83 |
|
Payables Conversion Period |
47.28 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.38 and 4.01 in
2013 and 2012 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 2013
increased from 2012. This would suggest the company had good performance 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 31 days at the
end of 2012 to 39 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 11.6 times in year 2012 to 9.34 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.72 times and 0.69
times in 2013 and 2012 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
|
Key Areas |
Score |
Weight |
Weighted
Score |
|
LIQUIDITY RATIO |
2.67 |
25.00 |
66.75 |
|
ACTIVITY RATIO |
3.00 |
20.00 |
60.00 |
|
PROFITABILITY
RATIO |
3.67 |
25.00 |
91.75 |
|
LEVERAGE RATIO |
4.00 |
10.00 |
40.00 |
|
ANNUAL GROWTH |
2.40 |
20.00 |
48.00 |
|
Total Weight
(excluding - - Score) |
|
100.00 |
|
|
|
|
|
306.50 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.13 |
|
|
1 |
Rs. 99.02 |
|
Euro |
1 |
Rs. 80.62 |
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.