MIRA
INFORM REPORT
|
Report Date : |
27.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
THE SIAM CONSTRUCTION STEEL CO,. LTD. |
|
|
|
|
Registered Office : |
20th Floor, Rasa Tower 2, 555 Phaholyothin Road, Chatuchak, Bangkok 10900 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
1989 |
|
|
|
|
Com. Reg. No.: |
0105532094348 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and Distributor
of Steels |
|
|
|
|
No. of Employees : |
300 |
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 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
THE SIAM
CONSTRUCTION STEEL CO,. LTD.
SUMMARY
BUSINESS ADDRESS : 20th
FLOOR, RASA TOWER
2,
555 PHAHOLYOTHIN
ROAD, CHATUCHAK,
BANGKOK 10900,
THAILAND
TELEPHONE : [66] 2937-1000
FAX : [66] 2937-1223-4
E-MAIL ADDRESS : scsc@tatasteelthailand.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1989
REGISTRATION NO. : 0105532094348 [Former : 9434/2532]
TAX ID NO. : 3101761092
CAPITAL REGISTERED : BHT.
1,750,000,000
CAPITAL PAID-UP : BHT.
1,750,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : MARCH 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
RAJIV MANGAL, INDIAN
PRESIDENT
NO. OF STAFF : 300
LINES OF BUSINESS : STEELS
MANUFACTURER 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 October
4, 1989 as
a private limited company under
the name style
THE SIAM CONSTRUCTION
STEEL CO., LTD.,
by Thai groups,
initially a wholly
owned subsidiary of
Millennium Steel Public
Co., Ltd. Its business
objective is to
manufacture various types of
steels for both
domestic and international
markets. It currently
employs approximately 300
staff.
It has been
awarded ISO 9001 and
ISO 14001 certification for
the production quality
management and environmental
quality management.
At present, the
subject is a
wholly owned subsidiary of
Tata Steel [Thailand]
Public Company Limited,
a member of
Tata Steel Limited,
India.
The subject’s registered address
was initially at 22nd
Floor, Shinawatra 3 Building, 1010 Vibhavadi-Rangsit Rd.,
Ladyao, Jatujak, Bangkok
10900.
On March 28,
2012, the subject’s
registered address was
relocated to 20th Floor,
Rasa Tower 2,
555 Phaholyothin Rd., Chatuchak, Bangkok 10900, and this
is the subject’s current business
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Thana Ruengsilasingh |
[x] |
Thai |
59 |
|
Mr. Siroroj Methmanosak |
|
Thai |
52 |
|
Mr. Wanlert Karnvivat |
|
Thai |
49 |
|
Mr. Rajiv Mangal |
[x] |
Indian |
47 |
|
Mr. Shishir Vijay Pimplikar |
|
Indian |
45 |
AUTHORIZED PERSON
Both of the
mentioned directors [x] can jointly
sign or one
of the mentioned
directors [x] can
jointly sign with
anyone of the
rest directors on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Rajiv Mangal is
the President.
He is Indian
nationality with the
age of 47 years
old.
Mr. Thana Ruengsilasingh is
the Chief Operation
Officer.
He is Thai
nationality with the
age of 59
years old.
Mr. Wanlert Karnvivat is
the Managing Director & Factory Manager.
He is Thai
nationality with the
age of 49
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and distributing of
steel products specialized
in steel rod
and steel bar
[round & deformed bars] for
construction industry, under
its own brand
name “SCSC”.
PRODUCTION
500,000 tons per
annum
PURCHASE
100% of raw
material has been
supplied by Tata
Steel [Thailand] Public
Company
Limited.
DISTRIBUTION
100% of the
products is distributed
locally to Tata
Steel [Thailand] Public
Company
Limited.
SUBSIDIARY AND AFFILIATED COMPANY
The subject is
not found to have
any subsidiary 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.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office : 333 Silom Rd.,
Silom, Bangrak, Bangkok
10500]
[Maptaphut Branch:
636/1 Moo 1, Maptaphut,
Muang, Rayong]
The Siam Commercial
Bank Public Co.,
Ltd.
[Head Office :
9 Ratchadapisek Rd.,
Ladyao, Jatujak, Bangkok
10900]
Krung Thai Bank
Public Co., Ltd.
[Maptaphut Branch :
129 Moo 8, Maptaphut, Muang, Rayong]
Kasikornbank Public Co.,
Ltd.
[Head Office :
1 Kasikorn Lane,
Rajburana Rd., Rajburana,
Bangkok]
EMPLOYMENT
The subject employs
approximately 300 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.
Factory and warehouse
are located at
Port I-23 Mabtaphut Industrial
Estate, T. Mabtaphut, A. Muang,
Rayong 21150.
Tel. : [66] 38 683-968,
091 119-1266 Fax. : [66] 38
683-969.
COMMENT
Subject is a
steel manufacture of
Tata Steel [Thailand]
Public Company Limited,
which was established
to be a
holding company pursuant
to the merger
of the businesses
of N.T.S. Steel Group Public
Company Limited [NTS],
The Siam Iron
and Steel (2001) Company Limited [SISCO2001]
and The Siam Construction Steel Company Limited
[SCSC]. SISCO2001 and SCSC were
subsidiaries of Cementhai Holding
Company Limited [CHC], itself
a wholly-owned subsidiary
of The Siam
Cemanthai Public Company
Limited.
For the outlook of steel
industry in 2014, it is
cautious yet optimistic. Though Thai political situation remains unresolved and there are risks
related to China economy and Ukraine situation, the global
steel market continuing
to improve and raw materials
market continuing to stumble. This means that steel sales will remain low for the moment while
Upstream Business sales will
thrive, and overall metal spread relatively healthy.
However, the subject
continues to pursue
operational excellence.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each.
The capital was
increased later as
follows :
Bht. 650,000,000 on
June 7, 1990
Bht. 1,050,000,000 on
April 9, 1992
Bht. 1,750,000,000 on
March 31, 1995
The latest registered
capital was increased
to Bht. 1,750,000,000 divided
into 17,500,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
July 26, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Tata Steel [Thailand]
Public Company Limited Nationality: Thai Address : 555
Rasa Tower, Phaholyothin Rd.,
Chatuchak, Bangkok 10900 |
17,499,994 |
99.99 |
|
Mrs. Arisra Na Ranong Nationality: Thai Address : 68/1
Ladprao 55 Rd.,
Wangthonglang, Bangkok
10310 |
1 |
|
|
Mr. Sawai Kunetrasai Nationality: Thai Address : 59/66
Moo 19, Salathammasop,
Taweewattana, Bangkok 10170 |
1 |
|
|
Ms. Prinda Boonpraspai Nationality: Thai Address : 4/35
Petchburi Rd., Thanon
Phyathai,
Rajthewee, Bangkok 10400 |
1 |
= 0.01 |
|
Ms. Porngkanit Sunthornchay Nationality: Thai Address : 17/1
Soi Tiwanont 46,
Thasai, Muang, Nonthaburi
11000 |
1 |
|
|
Mr. Surapol Limpanich Nationality: Thai Address : 6
Soi 27, Sukhumvit
Road, Paknam, Muang, Samutprakarn |
1 |
|
|
Mr. Supakij Thongsak Nationality: Thai Address : 2030/5
Prachasongkroh Rd., Dindaeng,
Bangkok |
1 |
|
Total Shareholders : 7
Share Structure [as
at July 26,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
17,500,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
17,500,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Ms. Thanawan Anuratbodee No.
3440
BALANCE SHEET [BAHT]
The latest financial
figures published for
March 31, 2013,
2012 & 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash in hand
& at Bank
|
4,202,599 |
2,937,182 |
2,460,536 |
|
Trade Accounts & Other
Receivable Trade receivable - related company |
703,562,411 |
664,077,571 |
920,651,419 |
|
Other receivable - related company |
2,852,849 |
301,474,607 |
4,014,522 |
|
Other receivable - other company |
8,066,382 |
3,217,210 |
- |
|
Short-term Lending to Related company |
886,719,980 |
203,427,440 |
806,216,241 |
|
Inventories |
980,860,974 |
1,905,559,662 |
1,324,471,481 |
|
Refundable Value Added Tax |
- |
34,306,572 |
105,408,175 |
|
Other Current Assets
|
13,270,058 |
4,053,125 |
24,325,961 |
|
Total Current Assets
|
2,599,535,253 |
3,119,053,369 |
3,187,548,335 |
|
Long-term Investment
|
1,241 |
1,241 |
1,241 |
|
Fixed Assets |
479,001,630 |
447,449,343 |
475,860,916 |
|
Intangible Assets |
479,055 |
561,697 |
675,601 |
|
Deferred Income Tax |
5,146,844 |
9,981,772 |
10,212,733 |
|
Other Non-current Assets |
123,902,050 |
123,902,050 |
125,945,768 |
|
Total Assets |
3,208,066,073 |
3,700,949,472 |
3,800,244,594 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
354,975,514 |
- |
- |
|
Trade Accounts Payable |
|
|
|
|
Trade Payable -related company |
417,734,803 |
625,547,252 |
39,333,864 |
|
Trade Payable -other company |
209,876,195 |
1,018,869,901 |
861,095,201 |
|
Other Payable -related company |
22,245,395 |
29,841,852 |
42,381,659 |
|
Other payable- other company |
14,602,825 |
15,968,818 |
- |
|
Accrued Expenses |
140,271,066 |
80,702,588 |
104,656,404 |
|
Current Portion of Financial Institutions Lease Liabilities |
- |
- |
376 |
|
Accrued Income Tax |
14,912,780 |
- |
14,139,317 |
|
Other Current Liabilities |
26,668,532 |
4,424,358 |
6,450,262 |
|
Total Current Liabilities |
1,201,287,110 |
1,775,354,769 |
1,068,057,083 |
|
|
|
|
|
|
Employee Benefits Obligation |
24,255,304 |
21,584,331 |
23,320,318 |
|
Total Liabilities |
1,225,542,414 |
1,796,939,100 |
1,091,377,401 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share capital 17,500,000 shares |
1,750,000,000 |
1,750,000,000 |
1,750,000,000 |
|
Capital Paid |
1,750,000,000 |
1,750,000,000 |
1,750,000,000 |
|
Retained Earning |
|
|
|
|
Appropriated for Statutory
Reserve |
120,674,688 |
120,674,688 |
75,990,498 |
|
Unappropriated |
111,848,971 |
33,336,684 |
882,876,695 |
|
Total Shareholders' Equity |
1,982,523,659 |
1,904,010,372 |
2,708,867,193 |
|
Total Liabilities &
Shareholders' Equity |
3,208,066,073 |
3,700,949,472 |
3,800,244,594 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales |
8,956,935,251 |
9,109,434,157 |
9,672,331,527 |
|
Other Income |
|
|
|
|
Compensation Insurance |
87,743,685 |
- |
- |
|
Gain on
Exchange Rate |
16,590,971 |
- |
- |
|
Others |
9,811,588 |
27,896,146 |
47,435,063 |
|
Total Revenues |
9,071,081,495 |
9,137,330,303 |
9,719,766,590 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods Sold
|
8,732,431,153 |
8,952,009,047 |
9,335,255,689 |
|
Selling Expenses |
411,660 |
187,959 |
4,461,163 |
|
Administrative Expenses |
224,264,978 |
197,037,877 |
206,586,356 |
|
Loss on Exchange
Rate |
- |
4,810,742 |
12,226,045 |
|
Finance Costs |
12,260,621 |
410,538 |
1,768,517 |
|
Total Expenses |
8,969,368,412 |
9,154,456,163 |
9,560,297,770 |
|
Profit before Income Tax |
101,713,083 |
[17,125,860] |
159,468,820 |
|
Income Tax |
[23,199,796] |
[230,961] |
[40,884,585] |
|
Net Profit / [Loss] |
78,513,287 |
[17,356,821] |
118,584,235 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.16 |
1.76 |
2.98 |
|
QUICK RATIO |
TIMES |
1.34 |
0.66 |
1.62 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
18.70 |
20.36 |
20.33 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.79 |
2.46 |
2.55 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
41.00 |
77.70 |
51.79 |
|
INVENTORY TURNOVER |
TIMES |
8.90 |
4.70 |
7.05 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
8.77 |
41.54 |
33.67 |
|
CASH CONVERSION CYCLE |
DAYS |
32.23 |
36.15 |
18.12 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
97.49 |
98.27 |
96.52 |
|
SELLING & ADMINISTRATION |
% |
2.51 |
2.17 |
2.18 |
|
INTEREST |
% |
0.14 |
0.00 |
0.02 |
|
GROSS PROFIT MARGIN |
% |
3.78 |
2.03 |
3.98 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.14 |
(0.19) |
1.65 |
|
NET PROFIT MARGIN |
% |
0.88 |
(0.19) |
1.23 |
|
RETURN ON EQUITY |
% |
3.96 |
(0.91) |
4.38 |
|
RETURN ON ASSET |
% |
2.45 |
(0.47) |
3.12 |
|
EARNING PER SHARE |
BAHT |
4.49 |
(0.99) |
6.78 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.38 |
0.49 |
0.29 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.62 |
0.94 |
0.40 |
|
TIME INTEREST EARNED |
TIMES |
8.30 |
(41.72) |
90.17 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(1.67) |
(5.82) |
|
|
OPERATING PROFIT |
% |
(693.92) |
(110.74) |
|
|
NET PROFIT |
% |
552.35 |
(114.64) |
|
|
FIXED ASSETS |
% |
7.05 |
(5.97) |
|
|
TOTAL ASSETS |
% |
(13.32) |
(2.61) |
|
ANNUAL GROWTH : ACCEPTABLE
An annual sales growth is -1.67%. Turnover has decreased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.78 |
Deteriorated |
Industrial Average |
17.61 |
|
Net Profit Margin |
0.88 |
Satisfactory |
Industrial Average |
0.95 |
|
Return on Assets |
2.45 |
Impressive |
Industrial Average |
1.35 |
|
Return on Equity |
3.96 |
Impressive |
Industrial Average |
3.87 |
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 3.78%. 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 0.88%.
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. Return on Assets ratio is
2.45%, 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 3.96%, 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 |
2.16 |
Impressive |
Industrial Average |
1.26 |
|
Quick Ratio |
1.34 |
|
|
|
|
Cash Conversion Cycle |
32.23 |
|
|
|
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 2.16 times in 2013, increased from 1.76 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 1.34 times in 2013,
increased from 0.66 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 33 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 |
0.81 |
|
Debt to Equity Ratio |
0.62 |
Impressive |
Industrial Average |
2.15 |
|
Times Interest Earned |
8.30 |
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 8.3 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
18.70 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
2.79 |
Impressive |
Industrial Average |
1.73 |
|
Inventory Conversion Period |
41.00 |
|
|
|
|
Inventory Turnover |
8.90 |
Impressive |
Industrial Average |
4.83 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
9.42 |
|
Payables Conversion Period |
8.77 |
|
|
|
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 78 days at the
end of 2012 to 41 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 4.7 times in year 2012 to 8.9 times
in year 2013.
The company's Total Asset Turnover is calculated as 2.79 times and 2.46
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
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.16 |
|
|
1 |
Rs.102.23 |
|
Euro |
1 |
Rs.82.04 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.