MIRA
INFORM REPORT
|
Report Date : |
01.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
SAMMITR MOTORS MANUFACTURING PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
39 Moo |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
1967 |
|
|
|
|
Reg. No.: |
0107550000041 [Former :
256/2510] |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor &
Exporter of Truck Bodies Assembly
And Related Equipments |
|
|
|
|
No. of Employees : |
1,480 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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
SAMMITR MOTORS
MANUFACTURING PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 39 MOO 12 PETCHKASEM
ROAD,
OMNOI,
KRATHUMBAN,
SAMUTSAKORN
74130, THAILAND
TELEPHONE : [66] 2420- 0027,
2420-1971- 2
FAX :
[66] 2420-1875,
2420-5189
E-MAIL ADDRESS : overseas@sammitr.com
webmaster@sammitr.com/
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1967
REGISTRATION NO. : 0107550000041 [Former : 256/2510]
TAX ID NO. : 3101055733
CAPITAL REGISTERED : BHT.
642,500,000
CAPITAL PAID-UP : BHT.
642,500,000
SHAREHOLDER’S PROPORTION :
THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. YONGYUTH POSIRISUK,
THAI
PRESIDENT
NO. OF STAFF : 1,480
LINES OF BUSINESS : TRUCK BODIES
ASSEMBLY AND RELATED
EQUIPMENTS
MANUFACTURER, DISTRIBUTOR
& 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 May 19,
1967, as a
private limited company
under the name
style SAMMITR MOTORS
MANUFACTURING CO., LTD. by Thai groups, in
order to manufacture
truck bodies and
parts to both
domestic and international
markets.
On April 26,
2007, the subject
changed its status
to public company,
under the name
SAMMITR MOTORS MANUFACTURING PUBLIC COMPANY LIMITED. It currently employs
1,480 staff.
The subject also achieved
the standard ISO
9001 certification for
its production.
The subject’s registered
address is 39 Moo
12, Petchkasem Road,
Omnoi, Krathumban, Samutsakorn
74130, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chao Posirisuk |
[x] : Chairman |
Thai |
74 |
|
Mr. Yongyudh Tulyasathien |
|
Thai |
64 |
|
Mr. Chookiat Puwasorakul |
|
Thai |
65 |
|
Mr. Yongyuth Posirisuk |
[x] |
Thai |
53 |
|
Mr. Thavach Triwannakul |
|
Thai |
54 |
|
Mr. Suriya Posirisuk |
[x] |
Thai |
50 |
|
Mrs. Ratana Stiramon |
[x] |
Thai |
45 |
|
Mrs. Achara Laoprapassorn |
|
Thai |
43 |
AUTHORIZED PERSON
Anyone of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Yongyuth Posirisuk is
the President.
He is Thai
nationality with the
age of 53
years old.
Mr. Surayuth Posirisuk is
the Executive Director.
He is Thai
nationality.
Mr. Yongyudh Tulyasathien
is the Marketing
Director.
He is Thai
nationality with the
age of 64
years old.
Ms. Ratana Stiramon
is the General
Manager.
She is Thai
nationality with the
age of 45
years old.
Mr. Wicharn Chathiran is
the Plant Manager.
He is Thai
nationality.
Ms. Maneerat Phosirisuk
is the Marketing
Manager.
She is Thai
nationality.
Ms. Suwacharee Somsuan
is the Import - Export Manager.
She is Thai
nationality.
Mr. Suriya Posirisuk is
the Factory Manager.
He is Thai
nationality with the
age of 50
years old.
BUSINESS OPERATIONS
The subject is engaged in manufacturing of dump truck, trailers, semi-trailers,
specially designed trucks, steel
canopies and accessories
for pick-up trucks.
The products are
as the followings:
Stamping die
Assembly jig and
checking fixture
Press parts
Steel canopy and
accessories for pick-up
trucks
Dumpers & trailers
Trailers axle and
hydraulic system for
dump truck
Agricultural vehicle and
machinery
NGV trucks
Multi purpose truck
[Bio-diesel engine-B-100]
NGV kits installation,
retrofit and re-powering
TRADEMARK
“S M M”
IMPORT
Raw material especially
steel as well
as machinery are
imported from Germany,
Republic of China,
Japan, South Korea,
Singapore, Malaysia and
Taiwan.
MAJOR SUPPLIERS
Toyota Auto Body Co.,
Ltd. : Thailand
Shin Meiwa Co., Ltd. : Thailand
SALES
The products are
sold to dealers
and manufacturers both
domestic and overseas
in United States of America,
Canada, Indonesia, Malaysia, Hong Kong, Singapore, Japan, Australia, Republic of
China, India, Africa,
Taiwan, Korea, Laos,
Philippines, Vietnam and
the countries in
Europe.
MAJOR CUSTOMERS
Chairatchakorn Co., Ltd. : Thailand
Advance Auto Machine
Co., Ltd. :
Thailand
Prasertkij Yontrakarn Co.,
Ltd. : Thailand
Thai Rungrueng Limited
Partnership : Thailand
ASSOCIATED COMPANIES
Sammitr Green Power
Co., Ltd.
Business Type: NGV engine
installation service
Changchun Sammitr Motors
Co., Ltd.
Business Type: NGV engine
installation and modification
service
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 IRICO’S
DATABASE 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.
Exports are against
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Samutsakorn Branch : Krathumban,
Samutsakorn 74130]
The Siam Commercial
Bank Public Co., Ltd.
[Samutsakorn Branch : Krathumban,
Samutsakorn 74130]
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs 1,480 staff [office,
sales staff and factory
workers].
LOCATION DETAILS
The premise is
owned for administrative office, plant
and warehouse at the heading
address. Premise is
located in industrial
area.
There are 11
production facilities as follows:
Die Stamping plant, 39 Moo
12, Petchkasem Rd., Omnoi,
Krathumban, Samutsakorn 74130.
Jig assembly and
fixture checking plant,
39 Moo 12,
Petchkasem Rd., Omnoi,
Krathumban, Samutsakorn 74130.
Pressed parts plant, 39 Moo 12,
Petchkasem Rd., Omnoi,
Krathumban, Samutsakorn 74130.
Steel canopy plant
for picked-up trucks,
39 Moo 12,
Petchkasem Rd., Omnoi,
Krathumban, Samutsakorn 74130.
Dumper assembling plant,
85/1 Moo 3,
Setthakij 1 Rd.,
Omnoi, Krathumban, Samutsakorn
74130.
Trailer and semi-trailer
assembling plant, 39
Moo 12, Petchkasem
Rd., Omnoi, Krathumban,
Samutsakorn 74130.
Special purpose truck assembly
plant, 86 Moo 5, Setthakit 1 Rd., Thamai, Krathumban,
Samutsakorn 74130.
Trailer axle and
hydraulic system plant
for dump trucks,
39 Moo 12,
Petchkasem Rd., Omnoi,
Krathumban, Samutsakorn 74130.
Multi purpose truck [MPT]
and NGV truck
assembly plant, 99/97
Moo 4, Setthakit
1 Rd., Omnoi,
Krathumban, Samutsakorn 74130.
Combine harvester assembly plant,
86 Moo 5, Setthakit 1 Rd.,
Thamai, Krathumban, Samutsakorn
74130.
Dedicated system plant
for retrofitting and
installing NGV kits,
85/1 Moo 3, Setthakit
1 Rd., Omnoi,
Krathumban, Samutsakorn 74130.
COMMENT
The subject is the
country’s leading in auto assembly and parts maker
which has been growing strong
in line with rising demand in automobile
industry. Besides the pickup truck sales, IMV (Innovative International Multi-purpose Vehicle) would
also be in high demand, therefore
automobile and parts
assembly are projected
to boost with the
IMV development as well.
FINANCIAL INFORMATION
The capital was
registered at Bht.
3,000,000 divided into
3,000 shares of
Bht. 1,000 each.
The capital was
increased later as
following:
Bht. 140,000,000
on November 7,
1990
Bht. 250,000,000
on December 23,
1996
Bht 1,650,000,000 on
November 28, 2002
Bht 1,850,000,000 on
August 1, 2004
Bht. 670,000,000
on April 26,
2007 [decreased]
Bht. 642,500,000
on December 27,
2013 [decreased]
The latest registered
capital was decreased
to Bht. 642,500,000
divided into 128,500,000 shares
of Bht. 5
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as at
December 26, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chao Posirisuk Nationality: Thai Address : 693
Petchkasem Rd., Bangwha,
Pasicharoen, Bangkok 10160 |
88,350,127 |
68.75 |
|
Mr. Chookiat Puwasorakul Nationality: Thai Address : 19
Soi Soonvijay 3, Bangkapi,
Huaykwang, Bangkok |
4,762,533 |
3.71 |
|
Mr. Suriya Posirisuk Nationality: Thai Address : 1195
Petchkasem 94 Rd., Bangkaenua, Bangkae, Bangkok 10160 |
3,852,628 |
3.00 |
|
Mrs. Veena Srithanyarat Nationality: Thai Address : 18
Thanonphyathai, Rajthevee, Bangkok |
2,955,000 |
2.30 |
|
Ms. Varunee Puwasorakul Nationality: Thai Address : 17 Soi
Soonvijay 3, Bangkapi,
Huaykwang, Bangkok |
1,970,000 |
1.53 |
|
Mrs. Chamoy Posirisuk Nationality: Thai Address : 5
Petchkasem 39 Rd.,
Bangwha,
Pasicharoen, Bangkok 10100 |
1,830,130 |
1.42 |
|
Mrs. Thitaporn Dechurat Nationality: Thai Address : 175/11
Soi Rongmuang 4,
Rongmuang,
Pathumwan, Bangkok |
1,542,020 |
1.20 |
|
Other Shareholders |
23,237,562 |
18.09 |
Total Shareholders : 50
Share Structure
[as at December
26, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
50 |
128,500,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
50 |
128,500,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Chaiyut Angsuwaitaya No.
3855
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2012, 2011 &
2010 were:
ASSETS
|
Current Assets |
2012 |
2011 [Adjusted] |
2010 |
|
|
|
|
|
|
Cash in Hand
& at Bank |
29,218,799.98 |
25,546,422.32 |
52,274,503.14 |
|
Trade Accounts &
Other Receivable - Related
Company |
27,157,122.95 |
20,124,848.08 |
30,786,284.98 |
|
- Other
Company |
939,330,363.89 |
449,976,219.24 |
553,217,485.47 |
|
Other Receivable |
194,604,496.59 |
177,132,315.44 |
- |
|
Deferred Income |
- |
- |
137,096,899.42 |
|
Inventories |
681,217,339.79 |
677,505,456.74 |
524,656,749.10 |
|
Other Current Assets
|
1,486,924.95 |
32,247,642.22 |
19,786,979.58 |
|
|
|
|
|
|
Total Current Assets
|
1,873,015,048.15 |
1,382,532,904.04 |
1,317,818,901.69 |
|
Investment in Subsidiary
|
364,257,057.01 |
364,257,057.01 |
304,257,057.01 |
|
Investment in Associated
Company |
4,999,300.00 |
4,999,300.00 |
4,999,300.00 |
|
Long-term Investment |
1,000,000.00 |
- |
- |
|
Fixed Assets |
1,561,259,815.38 |
1,567,170,784.85 |
1,568,461,224.66 |
|
Intangible Assets |
32,397,670.05 |
22,012,226.30 |
3,054,692.30 |
|
Other Assets Withholding Tax
|
8,067,531.30 |
11,309,282.39 |
18,287,350.23 |
|
Others |
23,934,850.33 |
325,372.90 |
16,285,267.57 |
|
Total Assets |
3,868,931,272.22 |
3,352,606,927.49 |
3,233,163,793.46 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 [Adjusted] |
2010 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial
Institution |
289,910,083.10 |
91,144,855.72 |
- |
|
Trade Accounts Payable - Related
Company |
9,136,416.80 |
54,251,936.77 |
14,770,813.02 |
|
- Other
Company |
1,139,663,830.56 |
781,544,807.42 |
841,366,712.00 |
|
Other Payable |
297,054,273.60 |
196,578,998.76 |
- |
|
Current Portion of
Finance Lease Contract Liabilities |
32,122,159.00 |
25,068,581.00 |
- |
|
Current Portion of Long-term Liabilities |
217,567,248.87 |
331,486,399.30 |
104,303,263.79 |
|
Other Current Liabilities |
57,029,601.96 |
27,482,574.84 |
273,355,474.44 |
|
|
|
|
|
|
Total Current Liabilities |
2,042,483,613.88 |
1,507,558,153.81 |
1,233,796,263.25 |
|
Long-term Hire-purchase Contract Liabilities |
29,883,432.44 |
81,986,803.75 |
13,335,382.95 |
|
Liabilities & Loan
from Person or Related Company |
14,300,000.00 |
27,800,000.00 |
- |
|
Liabilities & Long-term
Loan |
1,194,289,637.26 |
1,306,174,038.64 |
1,553,306,671.50 |
|
Employee Benefit Obligation |
160,314,289.00 |
140,675,174.00 |
- |
|
Total Liabilities |
3,441,270,972.58 |
3,064,194,170.20 |
2,800,438,317.70 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 5
par value Authorized &
issued share capital
140,000,000 shares |
700,000,000.00 |
700,000,000.00 |
700,000,000.00 |
|
|
|
|
|
|
Capital Paid |
492,500,000.00 |
492,500,000.00 |
492,500,000.00 |
|
Surplus on Revaluation
of Assets |
- |
- |
655,271,641.28 |
|
Retained Earning Appropriated for
Statutory Reserve |
35,978,700.00 |
25,253,700.00 |
21,653,700.00 |
|
Unappropriated |
[605,601,839.44] |
[809,366,222.43] |
[736,699,865.52] |
|
Other Components of
Shareholders’ Equity |
504,783,439.08 |
580,025,279.72 |
- |
|
Total Shareholders' Equity |
427,660,299.64 |
288,412,757.29 |
432,725,475.76 |
|
Total Liabilities &
Shareholders' Equity |
3,868,931,272.22 |
3,352,606,927.49 |
3,233,163,793.46 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 [Adjusted] |
2010 |
|
|
|
|
|
|
Sales |
5,684,206,313.65 |
3,878,631,866.53 |
4,062,193,342.79 |
|
Service Income |
225,003,596.69 |
168,151,641.17 |
203,767,505.75 |
|
Service Income from
Transportation |
44,781,121.52 |
31,027,186.19 |
- |
|
Other Income Sales of
Scrap |
158,562,267.48 |
108,851,019.14 |
106,888,218.09 |
|
Interest Income |
677,170.28 |
2,605,021.32 |
753,247.69 |
|
Adjustment in
Diminution of Inventories |
- |
6,670,564.42 |
452,323.05 |
|
Adjustment in
Diminution of Assets |
- |
- |
1,813,507.86 |
|
Gain on Exchange Rate |
5,609,027.56 |
- |
1,697,193.77 |
|
Adjustment on Doubtful
Account |
600,245.00 |
- |
1,121,200.00 |
|
Gain from
Debt Restructuring |
- |
1,990,475.00 |
- |
|
Others |
21,134,299.87 |
9,394,564.71 |
23,481,217.36 |
|
Total Revenues |
6,140,574,042.05 |
4,207,322,338.48 |
4,402,167,756.36 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
5,167,937,321.99 |
3,527,828,315.58 |
3,683,163,546.00 |
|
Selling Expenses |
107,883,935.40 |
75,779,668.22 |
79,136,140.03 |
|
Administrative Expenses |
447,706,370.27 |
391,576,714.67 |
301,578,095.16 |
|
Doubtful Accounts |
- |
- |
8,544,951.38 |
|
Financial Cost |
132,469,198.89 |
113,371,469.97 |
98,202,046.33 |
|
Total Expenses |
5,855,996,826.55 |
4,108,556,168.44 |
4,170,624,778.90 |
|
|
|
|
|
|
Profit / [Loss] before Income Tax |
284,577,215.50 |
98,766,170.04 |
231,542,977.46 |
|
Income Tax |
[70,087,832.51] |
[27,482,574.84] |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
214,489,382.99 |
71,283,595.20 |
231,542,977.46 |
|
Depreciation on Assets
Appraisal |
[75,241,840.64] |
[75,246,361.56] |
- |
|
Net Profit / [Loss] for the
Year |
139,247,542.35 |
[3,962,766.36] |
231,542,977.46 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.92 |
0.92 |
1.07 |
|
QUICK RATIO |
TIMES |
0.58 |
0.45 |
0.63 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.81 |
2.60 |
2.72 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.54 |
1.22 |
1.32 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
48.11 |
70.10 |
51.99 |
|
INVENTORY TURNOVER |
TIMES |
7.59 |
5.21 |
7.02 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
57.58 |
40.28 |
47.33 |
|
RECEIVABLES TURNOVER |
TIMES |
6.34 |
9.06 |
7.71 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
80.49 |
80.86 |
83.38 |
|
CASH CONVERSION CYCLE |
DAYS |
25.21 |
29.51 |
15.95 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
86.80 |
86.51 |
86.34 |
|
SELLING & ADMINISTRATION |
% |
9.33 |
11.46 |
8.92 |
|
INTEREST |
% |
2.22 |
2.78 |
2.30 |
|
GROSS PROFIT MARGIN |
% |
16.34 |
16.66 |
16.85 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.78 |
2.42 |
5.43 |
|
NET PROFIT MARGIN |
% |
3.60 |
1.75 |
5.43 |
|
RETURN ON EQUITY |
% |
50.15 |
24.72 |
53.51 |
|
RETURN ON ASSET |
% |
5.54 |
2.13 |
7.16 |
|
EARNING PER SHARE |
BAHT |
2.18 |
0.72 |
2.35 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.89 |
0.91 |
0.87 |
|
DEBT TO EQUITY RATIO |
TIMES |
8.05 |
10.62 |
6.47 |
|
TIME INTEREST EARNED |
TIMES |
2.15 |
0.87 |
2.36 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
46.01 |
(4.41) |
|
|
OPERATING PROFIT |
% |
188.13 |
(57.34) |
|
|
NET PROFIT |
% |
200.90 |
(69.21) |
|
|
FIXED ASSETS |
% |
(0.38) |
(0.08) |
|
|
TOTAL ASSETS |
% |
15.40 |
3.69 |
|
ANNUAL GROWTH : IMPRESSIVE
An annual sales growth is 46.01%. Turnover has increased from THB
4,077,810,693.89 in 2011 to THB 5,953,991,031.86 in 2012. While net profit has increased
from THB 71,283,595.20 in 2011 to THB 214,489,382.99 in 2012. And total assets
has increased from THB 3,352,606,927.49 in 2011 to THB 3,868,931,272.22 in
2012.
PROFITABILITY : IMPRESSIVE
PROFITABILITY RATIO
|
Gross Profit Margin |
16.34 |
Impressive |
Industrial Average |
5.27 |
|
Net Profit Margin |
3.60 |
Satisfactory |
Industrial Average |
3.88 |
|
Return on Assets |
5.54 |
Impressive |
Industrial Average |
5.48 |
|
Return on Equity |
50.15 |
Impressive |
Industrial Average |
12.82 |
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 16.34%. When compared
with the industry average, the ratio of the company was higher, indicated that
company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 3.6%. 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
5.54%, 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 50.15%, 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 : ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.92 |
Risky |
Industrial Average |
1.05 |
|
Quick Ratio |
0.58 |
|
|
|
|
Cash Conversion Cycle |
25.21 |
|
|
|
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 0.92 times in 2012, the same
figure as 0.92 in 2011,
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 0.45 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 26 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.89 |
Acceptable |
Industrial Average |
0.66 |
|
Debt to Equity Ratio |
8.05 |
Risky |
Industrial Average |
1.97 |
|
Times Interest Earned |
2.15 |
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 2.15 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 0.89 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 : EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.81 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.54 |
Impressive |
Industrial Average |
1.41 |
|
Inventory Conversion Period |
48.11 |
|
|
|
|
Inventory Turnover |
7.59 |
Impressive |
Industrial Average |
4.49 |
|
Receivables Conversion Period |
57.58 |
|
|
|
|
Receivables Turnover |
6.34 |
Impressive |
Industrial Average |
5.94 |
|
Payables Conversion Period |
80.49 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.34 and 9.06 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 70 days at the
end of 2011 to 48 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 5.21 times in year 2011 to 7.59 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.54 times and 1.22
times in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.07 |
|
|
1 |
Rs.103.61 |
|
Euro |
1 |
Rs.85.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.