MIRA INFORM REPORT
|
Report Date : |
08.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
MAY
AO FOODS CO.,
LTD. [MAF] |
|
|
|
|
Registered Office : |
8 Soi Rama 2 Soi 50, Yaek 7, Thienthong Road, Samaedam, Bangkhunthien, Bangkok 10150 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
29.08.1996 |
|
|
|
|
Com. Reg. No.: |
0115539006568 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
manufacturer
and exporter of frozen
shrimps/prawns, including Raw
Back Tiger shrimp,
Raw White Shrimp,
Cooked White Shrimp,
Cooked Black Tiger
Shrimp, Nobashi, Sushi Ebi,
Ama Ebi [red
shrimp], Aka Ebi
[shrimp] & Sushi
sets, as well
as and variety
of value-added products. |
|
|
|
|
No. of Employees : |
1,200 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
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. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. 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 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has 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 next seven years with a plan to start in 2013.
Source
: CIA
Company
name
MAY AO
FOODS CO., LTD.
[MAF]
SUMMARY
BUSINESS ADDRESS : 8
SOI RAMA 2
SOI 50, YAEK
7,
THIENTHONG ROAD,
SAMAEDAM, BANGKHUNTHIEN,
BANGKOK 10150,
THAILAND
TELEPHONE : [66] 2416-9114-8
FAX : [66] 2416-9119
E-MAIL
ADDRESS : mgmt@mayaogroup.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1996
REGISTRATION NO. : 0115539006568
TAX ID NO. : 3271076996
CAPITAL
REGISTERED : BHT.
200,000,000
CAPITAL
PAID-UP : BHT.
200,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
MAITRE KIMHANTAMAL, THAI
PRESIDENT
NO. OF
STAFF : 1,200
LINES OF
BUSINESS : FROZEN SEAFOOD
PRODUCTS
MANUFACTURER AND
EXPORTER
CORPORATE
PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on August
29, 1996 as
a private limited
company under the name
style MAY AO FOODS
CO., LTD. by Mr.
Maitre Kimhantamal, an
experienced businessman in
frozen seafood exporting.
The subject concentrates
on shrimp processing
and utilizing highly
trained works in
its production lines,
from peeling to
styling of any
kind of shrimps
into butterfly style.
The subject has
achieved the quality
standard ISO 9002
certification issued by
SGS [Thailand] Ltd.
and British Retail
Consortium. It currently
employs 1,200 staff.
The subject’s registered address was
initially located at
95/10 Moo 7, Soi Rama 2
Soi 50, Thienthong Rd.,
Samaedam, Bangkhunthien, Bangkok
10150, while the
operation address was
at 568 Moo 2, Bangpoo Industrial Estate, T. Bangpoomai, A. Muang,
Samutprakarn 10280.
Presently, its registered
address and operation
address are 8 Soi Rama
2 Soi 50, Yaek
7, Thienthong Rd.,
Samaedam, Bangkhunthien, Bangkok
10150.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Maitre Kimhantamal |
[x] |
Thai |
55 |
|
Mrs. Yupayao Sirieiwpikul |
[-] |
Thai |
53 |
|
Mrs. Suiju Sae - lim |
[-] |
Thai |
76 |
|
Mr. Prasit Jarupokkul |
[+] |
Thai |
- |
|
Mr. Thaithat Sirieiwpikul |
[+] |
Thai |
- |
AUTHORIZED
PERSON
Only the mentioned
director [x] signs
or both of
the directors [-]
can jointly sign,
or both of
the directors [+]
can jointly sign
in case of
government contact on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Maitre
Kimhantamal is the
President.
He is Thai
nationality with the
age of 55
years old.
Mr. Prasit
Jarupokkul is the
Vice President &
Financial Director.
He is Thai
nationality.
Mr. Thaithat
Sirieiwpikul is the
General Manager and
Personnel Manager.
He is Thai
nationality.
Mr. Prakit
Likitlerwong is the
Marketing Manager.
He is Thai
nationality.
Mrs. Yupaporn
Krongsiri is the
Production Manager.
She is Thai
nationality.
BUSINESS
OPERATIONS
The subject’s activities
are manufacturer and
exporter of frozen
shrimps/prawns, including Raw
Back Tiger shrimp,
Raw White Shrimp,
Cooked White Shrimp,
Cooked Black Tiger
Shrimp, Nobashi, Sushi Ebi,
Ama Ebi [red
shrimp], Aka Ebi
[shrimp] & Sushi
sets, as well as and
variety of value-added
products.
MAJOR BRAND
“MAF”
PURCHASE
Most of raw
materials, mainly fresh
shrimp and ingredient
are purchased from
local suppliers, the
remaining is imported
from Myanmar and
India.
EXPORT [COUNTRY]
100% of the
products is exported
worldwide, which 80%
to Japan, and
the remaining 20%
to U.S.A., Hong Kong,
Canada, Korea, Australia,
New Zealand, Taiwan
and the countries
in Europe.
RELATED COMPANY
A Foods
1991 Co., Ltd.
Business Type: Manufacturer
and exporter of
frozen seafood
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
for the past
two years.
CREDIT
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
T/T.
Exports are against
L/C at sight
& T/T.
BUSINESS
TRANSACTION
In term of
export, the products
are exported to
overseas customers by
L/C at sight
& T/T. The subject
is not found
to have payment
problem on its
account receivable.
BANKING
Bangkok Bank
Public Co., Ltd.
[Poochaosamingprai Branch : 298
Moo 16, Poochaosamingprai Rd., T.
Samrong Tai,
A.
Phrapradaeng, Samutprakarn]
EMPLOYMENT
The subject employs
approximately 1,200 office
staff and factory
workers.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory and warehouse
are located at
568 Moo 2, Bangpoo
Industrial Estate,
T. Bangpoomai, A. Muang, Samutprakarn
10280.
Tel.: [66] 2709-4258-61,
Fax. 2323-1413.
COMMENT
The subject is one of Thailand’s
leading seafood manufacturers and exporters with many of the staff members are
highly skilled workers involved in seafood processing. The subject’s
main market is
Japan which accounts
for 80% of total
production, and the
second is the
United States with
potential for more
growth.
FINANCIAL
INFORMATION
The capital was
registered at Bht.
40,000,000 divided into
400,000 shares of
Bht. 100 each
with fully paid.
The
capital was increased
later as follows:
Bht. 140,000,000
on April 30,
2002
Bht. 200,000,000
on August 24,
2011
The latest registered
capital was increased
to Bht. 200,000,000
divided into 2,000,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as
at April 23,
2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Maitre
Kimhantamal Nationality: Thai Address : 219/15-16
Soi Sapanyao Banmai, New Rd.,
Bangkorlaem, Bangkok |
1,069,994 |
53.50 |
|
A Foods
1991 Co., Ltd. Nationality: Thai Address : 8
Soi Rama 2
Soi 50, Yaek 7, Thienthong Road,
Samaedam,
Bangkhunthien, Bangkok |
600,000 |
30.00 |
|
Mrs. Yupayao
Sirieiwpikul Nationality: Thai Address : 247/1
Charoenkrung Road, Wadprayakrai, Bangkorlaem, Bangkok |
330,001 |
16.50 |
|
Mrs. Suiju
Sae-lim Nationality: Thai Address : 219/15-16
Soi Sapanyao Banmai, New Rd.,
Bangkorlaem, Bangkok |
1 |
- |
|
Mrs. Sarinthorn
Kimhantamal Nationality: Thai Address : 219/14
Soi Sapanyao Banmai, New Rd.,
Bangkorlaem, Bangkok |
1 |
- |
|
Mr. Krit
Tirawongsa Nationality: Thai Address : 136
Trok Rongjae, Terdthai
Rd.,
Bangyeerua, Thonburi, Bangkok |
1 |
- |
|
Mr. Pairoj
Tirawongsa Nationality: Thai Address : 53
Trok Rongjae, Terdthai
Rd.,
Bangyeerua, Thonburi, Bangkok |
1 |
- |
|
|
|
|
|
Mrs. Wanna
Sae-tia Nationality: Thai Address : 136
Trok Rongjae, Terdthai
Rd., Bangyeerua,
Thonburi, Bangkok |
1 |
- |
Total Shareholders
: 8
Share Structure [as
at April 23,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
2,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
2,000,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Rattapoom Nantapatavee No.
5789
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
4,997,046.08 |
3,264,871.35 |
2,592,299.32 |
|
Trade Accounts & Other Receivable |
167,669,938.44 |
220,090,768.45 |
75,360,263.35 |
|
Short-term Loan |
49,002,057.15 |
- |
19,480,529.97 |
|
Inventories |
642,538,631.24 |
529,790,100.47 |
557,927,382.35 |
|
Other Current Assets
|
368,241.88 |
275,246.57 |
215,075.26 |
|
|
|
|
|
|
Total Current Assets
|
864,575,914.79 |
760,883,328.13 |
655,575,550.25 |
|
|
|
|
|
|
Cash at Bank pledged as a Collateral |
18,331,900.00 |
14,000,000.00 |
11,000,000.00 |
|
Investment in Associated |
22,999,400.00 |
22,999,400.00 |
22,999,400.00 |
|
Fixed Assets |
233,290,557.46 |
223,998,275.24 |
222,446,938.75 |
|
Other Non-current Assets |
- |
2,110,519.84 |
2,463,626.29 |
|
Total Assets |
1,139,197,772.25 |
1,023,991,523.21 |
914,485,515.29 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
802,696,437.09 |
576,635,933.16 |
534,026,869.80 |
|
Trade Accounts & Other Payable
|
115,929,930.53 |
221,966,422.44 |
224,204,385.59 |
|
Current Portion of
Hire-purchase Contract Payable |
755,627.06 |
1,464,335.06 |
100,575.00 |
|
Current Portion of
Long-term Loans |
- |
1,805,249.32 |
4,920,000.00 |
|
Other Current Liabilities |
788,074.95 |
912,239.50 |
747,830.11 |
|
|
|
|
|
|
Total Current Liabilities |
920,170,069.63 |
810,246,520.77 |
763,999,660.50 |
|
Long-term Loan |
- |
- |
1,800,000.00 |
|
Total Liabilities |
920,170,069.63 |
810,246,520.77 |
765,799,660.50 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized,
issued and fully
paid share
capital 2,000,000 shares in 2012 & 2011; 1,400,000 shares in 2010 |
200,000,000.00 |
200,000,000.00 |
140,000,000.00 |
|
|
|
|
|
|
Capital Paid |
200,000,000.00 |
200,000,000.00 |
140,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
19,027,702.62 |
13,745,002.44 |
8,685,854.79 |
|
Total Shareholders' Equity |
219,027,702.62 |
213,745,002.44 |
148,685,854.79 |
|
Total Liabilities & Shareholders' Equity |
1,139,197,772.25 |
1,023,991,523.21 |
914,485,515.29 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales & Services Income |
2,425,029,309.95 |
2,912,361,740.84 |
2,573,285,053.31 |
|
Other Income |
24,576,760.48 |
27,254,848.93 |
45,977,006.07 |
|
Total Revenues |
2,449,606,070.43 |
2,939,616,589.77 |
2,619,262,059.38 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
2,247,478,581.00 |
2,728,883,906.75 |
2,392,819,144.49 |
|
Selling Expenses |
100,483,274.65 |
120,790,704.62 |
146,510,185.09 |
|
Administrative Expenses |
52,098,825.33 |
43,164,017.75 |
40,905,380.31 |
|
Total Expenses |
2,400,060,680.98 |
2,892,838,629.12 |
2,580,234,709.89 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
49,545,389.45 |
46,777,960.65 |
39,027,349.49 |
|
Financial Cost |
[42,661,808.54] |
[40,074,304.33] |
[33,622,781.25] |
|
Profit / [Loss] before Income Tax |
6,883,580.91 |
6,703,656.32 |
5,404,568.24 |
|
Income Tax |
[1,600,880.73] |
[1,644,508.67] |
[1,424,847.50] |
|
|
|
|
|
|
Net Profit / [Loss] |
5,282,700.18 |
5,059,147.65 |
3,979,720.74 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.94 |
0.94 |
0.86 |
|
QUICK RATIO |
TIMES |
0.24 |
0.28 |
0.13 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
10.39 |
13.00 |
11.57 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.13 |
2.84 |
2.81 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
104.35 |
70.86 |
85.11 |
|
INVENTORY TURNOVER |
TIMES |
3.50 |
5.15 |
4.29 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
25.24 |
27.58 |
10.69 |
|
RECEIVABLES TURNOVER |
TIMES |
14.46 |
13.23 |
34.15 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
18.83 |
29.69 |
34.20 |
|
CASH CONVERSION CYCLE |
DAYS |
110.76 |
68.76 |
61.60 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
92.68 |
93.70 |
92.99 |
|
SELLING & ADMINISTRATION |
% |
6.29 |
5.63 |
7.28 |
|
INTEREST |
% |
1.76 |
1.38 |
1.31 |
|
GROSS PROFIT MARGIN |
% |
8.34 |
7.24 |
8.80 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.04 |
1.61 |
1.52 |
|
NET PROFIT MARGIN |
% |
0.22 |
0.17 |
0.15 |
|
RETURN ON EQUITY |
% |
2.41 |
2.37 |
2.68 |
|
RETURN ON ASSET |
% |
0.46 |
0.49 |
0.44 |
|
EARNING PER SHARE |
BAHT |
2.64 |
2.53 |
2.84 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.81 |
0.79 |
0.84 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.20 |
3.79 |
5.15 |
|
TIME INTEREST EARNED |
TIMES |
1.16 |
1.17 |
1.16 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(16.73) |
13.18 |
|
|
OPERATING PROFIT |
% |
5.92 |
19.86 |
|
|
NET PROFIT |
% |
4.42 |
27.12 |
|
|
FIXED ASSETS |
% |
4.15 |
0.70 |
|
|
TOTAL ASSETS |
% |
11.25 |
11.97 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is -16.73%. Turnover has decreased from THB
2,912,361,740.84 in 2011 to THB 2,425,029,309.95 in 2012. While net profit has
increased from THB 5,059,147.65 in 2011 to THB 5,282,700.18 in 2012. And total
assets has increased from THB 1,023,991,523.21 in 2011 to THB 1,139,197,772.25
in 2012.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.34 |
Impressive |
Industrial Average |
6.53 |
|
Net Profit Margin |
0.22 |
Deteriorated |
Industrial Average |
3.11 |
|
Return on Assets |
0.46 |
Deteriorated |
Industrial Average |
3.69 |
|
Return on Equity |
2.41 |
Deteriorated |
Industrial Average |
10.80 |
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. Gross Profit Margin is 8.34%. 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 0.22%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is 0.46%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is 2.41%.
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 |
0.95 |
|
Quick Ratio |
0.24 |
|
|
|
|
Cash Conversion Cycle |
110.76 |
|
|
|
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, same
figure as 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 0.24 times in 2012,
decrease from 0.28 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 111 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.81 |
Acceptable |
Industrial Average |
0.64 |
|
Debt to Equity Ratio |
4.20 |
Risky |
Industrial Average |
1.75 |
|
Times Interest Earned |
1.16 |
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 1.17 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 0.81 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 |
10.39 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
2.13 |
Impressive |
Industrial Average |
1.19 |
|
Inventory Conversion Period |
104.35 |
|
|
|
|
Inventory Turnover |
3.50 |
Impressive |
Industrial Average |
3.29 |
|
Receivables Conversion Period |
25.24 |
|
|
|
|
Receivables Turnover |
14.46 |
Impressive |
Industrial Average |
6.10 |
|
Payables Conversion Period |
18.83 |
|
|
|
The company's Account Receivable Ratio is calculated as 14.46 and 13.23
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
increased from 2011. 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 71 days at the
end of 2011 to 104 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 5.15 times in year 2011 to 3.5 times
in year 2012.
The company's Total Asset Turnover is calculated as 2.13 times and 2.84
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.60.04 |
|
|
1 |
Rs.101.97 |
|
Euro |
1 |
Rs.83.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.