MIRA
INFORM REPORT
|
Report Date : |
04.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
FIRE VICTOR PUBLIC COMPANY LIMITED |
|
|
|
|
Formerly Known As : |
FIRE VICTOR CO.,
LTD. |
|
|
|
|
Registered Office : |
Block A, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
09.05.2001 |
|
|
|
|
Com. Reg. No.: |
0107557000217 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Importer, Distributor And
Service Provider of Fire
Protection System And Equipment |
|
|
|
|
No. of Employees : |
75 |
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 : |
Regular |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 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
FIRE VICTOR PUBLIC
COMPANY LIMITED
[FORMER : FIRE VICTOR CO.,
LTD.]
SUMMARY
BUSINESS ADDRESS : BLOCK A, ROYAL
CITY AVENUE BUILDING,
19/20-22 RAMA
9 ROAD, BANGKAPI,
HUAYKWANG, BANGKOK
10320, THAILAND
TELEPHONE : [66] 2203-0868
FAX : [66] 2203-1504
E-MAIL ADDRESS : marketing@firevictor.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2001
REGISTRATION NO. : 0107557000217 [Former :
0105544042844]
TAX ID NO. : 3030288325
CAPITAL REGISTERED : BHT.
175,000,000
CAPITAL PAID-UP : BHT.
130,000,000
SHAREHOLDER’S PROPORTION : THAI : 87.30%
HONG KONG
: 12.70%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
WIRAT SUKCHAI, THAI
MANAGING DIRECTOR
NO. OF STAFF : 75
LINES OF BUSINESS : FIRE
PROTECTION SYSTEM AND EQUIPMENT
IMPORTER, DISTRIBUTOR
AND SERVICE
PRIOVIDER
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 9,
2001 originally as
a private limited
company under the
name style FIRE
VICTOR CO., LTD., by
Thai and Hong
Kong groups, with
the business objective
to provide products
and service of fire protection
systems and equipments
to domestic market.
On May 22,
2014, its status
was changed to
public limited company,
namely FIRE VICTOR
PUBLIC COMPANY LIMITED.
It currently employs
75 staff.
It achieved the standard
ISO 9001 : 2008
certification from UKAS
in 2009, as
well as has
been approved the
standard UL/FM/BS/TIS system
certification for high-rise building and industrial
factory.
The subject’s registered
address is Block
A, Royal City
Avenue Bldg., 19/20-22
Rama 9 Rd., Bangkapi, Huaykwang,
Bangkok 10320, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Wirat Sukchai |
[x] |
Thai |
49 |
|
Mrs. Sirima Iamsakulrat |
[x] |
Thai |
52 |
|
Mr. Parkphum Wongpaitoon |
[x] |
Thai |
74 |
|
Mrs. Valeeratn Chuerboonchai |
[x] |
Thai |
60 |
|
Mr. Takol Nantirapakorn |
|
Thai |
69 |
|
Mr. Sothitorn Mallikamas |
|
Thai |
52 |
|
Ms. Voranuch Supaibulpipat |
|
Thai |
51 |
AUTHORIZED PERSON
Any two of
the mentioned directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Wirat Sukchai
is the Managing
Director.
He is Thai
nationality with the
age of 49
years old.
Mrs. Sirima Iamsakulrat is
the Executive Director.
She is Thai
nationality with the
age of 52
years old.
Mrs. Valeeratn Chuerboonchai is
the Assistant Managing Director.
She is Thai
nationality with the
age of 60
years old.
BUSINESS OPERATIONS
The subject is engaged in importing and distributing wire range
of fire protection system, and equipments. Ranges
of the products
are as follows:
1. Fire Suppression &
Fire Alarm System
- Foam
system, CO2, nitrogen [IG-100], argon [IG-01], FM 200 & NOVEC 1230
system, fire
alarm system, air
sampling smoke, and
detection system
2. Sanitary & Air Conditioning Products
Brand Product
“VICTAULIC” Groove coupling
& fitting, grooved end
valves,
rigid coupling,
flexible coupling, fitting,
suction diffuser,
vic-check valve,
vic-strainer, butterfly valve,
flange adapter
“NIBCO” Gate valves,
globe valves, swing
check valve, silent
check
valve, Y-strainer
and ball valve
“HONEYWELL” Butterfly valves,
bronxe & brass valve V2 & V3
series,
cast iron
valve V4 series
“OVENTROP” Balancing valve
“RP” Aluminium filter
“WEISS” Pressure gauge,
thermometer
“ITT” Flow switch
“VALTEC” sanitary
& air conditioning valves
3. Fire Protection Products
Brand Product
“POTTER” Sprinkler monitoring
products, water flow
switch,
pressure switch, explosion
“POTTER ROEMER” Fire protection
products, fire hose
rack, angle valves,
fire department
connection, roof manifold
“GUARDIAN” Fire extinguisher,
fire dry chemical
“VICTAULIC” Groove coupling & fitting, rigid
coupling, flexible coupling,
fitting, automatic
sprinklers, automatic devices
and accessories,
fire protection valves,
alarm valves,
deluge system,
pre-action system, groove
machine
“NIBCO” Fire protection & industrial valves,
ball valves, butterfly
valves, check
valves, gate valves,
globe valves
“MR” Automatic swing
hose reel
“5 ELEM” Fire hose
“GIACOMINI” Angle valve,
angle valve PRV,
fire department connection,
FDC concealed type,
roof manifold
“BEDGER” Fire extinguisher,
portable fire extinguisher,
wheeled fire
extinguisher
“SPARK” Spark automatic
fire hose reel
The subject also
provides design and
installation service of
extinguisher, air conditioning
& purify and sanitary
system.
IMPORT
The products are
imported from United
States of America,
United Kingdom,
Republic of China,
Taiwan, Malaysia, Ireland,
Germany, Japan and
Italy.
MAJOR SUPPLIERS
Victaulic Company :
U.S.A.
Nibco Inc. : U.S.A.
Potter Electric Signal
Company : U.S.A.
Macron Safety System
[UK] Ltd. : U.K.
Moyne Roberts : Ireland
Badger Fire Protection
Inc. : U.S.A.
Weiss Instruments Inc. : U.S.A.
Chemguard Inc. :
U.S.A.
Valtec Ind. Co.,
Ltd. : Taiwan
Kidde Fire Fighting
Inc. : U.S.A.
Steel Recon Industries
Sdn. Bhd. : Malaysia
Siemens AG. : Germany
SALES/SERVICES
The products are
sold and serviced
locally by wholesale
to traders and
end-users.
REVENUE STRUCTURE
[unit : million baht]
|
|
2014 [Jan. - March] |
2013 |
2012 |
|||
|
Sales and Services |
Amount |
% |
Amount |
% |
Amount |
% |
|
|
|
|
|
|
|
|
|
- Valves & Equipment for Fire Extinguish System |
118.61 |
81.82 |
451.66 |
86.65 |
413.22 |
83.35 |
|
- Valves & Equipment for Sanitary
& Air Conditioning Systems |
9.60 |
6.62 |
34.27 |
6.57 |
41.63 |
8.40 |
|
- Installation Service for Fire Extinguish System |
12.44 |
8.58 |
32.68 |
6.27 |
38.83 |
7.83 |
|
Total Sales & Services |
140.65 |
97.03 |
518.61 |
99.49 |
493.68 |
99.58 |
|
Other Income |
4.31 |
2.97 |
2.65 |
0.51 |
2.07 |
0.42 |
|
|
|
|
|
|
|
|
|
Total Revenue |
144.96 |
100.00 |
521.26 |
100.00 |
495.75 |
100.00 |
RELATED AND AFFILIATED COMPANIES
Harn Engineering Co.,
Ltd.
Business Type :
Importing and distributing of
industrial engineering parts
Q II S
Co., Ltd.
Business Type :
Distributing of printing
equipment
Chillmatch Co., Ltd.
Business Type : Importing and
distributing of refrigeration
equipment
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
CREDIT
Sales are by
cash or on
the credits term of 30-60
days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject currently
employs 75 office
staff, engineers, sales
staff and service
workers.
LOCATION DETAILS
The premise is
owned for administrative office
and showroom at
the heading address.
Premise is located
in commercial area.
Warehouse is located
at 503/01 Rama 9 Road,
Bangkapi, Huaykwang, Bangkok
10310.
COMMENT
The subject provides
a wide range
of fire extinguishers, fire
protection system and
related equipment to local
market. The subject
is doing good
business and market
trend is promising
in response to
demand of protection system.
The subject also
anticipates a good
business this year.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided into 10,000 shares of
Bht. 100
each.
The capital was
increased later as
following:
Bht. 3,000,000
on February 21,
2003
Bht. 4,000,000
on July 24,
2006
Bht. 65,000,000
on October 10,
2012
Bht. 130,000,000 on
March 28, 2014
Bht. 175,000,000 on
May 22, 2014
The latest registered
capital was increased
to Bht. 175,000,000 divided
into 350,000,000 shares
of Bht. 0.50
each, with the
current capital paid-up
at Bht. 130,000,000
or 260,000,000 shares
of Bht. 0.50
each.
MAIN SHAREHOLDERS
: [as at
September 19, 2014]
at Bht. 130,000,000
of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Wirat Sukchai Nationality: Thai Address : 899/94
Onnuch Rd., Prawet,
Bangkok |
86,190,000 |
33.15 |
|
Mrs. Sirima Iamsakulrat Nationality: Thai Address : 503/1
Soi Soonvijai 4,
Bangkapi,
Huaykwang, Bangkok |
33,117,520 |
12.74 |
|
Mr. Jain Charnnarong Nationality: Thai Address : 551
Soi Soonvijai 4,
Bangkapi, Huaykwang, Bangkok |
33,085,000 |
12.73 |
|
Nice Noble Limited Nationality: Hong Kong Address : Suite
2302-6 23/F, Great
Eagle Centre, 23 Harbour
Road, Wanchai, Hong
Kong |
33,020,000 |
12.70 |
|
|
|
|
|
Mrs. Noparat Sukchai Nationality: Thai Address : 899/94
Onnuch Rd., Prawet,
Bangkok |
13,000,000 |
5.00 |
|
Mr. Pracha Prompornchai Nationality: Thai Address : 260
Moo 10, Bangmod,
Bangkae, Bangkok |
13,000,000 |
5.00 |
|
Ms. Urairat Harnthaweephat Nationality: Thai Address : 828
Soi Vanich 2,
Songwad Rd.,
Taladnoi, Samphantawong, Bangkok |
6,662,480 |
2.56 |
|
Ms. Chonlatee Plaekprachitt Nationality: Thai Address : 31/1 Sukhumvit 101/1 Rd.,
Bangna, Bangkok |
6,630,000 |
2.55 |
|
Other Shareholders |
35,295,000 |
13.57 |
Total Shareholders : 38
Share Structure
[as at September
19, 2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
37 |
226,980,000 |
87.30 |
|
Foreign - Hong Kong |
1 |
33,020,000 |
12.70 |
|
Total |
38 |
260,000,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Prawit Viwanthananut No.
4917
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2013,
2012 & 2011
were:
ASSETS
|
Current Assets |
2013 |
2012 [Adjusted] |
2011 [Adjusted] |
|
|
|
|
|
|
Cash and Cash Equivalents |
2,527,173.83 |
9,141,023.90 |
6,625,667.72 |
|
Short-term Investment |
28,274,062.04 |
75,692.79 |
- |
|
Trade Accounts & Other
Receivable |
130,179,005.19 |
120,178,280.97 |
94,758,856.76 |
|
Work in Progress |
- |
187,898.93 |
312,581.08 |
|
Value of Work Completed
but Not Billed |
6,205,008.74 |
1,727,464.00 |
4,891,612.00 |
|
Inventories |
102,158,081.42 |
101,633,252.95 |
95,359,408.50 |
|
Other Current Assets
|
1,535,328.90 |
2,333,447.21 |
672,489.39 |
|
|
|
|
|
|
Total Current Assets
|
270,878,660.12 |
235,277,060.75 |
202,620,615.45 |
|
Equipment |
7,538,239.93 |
5,287,333.60 |
3,160,346.97 |
|
Intangible Assets |
192,000.86 |
233,967.84 |
234,359.36 |
|
Deferred Income Tax Assets |
2,762,876.82 |
1,217,958.31 |
- |
|
Other Non-current Assets |
5,250.00 |
16,500.00 |
174,776.64 |
|
Total Assets |
281,377,027.73 |
242,032,820.50 |
206,190,098.42 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 [Adjusted] |
2011 [Adjusted] |
|
|
|
|
|
|
Short-term Loan from Financial Institution |
10,000,000.00 |
12,757,508.08 |
10,000,000.00 |
|
Trade Accounts & Other Payable |
80,187,388.85 |
71,400,375.76 |
56,257,300.24 |
|
Accrued Income Tax |
7,286,549.20 |
8,799,233.26 |
8,931,128.61 |
|
Estimated Short-term
Liabilities |
- |
920,876.06 |
- |
|
Other Current Liabilities |
3,149,628.51 |
3,839,660.77 |
- |
|
|
|
|
|
|
Total Current Liabilities |
100,623,566.56 |
97,717,653.93 |
75,188,428.85 |
|
Employee Benefits Obligation |
5,042,322.91 |
2,139,347.95 |
1,728,017.75 |
|
Total Liabilities |
105,665,889.47 |
99,857,001.88 |
76,916,446.60 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share capital 6,500,000 shares
in 2013 & 2012; 400,000 shares
in 2011 |
65,000,000.00 |
65,000,000.00 |
4,000,000.00 |
|
|
|
|
|
|
Capital Paid |
65,000,000.00 |
65,000,000.00 |
4,000,000.00 |
|
Surplus on Share Capital |
5,100,000.00 |
5,100,000.00 |
5,100,000.00 |
|
Retained Earning Appropriated for Statutory Reserve |
6,500,000.00 |
910,000.00 |
910,000.00 |
|
Unappropriated |
99,111,138.26 |
71,165,818.62 |
119,263,651.82 |
|
Total Shareholders' Equity |
175,711,138.26 |
142,175,818.62 |
129,273,651.82 |
|
Total Liabilities &
Shareholders' Equity |
281,377,027.73 |
242,032,820.50 |
206,190,098.42 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 [Adjusted] |
2011 [Adjusted] |
|
|
|
|
|
|
Sales & Service Income |
518,614,993.73 |
493,681,692.70 |
380,612,413.40 |
|
Other Income |
2,652,153.69 |
2,072,326.24 |
625,509.53 |
|
Total Revenues |
521,267,147.42 |
495,754,018.94 |
381,237,922.93 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
369,859,427.85 |
354,834,423.00 |
269,060,972.34 |
|
Selling Expenses |
27,470,239.28 |
25,735,271.11 |
23,562,450.10 |
|
Administrative Expenses |
46,832,981.20 |
36,994,388.06 |
29,985,005.34 |
|
Financial Cost |
680,748.03 |
1,298,195.88 |
1,011,525.30 |
|
Total Expenses |
444,843,396.36 |
418,862,278.05 |
323,619,953.08 |
|
|
|
|
|
|
Profit before Income
Tax |
76,423,751.06 |
76,891,740.89 |
57,617,969.85 |
|
Income Tax |
[15,263,431.42] |
[17,940,266.26] |
[17,259,557.08] |
|
|
|
|
|
|
Net Profit / [Loss] |
61,160,319.64 |
58,951,474.63 |
41,358,412.77 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.69 |
2.41 |
2.69 |
|
QUICK RATIO |
TIMES |
1.66 |
1.34 |
1.41 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
68.80 |
93.37 |
120.43 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.84 |
2.04 |
1.85 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
100.82 |
104.74 |
129.79 |
|
INVENTORY TURNOVER |
TIMES |
3.62 |
3.48 |
2.81 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
91.62 |
88.85 |
90.87 |
|
RECEIVABLES TURNOVER |
TIMES |
3.98 |
4.11 |
4.02 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
79.13 |
73.45 |
76.32 |
|
CASH CONVERSION CYCLE |
DAYS |
113.30 |
120.15 |
144.34 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
71.32 |
71.88 |
70.69 |
|
SELLING & ADMINISTRATION |
% |
14.33 |
12.71 |
14.07 |
|
INTEREST |
% |
0.13 |
0.26 |
0.27 |
|
GROSS PROFIT MARGIN |
% |
29.19 |
28.54 |
29.47 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
14.74 |
15.58 |
15.14 |
|
NET PROFIT MARGIN |
% |
11.79 |
11.94 |
10.87 |
|
RETURN ON EQUITY |
% |
34.81 |
41.46 |
31.99 |
|
RETURN ON ASSET |
% |
21.74 |
24.36 |
20.06 |
|
EARNING PER SHARE |
BAHT |
9.41 |
9.07 |
103.40 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.38 |
0.41 |
0.37 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.60 |
0.70 |
0.59 |
|
TIME INTEREST EARNED |
TIMES |
112.26 |
59.23 |
56.96 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
5.05 |
29.71 |
|
|
OPERATING PROFIT |
% |
(0.61) |
33.45 |
|
|
NET PROFIT |
% |
3.75 |
42.54 |
|
|
FIXED ASSETS |
% |
42.57 |
67.30 |
|
|
TOTAL ASSETS |
% |
16.26 |
17.38 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth
is 5.05%. Turnover has increased from THB 493,681,692.70 in 2012 to THB
518,614,993.73 in 2013. While net profit has increased from THB 58,951,474.63
in 2012 to THB 61,160,319.64 in 2013. And total assets has increased from THB
242,032,820.50 in 2012 to THB 281,377,027.73 in 2013.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
29.19 |
Acceptable |
Industrial Average |
43.19 |
|
Net Profit Margin |
11.79 |
Impressive |
Industrial Average |
4.50 |
|
Return on Assets |
21.74 |
Impressive |
Industrial Average |
7.04 |
|
Return on Equity |
34.81 |
Impressive |
Industrial Average |
16.65 |
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 29.19%. 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 11.79%, 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 21.74%, 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 34.81%, 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 |
2.69 |
Impressive |
Industrial Average |
1.63 |
|
Quick Ratio |
1.66 |
|
|
|
|
Cash Conversion Cycle |
113.30 |
|
|
|
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 2.69 times in 2013, increased from 2.41 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 1.66 times in 2013,
increased from 1.34 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 114 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.38 |
Impressive |
Industrial Average |
0.57 |
|
Debt to Equity Ratio |
0.60 |
Impressive |
Industrial Average |
1.32 |
|
Times Interest Earned |
112.26 |
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 112.27 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 Downtrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
68.80 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.84 |
Impressive |
Industrial Average |
1.56 |
|
Inventory Conversion Period |
100.82 |
|
|
|
|
Inventory Turnover |
3.62 |
Satisfactory |
Industrial Average |
3.70 |
|
Receivables Conversion Period |
91.62 |
|
|
|
|
Receivables Turnover |
3.98 |
Impressive |
Industrial Average |
3.87 |
|
Payables Conversion Period |
79.13 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.98 and 4.11 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
decreased from 2012. 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 105 days at the
end of 2012 to 101 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 3.48 times in year 2012 to 3.62 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.84 times and 2.04
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 Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
UK Pound |
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SHG |
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.