MIRA INFORM REPORT
|
Report Date : |
11.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
SEAL PRECISION
CO., LTD. |
|
|
|
|
Registered Office : |
57/22 Moo 5, Soi
Thamsiri, Bangna-Trad Road, K.M.
26, Bangsaothong, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
13.11.1987 |
|
|
|
|
Com. Reg. No.: |
0115530002004 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in manufacturing wide
range of equipment and spare
parts for cans making
machine, including seaming
rollers, seaming chucks,
seaming spare parts,
can & end tooling, slitter
cutters, scroll shear
blades, industrial knife,
head lower chuck
assembly |
|
|
|
|
No of Employees : |
150 |
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 : |
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 – 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
SEAL
PRECISION CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 57/22
MOO 5, SOI
THAMSIRI,
BANGNA-TRAD ROAD,
K.M. 26,
BANGSAOTHONG, SAMUTPRAKARN
10540,
THAILAND
TELEPHONE : [66] 2708-5522-7
FAX :
[66] 2708-5528,
2708-5755
E-MAIL
ADDRESS : sealprecision@gmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1987
REGISTRATION
NO. : 0115530002004 [Former :
SOR. POR. 1006]
TAX
ID NO. : 3271014752
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
VIRAT SUPHASIT, THAI
PRESIDENT
NO.
OF STAFF : 150
LINES
OF BUSINESS : CANNING EQUIPMENT
AND SUPPLIES
MANUFACTURER, DISTRIBUTOR
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 November
13, 1987 as
a private limited
company under the name style
SEAL PRECISION CO., LTD.,
by Thai groups, in
order to manufacture
and distribute wide
range of canning equipment
and spare parts
to both domestic and export
markets. It currently
employs approximately 150
staff.
The subject’s registered
address was initially
at 75 Moo 2, Bangna-Trad
Rd., Rachathewa, Bangplee,
Samutprakarn 10260.
In 2008, subject’s
registered address was
relocated to 57/22
Moo 5, Soi
Thamsiri, Bangna-Trad Rd., K.M.
26, Bangsaothong, Samutprakarn
10540, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Virat Suphasit |
|
Thai |
65 |
|
Mrs. Veerawan Suphasit |
|
Thai |
58 |
AUTHORIZED PERSON
Both directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Virat Suphasit
is the President.
He is Thai
nationality with the
age of 65
years old.
Mrs. Veerawan Suphasit
is the Vice
President.
She is Thai
nationality with the age
of 58 years
old.
Mr. Mongkol Piamnamchai
is the Factory
Manager.
He is Thai
nationality.
Mr. Lakrat Yaovamalee
is the Sales & Marketing Manager.
He is Thai nationality.
Mrs. Chadaporn Chaypetch is
the Accounting Manager.
She is Thai
nationality.
Mr. Kanok Prichavudhi is
the International Sales
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
wide range of
equipment and spare parts for
cans making machine,
including seaming rollers,
seaming chucks, seaming
spare parts, can & end
tooling, slitter cutters,
scroll shear blades,
industrial knife, head
lower chuck assembly,
according to customer’s
requirement. Ranges of products
are served to
various types of
machineries for foods
and food processing,
packaging, cutting and
others.
The subject also
provides machinery
installation service.
MAJOR BRANDS
“SEAL PRECISION”
PURCHASE
70% of raw materials
is purchased from
local suppliers and
agents, and the
remaining 30% mainly
steel, stainless steel
and tungsten carbide
are imported from
Germany, United States of
America, Malaysia, Japan,
Republic of China
and Australia.
MAJOR SUPPLIERS
Metal Engineering Co., Ltd. : Thailand
Intercon Carbide Tooling
[Thailand] Co., Ltd. : Thailand
B.J. Motor Parts
Co., Ltd. : Thailand
SALES [LOCAL]
80% of its
products is sold
locally to manufacturers
and wholesalers.
EXPORT [COUNTRY]
20% of its
products is exported
to Australia, Malaysia,
Indonesia, Vietnam,
Republic of China,
Taiwan, Myanmar, Singapore,
Korea and India.
MAJOR CUSTOMERS
Varin Food Machinery
Co., Ltd. : Thailand
SUBSIDIARIES &
AFFILIATED COMPANIES
Varin Food Machinery
Co., Ltd.
Business Type : Assembler of
can making machine
Intercon Carbide Tooling
[Thailand] Co., Ltd.
Business Type : Manufacture of
tool & die
of precision spare
parts for electronic works
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 the
past two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60-90-120 days.
Local bills are
paid by cash
or on the
credits term of
30-60-90 days.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Somrong Branch : Sukhumvit Rd.,
North Samrong, Muang,
Samutprakarn]
Kasikornbank Public Co.,
Ltd.
[Head Office :
1 Kasikorn Lane,
Rajburana Rd., Rajburana,
Bangkok 10140]
EMPLOYMENT
The subject employs
approximately 150 staff
[office staff and factory workers].
LOCATION DETAILS
The premise is
owned for operating
office, factory and
warehouse on 11,000
square meters of
area at the
heading address. Premise
is located in
industrial area.
COMMENT
The company brings
long years of
experience to the
local of modern
machineries in bottle
and can sealing
machines. With an eye to
the future the
company strives to
maintain the highest
standards of quality
and services.
Improvement
has seen slowly
in large area of industrial
sector. Subject had
a slowdown in
its sale in the
year 2013, meanwhile
its business remains
still.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 5,000,000 divided into
5,000 shares of
Bht. 1,000 each.
On December 24, 2003,
the capital was
increased to Bht. 10,000,000 divided
into 10,000 shares
of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE
[as at April
30, 2014]
|
NAME |
HOLDING |
% |
|
Mr. Virat Suphasit Nationality: Thai Address : 34/36
Moo 16, T. Bangkaew, A. Bangplee, |
4,900 |
49.00 |
|
Mrs. Veerawan Suphasit Nationality: Thai Address : 34/36
Moo 16, T. Bangkaew, A. Bangplee, |
1,300 |
13.00 |
|
Ms. Varintra Suphasit Nationality: Thai Address : 34/36
Moo 16, Bangkaew, Bangplee,
Samutprakarn |
950 |
9.50 |
|
Ms. Rattanawan Suphasit Nationality: Thai Address : 34/36
Moo 16, Bangkaew, Bangplee,
Samutprakarn |
950 |
9.50 |
|
Ms. Veerat Suphasit Nationality: Thai Address : 34/36
Moo 16, Bangkaew, Bangplee, Samutprakarn |
950 |
9.50 |
|
Ms. Vararat Suphasit Nationality: Thai Address : 34/36
Moo 16, Bangkaew, Bangplee,
Samutprakarn |
950 |
9.50 |
Total Shareholders : 6
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
10,000 |
100.00 |
NAME
OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO
Ms. Porntip Tangpongbundit No.
3707
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash at Bank |
973,612.22 |
2,722,778.27 |
1,007,390.13 |
|
Short-term Investment |
66,376.08 |
66,376.08 |
65,195.10 |
|
Trade Account Receivable
|
59,471,813.70 |
54,828,121.21 |
35,300,731.33 |
|
Other Receivable |
7,037,094.36 |
3,066,275.13 |
1,381,349.92 |
|
Inventories |
34,895,455.29 |
33,790,526.61 |
28,480,762.60 |
|
Prepayment for Machinery |
21,107,804.40 |
24,211,029.10 |
27,012,663.60 |
|
Other Current Assets
|
130,744.01 |
453,354.90 |
199,138.53 |
|
Total Current Assets
|
123,682,900.06 |
119,138,461.30 |
93,447,231.21 |
|
Cash at Bank under Commitment |
2,131,294.51 |
2,118,312.07 |
3,185,887.10 |
|
Fixed Assets |
184,878,327.63 |
185,137,090.23 |
192,119,961.83 |
|
Other Non-current Assets |
7,500.00 |
7,500.00 |
7,500.00 |
|
Total Assets |
310,700,022.20 |
306,401,363.60 |
288,760,580.14 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
8,315,363.64 |
22,023,788.27 |
20,379,837.76 |
|
Trade Account Payable |
65,138,320.13 |
74,872,396.02 |
75,063,796.11 |
|
Other Payable |
9,016,411.64 |
8,204,999.10 |
10,652,421.74 |
|
Current Portion of Long-term
Loan |
- |
- |
1,992,000.00 |
|
Current Portion of Financial
Lease Contract Liabilities |
20,420,460.63 |
20,159,079.52 |
17,338,263.47 |
|
Other Current Liabilities |
439,364.15 |
933,476.89 |
596,262.10 |
|
Total Current Liabilities |
103,329,920.19 |
126,193,739.80 |
126,022,581.18 |
|
Long-term Loan from
Person or Related Company |
103,744,175.42 |
92,832,302.21 |
77,320,000.00 |
|
Short-term Liabilities |
14,459,554.59 |
9,175,667.35 |
- |
|
Financial Lease Contract
Liabilities, Net of
Current Portion |
17,831,113.46 |
9,286,645.78 |
21,747,410.99 |
|
Total Liabilities |
239,364,763.66 |
237,488,355.14 |
225,089,992.17 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized,
issued and fully
paid share
capital 10,000 shares |
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning -
Unappropriated |
61,335,258.54 |
58,913,008.46 |
53,670,587.97 |
|
Total Shareholders' Equity |
71,335,258.54 |
68,913,008.46 |
63,670,587.97 |
|
Total Liabilities &
Shareholders' Equity |
310,700,022.20 |
306,401,363.60 |
288,760,580.14 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales & Services
|
154,015,516.26 |
159,161,480.39 |
152,208,864.13 |
|
Other Income |
3,036,361.09 |
2,835,263.43 |
5,185,440.40 |
|
Total Revenues |
157,111,877.35 |
161,996,743.82 |
157,394,304.53 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
106,353,593.20 |
108,696,724.07 |
116,772,011.45 |
|
Selling Expenses |
5,259,948.42 |
6,392,468.26 |
5,685,690.86 |
|
Administrative Expenses |
31,603,761.51 |
36,531,580.47 |
22,796,554.47 |
|
Loss on Disposal of Assets |
6,108,892.10 |
- |
- |
|
Loss on Exchange Rate |
178,010.48 |
76,746.91 |
126,320.71 |
|
Total Expenses |
149,504,205.72 |
151,697,519.71 |
145,380,577.49 |
|
Profit before Financial Cost &
Income Tax |
7,607,671.63 |
10,299,224.11 |
12,013,727.04 |
|
Financial Cost |
[4,250,806.42] |
[3,637,233.76] |
[2,849,336.24] |
|
Profit before Income Tax |
3,356,865.21 |
6,661,990.35 |
9,164,390.80 |
|
Income Tax |
[934,615.13] |
[1,419,569.86] |
[2,164,458.59] |
|
Net Profit / [Loss] |
2,422,250.08 |
5,242,420.49 |
6,999,932.21 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.20 |
0.94 |
0.74 |
|
QUICK RATIO |
TIMES |
0.65 |
0.48 |
0.30 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.83 |
0.86 |
0.79 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.50 |
0.52 |
0.53 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
119.76 |
113.47 |
89.02 |
|
INVENTORY TURNOVER |
TIMES |
3.05 |
3.22 |
4.10 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
140.94 |
125.74 |
84.65 |
|
RECEIVABLES TURNOVER |
TIMES |
2.59 |
2.90 |
4.31 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
223.55 |
251.42 |
234.63 |
|
CASH CONVERSION CYCLE |
DAYS |
37.15 |
(12.22) |
(60.95) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
69.05 |
68.29 |
76.72 |
|
SELLING & ADMINISTRATION |
% |
23.94 |
26.97 |
18.71 |
|
INTEREST |
% |
2.76 |
2.29 |
1.87 |
|
GROSS PROFIT MARGIN |
% |
32.96 |
33.49 |
26.69 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.94 |
6.47 |
7.89 |
|
NET PROFIT MARGIN |
% |
1.57 |
3.29 |
4.60 |
|
RETURN ON EQUITY |
% |
3.40 |
7.61 |
10.99 |
|
RETURN ON ASSET |
% |
0.78 |
1.71 |
2.42 |
|
EARNING PER SHARE |
BAHT |
242.23 |
524.24 |
699.99 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.77 |
0.78 |
0.78 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.36 |
3.45 |
3.54 |
|
TIME INTEREST EARNED |
TIMES |
1.79 |
2.83 |
4.22 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(3.23) |
4.57 |
|
|
OPERATING PROFIT |
% |
(26.13) |
(14.27) |
|
|
NET PROFIT |
% |
(53.80) |
(25.11) |
|
|
FIXED ASSETS |
% |
(0.14) |
(3.63) |
|
|
TOTAL ASSETS |
% |
1.40 |
6.11 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -3.23%. Turnover has decreased from THB
159,161,480.39 in 2012 to THB 154,015,516.26 in 2013. While net profit has decreased
from THB 5,242,420.49 in 2012 to THB 2,422,250.08 in 2013. And total assets has
increased from THB 306,401,363.60 in 2012 to THB 310,700,022.20 in 2013.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
32.96 |
Impressive |
Industrial Average |
20.51 |
|
Net Profit Margin |
1.57 |
Deteriorated |
Industrial Average |
3.34 |
|
Return on Assets |
0.78 |
Deteriorated |
Industrial Average |
3.98 |
|
Return on Equity |
3.40 |
Deteriorated |
Industrial Average |
7.99 |
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 32.96%. 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 1.57%.
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 0.78%.
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 3.4%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.20 |
Acceptable |
Industrial Average |
1.74 |
|
Quick Ratio |
0.65 |
|
|
|
|
Cash Conversion Cycle |
37.15 |
|
|
|
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 1.2 times in 2013, increase from 0.94 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 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 0.65 times in 2013,
increase from 0.48 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 38 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.77 |
Acceptable |
Industrial Average |
0.49 |
|
Debt to Equity Ratio |
3.36 |
Risky |
Industrial Average |
0.95 |
|
Times Interest Earned |
1.79 |
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 1.79 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 0.77 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 Downtrend
Times Interest Earned Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.83 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.50 |
Deteriorated |
Industrial Average |
1.19 |
|
Inventory Conversion Period |
119.76 |
|
|
|
|
Inventory Turnover |
3.05 |
Satisfactory |
Industrial Average |
3.45 |
|
Receivables Conversion Period |
140.94 |
|
|
|
|
Receivables Turnover |
2.59 |
Acceptable |
Industrial Average |
4.87 |
|
Payables Conversion Period |
223.55 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.59 and 2.90 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 increased from 113 days at the
end of 2012 to 120 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 3.22 times in year 2012 to 3.05 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.5 times and 0.52
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.16 |
|
|
1 |
Rs.98.63 |
|
Euro |
1 |
Rs.77.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
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.