MIRA
INFORM REPORT
|
Report Date : |
25.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
FUJI ASIA CO., LTD. |
|
|
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|
Registered Office : |
234 Moo 3, |
|
|
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Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
26.09.2006 |
|
|
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Com. Reg. No.: |
0205549025157 |
|
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Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is
engaged in providing
design and manufacturing service
of metal die
and parts stamping
for automotive, e.g.
body parts, chassis
parts, dook/hood/back PNL, seat
component, bracket, transfer
die, tandem die,
progressive die, jig
assembly, inspection check
and checking fixture
for auto parts
and automotive assembly
manufactures. |
|
|
|
|
No. of Employees : |
190 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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 |
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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
FUJI ASIA CO., LTD.
SUMMARY
BUSINESS ADDRESS : 234 MOO 3,
BANGNA-TRAD ROAD, T. KLONGTAMRU,
A.
MUANG, CHONBURI 20000,
THAILAND
TELEPHONE : [66] 38
213-646-9
FAX : [66] 38
213-652
E-MAIL ADDRESS : dsarunyagage@fujiasia.co.th
jaruwan@fujiasia.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2006
REGISTRATION NO. : 0205549025157
TAX ID NO. : 3032368582
CAPITAL REGISTERED : BHT.
440,000,000
CAPITAL PAID-UP : BHT.
440,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PAVIT TIEWPITI, THAI
MANAGING DIRECTOR
NO. OF STAFF : 190
LINES OF BUSINESS : METAL
DIE AND STAMPING
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH LOW PERFORMANCE
HISTORY
The subject was
established on September 26,
2006 as a private
limited company under
the registered name
FUJI ASIA CO.,
LTD., by Thai group, with
the business objective
to manufacture of
metal die and
stamping for automotive
part. It currently
employs approximately 190
staff.
The subject’s registered
address is 234
Moo 3, Bangna-Trad
Road, T. Klongtamru,
A. Muang, Chonburi 20000,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pracha Sriratanatham |
|
Thai |
58 |
|
Mrs. Sopa Sarunyagate |
|
Thai |
55 |
|
Gen. Chettha Thanajaro |
|
Thai |
76 |
|
Mr. Pavit Tiewpiti |
[x] [-] |
Thai |
67 |
|
Mrs. Punnee Sarunyagate |
[x] |
Thai |
78 |
|
Mr. Dechochai Sarunyagate |
[x] |
Thai |
35 |
AUTHORIZED PERSON
1. Any two of
the mentioned directors
[x] can jointly
sign on behalf
of the subject
with company’s
affixed.
2. In case of
contact to financial
institution, the mentioned
director [-] can
sign on
behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Pavit Tiewpiti is
the Managing Director.
He is Thai
nationality with the
age of 67
years old.
Mr. Dechochai Sarunyagate is
the Deputy Managing
Director.
He is Thai
nationality with the
age of 35
years old.
Ms. Jaruwan Sarunyagate is
the General Manager/Marketing Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in providing
design and manufacturing
service of metal
die and parts
stamping for automotive,
e.g. body parts,
chassis parts,
dook/hood/back PNL, seat
component, bracket, transfer
die, tandem die,
progressive die, jig
assembly, inspection check
and checking fixture
for auto parts
and automotive assembly
manufactures.
PURCHASE
Raw materials, mainly
steels and accessories are
purchased from suppliers
both domestic and
overseas, in Japan,
Australia and India.
MAJOR SUPPLIER
Thai Metal Trade
Public Company Limited : Thailand
SALES/SERVICES
90% of the
products is served
locally, and the
remaining 10% is
exported to India.
LIST OF CUSTOMERS
Domestic
Toyota Motor [Thailand]
Co., Ltd.
Asno Horie [Thailand]
Co., Ltd.
H-One Part [Thailand]
Co., Ltd.
Hino Motors Manufacturing [Thailand] Ltd.
Cabitec Thai Co.,
Ltd.
Bangkok Eagle Wing
Co., Ltd.
SNN Tools & Dies Co.,
Ltd.
Summit Auto Body
Industry Co., Ltd.
Summit Laemchabang Auto
Body Work Co.,
Ltd.
Kyokuyo Industrial [Thailand]
Co., Ltd.
Kang Yong Electric
Public Company Limited
Yamakawa Dies Manufacturing
Co., Ltd.
Thai Honda Manufacturing
Co., Ltd.
Tri Petch Isuzu
Sales Co., Ltd.
Thai Summit PKK
Bangna Co., Ltd.
Cheval Electronic Enclosure
Co., Ltd.
Thai Summit Auto
Parts Industry Co.,
Ltd.
IC Engineering [Thailand]
Co., Ltd.
Y.M.P. [Thailand] Co.,
Ltd.
Johnson Controls &
Submit Interiors Co.,
Ltd.
Wisdom Auto Part
Co., Ltd.
Overseas
Tata Motors Limited
Honda Motorcycle &
Scooter India Pvt.
Ltd.
Ford India Private
Limited
Indus Motor Company
Limited
ThyssenKrupp JBM Private
Limited
Caparo Engineering India
Pvt. Ltd.
SUBSIDIARY AND AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
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
T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The subject currently
employs approximately 190
office staff and
factory workers.
LOCATION DETAILS
The premise is owned for
administrative office,
factory and warehouse at the heading address. Premise is
located in provincial.
COMMENT
The subject was established itself as a
prominent metal die and part stamping
for automotive industry.
Its products and services are renowned for reliability, cost
competitiveness and uncompromising
standards of international quality
supplying the products
to leading automotive
manufacturers both domestic
and overseas.
Increasing of automotive
parts was expected to be
driven by massive investments from leading
automobile assembling manufactures.
FINANCIAL INFORMATION
The capital was registered
at Bht. 5,000,000 divided into 50,000 shares of
Bht. 100 each
with fully paid.
The capital was
increased later as
follows:
Bht. 200,000,000
on January 19,
2007
Bht. 350,000,000
on November 5,
2008
Bht. 440,000,000
on January 31,
2013
The latest registered
capital was increased
to Bht. 440,000,000
divided into 4,400,000
shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE
[as at June
18, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Punnee Sarunyagate Nationality: Thai Address : 234
Moo 3, Bangna-Trad
Road, T.
Klongtamru, A. Muang, Chonburi |
2,555,000 |
58.07 |
|
Mr. Pavit Tiewpiti Nationality: Thai Address : 234
Moo 3, Bangna-Trad
Road, T.
Klongtamru, A. Muang, Chonburi |
700,000 |
15.91 |
|
Ms. Jaruwan Sarunyagate Nationality: Thai Address : 55/5
Moo 6, T. Ngiew-ngam, A. Muang, Utaradit |
525,000 |
11.93 |
|
Mr. Dechochai Sarunyagate Nationality: Thai Address : 131
Moo 4, T. Ngiew-ngam, A. Muang, Utaradit |
445,000 |
10.11 |
|
Mrs. Sopa Sarunyagate Nationality: Thai Address : 1418/8
Phahoyothin Road, Ladyao,
Jatujak, Bangkok |
105,000 |
2.39 |
|
Gen. Chettha Thanajaro Nationality: Thai Address : 39
Soi Prachachuen 12,
Bangsue, Bangkok |
70,000 |
1.59 |
Total Shareholders : 6
Share Structure
[as at June
18, 2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
4,400,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
4,400,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Sukhum Pothisawad No.
7052
BALANCE SHEET [BAHT]
The 2013 financial
statement has not
been submitted to
the Commercial Registration
Department during our
investigation.
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
1,379,530.62 |
2,312,889.63 |
2,216,348.73 |
|
Trade Accounts Receivable
|
146,303,800.16 |
61,730,858.72 |
80,407,574.24 |
|
Inventories |
13,725,992.02 |
84,498,995.80 |
104,773,543.78 |
|
Other Current Assets
|
5,102,278.60 |
5,586,682.95 |
9,569,173.25 |
|
|
|
|
|
|
Total Current Assets
|
166,511,601.40 |
154,129,427.10 |
196,966,640.00 |
|
Trade Receivable-Affiliated Company |
47,872,899.18 |
47,872,899.18 |
48,052,899.18 |
|
Cash at Bank pledged as a Collateral |
12,000,000.00 |
12,000,000.00 |
12,269,894.90 |
|
Fixed Assets |
730,933,993.50 |
667,223,104.75 |
515,146,418.87 |
|
Intangible Assets |
2,610,068.34 |
100,599.12 |
37,168.75 |
|
Other Non - current Assets |
18,501,604.26 |
10,755,882.62 |
1,934,919.97 |
|
Total Assets |
978,430,166.68 |
892,081,912.77 |
774,407,941.67 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft from Financial Institutions |
33,537,307.56 |
27,477,080.28 |
32,536,654.09 |
|
Short-term Loan from Financial Institutions |
433,862,826.60 |
290,363,341.45 |
138,937,426.24 |
|
Trade Accounts Payable
|
201,873,922.44 |
125,672,159.09 |
139,944,376.01 |
|
Other Payable |
29,470,258.97 |
32,644,017.42 |
- |
|
Current Portion of
Long-term Loans |
92,100,000.00 |
72,588,600.00 |
45,120,000.00 |
|
Current Portion of
Hire-purchase Payable |
8,128,744.70 |
10,430,387.36 |
5,316,695.95 |
|
Deposit |
- |
- |
64,114,713.73 |
|
Accrued Expenses |
- |
- |
13,492,799.88 |
|
Other Current Liabilities |
7,954,391.53 |
11,693,220.69 |
12,350,495.13 |
|
|
|
|
|
|
Total Current Liabilities |
806,927,451.80 |
570,868,806.29 |
451,813,161.03 |
|
Long-term Loan from Person or Related |
73,224,000.00 |
22,450,218.50 |
15,349,783.00 |
|
Long-term Loan from Financial Institutions |
255,509,369.92 |
253,152,807.76 |
179,132,303.16 |
|
Hire-purchase Payable |
4,034,918.78 |
8,710,844.72 |
10,963,469.98 |
|
Total Liabilities |
1,139,695,740.50 |
855,182,677.27 |
657,258,717.17 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 3,500,000 shares |
350,000,000.00 |
350,000,000.00 |
350,000,000.00 |
|
|
|
|
|
|
Capital Paid |
350,000,000.00 |
350,000,000.00 |
350,000,000.00 |
|
Share Receivable |
[75,000,000.00] |
[75,000,000.00] |
[75,000,000.00] |
|
Retained Earning Unappropriated [Deficit] |
[436,265,573.82] |
[238,100,764.50] |
[157,850,775.50] |
|
Total Shareholders' Equity |
[161,265,573.82] |
36,899,235.50 |
117,149,224.50 |
|
Total Liabilities & Shareholders' Equity |
978,430,166.68 |
892,081,912.77 |
774,407,941.67 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
541,492,680.81 |
501,914,049.81 |
497,819,738.09 |
|
Other Income |
6,435,399.34 |
2,087,924.07 |
381,080.95 |
|
Total Revenues |
547,928,080.15 |
504,001,973.88 |
498,200,819.04 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
549,156,990.34 |
397,235,203.18 |
426,068,454.55 |
|
Selling and Administrative Expenses |
144,493,208.98 |
141,331,001.20 |
108,116,704.61 |
|
Total Expenses |
693,650,199.32 |
538,566,204.38 |
534,185,159.16 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
[145,722,119.17] |
[34,564,230.50] |
[35,984,340.12] |
|
Financial Costs |
[52,442,690.15] |
[45,685,758.50] |
[45,206,006.48] |
|
|
|
|
|
|
Net Profit / [Loss] |
[198,164,809.32] |
[80,249,989.00] |
[81,190,346.60] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.21 |
0.27 |
0.44 |
|
QUICK RATIO |
TIMES |
0.18 |
0.11 |
0.18 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.74 |
0.75 |
0.97 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.55 |
0.56 |
0.64 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
9.12 |
77.64 |
89.76 |
|
INVENTORY TURNOVER |
TIMES |
40.01 |
4.70 |
4.07 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
98.62 |
44.89 |
58.95 |
|
RECEIVABLES TURNOVER |
TIMES |
3.70 |
8.13 |
6.19 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
134.18 |
115.47 |
119.89 |
|
CASH CONVERSION CYCLE |
DAYS |
(26.44) |
7.06 |
28.82 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
101.42 |
79.14 |
85.59 |
|
SELLING & ADMINISTRATION |
% |
26.68 |
28.16 |
21.72 |
|
INTEREST |
% |
9.68 |
9.10 |
9.08 |
|
GROSS PROFIT MARGIN |
% |
(0.23) |
21.27 |
14.49 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(26.91) |
(6.89) |
(7.23) |
|
NET PROFIT MARGIN |
% |
(36.60) |
(15.99) |
(16.31) |
|
RETURN ON EQUITY |
% |
- |
(217.48) |
(69.31) |
|
RETURN ON ASSET |
% |
(20.25) |
(9.00) |
(10.48) |
|
EARNING PER SHARE |
BAHT |
(56.62) |
(22.93) |
(23.20) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
1.16 |
0.96 |
0.85 |
|
DEBT TO EQUITY RATIO |
TIMES |
(7.07) |
23.18 |
5.61 |
|
TIME INTEREST EARNED |
TIMES |
(2.78) |
(0.76) |
(0.80) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
7.89 |
0.82 |
|
|
OPERATING PROFIT |
% |
321.60 |
(3.95) |
|
|
NET PROFIT |
% |
(146.93) |
1.16 |
|
|
FIXED ASSETS |
% |
9.55 |
29.52 |
|
|
TOTAL ASSETS |
% |
9.68 |
15.20 |
|
ANNUAL GROWTH : IMPRESSIVE
An annual sales growth is 7.89%. Turnover has increased from THB
501,914,049.81 in 2011 to THB 541,492,680.81 in 2012. While net profit has
decreased from THB -80,249,989.00 in 2011 to THB -198,164,809.32 in 2012. And
total assets has increased from THB 892,081,912.77 in 2011 to THB
978,430,166.68 in 2012.
PROFITABILITY : RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
(0.23) |
Deteriorated |
Industrial Average |
122.95 |
|
Net Profit Margin |
(36.60) |
Deteriorated |
Industrial Average |
3.69 |
|
Return on Assets |
(20.25) |
Deteriorated |
Industrial Average |
4.24 |
|
Return on Equity |
- |
|
Industrial Average |
9.70 |
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 -0.23%. 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 -36.6%.
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. When compared with the
industry average, it was lower, the company's figure is -20.25%.
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 |
0.21 |
Risky |
Industrial Average |
1.26 |
|
Quick Ratio |
0.18 |
|
|
|
|
Cash Conversion Cycle |
(26.44) |
|
|
|
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 0.21 times in 2012, decreased from 0.27 times, then the company may
not be efficiently using its current assets. 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 0.18 times in 2012,
increased from 0.11 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 -27 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
1.16 |
Risky |
Industrial Average |
0.56 |
|
Debt to Equity Ratio |
(7.07) |
Risky |
Industrial Average |
1.30 |
|
Times Interest Earned |
(2.78) |
Risky |
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 -2.78 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 1.16 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 Stable
Times Interest Earned Stable
ACTIVITY : IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.74 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.55 |
Deteriorated |
Industrial Average |
1.15 |
|
Inventory Conversion Period |
9.12 |
|
|
|
|
Inventory Turnover |
40.01 |
Impressive |
Industrial Average |
4.18 |
|
Receivables Conversion Period |
98.62 |
|
|
|
|
Receivables Turnover |
3.70 |
Impressive |
Industrial Average |
3.48 |
|
Payables Conversion Period |
134.18 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.70 and 8.13 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 78 days at the
end of 2011 to 9 days at the end of 2012. This represents a positive trend. And
Inventory turnover has increased from 4.7 times in year 2011 to 40.01 times in
year 2012.
The company's Total Asset Turnover is calculated as 0.55 times and 0.56
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.60.03 |
|
|
1 |
Rs.99.99 |
|
Euro |
1 |
Rs.78.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.