MIRA
INFORM REPORT
|
Report No. : |
315350 |
|
Report Date : |
03.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
PIONEER INDUSTRIAL CORPORATION LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
15.11.1985 |
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Com. Reg. No.: |
0105528039907 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor & Exporter of Plastic Kitchenware and Household Products |
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No. of Employees : |
1,000 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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
PIONEER INDUSTRIAL
CORPORATION LIMITED
SUMMARY
BUSINESS
ADDRESS : 174/1-2 SILOM
ROAD, SURIYAWONGSE,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2233-6617,
2233-9781-5
FAX :
[66] 2234-2793,
2236-7894
E-MAIL
ADDRESS : pioneer@mozart.inet.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1985
REGISTRATION
NO. : 0105528039907
TAX
ID NO. : 3101368710
CAPITAL REGISTERED : BHT. 200,000,000
CAPITAL PAID-UP : BHT.
171,762,500
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PRASAN
PUENGCHANCHAIKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 1,000
LINES
OF BUSINESS : PLASTIC KITCHENWARE
AND HOUSEHOLD
PRODUCTS
MANUFACTURER, DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established on November
15, 1985 as a private
limited company under the
registered name PIONEER
INDUSTRIAL CORPORATION LIMITED,
by Thai groups,
in order to
manufacture and service wide
range of plastic
kitchenware and household
products to both
domestic and overseas
markets. Subject was
granted an investment
promotional privilege from Board
of Investment [BOI],
Thailand, with the
promoted certificate No. 1540[2]/2546 on September 30, 2003.
It currently employs
approximately 1,000 staff.
It
also achieved the
international standard ISO
9002 and ISO 14001 certification.
The
subject’s registered address
is 174/1-2 Silom
Rd., Surawongse, Bangrak,
Bangkok
10500, and this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prasan Puengchanchaikul |
[-] |
Thai |
72 |
|
Mr. Viroj Puengchanchaikul |
[x] |
Thai |
70 |
|
Mr. Rittisak Puengchanchaikul |
[-] |
Thai |
48 |
|
Mr. Chanchai Puengchanchaikul |
[x] |
Thai |
41 |
|
Mr. Natmethin Puengchanchaikul |
|
Thai |
41 |
|
Mrs. Pojanee Puengchanchaikul |
|
Thai |
52 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can jointly sign
with one of
the directors [-]
or both the
directors [-] can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Prasan Puengchanchaikul is
the Managing Director.
He is Thai
nationality with the
age of 72 years
old.
Mr. Chanchai Puengchanchaikul is
the Deputy Managing
Director/Marketing Manager.
He is Thai
nationality with the
age of 41
years old.
BUSINESS OPERATIONS
The subject is engaged
in manufacturing wide range
of plastic kitchenware
and household products,
comprising of food container,
super-tight, canister, cutting board,
kitchen utensil, bathroom,
drinking bottle, mug & cup, glass & tumbler, summer
set, kid accessories, picnic set,
kitchen preparation, salt & pepper, basket, cloth accessories, wall
hanger, thermos, hardware,
dustbin, Mocca collection,
tray & basket and etc., under
its own brand “PIONEER”,
as well as OEM and
general customer’s brands.
PRODUCTION CAPACITY
1,000 metric tons
per month
PURCHASE
Raw materials and components are
purchased from suppliers and
agents in both
domestic and overseas,
mainly Japan, Taiwan, Germany, Republic of
China, India and Singapore.
SALES
80% of the
products is exported
to over 100
countries in Europe,
Asia, Middle East
and U.S.A., and the
remaining 20% is
sold locally.
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
according the past
two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the credits term
of 30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
1,000 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in a prime
commercial area.
Factory
and warehouse:
-
102 Moo 2, Bangna-Trad
Rd., T. Bangwua, A. Bangpakong, Chachoengsao
24180.
-
14/9 Moo 7, Bangna-Trad Rd.,
T. Bangwua, A. Bangpakong, Chachoengsao
24180.
Tel. : [66] 38 562-888,
Fax. : [66] 38 562-889.
COMMENT
The
subject was formed
in 1985 as
a manufacturer, distributor
and exporter of
plastic kitchen wares and
household goods. Subject’s
business performance in 2013 was
depressive with a decrease in
sales revenue and
net profit comparing
to the previous
year’s level. Generally,
the subject encounters
a slowdown of
its business due
to global economic
stagnancy, high competition from
major rivals like
Republic of China,
and high cost of
employee and wages
expenses.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000 divided
into 100,000 shares of
Bht. 100
each.
The
capital was increased
later as following:
Bht. 25,000,000
on June 26,
1989
Bht. 50,000,000
on April 12,
2002
Bht. 200,000,000
on July 9,
2009
The
latest registered capital
was increased to Bht. 200 million, divided
into 2,000,000 shares
of Bht. 100 each,
with the current
capital paid-up at Bht.
171,762,500 or 745,000
shares of Bht.
100 each and
1,255,000 shares of
Bht. 77.50 each.
MAIN SHAREHOLDERS
[as at
April 30, 2014] at
Bht. 171,762,500 of
capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Prasan Puengchanchaikul Nationality: Thai Address : 174/2
Silom Rd., Suriyawongse, Bangrak,
Bangkok |
340,000 |
17.00 |
|
Mr. Rittisak Puengchanchaikul Nationality: Thai Address : 11/73
Sathupradit Rd., Chongnonsi,
Yannawa, Bangkok |
316,666 |
15.83 |
|
Mrs. Varaporn Puengchanchaikul Nationality: Thai Address : 58/170
Moo 8, T. Rachathewa, A.
Bangplee, Samutprakarn |
303,332 |
15.17 |
|
Mr. Rerngsak Puengchanchaikul Nationality: Thai Address : 81
Chakrawad, Samphantawong, Bangkok |
233,333 |
11.67 |
|
Mr. Chanchai Puengchanchaikul Nationality: Thai Address : 17/181
Moo 14, T. Bangpleeyai, A.
Bangplee, Samutprakarn |
200,000 |
10.00 |
|
Mr. Viroj Puengchanchaikul Nationality: Thai Address : 102
Moo 2, Bangwua,
Bangpakong,
Chachoengsao |
186,670 |
9.33 |
|
Mr. Natmethin Puengchanchaikul Nationality: Thai Address : 504/162
Kanchanapisek Rd., Bangkaenua,
Bangkae, Bangkok |
186,667 |
9.33 |
|
Mrs. Sudaporn Puengchanchaikul Nationality: Thai Address : 134-136
Chakrawad, Samphantawong,
Bangkok |
140,000 |
7.00 |
|
Mr. Chansak Puengchanchaikul Nationality: Thai Address : 17/181
Moo 14, T. Bangpleeyai, A. Bangplee, Samutprakarn |
93,332 |
4.67 |
Total Shareholders : 9
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
9 |
2,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
9 |
2,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.:
Ms. Chaiyapon Nimpatcharavut No.
0775
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
1,353,670.03 |
2,576,757.12 |
1,133,398.26 |
|
Trade Accounts &
Other Receivable |
219,254,277.04 |
221,069,138.21 |
228,894,503.31 |
|
Inventories |
270,345,417.81 |
276,073,819.83 |
260,363,535.04 |
|
Other Current Assets
|
4,082,239.65 |
2,428,368.76 |
4,280,828.73 |
|
|
|
|
|
|
Total Current Assets
|
495,035,604.53 |
502,148,083.92 |
494,672,265.34 |
|
Cash at Bank pledged as a Collateral |
|
|
|
|
Investment in Associated |
10,660,000.00 |
9,840,000.00 |
5,125,000.00 |
|
Long-term Investment
|
297,092.00 |
307,447.00 |
246,704.00 |
|
Fixed Assets |
372,462,076.80 |
379,613,815.80 |
389,556,257.21 |
|
Intangible Assets |
2,466,987.05 |
2,904,685.78 |
3,214,905.05 |
|
Other Non - current Assets |
140,554.12 |
140,554.12 |
147,096.18 |
|
Total Assets |
881,062,314.50 |
894,954,586.62 |
892,962,227.78 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
452,063,950.37 |
440,355,697.81 |
452,602,516.64 |
|
Trade Accounts & Other
Payable |
67,813,874.70 |
78,983,396.70 |
92,985,937.61 |
|
Current Portion of
Long-term Loans |
21,744,843.96 |
15,166,194.91 |
11,302,380.05 |
|
Accrued Income Tax |
- |
806,811.52 |
346,401.94 |
|
Other Current Liabilities |
32,004.30 |
29,342.85 |
22,046.14 |
|
|
|
|
|
|
Total Current Liabilities |
541,654,673.33 |
535,341,443.79 |
557,259,282.38 |
|
Long-term Loans |
45,155,622.53 |
44,526,545.44 |
23,757,849.34 |
|
Total Liabilities |
586,810,295.86 |
579,867,989.23 |
581,017,131.72 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized &
issued share capital
2,000,000 shares |
200,000,000.00 |
200,000,000.00 |
200,000,000.00 |
|
|
|
|
|
|
Capital Paid |
166,250,000.00 |
137,000,000.00 |
137,000,000.00 |
|
Profit (loss) from the Price of the Securities Market |
96,592.00 |
106,947.00 |
46,204.00 |
|
Retained Earnings: Appropriated for Statutory Reserve |
5,137,265.07 |
5,137,265.07 |
5,137,265.07 |
|
Unappropriated |
122,768,161.57 |
172,842,385.32 |
169,761,626.99 |
|
Total Shareholders' Equity |
294,252,018.64 |
315,086,597.39 |
311,945,096.06 |
|
Total Liabilities & Shareholders' Equity |
881,062,314.50 |
894,954,586.62 |
892,962,227.78 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
620,776,241.56 |
639,672,554.71 |
654,116,334.56 |
|
Other Income |
10,630,823.31 |
13,740,431.88 |
9,910,012.77 |
|
Total Revenues |
631,407,064.87 |
653,412,986.59 |
664,026,347.33 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Change in Finished
Goods and Work in
Process |
9,618,884.18 |
[15,963,610.60] |
1,578,110.65 |
|
Purchase of Goods |
3,804,137.00 |
3,463,654.00 |
9,152,945.58 |
|
Material Supplies |
216,078,459.56 |
232,562,158.58 |
235,217,303.86 |
|
Materials Assembly and Packaging used |
39,495,747.62 |
38,521,306.37 |
36,575,051.94 |
|
Employees Expenses |
222,980,778.00 |
206,569,755.00 |
202,220,007.25 |
|
Electrical and Water |
38,171,732.55 |
38,170,726.73 |
35,941,117.43 |
|
Depreciation and Amortization |
37,470,727.32 |
36,535,657.22 |
35,169,654.76 |
|
Other Expenses |
88,445,210.47 |
83,356,929.95 |
82,552,842.75 |
|
Total Expenses |
656,065,676.70 |
623,216,577.25 |
638,407,034.22 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
[24,658,611.83] |
30,196,409.34 |
25,619,313.11 |
|
Financial Cost |
[25,415,611.92] |
[25,696,110.54] |
[21,735,869.26] |
|
Profit / [Loss] before Income
Tax |
[50,074,223.75] |
4,500,298.80 |
3,883,443.85 |
|
Income Tax |
- |
[1,419,540.47] |
[1,658,695.04] |
|
|
|
|
|
|
Net Profit / [Loss] |
[50,074,223.75] |
3,080,758.33 |
2,224,748.81 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.91 |
0.94 |
0.89 |
|
QUICK RATIO |
TIMES |
0.41 |
0.42 |
0.41 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.67 |
1.69 |
1.68 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.70 |
0.71 |
0.73 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
380.43 |
367.03 |
338.26 |
|
INVENTORY TURNOVER |
TIMES |
0.96 |
0.99 |
1.08 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
128.92 |
126.14 |
127.72 |
|
RECEIVABLES TURNOVER |
TIMES |
2.83 |
2.89 |
2.86 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
95.43 |
105.01 |
120.81 |
|
CASH CONVERSION CYCLE |
DAYS |
413.92 |
388.17 |
345.18 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
41.78 |
42.92 |
42.95 |
|
SELLING & ADMINISTRATION |
% |
48.10 |
43.97 |
41.79 |
|
INTEREST |
% |
4.09 |
4.02 |
3.32 |
|
GROSS PROFIT MARGIN |
% |
59.93 |
59.23 |
58.56 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(3.97) |
4.72 |
3.92 |
|
NET PROFIT MARGIN |
% |
(8.07) |
0.48 |
0.34 |
|
RETURN ON EQUITY |
% |
(17.02) |
0.98 |
0.71 |
|
RETURN ON ASSET |
% |
(5.68) |
0.34 |
0.25 |
|
EARNING PER SHARE |
BAHT |
(30.12) |
2.25 |
1.62 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.67 |
0.65 |
0.65 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.99 |
1.84 |
1.86 |
|
TIME INTEREST EARNED |
TIMES |
(0.97) |
1.18 |
1.18 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(2.95) |
(2.21) |
|
|
OPERATING PROFIT |
% |
(181.66) |
17.87 |
|
|
NET PROFIT |
% |
(1,725.39) |
38.48 |
|
|
FIXED ASSETS |
% |
(1.88) |
(2.55) |
|
|
TOTAL ASSETS |
% |
(1.55) |
0.22 |
|
ANNUAL GROWTH: RISKY
An annual sales growth is -2.95%. Turnover has decreased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
59.93 |
Impressive |
Industrial
Average |
34.13 |
|
Net Profit Margin |
(8.07) |
Deteriorated |
Industrial
Average |
3.73 |
|
Return on Assets |
(5.68) |
Deteriorated |
Industrial
Average |
4.65 |
|
Return on Equity |
(17.02) |
Deteriorated |
Industrial
Average |
9.80 |
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 59.93%. 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 -8.07%.
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 -5.68%.
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 -17.02%.
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 |
0.91 |
Risky |
Industrial
Average |
1.29 |
|
Quick Ratio |
0.41 |
|
|
|
|
Cash Conversion Cycle |
413.92 |
|
|
|
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 0.91 times in 2013, decrease from 0.94 times, 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 0.41 times in 2013,
decrease from 0.42 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 414 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.67 |
Acceptable |
Industrial
Average |
0.52 |
|
Debt to Equity Ratio |
1.99 |
Risky |
Industrial
Average |
1.07 |
|
Times Interest Earned |
(0.97) |
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 -0.98 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 0.67 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 :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.67 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.70 |
Acceptable |
Industrial
Average |
1.25 |
|
Inventory Conversion Period |
380.43 |
|
|
|
|
Inventory Turnover |
0.96 |
Deteriorated |
Industrial
Average |
6.71 |
|
Receivables Conversion Period |
128.92 |
|
|
|
|
Receivables Turnover |
2.83 |
Acceptable |
Industrial
Average |
4.77 |
|
Payables Conversion Period |
95.43 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.83 and
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 367 days at the
end of 2012 to 380 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 0.99 times in year 2012 to 0.96 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.7 times and 0.71
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.