MIRA INFORM REPORT
|
Report No. : |
317131 |
|
Report Date : |
18.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
SIAM COMPRESSOR INDUSTRY CO., LTD. [SCI] |
|
|
|
|
Registered Office : |
87/10 Moo 2, Laem Chabang Industrial Estate, Sukhumvit Road, Thungsukhla Sriracha, Chonburi 20230 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
07.12.1988 |
|
|
|
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Com. Reg. No.: |
0105531096240 |
|
|
|
|
Legal Form : |
Private Limited Company
|
|
|
|
|
Line of Business : |
Manufacturer, distributor and
exporter of rotary
compressor, scroll compressors
and inverter compressor
for air-conditioning
applications with smaller
vibration, lower noise,
more compact and lightweight body,
ranging from 7,000
BTU/h to 42,000
BTU/h, which are
available for:
|
|
|
|
|
No. of Employee : |
2,239 |
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 : |
Satisfactory |
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|
|
Payment Behaviour : |
No complaints |
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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 has had a strong economy due in part to industrial and agriculture
exports - mostly electronics, agricultural COMMODITIES
,
automobiles and parts, and processed foods. Thailand 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 both 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. Government
approved flood mitigation projects, worth $11.7 billion, were started in 2012
to prevent a repeat. Thai growth slowed in 2013 and has remained low since, as
the COUNTRY faced
political uncertainty and a coup in May 2014. The interim government is
implementing a special $11 billion short-term stimulus package and has approved
a budget of more than $80 billion to aid an economic rebound.
|
Source
: CIA |
Company
name
SIAM COMPRESSOR
INDUSTRY CO., LTD. [SCI]
SUMMARY
BUSINESS
ADDRESS : 87/10
MOO 2, LAEM CHABANG INDUSTRIAL ESTATE,
SUKHUMVIT ROAD,
THUNGSUKHLA,
SRIRACHA, CHONBURI
20230, THAILAND
TELEPHONE : [66] 38
490-900-10
FAX :
[66] 38
490-919, 490-917
E-MAIL
ADDRESS : marketing@siamcompressor.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1988
REGISTRATION
NO. : 0105531096240 [Former : 9626/2531]
TAX
ID NO. : 3101597189
CAPITAL REGISTERED : BHT. 1,603,800,000
CAPITAL PAID-UP : BHT.
1,603,800,000
SHAREHOLDER’S PROPORTION : FOREIGN :
98.00%
THAI
: 2.00%
FISCAL YEAR CLOSING DATE : MARCH
31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
TAKASHI YAMAMOTO, JAPANESE
MANAGING DIRECTOR
AND FACTORY MANAGER
NO.
OF STAFF : 2,239
LINES
OF BUSINESS : COMPRESSOR
MANUFACTURER, DISTRIBUTOR AND 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 December
7, 1988 as a private
limited company under
the name style SIAM COMPRESSOR
INDUSTRY CO., LTD., by
Japanese, Singaporean and Thai
groups, with the
business objective to
produce rotary compressor,
scroll compressor and
inverter compressor for air conditioning
applications. Its scroll
compressor used technology of
Frame Compliance Mechanism [FCM] from Mitsubishi Electric
Corporation in Japan.
It currently employs
2,239 staff.
It was formerly
a joint venture
between, Siam Cement Group,
Thailand and Mitsubishi
Electric Corporation [MELCO] in Japan. Presently, the
subject becomes a
joint investment among
Mitsubishi Electric Corporation,
Mitsubishi Electric Consumer
Products [Thailand] Co., Ltd.,
Mitsubishi Electric Asia
Pte. Ltd., and
Kan Yong Electric
Public Company Limited,
with holding around
68.30%, 19.70%, 10.00%
and 2.00% of the
subject’s total shares respectively.
The subject has been
granted promotional privileges
by the Board
of Investment for compressor production.
It is also
the first rotary
compressor company and
factory in Thailand.
It also achieved
the quality system
standards ISO 9001, ISO 14001
and TIS 19001
certification.
The subject’s registered
address is 87/10
Moo 2, Laem
Chabang Industrial Estate,
Sukhumvit Rd., Thungsukhla,
Sriracha, Chonburi 20230,
and this
is the company’s current
operation address.
THE
BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Pramon Sutivong |
Thai |
76 |
|
Mr. Kajonsak Suwattanakorn |
Thai |
48 |
|
Mr. Hideki Nomura |
Japanese |
53 |
|
Mr. Takashi Yamamoto |
Japanese |
56 |
|
Mr. Takeshi Fushiki |
Japanese |
48 |
|
Mr. Minoru Hagiwara |
Japanese |
59 |
|
Mr. So Suzuki |
Japanese |
52 |
|
Mr. Fumiaki Sano |
Japanese |
57 |
|
Mr. Yoshiimi Araki |
Japanese |
56 |
AUTHORIZED
PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Takashi Yamamoto
is the Managing Director
and Factory Manager.
He is Japanese
nationality with the
age of 56
years old.
Mr. Panthep Krairiksh
is the Marketing
Manager.
He is Thai
nationality.
Mr. Jaidee Anan-niyom
is the Sales
Manager.
He is Thai
nationality.
Mrs. Pornnapa Boonprasert is
the Finance Manager.
She is Thai
nationality.
Ms. Patchanee Minratanakorn is
the Human Resources
and Administration Manager.
She is Thai nationality.
BUSINESS
OPERATIONS
The subject’s activities
are manufacturer, distributor
and exporter of
rotary compressor, scroll
compressors and inverter
compressor for
air-conditioning applications with
smaller vibration, lower
noise, more compact
and lightweight body,
ranging from 7,000
BTU/h to 42,000
BTU/h, which are
available for:
n Refrigerator : R-22,
R-407C, R-410A and
Ultra tropical
n Electricity System : 50Hz and
60Hz
PRODUCTION CAPACITY
3,500,000 units/year
MAJOR BRAND
“MITSUBISHI”
PURCHASE
80% of raw
materials and accessories
are purchased from
local suppliers, the
remaining 20% and machineries
are imported from Japan, United
States of America,
Taiwan, Republic of
China and Germany.
MAJOR
SUPPLIERS
Mitsubishi Electric Corporation
: Japan
Siam NPR Co., Ltd.
: Thailand
SALES
80% of the
products is exported
to Japan, Argentina,
Taiwan, Singapore, Republic of China, Hong
Kong, Indonesia, Australia,
Vietnam, Korea, United
Kingdom, New Zealand, Malaysia,
Pakistan, Philippines and
Middle East countries,
the remaining 20%
is sold locally.
MAJOR CUSTOMERS
Mitsubishi Electric Corporation : Japan
Kang Yong Electric
Public Co., Ltd. : Thailand
Mitsubishi Electric Asia Pte., Ltd. : Singapore
Taiwan Kolin Co.,
Ltd. : Taiwan
Mitsubishi Electric [UK]
Ltd. : United Kingdom
Daikin Industries [Thailand] Co., Ltd. : Thailand
Mitsubishi Electric Consumer
Products [Thailand] Co., Ltd. : Japan
Thai Samsung Electronics
Co., Ltd. : Thailand
PARENT
COMPANY
Mitsubishi Electric Corporation
Address : : 7-3-2 Chome
Marunouchi, Chiyoda-ku, Tokyo,
Japan
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 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
L/C at sight or T/T.
BANKING
Kasikornbank Public Co., Ltd.
[Head Office
: 1 Kasikorn
Lane, Rajburana Road,
Rajburana, Bangkok 10140]
Krung Thai Bank
Public Co., Ltd.
[Head Office
: 35 Sukhumvit
Road, Klongtoeynua, Wattana,
Bangkok 10110]
The Siam Commercial
Bank Public Co., Ltd.
[Head Office
: 9 Ratchadapisek
Road, Jatujak, Bangkok
10900]
Bank of Ayudhya
Public Co., Ltd.
EMPLOYMENT
The subject employs
2,239 staff. [office staff
and factory workers]
LOCATION
DETAILS
The premise is
owned for operating
office and factory I
at the heading
address. Premise is
located in industrial
area.
Factory II is
located at 38/24
Moo 5, Thungsukhla,
Sriracha, Chonburi 20230.
Marketing Office:
32nd Flr., S.M.
Tower, 979/108-110 Phaholyothin
Rd., Samsennai, Phyathai,
Bangkok 10400, Tel.
: [66] 2298-0378,
Fax. : [66]
2298-0411-2.
COMMENT
The subject’s operating
performances were satisfactory
in relation to high
demand of the
products in both
domestic and export
markets. The product
quality is well-accepted
internationally. The
productions are produced
with the best
quality - world standard that
meet the customers
need and environmentally benign.
The subject
has undergone a
great business expansion
and extended its
market reach from
Thailand’s to many
countries around the
world. Despite economic
slowdown the subject still
maintains solid business.
FINANCIAL
INFORMATION
The capital was
initially registered at
Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
The capital was
increased later as
followed:
Bht. 180,000,000
on February 22, 1989
Bht. 360,000,000
on October 30,
1992
Bht. 720,000,000
on July 1,
1999
Bht. 1,188,000,000 on
April 19, 2003
Bht. 1,603,800,000 on
August 26, 2003
The latest registered
capital was increased to Bht. 1,603,800,000
divided into 16,038,000
shares of Bht.
100 each with
fully paid.
THESHAREHOLDERS
LISTED WERE
[as at November
17, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mitsubishi Electric Corporation
Nationality: Japanese Address : 7-3-2
Chome Marunouchi, Chiyoda-ku,
Tokyo, Japan
|
10,953,954 |
68.30 |
|
Mitsubishi Electric Consumer Products [Thailand] Co., Ltd. Nationality: Japanese Address : 700/406
Moo 7, Donhuaroh,
Muang, Chonburi |
3,159,486 |
19.70 |
|
Mitsubishi Electric Asia Pte.
Ltd. Nationality: Singaporean Address : Mitsubishi
Electric Building, 307 Alexandra Road, #05-01 Singapore |
1,603,800 |
10.00 |
|
Kang Yong Electric
Public Company Limited
Nationality: Thai Address : 67
Moo 1, Bangna-Trad
Rd., Bangchalong,
Bangplee, Samutprakarn |
320,760 |
2.00 |
Total Shareholders : 4
Share Structure [as
at November 17,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
320,760 |
2.00 |
|
Foreign |
3 |
15,717,240 |
98.00 |
|
Total |
4 |
16,038,000 |
100.00 |
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT NO.
Mrs. Siripen
Sukcharoenyingyong No. 3636
BALANCE
SHEET [BAHT]
The latest financial figures published
as at March
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
2,649,271,220 |
1,875,994,423 |
3,144,808,329 |
|
Fixed Deposit |
250,000,000 |
- |
- |
|
Trade Accounts Receivable
|
1,747,056,192 |
1,687,586,149 |
1,595,464,066 |
|
Other Receivable |
71,141,720 |
137,072,217 |
129,527,331 |
|
Deferred Dividend |
- |
500,000,000 |
- |
|
Short-term Lending to Related
Company |
556,487,362 |
1,561,840,702 |
188,792,200 |
|
Inventories |
1,261,440,460 |
1,321,266,637 |
1,657,995,145 |
|
|
|
|
|
|
Total Current Assets
|
6,535,396,954 |
7,083,760,128 |
6,716,587,071 |
|
Fixed Deposit in Financial
Institutions |
- |
50,000,000 |
- |
|
Investment in Associated Company |
686,462,400 |
686,462,400 |
686,462,400 |
|
Fixed Assets |
4,246,804,454 |
4,661,349,768 |
4,259,096,341 |
|
Intangible Assets |
11,812,160 |
10,356,825 |
11,114,864 |
|
Other Non-current Assets |
54,130,429 |
45,514,711 |
62,341,656 |
|
Total Assets |
11,534,606,397 |
12,537,443,832 |
11,735,602,332 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts Payable
|
908,903,015 |
987,835,742 |
747,132,101 |
|
Other Payable |
458,025,702 |
555,592,177 |
1,118,718,822 |
|
Accrued Dividend |
400,950,000 |
2,084,940,000 |
593,406,000 |
|
Accrued Income Tax |
38,7423,499 |
74,905,061 |
97,597,094 |
|
Other Current Liabilities |
1,175,603 |
791,497 |
1,451,152 |
|
|
|
|
|
|
Total Current Liabilities |
1,807,797,819 |
3,704,064,477 |
2,558,305,169 |
|
|
|
|
|
|
Estimated Liabilities for Employee Benefits |
124,624,935 |
118,316,069 |
107,084,355 |
|
Total Liabilities |
1,932,422,754 |
3,822,380,546 |
2,665,389,524 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share capital 16,038,000 shares |
1,603,800,000 |
1,603,800,000 |
1,603,800,000 |
|
|
|
|
|
|
Capital Paid |
1,603,800,000 |
1,603,800,000 |
1,603,800,000 |
|
Retained Earnings: Appropriated for Statutory Reserve |
160,380,000 |
160,380,000 |
160,380,000 |
|
Unappropriated |
7,838,003,643 |
6,950,883,286 |
7,306,032,808 |
|
Total Shareholders' Equity |
9,602,183,643 |
8,715,063,286 |
9,070,212,808 |
|
Total Liabilities &
Shareholders' Equity |
11,534,606,397 |
12,537,443,832 |
11,735,602,332 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
9,547,375,501 |
11,101,645,335 |
8,467,262,306 |
|
Dividend Income |
539,400,000 |
818,000,000 |
489,200,000 |
|
Other Income |
168,775,676 |
143,002,320 |
188,195,781 |
|
Gain on Exchange Rate |
36,854,181 |
17,567,747 |
33,841,520 |
|
Total Revenues |
10,292,405,358 |
12,080,215,402 |
9,178,499,607 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
7,886,002,868 |
9,146,164,508 |
6,648,054,340 |
|
Selling Expenses |
271,522,108 |
281,627,350 |
325,430,082 |
|
Administrative Expenses |
526,967,080 |
528,970,116 |
549,511,393 |
|
Total Expenses |
8,684,492,056 |
9,956,761,974 |
7,522,995,815 |
|
Profit before Income
Tax |
1,607,913,302 |
2,123,453,428 |
1,655,503,792 |
|
Income Tax |
[95,310,945] |
[153,092,950] |
[182,599,396] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,512,602,357 |
1,970,360,478 |
1,472,904,396 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.62 |
1.91 |
2.63 |
|
QUICK RATIO |
TIMES |
2.92 |
1.56 |
1.98 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.25 |
2.38 |
1.99 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.83 |
0.89 |
0.72 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
58.39 |
52.73 |
91.03 |
|
INVENTORY TURNOVER |
TIMES |
6.25 |
6.92 |
4.01 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
66.79 |
55.48 |
68.78 |
|
RECEIVABLES TURNOVER |
TIMES |
5.46 |
6.58 |
5.31 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
42.07 |
39.42 |
41.02 |
|
CASH CONVERSION CYCLE |
DAYS |
83.11 |
68.79 |
118.79 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
82.60 |
82.39 |
78.51 |
|
SELLING & ADMINISTRATION |
% |
8.36 |
7.30 |
10.33 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
25.20 |
26.43 |
29.89 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
16.84 |
19.13 |
19.55 |
|
NET PROFIT MARGIN |
% |
15.84 |
17.75 |
17.40 |
|
RETURN ON EQUITY |
% |
15.75 |
22.61 |
16.24 |
|
RETURN ON ASSET |
% |
13.11 |
15.72 |
12.55 |
|
EARNING PER SHARE |
BAHT |
94.31 |
122.86 |
91.84 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.17 |
0.30 |
0.23 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.20 |
0.44 |
0.29 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(14.00) |
31.11 |
|
|
OPERATING PROFIT |
% |
(24.28) |
28.27 |
|
|
NET PROFIT |
% |
(23.23) |
33.77 |
|
|
FIXED ASSETS |
% |
(8.89) |
9.44 |
|
|
TOTAL ASSETS |
% |
(8.00) |
6.83 |
|
ANNUAL
GROWTH : RISKY
An annual sales growth is -14%. Turnover has decreased from THB
11,101,645,335.00 in 2013 to THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
25.20 |
Impressive |
Industrial
Average |
- |
|
Net Profit Margin |
15.84 |
Impressive |
Industrial
Average |
10.21 |
|
Return on Assets |
13.11 |
Satisfactory |
Industrial
Average |
15.17 |
|
Return on Equity |
15.75 |
Satisfactory |
Industrial
Average |
19.75 |
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 25.2%. 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 15.84%,
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. When compared with the
industry average, it was lower, the
company's figure is 13.11%.
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 15.75%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
3.62 |
Impressive |
Industrial
Average |
3.04 |
|
Quick Ratio |
2.92 |
|
|
|
|
Cash Conversion Cycle |
83.11 |
|
|
|
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 3.62 times in 2014, increased from 1.91 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 2.92 times in 2014,
increased from 1.56 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 84 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.17 |
Impressive |
Industrial
Average |
0.20 |
|
Debt to Equity Ratio |
0.20 |
Impressive |
Industrial
Average |
0.25 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.17 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.25 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.83 |
Acceptable |
Industrial Average |
1.49 |
|
Inventory Conversion Period |
58.39 |
|
|
|
|
Inventory Turnover |
6.25 |
Acceptable |
Industrial
Average |
9.88 |
|
Receivables Conversion Period |
66.79 |
|
|
|
|
Receivables Turnover |
5.46 |
Acceptable |
Industrial
Average |
8.96 |
|
Payables Conversion Period |
42.07 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.46 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 53 days at the
end of 2013 to 58 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 6.92 times in year 2013 to 6.25 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.83 times and 0.89
times in 2014 and 2013 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.62.35 |
|
|
1 |
Rs.93.10 |
|
Euro |
1 |
Rs.67.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.