MIRA INFORM REPORT
|
Report No. : |
334267 |
|
Report Date : |
04.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
FORMICA [THAILAND] CO., LTD. |
|
|
|
|
Formerly Known As : |
SIAM PSM CO.,
LTD. |
|
|
|
|
Registered Office : |
51/27 Moo 2, Poochaosamingprai Road, Bangyapraek, Phrapradaeng, Samutprakarn 10130 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.06.2014 |
|
|
|
|
Date of Incorporation : |
15.03.1989 |
|
|
|
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Com. Reg. No.: |
0115532000866 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing laminates and related products,
such as decorative laminated sheet and
board. Its products are
high pressure decorative laminates
and related products
including Postformed Components
[PERFORM], Custom Graphic
laminate [IMPRESS], Chemical
Resistant Worktops [PERCHEMICAL], Metallic Laminate
[PERMETAL], Laminate Flooring [Formica Flooring] and Solid Surfacing
[Formica SURELL] with more than 264
colours and designs. |
|
|
|
|
No. of Employees : |
300 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
historically had a strong economy due in part to industrial and agriculture
exports - mostly electronics, agricultural commodities, automobiles and parts,
and processed foods. The economy experienced slow growth and declining exports
in 2014, in part due to domestic political turmoil and sluggish global demand.
With full employment, Thailand attracts an estimated 4 million migrant workers
from neighboring countries, and faces labor shortages. Following the May 2014
coup d’tat, tourism decreased 6-7% but is beginning to recover. The household
debt to GDP ratio is over 80%. 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 baht has
remained stable.
|
Source
: CIA |
Company
Name
FORMICA [THAILAND]
CO., LTD.
[FORMER : SIAM
PSM CO., LTD.]
SUMMARY
BUSINESS ADDRESS : 51/27 MOO 2,
POOCHAOSAMINGPRAI ROAD,
BANGYAPRAEK, PHRAPRADAENG,
SAMUTPRAKARN 10130,
THAILAND
TELEPHONE : [66] 2701-9600
FAX : [66] 2384-7537,
2755-9245
E-MAIL ADDRESS : formicainfo@formica.com
sales.th@formica.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1989
REGISTRATION NO. : 0115532000866 [Former : SOR POR. 1477]
TAX ID NO. : 3271019801
CAPITAL REGISTERED : BHT.
199,150,000
CAPITAL PAID-UP : BHT.
199,150,000
SHAREHOLDER’S PROPORTION : THAI
: 5.00%
FOREIGN :
95.00%
FISCAL YEAR CLOSING DATE : JUNE 30
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MS.
SOMCHIT MAHACHAROENKIAT, THAI
REGIONAL MANAGER
NO. OF STAFF : 300
LINES OF BUSINESS : HIGH
PRESSURE DECORATIVE LAMINATES
AND RELATED PRODUCTS
MANUFACTURER, EXPORTER AND
DISTRIBUTOR
|
|
|
CORPORATE PROFILE |
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject was established on March
15, 1989 as
a private limited
company under the
registered name “Siam
Perstorp Co., Ltd.” by a
joint venture between
Siam Steel International Public Co., Ltd. and Perstorp
Surface Materials Holding B.V.
in Netherlands, in
order to manufacture
high pressure decorative
laminates and related
products to both
local and overseas
markets.
The Formica Corporation acquired
Siam Perstorp in early 2000.
Formica Corporation grew
into the world’s
largest laminate manufacturer.
It has regional
offices in America,
Europe and Asia. On
March 13, 2001
the subject’s name
was changed to
SIAM PSM CO.,
LTD., and finally
changed to FORMICA
[THAILAND] CO., LTD.,
on June 19,
2008. The subject
currently employs approximately
300 staff.
At present, it is a
subsidiary of Formica Nederland
B.V., Netherlands, which
is a member of
Fletcher Building Limited, New
Zealand.
The subject also
attained ISO 9002 certification.
Subject’s registered address
is 51/27 Moo 2,
Poochaosamingprai Rd., Bangyapraek,
Phrapradaeng, Samutprakarn 10130,
and this
is the company’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Wanchai Kunanantakul |
|
Thai |
77 |
|
Ms. Somchit Mahacharoenkiat |
[x] |
Thai |
52 |
|
Mr. Peter Geoffrey
Wilson |
|
Australian |
59 |
|
Mrs. Caroline Rachael Rawlinson |
[x] |
New Zealander |
33 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Somchit Mahacharoenkiat is
the Regional Manager.
She is Thai
nationality with the age
of 52
years old.
Mr. Chatchai Chevitanon is
the Products Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in manufacturing laminates and related products,
such as decorative laminated sheet and
board. Its products are
high pressure decorative laminates
and related products
including Postformed Components
[PERFORM], Custom Graphic
laminate [IMPRESS], Chemical Resistant Worktops
[PERCHEMICAL], Metallic
Laminate [PERMETAL], Laminate
Flooring [Formica Flooring] and Solid Surfacing [Formica SURELL]
with more than 264 colours
and designs.
Its products are
used mainly for
kitchen furniture, office
furniture and home
furniture, as well
as interior and
exterior surfaces in the construction
business.
MAJOR BRAND
“FORMICA”
PRODUCTION CAPACITY
2,500,000 sheets per
annum
IMPORT [COUNTRIES]
40% of raw
materials: craft paper,
decor paper and
accessories are imported
from
Hong Kong, Taiwan, Republic
of China, Japan,
India, Germany, Spain
and Netherlands.
SALES [LOCAL]
80% of its
products is sold
locally to manufacturers, wholesalers
and end-users with
over 100 customers.
EXPORT [COUNTRY]
20% of its
products mainly laminate
boards is exported
to Singapore, Philippines, Japan,
Malaysia, Indonesia, Taiwan,
India, Laos, Australia,
New Zealand, Hong Kong,
Korea and the
countries in Europe.
MAJOR CUSTOMERS
|
Saeng Charoen Housing
Products Co., Ltd. |
: Thailand |
|
Hub Mong Heng
LP. |
: Thailand |
|
Lak Charoen LP. |
: Thailand |
|
C. Sriratana LP. |
: Thailand |
|
Nanadee Co., Ltd. |
: Thailand |
|
Home Products Center
Co., Ltd. |
: Thailand |
|
Siripanichpong LP. |
: Thailand |
|
Sahadamrong Panich LP. |
: Thailand |
|
Dec & House
Co., Ltd. |
: Thailand |
|
Rungsombat [2528] Co.,
Ltd. |
: Thailand |
|
First Board Co.,
Ltd. |
: Thailand |
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 to the past
two years.
CREDIT
Sales are on
the credits term
of 30-60-90 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
T/T on the
credits term of
30-60 days.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Poochaosamingprai Branch
: 298 Poochaosamingprai Rd.,
Phrapradaeng,
Samutprakarn]
EMPLOYMENT
The subject employs
approximately 300 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
owned for administrative office,
factory I and warehouse
at the heading
address. Premise is
located in industrial
area.
Factory II is
located at 51/11
Moo 18, Bangyapraek, Phrapradaeng, Samutprakarn
10130.
Factory III is
located at 9/5
Moo 2, Rangrodfaikao
Road, Samrongtai, Phrapradaeng,
Samutprakarn 10130.
Sales office is
located at 15th Floor,
LPN Tower, 216/63-64 Nanglinchi Road,
Chongnonsi, Yannawa, Bangkok
10120. Tel.: [66]
2285-2469-70 Fax: [66]
2285-2899.
COMMENT
The subject tried to differentiate its
products in term of designs and quality in order
to compete with imported
laminated products. The strengthen of production and high
technology processing have
enabled the company’s
products to penetrate
various industries in the large area. Currently more than 50% of
its customers are for high-end
products such as leading
manufacture of furnitures, decoration
and construction process
as well as automobile
decorative parts.
The subject reported
strong sales in the year
2014. It still maintained a leadership in laminate
products for both local
and international markets.
FINANCIAL INFORMATION
The capital was
registered at Bht.
100,000 divided into
1,000 shares of
Bht. 100 each.
The capital was
increased later as
followings:
Bht. 175,000,000
on May 31,
1989
Bht. 199,150,000
on May 22,
1998
The latest registered
capital was increased
to Bht. 199,150,000 divided
into 1,991,500 shares
of Bht. 100 each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at October 30,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Formica Nederland BV. Nationality: Dutch Address : Netherlands |
1,891,921 |
95.00 |
|
Siam Steel International Public
Co., Ltd. Nationality: Thai Address : 51
Moo 2, Poochaosamingprai Rd.,
Bangyapraek, Phrapradaeng, Samutprakarn |
99,574 |
5.00 |
|
Formica Skandinavien AB. Nationality: Swedish Address : Sweden |
3 |
- |
|
Mr. Wanchai Kunanantakul Nationality: Thai Address : 410
Sukhumvit Rd., Klongton,
Klongtoey, Bangkok |
1 |
- |
|
Mr. Surapol Kunanantakul Nationality: Thai Address : 149
Moo 9, Bangna-Trad
Rd., Dokmai,
Praves, Bangkok |
1 |
- |
Total Shareholders : 5
Share Structure [as
at October 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
99,576 |
5.00 |
|
Foreign |
2 |
1,891,924 |
95.00 |
|
Total |
5 |
1,991,500 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Ms. Bongkoch Amsangiam
No. 3684
BALANCE SHEET
[BAHT]
The latest financial
figures published for
June 30, 2014, 2013 and
2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash in Hand
& at Bank |
45,739,571 |
22,179,190 |
50,414,873 |
|
Trade Accounts Receivable |
239,998,698 |
224,352,743 |
231,284,731 |
|
Other Receivable |
5,258,536 |
4,850,522 |
3,452,260 |
|
Inventories |
224,301,774 |
235,610,118 |
261,993,877 |
|
Short-term Loan to Related
Company |
313,300,761 |
127,964,941 |
- |
|
Other Current Assets
|
9,090,304 |
13,204,037 |
9,556,711 |
|
|
|
|
|
|
Total Current Assets
|
837,689,644 |
628,161,551 |
556,702,452 |
|
Long-term Loan to Related Company |
- |
- |
144,144,319 |
|
Fixed Assets |
150,006,520 |
149,180,184 |
147,304,226 |
|
Intangible Assets |
18,542,249 |
7,392,599 |
- |
|
Other Non-current Assets |
9,604,911 |
5,699,300 |
9,436,950 |
|
Total Assets |
1,015,843,324 |
790,433,634 |
857,587,947 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts Payable |
82,688,497 |
104,703,165 |
106,508,525 |
|
Other payable |
73,717,801 |
71,877,483 |
58,244,440 |
|
Accrued Income Tax |
28,081,185 |
28,963,996 |
41,452,142 |
|
Other Current Liabilities |
8,744,072 |
6,489,074 |
18,477,649 |
|
|
|
|
|
|
Total Current Liabilities |
193,231,555 |
212,033,718 |
224,682,756 |
|
Employee Benefits Obligation |
21,117,000 |
19,511,000 |
11,730,000 |
|
Total Liabilities |
214,348,555 |
231,544,718 |
236,412,756 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,991,500 shares |
199,150,000 |
199,150,000 |
199,150,000 |
|
|
|
|
|
|
Capital Paid |
199,150,000 |
199,150,000 |
199,150,000 |
|
Premium on Share Capital |
25,840,500 |
25,840,500 |
25,840,500 |
|
Retained Earning Appropriated for statutory
reserve |
19,915,000 |
19,915,000 |
19,915,000 |
|
Unappropriated |
556,589,269 |
313,983,416 |
376,269,691 |
|
Total Shareholders' Equity |
801,494,769 |
558,888,916 |
621,175,191 |
|
Total Liabilities & Shareholders' Equity |
1,015,843,324 |
790,433,634 |
857,587,947 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
1,398,675,198 |
1,303,122,967 |
1,258,437,579 |
|
Investment Income |
7,444,523 |
9,855,537 |
5,846,030 |
|
Other Income |
4,132,974 |
800,257 |
5,311,836 |
|
Total Revenues |
1,410,252,695 |
1,313,778,761 |
1,269,595,445 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
864,970,692 |
787,789,397 |
769,958,917 |
|
Selling Expenses |
144,811,813 |
130,291,001 |
135,659,134 |
|
Administrative Expenses |
95,674,820 |
93,327,777 |
82,145,228 |
|
Total Expenses |
1,105,457,325 |
1,011,408,175 |
987,763,279 |
|
|
|
|
|
|
Profit before Financial
Cost & Income Tax |
304,795,370 |
302,370,586 |
281,832,166 |
|
Financial Cost |
[2,929] |
[30,509] |
[128,878] |
|
Profit before Income Tax |
304,792,441 |
302,340,077 |
281,703,288 |
|
Income Tax |
[62,186,588] |
[65,901,352] |
[82,797,025] |
|
|
|
|
|
|
Net Profit / [Loss] |
242,605,853 |
236,438,725 |
198,906,263 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
4.34 |
2.96 |
2.48 |
|
QUICK RATIO |
TIMES |
3.13 |
1.79 |
1.27 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
9.32 |
8.74 |
8.54 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.38 |
1.65 |
1.47 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
94.65 |
109.16 |
124.20 |
|
INVENTORY TURNOVER |
TIMES |
3.86 |
3.34 |
2.94 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
62.63 |
62.84 |
67.08 |
|
RECEIVABLES TURNOVER |
TIMES |
5.83 |
5.81 |
5.44 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
34.89 |
48.51 |
50.49 |
|
CASH CONVERSION CYCLE |
DAYS |
122.39 |
123.49 |
140.79 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
61.84 |
60.45 |
61.18 |
|
SELLING & ADMINISTRATION |
% |
17.19 |
17.16 |
17.31 |
|
INTEREST |
% |
0.00 |
0.00 |
0.01 |
|
GROSS PROFIT MARGIN |
% |
38.99 |
40.36 |
39.70 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
21.79 |
23.20 |
22.40 |
|
NET PROFIT MARGIN |
% |
17.35 |
18.14 |
15.81 |
|
RETURN ON EQUITY |
% |
30.27 |
42.31 |
32.02 |
|
RETURN ON ASSET |
% |
23.88 |
29.91 |
23.19 |
|
EARNING PER SHARE |
BAHT |
121.82 |
118.72 |
99.88 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.21 |
0.29 |
0.28 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.27 |
0.41 |
0.38 |
|
TIME INTEREST EARNED |
TIMES |
104,061.24 |
9,910.87 |
2,186.81 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
7.33 |
3.55 |
|
|
OPERATING PROFIT |
% |
0.80 |
7.29 |
|
|
NET PROFIT |
% |
2.61 |
18.87 |
|
|
FIXED ASSETS |
% |
0.55 |
1.27 |
|
|
TOTAL ASSETS |
% |
28.52 |
(7.83) |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 7.33%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
38.99 |
Satisfactory |
Industrial Average |
41.18 |
|
Net Profit Margin |
17.35 |
Impressive |
Industrial Average |
4.95 |
|
Return on Assets |
23.88 |
Impressive |
Industrial Average |
7.64 |
|
Return on Equity |
30.27 |
Impressive |
Industrial Average |
13.40 |
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 38.99%. 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. Net Profit Margin ratio is 17.35%,
higher figure when compared with those
of its average competitors in the same industry, indicated that business was an
efficient operator in a dominant
position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
23.88%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 30.27%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
4.34 |
Impressive |
Industrial Average |
1.78 |
|
Quick Ratio |
3.13 |
|
|
|
|
Cash Conversion Cycle |
122.39 |
|
|
|
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 4.34 times in 2014, increase from 2.96 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 3.13 times in 2014,
increase from 1.79 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 123 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.21 |
Impressive |
Industrial Average |
0.39 |
|
Debt to Equity Ratio |
0.27 |
Impressive |
Industrial Average |
0.65 |
|
Times Interest Earned |
104,061.24 |
Impressive |
Industrial Average |
- |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the shareholders
have committed. A lower the percentage means that the company is using less
leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 104061.24 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 0.21 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 |
9.32 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.38 |
Satisfactory |
Industrial Average |
1.54 |
|
Inventory Conversion Period |
94.65 |
|
|
|
|
Inventory Turnover |
3.86 |
Deteriorated |
Industrial Average |
9.36 |
|
Receivables Conversion Period |
62.63 |
|
|
|
|
Receivables Turnover |
5.83 |
Satisfactory |
Industrial Average |
6.94 |
|
Payables Conversion Period |
34.89 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.83 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 decreased from 109 days at the
end of 2013 to 95 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 3.34 times in year 2013 to 3.86 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.38 times and 1.65
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.63.96 |
|
|
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.