MIRA INFORM REPORT
|
Report No. : |
352507 |
|
Report Date : |
05.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
JEBSEN & JESSEN INGREDIENTS [T] LTD. |
|
|
|
|
Formerly Known As : |
JEBSEN & JESSEN NUTRILIFE [T] LTD. |
|
|
|
|
Registered Office : |
25th - 29th
Floor, Sorachai Building, 23/110-117 Soi
Sukhumvit 63 [Ekamai],
Sukhumvit Road, Klongtonnua, Wattana, Bangkok
10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
06.09.1989 |
|
|
|
|
Com. Reg. No.: |
0105532083796 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The
subject’s activities are
importer and distributor
wide range of nutrilife products,
comprising 3 main
business groups as
follows: ·
Food Additive & Ingredients ·
Animal Feed
Manufacturing Products ·
Pharmaceuticals &
Personal Care |
|
|
|
|
No. of Employees : |
80 |
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 |
|
Payment Behaviour : |
Slow but correct |
|
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, and generally pro-investment policies Thailand has historically had a strong
economy due in part to competitive 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 2-4 million migrant workers from
neighboring countries, and faces labor shortages. Following the May 2014 coup
d'etat, 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
JEBSEN & JESSEN INGREDIENTS [T] LTD.
[FORMER: JEBSEN & JESSEN
NUTRILIFE [T] LTD.]
SUMMARY
BUSINESS ADDRESS : 25th - 29th FLOOR,
SORACHAI BUILDING,
23/110-117 SOI
SUKHUMVIT 63 [EKAMAI],
SUKHUMVIT ROAD,
KLONGTONNUA,
WATTANA, BANGKOK
10110, THAILAND
TELEPHONE : [66] 2787-8700
FAX : [66] 2787-8777
E-MAIL ADDRESS : ingredients@jjsea.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1989
REGISTRATION NO. : 0105532083796 [Former : 8378/2532]
TAX ID NO. : 3101750744
CAPITAL REGISTERED : BHT. 12,000,000
CAPITAL PAID-UP : BHT. 12,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
PAUL CHAN, SINGAPOREAN COUNTRY MANAGER
NO. OF STAFF : 80
LINES OF BUSINESS : NUTRITION PRODUCTS
AND CHEMICALS IMPORTER,
DISTRIBUTOR AND
BROKER
|
|
|
CORPORATE PROFILE |
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on September
6, 1989 as
a private limited
company under the
originally registered name “Helm Mahaboon Limited”, initially
by a joint
venture between Mahaboon Holding Co., Ltd., Thailand and Helm A.G.
in Germany, in
order to supply
and service of
nutrition products and
chemicals for both
human and animal
in local market.
On August 26,
2010, the subject has
become a wholly
owned subsidiary of
Jebsen & Jessen Chemicals
[T] Ltd., then
its name was changed to “Jebsen & Jessen Nutrilife
[T] Ltd.”.
The subject is
also a member
of Jebsen & Jessen Chemicals
group of companies,
South East Asia region,
and currently operate as an
integrative part of Jebsen &
Jessen Chemical’s Nutrilife division,
consist of food,
feed, pharmaceutical and
personal care.
On January 1,
2015, Jebsen & Jessen Chemicals
Group was renamed
to Jebsen & Jessen Ingredients, then the subject’s registered
name was changed
to JEBSEN & JESSEN INGREDIENTS
[T] LTD., on March 3,
2015. It currently employs
approximately 80 staff.
The subject’s initial
registered address was
1082/23-26 Phaholyothin Rd.,
Ladyao,
Bangkhen, Bangkok 10900.
On April 5,
1991, its registered
address was changed
12th Floor, TST Tower,
21
Vibhavadee Rangsit Rd., Ladyao,
Jatujak, Bangkok 10900.
On January 4,
2011, its registered
address was finally
relocated to 25th-29th Floor,
Sorachai Building, 23/110-117 Soi Sukhumvit 63 [Ekamai], Sukhumvit
Rd., Klongtonnua, Wattana,
Bangkok 10110, and
this is the
company’s current operating
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Marc Deschamps |
|
Swiss |
53 |
|
Mrs. Itchaya Savanayana |
|
Thai |
56 |
|
Mrs. Benjawan Sutchiewcharn |
|
Thai |
48 |
|
Mr. Man Chung Chan |
|
Chinese |
46 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Paul Chan
is the Country
Manager.
He is Singaporean
nationality.
Mrs. Itchaya Savanayana
is the General
Manager.
She is Thai
nationality with the
age of 56
years old.
Mr. Suthapong Eampanich is
the Human Resources Department
Manager.
He is Thai
nationality.
Mr. Kamon Lomchantrasilp is the
Business Operation Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activities are
importer and distributor
wide range of nutrilife products,
comprising 3 main
business groups as
follows:
Food
Additive & Ingredients
: Acidulants, Anti-caking agents,
Botanical extracts &
fibres, Coffee & Tea
Extracts, Collagen,
Chitosan, CoQ-10, Enzymes,
Wheat Proteins, Functional,
Flavors, Hydrocolloids, Lecithin & Soy Proteins,
Malts & Malt Extract, Natural
Colors, Omaga & Fish oil,
Preservatives, Sweeteners, Vitamins & Minerals.
Animal
Feed Manufacturing Products
: Acidifiers, Amino Acids & Minerals, Anti-caking,
Natural Antioxidants,
Enzymes,
Mineral Enriching
Yeast, MOS, Nucleotides,
Organic Acids, Probiotics,
Soy
Proteins, and
Mycotoxins Binders.
Pharmaceuticals & Personal Care
: Active Pharma Ingredients,
Excipients, Acrylic Film
Tablet Coating, Anti-caking,
Active Oxygen
Compounds, Abrasives, Botanical
Polysaccharides, Fabric
Softener, Hair
Bleaching, Skin Nourishing,
Sun Screens, Thickeners,
Whitenings and
Vitamins
IMPORT [COUNTRIES]
Most of the products are
imported from Germany, U.S.A.,
United Kingdom, India, Republic of China, Italy, France, Belgium,
Netherlands, Switzerland, Japan, Malaysia, Taiwan, Canada,
Spain, Indonesia and
Korea, the rest
is purchased locally.
MAJOR SUPPLIERS
Jebsen & Jessen
Chemicals AG : Germany
Briess Industry Inc. : U.S.A.
Naturex S.A. : France
Crea Nutrition AG. : Switzerland
Lallemand Inc. : Canada
Huntsman International LLC. : U.S.A.
RF Solutions BV. : Netherlands
Muntons Plc. : U.K.
SALES [LOCAL]
100% of its
products is sold
locally to manufacturers, wholesalers
and end-users.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
LITIGATIONS
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 bill are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
and T/T.
BUSINESS TRANSACTION
In term of
sales, the subject
sells the products
to local customers
by cash and
on the maximum credit given
at 60 days. Occasionally, the subject
has a problem of
late payment from
its customers as
some of them request
to pay later
than 60 days
to 90 days.
However, the subject
will consider on
the customers’ term
of payment case
by case depending
on new or
existing customers and their
creditworthiness. Normally,
the new customers
usually make their
payment on time.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Road, Bangrak, Bangkok]
Deutsche Bank AG.
[Bangkok Branch
: 208 Wireless
Rd., Lumpini, Pathumwan,
Bangkok]
United Oversea Bank
[Thai] Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 80 staff.
[office and sales
staff]
LOCATION DETAILS
The premise is rented
for operating administrative office
at the heading
address. Premise is located
in commercial area.
Branch and warehouse
are located at
88/51-52 Moo 5, T.
Bangsamak, A. Bangpakong,
Chachoengsao 24130.
COMMENT
The subject is the German/Thai Joint Venture company active in
local distribution of raw
materials for pharmaceutical, food,
animal feed additives and
human nutrition products.
Subject has long
time experienced in Thailand market.
Its sales and
marketing team handle
products and service
that encompass the
markets for local
consumption with their
professional and skillful.
However, its sales
has been dropped
in line with
slow consumption in domestic
market.
FINANCIAL INFORMATION
The capital was
registered at Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100
each.
The capital was
increased and decreased
later as followings:
Bht. 3,000,000 on
January 17, 1994
Bht. 12,138,400
on May 8,
1997
Bht. 3,500,000 on
June 3, 1998
[decreased]
Bht. 7,000,000 on
April 24, 2003
[increased]
Bht. 12,000,000
on March 3,
2015
The latest registered
capital was increased to Bht. 12,000,000 divided
into 120,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Jebsen & Jessen
Chemicals [T] Ltd.
Nationality: Thai Address : 23/110-117
Sukhumvit 63 Rd.,
Klongtonnua, Wattana, Bangkok |
119,998 |
100.00 |
|
Neptune [T] Ltd.
Nationality: Thai Address : 23/110-117
Sukhumvit 63 Rd.,
Klongtonnua, Wattana, Bangkok |
1 |
- |
|
Jebsen & Jessen
Business Services [T]
Ltd. Nationality: Thai Address : 23/110-117
Sukhumvit 63 Rd.,
Klongtonnua, Wattana, Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
120,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
120,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mrs. Cholaros Santiaswavaraporn No.
4523
BALANCE SHEET
[BAHT]
The latest financial figures published
as at December 31,
2014, 2013 & 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
22,706,710 |
37,209,562 |
26,860,356 |
|
Trade Accounts & Other Receivable |
182,331,795 |
186,774,769 |
219,227,497 |
|
Inventories |
185,270,112 |
154,657,267 |
185,646,544 |
|
Prepaid Payment |
5,051,504 |
1,235,838 |
8,218,713 |
|
Other Current Assets
|
2,391,629 |
2,963,754 |
6,387,153 |
|
|
|
|
|
|
Total Current Assets
|
397,751,750 |
382,841,190 |
446,340,263 |
|
Fixed Assets |
19,486,963 |
22,928,625 |
9,560,815 |
|
Deferred Income Tax |
1,346,176 |
136,325 |
890,814 |
|
Other Non-current Assets |
3,361,700 |
3,334,373 |
6,129,710 |
|
Total Assets |
421,946,589 |
409,240,513 |
462,921,602 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
127,098,207 |
91,680,745 |
91,674,310 |
|
Short-term Loan from Related Company |
45,000,000 |
107,000,000 |
174,000,000 |
|
Accrued Income Tax |
4,724,577 |
1,864,979 |
7,838,094 |
|
Other Current Liabilities |
526,511 |
240,045 |
225,351 |
|
|
|
|
|
|
Total Current Liabilities |
177,349,295 |
200,785,769 |
273,737,755 |
|
Total Liabilities |
177,349,295 |
200,785,769 |
273,737,755 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 70,000 shares |
7,000,000 |
7,000,000 |
7,000,000 |
|
|
|
|
|
|
Capital Paid |
7,000,000 |
7,000,000 |
7,000,000 |
|
Retained Earnings Appropriated for statutory
reserve |
700,000 |
700,000 |
700,000 |
|
Unappropriated |
236,897,294 |
200,754,744 |
181,483,847 |
|
Total Shareholders' Equity |
244,597,294 |
208,454,744 |
189,183,847 |
|
Total Liabilities &
Shareholders' Equity |
421,946,589 |
409,240,513 |
462,921,602 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
901,243,730 |
1,028,806,123 |
1,097,365,791 |
|
Commission Income |
4,624,375 |
5,373,847 |
5,448,616 |
|
Other Income |
2,035,280 |
1,703,318 |
354,783 |
|
Total Revenues |
907,903,385 |
1,035,883,288 |
1,103,169,190 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
736,864,939 |
833,466,902 |
876,936,296 |
|
Selling Expenses |
101,787,461 |
111,864,962 |
103,589,330 |
|
Administrative Expenses |
20,938,024 |
28,988,791 |
29,744,758 |
|
Total Expenses |
859,590,424 |
974,320,655 |
1,010,270,384 |
|
|
|
|
|
|
Profit before Financial Expenses &
Corporate Income
Tax |
48,312,961 |
61,562,633 |
92,898,806 |
|
Financial Expenses |
[3,109,575] |
[5,014,379] |
[8,309,780] |
|
|
|
|
|
|
Profit before Corporate Income Tax |
45,203,386 |
56,548,254 |
84,589,026 |
|
Corporate Income Tax |
[9,060,836] |
[11,377,357] |
[19,564,477] |
|
|
|
|
|
|
Net Profit / [Loss] |
36,142,550 |
45,170,897 |
65,024,549 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.24 |
1.91 |
1.63 |
|
QUICK RATIO |
TIMES |
1.16 |
1.12 |
0.90 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
46.25 |
44.87 |
114.78 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.14 |
2.51 |
2.37 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
91.77 |
67.73 |
77.27 |
|
INVENTORY TURNOVER |
TIMES |
3.98 |
5.39 |
4.72 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
73.84 |
66.26 |
72.92 |
|
RECEIVABLES TURNOVER |
TIMES |
4.94 |
5.51 |
5.01 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
62.96 |
40.15 |
38.16 |
|
CASH CONVERSION CYCLE |
DAYS |
102.66 |
93.84 |
112.03 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
81.76 |
81.01 |
79.91 |
|
SELLING & ADMINISTRATION |
% |
13.62 |
13.69 |
12.15 |
|
INTEREST |
% |
0.35 |
0.49 |
0.76 |
|
GROSS PROFIT MARGIN |
% |
18.98 |
19.67 |
20.62 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.36 |
5.98 |
8.47 |
|
NET PROFIT MARGIN |
% |
4.01 |
4.39 |
5.93 |
|
RETURN ON EQUITY |
% |
14.78 |
21.67 |
34.37 |
|
RETURN ON ASSET |
% |
8.57 |
11.04 |
14.05 |
|
EARNING PER SHARE |
BAHT |
516.32 |
645.30 |
928.92 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.42 |
0.49 |
0.59 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.73 |
0.96 |
1.45 |
|
TIME INTEREST EARNED |
TIMES |
15.54 |
12.28 |
11.18 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(12.40) |
(6.25) |
|
|
OPERATING PROFIT |
% |
(21.52) |
(33.73) |
|
|
NET PROFIT |
% |
(19.99) |
(30.53) |
|
|
FIXED ASSETS |
% |
(15.01) |
139.82 |
|
|
TOTAL ASSETS |
% |
3.10 |
(11.60) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -12.4%. Turnover has decreased from THB
1,028,806,123.00 in 2013 to THB 901,243,730.00 in 2014. While net profit has
decreased from THB 45,170,897.00 in 2013 to THB 36,142,550.00 in 2014. And
total assets has increased from THB 409,240,513.00 in 2013 to THB
421,946,589.00 in 2014.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
18.98 |
Impressive |
Industrial Average |
0.91 |
|
Net Profit Margin |
4.01 |
Impressive |
Industrial Average |
2.22 |
|
Return on Assets |
8.57 |
Impressive |
Industrial Average |
7.20 |
|
Return on Equity |
14.78 |
Impressive |
Industrial Average |
12.95 |
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 18.98%. 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. Net Profit Margin ratio is 4.01%,
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 8.57%, 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 14.78%, 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 :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
2.24 |
Impressive |
Industrial Average |
1.76 |
|
Quick Ratio |
1.16 |
|
|
|
|
Cash Conversion Cycle |
102.66 |
|
|
|
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 2.24 times in 2014, increase 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 1.16 times in 2014,
increase from 1.12 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 103 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.42 |
Impressive |
Industrial Average |
0.51 |
|
Debt to Equity Ratio |
0.73 |
Impressive |
Industrial Average |
1.05 |
|
Times Interest Earned |
15.54 |
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 15.54 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 0.42 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
46.25 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
2.14 |
Acceptable |
Industrial Average |
3.24 |
|
Inventory Conversion Period |
91.77 |
|
|
|
|
Inventory Turnover |
3.98 |
Deteriorated |
Industrial Average |
25.28 |
|
Receivables Conversion Period |
73.84 |
|
|
|
|
Receivables Turnover |
4.94 |
Satisfactory |
Industrial Average |
6.54 |
|
Payables Conversion Period |
62.96 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.94 and 5.51 in
2014 and 2013 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 2014
decreased from 2013. This would suggest the company had deteriorated in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current inventory.
Inventory is particularly sensitive to change in business activities. The
inventory turnover in days has increased from 68 days at the end of 2013 to 92
days at the end of 2014. This represents a negative trend. And Inventory
turnover has decreased from 5.39 times in year 2013 to 3.98 times in year 2014.
The company's Total Asset Turnover is calculated as 2.14 times and 2.51
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.66.84 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.73.05 |
|
Thai Baht |
1 |
Rs.1.86 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.