MIRA INFORM REPORT
|
Report No. : |
353904 |
|
Report Date : |
05.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
PIONEER INDUSTRIAL CORPORATION LIMITED |
|
|
|
|
Registered Office : |
174/1-2 Silom Road,
Suriyawongse, Bangrak,
Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
15.11.1985 |
|
|
|
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Com. Reg. No.: |
0105528039907 |
|
|
|
|
Legal Form : |
Private Limited Company |
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|
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Line of Business : |
The subject is
engaged in manufacturing
wide range of
plastic kitchenware and household products, comprising food containers, super-tight container, canister, cutting board,
kitchen utensil, bathroom
accessories, drinking bottle,
mug & cup, glass &
tumbler, summer set,
kid accessories, picnic set, kitchen
preparation, salt &
pepper jar, basket, cloth hanger, wall
hanger, thermos bottle,
dustbin, tray & basket and
etc., under its own brand
“PIONEER”, as well
as OEM and general customer’s
brands. |
|
|
|
|
No. of Employees : |
1,000 |
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 : |
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 – 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’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
PIONEER INDUSTRIAL
CORPORATION LIMITED
SUMMARY
BUSINESS ADDRESS : 174/1-2 SILOM
ROAD, SURIYAWONGSE,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2233-6617,
2233-9781-5, 2233-6617-9
FAX : [66] 2234-2793,
2236-7894, 2236-7853
E-MAIL ADDRESS : pioneer@pioneer-industrial.com
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.
200,000,000
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 manufacturing 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 food containers,
super-tight container, canister,
cutting board, kitchen
utensil, bathroom accessories,
drinking bottle, mug & cup, glass & tumbler, summer
set, kid accessories, picnic set,
kitchen preparation, salt & pepper jar, basket,
cloth hanger, wall hanger,
thermos bottle, dustbin,
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 both domestic
and overseas, mainly
Japan, Taiwan, Germany, Republic of
China, India and Singapore.
SALES
80% of the
products is exported
to Canada, U.S.A.,
Australia, New Zealand,
and more than
100 countries in Europe, Asia, Middle East
and Africa, 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 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
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. Bangsamak, 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 kitchenware
and household goods.
Subject’s business performance in 2014
was depressive with
a decrease in
sales revenue compared
to the previous
year. 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 fully
paid.
MAIN SHAREHOLDERS
[as at April
30, 2015]
|
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,
2015]
|
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
Financials
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 |
513,180.42 |
1,353,670.03 |
2,576,757.12 |
|
Trade Accounts &
Other Receivable |
198,355,610.58 |
219,254,277.04 |
221,069,138.21 |
|
Inventories |
334,626,824.98 |
270,345,417.81 |
276,073,819.83 |
|
Other Current Assets
|
4,538,905.93 |
4,082,239.65 |
2,428,368.76 |
|
|
|
|
|
|
Total Current Assets
|
538,034,521.91 |
495,035,604.53 |
502,148,083.92 |
|
|
|
|
|
|
Investment in Associated |
10,660,000.00 |
10,660,000.00 |
9,840,000.00 |
|
Long-term Investment
|
329,621.00 |
297,092.00 |
307,447.00 |
|
Fixed Assets |
408,217,772.65 |
372,462,076.80 |
379,613,815.80 |
|
Intangible Assets |
2,093,028.05 |
2,466,987.05 |
2,904,685.78 |
|
Other Non - current Assets |
134,012.06 |
140,554.12 |
140,554.12 |
|
Total Assets |
959,468,955.67 |
881,062,314.50 |
894,954,586.62 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
493,981,392.92 |
452,063,950.37 |
440,355,697.81 |
|
Trade Accounts & Other
Payable |
86,507,155.77 |
67,813,874.70 |
78,983,396.70 |
|
Current Portion of
Long-term Loans |
15,711,882.88 |
21,744,843.96 |
15,166,194.91 |
|
Accrued Income Tax |
- |
- |
806,811.52 |
|
Other Current Liabilities |
18,841.12 |
32,004.30 |
29,342.85 |
|
|
|
|
|
|
Total Current Liabilities |
596,219,272.69 |
541,654,673.33 |
535,341,443.79 |
|
Long-term Loans |
30,077,551.37 |
45,155,622.53 |
44,526,545.44 |
|
Total Liabilities |
626,296,824.06 |
586,810,295.86 |
579,867,989.23 |
|
|
|
|
|
|
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 |
200,000,000.00 |
166,250,000.00 |
137,000,000.00 |
|
Profit (loss) from the Price of the Securities Market |
129,121.00 |
96,592.00 |
106,947.00 |
|
Retained Earnings: Appropriated for statutory reserve |
5,137,265.07 |
5,137,265.07 |
5,137,265.07 |
|
Unappropriated |
127,905,745.54 |
122,768,161.57 |
172,842,385.32 |
|
Total Shareholders' Equity |
333,172,131.61 |
294,252,018.64 |
315,086,597.39 |
|
Total Liabilities & Shareholders' Equity |
959,468,955.67 |
881,062,314.50 |
894,954,586.62 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
599,553,478.51 |
620,776,241.56 |
639,672,554.71 |
|
Other Income |
17,018,856.81 |
10,630,823.31 |
13,740,431.88 |
|
Total Revenues |
616,572,335.32 |
631,407,064.87 |
653,412,986.59 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Change in Finished Goods
and Work in
Process |
[59,407,451.27] |
9,618,884.18 |
[15,963,610.60] |
|
Purchase of Goods |
1,624,816.56 |
3,804,137.00 |
3,463,654.00 |
|
Material Supplies |
245,376,275.75 |
216,078,459.56 |
232,562,158.58 |
|
Materials Assembly and Packaging used |
29,591,225.42 |
39,495,747.62 |
38,521,306.37 |
|
Employees Expenses |
217,301,449.00 |
222,980,778.00 |
206,569,755.00 |
|
Electrical and Water |
38,615,956.62 |
38,171,732.55 |
38,170,726.73 |
|
Depreciation and Amortization |
37,669,445.12 |
37,470,727.32 |
36,535,657.22 |
|
Other Expenses |
75,079,541.33 |
88,445,210.47 |
83,356,929.95 |
|
Total Expenses |
585,851,258.53 |
656,065,676.70 |
623,216,577.25 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
30,721,076.79 |
[24,658,611.83] |
30,196,409.34 |
|
Financial Cost |
[25,583,492.82] |
[25,415,611.92] |
[25,696,110.54] |
|
Profit / [Loss] before Income
Tax |
5,137,583.97 |
[50,074,223.75] |
4,500,298.80 |
|
Income Tax |
- |
- |
[1,419,540.47] |
|
|
|
|
|
|
Net Profit / [Loss] |
5,137,583.97 |
[50,074,223.75] |
3,080,758.33 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.90 |
0.91 |
0.94 |
|
QUICK RATIO |
TIMES |
0.33 |
0.41 |
0.42 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.47 |
1.67 |
1.69 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.62 |
0.70 |
0.71 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
562.37 |
366.83 |
389.69 |
|
INVENTORY TURNOVER |
TIMES |
0.65 |
1.00 |
0.94 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
120.76 |
128.92 |
126.14 |
|
RECEIVABLES TURNOVER |
TIMES |
3.02 |
2.83 |
2.89 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
145.38 |
92.02 |
111.49 |
|
CASH CONVERSION CYCLE |
DAYS |
537.75 |
403.73 |
404.34 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
36.22 |
43.33 |
40.42 |
|
SELLING & ADMINISTRATION |
% |
48.97 |
48.10 |
43.97 |
|
INTEREST |
% |
4.27 |
4.09 |
4.02 |
|
GROSS PROFIT MARGIN |
% |
66.61 |
58.38 |
61.72 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.12 |
(3.97) |
4.72 |
|
NET PROFIT MARGIN |
% |
0.86 |
(8.07) |
0.48 |
|
RETURN ON EQUITY |
% |
1.54 |
(17.02) |
0.98 |
|
RETURN ON ASSET |
% |
0.54 |
(5.68) |
0.34 |
|
EARNING PER SHARE |
BAHT |
2.57 |
(30.12) |
2.25 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.65 |
0.67 |
0.65 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.88 |
1.99 |
1.84 |
|
TIME INTEREST EARNED |
TIMES |
1.20 |
(0.97) |
1.18 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(3.42) |
(2.95) |
|
|
OPERATING PROFIT |
% |
(224.59) |
(181.66) |
|
|
NET PROFIT |
% |
110.26 |
(1,725.39) |
|
|
FIXED ASSETS |
% |
9.60 |
(1.88) |
|
|
TOTAL ASSETS |
% |
8.90 |
(1.55) |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is -3.42%. Turnover has decreased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
66.61 |
Impressive |
Industrial Average |
41.18 |
|
Net Profit Margin |
0.86 |
Deteriorated |
Industrial Average |
4.95 |
|
Return on Assets |
0.54 |
Deteriorated |
Industrial Average |
7.64 |
|
Return on Equity |
1.54 |
Deteriorated |
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. Gross Profit Margin is 66.61%. 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 0.86%.
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 0.54%.
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 1.54%.
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 |
0.90 |
Risky |
Industrial Average |
1.78 |
|
Quick Ratio |
0.33 |
|
|
|
|
Cash Conversion Cycle |
537.75 |
|
|
|
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 0.9 times in 2014, decrease from 0.91 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 0.33 times in 2014,
decrease from 0.41 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 538 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.65 |
Acceptable |
Industrial Average |
0.39 |
|
Debt to Equity Ratio |
1.88 |
Risky |
Industrial Average |
0.65 |
|
Times Interest Earned |
1.20 |
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 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 1.21 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 0.65 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 |
1.47 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.62 |
Deteriorated |
Industrial Average |
1.54 |
|
Inventory Conversion Period |
562.37 |
|
|
|
|
Inventory Turnover |
0.65 |
Deteriorated |
Industrial Average |
9.36 |
|
Receivables Conversion Period |
120.76 |
|
|
|
|
Receivables Turnover |
3.02 |
Deteriorated |
Industrial Average |
6.94 |
|
Payables Conversion Period |
145.38 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.02 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 2013 to 562 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 1 time in year 2013 to 0.65 times in year 2014.
The company's Total Asset Turnover is calculated as 0.62 times and 0.7
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 |
|
TBH |
1 |
Rs. 1.86 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
ASH |
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.