MIRA INFORM REPORT
|
Report No. : |
353694 |
|
Report Date : |
14.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
CHABAA BANGKOK CO., LTD. |
|
|
|
|
Formerly Known As : |
MALEE BANGKOK CO.,
LTD. |
|
|
|
|
Registered Office : |
470 Moo 1, Sukhumvit Road, Bangpoomai, Muang, Samutprakarn 10260 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
13.07.2000 |
|
|
|
|
Com. Reg. No.: |
0105543065778 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is engaged in
manufacturing and distributing beverage
products, specialized in 100%,
40%, and 30%
of canned fruit & vegetable juices,
such as red
grape, apple, orange,
pineapple, prune, pear,
carrot, tomato, fruit
jam and coconut
juice. |
|
|
|
|
No. of Employees : |
250 |
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, 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
CHABAA BANGKOK CO., LTD.
[FORMER : MALEE
BANGKOK CO., LTD. ]
SUMMARY
BUSINESS ADDRESS : 470 MOO 1,
SUKHUMVIT ROAD, BANGPOOMAI,
MUANG, SAMUTPRAKARN
10260, THAILAND
TELEPHONE : [66] 2323-1133,
2323-1111, 2323-9085-6
FAX : [66] 2323-1122,
2323-1144
E-MAIL ADDRESS : salesdomestic@chabaabangkok.com
sales@chabaabangkok.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2000
REGISTRATION NO. : 0105543065778 [Former : [3]
1239/2543]
TAX ID NO. : 3030129123
CAPITAL REGISTERED : BHT.
150,000,000
CAPITAL PAID-UP : BHT.
150,000,000
SHAREHOLDER’S PROPORTION : THAI
:
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. VONGVUTH KULPIYAVAJA,
THAI
MANAGING DIRECTOR
NO. OF STAFF : 250
LINES OF BUSINESS : FOODS
AND BEVERAGE PRODUCTS
MANUFACTURER AND
CONTRACTOR
|
|
|
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 July 13, 2000 as
a private limited
company under the registered
name “Malee Bangkok
Co., Ltd.”, by
Thai groups, with
the business objective
to manufacture and service various kinds of foods
and beverage products to both domestic
and international markets.
On May 10,
2012, its registered
name was changed
to CHABAA BANGKOK
CO., LTD. It
currently employs approximately 250
staff.
The subject’s registered
address was initially
at 71 Thonburi
Rd., Klongtonsai, Klongsan,
Bangkok 10600.
On May 26, 2006, it was relocated
to 470 Moo 1,
Sukhumvit Rd., Bangpoomai,
Muang, Samutprakarn 10260,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vongvuth Kulpiyavaja |
[x] |
Thai |
57 |
|
Mrs. Jarunee Kulpiyavaja |
[x] |
Thai |
59 |
|
Mr. Raweewat Sontiweroj |
[-] |
Thai |
57 |
|
Mr. Pongpaisarn Techocharoen |
|
Thai |
62 |
|
Mrs. Kanitta Nasomwart |
[-] |
Thai |
50 |
|
Ms. Narisara Kulpiyavaja |
[x] |
Thai |
31 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can jointly sign
with one of
the directors [-]
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Vongvuth Kulpiyavaja
is the Managing
Director and Factory
Manager.
He is Thai
nationality with the
age of 57
years old.
Mrs. Jarunee Kulpiyavaja
is the Deputy
Managing Director.
She is Thai
nationality with the
age of 59
years old.
Ms. Narisara Kulpiyavaja
is the Sales & Marketing Manager.
She is Thai
nationality with the
age of 31
years old.
BUSINESS OPERATIONS
The subject is engaged in
manufacturing and distributing
beverage products, specialized
in 100%, 40%, and
30% of canned
fruit & vegetable
juices, such as
red grape, apple,
orange, pineapple, prune,
pear, carrot, tomato,
fruit jam and
coconut juice., under
its own brands
“CHABAA” and “NUECOCO”,
as well as
manufacturing service of
fruit juice and
jam under the
customer’s brands.
Ranges of activities
are as follows:
Manufacturer, distributor and
exporter of “CHABAA”
brand of fruit
juice, jam and beverages in
can and UHT,
as well as
“NUECOCO” brand of
100% pure coconut
juice.
Contract manufacturing of
green tea ready
to drink in
aluminium can for
Unilever Thai Holding
Co., Ltd., under
“LIPTON” brand.
Contract manufacturing of
jam, bakery & donut filing
in glass jar & bulk for
Unilever Thai Holding
Co., Ltd, under
“BESTFOODS” brand.
Contract manufacturing of
Pomegranate juice and
Prune juice in
glass bottle for
Giffarine Skyline Unity
Co., Ltd., under
“GIFFARINE” brand.
Contract manufacturing of
sweet corn milk,
lingzhi drink and
mulberry tea in
PET bottle &
UHT for Carrot
Healthcare Co., Ltd.,
under “CACH” brand.
Contract manufacturing of
real fruit smoothie
in PP bottle
for
Real Simple Co.,
Ltd., under “REAL
SIMPLE” brand.
Contract manufacturing of apple
juice in UHT & aluminum can
for Babi
Corp. [U.S.A.],
under “TREE TOP”
brand.
Contract manufacturing of
AGARJUZ in UHT for P.T.
Dunia Bintang Walet,
Indonesia, under “SWALLOW
GLOBE” brand.
Contract manufacturing of
apple juice, vegetable
with mixed fruit
juice, Tangerine orange
juice, pineapple juice,
grape juice and
carrot mixed fruit
juice in UHT for
MAKRO, under “ARO”
brand.
Contract manufacturing of
mango juice, lychee
juice, passion fruit
juice and guava
juice in UHT
for Nihon Sor,
under “GENTIRE” brand.
Contract manufacturing of
tangerine juice, red
orange juice, vegetable
with mixed fruit
juice, red apple
juice in UHT
for Tesco-Lotus Superstore,
under “TESCO”
brand.
PURCHASE
Raw materials and
ingredients are purchased
from both local
and overseas suppliers
in India, Republic of
China and Australia.
SALES [LOCAL]
60% of the
products is sold
locally by wholesale
to traders nationwide.
EXPORT
40% of the
products is exported
to Japan, Malaysia,
Hong Kong, Singapore,
Taiwan, Republic of
China, Indonesia, Laos,
U.S.A., India, Korea,
New Zealand, Australia,
Vietnam and Middle
East countries.
MAJOR CUSTOMERS
Unilever Best Food
[Thailand] Co., Ltd. : Thailand
Giffarine Skyline Unity
Co., Ltd. :
Thailand
River Kwai International
Food Industry Co., Ltd .:
Thailand
Big C Super
Center Public Company
Limited : Thailand
Siam Makro Public
Company Limited : Thailand
Ek-Chai Distribution System
Co., Ltd. :
Thailand
CP All Public
Company Limited : Thailand
Babi Corporation : U.S.A.
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
T/T.
Exports are T/T.
BANKING
Export Import Bank
of Thailand
Bangkok Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 250 office
staff and factory
workers.
LOCATION DETAILS
The premise is
owned for administrative office,
factory and warehouse
at the heading
address. Premise is
located in industrial
area.
Warehouse is located
at 137 Moo
5, Bangkradi Industrial
Park, T. Bangkradi, A. Muang,
Pathumthani 10260.
COMMENT
Fruit and vegetable
juices are now
favorite among health
conscious consumers. Chabaa
is also one of
a leading Thai
brand in juice
industry.
The subject’s business
performance was strong
in the past
several years, and
its business trend
is potential in
long term prospect.
FINANCIAL INFORMATION
The capital was
registered at Bht.
50,000,000 divided into
5,000,000 shares of Bht. 10
each.
The capital was
increased later as
following:
Bht. 60,000,000 on
July 13, 2001
Bht. 100,000,000
on March 18,
2003
Bht. 150,000,000
on June 17,
2014
The latest registered
capital was increased
to Bht. 150,000,000 divided
into 15,000,000 shares
of Bht. 10
each with fully
paid.
MAIN SHAREHOLDERS
: [as at
July 23, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Vongvuth Kulpiyavaja Nationality: Thai Address : 137 Yenakart Road,
Chongnonsi, Yannawa, Bangkok |
3,000,000 |
20.00 |
|
Mrs. Jarunee Kulpiyavaja Nationality: Thai Address : 137
Yenakart Road, Chongnonsi,
Yannawa, Bangkok |
2,600,000 |
17.33 |
|
Ms. Narisara Kulpiyavaja Nationality: Thai Address : 137
Soi Prasartsuk, Yenakart
Road,
Chongnonsi, Yannawa, Bangkok |
2,460,000 |
16.40 |
|
Mr. Santi Satayawutipong Nationality: Thai Address : 729/22
Ladprao 101 Road,
Wangthonglang, Bangkok |
2,250,000 |
15.00 |
|
Mr. Polwat Prairatchata Nationality: Thai Address : 92/481
Serithai 29 Road,
Klongkum,
Buengkum, Bangkok |
2,100,000 |
14.00 |
|
Thai Bonanza International Co.,
Ltd. Nationality: Thai Address : 61/8
Rama 9 Road,
Huaykwang, Bangkok |
916,667 |
6.11 |
|
Mr. Pongpaisal Techocharoen Nationality: Thai Address : 61/8
Rama 9 Road, Huaykwang, Bangkok |
458,333 |
3.06 |
|
Others |
1,215,000 |
8.10 |
Total Shareholders : 12
Share Structure [as
at July 23,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
12 |
15,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
12 |
15,000,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Ms. Arunee Intrasuksri No.
481
BALANCE SHEET
[BAHT]
The latest financial
figures published for
December 31, 2014,
2013 & 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
11,554,235.55 |
12,628,277.41 |
2,311,664.26 |
|
Short-term Investment |
4,342,534.19 |
17,932,354.76 |
28,696,629.32 |
|
Trade Accounts &
Other Receivable |
298,546,698.21 |
292,171,885.38 |
301,655,828.93 |
|
Revenue Department Receivable |
5,318,342.57 |
3,973,749.19 |
5,083,159.84 |
|
Inventories |
171,990,363.98 |
171,158,463.76 |
138,449,021.49 |
|
Other Current Assets
|
7,223,731.61 |
6,061,366.75 |
4,949,441.15 |
|
|
|
|
|
|
Total Current Assets
|
498,975,906.11 |
503,926,097.25 |
481,145,744.99 |
|
Other Long-term Investment |
9,999,930.00 |
9,999,930.00 |
9,999,930.00 |
|
Fixed Assets |
838,270,472.27 |
710,186,736.47 |
438,656,017.65 |
|
Other Non-current Assets |
1,234,701.57 |
1,234,701.57 |
1,234,701.57 |
|
Total Assets |
1,348,481,009.95 |
1,225,347,465.29 |
931,036,394.21 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institution |
20,255,234.68 |
25,944,719.87 |
19,008,576.98 |
|
Trade Accounts &
Other Payable |
264,824,243.59 |
295,796,786.98 |
243,334,155.46 |
|
Short-term Loan |
261,583,554.19 |
248,195,732.52 |
249,595,578.24 |
|
Current Portion of
Hire-purchase Contract Payable |
24,643,836.86 |
12,913,270.16 |
13,939,837.20 |
|
Current Portion of
Long-term Loan |
14,232,014.48 |
13,609,831.18 |
13,490,334.07 |
|
Other Current Liabilities |
2,254,044.13 |
2,143,805.33 |
1,167,950.30 |
|
|
|
|
|
|
Total Current Liabilities |
587,792,927.93 |
598,604,146.04 |
540,536,432.25 |
|
Long-term Loan |
332,442,210.98 |
312,977,095.83 |
126,609,132.69 |
|
Total Liabilities |
920,235,138.91 |
911,581,241.87 |
667,145,564.94 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10 par
value Authorized &
issued share capital
15,000,000 shares
in 2014 |
150,000,000.00 |
|
|
|
10,000,000 shares
in 2013 & 2012 |
|
100,000,000.00 |
100,000,000.00 |
|
|
|
|
|
|
Capital Paid |
150,000,000.00 |
100,000,000.00 |
100,000,000.00 |
|
Retained Earning Appropriated for Statutory Reserve |
10,000,000.00 |
5,295,097.84 |
2,398,467.44 |
|
Unappropriated |
187,948,784.28 |
126,806,512.29 |
78,460,222.01 |
|
Surplus on Assets
Revaluation |
80,297,086.76 |
81,664,613.29 |
83,032,139.82 |
|
|
|
|
|
|
Total Shareholders' Equity |
428,245,871.04 |
313,766,223.42 |
263,890,829.27 |
|
Total Liabilities & Shareholders' Equity |
1,348,481,009.95 |
1,225,347,465.29 |
931,036,394.21 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales - Goods
|
1,524,140,759.08 |
1,377,802,278.83 |
1,199,920,351.34 |
|
Sales - Raw
Materials |
2,776,947.07 |
3,885,749.06 |
4,095,060.86 |
|
Other Income |
24,382,833.59 |
17,592,171.71 |
23,502,362.48 |
|
Total Revenues |
1,551,300,539.74 |
1,399,280,199.60 |
1,227,517,774.68 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Change of Inventories |
2,130,116.47 |
[17,068,385.27] |
[22,526,244.83] |
|
Raw Material |
919,543,510.83 |
912,611,249.86 |
838,415,918.45 |
|
Employee Benefit Expenses |
107,641,536.86 |
100,820,770.80 |
83,304,924.17 |
|
Wages Expenses |
20,897,509.90 |
20,785,010.44 |
20,140,866.64 |
|
Sales Promotion & Advertising Expenses |
94,822,817.22 |
68,699,870.07 |
52,371,998.41 |
|
Depreciation Expenses |
35,375,810.89 |
30,191,628.14 |
23,920,056.86 |
|
Other Manufacturing Expenses |
1,881,664.78 |
1,524,735.90 |
714,878.64 |
|
Other Expenses |
162,329,351.51 |
154,893,784.33 |
128,690,523.32 |
|
Total Expenses |
1,344,622,318.46 |
1,272,458,664.27 |
1,125,032,921.66 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost &
Income Tax |
206,678,221.28 |
126,821,535.33 |
102,484,853.02 |
|
Financial Cost |
[25,147,259.36] |
[25,712,732.18] |
[25,547,605.45] |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
181,530,961.92 |
101,108,803.15 |
76,937,247.57 |
|
Income Tax |
[37,051,314.30] |
[21,233,409.00] |
[19,004,639.55] |
|
Net Profit / [Loss] |
144,479,647.62 |
79,875,394.15 |
57,932,608.02 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.85 |
0.84 |
0.89 |
|
QUICK RATIO |
TIMES |
0.54 |
0.55 |
0.62 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.82 |
1.95 |
2.74 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.13 |
1.13 |
1.29 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
68.11 |
69.76 |
61.94 |
|
INVENTORY TURNOVER |
TIMES |
5.36 |
5.23 |
5.89 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
71.37 |
77.18 |
91.45 |
|
RECEIVABLES TURNOVER |
TIMES |
5.11 |
4.73 |
3.99 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
104.88 |
120.56 |
108.86 |
|
CASH CONVERSION CYCLE |
DAYS |
34.60 |
26.38 |
44.53 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
60.36 |
64.82 |
67.76 |
|
SELLING & ADMINISTRATION |
% |
17.07 |
16.07 |
14.99 |
|
INTEREST |
% |
1.65 |
1.86 |
2.12 |
|
GROSS PROFIT MARGIN |
% |
41.24 |
36.46 |
34.19 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
13.54 |
9.18 |
8.51 |
|
NET PROFIT MARGIN |
% |
9.46 |
5.78 |
4.81 |
|
RETURN ON EQUITY |
% |
33.74 |
25.46 |
21.95 |
|
RETURN ON ASSET |
% |
10.71 |
6.52 |
6.22 |
|
EARNING PER SHARE |
BAHT |
9.63 |
7.99 |
5.79 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.68 |
0.74 |
0.72 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.15 |
2.91 |
2.53 |
|
TIME INTEREST EARNED |
TIMES |
8.22 |
4.93 |
4.01 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
10.51 |
14.76 |
|
|
OPERATING PROFIT |
% |
62.97 |
23.75 |
|
|
NET PROFIT |
% |
80.88 |
37.88 |
|
|
FIXED ASSETS |
% |
18.04 |
61.90 |
|
|
TOTAL ASSETS |
% |
10.05 |
31.61 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 10.51%. Turnover has increased from THB
1,381,688,027.89 in 2013 to THB 1,526,917,706.15 in 2014. While net profit has increased
from THB 79,875,394.15 in 2013 to THB 144,479,647.62 in 2014. And total assets
has increased from THB 1,225,347,465.29 in 2013 to THB 1,348,481,009.95 in
2014.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
41.24 |
Deteriorated |
Industrial Average |
165.25 |
|
Net Profit Margin |
9.46 |
Impressive |
Industrial Average |
2.00 |
|
Return on Assets |
10.71 |
Impressive |
Industrial Average |
3.17 |
|
Return on Equity |
33.74 |
Impressive |
Industrial Average |
9.60 |
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 41.24%. 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. The company's figure is 9.46%,
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
10.71%, 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 33.74%, 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 : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.85 |
Risky |
Industrial Average |
1.14 |
|
Quick Ratio |
0.54 |
|
|
|
|
Cash Conversion Cycle |
34.60 |
|
|
|
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 0.85 times in 2014, increase from 0.84 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 0.54 times in 2014,
decrease from 0.55 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 35 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.68 |
Acceptable |
Industrial Average |
0.67 |
|
Debt to Equity Ratio |
2.15 |
Risky |
Industrial Average |
2.06 |
|
Times Interest Earned |
8.22 |
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 8.22 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 0.68 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 Stable
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.82 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.13 |
Acceptable |
Industrial Average |
1.58 |
|
Inventory Conversion Period |
68.11 |
|
|
|
|
Inventory Turnover |
5.36 |
Impressive |
Industrial Average |
3.90 |
|
Receivables Conversion Period |
71.37 |
|
|
|
|
Receivables Turnover |
5.11 |
Impressive |
Industrial Average |
4.33 |
|
Payables Conversion Period |
104.88 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.11 and 4.73 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
increased from 2013. This would suggest the company had good performance 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 decreased from 70 days at the
end of 2013 to 68 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 5.23 times in year 2013 to 5.36 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.13 times and 1.13 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 Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.79 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.73.10 |
|
Thai Baht |
1 |
Rs.1.85 |
Note :
Above are approximate rates obtained from sources believed to be correct
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.