MIRA INFORM REPORT
|
Report No. : |
354984 |
|
Report Date : |
19.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
THE SIAM REFRACTORY INDUSTRY CO., LTD. |
|
|
|
|
Registered Office : |
1 Siam Cement Road, Bangsue, Bangkok
10800 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
05.08.1993 |
|
|
|
|
Com. Reg. No.: |
0105536088814 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor & Exporter of Refractory
Products. |
|
|
|
|
No. of Employees : |
400 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 |
A2 |
A2 |
|
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
THE SIAM REFRACTORY
INDUSTRY CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 1
SIAM CEMENT ROAD,
BANGSUE,
BANGKOK 10800,
THAILAND
TELEPHONE [66] 2586-3246-52
FAX : [66] 2586-2982,
2587-2149
E-MAIL
ADDRESS : wichath@scg.co.th
kamota@scg.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1993
REGISTRATION
NO. : 0105536088814 [Former: [1]
1735/2536]
TAX
ID NO.
: 3011318539
CAPITAL REGISTERED : BHT. 300,000,000
CAPITAL PAID-UP : BHT.
300,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCALYEAR CLOSING DATE : DECEMBER
31
LEGAL
STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE
: MR.
PICHIT MAIPOOM, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 400
LINES
OF BUSINESS : REFRACTORY PRODUCTS
MANUFACTURER,
DISTRIBUTOR & EXPORTER
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 August
5, 1993 as a
private limited company
under the registered
name THE SIAM REFRACTORY INDUSTRY
CO., LTD. by Siam Cement Public Co., Ltd.,
in order to
manufacture refractory products
for both domestic
and international markets.
At present, the
subject is a
subsidiary of The
Concrete Products and
Aggregate Co., Ltd., a
member of the
Siam Cement Group.
The subject is
the largest refractory
manufacturer in Southeast Asia
and has been
awarded ISO 9002 quality management standard and ISO 14001
certificate for environmental management
from the Ministry
of Industry and
awarded a certificate of
laboratory accreditation ISO/IEC
Guides 25 from
Thailand Industrial Standards
Institute, as well
as ISO 9001 : 2000 certification
by MASCI on
March 20, 2006.
The subject applied
manufacturing know-how from
Harbison - Walker Refractories,
USA, VGT Industriekeramik Intocast
GmbH, Germany, VPA Consult Ltd., Denmark, Shinagawa Refractories Co.,
Ltd. & NGK
Insulators Ltd., Japan and Kiln Furniture specialist
from Netherlands.
It is the
major supplier of
refractory products to
be used in
many industries, such
as cement, iron,
steel and others in
both domestic and
international markets. It is also
ranked as one of the most modern manufacturers
of refractory products
in Asia. It currently
employs approximately 400
staff.
The subject’s registered
address is 1 Siam Cement Rd., Bangsue, Bangkok 10800, and
this is the
subject’s current operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pichit Maipoom |
|
Thai |
59 |
|
Mr. Kajorndech Saengsuphan |
|
Thai |
62 |
|
Mr. Prinya Sainamthip |
|
Thai |
55 |
AUTHORIZED
PERSON
Any two of
the above directors
can jointly sign on behalf
of the subject
with
company’s affixed.
MANAGEMENT
Mr. Pichit Maipoom is the Managing
Director.
He is Thai
nationality with the
age of 59 years
old.
Mr. Wichai Thearachote
is the Sales
& Marketing Division
Manager.
He is Thai
nationality.
Mr. Somkeat Suebthawilkul is
the Research and
Development Manager.
He is Thai
nationality.
Ms. Malee Thanapempulpol is
the Domestic Sales
Manager.
She is Thai
nationality.
Mr. Kamol Tanchotikul is
the Marketing Manager.
He is Thai
nationality.
Mr. Sathit Eamsuwan
is the Production Manager.
He is Thai
nationality.
Mr. Nattapol Domethong
is the Export
Sales Division Manager.
He is Thai
nationality.
Mr. Nuttavut Intarode is
the Quality Assurance Manager.
He is Thai
nationality.
Mr. Bunpote Pantarose is the
Maintenance and
Engineering Manager.
He is Thai
nationality.
Mr. Chalong Limsuntrakul is
the Procurement and
Logistics Manager.
He is Thai
nationality.
Mr. Warawut Pimsaen is
the Human Resource
Manager.
He is Thai
nationality.
Mr. Thanapong Prasertphol
is the Senior
Engineering.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject’s activity
is a manufacturer of
refractory products for
the following
industries:
-
Cement and Lime works
-
Iron and Steel works
-
Ceramic Industries
-
Glassworks
-
Boiler and Heating Plants
-
Incineration Plants
-
Nonferrous Industries
-
Aluminum Smelters
-
Oil and Petrochemicals
-
Industrial Minerals
The product categories
are as follows:
Bricks
- Fireclay Bricks
- High-Alumina Bricks
- Basic Bricks
- Insulating Bricks
- Premortared Brick
Specialties
- Bonding Mortar
- Castables
- Plastic
- Ramming Mixes
- Patching Materials
- Gunning Mixes
- Spraying Materials
Klin
Furniture
- Cordierite-Mullite and
Silicon Carbide Base
BRAND NAME
“SRIC”
PRODUCTION
Approximately 150,000 tons/year
PURCHASE
Raw materials are
imported from suppliers
both domestic and
overseas, mainly in
Japan, Republic of
China, Taiwan, Germany,
France, United Kingdom,
Australia,
United States of
America and Israel.
MAJOR SUPPLIERS
|
Company |
Country |
Products |
|
|
|
|
|
SCG Group of
companies |
: Thailand |
Raw materials |
|
Shinagawa Refractories Co.,
Ltd. |
: Japan |
Machinery &
spare parts |
|
Hasbison - Walker
Refractories Inc. |
: U.S.A. |
Machinery &
spare parts |
|
NGK Insulators Ltd. |
: Japan |
Machinery &
spare parts |
SALES [LOCAL]
70% of the
products is sold locally to
manufacturers, wholesalers and
end-users in various
industries such as cement
and lime works, iron and metal
works, ceramic industries, glassworks, boiler and heating
plants, incineration plants, lead industries,
aluminum smelters, oil
and petrochemicals and
industrial minerals.
EXPORT [COUNTRIES]
30% of the products
is exported to over
60 countries worldwide such
as Indonesia, Malaysia, Singapore,
Japan, Taiwan, Hong Kong, Republic
of China, Vietnam, South Africa, Germany,
U.S.A., New Zealand,
France, India, Russia, Australia,
Chile, Mexico, Brazil,
Canada, Myanmar and
the country in
Middle East.
MAJOR CUSTOMERS
Thai S.S. Refractory
Co., Ltd. : Thailand
Zaftec Thailand Co.,
Ltd. : Thailand
PARENT
COMPANY
The Concrete Products
and Aggregate Co., Ltd.
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 for the
past two years.
CREDIT
Sales are by
cash or on
the credits of
30-60 days.
Local bills are
paid by cash or on
the credits of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
and T/T.
BUSINESS
TRANSACTION
The products are
sold to local
customers, with the
maximum credit given
at 30-60 days,
and to overseas
customers by L/C
and T/T. The
subject is found
to have late payment from
some customers, but it is not found to have any problem on
its account receivable.
BANKING
Kasikornbank Public Co.,
Ltd.
[Bangsue Branch : 716
Techavanich Rd., Bangsue,
Bangkok 10800]
The Siam Commercial
Bank Public Co., Ltd.
[Head Office :
9 Ratchadapisek Rd.,
Ladyao, Jatujak, Bangkok
10900]
EMPLOYMENT
The subject employs
approximately 400 office
staff and factory
workers.
LOCATION
DETIALS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
is located at
1 Moo 9,
Huai Bong-Tha Lan
Rd., T. Ban
Krua,
A.
Ban Mo, Saraburi
18270, Thailand
Tel:
[66] 36 288-654,
Fax: [66] 36 281-234.
COMMENT
With the decades of cumulated experience, knowledge and know-how, the
subject has achieved the worldwide reputation of the consistency of world class
quality refractory products with optimum economic efficiency and best services,
which has been highly recognized by many industries such as cement, steel,
ceramic, petrochemicals, glass and others.
Refractory products under
the SRIC brand have
been widely accepted
from not only
domestic customers, but
also international customers
worldwide.
Moreover, the subject’s quality system, conforming to various awards,
has enabled the company to compete effectively with
the world’s leading refractory
manufacturers and ranked highly
premium grade among
the refractory manufacturers
worldwide.
Generally, the subject
has a solid
business with steady
growth.
FINANCIAL
INFORMATION
The capital was
registered at Bht.
300,000,000 divided into
3,000,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as of
April 21, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
The Concrete Products
and Aggregate Co., Ltd. Nationality: Thai Address : 1516
Pracharaj 1 Rd., Bangsue,
Bangkok 10800 |
2,999,998 |
100.00 |
|
Mrs. Pornphen Namwong Nationality: Thai Address : 185
Phaholyothin 53 Rd.,
Anusawaree,
Bangkhen, Bangkok |
1 |
- |
|
Ms. Chaliya Bhanubhong Nationality: Thai Address : 32/29
Ladprao 23 Rd.,
Chankasem,
Chatuchak, Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 21,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
3,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
3,000,000 |
100.00 |
NAME OF AUDIT OR & CERTIFIED PUBLIC
ACCOUNT NO.
Ms. Sureerat Thongarunsang
No. 4409
BALANCE
SHEET [BAHT]
The
latest financial figures
published as of
December 31, 2014,
2013 & 2012
were :
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
4,408,919 |
36,339,632 |
10,697,663 |
|
Trade Accounts & Other Receivable |
380,581,731 |
511,923,964 |
487,099,167 |
|
Inventories |
962,378,844 |
1,019,056,238 |
853,656,549 |
|
Other Current Assets |
21,554,479 |
28,351,886 |
9,331,559 |
|
Total Current Assets |
1,368,923,973 |
1,595,671,720 |
1,360,784,938 |
|
Investment to Subsidiary Company |
717,499,908 |
717,499,908 |
717,499,908 |
|
Fixed Assets |
304,012,351 |
282,847,229 |
248,903,780 |
|
Intangible Assets |
2,189,009 |
3,238,884 |
4,515,821 |
|
Deferred Income Tax |
19,209,814 |
19,234,574 |
17,816,111 |
|
Others Non-current Assets |
- |
- |
52,837 |
|
Total Assets |
2,411,835,055 |
2,618,492,315 |
2,349,573,395 |
LIABILITIES &
SHAREHOLDERS’ EQUITY
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft |
- |
- |
62,433 |
|
Trade Accounts &
Other Payable |
295,370,391 |
366,933,907 |
216,468,079 |
|
Short-term Loan from Related
Company |
717,668,726 |
186,231,334 |
172,211,238 |
|
Accrued Income Tax |
21,208,544 |
22,882,197 |
9,456,110 |
|
Short-term Provision |
5,027,181 |
4,276,451 |
3,802,420 |
|
Others Current Liabilities |
15,491,511 |
10,835,233 |
11,79,400 |
|
Total Current Liabilities |
1,054,766,353 |
591,159,122 |
413,179,680 |
|
|
|
|
|
|
Provision for Employee Benefits |
90,825,571 |
90,671,290 |
83,221,414 |
|
Total Liabilities |
1,145,591,924 |
681,830,412 |
496,401,094 |
|
Shareholders’ Equity |
|
|
|
|
Share capital, Baht
100 value authorized, and
issued share capital 3,000,000
shares |
300,000,000 |
300,000,000 |
300,000,000 |
|
Capital Paid |
300,000,000 |
300,000,000 |
300,000,000 |
|
Retained Earning Appropriated for
statutory reserve |
30,000,000 |
30,000,000 |
30,000,000 |
|
Unappropriated |
936,243,131 |
1,606,661,903 |
1,523,172,301 |
|
Total Shareholders’ Equity |
1,266,243,131 |
1,936,661,903 |
1,853,172,301 |
|
Total Liabilities &
Shareholders’ Equity |
2,411,835,055 |
2,618,492,315 |
2,349,573,395 |
PROFIT
& LOSS ACCOUNT
|
Revenues |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
3,194,989,934 |
3,166,828,332 |
3,169,906,203 |
|
Dividend Income |
816,900,046 |
558,600,020 |
539,000,008 |
|
Other Revenues |
10,511,481 |
17,154,888 |
18,602,448 |
|
Total Revenues |
4,022,401,461 |
3,742,583,240 |
3,727,508,659 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,556,007,231 |
2,555,900,748 |
2,663,055,222 |
|
Selling Expenses |
173,261,182 |
193,134,660 |
199,860,144 |
|
Administrative Expenses |
222,544,158 |
213,403,823 |
178,484,804 |
|
Total Expenses |
2,951,812,571 |
2,962,439,231 |
3,041,400,170 |
|
|
|
|
|
|
Profit Before Financial Cost & Income Tax |
1,070,588,890 |
780,144,009 |
686,108,489 |
|
Financial Cost - Interest Expenses |
[13,281,791] |
[1,972,233] |
[14,408,169] |
|
|
|
|
|
|
Profit Before Income Tax |
1,057,307,099 |
778,171,776 |
671,700,320 |
|
Income Tax |
[47,725,871] |
[43,682,174] |
[30,386,846] |
|
Net Profit/[Loss] |
1,009,581,228 |
734,489,602 |
641,313,474 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.30 |
2.70 |
3.29 |
|
QUICK RATIO |
TIMES |
0.37 |
0.93 |
1.20 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
10.51 |
11.20 |
12.74 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.32 |
1.21 |
1.35 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
137.43 |
145.53 |
117.00 |
|
INVENTORY TURNOVER |
TIMES |
2.66 |
2.51 |
3.12 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
43.48 |
59.00 |
56.09 |
|
RECEIVABLES TURNOVER |
TIMES |
8.40 |
6.19 |
6.51 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
42.18 |
52.40 |
29.67 |
|
CASH CONVERSION CYCLE |
DAYS |
138.73 |
152.13 |
143.42 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
80.00 |
80.71 |
84.01 |
|
SELLING & ADMINISTRATION |
% |
12.39 |
12.84 |
11.94 |
|
INTEREST |
% |
0.42 |
0.06 |
0.45 |
|
GROSS PROFIT MARGIN |
% |
45.90 |
37.47 |
33.58 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
33.51 |
24.63 |
21.64 |
|
NET PROFIT MARGIN |
% |
31.60 |
23.19 |
20.23 |
|
RETURN ON EQUITY |
% |
79.73 |
37.93 |
34.61 |
|
RETURN ON ASSET |
% |
41.86 |
28.05 |
27.29 |
|
EARNING PER SHARE |
BAHT |
336.53 |
244.83 |
213.77 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.47 |
0.26 |
0.21 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.90 |
0.35 |
0.27 |
|
TIME INTEREST EARNED |
TIMES |
80.61 |
395.56 |
47.62 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
0.89 |
(0.10) |
|
|
OPERATING PROFIT |
% |
37.23 |
13.71 |
|
|
NET PROFIT |
% |
37.45 |
14.53 |
|
|
FIXED ASSETS |
% |
7.48 |
13.64 |
|
|
TOTAL ASSETS |
% |
(7.89) |
11.45 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 0.89%.
Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
45.90 |
Satisfactory |
Industrial
Average |
54.63 |
|
Net Profit Margin |
31.60 |
Impressive |
Industrial
Average |
(0.26) |
|
Return on Assets |
41.86 |
Impressive |
Industrial
Average |
(0.17) |
|
Return on Equity |
79.73 |
Impressive |
Industrial
Average |
(0.31) |
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 45.9%. 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 31.6%, 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
41.86%, 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 79.73%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.30 |
Impressive |
Industrial
Average |
1.17 |
|
Quick Ratio |
0.37 |
|
|
|
|
Cash Conversion Cycle |
138.73 |
|
|
|
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 1.3 times in 2014, decreased from 2.7 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 0.37 times in 2014,
decreased from 0.93 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 139 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.47 |
Impressive |
Industrial
Average |
0.57 |
|
Debt to Equity Ratio |
0.90 |
Impressive |
Industrial
Average |
1.34 |
|
Times Interest Earned |
80.61 |
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 80.61 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 0.47 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 :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
10.51 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.32 |
Impressive |
Industrial
Average |
0.66 |
|
Inventory Conversion Period |
137.43 |
|
|
|
|
Inventory Turnover |
2.66 |
Impressive |
Industrial
Average |
1.10 |
|
Receivables Conversion Period |
43.48 |
|
|
|
|
Receivables Turnover |
8.40 |
Impressive |
Industrial
Average |
3.23 |
|
Payables Conversion Period |
42.18 |
|
|
|
The company's Account Receivable Ratio is calculated as 8.40 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 146 days at the
end of 2013 to 137 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 2.51 times in year 2013 to 2.66 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.32 times and 1.21
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.42 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.14 |
|
Thai Baht |
1 |
Rs.1.83 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
AMR |
|
|
|
|
Report Prepared
by : |
NIT |
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.