MIRA INFORM REPORT
|
Report No. : |
306950 |
|
Report Date : |
10.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
CAULEY
INTERNATIONAL [THAILAND] CO.,
LTD. |
|
|
|
|
Registered Office : |
502 Soi Ratchadapisek 26, Ratchadapisek
Rd., Samsennok, Huaykwang, Bangkok
10310 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
14.03.1996 |
|
|
|
|
Com. Reg. No.: |
0105539032402 [Former
: [2] 1285/2539] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
· importer and Sole Distributor wide range of currency Automation System Equipment and supplies. · Subject also provides consulting & design for Cash & Coin Management System, Inspection System, Banknote/coin Counting and Sorting System, Packaging System including Machine for Coin Production, as well as maintenance and installation services. Subject
products are as
follows: Banknote · Banknote detector · Banknote counter · Banknote sorter Coins · Coin counter · Coin sorter · Coin wrapping Software · Banking · Cash optimization & forecasting · Enterprise tracking and reconciliation · Device monitoring and profitability management Accessories · Seal · Banknote pushcart · Banknote security paper, blank coins |
|
|
|
|
No of Employees : |
84 [Including office and
Sales Staff] |
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 : |
No Complaints |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND ECONOMIC OVERVIEW
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies,
and strong export industries, Thailand achieved steady growth due largely to
industrial and agriculture exports - mostly electronics, agricultural
commodities, automobiles and parts, and processed foods. Unemployment, at less
than 1% of the labor force, stands as one of the lowest levels in the world,
which puts upward pressure on wages in some industries. Thailand also attracts nearly
2.5 million migrant workers from neighboring countries. 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 economy has weathered internal and external economic shocks in recent
years. The global economic recession severely cut Thailand's exports, with most
sectors experiencing double-digit drops. In late 2011 Thailand's recovery was
interrupted by historic flooding in the industrial areas in Bangkok and its
five surrounding provinces, crippling the manufacturing sector. The government
approved flood mitigation projects worth $11.7 billion, which were started in
2012, to prevent similar economic damage, and an additional $75 billion for
infrastructure over the following seven years. This was expected to lead to an
economic upsurge but growth has remained slow, in part due to ongoing political
unrest and resulting uncertainties. Spending on infrastructure will require
re-approval once a new government is seated.
|
Source : CIA |
Company
name
CAULEY INTERNATIONAL
[THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 502
SOI RATCHADAPISEK 26,
RATCHADAPISEK ROAD,
SAMSENNOK,
HUAYKWANG, BANGKOK
10310, THAILAND
TELEPHONE : [66]
2541-4301-5
FAX :
[66] 2541-4356
E-MAIL
ADDRESS : sales@cauley.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1996
REGISTRATION
NO. : 0105539032402 [Former
: [2] 1285/2539]
TAX
ID NO. : 3011700327
CAPITAL
REGISTERED : BHT.
10,000,000
CAPITAL
PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
CHATCHAWAN LAOHATHAI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 84
LINES
OF BUSINESS : INTEGRATED CURRENCY
AUTOMATION SYSTEM
IMPORTER,
DISTRIBUTOR AND EXPORTER
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject was
established on March
14, 1996 as
a private limited
company under the name style
CAULEY INTERNATIONAL [THAILAND]
CO., LTD., by Thai groups
to provide product and
service for integrated
currency automation system. It currently
employs 84 staff.
The subject’s registered
address is 3rd Flr.,
Golden Triangle Bldg., 502
Ratchadapisek Rd., Samsennok,
Huaykwang, Bangkok 10310.
On February 1, 2013, its registered address has been changed to 502
Soi Ratchadapisek 26, Ratchadapisek Rd., Samsennok, Huaykwang, Bangkok 10310, by the Huaykwang
District Office, which
is actually the
same location, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chatchawan Laohathai |
[x] |
Thai |
59 |
|
Ms. Yuwadee Leelahatorn |
|
Thai |
56 |
|
Mrs. Busakorn Leelahatorn |
|
Thai |
81 |
|
Mrs. Busarin Pattanachai |
|
Thai |
61 |
AUTHORIZED PERSON
Only the mentioned
director [x] signs or
two of the
rest directors can
jointly sign on
behalf of the
subject with the
company’s affixed.
MANAGEMENT
Mr. Chatchawan Laohathai
is the Managing
Director.
He is Thai
nationality with the
age of 59 years old.
Mr. Pisith Sangpariwat
is the Sales
Manager.
He is Thai
nationality.
Mr. Vichai Presertsri
is the Services
Manager.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject’s activities are
importer and sole
distributor wide range
of currency automation system
equipment and supplies.
Its products are as follows:
Products Brand
1. Banknote
- Banknote detector “MA”, “RIBAO”,
‘KAIXUN”
- Banknote counter “AMROTEC”, “SHINWOO”
- Banknote sorter “G
& D”
2. Coins
- Coin counter “RIBAO”, “AMROTEC”
- Coin sorter “REIS”, “AMROTEC”
- Coin wrapping “REIS”
3. Software
- Banking
- Cash optimization & forecasting
- Enterprise tracking
and reconciliation
- Device monitoring
and profitability management
4. Accessories
- Seal
- Banknote pushcart
- Banknote security
paper, blank coins
Subject has
been appointed as
sole agent in
Thailand of the
following companies:
- Giesecke & Devrient
GmbH, Germany [Cash
Processing System]
- Reis Eurosystems GmbH,
Germany [Coin Processing
System]
- Universal Machine Company,
U. S. A. [High Speed
Coin Counting System]
- Schuler Pressen GmbH
& Co. KG,
Germany [Coin Producing
Machinery]
Subject also provides consulting & design for Cash & Coin Management System, Inspection System, Banknote/coin Counting and Sorting System, Packaging System including Machine for Coin Production, as well as maintenance and installation services.
Subject has also
been appointed as
representative from leading
Mint as follows:
- Austrian Mint Corporation,
Vienna, Austria
- Royal Canadian Mint,
Ottawa, Canada
IMPORT [COUNTRIES]
90% of the
products is imported
from Germany, Italy,
Republic of China,
Korea and
United States of America,
the remaining 10%
is purchased from
local suppliers.
MAJOR SUPPLIERS
Giesecke & Devrient Gmbh :
Germany
Reis Eurosystems Gmbh :
Germany
Universal Machine Co.,
Ltd. :
U.S.A.
Schuler Pressen Gmbh
& Co KG
:
Germany
Magner Corporation :
U.S.A.
SALES [LOCAL]
The products are
sold to Thai
Government and general
banks.
EXPORT
Some of the
products are exported
to Laos and
Malaysia.
MAJOR CUSTOMERS
|
Name |
Country |
|
Bank of Thailand |
Thailand |
|
The Treasury Department |
Thailand |
|
Krung Thai Bank
Public Co., Ltd. |
Thailand |
|
Siam Commercial Bank
Public Co., Ltd. |
Thailand |
|
Kasikornbank Public Co.,
Ltd. |
Thailand |
|
Central Treasury Division |
Thailand |
|
Bangkok Transit System |
Thailand |
|
Securicor [Thailand] Ltd. |
Thailand |
|
TOT Corporation Public
Co., Ltd. |
Thailand |
|
True Corporation Public
Co., Ltd. |
Thailand |
|
CAT Telecom Public
Co., Ltd. |
Thailand |
|
The Revenue Department |
Thailand |
|
Bank of The
Laos PDR. |
Laos |
|
TMB Bank Public
Co., Ltd. |
Thailand |
|
Citibank N.A. |
Thailand |
|
Thanachart Bank Public
Co., Ltd. |
Thailand |
|
Bangkok Metro Public
Co., Ltd. |
Thailand |
|
The Hong Kong
and Shanghai Banking Corporation |
Thailand |
|
GMM Grammy Public
Co., Ltd. |
Thailand |
|
CP All Public
Company Limited |
Thailand |
|
S & P Syndicate Public
Company Limited |
Thailand |
|
Sun 108 Ltd. |
Thailand |
|
PTT Public Company
Limited |
Thailand |
|
PTG Energy Public
Company Limited |
Thailand |
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
LITIGATION
Bankruptcy and
Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Selling terms are
by cash or
on the credits
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
and T/T.
Exports are against
T/T.
BANKING
Krung Thai Bank
Public Co., Ltd. :
[Samyod Branch]
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
84 staff. [office
and sales staff]
LOCATION DETAILS
The premise is rented for administrative an
office at the
heading address. Premise
is in commercial/residential area.
Branch office is
located at 108/126
Moo 4, Chalermprakiat Road,
T. Naimuang,
A. Muang, Khon Kaen
40000.
COMMENT
The company’s products are sold to the government enterprises such as Treasury Department,
commercial banks, private
and public companies
both local and
neighbouring countries in Laos
and Malaysia. The
subject’s business is
solid and growing
continuously in line
with the demand
of the products
from financial industries.
Subject is doing
good business and
remains profitable.
FINANCIAL
INFORMATION
The capital was
initially registered at
Bht. 5,000,000 divided into
50,000 shares of
Bht. 100 each.
On September 12,
2008, the capital was increased to
Bht. 10,000,000 divided into
100,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at April
30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chatchawan
Laohathai Nationality: Thai Address : 1472-1478/1-4 Songwad
Rd., Samphantawong, Bangkok |
96,900 |
96.90 |
|
Ms. Kingkarn
Laohathai Nationality: Thai Address : 1/12 Sukhumvit 39 Rd.,
Klongton, Klongtoey, Bangkok |
500 |
0.50 |
|
Mrs. Busarin Pattanachai Nationality: Thai Address : 1/12 Srisamutr Rd.,
T. Paknam, A.
Muang,
Samputprakarn |
500 |
0.50 |
|
Mr. Kris Norphong Nationality: Thai Address : 111/1
Rangnam Rd., Thanonphyathai,
Rajthevee, Bangkok |
500 |
0.50 |
|
Mrs. Busakorn Leelahatorn Nationality: Thai Address : 85/3 Dindaeng Rd.,
Samsennai, Phyathai,
Bangkok |
500 |
0.50 |
|
Ms. Yuwadee Leelahatorn Nationality: Thai Address : 85/3 Dindaeng Rd.,
Samsennai, Phyathai, Bangkok |
500 |
0.50 |
|
|
|
|
|
Mr. Vichai Prasertsri Nationality: Thai Address : 236
Krungthep-Nonthaburi Rd., Bangsue,
Bangkok |
300 |
0.30 |
|
Ms. Mayuree Patimapornthep Nationality: Thai Address : 232/110
Moo 6, T. Naimuang, A.
Muang, Khon Kaen |
300 |
0.30 |
Total Shareholders : 8
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
100,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
100,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Suchada Chawananont No.
2883
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December
31, 2013, 2012 & 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
7,430,677.65 |
6,116,195.99 |
5,367,581.26 |
|
Short-term Investment |
3,281,738.62 |
2,833,103.84 |
1,364,240.07 |
|
Trade Accounts &
Other Receivable |
38,969,293.92 |
35,597,773.55 |
29,787,174.89 |
|
Short-term Lending |
- |
8,856,008.88 |
18,176,717.50 |
|
Inventories |
32,246,542.96 |
22,799,163.13 |
42,949,477.21 |
|
|
|
|
|
|
Total Current Assets
|
81,928,253.15 |
76,202,245.39 |
97,645,190.93 |
|
|
|
|
|
|
Fixed Assets |
39,195,377.57 |
38,748,064.09 |
21,479,973.57 |
|
Intangible Assets |
930,983.64 |
994,810.25 |
1,075,208.84 |
|
Total Assets |
122,054,614.36 |
115,945,119.73 |
120,200,373.34 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
17,417,040.01 |
19,657,546.58 |
27,493,886.26 |
|
Trade Accounts &
Other Payable |
18,132,781.38 |
28,403,074.14 |
26,320,988.76 |
|
Current Portion of
Long-term Liabilities |
1,411,306.49 |
1,189,389.52 |
582,669.50 |
|
Short-term Lending |
1,698,926.15 |
- |
- |
|
Accrued Income Tax |
4,800,927.38 |
7,437,343.15 |
436,384.28 |
|
|
|
|
|
|
Total Current Liabilities |
43,460,981.41 |
56,687,353.39 |
54,833,928.80 |
|
Long-term Loan |
3,085,306.86 |
3,253,587.58 |
1,149,808.30 |
|
Employee Benefit |
7,151,780.00 |
7,507,347.00 |
- |
|
Total Liabilities |
53,698,068.27 |
67,448,287.97 |
55,983,737.10 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 100,000 shares |
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
|
|
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning Appropriated for Statutory
Reserve |
1,000,000.00 |
1,000,000.00 |
- |
|
Unappropriated |
57,356,546.09 |
37,496,831.76 |
54,216,636.24 |
|
Total Shareholders' Equity |
68,256,546.09 |
48,496,831.76 |
64,216,636.24 |
|
Total Liabilities & Shareholders' Equity |
122,054,614.36 |
115,945,119.73 |
120,200,373.34 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales & Services Income |
239,051,004.24 |
230,178,300.82 |
114,886,677.21 |
|
Other Income |
9,440,687.17 |
7,514,916.12 |
3,708,250.83 |
|
Total Revenues |
248,491,691.41 |
237,693,216.94 |
118,594,928.04 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
115,444,768.76 |
130,205,817.77 |
62,568,471.08 |
|
Selling Expenses |
26,627,649.32 |
26,342,653.67 |
22,802,651.65 |
|
Administrative Expenses |
48,364,588.74 |
43,700,272.43 |
23,447,145.98 |
|
Total Expenses |
190,437,006.82 |
200,248,743.87 |
108,818,268.71 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
58,054,684.59 |
37,444,473.07 |
9,776,659.33 |
|
Financial Cost |
[2,834,506.21] |
[2,078,236.60] |
[2,066,604.87] |
|
Profit before Income
Tax |
55,220,178.38 |
35,366,236.47 |
7,710,054.46 |
|
Income Tax |
[11,360,464.05] |
[11,086,040.95] |
[2,476,945.17] |
|
|
|
|
|
|
Net Profit / [Loss] |
43,859,714.33 |
24,280,195.52 |
5,233,109.29 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.89 |
1.34 |
1.78 |
|
QUICK RATIO |
TIMES |
1.14 |
0.94 |
1.00 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.10 |
5.94 |
5.35 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.96 |
1.99 |
0.96 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
101.95 |
63.91 |
250.55 |
|
INVENTORY TURNOVER |
TIMES |
3.58 |
5.71 |
1.46 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
59.50 |
56.45 |
94.64 |
|
RECEIVABLES TURNOVER |
TIMES |
6.13 |
6.47 |
3.86 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
57.33 |
79.62 |
153.55 |
|
CASH CONVERSION CYCLE |
DAYS |
104.12 |
40.74 |
191.64 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
48.29 |
56.57 |
54.46 |
|
SELLING & ADMINISTRATION |
% |
31.37 |
30.43 |
40.26 |
|
INTEREST |
% |
1.19 |
0.90 |
1.80 |
|
GROSS PROFIT MARGIN |
% |
55.66 |
46.70 |
48.77 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
24.29 |
16.27 |
8.51 |
|
NET PROFIT MARGIN |
% |
18.35 |
10.55 |
4.56 |
|
RETURN ON EQUITY |
% |
64.16 |
50.07 |
8.15 |
|
RETURN ON ASSET |
% |
35.93 |
20.94 |
4.35 |
|
EARNING PER SHARE |
BAHT |
438.60 |
242.80 |
52.33 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.44 |
0.58 |
0.47 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.79 |
1.39 |
0.87 |
|
TIME INTEREST EARNED |
TIMES |
20.48 |
18.02 |
4.73 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
3.85 |
100.35 |
|
|
OPERATING PROFIT |
% |
55.04 |
283.00 |
|
|
NET PROFIT |
% |
80.64 |
363.97 |
|
|
FIXED ASSETS |
% |
1.15 |
80.39 |
|
|
TOTAL ASSETS |
% |
5.27 |
(3.54) |
|
ANNUAL GROWTH : EXCELLENT
An annual sales growth is 3.85%. Turnover has increased from THB
230,178,300.82 in 2012 to THB 239,051,004.24 in 2013. While net profit has
increased from THB 24,280,195.52 in 2012 to THB 43,859,714.33 in 2013. And total
assets has increased from THB 115,945,119.73 in 2012 to THB 122,054,614.36 in
2013.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
55.66 |
Satisfactory |
Industrial
Average |
62.77 |
|
Net Profit Margin |
18.35 |
Impressive |
Industrial
Average |
4.37 |
|
Return on Assets |
35.93 |
Impressive |
Industrial
Average |
6.92 |
|
Return on Equity |
64.16 |
Impressive |
Industrial
Average |
15.73 |
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 55.66%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have problems with control over its costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. Net Profit Margin ratio is 18.35%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant
position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
35.93%, 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 64.16%, 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 |
1.89 |
Impressive |
Industrial
Average |
1.72 |
|
Quick Ratio |
1.14 |
|
|
|
|
Cash Conversion Cycle |
104.12 |
|
|
|
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 1.89 times in 2013, increase from 1.34 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 1.14 times in 2013,
increase from 0.94 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 105 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.44 |
Impressive |
Industrial
Average |
0.54 |
|
Debt to Equity Ratio |
0.79 |
Impressive |
Industrial
Average |
1.16 |
|
Times Interest Earned |
20.48 |
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 20.49 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 0.44 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.10 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.96 |
Impressive |
Industrial
Average |
1.58 |
|
Inventory Conversion Period |
101.95 |
|
|
|
|
Inventory Turnover |
3.58 |
Impressive |
Industrial
Average |
3.01 |
|
Receivables Conversion Period |
59.50 |
|
|
|
|
Receivables Turnover |
6.13 |
Impressive |
Industrial
Average |
4.26 |
|
Payables Conversion Period |
57.33 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.13 and 6.47 in
2013 and 2012 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 2013
decreased from 2012. 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 64 days at the
end of 2012 to 102 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 5.71 times in year 2012 to 3.58 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.96 times and 1.99
times in 2013 and 2012 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.62.14 |
|
UK Pound |
1 |
Rs.94.79 |
|
Euro |
1 |
Rs.70.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MNL |
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.