MIRA INFORM REPORT
|
Report No. : |
301404 |
|
Report Date : |
06.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
THAI STANLEY ELECTRIC PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
29/3
Moo 1, Bangpoon-Rungsit Road, T. Bangklang, A. MUANG,
Pathumthanee 12000, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
30.05.1980 |
|
|
|
|
Com. Reg. No.: |
0107536000765 |
|
|
|
|
Legal Form : |
Public
Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in manufacturing service
of lighting products
for automotive and motorcycle industries,
as well as
importing and distributing
“RAYBRIG” lighting bulbs
and lamps |
|
|
|
|
No. of Employees : |
3,100 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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
THAI
STANLEY ELECTRIC PUBLIC
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 29/3
MOO 1, BANGPOON-RUNGSIT ROAD,
T.
BANGKLANG, A. MUANG,
PATHUMTHANEE 12000,
THAILAND
TELEPHONE : [66] 2581-5462
FAX :
[66] 2581-5397
E-MAIL
ADDRESS : webmaster@thaistanley.com
info@thaistanley.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1980
REGISTRATION
NO. : 0107536000765 [former : 0105523009325]
TAX
ID NO. : 3101157543
CAPITAL REGISTERED : BHT. 383,125,000
CAPITAL PAID-UP : BHT.
383,125,000
SHAREHOLDER’S PROPORTION : -
FISCAL YEAR CLOSING DATE : MARCH 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. KOICHI NAGANO,
JAPANESE
PRESIDENT
NO.
OF STAFF : 3,100
LINES
OF BUSINESS : LIGHTINGS AND
RELATED ACCESSORIES
MANUFACTURER, IMPORTER,
DISTRIBUTOR
AND 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 May 30,
1980 originally as
a private limited
company under the
registered name “Thai Stanley
Electric Co., Ltd.”, by
Thai and Japanese
groups. On May
10, 1991, the
subject was listed
on the Stock
Exchange of Thailand [SET] under
symbol name “STANLY”. On July 26,
1993, its status
was converted to
a public limited
company under the name
THAI STANLEY ELECTRIC
PUBLIC COMPANY LIMITED.
Its business objective is to manufacture,
import and distribute
lightings and related
accessories for automotive
industry to both local
and international. It
currently employs approximately
3,100 staff.
The
subject’s registered address
is 29/3 Moo
1, Bangpoon-Rungsit Road,
T. Banklang, A. Muang, Pathumthanee
12000, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Apichart Leeissaranukul |
[x] |
Thai |
52 |
|
Mr. Thanong Leeissaranukul |
[x] |
Thai |
55 |
|
Mrs. Pimjai Laochinda |
|
Thai |
54 |
|
Mrs. Porntip Sethiwan |
|
Thai |
48 |
|
Mr. Krisada Visavateeranon |
|
Thai |
65 |
|
Mr. Chokechai Tanpoonsinthana |
|
Thai |
67 |
|
Mr. Koichi Nagano |
[-] |
Japanese |
55 |
|
Mr. Suchart Phisitvanich |
|
Thai |
69 |
|
Mr. Picharn Sukparangsee |
|
Thai |
54 |
|
Mr. Toru Tanabe |
|
Japanese |
56 |
|
Mr. Katsumi Sumiya |
[-] |
Japanese |
56 |
|
Mr. Katsutoshi Lino |
|
Japanese |
54 |
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. Koichi Nagano is
the President.
He is Japanese
nationality with the
age of 55
years old.
Mr. Katsumi Sumiya is
the Managing Director.
He is Japanese
nationality with the
age of 56
years old.
Mr. Nobuhiro Takahashi is
the G.M. [Plant & Production].
He is Japanese
nationality.
Mr. Masashi Ishii is
the G.M. [Sales & Marketing].
He is Japanese
nationality.
Mr. Koji Kobayashi is
the G.M. [Research &
Development].
He is Japanese
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing service of
lighting products for
automotive and motorcycle
industries, as well
as importing and
distributing “RAYBRIG” lighting
bulbs and lamps
from Japan.
PURCHASE
Most of raw materials
and accessories, including
lighting bulb, lamp
and lighting molds
are purchased from local
suppliers, the remaining is
imported from Japan, Republic of China, Taiwan and
Germany, while “RAYBRIG”
lighting products is
imported from Japan.
MAJOR
SUPPLIER
Stanley
Electric Co., Ltd. : Japan
SALES
The products are
supplied to the leading Japanese
automotive assemblers, such
as “HONDA”, “TOYOTA”,
“MITSUBISHI”, “NISSAN” and
“ISUZU”, as well as
for motorcycle assemblers
under the name
“HONDA”, “SUZUKI”, and
“YAMAHA”, which 80% is sold
locally, and the
remaining 20% is exported
to Japan, Malaysia,
Indonesia and Europe.
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
Sales and services
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 against
T/T
BANKING
Bangkok
Bank Public Co.,
Ltd.
Sumitomo
Mitsui Banking Corporation
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
approximately 3,100 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office, factory
and warehouse at
the heading address.
Premise is located
in provincial.
COMMENT
In 2013, Thailand has been
adversely affected by
ongoing political turmoil
and at the same
time its economy
also experienced some
downturns growth, which is
reflected in lower annual
growth forecasted by
public and private
sector. Despite some economic
recovery signs from
the US and Europe, as
a result of
series of quantitative easing monetary
policy, the US
and Europe’s growth
is still fragile
with a risk
of high volatility. These factors
have an unavoidable
effect on its
company’s performance.
In 2014 the
automotive and related industries were
still likely to
be under the
same domestic and external
factors. The company
has closely monitored the impacts
from the US economy, the
ongoing financial crisis in Europe and the recent economic slowdown in
China.
Domestically, the prolonged
political uncertainty could
also affect the
continuity of the government’s economic
stimulus policy. It could also undermine Thailand’s trading
partners’ confidence. For these
reasons, this year
seems to be another challenging
year for the
company. To maintain its
performance, the company
has put “Customer Satisfaction”
as the key performance
indicator.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 274,500,000
divided into 54,900,000
shares of Bht.
5 each with
fully paid.
On
June 30, 1995,
the registered capital
was increased to
Bht. 383,125,000 divided
into 76,625,000 shares
of Bht. 5 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at July
15, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Stanley Electric Holding
Asia-Pacific Pte. Ltd. Nationality: Singaporean |
22,950,000 |
29.96 |
|
Mrs. Poradee Leeissaranukul Nationality: Thai |
7,695,876 |
10.04 |
|
Mr. Apichart Leeissaranukul Nationality: Thai |
4,500,000 |
5.87 |
|
Mr. Thanong Leeissaranukul Nationality: Thai |
3,208,920 |
4.19 |
|
Thai NVDR Co.,
Ltd. Nationality: Thai |
2,576,280 |
3.36 |
|
Sittipol 1919 Co.,
Ltd. Nationality: Thai |
2,556,074 |
3.34 |
|
BNP Paribas Securities
Services, London Branch Nationality: British |
2,460,500 |
3.21 |
|
Mrs. Pimjai Laochinda Nationality: Thai |
2,170,670 |
2.83 |
|
Mrs. Porntip Sethiwan Nationality: Thai |
2,162,670 |
2.82 |
|
The Hong Kong
and Shanghai Banking
Corporation Limited,
Fund Services Department Nationality: Chinese |
1,970,600 |
2.57 |
|
AIA Company Limited-AIA
D-Plus Nationality: Chinese |
1,540,000 |
2.01 |
|
Other Shareholders |
22,833,410 |
29.80 |
Total Shareholders :
1,674
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Unakorn Pruthithada No.
3257
BALANCE
SHEET [BAHT]
The latest financial figures published
as at March
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and cash equivalents |
2,667,174,874 |
1,706,831,055 |
1,707,851,632 |
|
Short-term investments held
to maturity |
159,913,041 |
109,704,902 |
198,849,700 |
|
Trade and other
receivable |
1,663,301,873 |
2,034,445,035 |
1,546,358,261 |
|
Inventories |
729,396,333 |
844,326,647 |
848,394,251 |
|
Corporate income tax refundable |
35,804,368 |
35,804,368 |
35,804,368 |
|
Other current assets
|
6,379,943 |
7,224,223 |
11,523,481 |
|
|
|
|
|
|
Total Current Assets
|
5,261,970,432 |
4,738,336,230 |
4,348,781,693 |
|
|
|
|
|
|
Investments in associates |
57,176,689 |
57,176,689 |
57,176,689 |
|
Long-term investments |
137,939,738 |
139,859,738 |
146,267,138 |
|
Property, plant and equipment |
5,975,283,867 |
5,905,057,348 |
4,574,302,530 |
|
Intangible assets |
508,440,679 |
465,263,346 |
437,255,701 |
|
Deferred tax assets |
63,112,307 |
57,343,073 |
- |
|
Other non - current assets |
20,879,000 |
19,840,167 |
100,051,417 |
|
Total Assets |
12,024,802,712 |
11,382,876,591 |
9,663,835,168 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade accounts payable - other
companies |
460,246,711 |
564,389,044 |
497,327,992 |
|
- Related
parties |
232,632,274 |
300,625,020 |
156,621,051 |
|
Other accounts payable
- other
companies |
281,971,092 |
235,633,141 |
321,752,198 |
|
- Related
parties |
113,384,709 |
130,841,491 |
186,129,113 |
|
Accrued income tax |
160,083,089 |
234,080,227 |
- |
|
Advances received from customers |
12,084,984 |
38,639,703 |
62,278,044 |
|
Accrued expenses |
223,880,906 |
246,249,796 |
192,185,048 |
|
|
|
|
|
|
Total Current Liabilities |
1,484,283,765 |
1,750,458,422 |
1,416,293,446 |
|
|
|
|
|
|
Provision for post-employment
benefits |
144,191,620 |
131,762,100 |
111,670,710 |
|
Total Liabilities |
1,628,475,385 |
1,882,220,522 |
1,527,964,156 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share capital |
|
|
|
|
Authorised share capital 76,625,000 ordinary shares par value of Baht
5 each |
383,125,000 |
383,125,000 |
383,125,000 |
|
Issued and paid-up share capital |
|
|
|
|
76,625,000 ordinary shares
par value of Baht 5 each
|
383,125,000 |
383,125,000 |
383,125,000 |
|
Premium on share capital |
504,250,000 |
504,250,000 |
504,250,000 |
|
Retained earnings: Appropriated for statutory
reserve |
38,312,500 |
38,312,500 |
38,312,500 |
|
Unappropriated |
9,468,671,827 |
8,571,464,569 |
7,205,963,512 |
|
Other components of equity |
1,968,000 |
3,504,000 |
4,220,000 |
|
Total shareholders' equity |
10,396,327,327 |
9,500,656,069 |
8,135,871,012 |
|
Total Liabilities & Shareholders' Equity |
12,024,802,712 |
11,382,876,591 |
9,663,835,168 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales |
10,268,617,013 |
11,334,990,293 |
7,800,988,244 |
|
Cost of sales |
[8,080,349,585] |
[8,796,587,934] |
[6,477,658,518] |
|
Gross profit |
2,188,267,155 |
2,538,402,359 |
1,323,329,726 |
|
Other income |
|
|
|
|
- Dividend
income |
80,912,001 |
69,210,225 |
104,596,785 |
|
- Gain
on exchange rates |
7,022,465 |
20,550,869 |
19,003,330 |
|
- Others |
310,381,989 |
201,943,324 |
222,188,418 |
|
Profit before expenses |
2,586,583,610 |
2,830,106,777 |
1,669,118,259 |
|
|
|
|
|
|
Selling expenses |
[560,443,819] |
[547,812,041] |
[402,787,251] |
|
Administrative expenses |
[270,518,488] |
[254,958,373] |
[228,739,509] |
|
Other expenses |
- |
[35,294,401] |
[162,138,468] |
|
Total Expenses |
[830,962,307] |
[838,064,815] |
[793,665,228] |
|
Profit before Income
Tax |
1,755,621,303 |
1,992,041,962 |
875,453,031 |
|
Income Tax |
[341,228,370] |
[456,127,256] |
[247,480,617] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,414,392,933 |
1,535,914,706 |
627,972,414 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.55 |
2.71 |
3.07 |
|
QUICK RATIO |
TIMES |
3.03 |
2.20 |
2.44 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.72 |
1.92 |
1.71 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.85 |
1.00 |
0.81 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
(32.95) |
(35.03) |
(47.80) |
|
INVENTORY TURNOVER |
TIMES |
(11.08) |
(10.42) |
(7.64) |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
59.12 |
65.51 |
72.35 |
|
RECEIVABLES TURNOVER |
TIMES |
6.17 |
5.57 |
5.04 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
(20.79) |
(23.42) |
(28.02) |
|
CASH CONVERSION CYCLE |
DAYS |
46.96 |
53.90 |
52.57 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
(78.69) |
(77.61) |
(83.04) |
|
SELLING & ADMINISTRATION |
% |
(8.09) |
(7.08) |
(8.10) |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
182.57 |
180.18 |
187.47 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
111.97 |
109.97 |
114.61 |
|
NET PROFIT MARGIN |
% |
13.77 |
13.55 |
8.05 |
|
RETURN ON EQUITY |
% |
13.60 |
16.17 |
7.72 |
|
RETURN ON ASSET |
% |
11.76 |
13.49 |
6.50 |
|
EARNING PER SHARE |
BAHT |
18.46 |
20.04 |
8.20 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.14 |
0.17 |
0.16 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.16 |
0.20 |
0.19 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(9.41) |
45.30 |
|
|
OPERATING PROFIT |
% |
(7.76) |
39.42 |
|
|
NET PROFIT |
% |
(7.91) |
144.58 |
|
|
FIXED ASSETS |
% |
1.19 |
29.09 |
|
|
TOTAL ASSETS |
% |
5.64 |
17.79 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -9.41%. Turnover has decreased from THB 11,334,990,293.00
in 2013 to THB 10,268,617,013.00 in 2014. While net profit has decreased from
THB 1,535,914,706.00 in 2013 to THB 1,414,392,933.00 in 2014. And total assets
has increased from THB 11,382,876,591.00 in 2013 to THB 12,024,802,712.00 in 2014.
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
182.57 |
Impressive |
Industrial
Average |
7.94 |
|
Net Profit Margin |
13.77 |
Impressive |
Industrial
Average |
8.17 |
|
Return on Assets |
11.76 |
Acceptable |
Industrial
Average |
19.81 |
|
Return on Equity |
13.60 |
Acceptable |
Industrial
Average |
27.04 |
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 182.57%.
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 13.77%, 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. When compared with the
industry average, it was lower, the
company's figure is 11.76%.
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 13.6%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
3.55 |
Impressive |
Industrial
Average |
2.56 |
|
Quick Ratio |
3.03 |
|
|
|
|
Cash Conversion Cycle |
46.96 |
|
|
|
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 3.55 times in 2014, increased from 2.71 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 3.03 times in 2014,
increased from 2.2 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 47 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.14 |
Impressive |
Industrial
Average |
0.26 |
|
Debt to Equity Ratio |
0.16 |
Impressive |
Industrial
Average |
0.35 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.14 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 :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.72 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.85 |
Deteriorated |
Industrial
Average |
2.43 |
|
Inventory Conversion Period |
(32.95) |
|
|
|
|
Inventory Turnover |
(11.08) |
Deteriorated |
Industrial
Average |
16.63 |
|
Receivables Conversion Period |
59.12 |
|
|
|
|
Receivables Turnover |
6.17 |
Acceptable |
Industrial
Average |
11.40 |
|
Payables Conversion Period |
(20.79) |
|
|
|
The company's Account Receivable Ratio is calculated as 6.17 and 5.57 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 company's Total Asset Turnover is calculated as 0.85 times and
1 time 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.63.39 |
|
|
1 |
Rs.96.85 |
|
Euro |
1 |
Rs.75.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIS |
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.