MIRA INFORM REPORT
|
Report No. : |
329436 |
|
Report Date : |
01.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
DAILY FOODS CO., LTD. |
|
|
|
|
Registered Office : |
D.F.
Building, 76 Rimklongsaensab Road, Bangkapi, Huaykwang,
Bangkok 10310 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
05.06.1972 |
|
|
|
|
Com. Reg. No.: |
0105515003453 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and distributor
wide range of
food and beverage
products, which can be
divided into 6
main products as
follows:
|
|
|
|
|
No. of Employee : |
400 |
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 : |
Slow but correct |
|
|
|
|
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 |
B2 |
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, generally pro-investment policies, and strong export industries, Thailand has historically had a strong economy due in part to 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 4 million migrant workers from neighboring countries, and faces labor shortages. Following the May 2014 coup d’�tat, tourism decreased 6-7% but is beginning to recover. The household debt to GDP ratio is over 80%. The Thai government in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners. The Thai baht has remained stable.
|
Source
: CIA |
Company
name
DAILY FOODS CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : D.F.
BUILDING, 76 RIMKLONGSAENSAB ROAD,
BANGKAPI, HUAYKWANG,
BANGKOK 10310,
THAILAND
TELEPHONE : [66] 2716-8070
FAX :
[66] 2716-8087-8
E-MAIL
ADDRESS : info@dailyfoods.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1972
REGISTRATION
NO. : 0105515003453
TAX
ID NO. : 3101014181
CAPITAL REGISTERED : BHT. 200,000,000
CAPITAL PAID-UP : BHT.
200,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
VORAWAT PATIMAVIRUJ, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 400
LINES
OF BUSINESS : FOOD
PRODUCTS
MANUFACTURER, IMPORTER,
DISTRIBUTOR
AND EXPORTER
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on June
5, 1972 as
a private limited
company under the name
style DAILY FOODS
CO., LTD., by
Thai group, the
Patimaviruj family, with
the initial business
objective to manufacture a
re-combined butter named “Dannie”. Later,
the products was
expanded to other,
the “Jumbo A” 100% of
natural fruit juices.
At the present,
subject becomes a
manufacturer, importer, wholesaler and retailer
wide range of
food products to
both domestic and
international markets. It
currently employs approximately
400 staff.
The subject’s registered
address is D.F.
Building, 76 Rimklongsaensab Rd.,
Bangkapi, Huaykwang, Bangkok
10310, and this
is the company’s current
operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vorawat Patimaviruj |
|
Thai |
80 |
|
Mrs. Patima Patimaviruj |
|
Thai |
68 |
|
Mr. Ithipol Patimaviruj |
[x] |
Thai |
46 |
|
Mr. Patiwat Patimaviruj |
[x] |
Thai |
40 |
AUTHORIZED
PERSON
Only Mr. Vorawat Patimaviruj can
sign or both of
the mentioned directors
[x] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Vorawat Patimaviruj
is the Managing Director.
He is Thai
nationality with the
age of 80
years old.
Mr. Patiwat Patimaviruj
is the Deputy
Managing Director & Factory Manager.
He is Thai
nationality with the
age of 40
years old.
Mr. Ithipol Patimaviruj
is the General
Manager.
He is Thai
nationality with the
age of 46
years old.
Mrs. Patima Patimaviruj
is the Deputy
Managing Director & Account Manager.
She is Thai
nationality with the
age of 68
years old.
BUSINESS
OPERATIONS
The subject’s activities are
manufacturer and distributor
wide range of
food and beverage products, which
can be divided into
6 main products
as follows:
- “PALACE”
& “SUNBIRD” brands of
sweetened condensed milk
products
- “S I S”
brand of canned
food products, such
as pizza/pasta sauce
base, tomato paste,
whole kernel corn,
cream style corn,
whole peeled tomatoes
in tomato juice,
water chestnuts in
brine, red kidney
bean, garden peas,
stuffed olives, mango
chutney, cocktail onion,
red pimentos and
capper in vinegar
- “DAILY FOODS’
brand of grenadine syrup,
lime cordial, lemon
squash, pancake syrup,
orange squash and
honey syrup
- “DANNIE” brand
of butter and
cheese
- “JUMBO
A” brand of
fruit juice
- Food wrapping
products and doily
paper
The subject also
imports and distributes
various kinds of
frozen food products,
such as frozen half
shell mussels , frozen French fries
, frozen garden peas
and mixed vegetable
under the brand
“TALLEY”, and olive
oil under the
brand “GIRALDA”.
IMPORT
[COUNTRIES]
80% of raw
materials and finished
products such as
butter oil, cheese
& concentrate [flavor]
are imported from United
States of America,
Republic of China,
Denmark, Australia, Italy,
New Zealand, Germany, United
Kingdom and Spain.
MAJOR
SUPPLIERS
Talley’s Group Limited : New
Zealand
Mozzarella Company : Denmark
SALES
The products are
supplied to hotel,
restaurant, supermarket, food
service center, bakery,
airlines and catering
businesses. 80% of
the products is
sold locally, and
the remaining 20% is exported to Hong Kong, Japan, Korea, Republic
of China, Malaysia,
Philippines, Indonesia, Taiwan,
Singapore, Laos, Vietnam,
India, Pakistan, Myanmar,
Cambodia and United
States of America.
SUBSIDIARIES
& AFFILIATED COMPANIES
|
Company |
Country |
Line of
Business |
|
|
|
|
|
Silver Mark Co., Ltd. |
Thailand |
Local sales office for
other food items |
|
Siam Merchandise LP |
Thailand |
Importer of raw materials
& machineries |
|
Daily Plus Co., Ltd. |
Thailand |
Local sales office
for Tetra-Pak Juice |
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 on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
The Siam Commercial
Bank Public Co., Ltd.
[Head Office
: 9 Ratchadapisek
Road, Ladyao, Jatujak,
Bangkok]
Bangkok Bank Public
Co., Ltd.
[Bangkapi Branch :
Sukhumvit Rd., Klongtonnua,
Wattana, Bangkok]
United Overseas Bank
[Thai] Public Co.,
Ltd.
[Head
office : 191 South
Sathorn Rd., Sathorn,
Bangkok]
Kasikornbank Public Co.,
Ltd.
[Head Office :
1 kasikorn Lane,
Rajburana Road, Rajburana,
Bangkok]
EMPLOYMENT
The subject employs
approximately 400 office
staff and factory
workers.
LOCATION
DETAILS
The premise is
owned for operating
administrative office at
the heading address.
Premises is located
in commercial/residential area.
Factory I
: Bangchan Industrial Estate,
9/3 Sereethai Road,
Bungkum, Bangkok 10230,
on 9,600
sq.m. of area.
Tel : [66]
2517-1310, Fax :
[66] 2517-1311.
Factory II : 100/2 Moo
4, Sereethai Road,
Kannayao, Bungkum, Bangkok
10230.
COMMENT
The subject has been firmly established
for 41 years and
has long experience in
supplying food products to both local and overseas
markets. Demand of
canned vegetables, tomato, corn,
syrups and other customized products
have significantly grown with overwhelming from
the markets. More than
hundred items products
serve enormous groups
of customers, such as food
service sector, catering businesses, bakery industries, airlines
groups and contract
packers.
Domestic slow consumption caused by economic
sluggish has led
to slowdown the
subject’s growth in
the past two
years
FINANCIAL
INFORMATION
The capital was
registered at Bht.
2,000,000 divided into 1,000
shares of Bht.
2,000 each.
The capital was
increased later as
followings :
Bht. 3,500,000
on October 15,
1982
Bht. 15,000,000
on August 18, 1 992
Bht. 70,000,000
on July 8,
1999
Bht. 120,000,000 on
September 11, 2003
Bht. 200,000,000 on
November 18, 2005
The latest registered capital was
increased to Bht. 200,000,000 divided into 100,000
shares of Bht. 2,000
each with fully
paid.
MAIN
SHAREHOLDERS
[as at April
30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Patiwat Patimaviruj Nationality: Thai Address : 1/1-2
Sukhumvit 43 Rd.,
Klongtonnua, Wattana, Bangkok |
51,400 |
51.40 |
|
Mr. Ithipol Patimaviruj Nationality: Thai Address : 1/1-2
Sukhumvit 43 Rd.,
Klongtonnua, Wattana, Bangkok |
41,200 |
41.20 |
|
Mrs. Patima Patimaviruj Nationality: Thai Address : 1/1-2
Sukhumvit 43 Rd.,
Klongtonnua,
Wattana, Bangkok |
6,900 |
6.90 |
|
Ms. Booonthrik Patimaviruj Nationality: Thai Address : 236
Charoenveang Rd., Silom,
Bangrak, Bangkok |
100 |
0.10 |
|
Ms. Kasama Patimaviruj Nationality: Thai Address : 236
Charoenveang Rd., Silom,
Bangrak, Bangkok |
100 |
0.10 |
|
Other Shareholders |
300 |
0.30 |
Total Shareholders : 12
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
12 |
100,000 |
100.00 |
|
Foreigner |
- |
- |
- |
|
Total |
12 |
100,000 |
100.00 |
NAME
OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Sawat Mekha-apirak No. 4262
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 |
4,305,100.52 |
2,364,258.42 |
939,172.04 |
|
Trade Accounts & Notes
Receivable |
315,259,665.57 |
161,995,050.73 |
149,017,848.05 |
|
Inventories |
287,447,245.51 |
360,836,967.54 |
378,524,268.75 |
|
Other Current Assets
|
47,323,918.09 |
82,307,393.96 |
75,285,347.45 |
|
Total Current Assets
|
654,335,929.69 |
607,503,670.65 |
603,766,636.29 |
|
Long-term Investment |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
Fixed Assets |
243,264,200.82 |
232,899,210.38 |
281,782,512.42 |
|
Other Non-current Assets |
3,224,224.12 |
3,197,340.86 |
3,197,340.86 |
|
Total Assets |
903,824,354.63 |
846,600,221.89 |
891,746,489.57 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
302,214,762.16 |
339,511,098.69 |
360,028,988.11 |
|
Trade Accounts & Notes
Payable |
299,842,079.06 |
210,701,417.63 |
239,922,450.20 |
|
Current Portion of
Financial Lease Contract Liabilities |
- |
3,297,441.48 |
864,000.00 |
|
Accrued Income Tax |
544,371.60 |
249,327.17 |
1,289,626.96 |
|
Other Current Liabilities |
7,784,274.65 |
7,486,248.44 |
7,028,290.59 |
|
Total Current Liabilities |
610,385,487.47 |
561,245,533.41 |
609,133,355.86 |
|
|
|
|
|
|
Financial Lease Contract Liabilities, Net of
Current Portion |
- |
- |
3,252,631.36 |
|
Total Liabilities |
610,385,487.47 |
561,245,533.41 |
612,385,987.22 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 2,000
par value authorized, issued
and fully paid share
capital 100,000 shares |
200,000,000.00 |
200,000,000.00 |
200,000,000.00 |
|
Capital Paid |
200,000,000.00 |
200,000,000.00 |
200,000,000.00 |
|
Retained Earning -
Unappropriated |
93,438,867.16 |
85,354,688.48 |
79,360,502.35 |
|
Total Shareholders' Equity |
293,438,867.16 |
285,354,688.48 |
279,360,502.35 |
|
Total Liabilities &
Shareholders' Equity |
903,824,354.63 |
846,600,221.89 |
891,746,489.57 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
1,454,818,898.15 |
1,479,163,088.18 |
1,836,695,740.99 |
|
Other Income |
11,080,400.07 |
7,537,463.10 |
16,669,825.58 |
|
Total Revenues |
1,465,899,298.22 |
1,486,700,551.28 |
1,853,365,566.57 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,384,572,928.39 |
1,397,234,434.48 |
1,774,109,801.75 |
|
Selling Expenses |
20,397,919.14 |
28,292,222.18 |
14,380,198.50 |
|
Administrative Expenses |
34,713,861.98 |
34,769,231.54 |
37,923,553.74 |
|
Total Expenses |
1,439,684,709.51 |
1,460,295,888.20 |
1,826,413,553.99 |
|
Profit / [Loss] before Financial Cost & Income Tax |
26,214,588.70 |
26,404,663.08 |
26,952,012.58 |
|
Financial Cost |
[16,275,894.48] |
[18,130,124.33] |
[19,422,239.21] |
|
Income Tax |
[1,854,515.54] |
[2,280,352.62] |
[3,723,396.94] |
|
Net Profit / [Loss] |
8,084,178.69 |
5,994,186.13 |
3,806,376.43 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.07 |
1.08 |
0.99 |
|
QUICK RATIO |
TIMES |
0.52 |
0.29 |
0.25 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.98 |
6.35 |
6.52 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.61 |
1.75 |
2.06 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
75.78 |
94.26 |
77.88 |
|
INVENTORY TURNOVER |
TIMES |
4.82 |
3.87 |
4.69 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
79.10 |
39.97 |
29.61 |
|
RECEIVABLES TURNOVER |
TIMES |
4.61 |
9.13 |
12.33 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
79.04 |
55.04 |
49.36 |
|
CASH CONVERSION CYCLE |
DAYS |
75.83 |
79.19 |
58.13 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
95.17 |
94.46 |
96.59 |
|
SELLING & ADMINISTRATION |
% |
3.79 |
4.26 |
2.85 |
|
INTEREST |
% |
1.12 |
1.23 |
1.06 |
|
GROSS PROFIT MARGIN |
% |
5.59 |
6.05 |
4.32 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.80 |
1.79 |
1.47 |
|
NET PROFIT MARGIN |
% |
0.56 |
0.41 |
0.21 |
|
RETURN ON EQUITY |
% |
2.75 |
2.10 |
1.36 |
|
RETURN ON ASSET |
% |
0.89 |
0.71 |
0.43 |
|
EARNING PER SHARE |
BAHT |
80.84 |
59.94 |
38.06 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.68 |
0.66 |
0.69 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.08 |
1.97 |
2.19 |
|
TIME INTEREST EARNED |
TIMES |
1.61 |
1.46 |
1.39 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(1.65) |
(19.47) |
|
|
OPERATING PROFIT |
% |
(0.72) |
(2.03) |
|
|
NET PROFIT |
% |
34.87 |
57.48 |
|
|
FIXED ASSETS |
% |
4.45 |
(17.35) |
|
|
TOTAL ASSETS |
% |
6.76 |
(5.06) |
|
ANNUAL
GROWTH : SATISFACTORY
An annual sales growth is -1.65%. Turnover has decreased from THB 1,479,163,088.18
in 2013 to THB 1,454,818,898.15 in 2014. While net profit has increased from
THB 5,994,186.13 in 2013 to THB 8,084,178.69 in 2014. And total assets has
increased from THB 846,600,221.89 in 2013 to THB 903,824,354.63 in 2014.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.59 |
Impressive |
Industrial
Average |
1.42 |
|
Net Profit Margin |
0.56 |
Deteriorated |
Industrial
Average |
3.38 |
|
Return on Assets |
0.89 |
Deteriorated |
Industrial
Average |
10.01 |
|
Return on Equity |
2.75 |
Deteriorated |
Industrial
Average |
40.89 |
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 5.59%. When compared with the industry
average, the ratio of the company was higher, indicated that company was more
profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 0.56%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the
company's figure is 0.89%.
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 2.75%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.07 |
Satisfactory |
Industrial
Average |
1.10 |
|
Quick Ratio |
0.52 |
|
|
|
|
Cash Conversion Cycle |
75.83 |
|
|
|
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 1.07 times in 2014, decreased from 1.08 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 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 0.52 times in 2014,
increased from 0.29 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 76 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.68 |
Impressive |
Industrial
Average |
0.71 |
|
Debt to Equity Ratio |
2.08 |
Acceptable |
Industrial
Average |
2.51 |
|
Times Interest Earned |
1.61 |
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 higher the percentage means that the company is using
less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 1.62 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
5.98 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.61 |
Acceptable |
Industrial
Average |
2.88 |
|
Inventory Conversion Period |
75.78 |
|
|
|
|
Inventory Turnover |
4.82 |
Acceptable |
Industrial
Average |
8.23 |
|
Receivables Conversion Period |
79.10 |
|
|
|
|
Receivables Turnover |
4.61 |
Acceptable |
Industrial
Average |
7.67 |
|
Payables Conversion Period |
79.04 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.61 and 9.13 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
decreased from 2013. 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 decreased from 94 days at the
end of 2013 to 76 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 3.87 times in year 2013 to 4.82 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.61 times and 1.75
times in 2014 and 2013 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.75 |
|
|
1 |
Rs.100.12 |
|
Euro |
1 |
Rs.71.20 |
INFORMATION DETAILS
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
ANK |
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.