MIRA INFORM REPORT
|
Report No. : |
329441 |
|
Report Date : |
03.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
UNILEVER THAI TRADING CO., LTD. |
|
|
|
|
Registered Office : |
161 Unilever House Building, Rama 9 Road, Huaykwang,
Bangkok 10310 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
17.04.2002 |
|
|
|
|
Com. Reg. No.: |
0105548146181 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Distributor and Exporter of Foods and Consumer Products. |
|
|
|
|
No. of Employees : |
1,400 |
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, 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 and address
UNILEVER THAI TRADING CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 161
UNILEVER HOUSE BUILDING,
RAMA 9
ROAD, HUAYKWANG, BANGKOK 10310,
THAILAND
TELEPHONE : [66] 2554-2000
FAX :
[66] 2812-8375,
2512-1670, 2512-1417
E-MAIL
ADDRESS : thailand@unilever.com
sher.mazari@unilever.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION
NO. : 0105548146181
TAX
ID NO. : 3031951914
CAPITAL REGISTERED : BHT. 4,046,000,000
CAPITAL PAID-UP : BHT.
4,046,000,000
SHAREHOLDER’S PROPORTION : DUTCH :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SHER AFZAL KHAN
MAZARI, INDIAN
EXTERNAL AFFAIRS
DIRECTOR, SOUTH EAST
ASIA AND
AUSTRALASIA
NO.
OF STAFF : 1,400
LINES
OF BUSINESS : FOODS
AND CONSUMER PRODUCTS
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 initially established on
April 17, 2002 as
a private limited
company under the
name style UNILEVER
THAI TRADING CO., LTD.,
[Reg. no. 0105545041469] by Dutch
groups, with the
initial business objective
to manufacture consumer
products for local
market. It is one of the largest fast-moving consumer
goods manufacturers in Thailand.
On
November 7, 2005, there
was a merger
between the subject
and Unilever Bestfoods
[Thailand] Co., Ltd.,
[Reg. no. 0105514007846], and
become a new
company under the
original registered name
UNILEVER THAI TRADING
CO., LTD., [Reg. no. 0105548146181], with the business
objective to distribute wide
range of foods and consumer
products to both domestic and international markets. It currently employs approximately
1,400 staff.
Subject is a wholly owned
subsidiary of New Asia
B. V. in Netherlands, which
is a member
of The Unilever group
worldwide.
The subject’s registered
address was initially
11th Flr., West
Tower, 18 SCB Park
Plaza 1, Ratchadapisek Rd., Jatujak,
Bangkok 10900.
On
February 2, 2015,
the registered address
was relocated to 161 Unilever
House Building, Rama 9
Road, Huaykwang, Bangkok
10310, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Wannipa Bhakdibutr |
|
Thai |
52 |
|
Mrs. Supattra Paopiamsub : Chairman |
|
Thai |
52 |
|
Mrs. Pornthida Boonsa |
|
Thai |
48 |
|
Mr. Rob Rijnders |
|
Dutch |
47 |
|
Ms. Suthipa Panyamahasup |
|
Thai |
42 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Sher Afzal
Khan Mazari is
the External Affairs
Director, South East
Asia and Australasia.
He is Indian
nationality.
Mrs. Wannipa Bhakdibutr is
the Vice President.
She is Thai
nationality with the
age of 52
years old.
Mrs. Pornthida Boonsa is
the Vice President
[Finance].
She is Thai
nationality with the
age of 48
years old.
Mr. Rob Rijnders is
the Vice President
[Customers Development].
He is Dutch
nationality.
Dr. Viwat Krisdhasima is
the Vice President
[Supply Chain].
He is Thai
nationality.
Mr. Jiracheep Heng is
the Business Development
Manager.
He is Thai
nationality.
Ms. Pacharin Luksanaprom is
the Product Training
Support Manager.
She is Thai
nationality.
BUSINESS
OPERATIONS
The subject is
a sole distributor
and exporter a variety
of foods and
consumer products, which
can be divided
into 3 main
products categories as
follows:
1.
Home
Care Products
- detergent : “BREEZE”,
“OMO”, “ALL”
- fabric
softener : “COMFORT”
- floor
cleaner :
“VIM”, “PROMAX”
- dishwashing
liquid : “SUNLIGHT”
2.
Personal
Care Products
-
shampoo & conditioner : “SUNSILK”,
“TRESEMME”, “DOVE”, “CLEAR”,
-
toothpaste : “CLOSE-UP”
-
skin care/body lotion : “POND’S”,
“VASELINE”, “CITRA”, “LUX”
-
deodorants : “RESONA”,
“AXE”
-
health & beauty products :
“AVIANCE”
[direct sales]
- hair
care & styling products : “TONI
& GUY”
3.
Food
& Beverage Products
-
ice-cream :
“WALL’S”
- tea : “LIPTON”
-
food & seasoning : “KNORR”
-
food & ingredient : “BESTFOOD”
PURCHASE
100% of the
products is purchased
from local suppliers.
MAJOR SUPPLIER
Unilever
Thai Holding Co.,
Ltd. : Thailand
SALES [LOCAL]
Most of the
products are sold
by wholesale to
dealers and agents
nationwide.
EXPORT
Some of
the products are exported to
Cambodia, Indonesia, Singapore,
Malaysia, Vietnam, Laos, Myanmar, Australia,
New Zealand, Mongolia,
Hong Kong, Republic of
China and Philippines.
PARENT
COMPANY
NEW ASIA B.V. : Netherlands
RELATED/
ASSOCIATED COMPANIES
Unilever Thai Holding
Co., Ltd.
Business : Manufacturer of
consumer products
Unilever Thai Service
Co., Ltd.
Business : Technical, research
and development services
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 the past
two years.
CREDIT
Sales are by
cash or on
the credit term
of 30 days.
Local bills are paid
by cash or
on the credits
term of 30-60 days.
Exports are agianst
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Bank of Ayudhya
Public Co., Ltd.
Krung Thai Bank
Public Co., Ltd.
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The subject employs approximately
1,400 staff. [office
and sales staff]
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
The
subject has around 19
branches of distribution
center and warehouse
nationwide.
COMMENT
Subject
is one of
the country’s leading
in distributing of foods and
consumers products. It
has performed well
with its annual
sales more than
US 1,300 million.
UNILEVER
has been meeting
Thai consumers needs
with world - class quality
products for decades.
Thai consumers have recognized
the quality by
applaud the leadership of its brands
in the market.
Despite slow consumption
in domestic market,
subject’s business remains
solid.
FINANCIAL
INFORMATION
The
capital was initially
registered at Bht.
1,000,000 divided into
10,000 shares of
Bht. 100 each.
On
July 1, 2002, the
capital was increased
to Bht. 4,001,000,000 divided into
40,010,000 shares of
Bht. 100 each
with fully paid.
On
November 7, 2005 [after
merger] the latest
registered capital was
increased to
Bht.
4,046,000,000 divided into
40,460,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at April
28, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
New Asia B.V. Nationality: Dutch Address : 455
Veena Rd., 3013
AL Rotterdam,
Netherlands |
40,459,978 |
100.00 |
|
Thai B1 B.V. Nationality: Dutch Address : 455
Veena Rd., 3013
AL Rotterdam,
Netherlands |
11 |
- |
|
Thai B2 B.V. Address : 455
Veena Rd., 3013
AL Rotterdam,
Netherlands |
11 |
- |
Total Shareholders : 3
Share Structure [as
at April 28,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - Dutch |
3 |
40,460,000 |
100.00 |
|
Total |
3 |
40,460,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Suchitra Masena No. 8645
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
90,602,689 |
104,152,828 |
91,584,340 |
|
Trade Accounts Receivable
|
1,592,599,612 |
1,788,416,568 |
1,125,040,857 |
|
Other Receivable |
358,003,317 |
308,352,208 |
99,730,542 |
|
Inventories |
230,202,567 |
289,653,719 |
300,360,771 |
|
Derivative Assets |
54,109,324 |
337,694,379 |
11,673,961 |
|
Other Current Assets
|
72,026,597 |
40,276,996 |
229,683,026 |
|
|
|
|
|
|
Total Current Assets
|
2,397,544,106 |
2,868,546,698 |
1,858,073,497 |
|
Investment in Subsidiary |
21,147,000,000 |
21,147,000,000 |
21,147,000,000 |
|
Loan to Employee |
2,799,791 |
3,909,052 |
9,771,525 |
|
Fixed Assets |
1,558,770,302 |
1,116,137,085 |
1,045,242,388 |
|
Goodwill |
1,388,948,877 |
1,338,948,877 |
- |
|
Intangible Assets |
145,152,894 |
188,443,394 |
1,639,548,401 |
|
Deferred Income Tax Assets |
443,570,810 |
377,870,303 |
- |
|
Other Non-current Assets |
148,295,624 |
165,713,186 |
42,228,761 |
|
Total Assets |
27,232,082,404 |
27,256,568,595 |
25,741,864,572 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term
Loans from Financial Institutions |
193,087,324 |
755,000,000 |
- |
|
Trade Accounts Payable |
1,101,251,977 |
1,265,866,409 |
1,004,204,333 |
|
Other Payable |
1,278,008,461 |
1,171,908,190 |
679,845,465 |
|
Short-term Loans |
390,000,000 |
635,000,000 |
192,000,000 |
|
Current Portion of Financial Lease Current Liabilities |
- |
- |
4,555,862 |
|
Current Portion of Long-term Loans |
5,412,351,084 |
4,877,718,648 |
- |
|
Accrued Income Tax |
258,792,254 |
- |
400,598,923 |
|
Accrued Expenses |
1,650,400,035 |
1,521,636,801 |
1,806,667,833 |
|
Other Current Liabilities |
140,040,636 |
167,000,900 |
102,809,936 |
|
|
|
|
|
|
Total Current Liabilities |
10,423,931,771 |
10,394,130,948 |
4,190,682,352 |
|
|
|
|
|
|
Long-term Loan from Related Company |
- |
- |
4,556,197,858 |
|
Estimated Liabilities from
Employees’ Bonus |
55,315,401 |
64,860,191 |
59,973,827 |
|
Estimated Liabilities from
Employees’ Pension |
625,804,416 |
593,104,613 |
555,615,433 |
|
Estimated Liabilities from
Employees’ Benefits paid by Ordinary Shares |
71,141,676 |
97,595,962 |
75,311,038 |
|
Total Liabilities |
11,176,193,264 |
11,149,691,714 |
9,437,780,508 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid
share capital
40,460,000 shares |
4,046,000,000 |
4,046,000,000 |
4,046,000,000 |
|
|
|
|
|
|
Capital Paid |
4,046,000,000 |
4,046,000,000 |
4,046,000,000 |
|
Less: Deduction of
Capital due to Merger |
[22,500,000] |
[22,500,000] |
[22,500,000] |
|
Retained Earnings: Appropriated for Statutory Reserve |
404,600,000 |
404,600,000 |
404,600,000 |
|
Unappropriated |
11,627,789,140 |
11,678,776,881 |
11,875,984,064 |
|
Total Shareholders' Equity |
16,055,889,140 |
16,106,876,881 |
16,304,084,064 |
|
Total Liabilities &
Shareholders' Equity |
27,232,082,404 |
27,256,568,595 |
25,741,864,572 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
42,162,757,363 |
42,914,054,959 |
41,762,368,077 |
|
Other Income |
19,994,455 |
1,044,604,461 |
1,345,211,122 |
|
Gain on Exchange Rate |
4,670,063 |
6,073,640 |
- |
|
Total Revenues |
42,187,421,881 |
43,964,733,060 |
43,107,579,199 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
30,006,632,687 |
29,612,365,077 |
28,629,442,339 |
|
Selling Expenses |
9,312,689,314 |
10,410,057,193 |
9,869,302,490 |
|
Administrative Expenses |
1,184,937,083 |
1,377,389,667 |
1,947,718,825 |
|
Total Expenses |
40,504,259,084 |
41,399,811,937 |
40,446,463,654 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
1,683,162,797 |
2,564,921,123 |
2,661,115,545 |
|
Financial Cost |
[164,720,461] |
[189,535,797] |
[175,915,261] |
|
Profit before Income
Tax |
1,518,442,336 |
2,375,385,326 |
2,485,200,284 |
|
Income Tax |
[309,607,859] |
[283,855,471] |
[583,526,038] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,208,834,477 |
2,091,529,855 |
1,901,674,246 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.23 |
0.28 |
0.44 |
|
QUICK RATIO |
TIMES |
0.20 |
0.21 |
0.31 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
27.05 |
38.45 |
39.95 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.55 |
1.57 |
1.62 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
2.80 |
3.57 |
3.83 |
|
INVENTORY TURNOVER |
TIMES |
130.35 |
102.23 |
95.32 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
13.79 |
15.21 |
9.83 |
|
RECEIVABLES TURNOVER |
TIMES |
26.47 |
24.00 |
37.12 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
13.40 |
15.60 |
12.80 |
|
CASH CONVERSION CYCLE |
DAYS |
3.19 |
3.18 |
0.86 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
71.17 |
69.00 |
68.55 |
|
SELLING & ADMINISTRATION |
% |
24.90 |
27.47 |
28.30 |
|
INTEREST |
% |
0.39 |
0.44 |
0.42 |
|
GROSS PROFIT MARGIN |
% |
28.89 |
33.44 |
34.67 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.99 |
5.98 |
6.37 |
|
NET PROFIT MARGIN |
% |
2.87 |
4.87 |
4.55 |
|
RETURN ON EQUITY |
% |
7.53 |
12.99 |
11.66 |
|
RETURN ON ASSET |
% |
4.44 |
7.67 |
7.39 |
|
EARNING PER SHARE |
BAHT |
29.88 |
51.69 |
47.00 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.41 |
0.41 |
0.37 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.70 |
0.69 |
0.58 |
|
TIME INTEREST EARNED |
TIMES |
10.22 |
13.53 |
15.13 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(1.75) |
2.76 |
|
|
OPERATING PROFIT |
% |
(34.38) |
(3.61) |
|
|
NET PROFIT |
% |
(42.20) |
9.98 |
|
|
FIXED ASSETS |
% |
39.66 |
6.78 |
|
|
TOTAL ASSETS |
% |
(0.09) |
5.88 |
|
ANNUAL
GROWTH: RISKY
An annual sales growth is -1.75%. Turnover has decreased from THB 42,914,054,959.00
in 2013 to THB 42,162,757,363.00 in 2014. While net profit has decreased from
THB 2,091,529,855.00 in 2013 to THB 1,208,834,477.00 in 2014. And total assets
has decreased from THB 27,256,568,595.00 in 2013 to THB 27,232,082,404.00 in 2014.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
28.89 |
Deteriorated |
Industrial Average |
269.47 |
|
Net Profit Margin |
2.87 |
Acceptable |
Industrial Average |
5.10 |
|
Return on Assets |
4.44 |
Deteriorated |
Industrial Average |
11.82 |
|
Return on Equity |
7.53 |
Deteriorated |
Industrial Average |
20.62 |
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 28.89%. 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 2.87%.
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 4.44%.
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 7.53%.
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 |
0.23 |
Risky |
Industrial Average |
0.84 |
|
Quick Ratio |
0.20 |
|
|
|
|
Cash Conversion Cycle |
3.19 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 0.23 times in 2014, decrease from 0.28 times, then the company may
not be efficiently using its current assets. 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 0.2 times in 2014,
decrease from 0.21 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 4 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.41 |
Acceptable |
Industrial Average |
0.35 |
|
Debt to Equity Ratio |
0.70 |
Impressive |
Industrial Average |
0.34 |
|
Times Interest Earned |
10.22 |
Impressive |
Industrial Average |
- |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A 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 10.22 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.41 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
27.05 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.55 |
Acceptable |
Industrial Average |
2.34 |
|
Inventory Conversion Period |
2.80 |
|
|
|
|
Inventory Turnover |
130.35 |
Impressive |
Industrial Average |
25.76 |
|
Receivables Conversion Period |
13.79 |
|
|
|
|
Receivables Turnover |
26.47 |
Impressive |
Industrial Average |
8.96 |
|
Payables Conversion Period |
13.40 |
|
|
|
The company's Account Receivable Ratio is calculated as 26.47 and 24.00
in 2014 and 2013 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2014
increased from 2013. This would suggest the company had good performance in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has decreased from 4 days at the end
of 2013 to 3 days at the end of 2014. This represents a positive trend. And
Inventory turnover has increased from 102.23 times in year 2013 to 130.35 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.55 times and 1.57
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.63.57 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.