MIRA INFORM REPORT
|
Report No. : |
331851 |
|
Report Date : |
25.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
S.P.S. COOPERATE LTD. |
|
|
|
|
Formerly Known As : |
S. PRAPHASILP INDUSTRIAL CO., LTD. |
|
|
|
|
Registered Office : |
74 Moo 9, Suvintawong Road, T. Klongnakhonnuangkhet, A. Muang, Chachoengsao 24000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
02.10.1985 |
|
|
|
|
Com. Reg. No.: |
0105528034255 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Home and Office Furniture. |
|
|
|
|
No. of Employees : |
1,000 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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
S.P.S. COOPERATE LTD.
SUMMARY
BUSINESS
ADDRESS : 74
MOO 9, SUVINTAWONG
ROAD,
T. KLONGNAKHONNUANGKHET, A.
MUANG,
CHACHOENGSAO 24000,
THAILAND
TELEPHONE : [66] 38
593-456, 38 593-447-56
FAX :
[66] 38
593-001, 38 593-010
E-MAIL
ADDRESS : sps@spsthai.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1985
REGISTRATION
NO. : 0105528034255 [Former : 3425/2528]
TAX
ID NO. : 3101552331
CAPITAL REGISTERED : BHT. 250,000,000
CAPITAL PAID-UP : BHT.
250,000,000
SHAREHOLDER’S PROPORTION : THAI :
80.00%
DUTCH
: 20.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
KERATI SERMPRAPHASILP, THAI
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 1,000
LINES
OF BUSINESS : HOME
AND OFFICE FURNITURE
MANUFACTURER,
DISTRIBUTOR AND EXPORTER
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on October
2, 1985 as
a private limited
company under the
registered name “S. Praphasilp
Industrial Co., Ltd.” by
Thai groups.
On August 1, 1996 the
subject’s name was
changed to S.P.S. COOPERATE
LTD. It currently
employs approximately 1,000
staff.
In 2009, the subject became a
joint venture between
Thai investor, the
Sermpraphasilp family and Triple
T.N.V. Co., Ltd.,
the Dutch company.
It is a
leading of the
board on frame
manufacturer for AV speaker/rack and
R.T.A panel furniture with
promotional privilege from
Board of Investment,
Thailand.
Award [from various
agents]
·
Best
Products Awards : 1987-1988
·
Best
Company Award : 1989
·
Best
Exporter Award : 1989
·
NIC
Award 1989 : 1989
·
1st
Thailand Quality Product
Award : 1993
·
Best
Performance Exporter Award : 1999
·
ISO
9002 Certificate : 2000
At
present, the subject
is focused on
manufacturing home and
office furniture only.
The subject’s registered address
is 74 Moo 9, Suvintawong Rd., T. Klongnakhonnuangkhet, A. Muang,
Chachoengsao 24000, and
this is the
company’s operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kerati
Sermpraphasilp |
|
Thai |
60 |
|
Ms. Orapin
Sermpraphasilp |
|
Thai |
58 |
|
Mr. Weerasak Sermpraphasilp |
|
Thai |
56 |
AUTHORIZED
PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Kerati Sermpraphasilp is
the Chief Executive
Officer.
He is Thai
nationality with the
age of 60
years old.
Ms. Orapin
Sermpraphasilp is the
Chief Financial Officer.
She is Thai
nationality with the
age of 58
years old.
Mr.
Weerasak Sermpraphasilp is
the Chief Operation
Officer.
He is Thai
nationality with the
age of 56
years old.
BUSINESS
OPERATIONS
The subject’s activities
are manufacturer and distributor
of home and office
furniture. The products
are for bedroom,
living room, kitchen, office, wall
cabinet, home entertainment, computer desk, working
desk and file cabinet
under its own
brands “HIGH FLY”
& “MODAR” as well
as customer’s brands
for exports.
PURCHASE
Raw materials such
as aluminium, glass,
plastic, rubber, metal,
accessories and etc.,
are purchased from
both local and
overseas suppliers in
Japan, Germany, Korea,
Singapore, Hong Kong,
Italy, Republic of
China and Taiwan.
MAJOR SUPPLIER
Panel Plus Co.,
Ltd. : Thailand
EXPORT
[COUNTRIES]
95% of the products
is exported to Japan, United
States of America,
India, Singapore, Vietnam, Malaysia,
Korea, Philippines,
Cambodia, Myanmar, Canada,
South Africa, Indonesia,
Republic of China, Germany, United Kingdom, France,
Australia, Hong Kong and
the countries in
Europe and Middle
East.
SALES
[LOCAL]
5% of the
products is also
sold locally to
manufacturers and wholesalers.
MAJOR CUSTOMERS
·
Furniture
Shop
·
Home Center
·
Hyper Store
·
Furniture
Store
·
Department
Store
·
Ikea Trading
[Thailand] Co., Ltd. : Thailand
·
S.P.S. Japan
Market Sales Co.,
Ltd. : Japan
SUBSIDIARY AND AFFILIATED
COMPANIES
S.P.S. Intertech Co.,
Ltd.
Business Type : Manufacturer
and distributor of TV stand
products
S.P.S. Inter System
Co., Ltd.
Business Type : Manufacturer
and distributor of
visual entertainment products
S.P.S. Global Trade
Co., Ltd.
Business Type : Property
business for department
store and shopping
mall projects
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 credits term
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
or T/T.
Exports are against
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
[Head Office : 1
Kasikorn Lane, Rajburana
Rd., Rajburana, Bangkok}
Bangkok Bank Public
Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok]
EMPLOYMENT
The subject employs
approximately 1,000 staff.
[office staff and
factory workers]
LOCATION
DETAILS
The premise is
owned for operating
administrative office, factory
and warehouse at the heading
address. Premise is
located in industrial
area.
Branch office :
99 Moo 2,
Suvintawong Rd., T. Klongnakhonnuangkhet, A. Muang,
Chachoengsao 24000.
COMMENT
Subject is a manufacturer,
distributor and exporter of
home and office furniture. Its main
markets are U.S.A., Japan, Europe
and etc. With
an expansion of overseas customers, the
subject has raised the production capability continuously in
producing better quality and new
products with higher technology.
Slow
consumption in US and EU markets,
as well as the
constraints on export expansion due to the slower-than-expected recovery of the global economy, this
has resulted the
subject to perform below
its full potential.
FINANCIAL
INFORMATION
The capital was
registered at Bht.
3,000,000 divided into
3,000 shares of
Bht. 1,000 each.
The capital was
increased later as
follows:
Bht. 15,000,000
on August 17,
1988
Bht. 36,000,000
on October 10,
1988
Bht. 53,000,000
on July 7,
1993
Bht. 70,000,000
on August 29,
1994
Bht. 150,000,000
on May 29,
2000
Bht. 200,000,000
on June 17,
2009
Bht. 250,000,000
on December 9,
2009
The latest registered capital was
increased to Bht.
250,000,000 divided into 250,000
shares of Bht.
1,000 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Triple T.N.V. Co.,
Ltd. Nationality : Dutch Address : Netherlands |
50,001 |
20.0004 |
|
Ms. Orapin Sermpraphasilp Nationality : Thai Address : 65
Soi Navathani 4,
Kannayao, Bangkok |
33,334 |
13.3336 |
|
Mr. Weerasak Sermpraphasilp Nationality : Thai Address : 64/10
Soi Samwa 11, Bangchan,
Klongsamwa, Bangkok |
33,333 |
13.3332 |
|
Mr. Peerapol Sermpraphasilp Nationality : Thai Address : 65
Soi Navathani 4,
Kannayao, Bangkok |
33,333 |
13.3332 |
|
Mr. Kerati Sermpraphasilp Nationality : Thai Address : 121
Soi Ramkhamhaeng 64,
Huamark,
Bangkapi, Bangkok |
33,333 |
13.3332 |
|
Mr. Vorapoj Sermpraphasilp Nationality : Thai Address : 65
Soi Navathani 4,
Kannayao, Bangkok |
33,333 |
13.3332 |
|
Ms. Voranuj Sermpraphasilp Nationality : Thai Address : 65
Soi Navathani 4,
Kannayao, Bangkok |
33,333 |
13.3332 |
Total Shareholders : 7
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
199,999 |
80.00 |
|
Foreign - Dutch |
1 |
50,001 |
20.00 |
|
Total |
7 |
250,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Ms. Kulthida Pasurakul No. 5946
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2014, 2013 & 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash in Hand
& at Bank |
2,229,581.53 |
1,301,709.18 |
25,791,667.96 |
|
Trade Accounts & Other
Receivable |
92,447,080.71 |
110,045,637.87 |
150,225,119.03 |
|
Inventories |
146,730,360.34 |
124,071,428.51 |
99,474,746.80 |
|
|
|
|
|
|
Total Current Assets
|
241,407,022.58 |
235,418,775.56 |
275,491,533.79 |
|
Investment in Subsidiary |
447,000,000.00 |
447,000,000.00 |
447,000,000.00 |
|
Other Long-term Investment |
200,000.00 |
200,000.00 |
200,000.00 |
|
Real Estate for
Investment |
26,894,387.44 |
27,494,387.30 |
28,094,387.16 |
|
Fixed Assets |
388,863,646.73 |
404,660,719.13 |
368,960,673.00 |
|
Intangible Assets |
371,028.57 |
635,545.06 |
343,888.22 |
|
Other Non-current Assets
Non-operating Assets
|
83,182.26 |
112,126.67 |
254,298.98 |
|
Others |
4,104,998.48 |
3,356,705.56 |
2,479,201.95 |
|
Total Assets |
1,108,924,266.06 |
1,118,878,259.28 |
1,122,823,983.10 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
286,882,370.27 |
325,106,904.41 |
252,786,344.67 |
|
Trade Accounts & Other Payable |
271,647,450.51 |
226,286,371.98 |
301,364,045.14 |
|
Short-term Loan from
Related Company |
37,200,000.00 |
49,000,000.00 |
- |
|
Current Portion of
Long-term Loan from Financial
Institution |
39,240,000.00 |
15,850,000.00 |
58,820,000.00 |
|
Current Portion of
Financial Lease Contract Liabilities |
73,100.00 |
- |
- |
|
Other Current Liabilities |
11,471,454.54 |
3,892,692.46 |
4,554,000.00 |
|
|
|
|
|
|
Total Current Liabilities |
646,514,375.32 |
620,135,968.85 |
617,524,389.81 |
|
Long-term Loan from Financial Institution |
52,716,538.68 |
73,525,493.69 |
50,444,939.27 |
|
Financial Lease Contract Liabilities |
54,505.00 |
- |
- |
|
Employee Benefit Obligation |
22,786,404.00 |
18,821,161.00 |
15,987,815.000 |
|
Total Liabilities |
3 722,071,823.00 |
712,482,623.54 |
683,957,144.08 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 250,000 shares |
250,000,000.00 |
250,000,000.00 |
250,000,000.00 |
|
|
|
|
|
|
Capital Paid |
250,000,000.00 |
250,000,000.00 |
250,000,000.00 |
|
Premium on Share Capital |
147,000,000.00 |
147,000,000.00 |
147,000,000.00 |
|
Retained Earning - Unappropriated
[Deficit] |
[152,383,829.90] |
[146,565,452.67] |
[126,330,726.85] |
|
Other Components of Shareholders’ Equity |
142,236,272.96 |
155,961,088.41 |
168,197,565.87 |
|
Total Shareholders' Equity |
386,852,443.06 |
406,395,635.74 |
438,866,839.02 |
|
Total Liabilities & Shareholders' Equity |
1,108,924,266.06 |
1,118,878,259.28 |
1,122,823,983.10 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
860,127,978.33 |
794,032,171.08 |
1,058,038,326.85 |
|
Interest Income |
14,549.22 |
38,948.53 |
111,315.14 |
|
Gain on Exchange
Rate |
6,676,170.86 |
6,339,393.17 |
4,943,794.40 |
|
Other Income |
7,417,281.29 |
10,201,530.44 |
10,819,357.13 |
|
Total Revenues |
874,235,979.70 |
810,612,043.22 |
1,073,915,793.52 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
771,987,320.86 |
723,821,127.97 |
909,715,825.78 |
|
Selling Expenses |
38,200,912.13 |
37,920,393.44 |
29,830,648.77 |
|
Administrative Expenses |
39,400,359.03 |
42,463,455.00 |
48,834,842.38 |
|
Loss on Exchange Rate |
1,749,439.70 |
8,523,561.05 |
2,277,470.81 |
|
Doubtful Account |
6,293,773.84 |
382,799.62 |
- |
|
Financial Cost |
36,147,366.82 |
29,971,909.42 |
27,453,645.16 |
|
Total Expenses |
893,779,172.38 |
843,083,246.50 |
1,018,112,432.90 |
|
|
|
|
|
|
Net Profit / [Loss] |
[19,543,192.68] |
[32,471,203.28] |
55,800,360.62 |
|
Add: Other Miscellaneous - Gain from
Assets Appraisal |
- |
- |
73,895,673.91 |
|
|
|
|
|
|
Net Profit / [Loss] |
[19,543,192.68] |
[32,471,203.28] |
129,696,034.53 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.37 |
0.38 |
0.45 |
|
QUICK RATIO |
TIMES |
0.15 |
0.18 |
0.29 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.21 |
1.96 |
2.87 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.78 |
0.71 |
0.94 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
69.37 |
62.57 |
39.91 |
|
INVENTORY TURNOVER |
TIMES |
5.26 |
5.83 |
9.15 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
39.23 |
50.59 |
51.82 |
|
RECEIVABLES TURNOVER |
TIMES |
9.30 |
7.22 |
7.04 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
128.44 |
114.11 |
120.91 |
|
CASH CONVERSION CYCLE |
DAYS |
(19.83) |
(0.96) |
(29.18) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
89.75 |
91.16 |
85.98 |
|
SELLING & ADMINISTRATION |
% |
9.02 |
10.12 |
7.44 |
|
INTEREST |
% |
4.20 |
3.77 |
2.59 |
|
GROSS PROFIT MARGIN |
% |
11.89 |
10.93 |
15.52 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(2.27) |
(4.09) |
5.27 |
|
NET PROFIT MARGIN |
% |
(2.27) |
(4.09) |
5.27 |
|
RETURN ON EQUITY |
% |
(5.05) |
(7.99) |
12.71 |
|
RETURN ON ASSET |
% |
(1.76) |
(2.90) |
4.97 |
|
EARNING PER SHARE |
BAHT |
(78.17) |
(129.88) |
223.20 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.65 |
0.64 |
0.61 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.87 |
1.75 |
1.56 |
|
TIME INTEREST EARNED |
TIMES |
(0.54) |
(1.08) |
2.03 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
8.32 |
(24.95) |
|
|
OPERATING PROFIT |
% |
(39.81) |
(158.19) |
|
|
NET PROFIT |
% |
39.81 |
(158.19) |
|
|
FIXED ASSETS |
% |
(3.90) |
9.68 |
|
|
TOTAL ASSETS |
% |
(0.89) |
(0.35) |
|
ANNUAL
GROWTH: ACCEPTABLE
An annual sales growth is 8.32%. Turnover has increased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
11.89 |
Impressive |
Industrial
Average |
1.77 |
|
Net Profit Margin |
(2.27) |
Deteriorated |
Industrial
Average |
1.89 |
|
Return on Assets |
(1.76) |
Deteriorated |
Industrial
Average |
2.83 |
|
Return on Equity |
(5.05) |
Deteriorated |
Industrial
Average |
6.45 |
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 11.89%. 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 -2.27%.
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 -1.76%.
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 -5.05%.
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 |
0.37 |
Risky |
Industrial
Average |
1.34 |
|
Quick Ratio |
0.15 |
|
|
|
|
Cash Conversion Cycle |
(19.83) |
|
|
|
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 0.37 times in 2014, decreased from 0.38 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 0.15 times in 2014,
decreased from 0.18 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 -20 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.65 |
Acceptable |
Industrial
Average |
0.52 |
|
Debt to Equity Ratio |
1.87 |
Risky |
Industrial
Average |
1.07 |
|
Times Interest Earned |
(0.54) |
Risky |
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 -0.55 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.65 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 Downtrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.21 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.78 |
Acceptable |
Industrial
Average |
1.50 |
|
Inventory Conversion Period |
69.37 |
|
|
|
|
Inventory Turnover |
5.26 |
Impressive |
Industrial
Average |
4.39 |
|
Receivables Conversion Period |
39.23 |
|
|
|
|
Receivables Turnover |
9.30 |
Impressive |
Industrial
Average |
4.41 |
|
Payables Conversion Period |
128.44 |
|
|
|
The company's Account Receivable Ratio is calculated as 9.30 and
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 63 days at the
end of 2013 to 69 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 5.83 times in year 2013 to 5.26 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.78 times and 0.71
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.63.89 |
|
|
1 |
Rs.99.10 |
|
Euro |
1 |
Rs.70.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.