MIRA INFORM REPORT
|
Report No. : |
350029 |
|
Report Date : |
21.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
ASIA COMPACT
INDUSTRY CO., LTD. |
|
|
|
|
Registered Office : |
53-55 Soi Yotha, Yotha Road, Taladnoi,
Samphantawong, Bangkok 10100 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
21.03.1988 |
|
|
|
|
Com. Reg. No.: |
0105531020073 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Service Provider of Brakes. |
|
|
|
|
No. of Employees : |
340 |
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 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 |
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, and generally pro-investment policies Thailand has historically had a
strong economy due in part to competitive 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 2-4 million migrant
workers from neighboring countries, and faces labor shortages. Following the
May 2014 coup d'etat, 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
ASIA COMPACT INDUSTRY CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 53-55
SOI YOTHA, YOTHA
ROAD, TALADNOI,
SAMPHANTAWONG, BANGKOK
10100, THAILAND
TELEPHONE : [66] 2235-8311-2,
2235-8314
FAX :
[66] 2235-8310
E-MAIL
ADDRESS : sales@asiacompact.com
REGISTRATION
ADDRESS : 16/2
MOO 1, T. BANGNAMJUED, A. MUANG,
SAMUTSAKORN 74000,
THAILAND
ESTABLISHED
: 1988
REGISTRATION
NO. : 0105531020073
TAX
ID NO. : 3101514445
CAPITAL REGISTERED : BHT. 165,000,000
CAPITAL PAID-UP : BHT.
165,000,000
SHAREHOLDER’S PROPORTION : THAI :
98.09%
FOREIGN :
1.91%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS :
PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PICHAI NITHIPITIKARN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 340
LINES
OF BUSINESS : BRAKES
MANUFACTURER, DISTRIBUTOR AND SERVICE
PROVIDER
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 March 21,
1988 as a
private limited company
under the registered
name ASIA COMPACT
INDUSTRY CO., LTD.
by Thai and
foreign groups. Its business
objective is to manufacture, distribute
and service various
types of brakes
to OEM brands
and general customers
both domestic and overseas. It
currently employs approximately
340 staff.
The
subject’s registered address is
16/2 Moo
1, T. Bangnamjued, A. Muang,
Samutsakorn 74000, while
the current operation
address is at
53-55 Soi Yotha,
Yotha Rd., Taladnoi,
Samphantawong, Bangkok 10100.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pichai Nithipitikarn |
[x] |
Thai |
76 |
|
Mr. Anek Nithipitikgan |
|
Thai |
67 |
|
Mr. Vithoon Issaraphithakkul |
|
Thai |
58 |
|
Mr. Thara Tangkanokwittaya |
[x] |
Thai |
78 |
|
Mr. Boondee Tangkanokvitaya |
|
Thai |
60 |
|
Mrs. Sukitta Tangkanokvitaya |
|
Thai |
35 |
|
Mr. Ekachai Wanichayalai |
|
Thai |
78 |
|
Mr. Visuthi Kanathanavanich |
|
Thai |
66 |
|
Ms. Poraya Kunatien |
|
Thai |
47 |
|
Mr. Pattana Issaraphithakkul |
|
Thai |
40 |
|
Mr. Kunapoj Suwannakul |
[x] |
Thai |
40 |
|
Mr. Kasem Issaraphithakkul |
[x] |
Thai |
35 |
AUTHORIZED
PERSON
Any three of
the mentioned directors
[x] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Pichai Nithipitikarn is
the Managing Director.
He is Thai
nationality with the
age of 76 years
old.
Mr. Pattana Issaraphithakkul is
the Factory Manager.
He is Thai nationality with
the age of 40 years
old.
Mr. Kasem Issaraphithakkul is
the Sales Manager [Overseas].
He is Thai
nationality with the
age of 35
years old.
Mr. Peera Issaraphithakkul is
the Sales Manager [Local].
He is Thai nationality.
BUSINESS
OPERATIONS
The subject is
engaged in manufacturing, distributing
and servicing various
types of brakes
such as disc
brake, disc brake
pad, brake shoes,
brake lining and
etc., for automobile under
its own brands
COMPACT, DIAMOND, MUSASHI and
KENJI, as well
as OEM and
general customer’s own brands.
PURCHASE
Most
of raw materials
are purchased from
local suppliers, the
remaining is imported
from Republic of
China, Japan, Germany
and U.S.A.
SALES
100% of the products are
supplied to automotive
industry, such as
Isuzu, Toyota, Honda, Ford, Nissan,
Mercedes Benz and etc.
80% of the
products are for local
manufacture, while the
remaining 20% is exported to
Republic of China,
Vietnam, Indonesia, France,
Germany, Spain, Malaysia, Taiwan, Australia,
India, Myanmar, Japan
and others with
over 30 countries.
MAJOR CUSTOMERS
Toyota Group of
companies
Honda Group of companies
Auto Alliance [Thailand] Co.,
Ltd.
General Motors [Thailand] Co.,
Ltd.
Nissan Group of
companies
Isuzu Motors [Thailand]
Co., Ltd.
Mercedes-Benz [Thailand] Co.,
Ltd.
RELATED AND AFFILIATED COMPANY
Compact International [1994] Co.,
Ltd.
Business Type :
Manufacturer and distributor
of automobile disc
brake products
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 for 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
T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
340 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factories:
Factory
I : 16/2
Moo 1, T. Bangnamjued, A.
Muang, Samutsakorn 74000
Tel. [66]
34 812-325
Factory
II : 93/1
Moo 4, T. Bankoa,
A. Muang, Samutsakorn 74000
Factory
III : 440/19
Moo 10, T. Thaphra,
A. Muang, Khon Kaen
40000
COMMENT
Asia
Compact manufactures and markets
premium-quality brake under COMPACT
Brand. Its product lines are
comprehensive, ranging from disk brake pads, brake shoes and brake pads. Not only passenger cars but
also one-ton pick-up trucks,
large commercial tour buses or large ten or eighteen-wheeler trucks, that are
relied on COMPACT brand brakes. The
products are certified by: - ISO 9001:2000 - Thailand Brand ( Logo) from
Thailand Department of Export Promotion - From Thailand Ministry of Industry.
The
company’s business performance
is considered strong.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 24,000,000
divided into 240,000
shares of Bht.
100
each
with fully paid.
The
capital was increased
later as follows:
Bht. 44,000,000
on December 28,
1993
Bht. 110,000,000
on October 20,
1994
Bht. 165,000,000
on May 26,
2003
The latest
registered capital was increased
to Bht. 165 million, divided into 1,650,000 shares
of Bht. 100 each
with fully paid.
MAIN
SHAREHOLDERS
[as at
April 21 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pichai Nithipitikarn Nationality: Thai Address : 21/7
Charoenkrung Rd., Taladnoi,
Samphantawong, Bangkok |
207,187 |
12.56 |
|
Mr. Thara Tangkanokwittaya Nationality: Thai Address : 53-55
Yotha Rd., Taladnoi,
Samphantawong, Bangkok |
146,187 |
8.86 |
|
Mr. Pattana Issaraphithakkul Nationality: Thai Address : 193
Moo 1, T. Taisampao, A. Phraprom,
Nakornsrithammarat |
136,882 |
8.30 |
|
Mr. Sanguan Chuenpanichayakul Nationality: Thai Address : 670/352
Charansanitwong Rd.,
Bangplad, Bangkok |
125,625 |
7.61 |
|
Mr. Vithoon Issaraphithakkul Nationality: Thai Address : 1935/15
Chamroenvithi Rd., T. Thawang, A.
Muang, Nakornsrithammarat |
94,327 |
5.72 |
|
Mr. Keradit Bovornasawakul Nationality: Thai Address : 1105
Isaraphap Rd., Wad-aroon,
Bangkokyai, Bangkok |
93,750 |
5.68 |
|
Mr. Visuthi Kanathanavanich Nationality: Thai Address : 48
Sukhumvit 61 Rd.,
Prakanong,
Klongtoey, Bangkok |
75,000 |
4.54 |
|
Others |
771,042 |
46.73 |
Total Shareholders : 49
Share Structure [as
at April 21,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
48 |
1,618,508 |
98.09 |
|
Foreign |
1 |
31,492 |
1.91 |
|
Total |
49 |
1,650,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Patra Soopanich No. 9510
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 |
1,801,959.85 |
1,812,948.01 |
660,275.87 |
|
Short-term Investment |
3,500,000.00 |
- |
- |
|
Trade Accounts & Other Receivable |
163,122,614.05 |
165,136,889.92 |
163,235,668.80 |
|
Related Company Receivable |
125,260.68 |
49,032,297.55 |
107,361,443.58 |
|
Inventories |
31,941,422.78 |
49,232,864.11 |
38,936,613.01 |
|
Other Current Assets
|
8,558,439.38 |
4,679,921.62 |
2,211,985.05 |
|
Total Current Assets
|
209,049,696.74 |
269,894,921.21 |
312,405,986.31 |
|
|
|
|
|
|
Investment in Subsidiaries |
110,000,000.00 |
55,000,000.00 |
55,000,000.00 |
|
Fixed Assets |
136,981,246.81 |
131,264,951.28 |
123,038,963.32 |
|
Intangible Assets |
- |
- |
757,749.25 |
|
Other Assets |
64,100.00 |
95,350.00 |
206,859.11 |
|
Total Assets |
456,095,043.55 |
456,255,222.49 |
491,409,557.99 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institution |
118,530,502.72 |
132,915,884.39 |
105,529,658.30 |
|
Trade Accounts & Other Payable |
73,870,018.67 |
38,818,644.42 |
68,310,058.74 |
|
Current Portion of Long-term Loans |
9,504,000.00 |
9,384,000.00 |
6,540,000.00 |
|
Related Company Payable |
74,470,052.29 |
92,204,879.14 |
97,695,576.81 |
|
Investment Payable |
- |
- |
32,300,000.00 |
|
Accrued Income Tax |
- |
- |
790,473.97 |
|
Total Current Liabilities |
276,374,573.68 |
273,323,407.95 |
311,165,767.82 |
|
Long-term Loan, Net of Current Portion |
33,258,000.00 |
40,700,000.00 |
41,260,000.00 |
|
Other Non-current Liabilities |
1,345,105.40 |
853,613.13 |
738,365.75 |
|
Total Liabilities |
310,977,679.08 |
314,877,021.08 |
353,164,133.57 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized and
issued share capital
1,650,000 shares |
165,000,000.00 |
165,000,000.00 |
165,000,000.00 |
|
Capital Paid |
165,000,000.00 |
165,000,000.00 |
165,000,000.00 |
|
Retained Earning -
Unappropriated [Deficit] |
[19,882,635.53] |
[23,621,798.59] |
[26,754,575.58] |
|
Total Shareholders' Equity |
145,117,364.47 |
141,378,201.41 |
138,245,424.42 |
|
Total Liabilities & Shareholders' Equity |
456,095,043.55 |
456,255,222.49 |
491,409,557.99 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales & Services Income |
263,852,913.44 |
256,498,631.63 |
323,109,429.86 |
|
Other Income |
85,439,255.12 |
67,221,343.42 |
65,615,892.67 |
|
Total Revenues |
349,292,168.56 |
323,719,975.05 |
388,725,322.53 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of1 Goods
Sold & Services |
202,622,653.71 |
167,585,082.59 |
219,236,255.17 |
|
Selling Expenses |
71,751,680.33 |
71,849,134.16 |
97,392,108.56 |
|
Administrative Expenses |
61,847,724.20 |
71,093,039.17 |
58,539,890.87 |
|
Total Expenses |
336,222,058.24 |
310,527,255.92 |
375,168,254.60 |
|
Profit /[Loss] before Financial Cost & Income Tax |
13,070,110.32 |
13,192,719.13 |
13,557,067.93 |
|
Financial Cost |
[8,596,754.34] |
[9,310,850.86] |
[8,647,381.38] |
|
Profit before Income Tax |
4,473,355.98 |
3,881,868.27 |
4,909,686.55 |
|
Income Tax |
[734,192.92] |
[749,091.28] |
[1,130,131.05] |
|
Net Profit / [Loss] |
3,739,163.06 |
3,132,776.99 |
3,779,555.50 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.76 |
0.99 |
1.00 |
|
QUICK RATIO |
TIMES |
0.61 |
0.79 |
0.87 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.93 |
1.95 |
2.63 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.58 |
0.56 |
0.66 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
57.54 |
107.23 |
64.82 |
|
INVENTORY TURNOVER |
TIMES |
6.34 |
3.40 |
5.63 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
225.66 |
234.99 |
184.40 |
|
RECEIVABLES TURNOVER |
TIMES |
1.62 |
1.55 |
1.98 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
133.07 |
84.55 |
113.73 |
|
CASH CONVERSION CYCLE |
DAYS |
150.13 |
257.67 |
135.50 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
76.79 |
65.34 |
67.85 |
|
SELLING & ADMINISTRATION |
% |
50.63 |
55.73 |
48.26 |
|
INTEREST |
% |
3.26 |
3.63 |
2.68 |
|
GROSS PROFIT MARGIN |
% |
55.59 |
60.87 |
52.46 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.95 |
5.14 |
4.20 |
|
NET PROFIT MARGIN |
% |
1.42 |
1.22 |
1.17 |
|
RETURN ON EQUITY |
% |
2.58 |
2.22 |
2.73 |
|
RETURN ON ASSET |
% |
0.82 |
0.69 |
0.77 |
|
EARNING PER SHARE |
BAHT |
2.27 |
1.90 |
2.29 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.68 |
0.69 |
0.72 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.14 |
2.23 |
2.55 |
|
TIME INTEREST EARNED |
TIMES |
1.52 |
1.42 |
1.57 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
2.87 |
(20.62) |
|
|
OPERATING PROFIT |
% |
(0.93) |
(2.69) |
|
|
NET PROFIT |
% |
19.36 |
(17.11) |
|
|
FIXED ASSETS |
% |
4.35 |
6.69 |
|
|
TOTAL ASSETS |
% |
(0.04) |
(7.15) |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 2.87%. Turnover has increased from THB 256,498,631.63
in 2013 to THB 263,852,913.44 in 2014. While net profit has increased from THB
3,132,776.99 in 2013 to THB 3,739,163.06 in 2014. And total assets has
decreased from THB 456,255,222.49 in 2013 to THB 456,095,043.55 in 2014.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
55.59 |
Impressive |
Industrial
Average |
19.54 |
|
Net Profit Margin |
1.42 |
Deteriorated |
Industrial
Average |
7.03 |
|
Return on Assets |
0.82 |
Deteriorated |
Industrial
Average |
14.95 |
|
Return on Equity |
2.58 |
Deteriorated |
Industrial
Average |
24.82 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues after accounting for the cost
of goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. The company's figure is 55.59%. 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 1.42%.
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 0.82%.
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 2.58%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.76 |
Risky |
Industrial
Average |
1.83 |
|
Quick Ratio |
0.61 |
|
|
|
|
Cash Conversion Cycle |
150.13 |
|
|
|
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 0.76 times in 2014, decreased from 0.99 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 0.61 times in 2014,
decreased from 0.79 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 151 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.68 |
Acceptable |
Industrial
Average |
0.38 |
|
Debt to Equity Ratio |
2.14 |
Risky |
Industrial
Average |
0.60 |
|
Times Interest Earned |
1.52 |
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 1.53 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 Downtrend
Times Interest Earned Stable
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.93 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.58 |
Deteriorated |
Industrial
Average |
2.13 |
|
Inventory Conversion Period |
57.54 |
|
|
|
|
Inventory Turnover |
6.34 |
Deteriorated |
Industrial
Average |
12.89 |
|
Receivables Conversion Period |
225.66 |
|
|
|
|
Receivables Turnover |
1.62 |
Deteriorated |
Industrial
Average |
8.24 |
|
Payables Conversion Period |
133.07 |
|
|
|
The company's Account Receivable Ratio is calculated as 1.62 and 1.55 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 107 days at the
end of 2013 to 58 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 3.4 times in year 2013 to 6.34 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.58 times and 0.56
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.66.09 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.70.86 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.