MIRA INFORM REPORT
|
Report No. : |
343593 |
|
Report Date : |
06.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SIAM KUBOTA
CORPORATION CO., LTD. |
|
|
|
|
Registered Office : |
101/19-24 Moo 20, Navanakorn Industrial Estate, T. Klongnueng, A. Klongluang, Pathumthani 12120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
02.08.2010 |
|
|
|
|
Com. Reg. No.: |
0135553009111 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer,
Distributor & Exporter of Agricultural
Machinery, Equipment and Tools. |
|
|
|
|
No. of Employees : |
1,000 |
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 |
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’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
SIAM KUBOTA CORPORATION CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 101/19-24 MOO 20, NAVANAKORN INDUSTRIALESTATE,
T.KLONGNUENG, A. KLONGLUANG,
PATHUMTHANI 12120, THAILAND
TELEPHONE : [66] 2909-0300
FAX :
[66] 2909-1698
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0135553009111
TAX
ID NO. : 3034031897
CAPITAL REGISTERED : BHT. 3,114,000,000
CAPITAL PAID-UP : BHT.
2,739,000,000
SHAREHOLDER’S PROPORTION : JAPANESE :
60.00%
THAI
: 40.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. HIROSHI KAWAKAMI,
JAPANESE
PRESIDENT
NO.
OF STAFF : 1,000
LINES
OF BUSINESS : AGRICULTURAL MACHINERY, EQUIPMENT
AND
TOOLS
MANUFACTURER, DISTRIBUTOR & EXPORTER
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on August 2, 2010
as a private
limited company under the
registered name SIAM
KUBOTA CORPORATION CO.,
LTD. by Thai
and Japanese groups,
under a merger
between Siam Kubota
Industry Co., Ltd. [Reg. no. 0105521012647] and
Siam Kubota Tractor
Co., Ltd. [Reg. no.
0105550100079]. Its business
objective is to
manufacture various kinds
of machinery, equipment
and tools for
agricultural industry to
both domestic and international
markets. It currently
employs approximately 1,000 staff.
Its production technology
is supported by Kubota Corporation in Japan, while
its management,
administration and human resources are
served from Cementhai
Holding Co., Ltd,
which is a
subsidiary of The
Siam Cement Public
Company Limited, Thailand.
Presently, it is
a joint venture
between Kubota Corporation,
Japan and Cementhai
Holding Co., Ltd., Thailand, with
holding around 60%
and 40% of the
subject’s shares respectively.
Kubota
Corporation has subsidiaries
and affiliates that
manufacture and/or market products
that are sold
in more than 130
countries.
Kubota
was the first
agricultural machinery manufacturing
company in Japan
to receive the prestigious “Deming Award” for
manufacturing excellence. In 1992, Kubota Corporation received the “Sankei Newspaper
Award” as part of the first Global Environment
Awards, recognizing the Company’s
continuing contribution to protection
of environment.
The subject’s registered address is 101/19-24
Moo 20, Navanakorn Industrial Estate, T. Klongnueng, A. Klongluang, Pathumthani
12120, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Haruyuki Yoshida |
[x] |
Japanese |
56 |
|
Mr. Yuichi Kitao |
[x] |
Japanese |
59 |
|
Mr. Chaovalit Ekabut |
|
Thai |
57 |
|
Mr. Cholanat Yanaranop |
|
Thai |
56 |
|
Mr. Hiroshi Kawakami |
[x] |
Japanese |
59 |
|
Mr. Hideo Takigawa |
[x] |
Japanese |
51 |
|
Mr. Yuttana Jiamtragan |
|
Thai |
52 |
|
Mr. Hiroto Kimura |
[x] |
Japanese |
54 |
|
Mr. Hitoshi Sasaki |
[x] |
Japanese |
47 |
|
Mr. Opart Dhanvarjor |
|
Thai |
58 |
AUTHORIZED PERSON
Any of the
mentioned directors [x]
can jointly sign
with anyone of
the rest directors
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Hiroshi Kawakami is
the President.
He is Japanese
nationality with the
age of 59
years old.
Mr. Opart Dhanvarjor is the
Senior Executive Vice
President.
He is Thai
nationality with the
age of 58 years old.
Mr. Channarong Wongvitthavat is
the Vice President [Production].
He is Thai
nationality.
Mr. Chamornwut Tamnarnchit is
the Sales & Marketing Division
Manager.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject
is engaged in
manufacturing and
distributing various types of
machinery, equipment and
tools for agricultural
industry. Its products include
tractors, implements, combine
harvesters, transplanters, excavators, diesel engines,
power tillers, and
other products such
as brush cutter,
gasoline engine, gear oil,
engine oil, power
sprayer and related
spare parts with
over 50,000 items,
under its own
brands “KUBOTA” and
“ELEPHANT”.
PRODUCTION
CAPACITY
20,000-30,000 tractors/annum
PURCHASE
80% of material and
components are purchased
from suppliers, the
remaining 20% is
imported from Japan,
Republic of China
and Taiwan.
MAJOR SUPPLIERS
Kubota
Corporation : Japan
Siam
Kubota Metal Technology
Co., Ltd. : Thailand
C.C.
Autoparts Co., Ltd. : Thailand
SALES
70% of the products
is sold locally
through 380 dealers nationwide,
the remaining 30% is exported to Cambodia,
Laos, Vietnam, Philippines, Malaysia,
Republic of China, Myanmar, India, South Africa, Australia, U.S.A.,
Tanzania, Madagasca, Indonesia,
U.A.E., Taiwan, Sri
Lanka, Japan and
European countries.
LISTED OF DEALERS
Mitthae Southern Chakkol
Co., Ltd. :
Thailand
Kor Sangyon Kanchanaburi
Limited Partnership :
Thailand
Kubota Pathumthani Limited
Partnership : Thailand
Kubota Uttaradit Yontrakij
Co., Ltd. :
Thailand
Kubota Udonthani [Ban
Dung] Co., Ltd. : Thailand
Kubota Phrae Kan
Kaset Limited Partnership : Thailand
Kubota MSM Co.,
Ltd. : Thailand
RELATED AND AFFILIATED COMPANY
Kubota Vietnam Co.,
Ltd.
Business Type :
Manufacturer and distributor
of agricultural machinery and
parts.
SUBSIDIARY
COMPANIES
Siam Kubota Leasing
Co., Ltd.
Business Type :
Leasing business.
Siam Kubota Metal
Technology Co., Ltd.
Business Type :
Manufacturer and distributor
of metal parts.
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 30-60-90 days.
Local bills are
paid by cash
or on the
credits term of
30-60-90 days.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
Kasikornbank
Public Co., Ltd.
The
Siam Commercial Bank
Public Co., Ltd.
Sumitomo
Mitsui Banking Corporation
: [Bangkok office]
EMPLOYMENT
The
subject employs approximately
1,000 office staff,
engineers and factory
workers.
LOCATION
DETAILS
The
premise is owned
for administrative office
and factory I at the
heading address. Premise
is located in
industrial area.
Factory
II is located
at 700/867 Moo
3, Amata Nakorn
Industrial Estate, T. Nonggakka,
A. Panthong, Chonburi 20160.
Tel. : [66] 38 185-130,
Fax. : [66] 38
185-140-1.
COMMENT
The
subject is currently
suffered from decline
consumption of its
products since the
year 2014. Agricultural
industry slowdown had
affected to related
industries including agricultural
machinery, equipment and
tool. To cope
with slow domestic
consumption the subject turned
its marketing strategy
to promote its
products in neighbor
countries like Cambodia,
Laos, Vietnam and
Myanmar.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 3,114,000,000 divided
into 31,140,000 shares
of Bht. 100
each, with the
current capital paid-up
at Bht. 2,739,000,000
or 26,140,000 shares
of Bht. 100
each and 5,000,000
shares of Bht.
25 each.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 6, 2015]
at Bht. 2,739
million of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Kubota Corporation Nationality: Japanese Address : 2-47, 1 Chome Shikitsu-higashi,
Naniwa-ku Osaka, Japan |
18,683,999 |
60.00 |
|
Cementhai Holding Co.,
Ltd. Nationality: Thai Address : 1
Siam Cement Rd.,
Bangsue, Bangkok |
12,456,000 |
40.00 |
|
Mr. Hiroshi Kawakami Nationality: Japanese Address : Ibaragi
Ken, Ushiku City,
Hitachi, Nohiga Shi,
Japan |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 6,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Foreign - Japanese |
2 |
18,684,000 |
60.00 |
|
Thai |
1 |
12,456,000 |
40.00 |
|
Total |
3 |
31,140,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Thanawan Anuratbodi No.
3440
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
30,258,183 |
89,941,350 |
27,387,370 |
|
Trade Accounts & Other
Receivable |
|
|
|
|
Trade Accounts
Receivable Related company |
1,625,036,293 |
2,395,998,615 |
811,682,926 |
|
Other company |
15,606,328,033 |
13,236,671,131 |
12,925,121,555 |
|
Insurance receivable |
- |
- |
450,000,000 |
|
Other Receivable |
|
|
|
|
Related company |
51,921,286 |
115,246,455 |
78,610,102 |
|
Other company |
98,548,057 |
141,834,230 |
97,511,678 |
|
Loan to Related Company |
1,980,000,000 |
- |
- |
|
Inventories |
6,451,513,189 |
7,166,312,768 |
6,042,606,399 |
|
Value Added Tax Receivable |
161,439,080 |
217,333,041 |
952,133,813 |
|
Other Current Assets
|
90,646,462 |
130,923,258 |
106,684,337 |
|
|
|
|
|
|
Total Current Assets
|
26,095,690,583 |
23,494,260,848 |
21,491,738,180 |
|
|
|
|
|
|
Investment in Subsidiaries |
2,968,000,000 |
2,900,000,000 |
2,900,000,000 |
|
Investment in Joint Venture |
55,128,800 |
55,128,800 |
55,128,800 |
|
Other Long-term Investment |
32,896,200 |
32,896,200 |
32,896,200 |
|
Fixed Assets |
5,457,142,771 |
5,453,120,464 |
4,976,726,873 |
|
Intangible Assets |
164,548,818 |
166,126,246 |
197,428,276 |
|
Deferred Income Tax Assets |
36,839,894 |
68,186,751 |
399,795,282 |
|
Other Non - current Assets |
30,428,759 |
17,639,730 |
15,386,526 |
|
Total Assets |
34,840,675,825 |
32,187,359,039 |
30,069,100,137 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
- |
1,340,000,000 |
3,742,000,000 |
|
Trade Accounts & Other
Payable |
|
|
|
|
Trade Accounts
Payable |
|
|
|
|
Related company |
3,434,886,850 |
3,346,253,245 |
3,616,724,233 |
|
Other company |
1,620,742,111 |
1,672,849,217 |
2,179,660,765 |
|
Other Payable |
|
|
|
|
Related company |
1,555,448,433 |
1,602,722,180 |
2,179,660,765 |
|
Other company |
803,486,841 |
585,972,930 |
2,066,334,929 |
|
Value Added Tax Payable |
35,815,948 |
130,972,190 |
1,659,655,451 |
|
Accrued Income Tax |
65,792,084 |
494,373,878 |
- |
|
Short-term Estimated Liabilities |
1,583,494,041 |
1,400,183,706 |
168,779,909 |
|
Other Current Liabilities |
58,120,898 |
49,854,992 |
226,699,467 |
|
|
|
|
|
|
Total Current Liabilities |
9,157,787,206 |
10,623,182,338 |
13,659,854,754 |
|
Deferred Income Tax Liabilities |
544,236 |
- |
210,186,301 |
|
Employee Benefits Obligation |
398,453,110 |
381,769,018 |
371,735,221 |
|
Total Liabilities |
9,556,784,552 |
11,004,951,356 |
14,241,776,276 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital
31,140,000 shares |
3,114,000,000 |
3,114,000,000 |
3,114,000,000 |
|
|
|
|
|
|
Capital Paid |
2,739,000,000 |
2,739,000,000 |
2,739,000,000 |
|
Retained Earnings: Appropriated for statutory reserve |
311,400,000 |
311,400,000 |
273,900,000 |
|
Unappropriated |
22,233,491,273 |
18,132,007,683 |
12,814,423,861 |
|
Total Shareholders' Equity |
25,283,891,273 |
21,182,407,683 |
15,827,323,861 |
|
Total Liabilities & Shareholders' Equity |
34,840,675,825 |
32,187,359,039 |
30,069,100,137 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
43,936,476,103 |
46,614,278,757 |
41,144,352,375 |
|
Gain from Flood |
- |
649,903,305 |
398,290,605 |
|
Gain on Exchange Rate |
108,440,390 |
203,068,928 |
203,129,217 |
|
Other Income |
153,505,285 |
146,117,845 |
106,917,223 |
|
Total Revenues |
44,198,421,778 |
47,613,368,835 |
41,852,689,420 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
33,038,141,678 |
34,594,941,130 |
32,520,601,329 |
|
Selling Expenses |
4,683,192,540 |
4,524,437,877 |
4,185,700,580 |
|
Administrative Expenses |
2,148,633,965 |
2,120,990,740 |
2,041,043,573 |
|
Total Expenses |
39,869,968,183 |
41,240,369,747 |
38,747,345,482 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
4,328,453,595 |
6,372,999,088 |
3,105,343,938 |
|
Financial Cost |
[3,967,377] |
[24,890,992] |
[27,475,396] |
|
Profit / [Loss] before Income
Tax |
4,324,486,218 |
6,348,108,096 |
3,077,868,542 |
|
[Income] Expenses Income
Tax |
50,897,372 |
[719,124,274] |
[151,564,147] |
|
|
|
|
|
|
Net Profit / [Loss] |
4,375,383,590 |
5,628,983,822 |
2,926,304,395 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.85 |
2.21 |
1.57 |
|
QUICK RATIO |
TIMES |
2.12 |
1.50 |
1.05 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
8.05 |
8.55 |
8.27 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.26 |
1.45 |
1.37 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
71.28 |
75.61 |
67.82 |
|
INVENTORY TURNOVER |
TIMES |
5.12 |
4.83 |
5.38 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
129.65 |
103.65 |
114.66 |
|
RECEIVABLES TURNOVER |
TIMES |
2.82 |
3.52 |
3.18 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
17.91 |
17.65 |
24.46 |
|
CASH CONVERSION CYCLE |
DAYS |
183.02 |
161.61 |
158.02 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
75.20 |
74.22 |
79.04 |
|
SELLING & ADMINISTRATION |
% |
15.55 |
14.26 |
15.13 |
|
INTEREST |
% |
0.01 |
0.05 |
0.07 |
|
GROSS PROFIT MARGIN |
% |
25.40 |
27.93 |
22.68 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.85 |
13.67 |
7.55 |
|
NET PROFIT MARGIN |
% |
9.96 |
12.08 |
7.11 |
|
RETURN ON EQUITY |
% |
17.31 |
26.57 |
18.49 |
|
RETURN ON ASSET |
% |
12.56 |
17.49 |
9.73 |
|
EARNING PER SHARE |
BAHT |
159.74 |
205.51 |
106.84 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.27 |
0.34 |
0.47 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.38 |
0.52 |
0.90 |
|
TIME INTEREST EARNED |
TIMES |
1,091.01 |
256.04 |
113.02 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(5.74) |
13.29 |
|
|
OPERATING PROFIT |
% |
(32.08) |
105.23 |
|
|
NET PROFIT |
% |
(22.27) |
92.36 |
|
|
FIXED ASSETS |
% |
0.07 |
9.57 |
|
|
TOTAL ASSETS |
% |
8.24 |
7.04 |
|
ANNUAL
GROWTH: ACCEPTABLE
An annual sales growth is -5.74%. Turnover has decreased from THB
46,614,278,757.00 in 2013 to THB 43,936,476,103.00 in 2014. While net profit
has decreased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
25.40 |
Impressive |
Industrial
Average |
0.41 |
|
Net Profit Margin |
9.96 |
Impressive |
Industrial
Average |
9.10 |
|
Return on Assets |
12.56 |
Satisfactory |
Industrial
Average |
13.01 |
|
Return on Equity |
17.31 |
Satisfactory |
Industrial
Average |
19.17 |
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 25.4%. 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 in 9.96%, higher figure
when compared with those of its average competitors in the same industry,
indicated that business was an efficient operator in a dominant position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the
company's figure is 12.56%.
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 17.31%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
2.85 |
Impressive |
Industrial
Average |
2.72 |
|
Quick Ratio |
2.12 |
|
|
|
|
Cash Conversion Cycle |
183.02 |
|
|
|
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 2.85 times in 2014, increased from 2.21 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 2.12 times in 2014,
increased from 1.5 times, although excluding inventory so the company still
have good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 184 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.27 |
Impressive |
Industrial
Average |
0.30 |
|
Debt to Equity Ratio |
0.38 |
Impressive |
Industrial
Average |
0.43 |
|
Times Interest Earned |
1,091.01 |
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 1091.02 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 0.27 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 |
8.05 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.26 |
Satisfactory |
Industrial
Average |
1.43 |
|
Inventory Conversion Period |
71.28 |
|
|
|
|
Inventory Turnover |
5.12 |
Impressive |
Industrial
Average |
3.91 |
|
Receivables Conversion Period |
129.65 |
|
|
|
|
Receivables Turnover |
2.82 |
Impressive |
Industrial
Average |
1.56 |
|
Payables Conversion Period |
17.91 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.82 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 decreased from 76 days at the
end of 2013 to 71 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 4.83 times in year 2013 to 5.12 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.26 times and 1.45
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.29 |
|
|
1 |
Rs.99.31 |
|
Euro |
1 |
Rs.73.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
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.