MIRA INFORM REPORT
|
Report No. : |
347556 |
|
Report Date : |
30.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUMMIT SHOWA MANUFACTURING CO.,
LTD. |
|
|
|
|
Registered Office : |
199/2 Moo 3,
T. Tungsukla, A. Sriracha,
Chonburi 20230 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Year of Establishment : |
1993 |
|
|
|
|
Com. Reg. No.: |
0115536001395 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is engaged in manufacturing shock absorbers and related equipments such as power steering, bottom cases & rods for automobile and motorcycle production industry. The products are supplied to the international leading automobile assemblers, such as Honda, Toyota, Mitsubishi, Kawasaki, Yamaha, as well as auto parts manufacturers. |
|
|
|
|
No. of Employee : |
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 : |
No complaints |
|
|
|
|
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
SUMMIT SHOWA
MANUFACTURING CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 199/2
MOO 3, T. TUNGSUKLA,
A. SRIRACHA,
CHONBURI 20230,
THAILAND
TELEPHONE : [66] 38
490-448-55
FAX :
[66] 38
491-376-7
E-MAIL
ADDRESS : thunwa.b@summit-showa.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1993
REGISTRATION
NO. : 0115536001395 [Former : SOR
POR. 3916]
TAX
ID NO. : 3271027929
CAPITAL REGISTERED : BHT. 160,000,000
CAPITAL PAID-UP : BHT.
160,000,000
SHAREHOLDER’S PROPORTION : THAI :
47.00%
JAPANESE :
53.00%
FISCAL YEAR CLOSING DATE : MARCH
31 [Former :
DECEMBER 31]
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. TAKUJI EGUCHI,
JAPANESE
PRESIDENT AND
MANUFACTURING MANAGER
NO.
OF STAFF : 1,000
LINES
OF BUSINESS : SHOCK ABSORBER
AND POWER STEERING
MANUFACTURER, DISTRIBUTOR
AND 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 March 9,
1993 as a
private limited company under
the registered name
SUMMIT SHOWA MANUFACTURING
CO., LTD., by Thai and
Japanese groups, with the
business objective to
manufacture shock absorber
and power steering for
automotive industry. It
currently employs approximately
1,000 staff.
The
major shareholders are
Showa Corporation and
Summit Auto Body
Industry Co., Ltd.,
which are holding
at 53% and
25% of the
subject’s shares respectively.
The subject’s registered address is 199/2
Moo 3, T. Tungsukla, A. Sriracha,
Chonburi 20230, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Tsutomu Kajino |
[x] |
Japanese |
53 |
|
Mr. Takuji Eguchi |
[x] |
Japanese |
48 |
|
Mr. Kornkrit Jurangkool |
|
Thai |
37 |
|
Mr. Sanya Yossanant |
|
Thai |
54 |
|
Mr. Thanathorn
Juangroongruangkit |
|
Thai |
37 |
|
Mr. Takashi Iwakoshi |
[x] |
Japanese |
47 |
|
Mr. Sunsern Jurangkool |
|
Thai |
73 |
|
Mr. Kazuhiro Nishioka |
[x] |
Japanese |
51 |
|
Mr. Masayoshi Yamada |
[x] |
Japanese |
48 |
|
Mr. Hidehiko Koyano |
|
Japanese |
52 |
AUTHORIZED PERSON
One of the
above directors [x]
can jointly sign
with one of
the rest directors
on behalf of
the subject with company’s affixed.
MANAGEMENT
Mr. Takuji Eguchi is
the President and
Manufacturing Manager.
He is Japanese
nationality with the
age of 48
years old.
Mr. Sanya Yossanant is
the Vice President [Administrative].
He is Thai
nationality with the
age of 54 years
old.
Mr. Thanathorn Juangroongruangkit is
the Vice President [Sales & Marketing].
He is Thai
nationality with the
age of 37 years
old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing shock absorbers
and related equipments
such as power steering,
bottom cases &
rods for automobile
and motorcycle production
industry. The products
are supplied to
the international leading
automobile assemblers, such as Honda,
Toyota, Mitsubishi,
Kawasaki, Yamaha, as
well as auto
parts manufacturers.
PRODUCTIONS
400,000-500,000 units per
annum for automobile
300,000-400,000 units per
annum for motorcycle
PURCHASE
Most of raw materials
and accessories are
purchased from local suppliers,
and the remaining, is imported
from Japan, Republic of China, France,
Australia, India and Germany.
MAJOR SUPPLIER
Tata Steel [Thailand]
Public Company Limited:
Thailand
SALES
80% of the products
is sold locally
by wholesale to
assemblers, and the
remaining 20% is
exported to Japan,
Malaysia, Vietnam, Republic
of China, Indonesia,
Philippines and the
countries in Europe.
MAJOR CUSTOMERS
MMC Sittipol
Co., Ltd. : Thailand
Honda Cars
Manufacturing [Thailand] Co.,
Ltd. : Thailand
Kawasaki Motors Enterprise [Thailand] Co., Ltd. : Thailand
Vehicle Co.,
Ltd. : Thailand
Thai Summit
Autoparts Industry Co.,
Ltd. : Thailand
Suzuki Motor
Group : Thailand
Kawasaki Group : Thailand
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is not
found to have any
subsidiary or affiliated
company here in
Thailand.
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
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Bank of Tokyo-Mitsubishi UFJ
Ltd.
Bank
of Ayudhya Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
1,000 staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in industrial
area.
COMMENT
The
subject was formed in 1993
as a manufacturer
and distributor of automotive
parts for automobile and motorcycle
industries. The products
are mainly served
to local manufactures.
Subject witnessed a good
business performance in the
previous year, despite
domestic related industries
were slowed down.
However, its business
has gradually improved from
export markets.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 40,000,000
divided into 400,000
shares of Bht.
100
each.
The
capital was increased
later as following:
Bht.
80,000,000 on January
31, 1995
Bht.
160,000,000 on May
29, 1998
The
latest registered capital
was increased to
Bht. 160,000,000 divided into
1,600,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as at
June 12, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Showa Corporation Nationality: Japanese Address : 1-14-1
Fujiwara-cho, Gyoda-shi, Saitama 361, Japan |
848,000 |
53.00 |
|
Summit Auto Body
Industry Co., Ltd. Nationality: Thai Address : 32-33 Moo 17, Bangpleeyai, Bangplee,
Samutprakarn |
400,000 |
25.00 |
|
Thai Summit Autoparts
Industry Co., Ltd. Nationality: Thai Address : 4/3
Moo 1, Bangna-Trad
Rd., Bangchalong, Bangplee,
Samutprakarn |
80,000 |
5.00 |
|
H P D Co., Ltd. Nationality: Thai Address : 161
Rajdamri Rd., Lumpini,
Pathumwan, Bangkok |
80,000 |
5.00 |
|
Mrs. Somporn Juangroongruangkit Nationality: Thai Address : 157
Moo 9, Dokmai,
Prawet, Bangkok |
60,000 |
3.75 |
|
Mr. Sunsern Jurangkool Nationality: Thai Address : 97/2
Nanglichee Rd., Chongnonsi,
Yannawa, Bangkok |
48,000 |
3.00 |
|
Mr. Suriya Juangroongruangkit Nationality: Thai Address : 6/7-8
Sap Rd., Siphya,
Bangrak, Bangkok |
48,000 |
3.00 |
|
Ms. Chanaphan
Juangroongruangkit Nationality: Thai Address : 157
Moo 9, Dokmai,
Prawet, Bangkok |
10,000 |
0.625 |
|
|
|
|
|
Mr. Thanathorn
Juangroongruangkit Nationality: Thai Address : 157
Moo 9, Dokmai,
Prawet, Bangkok |
10,000 |
0.625 |
|
Mr. Taweechat Jurangkool Nationality: Thai Address : 97/2
Nanglichee Rd., Chongnonsi,
Yannawa, Bangkok |
8,000 |
0.50 |
|
Mr. Kornkrit Jurangkool Nationality: Thai Address : 97/2
Nanglichee Rd., Chongnonsi,
Yannawa, Bangkok |
8,000 |
0.50 |
Total Shareholders : 11
Share Structure [as
at June 12,
2015]
|
Nationality |
Shareholders |
No. of Shares |
% Shares |
|
|
|
|
|
|
Thai |
10 |
752,000 |
47.00 |
|
Foreign - Japanese |
1 |
848,000 |
53.00 |
|
Total |
11 |
1,600,000 |
100.00 |
NAME
OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Siriwan Surathepin No. 4604
Financials
BALANCE SHEET [BAHT]
The latest financial figures published
as at March
31, 2015, 2014
& December 31, 2013 were:
ASSETS
|
Current Assets |
Mar. 31,
2015 |
Mar. 31,
2014 |
Dec. 31,
2013 |
|
|
|
|
|
|
Cash and Cash Equivalents |
53,135,693 |
54,101,368 |
59,242,317 |
|
Short-term Investment |
735,000,000 |
870,000,000 |
750,000,000 |
|
Trade Accounts &
Other Receivable |
546,998,465 |
409,549,508 |
416,526,526 |
|
Inventories |
234,775,919 |
204,368,296 |
219,387,929 |
|
Other Current Assets
|
15,848,798 |
6,340,063 |
9,405,390 |
|
|
|
|
|
|
Total Current Assets
|
1,585,758,875 |
1,544,359,235 |
1,454,562,162 |
|
|
|
|
|
|
Fixed Assets |
366,012,969 |
359,002,377 |
343,537,634 |
|
Intangible Assets |
21,282,737 |
13,545,655 |
15,610,510 |
|
Other Non - current Assets
|
149,664 |
153,664 |
153,663 |
|
Total Assets |
1,973,204,245 |
1,917,060,931 |
1,813,863,969 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
Mar. 31,
2015 |
Mar. 31,
2014 |
Dec. 31,
2013 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
715,399,896 |
1,084,413,852 |
644,019,932 |
|
Accrued Income Tax |
43,889,318 |
58,032,631 |
47,707,641 |
|
Short-term Provisions |
5,337,853 |
3,311,611 |
4,436,483 |
|
Other Current Liabilities |
5,912,805 |
5,133,090 |
3,358,952 |
|
|
|
|
|
|
Total Current Liabilities |
770,539,872 |
1,150,891,184 |
699,523,008 |
|
Reserve for Employee Benefits |
59,166,703 |
51,794,308 |
48,066,070 |
|
Long-term Provisions |
3,203,394 |
1,336,648 |
2,909,781 |
|
Total Liabilities |
832,909,969 |
1,204,022,140 |
750,498,859 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and issued
share capital
1,600,000 shares |
160,000,000 |
160,000,000 |
160,000,000 |
|
|
|
|
|
|
Capital Paid |
160,000,000 |
160,000,000 |
160,000,000 |
|
Retained Earnings: Appropriated for Statutory Reserve |
16,000,000 |
16,000,000 |
16,000,000 |
|
Unappropriated |
964,294,276 |
537,038,791 |
887,365,110 |
|
Total Shareholders' Equity |
1,140,294,276 |
713,038,791 |
1,063,365,110 |
|
Total Liabilities & Shareholders' Equity |
1,973,204,245 |
1,917,060,931 |
1,813,863,969 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
Mar. 31,
2015 |
Jan. 1,
2014 -Mar. 31, 2014 |
Dec. 31,
2013 |
|
|
|
|
|
|
Sales Income |
3,923,903,523 |
917,964,631 |
4,386,132,764 |
|
Interest Income |
6,226,398 |
2,797,090 |
18,898,021 |
|
Other Income |
44,894,578 |
4,108,842 |
34,155,935 |
|
Total Revenues |
3,975,024,499 |
924,870,563 |
4,439,186,720 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,092,297,218 |
739,093,675 |
3,524,083,700 |
|
Selling Expenses |
57,144,928 |
10,640,849 |
46,417,769 |
|
Administrative Expenses |
330,884,910 |
66,758,027 |
313,948,374 |
|
Total Expenses |
3,480,327,056 |
816,492,551 |
3,884,449,843 |
|
|
|
|
|
|
Profit / [Loss] before Financial
Expenses & Income
Tax Expenses |
494,697,443 |
108,378,012 |
554,736,877 |
|
Financial Expenses |
[557,344] |
[125,990] |
[461,564] |
|
Profit / [Loss] before Income Tax
Expenses |
494,140,099 |
108,252,022 |
554,275,313 |
|
Income Tax Expenses |
[66,884,614] |
[10,578,341] |
[106,503,484] |
|
|
|
|
|
|
Net Profit / [Loss] |
427,255,485 |
97,673,681 |
447,771,829 |
SUMMIT SHOWA
MANUFACTURING CO., LTD.
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.06 |
1.34 |
2.08 |
|
QUICK RATIO |
TIMES |
1.73 |
1.16 |
1.75 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
10.72 |
2.56 |
12.77 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.99 |
0.48 |
2.42 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
27.71 |
100.93 |
22.72 |
|
INVENTORY TURNOVER |
TIMES |
13.17 |
3.62 |
16.06 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
50.88 |
162.84 |
34.66 |
|
RECEIVABLES TURNOVER |
TIMES |
7.17 |
2.24 |
10.53 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
84.44 |
535.54 |
66.70 |
|
CASH CONVERSION CYCLE |
DAYS |
(5.85) |
(271.76) |
(9.32) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
78.81 |
80.51 |
80.35 |
|
SELLING & ADMINISTRATION |
% |
9.89 |
8.43 |
8.22 |
|
INTEREST |
% |
0.01 |
0.01 |
0.01 |
|
GROSS PROFIT MARGIN |
% |
22.50 |
20.24 |
20.86 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
12.61 |
11.81 |
12.65 |
|
NET PROFIT MARGIN |
% |
10.89 |
10.64 |
10.21 |
|
RETURN ON EQUITY |
% |
37.47 |
13.70 |
42.11 |
|
RETURN ON ASSET |
% |
21.65 |
5.09 |
24.69 |
|
EARNING PER SHARE |
BAHT |
267.03 |
61.05 |
279.86 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.42 |
0.63 |
0.41 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.73 |
1.69 |
0.71 |
|
TIME INTEREST EARNED |
TIMES |
887.60 |
860.21 |
1,201.86 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
327.46 |
(79.07) |
|
|
OPERATING PROFIT |
% |
356.46 |
(80.46) |
|
|
NET PROFIT |
% |
337.43 |
(78.19) |
|
|
FIXED ASSETS |
% |
1.95 |
4.50 |
|
|
TOTAL ASSETS |
% |
2.93 |
5.69 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 327.46%. Turnover has increased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
22.50 |
Impressive |
Industrial
Average |
19.54 |
|
Net Profit Margin |
10.89 |
Impressive |
Industrial
Average |
7.03 |
|
Return on Assets |
21.65 |
Impressive |
Industrial
Average |
14.95 |
|
Return on Equity |
37.47 |
Impressive |
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 22.5%. 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 10.89%,
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. Return on Assets ratio is
21.65%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
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. Return on Equity ratio
is 37.47%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
2.06 |
Impressive |
Industrial
Average |
1.83 |
|
Quick Ratio |
1.73 |
|
|
|
|
Cash Conversion Cycle |
(5.85) |
|
|
|
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 2.06 times in 2014, increased from 1.34 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 1.73 times in 2014,
increased from 1.16 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 -6 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.42 |
Acceptable |
Industrial
Average |
0.38 |
|
Debt to Equity Ratio |
0.73 |
Impressive |
Industrial
Average |
0.60 |
|
Times Interest Earned |
887.60 |
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 887.6 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 0.42 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 |
10.72 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.99 |
Satisfactory |
Industrial
Average |
2.13 |
|
Inventory Conversion Period |
27.71 |
|
|
|
|
Inventory Turnover |
13.17 |
Impressive |
Industrial
Average |
12.89 |
|
Receivables Conversion Period |
50.88 |
|
|
|
|
Receivables Turnover |
7.17 |
Satisfactory |
Industrial
Average |
8.24 |
|
Payables Conversion Period |
84.44 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.17 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 101 days at the
end of 2013 to 28 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 3.62 times in year 2013 to 13.17
times in year 2014.
The company's Total Asset Turnover is calculated as 1.99 times and 0.48
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.65.15 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.71.25 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
ASH |
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.