MIRA INFORM REPORT
|
Report No. : |
347386 |
|
Report Date : |
31.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SRF INDUSTRIES
[THAILAND] LIMITED |
|
|
|
|
Formerly Known As : |
SRF TECHNICAL TEXTILES [THAILAND] LIMITED |
|
|
|
|
Registered Office : |
3 Map Ta Phut Industrial Estate, I-1 Road, T. Map Ta Phut, A. Muang, Rayong 21150 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
30.10.1999 |
|
|
|
|
Com. Reg. No.: |
0105533129498 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Fabric Tyre Reinforcing Materials. |
|
|
|
|
No. of Employees : |
600 |
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 |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
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
SRF INDUSTRIES [THAILAND] LIMITED
[FORMER:
SRF TECHNICAL TEXTILES [THAILAND] LIMITED]
SUMMARY
BUSINESS
ADDRESS : 3
MAP TA PHUT
INDUSTRIAL ESTATE, I-1
ROAD,
T. MAP
TA PHUT, A.
MUANG,
RAYONG 21150,
THAILAND
TELEPHONE : [66] 38
683-600-6, 683-102-3, 683-607-14
FAX :
[66] 38
683-101, 684-934
E-MAIL
ADDRESS : sales@srf.co.th
mailto:mk@srf.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1990
REGISTRATION
NO. : 0105533129498 [Former : 12949/2533]
TAX
ID NO. : 3101906448
CAPITAL REGISTERED : BHT. 100,000,300
CAPITAL PAID-UP : BHT.
100,000,300
SHAREHOLDER’S PROPORTION : FOREIGN
: 100%
FISCAL YEAR CLOSING DATE : MARCH
31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SUSHIL KAPOOR, INDIAN
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 600
LINES
OF BUSINESS : FABRIC TYRE REINFORCING MATERIALS
MANUFACTURER,
DISTRIBUTOR AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on October
30, 1990 as
a private limited
company under the initially
registered name “Thai Baroda
Industries Limited” by a
joint investment among Thai and
Indian groups, as well as other investors including major
Thai commercial bank/financial institution,
along with Baroda
Rayon Corporation of
India and P B
group of Thailand.
Its business objective
is to manufacture wide range of
fabric tyre reinforcing
materials [nylon tyre cord] to
both local and
overseas markets, with
promotional privileges granted
by Board of
Investment on January
20, 1995.
In 1999 and
2000, subject achieved
an international standard
ISO 9002 and QS 9000
certification, respectively.
On September 8, 2008, subject
became a wholly
owned subsidiary of SRF
Overseas Limited, British
Virgin Islands, then
its name was changed to SRF
TECHNICAL TEXTILES [THAILAND] LIMITED on
May 1, 2009.
On August 30, 2011, subject became a wholly owned
subsidiary of SRF
Global B.V., of
Netherlands, and the
subject’s name was
changed to SRF
INDUSTRIES [THAILAND] LIMITED
on December 15,
2011. It currently employs approximately 600
staff.
The subject’s registered address is 3
Map Ta Phut Industrial
Estate, I-1 Rd., T. Map Ta Phut,
A. Muang, Rayong
21150, and this
is the company’s current operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Ashish
Bharat Ram |
[x] |
Indian |
47 |
|
Mr. Sushil
Kapoor |
[x] |
Indian |
56 |
|
Mr. Kartik
Bharat Ram |
[x] |
Indian |
44 |
|
Mr. Sehgal
Satish |
|
Indian |
72 |
|
Mr. Prashant Mehra |
[x] |
Indian |
43 |
|
Mr. Rajendra Kumar Singh |
|
Indian |
43 |
|
Mr. Dinesh
Verma |
|
Indian |
31 |
|
Mr. Rajeev
Narang |
|
Indian |
51 |
|
Mr. Anan
Thongsamrid |
|
Thai |
46 |
AUTHORIZED
PERSON
Any of the
above directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Sushil Kapoor is
the Chief Executive
Officer.
He is Indian
nationality with the
age of 56
years old.
Mr. Anan Thongsamrid is
the Factory Manager.
He is Thai
nationality with the
age of 46
years old.
Ms. Hataichanok Matrakul is
the Sales & Marketing Manager.
She is Thai
nationality.
BUSINESS
OPERATIONS
The
subject’s activity is a
manufacturer wide range
of tyre reinforcing
materials,
specialized
in tyre cord
fabric for tyre
industry, including dipped
fabric, greige fabric,
dipped cord, greige
cord and yarn.
Subject
also manufactures plastic
film [BOPET film] for
packaging industry. The
plastic film production has been started
in July 2013.
PRODUCTION CAPACITY
Tyre Cord : 12,000 metric
tons per annum
PURCHASE
Raw materials mainly
capolactum are purchased
from local suppliers
and overseas in
Japan, Germany and
Republic of China.
SALES [LOCAL]
20% of the
products is sold
locally to manufacturers.
EXPORT [COUNTRY]
80% of the products is
exported to India,
Pakistan, Korea, Sri Lanka, Taiwan,
Indonesia, Malaysia, Vietnam,
Australia and Philippines.
MAJOR CUSTOMERS
Local - Bridgstone
Group
Michelin Siam
Co., Ltd.
Otani Tire
Co., Ltd.
Hihero Co., Ltd.
Siam Rubber
LP.
Siamese Tyre
Co., Ltd.
Deestone Ltd.
Inoue Rubber
[Thailand] Public CO., Ltd.
Vee Rubber
International Co., Ltd.
S.R. Tyres
Co., Ltd.
Goodyear [Thailand]
Public Company Limited
Sumitomo Rubber
[Thailand] Co., Ltd.
Overseas - Ceat Limited :
India
Apollo Tyres
Ltd. :
India
Modirubber Ltd. :
India
Ceat Kelan
International Tyres [PVT]
Ltd. :
Sri Lanka
Nexen Tire
Corporation :
Korea
Loadstar [PVT]
Ltd. :
Sri Lanka
Trelleborg Lanka
[PVT] Ltd. : Sri Lanka
Kumho Industrial
Co., Ltd. :
Korea
Hankook Tire
Co., Ltd. :
Korea
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 to the
past two years.
CREDIT
Sales are on
the credits term
of 30-60 days.
Local bills are
paid on the
credits term of
30-60-90 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd. : [Laemchabang
Branch]
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs approximately
600 staff. [office
staff and factory
workers]
LOCATION
DETAILS
The premise
is owned for administrative office,
factory I and warehouse
on 158,400 square
meters of land,
at the heading
address. Premise is
located in industrial
area, in the
Eastern Coast of
Thailand.
Factory and Warehouse:
Factory I [Tyre
Cord] : 3 Map
Ta Phut
Industrial Estate, I-1 Rd., T. Map Ta Phut,
A. Muang, Rayong
21150.
Factory II [Plastic
Film]: 112 Moo
3, Hemaraj Eastern
Seaboard Industrial Estate,
T.
Tasith, A. Pluakdaeng, Rayong
21140.
COMMENT
The company was formed in 1990 as a manufacturer of fabric tyre
cord for tyre manufactures. Its products
are quickly spread
throughout Asia and
Australia. Automotive industry
in ASEAN countries
especially Indonesia has
strongly grown. This
was resulted to
higher demand of
tyre and also
benefit directly to
tyre industry.
FINANCIAL
INFORMATION
The capital was
registered at Bht.
500,000,000 divided into 5,000,000 shares
of Bht. 100 each
with fully paid.
The capital was
increased and decreased
later as followings:
Bht. 750,000,000 on
December 25, 1992
Bht.
1,000,000,000 on August
1, 1995
Bht. 250,000,000 on
June 8, 1998
[Decreased]
Bht. 905,000,000 on
December 29, 1999
Bht. 300,000,000 on
September 5, 2008
[Decreased]
Bht. 100,000,300 on
September 8, 2008
[Decreased]
The latest
registered capital was decreased
to Bht. 100,000,300
divided into 1,000,003
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at July 31,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
SRF Global B.V. Nationality: Dutch Address : Amsterdam,
Netherlands |
1,000,001 |
100.00 |
|
Mr. Kartik Bharat Ram Nationality: Indian Address : New
Delhi, India |
1 |
- |
|
Mr. Arun Bharat Ram Nationality: Indian Address : New
Delhi, India |
1 |
- |
Total Shareholders : 3
Share
Structure
[as at July
31, 2015]
|
|
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
3 |
1,000,003 |
100.00 |
|
Total |
3 |
1,000,003 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Pensri Thamvarodom No.
4923
BALANCE
SHEET [BAHT]
The latest financial figures published
as at March
31, 2015, 2014
& 2013 were:
ASSETS
|
Current Assets |
2015 |
2014 |
2013 |
|
|
|
|
|
|
Cash and Cash Equivalents |
134,291,817 |
35,694,184 |
213,396,252 |
|
Trade Accounts Receivable
|
417,291,368 |
591,121,207 |
210,775,440 |
|
Inventories |
243,870,505 |
343,247,707 |
177,841,280 |
|
Tax Refundable |
10,315,098 |
12,700,527 |
22,891,116 |
|
Deferred Insurance Compensation |
- |
96,197,493 |
- |
|
Other Current Assets
|
3,869,006 |
829,252 |
8,321,023 |
|
|
|
|
|
|
Total Current Assets
|
809,637,794 |
1,079,790,370 |
633,225,111 |
|
|
|
|
|
|
Fixed Assets |
2,478,083,442 |
2,676,807,655 |
2,511,409,413 |
|
Other Non-current Assets |
4,112,884 |
4,479,715 |
4,250,723 |
|
Total Assets |
3,291,834,120 |
3,761,077,740 |
3,148,885,247 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2015 |
2014 |
2013 |
|
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institutions |
33,341,094 |
40,504,389 |
1,702,999 |
|
Trade Accounts & Other
Payable |
701,698,326 |
955,642,009 |
530,100,445 |
|
Current Portion of
Long-term Loans from Financial Institutions |
194,330,219 |
- |
55,300,000 |
|
Short-term Loan from Other
Company |
- |
10,939,211 |
- |
|
Other Current Liabilities |
3,159,568 |
3,940,573 |
5,234,288 |
|
|
|
|
|
|
Total Current Liabilities |
932,529,207 |
1,011,026,182 |
592,337,732 |
|
Long-term Loans from Financial Institutions, Net
of Current Portion |
1,164,251,947 |
1,449,498,200 |
1,042,033,864 |
|
Long-term Loan from Parent Company |
901,896,145 |
898,548,095 |
768,007,248 |
|
Reserve for Employee
Benefits |
20,916,254 |
21,015,063 |
16,204,653 |
|
Total Liabilities |
3,019,593,553 |
3,380,087,540 |
2,418,583,497 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital
1,000,003 shares |
100,000,300 |
100,000,300 |
100,000,300 |
|
|
|
|
|
|
Capital Paid |
100,000,300 |
100,000,300 |
100,000,300 |
|
Retained Earnings Unappropriated
|
172,240,267 |
280,989,900 |
630,301,450 |
|
Total Shareholders' Equity |
272,240,567 |
380,990,200 |
730,301,750 |
|
Total Liabilities &
Shareholders' Equity |
3,291,834,120 |
3,761,077,740 |
3,148,885,247 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2015 |
2014 |
2013 |
|
|
|
|
|
|
Sales Income |
3,202,045,952 |
2,539,965,007 |
1,966,431,148 |
|
Insurance Compensation Income |
- |
11,622,988 |
- |
|
Gain on Exchange Rate |
- |
- |
85,623,445 |
|
Other Income |
30,395,703 |
45,622,547 |
22,250,714 |
|
Total Revenues |
3,232,441,655 |
2,597,210,542 |
2,074,305,307 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,959,343,020 |
2,496,190,518 |
1,804,839,172 |
|
Selling Expenses |
101,481,827 |
71,589,854 |
34,860,824 |
|
Administrative Expenses |
196,828,390 |
121,626,825 |
77,776,406 |
|
Loss on Exchange Rate |
8,679,602 |
191,329,278 |
- |
|
Total Expenses |
3,266,332,839 |
2,880,736,475 |
1,917,476,402 |
|
Loss before Financial
Expenses |
[33,891,184] |
[283,525,933] |
156,828,905 |
|
Financial Expenses |
[74,858,449] |
[65,785,617] |
[39,164,768] |
|
|
|
|
|
|
Net Profit / [Loss] |
[108,749,633] |
[349,311,550] |
117,664,137 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2015 |
2014 |
2013 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.87 |
1.07 |
1.07 |
|
QUICK RATIO |
TIMES |
0.59 |
0.62 |
0.72 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.29 |
0.95 |
0.78 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.97 |
0.68 |
0.62 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
30.08 |
50.19 |
35.97 |
|
INVENTORY TURNOVER |
TIMES |
12.13 |
7.27 |
10.15 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
47.57 |
84.95 |
39.12 |
|
RECEIVABLES TURNOVER |
TIMES |
7.67 |
4.30 |
9.33 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
86.55 |
139.74 |
107.20 |
|
CASH CONVERSION CYCLE |
DAYS |
(8.90) |
(4.60) |
(32.12) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
92.42 |
98.28 |
91.78 |
|
SELLING & ADMINISTRATION |
% |
9.32 |
7.61 |
5.73 |
|
INTEREST |
% |
2.34 |
2.59 |
1.99 |
|
GROSS PROFIT MARGIN |
% |
8.53 |
3.98 |
13.70 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(1.06) |
(11.16) |
7.98 |
|
NET PROFIT MARGIN |
% |
(3.40) |
(13.75) |
5.98 |
|
RETURN ON EQUITY |
% |
(39.95) |
(91.69) |
16.11 |
|
RETURN ON ASSET |
% |
(3.30) |
(9.29) |
3.74 |
|
EARNING PER SHARE |
BAHT |
(108.75) |
(349.31) |
117.66 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.92 |
0.90 |
0.77 |
|
DEBT TO EQUITY RATIO |
TIMES |
11.09 |
8.87 |
3.31 |
|
TIME INTEREST EARNED |
TIMES |
(0.45) |
(4.31) |
4.00 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
26.07 |
29.17 |
|
|
OPERATING PROFIT |
% |
(88.05) |
(280.79) |
|
|
NET PROFIT |
% |
68.87 |
(396.87) |
|
|
FIXED ASSETS |
% |
(7.42) |
6.59 |
|
|
TOTAL ASSETS |
% |
(12.48) |
19.44 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 26.07%. Turnover has increased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.53 |
Impressive |
Industrial
Average |
- |
|
Net Profit Margin |
(3.40) |
Deteriorated |
Industrial
Average |
2.28 |
|
Return on Assets |
(3.30) |
Deteriorated |
Industrial
Average |
2.95 |
|
Return on Equity |
(39.95) |
Deteriorated |
Industrial
Average |
7.29 |
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 8.53%. 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 -3.4%.
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 -3.3%.
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 -39.95%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.87 |
Risky |
Industrial
Average |
1.15 |
|
Quick Ratio |
0.59 |
|
|
|
|
Cash Conversion Cycle |
(8.90) |
|
|
|
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 0.87 times in 2015, decreased from 1.07 times, then the company may have
problems meeting its short-term obligations. 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 0.59 times in 2015,
decreased from 0.62 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 -9 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.92 |
Acceptable |
Industrial
Average |
0.65 |
|
Debt to Equity Ratio |
11.09 |
Risky |
Industrial
Average |
2.10 |
|
Times Interest Earned |
(0.45) |
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 -0.46 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 0.92 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.29 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.97 |
Acceptable |
Industrial
Average |
1.40 |
|
Inventory Conversion Period |
30.08 |
|
|
|
|
Inventory Turnover |
12.13 |
Impressive |
Industrial
Average |
5.66 |
|
Receivables Conversion Period |
47.57 |
|
|
|
|
Receivables Turnover |
7.67 |
Impressive |
Industrial
Average |
5.67 |
|
Payables Conversion Period |
86.55 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.67 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 50 days at the
end of 2014 to 30 days at the end of 2015. This represents a positive trend.
And Inventory turnover has increased from 7.27 times in year 2014 to 12.13
times in year 2015.
The company's Total Asset Turnover is calculated as 0.97 times and 0.68
times in 2015 and 2014 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.65.22 |
|
|
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.