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MIRA INFORM REPORT
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Report No. : |
483767 |
|
Report Date : |
04.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
BANGKOK PRODUCE MERCHANDISING PUBLIC COMPANY LIMITED |
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Registered Office : |
313 CP Tower, Silom Road, Silom,
Bangrak, Bangkok 10500 |
|
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Country : |
Thailand |
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|
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
21.09.1979 |
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Com. Reg. No.: |
0107537000262 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
The subject is
engaged in two
activities concerning the
animal feed raw
material business and
integrated chicken business. |
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|
No. of Employees : |
3,000 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
THAILAND - ECONOMIC
OVERVIEW
With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two-thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about one-third of the labor force. Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly from neighboring countries.
Over the last few decades, Thailand has sustained strong growth and has reduced poverty substantially. In 2013, the Thai Government implemented a nationwide 300 baht (roughly $10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners.
Growth has slowed in the last few years, however, due to domestic political turmoil and sluggish global demand. Nevertheless, Thailand’s economic fundamentals are sound, with low inflation, low unemployment, and reasonable public and external debt levels. Tourism and government spending - mostly on infrastructure and short-term stimulus measures – have helped to boost the economy, and The Bank of Thailand has been supportive, with several interest rate reductions.
Over the longer-term, Thailand faces labor shortages, and domestic debt levels, political uncertainty, and an aging population pose risks to growth.
|
Source
: CIA |
Company
name
BANGKOK PRODUCE
MERCHANDISING PUBLIC COMPANY
LIMITED
SUMMARY
BUSINESS ADDRESS : 313 CP
TOWER, SILOM ROAD,
SILOM,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE
: [66]
2638-2000, 2625-8000
FAX :
[66] 2631-0989,
2631-0987-8
E-MAIL ADDRESS : phongsak@cpf.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1979
REGISTRATION NO. : 0107537000262
TAX ID NO. : 3101104196
CAPITAL REGISTERED : BHT.
600,000,000
CAPITAL PAID-UP : BHT.
600,000,000
SHAREHOLDER’S PROPORTION : THAI :
99.99%
FOREIGN :
0.01%
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE
: MR.
VORAVIT JANTHANAKUL, THAI
PRESIDENT &
CHIEF EXECUTIVE OFFICER
NO. OF
STAFF : 3,000
LINES OF
BUSINESS : PROCESSED MEAT
PRODUCTION AND ANIMAL FEED
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
|
|
|
CORPORATE PROFILE |
OPERATING TREND : STABLE
PRESENT SITUATION
: OPERATING NORMALLY
REPUTATION : GOOD FOR
NORMAL BUSINESS ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
formed on September 21, 1979
as a private
limited company under the
registered name “Bangkok
Produce Merchandising Co.,
Ltd.” with the
purpose of conducting
wholesale and retail
trade in the
import and export
of agricultural outputs used
as raw materials
in animal feed such
as maize, fish-meal
and soybean meal.
On December 21,
1987, the subject
was listed on
the Stock Exchange
of Thailand. On
January 27, 1994,
its status was
converted into a
public limited company,
namely BANGKOK PRODUCE
MERCHANDISING PUBLIC COMPANY
LIMITED. On December 20,
1999, it
was approved for delisting
from the Stock Exchange
of Thailand. The
subject currently employs
approximately 3,000 staff.
Presently, the subject
is a wholly
owned subsidiary of
Charoen Pokphand Foods
Public Company Limited.
The subject’s registered
and business address
is located at
313 CP Tower,
Silom Rd., Silom,
Bangrak, Bangkok 10500.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Voravit
Janthanakul |
[x] |
Thai |
72 |
|
Mr. Paisarn
Chirakitcharoen |
[x] |
Thai |
59 |
|
Mr. Paisarn
Kruawongvanich |
|
Thai |
57 |
|
Mr. Somchai
Kungsamutr |
|
Thai |
57 |
|
Ms. Patchara
Chartbanchachai |
[x] |
Thai |
60 |
AUTHORIZED PERSON
Two of the
above mentioned directors [x] can jointly sign
or any of the mentioned
directors [x] can
jointly sign with
anyone of the
rest directors on
behalf of the
subject with the
company’s affixed.
MANAGEMENT
Mr. Voravit
Janthanakul is the
President & Chief
Executive Officer.
He is Thai
nationality with the
age of 72 years
old.
Ms. Patchara
Chartbanchachai is
the Senior Vice
President.
She is Thai
nationality with the
age of 60
years old.
Mr. Somchai
Kungsamutr is the Senior
Vice President.
He is Thai
nationality with the
age of 57 years
old.
Mr. Paisarn
Kruawongvanich
is the Vice
President.
He is Thai
nationality with the
age of 57 years
old.
Mr. Paisarn
Chirakitcharoen
is the Vice President.
He is Thai
nationality with the
age of 59 years
old.
Mr. Vorapoj
Suratvisit is the
Vice President.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in two
activities concerning the
animal feed raw
material business and
integrated chicken business
as the followings:
The Animal Feed
Raw Material Business
Trading of agricultural
products is the
business in which
the subject purchases
raw material [such
as corn, soybean meal,
maize, sorghum, fishmeal, broken
rice etc.] from
farmers and then
sell to animal
feed plants, as
well as manufacturing
animal feed.
The Integrated Chicken
Business
Manufacturing
and trading of
poultry products business,
consists of farms
for raising of
grandparent stock, parent
stock and pullets,
processing and prepared
food production plants
with 5 production
lines: frying, grilling,
boiling, roasting and
steaming.
MAJOR BRAND
“BKP”
IMPORT [COUNTRIES]
Raw materials are
imported from Denmark,
Netherlands, Republic of
China, Taiwan, U.S.A.,
and Brazil, as
well as purchased locally.
MAJOR SUPPLIERS
Charoen Pokphand Foods
Public Company Limited : Thailand
Mills Bros International
Inc. : U.S.A.
EXPORT [COUNTRIES]
60% of the products
is exported to European Union countries, Korea,
Singapore, Taiwan, Hong Kong,
Australia, Canada, U.S.A., Japan, India, Malaysia, Africa and Republic of China.
SALES [LOCAL]
40% of its
products is sold
locally to animal
feed industry, wholesalers
and end-users.
MAJOR CUSTOMER
Charoen Pokphand Foods
Public Company Limited
: 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 to the
past two years.
CREDIT
Local bills are
paid by cash
or on the
credits term of
30-60-90 days.
Imports are by
L/C or T/T.
Sales are by
cash or on
the credits term
of 30-60-90 days.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Company Limited
Krung Thai Bank
Public Company Limited
EMPLOYMENT
The subject currently
employs approximately 3,000
staff comprising office
staff, sales staff
and factory workers.
LOCATION DETAILS
The premise is
rented for operating
an office at
the heading address.
Premise is located
in a prime
commercial area.
Factory I (Processed
Chicken Products) is
located at 150
Moo 7, T. Taddiew, A.
Kangkoi, Saraburi 18110.
Land Area :
240,000 square meters
Tel.: [66]
36 251-970 Fax:
[66] 36 251-977
Factory II (Animal
Feed) is located at
63 Moo 7,
T. Champa, A.
Tharua, Ayudhya 13130.
Tel.: [66]
35 225-039, Fax:
[66] 35 341-303
COMMENT
The subject has
been firmly established
for 39 years
as a trader
of raw materials
for animal feed
industry, manufacturer of
animal feed, as
well as manufacturer, distributor
and exporter of
integrated chicken products.
Despite of an increase
in sales or service
revenues in 2016, there was
a decrease in net
profit comparing to the previous
year. Nevertheless, the
subject reported a
large amount of
Total Net Profit
and Other Comprehensive Income
for the Year
2016 at Bht. 1,428,998,624.
Generally, the subject’s
business is promising and
growing considerably.
FINANCIAL INFORMATION
The capital
was initially registered
at Bht. 1,000,000
divided into 10,000
shares of Bht.
100 each.
The capital was increased
later as followings:
Bht. 5,500,000
on February 18,
1981
Bht. 600,000,000
on March 14,
1987
The latest capital
was divided into
60,000,000 shares of
Bht. 10 each
with fully paid.
MAIN
SHAREHOLDERS : [as at
April 27, 2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Charoen
Pokphand Foods Public
Company Limited |
59,664,871 |
99.44 |
|
Mr. Wanchai Chirathiwat |
50,200 |
0.08 |
|
Others |
284,929 |
0.48 |
Total
Shareholders : 191
Share Structure [as at
April 27, 2017]
|
Nationality |
Shareholders |
No.
of Share |
% Shares |
|
|
|
|
|
|
Thai |
190 |
59,998,000 |
99.99 |
|
Foreign |
1 |
2,000 |
0.01 |
|
Total |
191 |
60,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Suchitra Masena
No. 8645
financial
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2016, 2015
and 2014 were:
ASSETS
|
Current
Assets |
2016 |
2015 |
2014 [Adjusted] |
|
|
|
|
|
|
Cash and Cash
Equivalents |
1,392,149,990 |
219,033,422 |
17,135,370 |
|
Trade Accounts and
Other Receivable |
2,412,653,246 |
9,938,638,197 |
10,194,205,281 |
|
Inventories |
4,625,284,279 |
4,542,450,951 |
4,958,613,962 |
|
Other Current Assets
|
17,575,663 |
146,027,220 |
5,259,638 |
|
|
|
|
|
|
Total Current Assets |
8,447,663,178 |
14,846,149,790 |
15,175,214,251 |
|
Available for-Sale
Investment |
7,575,206,715 |
2,823,320,581 |
6,182,817,920 |
|
Investment
Property |
15,733,660 |
15,733,660 |
15,733,660 |
|
Property, Plant and Equipment |
39,834,800 |
35,749,598 |
42,666,260 |
|
Intangible Assets |
4,489,740 |
3,327,551 |
3,140,831 |
|
Other
Non-current Assets |
4,137,676 |
4,389,016 |
3,893,548 |
|
Total Assets |
16,087,065,769 |
17,728,670,196 |
21,423,466,470 |
LIABILITIES
& SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2016 |
2015 |
2014 [Adjusted] |
|
|
|
|
|
|
Bank Overdraft and
Short-term Loan from Financial Institutions |
8,086,041,538 |
11,648,550,160 |
11,478,967,207 |
|
Trade Accounts and
Other Payable |
3,516,459,800 |
1,517,982,311 |
3,413,159,890 |
|
Accrued Income Tax |
11,867,535 |
256,190,631 |
79,064,152 |
|
Other Current Liabilities |
32,228,375 |
585,356,253 |
16,353,675 |
|
|
|
|
|
|
Total Current Liabilities |
11,646,597,248 |
14,008,079,355 |
14,987,544,924 |
|
Deferred
Income Tax Liabilities |
573,848,660 |
245,717,896 |
876,616,300 |
|
Employee
Benefits Obligation |
99,111,015 |
158,362,723 |
150,405,141 |
|
Total Liabilities |
12,319,556,923 |
14,412,159,974 |
16,014,566,365 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital :
Baht 10 par
value authorized, issued
and fully paid share capital
60,000,000 shares |
600,000,000 |
600,000,000 |
600,000,000 |
|
|
|
|
|
|
Capital Paid |
600,000,000 |
600,000,000 |
600,000,000 |
|
Retained Earnings:
[Deficit] Appropriated for statutory reserve |
60,000,000 |
60,000,000 |
60,000,000 |
|
Unappropriated |
342,390,289 |
771,232,733 |
661,596,832 |
|
Other Components
of Shareholder Equity |
2,765,118,557 |
1,885,277,489 |
4,087,303,273 |
|
Total
Shareholders' Equity |
3,767,508,846 |
3,316,510,222 |
5,408,900,105 |
|
Total
Liabilities and Shareholders' Equity |
16,087,065,769 |
17,728,670,196 |
21,423,466,470 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2016 |
2015 |
2014 [Adjusted] |
|
|
|
|
|
|
Sales or Services
Income |
30,622,582,635 |
29,689,911,300 |
26,983,613,927 |
|
Interest Income |
29,209,957 |
798,045 |
6,731,817 |
|
Other Income |
111,075,157 |
1,597,569,528 |
217,344,406 |
|
Total Revenues |
30,762,867,749 |
31,288,278,873 |
27,207,690,150 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold or Services |
29,265,841,775 |
28,864,290,956 |
25,915,728,480 |
|
Selling Expenses |
80,217,462 |
72,292,180 |
62,676,371 |
|
Administrative
Expenses |
451,644,511 |
410,719,505 |
369,000,709 |
|
Loss on Exchange Rate |
98,263,581 |
89,925,916 |
23,677,416 |
|
Financial Costs |
234,394,909 |
311,535,799 |
305,383,756 |
|
Total Expenses |
30,130,362,238 |
29,748,764,356 |
26,676,466,732 |
|
Profit / [Loss]
before Income Tax |
632,505,511 |
1,539,514,517 |
531,223,418 |
|
Income Tax |
[136,812,911] |
[229,878,616] |
[102,228,528] |
|
Net Profit / [Loss]
|
495,692,600 |
1,309,635,901 |
428,994,890 |
|
|
|
|
|
|
Other
Comprehensive Income |
|
|
|
|
Profit / (Loss)
from measurement of Investment for
sale |
1,094,901,335 |
[1,236,851,843] |
1,012,179,844 |
|
Profits [losses]
on revaluation of
new assets |
4,900,000 |
- |
- |
|
Profit / [Loss] form
estimation according to the
mathematical method of
Insurance for employee benefit Project |
66,831,194 |
- |
- |
|
Others |
[14,346,238] |
[1,515,680,387] |
[85,812,107] |
|
Income tax on
the composition of
other
comprehensive income |
[218,980,267] |
550,506,446 |
[185,122,624] |
|
Profit/[Loss]
Other Comprehensive, Net |
933,306,024 |
[2,202,025,784] |
741,245,113 |
|
Total Net Profit
and Other Comprehensive Income
for the Year |
1,428,998,624 |
[892,389,883] |
1,170,240,003 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.73 |
1.06 |
1.01 |
|
QUICK RATIO |
TIMES |
0.33 |
0.73 |
0.68 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
768.74 |
830.50 |
632.43 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.90 |
1.67 |
1.26 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
57.69 |
57.44 |
69.84 |
|
INVENTORY TURNOVER |
TIMES |
6.33 |
6.35 |
5.23 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
28.76 |
122.18 |
137.89 |
|
RECEIVABLES TURNOVER |
TIMES |
12.69 |
2.99 |
2.65 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
43.86 |
19.20 |
48.07 |
|
CASH CONVERSION CYCLE |
DAYS |
42.59 |
160.43 |
159.66 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
95.57 |
97.22 |
96.04 |
|
SELLING & ADMINISTRATION |
% |
1.74 |
1.63 |
1.60 |
|
INTEREST |
% |
0.77 |
1.05 |
1.13 |
|
GROSS PROFIT MARGIN |
% |
4.89 |
8.16 |
4.79 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.07 |
5.19 |
1.97 |
|
NET PROFIT MARGIN |
% |
1.62 |
4.41 |
1.59 |
|
RETURN ON EQUITY |
% |
13.16 |
39.49 |
7.93 |
|
RETURN ON ASSET |
% |
3.08 |
7.39 |
2.00 |
|
EARNING PER SHARE |
BAHT |
8.26 |
21.83 |
7.15 |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.77 |
0.81 |
0.75 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.27 |
4.35 |
2.96 |
|
TIME INTEREST EARNED |
TIMES |
2.70 |
4.94 |
1.74 |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
3.14 |
10.03 |
|
|
OPERATING PROFIT |
% |
(58.92) |
189.81 |
|
|
NET PROFIT |
% |
(62.15) |
205.28 |
|
|
FIXED ASSETS |
% |
11.43 |
(16.21) |
|
|
TOTAL ASSETS |
% |
(9.26) |
(17.25) |
|
ANNUAL
GROWTH : ACCEPTABLE
An annual sales growth is 3.14%. Turnover has increased from
THB 29,689,911,300.00 in 2015 to THB 30,622,582,635.00 in 2016. While net
profit has decreased from THB
PROFITABILITY
: EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
4.89 |
Impressive |
Industrial
Average |
2.73 |
|
Net Profit Margin |
1.62 |
Impressive |
Industrial
Average |
0.41 |
|
Return on Assets |
3.08 |
Impressive |
Industrial
Average |
1.07 |
|
Return on Equity |
13.16 |
Impressive |
Industrial
Average |
6.20 |
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. Gross Profit Margin is 4.89%. When compared with the industry
average, the ratio of the company was higher, indicated that company was more
profitable than the same industry.
Net Profit Margin is the indicator of the company's
efficiency in that net profit takes into consideration all expenses of the
company. A low profit margin indicates a low margin of safety, higher risk that
a decline in sales will erase profits and result in a net loss. Net Profit
Margin ratio is 1.62%, 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 3.08%, 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 13.16%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY
: RISKY
LIQUIDITY
RATIO
|
Current Ratio |
0.73 |
Risky |
Industrial
Average |
0.97 |
|
Quick Ratio |
0.33 |
|
|
|
|
Cash Conversion Cycle |
42.59 |
|
|
|
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 0.73 times in 2016, decrease from 1.06 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 0.33
times in 2016, decrease from 0.73 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 43 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE
: IMPRESSIVE
LEVERAGE
RATIO
|
Debt Ratio |
0.77 |
Impressive |
Industrial
Average |
0.87 |
|
Debt to Equity Ratio |
3.27 |
Satisfactory |
Industrial
Average |
6.99 |
|
Times Interest Earned |
2.70 |
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 2.7 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 0.77 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 |
768.74 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.90 |
Satisfactory |
Industrial
Average |
2.63 |
|
Inventory Conversion Period |
57.69 |
|
|
|
|
Inventory Turnover |
6.33 |
Satisfactory |
Industrial
Average |
9.13 |
|
Receivables Conversion Period |
28.76 |
|
|
|
|
Receivables Turnover |
12.69 |
Impressive |
Industrial
Average |
3.26 |
|
Payables Conversion Period |
43.86 |
|
|
|
The company's Account Receivable Ratio is calculated as
12.69 and
Inventory Turnover in Days Ratio indicates the liquidity of
inventory. It estimates the number of days that it will take to sell the
current inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 57 days at the
end of 2015 to 58 days at the end of 2016. This represents a negative trend.
And Inventory turnover has decreased from 6.35 times in year 2015 to 6.33 times
in year 2016.
The company's Total Asset Turnover is calculated as 1.9
times and 1.67 times in 2016 and 2015 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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.48 |
|
|
1 |
INR 86.41 |
|
Euro |
1 |
INR 76.54 |
|
THB |
1 |
INR 1.97 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.