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MIRA INFORM REPORT
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Report No. : |
484046 |
|
Report Date : |
04.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
NIKKEI SIAM ALUMINIUM LIMITED |
|
|
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|
Formerly Known As : |
ALCAN NIKKEI SIAM LIMITED |
|
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Registered Office : |
30 Moo 14, Phaholyothin Road, Km. 47, Klongnueng, A. Klongluang, Pathumthani 12120 |
|
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Country : |
Thailand |
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Financials (as on) : |
31.03.2017 |
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Date of Incorporation : |
11.10.1971 |
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Com. Reg. No.: |
0105514006149 |
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Legal Form : |
Private Limited Company |
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|
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Line of Business : |
The subject is
engaged in design,
manufacturing and distributing aluminums,
heat exchangers and
panel system products. |
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|
No. of Employees : |
1,000 |
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 |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
NIKKEI
SIAM ALUMINIUM LIMITED
[FORMER
: ALCAN NIKKEI
SIAM LIMITED]
SUMMARY
BUSINESS
ADDRESS : 30
MOO 14, PHAHOLYOTHIN
ROAD, KM. 47,
T.
KLONGNUENG,
A. KLONGLUANG,
PATHUMTHANI
12120, THAILAND
TELEPHONE : [66] 2529-0136-44,
2909-1160-2, 2909-7300
FAX :
[66] 2909-1163-4,
2529-5291
E-MAIL
ADDRESS : sales@nikkeisiam.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1971
REGISTRATION
NO. : 0105514006149
TAX
ID NO. : 3101046694
CAPITAL REGISTERED : BHT. 361,176,000
CAPITAL PAID-UP : BHT.
361,176,000
SHAREHOLDER’S PROPORTION : JAPANESE :
100%
FISCAL YEAR CLOSING DATE : MARCH 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
YASUHIRO SAI, JAPANESE
MANAGING DIRECTOR
NO.
OF STAFF : 1,000
LINES
OF BUSINESS : ALUMINUM SHEETS,
FOILS AND
OTHER PRODUCTS
MANUFACTURER, DISTRIBUTOR
& 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 11,
1971 as a
private limited company under
the registered name REYNOLDS
ALUMINUM THAILAND LTD., by
Japanese groups, with the
business objective to
manufacture aluminum sheet
and foils, as well
as other products.
The subject achieved
the ISO 9001:2000 certificate
from AJA Registrars
on December 27,
2003. It currently
employs approximately 1,000
staff.
The
subject’s name was
changed later as
follows:
On
August 23, 1973
to “Reynolds Aluminium
(Thailand) Limited”
On
October 20, 1983
to “Alcan Siam
Limited”
On
December 1, 1992
to “Nikkei Siam
Aluminium Limited”
On
May 2, 1997
to “Alcan Nikkei
Siam Limited”
On
November 18, 2003, the subject’s
name was finally
changed to NIKKEI
SIAM ALUMINIUM LIMITED.
The
registered address was
initially at 54
B.B. Building, Sukhumvit
21 Rd.,
Klongtoeynua, Wattana,
Bangkok 10110
On
August 23, 1999
the registered address
was relocated to
30 Moo 14, Phaholyothin
Rd., KM. 47, T. Klongnueng, A. Klongluang, Pathumthani 12120, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Yasuhiro Sai |
|
Japanese |
59 |
|
Mr. Narong Trisiriroj |
|
Thai |
56 |
|
Mr. Thanawat Sornjai |
[x] |
Thai |
- |
|
Mr. Yasuhiro Hayashi |
[x] |
Japanese |
55 |
|
Mr. Seiji Sakata |
|
Japanese |
58 |
|
Mr. Kazuyuki Kodama |
|
Japanese |
50 |
|
Mr. Masayuki Furumaki |
|
Japanese |
45 |
|
Mr. Charlie Wannawasu |
|
Thai |
71 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Yasuhiro Sai
is the Managing
Director.
He is Japanese
nationality with the
age of 59 years
old.
Mr. Narong Trisiriroj
is the Deputy
Managing Director/Sales &
Marketing Manager.
He is Thai
nationality with the
age of 56
years old.
Mr. Thanawat Sornjai
is the Deputy
Managing Director/Plant Manager.
He is Thai
nationality.
Mr. Intanin Yingcharoen
is the Human
Resource Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in design,
manufacturing and distributing
aluminums, heat exchangers
and panel system
products. The products are
as follows:
- Aluminum
Sheet
- Aluminum
Foil
- Panel
System
-
Basic
panel specification
-
Industrial
clean room panels
-
Cold
storage warehouse panels
-
Pre-fabricated
refrigerator and freezer
panels
- Heat
Exchanger
-
Condensers
for various type
of conditioners/ refrigerators
-
Liquid
cooling system radiators
-
Heat
Exchanger
- Fabricated
Product Service
-
Aluminum
extrusion [sharp/ tube/ bar]
-
Aluminum
fabricated part for
automobile and electrical
BRAND NAME
“NSA”
PRODUCTION
Aluminum Sheets : 40,000
tons per year
Aluminum Foils : 7,000 tons
per year
Heat Exchanger :
2,242,500 Qty per
year
Panel System : 145,440
pieces per year
PURCHASE
Most
of the raw
materials, aluminum ingot,
slab and chemical are purchased
from local suppliers, and the rest is imported from Japan, Australia,
India, Taiwan, Republic
of China and Indonesia.
MAJOR
SUPPLIER
Nippon Light Metal
Company, Ltd. :
Japan
SALES
[LOCAL]
80%
of its products
is sold locally
by wholesale to
dealers and end-users,
the remaining 20% is exported
to Malaysia, Singapore, Indonesia, Taiwan, Philippines,
U.A.E., Republic of China, India,
Australia, New Zealand, Vietnam,
Korea, Hong Kong, Cambodia
and Sri Lanka.
PARENT
COMPANY
Nippon Light Metal
Company, Ltd.
Address : 2-20
Higashi-Shinagawa, 2-Chome,
Shinagawa-Ku, Tokyo
140-8628, Japan
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 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 Company Limited
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok 10500]
Siam
Commercial Bank Public
Company Limited
[Chidlom
Branch : 1060 Petchburi
Rd., Makkasan, Rajthevee,
Bangkok]
EMPLOYMENT
The
subject employs approximately
1,000 staff [office
staff and factory
workers].
LOCATION
DETAILS
The
premise is rented
for administrative office,
factory I and warehouse
at the heading
address. Premise is
located in industrial area.
Factory
II : 700/194
Amatanakorn Industrial Estate,
T. Bankao, A.
Panthong,
Chonburi 20160.
Factory
III : 700/180 Amatanakorn
Industrial Estate, T.
Bankao, A. Panthong,
Chonburi 20160.
Factory
IV : 28 Moo
4, T. Klongnueng, A. Klongluang, Pathumthani
12120.
Bangkok
Office
:
7th Floor, Room
3704, BB Building,
54 Sukhumvit 21
[Asoke] Road,
Klongtoey Nua,
Wattana, Bangkok 10110.
Tel. [66]
2640-8299, Fax. [66]
2640-8298.
COMMENT
Demand
for aluminum sheet and foil has increased as
of March 31,
2017 comparing to the
previous year, and
continued increasing for
the whole year as well.
Consumption of
aluminum sheet and foil is
mostly related to industrial
sector, which had
seen an improvement
and recovery from
increase in consumption.
FINANCIAL
INFORMATION
The
capital was initially
registered at Bht. 36,200,000 divided
into 362,000 shares of
Bht.
100 each.
The
capital was increased
later as follows:
Bht. 50,000,000
on June 11,
1975
Bht.
120,000,000 on August
23, 1977
Bht.
141,176,000 on January
14, 1985
Bht.
361,176,000 on October
3, 2011
The
latest registered capital
was increased to
Bht. 361,176,000 divided into
3,611,760 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
June 9, 2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Nippon Light Metal
Company, Ltd. Nationality: Japanese Address : 2-20
Higashi-Shinagawa, 2-Chome, Shinagawa-Ku, Tokyo 140-8628, Japan |
3,611,757 |
100.00 |
|
Mr. Yasuhiro Sai Nationality: Japanese Address : 30
Moo 14, Phaholyothin Road, KM. 47 T.
Klongnueng, A. Klongluang, Pathumthani |
1 |
- |
|
Mr. Thanawat Sornjai Nationality: Thai Address : 67/324
Moo 3, T. Lakhok,
A. Muang, Pathumthani |
1 |
- |
|
Mr. Narong Trisiriroj Nationality: Thai Address : 30
Moo 14, Phaholyothin Road, KM. 47, T.
Klongnueng, A. Klongluang, Pathumthani |
1 |
- |
Total Shareholders : 4
SHARE STRUCTURE [AS
AT JUNE 9,
2017]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
2 |
- |
|
Foreign - Japanese |
2 |
3,611,758 |
100.00 |
|
Total |
4 |
3,611,760 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Chaisiri Ruangritchai
No. 4526
FINANCIALS
NIKKEI SIAM ALUMINIUM
LIMITED
BALANCE SHEET [BAHT]
The
latest financial figures
published for March
31, 2017, 2016
and 2015 were:
ASSETS
|
Current Assets |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Cash and Cash Equivalents |
42,712,023 |
47,130,839 |
11,203,509 |
|
Trade Accounts and
Other Receivable |
505,028,591 |
488,244,993 |
509,452,248 |
|
Inventories |
834,045,670 |
728,924,953 |
794,701,872 |
|
Other Current Assets
|
48,906,582 |
39,393,195 |
47,903,782 |
|
Total Current Assets
|
1,430,692,866 |
1,303,693,980 |
1,363,261,411 |
|
Investment in Subsidiaries |
41,408,056 |
41,408,056 |
41,408,056 |
|
Property Investment |
131,423,987 |
- |
- |
|
Property, Plant and Equipment |
1,506,819,350 |
1,748,746,455 |
1,901,728,613 |
|
Intangible Assets |
6,892,610 |
7,744,879 |
7,893,765 |
|
Other Non-current Assets |
8,367,363 |
7,558,527 |
9,819,185 |
|
Total Assets |
3,125,604,232 |
3,109,151,897 |
3,324,111,030 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Trade Accounts and Other Payable |
490,113,365 |
439,352,042 |
429,067,381 |
|
Current Portion of Long-term Loans from Financial |
83,460,000 |
102,360,000 |
153,360,000 |
|
Short-term Loan |
770,500,000 |
804,500,000 |
1,179,285,000 |
|
Current Portion of
Financial Lease Contract Liabilities |
- |
39,001,618 |
37,684,503 |
|
Other Current Liabilities |
43,932,676 |
3,317,951 |
3,432,440 |
|
Total Current Liabilities |
1,388,006,041 |
1,388,531,611 |
1,802,829,324 |
|
|
|
|
|
|
Long-term Loans |
382,980,000 |
466,440,000 |
208,800,000 |
|
Financial Lease Contract
Liabilities |
- |
232,222,042 |
271,022,014 |
|
Employee Benefits Obligation |
78,169,032 |
79,275,027 |
79,338,040 |
|
Other Non-current Liabilities |
192,262,189 |
- |
- |
|
Total Liabilities |
2,041,417,262 |
2,166,468,680 |
2,361,989,378 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, and
issued share capital
3,611,760 shares |
361,176,000 |
361,176,000 |
361,176,000 |
|
Capital Paid |
361,176,000 |
361,176,000 |
361,176,000 |
|
Premium on Share Capital |
13,730,518 |
13,730,518 |
13,730,518 |
|
Retained Earnings: [Deficit] Appropriated for statutory
reserve |
14,117,600 |
14,117,600 |
14,117,600 |
|
Unappropriated |
695,162,852 |
553,659,099 |
573,097,534 |
|
Total Shareholders’ Equity |
1,084,186,970 |
942,683,217 |
962,121,652 |
|
Total Liabilities and
Shareholders’ Equity |
3,125,604,232 |
3,109,151,897 |
3,324,111,030 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Sales or Services Income |
2,968,302,922 |
2,729,605,486 |
2,806,597,815 |
|
Other Income |
20,096,449 |
8,119,516 |
36,651,792 |
|
Total Revenues |
2,988,399,371 |
2,737,725,002 |
2,843,249,607 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold or Services |
2,634,504,767 |
2,552,182,306 |
2,683,189,163 |
|
Selling Expenses |
31,120,119 |
26,416,179 |
20,627,804 |
|
Administrative Expenses |
137,727,229 |
131,005,275 |
132,323,068 |
|
Total Expenses |
2,803,352,115 |
2,709,603,760 |
2,836,140,035 |
|
|
|
|
|
|
Profit /[Loss] before
Financial Cost & Income Tax |
185,047,256 |
28,121,242 |
7,109,572 |
|
Financial Cost |
[43,543,503] |
[47,559,677] |
[55,433,163] |
|
|
|
|
|
|
Profit /[Loss] before Income Tax |
141,503,753 |
[19,438,435] |
[48,323,591] |
|
Income Tax |
- |
- |
- |
|
Net Profit / [Loss] |
141,503,753 |
[19,438,435] |
[48,323,591] |
NIKKEI SIAM
ALUMINIUM LIMITED
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2017 |
2016 |
2015 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.03 |
0.94 |
0.76 |
|
QUICK RATIO |
TIMES |
0.39 |
0.39 |
0.29 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.97 |
1.56 |
1.48 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.95 |
0.88 |
0.84 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
115.55 |
104.25 |
108.11 |
|
INVENTORY TURNOVER |
TIMES |
3.16 |
3.50 |
3.38 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
62.10 |
65.29 |
66.25 |
|
RECEIVABLES TURNOVER |
TIMES |
5.88 |
5.59 |
5.51 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
67.90 |
62.83 |
58.37 |
|
CASH CONVERSION CYCLE |
DAYS |
109.75 |
106.70 |
115.99 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
88.75 |
93.50 |
95.60 |
|
SELLING & ADMINISTRATION |
% |
5.69 |
5.77 |
5.45 |
|
INTEREST |
% |
1.47 |
1.74 |
1.98 |
|
GROSS PROFIT MARGIN |
% |
11.92 |
6.80 |
5.70 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.23 |
1.03 |
0.25 |
|
NET PROFIT MARGIN |
% |
4.77 |
(0.71) |
(1.72) |
|
RETURN ON EQUITY |
% |
13.05 |
(2.06) |
(5.02) |
|
RETURN ON ASSET |
% |
4.53 |
(0.63) |
(1.45) |
|
EARNING PER SHARE |
BAHT |
39.18 |
(5.38) |
(13.38) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.65 |
0.70 |
0.71 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.88 |
2.30 |
2.45 |
|
TIME INTEREST EARNED |
TIMES |
4.25 |
0.59 |
0.13 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
8.74 |
(2.74) |
|
|
OPERATING PROFIT |
% |
558.03 |
295.54 |
|
|
NET PROFIT |
% |
827.96 |
59.77 |
|
|
FIXED ASSETS |
% |
(13.83) |
(8.04) |
|
|
TOTAL ASSETS |
% |
0.53 |
(6.47) |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 8.74%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
11.92 |
Impressive |
Industrial Average |
- |
|
Net Profit Margin |
4.77 |
Satisfactory |
Industrial Average |
6.23 |
|
Return on Assets |
4.53 |
Satisfactory |
Industrial Average |
6.03 |
|
Return on Equity |
13.05 |
Satisfactory |
Industrial Average |
13.12 |
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 11.92%. 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 4.77%.
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 4.53%.
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 13.05%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.03 |
Satisfactory |
Industrial Average |
1.58 |
|
Quick Ratio |
0.39 |
|
|
|
|
Cash Conversion Cycle |
109.75 |
|
|
|
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 1.03 times in 2017, increase from 0.94 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 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 0.39 times in 2017,
same figure as
in 2016, 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 110 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.65 |
Acceptable |
Industrial Average |
0.45 |
|
Debt to Equity Ratio |
1.88 |
Risky |
Industrial Average |
0.82 |
|
Times Interest Earned |
4.25 |
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 4.25 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 0.65 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the average
competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.97 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.95 |
Satisfactory |
Industrial Average |
0.97 |
|
Inventory Conversion Period |
115.55 |
|
|
|
|
Inventory Turnover |
3.16 |
Satisfactory |
Industrial Average |
3.56 |
|
Receivables Conversion Period |
62.10 |
|
|
|
|
Receivables Turnover |
5.88 |
Satisfactory |
Industrial Average |
6.26 |
|
Payables Conversion Period |
67.90 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.88 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 104 days at the end of 2016 to
116 days at the end of 2017. This represents a negative trend. And Inventory
turnover has decreased from 3.5 times in year 2016 to 3.16 times in year 2017.
The company's Total Asset Turnover is calculated as 0.95 times and 0.88
times in 2017 and 2016 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 |
INR 63.48 |
|
|
1 |
INR 86.41 |
|
Euro |
1 |
INR 76.54 |
|
Thai baht |
1 |
INR 1.97 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
SYL |
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.