|
|
|
MIRA
INFORM REPORT
|
Report No. : |
510035 |
|
Report Date : |
23.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
NMB-MINEBEA THAI LIMITED |
|
|
|
|
Registered Office : |
1 Moo 7, Phaholyothin Road, K.M. 51,T. Chiengraknoi, A. Bangpa-In, Ayutthaya 13180 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation : |
01.04.2008 |
|
|
|
|
Com. Reg. No.: |
0145551000663 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
The
subject is engaged
in manufacturing, exporting
and distributing wide
range of electronic parts for variety
of industries. The
products are as
follows: |
|
|
|
|
No. of Employees : |
30,500 |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 (30.09.2017) |
Current Rating (31.12.2017) |
|
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 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.
Thailand’s economy is recovering from slow growth during the years since the 2014 coup. 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, household debt levels, political uncertainty, and an aging population pose risks to growth.
|
Source
: CIA |
NMB-MINEBEA
THAI LIMITED
SUMMARY
BUSINESS ADDRESS : 1 MOO 7,
PHAHOLYOTHIN ROAD, K.M. 51,
T. CHIENGRAKNOI,
A. BANGPA-IN,
AYUTTHAYA 13180,
THAILAND
TELEPHONE : [66] 35
361-429, 35 361-439
FAX : [66] 35
361-177, 35 361-477
E-MAIL ADDRESS : contact@minebea.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2008
REGISTRATION NO. : 0145551000663
TAX ID NO. : 3033008302
CAPITAL REGISTERED : BHT.
17,455,363,600
CAPITAL PAID-UP : BHT.
15,305,363,600
SHAREHOLDER’S PROPORTION : JAPANESE :
100%
FISCAL YEAR CLOSING DATE : MARCH 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
MASAYUKI IMANAKA, JAPANESE
PRESIDEN
T/ GENERAL MANAGER OF
REGIONAL AFFAIRS OF SOUTH EAST
ASIA
NO. OF STAFF : 30,500
LINES OF BUSINESS : ELECTRONIC PARTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
|
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 April 1, 2008
as a private
limited company under the
registered name “NMB-MINEBEA THAI
LIMITED” by Japanese groups. The subject has
been amalgamated among
7 companies as
follows:
NMB Thai Ltd.
[Reg.
no. 0105523014701]
Minebea Thai Ltd.
[Reg.
no. 0105527017896]
Pelmec Thai Ltd.
[Reg.
no. 0105527017888]
Power Electronics of
Minebea Co., Ltd. [Reg.
no. 0105530022668]
Minebea Electronics (Thailand)
Co., Ltd. [Reg.
no. 0105531019121]
NMB Hi-Tech Bearings
Ltd. [Reg.
no. 0105531096266]
NMB Precision Balls
Co., Ltd.
[Reg. no. 0105531096274]
The subject’s business objective
is to manufacture
electronic parts through
16 factories nationwide
for both local
and overseas markets.
It currently employs
30,500 staff.
The subject’s registered address is 1 Moo 7, Phaholyothin Rd., K.M. 51,
T. Chiengraknoi, A.
Bangpa-in, Ayutthaya 13180,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr.
Tetsuya Tsuruta |
|
Japanese |
62 |
|
Mr.
Pairote Lertbunditkul |
|
Thai |
51 |
|
Mr.
Kriengsak Eurchalitnukul |
|
Thai |
58 |
|
Mr.
Shuji Uehara |
|
Japanese |
63 |
|
Ms.
Sunee Cherdchucharti |
|
Thai |
54 |
|
Mr.
Masayuki Imanaka |
|
Japanese |
63 |
|
Mr.
Hiromi Yoda |
|
Japanese |
66 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign on
behalf of the
subject with
company’s affixed.
MANAGEMENT
Mr. Masayuki Imanaka is
the President/ General Manager
of Regional Affairs
for
South East Asia.
He is Japanese
nationality with the
age of 63
years old.
Ms. Sunee Cherdchucharti is
the Executive Director.
She is Thai
nationality with the
age of 54
years old.
Ms. Aksorn
Dumrongsukit is the
Human Resources and
Administration Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, exporting
and distributing wide
range of electronic parts for variety
of industries. The
products are as
follows:
Small sized ball
bearings
Miniature & instrument
ball bearings
Smart LED lighting
Rodend & spherical
bearing
Spindle Motor for
HDDs
Fluid Dynamic Bearings
Pivot equipment for
hard disk drive
PM stepping motor
Load cells
Strain gauges
Backlight inverters
Lighting devices for
LCDs
HMSM [Heat Management
System Module]
HB Stepping Motors
Machine parts for
aircraft
Pressed parts
Machined parts
Injection molded parts
Neodymium bonded magnet
Hard ferrites
Plastic magnets
Dies & tools component
Micro stepping motor
Die-cast parts
Precision mechanical part
for Hub
Lighting unit
PC boards
Steel balls for
ball bearings
Pressed parts
Precision machined parts
Electro resolver sensor
Precision blower fan
motor
Brush less direct
current motor
Automotive seat fan
Etc.
The products are
supplied to electric
appliances,
telecommunication,
automobiles, aerospace, computers & office automation,
electronics and other
industries.
PURCHASE
40% of raw
materials is purchased
from local suppliers.
IMPORT
60% of raw
material, plastic resin,
steel and stainless
are imported from Japan,
Republic of China, Taiwan,
India, Australia, Germany,
France and Singapore.
MAJOR SUPPLIERS
Minebea Ltd. : Japan
Inabata Thai Co.,
Ltd. : Thailand
Thai-MC Company Limited : Thailand
SALES
10% of the
products is sold
locally to manufacturers
and wholesalers.
EXPORT
90% of the products is
exported to U.S.A., Australia, Canada, South Africa
and many countries
in Asia, Europe and
Middle East regions.
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 DATABASE 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
T/T.
BANKING
Bangkok Bank Public
Company Limited
EMPLOYMENT
The subject employs
30,500 staff.
LOCATION DETAILS
The premise is
owned for administrative office
and factory at
the heading address.
Premise is located
in provincial.
The other 15
factories are located at
the following addresses:
18 Moo 3, Asia
Highway, K.M. 72,
T. Thanu, A.
Uthai, Ayutthaya 13210
1/14 Moo 5, Rojana
Rd., T. Kanham,
A. Uthai, Ayutthaya
13210
5/2 Moo 8, Phaholyothin
Rd., K.M. 149,
A. Muang, Lopburi
15000
135 Moo 5
Bangpa-in Rd., T.
Chiangraknoi, A. Samkoh,
Pathumthani 12160
361 Moo 3, T.
Kroksomboon, A. Srimahaphote, Prachinburi 25140
1547 Moo 7,
Teparak Road, T. Teparak,
A. Muang, Samutprakarn 10270
141/4 Moo 1,
Phaholyothin Rd., K.M. 55,5,
T. Payom, A. Wangnoi,
Ayutthaya 13173
44/4 Moo 15, T.
Soongnern, A. Soongnern,
Nakornratchasima 30170
60 Moo 2, T.
Banpoe, A. Bangpa-in,
Ayutthaya 13160
48/99 Moo 14,
Phaholyothin Rd., K.M. 48, T. Klongnueng, A. Klongluang,
Pathumthani 12120
60/118 Moo 19, T.
Klongnueng, A. Klongluang, Pathumthani
12120
48/82 Moo 14, Phaholyothin
Rd., K.M. 48, T. Klongnueng, A.
Klongluang,
Pathumthani 12120
92 Moo 1, T.
Banlane, A. Bangpa-in, Ayutthaya
13160
88 Moo 1, T.
Banlane, A. Bangpa-in, Ayutthaya
13160
48/77 Moo 14,
Phaholyothin Rd., T. Klongnueng, A. Klongluang,
Pathumthani 12120
Bangkok offices:
19th Floor, Wave
Place Building, 55
Wireless Rd., Lumpinee,
Pathumwan, Bangkok 10330
36/14 Vibhavadee Rangsit
Rd., Sanambin, Donmuang,
Bangkok 10210
COMMENT
Subject was formed in 2008 as
a manufacturer, exporter
and distributor of electronic
parts. NMB-MINEBEA THAI LIMITED
is one of the country’s largest
manufacturers of electronic parts
for domestic and world
markets. As at March
31, 2017, the subject’s
operating performance was
satisfactory with an
increase in sales
revenues and net
profit comparing to
the same period
of the previous
year. It has
seen positive trends
after figures recovered in
some industries. However
shipment will still rely
on the overall
global economy, especially
USA and EU
countries which are
the major destinations
of Thai electronic
parts.
Nevertheless, subject still
maintains a solid
business.
FINANCIAL INFORMATION
The capital was
registered at Bht.
17,455,363,600 divided into 174,553,636 shares of
Bht. 100 each,
with the current
capital paid-up at
Bht. 15,305,363,600.
THE SHAREHOLDERS
LISTED WERE : [as at
July 25, 2017]
at Bht. 15,305,363,600 of
capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Minebea
Co., Ltd. Nationality: Japanese Address
: 4106-73 Oaza
Miyota, Miyota-machi, Kitasaku-gun, Nagano,
Japan |
174,553,634 |
100.00 |
|
Ms.
Sunee Cherdchucharti Nationality: Thai Address
: 1 Moo 7, Phaholyothin Rd.,
K.M. 51, T. Chiengraknoi, A. Bangpa-in, Ayutthaya |
1 |
- |
|
Mr.
Minoru Makita Nationality: Japanese Address
: 1 Moo 7, Phaholyothin Rd.,
K.M. 51, T. Chiengraknoi, A. Bangpa-in, Ayutthaya |
1 |
- |
Total Shareholders : 3
Share Structure [as
at July 25,
2017]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
1 |
- |
|
Foreign - Japanese |
2 |
174,553,635 |
100.00 |
|
Total |
3 |
174,553,636 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Ms. Wannaporn
Jongpeeradechanon No. 4098
Financials
NMB-MINEBEA
THAI LIMITED
BALANCE SHEET [BAHT]
The latest financial figures published as
at March 31,
2017, 2016 and
2015 were:
ASSETS
|
Current Assets |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Cash
and Cash Equivalents |
1,729,155,284 |
11,292,645 |
29,552,954 |
|
Trade
Accounts and Other
Receivable |
16,863,842,377 |
11,446,865,222 |
11,632,561,913 |
|
Inventories |
7,977,342,718 |
13,242,905,983 |
8,136,383,256 |
|
Other
Current Assets |
960,881,230 |
526,328,951 |
711,790,965 |
|
|
|
|
|
|
Total
Current Assets |
27,531,221,609 |
25,227,392,801 |
20,510,289,088 |
|
Investment
in Associated Company |
9,000,000 |
9,000,000 |
9,000,000 |
|
Investment
in Subsidiaries Company |
5,321,250 |
5,321,250 |
5,321,250 |
|
Long-term
Loan |
21,000,000 |
21,000,000 |
21,000,000 |
|
Property, Plant and Equipment |
24,075,903,257 |
27,861,242,068 |
27,236,660,160 |
|
Intangible
Assets |
36,748,235 |
40,391,666 |
32,107,711 |
|
Deferred
Income Tax |
774,298,211 |
815,126,930 |
513,250,495 |
|
Other Non-current Assets |
23,963,778 |
23,848,386 |
24,106,381 |
|
Total
Assets |
52,477,456,340 |
54,003,323,101 |
48,351,735,085 |
LIABILITIES & SHAREHOLDERS’ EQUITY
[BAHT]
|
Current Liabilities |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Trade
Accounts & Other Payable
|
12,032,221,655 |
6,932,575,756 |
9,627,665,545 |
|
Short-term Loan from Related
Company |
1,182,570,000 |
11,722,730,000 |
7,130,010,000 |
|
Other
Current Liabilities |
1,234,413,785 |
1,070,577,017 |
1,251,523,898 |
|
|
|
|
|
|
Total Current Liabilities |
14,449,205,440 |
19,725,882,773 |
18,009,199,443 |
|
Estimated Liabilities from Provision
of Employee Retirement
Benefits |
2,068,656,906 |
2,014,827,035 |
1,649,911,792 |
|
Other Non-current Liabilities |
- |
32,805,444 |
235,000 |
|
Total
Liabilities |
16,517,862,346 |
21,773,515,252 |
19,659,346,235 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share
capital : Baht 100 par
value
Authorized & issued share
capital
174,553,636 shares |
17,455,363,600 |
17,455,363,600 |
17,455,363,600 |
|
|
|
|
|
|
Capital
Paid |
15,305,363,600 |
15,305,363,600 |
15,305,363,600 |
|
Premium on Share Capital |
145,676,360 |
145,676,360 |
145,676,360 |
|
Retained Earnings : [Deficit]
Appropriated for
Statutory Reserve |
1,244,238,000 |
1,174,154,000 |
1,139,404,000 |
|
Unappropriated |
19,006,695,451 |
15,611,281,414 |
12,101,944,890 |
|
Other Components of Equity |
257,620,583 |
[6,667,525] |
- |
|
Total
Shareholders' Equity |
35,959,593,994 |
32,229,807,849 |
28,692,388,850 |
|
Total
Liabilities &
Shareholders'
Equity |
52,477,456,340 |
54,003,323,101 |
48,351,735,085 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Sales
or Services Income |
121,854,122,716 |
112,315,960,998 |
86,478,007,106 |
|
Other
Income |
521,590,233 |
1,313,193,493 |
534,287,063 |
|
Total
Revenues |
122,375,712,949 |
113,629,154,491 |
87,012,294,169 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Loss
on Exchange Rate |
1,391,556,858 |
- |
- |
|
Other Expenses |
114,535,889,900 |
108,325,684,351 |
79,855,779,273 |
|
Financial
Cost |
99,699,609 |
244,126,618 |
242,301,161 |
|
Total Expenses |
116,027,146,367 |
108,569,810,969 |
80,098,080,434 |
|
|
|
|
|
|
Profit / [Loss] before
Income Tax |
6,348,566,582 |
5,059,343,522 |
6,914,213,735 |
|
Income
Tax |
[1,481,402,848] |
[820,533,527] |
[1,173,128,134] |
|
Net
Profit / [Loss] |
4,867,163,734 |
4,238,809,995 |
5,741,085,601 |
|
Profit / [Loss] for
the Year from
Continuous Operation |
202,352,617 |
91,821,154 |
- |
|
Profit / [Loss] from Discontinuation
of
Operation |
61,935,491 |
[98,488,679] |
- |
|
Profit / [Loss] for
the Year |
5,131,451,842 |
4,232,142,470 |
5,741,085,601 |
NMB-MINEBEA
THAI LIMITED
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2017 |
2016 |
2015 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.91 |
1.28 |
1.14 |
|
QUICK RATIO |
TIMES |
1.29 |
0.58 |
0.65 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.06 |
4.03 |
3.18 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.32 |
2.08 |
1.79 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
50.51 |
37.20 |
49.10 |
|
RECEIVABLES TURNOVER |
TIMES |
7.23 |
9.81 |
7.43 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
50.51 |
37.20 |
49.10 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
- |
- |
- |
|
SELLING & ADMINISTRATION |
% |
- |
- |
- |
|
INTEREST |
% |
0.08 |
0.22 |
0.28 |
|
GROSS PROFIT MARGIN |
% |
100.43 |
101.17 |
100.62 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.21 |
4.50 |
8.00 |
|
NET PROFIT MARGIN |
% |
3.99 |
3.77 |
6.64 |
|
RETURN ON EQUITY |
% |
13.54 |
13.15 |
20.01 |
|
RETURN ON ASSET |
% |
9.27 |
7.85 |
11.87 |
|
EARNING PER SHARE |
BAHT |
31.80 |
27.69 |
37.51 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.31 |
0.40 |
0.41 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.46 |
0.68 |
0.69 |
|
TIME INTEREST EARNED |
TIMES |
63.68 |
20.72 |
28.54 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
8.49 |
29.88 |
|
|
OPERATING PROFIT |
% |
25.48 |
(26.83) |
|
|
NET PROFIT |
% |
14.82 |
(26.17) |
|
|
FIXED ASSETS |
% |
(13.59) |
2.29 |
|
|
TOTAL ASSETS |
% |
(2.83) |
11.69 |
|
ANNUAL
GROWTH : SATISFACTORY
An annual sales growth is 8.49%. Turnover has increased from THB
112,315,960,998.00 in 2016 to THB 121,854,122,716.00 in 2017. While net profit
has increased from THB
PROFITABILITY
: IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
100.43 |
Impressive |
Industrial Average |
- |
|
Net Profit Margin |
3.99 |
Satisfactory |
Industrial Average |
4.19 |
|
Return on Assets |
9.27 |
Impressive |
Industrial Average |
6.94 |
|
Return on Equity |
13.54 |
Impressive |
Industrial Average |
10.86 |
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 100.43%. 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
3.99%. 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. Return on Assets
ratio is 9.27%, higher figure when compared with those of its average
competitors in the same industry, indicated that business was an efficient
profits 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 13.54%, 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 : SATISFACTORY
LIQUIDITY
RATIO
|
Current Ratio |
1.91 |
Impressive |
Industrial Average |
1.89 |
|
Quick Ratio |
1.29 |
|
|
|
|
Cash Conversion Cycle |
50.51 |
|
|
|
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 1.91 times in 2017, increase from 1.28 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 1.29 times in 2017,
increase from 0.58 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 51 days.
Trend of the average competitors in the same industry for last 5
years
Current Ratio Uptrend
LEVERAGE
: EXCELLENT
LEVERAGE
RATIO
|
Debt Ratio |
0.31 |
Impressive |
Industrial Average |
0.33 |
|
Debt to Equity Ratio |
0.46 |
Impressive |
Industrial Average |
0.48 |
|
Times Interest Earned |
63.68 |
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 63.68 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 0.31 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
: EXCELLENT
ACTIVITY
RATIO
|
Fixed Assets Turnover |
5.06 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
2.32 |
Impressive |
Industrial Average |
1.65 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
0.45 |
|
Receivables Conversion Period |
50.51 |
|
|
|
|
Receivables Turnover |
7.23 |
Impressive |
Industrial Average |
6.86 |
|
Payables Conversion Period |
- |
|
|
|
The company's Account Receivable Ratio is calculated as 7.23 and
The company's Total Asset Turnover is calculated as 2.32 times and
2.08 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 Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 68.02 |
|
|
1 |
INR 91.25 |
|
Euro |
1 |
INR 80.07 |
|
THB |
1 |
INR 2.13 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KET |
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.