MIRA INFORM REPORT
|
Report No. : |
347456 |
|
Report Date : |
29.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
MODERN DYESTUFFS & PIGMENTS CO., LTD. |
|
|
|
|
Registered Office : |
2nd Floor, Town In Town Building, 324 Ladprao 94 Road, Wangthonglang, Bangkok 10310 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
02.01.1990 |
|
|
|
|
Com. Reg. No.: |
0105533000223
[Former : 22/2533] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Dyestuff and
Pigment |
|
|
|
|
No. of Employees : |
205 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
B1 |
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’�tat, 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
MODERN DYESTUFFS
& PIGMENTS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 2nd FLOOR, TOWN
IN TOWN BUILDING,
324 LADPRAO
94 ROAD, WANGTHONGLANG,
BANGKOK 10310,
THAILAND
TELEPHONE
: [66] 2530-3890-5
FAX :
[66] 2539-2488,
2530-7612
E-MAIL ADDRESS : mdp@moderndyestuffs.com
sales@moderndyestuffs.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1990
REGISTRATION NO. : 0105533000223 [Former : 22/2533]
TAX ID NO. : 3101809978
CAPITAL REGISTERED : BHT.
450,000,000
CAPITAL PAID-UP
: BHT.
450,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.75%
FOREIGN :
48.25%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE
: MR.
LUECHA AUPRAPAKORN, THAI
PRESIDENT
NO. OF
STAFF : 205
LINES OF
BUSINESS : DYESTUFFS &
PIGMENTS
MANUFACTURER, DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was established on January 2, 1990
as a private
limited company under
the registered name
MODERN DYESTUFFS &
PIGMENTS CO., LTD.
by Thai and Chinese
groups. MDP has set
up its excellent
fundamental through the
continuously utilizing of
advanced technologies and
modern equipment together
with computerized management
system to manufacture
dyestuffs and pigments
products for leather,
textile and paper
industries of both
domestic and overseas
markets with the
promotional privilege granted
by the Board
of Investment in
June 1990. The
subject currently employs
205 staff.
It is one
of the leading
dye manufacturers in
Asia, specialized in
leather, textile & paper dyes.
Its products are
currently under production
and free from
banned amines in
order to comply
with the German’s
legislature in term
of product compassion.
Awards/Certifications:
In 1997 :
ISO 9001 achievement
award was obtained.
In 2001 :
ISO 14001 achievement
award was obtained
In 2002 :
Overseas Taiwanese SMEs Award
was obtained.
In 2008 : TLS
8001 : 2003 the Thai
Labour Stanadrd obtained
In 2009 :
OHSAS 18001 : 2007, TIS 18001 :
1999 certification
In 2010 : Certificate
of Energy Management
Systems from Thailand
Productivity
Association
In 2011 :
Thailand Green Corporate
certificate from Thailand
Industrial Development
Bureau.
The subject’s
registered address is 2nd Floor,
Town In Town Building, 324 Ladprao
94 Rd., Wangthonglang, Bangkok
10310, and this is
the company’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Wu Chen
Li Hsia |
|
Chinese |
66 |
|
Mr. Luecha Auprapakorn [Richard, L.H. Wu] |
[x] |
Thai |
69 |
|
Ms. Amika
Auprapakorn |
|
Thai |
32 |
Note:
Mr. Richard, L.H. Wu changed
his name to Mr. Luecha
Auprapakorn, on April
28, 2010.
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Luecha Auprapakorn [Richard L.H.
Wu] is the
President.
He is Thai
nationality with the
age of 69
years old.
He has been
in this position
since 1990.
Ms. Amika Auprapakorn
is the Vice
President.
She is Thai
nationality with the
age of 32
years old.
Mr. Boonlua Aksornlertsawad is
the G.M. and
Factory Manager.
He is Thai
nationality.
Ms. Samorn Wongwattanakul is
the Sales and
Marketing Manager.
She is Thai
nationality.
Ms. Jintana Prasutchai
is the Account
& Finance Manager.
She is Thai
nationality.
Mr. Pornchai Phunakeaw
is the Engineering Manager.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject’s activity
is a manufacturer
of dyestuff and
pigment. Its products
consist of leather
dyes, textile dyes,
paper dyes, PU dyes,
dyes for inkjet,
pigment, chemical [DCA
properties], aluminium dyes, nanotech
chemical, finishing [wool
& leather coating and
liquid chemical]. For
textile dyes, the
subject manufactures for
the European major
chemicals companies both
ODM and OEM
customers with more
than 70 countries
worldwide.
The products and
brands are as
follows:
Products Brand
Leather Dyes “MODERLAN”
Textile Dyes :
- Acid Dyes “MODER ACID”,
“MODER CRON”,
“MODERSET”
- Direct Dyes “MODERDIRECT”
- Reactive Dyes “MODERSOL”, “MODERZOL”,
“HIFA”
- Paper Dyes [Anioic
Direct Dyes] “MODERSOL”
- PU Dyes “MODERPUM”
- Pigment
[pigment leather/ pigment textile] “MODER”
- Dyes for
Inkjet “MAXBOOM”
Chemicals
:
- DCA [De-Color
Agent for waste
water
treatment]
- Hydrophilic Finishing
Agent for
Polyester
Fabric “MODERPHIL”
- Fragrance Chemical “MODERN FLOURA”
- Wool Dyeing
Chemical “MODERSET”
- Aluminium Dyes “MODERANDAL”
- Nanotech Chemicals “NANO
S PLUS”, “MAX CHROMA
COAT”
“MAX SP
DYE”
Finishing:
- Wool &
leather coating, liquid
chemical “MODER”
PRODUCTION
Dyestuff : 10,000
tons/year
PURCHASE
50% of raw materials
mainly dyestuff intermediates
and chemicals are
imported from Japan, India, Republic of China, Taiwan, Singapore, Switzerland, United States of
America and Germany,
and the remaining
50% is purchased
from local suppliers.
MAJOR SUPPLIERS
BASF [Thai] Ltd. : Thailand
Srithepthai
Chemical Co., Ltd. : Thailand
SALES [LOCAL]
20% of the
products is sold
locally to wholesalers,
manufacturers and end-users.
EXPORT [COUNTRY]
80% of
the products is exported to
over 200 customers
in 70 countries worldwide,
such as Japan, Taiwan, Hong Kong,
India, Malaysia, Philippines, Spain, United States of America, Italy, Singapore, Vietnam, Republic of China,
Indonesia, Brazil, Switzerland, France, Netherlands, United
Kingdom, Australia, Germany, Canada,
United Arab Emirates, Russia,
New Zealand, Turkey,
Argentina, Sudan, Egypt,
Africa.
MAJOR CUSTOMERS
Organic
Dyestuffs Corporation : U.S.A.
Hong Phat New
Trading Co., Ltd. : Vietnam
Four Colors Acquisitions Inc. : U.S.A.
SUBSIDIARY
& AFFILIATED COMPANY
Max Development International
Co., Ltd.
Country :
Thailand
Business Type : Importer
and distributor of
industrial chemicals
LITIGATION
Bankruptcy and
Receivership
There are no
litigation on bankruptcy
and receivership cases filed
against the subject
found at Legal
Execution Department for
the past five
years.
Others
There are no legal suits
filed against the
subject according for
the past two
years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C & T/T.
Exports are against
T/T.
BANKING
Kasikornbank
Public Co., Ltd.
Krung Thai Bank
Public Co., Ltd.
[Srinakarin
Branch : Srinakarin
Rd., Praves, Bangkok
10250]
EMPLOYMENT
The subject currently
employs 205 staff. [office,
sales staff and
factory workers]
LOCATION DETAILS
The premise is
rented for administrative office
on 2nd Floor,
in a 6
storey building on approximately 80
square meters at
the heading address.
Premise is located
in commercial/residential area.
The factory is
located at 688/3 Moo 1, Chonburi-Rayong Rd., T. Klongkiew,
A. Banbueng, Chonburi
20170.
Tel. : [66]
38 742-324, 38
742-462-3, 38 158-864-8
Fax : [66]
38 742-325
The total area
of factory is on
102,400 square meters
plot of land,
located in the
Eastern coast of
the Gulf of
Thailand.
COMMENT
The subject has set
up its excellent fundamental
through the continuous
utilizing of advanced technology
and modern equipment together with computerized management system. As well, it
has technical cooperation with
the traditional dye manufacturers
from Europe, Japan
and Taiwan.
As one of
the most sophisticated
and advanced production
plant, the subject
has been trusted
by its customers
around the world.
Subject is one of
the world leaders
in high quality dyestuffs and
pigment industries.
With many new
products have been
introduced to the
market each year.
This enabled the subject
to sustain a leading
company in the industry.
Today, the subject
is distributing products
to the world market with
an outstanding sales
revenue increasing each
year.
FINANCIAL INFORMATION
The capital was
registered at Bht.
25,000,000 divided into
250,000 shares of
Bht. 100 each.
The capital was increased
later as followings:
Bht. 50,000,000 on
March 27, 1990
Bht. 100,000,000 on
October 26, 1994
Bht. 200,000,000 on
May 13, 1999
Bht.
400,000,000 on April
4, 2002
Bht.
450,000,000 on February
19, 2004
The latest registered
capital was increased
to Bht. 450,000,000
divided into 45,000,000
shares of Bht.
10 each with
fully paid.
MAIN SHAREHOLDERS
[as at April
30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Luecha
Auprapakorn Nationality: Thai Address : 324
Ladprao 94 Rd.,
Pubpla,
Wangthonglang, Bangkok |
18,939,556 |
42.09 |
|
Mrs. Wu Chen Li Hsia Nationality:
Chinese Address : 324
Ladprao 94 Rd.,
Pubpla,
Wangthonglang, Bangkok |
8,623,767 |
19.17 |
|
Ms. Amika Auprapakorn Nationality: Thai Address : 324
Ladprao 94 Rd.,
Pubpla,
Wangthonglang, Bangkok |
3,875,887 |
8.61 |
|
Mr. Wu Chong Cher Nationality:
Chinese Address : 324
Ladprao 94 Rd.,
Pubpla,
Wangthonglang, Bangkok |
3,722,330 |
8.27 |
|
Ms. Wu Pin Chee Nationality:
Chinese Address : 324
Ladprao 94 Rd.,
Pubpla,
Wangthonglang, Bangkok |
3,521,601 |
7.83 |
|
Mr. Chai Cheng
Fu Nationality:
Chinese Address : 48
Lane 198 Dong-Der
Rd., Taoyuan,
Taiwan |
2,050,000 |
4.55 |
|
Other Shareholders |
4,266,859 |
9.48 |
Total
Shareholders : 41
Share Structure [as at
April 30, 2015]
|
Nationality |
Shareholders |
No.
of Share |
% Shares |
|
|
|
|
|
|
Thai |
17 |
23,289,037 |
51.75 |
|
Foreign - Chinese |
24 |
21,710,963 |
48.25 |
|
Total |
41 |
45,000,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Ms. Tipawan Nananuwat
No. 3459
BALANCE
SHEET [BAHT]
The latest
financial figures published
for December 31,
2014, 2013 &
2012 were:
ASSETS
|
Current
Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash
Equivalents |
12,452,699 |
58,449,157 |
2,768,582 |
|
Trade Accounts Receivable |
246,893,308 |
225,716,978 |
179,824,599 |
|
Short-term
Lending |
7,000,000 |
- |
9,700,000 |
|
Inventories |
414,417,552 |
310,289,257 |
319,924,261 |
|
Refundable Tax |
34,870,800 |
6,083,785 |
- |
|
Other Current Assets
|
6,158,054 |
2,496,189 |
6,995,136 |
|
|
|
|
|
|
Total Current Assets |
721,792,413 |
603,035,366 |
519,212,578 |
|
Fixed Assets |
225,296,628 |
219,820,731 |
248,087,679 |
|
Intangible Assets |
114,714,267 |
130,300,770 |
113,213,598 |
|
Other
Non-current Assets -
Deposit |
- |
26,000 |
709,755 |
|
Total Assets |
1,061,803,308 |
953,182,867 |
881,223,610 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
241,829,902 |
153,476,423 |
169,455,619 |
|
Trade Accounts Payable
& Other Payable |
145,102,679 |
109,436,798 |
85,022,576 |
|
Current
Portion of Long-term
Loan |
- |
8,808,034 |
19,574,490 |
|
Current Portion
of Financial Lease / Hire- purchase
Contract Liabilities |
- |
739,003 |
1,282,754 |
|
Accrued Income Tax |
2,603,895 |
1,080,714 |
- |
|
Advances Received
from Customers |
20,035,400 |
461,292 |
- |
|
Other Current Liabilities |
946,407 |
7,415,793 |
557,017 |
|
|
|
|
|
|
Total Current Liabilities |
410,518,283 |
281,418,057 |
275,892,456 |
|
Long-term Loan -
Net of Current Portion |
- |
- |
8,227,441 |
|
Financial Lease/Hire-purchase Contract Liabilities -
Net of
Current Portion |
- |
- |
737,305 |
|
Reserve for Long-term Employee Benefits |
19,874,295 |
17,583,538 |
16,536,156 |
|
Total Liabilities |
430,392,578 |
299,001,595 |
301,393,358 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized and
issued share capital
45,000,000 shares |
450,000,000 |
450,000,000 |
450,000,000 |
|
|
|
|
|
|
Capital Paid |
450,000,000 |
450,000,000 |
450,000,000 |
|
Retained Earning Appropriated -
statutory reserve |
24,389,825 |
16,495,088 |
16,495,088 |
|
Unappropriated |
157,020,905 |
187,686,184 |
113,335,164 |
|
Total Shareholders'
Equity |
631,410,730 |
654,181,272 |
579,830,252 |
|
Total
Liabilities & Shareholders'
Equity |
1,061,803,308 |
953,182,867 |
881,223,610 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales
|
1,370,348,644 |
960,022,931 |
755,789,593 |
|
Other Income Gain on Exchange Rate |
- |
- |
4,092,444 |
|
Others |
3,713,179 |
1,813,034 |
9,389,459 |
|
Total Revenues |
1,374,061,823 |
961,835,965 |
769,271,496 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,013,711,377 |
703,953,336 |
588,041,099 |
|
Selling Expenses |
58,173,985 |
45,611,263 |
26,403,710 |
|
Administrative
Expenses |
160,768,518 |
128,445,716 |
111,597,281 |
|
Total Expenses |
1,232,653,880 |
878,010,315 |
726,042,090 |
|
|
|
|
|
|
Profit before Finance
Cost & Income Tax |
141,407,943 |
83,825,650 |
43,229,406 |
|
Finance Cost |
[8,019,206] |
[7,523,950] |
[13,193,492] |
|
|
|
|
|
|
Profit before Income
Tax |
133,388,737 |
76,301,700 |
30,035,914 |
|
Income Tax |
[6,159,279] |
[1,950,680] |
- |
|
|
|
|
|
|
Net Profit / [Loss]
|
127,229,458 |
74,351,020 |
30,035,914 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.76 |
2.14 |
1.88 |
|
QUICK RATIO |
TIMES |
0.65 |
1.01 |
0.70 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.08 |
4.37 |
3.05 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.29 |
1.01 |
0.86 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
149.22 |
160.89 |
198.58 |
|
INVENTORY TURNOVER |
TIMES |
2.45 |
2.27 |
1.84 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
65.76 |
85.82 |
86.84 |
|
RECEIVABLES TURNOVER |
TIMES |
5.55 |
4.25 |
4.20 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
52.25 |
56.74 |
52.77 |
|
CASH CONVERSION CYCLE |
DAYS |
162.73 |
189.96 |
232.65 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
73.97 |
73.33 |
77.80 |
|
SELLING & ADMINISTRATION |
% |
15.98 |
18.13 |
18.26 |
|
INTEREST |
% |
0.59 |
0.78 |
1.75 |
|
GROSS PROFIT MARGIN |
% |
26.30 |
26.86 |
23.98 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
10.32 |
8.73 |
5.72 |
|
NET PROFIT MARGIN |
% |
9.28 |
7.74 |
3.97 |
|
RETURN ON EQUITY |
% |
20.15 |
11.37 |
5.18 |
|
RETURN ON ASSET |
% |
11.98 |
7.80 |
3.41 |
|
EARNING PER SHARE |
BAHT |
2.83 |
1.65 |
0.67 |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.41 |
0.31 |
0.34 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.68 |
0.46 |
0.52 |
|
TIME INTEREST EARNED |
TIMES |
17.63 |
11.14 |
3.28 |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
42.74 |
27.02 |
|
|
OPERATING PROFIT |
% |
68.69 |
93.91 |
|
|
NET PROFIT |
% |
71.12 |
147.54 |
|
|
FIXED ASSETS |
% |
2.49 |
(11.39) |
|
|
TOTAL ASSETS |
% |
11.40 |
8.17 |
|
ANNUAL
GROWTH : EXCELLENT
An annual sales growth is 42.74%. Turnover has increased
from THB
PROFITABILITY
: EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
26.30 |
Impressive |
Industrial
Average |
21.41 |
|
Net Profit Margin |
9.28 |
Impressive |
Industrial
Average |
4.45 |
|
Return on Assets |
11.98 |
Impressive |
Industrial
Average |
4.81 |
|
Return on Equity |
20.15 |
Impressive |
Industrial
Average |
9.16 |
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 26.3%. 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 9.28%, 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 11.98%, 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 20.15%, higher figure when compared with those of its average
competitors in the same industry, indicated that business was an efficient
profit in a dominant position within its
industry.
Trend
of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY
: ACCEPTABLE
LIQUIDITY
RATIO
|
Current Ratio |
1.76 |
Impressive |
Industrial
Average |
1.70 |
|
Quick Ratio |
0.65 |
|
|
|
|
Cash Conversion Cycle |
162.73 |
|
|
|
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 1.76 times in 2014, decreased from 2.14 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 0.65 times in
2014, decreased from 1.01 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 163 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: EXCELLENT
LEVERAGE
RATIO
|
Debt Ratio |
0.41 |
Impressive |
Industrial
Average |
0.45 |
|
Debt to Equity Ratio |
0.68 |
Impressive |
Industrial
Average |
0.82 |
|
Times Interest Earned |
17.63 |
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 17.64 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 0.41 less than 0.5, most of
the company's assets are financed through equity.
Trend
of the average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Stable
ACTIVITY
: IMPRESSIVE
ACTIVITY
RATIO
|
Fixed Assets Turnover |
6.08 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.29 |
Impressive |
Industrial
Average |
1.08 |
|
Inventory Conversion Period |
149.22 |
|
|
|
|
Inventory Turnover |
2.45 |
Acceptable |
Industrial
Average |
4.13 |
|
Receivables Conversion Period |
65.76 |
|
|
|
|
Receivables Turnover |
5.55 |
Impressive |
Industrial
Average |
3.73 |
|
Payables Conversion Period |
52.25 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.55
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 161 days at the
end of 2013 to 149 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 2.27 times in year 2013 to 2.45 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.29
times and 1.01 times in 2014 and 2013 respectively. This ratio is determined by
dividing total assets into total sales turnover. The ratio measures the
activity of the assets and the ability of the firm to generate sales through
the use of the assets.
Trend
of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.04 |
|
UK Pound |
1 |
Rs.99.58 |
|
Euro |
1 |
Rs.71.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.