|
|
|
MIRA INFORM REPORT
|
Report No. : |
493489 |
|
Report Date : |
24.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
CAPSULE PRODUCTS
COMPANY LIMITED |
|
|
|
|
Registered Office : |
19/11-14 Soi Sukhumvit
19, Klongtoey Nua, Wattana, Bangkok
10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
10.06.1980 |
|
|
|
|
Com. Reg. No.: |
0105523009961 [Former:
998/2523] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is engaged
in manufacturing service wide
range of gelatin
capsule products such
as empty hard
gelatin capsules and
transparent capsules, pearl
capsules, flavor capsules,
capsules for food
and dietary supplement,
CPV- caps and printing capsules
for pharmaceutical, herbal
medicine, foods and dietary
supplement industries. |
|
|
|
|
No. of Employees : |
120 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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 |
Company
name
CAPSULE PRODUCTS
COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 19/11-14 SOI
SUKHUMVIT 19,
KLONGTOEY
NUA, WATTANA,
BANGKOK
10110, THAILAND
TELEPHONE : [66] 2250-1586-7,
2250-1886-7, 2250-1589
FAX : [66] 2255-2504
E-MAIL ADDRESS : capsule@capsuleproducts.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1980
REGISTRATION NO. : 0105523009961 [Former: 998/2523]
TAX ID NO. : 3101164541
CAPITAL REGISTERED : BHT.
50,000,000
CAPITAL PAID-UP : BHT.
50,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER
31
LEGAL STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE : MR.
APICHAI KITTIVORAVITKUL, THAI
MANAGING
DIRECTOR
NO. OF STAFF : 120
LINES OF BUSINESS : GELATIN CAPSULES
MANUFACTURER,
DISTRIBUTOR AND EXPORTER
|
CORPORATE PROFILE |
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on June
10, 1980 as
a private limited
company under the
registered name CAPSULE
PRODUCTS COMPANY LIMITED
by Thai groups,
in order to
produce wide range
of gelatin capsules
products to both
local and overseas
markets, with GMP
and HACCP practices.
It has obtained quality standard
ISO 9001 : 2008 certification
for the
production by UKAS
and SGS. The subject
currently employs approximately
120 staff.
The subject’s registered
address is 19/11-14
Soi Sukhumvit 19, Klongtoey
Nua, Wattana, Bangkok
10110, and this
is the company’s
current operation address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Apichai
Kittivoravitkul |
[x] |
Thai |
75 |
|
Mr. Manas Hemstapat |
[x] [-] |
Thai |
68 |
|
Mr. Anek Nithipitikarn |
[x] [-] |
Thai |
70 |
|
Mr. Pichai Nithipitikarn |
|
Thai |
79 |
|
Mr. Phatrapong Kittivoravitkul |
[+] |
Thai |
42 |
|
Mrs. Naovarat Kittivoravitkul |
|
Thai |
72 |
|
Mr. Prapun Kittivoravitkul |
|
Thai |
39 |
AUTHORIZED PERSON
Two of the
mentioned directors [x]
can jointly sign
or the director
[+] can jointly
sign with one
of the directors
[-] on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Apichai Kittivoravitkul is
the Managing Director.
He is Thai
nationality with the
age of 75
years old.
Mr. Manas Hemstapat
is the Deputy
Managing Director.
He is Thai
nationality with the
age of 68
years old.
Mr. Phatrapong Kittivoravitkul is the
General Manager and
Sales & Marketing Manager.
He is Thai
nationality with the
age of 42
years old.
Mr. Prapun Kittivoravitkul is
the Factory Manager.
He is Thai
nationality with the
age of 39
years old.
BUSINESS OPERATIONS
The subject is engaged
in manufacturing service wide
range of gelatin
capsule products such
as empty hard
gelatin capsules and
transparent capsules, pearl
capsules, flavor capsules,
capsules for food
and dietary supplement,
CPV- caps and printing capsules
for pharmaceutical, herbal
medicine, foods and dietary
supplement industries.
PURCHASE
60% of raw
materials mainly gelatin,
chemical and packaging
materials are imported
from United States
of America, Germany,
Canada, India, Japan
and Republic of
China, and the
remaining 40% is
purchased from local
suppliers.
MAJOR SUPPLIER
Technophar Equipment and
Service [2007] Ltd. :
Canada
SALES [LOCAL]
80% of the products
is sold locally
to Thai Government,
manufacturers, wholesalers and end-users.
EXPORT [COUNTRY]
20% of the
products is exported
to overseas manufacturers
in Asian countries
such as Laos,
Republic of China, Malaysia, Vietnam, Australia, Taiwan, Korea, Philippines,
India, South Africa, Indonesia,
Hong Kong, Singapore,
Cambodia and etc.
MAJOR CUSTOMERS
The Government Pharmaceutical Organization : Thailand
Modern Pharma Co.,
Ltd. : Thailand
Fehalab Co., Ltd. : 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
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
Krung Thai Bank
Public Company Limited
[Head Office
: 35 Sukhumvit
Rd., Klongtoey Nua,
Wattana, Bangkok 10110]
Bangkok Bank Public Company Limited
[Head Office
: 333 Silom Rd.,
Silom, Bangrak, Bangkok 10500]
Kasikornbank Public Company
Limited
[Head Office
: 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
EMPLOYMENT
The subject employs
approximately 120 office
staff and factory
workers.
LOCATION DETAILS
The premise is owned for administrative office in a 4 storey
building of 4
row shop houses at
the heading address.
Premise is located
in commercial/residential area.
Factory is located at
2 Sukhapibal 2
Soi 13, Praves,
Bangkok 10250.
Land Area :
16,000 square meters
Tel : [66]
2329-1029-30, 2329-1755-9
Fax : [66] 2329-1550
COMMENT
The pharmaceutical and healthcare
industry has continued
growing strong with higher
demand each year,
especially vitamins and
supplement foods.
The company serves
the local and international
markets with its high
quality products for
more than three decades. It has
been enjoying good business
and expanding steadily
in the past
years. However, its
business performance in 2016
was slowdown from
a decrease in
sales or service
income and another
year of net loss.
The decrease in
sales figures was
caused by high
competition in local healthcare industry.
Nevertheless, the subject
expects an improvement
in its business
operation this year
from expansion on
its customer base
and good marketing
campaign to attract
the customers.
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
follows :
Bht. 20,000,000
on August 7,
1980
Bht. 25,000,000
on February 19,
1982
Bht. 30,000,000
on April 14,
1982
Bht. 36,000,000
on September 22,
1982
Bht. 50,000,000
on December 1,
1983
The latest registered
capital was increased
to Bht. 50,000,000 divided into 500,000
shares of Bht.
100 each with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 26,
2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Apichai Kittivoravitkul Nationality: Thai Address : 49/1-2
Soi Prasanmitr, Sukhumvit
Rd., Klongtoey Nua,
Prakanong, Bangkok |
220,305 |
44.06 |
|
Mr. Manas Hemstapat Nationality: Thai Address : 2
Soi Lertsin 2,
Sukhumvit Rd.,
Klongtoey, Prakanong, Bangkok |
76,715 |
15.34 |
|
Mr. Anek Nithipitikarn Nationality: Thai Address : 21/7
Chareonkrung Rd., Taladnoi,
Samphantawong, Bangkok |
53,006 |
10.60 |
|
Mr. Pichai Nithipitikarn Nationality: Thai Address : 21/7
Chareonkrung Rd., Taladnoi,
Samphantawong, Bangkok |
52,999 |
10.60 |
|
Mrs. Naovarat Kittivoravitkul Nationality: Thai Address : 49/1-2
Soi Prasanmitr, Sukhumvit
Rd.,
Klongtoey Nua, Prakanong,
Bangkok |
42,509 |
8.50 |
|
Ms. Poraya Kunatien Nationality: Thai Address : 91/46
Moo 5, Thakharm, Bangkhunthien, Bangkok |
29,466 |
5.90 |
|
Ms. Sasithorn Kittivoravitkul Nationality: Thai Address : 51/70
Soi Sukhumvit 23,
Klongtoey Nua, Wattana, Bangkok |
5,000 |
1.00 |
|
Ms. Sasivimol Kittivoravitkul Nationality: Thai Address : 19/11-14
Soi Sukhumvit 19, Klongtoey
Nua,
Wattana, Bangkok |
5,000 |
1.00 |
|
Mr. Phatrapong Kittivoravitkul Nationality: Thai Address : 99/84 Kanchanapisek 010/1,
Kannayao, Bangkok |
5,000 |
1.00 |
|
Mr. Prapun Kittivoravitkul Nationality: Thai Address : 19/11-14 Soi Sukhumvit 19,
Klongtoey Nua,
Wattana, Bangkok |
5,000 |
1.00 |
|
Mr. Boworn Kittivoravitkul Nationality: Thai Address : 49/1-3
Soi Sukhumvit 23,
Klongtoey Nua,
Wattana, Bangkok |
5,000 |
1.00 |
Total Shareholders : 11
Share Structure [as
at April 26,
2017]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
11 |
500,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
11 |
500,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Piratchai Pragobsub
No. 3082
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2016,
2015 & 2014
were:
ASSETS
|
Current Assets |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Cash and Cash Equivalents |
267,443.39 |
463,373.28 |
474,765.03 |
|
Trade Accounts Receivable |
32,859,822.41 |
40,965,622.08 |
42,804,788.41 |
|
Inventories |
91,381,222.56 |
91,511,731.79 |
104,631,781.65 |
|
Other Current Assets
|
2,901,726.68 |
3,791,821.27 |
5,644,049.80 |
|
|
|
|
|
|
Total Current Assets
|
127,410,215.04 |
136,732,548.42 |
153,555,384.89 |
|
Fixed Assets |
118,292,761.08 |
128,514,491.89 |
133,405,600.12 |
|
Total Assets |
245,702,976.12 |
265,247,040.31 |
286,960,985.01 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Bank Overdraft ans
Short-term Loan from Financial Institutions |
12,598,631.28 |
2,777,088.82 |
43,936,302.17 |
|
Trade Accounts Payable |
20,444,341.09 |
41,451,935.18 |
43,027,149.26 |
|
Other Current Liabilities |
3,463,302.45 |
6,028,338.53 |
3,617,705.29 |
|
|
|
|
|
|
Total Current Liabilities |
36,506,274.82 |
50,257,362.53 |
90,581,156.72 |
|
Long-term Loans from Financial Institutions to Purchase Machinery |
63,677,831.20 |
87,041,807.20 |
66,646,430.00 |
|
Employees Benefit Obligation |
13,383,858.97 |
12,776,274.21 |
11,970,384.28 |
|
Long-term Liabilities |
65,000,000.00 |
35,000,000.00 |
28,000,000.00 |
|
Total Liabilities |
178,567,964.99 |
185,075,443.94 |
197,197,971.00 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 500,000 shares |
50,000,000.00 |
50,000,000.00 |
50,000,000.00 |
|
|
|
|
|
|
Capital Paid |
50,000,000.00 |
50,000,000.00 |
50,000,000.00 |
|
Retained Earning : [Deficit] Appropriated for Statutory
Reserve |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Unappropriated |
12,135,011.13 |
25,171,596.37 |
34,763,014.01 |
|
Total Shareholders' Equity |
67,135,011.13 |
80,171,596.37 |
89,763,014.01 |
|
Total Liabilities & Shareholders' Equity |
245,702,976.12 |
265,247,040.31 |
286,960,985.01 |
PROFIT & LOSS
ACCOUNT
|
|
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sales or Service
Income |
160,943,642.65 |
170,594,665.00 |
192,997,268.75 |
|
Other Income |
1,474,631.66 |
101,205.64 |
68,601.45 |
|
Total Revenues |
162,418,274.31 |
170,695,870.64 |
193,065,870.20 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold or Service
|
136,079,723.78 |
153,414,522.36 |
153,754,541.79 |
|
Selling and Administrative Expenses |
29,900,668.44 |
34,367,546.84 |
31,283,401.78 |
|
Total Expenses |
165,980,392.22 |
187,782,069.20 |
185,037,943.57 |
|
|
|
|
|
|
Profit/[Loss] before Financial
Cost & Income Tax |
[3,562,117.91] |
[17,086,198.56] |
8,027,926.63 |
|
Financial Cost |
[8,866,882.57] |
[7,901,937.24] |
[5,560,359.42] |
|
|
|
|
|
|
Profit/[Loss] before Income
Tax |
[12,429,000.48] |
[24,988,135.80] |
2,467,567.21 |
|
Income Tax |
- |
- |
[1,217,682.48] |
|
|
|
|
|
|
Profit/[Loss] from Normal
Operation |
[12,429,000.48] |
[24,988,135.80] |
1,249,884.73 |
|
Extraordinary Items |
- |
- |
[399,211.44] |
|
|
|
|
|
|
Net Profit / [Loss] |
[12,429,000.48] |
[24,988,135.80] |
850,673.29 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.49 |
2.72 |
1.70 |
|
QUICK RATIO |
TIMES |
0.91 |
0.82 |
0.48 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.36 |
1.33 |
1.45 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.66 |
0.64 |
0.67 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
245.11 |
217.72 |
248.39 |
|
INVENTORY TURNOVER |
TIMES |
1.49 |
1.68 |
1.47 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
74.52 |
87.65 |
80.95 |
|
RECEIVABLES TURNOVER |
TIMES |
4.90 |
4.16 |
4.51 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
54.84 |
98.62 |
102.14 |
|
CASH CONVERSION CYCLE |
DAYS |
264.79 |
206.75 |
227.20 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
84.55 |
89.93 |
79.67 |
|
SELLING & ADMINISTRATION |
% |
18.58 |
20.15 |
16.21 |
|
INTEREST |
% |
5.51 |
4.63 |
2.88 |
|
GROSS PROFIT MARGIN |
% |
16.37 |
10.13 |
20.37 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(2.21) |
(10.02) |
4.16 |
|
NET PROFIT MARGIN |
% |
(7.72) |
(14.65) |
0.44 |
|
RETURN ON EQUITY |
% |
(18.51) |
(31.17) |
0.95 |
|
RETURN ON ASSET |
% |
(5.06) |
(9.42) |
0.30 |
|
EARNING PER SHARE |
BAHT |
(24.86) |
(49.98) |
1.70 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.73 |
0.70 |
0.69 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.66 |
2.31 |
2.20 |
|
TIME INTEREST EARNED |
TIMES |
(0.40) |
(2.16) |
1.44 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(5.66) |
(11.61) |
|
|
OPERATING PROFIT |
% |
(79.15) |
(312.83) |
|
|
NET PROFIT |
% |
50.26 |
(3,037.45) |
|
|
FIXED ASSETS |
% |
(7.95) |
(3.67) |
|
|
TOTAL ASSETS |
% |
(7.37) |
(7.57) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -5.66%. Turnover has decreased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
16.37 |
Impressive |
Industrial Average |
13.62 |
|
Net Profit Margin |
(7.72) |
Deteriorated |
Industrial Average |
7.83 |
|
Return on Assets |
(5.06) |
Deteriorated |
Industrial Average |
5.94 |
|
Return on Equity |
(18.51) |
Deteriorated |
Industrial Average |
12.40 |
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 16.37%. 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 -7.72%.
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 -5.06%.
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 -18.51%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
3.49 |
Impressive |
Industrial Average |
1.69 |
|
Quick Ratio |
0.91 |
|
|
|
|
Cash Conversion Cycle |
264.79 |
|
|
|
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 3.49 times in 2016, increase from 2.72 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 0.91 times in 2016,
increase from 0.82 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 265 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.73 |
Acceptable |
Industrial Average |
0.50 |
|
Debt to Equity Ratio |
2.66 |
Risky |
Industrial Average |
1.00 |
|
Times Interest Earned |
(0.40) |
Risky |
Industrial Average |
- |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -0.41 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.73 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.36 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.66 |
Satisfactory |
Industrial Average |
0.76 |
|
Inventory Conversion Period |
245.11 |
|
|
|
|
Inventory Turnover |
1.49 |
Acceptable |
Industrial Average |
3.71 |
|
Receivables Conversion Period |
74.52 |
|
|
|
|
Receivables Turnover |
4.90 |
Impressive |
Industrial Average |
3.30 |
|
Payables Conversion Period |
54.84 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.90 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 218 days at the
end of 2015 to 245 days at the end of 2016. This represents a negative trend.
And Inventory turnover has decreased from 1.68 times in year 2015 to 1.49 times
in year 2016.
The company's Total Asset Turnover is calculated as 0.66 times and 0.64
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 Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.82 |
|
|
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.76 |
|
Thai Baht |
1 |
INR 2.07 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.