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MIRA
INFORM REPORT
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Report No. : |
495054 |
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Report Date : |
28.02.2018 |
IDENTIFICATION DETAILS
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Name : |
MODERN DYESTUFFS & PIGMENTS CO., LTD. |
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Registered Office : |
2nd Floor, Town In Town Building, 324 Soi Ladprao 94, Ladprao Road, Plubpla, Wangthonglang, Bangkok 10310 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
02.01.1990 |
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Com. Reg. No.: |
0105533000223 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
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. |
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No. of Employees : |
200 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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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
MODERN
DYESTUFFS & PIGMENTS
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 2nd FLOOR,
TOWN IN TOWN
BUILDING,
324 SOI
LADPRAO 94, LADPRAO ROAD,
PLUBPLA, 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 : 200
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 approximately 200
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 was initially
at 2nd Floor,
Town In Town Building, 324 Soi
Ladprao 94, Ladprao
Rd., Wangthonglang,
Wangthonglang, Bangkok 10310.
In October 2016,
its registered address
has been changed
to 2nd Floor,
Town In Town Building, 324 Soi
Ladprao 94, Ladprao
Rd., Plubpla, Wangthonglang, Bangkok 10310, by the
Wangthonglang District Office,
and this is
the company’s current
operation address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Wu Chen
Li Hsia |
|
Chinese |
68 |
|
Mr. Luecha Auprapakorn [Richard, L.H. Wu] |
[x] |
Thai |
71 |
|
Ms. Amika Auprapakorn |
|
Thai |
34 |
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 71
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 34
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.
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 Brands
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, Malaysia, 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
Thai-MC Company Limited : 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 80
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, Pakistan,
Myanmar, Netherlands, United
Kingdom, Australia, Germany, Canada,
United Arab Emirates, Russia,
New Zealand, Turkey,
Argentina, Sudan, Egypt,
Africa and etc.
MAJOR CUSTOMERS
Organic Dyestuffs Corporation : U.S.A.
Hong Phat New
Trading Co., Ltd. : Vietnam
Four Colors Acquisitions Inc. : U.S.A.
ASSOCIATED 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 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 & T/T.
Exports are against
T/T.
BANKING
Kasikornbank Public
Company Limited
Krung Thai Bank
Public Company Limited
[Srinakarin Branch
: Srinakarin Rd.,
Praves, Bangkok 10250]
EMPLOYMENT
The subject currently
employs approximately 200 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
plants, 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.
Despite of a sluggish
economy of both
local and overseas
countries which caused slow
recovery of some
related industries, the
subject’s operating
performance in 2016
was strong with
an increase in
both sales income
and net profit
comparing to the
previous year. In
general, its business
remains solid and
growing steadily.
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 28, 2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Luecha Auprapakorn Nationality: Thai Address : 324
Soi Ladprao 94, Ladprao
Rd.,
Plubpla, Wangthonglang, Bangkok |
18,939,556 |
42.09 |
|
Mrs. Wu Chen Li Hsia Nationality: Chinese Address : 324
Soi Ladprao 94, Ladprao
Rd.,
Plubpla, Wangthonglang, Bangkok |
8,723,143 |
19.38 |
|
Ms. Amika Auprapakorn Nationality: Thai Address : 324
Soi Ladprao 94, Ladprao
Rd.,
Plubpla, Wangthonglang, Bangkok |
3,921,738 |
8.71 |
|
Mr. Wu Chong Cher Nationality: Chinese Address : 324
Soi Ladprao 94, Ladprao
Rd.,
Plubpla, Wangthonglang, Bangkok |
3,722,330 |
8.27 |
|
Ms. Wu Pin Chee Nationality: Chinese Address : 324
Soi Ladprao 94, Ladprao
Rd.,
Plubpla, 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 |
4,121,632 |
9.17 |
Total Shareholders : 39
SHARE STRUCTURE [AS
AT APRIL 28,
2017]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
16 |
23,289,037 |
51.75 |
|
Foreign |
23 |
21,710,963 |
48.25 |
|
Total |
39 |
45,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Tipawan Nananuwat
No. 3459
Financials
BALANCE SHEET [BAHT]
The
latest financial figures
published for December 31,
2016, 2015 and
2014 were:
ASSETS
|
Current Assets |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Cash and Cash
Equivalents |
119,124,883 |
16,688,822 |
12,452,699 |
|
Trade Accounts and
Other Receivable |
187,107,267 |
214,200,585 |
246,893,308 |
|
Short-term Loan |
- |
7,000,000 |
7,000,000 |
|
Inventories
|
383,334,333 |
402,698,200 |
414,417,552 |
|
Other Current Assets
|
13,714,914 |
15,640,903 |
41,028,854 |
|
|
|
|
|
|
Total Current Assets
|
703,281,397 |
656,228,510 |
721,792,413 |
|
Property, Plant and
Equipment |
202,767,035 |
216,455,840 |
225,296,628 |
|
Intangible Assets |
71,812,794 |
92,579,673 |
114,714,267 |
|
Other Non-current Assets - Deposit |
14,263,520 |
- |
- |
|
Total Assets |
992,124,746 |
965,264,023 |
1,061,803,308 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
64,804,500 |
172,036,352 |
241,829,902 |
|
Trade Accounts and Other
Payable |
180,581,560 |
131,137,335 |
165,138,079 |
|
Accrued Income Tax |
4,727,452 |
4,598,836 |
2,603,895 |
|
Other Current Liabilities |
770,283 |
597,310 |
946,407 |
|
|
|
|
|
|
Total Current Liabilities |
250,883,795 |
308,369,833 |
410,518,283 |
|
Estimated Liabilities from
Employee Benefits |
22,146,170 |
18,390,695 |
19,874,295 |
|
Total Liabilities |
273,029,965 |
326,760,528 |
430,392,578 |
|
|
|
|
|
|
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 |
27,547,720 |
27,547,720 |
24,389,825 |
|
Unappropriated |
241,547,061 |
160,955,775 |
157,020,905 |
|
Total Shareholders' Equity |
719,094,781 |
638,503,495 |
631,410,730 |
|
Total Liabilities & Shareholders' Equity |
992,124,746 |
965,264,023 |
1,061,803,308 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sales or Services Income
|
1,191,284,199 |
1,154,891,173 |
1,370,348,644 |
|
Other Income |
11,814,384 |
2,227,015 |
3,713,179 |
|
Total Revenues |
1,203,098,583 |
1,157,118,188 |
1,374,061,823 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold or Services |
872,961,978 |
866,910,286 |
1,013,711,377 |
|
Selling Expenses |
64,666,454 |
60,203,845 |
58,173,985 |
|
Administrative Expenses |
169,182,418 |
142,770965 |
160,768,518 |
|
Total Expenses |
1,106,810,850 |
1,069,885,096 |
1,232,653,880 |
|
|
|
|
|
|
Profit /[Loss] before Finance
Cost & Income Tax |
96,287,733 |
87,233,092 |
141,407,943 |
|
Finance Cost |
[6,965,878] |
[8,761,163] |
[8,019,206] |
|
|
|
|
|
|
Profit /[Loss] before Income
Tax |
89,321,855 |
78,471,929 |
133,388,737 |
|
Income Tax |
[8,730,569] |
[11,379,164] |
[6,159,279] |
|
|
|
|
|
|
Net Profit / [Loss] |
80,591,286 |
67,092,765 |
127,229,458 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.80 |
2.13 |
1.76 |
|
QUICK RATIO |
TIMES |
1.22 |
0.77 |
0.65 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.88 |
5.34 |
6.08 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.20 |
1.20 |
1.29 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
160.28 |
169.55 |
149.22 |
|
INVENTORY TURNOVER |
TIMES |
2.28 |
2.15 |
2.45 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
57.33 |
67.70 |
65.76 |
|
RECEIVABLES TURNOVER |
TIMES |
6.37 |
5.39 |
5.55 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
75.50 |
55.21 |
59.46 |
|
CASH CONVERSION CYCLE |
DAYS |
142.10 |
182.03 |
155.52 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
73.28 |
75.06 |
73.97 |
|
SELLING & ADMINISTRATION |
% |
19.63 |
17.58 |
15.98 |
|
INTEREST |
% |
0.58 |
0.76 |
0.59 |
|
GROSS PROFIT MARGIN |
% |
27.71 |
25.13 |
26.30 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.08 |
7.55 |
10.32 |
|
NET PROFIT MARGIN |
% |
6.77 |
5.81 |
9.28 |
|
RETURN ON EQUITY |
% |
11.21 |
10.51 |
20.15 |
|
RETURN ON ASSET |
% |
8.12 |
6.95 |
11.98 |
|
EARNING PER SHARE |
BAHT |
1.79 |
1.49 |
2.83 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.28 |
0.34 |
0.41 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.38 |
0.51 |
0.68 |
|
TIME INTEREST EARNED |
TIMES |
13.82 |
9.96 |
17.63 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
3.15 |
(15.72) |
|
|
OPERATING PROFIT |
% |
10.38 |
(38.31) |
|
|
NET PROFIT |
% |
20.12 |
(47.27) |
|
|
FIXED ASSETS |
% |
(6.32) |
(3.92) |
|
|
TOTAL ASSETS |
% |
2.78 |
(9.09) |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 3.15%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
27.71 |
Impressive |
Industrial Average |
3.30 |
|
Net Profit Margin |
6.77 |
Impressive |
Industrial Average |
5.31 |
|
Return on Assets |
8.12 |
Impressive |
Industrial Average |
5.44 |
|
Return on Equity |
11.21 |
Satisfactory |
Industrial Average |
12.00 |
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 27.71%. 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 6.77%, 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
8.12%, 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. When compared with the
industry average, it was lower, the company's figure is 11.21%.
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 |
2.80 |
Impressive |
Industrial Average |
1.27 |
|
Quick Ratio |
1.22 |
|
|
|
|
Cash Conversion Cycle |
142.10 |
|
|
|
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 2.8 times in 2016, increase from 2.13 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 1.22 times in 2016,
increase from 0.77 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 143 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.28 |
Impressive |
Industrial Average |
0.54 |
|
Debt to Equity Ratio |
0.38 |
Impressive |
Industrial Average |
1.15 |
|
Times Interest Earned |
13.82 |
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 13.83 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 0.28 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
5.88 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.20 |
Impressive |
Industrial Average |
1.03 |
|
Inventory Conversion Period |
160.28 |
|
|
|
|
Inventory Turnover |
2.28 |
Satisfactory |
Industrial Average |
3.75 |
|
Receivables Conversion Period |
57.33 |
|
|
|
|
Receivables Turnover |
6.37 |
Impressive |
Industrial Average |
3.89 |
|
Payables Conversion Period |
75.50 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.37 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 170 days at the
end of 2015 to 160 days at the end of 2016. This represents a positive trend.
And Inventory turnover has increased from 2.15 times in year 2015 to 2.28 times
in year 2016.
The company's Total Asset Turnover is calculated as 1.2 times and 1.2
times in 2016 and 2015 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.85 |
|
|
1 |
INR 90.58 |
|
Euro |
1 |
INR 79.97 |
|
Thai baht |
1 |
INR 2.07 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
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.