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MIRA INFORM REPORT
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Report No. : |
484670 |
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Report Date : |
08.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
ASIA DYESTUFF
INDUSTRIES LTD. |
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Formerly Known As : |
JEERAWAT DYESTUFF LTD |
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Registered Office : |
141 Rama 2
Road [Thonburi-Pakthor],
Jomthong, Bangkok 10150 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
12.10.1984 |
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Com. Reg. No.: |
0105527036921 [Former: 3694/ 2527] |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The subject is engaged
in manufacturing and
marketing dyestuff and
related chemicals for
textile and paper
industries, under various
brands “AKAPHOR”, “AKASOL”, “BENEFIX”, “ADIRON”,
“BENECION”, “BENERECT”, “BENEFAST”,
“BENERON”, “BENETEX”, “BENEWHITE”
and “BENETHRENE”. |
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No. of Employees : |
100 |
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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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 sustained strong growth and has
reduced poverty substantially. In 2013, the Thai Government implemented a
nationwide 300 baht (roughly $10) per day minimum wage policy and deployed new
tax reforms designed to lower rates on middle-income earners.
Growth has slowed in the last few years, however, due to domestic
political turmoil and sluggish global demand. Nevertheless, Thailand’s economic
fundamentals are sound, with low inflation, low unemployment, and reasonable
public and external debt levels. Tourism and government spending - mostly on
infrastructure and short-term stimulus measures – have helped to boost the
economy, and The Bank of Thailand has been supportive, with several interest
rate reductions.
Over the longer-term, Thailand faces labor shortages, and domestic debt
levels, political uncertainty, and an aging population pose risks to growth.
|
Source
: CIA |
Company
name
ASIA DYESTUFF
INDUSTRIES LTD.
SUMMARY
BUSINESS ADDRESS : 141
RAMA 2 ROAD
[THONBURI-PAKTHOR],
JOMTHONG,
BANGKOK 10150, THAILAND
TELEPHONE : [66] 2874-2021-3,
2874-2205-6
FAX : [66] 2427-5889
E-MAIL ADDRESS : adi@adithai.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1984
REGISTRATION NO. : 0105527036921 [Former: 3694/ 2527]
TAX ID NO. : 3101318357
CAPITAL REGISTERED : BHT.
250,000,000
CAPITAL PAID-UP : BHT.
250,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
SOMPONG CHERNVIRIYAKUL, THAI
MANAGING DIRECTOR
NO. OF STAFF : 100
LINES OF BUSINESS : DYESTUFF
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
|
CORPORATE PROFILE |
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was established on October 12, 1984
as a private
limited company under
the registered name JEERAWAT
DYESTUFF LTD, by Thai group, Chernviriyakul family,
in order to manufacture
and market dyestuff
and related chemicals
for textile industry.
On April 2, 1990, the subject’s
name was changed
to ASIA DYESTUFF
INDUSTRIES LTD. It
currently employs approximately 100 staff.
The subject’s registered
address was initially
at 455 Moo 3,
Rama 2 Rd.,
[Thonburi-Pakthor], Jomthong,
Bangkok 10150.
On October 28,
2009, the subject’s
registered address was
changed to 141 Rama
2 Rd., [Thonburi-Pakthor], Jomthong, Bangkok 10150, by Jomthong District Office. However, both
addresses are the
same location, and
this is the
subject’s current operation
address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sompong Chernviriyakul |
[x] |
Thai |
67 |
|
Mr. Rawat Chernviriyakul |
[-] |
Thai |
40 |
|
Mr. Nateephat [Theera]
Chernviriyakul |
|
Thai |
44 |
|
Mr. Varanthanat Chernviriyakul |
|
Thai |
49 |
Note.
Mr. Theera Chernviriyakul changed
his name to Mr.
Nateephat Chernviriyakul, on
June 4, 2007.
AUTHORIZED PERSON
The mentioned director
[x] signs or
the director [-]
can jointly sign
with one of
the rest directors
on behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Sompong Chernviriyakul is
the Managing Director.
He is Thai
nationality with the
age of 67 years
old.
Mr. Nateephat Chernviriyakul is
the Sales &
Marketing Manager.
He is Thai
nationality with the
age of 44
years old.
Mr. Rawat Chernviriyakul is the General
Manager & Production Manager.
He is Thai
nationality with the
age of 40
years old.
Mr. Somchai Pungsrisuwan is
the Assistant Managing
Director.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged
in manufacturing and
marketing dyestuff and
related chemicals for
textile and paper
industries, under various
brands “AKAPHOR”, “AKASOL”, “BENEFIX”, “ADIRON”,
“BENECION”, “BENERECT”, “BENEFAST”,
“BENERON”, “BENETEX”, “BENEWHITE”
and “BENETHRENE”.
The products are
as follows:
Textile Industry:
reactive dyes, direct
dyes, disperse dyes,
acid dyes, basic
dyes, vat dyes,
optical brighteners, and
pigment emulsion
Paper Industry: liquid
direct dyes and liquid optical
brighteners
PRODUCTION
40,000 tons/year
PURCHASE
Raw materials are purchased
from suppliers and agents
both domestic and
overseas in Germany,
India, Republic of
China, Japan, Malaysia,
U.K., and Taiwan.
MAJOR SUPPLIERS
Mitsubishi Chemical
[Thailand] Co., Ltd. : Thailand
Suyog Chemicals Pvt.
Ltd. : India
BASF [Thai] Ltd. : Thailand
SALES
The products are sold
to textile and
paper manufacturers both
locally and overseas in
Japan, Myanmar, Indonesia,
Vietnam, Bangladesh, Egypt, Romania, Taiwan, India, Republic of China, Korea, Uzbekistan, U.S.A., Columbia, Hong
Kong and Peru.
MAJOR CUSTOMERS
Double A [1991] Public Company
Limited : Thailand
SCG Packaging Group : Thailand
Teppatana Paper Mill
Co., Ltd. :
Thailand
Inter Pacific Paper
Co., Ltd. :
Thailand
Asia Kraft Paper
Co., Ltd. :
Thailand
RELATED COMPANIES
Asia Thai Trading
Co., Ltd.
Business Type :
Manufacturer of dyestuff
Asia Kudos Associates
Co., Ltd.
Business Type :
Distributor of dyestuff
TDC Industrial Co.,
Ltd.
Business Type :
Real estate and
land developer
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
credit term of
30-60 days.
Imports are by
L/C on the
credits term of
90-180 days or
T/T.
Exports are against
L/C at sight or
on the credits
term of 60-120
days or T/T.
BANKING
Bangkok Bank Public
Company Limited
[Head Office,
333 Silom Rd., Silom, Bangrak, Bangkok]
EMPLOYMENT
The subject employs
approximately 100 staff.
LOCATION DETAILS
The premise is owned for
administrative office in a 6
storey building at the
heading address. Premise is
located in commercial/residential area.
Factory and warehouse are located at 71/1 Moo 6, Soi Ronggas, Rama 2
Rd., T. Thasai,
A. Muang, Samutsakorn 74000.
Tel. : [66] 34 815-431-3,
Fax. : [66] 34 815-434.
COMMENT
The subject was
formed in 1984 as
a manufacturer, distributor
and exporter of
dyestuff and related
chemicals for textile
and paper industries.
The products are
mainly supplied to
industrial users.
Despite of a
decrease in sales
income in 2016
caused by slowdown of
economy, slow improvement
and less expansion
of related industries,
the subject obtained
higher net profit comparing
to the previous year.
Generally, the subject operates
a moderate business
in amidst of
unfavourable factors.
FINANCIAL INFORMATION
The capital was
registered at Bht. 10,000,000
divided into 100,000 shares of Bht. 100
each.
The capital was
increased later as
following:
Bht. 50,000,000
on April 10,
1987
Bht. 100,000,000
on October 14,
1987
Bht. 150,000,000
on August 20,
1990
Bht. 250,000,000
on January 27,
1994
The latest registered
capital was increased
to Bht. 250,000,000 divided into
2,500,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sompong Chernviriyakul Nationality: Thai Address : 71/1 Moo
6, T. Thasai, A.
Muang, Samutsakorn |
875,000 |
35.00 |
|
Mr. Rawat Chernviriyakul Nationality: Thai Address : 16/1
Chuaplerng Rd., Thungmahamek,
Sathorn, Bangkok |
425,000 |
17.00 |
|
Mr. Nateephat Chernviriyakul Nationality: Thai Address : 2
Anamai-ngarmcharoen Rd., Thakham,
Bangkhunthien, Bangkok |
400,000 |
16.00 |
|
Mr. Varanthanat Chernviriyakul Nationality: Thai Address : 143
Anamai-ngarmcharoen Rd., Thakam,
Bangkhunthien, Bangkok |
400,000 |
16.00 |
|
Mr. Natthanant Chernviriyakul Nationality: Thai Address : 2
Anamai-ngarmcharoen Rd., Thakham,
Bangkhunthien, Bangkok |
400,000 |
16.00 |
Total Shareholders : 5
Share Structure [as
at April 30,
2017]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
2,500,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
2,500,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Chusak Sinserikul No.
4621
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 |
3,121,883.45 |
3,132,288.47 |
1,389,387.82 |
|
Short-term Investment |
2,000,000.00 |
- |
- |
|
Trade Accounts and
Other Receivable |
93,200,136.04 |
73,355,833.07 |
46,244,677.99 |
|
Inventories |
91,075,238.16 |
117,092,931.62 |
151,389,730.90 |
|
Other Current Assets
|
333,595.04 |
544,692.00 |
3,592,336.31 |
|
|
|
|
|
|
Total Current Assets
|
189,730,852.69 |
194,125,745.16 |
202,616,133.02 |
|
|
|
|
|
|
Property, Plant and Equipment |
97,170,849.66 |
97,519,779.84 |
92,465,229.59 |
|
Other Non-current Assets |
154,764.86 |
277,777.21 |
1,096,267.94 |
|
Total Assets |
287,056,467.21 |
291,923,302.21 |
296,177,630.55 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Bank Overdraft and Short-term Loan from Financial Institutions |
37,381,270.45 |
44,211,169.76 |
47,586,647.12 |
|
Trade Accounts and
Other Payable |
15,144,288.66 |
15,505,009.65 |
14,813,514.46 |
|
Short-term Loan |
- |
- |
3,050,000.00 |
|
Accrued Income Tax |
465,487.99 |
301,466.00 |
254,050.00 |
|
Other Current Liabilities |
219,723.52 |
84,028.83 |
102,524.08 |
|
|
|
|
|
|
Total Current Liabilities |
53,210,770.62 |
60,101,674.24 |
65,806,735.66 |
|
|
|
|
|
|
Other Non-current Liabilities |
- |
429,274.00 |
1,065,214.00 |
|
Total Liabilities |
53,210,770.62 |
60,530,948.24 |
66,871,949.66 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 2,500,000 shares |
250,000,000.00 |
250,000,000.00 |
250,000,000.00 |
|
|
|
|
|
|
Capital Paid |
250,000,000.00 |
250,000,000.00 |
250,000,000.00 |
|
Retained Earning - Unappropriated [Deficit] |
[16,154,303.41] |
[18,607,646.03] |
[20,694,319.11] |
|
Total Shareholders' Equity |
233,845,696.59 |
231,392,353.97 |
229,305,680.89 |
|
Total Liabilities and
Shareholders' Equity |
287,056,467.21 |
291,923,302.21 |
296,177,630.55 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sales or Services Income |
216,919,388.66 |
230,298,833.15 |
209,521,855.41 |
|
Other Income |
1,128,629.12 |
2,858,666.44 |
1,487,774.28 |
|
Total Revenues |
218,048,017.78 |
233,157,499.59 |
211,009,629.69 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold or Services
|
192,420,886.95 |
206,178,105.35 |
186,039,301.27 |
|
Selling Expenses |
3,671,238.57 |
2,362,886.28 |
3,714,166.66 |
|
Administrative Expenses |
17,682,859.92 |
20,280,674.62 |
16,377,453.64 |
|
Total Expenses |
213,774,985.44 |
228,821,666.25 |
206,130,921.57 |
|
|
|
|
|
|
Profit /[Loss] before
Finance Cost and Income
Tax |
4,273,032.34 |
4,335,833.34 |
4,878,708.12 |
|
Finance Cost |
[1,049,044.72] |
[1,647,694.26] |
[2,380,178.82] |
|
Profit /[Loss] before Income Tax |
3,223,987.62 |
2,688,139.08 |
2,498,529.30 |
|
Income Tax |
[770,645.00] |
[601,466.00] |
[554,050.00] |
|
|
|
|
|
|
Net Profit / [Loss] |
2,453,342.62 |
2,086,673.08 |
1,944,479.30 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.57 |
3.23 |
3.08 |
|
QUICK RATIO |
TIMES |
1.85 |
1.27 |
0.72 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.23 |
2.36 |
2.27 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.76 |
0.79 |
0.71 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
172.76 |
207.29 |
297.02 |
|
INVENTORY TURNOVER |
TIMES |
2.11 |
1.76 |
1.23 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
156.82 |
116.26 |
80.56 |
|
RECEIVABLES TURNOVER |
TIMES |
2.33 |
3.14 |
4.53 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
28.73 |
27.45 |
29.06 |
|
CASH CONVERSION CYCLE |
DAYS |
300.86 |
296.10 |
348.52 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
88.71 |
89.53 |
88.79 |
|
SELLING & ADMINISTRATION |
% |
9.84 |
9.83 |
9.59 |
|
INTEREST |
% |
0.48 |
0.72 |
1.14 |
|
GROSS PROFIT MARGIN |
% |
11.81 |
11.71 |
11.92 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.97 |
1.88 |
2.33 |
|
NET PROFIT MARGIN |
% |
1.13 |
0.91 |
0.93 |
|
RETURN ON EQUITY |
% |
1.05 |
0.90 |
0.85 |
|
RETURN ON ASSET |
% |
0.85 |
0.71 |
0.66 |
|
EARNING PER SHARE |
BAHT |
0.98 |
0.83 |
0.78 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.19 |
0.21 |
0.23 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.23 |
0.26 |
0.29 |
|
TIME INTEREST EARNED |
TIMES |
4.07 |
2.63 |
2.05 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(5.81) |
9.92 |
|
|
OPERATING PROFIT |
% |
(1.45) |
(11.13) |
|
|
NET PROFIT |
% |
17.57 |
7.31 |
|
|
FIXED ASSETS |
% |
(0.36) |
5.47 |
|
|
TOTAL ASSETS |
% |
(1.67) |
(1.44) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -5.81%. Turnover has decreased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
11.81 |
Impressive |
Industrial Average |
7.49 |
|
Net Profit Margin |
1.13 |
Deteriorated |
Industrial Average |
5.50 |
|
Return on Assets |
0.85 |
Deteriorated |
Industrial Average |
7.87 |
|
Return on Equity |
1.05 |
Deteriorated |
Industrial Average |
15.10 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. Gross Profit Margin is 11.81%. 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 1.13%.
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 0.85%.
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 1.05%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
3.57 |
Impressive |
Industrial Average |
1.75 |
|
Quick Ratio |
1.85 |
|
|
|
|
Cash Conversion Cycle |
300.86 |
|
|
|
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 3.57 times in 2016, increase from 3.23 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 1.85 times in 2016,
increase from 1.27 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 301 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.19 |
Impressive |
Industrial Average |
0.44 |
|
Debt to Equity Ratio |
0.23 |
Impressive |
Industrial Average |
0.80 |
|
Times Interest Earned |
4.07 |
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 4.08 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 0.19 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.23 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.76 |
Satisfactory |
Industrial Average |
1.43 |
|
Inventory Conversion Period |
172.76 |
|
|
|
|
Inventory Turnover |
2.11 |
Acceptable |
Industrial Average |
5.68 |
|
Receivables Conversion Period |
156.82 |
|
|
|
|
Receivables Turnover |
2.33 |
Satisfactory |
Industrial Average |
4.18 |
|
Payables Conversion Period |
28.73 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.33 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 207 days at the end of 2015 to
173 days at the end of 2016. This represents a positive trend. And Inventory
turnover has increased from 1.76 times in year 2015 to 2.11 times in year 2016.
The company's Total Asset Turnover is calculated as 0.76 times and 0.79
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 63.38 |
|
|
1 |
INR 86.02 |
|
Euro |
1 |
INR 76.50 |
|
Thai Baht |
1 |
INR 1.97 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
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.