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%20%20LTD%20%20-%20495097%2005-Mar-2018_files/image017.jpg){kind=small}
%20%20LTD%20%20-%20495097%2005-Mar-2018_files/image018.jpg)
%20%20LTD%20%20-%20495097%2005-Mar-2018_files/image020.gif)
MIRA INFORM REPORT
|
Report No. : |
495097 |
|
Report Date : |
05.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
ALLNEX (THAILAND) LTD. |
|
|
|
|
Formerly Known As : |
CYTEC
INDUSTRIES (THAILAND) LTD |
|
|
|
|
Registered Office : |
27th Floor, Panjathani
Building, 127/32 Nonsee Road,
Chongnonsi,Yannawa,
Bangkok 10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
25.01.1968 |
|
|
|
|
Com. Reg. No.: |
0105511000468 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor and
exporter of coating
materials and specialty chemicals including
Liquid Coating Resins
and Additives, Cross
Linkers, Radcure Resin,
Pressure Sensitive Adhesive
and Powder Coating
Resin. The products
are used in
various industries such
as automobile, graphic,
architectural, glasses, electronics, woods,
textiles, tires, paper,
adhesive |
|
|
|
|
No. of Employees : |
120 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
THAILAND - ECONOMIC OVERVIEW
With a relatively well-developed infrastructure, a free-enterprise economy,
and generally pro-investment policies, Thailand is highly dependent on
international trade, with exports accounting for about two-thirds of GDP.
Thailand’s exports include electronics, agricultural commodities, automobiles
and parts, and processed foods. The industry and service sectors produce about
90% of GDP. The agricultural sector, comprised mostly of small-scale farms,
contributes only 10% of GDP but employs about one-third of the labor force.
Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly
from neighboring countries.
Over the last few decades, Thailand has reduced poverty substantially.
In 2013, the Thai Government implemented a nationwide 300 baht (roughly $10)
per day minimum wage policy and deployed new tax reforms designed to lower
rates on middle-income earners.
Thailand’s economy is recovering from slow growth during the years since
the 2014 coup. Thailand’s economic fundamentals are sound, with low inflation,
low unemployment, and reasonable public and external debt levels. Tourism and
government spending - mostly on infrastructure and short-term stimulus measures
– have helped to boost the economy, and The Bank of Thailand has been
supportive, with several interest rate reductions.
Over the longer-term, household debt levels, political uncertainty, and
an aging population pose risks to growth.
|
Source
: CIA |
Company name
ALLNEX (THAILAND)
LTD.
[FORMER :
CYTEC INDUSTRIES (THAILAND)
LTD.]
SUMMARY
BUSINESS
ADDRESS : 27th
FLOOR, PANJATHANI BUILDING,
127/32 NONSEE
ROAD, CHONGNONSI,
YANNAWA, BANGKOK
10120, THAILAND
TELEPHONE : [66] 2296-9100
FAX :
[66] 2295-4985-6
E-MAIL
ADDRESS : Ekdanai.seedala@Allnex.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1968
REGISTRATION
NO. : 0105511000468
TAX ID NO. : 3101075533
CAPITAL REGISTERED : BHT.
1,130,000,000
CAPITAL PAID-UP : BHT.
1,130,000,000
SHAREHOLDER’S
PROPORTION : THAI :
5.04%
FOREIGN :
94.96%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. BOONSONG
PANJING, THAI
COUNTRY MANAGER
AND FACTORY MANAGER
NO. OF STAFF : 120
LINES
OF BUSINESS : COATING MATERIALS
MANUFACTURER, DISTRIBUTOR
AND 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 25,
1968 as a
private limited company
under the registered name “Hoechst Chemical Industries Ltd.” by
German groups. It was initially a
subsidiary of Hoechst AG, Germany
in order to manufacture
industrial chemicals for
both domestic and
international markets.
On January
5, 1998, the
subject’s name was
changed to “Vianova Resins
Ltd.”
On January 3, 2001,
the subject’s name
was changed to “Solutia Chemicals
(Thailand) Ltd.”, and became
a subsidiary of
Erste Viking Resin
GmbH, Germany.
On
March 3, 2003
and on October 3, 2005,
its name was
changed to “Surface
Specialties (Thailand) Ltd.” and
“Cytec Industries
(Thailand) Ltd.” respectively.
On June 12,
2013, its name was
finally changed to
ALLNEX (THAILAND) LTD.
At
present, the subject
is a subsidiary of
Allnex Belgium SA/NV,
Belgium, which is
a member of
Allnex USA Inc., in
U.S.A. It currently employs
approximately 120 staff.
The
subject achieved ISO 9000 certification from TUV institution in 2002,
and ISO 14001
certification in 2003.
The subject’s
registered address was
initially at 19th Floor,
Lake Ratchada Office Complex,
193 Ratchadapisek Rd.,
Klongtoey, Bangkok 10110.
In
August 2005, the
subject’s registered address
was relocated to 27th Floor,
Panjathani Building, 127/32
Nonsee Rd., Chongnonsi, Yannawa, Bangkok 10120, and this
is the subject’s
current operation address.
THE
BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Boonsong
Panjing |
|
Thai |
49 |
|
Mr. Wirote
Aparattanachai |
|
Thai |
52 |
|
Mr. Zhigang
Ding |
|
Chinese |
48 |
AUTHORIZED
PERSON
Anyone
of the above
directors can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Boonsong
Panjing
is the Country
Manager and Factory
Manager.
He is Thai
nationality with the
age of 49
years old.
Mr.
Duncan Adrian Taylor is
the General Manager.
He is British
nationality.
Mr.
Nophadol Noppornchaicharn is
the Sales Manager.
He is Thai
nationality.
Mr.
Wirote Aparattanachai is
the Marketing Manager.
He is Thai
nationality with the
age of 52
years old.
Mrs. Purada
Pongsapichart is
the Safety and
Environmental Manager.
She is Thai
nationality.
BUSINESS
OPERATIONS
The
subject’s activities are
manufacturer, distributor and
exporter of coating
materials and specialty chemicals including
Liquid Coating Resins
and Additives, Cross
Linkers, Radcure Resin,
Pressure Sensitive Adhesive
and Powder Coating
Resin. The products
are used in
various industries such
as automobile, graphic,
architectural, glasses, electronics,
woods, textiles, tires,
paper, adhesive
BRAND NAME
“ALLNEX”
PURCHASE
Raw
materials and chemicals
are purchased from
local suppliers, the
remaining is imported
from United States
of America, Germany,
Republic of China,
Japan, Taiwan, Switzerland
and Belgium.
MAJOR
SUPPLIERS
Allnex Belgium SA/NA : Belgium
Allnex
USA Inc. : United
States of America
Allnex
Resins (Shanghai) Co.,
Ltd. : Republic
of China
BASF
(Thai) Ltd. : Thailand
Thai-MC
Company Limited : Thailand
EXPORT
[COUNTRIES]
80% of the
products is exported
to United States of America,
Taiwan, Republic of China,
India, Vietnam, Indonesia, Australia,
Egypt, New Zealand, Canada, Korea, Japan,
Hong Kong, Philippines, Pakistan,
Myanmar and Malaysia.
SALES
[LOCAL]
20% of the
products is also
sold directly to
local manufacturers and
wholesalers.
MAJOR
CUSTOMER
Allnex
Korea Co., Ltd. : Korea
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 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 credit term
of 30-60 days.
Imports
are by L/C or
T/T.
Exports
are against L/C
or T/T.
BANKING
Bank of America
NT & SA.
[Bangkok Office : 2/2
Wireless Rd., Pathumwan,
Bangkok 10330]
Bangkok
Bank Public Company
Limited
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
The
Siam Commercial Bank
Public Company Limited
[Petchburi Branch : 1060 Petchburi
Rd., Rajthevee, Bangkok 10400]
Kasikornbank
Public Company Limited
Hongkong
and Shanghai Banking
Corp.
[Bangkok Office : 968
Rama 4 Rd.,
Silom, Bangrak, Bangkok
10500]
EMPLOYMENT
The
subject employs approximately
120 staff. [office
staff and factory
workers]
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading address. Premise is
located in a prime commercial area.
Factory
& Warehouse are
located at 2
Soi G- 2 Hemaraj Eastern Industrial Estate,
Prakornsongkrohrat Rd., T. Huaypong,
A. Muang, Rayong
21150.
Tel. :
[66] 38 685-349-51
Fax: [66] 38
685-070
Area:
76,800 square meters
Laboratory
: 888 Moo 8,
Theparak Rd., T. Samrongnua, A. Muang,
Samutprakarn 10270.
COMMENT
Subject’s
business had significantly grown
in line with strong demand of coating materials
and specialty chemical
from various industries in
the past years.
However, a slowdown
of economy, slow
growth and less investment
from related industries
have been seen in
2015 - 2016. Nevertheless,
its business remains
strong and profitable.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 5,000,000 divided
into 5,000 shares
of Bht. 1,000
each.
The
capital was increased
later as followings:
Bht. 6,000,000
in November 1968
Bht. 8,000,000
in April 1972
Bht. 12,000,000
in August 1974
Bht. 20,000,000 in
May 1977
Bht. 300,000,000
on June 7,
1995
Bht.
1,375,000,000 on June
2, 1999
Bht.
1,530,000,000 on January
20, 2003
On June 26, 2006,
the capital was
decreased to Bht. 1,130,000,000
divided into
1,130,000
shares of Bht.
1,000 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE
[as at September
9, 2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Allnex
Belgium SA/NV Nationality:
Belgian Address
: Brussels, Belgium |
1,072,997 |
94.96 |
|
Bangkok
Bank Public Co.,
Ltd. Nationality:
Thai Address
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500 |
21,000 |
1.86 |
|
Bangkok
First Investment & Trust
Public Co., Ltd. Nationality:
Thai Address
: 25 South Sathorn
Rd., Thungmahamek, Sathorn, Bangkok
10120 |
18,000 |
1.59 |
|
Bangkok
Insurance Public Co.,
Ltd. Nationality:
Thai Address
: 25 South Sathorn
Rd., Thungmahamek, Sathorn, Bangkok
10120 |
18,000 |
1.59 |
|
Allnex
Holding II Germany
GmbH Nationality:
German Address
: Wiesbaden, Germany |
1 |
- |
|
Allnex
Germany GmbH Nationality:
German Address
: Wiesbaden, Germany |
1 |
- |
|
Allnex
France SAS Nationality:
French Address
: France |
1 |
- |
Total
Shareholders : 7
Share
Structure [as at
September 9, 2017]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
57,000 |
5.04 |
|
Foreign |
4 |
1,073,000 |
94.96 |
|
Total |
7 |
1,130,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.:
Ms. Wipawan Pattawanwiwek No. 4795
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 |
70,378,066 |
77,218,124 |
68,157,011 |
|
Trade
Accounts and Other Receivable |
521,327,501 |
496,017,287 |
491,365,813 |
|
Short-term Lending to Related Company |
1,294,521,039 |
1,124,228,552 |
1,159,535,662 |
|
Inventories |
219,998,513 |
174,687,447 |
192,767,492 |
|
|
|
|
|
|
Total
Current Assets |
2,106,225,119 |
1,872,151,410 |
1,911,825,978 |
|
Non-Current
Assets |
|
|
|
|
Property,
Plant and Equipment |
414,465,783 |
377,677,973 |
350,689,453 |
|
Intangible Assets |
118,868 |
- |
- |
|
Other Non-current Assets |
1,361,190 |
1,017,090 |
955,690 |
|
Total Non-current Assets |
415,945,841 |
378,695,063 |
351,645,143 |
|
Total
Assets
|
2,522,170,960 |
2,250,846,473 |
2,263,471,121 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Trade
Accounts and Other Payable |
397,063,391 |
292,794,675 |
475,094,898 |
|
Accrued
Income Tax |
15,904,853 |
16,424,250 |
15,696,188 |
|
|
|
|
|
|
Total Current Liabilities |
412,968,244 |
309,218,925 |
490,791,086 |
|
|
|
|
|
|
Provision for Employee Benefits
|
27,775,441 |
20,985,921 |
24,566,907 |
|
Total
Liabilities |
440,743,685 |
330,204,846 |
515,357,993 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value
authorized, issued and
fully paid share
capital 1,130,000 shares
|
1,130,000,000 |
1,130,000,000 |
1,130,000,000 |
|
Capital
Paid |
1,130,000,000 |
1,130,000,000 |
1,130,000,000 |
|
Retained
Earning : [Deficit] |
|
|
|
|
Appropriated for statutory
reserve |
2,215,997 |
2,215,997 |
2,215,997 |
|
Unappropriated |
949,211,278 |
788,425,630 |
615,897,131 |
|
Total
Shareholders' Equity |
2,081,427,275 |
1,920,641,627 |
1,748,113,128 |
|
Total
Liabilities and Shareholders' Equity |
2,522,170,960 |
2,250,846,473 |
2,263,471,121 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sales or
Services Income |
1,730,902,381 |
1,716,311,385 |
1,876,408,133 |
|
Other
Income |
65,799,743 |
83,361,100 |
60,528,140 |
|
Total
Revenues
|
1,796,702,124 |
1,799,672,485 |
1,936,936,273 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost
of Goods Sold
or Services |
1,325,572,035 |
1,332,428,961 |
1,532,354,139 |
|
Selling Expenses |
95,987,265 |
87,763,619 |
76,123,803 |
|
Administrative
Expenses |
175,368,310 |
164,662,115 |
166,739,482 |
|
Total Expenses |
1,596,927,610 |
1,584,854,695 |
1,775,217,424 |
|
|
|
|
|
|
Profit /[Loss]
before Financial Cost & Income
Tax |
199,774,514 |
214,817,790 |
161,718,849 |
|
Financial Cost |
[58,134] |
[69,864] |
[2,905,044] |
|
|
|
|
|
|
Profit /[Loss]
before Income Tax |
199,716,380 |
214,747,926 |
158,813,805 |
|
Income Tax |
[38,930,732] |
[42,219,427] |
[32,484,837] |
|
Net Profit
/ [Loss] |
160,785,648 |
172,528,499 |
126,328,968 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
5.10 |
6.05 |
3.90 |
|
QUICK RATIO |
TIMES |
4.57 |
5.49 |
3.50 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.18 |
4.54 |
5.35 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.69 |
0.76 |
0.83 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
60.58 |
47.85 |
45.92 |
|
INVENTORY TURNOVER |
TIMES |
6.03 |
7.63 |
7.95 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
109.93 |
105.49 |
95.58 |
|
RECEIVABLES TURNOVER |
TIMES |
3.32 |
3.46 |
3.82 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
109.33 |
80.21 |
113.17 |
|
CASH CONVERSION CYCLE |
DAYS |
61.18 |
73.13 |
28.33 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
76.58 |
77.63 |
81.66 |
|
SELLING & ADMINISTRATION |
% |
15.68 |
14.71 |
12.94 |
|
INTEREST |
% |
0.00 |
0.00 |
0.15 |
|
GROSS PROFIT MARGIN |
% |
27.22 |
27.22 |
21.56 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
11.54 |
12.52 |
8.62 |
|
NET PROFIT MARGIN |
% |
9.29 |
10.05 |
6.73 |
|
RETURN ON EQUITY |
% |
7.72 |
8.98 |
7.23 |
|
RETURN ON ASSET |
% |
6.37 |
7.67 |
5.58 |
|
EARNING PER SHARE |
BAHT |
142.29 |
152.68 |
111.80 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.17 |
0.15 |
0.23 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.21 |
0.17 |
0.29 |
|
TIME INTEREST EARNED |
TIMES |
3,436.45 |
3,074.80 |
55.67 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
0.85 |
(8.53) |
|
|
OPERATING PROFIT |
% |
(7.00) |
32.83 |
|
|
NET PROFIT |
% |
(6.81) |
36.57 |
|
|
FIXED ASSETS |
% |
9.74 |
7.70 |
|
|
TOTAL ASSETS |
% |
12.05 |
(0.56) |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 0.85%. Turnover has
increased from THB
PROFITABILITY :
EXCELLENT
%20%20LTD%20%20-%20495097%2005-Mar-2018_files/image022.gif)
PROFITABILITY
RATIO
|
Gross Profit Margin |
27.22 |
Impressive |
Industrial
Average |
14.10 |
|
Net Profit Margin |
9.29 |
Impressive |
Industrial
Average |
3.01 |
|
Return on Assets |
6.37 |
Impressive |
Industrial Average |
3.24 |
|
Return on Equity |
7.72 |
Impressive |
Industrial
Average |
4.91 |
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 27.22%. 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. Net Profit
Margin ratio is 9.29%, 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 6.37%, 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 7.72%, 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 :
IMPRESSIVE
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LIQUIDITY RATIO
|
Current Ratio |
5.10 |
Impressive |
Industrial
Average |
1.91 |
|
Quick Ratio |
4.57 |
|
|
|
|
Cash Conversion Cycle |
61.18 |
|
|
|
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 5.1 times in 2016, decrease from 6.05
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
4.57 times in 2016, decrease from 5.49 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 62 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
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%20%20LTD%20%20-%20495097%2005-Mar-2018_files/image028.gif)
LEVERAGE RATIO
|
Debt Ratio |
0.17 |
Impressive |
Industrial
Average |
0.38 |
|
Debt to Equity Ratio |
0.21 |
Impressive |
Industrial
Average |
0.61 |
|
Times Interest Earned |
3,436.45 |
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 3436.45 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 0.17 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
%20%20LTD%20%20-%20495097%2005-Mar-2018_files/image030.gif)
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.18 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.69 |
Satisfactory |
Industrial
Average |
1.07 |
|
Inventory Conversion Period |
60.58 |
|
|
|
|
Inventory Turnover |
6.03 |
Satisfactory |
Industrial
Average |
7.47 |
|
Receivables Conversion Period |
109.93 |
|
|
|
|
Receivables Turnover |
3.32 |
Satisfactory |
Industrial
Average |
6.22 |
|
Payables Conversion Period |
109.33 |
|
|
|
The company's Account Receivable Ratio is
calculated as 3.32 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 48 days
at the end of 2015 to 61 days at the end of 2016. This represents a negative
trend. And Inventory turnover has decreased from 7.63 times in year 2015 to 6.03
times in year 2016.
The company's Total Asset Turnover is calculated as
0.69 times and 0.76 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 Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.22 |
|
|
1 |
INR 89.71 |
|
Euro |
1 |
INR 79.50 |
|
Thai Baht |
1 |
INR 02.07 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
SDA |
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.