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MIRA
INFORM REPORT
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Report No. : |
498287 |
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Report Date : |
24.03.2018 |
IDENTIFICATION DETAILS
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Name : |
THAI INDUSTRIES DEVELOPMENT CO., LTD. |
|
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Registered Office : |
710/5-6 Soi Sukhumvit 26, Sukhumvit Road, Klongton, Klongtoey, Bangkok 10110 |
|
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Country : |
Thailand |
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|
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
23.08.1960 |
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Com. Reg. No.: |
0105503001167 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The subject
is engaged in
manufacturing,
distributing and exporting
various kinds of
fabrics and yarns.
|
|
|
|
|
No. of Employees : |
2,000 |
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 |
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 |
|
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
THAI
INDUSTRIES DEVELOPMENT CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 710/5-6 SOI
SUKHUMVIT 26, SUKHUMVIT
ROAD,
KLONGTON, KLONGTOEY,
BANGKOK 10110,
THAILAND
TELEPHONE : [66] 2259-0123-8,
2259-7123-5
FAX :
[66] 2258-6275
E-MAIL
ADDRESS : fabric-export@tid.co.th
yarn-export@tid.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1960
REGISTRATION
NO. : 0105503001167
TAX
ID NO. : 3101054859
CAPITAL REGISTERED : BHT. 600,000,000
CAPITAL PAID-UP : BHT.
600,000,000
SHAREHOLDER’S PROPORTION : THAI :
98.55%
FOREIGN :
1.45%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VITOON SIRIKIETSOONG, THAI
MANAGING DIRECTOR
NO. OF STAFF : 2,000
LINES
OF BUSINESS : YARNS
AND FABRICS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 August 23,
1960 as a
private limited company
under the registered
name THAI INDUSTRIES
DEVELOPMENT CO., LTD.,
by Thai and
foreign groups, with
the business objective
to manufacture and
distribute various kinds
of fabrics and yarns to both domestic and international markets. It
currently employs approximately 2,000
staff.
The subject’s registered address is 710/5-6 Soi Sukhumvit
26, Sukhumvit Road, Klongton,
Klongtoey, Bangkok 10110,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Malee Angkahavanich |
|
Thai |
93 |
|
Mr. Vitoon Sirikietsoong |
|
Thai |
68 |
|
Mr. Veera Sirikietsoong |
|
Thai |
64 |
|
Mr. Pira Sirikietsoong |
|
Thai |
64 |
|
Mr. Tira Sirikietsoong |
|
Thai |
61 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Vitoon Sirikietsoong is
the Managing Director.
He is Thai
nationality with the
age of 68
years old.
Mr. Pira Sirikietsoong is
the Deputy Managing
Director.
He is Thai nationality with
the age of 64 years
old.
Mr. Veera Sirikietsoong is
the Factory Manager.
He is Thai
nationality with the
age of 64
years old.
Mr. Tira Sirikietsoong is
the Sales & Marketing Manager.
He is Thai
nationality with the
age of 61
years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, distributing and
exporting various kinds
of fabrics and
yarns. The products
are as follows:
·
Yarn
100% Combed Cotton
Yarn
Open-end Yarn
Viscose Rayon Yarn
Acrylic Yarn
Polyester / Cotton Blended Yarn
Functional Yarn
·
Fabric
100%
Combed or Carded
Cotton Greige Fabric
100%
Spun Polyester Greige
Fabric
100%
Spun Rayon Greige
Fabric
Polyester
Cotton Blended Fabric
BRAND NAME
“TID”
PRODUCTION CAPACITY
Yarn : 1,100
tons/month
Fabric : 2.2
million yards/month
PURCHASE
Raw materials are
purchased from suppliers
both domestic and
overseas in U.S.A.,
Taiwan, Brazil, Japan,
India, and Australia.
MAJOR
SUPPLIERS
Allenberg
Cotton Co., Ltd. : U.S.A.
Hohenberg
Bros. Co., Ltd. : U.S.A.
Nanya
Plastic Fiber Co.,
Ltd. :
Taiwan
Thai
Rayon Public Company
Limited : Thailand
SALES
80% of the
products is exported
to U.S.A., United
Kingdom, Germany, Japan,
Canada, France, Australia, Singapore,
Vietnam, Malaysia, Netherlands,
Republic of China,
Norway, Philippines, New Zealand,
Pakistan, Hong Kong, Taiwan,
India, and Indonesia,
the remaining 20%
is sold locally.
MAJOR CUSTOMERS
Doris Trading Corp. : U.S.A.
Imptex Inter Corp. : U.S.A.
Broome & Wellington Ltd. : U.K.
Grattan Ltd. : U.K.
Ito Yokado Co.,
Ltd. :
Japan
United Flour Mill
Public Company Limited :
Thailand
Asia Garment Co.,
Ltd. : Thailand
REALTED AND AFFILIATED
COMPANIES
Asia Fiber Public
Company Limited
Business Type :
Manufacturer and distributor
of yarns
Asia Garment Co., Ltd.
Business Type : Manufacturer and
distributor of garment
ASAP Fashion Co., Ltd.
Business Type :
Manufacturer and distributor
of fashion garment
Thai Sewing Industry
Co., Ltd.
Business Type :
Manufacturer and distributor
of garment
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 IRICO’S
DATABASE for the
past two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by L/C at
sight or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Bangkok
Bank Public Company
Limited
[Head
Office, 333 Silom
Road, Silom, Bangrak,
Bangkok]
TMB
Bank Public Company
Limited
Kasikornbank
Public Company Limited
Bank
of Tokyo-Mitsubishi UFJ
Ltd. [Bangkok Branch]
Citibank
N.A. [Bangkok Branch]
Bank
of America NT & SA
EMPLOYMENT
The
subject employs approximately
2,000 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
Factories:
Factory
I : 73
Moo 6, Poochaosamingprai Road,
T. Samrongtai, A. Phrapradaeng,
Samutprakarn
10130
Factory
II : 86
Moo 6, Poochaosamingprai Road,
T. Samrongtai, A. Phrapradaeng,
Samutprakarn
10130
Factory
III : 153/6-9
Moo 6, Poochaosamingprai Road,
T. Samrongtai,
A.
Phrapradaeng, Samutprakarn 10130
Factory
IV : 30
Moo 5, Poochaosamingprai Road,
T. Samrongtai,
A. Phrapradaeng, Samutprakarn
10130
Factory
V : 93 Khor Moo 2, Poochaosamingprai Road,
T.Samrongkrang, A. Phrapradaeng,
Samutprakarn
10130
COMMENT
Since
2014 the subject’s
business performance has
been slowing down
from decline consumption
both domestic and
overseas markets. Market
volatility from slow
economic recovery in
world market affected
on the company’s
operation in the
past years. Nevertheless,
the subject’s sales
or service income
in 2016 was
slightly increased with
higher net profit
comparing to the
previous year. Generally, it
operates a moderate business
and remains profitable.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 6,000,000
divided into 6,000
shares of Bht.
1,000
each
with fully paid.
The
capital was increased
later as follows:
Bht. 42,000,000
on August 11,
1971
Bht. 50,000,000
on August 9,
1973
Bht. 200,000,000
on November 18,
1980
Bht. 300,000,000
on August 24,
1989
Bht. 500,000,000
on February 24,
1992
Bht. 600,000,000
on April 5,
1993
The
latest registered capital
was increased to
Bht. 600,000,000 divided
into 600,000
shares
of Bht. 1,000 each
with fully paid.
MAIN
SHAREHOLDERS : [as
at April 30,
2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pipat Sirikietsoong Nationality: Thai Address : 60
Sukhumvit 51 Road,
Klongtonnua,
Wattana, Bangkok |
106,066 |
17.68 |
|
Mr. Vitoon Sirikietsoong Nationality: Thai Address : 60
Sukhumvit 51 Road,
Klongtonnua,
Wattana, Bangkok |
83,845 |
13.97 |
|
Mr. Veera Sirikietsoong Nationality: Thai Address : 60
Sukhumvit 51 Road,
Klongtonnua, Wattana, Bangkok
|
76,866 |
12.81 |
|
Mrs. Malee Angkahavanich Nationality: Thai Address : 60
Sukhumvit 51 Road,
Klongtonnua,
Wattana, Bangkok |
74,936 |
12.49 |
|
Mr. Pira Sirikietsoong Nationality: Thai Address :
60 Sukhumvit 51
Road, Klongtonnua,
Wattana, Bangkok |
73,372 |
12.23 |
|
Mr. Tira Sirikietsoong Nationality: Thai Address : 60
Sukhumvit 51 Road,
Klongtonnua,
Wattana, Bangkok |
72,215 |
12.03 |
|
Others |
112,700 |
18.79 |
Total Shareholders : 30
SHARE STRUCTURE [AS
AT APRIL 30,
2017]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
27 |
591,272 |
98.55 |
|
Foreign |
3 |
8,728 |
1.45 |
|
Total |
30 |
600,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Santi Maneewong No.
6182
Financials
THAI INDUSTRIES DEVELOPMENT
CO., LTD.
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 |
105,598,624.95 |
116,476,176.31 |
130,192,724.42 |
|
Short-term Investment |
3,186,571.11 |
3,154,031.37 |
3,110,546.24 |
|
Trade Accounts and
Other Receivable |
200,323,208.76 |
189,849,994.30 |
192,102,291.62 |
|
Inventories |
771,677,212.33 |
885,212,681.10 |
879,645,203.61 |
|
|
|
|
|
|
Total Current
Assets |
1,080,785,617.15 |
1,194,692,883.08 |
1,205,050,765.89 |
|
Other
Long-term Investment |
19,580,930.00 |
19,580,930.00 |
19,580,930.00 |
|
Long-term
Loan |
10,000,000.00 |
10,000,000.00 |
12,400,000.00 |
|
Property, Plant and Equipment |
115,136,016.26 |
125,196,229.23 |
132,709,244.88 |
|
Other Non-current Assets |
25,338,922.62 |
25,045,723.19 |
24,687,616.88 |
|
Total Assets
|
1,250,841,486.03 |
1,374,515,765.50 |
1,394,428,557.65 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Trade Accounts and Other Payable |
43,468,620.64 |
43,485,021.57 |
48,200,974.23 |
|
Short-term Loan |
568,271,597.18 |
693,262,480.61 |
709,204,726.14 |
|
Accrued Income Tax |
816,216.91 |
511,793.69 |
373,550.81 |
|
|
|
|
|
|
Total Current
Liabilities |
612,556,434.73 |
737,259,295.87 |
757,779,251.18 |
|
Estimated
Liabilities from
Employee Benefit |
462,000.00 |
462,000.00 |
462,000.00 |
|
Total Liabilities |
613,018,434.73 |
737,721,295.87 |
758,241,251.18 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized and
issued share capital 600,000
shares |
600,000,000.00 |
600,000,000.00 |
600,000,000.00 |
|
|
|
|
|
|
Capital Paid |
600,000,000.00 |
600,000,000.00 |
600,000,000.00 |
|
Retained Earning - Unappropriated |
37,823,051.30 |
36,794,469.63 |
36,187,306.47 |
|
Total Shareholders' Equity |
637,823,051.30 |
636,794,469.63 |
636,187,306.47 |
|
Total Liabilities
and Shareholders' Equity |
1,250,841,486.03 |
1,374,515,765.50 |
1,394,428,557.65 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sales or Service
Income |
1,289,392,344.39 |
1,269,662,372.55 |
1,478,197,506.54 |
|
Other Income |
12,537,074.93 |
3,063,263.63 |
8,786,013.69 |
|
Total Revenues
|
1,301,929,419.32 |
1,272,725,636.18 |
1,486,983,520.23 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold or Service |
1,197,411,883.89 |
1,165,095,958.91 |
1,390,209,416.19 |
|
Selling Expenses |
11,024,290.23 |
8,780,377.99 |
11,650,040.28 |
|
Administrative Expenses |
78,268,500.71 |
73,685,925.25 |
69,070,712.25 |
|
Other Expenses |
- |
10,331,846.23 |
- |
|
Total Expenses |
1,286,704,674.83 |
1,257,894,108.38 |
1,470,930,168.72 |
|
|
|
|
|
|
Profit /[Loss] before
Financial Cost &
Income Tax |
15,224,744.49 |
14,831,527.80 |
16,053,351.51 |
|
Financial Cost |
[12,543,313.72] |
[13,177,227.81] |
[14,654,502.87] |
|
|
|
|
|
|
Profit /[Loss] before Income Tax |
2,681,430.77 |
1,654,299.99 |
1,398,848.64 |
|
Income Tax |
[1,652,849.10] |
[1,047,136.83] |
[740,694.47] |
|
Net Profit/ [Loss] |
1,028,581.67 |
607,163.16 |
658,154.17 |
THAI INDUSTRIES
DEVELOPMENT CO., LTD.
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.76 |
1.62 |
1.59 |
|
QUICK RATIO |
TIMES |
0.50 |
0.42 |
0.43 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
11.20 |
10.14 |
11.14 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.03 |
0.92 |
1.06 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
235.23 |
277.32 |
230.95 |
|
INVENTORY TURNOVER |
TIMES |
1.55 |
1.32 |
1.58 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
56.71 |
54.58 |
47.43 |
|
RECEIVABLES TURNOVER |
TIMES |
6.44 |
6.69 |
7.69 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
13.25 |
13.62 |
12.66 |
|
CASH CONVERSION CYCLE |
DAYS |
278.68 |
318.27 |
265.73 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
92.87 |
91.76 |
94.05 |
|
SELLING & ADMINISTRATION |
% |
6.93 |
6.50 |
5.46 |
|
INTEREST |
% |
0.97 |
1.04 |
0.99 |
|
GROSS PROFIT MARGIN |
% |
8.11 |
8.48 |
6.55 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.18 |
1.17 |
1.09 |
|
NET PROFIT MARGIN |
% |
0.08 |
0.05 |
0.04 |
|
RETURN ON EQUITY |
% |
0.16 |
0.10 |
0.10 |
|
RETURN ON ASSET |
% |
0.08 |
0.04 |
0.05 |
|
EARNING PER SHARE |
BAHT |
1.71 |
1.01 |
1.10 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.49 |
0.54 |
0.54 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.96 |
1.16 |
1.19 |
|
TIME INTEREST EARNED |
TIMES |
1.21 |
1.13 |
1.10 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
1.55 |
(14.11) |
|
|
OPERATING PROFIT |
% |
2.65 |
(7.61) |
|
|
NET PROFIT |
% |
69.41 |
(7.75) |
|
|
FIXED ASSETS |
% |
(8.04) |
(5.66) |
|
|
TOTAL ASSETS |
% |
(9.00) |
(1.43) |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 1.55%. Turnover has increased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.11 |
Impressive |
Industrial Average |
3.43 |
|
Net Profit Margin |
0.08 |
Deteriorated |
Industrial Average |
2.07 |
|
Return on Assets |
0.08 |
Deteriorated |
Industrial Average |
1.84 |
|
Return on Equity |
0.16 |
Deteriorated |
Industrial Average |
4.68 |
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 8.11%. 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 0.08%.
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 0.08%.
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 0.16%.
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 |
1.76 |
Impressive |
Industrial Average |
1.50 |
|
Quick Ratio |
0.50 |
|
|
|
|
Cash Conversion Cycle |
278.68 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 1.76 times in 2016, increase from 1.62 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 0.5 times in 2016,
increase from 0.42 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 279 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.49 |
Impressive |
Industrial Average |
0.54 |
|
Debt to Equity Ratio |
0.96 |
Impressive |
Industrial Average |
1.20 |
|
Times Interest Earned |
1.21 |
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 1.22 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 0.49 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
11.20 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.03 |
Impressive |
Industrial Average |
0.89 |
|
Inventory Conversion Period |
235.23 |
|
|
|
|
Inventory Turnover |
1.55 |
Satisfactory |
Industrial Average |
1.83 |
|
Receivables Conversion Period |
56.71 |
|
|
|
|
Receivables Turnover |
6.44 |
Impressive |
Industrial Average |
3.21 |
|
Payables Conversion Period |
13.25 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.44 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 277 days at the
end of 2015 to 235 days at the end of 2016. This represents a positive trend.
And Inventory turnover has increased from 1.32 times in year 2015 to 1.55 times
in year 2016.
The company's Total Asset Turnover is calculated as 1.03 times and 0.92
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.13 |
|
|
1 |
INR 91.95 |
|
Euro |
1 |
INR 80.34 |
|
Thai baht |
1 |
INR 2.09 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
SYL |
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.