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|
MIRA INFORM REPORT
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Report No. : |
506833 |
|
Report Date : |
03.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
ASIA FIBER PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
27th Floor Wall Street Tower, 33/133-136 Surawongse Road, Suriyawongse, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
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|
|
|
Financials (as on) : |
30.06.2017 |
|
|
|
|
Date of Incorporation : |
22.09.1975 |
|
|
|
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Com. Reg. No.: |
0107536001630 |
|
|
|
|
Legal Form : |
Public Limited Company |
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|
|
|
Line of Business : |
The subject’s activity
is the manufacturer, exporter
and distributor of
Nylon products to
be used as
raw material in
yarn spinning, texturizing, fabric
weaving, and knitting.
|
|
|
|
|
No. of Employees : |
451 |
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 |
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|
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Payment Behaviour : |
Regular |
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|
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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 |
|
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
ASIA
FIBER PUBLIC COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 27th FLOOR
WALL STREET TOWER,
33/133-136 SURAWONGSE
ROAD,
SURIYAWONGSE, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66]
2632-7071-5, 2235-4761-2
FAX :
[66] 2236-1982-3
E-MAIL
ADDRESS : sales@asiafiber.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1975
REGISTRATION
NO. : 0107536001630
TAX
ID NO. : 3101088762
CAPITAL
REGISTERED : BHT.
1,000,000,000
CAPITAL
PAID-UP : BHT. 455,742,660
FISCAL
YEAR CLOSING DATE : JUNE
30
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
CHEN NAMCHAISIRI, THAI
PRESIDENT
NO.
OF STAFF : 451
LINES
OF BUSINESS : NYLON
CHIP, NYLON FILAMENT
YARN,
NYLON TEXTURED
YARN AND FILAMENT
WOVEN FABRICS
MANUFACTURER, EXPORTER
AND
DISTRIBUTOR
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was initially established on September 22,
1975 as a
private limited company
under the registered
name “Asia Synthetic
Textile Co., Ltd.” by
Thai-Taiwanese joint venture.
On September 22,
1985, its name
was changed to “Asia
Fiber Co., Ltd.” It
was also listed
on the Stock
Exchange of Thailand
in the same
year.
On December 27,
1993 the subject
registered for a
conversion of its
status to a public
limited company under
the name ASIA
FIBER PUBLIC COMPANY
LIMITED. Since then,
the subject gradually
became more Thai-Controlled, and
now it is
100% managed by
Thai. It currently
employs 451 staff.
The subject’s registered address
is 27th Floor,
Wall Street Tower, 33/133-136 Surawongse
Rd., Suriyawongse, Bangrak, Bangkok 10500, and
this is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Mongkol Mangkornkanok |
[x] |
Thai |
80 |
|
Mr. Vitoon Sirikietsoong |
[x] |
Thai |
68 |
|
Mr. Chen Namchaisiri |
[x] |
Thai |
62 |
|
Mr. Pira Sirikietsoong |
[x] |
Thai |
64 |
|
Mr. Vira Sirikietsoong |
|
Thai |
64 |
|
Mr. Chaeng Thong-thai |
|
Thai |
79 |
|
Mr. Nipon Leelasithorn |
[x] |
Thai |
57 |
|
Mrs. Jintana Thanatavee |
[x] |
Thai |
75 |
|
Mr. Yodjin Uahwatanasakul |
|
Thai |
87 |
|
Mr. Vichien Tejapaibul |
|
Thai |
79 |
|
Mr. Montri Mangkornkanok |
|
Thai |
72 |
|
Mr. Tanace Kuvinichkul |
|
Thai |
70 |
|
Mr. Terawat Tachapongvorachai |
|
Thai |
79 |
|
Mr. Somsak Puntanakasem |
|
Thai |
69 |
|
Mr. Tira Sirikietsoong |
|
Thai |
61 |
|
Mr. Thirachart Viravan |
|
Thai |
50 |
AUTHORIZED PERSON
Any two of
the above directors
[x] jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Chen Namchaisiri
is the President.
He is Thai
nationality with the
age of 62 years
old.
Mr. Pira Sirikietsoong is
the Vice President.
He is Thai
nationality with the
age of 64
years old.
Mr. Vira Sirikietsoong is
the Factory Manager.
He is Thai
nationality with the
age of 64
years old.
Mr. Thanoo Laorsittipirom is
the Manager of
Fabric Department.
He is Thai
nationality.
Mr. Sawat Suvichanijikul is
the Manager of
Factory Administration Department.
He is Thai
nationality.
Mr. Noranit Wesayasatit is
the Manager of
Quality Control &
Development and
Manager of
Purchasing Department.
He is Thai
nationality.
Mr. Anant Vaivoothpinyo is
the Manager of
Business Department.
He is Thai
nationality.
Mr. Nariss Talungchit is
the Manager of
Nylon Production Department.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is the manufacturer,
exporter and distributor
of Nylon products
to be used
as raw material
in yarn spinning,
texturizing, fabric weaving,
and knitting. There
are five main
product groups and
services as follows:
1. Nylon Chip: to
be used for
filament production.
2. Filament Yarn:
various types and
sizes of filament
are produced from
nylon chip, used
for fabric weaving,
some are used
to produce nylon
textured yarn.
3. Nylon Textured
Yarn: is produced from nylon
filament through the
process of drawing
and false-twisting. This
stretchable, fluffy yarn
is used in
fabric and sock
knitting.
4. Filament Woven
Fabrics/Taffeta Fabric: [Loom-States
and Finished] is the
fabric woven from
filament yarn. The
fabric is also
dyed and finished
for enhanced look
and quality.
5. Fabric Dyeing
and Finishing Services: is
performed on fabrics
supplied by
customers.
PRODUCTION CAPACITY
|
Products |
2017 |
|
|
|
|
Nylon Chip |
8,180 Metric
Tons |
|
Filament Yarn |
3,407 Metric
Tons |
|
Textured Yarn |
905 Metric
Tons |
|
Taffeta Fabrics |
2.77 Million
Yards |
REGISTERED TRADEMARKS
“AFC” and “COCONUT
PALM”
PURCHASE
Most of raw
material is purchased
from local suppliers.
IMPORT [COUNTRIES]
Some of the raw
materials such as
Caprolactam and chemicals
are also imported
from Germany, Poland,
Japan, India and
Netherlands.
MAJOR SUPPLIER
Ube Chemicals (Asia)
Public Company Limited
: Thailand
SALES [LOCAL]
32% of the
products is sold
locally to manufacturers, mainly
in fishing net,
textiles and garment
industries.
EXPORT [COUNTRIES]
68% of the products
is exported to U.S.A., Australia, United Kingdom, Germany, Malaysia, Singapore, Japan, Taiwan, Hong
Kong, Philippines, Republic of China, Netherlands, Vietnam,
Laos, India, Bangladesh, Pakistan
and Indonesia.
MAJOR CUSTOMERS
|
Name |
Country |
Products |
|
|
|
|
|
Rak Taffeta Co.,
Ltd. |
Thailand |
Nylon Fabric, Stretch Yarn & Fabric |
|
Kangwan Panich LP. |
Thailand |
- |
|
Leather Square Co.,
Ltd. |
Thailand |
- |
INCOME STRUCTURE
|
|
2016 / 2017 |
2015 / 2016 |
||
|
Products |
Million Baht |
% |
Million Baht |
% |
|
|
|
|
|
|
|
Local Sale Value |
|
|
|
|
|
Nylon Chip |
13 |
1.60 |
5 |
0.66 |
|
Filament Yarn |
30 |
3.69 |
30 |
3.95 |
|
Textured Yarn |
83 |
10.22 |
72 |
9.47 |
|
Fabric |
118 |
14.54 |
106 |
13.94 |
|
Dyeing and
Furnishing Services |
19 |
2.34 |
11 |
1.45 |
|
Total |
263 |
32.39 |
224 |
29.47 |
|
Foreign Sale Value |
|
|
|
|
|
Nylon Chip |
274 |
33.74 |
222 |
29.21 |
|
Filament Yarn |
173 |
21.31 |
194 |
25.53 |
|
Textured Yarn |
102 |
12.56 |
120 |
15.79 |
|
Fabric |
- |
- |
- |
- |
|
Total |
549 |
67.61 |
536 |
70.53 |
|
Total Local and Foreign Sale
Value |
|
|
|
|
|
Nylon Chip |
287 |
35.34 |
227 |
29.87 |
|
Filament Yarn |
203 |
25.00 |
225 |
29.48 |
|
Textured Yarn |
185 |
22.78 |
192 |
25.26 |
|
Fabric |
118 |
14.54 |
106 |
13.94 |
|
Dyeing and
Furnishing Services |
19 |
2.34 |
11 |
1.45 |
|
Total |
812 |
100.00 |
760 |
100.00 |
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
according to the
past two years.
CREDIT
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Sales are on
the credits term
of 30-60 days.
Imports are by
L/C on the
credits term of
60-120 days or
T/T.
Exports are against
T/T.
BANKING
The Siam Commercial
Bank Public Company
Limited
[Head Office
: 9 Ratchadapisek
Road, Jatujak, Jatujak,
Bangkok]
Bangkok Bank Public
Company Limited
[Head Office
: 333 Silom
Road, Silom, Bangrak,
Bangkok]
Kasikornbank Public Company
Limited
[Head Office
: 1 Kasikorn Lane,
Rajburana Road, Rajburana,
Bangkok]
Krung Thai Bank
Public Company Limited
[New Petchburi
Branch : Makkasan,
Rajthewi, Bangkok]
EMPLOYMENT
The subject employs
451 staff [office
staff and factory
workers].
LOCATION DETAILS
The premises is
rented for operating
an office at
the heading address.
Premises is
located in a
prime commercial area.
The factory is
located at 406-407
Moo 7, Sukhumvit
Road, K.M. 33.5,
T. Bangpoomai, A. Muang,
Samutprakarn 10280, in
Bangpoo Industrial Estate
on 115-rai [45-acre]
plot of land
or 184,000 sq.m.. Tel:
[66] 2323-9692 Fax: [66] 2323-9577.
The factory encompasses the production
areas, warehouses, utilities,
a canteen, several
dormitory buildings, and
a pre-treatment facility
of waste water.
COMMENT
The subject is one
of the leading
manufacturers of nylon products
in Thailand. The subject’s
operating performance as
of June 30,
2017 has seen
an improvement with
an increase in
sales or service income
and net profit
comparing to the
previous year.
However, slowdown of
economy, slow improvement
and less expansion
of related industries would
continue to pressure
the subject’s operating
performance this year
too.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 150,000,000.
The capital was
increased later as
followings:
Bht. 225,000,000
on November 20,
1987
Bht.
260,000,000 on December
30, 1987
Bht.
310,000,000 on October
17, 1988
Bht.
372,000,000 on September
26, 1991
The latest capital
was increased to
Bht. 1,000,000,000 divided
into 100,000,000 shares
of Bht. 10
each, with the
current capital paid-up at
Bht. 455,742,660.
MAIN SHAREHOLDERS [as at
September 18, 2017]
at Bht. 455,742,660
of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Namchaisiri Holding Co.,
Ltd. |
3,866,700 |
8.48 |
|
Mr. Jul Namchaisiri |
3,213,000 |
7.05 |
|
Mr. Vitoon Sirikietsoong |
3,100,150 |
6.80 |
|
Mr. Pira Sirikietsoong |
2,239,159 |
4.91 |
|
Mrs. Ann Malakul Na
Ayudhya |
2,027,866 |
4.45 |
|
Mr. Tira Sirikietsoong |
2,013,617 |
4.42 |
|
Mr. Vira Sirikietsoong |
1,818,011 |
3.99 |
|
Mr. Vichien Srimuninnimit |
1,571,100 |
3.45 |
|
Mr. Pipat Sirikietsoong |
1,550,208 |
3.40 |
|
Mrs. Vipa Widhayasai |
1,509,870 |
3.31 |
|
Asia Garment Co.,
Ltd. |
1,190,137 |
2.61 |
|
Thai Industries Development
Co., Ltd. |
1,098,903 |
2.41 |
|
Mr. Namchai Namchaisiri |
997,456 |
2.19 |
|
Thai Yung Synthetic
Textile Co., Ltd. |
823,194 |
1.81 |
|
Others |
18,554,895 |
40.72 |
Total Shareholders :
1,753
NAME OF AUDITOR
AND CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Chintana Taechamontrikul No.
5131
Financials
ASIA FIBER PUBLIC
COMPANY LIMITED
BALANCE SHEET [BAHT]
The
latest financial figures
published for June 30,
2017, 2016 and
2015 were:
ASSETS
|
Current Assets |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Cash in hand
and at banks
|
145,120,630.85 |
152,539,428.71 |
102,809,318.24 |
|
Temporary investment |
198,544,116.23 |
196,171,018.70 |
193,570,657.38 |
|
Trade and other
receivables |
139,015,725.45 |
146,795,442.33 |
130,320,505.30 |
|
Inventories |
177,479,361.81 |
152,426,526.15 |
250,959,766.48 |
|
|
|
|
|
|
Total Current Assets
|
660,159,834.34 |
647,932,415.89 |
677,660,247.40 |
|
Investment in shares
of associated company |
28,500,000.00 |
28,500,000.00 |
28,500,000.00 |
|
Investment in shares
of other company |
500,000.00 |
500,000.00 |
500,000.00 |
|
Investment properties |
10.00 |
- |
- |
|
Property, plant and
equipment |
717,504,631.70 |
505,357,064.54 |
487,702,059.69 |
|
Intangible assets |
12,868.00 |
19,003.00 |
27,595.00 |
|
Other non-current assets |
401,829.09 |
360,652.78 |
63,000.00 |
|
Total Assets |
1,407,079,173.13 |
1,182,669,136.21 |
1,194,452,902.09 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Short-term loans from financial institutions |
- |
- |
1,450,362.15 |
|
Trade and other
payables |
45,763,800.02 |
41,311,814.27 |
38,842,639.92 |
|
Current portion of
long-term loans |
163,421.84 |
- |
- |
|
|
|
|
|
|
Total Current Liabilities |
45,927,221.86 |
41,311,814.27 |
40,293,002.07 |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Long-term liabilities
under finance leases |
346,918.16 |
- |
- |
|
Deferred tax liabilities |
106,520,052.68 |
65,425,746.01 |
66,857,107.89 |
|
Employee benefit obligations |
46,243,348.00 |
45,226,293.00 |
46,116,298.00 |
|
Forward exchange contracts payable |
- |
- |
1,142,338.35 |
|
Other non-current liabilities |
909,901.26 |
909,901.26 |
909,901.26 |
|
Total non-current
liabilities |
154,020,220.10 |
111,561,940.27 |
115,025,645.50 |
|
Total Liabilities |
199,947,441.96 |
152,873,754.54 |
155,318,647.57 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
Share capital |
|
|
|
|
Authorized share
capital 100,000,000 ordinary
shares of Baht
10 each |
1,000,000,000.00 |
1,000,000,000.00 |
1,000,000,000.00 |
|
Issued and fully paid-up share capital |
|
|
|
|
45,574,266 ordinary
shares of Baht
10 each |
455,742,660.00 |
455,742,660.00 |
455,742,660.00 |
|
Premium on share
capital |
276,119,017.15 |
276,119,017.15 |
276,119,017.15 |
|
Retained earnings [deficits] Unappropriated |
[67,990,877.39] |
[74,948,748.87] |
[63,529,586.96] |
|
Other components of equity |
543,260,931.41 |
372,882,453.39 |
370,802,164.33 |
|
Total Shareholders' Equity |
1,207,131,731.17 |
1,029,795,381.67 |
1,039,134,254.52 |
|
Total Liabilities and Shareholders' Equity |
1,407,079,173.13 |
1,182,669,136.21 |
1,194,452,902.09 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Revenue from sales or
revenue from services |
811,921,770.26 |
759,187,946.83 |
859,536,325.47 |
|
Other income |
11,139,884.98 |
9,956,921.71 |
18,614,985.44 |
|
Total Revenues |
823,061,655.24 |
769,144,868.54 |
878,151,310.91 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of goods
sold of service
|
775,998,092.33 |
740,017,882.25 |
881,657,559.00 |
|
Selling expenses |
19,837,055.35 |
21,444,513.32 |
23,451,614.10 |
|
Administrative expenses |
21,177,402.85 |
21,036,621.93 |
21,710,927.00 |
|
Other expenses |
- |
- |
2,685,506.44 |
|
Total Expenses |
817,012,550.53 |
782,499,017.50 |
929,505,606.54 |
|
|
|
|
|
|
Profit / [Loss] before finance
cost & income tax |
6,049,104.71 |
[13,354,148.96] |
[51,354,295.63 |
|
Finance costs |
[31.07] |
[24,816.09] |
[34,171.57] |
|
|
|
|
|
|
Profit / [Loss] before income tax |
6,049,073.64 |
[13,378,965.05] |
[51,388,467.20] |
|
Income tax [expenses]
revenue |
[1,382,009.84] |
1,953,107.94 |
479,933.94 |
|
Net Profit / [Loss] |
7,431,083.48 |
[11,425,857.11] |
[50,908,533.26] |
ASIA FIBER
PUBLIC COMPANY LIMITED
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2017 |
2016 |
2015 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
14.37 |
15.68 |
16.82 |
|
QUICK RATIO |
TIMES |
10.51 |
11.99 |
10.59 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.13 |
1.50 |
1.76 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.58 |
0.64 |
0.72 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
83.48 |
75.18 |
103.90 |
|
INVENTORY TURNOVER |
TIMES |
4.37 |
4.85 |
3.51 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
62.49 |
70.58 |
55.34 |
|
RECEIVABLES TURNOVER |
TIMES |
5.84 |
5.17 |
6.60 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
21.53 |
20.38 |
16.08 |
|
CASH CONVERSION CYCLE |
DAYS |
124.45 |
125.38 |
143.16 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
95.58 |
97.47 |
102.57 |
|
SELLING & ADMINISTRATION |
% |
5.05 |
5.60 |
5.25 |
|
INTEREST |
% |
0.00 |
0.00 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
5.80 |
3.84 |
(0.41) |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.75 |
(1.76) |
(5.97) |
|
NET PROFIT MARGIN |
% |
0.92 |
(1.51) |
(5.92) |
|
RETURN ON EQUITY |
% |
0.62 |
(1.11) |
(4.90) |
|
RETURN ON ASSET |
% |
0.53 |
(0.97) |
(4.26) |
|
EARNING PER SHARE |
BAHT |
0.16 |
(0.25) |
(1.12) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.14 |
0.13 |
0.13 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.17 |
0.15 |
0.15 |
|
TIME INTEREST EARNED |
TIMES |
194,692.78 |
(538.12) |
(1,502.84) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
6.95 |
(11.67) |
|
|
OPERATING PROFIT |
% |
(145.30) |
(74.00) |
|
|
NET PROFIT |
% |
165.04 |
77.56 |
|
|
FIXED ASSETS |
% |
41.98 |
3.62 |
|
|
TOTAL ASSETS |
% |
18.97 |
(0.99) |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 6.95%. Turnover has increased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.80 |
Impressive |
Industrial Average |
2.75 |
|
Net Profit Margin |
0.92 |
Deteriorated |
Industrial Average |
5.84 |
|
Return on Assets |
0.53 |
Deteriorated |
Industrial Average |
5.41 |
|
Return on Equity |
0.62 |
Deteriorated |
Industrial Average |
10.90 |
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 5.8%. 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 0.92%.
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 0.53%.
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 0.62%.
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 |
14.37 |
Impressive |
Industrial Average |
0.91 |
|
Quick Ratio |
10.51 |
|
|
|
|
Cash Conversion Cycle |
124.45 |
|
|
|
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 14.37 times in 2017, decrease from 15.68 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 10.51 times in 2017,
decrease from 11.99 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 125 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.14 |
Impressive |
Industrial Average |
0.46 |
|
Debt to Equity Ratio |
0.17 |
Impressive |
Industrial Average |
0.85 |
|
Times Interest Earned |
194,692.78 |
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 194692.79 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 0.14 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 |
1.13 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.58 |
Satisfactory |
Industrial Average |
0.93 |
|
Inventory Conversion Period |
83.48 |
|
|
|
|
Inventory Turnover |
4.37 |
Satisfactory |
Industrial Average |
4.54 |
|
Receivables Conversion Period |
62.49 |
|
|
|
|
Receivables Turnover |
5.84 |
Satisfactory |
Industrial Average |
8.27 |
|
Payables Conversion Period |
21.53 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.84 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 75 days at the
end of 2016 to 83 days at the end of 2017. This represents a negative trend.
And Inventory turnover has decreased from 4.85 times in year 2016 to 4.37 times
in year 2017.
The company's Total Asset Turnover is calculated as 0.58 times and 0.64
times in 2017 and 2016 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 66.66 |
|
|
1 |
INR 90.66 |
|
Euro |
1 |
INR 80.01 |
|
Thai baht |
1 |
INR 2.10 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
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.