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%20LTD%20%20-%20506626%2011-May-2018_files/image017.jpg){kind=small}
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MIRA
INFORM REPORT
|
Report No. : |
506626 |
|
Report Date : |
11.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
HIDROMEK
CONSTRUCTION EQUIPMENT (THAILAND) LTD. |
|
|
|
|
Formerly Known As : |
MHI-PORNCHAI MACHINERY COMPANY LIMITED |
|
|
|
|
Registered Office : |
700/669 Moo 1,
Amata Nakorn Industrial
Estate,
T. Panthong, A. Panthong, Chonburi 20160 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
22.12.1993 |
|
|
|
|
Com. Reg. No.: |
0105536141928 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is engaged in
manufacturing, exporting and distributing construction machinery and equipments such as
backhoe loaders, wheeled
excavators, crawler excavators, hydraulic
excavators, special purpose
excavators, wheel loader,
motor graders and
spare parts, under
its own brand
“HIDROMEK”, as well
as providing after
sales services for
repair and maintenance. |
|
|
|
|
No. of Employees : |
200 |
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
HIDROMEK CONSTRUCTION EQUIPMENT (THAILAND) LTD.
[FORMER : MHI-PORNCHAI
MACHINERY COMPANY LIMITED ]
SUMMARY
BUSINESS ADDRESS : 700/669 MOO
1, AMATA NAKORN INDUSTRIAL
ESTATE, T. PANTHONG, A. PANTHONG, CHONBURI
20160, THAILAND
TELEPHONE : [66] 38
447-349-54
FAX : [66] 38
447-355
E-MAIL ADDRESS : info@hidromek.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1993
REGISTRATION NO. : 0105536141928
TAX ID NO. : 3011363829
CAPITAL REGISTERED : BHT.
305,000,000
CAPITAL PAID-UP : BHT.
305,000,000
SHAREHOLDER’S PROPORTION : TURKISH :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. TAKAFUMI OKUGAWA,
JAPANESE
PRESIDENT
NO. OF STAFF : 200
LINES OF BUSINESS : CONSTRUCTION MACHINERY
AND EQUIPMENT
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 December 22, 1993
as a private
limited company under
the originally registered name “MHI-Pornchai Machinery
Company Limited” by
Thai and Japanese groups. On February 5, 2014,
its registered name was
changed to HIDROMEK CONSTRUCTION
EQUIPMENT (THAILAND) LTD. Its
business objective is to manufacture construction machinery and equipment for domestic and
export markets. It
currently employs approximately
200 staff.
Since 2014, the
subject has become
a wholly owned
subsidiary of Hidromek-Hidrolik ve Mekanik
Makina Imalat Sanayi
ve Ticaret A.S.,
Turkey.
It has been
granted the promotional
privileges by Board
of Investment (BOI),
under the promotion
certificate No. 1006/2537 and
1787(2)/2549 for the
production since February
11, 1994 and February
28, 2006, respectively.
The subject’s registered
address is 700/669
Moo 1, Amata
Nakorn Industrial Estate,
T. Panthong, A. Panthong, Chonburi
20160, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Hasan Basri Bozkurt |
|
Turkish |
71 |
|
Mr. Takafumi Okugawa |
[x] |
Japanese |
72 |
|
Mr. Ilhan Varol |
|
Turkish |
61 |
|
Ms. Isil Kirkizoglu |
|
Turkish |
31 |
AUTHORIZED PERSON
The mentioned director
[x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Takafumi Okugawa
is the President.
He is Japanese
nationality with the
age of 72
years old.
Mr. Ilhan Varol
is the Chief
Executive Officer.
He is Turkish
nationality with the
age of 61
years old.
Mr. Hasan Basri
Bozkurt is the
Sales & Marketing Manager.
He is Turkish
nationality with the
age of 71
years old.
BUSINESS OPERATIONS
The subject is engaged in manufacturing, exporting
and distributing
construction machinery and
equipments such as backhoe loaders, wheeled
excavators, crawler excavators,
hydraulic excavators, special
purpose excavators, wheel
loader, motor graders
and spare parts,
under its own
brand “HIDROMEK”, as
well as providing
after sales services
for repair and
maintenance.
PURCHASE
Raw materials mainly
steel sheets and
spare parts are
purchased from both domestic
and overseas suppliers
in Japan, Singapore,
U.S.A., Korea, Turkey,
Republic of China,
Taiwan and India.
MAJOR SUPPLIERS
Siam Metal Work
Manufacturing Co., Ltd. : Thailand
Thai Summit Autoparts
Industry Co., Ltd. : Thailand
Hidromek Inc. : Japan
SALES
80% of the products is exported to Japan, Republic of
China, Indonesia, Turkey, Philippines,
Malaysia, Russia, Taiwan, India,
Cambodia, Laos and
Vietnam, the remaining
20% is sold
locally to dealers and
end-users.
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
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
Bank of Tokyo-Mitsubishi UFJ
Ltd. [Bangkok Office]
EMPLOYMENT
The subject employs
approximately 200 staff.
LOCATION DETAILS
The premise is
owned for administrative office
and factory I
at the heading
address.
Premise is located in
provincial/industrial area.
Factory II is
located at 700/722
Moo 3, T. Bankao,
A. Panthong, Chonburi 20160.
COMMENT
The subject is doing
good business as a
manufacturer, distributor and
exporter of construction machinery and equipment. With
its expert and experience in
the industry for
over two decades,
have enabled the
subject to earn good reputation
of the products
and services.
The subject’s operating performance
in 2016 had seen
an improvement with
an increase in both sales or
service income and
net profit comparing
to the previous. Generally, the subject’s
business remains solid
and profitable.
FINANCIAL INFORMATION
The capital was
registered at Bht.
30,000,000 divided into
300,000 shares of
Bht. 100
each with fully
paid.
The capital was
increased later as
follows:
Bht. 40,000,000
on July 13,
2006
Bht. 170,000,000
on August 6,
2007
Bht. 270,000,000
on February 23,
2015
Bht. 305,000,000
on August 19,
2015
The latest registered
capital was increased
to Bht. 305,000,000 divided
into 3,050,000
shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 28,
2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Hidromek-Hidrolik ve Mekanik Makina Imalat Sanayi ve Ticaret A.S. Nationality: Turkish Address : Ayas
Yolu, 25 KM, 1. Organize
Sanayi Bolgest,
Osmanli Caddesi, No.1
06935,
Sincan/Ankara, Turkey |
3,049,998 |
100.00 |
|
Mr. Mustafa Bozkurt Nationality: Turkish Address : Ayas
Yolu, 25 KM, 1. Organize
Sanayi Bolgest,
Osmanli Caddesi, No.1
06935, Sincan/Ankara,
Turkey |
1 |
- |
|
Mr. Ahmed Bozkurt Nationality: Turkish Address : Ayas
Yolu, 25 KM, 1. Organize
Sanayi Bolgest,
Osmanli Caddesi, No.1
06935,
Sincan/Ankara, Turkey |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 28,
2017]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - Turkish |
3 |
3,050,000 |
100.00 |
|
Total |
3 |
3,050,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Sathida Rattananurak No.
4753
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 |
34,233,370 |
72,644,407 |
134,420,693 |
|
Trade Accounts and
Other Receivable |
27,119,020 |
25,923,309 |
67,320,634 |
|
Inventories |
494,764,884 |
387,493,170 |
188,896,396 |
|
Advance Payment of Import Duties |
6,577,246 |
6,697,808 |
8,489,476 |
|
Other Current Assets
|
12,347,948 |
5,330,108 |
14,284,543 |
|
Total Current
Assets |
575,042,468 |
498,088,802 |
413,411,742 |
|
|
|
|
|
|
Cash at Bank Pledged as a
Collateral |
7,100,000 |
5,500,000 |
5,500,000 |
|
Property, Plant and Equipment |
135,246,304 |
156,589,130 |
164,851,741 |
|
Intangible Assets |
1,400,533 |
1,552,445 |
1,367,796 |
|
Deferred Income Tax Assets |
2,878,219 |
3,177,979 |
2,104,150 |
|
Other Non-current Assets |
3,090,151 |
3,134,595 |
3,130,117 |
|
Total Assets
|
724,757,675 |
668,042,951 |
590,365,546 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
52,488,193 |
- |
- |
|
Trade Accounts and Other Payable |
25,841,166 |
81,163,086 |
171,351,042 |
|
Current Portion of Financial Lease Contract Liabilities |
613,036 |
425,724 |
404,604 |
|
Accrued Income Tax |
7,563,971 |
1,611,422 |
- |
|
Other Current Liabilities |
3,654,772 |
9,319,345 |
3,620,502 |
|
Total Current
Liabilities |
90,161,138 |
92,519,577 |
175,376,148 |
|
|
|
|
|
|
Financial Lease Contract
Liabilities, Net |
985,425 |
830,139 |
1,255,863 |
|
Provision for Employee
Benefits |
10,042,279 |
12,930,864 |
6,973,008 |
|
Total Liabilities |
101,188,842 |
106,280,580 |
183,605,019 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par
value authorized and
issued share capital |
|
|
|
|
3,050,000 shares
in 2016 & 2015 |
305,000,000 |
305,000,000 |
|
|
1,700,000 shares
in 2014 |
|
|
170,000,000 |
|
Capital Paid |
305,000,000 |
305,000,000 |
170,000,000 |
|
Retained Earning - Unappropriated |
318,568,833 |
256,762,371 |
236,760,527 |
|
Total Shareholders' Equity |
623,568,833 |
561,762,371 |
406,760,527 |
|
Total Liabilities
and Shareholders' Equity |
724,757,675 |
668,042,951 |
590,365,546 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sales Income |
534,057,030 |
445,059,583 |
570,402,789 |
|
Other Income |
6,663,927 |
9,934,400 |
13,844,693 |
|
Total Revenues
|
540,720,957 |
454,993,983 |
584,247,482 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
404,017,635 |
370,358,297 |
503,358,362 |
|
Selling Expenses |
18,947,707 |
11,353,341 |
6,714,498 |
|
Administrative Expenses |
40,947,369 |
44,582,622 |
40,158,286 |
|
Other Expense |
2,104,295 |
302,409 |
315,563 |
|
Total Expenses |
466,017,006 |
426,596,669 |
550,546,709 |
|
Profit before Financial
Cost & Income Tax |
74,703,951 |
28,397,314 |
33,700,773 |
|
Financial Cost |
[1,874,328] |
[611,151] |
[442,620] |
|
Profit before Income Tax |
72,829,623 |
27,786,163 |
33,258,153 |
|
Income [Expenses] Income Tax |
[14,896,527] |
[4,851,739] |
777,461 |
|
Net Profit / [Loss] |
57,933,096 |
22,934,424 |
34,035,614 |
|
Profit /[Loss] Other Comprehensive: |
|
|
|
|
Profit / [Loss] form Estimation
According to
the Mathematical Method of
Insurance for Employee
Benefit Project |
4,841,708 |
[3,665,725] |
- |
|
Less: Income Tax |
[968,342] |
[733,145] |
- |
|
Profit /[Loss] Other Comprehensive For The
Year |
3,873,366 |
[2,932,580] |
- |
|
Total Profit /[Loss] Comprehensive For The
Year |
61,806,462 |
20,001,844 |
34,035,614 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
6.38 |
5.38 |
2.36 |
|
QUICK RATIO |
TIMES |
0.68 |
1.07 |
1.15 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.95 |
2.84 |
3.46 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.74 |
0.67 |
0.97 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
446.98 |
381.89 |
136.97 |
|
INVENTORY TURNOVER |
TIMES |
0.82 |
0.96 |
2.66 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
18.53 |
21.26 |
43.08 |
|
RECEIVABLES TURNOVER |
TIMES |
19.69 |
17.17 |
8.47 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
23.35 |
79.99 |
124.25 |
|
CASH CONVERSION CYCLE |
DAYS |
442.17 |
323.16 |
55.80 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
75.65 |
83.22 |
88.25 |
|
SELLING & ADMINISTRATION |
% |
11.22 |
12.57 |
8.22 |
|
INTEREST |
% |
0.35 |
0.14 |
0.08 |
|
GROSS PROFIT MARGIN |
% |
25.60 |
19.02 |
14.18 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
13.99 |
6.38 |
5.91 |
|
NET PROFIT MARGIN |
% |
10.85 |
5.15 |
5.97 |
|
RETURN ON EQUITY |
% |
9.29 |
4.08 |
8.37 |
|
RETURN ON ASSET |
% |
7.99 |
3.43 |
5.77 |
|
EARNING PER SHARE |
BAHT |
18.99 |
7.52 |
20.02 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.14 |
0.16 |
0.31 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.16 |
0.19 |
0.45 |
|
TIME INTEREST EARNED |
TIMES |
39.86 |
46.47 |
76.14 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
20.00 |
(21.97) |
|
|
OPERATING PROFIT |
% |
163.07 |
(15.74) |
|
|
NET PROFIT |
% |
152.60 |
(32.62) |
|
|
FIXED ASSETS |
% |
(13.63) |
(5.01) |
|
|
TOTAL ASSETS |
% |
8.49 |
13.16 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 20%. Turnover has increased from THB
PROFITABILITY :
EXCELLENT
%20LTD%20%20-%20506626%2011-May-2018_files/image022.gif)
PROFITABILITY
RATIO
|
Gross Profit Margin |
25.60 |
Impressive |
Industrial Average |
- |
|
Net Profit Margin |
10.85 |
Impressive |
Industrial Average |
5.39 |
|
Return on Assets |
7.99 |
Impressive |
Industrial Average |
3.43 |
|
Return on Equity |
9.29 |
Impressive |
Industrial Average |
5.37 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for
the cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company’s figure is in 25.6%. 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
10.85% 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
7.99%, 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 9.29%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
%20LTD%20%20-%20506626%2011-May-2018_files/image024.gif)
LIQUIDITY RATIO
|
Current Ratio |
6.38 |
Impressive |
Industrial Average |
2.39 |
|
Quick Ratio |
0.68 |
|
|
|
|
Cash Conversion Cycle |
442.17 |
|
|
|
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 6.38 times in 2016, increase from 5.38 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 0.68 times in 2016,
decrease from 1.07 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 443 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
%20LTD%20%20-%20506626%2011-May-2018_files/image026.gif)
%20LTD%20%20-%20506626%2011-May-2018_files/image028.gif)
LEVERAGE RATIO
|
Debt Ratio |
0.14 |
Impressive |
Industrial Average |
0.40 |
|
Debt to Equity Ratio |
0.16 |
Impressive |
Industrial Average |
0.66 |
|
Times Interest Earned |
39.86 |
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 39.86 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
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ACTIVITY RATIO
|
Fixed Assets Turnover |
3.95 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.74 |
Impressive |
Industrial Average |
0.64 |
|
Inventory Conversion Period |
446.98 |
|
|
|
|
Inventory Turnover |
0.82 |
Satisfactory |
Industrial Average |
1.12 |
|
Receivables Conversion Period |
18.53 |
|
|
|
|
Receivables Turnover |
19.69 |
Impressive |
Industrial Average |
7.20 |
|
Payables Conversion Period |
23.35 |
|
|
|
The company's Account Receivable Ratio is calculated as 19.69 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 382 days at the
end of 2015 to 447 days at the end of 2016. This represents a negative trend.
And Inventory turnover has decreased from 0.96 times in year 2015 to 0.82 times
in year 2016.
The company's Total Asset Turnover is calculated as 0.74 times and 0.67
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 67.38 |
|
|
1 |
INR 91.39 |
|
Euro |
1 |
INR 79.89 |
|
Thai Baht |
1 |
INR 2.10 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
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.