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%20PUBLIC%20COMPANY%20LIMITED%20-%20509029%2011-May-2018_files/image002.jpg){kind=small}
%20PUBLIC%20COMPANY%20LIMITED%20-%20509029%2011-May-2018_files/image004.jpg)
%20PUBLIC%20COMPANY%20LIMITED%20-%20509029%2011-May-2018_files/image006.gif)
MIRA
INFORM REPORT
|
Report No. : |
509029 |
|
Report Date : |
11.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
UBE CHEMICALS (ASIA) PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
18th Floor, Sathorn Square Office Tower, 98 North Sathorn Road, Silom, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation : |
01.02.2010 |
|
|
|
|
Com. Reg. No.: |
0107553000042 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in manufacturing, distributing and
exporting Caprolactam, Nylon 6
[Monofilament], Ammonium Sulfate, Nylon Compound and
Polyols for textile,
agro-chemical, automotive parts,
water treatment industries. |
|
|
|
|
No. of Employees : |
500 |
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 |
|
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
UBE
CHEMICALS (ASIA) PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 18th FLOOR,
SATHORN SQUARE OFFICE
TOWER,
98 NORTH
SATHORN ROAD, SILOM,
BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2206-9300
FAX : [66]
2206-9313, 2206-9316, 2206-9310
E-MAIL ADDRESS : wichais@ube.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2010
REGISTRATION NO.
: 0107553000042
TAX ID NO. : 3033783162
CAPITAL
REGISTERED : BHT.
10,739,250,230
CAPITAL
PAID-UP : BHT.
10,739,250,230
SHAREHOLDER’S PROPORTION : THAI :
26.23%
JAPANESE :
73.77%
FISCAL
YEAR CLOSING DATE : MARCH 31
LEGAL STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : DR. CHARUNYA PHICHITKUL,
THAI
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
NO. OF
STAFF : 500
LINES OF
BUSINESS : INDUSTRIAL CHEMICALS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE |
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on February 1, 2010
as a public
limited company under
the registered name
UBE CHEMICALS (ASIA) PUBLIC
COMPANY LIMITED by
Thai and Japanese groups. The
subject was formed by a merger between
“Thai Caprolactam Public
Company Limited” and “Ube
Nylon (Thailand) Limited”. Its
business objective is
to manufacture and
distribute industrial chemicals
to both domestic
and overseas markets. It
currently employs approximately
500 staff.
Subject is
a subsidiary of Ube Industries,
Ltd., in Japan.
The
subject has been
certified for ISO 9001, ISO 14001
and OHSAS 18001.
The
subject’s registered address
was at 87/2 CRC
Tower All Season
Place, Wireless Road.,
Lumpini, Pathumwan, Bangkok 10330.
In
2011, the subject’s registered
address was relocated to 18th Floor, Sathorn Square Office
Tower, 98 North Sathorn Rd., Silom, Bangrak, Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Hideyuki
Sugishita |
[x] |
Japanese |
64 |
|
Dr. Charunya
Phichitkul |
[x] |
Thai |
64 |
|
Mr. Suriyon
Vonpen |
[x] |
Thai |
60 |
|
Mr. Watchara
Pattananijnirundorn |
[x] |
Thai |
56 |
|
Ms. Sopa
Kangpanich |
[x] |
Thai |
50 |
|
Mr. Masahiko
Nojima |
[x] |
Japanese |
60 |
|
Mr. Masato
Izumihara |
[x] |
Japanese |
- |
|
Mr. Masaro
Suehiro |
[x] |
Japanese |
58 |
|
Mr. Satoshi
Kusano |
[x] |
Japanese |
52 |
|
Mr. Sukrit
Surabotsopon |
|
Thai |
60 |
|
Mrs. Rachadaporn Rajchataewin |
|
Thai |
60 |
|
Mr. Somkiat
Lertritpuwadol |
|
Thai |
56 |
AUTHORIZED PERSON
Any two
of the mentioned
directors [x] can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Dr.
Charunya Phichitkul is the
President and Chief
Executive Officer.
He is
Thai nationality with
the age of
64 years old.
Mr. Masaro
Suehiro is the
Vice President.
He is
Japanese nationality with
the age of
58 years old.
Mr.
Hideyuki Sugishita is
the Vice President.
He is Japanese
nationality with the
age of 64
years old.
Mr. Somkiat
Lertritpuwadol is the
Vice President and
Operation Manager.
He is
Thai nationality.
Mr. Pisanu
Panyaporn is the
Maintenance Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, distributing and
exporting Caprolactam, Nylon 6
[Monofilament], Ammonium Sulfate, Nylon Compound and
Polyols for textile,
agro-chemical, automotive parts,
water treatment industries
PRODUCTION CAPACITY
Caprolactam : 200,000 tons per
annum
Nylon
6 : 75,000 tons
per annum
Nylon Compound : 12,000 tons per
annum
Ammonium Sulfate : 540,000 tons per
annum
Polyols : 6,000 tons
per annum
PURCHASE
Most
of raw
materials are purchased
from local suppliers,
the remaining is
imported from Japan,
Republic of China,
Taiwan, India, Indonesia,
Germany and U.S.A.
MAJOR SUPPLIERS
Ube Industries,
Ltd. : Japan
Ube Industries
India Pvt. Ltd. : India
IRPC Public
Company Limited : Thailand
PTT Public
Company Limited : Thailand
PTT Global
Chemical Public Company
Limited : Thailand
Thai-MC Company
Limited : Thailand
SALES
60% of
the products is
sold locally to
manufacturers, the remaining
40% is exported to Japan, Singapore, Korea,
Republic of China, Taiwan, Indonesia, Malaysia,
India, Pakistan, Canada,
Australia, New Zealand,
Vietnam, U.S.A. and the
countries in Europe.
MAJOR CUSTOMERS
Rayong
Fertilizer Trading Co.,
Ltd. : Thailand
P.N.R.
Parich Co., Ltd. : Thailand
Parich
Fertilizer Co., Ltd. : Thailand
Asia
Fiber Public Company
Limited : Thailand
SUBSIDIARY
Rayong Fertilizer
Trading Co., Ltd.
Business Type
: Distributor of
ammonium sulfates
ASSOCIATED COMPANIES
Thai Synthetic
Rubbers Co., Ltd.
Business Type
: Manufacturer of
synthetic rubber
Ube Technical
Center (Asia) Ltd.
Business Type
: Research and
development center
Ube Fine
Chemicals (Asia) Co.,
Ltd.
Business Type
: Distributor of
Hexanediol and Pentanediol
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 T/T.
BANKING
Bangkok Bank
Public Company Limited
Kasikornbank Public
Company Limited
Bank of
Tokyo-Mitsubishi UFJ Ltd.
[Bangkok Branch]
EMPLOYMENT
The subject
employs approximately 500
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.
Branches and
Factories:
There are
3 factories on
220,000 square meters
of land, located
at the following
addresses:
140/6 Moo
4, T. Tapong, A. Muang,
Rayong 21000
140/8 Moo
4, T. Tapong, A. Muang,
Rayong 21000
140/10 Moo
4, T. Tapong, A. Muang, Rayong
21000
COMMENT
The
subject is one of the
world’s leading producers of raw
materials for nylon (Caprolactam) and nylon
resin as well.
The products are
for various proposes.
Despite a slightly
decrease in sales or
service income as
of March 31,
2017, it obtained
higher net profit
resulted by a
decrease in cost
of goods sold and
service subsequently which
accelerated high profit
margin. Though slowdown of
industrial sector has
a negative impact
to the subject’s
sales or service income,
its business remains promising
in line with
an improvement and
growth of related industries.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 8,804,437,660 divided
into 880,443,766 shares
of Bht. 10
each with fully
paid.
In 2002,
the registered capital
was increased to
10,739,250,230 divided into
1,073,925,023 shares of
Bht. 10 each
with fully paid.
MAIN SHAREHOLDERS
[as at
July 24, 2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ube
Industries, Ltd. Nationality:
Japanese Address
: 1-2-1 Chibaura, Minato-ku,
Tokyo, Japan |
792,286,698 |
73.77 |
|
IRPC Public Company
Limited Nationality:
Thai Address
: 299 Moo 5,
Sukhumvit Road, Cherngnoen,
Muang,, Rayong |
268,481,257 |
25.00 |
|
Bangkok
Bank Public Company
Limited Nationality:
Thai Address
: 333 Silom Road, Silom,
Bangrak, Bangkok |
9,732,013 |
0.91 |
|
Ms. Siriwan
Panitchewa Nationality:
Thai Address
: 247/1 Nanglinchee
Road, Chongnonsi,
Yannawa, Bangkok |
1,999,092 |
0.19 |
|
Thai
Polymer Textiles Co.,
Ltd. Nationality:
Thai Address
: 59 Moo 10,
Bangna-Trad Road, K.M.
18,
Bangchalong, Bangplee, Samutprakarn |
627,239 |
0.06 |
|
Ube
(Thailand) Co., Ltd. Nationality:
Thai Address
: 98 North
Sathorn Road, Silom,
Bangrak, Bangkok |
413,180 |
0.04 |
|
Mr. Kriengsak
Supaibulpipat Nationality:
Thai Address
: 176/32 Nanglinchee
Road, Chongnonsi,
Yannawa, Bangkok |
343,890 |
0.03 |
|
Others |
41,654 |
- |
Total Shareholders
: 28
Share Structure
[as at July
24, 2017]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
23 |
281,638,157 |
26.23 |
|
Foreign - Japanese |
5 |
792,286,866 |
73.77 |
|
Total |
28 |
1,073,925,023 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Ms.
Kamolthip Lertvitvorathep No. 4377
COMPANY NAME
UBE CHEMICALS
(ASIA) PUBLIC COMPANY
LIMITED
Financial
BALANCE
SHEET [BAHT]
The latest
financial figures published
as at March
31, 2017, 2016
and 2015 were:
ASSETS
|
Current Assets |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Cash and Cash
Equivalents |
939,998,539 |
400,209,676 |
245,346,505 |
|
Trade
Accounts and Other Receivable |
1,085,309,220 |
1,246,627,660 |
1,328,984,643 |
|
Inventories |
2,307,249,135 |
2,171,081,744 |
2,323,262,920 |
|
Other
Current Assets |
124,520,807 |
122,128,945 |
173,666,417 |
|
|
|
|
|
|
Total
Current Assets |
4,457,077,701 |
3,940,048,025 |
4,071,260,485 |
|
Investment in
Subsidiaries |
100,000,000.00 |
100,000,000 |
100,000,000 |
|
Property, Plant and Equipment |
9,170,093,141 |
9,233,723,309 |
9,636,544,400 |
|
Intangible Assets |
148,786,383 |
166,094,288 |
184,112,042 |
|
Deferred Income
Tax Assets |
440,852,983 |
497,620,567 |
365,425,615 |
|
Other Non-current
Assets |
11,112,229 |
11,074,893 |
251,784,643 |
|
Total
Assets |
14,327,922,437 |
13,948,561,082 |
14,609,127,185 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Bank Overdraft
and Short-term Loan from Financial Institutions |
1,055,739,200 |
- |
1,378,922,480 |
|
Trade
Accounts and Other
Payable |
661,147,762 |
721,810,449 |
834,834,517 |
|
Current
Portion of Long-term Liabilities |
18,388,828 |
- |
- |
|
Short-term Loans |
- |
1,116,622,020 |
- |
|
Short-term
Provisions |
- |
198,091,138 |
- |
|
Other
Current Liabilities |
155,998,117 |
17,862,565 |
16,639,392 |
|
|
|
|
|
|
Total Current Liabilities |
1,891,263,907 |
2,054,386,172 |
2,230,396,389 |
|
|
|
|
|
|
Employee
Benefits Obligation |
77,543,711 |
72,294,572 |
67,045,366 |
|
Other
Non-current Liabilities |
65,790,856 |
75,255,100 |
80,548,675 |
|
Total
Liabilities |
2,034,598,474 |
2,201,935,844 |
2,377,990,430 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital :
Baht 10 par
value
authorized, issued and
fully paid share capital
1,073,925,023 shares |
10,739,250,230 |
10,739,250,230 |
10,739,250,230 |
|
|
|
|
|
|
Capital
Paid |
10,739,250,230 |
10,739,250,230 |
10,739,250,230 |
|
Excess
(ordinary shares) |
1,941,061,791 |
1,941,061,791 |
1,941,061,791 |
|
Retained Earnings:
[Deficit] Appropriated
for statutory reserve |
225,492,666 |
225,492,666 |
225,492,666 |
|
Unappropriated |
[612,480,724] |
[1,159,179,449] |
[674,667,932] |
|
Total
Shareholders' Equity |
12,293,323,963 |
11,746,625,238 |
12,231,136,755 |
|
Total
Liabilities and Shareholders' Equity |
14,327,922,437 |
13,948,561,082 |
14,609,127,185 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Sales or Service
Income |
11,709,373,277 |
11,723,884,342 |
12,560,523,131 |
|
Other Income |
39,226,916 |
9,652,781 |
63,031,405 |
|
Total
Revenues |
11,748,600,193 |
11,733,537,123 |
12,623,554,536 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold or Service |
10,274,653,616 |
11,462,818,447 |
12,994,753,040 |
|
Selling Expenses |
325,363,825 |
324,744,193 |
309,048,571 |
|
Administrative
Expenses |
506,875,704 |
539,630,028 |
597,488,672 |
|
Other Expenses |
10,662,094 |
2,286,258 |
73,152,926 |
|
Financial Cost |
24,409,901 |
20,764,666 |
15,149,375 |
|
Total Expenses |
11,141,965,140 |
12,350,243,592 |
13,989,592,584 |
|
|
|
|
|
|
Profit /[Loss] before
Income Tax |
606,635,053 |
[616,706,469] |
[1,366,038,048] |
|
Income Tax Benefits |
[59,936,328] |
132,194,952 |
281,202,466 |
|
|
|
|
|
|
Net Profit /
[Loss] |
546,698,725 |
[484,515,517] |
[1,084,835,582] |
UBE CHEMICALS
(ASIA) PUBLIC COMPANY
LIMITED
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2017 |
2016 |
2015 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.36 |
1.92 |
1.83 |
|
QUICK RATIO |
TIMES |
1.07 |
0.80 |
0.71 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.28 |
1.27 |
1.30 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.82 |
0.84 |
0.86 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
81.96 |
69.13 |
65.26 |
|
INVENTORY TURNOVER |
TIMES |
4.45 |
5.28 |
5.59 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
33.83 |
38.81 |
38.62 |
|
RECEIVABLES TURNOVER |
TIMES |
10.79 |
9.40 |
9.45 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
23.49 |
22.98 |
23.45 |
|
CASH CONVERSION CYCLE |
DAYS |
92.31 |
84.96 |
80.43 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
87.75 |
97.77 |
103.46 |
|
SELLING & ADMINISTRATION |
% |
7.11 |
7.37 |
7.22 |
|
INTEREST |
% |
0.21 |
0.18 |
0.12 |
|
GROSS PROFIT MARGIN |
% |
12.59 |
2.31 |
(2.96) |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.18 |
(5.26) |
(10.88) |
|
NET PROFIT MARGIN |
% |
4.67 |
(4.13) |
(8.64) |
|
RETURN ON EQUITY |
% |
4.45 |
(4.12) |
(8.87) |
|
RETURN ON ASSET |
% |
3.82 |
(3.47) |
(7.43) |
|
EARNING PER SHARE |
BAHT |
0.51 |
(0.45) |
(1.01) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.14 |
0.16 |
0.16 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.17 |
0.19 |
0.19 |
|
TIME INTEREST EARNED |
TIMES |
24.85 |
(29.70) |
(90.17) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(0.12) |
(6.66) |
|
|
OPERATING PROFIT |
% |
(198.37) |
(54.85) |
|
|
NET PROFIT |
% |
212.83 |
55.34 |
|
|
FIXED ASSETS |
% |
(0.69) |
(4.18) |
|
|
TOTAL ASSETS |
% |
2.72 |
(4.52) |
|
ANNUAL
GROWTH : ACCEPTABLE
An
annual sales growth is -0.12%. Turnover has decreased from THB
11,723,884,342.00 in 2016 to THB 11,709,373,277.00 in 2017. While net profit
has increased from THB
PROFITABILITY
: SATISFACTORY
%20PUBLIC%20COMPANY%20LIMITED%20-%20509029%2011-May-2018_files/image008.gif)
PROFITABILITY
RATIO
|
Gross Profit Margin |
12.59 |
Satisfactory |
Industrial Average |
15.20 |
|
Net Profit Margin |
4.67 |
Satisfactory |
Industrial Average |
6.33 |
|
Return on Assets |
3.82 |
Satisfactory |
Industrial Average |
6.42 |
|
Return on Equity |
4.45 |
Acceptable |
Industrial Average |
9.37 |
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 12.59%. When compared with
the industry average, the ratio of the company was lower. This indicated that
company may have problems with control over its costs.
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 4.67%. 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 3.82%.
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 4.45%.
Trend
of the average competitors in the same industry for last 5 years
Return
on Assets Uptrend
Return
on Equity Uptrend
LIQUIDITY
: ACCEPTABLE
%20PUBLIC%20COMPANY%20LIMITED%20-%20509029%2011-May-2018_files/image010.gif)
LIQUIDITY
RATIO
|
Current Ratio |
2.36 |
Impressive |
Industrial Average |
1.94 |
|
Quick Ratio |
1.07 |
|
|
|
|
Cash Conversion Cycle |
92.31 |
|
|
|
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 2.36
times in 2017, increase from 1.92 times, then it is generally considered to
have good short-term financial strength. When compared with the industry
average, the ratio of the company was higher, indicated that company was an
efficient operator in a dominant position within its industry.
The
Quick Ratio is a liquidity indicator that further refines the current ratio by
measuring the amount of the most liquid current assets there are to cover
current liabilities. The company's figure is 1.07 times in 2017, increase from
0.8 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 93 days.
Trend
of the average competitors in the same industry for last 5 years
Current
Ratio Uptrend
LEVERAGE
: EXCELLENT
%20PUBLIC%20COMPANY%20LIMITED%20-%20509029%2011-May-2018_files/image012.gif)
%20PUBLIC%20COMPANY%20LIMITED%20-%20509029%2011-May-2018_files/image014.gif)
LEVERAGE
RATIO
|
Debt Ratio |
0.14 |
Impressive |
Industrial Average |
0.26 |
|
Debt to Equity Ratio |
0.17 |
Impressive |
Industrial Average |
0.36 |
|
Times Interest Earned |
24.85 |
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 24.86 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 Downtrend
Times
Interest Earned Stable
ACTIVITY
: IMPRESSIVE
%20PUBLIC%20COMPANY%20LIMITED%20-%20509029%2011-May-2018_files/image016.gif)
ACTIVITY
RATIO
|
Fixed Assets Turnover |
1.28 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.82 |
Satisfactory |
Industrial Average |
1.02 |
|
Inventory Conversion Period |
81.96 |
|
|
|
|
Inventory Turnover |
4.45 |
Satisfactory |
Industrial Average |
5.86 |
|
Receivables Conversion Period |
33.83 |
|
|
|
|
Receivables Turnover |
10.79 |
Impressive |
Industrial Average |
8.29 |
|
Payables Conversion Period |
23.49 |
|
|
|
The
company's Account Receivable Ratio is calculated as 10.79 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 69 days at the end of 2016 to 82 days at the end of
2017. This represents a negative trend. And Inventory turnover has decreased
from 5.28 times in year 2016 to 4.45 times in year 2017.
The
company's Total Asset Turnover is calculated as 0.82 times and 0.84 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 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 |
|
THB |
1 |
INR 2.11 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
KET |
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.