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%20PUBLIC%20COMPANY%20LIMITED%20-%20510155%2018-May-2018_files/image002.jpg){kind=small}
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%20PUBLIC%20COMPANY%20LIMITED%20-%20510155%2018-May-2018_files/image006.gif)
MIRA INFORM REPORT
|
Report No. : |
510155 |
|
Report Date : |
18.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
TOA PAINT (THAILAND) PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
31/2 Moo 3, Bangna-Trad Road, K.M. 23, T. Bangsaothong, A. Bangsaothong, Samutprakarn
10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2017 |
|
|
|
|
Date of Incorporation : |
07.12.1977 |
|
|
|
|
Com. Reg. No.: |
0107560000133 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Paints and Coating Products. |
|
|
|
|
No. of Employees : |
1,100 |
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
TOA PAINT
(THAILAND) PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 31/2
MOO 3, BANGNA-TRAD
ROAD, K.M. 23,
T. BANGSAOTHONG, A.
BANGSAOTHONG,
SAMUTPRAKARN
10540, THAILAND
TELEPHONE : [66] 2335-5555
FAX : [66] 2312-8927, 2312-8365, 2312-8751, 2312-8919
E-MAIL
ADDRESS : contact@toagroup.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1977
REGISTRATION
NO. : 0107560000133 [Former : 0105520017947]
TAX
ID NO. : 3101024456
CAPITAL REGISTERED : BHT.
2,029,000,000
CAPITAL PAID-UP : BHT.
2,029,000,000
FISCALYEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC
LIMITED COMPANY
EXECUTIVE
: MR.
JATUPHAT TANGKARAVAKOON, THAI
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 1,100
LINES
OF BUSINESS : PAINTS
AND COATING PRODUCTS
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 7, 1977 originally
as a private
limited company under the registered name “TOA Paint
(Thailand) Co., Ltd.”
by Tangkaravakoon family.
On March 24,
2017, its status
was converted to
a public limited
company, namely TOA
PAINT (THAILAND) PUBLIC
COMPANY LIMITED.
On October 10,
2017, it was
listed on the
Stock Exchange of
Thailand [SET]. Its business
objective is to
manufacture wide range
of industrial paints
and coating products
to domestic and
international markets. The
subject employs approximately
1,100 employees.
The subject’s registered
address was initially
at 1204 Krungkasem
Rd., Klongmahanak, Pomprab,
Bangkok 10200.
On May 1, 1978, the
subject’s registered address
was relocated to 107
Soi Charoensuk, Ekamai Rd.,
Klongton, Prakanong, Bangkok
10110.
At present, the subject’s registered address is 31/2 Moo 3, Bangna-Trad
Road, K.M. 23, T.
Bangsaothong, A. Bangsaothong, Samutprakarn 10540, and this is the subject’s
current operation address.
Rewards of International Accreditations
The subject achieved
several international accreditations as
followed:
- ISO 9002
Certification
- TIS (Thai
Government’s International Standard)
- Q S 9000
Certification
- International Standard
on R & D Lab
and QC Process.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prachak Tangkaravakoon :
Chairman |
|
Thai |
74 |
|
Mrs. La-or Tangkaravakoon |
|
Thai |
71 |
|
Mr. Vonnarat Tangkaravakoon |
[x] |
Thai |
46 |
|
Mr. Jatuphat Tangkaravakoon |
[x] |
Thai |
45 |
|
Mr. Nattavuth Tangkaravakoon |
[x] |
Thai |
44 |
|
Mrs. Busatree Wanglee |
[x] |
Thai |
40 |
|
Mrs. Prisana Praharnkhasuk |
|
Thai |
63 |
|
Mrs. Chanatip Weerasubpong |
|
Thai |
63 |
|
Mr. Veerasak Kositpaisal |
|
Thai |
63 |
AUTHORIZED PERSON
Any two of the mentioned directors [x] can jointly sign on behalf of the
subject with company’s affixed.
MANAGEMENT
Mr. Jatuphat Tangkaravakoon is
the Chief Executive
Officer.
He is Thai
nationality with the
age of 45
years old.
Mr. Pongcherd Jameekornkul is
the President and
Acting Vice President, Overseas Business
Division 2.
He is Thai
nationality.
Mrs. Busatree Wanglee is
the Executive Vice
President, Office of
Chief Executive Officer.
She is Thai
nationality with the
age of 40
years old.
Ms. Suporn Lelatasnatorn is
the Executive Vice President, Resin
Division.
She is Thai
nationality.
Mr. Somkid Ngernsongsang is
the Acting Vice
President, Production Division.
He is Thai
nationality.
Ms. Fuenglada Chirawiboon is
the Vice President,
Non-Decorative Product Division
and Vice President,
Overseas Business Division
3.
She is Thai nationality.
Ms. Bancharee Maneedith is
the Vice President,
Research & Development, Quality
Control & Technical
Support Division.
She is Thai
nationality.
Mr. Worapoj Supimaros
is the Vice
President, Retail Division.
He is Thai
nationality.
Ms. Puangpen Saengphet is
the Vice President,
Decorative Product &
Marketing Communication Division.
She is Thai
nationality.
Ms. Taweeporn Patanakitraung is
the Vice President,
Finance & Account Division.
She is Thai
nationality.
Mr. Smith Sampattavanija is
the Vice President,
Human Resources & Admin Division.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing and
exporting various kinds
of industrial paints, coatings and
other related products
under its own “TOA”
brand, as well
as providing manufacturing service of
the products under
customer’s brands. The products
are applied to
all types of
building, automotive, marine
and other industries.
Ranges of products
are as follows:
- Decorative Coatings
- Wood Coatings
- Construction Chemicals
- Heavy Duty
Coatings
- Special Paints
- Hardware and
Power Tools
PURCHASE
Raw materials and
components mainly chemical
and pigment for its
production are purchased from both domestic and overseas suppliers in Japan, Germany, Republic of
China, India, Spain, Indonesia,
Taiwan and Singapore.
MAJOR SUPPLIERS
Thai Saeng Charoen
Co., Ltd. :
Thailand
TOA Chemical Industries
Ltd. : Thailand
IRPC Public Company
Limited :
Thailand
Thai-MC Company Limited : Thailand
Itochu (Thailand) Ltd. :
Thailand
SALES
85% of its products
is sold locally
by wholesale to dealers,
the remaining 15% is
exported to Malaysia, Singapore, Hong Kong,
Korea, Republic of
China, United Kingdom, Japan, India, Vietnam, Indonesia,
Philippines, Cambodia, Laos, Myanmar, Taiwan, Sri Lanka, Bangladesh,
Brunei, United Arab Emirates
and the countries
in Middle East.
MAJOR CUSTOMERS
TOA Paint (India)
Pvt. Ltd. : India
TOA Paint (Cambodia)
Co., Ltd. : Cambodia
TOA Paint (Vietnam)
Co., Ltd. : Vietnam
Shanghai-TOA Paint Co.,
Ltd. : Republic
of China
REVENUE STRUCTURE
|
|
2016 |
2017 |
||
|
Products |
Million baht |
% |
Million baht |
% |
|
|
|
|
|
|
|
Decorative Paints and
Coatings |
11,330.5 |
69.5 |
10,809.8 |
68.8 |
|
Other Coatings and
Chemicals |
4,459.6 |
27.4 |
4,358.3 |
27.7 |
|
Other Products |
507.2 |
3.1 |
549.6 |
3.5 |
|
|
|
|
|
|
|
Total Income |
16,297.3 |
100.0 |
15,717.7 |
100.0 |
SUBSIDIARIES
Imagica Co., Ltd.
Business Type :
Trading and architectural
paints
Professional PC Service
Co., Ltd.
Business Type :
Service for decorative
paint and coating
products
British Paints Co.,
Ltd.
Business Type :
Distributor of decorative
paints
Captain Coating Co.,
Ltd.
Business Type :
Manufacturer of decorative
paints, coatings and
chemicals
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 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
T/T.
BANKING
Krung Thai Bank
Public Company Limited
[Head Office
: 35 Sukhumvit
Rd., Klongtoeynua, Wattana,
Bangkok 10250]
Bangkok Bank Public
Company Limited
[Bangplee Branch :
Sukhumvit Rd., Bangplee,
Samutprakarn 10540]
The Siam Commercial Bank
Public Company Limited
[Bangsaothong Branch : 138/9 Theparak Rd.,
Bangsaothong, Samutprakarn 10540]
Kasikornbank Public Company
Limited
EMPLOYMENT
The subject employs
1,100 office staff
and factory workers
[including group of
companies].
LOCATION DETAILS
The premise is owned for
administrative office and
factory I at
the heading address.
Premised is located
in provincial/industrial area.
Factory II is
located at 104 Soi
Pookmitr, Tang Rod
Fai Sai Kao
Road, T. Samrong Tai,
A. Phrapradaeng,
Samutprakarn 10130.
Tel. [66] 2384-2250,
2394-1885-6, Fax. [66]
2384-2245.
Warehouse is located
at 31/1 Moo
3, Bangna-Trad Road,
K.M. 23, T. Bangsaothong, A. Bangsaothong, Samutprakarn
10540.
COMMENT
For
four decades of
paint business, TOA
products continue to gain an increasing share of the highly
competitive in both
international market and
domestic sales due
to its premium product quality
and high service
level.
Despite
a decrease in
both sale income
and net profit
in 2017 comparing
to the previous
year, the subject’s business remains
solid and remains profitable.
FINANCIAL INFORMATION
The capital was initially registered
at Bht. 5,000,000 divided into 5,000 shares of
Bht. 1,000 each.
The capital was increased
later as followings:
Bht. 20,000,000 on
August 24, 1982
Bht. 50,000,000 on
June 17, 1986
Bht. 170,000,000 on
July 12, 1990
Bht. 500,000,000 on
May 23, 1997
Bht. 890,000,000 on
November 24, 2000
Bht. 900,000,000 on
April 29, 2008
Bht. 1,775,000,000 on
March 15, 2017
Bht. 2,029,000,000 on
October 6, 2017
The latest registered capital
was increased to Bht. 2,029,000,000 divided
into 2,029,000,000 shares
of Bht. 1 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at March
14, 2018]
|
NAME |
HOLDING |
% |
|
|
|
|
|
TOA Group Holding
Co., Ltd.
|
608,400,000 |
29.99 |
|
Mr. Vonnarat Tangkaravakoon |
182,600,000 |
9.00 |
|
Mr. Nattavuth Tangkaravakoon |
182,600,000 |
9.00 |
|
Mrs. Busatree Wanglee |
182,600,000 |
9.00 |
|
Mr. Jatuphat Tangkaravakoon |
182,600,000 |
9.00 |
|
Mr. Prachak Tangkaravakoon |
91,300,000 |
4.50 |
|
Mrs. La-or Tangkaravakoon |
91,300,000 |
4.50 |
|
Morgan Stanley & Co International Plc. |
70,075,000 |
3.45 |
|
Bua Luang Long
Term Opened Fund |
32,030,900 |
1.58 |
|
Bua Luang Top
Ten Open –End Fund |
31,950,500 |
1.57 |
|
BNP Paribas Securities
Services Luxembourg |
18,355,700 |
0.90 |
|
Others |
355,187,900 |
17.51 |
Total Shareholders : 6,895
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Supachai Panyawattano No.
3930
BALANCE SHEET [BAHT]
The latest
financial figures published
as at
December 31, 2017,
2016 and 2015
were:
ASSETS
|
Current
Assets |
2017 |
2016 |
2015 [Adjusted] |
|
|
|
|
|
|
Cash and Cash
Equivalents |
628,192,289 |
824,258,288 |
1,827,368,132 |
|
Short-term Investment |
4,401,788,927 |
414,343,620 |
520,134,931 |
|
Trade Accounts and
Other Receivable |
2,501,804,091 |
2,457,274,716 |
2,879,217,668 |
|
Current Portion of
Receivable Per Hire-Purchase Contract |
72,095,879 |
117,756,165 |
- |
|
Short-term Loans to Related Parties and Interest Receivable |
138,384,183 |
- |
2,855,175,483 |
|
Inventories |
1,609,929,812 |
1,419,099,799 |
1,402,596,001 |
|
Other Current Assets
|
115,734,373 |
94,202,164 |
78,765,979 |
|
|
|
|
|
|
Total Current Assets
|
9,467,929,554 |
5,326,934,752 |
9,563,258,194 |
|
|
|
|
|
|
Available-for-sales Investment |
- |
- |
800,486,450 |
|
Long-term Hire purchase Receivables, Net of Current Portion |
131,357,325 |
136,760,010 |
- |
|
Investment in Subsidiaries |
2,372,121,859 |
2,062,600,459 |
1,545,531,972 |
|
Other Long-term Investment |
10,000 |
5,010,000 |
5,000,200 |
|
Property Investment |
16,989,082 |
19,639,082 |
- |
|
Property, Plant and Equipment |
1,286,184,322 |
1,302,924,742 |
1,330,021,756 |
|
Computer Programme |
54,871,259 |
44,921,836 |
45,387,601 |
|
Deferred Income Tax Assets |
29,065,149 |
20,037,529 |
5,528,032 |
|
Other Non-current Assets |
48,895,262 |
6,287,521 |
147,424,042 |
|
Total Assets |
13,407,423,812 |
8,925,115,931 |
13,442,638,247 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2017 |
2016 |
2015 [Adjusted] |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
1,050,000,000 |
3,350,000,000 |
- |
|
Trade Account and Other Payable |
3,188,437,967 |
3,027,037,129 |
3,155,736,056 |
|
Current Portion of Long-term
Loan from Financial Institutions |
166,400,000 |
166,800,000 |
166,800,000 |
|
Dividend Payables - Related
Parties |
- |
688,500,000 |
- |
|
Short-term Loans |
- |
- |
3,350,000,000 |
|
Accrued Income Tax |
167,294,132 |
314,356,149 |
357,800,142 |
|
Other Current Liabilities |
25,855,186 |
34,948,786 |
36,389,455 |
|
|
|
|
|
|
Total Current Liabilities |
4,597,987,285 |
7,581,642,064 |
7,066,725,653 |
|
|
|
|
|
|
Long-term Loan |
- |
166,400,000 |
184,388,000 |
|
Provision for Employee’s
Benefit |
208,856,546 |
210,036,035 |
189,955,678 |
|
Total Liabilities |
4,806,843,831 |
7,958,078,099 |
7,441,069,331 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share Capital : Bht. 1
par value authorized and
issued share capital
2,029,000,000 shares |
2,029,000,000 |
|
|
|
Share Capital : Bht. 1,000
par value authorized and
issued share capital
900,000 shares |
|
900,000,000 |
900,000,000 |
|
|
|
|
|
|
Capital Paid |
2,029,000,000 |
900,000,000 |
900,000,000 |
|
Share Premium |
5,761,532,800 |
|
|
|
Retained Earnings: [Deficit] Appropriated for
statutory reserve |
168,286,990 |
90,000,000 |
90,000,000 |
|
Unappropriated |
678,052,808 |
13,330,449 |
5,047,861,533 |
|
Other Components of
Shareholder’s Equity |
[36,292,617] |
[36,292,617] |
[36,292,617] |
|
Total Shareholders' Equity |
8,600,579,981 |
967,037,832 |
6,001,568,916 |
|
Total Liabilities and
Shareholders' Equity |
13,407,423,812 |
8,925,115,931 |
13,442,638,247 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2017 |
2016 |
2015 [Adjusted] |
|
|
|
|
|
|
Sales Income |
13,175,362,009 |
13,584,522,442 |
14,119,372,370 |
|
Dividend Income |
45,000 |
74,000 |
- |
|
Other Income |
153,803,038 |
365,650,311 |
330,814,741 |
|
Total Revenues |
13,329,210,047 |
13,950,246,753 |
14,450,187,111 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sales |
8,995,071,113 |
8,669,584,414 |
9,331,484,305 |
|
Selling Expenses |
1,307,672,156 |
1,290,102,047 |
1,357,176,167 |
|
Administrative Expenses |
1,016,361,305 |
1,152,104,408 |
1,363,835,428 |
|
Total Expenses |
11,319,104,574 |
11,111,790,869 |
12,052,495,900 |
|
Profit /[Loss] before Finance
Cost & Income Tax |
2,010,105,473 |
2,838,455,884 |
2,397,691,211 |
|
Finance Cost |
[70,305,255] |
[81,404,082] |
[98,764,402] |
|
Profit /[Loss] before Income
Tax |
1,939,800,218 |
2,757,051,802 |
2,298,926,809 |
|
Expenses (Income) Income
Tax |
[387,390,869] |
[578,082,886] |
[543,445,355] |
|
Profit /[Loss] from Continuing
Operation for
the year |
1,552,409,349 |
2,178,968,916 |
1,755,481,454 |
|
Discontinued Operation |
- |
- |
269,971,557 |
|
Net Profit /[ Loss] |
1,552,409,349 |
2,178,968,916 |
2,025,453,011 |
FINANCIAL NALYSIS
|
ITEM |
UNIT |
2017 |
2016 |
2015 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.06 |
0.70 |
1.35 |
|
QUICK RATIO |
TIMES |
1.68 |
0.50 |
1.14 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
10.24 |
10.43 |
10.62 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.98 |
1.52 |
1.05 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
65.33 |
59.75 |
54.86 |
|
INVENTORY TURNOVER |
TIMES |
5.59 |
6.11 |
6.65 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
69.31 |
66.02 |
74.43 |
|
RECEIVABLES TURNOVER |
TIMES |
5.27 |
5.53 |
4.90 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
129.38 |
127.44 |
123.44 |
|
CASH CONVERSION CYCLE |
DAYS |
5.26 |
(1.67) |
5.86 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
68.27 |
63.82 |
66.09 |
|
SELLING & ADMINISTRATION |
% |
17.64 |
17.98 |
19.27 |
|
INTEREST |
% |
0.53 |
0.60 |
0.70 |
|
GROSS PROFIT MARGIN |
% |
32.90 |
38.87 |
36.25 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
15.26 |
20.89 |
16.98 |
|
NET PROFIT MARGIN |
% |
11.78 |
16.04 |
14.35 |
|
RETURN ON EQUITY |
% |
18.05 |
225.32 |
33.75 |
|
RETURN ON ASSET |
% |
11.58 |
24.41 |
15.07 |
|
EARNING PER SHARE |
BAHT |
0.77 |
2,421.08 |
2,250.50 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.36 |
0.89 |
0.55 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.56 |
8.23 |
1.24 |
|
TIME INTEREST EARNED |
TIMES |
28.59 |
34.87 |
24.28 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(3.01) |
(3.79) |
|
|
OPERATING PROFIT |
% |
(29.18) |
18.38 |
|
|
NET PROFIT |
% |
(28.75) |
7.58 |
|
|
FIXED ASSETS |
% |
(1.28) |
(2.04) |
|
|
TOTAL ASSETS |
% |
50.22 |
(33.61) |
|
ANNUAL GROWTH:
RISKY
An annual sales growth is -3.01%. Turnover has decreased from THB
13,584,522,442.00 in 2016 to THB 13,175,362,009.00 in 2017. While net profit
has decreased from THB
PROFITABILITY :
IMPRESSIVE
%20PUBLIC%20COMPANY%20LIMITED%20-%20510155%2018-May-2018_files/image008.gif)
PROFITABILITY
RATIO
|
Gross Profit Margin |
32.90 |
Impressive |
Industrial
Average |
17.51 |
|
Net Profit Margin |
11.78 |
Impressive |
Industrial
Average |
9.00 |
|
Return on Assets |
11.58 |
Impressive |
Industrial
Average |
10.93 |
|
Return on Equity |
18.05 |
Satisfactory |
Industrial Average |
22.05 |
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 32.9%. When
compared with the industry average, the ratio of the company was higher,
indicated that company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. Net Profit Margin ratio is 11.78%,
higher figure when compared with those of its average
competitors in the same industry, indicated that business was an efficient
operator in a dominant position within
its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
11.58%, 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. When compared with the
industry average, it was lower, the company's figure is 18.05%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY:
IMPRESSIVE
%20PUBLIC%20COMPANY%20LIMITED%20-%20510155%2018-May-2018_files/image010.gif)
LIQUIDITY RATIO
|
Current Ratio |
2.06 |
Impressive |
Industrial
Average |
1.67 |
|
Quick Ratio |
1.68 |
|
|
|
|
Cash Conversion Cycle |
5.26 |
|
|
|
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 2.06 times in 2017, increase from 0.7 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 1.68 times in 2017,
increase from 0.5 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 6 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
%20PUBLIC%20COMPANY%20LIMITED%20-%20510155%2018-May-2018_files/image012.gif)
%20PUBLIC%20COMPANY%20LIMITED%20-%20510155%2018-May-2018_files/image014.gif)
LEVERAGE RATIO
|
Debt Ratio |
0.36 |
Impressive |
Industrial
Average |
0.48 |
|
Debt to Equity Ratio |
0.56 |
Impressive |
Industrial
Average |
0.93 |
|
Times Interest Earned |
28.59 |
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 28.6 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 0.36 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-%20510155%2018-May-2018_files/image016.gif)
ACTIVITY RATIO
|
Fixed Assets Turnover |
10.24 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.98 |
Satisfactory |
Industrial
Average |
1.18 |
|
Inventory Conversion Period |
65.33 |
|
|
|
|
Inventory Turnover |
5.59 |
Impressive |
Industrial
Average |
4.89 |
|
Receivables Conversion Period |
69.31 |
|
|
|
|
Receivables Turnover |
5.27 |
Impressive |
Industrial
Average |
3.32 |
|
Payables Conversion Period |
129.38 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.27 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 60 days at the
end of 2016 to 65 days at the end of 2017. This represents a negative trend.
And Inventory turnover has decreased from 6.11 times in year 2016 to 5.59 times
in year 2017.
The company's Total Asset Turnover is calculated as 0.98 times and 1.52
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.72 |
|
UK Pound |
1 |
INR 91.65 |
|
Euro |
1 |
INR 79.89 |
|
Thai Baht |
1 |
INR 2.11 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.