BSE: 532853 | NSE: ASAHISONG | Dyes & Pigments | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Asahi Songwon Colors Ltd is a average quality company.
The key valuation ratios of Asahi Songwon Colors Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Asahi Songwon Colors Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 16.5% | 20.7% | 23.1% | 15.7% | 12.2% | 11.2% | 18.7% | 12.2% | 1.3% | 10.9% | - |
| Value Creation Index ⓘ | 0.2 | 0.5 | 0.7 | 0.1 | -0.1 | -0.2 | 0.3 | -0.1 | -0.9 | -0.2 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 240 | 224 | 253 | 293 | 294 | 284 | 283 | 401 | 337 | 277 | 340 |
| Sales YoY Gr. | - | -6.5% | 13.2% | 15.4% | 0.4% | -3.4% | -0.3% | 41.8% | -15.9% | -18% | - |
| Adj EPS ⓘ | 14.6 | 15.8 | 22.4 | 18.5 | 15.4 | 18.6 | 25 | 17.4 | -6.2 | 6 | 13.6 |
| YoY Gr. | - | 8.3% | 41.8% | -17.4% | -16.9% | 21.2% | 34.4% | -30.5% | -135.7% | NA | - |
| BVPS (₹) ⓘ | 96.1 | 110.8 | 129.2 | 148 | 157.8 | 164.3 | 193.4 | 209.7 | 199.8 | 222.1 | 231.5 |
| Adj Net Profit ⓘ | 17.9 | 19.4 | 27.5 | 22.7 | 18.8 | 22.8 | 30.1 | 20.9 | -7.3 | 7.1 | 16 |
| Cash Flow from Ops. ⓘ | 25 | 31.7 | 28.1 | 5.9 | 27.1 | 74.3 | 4.9 | 24.7 | 46 | -3.8 | - |
| Debt/CF from Ops. ⓘ | 1.9 | 1.4 | 1.3 | 13 | 2.3 | 0.3 | 9.1 | 2.1 | 2.1 | -23.7 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 1.6% | -1.2% | -0.8% | -18% | ||||
| Adj EPS ⓘ | -9.4% | -17.1% | -37.8% | NA | ||||
| BVPSⓘ | 9.8% | 7.1% | 4.7% | 11.2% | ||||
| Share Price | 10.4% | 21.6% | 11.7% | 30.6% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 14.4 | 15.3 | 18.7 | 13.3 | 10 | 11.6 | 13.9 | 8.6 | -3 | 2.9 | 6 |
| Op. Profit Mgn % ⓘ | 15.1 | 17.5 | 18.7 | 13.2 | 13.7 | 12.1 | 17.1 | 9.5 | 2.4 | 6.1 | 9.8 |
| Net Profit Mgn % ⓘ | 7.5 | 8.7 | 10.8 | 7.8 | 6.4 | 8.1 | 10.6 | 5.2 | -2.2 | 2.6 | 4.7 |
| Debt to Equity ⓘ | 0.4 | 0.3 | 0.2 | 0.4 | 0.3 | 0.1 | 0.2 | 0.2 | 0.4 | 0.3 | 0 |
| Working Cap Days ⓘ | 170 | 151 | 142 | 157 | 176 | 165 | 169 | 149 | 179 | 221 | 78 |
| Cash Conv. Cycle ⓘ | 76 | 73 | 71 | 79 | 101 | 85 | 87 | 85 | 87 | 99 | 15 |
Return on Equity has increased versus last 3 years average to 6.00%
Sales growth is good in last 4 quarters at 30.54%
Sales growth has been subdued in last 3 years -0.75%
Net Profit has been subdued in last 3 years -37.79%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 13.6 | 8.6 |
| TTM Sales (₹ Cr.) | 340 | 504 |
| BVPS (₹.) ⓘ | 231.5 | 207 |
| Reserves (₹ Cr.) ⓘ | 261 | 232 |
| P/BV ⓘ | 1.63 | 1.83 |
| PE ⓘ | 27.81 | 43.90 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 261.10 / 588.85 |
| All Time Low / High (₹) | 11.70 / 588.85 |
| Market Cap (₹ Cr.) | 446 |
| Equity (₹ Cr.) | 11.8 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 40.8 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 240 | 224 | 253 | 293 | 294 | 284 | 283 | 401 | 337 | 277 |
| Operating Expenses ⓘ | 204 | 185 | 206 | 254 | 254 | 249 | 235 | 363 | 329 | 260 |
| Manufacturing Costs | 48 | 47 | 54 | 57 | 61 | 55 | 57 | 79 | 67 | 52 |
| Material Costs | 136 | 119 | 132 | 174 | 172 | 172 | 156 | 252 | 234 | 185 |
| Employee Cost | 7 | 7 | 7 | 8 | 8 | 8 | 8 | 9 | 9 | 9 |
| Other Costs ⓘ | 13 | 12 | 14 | 15 | 13 | 14 | 15 | 24 | 19 | 14 |
| Operating Profit ⓘ | 36 | 39 | 47 | 38 | 40 | 34 | 48 | 38 | 8 | 17 |
| Operating Profit Margin (%) | 15.0% | 17.4% | 18.6% | 13.1% | 13.5% | 12.1% | 17.0% | 9.5% | 2.4% | 6.1% |
| Other Income ⓘ | 1 | 4 | 3 | 4 | 0 | 1 | 3 | 6 | 6 | 5 |
| Interest ⓘ | 5 | 4 | 3 | 4 | 5 | 4 | 2 | 3 | 9 | 7 |
| Depreciation ⓘ | 6 | 7 | 7 | 7 | 8 | 8 | 8 | 9 | 10 | 10 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 0 | 0 | 26 |
| Profit Before Tax ⓘ | 26 | 31 | 40 | 32 | 26 | 23 | 45 | 32 | -5 | 31 |
| Tax ⓘ | 9 | 10 | 13 | 9 | 8 | 0 | 12 | 8 | 0 | 4 |
| Profit After Tax | 18 | 21 | 27 | 23 | 18 | 23 | 33 | 24 | -5 | 26 |
| PAT Margin (%) | 7.4% | 9.4% | 10.8% | 7.9% | 6.2% | 8.0% | 11.6% | 6.0% | -1.4% | 9.5% |
| Adjusted EPS (₹) | 14.4 | 17.1 | 22.4 | 18.8 | 14.9 | 18.6 | 27.4 | 20.1 | -4.0 | 22.3 |
| Dividend Payout Ratio (%) | 24% | 12% | 13% | 16% | 20% | 16% | 13% | 2% | -13% | 2% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 118 | 136 | 159 | 182 | 194 | 202 | 233 | 252 | 235 | 262 |
| Share Capital ⓘ | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
| Reserves ⓘ | 106 | 124 | 146 | 169 | 181 | 189 | 221 | 240 | 224 | 250 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 43 | 43 | 34 | 70 | 57 | 16 | 39 | 46 | 87 | 82 |
| Long Term Debt | 3 | 5 | 4 | 19 | 18 | 13 | 8 | 14 | 22 | 15 |
| Short Term Debt | 39 | 38 | 30 | 51 | 39 | 4 | 32 | 32 | 65 | 67 |
| Trade Payables | 22 | 19 | 30 | 36 | 31 | 24 | 41 | 63 | 49 | 43 |
| Others Liabilities ⓘ | 30 | 23 | 25 | 31 | 28 | 34 | 25 | 29 | 30 | 29 |
| Total Liabilities ⓘ | 212 | 220 | 247 | 319 | 309 | 276 | 338 | 390 | 402 | 416 |
Fixed Assets | ||||||||||
| Gross Block | 125 | 130 | 138 | 192 | 208 | 195 | 210 | 234 | 241 | 222 |
| Accumulated Depreciation | 31 | 37 | 44 | 51 | 58 | 66 | 72 | 81 | 90 | 100 |
| Net Fixed Assetsⓘ | 94 | 93 | 94 | 141 | 150 | 129 | 138 | 154 | 151 | 122 |
| CWIP ⓘ | 1 | 6 | 10 | 15 | 1 | 2 | 0 | 0 | 0 | 0 |
| Investmentsⓘ | 18 | 26 | 30 | 19 | 14 | 27 | 51 | 50 | 98 | 107 |
| Inventories | 29 | 19 | 43 | 36 | 62 | 29 | 46 | 80 | 46 | 50 |
| Trade Receivables | 43 | 51 | 47 | 79 | 55 | 55 | 78 | 87 | 69 | 78 |
| Cash Equivalents | 3 | 3 | 3 | 2 | 3 | 2 | 2 | 4 | 4 | 2 |
| Others Assetsⓘ | 25 | 22 | 20 | 26 | 23 | 32 | 23 | 14 | 35 | 57 |
| Total Assets ⓘ | 212 | 220 | 247 | 319 | 309 | 276 | 338 | 390 | 402 | 416 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 25 | 32 | 28 | 6 | 27 | 74 | 5 | 25 | 46 | -4 |
| PBT ⓘ | 26 | 31 | 40 | 32 | 26 | 23 | 40 | 32 | -5 | 5 |
| Adjustment ⓘ | 11 | 8 | 7 | 6 | 14 | 12 | 16 | 12 | 17 | 14 |
| Changes in Working Capital ⓘ | -6 | -1 | -8 | -23 | -6 | 42 | -42 | -10 | 37 | -24 |
| Tax Paid ⓘ | -6 | -7 | -10 | -10 | -7 | -3 | -9 | -9 | -3 | 1 |
| Cash Flow From Investing Activity ⓘ | -9 | -15 | -12 | -44 | -3 | -21 | -16 | -25 | -70 | 19 |
| Capex | -7 | -10 | -12 | -59 | -4 | -2 | 9 | -24 | -7 | 44 |
| Net Investments | -2 | -5 | 0 | 15 | 1 | -5 | 9 | -1 | -48 | -6 |
| Others ⓘ | 0 | 1 | 0 | 1 | 0 | -14 | -34 | 0 | -15 | -19 |
| Cash Flow From Financing Activityⓘ | -16 | -17 | -17 | 38 | -24 | -53 | 11 | 1 | 24 | -15 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | -4 | -3 | -2 | 21 | -3 | -5 | -5 | 8 | 12 | -10 |
| Interest Paid ⓘ | -5 | -4 | -3 | -4 | -5 | -4 | -2 | -3 | -9 | -7 |
| Dividend Paid ⓘ | -3 | -8 | -4 | 0 | -4 | -7 | 0 | -4 | -1 | -1 |
| Others ⓘ | -4 | -1 | -8 | 21 | -13 | -37 | 18 | 1 | 21 | 2 |
| Net Cash Flow ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 14.29 | 16.52 | 18.62 | 13.57 | 9.75 | 11.55 | 15.17 | 9.98 | -1.93 | 10.59 |
| ROCE (%) | 16.53 | 20.68 | 23.08 | 15.71 | 12.23 | 11.23 | 18.68 | 12.21 | 1.27 | 10.93 |
| Asset Turnover Ratio | 0.99 | 1.06 | 1.12 | 1.04 | 0.93 | 0.97 | 0.92 | 1.1 | 0.85 | 0.68 |
| PAT to CFO Conversion(x) | 1.39 | 1.52 | 1.04 | 0.26 | 1.5 | 3.22 | 0.15 | 1.04 | N/A | -0.15 | Working Capital Days |
| Receivable Days | 83 | 75 | 68 | 78 | 84 | 71 | 86 | 75 | 85 | 97 |
| Inventory Days | 46 | 38 | 44 | 49 | 61 | 59 | 48 | 58 | 68 | 63 |
| Payable Days | 83 | 62 | 67 | 69 | 72 | 59 | 76 | 75 | 88 | 91 |
Asahi Songwon Colors was incorporated in 1990 as privately owned company- Asahi Dyechem. The company was founded by Paru Jaykrishna.
Later in 1996-97, Songwon Colors of South Korea decided to enter into a joint venture with Asahi Dyechem with financial investment and technological collaboration. Thus, company’s name was changed to Asahi Songwon Colors
Asahi Songwon initially established manufacturing facility for pigment green 7 with a capacity of 600 MT. Then, after getting good international market, the capacity has been increased to 1200 mt/annum.
In 2005, Asahi Songwon Colors started manufacturing of CPC Blue Crude 5N with the technology of Clariant Songwon Colors of South Korea.
From existing capacity of 4000 MT/A, very soon company is planning to double the blue crude capacity. The company also intends to diversify in to allied products.
Asahi Songwon Colors' research and development laboratory is located at Asahi Green Plant site, which provides technical service to customers and seeks to develop new products suited to customer needs.
Products manufactured by the company:
Awards/ recognition:
Company’s pigment facility is located at Mehsana district and its figment blue facility in Vadodara district of Gujarat. Both plants have received ISO 14001:2004 certification.
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Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
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