MIRA
INFORM REPORT
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Report Date : |
04.05.2007 |
IDENTIFICATION DETAILS
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Name : |
IDS MANUFACTURING LIMITED |
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Registered Office : |
21/7
Moo 6, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1962 |
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Com. Reg. No.: |
0105505001504 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Engaged in manufacturing service
wide range of
consumer goods, cosmetics,
pharmaceuticals, aerosols
and healthcare products |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
IDS MANUFACTURING LIMITED
FORMER
LFD MANUFACTURING LIMITED
SUMMARY
BUSINESS ADDRESS : 21/7
MOO 6,
T.
KUKOD,
A. LAMLUKKA,
TELEPHONE : [66] 2987-6500-20
FAX : [66] 2987-3016
E-MAIL ADDRESS : hrmfg@idsgroup.com, narongch@idsgroup.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1962
REGISTRATION NO. : 0105505001504 [Former : 223/2505]
CAPITAL
REGISTERED : BHT.
469,500,000
CAPITAL
PAID-UP : BHT.
469,500,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. THAMMANOON SUTTHISERANEE, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 620
LINES OF
BUSINESS : CONSUMER &
COSMETIC PRODUCTS
MANUFACURING SERVICE
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on September
14, 1962 as
a private limited
company under the registered
name “Jawa Manufacturing Ltd.”
It was a
joint venture between
Thai and foreign
groups in order
to manufacture wide range
of consumer &
cosmetic products for
domestic and overseas
markets.
On March 1,
1993, the subject’s
name was changed
to “Inchcape Manufacturing Ltd.”,
and changed again
to “LFD Manufacturing Limited”
on June 17,
1999.
On January 4,
2005, the name
was finally changed
to IDS MANUFACTURING
LIMITED. It currently
employs 620 staff.
At
present, it is
a subsidiary of
IDS Group Limited,
which its headquarter is
in Hong Kong.
The subject also
achieved the international
standard ISO 9000 and
ISO 14001 certificate from
SGS Yarsley on
February 17, 2002
and February 4,
2002, respectively.
The subject’s registered address
is 21/7 Moo
6,
THE BOARD
OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Ong Chong
Beng |
Malaysian |
55 |
|
Mrs. Daraka Thanapirom |
Thai |
50 |
|
Ms. Pavinee Ajchariyahirunchai |
Thai |
50 |
|
Mr. Rajesh Ranavat |
Indian |
48 |
|
Mr. Thammanoon Sutthiseranee |
Thai |
51 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr.
Thammanoon Sutthiseranee is
the Managing Director.
He is Thai
nationality with the
age of 51
years old.
Mr. Sukasith
Phalitvorn is the
General Manager [Production].
He is Thai
nationality.
Mr. Phaovadee
Jarucharoenlarp is the
General Manager [Commercial].
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged
in manufacturing service
wide range of
consumer goods, cosmetics,
pharmaceuticals, aerosols
and healthcare products
with over 300
product items to
customers both in
domestic and international
markets.
Its products are
as follows:
- Liquid
: Shampoo, Conditioner, Lotion,
Liquid deodorant, Eau
de cologne and
Perfume
- Cream : Skin and
Facial
- Powder : Talcum, Pressed-powder
- Consumer Care: Glass
cleaners, Carpet shampoo,
Auto wax, Furniture
polish and etc.
- O.T.C. Drugs : Cough
mixture, cough drops,
Ointments, Carminative Mixtures and
etc.
- Etc.
MAJOR BRANDS
“POND’S”, “WELLCOME”, “HELEN
CURTIS”, “AVON”, “LANCOME”, “FLUOCARIL” Tooth
Paste, “SHAMPOO TIMOTEI”,
“L’OREAL HAIR STYLIS”,
“MUM”, “CUDSONS” Baby
Powder, “HEZEIENE SNOW”
Dry Skin Protection,
“WINDEX”-Glass Cleaner, “KIT”
Auto Care Products,
“WELLA” Hair products,
“CLAIROL” Shampoo &
Conditioning, “NIVEA” Skin
Lotion, “PIAS” Cosmetic,
“JOHNSON’S JOHNSON” Baby
Care, “SUNSILK” Hair
Treatment and etc.
PURCHASE
Raw material and
packaging are purchased from
both local and
overseas suppliers in Germany,
Hong Kong, Japan, Singapore,
Republic of China, Taiwan and
United States of
America.
SALES [LOCAL]
Its products are
sold and serviced
to both local
and overseas customers
in Singapore, Hong Kong,
Japan, Malaysia, Korea
and Indonesia.
MAJOR CUSTOMERS
- Avon [
- C-Care International Co., Ltd. :
- Unilever Thai Holding
Co., Ltd. :
- Saha Pathanapibul Public
Co., Ltd. :
- Johnson & Johnson [
- Thailor Co., Ltd. :
- Diethelm & Co.,
Ltd. :
- Inchape Group :
- Ministry of Public
Health :
- The Government Pharmaceutical Organization :
PARENT COMPANY
IDS Group Limited :
RELATED COMPANY
IDS Marketing
[
Business Type :
Importer & distributor of
consumer products
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 for
the past two
years.
CREDIT
Sales & services
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 on
negotiated term.
Exports are against
L/C at sight
& T/T.
BANKING
The Siam
Commercial Bank Public
Co., Ltd.
[Head Office :
Hong Kong
& Shanghai Banking
Corporation
[
EMPLOYMENT
The subject employs
approximately 620 staff
[office staff and
factory workers].
LOCATION DETAILS
The premise is
owned for administrative office,
factory and warehouse
at the heading address.
Premise is located
in industrial area.
Branch Office is
located at 505
Moo 2, Udomsorayuth
Rd., Klongjik, Bangpa-in,
Ayutthaya 13000.
COMMENT
The subject has
been firmly established
for 45 years
as one of
the country’s leading
consumers and cosmetic products
manufacturers. The products,
which have been produced by the subject, are in high quality and have been in
the market for a long time. The
products under the production processing of the company’s high technology
equipment with international standard of laboratory and research units have
been well accepted largely among domestic
and international consumers.
With its long
experience in manufacturing
consumer and cosmetic
products, the subject’s
business is promising
with steady growth.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 500,000 divided
into 5,000 shares
of Bht. 100
each.
On November 21,
1997, the capital
was increased to
Bht. 469,500,000 divided
into 4,695,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2006]
|
NAME |
HOLDING |
% |
|
|
|
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IDS Group
Limited Nationality: Address : 13th Floor, Satin, |
4,694,994 |
100.00 |
|
JDH Services
Limited Nationality: Thai Address : 505 Moo
2,
Bangpa-in, |
1 |
- |
|
Butler &
Webster [ Nationality: Thai Address : 505
Moo 2,
Bangpa-in, |
1 |
- |
|
IDS Services
[ Nationality: Thai Address : 505 Moo
2,
Bangpa-in, |
1 |
- |
|
Mrs. Suvimol
Sawasdpanit Nationality: Thai Address : 322 Ladprao 109 Rd., Klongchan, Bangkapi, |
1 |
- |
|
IDS Marketing
[ Nationality: Thai Address : 505
Moo 2,
Bangpa-in, |
1 |
- |
|
B.G. S. Limited Nationality: Thai Address : 21/7 Moo 6,
A. Lamlukka,
Pathumthani |
1 |
- |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
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Cash in hand
& at Bank
|
222,859 |
172,942 |
|
Fixed Account |
30,075 |
- |
|
Trade Accts. & Notes
Receivable |
402,346,008 |
287,493,073 |
|
Related Company |
885,112 |
1,783,772 |
|
Loan to Related
Company |
242,131,318 |
415,730,670 |
|
Other Receivable |
139,653,232 |
- |
|
Inventories [note 1] |
209,277,478 |
228,273,468 |
|
Deferred Sales of
Assets |
- |
47,670,202 |
|
Other Current Assets
[note 2] |
18,099,128 |
5,986,797 |
|
Total Current
Assets |
1,012,645,210 |
987,110,924 |
|
Deferred Assets |
11,540,237 |
5,701,783 |
|
Fixed Assets
[note 3] |
156,344,676 |
92,013,326 |
|
Other Assets |
364,994 |
229,995 |
|
Total Assets
|
1,180,895,117 |
1,085,056,028 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Trade Accts. Payable |
520,957,696 |
462,442,035 |
|
Other Payable |
48,184,047 |
47,394,561 |
|
Payable-Related Company |
114,372 |
- |
|
Accrued Income Tax |
9,651,479 |
9,505,281 |
|
Accrued Expenses |
18,578,451 |
17,822,639 |
|
Other Current Liabilities |
6,262,870 |
3,804,256 |
|
Total Current Liabilities
|
603,748,915 |
540,968,772 |
|
Provident Fund Liabilities |
13,753,000 |
11,750,000 |
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Total Liabilities |
617,501,915 |
552,718,772 |
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|
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Shareholders'
Equity |
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|
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Share capital : Baht 100 value
authorized, issued
and fully paid share
capital 4,695,000 shares |
469,500,000 |
469,500,000 |
|
Capital Paid |
469,500,000 |
469,500,000 |
|
Statutory Reserve |
4,568,940 |
4,568,940 |
|
Retained Earning - Unappropriated |
89,324,262 |
58,268,316 |
|
Total
Shareholders' Equity |
563,393,202 |
532,337,256 |
|
Total
Liabilities & Shareholders' Equity |
1,180,895,117 |
1,085,056,028 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales & Services |
2,295,958,279 |
2,076,865,953 |
|
Other Income |
21,746,136 |
24,240,742 |
|
Total Revenues
|
2,317,704,415 |
2,101,106,695 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
2,181,558,453 |
1,961,403,234 |
|
Selling & Administrative Expenses |
92,838,026 |
82,238,709 |
|
Total Expenses |
2,274,396,479 |
2,043,641,943 |
|
Profit Before Income
Tax |
43,307,936 |
57,464,752 |
|
Income Tax |
[12,251,990] |
[19,708,749] |
|
Net Profit / [Loss] |
31,055,946 |
37,756,003 |
FINANCIAL NOTE
NOTE 1
Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Raw Material |
165,746,231 |
169,173,818 |
|
Works in Process |
26,313,299 |
21,069,899 |
|
Finished Goods |
34,178,565 |
43,150,551 |
|
Goods in Transit |
4,187,225 |
- |
|
Spare Part |
1,470,758 |
2,006,608 |
|
Total |
231,896,078 |
235,400,876 |
|
Less: Allowance for
Obsolescent Stock |
[22,618,600] |
[7,127,408] |
|
Total
|
209,277,478 |
228,273,468 |
NOTE 2
Other Current Assets
|
|
2005 |
2004 |
|
|
|
|
|
Prepaid Payment |
7,045,225 |
4,807,372 |
|
Prepaid Rental |
5,750,250 |
- |
|
Deposit |
3,792,624 |
- |
|
Other |
1,511,029 |
1,179,425 |
|
Total
|
18,099,128 |
5,986,797 |
NOTE 3
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Building & Improvement |
19,203,282 |
4,037,303 |
|
Machine & Equipment |
387,150,889 |
331,470,049 |
|
Furniture Fixture & Fitting, Office Equipment |
70,178,203 |
64,736,732 |
|
Vehicle |
68,500 |
68,500 |
|
Building under Construction & Machine under Installation |
15,250,871 |
4,807,673 |
|
Total |
491,851,745 |
405,120,257 |
|
Less: Depreciation |
[335,507,069] |
[313,106,931] |
|
Total
|
156,344,676 |
92,013,326 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
10.55 |
|
|
Operating Profit |
[31.83] |
|
|
Net Profit |
[17.75] |
|
|
Fixed Assets |
69.92 |
|
|
Total Assets |
8.83 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
95.02 |
94.44 |
|
Operating Profit Margin |
1.89 |
2.77 |
|
S & A
Expenses |
4.04 |
3.96 |
|
Other Revenues |
0.95 |
1.17 |
|
Net Profit Margin |
1.35 |
1.82 |
|
Earning Per Shares |
6.61 |
8.04 |
|
No. of Shares |
4,695,000 |
4,695,000 |
Net Sales was
increased by 10.55%,
Operating Profit was
decreased by 31.83%,
Net Profit was
decreased by 17.75%,
Fixed Assets was
increased by 69.92%,
Total Assets was
increased by 8.83%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 94.44%
to 95.02%, Operating
Profit Margin was
decreased from 2.77%
to 1.89%, S
& A Expenses
was increased from
3.96% to 4.04%,
Other Revenues was
decreased from 1.17%
to 0.95%, Net
Profit Margin was decreased
from 1.82% to
1.35%.
Earning Per Shares
was decreased from
8.04 baht per
share to 6.61
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.68 |
1.82 |
|
Quick-Assets Ratio |
1.30 |
1.39 |
Current Ratio was
decreased from 1.82
to 1.68, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.39 to 1.30, capacity to
pay Short Term
Loan was good
too, because Current
Assets without Inventory
can cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
1.10 |
1.04 |
D/E Ratio was
increased from 1.04
to 1.10, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
14.69 |
22.57 |
|
Total Assets Turnover |
1.94 |
1.91 |
|
Return on Assets |
2.63 |
3.48 |
|
Return on Equity |
5.51 |
7.09 |
|
Day's Payable |
81.68 |
80.16 |
|
Day’s Inventories |
32.81 |
39.57 |
|
Day’s Receivables |
63.09 |
49.83 |
Fixed Assets Turnover
was decreased from
22.57 times to
14.69 times, Total
Assets Turnover was
increased from 1.91
times to 1.94
times, show the
company could use
Assets so efficiently,
Return on Assets
was decreased from
3.48 to 2.63,
Return on Equity
was decreased from
7.09 to 5.51,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 81
days to 82
days, while Day’s
Inventories was decreased
from 40 days
to 33 days,
but Day’s Receivables
was increased from
50 days to
64 days.
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)