MIRA
INFORM REPORT
|
Report Date : |
25.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
MODERN DYESTUFFS & PIGMENTS CO., LTD. |
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Registered Office : |
2nd Floor, Town
In |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1990 |
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Com. Reg. No.: |
0105533000223 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer of dyestuff
& pigment. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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
MODERN DYESTUFFS & PIGMENTS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 2nd FLOOR, TOWN
IN
324 LADPRAO
94 ROAD, WANGTHONGLANG,
TELEPHONE : [66] 2530-3890-5,
2539-4619
FAX : [66] 2539-2488
E-MAIL ADDRESS : mdp@moderndyestuffs.com.
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1990
REGISTRATION NO. : 0105533000223 [Former : 22/2533]
CAPITAL
REGISTERED : BHT.
450,000,000
CAPITAL
PAID-UP : BHT.
450,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
RICHARD L.H. WU,
TAIWANESE
MANAGING DIRECTOR
NO. OF
STAFF : 200
LINES OF
BUSINESS : DYESTUFFS &
PIGMENTS
MANUFACTURER &
EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on January
2, 1990 as
a private limited
company under the
name style MODERN
DYESTUFFS & PIGMENTS
CO., LTD. by
Thai - Taiwanese groups. MDP
has set up
its excellent fundamental
through the continuously
utilizing of advanced technologies and modern
equipment together with
computerized management system
to manufacture dyestuffs
and pigments products for
both domestic and
export market with
the promotional privilege
granted by the
Board of Investment
in June 1990. The
subject currently employs
approximately 200 staff.
It is one
of the leading
dye manufacturers in
Asia, specializing in
leather, textile & paper dyes.
Its products are
currently under production and
free from banned
amines in order
to comply with
the German’s legislature
in term of
product compassion.
Awards / Certifications
In 1997 :
ISO 9001 achievement
award was obtained.
In 2001 :
ISO 14001 achievement
award was obtained
In 2002 : Overseas Taiwanese SMEs Award was
obtained.
The subject’s registered
address is 324
Town In Town
Building, Ladprao 94
Rd., Wangthonglang, Bangkok
10310, and this
is the company’s
current operation address.
THE BOARD
OF DIRECTORS
Name
|
Nationality
|
Age
|
|
|
|
|
|
Mr. Sanan Eksaengkul |
Thai |
51 |
|
Mr. Huang Tsue
Ming |
Taiwanese |
50 |
|
Mrs. Wu Chen
Li Hsoen |
Taiwanese |
58 |
|
Mr. Richard L.H.
Wu [x] |
Taiwanese |
61 |
|
Mr. Wu Shih
Chieh |
Taiwanese |
61 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Richard
L.H. Wu is
the Managing Director.
He is Taiwanese
nationality with the
age of 61
years old.
He has been in
this position since
1990.
Ms. Samorn
Wongwattanakul is the
Marketing Manager.
She is Thai
nationality.
Mr. Vorasith Wongphadungtham is
the Factory Manager.
He is Thai
nationality.
Ms. Jintana
Prasutchai is the
Account & Finance
Manager.
She is Thai
nationality.
Mr. Boonlue
Aksornlertsawad is the
Administration Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer of
dyestuff & pigment.
Its products consist
of leather dyes,
acid dyes, direct
dyes, reactive dyes,
paper dyes, de-colour
agent [DCA] and
moderlon dyes.
The production
plant is divided
into five stage,
R&D, Pilot Testing, Production, Quality
Assurance and Waste
Treatment.
MAJOR BRAND
“M D P”
PRODUCTION
Dyestuff : 10,000
tons/year
PURCHASE
70% of raw materials
mainly dyestuff intermediates
and chemical including
machinery are imported
from Japan, India, China,
Taiwan, Singapore &
European countries, and
the remaining of
30% is purchased
locally.
SALES [LOCAL]
20% of its
products is distributed
locally by Current
Tech Co., Ltd.,
the subject’s affiliated
company.
EXPORT [COUNTRY]
80% of the
products is exported
to approximately 200 customers
in 70 countries,
such as Japan, Taiwan, Philippines,
Spain, United States
of America., Italy,
Singapore, Republic of
China, Indonesia, Brazil,
United Kingdom, Australia,
Germany & Middle East Countries.
BRANCH OFFICE
SUBSIDIARIES &
AFFILIATED COMPANY
Current Tech
Co., Ltd.
Country :
Business Type : Sole
distributor of dyestuff
and pigments
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 are on
the credits term
of 30-60-90 days.
Local bills are
paid on the
credits term of
30-60 days.
Imports are by
L/C on the
credit term of
180 days &
T/T.
Exports are against
L/C at sight
or on the
credit term of
180 days & T/T.
BUSINESS TRANSACTION
In term
of sales, the
products are sold
by credit with
the maximum credit
given at 90-180
days. Though, the
subject is found
to have delayed
payment by some
customers but there is
no problem on
its account receivable.
BANKING
The Standard
Chartered Bank
[
Krung Thai
Bank Public Co., Ltd.
[Srinakarin Branch
:
EMPLOYMENT
The subject employs
approximately 200 staff. [office
staff, sales staff
& factory workers]
LOCATION DETAILS
The premise is
rented for administrative office
on 2nd Floor,
in a 6
storey building on
approximately 80 square
meters at the
heading address in
commercial/residential area. It
is small but
good looking in
a pleasant environment.
The factory is located at Eastern Seaboard, 688/3 Moo 1,
Tel : [66]
38 201-442-5 Fax :
[66] 38 201-028.
The total area
of factory 1
and 2 are
on 102,400 square meters
piece of land,
and also located
in the eastern
coast of the
gulf of Thailand.
COMMENT
The subject has
set up its excellent
fundamental through the
continuous utilizing of
advanced technology and
modern equipment together
with computerized management
system. As well, it
has technical cooperation
with the traditional
dye manufacturers from
Europe, Japan and
Taiwan.
As one of
the most sophisticated
and advanced production
plants, the subject
has been trusted
by its customers
around the world.
FINANCIAL INFORMATION
The capital was
registered at Bht.
25,000,000 divided into
250,000 shares of
Bht. 100 each.
Capital was increased
later as followings
:
Bht. 50,000,000
on March 27,
1990
Bht. 100,000,000
on October 26,
1994
Bht. 150,000,000
on September 22,
1997
Bht. 200,000,000
on May 13,
1999
Bht. 250,000,000
on May 9,
2000
Bht. 400,000,000 on
April 4, 2002
Bht. 450,000,000
on February 19,
2004
The latest registered
capital was increased
to Bht. 450,000,000
divided into 45,000,000
shares of Bht.
10 each with
fully paid.
MAIN SHAREHOLDERS
: [as at May 31,
2006]
|
NAME |
HOLDING |
% |
|
Mr. Richard
L.H. Wu Nationality : Taiwanese Address : 48
Lane 198 Tong-Der
12 Rd., |
14,621,141 |
32.49 |
|
Mrs. Wu
Chen Li Hsoen Nationality : Taiwanese Address : 48
Lane 198 Tong-Der
12 Rd., |
8,544,500 |
18.99 |
|
Ms. Yula Supachaikosol Nationality : Thai Address : 33/6
moo 18, Thaphao,
Banpong, Ratchburi |
7,260,000 |
16.13 |
|
Ms. Ching Chue
Wu Nationality : Taiwanese Address : 324 Ladprao 94
Rd., Wangthonglang, |
4,177,745 |
9.28 |
|
Mr. Chai Cheng
Fu Nationality : Taiwanese Address : 48
Lane 198 Tong-Der
12 Rd., Tuayarn,
|
1,793,707 |
3.99 |
|
Mr. Wu
Chue Chia Nationality : Taiwanese Address : 10
Nee-Hoo, |
1,188,141 |
2.64 |
|
Mr. Huang
Chue Ming Nationality : Taiwanese Address : |
1,122,224 |
2.49 |
|
Other Shareholders |
6,292,542 |
13.99 |
Total Shareholders
53
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Ms. Tipawal Nananuwat
No. 3459
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
16,869,690 |
33,911,095 |
|
Trade Accounts &
Notes Receivable Related Company
[note 1] |
40,842,947 |
23,647,277 |
|
Other Company |
195,304,221 |
166,894,591 |
|
Total Trade Accounts &
Notes Receivable-net |
236,147,168 |
190,541,868 |
|
Short-term Loan to
Related Company |
28,500,000 |
24,500,000 |
|
Inventories
[note 2] |
260,627,767 |
267,685,086 |
|
Refundable Input Tax |
1,055,565 |
2,451,445 |
|
Other Current Assets
|
1,675,991 |
4,774,114 |
|
|
|
|
|
Total Current
Assets |
544,876,181 |
523,863,608 |
|
Loan & Deferred
Interest |
- |
60,206,370 |
|
Fixed Assets
[note 3] |
432,243,298 |
463,683,089 |
|
Intangible Assets |
15,852,509 |
11,459,273 |
|
Other Assets - Deposit |
127,300 |
313,314 |
|
Total Assets
|
993,099,288 |
1,059,525,654 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
194,577,451 |
213,905,000 |
|
Trust Receipt Payable |
72,429,667 |
72,000,818 |
|
Trade Accounts Payable |
85,182,189 |
68,051,844 |
|
Current Portion of
Long-term Loan |
74,326,682 |
72,686,882 |
|
Accrued Expenses |
14,600,382 |
13,880,682 |
|
Other Current Liabilities |
1,455,434 |
1,895,532 |
|
|
|
|
|
Total Current
Liabilities |
442,571,805 |
442,420,758 |
|
Long-term Loan - Net of Current
Portion |
64,060,185 |
104,799,964 |
|
Total Liabilities |
506,631,990 |
547,220,722 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 45,000,000 shares |
450,000,000 |
450,000,000 |
|
|
|
|
|
Capital Paid |
443,323,282 |
412,500,000 |
|
Retained Earning Appropriated -
Statutory Reserve
|
13,962,341 |
9,293,920 |
|
Unappropriated |
29,181,675 |
90,511,012 |
|
Total
Shareholders' Equity |
486,467,298 |
512,304,932 |
|
Total
Liabilities & Shareholders' Equity |
993,099,288 |
1,059,525,654 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
723,836,698 |
652,562,304 |
|
Interest Income |
|
|
|
Other Income |
4,676,954 |
6,224,613 |
|
Total Revenues
|
728,513,652 |
658,786,917 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
584,456,972 |
524,196,405 |
|
Selling & Administrative Expenses |
91,920,324 |
95,175,813 |
|
Total Expenses |
676,377,296 |
619,372,218 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses |
52,136,356 |
39,414,699 |
|
Interest Expenses |
[20,097,272] |
[7,505,739] |
|
|
|
|
|
Net Profit / [Loss] |
32,039,084 |
31,908,960 |
FINANCIAL NOTES
NOTE 1
Trade Accts. & Notes Receivable
|
|
2005 |
2004 |
|
|
|
|
|
Other Receivable |
196,180,936 |
167,315,773 |
|
Less: Allowance for
Doubtful Account |
[876,715] |
[421,182] |
|
Receivable & Notes Receivable - Other Company |
195,304,221 |
166,894,591 |
|
Receivable & Notes Receivable - Related Company |
40,842,947 |
23,647,277 |
|
Total |
236,147,168 |
190,541,868 |
NOTE 2
Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Finished Goods |
165,292,238 |
153,271,350 |
|
Goods in Manufacturing |
280,906 |
7,496,762 |
|
Raw Material |
71,283,525 |
105,349,686 |
|
Raw Material in
Transit |
23,966,310 |
8,305,604 |
|
Packaging |
2,619,844 |
- |
|
Total |
263,442,823 |
274,423,402 |
|
Less :
Reserve for Stock Obsolescence |
[2,815,056] |
[6,738,316] |
|
Total |
260,627,767 |
267,685,086 |
NOTE 3
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land |
44,996,939 |
44,996,939 |
|
Building |
151,008,616 |
148,285,430 |
|
Machinery & Equipment |
490,282,130 |
330,225,507 |
|
Furniture & Equipment |
19,993,185 |
19,246,719 |
|
Vehicle |
10,245,862 |
9,738,066 |
|
Works Under Construction |
- |
147,416,055 |
|
Total |
716,526,732 |
699,908,716 |
|
Less :
Depreciation |
[284,283,434] |
[236,225,627] |
Total
|
432,243,298 |
463,683,089 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
10.92 |
|
|
Operating Profit |
19.25 |
|
|
Net Profit |
0.41 |
|
|
Fixed Assets |
[6.78] |
|
|
Total Assets |
[6.27] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
80.74 |
80.33 |
|
Operating Profit Margin |
7.20 |
6.04 |
|
S & A Expenses |
12.70 |
14.58 |
|
Interest Paid |
2.78 |
1.15 |
|
Other Revenues |
0.65 |
0.95 |
|
Net Profit Margin |
4.43 |
4.89 |
|
Earning Per Shares |
0.71 |
0.71 |
|
No. of Shares |
45,000,000 |
45,000,000 |
Net Sales was
increased by 10.92%,
Operating Profit was
increased by 19.25%,
Net Profit was
increased by 0.41%,
Fixed Assets was
decreased by 6.78%,
Total Assets was
decreased by 6.27%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 80.33%
to 80.74%, Operating
Profit Margin was
increased from 6.04%
to 7.20%, S
& A Expenses
was decreased from
14.58% to 12.70%,
Interest Paid was increased
from 1.15% to
2.78%, Other Revenues
was decreased from
0.95% to 0.65%,
Net Profit Margin
was decreased from
4.89% to 4.43%.
Earning Per Shares
was increased from
0.71 baht per
share to 0.71
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.23 |
1.18 |
|
Quick-Assets Ratio |
0.64 |
0.56 |
Current Ratio was
increased from 1.18
to 1.23, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.56 to 0.64,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
1.04 |
1.07 |
|
Times Interest Earned |
2.59 |
5.25 |
D/E Ratio was
decreased from 1.07
to 1.04, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the company is
medium, Times Interest
Earned was decreased
from 5.25 to
2.59, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
1.67 |
1.41 |
|
Total Assets Turnover |
0.73 |
0.62 |
|
Return on Assets |
3.23 |
3.01 |
|
Return on Equity |
6.59 |
6.23 |
|
Day's Payable |
42.37 |
37.54 |
|
Day’s Inventories |
129.62 |
147.67 |
|
Day’s Receivables |
97.13 |
92.07 |
Fixed Assets Turnover
was increased from
1.41 times to
1.67 times, Total
Assets Turnover was
increased from 0.62
times to 0.73
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
3.01 to 3.23,
Return on Equity
was increased from
6.23 to 6.59,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 38
days to 43
days, while Day’s
Inventories was decreased
from 148 days
to 130 days,
but Day’s Receivables
was increased from
93 days to
98 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%)