MIRA INFORM REPORT
|
Report Date : |
24.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
D I C GRAPHICS [THAILAND] CO LTD |
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|
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|
Formerly Known As : |
DAINIPPON
INK & CHEMICALS [THAILAND]
CO., LTD.] |
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Registered Office : |
21st Floor, Sermmit Tower, 159 Sukhumvit 21 Road, North Klongtoey, Wattana, Bangkok 10110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Year of Establishment : |
1960
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Com. Reg. No.: |
0105503001329 [Former :
198/2503] |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturer of Printing Ink & Chemicals |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$ 500,000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name
D I
C GRAPHICS [THAILAND] CO LTD.
[Former : DAINIPPON INK
& CHEMICALS [THAILAND]
CO., LTD.]
SUMMARY
BUSINESS ADDRESS : 21st FLOOR,
SERMMIT TOWER,
159 SUKHUMVIT
21 ROAD, NORTH
KLONGTOEY,
WATTANA, BANGKOK
10110, THAILAND
TELEPHONE : [66] 2260-6630-7
FAX : [66] 2260-6641-2
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1960
REGISTRATION NO.
: 0105503001329 [Former : 198/2503]
CAPITAL
REGISTERED : BHT. 537,000,000
CAPITAL
PAID-UP : BHT.
537,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
CHINJI YAMAUSHI, JAPANESE
MANAGING DIRECTOR
NO. OF
STAFF : 180
LINES OF
BUSINESS : PRINTING INK & CHEMICALS
MANUFACTURER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The subject was
established on September
30, 1960 as
a private limited
company under the registered
name “Thai Watana Industry
Co., Ltd.,” by
Japanese groups.
On
November 26, 1964,
the subject was
changed its name
to “Dainippon Ink &
Chemicals [Thailand] Co.,
Ltd.”, and was
changed its name
to be D T C GRAPHICS [THAILAND]
CO., LTD., on
April 1, 2008.
It is a subsidiary of
DIC Asia Pacific
Pte. Ltd., Singapore.
Its
business objective is a
manufacturer of printing
inks and chemicals
for printing industry.
It currently employs
approximately 180 staff.
The
subject achieved ISO
9002 certification for
the production’s quality
system from BVQI
on June 9,
1999.
The
subject’s registered address
is 21st Floor,
Sermmit Tower, 159
Sukhumvit 21 Road,
North Klongtoey, Wattana,
Bangkok 10110, and
this is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Mitsunobu Miyasaka |
Japanese |
55 |
|
Mr. Kornwit Namchuanchai |
Thai |
44 |
|
Mr. Chinji Yamaushi [x] |
Japanese |
60 |
|
Mr. Kazutaka Tai |
Japanese |
43 |
AUTHORIZED PERSON
Only
the above director
[x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Chinji Yamaushi
is the Managing Director.
He is Japanese nationality with
the age of
60 years old.
Mr. Mitsunobo Miyasaka
is the Planning Manager [Printing
Ink].
He is Japanese nationality with
the age of
55 years old.
Mr. Kazutaka Tai
is the Factory Manager.
He is Japanese nationality with
the age of
43 years old.
BUSINESS OPERATIONS
The
subject’s activity is
a manufacturer of printing
ink & chemicals, including
varnish color coating,
pigment, synthetic resin
and other printing
accessories.
MAJOR BRAND
“DIC” : Printing Ink
IMPORT [COUNTRIES]
Raw materials
and chemicals are imported from Japan, United Kingdom, Australia,
New Zealand, Singapore and Germany.
MAJOR SUPPLIERS
|
Company |
Country |
Products |
|
|
|
|
|
Dainippon Ink &
Chemical Incorporate |
Japan |
Printing Chemical |
|
Petchthai Chemical Co.,
Ltd. |
Thailand |
Chemical |
SALES [LOCAL]
95% of its products is distributed locally by
DIC International [Thailand]
Co., Ltd.
EXPORT
5% of the products is
exported to Japan
and Singapore.
SUBSIDIARIES &
AFFILIATED COMPANIES
Siam Algae
Co., Ltd.
Business Type: Distributor
of Dry Seaweed
Siam Chemical
Industry Co., Ltd.
Business Type: Distributor
of Synthetic Resin
DIC International [Thailand] Co., Ltd.
Business Type: Sole
Distributor of Printing Ink
& Chemicals
BRANCH
The
DIC Group global
networks are in
Singapore, Malaysia,
Philippine, Hong Kong,
Taiwan, U.S.A. and
United Kingdom.
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 by
cash or on
the credits term of
30-90-120 days.
Local bills are
paid by cash
or on the credit term
of 30 days.
Imports are by
L/C at sight or D/A
on the credit term of 120
days.
Exports are against
T/T.
BANKING
Sumitomo Mitsui
Banking Corporation
[Bangkok office,
138 Silom Rd.,
Suriyawongse, Bangrak, Bangkok]
Deutsche Bank
AG :
[Bangkok office,
208 Wireless Rd.,
Lumpini, Pathumwan, Bangkok
Bangkok Bank
Public Co., Ltd.
[Head office, 333 Silom
Rd., Silom, Bangrak,
Bangkok]
EMPLOYMENT
The subject employs
approximately 180 staff.
LOCATION DETAILS
The
premise is rented
for operating office
at the heading address in
a prime commercial
area.
The
factory is located
at 700/610 Moo
4, T. Bankao, A. Panthong, Chonburi 20160, Thailand.
Tel. : [66] 38 210-150-60, Fax.
: [66] 38 210-161,
38 210-165.
REMARK
CREDIT OF US$ 500,000
D/A SHOULD BE
IN ORDER.
COMMENT
The
company focused on strengthening its brand image
and boosting margins
as well as increasing the quantity of
products. Subject would
also be well
positioned to tap
growing demand for
its products in
the export markets.
Subject still maintains
its moderate business.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 4,000,000 divided into
4,000 shares of
Bht. 1,000 each.
The
capital was increased
later as followings
:
Bht. 7,200,000 on September 19,
1979
Bht. 7,500,000 on March 31,
1981
Bht. 11,250,000 on December 8,
1996
Bht. 20,000,000 on August 8,
1996
Bht. 100,000,000 on June 25,
1998
Bht. 357,000,000 on October 27,
2003
Bht. 537,000,000 on December 8,
2004
The
latest registered capital
was increased to
Bht. 537,000,000 divided
into 537,000 shares
of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
: [as at March 28,
2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
DIC Asia
Pacific Pte. Ltd. Nationality: Singaporean Address : 78
Shenton Way, Singapore |
516,875 |
96.25 |
Mr. Chuchai Namchuanchai
Nationality: Thai Address : 1806/34
Rama 6 Rd.,
Rongmuang,
Pathumwan, Bangkok |
6,667 |
1.24 |
Mr. Kornwit Namchuanchai
Nationality: Thai Address : 204/1
Yenarkart 2 Rd.,
Chongnonsi, Yannawa, Bangkok |
6,667 |
1.24 |
|
Mr. Chukiat
Namchuanchai Nationality: Thai Address : 74/4
Yenarkart 2 Rd.,
Chongnonsi,
Yannawa, Bangkok |
6,666 |
1.24 |
|
Mr. Mitsunobo
Miyasaka Nationality: Japanese Address : Singapore |
75 |
|
|
Mr.
Kazutaka Tai Nationality: Japanese Address : 700/610
Moo 4, Bankao,
Panthong, Chonburi |
25 |
=0.03 |
|
Mr. Chinji Yamaushi
Nationality: Japanese Address : 2-2-19
Kita, Odegawa, Japan |
25 |
|
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Ms. Orawan Siriwatanawong No. 3757
BALANCE SHEET [BAHT]
The latest financial figures published as at
December 31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
751,201 |
1,351,554 |
|
Trade Accts. Receivable - Related Company |
352,815,696 |
288,710,763 |
|
Short-term Loan to
Related Company |
250,274,572 |
195,067,489 |
|
Inventories [note 1] |
137,219,768 |
151,983,862 |
|
Other Current Assets
[note 2] |
6,257,878 |
13,775,686 |
|
|
|
|
|
Total Current
Assets |
747,319,115 |
650,889,354 |
|
Investment accounted for under
Equity Method |
126,502,930 |
109,532,312 |
|
Other Long-term Loan |
68,600,000 |
68,600,000 |
|
Fixed Assets |
401,491,243 |
444,443,634 |
|
Intangible Assets |
7,673,094 |
10,645,338 |
|
Golf Membership Fee |
400,000 |
400,000 |
|
Deposit |
132,600 |
328,600 |
|
Total Assets |
1,352,118,982 |
1,284,839,238 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft |
2,483,589 |
- |
|
Trade Accts. Payable |
97,469,827 |
94,938,827 |
|
Trade Accts. &
Other Payable -
Parent Company &
Related Company |
131,650,599 |
150,140,811 |
|
Accrued Income Tax |
576,530 |
5,044,889 |
|
Other Current Liabilities |
10,893,220 |
11,621,976 |
|
|
|
|
|
Total Current
Liabilities |
243,073,765 |
261,746,503 |
|
Employee’s Pension Fund |
5,066,585 |
5,144,309 |
|
Total Liabilities |
248,140,350 |
266,890,812 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 537,000 shares |
537,000,000 |
537,000,000 |
|
|
|
|
|
Capital Paid |
537,000,000 |
537,000,000 |
|
Premium on Share
Capital |
1,800,000 |
1,800,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
25,800,000 |
20,600,000 |
|
Unappropriated |
539,378,632 |
458,548,426 |
|
Total
Shareholders' Equity |
1,103,978,632 |
1,017,948,426 |
|
Total
Liabilities & Shareholders' Equity |
1,352,118,982 |
1,284,839,238 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
1,002,508,874 |
905,244,602 |
|
Share of Profit
from Investment accounted
for under Equity
Method |
20,810,617 |
18,418,440 |
|
Gain from Disposal
of Land, Building
& Equipment |
179,457 |
24,472,416 |
|
Other Income |
14,950,349 |
8,583,133 |
|
Total Revenues
|
1,038,449,297 |
956,718,591 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
882,859,105 |
859,148,336 |
|
Selling & Administrative Expenses |
14,580,750 |
12,541,626 |
|
Provision for Goods
Obsolescence & Slow
Moving |
181,371 |
6,424,144 |
|
Total Expenses |
897,621,226 |
878,114,106 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses &
Income Tax |
140,828,071 |
78,604,485 |
|
Interest Expenses |
[8,088] |
- |
|
Income Tax |
[9,144,777] |
[11,500,191] |
|
|
|
|
|
Net Profit / [Loss] |
131,675,206 |
67,104,294 |
FINANCIAL NOTE
NOTE 1
Inventories
[Thousand Baht]
|
|
2006 |
2005 |
|
|
|
|
|
Finished Goods |
58,459 |
60,075 |
|
Work in Process |
6,282 |
8,618 |
|
Raw Material & Material Supplies |
77,303 |
76,639 |
|
Raw Material & Material
in Transit |
716 |
17,769 |
|
Total |
142,760 |
163,101 |
|
Less: Allowance
for Obsolescent Stock |
[5,540] |
[11,117] |
|
Total
|
137,220 |
151,984 |
NOTE 2
Other Current Assets
[Thousand Baht]
|
|
2006 |
2005 |
|
|
|
|
|
Advanced Paid |
2,183 |
10,749 |
|
Prepaid Expenses |
2,819 |
1,230 |
|
Deferred Income from
Related Company |
615 |
380 |
|
Others |
641 |
1,417 |
|
Total
|
6,258 |
13,776 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
10.74 |
|
|
Operating Profit |
49.75 |
|
|
Net Profit |
96.22 |
|
|
Fixed Assets |
[9.66] |
|
|
Total Assets |
5.24 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
88.06 |
94.91 |
|
Operating Profit Margin |
14.07 |
9.39 |
|
S & A
Expenses |
1.45 |
1.39 |
|
Interest Paid |
0.00 |
0.00 |
|
Other Revenues |
3.59 |
5.69 |
|
Net Profit Margin |
13.13 |
7.41 |
|
Earning Per Shares |
245.21 |
124.96 |
|
No. of Shares |
537,000 |
537,000 |
Net Sales was
increased by 10.74%,
Operating Profit was
increased by 49.75%,
Net Profit was
increased by 96.22%,
Fixed Assets was
decreased by 9.66%,
Total Assets was
increased by 5.24%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 94.91%
to 88.06%, Operating
Profit Margin was
increased from 9.39%
to 14.07%, S
& A Expenses
was increased from
1.39% to 1.45%,
Interest Paid was increased
from 0.00% to
0.00%, Other Revenues
was decreased from
5.69% to 3.59%,
Net Profit Margin
was increased from
7.41% to 13.13%.
Earning Per Shares
was increased from
124.96 baht per
share to 245.21
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
3.07 |
2.49 |
|
Quick-Assets Ratio |
2.48 |
1.85 |
Current Ratio was
increased from 2.49
to 3.07, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.85 to 2.48,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.22 |
0.26 |
|
Times Interest Earned |
17,434.40 |
0.00 |
D/E Ratio was
decreased from 0.26
to 0.22, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was increased from
0.00 to 17,434.40,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
2.50 |
2.04 |
|
Total Assets Turnover |
0.74 |
0.70 |
|
Return on Assets |
9.74 |
5.22 |
|
Return on Equity |
11.93 |
6.59 |
|
Day's Payable |
35.00 |
37.76 |
|
Day’s Inventories |
49.28 |
60.44 |
Fixed Assets Turnover
was increased from
2.04 times to
2.50 times, Total
Assets Turnover was
increased from 0.70
times to 0.74
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
5.22 to 9.74,
Return on Equity
was increased from
6.59 to 11.93,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 38
days to 36
days, and Day’s
Inventories was decreased
from 61 days
to 50 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.41.96 |
|
UK Pound |
1 |
Rs.83.78 |
|
Euro |
1 |
Rs.65.82 |
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. |
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%)