MIRA
INFORM REPORT
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Report Date : |
22.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
HWATAI
INDUSTRY COMPANY LIMITED |
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Registered Office : |
582 Moo 14,
Bangpoo Industrial Estate, Sukhumvit Road,
Praeksa, Muang,
Samutprakarn 10280 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
06.11. 1991 |
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Com. Reg. No.: |
0105534105606 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and
Exporter of Dyestuffs |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
HWATAI
INDUSTRY COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 582
MOO 14, BANGPOO
INDUSTRIAL ESTATE,
SUKHUMVIT ROAD,
PRAEKSA, MUANG,
SAMUTPRAKARN 10280,
THAILAND
TELEPHONE : [66] 2709-4996-8, 2709-6991-3
FAX : [66] 2709-3946,
2323-0868
E-MAIL
ADDRESS : sales@hwa-tai.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1991
REGISTRATION NO. : 0105534105606
CAPITAL REGISTERED : BHT. 158,000,000
CAPITAL PAID-UP : BHT. 158,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. PASITH APITHANOTHAI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 60
LINES
OF BUSINESS : DYESTUFFS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was established
on November 6,
1991 as a
private limited company
under the name
style HWATAI INDUSTRY
COMPANY LIMITED, by
jointed investment with
Taiwan Dyestuff &
Chemical Corp., and
Allied Industrial Corp.,
Ltd. in Taiwan,
in order to
manufacture and distribute
wide range of
dyestuff to both
domestic and international markets. It currently
employs approximately 60
staff.
It
achieved the ISO
9002 : 1994 certification, with
the certificate No. B2000-013 by BQR & ANSI-RAB.
The
subject’s registered address
is 582 Moo 14, Bangpoo
Industrial Estate, Sukhumvit
Rd., Praeksa, Muang,
Samutprakarn 10280, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
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Nationality |
Age |
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Mr. Pasith Apithanothai |
[x] |
Thai |
53 |
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Mr. Chue Wei Chang |
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Taiwanese |
39 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign on behalf
of the subject with company’s
affixed.
MANAGEMENT
Mr. Pasith Apithanothai is
the Managing Director.
He is Thai nationality with
the age of
53 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and distributing wide
range of dyestuffs,
such as acid
dyes, disperse dyes,
direct dyes, reactive
dyes and leather
dyes, as well
as importing and
distributing of some
other dyestuffs.
PURCHASE
Most of raw
materials are purchased
from local suppliers,
the remaining as
well as finished
products and machinery
are imported from
Taiwan.
MAJOR SUPPLIER
Taiwan
Dyestuff & Chemical Corp.
: Taiwan
SALES
80% of the products is
sold locally by
wholesale to dealers,
manufacturers and end-users,
and the remaining
20% is exported to Republic
of China and
Taiwan.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor affiliated company
here in Thailand.
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 30-60 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
Banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs approximately 60 staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading address. Premise
is located in
industrial area.
Shanghai
Branch : Room
24C, Mingguang Bldg.,
1279 Dingxi Rd.,
Shanghai, Republic of
China.
REMARK
CREDIT
OF US$ 500,000 SHOULD
BE ON SECURED BASIS.
COMMENT
The
subject’s business performance has been slowing down
from declined consumption
in domestic market.
Its business trend is
growing slow.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000
shares of Bht. 100 each.
The
capital was increased
later as following:
Bht. 45,000,000 on January
13, 1992
Bht. 115,000,000 on June 27,
1994
Bht. 158,000,000 on November
29, 1999
The
latest registered capital
was increased to
Bht. 158 million divided
into 15,800,000 shares
of Bht. 10
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as
at May 29, 2007]
|
NAME |
HOLDING |
% |
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Mr. Pasith Apithanothai Nationality: Thai Address : 701/1606
Pattanakarn 30 Rd.,
Suanluang, Bangkok |
7,900,000 |
50.00 |
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Mr. Chue Wei
Chang Nationality: Chinese Address : 17
Kungyang Rd., Taipei,
Taiwan |
2,370,000 |
15.00 |
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Mrs. Chue Hui
Chung Nationality: Chinese Address : 17
Kungyang Rd., Taipei,
Taiwan |
2,370,000 |
15.00 |
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Ms. Thawalrat Kongsombatcharoen Nationality: Thai Address : 135/70
Moo 3, Pravet,
Bangkok |
790,000 |
5.00 |
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Ms.
Sathaporn Yingyongnarongkul Nationality: Thai Address : 45
Moo 7, Bangkrasob, Phrapradaeng, Samutprakarn |
790,000 |
5.00 |
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Mrs.
Peeraporn Polsiri Nationality: Thai Address : 45
Moo 7, Bangkrasob, Phrapradaeng,
Samutprakarn |
790,000 |
5.00 |
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Mrs.
Monthathip Saengyenying Nationality: Thai Address : 87/3
Moo 12, Songkanong, Phrapradaeng,
Samutprakarn |
790,000 |
5.00 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Paripach Limpraprutkul No.
3112
BALANCE SHEET [BAHT
The 2006-2007, financial
statements were not
available during this
investigation.
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
|
126,831.79 |
33,595.82 |
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Short Term Investment |
- |
5,000,000.00 |
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Receivable |
10,083,051.60 |
20,774,151.08 |
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Inventories |
69,024,660.68 |
74,298,946.12 |
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Other Current Assets
|
1,191,563.83 |
1,840,181.17 |
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Total Current
Assets |
80,426,107.90 |
101,946,874.19 |
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Cash at Bank under Commitment |
4,811,824.96 |
4,758,623.01 |
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Investment in Associated Company |
420,000.00 |
420,000.00 |
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Long Term Loan
to Person or
Related Company |
- |
8,179,954.02 |
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Fixed Assets |
56,044,817.56 |
61,159,738.51 |
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Progress Development |
9.00 |
386,942.42 |
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Other Assets |
355,500.00 |
228,000.00 |
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Total Assets |
142,058,259.42 |
177,080,132.15 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
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Bank Overdraft &
Loan from Bank |
64,057,001.76 |
83,091,073.07 |
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Notes Payable |
4,177,696.80 |
- |
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Payable |
10,597,941.13 |
20,154,096.30 |
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Current Portion of Hire-purchase Payable |
255,000.00 |
315,741.72 |
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Loan from Person or
Related |
339,687.38 |
392,025.00 |
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Other Current Liabilities |
1,565,941.91 |
4,743,444.67 |
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Total Current
Liabilities |
80,993,268.98 |
108,696,380.76 |
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Hire-purchase Payable |
637,500.00 |
- |
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Total Liabilities |
81,630,768.98 |
108,696,380.76 |
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Shareholders'
Equity |
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Share capital : Baht 10 par value
authorized, issued
and fully paid share
capital 15,800,000 shares |
158,000,000.00 |
158,000,000.00 |
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Capital Paid |
158,000,000.00 |
158,000,000.00 |
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Retained Earning -
Unappropriated |
[97,572,509.56] |
[89,616,248.61] |
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Total
Shareholders' Equity |
60,427,490.44 |
68,383,751.39 |
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Total
Liabilities & Shareholders' Equity |
142,058,259.42 |
177,080,132.15 |
PROFIT & LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Sales |
161,603,459.51 |
203,034,978.05 |
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Other Income |
2,743,390.30 |
583,446.91 |
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Total Revenues
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164,346,849.81 |
203,618,424.96 |
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Expenses |
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Cost of Goods
Sold |
152,945,913.03 |
185,570,184.80 |
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Selling & Administrative Expenses |
14,489,404.78 |
13,767,447.95 |
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Interest Expenses |
4,867,792.95 |
4,099,337.18 |
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Total Expenses |
172,303,110.76 |
203,436,969.93 |
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Net Profit / [Loss] |
[7,956,260.95] |
181,455.03 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)