MIRA
INFORM REPORT
|
Report Date : |
21.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
MODERN
DYESTUFFS & PIGMENTS
CO., LTD. |
|
|
|
|
Registered Office : |
2nd
Floor, Town In |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
02.01.1990 |
|
|
|
|
Com. Reg. No.: |
0105533000223 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor & exporter of dyestuffs & pigments |
|
|
|
|
No. of Employees : |
200 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
MODERN DYESTUFFS & PIGMENTS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 2nd FLOOR, TOWN
IN TOWN BUILDING,
324 LADPRAO
94 ROAD, WANGTHONGLANG,
BANGKOK 10310,
THAILAND
TELEPHONE : [66] 2530-3890-5,
2539-4619
FAX :
[66] 2539-2488,
2530-7612
E-MAIL
ADDRESS : mdp@moderndyestuffs.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1990
REGISTRATION
NO. : 0105533000223 [Former : 22/2533]
TAX
ID NO. : 3101809978
CAPITAL REGISTERED : BHT. 450,000,000
CAPITAL PAID-UP : BHT.
450,000,000
SHAREHOLDER’S PROPORTION : THAI : 48.69%
FOREIGN :
51.31%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
LUECHA UPRAPAKORN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 200
LINES
OF BUSINESS : DYESTUFFS &
PIGMENTS
MANUFACTURER, DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
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
approximate 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 2nd Flr.,
Town In Town
Building, 324 Ladprao
94 Rd., Wangthonglang, Bangkok
10310, and this
is the company’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Wu Chen
Li Hsia |
|
Taiwanese |
63 |
|
Mr. Luecha Uprapakorn [Richard, L.H. Wu] |
[x] |
Thai |
66 |
|
Ms. Emika Uprapakorn |
|
Thai |
29 |
Note:
Mr. Richard, L.H. Wu changed his name to Mr. Luecha Uprapakorn, on April 28, 2010.
AUTHORIZED PERSON
Only the mentioned
director [x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Luecha Uprapakorn [Richard L.H.
Wu] is the
Managing Director.
He is Thai
nationality with the
age of 66
years old.
He has been
in this position
since 1990.
Ms. Samorn Wongwattanakul is
the Marketing Manager.
She is Thai
nationality.
Ms. Jintana Prasutchai
is the Account
& Finance Manager.
She is
Thai nationality.
Mr. Boonlue Aksornlertsawad is
the G.M. and
Factory Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer
of dyestuff and
pigment. Its products
consist of leather
dyes, textile dyes, PU
dyes, dyes for inkjet,
pigment, aluminium dyes,
nanotech chemical, finishing
[wool & leather coating and
liquid chemical].
MAJOR BRAND
“M D P”
PRODUCTION
Dyestuff : 10,000
tons/year
PURCHASE
50% of raw materials
mainly dyestuff intermediates
and chemical are
imported from Japan, India,
Republic of China, Taiwan, Singapore, Switzerland, United States of America and
Germany, and another
50% is purchased
from local suppliers.
MAJOR SUPPLIER
BASF [Thai] Ltd. : Thailand
SALES [LOCAL]
20% of the
products is distributed
locally by Current Tech Co., Ltd., the
subject’s affiliated company.
EXPORT [COUNTRY]
80% of the
products is exported
to over 200
customers in 70
countries worldwide, such
as Japan, Taiwan, Philippines,
Spain, United States
of America, Italy,
Singapore, Vietnam, Republic of China, Indonesia,
Brazil, United Kingdom,
Australia, Germany, New Zealand,
and Africa.
MAJOR CUSTOMER
Organic Dyestuffs Corporation : U.S.A.
Hong Phat New
Trading Co., Ltd. : Vietnam
Four Colors Acquisitions Inc. : U.S.A.
BRANCH OFFICE
Taipei, Taiwan
SUBSIDIARY & AFFILIATED COMPANY
Current Tech Co., Ltd.
Country : Thailand
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
T/T.
BANKING
Kasikornbank Public
Co., Ltd.
Krung Thai Bank
Public Co., Ltd.
[Srinakarin Branch
: Srinakarin Rd.,
Praves, Bangkok 10250]
EMPLOYMENT
The subject employs
approximately 200 staff. [office, sales
staff and 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.
Premise is located
in commercial/residential area.
The factory is
located at Eastern
Seaboard, 688/3 Moo 1, Cholburi-Rayong Road, T.
Klongkiw, A. Banbueng,
Cholburi. Tel. : [66]
38 742-324, 38 742-462-3,
38 158-864-8 Fax
: [66] 38
742-325.
The total area
of factory is on
102,400 square meters plot
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.
Subject remains one of
the world leaders
in high quality dyestuffs and
pigment industries.
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. 200,000,000 on May
13, 1999
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
April 18, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Luecha Uprapakorn Nationality : Thai Address : 324
Ladprao 94 Rd.,
Pubpla, Wangthonglang, Bangkok |
17,939,556 |
39.87 |
|
Mrs. Wu Chen Li Hsia Nationality : Taiwanese Address : 324
Ladprao 94 Rd.,
Pubpla,
Wangthonglang, Bangkok |
9,623,767 |
21.39 |
|
Mr. Wu Chong Cher Nationality: Taiwanese Address : 324
Ladprao 94 Rd.,
Pubpla,
Wangthonglang, Bangkok |
3,585,570 |
7.97 |
|
Ms. Wu Pin Chee Nationality : Taiwanese Address : 324
Ladprao 94 Rd.,
Pubpla,
Wangthonglang, Bangkok |
3,449,087 |
7.66 |
|
Ms. Emika Uprapakorn Nationality : Thai Address : 324
Ladprao 94 Rd.,
Pubpla,
Wangthonglang, Bangkok |
3,403,595 |
7.56 |
|
Mr. Chai Cheng
Fu Nationality: Taiwanese Address : 48
Lane 198 Dong-Der
Rd., Taoyuan, Taiwan |
2,050,000 |
4.55 |
|
Other Shareholders |
4,948,425 |
11.00 |
Total Shareholders : 43
Share Structure [as
at April 18,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Foreign |
25 |
23,091,421 |
51.31 |
|
Thai |
18 |
21,908,579 |
48.69 |
|
Total |
43 |
45,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Tipawal Nananuwat
No. 3459
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2011
& 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Cash and Cash
Equivalents |
6,709,467 |
27,227,198 |
|
Trade Accounts & Other Receivable |
164,521,728 |
230,975,181 |
|
Short-term Loan |
17,200,000 |
21,200,000 |
|
Inventories
|
395,226,765 |
340,180,456 |
|
Other Current Assets
|
6,640,974 |
22,586,834 |
|
|
|
|
|
Total Current Assets
|
590,298,934 |
642,166,669 |
|
Fixed Assets |
289,049,791 |
274,494,175 |
|
Intangible Assets |
100,027,470 |
83,434,988 |
|
Other Assets - Deposit |
616,130 |
557,830 |
|
Total Assets |
979,992,325 |
1,000,653,662 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
276,176,402 |
286,555,982 |
|
Trade Accounts Payable
& Other Payable |
83,868,555 |
158,098,206 |
|
Current Portion of
Long-term Loan |
20,245,088 |
- |
|
Current Portion of Financial Lease / Hire- purchase Contract Liabilities |
1,363,985 |
553,932 |
|
Accrued Income Tax |
3,424,781 |
13,698,476 |
|
Accrued Expenses |
- |
- |
|
Other Current Liabilities |
1,129,826 |
1,491,349 |
|
|
|
|
|
Total Current Liabilities |
386,208,637 |
460,397,945 |
|
Long-term Loan -
Net of Current Portion |
28,754,392 |
- |
|
Financial Lease / Hire-purchase Contract Liabilities - Net of
Current Portion |
1,958,897 |
1,061,919 |
|
Reserve for Long-term Employee Benefits |
13,276,061 |
11,846,346 |
|
Total Liabilities |
430,197,987 |
473,306,210 |
|
|
|
|
|
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 |
450,000,000 |
450,000,000 |
|
Retained Earning Appropriated -
Statutory Reserve |
16,495,088 |
16,495,088 |
|
Unappropriated |
83,299,250 |
72,698,710 |
|
Total Shareholders' Equity |
549,794,338 |
539,193,798 |
|
Total Liabilities &
Shareholders' Equity |
979,992,325 |
1,000,653,662 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Sales |
758,633,811 |
924,538,363 |
|
Other Income Gain on Exchange Rate |
2,060,686 |
- |
|
Others |
10,323,854 |
6,853,427 |
|
Total Revenues |
771,018,351 |
931,391,790 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
604,149,802 |
696,708,285 |
|
Selling Expenses |
19,529,348 |
34,011,482 |
|
Administrative Expenses |
103,772,846 |
111,264,597 |
|
Loss on Exchange Rate |
- |
12,509,747 |
|
Total Expenses |
727,451,996 |
854,494,111 |
|
|
|
|
|
Profit before Finance
Cost & Income Tax |
43,566,355 |
76,897,679 |
|
Finance Cost |
[13,164,221] |
[11,371,379] |
|
|
|
|
|
Profit before Income
Tax |
30,402,134 |
65,526,300 |
|
Income Tax |
[7,955,248] |
[19,726,709] |
|
|
|
|
|
Net Profit / [Loss] |
22,446,886 |
45,799,591 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.53 |
1.39 |
|
QUICK RATIO |
TIMES |
0.49 |
0.61 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.62 |
3.37 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.77 |
0.92 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
238.78 |
178.22 |
|
INVENTORY TURNOVER |
TIMES |
1.53 |
2.05 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
79.16 |
91.19 |
|
RECEIVABLES TURNOVER |
TIMES |
4.61 |
4.00 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
50.67 |
82.83 |
|
CASH CONVERSION CYCLE |
DAYS |
267.26 |
186.58 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
79.64 |
75.36 |
|
SELLING & ADMINISTRATION |
% |
16.25 |
15.71 |
|
INTEREST |
% |
1.74 |
1.23 |
|
GROSS PROFIT MARGIN |
% |
22.00 |
25.38 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.74 |
8.32 |
|
NET PROFIT MARGIN |
% |
2.96 |
4.95 |
|
RETURN ON EQUITY |
% |
4.08 |
8.49 |
|
RETURN ON ASSET |
% |
2.29 |
4.58 |
|
EARNING PER SHARE |
BAHT |
0.50 |
1.02 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.44 |
0.47 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.78 |
0.88 |
|
TIME INTEREST EARNED |
TIMES |
3.31 |
6.76 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(17.94) |
|
|
OPERATING PROFIT |
% |
(43.35) |
|
|
NET PROFIT |
% |
(50.99) |
|
|
FIXED ASSETS |
% |
5.30 |
|
|
TOTAL ASSETS |
% |
(2.06) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
22.00 |
Impressive |
Industrial Average |
13.98 |
|
Net Profit Margin |
2.96 |
Acceptable |
Industrial Average |
4.31 |
|
Return on Assets |
2.29 |
Acceptable |
Industrial Average |
4.00 |
|
Return on Equity |
4.08 |
Acceptable |
Industrial Average |
7.52 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues after accounting for the cost
of goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. Gross Profit Margin is 22%. When compared with the
industry average, the ratio of the company was higher. This indicated that
company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 2.96%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is 2.29%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is 4.08%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.53 |
Satisfactory |
Industrial Average |
1.63 |
|
Quick Ratio |
0.49 |
|
|
|
|
Cash Conversion Cycle |
267.26 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets are
readily available to pay off its short-term liabilities. The company's figure
is 1.53 times in 2011, increase from 1.39 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.49 times in 2011,
decrease from 0.61 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 268 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.44 |
Acceptable |
Industrial Average |
0.41 |
|
Debt to Equity Ratio |
0.78 |
Impressive |
Industrial Average |
0.75 |
|
Times Interest Earned |
3.31 |
Acceptable |
Industrial Average |
6.16 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 3.31 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.44 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.62 |
Impressive |
Industrial Average |
1.65 |
|
Total Assets Turnover |
0.77 |
Satisfactory |
Industrial Average |
0.94 |
|
Inventory Conversion Period |
238.78 |
|
|
|
|
Inventory Turnover |
1.53 |
Deteriorated |
Industrial Average |
5.52 |
|
Receivables Conversion Period |
79.16 |
|
|
|
|
Receivables Turnover |
4.61 |
Satisfactory |
Industrial Average |
4.67 |
|
Payables Conversion Period |
50.67 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.86 |
|
UK Pound |
1 |
Rs.87.93 |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.