MIRA INFORM REPORT
|
Report No. : |
332639 |
|
Report Date : |
21.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
DYSTAR THAI LTD. |
|
|
|
|
Registered Office : |
150 Moo 8, Soi Praekasar, Sukhumvit Road, T. Taiban, A. Muang, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
13.06.1995 |
|
|
|
|
Com. Reg. No.: |
0105538070025 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Industrial Chemicals. |
|
|
|
|
No. of Employees : |
12 |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC
OVERVIEW
With a well-developed infrastructure, a free-enterprise economy,
generally pro-investment policies, and strong export industries, Thailand has
historically had a strong economy due in part to industrial and agriculture
exports - mostly electronics, agricultural commodities, automobiles and parts,
and processed foods. The economy experienced slow growth and declining exports
in 2014, in part due to domestic political turmoil and sluggish global demand.
With full employment, Thailand attracts an estimated 4 million migrant workers
from neighboring countries, and faces labor shortages. Following the May 2014
coup d’tat, tourism decreased 6-7% but is beginning to recover. The household
debt to GDP ratio is over 80%. The Thai government in 2013 implemented a
nation-wide 300 baht ($10) per day minimum wage policy and deployed new tax
reforms designed to lower rates on middle-income earners. The Thai baht has
remained stable.
|
Source
: CIA |
Company
Name
DYSTAR THAI LTD.
SUMMARY
BUSINESS ADDRESS : 150 MOO
8, SOI PRAEKASAR,
SUKHUMVIT
ROAD, T.
TAIBAN, A. MUANG,
SAMUTPRAKARN
10540, THAILAND
TELEPHONE : [66] 2701-4805-8
FAX :
[66] 2701-4809
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1995
REGISTRATION
NO. : 0105538070025
TAX
ID NO. : 3011585627
CAPITAL REGISTERED : BHT. 103,800,000
CAPITAL PAID-UP : BHT.
103,800,000
SHAREHOLDER’S PROPORTION : FOREIGN
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. YALIN XU,
AUSTRALIAN
MANAGING DIRECTOR
NO.
OF STAFF : 12
LINES
OF BUSINESS : INDUSTRIAL
CHEMICALS
IMPORTER AND DISTRIBUTOR
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 June 13, 1995 as
a private limited
company under the name
style DYSTAR THAI
LTD., by foreign
groups, initially as
a wholly owned
subsidiary of Dystar Colours
Distribution GmbH., Germany. Its
business objective is
to import and
distribute variety of industrial
chemicals.
On January 19, 2012,
the subject became
a wholly owned
subsidiary of DyStar
Global Holdings [Singapore]
Pte. Ltd., Singapore. It
currently employs 12
staff.
The
subject’s registered address
was 17th Floor,
Lake Ratchada Building, 193
Ratchadapisek Rd.,
Klongtoey, Bangkok 10110.
On
June 15, 2010, the
registered address was
relocated to 150 Moo
8, Soi Praekasar,
Sukhumvit Rd., T. Taiban,
A. Muang, Samutprakarn
10540, and this
is the company’s
current operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sureshkumar Savajibhai Gondalia |
|
Indian |
39 |
|
Mr. Shankrbhai Rugnathbhai Patel |
|
Indian |
66 |
|
Mr. Viroj Olarachin |
|
Thai |
60 |
|
Mr. Yalin Xu |
|
Australian |
49 |
|
Mr. Jian Fang Yao |
|
Chinese |
31 |
|
Mr. Liu Bin |
|
Chinese |
43 |
AUTHORIZED
PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Yalin Xu is
the Managing Director.
He is Australian
nationality with the
age of 49
years old.
BUSINESS
OPERATIONS
The subject is
engaged in importing
and distributing of
industrial chemicals, mainly
for textile and
leather industries. The
products are specialty
color, dyestuff and
etc.
PURCHASE
Most of the
products are imported
from Germany, India,
Republic of China,
Singapore, and the
remaining is purchased
from local suppliers.
MAJOR
SUPPLIERS
Dystar Colours Distribution GmbH. : Germany
Dystar [Singapore] Pte.
Ltd. : Singapore
SALES
100% of the
products is sold
locally by wholesale
to dealers, manufacturers
and end-users.
SUBSIDIARY
AND AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
or 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 according 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.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
12 staff.
LOCATION
DETAILS
The
premises is rented
for administrative office at
the heading address.
Premises is located
on the outskirts
of Bangkok.
COMMENT
The
subject was formed
in 1995 as
an importer and
distributor of industrial
chemicals. Its products
have been used
in various industries.
However, subject’s performance is
related with the
conditions of local
consumption, which is
likely to expand
slowly from the
previous year.
The subject has maintained
its good business
for years and
continued growing consistently.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 45,000,000
divided into 45,000
shares of Bht. 1,000
each.
On
July 6, 1998,
the capital was
increased to Bht. 103,800,000 divided
into 103,800 shares
of Bht. 1,000
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
[as
at April 30,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
DyStar Global Holdings
[Singapore] Pte. Ltd. Nationality: Singaporean Address : 8
Cross Street, #11-00 PWC
Building,
Singapore |
103,798 |
99.998 |
|
Mr. Yalin Xu Nationality: Australian Address : 929
Bukit Timah Road,
03-21,
Singapore 589642 |
1 |
0.001 |
Mr. Ruan WeiXiang
Nationality: Chinese Address : Daoxu
Town, Shangyu, Zhejiang
Province,
Republic of China |
1 |
0.001 |
Total Shareholders : 3
Share
Structure
[as at April
30, 2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
3 |
103,800 |
100.00 |
|
Total |
3 |
103,800 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Tanakorn Fakfaiphol No. 4879
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December 31,
2014, 2013 &
2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
38,480,214 |
33,145,850 |
23,759,918 |
|
Trade Accounts Receivable |
92,557,061 |
88,522,422 |
71,747,983 |
|
Other Receivable |
- |
- |
735,844 |
|
Inventories |
68,202,254 |
61,521,770 |
50,253,262 |
|
Other Current Assets
|
5,193,028 |
2,880,843 |
1,035,159 |
|
|
|
|
|
|
Total Current Assets
|
204,432,557 |
186,070,885 |
147,532,166 |
|
Fixed Assets |
17,352,257 |
17,825,768 |
18,380,783 |
|
Deferred Income Tax |
4,586,430 |
2,965,547 |
3,376,071 |
|
Other Non-current Assets |
142,750 |
142,750 |
138,750 |
|
Total Assets |
226,513,994 |
207,004,950 |
169,427,770 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts
Payable |
42,165,680 |
50,466,617 |
27,050,814 |
|
Other Payable |
3,183,772 |
2,809,092 |
2,741,427 |
|
Accrued Income
Tax |
3,197,103 |
1,344,463 |
484,879 |
|
Other Current
Liabilities |
9,855,746 |
9,003,292 |
5,000,194 |
|
|
|
|
|
|
Total Current
Liabilities |
58,402,301 |
63,623,464 |
35,277,314 |
|
Employee Benefit
Obligation |
8,785,456 |
7,470,335 |
10,320,103 |
|
Total Liabilities |
67,187,757 |
71,093,799 |
45,597,417 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000 par
value Authorized &
issued share capital
103,800 shares
|
103,800,000 |
103,800,000 |
103,800,000 |
|
|
|
|
|
|
Capital Paid |
103,800,000 |
103,800,000 |
103,800,000 |
|
Retained Earning Appropriated for Statutory reserve |
2,180,362 |
2,180,362 |
2,180,362 |
|
Unappropriated |
53,345,875 |
29,930,789 |
17,849,991 |
|
|
|
|
|
|
Total Shareholders' Equity |
159,326,237 |
135,911,151 |
123,830,353 |
|
Total Liabilities &
Shareholders' Equity |
226,513,994 |
207,004,950 |
169,427,770 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales |
454,746,214 |
401,039,413 |
362,218,302 |
|
Other Income |
625,358 |
5,717,606 |
2,908,535 |
|
Total Revenues |
455,371,572 |
406,757,019 |
365,126,837 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
376,997,667 |
338,940,675 |
295,720,524 |
|
Selling Expenses |
42,675,303 |
45,123,354 |
44,765,006 |
|
Administrative Expenses |
6,346,830 |
7,565,308 |
10,252,759 |
|
Total Expenses |
426,019,800 |
391,629,337 |
350,738,289 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost |
29,351,772 |
15,127,682 |
14,388,548 |
|
Financial Cost |
[5,936,686] |
[3,046,884] |
[1,578,210] |
|
Net Profit / [Loss] |
23,415,086 |
12,080,798 |
12,810,338 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.50 |
2.92 |
4.18 |
|
QUICK RATIO |
TIMES |
2.24 |
1.91 |
2.73 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
26.21 |
22.50 |
19.71 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.01 |
1.94 |
2.14 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
66.03 |
66.25 |
62.03 |
|
INVENTORY TURNOVER |
TIMES |
5.53 |
5.51 |
5.88 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
74.29 |
80.57 |
72.30 |
|
RECEIVABLES TURNOVER |
TIMES |
4.91 |
4.53 |
5.05 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
40.82 |
54.35 |
33.39 |
|
CASH CONVERSION CYCLE |
DAYS |
99.50 |
92.47 |
100.94 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
82.90 |
84.52 |
81.64 |
|
SELLING & ADMINISTRATION |
% |
10.78 |
13.14 |
15.19 |
|
INTEREST |
% |
1.31 |
0.76 |
0.44 |
|
GROSS PROFIT MARGIN |
% |
17.23 |
16.91 |
19.16 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.45 |
3.77 |
3.97 |
|
NET PROFIT MARGIN |
% |
5.15 |
3.01 |
3.54 |
|
RETURN ON EQUITY |
% |
14.70 |
8.89 |
10.35 |
|
RETURN ON ASSET |
% |
10.34 |
5.84 |
7.56 |
|
EARNING PER SHARE |
BAHT |
225.58 |
116.39 |
123.41 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.30 |
0.34 |
0.27 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.42 |
0.52 |
0.37 |
|
TIME INTEREST EARNED |
TIMES |
4.94 |
4.96 |
9.12 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
13.39 |
10.72 |
|
|
OPERATING PROFIT |
% |
94.03 |
5.14 |
|
|
NET PROFIT |
% |
93.82 |
(5.69) |
|
|
FIXED ASSETS |
% |
(2.66) |
(3.02) |
|
|
TOTAL ASSETS |
% |
9.42 |
22.18 |
|
ANNUAL
GROWTH: IMPRESSIVE
An annual sales growth is 13.39%. Turnover has increased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
17.23 |
Impressive |
Industrial
Average |
0.91 |
|
Net Profit Margin |
5.15 |
Impressive |
Industrial
Average |
2.22 |
|
Return on Assets |
10.34 |
Impressive |
Industrial
Average |
7.20 |
|
Return on Equity |
14.70 |
Impressive |
Industrial
Average |
12.95 |
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. The
company’s figure is 17.23%. When
compared with the industry average, the ratio of the company was higher,
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 in 5.15%, higher figure when compared with
those of its average competitors in the same industry, indicated that business
was an efficient operator in a dominant
position within its industry.
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. Return on Assets ratio is
10.34%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
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. Return on Equity ratio is 14.7%, higher figure when compared
with those of its average competitors in the same industry, indicated that
business was an efficient profit in a
dominant position within its industry.
Trend of the average
competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
3.50 |
Impressive |
Industrial
Average |
1.76 |
|
Quick Ratio |
2.24 |
|
|
|
|
Cash Conversion Cycle |
99.50 |
|
|
|
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 3.5 times in 2014, increased from 2.92 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 2.24 times in 2014,
increased from 1.91 times, although excluding inventory so the company still
have good short-term financial strength.
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 100 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.30 |
Impressive |
Industrial
Average |
0.51 |
|
Debt to Equity Ratio |
0.42 |
Impressive |
Industrial
Average |
1.05 |
|
Times Interest Earned |
4.94 |
Impressive |
Industrial
Average |
- |
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 4.95 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 0.3 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
26.21 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
2.01 |
Acceptable |
Industrial
Average |
3.24 |
|
Inventory Conversion Period |
66.03 |
|
|
|
|
Inventory Turnover |
5.53 |
Deteriorated |
Industrial
Average |
25.28 |
|
Receivables Conversion Period |
74.29 |
|
|
|
|
Receivables Turnover |
4.91 |
Satisfactory |
Industrial
Average |
6.54 |
|
Payables Conversion Period |
40.82 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.91 and
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days is
66 days at the end of 2013, same
number of days as
in 2014. And Inventory turnover has increased from
5.51 times in year 2013 to 5.53 times in year 2014.
The company's Total Asset Turnover is calculated as 2.01 times and 1.94
times in 2014 and 2013 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.55 |
|
|
1 |
Rs.99.10 |
|
Euro |
1 |
Rs.68.83 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.