MIRA
INFORM REPORT
|
Report Date : |
8th
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
MINOR
DAIRY LIMITED |
|
|
|
|
Registered Office : |
14th Floor,
Berli Jucker House, 99, Soi Rubia,
Sukhumvit 42 Road, Prakanong, Klongtoey, Bangkok
10110, Thailand |
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Country : |
Thailand |
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Financials (as on) : |
31/12/2004 |
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Date of Incorporation : |
1991 |
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Com. Reg. No.: |
0105534059931 |
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Legal Form : |
Private
Limited Company |
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|
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Line of Business : |
Engaged
in manufacturing a variety of
premium ice-cream products and toppings under
the license of
“SWENSEN’S” brand |
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
|
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|
|
|
Payment Behaviour : |
Regular
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Litigation : |
Clear |
NAME
MINOR DAIRY LIMITED
SUMMARY
BUSINESS ADDRESS : 14th FLOOR,
BERLI JUCKER HOUSE,
99 SOI RUBIA, SUKHUMVIT 42
ROAD,
PRAKANONG, KLONGTOEY,
BANGKOK
10110, THAILAND
TELEPHONE : [66]
2381-5123-32
FAX :
[66] 2381-5093
E-MAILL ADDRESS : thitiwat_po@minornet.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1991
REGISTRATION NO.
: 0105534059931 [Former: 5991/2534 ]
CAPITAL REGISTERED : BHT. 30,000,000
CAPITAL PAID-UP
: BHT. 30,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PAUL
CHARLES KENNY, AMERICAN
CHIEF EXECUTIVE
OFFICER
NO. OF
STAFF : 156
LINES OF
BUSINESS : ICE-CREAM &
DAIRY PRODUCTS
MANUFACTURER &
DISTRIBUTOR
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 June 27, 1991 as
a private limited
company under the name
style MINOR DAIRY
LIMITED by Thai
groups, in order
to produce ice-cream,
dairy products and
toppings under the
brand name “SWENSEN’S”
for domestic market.
It currently employs
156 staff.
Subject
is a subsidiary of The Minor
Food Group Public
Co., Ltd., a member
of the Stock Exchange of
Thailand. It is
Thailand’s largest food
service operator with
nearly 500 outlets
operating under the
Pizza Company, Swensen’s,
Sizzler, Dairy Queen
and Burger King
brands.
The
subject is certified
and operates under
GMP, ISO 9001 and HACCP systems.
The
subject’s registered address
is 99 Berli Jucker House,
Soi Rubia Sukhumvit
42 Rd., Prakanong,
Klongtoey, Bangkok 10110, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. William
Ellwood Heinecke |
: Chairman |
American |
57 |
|
Mr. Paul
Charles Kenny |
|
American |
57 |
|
Mrs. Patamavalai Ratanapol |
|
Thai |
50 |
|
Mrs. Thanomsri
Pruthikul |
|
Thai |
51 |
|
Mr. Montri
Thongsri |
|
Thai |
52 |
AUTHORIZED PERSON
Two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr.
Paul Charles Kenny
is the President.
He is
American nationality with
the age of
57 years old.
Mrs.
Thanomsri Pruthikul
is the Vice President & General Manager.
She is
Thai nationality with
the age of
51 years old.
Mrs.
Patamavalai Ratanapol
is the Chief Personnel Officer.
She is
Thai nationality with
the age of
50 years old.
Mr.
Prathana Manomaiphiboon
is the Chief Finance Officer.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing a variety
of premium ice-cream
products and toppings
under the license
of “SWENSEN’S” brand.
PRODUCTION CAPACITY
6,000 tons/year
PURCHASE
Raw materials,
mainly dairy products,
flavor & fragrance
are purchased from
suppliers both local and
overseas in United
States of America
and Australia.
MAJOR SUPPLIERS
- NZ
Milk Products Co., Ltd. :
Thailand [10-20%]
- Nutrition
Co., Ltd. :
Thailand [10-20%]
- CPC
Aji [Thailand] Co., Ltd. :
Thailand [5-10%]
SALES
100%
of its products is marketed
and distributed locally
by Swensen’s [Thai]
Co., Ltd.
REVENUE
In
2005, the subject’s
revenue was increased
around 10-20% from
the previous year.
PARENT COMPANY
The
Minor Food Group
Public Co., Ltd.
RELATED/ASSOCIATED COMPANY
Swensen’s
[Thai] Co., Ltd.
Business
Type: Marketer and
distributor of “SWENSEN’S” ice-cream.
Minor
Cheese Co., Ltd.
Business
Type: Manufacturer of
cheese products
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 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
Siam
Commercial Bank Public
Co., Ltd.
[Head Office :
9 Ratchadapisek Rd., Ladyao, Jatujak, Bangkok 10900]
Krung Thai
Bank Public Co.,
Ltd.
[Head Office : 35 Sukhumvit Rd.,
Klongtoeynua, Wattana, Bangkok
10110]
EMPLOYMENT
The
subject employs approximately 156 staff [office
staff and factory
workers].
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commerce/residential area.
Factory
is located at
9/1 Moo 6, Soi
Subchampa, Mitrapab Rd.,
T. Klangdong, A.
Pakchong, Nakornratchasima 30320,
Tel: [66] 44 361-133,
Fax: [66] 44 361-132.
COMMENT
The company produces the premium ice-cream
under the brand name SWENSEN’S. Its products are sold to its ice-cream
parlour and at the leading supermarkets
throughout the nation. SWENSEN’S ice-cream is one among premium brands
in local market with over
100 outlets, and
holds an estimated
80% of the premium ice-cream market.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 1,000,000 divided into 10,000 shares of Bht. 100
each.
The
capital was increased
later as following:
Increased
were : Bht. 15,000,000 on October 30,
1992
Bht. 40,000,000 on September 14,
1993
Bht. 100,000,000
on October 3,
1994
Decreased
were : Bht. 50,000,000 on December 28,
1998
Bht. 30,000,000 on December 20,
2002
The
latest registered capital
is Bht. 30,000,000 divided into
600,000 shares of Bht.
50 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 28,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
The
Minor Food Group
Public Co., Ltd. Nationality:
Thai Address : Berli
Jucker House, 99 Sukhumvit
41 Rd., Prakanong, Klongtoey, Bangkok 10110 |
599,993 |
100.00 |
|
Mr.
William Ellwood Heinecke Nationality:
American Address : 449
New Petchburi Rd.,
Bangkapi, Huaykwang, Bangkok
10320 |
2 |
- |
|
Mrs.
Sukachan Siripongsukarn Nationality:
Thai Address : 16/121 Moo 8, Suanyai, Muang, Nonthaburi |
1 |
- |
|
Mrs.
Sukanya Vasunant Nationality:
Thai Address : 40/3604 Moo 1, Thasai, Muang, Nonthaburi |
1 |
- |
|
Mrs.
Kanya Ruengprateepsaeng Nationality:
Thai Address : 248/1
Sukhumvit 16 Rd.,
Klongtoey, Bangkok 10110
|
1 |
- |
|
Mr.
Suvit Traisaksri Nationality:
Thai Address : 101/27 Thanon
Nakornchaisri, Dusit, Bangkok 10300
|
1 |
- |
|
Mr.
John Scott Heinecke Nationality:
American Address : 449
New Petchburi Rd.,
Bangkapi, Huaykwang, Bangkok
10320 |
1 |
- |
Total
Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Kajornkiat
Arunpairojkul No. 3445
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2004 &
2003 were:
ASSETS
|
Current Assets |
2004 |
2003 |
|
|
|
|
|
Cash in
hand & at
Bank |
2,552,002 |
1,353,487 |
|
Investment in
Available for Sale
Securities |
- |
85,080 |
|
Trade Accts.
Receivable |
43,400,002 |
37,360,429 |
|
Receivable-Related Company |
1,561,044 |
2,426,500 |
|
Short Term
Loan to Related
Company |
29,000,000 |
29,200,000 |
|
Inventories [note 1] |
57,964,024 |
45,952,629 |
|
Other Current
Assets |
410,591 |
691,285 |
|
Total
Current Assets |
134,887,663 |
117,069,410 |
|
|
|
|
|
Fixed
Assets [note 2] |
85,769,077 |
86,627,742 |
|
Other
Assets |
172,752 |
104,898 |
|
Total
Assets |
220,829,492 |
203,802,050 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2004 |
2003 |
|
|
|
|
|
Trade Accts.
Payable |
40,132,984 |
35,547,440 |
|
Payable-Related Company |
2,601,673 |
4,507,380 |
|
Current Portion of Pre-paid Income |
1,967,016 |
6,979,992 |
|
Other Payable |
6,377,860 |
6,204,596 |
|
Accrued Expenses |
5,904,585 |
4,278,589 |
|
Accrued Income
Tax |
11,278,839 |
7,082,562 |
|
Other Current
Liabilities |
237,080 |
792,019 |
|
Total Current Liabilities |
68,500,037 |
65,392,578 |
|
Pre-paid Income
Net of Current
Portion |
38,107,604 |
64,351,639 |
|
Total
Liabilities |
106,607,641 |
129,744,217 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share
capital : Baht 50 par
value authorized, issued and fully
paid
share capital 600,000
shares |
30,000,000 |
30,000,000 |
|
Capital Paid |
30,000,000 |
30,000,000 |
|
Revaluation Surplus |
- |
[451,441] |
|
Statutory Reserve |
5,000,000 |
5,000,000 |
|
Retained Earning - Unappropriated |
79,221,851 |
39,519,274 |
|
Total Shareholders' Equity |
114,221,851 |
74,067,833 |
|
Total Liabilities &
Shareholders' Equity |
220,829,492 |
203,812,050 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2004 |
2003 |
|
|
|
|
|
Sales |
432,931,276 |
348,236,563 |
|
Other Income |
8,572,354 |
11,730,853 |
|
Total
Revenues |
441,503,630 |
359,967,416 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold |
314,256,858 |
245,116,772 |
|
Selling &
Administrative Expenses |
67,191,009 |
65,143,614 |
|
Total Expenses
|
381,447,867 |
310,260,386 |
|
Profit
/ [Loss] from Operation |
60,055,763 |
49,707,030 |
|
Interest Expenses |
[5,391] |
[2,171] |
|
Income Tax |
[20,347,795] |
[16,613,308] |
|
Net
Profit / [Loss] |
39,702,577 |
33,091,551 |
FINANCIAL NOTE
NOTE
1 Inventories
|
|
2004 |
2003 |
|
|
|
|
|
Raw Material |
36,422,611 |
22,695,293 |
|
Finished Goods |
11,411,193 |
9,844,591 |
|
Material Supplies |
12,762,040 |
13,412,745 |
|
Total |
60,595,844 |
45,952,629 |
|
Less:
Allowance for Obsolescent Stock |
[2,631,820] |
- |
|
Total |
57,964,024 |
45,952,629 |
NOTE
2 Fixed Assets
|
|
2004 |
2003 |
|
|
|
|
|
Factory Building |
55,777,146 |
55,612,946 |
|
Machine
& Factory Equipment |
82,275,863 |
80,095,468 |
|
Office Equipment
& Furniture |
5,218,579 |
4,357,834 |
|
Hand Tools |
32,162,410 |
23,912,571 |
|
Vehicle
|
1,269,392 |
1,919,392 |
|
Machine
under Installation |
4,480,000 |
3,039,085 |
|
Total |
181,183,390 |
168,937,296 |
|
Less:
Depreciation |
[94,597,646] |
[82,309,554] |
|
Obsolescent Stock |
[816,667] |
- |
|
Total |
85,769,077 |
86,627,742 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2004 |
2003 |
|
Sales |
24.32 |
|
|
Operating |
[0.40] |
|
|
Net Profit |
19.98 |
|
|
Fixed Assets |
[0.99] |
|
|
Total Assets |
8.35 |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
72.59 |
70.39 |
|
Operating Profit
Margin |
27.41 |
29.61 |
|
S&A expenses |
15.52 |
18.71 |
|
Interest |
0.00 |
0.00 |
|
Other Revenues |
1.98 |
3.37 |
|
Net Profit
Margin |
9.17 |
9.50 |
|
Earning Per
Shares |
66.17 |
55.15 |
|
No. of
Shares |
600,000 |
600,000 |
Net Sales was
increased by 24.32%,
Operating Profit was
decreased by 0.40%, Net Profit was
increased by 19.98%,
Fixed Assets was
decreased by 0.99%,
Total Assets was
increased by 8.35%.
Compare
each cost with
sales, Cost of
Goods Sold was
increased from 70.39%
to 72.59%,Operating Profit
Margin was decreased
from 29.61% to
27.41%, S &
A Expenses were
decreased from 18.71%
to 15.52%, Interest
Paid was stable
at 0.00%, Other
Revenues was decreased
from 3.37% to
1.98%, Net Profit
Margin was decreased
from 9.50% to
9.17%.
Earning Per
Shares was increased
from 55.15 baht
per share to
66.17 baht per
share.
Liquidity
|
Liquidity |
2004 |
2003 |
|
Current Ratio |
1.97 |
1.79 |
|
Quick
- assets ratio |
1.12 |
1.08 |
Current Ratio
was increased from
1.79 to 1.97,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was increased from
1.08 to 1.12,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2004 |
2003 |
|
D/E Ratio |
0.93 |
1.75 |
|
Times Interest
Earned |
9,549.88 |
17,492.48 |
D/E Ratio
was decreased from
1.75 to 0.93,
show the company
had fund from
Equity more than
fund
from Loan, investment
risked of the
company is low
and Times Interest
Earned was decreased
from 17,492.48 to
9,549.88, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2004 |
2003 |
|
Fixed Assets
Turnover |
5.05 |
4.02 |
|
Total Assets
Turnover |
1.96 |
1.71 |
|
Return on
Assets |
17.98 |
16.24 |
|
Return on
Equity |
34.76 |
44.68 |
|
Day’s Payable |
46.61 |
49.96 |
|
Day’s Inventories |
67.32 |
68.43 |
|
Days’ Receivables |
36.59 |
39.16 |
Fixed Assets Turnover
was increased from
4.02 times to
5.05 times, Total
Assets Turnover was
increased from 1.71
times to 1.96
times, show the
company could use
Assets so efficiently, and Return on
Assets was increased
from 16.24 to
17.98, Return on
Equity was decreased
from 44.68 to
34.76, capacity to
use Assets to
make profit was
good.
Day’s Payable
was decreased from
50 days to
47 days, Day’s
Inventories was decreased
from 69 days
to 68 days, and Day’s
Receivables was decreased
from 40 days
to 37 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 |