MIRA INFORM REPORT
|
Report Date : |
3rd May 2006 |
IDENTIFICATION DETAILS
|
Name : |
DAILY FOODS
CO., LTD. |
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Registered Office : |
D.F. Building,
76 Rimklongsaensab Road, Bangkapi, Huaykwang, Bangkok 10310, Thailand |
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Date of Incorporation : |
1972 |
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Legal Form : |
0105515003453 |
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Line of Business : |
Manufacturers, importers, distributors & exporters of food products |
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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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME
DAILY FOODS CO., LTD.
SUMMARY
BUSINESS ADDRESS : D.F. BUILDING, 76
RIMKLONGSAENSAB ROAD,
BANGKAPI, HUAYKWANG,
BANGKOK 10310, THAILAND
TELEPHONE : [66] 2716-8070, 2716-8151-3
FAX : [66] 2716-8087-8
E-MAIL ADDRESS : export@dailyfoods.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1972
REGISTRATION NO. : 0105515003453 [FORMER :
347/2515]
CAPITAL REGISTERED : BHT. 200,000,000
CAPITAL PAID-UP : BHT. 200,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. VORAWAT PATIMAVIRUJ,
THAIMANAGING DIRECTOR
NO. OF STAFF : 168
LINES OF BUSINESS : FOOD PRODUCTS
MANUFACTURER, IMPORTER,
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 June 5, 1972 as a private limited company under the name style DAILY FOODS CO., LTD. by Thai group, the Patimaviruj family, with the business objective originally to manufacture a re-combined butter named “Dannie”. Later the products was expanded to other categories, the “Jumbo A” 100% of natural fruit juices. At the present, subject became to a manufacturer, importer, wholesaler and retailer wide range of food products to both domestic and international markets. It currently employs 168 staff.
The subject’s registered and business address is 76 Rimklongsansab Rd., Bangkapi, Huaykwang, Bangkok 10310.
THE BOARD OF DIRECTORS
Name Nationality Age
Mr. Vorawat Patimaviruj Thai 71
Mrs. Patima [Sukana] Patimaviruj Thai 59
Mr. Ithipol Patimaviruj [x] Thai 37
Mr. Patiwat Patimaviruj [x] Thai 31
AUTHORIZED PERSON
Only Mr. Vorawat Patimaviruj can sign or both of the mentioned directors [x] can jointly sign on behalf of the subject with company’s affixed.
MANAGEMENT
Mr. Vorawat Patimaviruj is the Managing Director.
He is Thai nationality with the age of 71 years old.
Mr. Ithipol Patimaviruj is the General Manager.
He is Thai nationality with the age of 37 years old.
Mrs. Patima Patimaviruj is the Deputy Managing Director & Account Manager.
She is Thai nationality with the age of 59 years old.
Mr. Pornsaeng Kanusenee is the Factory Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject’s activities are manufacturer, contractor and marketer a wide range of food products including sweetened condensed milk and creamers, natural fruit juices, butter, cheese and etc., as well as canned vegetables, tomato product, corn products, syrup, and other customized products such as Chutney products for Japanese market, Pizza-based sauce for local pizza chains and etc. The subject also imports various kinds of food products from different sauces for local customers. There are currently over hundred items of the products, and serve to variety of customers such as food service sections, catering businesses, bakery industries, airline groups and contract packers.
BRAND NAME
Own brand : “DANNIE”, “JUMBO”,
“JUMBO A”, &
“S I S”
Customer’s brand : “PALACE”, “SUNBIRD”, “TALEY’S IQF”, & etc.
IMPORT [COUNTRIES]
80% of its raw materials such as butter oil, cheese & concentrate [flavor] are imported from U.S.A., Denmark, New Zealand, Germany and Spain.
SALES [LOCAL]
90% of its products is sold locally to wholesalers.
EXPORT [COUNTRIES]
10% of its products is exported to Hong Kong, Japan, Korea, Taiwan, Singapore & U.S.A.
REVENUE
In 2005, the subject’s revenue was decreased around 5-10% from the previous year.
]MAJOR CUSTOMERS
Hotel,
Restaurant, Supermarket &
Department Store.
SUBSIDIARIES & AFFILIATED COMPANY
|
Company |
Country |
Line
of Business |
|
Silver Mark Co., Ltd. |
Thailand |
Local sales office for other food items |
|
Siam Merchandise LP |
Thailand |
Importer of raw materials & machineries |
|
Daily Plus Co., Ltd. |
Thailand |
Local sales office for Tetra-Pak Juice |
CREDIT
Sales are by cash or on the credits term of 15-30 days.
Local bills are paid on the credits term of 45-60 days.
Imports are by L/C at sight.
Exports are against L/C at sight.
BANKING
Siam Commercial Bank Public Co., Ltd.
[Head Office : 9 Ratchadapisek Road, Ladyao, Jatujak, Bangkok]
Bangkok Bank Public Co., Ltd.
[Bangkapi Branch : Sukhumvit Rd., Klongtonnua, Wattana, Bangkok]
United Overseas
Bank [Thai] Public
Co., Ltd.
[Head office : 191 South Sathorn Rd., Sathorn, Bangkok]
Bank Thai
Public Co., Ltd.
[Head Office : 44 North Sathorn Rd., Silom, Bangrak, Bangkok]
EMPLOYMENT
The subject employs 168 staff.
LOCATION DETAILS
The premise is owned for operating office at the heading address in a commercial / residential area.
Factory I : Bangchan Industrial Estate, 9/3 Sereethai Road, Bungkum, Bangkok 10230,
on 9,600 sq.m. of area. Tel : [66] 2517-1310, Fax : [66] 2517-1311.
Factory II : 100/2 Moo 4, Sereethai Road, Kannayao, Bungkum, Bangkok 10230.
The subject was relocated from 1/1-2 Soi Sukhumvit 43, Sukhumvit Road, Watana, Bangkok, to the present address in July 1999.
INSURANCE
Insurance is carried on inventory, building & equipment with A.I.A. Insurance Co., Ltd.
COMMENT
The subject has been firmly established for 34 years and has long experience in supplying food products to both local and overseas market. Its operating performance in 2004 was satisfactory with an increase in its sales and net profits significantly comparing to the previous year. In general, the subject is doing moderately fine.
FINANCIAL INFORMATION
The capital was registered at Bht. 2,000,000 divided into 1,000 shares of Bht. 2,000 each.
The capital was increased later as followings :
Bht. 3,500,000 on October 15, 1982
Bht. 15,000,000 on August 18, 1 992
Bht. 70,000,000 on July 8, 1999
Bht. 120,000,000 on September 11, 2003
Bht. 200,000,000 on November 18, 2005
The latest registered capital was increased to Bht. 200,000,000 divided into 100,000 shares of Bht. 2,000 each with fully paid.
MAIN SHAREHOLDERS
(as
at November 16,
2005]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Ithipol
Patimaviruj Nationality: Thai Address : 1/1-2 Sukhumvit 43 Rd., Klongtonnua, Klongtoey, Bangkok |
41,200 |
41.20 |
|
Mr. Patiwat
Patimaviruj Nationality: Thai Address : 1/1-2 Sukhumvit 43 Rd., Klongtonnua, Klongtoey, Bangkok |
41,100 |
41.10 |
|
Mr. Vorawat Patimaviruj Nationality: Thai Address : 1/1-2 Sukhumvit 43 Rd., Klongtonnua, Klongtoey, Bangkok |
10,300 |
10.30 |
|
Mr. Patima Patimaviruj Nationality: Thai Address : 1/1-2 Sukhumvit 43 Rd., Klongtonnua, Klongtoey, Bangkok |
6,900 |
6.90 |
|
Ms. Booonthrik Patimaviruj Nationality: Thai Address : 236 Charoenveang Rd., Silom, Bangrak, Bangkok |
100 |
0.10 |
|
Ms. Kasama
Patimaviruj Nationality: Thai Address : 236 Charoenveang Rd., Silom, Bangrak, Bangkok |
100 |
0.10 |
|
Other Shareholders |
300 |
0.30 |
Total Shareholders : 12
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Sawat Mekha-apirak No. 4262
BALANCE SHEET
[BAHT]
The latest financial figures published for December 31, 2004 & 2003 were:
ASSETS
|
Current Assets |
2004 |
2003 |
|
|
|
|
|
Cash in hand & at Bank [note 1] |
636,904.85 |
56,047.83 |
|
Trade Accts. & Notes Receivable [note 2] |
18,461,361.21 |
10,110,512.48 |
|
Inventories [note 3] |
149,280,232.32 |
159,759,069.64 |
|
Other Current Assets [note 4] |
12,965,039.77 |
12,357,060.08 |
|
Total Current Assets |
181,343,538.15 |
182,282,690.03 |
|
|
|
|
|
Fixed Assets |
237,821,802.14 |
207,030,248.51 |
|
Other Assets |
3,578,168.10 |
3,578,168.10 |
|
Total Assets |
422,743,508.39 |
392,891,106.64 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2004 |
2003 |
|
|
|
|
|
Bank Overdraft |
27,562,945.38 |
23,931,137.29 |
|
Trade Accts. & Notes Payable |
53,616,214.67 |
64,762,328.96 |
|
Other Current Liabilities |
4,114,590.80 |
777,474.31 |
|
Total Current Liabilities |
85,293,750.85 |
89,469,940.56 |
|
Long Term Loan from Directors |
68,263,141.55 |
42,497,127.45 |
|
Other Long Term Loan |
152,580,032.16 |
153,413,318.83 |
|
Total Liabilities |
306,136,924.56 |
285,380,386.84 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 2,000 par value authorized, issued and fully paid share capital 60,000 shares |
120,000,000.00 |
120,000,000.00 |
|
Capital Paid |
120,000,000.00 |
120,000,000.00 |
|
Retained Earning - Unappropriated |
[3,393,416.17] |
[12,489,280.20] |
|
Total Shareholders' Equity |
116,606,583.83 |
107,510,719.80 |
|
Total
Liabilities & Shareholders' Equity |
422,743,508.39 |
392,891,106.64 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2004 |
2003 |
|
|
|
|
|
Sales |
389,868,699.79 |
274,606,187.42 |
|
Other Income |
3,308,277.84 |
8,548,775.47 |
|
Total Revenues |
393,176,977.63 |
283,154,962.89 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods Sold |
338,812,290.95 |
230,948,111.70 |
|
Selling & Administrative Expenses |
25,485,829.00 |
26,159,609.95 |
|
Other Expenses |
8,263,463.88 |
6,540,542.19 |
|
Total Expenses |
372,561,583.83 |
263,648,263.84 |
|
Profit / [Loss] Before Interest Expenses & Income Tax |
20,615,393.80 |
19,506,699.05 |
|
Interest Expenses |
[9,630,234.57] |
[11,946,825.60] |
|
Income Tax |
[1,889,295.20] |
- |
|
Extraordinary Items |
- |
15,034,077.61 |
|
Net Profit / [Loss] |
9,095,864.03 |
[7,474,204.16] |
FINANCIAL NOTE
NOTE 1 Cash
in Hand &
at Bank
|
|
2004 |
2003 |
|
|
|
|
|
Cash in hand |
74,570.55 |
56,047.83 |
|
Cash at bank |
562,334.30 |
- |
|
|
|
|
|
Total |
636,904.85 |
56,047.83 |
NOTE 2 Trade Accts. Receivable
|
|
2004 |
2003 |
|
|
|
|
|
Trade Accts. Receivable - Domestic |
9,975,524.69 |
6,294,818.96 |
|
Postdated Cheque |
5,530,278.60 |
2,821,693.52 |
|
Trade Accts. Receivable - Overseas |
2,955,557.92 |
994,000.00 |
|
|
|
|
|
Total |
18,461,361.21 |
10,110,512.48 |
NOTE 3
Inventories
|
|
2004 |
2003 |
|
|
|
|
|
Raw Material |
79,082,927.49 |
74,758,699.88 |
|
Packaging Material |
5,537,695.79 |
2,409,465.33 |
|
Finished Goods |
64,582,304.22 |
82,544,906.83 |
|
Stamp Duty |
77,304.82 |
45,997.60 |
|
|
|
|
|
Total |
149,280,232.32 |
159,759,069.64 |
NOTE 4
Other Current Assets
|
|
2004 |
2003 |
|
|
|
|
|
Deferred Business Tax |
2,416,326.33 |
61,815.32 |
|
Prepaid Income Tax |
375,000.00 |
375,000.00 |
|
Prepaid Expenses |
- |
4,815.00 |
|
Receivable-Revenue Department |
10,137,075.29 |
11,750,188.06 |
|
Non-Refundable Business Tax |
- |
165,241.70 |
|
Prepaid Deposit |
23,593.50 |
- |
|
Other Receivable |
13,044.65 |
- |
|
|
|
|
|
Total |
12,965,039.77 |
12,357,060.08 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2004 |
2003 |
|
Sales |
41.97 |
|
|
Operating |
[2.08] |
|
|
Net Profit |
221.70 |
|
|
Fixed Assets |
14.87 |
|
|
Total Assets |
7.60 |
|
|
Profitability |
|
|
|
Cost of Goods Sold |
86.90 |
84.10 |
|
Operating Profit Margin |
13.10 |
15.90 |
|
S&A expenses |
6.54 |
9.53 |
|
Interest |
2.47 |
4.35 |
|
Other Revenues |
0.85 |
3.11 |
|
Net Profit Margin |
2.33 |
[2.72] |
|
Earning Per Shares |
151.60 |
[124.57] |
|
No. of Shares |
60,000 |
60,000 |
Net Sales was
increased by 41.97%,
Operating Profit was
decreased by 2.08%,
Net Profit was
increased by 221.70%,
Fixed Assets was
increased by 14.87%,
Total Assets was
increased by 7.60%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
84.10% to 86.90%,
Operating Profit Margin
was decreased from
15.90% to 13.10%,
S & A
Expenses were decreased
from 9.53% to
6.54%, Interest Paid
was decreased from
4.35% to 2.47%,
Other Revenues was
decreased from 3.11%
to 0.85%, Net
Profit Margin was
increased from -2.72%
to 2.33%.
Earning Per Shares was increased from -124.57 baht per share to 151.60 baht per share.
Liquidity
|
Liquidity |
2004 |
2003 |
|
Current Ratio |
2.13 |
2.04 |
|
Quick - assets ratio |
0.22 |
0.11 |
Current Ratio was increased from 2.04 to 2.13, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was increased from 0.11 to 0.22, capacity to pay Short Term Loan was not good, because Current Assets without Inventory can not cover Current Liabilities.
Leverage
|
Leverage |
2004 |
2003 |
|
D/E Ratio |
2.63 |
2.65 |
|
Times Interest Earned |
2.66 |
1.46 |
D/E Ratio was
decreased from 2.65
to 2.63, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium
and Times Interest
Earned was increased
from 1.46 to
2.66, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2004 |
2003 |
|
Fixed Assets Turnover |
1.64 |
1.33 |
|
Total Assets Turnover |
0.92 |
0.70 |
|
Return on Assets |
2.15 |
[1.90] |
|
Return on Equity |
7.80 |
[6.95] |
|
Day’s Payable |
57.76 |
102.35 |
|
Day’s Inventories |
160.82 |
252.49 |
|
Days’ Receivables |
17.28 |
13.44 |
Fixed Assets Turnover
was increased from
1.33 times to
1.64 times, Total
Assets Turnover was
increased from 0.70
times to 0.92
times, show the
company could use
Assets so efficiently, and Return on
Assets was increased
from -1.90 to
2.15, Return on
Equity was increased
from -6.95 to
7.80, capacity to
use Assets to
make profit was
good.
Day’s Payable was decreased from 103 days to 58 days, and Day’s Inventories was decreased from 253 days to 161 days, while Day’s Receivables was increased from 14 days to 18 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 |