MIRA
INFORM REPORT
|
Report Date : |
19.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
D P O [THAILAND] LTD. |
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Registered Office : |
27th Floor, Thai Cc
Tower, 889 South
Sathorn Road, Yannawa, Sathorn,
Bangkok 10120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2001 |
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Com. Reg. No.: |
0105544001757 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and distributor of food ingredient, nutritional and health
food ingredient with
dietary fibre. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
D P O [THAILAND] LTD.
SUMMARY
BUSINESS ADDRESS : 27TH FLOOR,
THAI CC TOWER,
889 SOUTH SATHORN
ROAD, YANNAWA,
SATHORN, BANGKOK 10120,
THAILAND
TELEPHONE : [66] 2672-3920
FAX : [66] 2672-3923
E-MAIL
ADDRESS : thailand@dpointernational.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2001
REGISTRATION NO.
: 0105544001757 [Former : [3] 35/2544]
CAPITAL
REGISTERED : BHT. 1,000,000
CAPITAL
PAID-UP : BHT. 600,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MS.
WANPEN SILAVANICHAYAKUL, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 10
LINES OF
BUSINESS : FOOD
INGREDIENT WITH DIETARY
FIBRE
IMPORTER &
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 January
5, 2001 as
a private limited
company under the
registered name FREELINES
SPECIALTY CO., LTD.
by a joint venture between
Thai and British
groups, with the
purpose of importing
and distributing wide
range of food
ingredients with dietary fibre
for local market.
On September 11,
2002, the subject’s
name was changed to D
P O [THAILAND] LTD.
It is a member of D
P O International Group
which has many network
companies in Europe
and Asian region.
It currently employs
approximately 10 staff.
The subject’s registered
address was initially
located at 502/4
Moo 1, Prachauthit Rd., Bangmod,
Thungkru, Bangkok.
On September 11,
2002, the registered
address was relocated
to 27th Flr.,
Thai CC Tower,
889 South Sathorn Rd.,
Yannawa, Sathorn, Bangkok
10120, and this
is the company’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Daniel Pans |
British |
38 |
|
Ms. Wanpen Silavanichayakul |
Thai |
39 |
|
Mrs. Isabelle Meurrens |
British |
42 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Wanpen Silavanichayakul is the Managing Director.
She is Thai nationality with
the age of
39 years old.
BUSINESS OPERATIONS
The subject’s activities
are importer and
distributor of food
ingredient, nutritional and
health food ingredient
with dietary fibre.
Its product includes
“INULIN” powder which
is used in
many food processing including
cheese, cream, ice-cream,
dairy drinks, yoghurt,
biscuits and meat
products.
The subject is
also a sole distributor of
Orafti’s products in Thailand.
IMPORT
100% of the
products is imported
from Belgium, France
and United States
of America, Malaysia
and Japan.
MAJOR SUPPLIERS
Orafti Group : Belgium
SALES [LOCAL]
100% of the
products is sold
locally by wholesale
to food manufacturers and by retail
to end-users such
as hotels and restaurants.
MAJOR CUSTOMERS
Dumex, Mead Johnson
and Cerebos [Thailand]
Co., Ltd.
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 credit terms
of 30-60 days.
Imports are by
L/C at sight and T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 10 office
and sales staff.
LOCATION DETAILS
The premise is
rented for administrative office at the
heading address. It
is located in
a prime commercial
area.
COMMENT
The subject’s
business has high potential to grow in local market due to its product has
widely used and in
high demand from food
processing industry.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
THE SHAREHOLDERS LISTED WERE :
[as at April 30, 2006]
at Bht. 600,000
capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
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Ms. Wanpen Silavanichayakul Nationality : Thai Address : 47/488
Moo 5, Thungkru,
Bangkok |
5,095 |
50.95 |
|
D.P.O Limited Nationality : British Address : Duck
Rd., Turk, Turk & Cocos Island, U.K. |
4,900 |
49.00 |
|
Ms. Paichit Trikajornsak Nationality : Thai Address : 16
Pichainarongsongkram Rd., Pakpreaw,
Muang, Saraburi |
1 |
0.01 |
|
Mr. Seri Trikajornsak Nationality : Thai Address : 24/85
Ngamwongwan Rd., Ladyao, Jatujak,
Bangkok 10900 |
1 |
0.01 |
|
Ms. Pornpimol Vejchupakorn Nationality : Thai Address : 47
Bangsue, Bangkok 10800
|
1 |
0.01 |
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Mrs. Tharawadee Jimakorn Nationality : Thai Address : 40/34
Moo 7, Taladbangkhen, Donmuang,
Bangkok 10210 |
1 |
0.01 |
|
Mrs. Supaporn Srisanongkiat Nationality : Thai Address : 3/34
Moo 2, Seekan, Donmuang,
Bangkok 10210 |
1 |
0.01 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Sathien Somathus
No. 0342
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
1,596,440.98 |
1,157,946.88 |
|
Trade Accts. Receivable |
8,143,259.99 |
11,088,850.43 |
|
Inventories |
4,587,846.07 |
6,608,375.80 |
|
Other Current Assets
|
75,106.31 |
240,743.60 |
|
Total Current
Assets |
14,402,653.35 |
19,095,916.71 |
|
|
|
|
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Fixed Assets |
218,519.07 |
316,708.94 |
|
Other Assets |
101,820.00 |
95,700.00 |
|
Total Assets |
14,722,992.42 |
19,508,325.65 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Trade Accts. Payable |
11,324,805.10 |
19,367,201.62 |
|
Accrued Expenses |
206,102.26 |
135,509.51 |
|
Other Current Liabilities |
302,880.78 |
209,691.45 |
|
Total Current
Liabilities |
11,833,788.14 |
19,712,402.58 |
|
Long Term Loan
from Related Company |
4,217,074.22 |
4,607,510.55 |
|
Total Liabilities |
16,050,862.36 |
24,319,913.13 |
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Shareholders'
Equity |
|
|
|
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
Capital Paid |
600,000.00 |
600,000.00 |
|
Retained Earning -
Unappropriated |
[1,927,869.94] |
[5,411,587.48] |
|
Total
Shareholders' Equity |
[1,327,869.94] |
[4,811,587.48] |
|
Total
Liabilities & Shareholders' Equity |
14,722,992.42 |
19,508,325.65 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
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Sales |
45,949,613.53 |
49,359,227.26 |
|
Other Income |
26,714.22 |
24,525.70 |
|
Gain on Exchange
Rate |
2,139,549.57 |
- |
|
Total Revenues
|
48,115,877.32 |
49,383,752.96 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
38,855,780.42 |
42,353,784.87 |
|
Selling & Administrative Expenses |
5,776,379.36 |
5,597,389.51 |
|
Loss on Exchange
Rate |
- |
1,954,579.80 |
|
Total Expenses |
44,632,159.78 |
49,905,754.18 |
|
Net Profit / [Loss] |
3,483,717.54 |
[522,001.22] |
|
Retained Earning [deficit], beginning
of year |
[5,411,587.48] |
[4,889,586.26] |
|
Retained Earning
[deficit], end of
year |
[1,927,869.94] |
[5,411,587.48] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
[6.91] |
|
|
Operating Profit |
161.22 |
|
|
Net Profit |
767.38 |
|
|
Fixed Assets |
[31.00] |
|
|
Total Assets |
[24.53] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
84.56 |
85.81 |
|
Operating Profit Margin |
7.58 |
2.90 |
|
S & A
Expenses |
12.57 |
11.34 |
|
Other Revenues |
4.71 |
0.05 |
|
Net Profit Margin |
7.58 |
[1.06] |
|
Earning Per Shares |
580.62 |
[87.00] |
|
No. of Shares |
6,000 |
6,000 |
Net Sales was decreased by 6.91%, Operating Profit was increased by 161.22%, Net Profit was increased by 767.38%, Fixed Assets was decreased by 31.00%, Total Assets was decreased by 24.53%.
Compare each cost with sales, Cost of Good Sold was decreased from 85.81% to 84.56%, Operating Profit Margin was increased from 2.90% to 7.58%, S & A Expenses was increased from 11.34% to 12.57%, Other Revenues was increased from 0.05% to 4.71%, Net Profit Margin was increased from -1.06% to 7.58%.
Earning Per Shares
was increased from
-87.00 baht per
share to 580.62
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.22 |
0.97 |
|
Quick-Assets Ratio |
0.82 |
0.62 |
Current Ratio was
increased from 0.97
to 1.22, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.62 to 0.82,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
[12.09] |
[5.05] |
D/E Ratio was
decreased from -5.05
to -12.09, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
210.28 |
155.85 |
|
Total Assets Turnover |
3.12 |
2.53 |
|
Return on Assets |
23.66 |
[2.68] |
|
Return on Equity |
262.35 |
[10.85] |
|
Day's Payable |
88.73 |
141.25 |
|
Day’s Inventories |
35.94 |
48.20 |
|
Day’s Receivables |
63.80 |
80.88 |
Fixed Assets Turnover
was increased from
155.85 times to
210.28 times, Total
Assets Turnover was
increased from 2.53
times to 3.12
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
-2.68 to 23.66,
Return on Equity
was increased from
-10.85 to 262.35,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 142
days to 89
days, Day’s Inventories
was decreased from
49 days to
36 days, and
Day’s Receivables was
decreased from 81
days to 64
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)