MIRA
INFORM REPORT
|
Report Date : |
19.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
NEO PACIFIC CO., LTD. |
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Registered Office : |
149/246
Moo 13, Petchkasem 95 Road, Omnoi, Krathumban, Samutsakorn Province 74130 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1989 |
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Com. Reg. No.: |
0105532087538 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in importing
and distributing wide range
of food ingredients; flavor, seasoning and
food chemicals, as
well as herb
products, mainly supply
to pharmaceutical and
cosmetic industry. |
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 : |
No Complaints |
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Litigation : |
Clear |
name & address
NEO PACIFIC CO., LTD.
SUMMARY
BUSINESS ADDRESS : 149/246 MOO 13, PETCHKASEM
95 ROAD, OMNOI,
KRATHUMBAN, SAMUTSAKORN
PROVINCE 74130
TELEPHONE : [66] 2893-7611-6
FAX :
[66] 2813-7622
E-MAIL
ADDRESS : neopacific@ksc.com, neotjhai@ksc.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1989
REGISTRATION NO.
: 0105532087538 [Former : 8752/2532]
CAPITAL
REGISTERED : BHT. 5,000,000
CAPITAL
PAID-UP : BHT. 5,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. NARONGSAK LIMPRASITTHIPORN, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 40
LINES OF
BUSINESS : FOOD
INGREDIENT AND CHEMICALS
IMPORTER AND
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 September 15,
1989 as a
private limited company under the originally registered
name “Franco-Pacific Food Products
Co., Ltd.” by
Thai groups. On
October 20, 1995,
subject was changed
its name to
be NEO PACIFIC CO., LTD.
Its business objective
is an importer and distributor
wide range of
food ingredient and
chemicals to domestic
market. It currently
employs approximately 40 staff.
The
subject’s registered address
was initially located
at 26/292 Moo
3, Budhamonthon Sai
4 Rd., Nongkangplu, Nongkaem, Bangkok
10160.
On
October 17, 2001,
it was relocated to 149/246
Moo 13, Petchkasem 95 Rd.,
Omnoi, Krathumban, Samutsakorn
74130, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Narongsak Limprasitthiporn |
|
Thai |
45 |
|
Ms. Tassanee Srikalaya |
|
Thai |
40 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Narongsak Limprasitthiporn is
the Managing Director.
He is Thai nationality with
the age of
45 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wide range
of food ingredients; flavor, seasoning and
food chemicals, as
well as herb
products, mainly supply
to pharmaceutical and
cosmetic industry.
PURCHASE
80% of the products is
imported from India,
France, U.S.A., Japan,
U. K., Republic of
China and Korea,
the remaining 20%
is purchased from
local supplier.
SALES
100% of the
products is sold
locally by wholesale
to dealers, manufacturers and end-users.
RELATED AND AFFILIATED COMPANY
Altimate Products
Co., Ltd.
Business Type :
Importer and distributor
of food ingredients.
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 credits term
of 30-60-90 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.
[Bangkae Branch,
Petchkasem Rd., Bangkae,
Pasicharoen, Bangkok]
EMPLOYMENT
The
subject employs approximately 40 staff.
LOCATION DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in industrial area.
COMMENT
The
subject is doing
good business. Market
of food related
products remain healthy.
Its business trend
is expanding steadily.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 2,000,000 divided into 20,000
shares of Bht.
100 each.
On
May 20, 2002,
the capital was
increased to Bht. 5,000,000 divided into 50,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at
April 30, 2007]
|
NAME |
HOLDING |
% |
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|
|
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Ms.
Tassanee Srikalaya Nationality: Thai Address : 26/292
Moo 3, Budhamonthon Sai 4 Rd.,
Nongkangplu, Nongkaem, Bangkok |
20,000 |
40.00 |
|
Mr.
Narongsak Limprasitthiporn Nationality: Thai Address : 150/15
Moo 7, Budhamonthon Sai 4 Rd., Krathumlom, Sampran, Nakornpathom |
15,000 |
30.00 |
|
Altimate Products
Co., Ltd. Nationality: Thai Address : 26/292
Moo 3, Budhamonthon Sai 4 Rd.,
Nongkangplu, Nongkaem, Bangkok |
4,999 |
10.00 |
|
Ms. Nathita Limprasitthiporn Nationality: Thai Address : 150/15
Moo 7, Budhamonthon Sai 4 Rd.,
Krathumlom, Sampran, Nakornpathom |
4,000 |
8.00 |
|
Master Satayu
Limprasitthiporn Nationality: Thai Address : 150/15
Moo 7, Budhamonthon Sai 4 Rd.,
Krathumlom, Sampran, Nakornpathom |
3,201 |
6.40 |
|
Mr. Atisak Limprasitthiporn Nationality: Thai Address : 253/7
Bangyirua, Thonburi, Bangkok |
2,500 |
5.00 |
|
Mrs.
Boonying Sudsakorn Nationality: Thai Address : 157/23
Moo 9, Bangpla,
Bangplee, Samutprakarn |
300 |
0.60 |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Benjamas Inthkeaw No. 7832
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
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Cash in hand
& at Bank
|
8,748,974.82 |
6,028,174.36 |
|
Trade Accts. Receivable |
17,114,329.54 |
12,490,330.77 |
|
Inventories |
7,121,647.50 |
11,403,754.52 |
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Other Current Assets
|
452,113.89 |
971,234.32 |
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Total Current
Assets |
33,437,065.75 |
30,893,493.97 |
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Fixed Assets |
5,507,382.93 |
5,053,431.42 |
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Total Assets |
38,944,448.68 |
35,946,925.39 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
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Trade Accts. Payable |
24,476,291.45 |
21,981,200.27 |
|
Short Term Loan
from Person or
Related Company |
4,228,642.89 |
5,120,862.58 |
|
Other Current Liabilities |
1,573,503.38 |
855,316.32 |
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Total Current
Liabilities |
30,278,437.72 |
27,957,379.17 |
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Total Liabilities |
30,278,437.72 |
27,957,379.17 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
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Capital Paid |
5,000,000.00 |
5,000,000.00 |
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Retained Earning -
Unappropriated |
3,666,010.96 |
2,989,546.22 |
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Total
Shareholders' Equity |
8,666,010.96 |
7,989,546.22 |
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Total
Liabilities & Shareholders' Equity |
38,944,448.68 |
35,946,925.39 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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Sales |
90,194,266.09 |
70,554,901.66 |
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Other Income |
1,223,047.45 |
743,825.70 |
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Total Revenues
|
91,417,313.54 |
71,298,727.36 |
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Expenses |
|
|
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Cost of Goods
Sold |
69,737,342.85 |
54,313,006.59 |
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Selling & Administrative Expenses |
20,883,240.41 |
15,431,389.09 |
|
Total Expenses |
90,620,583.26 |
69,744,395.68 |
|
Profit / [Loss] Before Income
Tax |
796,730.28 |
1,554,331.68 |
|
Income Tax |
[120,265.54] |
[295,088.78] |
|
Net Profit / [Loss] |
676,464.74 |
1,259,242.90 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
27.84 |
|
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Operating Profit |
[59.90] |
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Net Profit |
[46.28] |
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Fixed Assets |
8.98 |
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Total Assets |
8.34 |
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Profitability |
|
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Cost of Good
Sold |
77.32 |
76.98 |
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Operating Profit Margin |
0.88 |
2.20 |
|
S & A
Expenses |
23.15 |
21.87 |
|
Other Revenues |
1.36 |
1.05 |
|
Net Profit Margin |
0.75 |
1.78 |
|
Earning Per Shares |
13.53 |
25.18 |
|
No. of Shares |
50,000 |
50,000 |
Net Sales was
increased by 27.84%,
Operating Profit was
decreased by 59.90%,
Net Profit was
decreased by 46.28%,
Fixed Assets was
increased by 8.98%,
Total Assets was
increased by 8.34%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 76.98%
to 77.32%, Operating
Profit Margin was
decreased from 2.20%
to 0.88%, S
& A Expenses
was increased from
21.87% to 23.15%,
Other Revenues was
increased from 1.05%
to 1.36%, Net
Profit Margin was
decreased from 1.78%
to 0.75%.
Earning Per Shares
was decreased from
25.18 baht per
share to 13.53
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.10 |
1.11 |
|
Quick-Assets Ratio |
0.85 |
0.66 |
Current Ratio was
decreased from 1.11
to 1.10, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.66 to 0.85,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
3.49 |
3.50 |
D/E Ratio was
decreased from 3.50
to 3.49, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
16.38 |
13.96 |
|
Total Assets Turnover |
2.32 |
1.96 |
|
Return on Assets |
1.74 |
3.50 |
|
Return on Equity |
7.81 |
15.76 |
|
Day's Payable |
97.69 |
112.16 |
|
and Day’s Inventories |
28.43 |
58.19 |
|
but Day’s Receivables |
68.31 |
63.73 |
Fixed Assets Turnover
was increased from
13.96 times to
16.38 times, Total
Assets Turnover was
increased from 1.96
times to 2.32
times, show the
company could use
Assets so efficiently, Return on Assets
was decreased from
3.50 to 1.74,
Return on Equity
was decreased from
15.76 to 7.81,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 113
days to 98
days, and Day’s
Inventories was decreased
from 59 days
to 29 days, but Day’s
Receivables was increased
from 64 days
to 69 days.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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. |
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%)