MIRA
INFORM REPORT
|
Report Date : |
5th
January, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
THAI
THEPAROS FOOD PRODUCTS
PUBLIC COMPANY LIMITED |
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Registered Office : |
208
Moo 6, Taiban
Road, T. Taiban, A. Muang, Samutprakarn 10280 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
26.01.1987 |
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Com. Reg. No.: |
0107536001265 [Former : BOR MOR JOR. 200] |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Engaged
in manufacturing and distributing wide range of
food seasonings, includes tomato
sauce, naturally brewed light
soy sauce, chili
and oyster sauces
along with ketchup,
distilled vinegar, soy
sauce and various
powdered sauces, & etc., |
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 |
Company Name
THAI THEPAROS
FOOD PRODUCTS PUBLIC
COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 208 MOO 6, TAIBAN
ROAD, T. TAIBAN,
A. MUANG,
SAMUTPRAKARN 10280
TELEPHONE : [66] 2703-4444
FAX : [66] 2387-1163
E-MAIL ADDRESS : Thaithep@gmsauce.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1987
REGISTRATION NO.
: 0107536001265 [Former : BOR MOR JOR. 200]
CAPITAL REGISTERED : BHT. 600,000,000
CAPITAL PAID-UP
: BHT. 360,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : MR. PARINYA WINYARAT,
THAI
PRESIDENT
NO. OF
STAFF : 756
LINES OF
BUSINESS : FOOD SEASONINGS, CANNED FRUITS
& VEGETABLE PRODUCTS
MANUFACTURER, DISTRIBUTOR AND EXPORTER
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 originally
established on January 26,
1987 as a
private limited company under the registered name
“Thai Theparos Food Products
Co., Ltd.”. by
Thai groups. On
October 21, 1993,
subject was changed
its status to
be public company,
under the name
THAI THEPAROS FOOD
PRODUCTS PUBLIC COMPANY
LIMITED, with the business objective to
manufacture wide range
of food seasonings
and canned fruits & vegetable products
for both domestic
and international markets.
In 2000, subject
was listed on
the Stock Exchange
of Thailand [SET], trade
in the Foods & Beverage
sector. It currently
employs 756 staff.
The
subject’s registered address
is 208 Moo 6, Taiban
Rd., T. Taiban, A. Muang,
Samutprakarn 10280, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mr.
Parinya Winyarat |
[x] |
Thai |
53 |
|
Mr.
Bandit Winyarat |
[-] |
Thai |
51 |
|
Mrs.
Pornapa Winyarat |
|
Thai |
58 |
|
Ms.
Malee Winyarat |
[-] |
Thai |
53 |
|
Mr.
Phot Kongputhi |
|
Thai |
69 |
|
Vice
Admiral Tanong Sirirangsri |
|
Thai |
75 |
|
Ms.
Rawewan Peyayopanakul |
|
Thai |
60 |
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Mr.
Chamni Janchai |
|
Thai |
51 |
AUTHORIZED PERSON
The mentioned
director [x] can jointly
sign with one
of the mentioned directors [-]
on behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Parinya
Winyarat is
the President.
He is
Thai nationality with
the age of
53 years old.
Mr. Bandit
Winyarat is
the Vice President & Lampang Branch
Manager.
He is
Thai nationality with
the age of
51 years old.
Ms. Malee
Winyarat is
the Vice President
- Account & Finance.
She is
Thai nationality with
the age of
53 years old.
Mrs. Pornapa Winyarat is the Vice President.
She is
Thai nationality with
the age of
58 years old.
Ms. Sunee
Winyarat is
the Factory Manager.
She is
Thai nationality.
Mr. Wanchai
Prasitvoranant is the Account Manager.
He is
Thai nationality.
Mr. Jira
Pipatpaka is
the General Manager – Marketing & Sales.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and distributing wide range of
food seasonings, includes
tomato sauce, naturally
brewed light soy
sauce, chili and
oyster sauces along
with ketchup, distilled
vinegar, soy sauce
and various powdered
sauces, & etc., under
the “Golden Mountain” trademark,
with various brand
names, consists of “Golden
Mountain”, “Sriracha Panich”,
“Kinzan Shoyu” and “Tahai”, as well as
canned fruits & vegetable products,
such as canned
lichee, canned longan,
& others, under
the “Hand AAA” brand
name.
PRODUCTION
Food seasonings : 99,590 tons per annum
Canned fruits & vegetables : 3,460
tons per annum
PURCHASE
Raw materials
and component are
purchased from suppliers
and agents both
in domestic and
overseas, mainly in
India, Argentina, Brazil
and Vietnam.
SALES [LOCAL]
90% of
the products is
sold locally by
wholesale to traders
and end-users.
EXPORT
10% of
the products is
exported to Singapore,
Republic of China,
Taiwan, and Vietnam.
STRUCTURE OF
INCOME
Food seasonings : 98
%
Canned fruits & vegetables : 2 %
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 according for
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.
Exports are
against L/C at
sight or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
Kasikornbank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 756
office staff and
factory workers.
LOCATION DETAILS
The
premise is owned
for administrative office,
and factory I at the
heading address. Premise
is located in
industrial area.
Factory II
is located at
162/1 Moo 2,
Barn-Forn-Mae Ta Rd.,
T. Chomphu, A. Muang, Lampang
52000. Tel. [66] 54
251-149, Fax. [66]
54 251-138.
COMMENT
Under
thoroughly professional leadership,
which has established
firm confidence through
operational efficiency and
successful marketing strategies. The
subject has experienced
steady growth and
ongoing development.
Thai
Theparos devotes a
good portion of
its resources to
research and development
in order to
secure continual product
excellence.
The
subject is doing
excellent business and
also one of the
leading producer of
food seasonings and
food products in
the country.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 40,000,000 on October 7,
1987
Bht. 70,000,000 on October 2,
1989
Bht. 150,000,000 on December 14,
1989
Bht. 199,990,000 on July 2,
1992
Bht. 249,990,000 on January 27,
1993
Bht. 252,000,000 on August 30,
1993
The
latest registered capital
was increased to
Bht. 600,000,000 divided into
60,000,000 shares of
Bht. 10 each
with Bht. 360,000,000
paid-up.
MAIN SHAREHOLDERS
[as at April 5, 2006]
at Bht. 360,000,000 of
capitalization.
|
NAME |
HOLDING |
% |
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|
|
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Mr. Parinya Winyarat Nationality: Thai Address :
208 Moo 6,
Taiban Rd., Taban,
Muang, Samutprakarn |
11,700,658 |
32.50 |
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Mr. Thanawat Winyarat Nationality: Thai Address :
272 Suanluang, Prakanong, Bangkok |
2,630,900 |
7.31 |
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Mr. Bandit Winyarat Nationality: Thai Address :
33/105 Moo 1,
Srinakarin Rd., Bangplee, Samutprakarn |
2,480,000 |
6.89 |
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Mrs. Pornapa Winyarat Nationality: Thai Address :
272 Suanluang, Prakanong, Bangkok |
1,425,857 |
3.96 |
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Ms. Sunee
Winyarat Nationality: Thai Address :
208 Moo 6,
Taiban Rd., Taban,
Muang, Samutprakarn |
1,139,153 |
3.16 |
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Ms. Malee
Winyarat Nationality: Thai Address :
- |
1,080,452 |
3.00 |
|
Bangkok
Insurance Public Company
Limited Nationality: Thai Address :
25 South Sathorn
Rd., Thungmahamek, Sathorn, Bangkok |
1,067,400 |
2.97 |
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Ms. Varanya Winyarat Nationality: Thai Address :
208 Moo 6,
Taiban Rd., Taban,
Muang, Samutprakarn |
1,060,000 |
2.94 |
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Mr. Bancha Winyarat Nationality: Thai Address :
272 Suanluang, Prakanong, Bangkok |
1,000,000 |
2.78 |
|
Others |
12,415,580 |
34.49 |
Total
Shareholders : 459
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr.
Ekasith Choothamsathit No.
4195
BALANCE SHEET [BAHT]
The latest
financial figures published as
at December 31,
2005 & 2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
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Cash in
hand & at
Bank |
706,755,450 |
668,732,313 |
|
Trade Accts.
Receivable |
203,134,006 |
184,741,345 |
|
Inventories [note 1] |
172,837,468 |
226,268,242 |
|
Prepayment for
Goods |
9,922,801 |
36,328,784 |
|
Other Current
Assets |
30,715,889 |
26,026,079 |
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Total
Current Assets |
1,123,365,614 |
1,142,096,763 |
|
Cash at
Bank pledged as
a Collateral |
3,487,000 |
3,511,300 |
|
Other Long-term
Investment General
Investment |
20,000,000 |
20,000,000 |
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Non-operating Land |
71,200,000 |
71,200,000 |
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Total Other
Long-term Investment |
91,200,000 |
91,200,000 |
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Prepayment for
Assets |
8,686,405 |
14,848,480 |
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Fixed
Assets [note 2] |
821,376,941 |
829,113,998 |
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Intangible Assets |
7,060,816 |
9,392,308 |
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Other
Assets |
172,400 |
205,400 |
|
Total
Assets |
2,055,349,176 |
2,090,368,249 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Trade Accts.
Payable |
43,912,781 |
44,889,132 |
|
Accrued Income
Tax |
45,644,549 |
55,092,958 |
|
Accrued Expenses |
35,873,839 |
28,724,230 |
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Other Current
Liabilities |
13,612,515 |
13,226,182 |
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|
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Total Current Liabilities |
139,043,684 |
141,932,502 |
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Shareholders' Equity |
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Share capital : Baht 10 par value
authorized, issued and fully
paid
share capital 60,000,000 shares |
600,000,000 |
600,000,000 |
|
|
|
|
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Capital Paid |
360,000,000 |
360,000,000 |
|
Premium on
Share Capital |
615,600,000 |
615,600,000 |
|
Retained Earning Appropriated for Statutory Reserve |
60,000,000 |
60,000,000 |
|
Unappropriated |
880,705,492 |
912,835,747 |
|
Total Shareholders' Equity |
1,916,305,492 |
1,948,435,747 |
|
Total Liabilities & Shareholders' Equity |
2,055,349,176 |
2,090,368,249 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
1,962,634,303 |
1,853,371,103 |
|
Other Income |
21,193,861 |
15,794,076 |
|
Total
Revenues |
1,983,828,164 |
1,869,165,179 |
|
Expenses |
|
|
|
|
|
|
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Cost of
Goods Sold |
1,205,300,053 |
1,085,482,391 |
|
Selling &
Administrative Expenses |
404,091,256 |
354,935,821 |
|
Employees’ Remuneration |
4,000,000 |
4,000,000 |
|
Other Expenses |
1,649,170 |
3,812,139 |
|
Total Expenses
|
1,615,040,479 |
1,448,230,351 |
|
|
|
|
|
Profit
/ [Loss] before Income Tax |
368,787,685 |
420,934,828 |
|
Income Tax |
[96,717,940] |
[113,320,924] |
|
|
|
|
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Net
Profit / [Loss] |
272,069,745 |
307,613,904 |
FINANCIAL NOTE
NOTE
1 Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Finished Goods |
39,396,895 |
84,822,035 |
|
Goods
in Process |
79,276,796 |
90,043,635 |
|
Raw Material |
53,762,212 |
50,931,335 |
|
Material Supplies |
401,565 |
471,237 |
|
Total |
172,837,468 |
226,268,242 |
NOTE
2 Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land
& Land Improvement |
104,329,354 |
102,489,414 |
|
Building & Improvement |
335,952,559 |
322,207,355 |
|
Machine
& Equipment |
1,035,359,253 |
950,591,233 |
|
Office Automation & Furniture |
59,546,279 |
58,627,933 |
|
Vehicle
|
104,040,924 |
100,443,657 |
|
Works under
Construction |
48,747,344 |
60,139,718 |
|
Total |
1,687,975,713 |
1,594,499,310 |
|
Less:
Depreciation |
[866,598,772] |
[765,385,312] |
|
Total |
821,376,941 |
829,113,998 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
5.90 |
|
|
Operating |
[17.53] |
|
|
Net Profit |
[11.55] |
|
|
Fixed Assets |
[0.93] |
|
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Total Assets |
[1.68] |
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Profitability |
|
|
|
Cost of
Goods Sold |
61.41 |
58.57 |
|
Operating Profit
Margin |
19.08 |
23.13 |
|
S&A expenses |
20.59 |
19.15 |
|
Other Revenues |
1.08 |
0.85 |
|
Net Profit
Margin |
13.86 |
16.60 |
|
Earning Per
Shares |
7.56 |
8.54 |
|
No. of
Shares |
36,000,000 |
36,000,000 |
Net Sales was increased by 5.90%, Operating Profit was decreased by 17.53%, Net Profit was decreased by 11.55%, Fixed Assets was decreased by 0.93%, Total Assets was decreased by 1.68%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
58.57% to 61.41%,
Operating Profit Margin
was decreased from
23.13% to 19.08%,
S & A
Expenses were increased
from 19.15% to
20.59%, Other Revenues
was increased from
0.85% to 1.08%,
Net Profit Margin
was decreased from
16.60% to 13.86%.
Earning Per
Shares was decreased
from 8.54 baht
per share to
7.56 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
8.08 |
8.05 |
|
Quick
- assets ratio |
6.54 |
6.01 |
Current Ratio
was increased from
8.05 t o 8.08, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, and Quick-assets Ratio was increased
from 6.01 to
6.54, capacity to
pay Short Term
Loan was good
too, because Current
Assets without Inventory
can cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
0.07 |
0.07 |
D/E Ratio was
stable at 0.07, show the company
had fund from
Equity more than
fund from Loan,
investment risked of
the company is
low.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
2.39 |
2.24 |
|
Total Assets
Turnover |
0.95 |
0.89 |
|
Return on
Assets |
13.24 |
14.72 |
|
Return on
Equity |
14.20 |
15.79 |
|
Day’s Payable |
8.05 |
8.72 |
|
Day’s Inventories |
31.70 |
43.95 |
|
Days’ Receivables |
37.26 |
35.88 |
Fixed Assets Turnover
was increased from
2.24 times to 2.39 times,
Total Assets Turnover
was increased from
0.89 times to
0.95 times, show
the company could
use Assets so
efficiently, and Return
on Assets was
decreased from 14.72
to 13.24, Return
on Equity was
decreased from 15.79
to 14.20, capacity
to use Assets to make
profit was not
good.
Day’s Payable
was stable at 9 days,
while Day’s Inventories
was decreased from
44 days to
32 days, but
Day’s Receivables was
increased from 36
days to 38
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 |
|