MIRA
INFORM REPORT
|
Report Date : |
8th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
MALEE
BANGKOK CO., LTD. |
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Registered Office : |
470
Moo 1, Sukhumvit
Road, Bangpoomai, Muang, Samutprakarn 10260, Thailand |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
13.07.2000 |
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Com. Reg. No.: |
0105543065778 [Former : [3] 1239/2543] |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Engaged in
manufacturing and distributing of Foods and beverage
products |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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
MALEE BANGKOK
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 470 MOO 1, SUKHUMVIT
ROAD, BANGPOOMAI,
MUANG,
SAMUTPRAKARN 10260, THAILAND
TELEPHONE : [66] 2323-1133,
2323-1111
FAX : [66] 2323-1122, 2323-1144
E-MAIL ADDRESS : sales@chabaamalee.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 2000
REGISTRATION NO.
: 0105543065778 [Former : [3] 1239/2543]
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP
: BHT. 100,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. WONGWUTH KULPIYAVAJA, THAI
MANAGING
DIRECTOR
NO. OF
STAFF : 200
LINES OF
BUSINESS : FOODS AND BEVERAGE PRODUCTS
MANUFACTURER AND CONTRACTOR
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 July 13, 2000
as a private limited company under the name style
MALEE BANGKOK CO.,
LTD., by Thai
groups, with the
business objective to
manufacture and service
various kinds of
foods and beverage products
for both domestic
and international markets.
It currently employs approximately 200 staff.
The
subject’s registered address
was initially located
at 71 Thonburi Rd., Klongtonsai, Klongsan, Bangkok 10600.
On
May 26, 2006,
it was relocated to 470
Moo 1, Sukhumvit Rd., Bangpoomai,
Muang, Samutprakarn 10260,
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.
Wongwuth Kulpiyavaja |
[x] |
Thai |
49 |
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Mrs.
Jarunee Kulpiyavaja |
[x] |
Thai |
51 |
|
Mr.
Somchart Laopreeda |
|
Thai |
50 |
|
Mr.
Pakdee Changvitchukarn |
[-] |
Thai |
45 |
|
Mr.
Rawewat Sonthiveroj |
[-] |
Thai |
49 |
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Mr.
Pongpaisal Techocharoen |
|
Thai |
54 |
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Mr.
Anan Rungporntaweewat |
|
Thai |
48 |
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Ms.
Kanittha Nasomvas |
[-] |
Thai |
42 |
AUTHORIZED PERSON
One of
the mentioned directors
[x] can jointly
sign with one
of the directors [-] on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Wongwuth Kulpiyavaja is the Managing Director
and Factory Manager.
He is
Thai nationality with
the age of
49 years old.
Mrs. Jarunee Kulpiyavaja is the Deputy Managing
Director.
She is
Thai nationality with
the age of
51 years old.
Ms. Valaiporn Chaipaksukornsakul is the Sales &
Marketing Manager.
She is
Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and distributing of beverage products,
specialize in 100%, 40%,
and 30% of
canned fruit &
vegetable juices, such
as red grape, apple, orange,
pineapple, prune, pear,
carrot, tomato and
etc., under the “CHABAA” brand name, as
well as manufacturing service of fruit
jam products under
the customer’s brands.
PURCHASE
100% of
raw material is
purchased from local
suppliers and agents.
SALES [LOCAL]
80% of
the products is
sold locally by
wholesale through the
3 authorized agents,
consists of Chabaa
Bangkok Co., Ltd.,
C.P. Consumer Products
Co., Ltd. and
Unilever Best Food
[Thailand] Co., Ltd.
EXPORT
20% of
the products is
exported to Japan,
Malaysia, Hong Kong, Singapore, Taiwan, India,
and Middle East
countries.
RELATED AND AFFILIATED COMPANY
Chabaa
Bangkok Co., Ltd.
Business Type
: Distributor of
canned fruit &
vegetable 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
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
Export Import
Bank of Thailand
Bangkok Bank
Public Co., Ltd.
The Siam
Commercial Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 200 office staff
and factory workers.
LOCATION DETAILS
The
premise is rented
for administrative office,
factory and warehouse
at the heading address. Premise
is located in
industrial area.
COMMENT
Fruit and
vegetable juices are
now favorite among
health conscious consumers.
Chabaa is also
one of a leading Thai
brand in juice
industry.
The subject’s sales were good, and its
business trend is
potential.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 50,000,000
divided into 5,000,000 shares of Bht. 10 each.
The
capital was increased
later as following:
Bht. 60,000,000 on July 13,
2001
Bht. 100,000,000 on March 18,
2003
The
latest registered capital
was increased to
Bht. 100,000,000 divided into
10,000,000 shares of
Bht. 10 each
with fully paid.
MAIN SHAREHOLDERS
[as
at August 15,
2006]
|
NAME |
HOLDING |
% |
|
|
|
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Mr. Santi
Kulpiyavaja Nationality: Thai Address :
729/22 Ladprao Rd.,
Wangthonglang, Bangkok |
1,900,000 |
19.00 |
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Mr. Polawat Prairachata Nationality: Thai Address :
49/229 Moo 3,
Klongkum, Buengkum, Bangkok |
1,400,000 |
14.00 |
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Mr. Wongwuth Kulpiyavaja Nationality: Thai Address :
137 Yenakart Rd.,
Chongnonsi, Yannawa, Bangkok |
1,000,000 |
10.00 |
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Mr. Pongpaisal Techocharoen Nationality: Thai Address :
61/9 Rama 9
Rd., Huaykwang, Bangkok |
916,667 |
9.17 |
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Ms. Renuka Limpiwan Nationality: Thai Address :
437/550 Charansanitwong Rd., Bangkhunsri, Bangkoknoi, Bangkok |
866,667 |
8.67 |
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Mr. Chakorn Praputhikul Nationality: Thai Address :
19/1 Moo 7,
Raiking, Sampran, Nakornpathom |
856,667 |
8.57 |
|
Wing
Kwong Trading Co.,
Ltd. Nationality:
Hong
Kong Address :
543 Kanton Rd.,
Yaomati, Kow Loon,
Hong Kong |
750,000 |
7.50 |
|
Mr. Somchart Laopreeda Nationality: Thai Address :
446 Moo 1,
Theparak Rd., Theparak,
Muang, Samutprakarn |
630,000 |
6.30 |
|
Others |
1,679,999 |
16.79 |
Total
Shareholders : 19
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms.
Arunee Inthrasuksri No.
481
BALANCE SHEET [BAHT]
The latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
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|
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Cash in
hand & at
Bank [note 1] |
1,192,062.52 |
286,821.82 |
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Short Term
Investment |
8,854,381.68 |
8,422,137.98 |
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Trade Accts.
Receivable |
123,747,471.20 |
128,226,726.55 |
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Receivable-Revenue Department |
7,016,374.25 |
4,517,931.15 |
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Loan to
Person & Related Company |
2,100,000.00 |
- |
|
Inventories [note 2] |
54,127,270.32 |
41,853,656.82 |
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Other Current
Assets |
16,059,501.77 |
9,697,579.78 |
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Total
Current Assets |
213,097,061.74 |
193,004,854.10 |
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Other Long
Term Investment |
9,999,930.00 |
9,999,930.00 |
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Fixed
Assets [note 3] |
224,489,296.67 |
236,241,896.63 |
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Other
Assets |
454,481.35 |
454,481.35 |
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Total
Assets |
448,040,769.76 |
439,701,162.08 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
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Bank Overdraft
& Short Term
Loan from Financial
Institute |
3,416,782.78 |
1,890,750.73 |
|
Trade Accts.
Payable |
73,358,462.14 |
100,503,993.82 |
|
Other Short
Term Loan |
17,100,000.00 |
19,800,000.00 |
|
Promissory Notes |
84,118,504.98 |
62,074,556.28 |
|
Other Current
Liabilities |
19,098,925.56 |
12,230,414.48 |
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Total Current Liabilities |
197,092,675.46 |
196,499,715.31 |
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Long Term
Loan from Financial
Institute |
114,485,063.65 |
71,669,295.43 |
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Total
Liabilities |
311,577,739.11 |
268,169,010.74 |
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Shareholders' Equity |
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Share
capital : Baht 10 par
value authorized, issued and fully
paid
share capital 10,000,000 shares |
100,000,000.00 |
100,000,000.00 |
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Capital Paid |
100,000,000.00 |
100,000,000.00 |
|
Retained Earning - Unappropriated |
[40,078,165.16] |
[6,792,459.19] |
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Assets-Revaluation |
76,541,195.81 |
78,324,610.53 |
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Total Shareholders' Equity |
136,463,030.65 |
171,532,151.34 |
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Total Liabilities &
Shareholders' Equity |
448,040,769.76 |
439,701,162.08 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
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Sales |
316,607,497.69 |
326,845,711.89 |
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Other Income |
9,719,808.78 |
10,712,679.95 |
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Total
Revenues |
326,327,306.47 |
337,558,391.84 |
|
Expenses |
|
|
|
|
|
|
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Cost of
Goods Sold |
298,681,684.38 |
295,824,930.90 |
|
Selling &
Administrative Expenses |
48,474,581.38 |
28,717,103.46 |
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Total Expenses
|
347,156,265.76 |
324,542,034.36 |
|
Profit
/ [Loss] Before Interest
Expenses & Income
Tax |
[20,828,959.29] |
13,016,357.48 |
|
Interest Expenses |
[14,240,161.40] |
[10,966,112.91] |
|
Income Tax |
- |
[474,120.14] |
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Net
Profit / [Loss] |
[35,069,120.69] |
1,576,124.43 |
FINANCIAL NOTE
NOTE
1 Cash in
Hand & at Bank
|
|
2005 |
2004 |
|
|
|
|
|
Cash in
hand |
45,000.00 |
35,000.00 |
|
Cash at
bank |
1,147,062.52 |
251,821.82 |
|
Total |
1,192,062.52 |
286,821.82 |
NOTE
2 Inventories
|
|
2005 |
2004 |
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|
Finished Goods |
14,444,733.72 |
16,485,720.49 |
|
Raw Material |
39,599,436.60 |
25,271,136.33 |
|
Material Supplies |
83,100.00 |
96,800.00 |
|
Total |
54,127,270.32 |
41,853,656.82 |
NOTE
3 Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
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Land |
78,434,857.73 |
77,629,463.14 |
|
Factory Building |
26,800,000.00 |
26,800,000.00 |
|
Factory Improvement |
21,687,540.95 |
21,187,135.95 |
|
Office Building
Improvement |
178,071.28 |
166,421.75 |
|
Machine
& Equipment |
141,315,132.05 |
138,919,827.23 |
|
Hand Tools |
4,105,523.28 |
3,485,171.28 |
|
Equipment |
641,692.13 |
610,770.66 |
|
Office Automation |
6,886,518.10 |
6,503,655.25 |
|
Molding
|
1,805,600.00 |
1,203,100.00 |
|
Total |
281,854,935.52 |
276,505,545.26 |
|
Less:
Depreciation |
[57,365,638.85] |
[40,263,648.63] |
|
Total |
224,489,296.67 |
236,241,896.63 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
[3.13] |
|
|
Operating |
[265.20] |
|
|
Net Profit |
[2,325.02] |
|
|
Fixed Assets |
[4.97] |
|
|
Total Assets |
1.90 |
|
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Profitability |
|
|
|
Cost of
Goods Sold |
94.34 |
90.51 |
|
Operating Profit
Margin |
[6.58] |
3.98 |
|
S&A expenses |
15.31 |
8.79 |
|
Interest |
4.50 |
3.36 |
|
Other Revenues |
3.07 |
3.28 |
|
Net Profit
Margin |
[11.08] |
0.48 |
|
Earning Per
Shares |
[3.51] |
0.16 |
|
No. of
Shares |
10,000,000 |
10,000,000 |
Net Sales was
decreased by 3.13%,
Operating Profit was
decreased by 265.20%,
Net Profit was
decreased by 2,325.02%,
Fixed Assets was
decreased by 4.97%,
Total Assets was
increased by 1.90%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
90.51% to 94.34%,
Operating Profit Margin
was decreased from
3.98% to -6.58%,
S & A
Expenses were increased
from 8.79% to
15.31%, Interest Paid
was increased from
3.36% to 4.50%,
Other Revenues was
decreased from 3.28%
to 3.07%, Net
Profit Margin was
decreased from 0.48%
to -11.08%.
Earning Per
Shares was decreased
from 0.16 baht
per share to
-3.51 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.08 |
0.98 |
|
Quick
- assets ratio |
0.73 |
0.72 |
Current Ratio
was increased from
0.98 to 1.08,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was increased from
0.72 to 0.73,
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 |
2.28 |
1.56 |
|
Times Interest
Earned |
[1.46] |
[1.19] |
D/E Ratio was
increased from 1.56
to 2.28, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium
and Times Interest
Earned was decreased
from -1.19 to
-1.46, capacity to
pay interest paid
was not good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
1.41 |
1.38 |
|
Total Assets
Turnover |
0.71 |
0.74 |
|
Return on
Assets |
[7.83] |
0.36 |
|
Return on
Equity |
[25.70] |
0.92 |
|
Day’s Payable |
83.41 |
110.70 |
|
Day’s Inventories |
61.55 |
46.10 |
|
Days’ Receivables |
140.71 |
141.23 |
Fixed Assets Turnover
was increased from
1.38 times to
1.41 times, Total
Assets Turnover was
decreased from 0.74
times to 0.71
times, show the
company could use
Fixed Assets so
efficiently, and Return
on Assets was
decreased from 0.36
to -7.83, Return
on Equity was
decreased from 0.92
to -25.70, capacity
to use Assets to make
profit was not
good.
Day’s Payable
was decreased from
111 days to
84 days, while
Day’s Inventories was
increased from 47
days to 62
days, but Day’s
Receivables was decreased
from 142 days
to 141 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 |
|