MIRA
INFORM REPORT
|
Report Date : |
29.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
UNITED DAIRY FOODS COMPANY LIMITED |
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Registered Office : |
3059-3059/1 Sukhumvit Road, Bangchak, Prakanong, Bangkok 10260 |
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Country : |
Thailand |
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Financials (as on) : |
30.06.2006 |
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Date of Incorporation : |
1972 |
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Com. Reg. No.: |
0105515004328 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer of Danish
butter cookies, butter,
chocolates and milk 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 : |
Usually correct |
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Litigation : |
Clear |
name
UNITED DAIRY FOODS COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 3059-3059/1 SUKHUMVIT ROAD, BANGCHAK,
PRAKANONG, BANGKOK
10260, THAILAND
TELEPHONE : [66] 2332-8040-9,
2331-6968-71
FAX : [66] 2331-6891,
2331-6911
E-MAIL ADDRESS : foodservice@kimchua.co.th
REGISTRATION ADDRESS : 879
SOI RUAMRUEDEE [BUAKERD]
BANGNA,
PRAKANONG, BANGKOK
10260, THAILAND
ESTABLISHED : 1972
REGISTRATION NO.
: 0105515004328 [Former: 434/2515]
CAPITAL
REGISTERED : BHT. 70,000,000
CAPITAL
PAID-UP : BHT. 70,000,000
FISCAL
YEAR CLOSING DATE : JUNE 30
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. VIJAI VIPAWATANAKUL, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 400
LINES OF
BUSINESS : DAIRY PRODUCTS
MANUFACTURER
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 July
7, 1972 as
a private limited
company under the name
style UNITED DAIRY
FOODS COMPANY LIMITED, by
Thai groups, in
order to manufacture
dairy products for
domestic market. It
currently employs approximately 400 staff.
The subject’s registered
address is 879
Bangna-Trad Rd., Bangna,
Prakanong, Bangkok 10260,
while the current
business address is
located at 3059-3059/1
Sukhumvit Rd., Bangchak,
Prakanong, Bangkok 10260.
THE BOARD
OF DIRECTORS
Name Nationality Age
Mr. Vijai Vipawatanakul [x] Thai 78
Mr. Tong Thiranusornkij Thai 64
AUTHORIZED PERSON
Only the mentioned
director [x] sings
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Vijai
Vipawatanakul is the
Managing Director &
Factory Manager.
He is Thai nationality with
the age of
78 years old.
Mr. Tong
Thiranusornkij is the
Deputy Managing Director.
He is Thai nationality with
the age of 64
years old.
Mr. Thawat
Thiranusornkij the Research
& Development Manager.
He is Thai nationality.
Ms. Lavana
Thiranusornkij is the Quality
Control Manager.
She is Thai nationality.
Mr. Damrongkij
Vipawatanakul is the
Factory Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer of Danish
butter cookies, butter,
chocolates and milk products.
MAJOR BRANDS
“IMPERIAL”, “AMBASSADOR”, “DIAMOND”,
“UNI-PUFFS”, “ALLOWRIE” and “BUGGEMAN”
PURCHASE
100% of its
raw materials is
purchased from local
supplies.
MAJOR SUPPLIER
Kim Chua Trading
LP. : Thailand
SALES [LOCAL]
100% of the products
is sold locally
by Kim Chua Trading LP.,
the subject’s affiliated
company
SUBSIDIARIES &
AFFILIATED COMPANY
Kim Chua
Trading LP.
Business Type: Importer of
raw materials and
distributor of dairy
product
Imperial General
Foods Co., Ltd.
Business Type:
Manufacturer of cookies
United Dairy
Farms Co., Ltd.
Business Type: Distributor of
“Imperial” milk product
INSURANCE
Insurance are carried
on inventory, equipment
and building with
New Zealand Insurance
Co., Ltd.
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 on
the credit term
of 60 days.
Local bills are
paid on the
credit term of
60 days.
BANKING
Siam City
Bank Public Co., Ltd.
[Head
Office : 1101 New
Petchburi Rd., Makkasan,
Rajthevee, Bangkok 10400]
Bank of
Ayudhya Public Co., Ltd.
[Head
Office : 1222
Rama 3 Rd., Bangpongpang,
Yannawa, Bangkok 10120]
EMPLOYMENT
The subject employs
approximately 400 staff.
LOCATION DETAILS
The premise is
owned for operating
office in a
5 storey building at the heading address.
Premise is located
in commercial/residential area.
Factory and warehouse
are located at
879 Soi Ruamruedee,
Bangna, Sukhumvit Road,
Prakanong, Bangkok 10260,
Thailand. Tel: [66]
2747-5191-2 Fax :
[66] 2747-5193.
COMMENT
Demand of
dairy food and bakery products remained
high from local consumption. Thai consumers have changed behavior by consuming a lot of
western style foods and bakery more than previous.
Moreover,
Thailand has become a food processing hub for various type of foods as well as
many foods and bakeries chains from
international markets have also continued rising. The subject has strong potential for its business as a major
supplier of daily goods and
bakery products to local market.
FINANCIAL INFORMATION
The capital was
registered at Bht.
4,000,000 divided into 1,000
shares of Bht.
4,000 each.
The capital was
increased later as
followings :
Bht. 8,000,000
on July 27, 1981
Bht. 20,000,000
on September 5,
1982
Bht. 70,000,000
on September 5,
1997
The latest registered
capital was increased
into Bht. 70,000,000
divided into 17,500
shares of Bht.
4,000 each with
fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at October 31, 2006]
|
NAME |
HOLDING |
% |
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Mr. Vijai
Vipawatanakul Nationality: Thai Address : 958/14
Sukhumvit Rd., Bangna,
Prakanong, Bangkok |
8,715 |
49.80 |
|
Mr. Tong
Thiranusornkij Nationality: Thai Address : 958/14
Sukhumvit Rd., Bangna,
Prakanong, Bangkok |
8,055 |
46.03 |
|
Mrs. Nanthana
Kusolsongserm Nationality: Thai Address : 958/14
Sukhumvit Rd., Bangna,
Prakanong, Bangkok |
200 |
1.14 |
|
Mrs. Thipa Vipawatanakul Nationality: Thai Address : 958/14
Sukhumvit Rd., Bangna,
Prakanong, Bangkok |
90 |
3.03 |
|
Mrs.
Pornpimol Teeranusornkij Nationality: Thai Address : 958/14
Sukhumvit Rd., Bangna,
Prakanong, Bangkok |
90 |
- |
|
Mr. Damrong Vipawatanakul Nationality: Thai Address :
958/14 Sukhumvit Rd.,
Bangna, Prakanong, Bangkok |
50 |
- |
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Mrs.
Suwanna Mahakarn Nationality: Thai Address : 958/14
Sukhumvit Rd., Bangna,
Prakanong, Bangkok |
50 |
- |
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Mr.
Damrongchai Vipawatanakul Nationality: Thai Address : 958/14
Sukhumvit Rd., Bangna,
Prakanong, Bangkok |
50 |
- |
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Mr.
Damrongkij Vipawatanakij Nationality: Thai Address : 958/14
Sukhumvit Rd., Bangna,
Prakanong, Bangkok |
50 |
- |
|
Mr. Thawach Teeranusornkij Nationality: Thai Address : 958/14
Sukhumvit Rd., Bangna,
Prakanong, Bangkok |
50 |
- |
|
Mr. Monsan Teeranusornkij Nationality: Thai Address : 958/14
Sukhumvit Rd., Bangna,
Prakanong, Bangkok |
50 |
- |
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Ms.
Pojanant Teeranusornkij Nationality: Thai Address : 958/14
Sukhumvit Rd., Bangna,
Prakanong, Bangkok |
50 |
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Total Shareholders
12
NAME OF AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mrs. Suwanna Sermsawatsri No. 421
BALANCE SHEET [BAHT]
The
latest financial figures
published for June
30, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
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Cash in hand
& at Bank
|
1,325,391.62 |
1,899,933.66 |
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Trade Accts. Receivable |
444,401,513.11 |
346,378,293.46 |
|
Inventories |
95,333,233.32 |
105,536,686.51 |
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Other Current Assets
|
- |
38,427,928.47 |
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Total Current
Assets |
541,060,138.05 |
492,242,842.10 |
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Fixed Assets |
247,703,245.82 |
249,782,538.66 |
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Other Assets |
70,861.33 |
70,861.33 |
|
Total Assets |
788,834,245.20 |
742,096,242.09 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
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Bank Overdraft &
Loan from Bank |
60,395,438.22 |
62,346,388.11 |
|
Short Term Loan
from Financial Institution |
106,656,318.23 |
86,537,204.62 |
|
Trade Accts. Payable |
214,189,916.91 |
158,390,115.35 |
|
Other Current Liabilities |
3,368,635.06 |
2,583,880.31 |
|
Total Current
Liabilities |
384,610,308.42 |
309,857,588.39 |
|
Long Term Loan |
475,064,305.16 |
510,713,276.17 |
|
Total Liabilities |
859,674,613.58 |
820,570,864.56 |
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Shareholders'
Equity |
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Share capital : Baht 4,000 par value
authorized, issued
and fully paid share
capital 17,500 shares |
70,000,000.00 |
70,000,000.00 |
|
Capital Paid |
70,000,000.00 |
70,000,000.00 |
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Assets at Revaluation Surplus |
132,907,392.54 |
132,907,392.54 |
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Retained Earning -
Unappropriated |
[273,747,760.92] |
[281,382,015.01]
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Total
Shareholders' Equity |
[70,840,368.38] |
[78,474,622.47] |
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Total
Liabilities & Shareholders' Equity |
788,834,245.20 |
742,096,242.09 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
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Sales |
1,334,515,548.93 |
1,027,775,578.73 |
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Other Income |
3,363,319.78 |
1,434,175.27 |
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Total Revenues
|
1,337,878,868.71 |
1,029,209,754.00 |
|
Expenses |
|
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Cost of Goods
Sold |
1,266,723,740.77 |
961,795,267.21 |
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Selling & Administrative Expenses |
12,055,466.70 |
13,859,865.52 |
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Total Expenses |
1,278,779,207.47 |
975,655,132.73 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
59,099,661.24 |
53,554,621.27 |
|
Interest Expenses |
[47,857,730.39] |
[44,704,479.27] |
|
Income Tax |
[3,607,676.76] |
[2,704,110.63] |
|
Net Profit / [Loss] |
7,634,254.09 |
6,146,031.37 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
29.85 |
|
|
Operating Profit |
[15.01] |
|
|
Net Profit |
24.21 |
|
|
Fixed Assets |
[0.83] |
|
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Total Assets |
6.30 |
|
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Profitability |
|
|
|
Cost of Good
Sold |
94.92 |
93.58 |
|
Operating Profit Margin |
4.43 |
5.21 |
|
S & A Expenses |
0.90 |
1.35 |
|
Interest Paid |
3.59 |
4.35 |
|
Other Revenues |
0.25 |
0.14 |
|
Net Profit Margin |
0.57 |
0.60 |
|
Earning Per Shares |
436.24 |
351.20 |
|
No. of Shares |
17,500 |
17,500 |
Net Sales was increased by
29.85%, Operating Profit
was decreased by
15.01%, Net Profit
was increased by
24.21%, Fixed Assets
was decreased by
0.83%, Total Assets
was increased by
6.30%,
Compare each cost
with sales, Cost of
Good Sold was
increased from 93.58%
to 94.92%, Operating
Profit Margin was
decreased from 5.21%
to 4.43%, S
& A Expenses
was decreased from
1.35% to 0.90%,
Interest Paid was decreased
from 4.35% to
3.59%, Other Revenues
was increased from
0.14% to 0.25%,
Net Profit Margin
was decreased from
0.60% to 0.57%,
Earning Per Shares
was increased from
351.20 baht per
share to 436.24
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.41 |
1.59 |
|
Quick-Assets Ratio |
1.16 |
1.12 |
Current Ratio was
decreased from 1.59
to 1.41, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.12 to 1.16,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
[12.14] |
[10.46] |
|
Times Interest Earned |
1.23 |
1.20 |
D/E Ratio was
decreased from -10.46
to -12.14, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was increased from
1.20 to 1.23,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
5.39 |
4.11 |
|
Total Assets Turnover |
1.69 |
1.38 |
|
Return on Assets |
0.97 |
0.83 |
|
Return on Equity |
10.78 |
7.83 |
|
Day's Payable |
57.78 |
55.48 |
|
Day’s Inventories |
25.72 |
36.97 |
|
Day’s Receivables |
119.88 |
121.33 |
Fixed Assets Turnover
was increased from
4.11 times to
5.39 times, Total
Assets Turnover was
increased from 1.38
times to 1.69
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
0.83 to 0.97,
Return on Equity
was increased from
7.83 to 10.78,
capacity to use
Assets to make
profit was good,
Day's Payable was
increased from 56
days to 58
days, while Day’s
Inventories was decreased
from 37 days
to 26 days, and Day’s
Receivables was decreased
from 122 days
to 120 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%)