MIRA
INFORM REPORT
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Report Date : |
20.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
DAILY FOODS CO., LTD. |
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Registered Office : |
D.F.
Building, 76 Rimklongsaensab Road, Bangkapi, Huaykwang, Bangkok
10310 |
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Country : |
Thailand
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1972 |
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Com. Reg. No.: |
0105515003453 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, contractor and
marketing wide range
of food and
beverage products |
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
DAILY FOODS CO., LTD.
SUMMARY
BUSINESS ADDRESS : D.F.
BUILDING, 76 RIMKLONGSAENSAB ROAD,
BANGKAPI, HUAYKWANG,
BANGKOK 10310,
THAILAND
TELEPHONE : [66] 2716-8070,
2716-8151-3
FAX : [66] 2716-8087-8
E-MAIL ADDRESS : info@dailyfoods.co.th, export@dailyfoods.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1972
REGISTRATION NO.
: 0105515003453 [Former : 347/2515]
CAPITAL
REGISTERED : BHT.
200,000,000
CAPITAL
PAID-UP : BHT.
200,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
VORAWAT PATIMAVIRUJ, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 220
LINES OF
BUSINESS : FOOD
PRODUCTS
MANUFACTURER, IMPORTER,
DISTRIBUTOR
& EXPORTER
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 June
5, 1972 as
a private limited
company under the name
style DAILY FOODS
CO., LTD. by Thai
group, the Patimaviruj
family, with the
business objective
originally manufacture a re-combined
butter named “Dannie”. Later
the products was
expanded to other
categories, the “Jumbo A” 100%
of natural fruit
juices. At the
present, subject becomes
a manufacturer, importer,
wholesaler and retailer
wide range of
food products to
both domestic and
international markets. It
currently employs 220
staff.
The subject’s registered
address is 76
Rimklongsaensab Rd., Bangkapi,
Huaykwang, Bangkok 10310,
and this is the
company’s current operation
address.
THE BOARD OF DIRECTORS
Name Nationality Age
Mr. Vorawat Patimaviruj Thai 72
Mrs. Patima [Sukana] Patimaviruj Thai 60
Mr. Ithipol Patimaviruj [x]
Thai 38
Mr. Patiwat Patimaviruj [x]
Thai 32
AUTHORIZED PERSON
Only Mr. Vorawat Patimaviruj
can sign or
both of the
mentioned directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Vorawat
Patimaviruj is the Managing Director.
He is Thai nationality with
the age of
72 years old.
Mr. Ithipol Patimaviruj is
the General Manager.
He is Thai nationality with
the age of
38 years old.
Mrs. Patima
Patimaviruj is the Deputy Managing
Director & Account Manager.
She is Thai nationality with
the age of
60 years old.
Mr. Pornsaeng
Kanusenee is the Factory Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject’s activities
are manufacturer, contractor
and marketing wide
range of food
and beverage products such as sweetened condensed
milk and creamers,
natural fruit juices,
butter, cheese and
etc., as well
as canned vegetables,
tomato product, corn
products, syrup, and
other customized products
such as Chutney
products for Japanese
market, Pizza-based sauce
for local pizza
chains and etc.,
as well as
food supplies; food
wrappings and paper
doily. The subject
also imports various
kinds of food
products, such as
butter oil, cheese,
lump caviar fish,
etc. from different
sauces for local
customers. There are
currently over hundred
items of the
products, and serve
to variety customers
such as food
service sections, catering
businesses, bakery industries,
airline groups and
contract packers.
BRAND NAMES
Own brand : “DANNIE”, “JUMBO”,
“JUMBO A” &
“S I S”
Customer’s brand : “PALACE”, “SUNBIRD”,
“TALEY’S IQF” &
etc.
IMPORT [COUNTRIES]
80% of raw materials and
finished products such
as butter oil,
cheese & concentrate
[flavor] are imported
from U.S.A., Denmark,
New Zealand, Germany,
United Kingdom and
Spain.
MAJOR SUPPLIERS
Talley’s Group Limited : New
Zealand
Mozzorella Company : Denmark
SALES [LOCAL]
90% of its products is
sold locally to
wholesalers.
EXPORT [COUNTRIES]
10% of its products is
exported to Hong
Kong, Japan, Korea,
Taiwan, Singapore and
United States of America.
MAJOR CUSTOMERS
Hotel, Restaurant, Supermarket
and Department Store.
SUBSIDIARIES &
AFFILIATED COMPANIES
|
Company |
Country |
Line
of Business |
|
Silver Mark Co., Ltd. |
Thailand |
Local sales office for
other food items |
|
Siam Merchandise LP |
Thailand |
Importer of raw materials
& machineries |
|
Daily Plus Co., Ltd. |
Thailand |
Local sales office
for Tetra-Pak Juice |
CREDIT
Sales are by
cash or on
the credits term
of 15-30 days.
Local bills are
paid on the
credits term of
45-60 days.
Imports are by
L/C at sight.
Exports are against
L/C at sight.
BANKING
The Siam
Commercial Bank Public Co.,
Ltd.
[Head Office :
9 Ratchadapisek Road,
Ladyao, Jatujak, Bangkok]
Bangkok Bank
Public Co., Ltd.
[Bangkapi Branch : Sukhumvit
Rd., Klongtonnua, Wattana,
Bangkok]
United Overseas
Bank [Thai] Public
Co., Ltd.
[Head office : 191
South Sathorn Rd.,
Sathorn, Bangkok]
Bank Thai
Public Co., Ltd.
[Head Office : 44
North Sathorn Rd.,
Silom, Bangrak, Bangkok]
INSURANCE
Insurance is carried
on inventory, building
& equipment with
American International Group.
EMPLOYMENT
The subject employs
220 staff.
LOCATION DETAILS
The premise is
owned for operating
office at the
heading address in
commercial/ residential area.
Factory I
: Bangchan Industrial Estate,
9/3 Sereethai Road,
Bungkum, Bangkok 10230,
on
9,600 sq.m. of
area. Tel :
[66] 2517-1310, Fax
: [66] 2517-1311.
Factory II : 100/2 Moo
4, Sereethai Road,
Kannayao, Bungkum, Bangkok
10230.
REMARK
CREDIT OF US$
15,000,000 D/A SHOULD
BE ON SECURED BASIS.
COMMENT
The subject has
been firmly established
for 35 years and has
long experience in
supplying food products
to both local
and overseas market.
Its sales revenue
in 2006 has
been significantly increased,
and its business
in 2007 has
steady grown.
FINANCIAL INFORMATION
The capital was
registered at Bht.
2,000,000 divided into
1,000 shares of
Bht. 2,000 each.
The capital was
increased later as
followings :
Bht. 3,500,000 on October 15,
1982
Bht. 15,000,000
on August 18, 1 992
Bht. 70,000,000
on July 8,
1999
Bht. 120,000,000 on
September 11, 2003
Bht. 200,000,000 on
November 18, 2005
The latest registered
capital was increased
to Bht. 200,000,000
divided into 100,000
shares of Bht. 2,000
each with fully
paid.
MAIN SHAREHOLDERS : [as
at November 16,
2005]
|
NAME |
HOLDING |
% |
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|
|
|
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Mr. Ithipol
Patimaviruj Nationality: Thai Address : 1/1-2
Sukhumvit 43 Rd.,
Klongtonnua, Klongtoey, Bangkok |
41,200 |
41.20 |
|
Mr. Patiwat
Patimaviruj Nationality: Thai Address : 1/1-2
Sukhumvit 43 Rd.,
Klongtonnua, Klongtoey, Bangkok |
41,100 |
41.10 |
|
Mr. Vorawat Patimaviruj Nationality: Thai Address : 1/1-2
Sukhumvit 43 Rd.,
Klongtonnua,
Klongtoey, Bangkok |
10,300 |
10.30 |
|
Mrs. Patima Patimaviruj Nationality: Thai Address : 1/1-2
Sukhumvit 43 Rd.,
Klongtonnua,
Klongtoey, Bangkok |
6,900 |
6.90 |
|
Ms. Booonthrik Patimaviruj Nationality: Thai Address : 236
Charoenveang Rd., Silom,
Bangrak, Bangkok |
100 |
0.10 |
|
Ms. Kasama
Patimaviruj Nationality: Thai Address : 236
Charoenveang Rd., Silom,
Bangrak, Bangkok |
100 |
0.10 |
|
Other Shareholders |
300 |
0.30 |
Total Shareholders
12
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Sawat Mekha-apirak No. 4262
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank |
187,155.35 |
7,621,014.75 |
|
Trade Accts. & Notes Receivable |
78,754,916.81 |
96,954,386.00 |
|
Inventories |
215,275,547.21 |
156,277,398.06 |
|
Other Current Assets
|
19,985,388.05 |
14,871,934.46 |
|
Total Current
Assets |
314,203,007.42 |
275,724,733.27 |
|
Investment |
750,000.00 |
750,000.00 |
|
Fixed Assets |
239,933,783.98 |
247,456,933.19 |
|
Other Assets |
3,578,668.10 |
3,578,668.10 |
|
Total Assets |
558,465,459.50 |
527,510,334.56 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan from Financial Institute |
259,305,808.64 |
16,103,236.88 |
|
Trade Accts. & Notes Payable |
42,060,149.19 |
157,817,673.16 |
|
Other Current Liabilities |
9,551,404.91 |
9,225,182.56 |
|
Total Current
Liabilities |
310,917,362.74 |
183,146,092.60 |
|
Long Term Loan
from Directors |
7,500,000.00 |
9,550,000.00 |
|
Other Long Term
Loan |
16,809,207.08 |
124,626,980.57 |
|
Total Liabilities |
335,226,569.82 |
317,323,073.17 |
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Shareholders'
Equity |
|
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|
|
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Share capital : Baht 2,000 par value
authorized, issued
and fully paid share
capital 100,000 shares |
200,000,000.00 |
200,000,000.00 |
|
Capital Paid |
200,000,000.00 |
200,000,000.00 |
|
Retained Earning -
Unappropriated |
23,238,889.68 |
10,187,261.39 |
|
Total
Shareholders' Equity |
223,238,889.68 |
210,187,261.39 |
|
Total
Liabilities & Shareholders' Equity |
558,465,459.50 |
527,510,334.56 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
701,398,375.36 |
634,482,885.53 |
|
Other Income |
15,347,231.81 |
6,035,513.95 |
|
Total Revenues
|
716,745,607.17 |
640,518,399.48 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
645,008,712.13 |
574,826,041.66 |
|
Selling & Administrative Expenses |
32,100,669.29 |
27,013,131.52 |
|
Other Expenses |
5,109,841.51 |
7,914,180.12 |
|
Total Expenses |
682,219,222.93 |
609,753,353.30 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
34,526,384.24 |
30,765,046.18 |
|
Interest Expenses |
[15,409,986.15] |
[10,809,617.45] |
|
Income Tax |
[6,064,769.80] |
[6,374,751.17] |
|
Net Profit / [Loss] |
13,051,628.29 |
13,580,677.56 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
10.55 |
|
|
Operating Profit |
[7.30] |
|
|
Net Profit |
[3.90] |
|
|
Fixed Assets |
[3.04] |
|
|
Total Assets |
5.87 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
91.96 |
90.60 |
|
Operating Profit Margin |
5.65 |
6.10 |
|
S & A
Expenses |
4.58 |
4.26 |
|
Interest Paid |
2.20 |
1.70 |
|
Other Revenues |
2.19 |
0.95 |
|
Net Profit Margin |
1.86 |
2.14 |
|
Earning Per Shares |
130.52 |
135.81 |
|
No. of Shares |
100,000 |
100,000 |
Net Sales was
increased by 10.55%,
Operating Profit was
decreased by 7.30%,
Net Profit was
decreased by 3.90%,
Fixed Assets was decreased by
3.04%, Total Assets
was increased by
5.87%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 90.60%
to 91.96%, Operating
Profit Margin was
decreased from 6.10%
to 5.65%, S
& A Expenses
was increased from
4.26% to 4.58%,
Interest Paid was increased
from 1.70% to
2.20%, Other Revenues
was increased from
0.95% to 2.19%,
Net Profit Margin
was decreased from
2.14% to 1.86%,.
Earning Per Shares
was decreased from
135.81 baht per
share to 130.52
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.01 |
1.51 |
|
Quick-Assets Ratio |
0.25 |
0.57 |
Current Ratio was decreased from
1.51 to 1.01,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
Quick-Assets Ratio was
decreased from 0.57
to 0.25, 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 |
1.50 |
1.51 |
|
Times Interest Earned |
2.57 |
3.58 |
D/E Ratio was
decreased from 1.51
to 1.50, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is to
medium, Times Interest
Earned was decreased
from 3.58 to
2.57, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
2.92 |
2.56 |
|
Total Assets Turnover |
1.26 |
1.20 |
|
Return on Assets |
2.34 |
2.57 |
|
Return on Equity |
5.85 |
6.46 |
|
Day's Payable |
21.59 |
89.54 |
|
Day’s Inventories |
110.49 |
88.67 |
|
Day’s Receivables |
40.42 |
55.01 |
Fixed Assets Turnover
was increased from
2.56 times to
2.92 times, Total
Assets Turnover was
increased from 1.20
times to 1.26
times, show the
company could use
Assets so efficiently, Return on Assets
was decreased from
2.57 to 2.34,
Return on Equity
was decreased from
6.46 to 5.85,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 90
days to 22
days, while Day’s
Inventories was increased
from 89 days
to 111 days, but Day’s
Receivables was decreased
from 56 days
to 41 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. |
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%)