MIRA
INFORM REPORT
|
Report Date : |
25.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
S. W. FOODTECH CO.,
LTD |
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Registered Office : |
28/91 Moo 4,
Ramindra 97 Road,
Tharaeng, Bangkhen, |
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Country : |
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Financials (as on) : |
2006 |
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Date of Incorporation : |
1996 |
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Com. Reg. No.: |
0105539090640 |
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Legal Form : |
Private Limited |
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Line of Business : |
Distributor and
Marketer Food Products |
RATING & COMMENTS
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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 : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME
S. W. FOODTECH CO.,
LTD.
SUMMARY
BUSINESS ADDRESS : 28/91 MOO
4, RAMINDRA 97
ROAD, THARAENG,
BANGKHEN,
TELEPHONE :
[66] 2522-6175-6
FAX :
[66] 2521-8893
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1996
REGISTRATION NO. :
0105539090640
CAPITAL REGISTERED :
BHT. 3,000,000
CAPITAL PAID-UP :
BHT. 3,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS :
PRIVATE LIMITED COMPANY
EXECUTIVE :
MS. WANNIPA MANAKIJSIRISUTTHI, THAI
MANAGING
DIRECTOR
NO. OF STAFF :
250
LINES OF BUSINESS :
FOOD PRODUCTS
DISTRIBUTOR
AND MARKETER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION :
GOOD WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on August
16, 1996 as
a private limited
company under the name
style S.W. FOODTECH
CO., LTD., by
Thai groups, with the business objective
to distribute and
market food products
to domestic market.
It currently employs approximately 250
staff.
The subject’s registered
address is 28/91
Moo 4, Ramindra
97 Rd., Tharaeng,
Bangkhen, Bangkok 10220,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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|
|
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Ms. Wannipa Manakijsirisutthi |
[x] |
Thai |
37 |
|
Mr. Danai Manakijsirisutthi |
|
Thai |
36 |
|
Ms. Valailuck Manakijsirisutthi |
|
Thai |
34 |
|
Ms. Wanthanee Tantivanichakorn |
|
Thai |
36 |
|
Ms. Julaporn Chatkocharaj |
|
Thai |
34 |
|
Mr. Pakdee Valan-araya |
|
Thai |
44 |
|
Mrs. Jurairat Valan-araya |
|
Thai |
37 |
AUTHORIZED PERSON
The mentioned director [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Wannipa
Manakijsirisutthi is the
Managing Director.
She is Thai
nationality with the
age of 37
years old.
Mr. Surapol Khaophuthai is
the Sales & Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in packaging,
distributing and marketing
of food products,
especially egg products,
such as fresh
eggs, salty eggs
and black preserved
eggs, under its
own brand name
“SW FOODTECH”.
PURCHASE
100% of the
products is purchased
from local farmers
and suppliers.
SALES
100% of the
products is sold
locally by wholesale
to convenience stores
and supermarkets, such
as Tesco Lotus,
Carrefour, Big C Super
Center, Top Supermarket
and etc.
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
for the past
two years.
CREDIT
Sales are by
cash or on
the credit term
of 30 days.
Local bills are
paid by cash
or on the
credit term of
30 days.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 250 office
staff and workers.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Packaging and Size
separating factories are
located at :
15 Moo 11, T.
Railakthong, A. Panusnikom, Chonburi
province.
48/25-26 Moo 9,
Bangphra, Sriracha, Chonburi
province.
COMMENT
The subject’s sales
performance were healthy
from strong consumption
demand in domestic
market. Its products
are marketed well
in supermarket, superstore
and etc.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100 each.
On March 19,
2007, the capital
was increased to
Bht. 3,000,000 divided into
30,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE :
[as at
April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
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Ms. Wannipa Manakijsirisutthi Nationality: Thai Address : 1358/11
Moo 4, Muang, Samutprakarn |
29,181 |
97.27 |
|
Mr. Thanapongpun
Manakijsirisutthi Nationality: Thai Address : 1448
Moo 1, Muang, Samutprakarn |
500 |
1.67 |
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Ms. Nichamonkarn
Tantivanichakorn Nationality: Thai Address : 999/2
Moo 5, Samrongnua,
Muang, Samutprakarn |
100 |
0.33 |
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Ms. Vilailuck Manakijsirisutthi Nationality: Thai Address : 1358/11
Moo 4, Muang, Samutprakarn |
100 |
0.33 |
|
Ms. Julaporn Chatkocharaj Nationality: Thai Address : 9/21
Moo 4, Theparak,
Muang, Samutprakarn |
100 |
0.33 |
|
Mr. Pakdee Valan-araya Nationality: Thai Address : 1358/11
Moo 4, Muang, Samutprakarn |
10 |
0.04 |
|
Mrs. Jurairat Valan-araya Nationality: Thai Address : 1358/11
Moo 4, Muang, Samutprakarn |
9 |
0.03 |
Total Shareholders : 7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT
NO. :
Mr. Charnchai Karnlueng No.
5995
BALANCE SHEET
[BAHT]
The latest financial
figures published for
December 31, 2006
& 2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
173,860.16 |
82,084.18 |
|
Trade Accts. Receivable |
14,350,424.22 |
14,032,395.04 |
|
Inventories |
6,311,558.28 |
9,795,273.47 |
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Other Current Assets
|
463,671.87 |
854,198.31 |
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Total Current Assets
|
21,299,514.53 |
24,763,951.00 |
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|
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Fixed Assets |
21,532,324.68 |
23,540,635.32 |
|
Other Assets |
357,627.28 |
357,627.28 |
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Total Assets |
43,189,466.49 |
48,662,213.60 |
LIABILITIES & SHAREHOLDERS' EQUITY
[BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
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Bank Overdraft &
Short Term Loan
from Financial Institute |
2,462,636.73 |
3,542,321.74 |
|
Trade Accts. Payable |
7,497,261.07 |
10,030,259.04 |
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Short Term Loan
from Person or
Related Company |
16,610,000.00 |
14,930,000.00 |
|
Current Portion of Hire-purchase Contract Liabilities |
3,981,706.57 |
3,709,172.97 |
|
Current Portion of Long
Term Loan |
1,406,462.32 |
1,179,712.58 |
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Other Current Liabilities |
1,695,780.58 |
1,631,607.14 |
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Total Current Liabilities |
33,653,847.27 |
35,023,073.47 |
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Hire-purchase Contract Liabilities
Net of Current Portion |
5,278,838.26 |
8,277,289.21 |
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Long Term Loan
Net of Current
Portion |
1,753,032.37 |
3,777,652.68 |
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Total Liabilities |
40,685,717.90 |
47,078,015.36 |
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Shareholders' Equity |
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Share capital : Baht 100 par
value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
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Capital Paid |
1,000,000.00 |
1,000,000.00 |
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Retained Earning -
Unappropriated |
1,503,748.59 |
584,198.24 |
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Total Shareholders' Equity |
2,503,748.59 |
1,584,198.24 |
|
Total Liabilities & Shareholders' Equity |
43,189,466.49 |
48,662,213.60 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
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Sales |
264,007,972.81 |
217,671,830.68 |
|
Other Income |
401,551.22 |
1,048,780.50 |
|
Total Revenues |
264,409,524.03 |
218,720,611.18 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold & Services |
224,021,734.76 |
191,107,499.38 |
|
Selling & Administrative Expenses |
37,986,394.16 |
26,258,421.09 |
|
Total Expenses |
262,008,128.92 |
217,365,920.47 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
2,401,395.11 |
1,354,690.71 |
|
Interest Expenses |
[1,184,253.68] |
[1,274,499.32] |
|
Income Tax |
[297,591.08] |
[62,857.40] |
|
Net Profit / [Loss] |
919,550.35 |
17,333.99 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
21.29 |
|
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Operating Profit |
46.15 |
|
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Net Profit |
5,204.90 |
|
|
Fixed Assets |
[8.53] |
|
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Total Assets |
[11.25] |
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Profitability |
|
|
|
Cost of Good
Sold |
84.85 |
87.80 |
|
Operating Profit Margin |
0.91 |
0.62 |
|
S & A
Expenses |
14.39 |
12.06 |
|
Interest Paid |
0.45 |
0.59 |
|
Other Revenues |
0.15 |
0.48 |
|
Net Profit Margin |
0.35 |
0.01 |
|
Earning Per Shares |
91.96 |
1.73 |
|
No. of Shares |
10,000 |
10,000 |
Net Sales was
increased by 21.29%,
Operating Profit was
increased by 46.15%,
Net Profit was
increased by 5,204.90%,
Fixed Assets was
decreased by 8.53%,
Total Assets was
decreased by 11.25%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 87.80%
to 84.85%, Operating
Profit Margin was
increased from 0.62%
to 0.91%, S
& A Expenses
was increased from
12.06% to 14.39%,
Interest Paid was decreased
from 0.59% to
0.45%, Other Revenues
was decreased from
0.48% to 0.15%,
Net Profit Margin
was increased from
0.01% to 0.35%.
Earning Per Shares
was increased from
1.73 baht per
share to 91.96
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.63 |
0.71 |
|
Quick-Assets Ratio |
0.43 |
0.40 |
Current Ratio was
decreased from 0.71
to 0.63, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
Quick-Assets Ratio was
increased from 0.40
to 0.43, capacity
to pay Short
Term Loan was
not good too,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
16.25 |
29.72 |
|
Times Interest Earned |
2.03 |
1.06 |
D/E Ratio was
decreased from 29.72
to 16.25, 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
1.06 to 2.03,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
12.26 |
9.25 |
|
Total Assets Turnover |
6.11 |
4.47 |
|
Return on Assets |
2.13 |
0.04 |
|
Return on Equity |
36.73 |
1.09 |
|
Day's Payable |
10.22 |
16.59 |
|
Day’s Inventories |
8.61 |
16.20 |
|
Day’s Receivables |
19.57 |
23.21 |
Fixed Assets Turnover
was increased from
9.25 times to
12.26 times, Total
Assets Turnover was increased from
4.47 times to
6.11 times, show
the company could
use Assets so
efficiently, Return on
Assets was increased
from 0.04 to
2.13, Return on
Equity was increased
from 1.09 to
36.73, capacity to
use Assets to make profit
was good.
Day's Payable was
decreased from 17
days to 11
days, Day’s Inventories
was decreased from
17 days to
9 days, and
Day’s Receivables was
decreased from 24
days to 20
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 |
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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%)