MIRA
INFORM REPORT
|
Report Date : |
10.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MINOR DAIRY
LIMITED |
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Registered Office : |
14th Floor, Berli Jucker
House, 99 Soi Rubia, Sukhumvit
42 Road, Prakanong, Klongtoey, Bangkok 10110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
27.06.1991 |
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Com. Reg. No.: |
0105534059931 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Distributor of Ice-Cream and Dairy
Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 of the company
MINOR DAIRY
LIMITED
SUMMARY
BUSINESS ADDRESS : 14th FLOOR,
BERLI JUCKER HOUSE,
99 SOI RUBIA,
SUKHUMVIT 42 ROAD,
PRAKANONG, KLONGTOEY,
BANGKOK 10110,
THAILAND
TELEPHONE : [66]
2381-5123-32
FAX : [66] 2381-5093
E-MAILL ADDRESS : thitiwat_po@minornet.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1991
REGISTRATION NO.
: 0105534059931 [Former: 5991/2534 ]
CAPITAL REGISTERED
: BHT.
30,000,000
CAPITAL PAID-UP
: BHT.
30,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
PAUL CHARLES KENNY,
AMERICAN
CHIEF EXECUTIVE
OFFICER
NO. OF
STAFF : 130
LINES OF
BUSINESS : ICE-CREAM AND DAIRY PRODUCTS
MANUFACTURER AND
DISTRIBUTOR
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 June 27,
1991 as a private
limited company under the
name style MINOR
DAIRY LIMITED by
Thai groups, in
order to produce
ice-cream, dairy products
and toppings under
the brand name
“SWENSEN’S” for domestic
market. It currently
employs approximately 130
staff.
Subject
is a subsidiary of The Minor
Food Group Public Co., Ltd., a member
of the Stock Exchange of
Thailand. It is
Thailand’s largest food
service operator with
nearly 500 outlets
operating under the Pizza
Company, Swensen’s, Sizzler,
Dairy Queen and Burger
King brands.
The
subject is certified
and operates under
GMP, ISO 9001 and HACCP systems,
as well as
ISO 14001 and
TIS 18000 certification.
The
subject’s registered address
is 99 Berli Jucker House,
Soi Rubia Sukhumvit
42 Rd., Prakanong,
Klongtoey, Bangkok 10110, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. William Ellwood
Heinecke |
: Chairman |
American |
59 |
|
Mr. Paul Charles
Kenny |
|
American |
59 |
|
Mrs. Patamavalai Ratanapol |
|
Thai |
52 |
|
Mr. Montri Thongsri |
|
Thai |
54 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Paul Charles
Kenny is the Chief Executive
Office.
He is American nationality with
the age of
59 years old.
Mrs. Thanomsri Pruthikul
is the General Manager.
She is Thai nationality with
the age of
53 years old.
Mrs. Patamavalai Ratanapol
is the Chief Personnel Officer.
She is Thai nationality with
the age of
52 years old.
Mr. Prathana Manomaiphiboon is
the Chief Finance
Officer.
He is Thai nationality.
Mr. Praphan Hansanukorn is
the Business Development
Manager.
He is Thai nationality.
Mr. Thaveesak Raksantinana is
the Factory Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and servicing a variety
of premium ice-cream
products and toppings
under the license
of “SWENSEN’S”, “DAIRY
QUEEN” and “DAIRY
PRIDE”.
PRODUCTION CAPACITY
6,000 tons/year
PURCHASE
Raw materials, mainly
dairy products, flavor
and fragrance are
purchased from suppliers
both local and overseas
in United States
of America, Netherlands
and Australia.
MAJOR SUPPLIERS
- NZ
Milk Products Co., Ltd. :
Thailand [10-20%]
- Nutrition
Co., Ltd. :
Thailand [10-20%]
- CPC
Aji [Thailand] Co., Ltd. :
Thailand [5-10%]
SALES
100%
of its products is marketed
and distributed locally
by Swensen’s [Thai]
Limited and Minor
DQ Limited.
PARENT COMPANY
The
Minor Food Group
Public Co., Ltd.
RELATED/ASSOCIATED COMPANIES
Swensen’s [Thai] Limited
Business Type: Marketer and
distributor of “SWENSEN’S” ice-cream.
Minor Cheese Limited
Business Type: Manufacturer of
cheese products
Minor DQ Limited
Business Type :
Marketer of “DAIRY
QUEEN” ice cream.
Burger [Thailand] Limited
Business Type :
Operator of “BURGER
KING” restaurant.
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 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.
BANKING
The Siam Commercial
Bank Public Co., Ltd.
[Head Office : 9
Ratchadapisek Rd., Ladyao, Jatujak,
Bangkok 10900]
Krung
Thai Bank Public
Co., Ltd.
[Head Office : 35 Sukhumvit Rd.,
Klongtoeynua, Wattana, Bangkok
10110]
EMPLOYMENT
The
subject employs approximately 130 staff [office
staff and factory
workers].
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commerce/residential area.
Factory
is located at 9/1
Moo 6, Soi Subchampa,
Mitrapab Rd., T.
Klangdong, A. Pakchong,
Nakornratchasima 30320, Tel: [66]
44 361-133, Fax: [66]
44 361-132.
REMARK
CREDIT
OF US$ 500,000 D/A
TERM SHOULD BE
IN ORDER.
COMMENT
The company produces the premium ice-cream
under the brand name Swensen’s,
Dairy Queen and
Dairy Pride. Its products are sold to its ice-cream
parlour and at the leading supermarkets
throughout the nation. Swensen’s and
Dairy Queen ice-cream
are among premium brands in
local market with over
200 outlets, serving
leading retail customers
with current production
levels are over
6.000 tonnes per
year.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht. 1,000,000 divided into 10,000 shares of Bht. 100
each.
The
capital was increased/decreased later
as following:
Increased
were : Bht. 15,000,000 on October 30,
1992
Bht.
40,000,000 on September
14, 1993
Bht. 100,000,000 on
October 3, 1994
Decreased
were : Bht.
50,000,000 on December
28, 1998
Bht.
30,000,000 on December
20, 2002
The
latest registered capital
is Bht. 30,000,000 divided into
600,000 shares of
Bht. 50 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 28, 2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
The Minor Food
Group Public Company
Limited Nationality: Thai Address : Berli Jucker
House, 99 Sukhumvit
41 Rd.,
Prakanong, Klongtoey, Bangkok
10110 |
599,993 |
100.00 |
|
Mr. William Ellwood
Heinecke Nationality: American Address : 449 New
Petchburi Rd., Bangkapi,
Huaykwang, Bangkok 10320
|
2 |
- |
|
Mrs. Sukachan Siripongsukarn Nationality: Thai Address : 16/121 Moo 8,
Suanyai, Muang,
Nonthaburi |
1 |
- |
|
Mrs. Sukanya Vasunant Nationality: Thai Address : 40/3604 Moo 1,
Thasai, Muang,
Nonthaburi |
1 |
- |
|
Mrs. Kanya Ruengprateepsaeng Nationality: Thai Address : 248/1 Sukhumvit
16 Rd., Klongtoey,
Bangkok 10110 |
1 |
- |
|
Mr. Suvit Traisaksri Nationality: Thai Address : 101/27 Thanon
Nakornchaisri, Dusit,
Bangkok 10300 |
1 |
- |
|
Mr. John Scott
Heinecke Nationality: American Address : 449 New
Petchburi Rd., Bangkapi, Huaykwang, Bangkok
10320 |
1 |
- |
Total Shareholders :
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Anothai Leekijwattana No.
3442
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
139,407 |
222,695 |
|
Trade Accts. Receivable |
66,285,666 |
64,939,458 |
|
Related Company- Receivable |
2,278,951 |
1,753,809 |
|
Short Term Loan
to Related Company |
- |
73,395,664 |
|
Inventories |
168,477,495 |
99,403,003 |
|
Other Current Assets
|
7,707,396 |
2,763,864 |
|
Total Current Assets
|
244,888,915 |
242,478,493 |
|
|
|
|
|
Fixed Assets |
212,473,521 |
123,604,292 |
|
Other Assets |
245,539 |
248,056 |
|
Total Assets |
457,607,975 |
366,330,841 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Trade Accts. Payable |
47,554,312 |
63,458,373 |
|
Related Company -Payable |
5,601,611 |
18,070,808 |
|
Other Payable |
25,422,421 |
18,156,935 |
|
Current Portion of Liabilities Lease under Contract |
1,967,016 |
1,967,016 |
|
Short-term Loan from
Parent Company |
97,198,595 |
- |
|
Accrued Income Tax |
4,708,865 |
12,006,197 |
|
Accrued Expenses |
9,862,091 |
5,345,447 |
|
Other Current Liabilities |
1,322,916 |
51,513 |
|
Total Current Liabilities |
193,637,827 |
119,056,289 |
|
Liabilities Lease under
Contract Net of
Current Portion |
32,206,555 |
34,173,571 |
|
Total Liabilities |
225,844,382 |
153,229,860 |
|
|
|
|
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Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 50 par value
authorized, issued
and fully paid share
capital 600,000 shares |
30,000,000 |
30,000,000 |
|
Capital Paid |
30,000,000 |
30,000,000 |
|
Statutory Reserve |
5,000,000 |
5,000,000 |
|
Retained Earning -
Unappropriated |
196,763,593 |
178,100,981 |
|
Total Shareholders' Equity |
231,763,593 |
213,100,981 |
|
Total Liabilities & Shareholders' Equity |
457,607,975 |
366,330,841 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales |
670,373,148 |
623,178,700 |
|
Other Income |
4,937,179 |
4,899,599 |
|
Total Revenues |
675,310,327 |
628,078,299 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
537,924,049 |
461,790,579 |
|
Selling & Administrative Expenses |
106,432,845 |
91,989,879 |
|
Total Expenses |
644,356,894 |
553,780,458 |
|
Profit / [Loss] from Operation |
30,953,433 |
74,297,841 |
|
Interest Expenses |
[817,827] |
[26] |
|
Income Tax |
[11,472,994] |
[23,318,530] |
|
Net Profit / [Loss] |
18,662,612 |
50,979,285 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
7.57 |
|
|
Operating Profit |
[61.27] |
|
|
Net Profit |
[63.39] |
|
|
Fixed Assets |
71.90 |
|
|
Total Assets |
24.92 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
80.24 |
74.10 |
|
Operating Profit Margin |
4.62 |
11.92 |
|
S & A
Expenses |
15.88 |
14.76 |
|
Interest Paid |
0.12 |
0.00 |
|
Other Revenues |
0.74 |
0.79 |
|
Net Profit Margin |
2.78 |
8.18 |
|
Earning Per Shares |
31.10 |
84.97 |
|
No. of Shares |
600,000 |
600,000 |
Net Sales was
increased by 7.57%,
Operating Profit was
decreased by 61.27%,
Net Profit was
decreased by 63.39%,
Fixed Assets was increased by 71.90%,
Total Assets was
increased by 24.92%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 74.10%
to 80.24%, Operating
Profit Margin was
decreased from 11.92%
to 4.62%, S
& A Expenses
was increased from
14.76% to 15.88%,
Interest Paid was increased
from 0.00% to
0.12%, Other Revenues
was decreased from
0.79% to 0.74%,
Net Profit Margin
was decreased from
8.18% to 2.78%.
Earning Per Shares
was decreased from
84.97 baht per
share to 31.10
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.26 |
2.04 |
|
Quick-Assets Ratio |
0.35 |
1.18 |
Current Ratio was
decreased from 2.04
to 1.26, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.18 to 0.35,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
0.97 |
0.72 |
|
Times Interest Earned |
37.85 |
2,857,609.27 |
D/E Ratio was
increased from 0.72
to 0.97, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low, Times
Interest Earned was
decreased from 2,857,609.00 to 37.85, capacity
to pay interest paid was good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
3.16 |
5.04 |
|
Total Assets Turnover |
1.46 |
1.70 |
|
Return on Assets |
4.08 |
13.92 |
|
Return on Equity |
8.05 |
23.92 |
|
Day's Payable |
25.54 |
36.66 |
|
Day’s Inventories |
90.47 |
57.42 |
|
Day’s Receivables |
35.60 |
37.51 |
Fixed Assets Turnover
was decreased from
5.04 times to
3.16 times, Total
Assets Turnover was
decreased from 1.70
times to 1.46
times, show the company could
not use Assets
so efficiently, Return
on Assets was
decreased from 13.92
to 4.08, Return
on Equity was
decreased from 23.92
to 8.05, capacity
to use Assets to make
profit was good.
Day's Payable was
decreased from 37
days to 26
days, while Day’s
Inventories was increased
from 58 days
to 91 days, but Day’s
Receivables was decreased
from 38 days
to 36 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.22 |
|
UK Pound |
1 |
Rs.73.03 |
|
Euro |
1 |
Rs.63.14 |
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%)