MIRA
INFORM REPORT
|
Report Date : |
16.12.2008 |
IDENTIFICATION
DETAILS
|
Correct Name : |
GRIFFITH TNF LIMITED |
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Registered Office : |
129/11 Moo 17, Soi 5/3,
Bangplee Industrial Estate, Bangsaothong, Samutprakarn 10540 |
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Country : |
Thailand |
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Financials (as on) : |
30.09.2007 |
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Year of Establishment : |
2000 |
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Com. Reg. No.: |
0115543003721 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturer, Distributor & Exporter of Food Ingredient
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
GRIFFITH
TNF LIMITED
SUMMARY
BUSINESS
ADDRESS : 129/11 MOO 17, SOI 5/3,
BANGPLEE INDUSTRIAL
ESTATE, BANGSAOTHONG, SAMUTPRAKARN 10540
TELEPHONE : [66] 2315-2339-40, 2315-1567-8,
2705-3335-7
FAX : [66] 2315-2338
E-MAIL
ADDRESS : mktgtnf@griffith-tnf.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION NO. : 0115543003721 [Former
: SOR POR. 9683]
CAPITAL REGISTERED : BHT. 250,965,000
CAPITAL PAID-UP : BHT.
250,965,000
FISCAL YEAR CLOSING DATE : SEPTEMBER 30
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
JOSEPH ROBERT MASLICK JR.,
AMERICAN
MANAGING DIRECTOR
NO.
OF STAFF : 530
LINES
OF BUSINESS : FOOD
INGREDIENT PRODUCTS
MANUFACTURER, 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
16, 2000 as
a private limited
company under the
name style GRIFFITH
TNF LIMITED by
Thai and American
groups, in order
to manufacture and
distribute a wide range of food
ingredients for fast
food products to
both local and
overseas markets. It
currently employs 530
staff.
Subject is a
subsidiary of Griffith
Laboratories Worldwide Inc.,
U.S.A.
The subject’s registered
address is 129/11
Moo 17, Soi 5/3,
Bangsaothong, Samutprakarn 10540,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Joseph Robert
Maslick Jr. |
[x] |
American |
60 |
|
Mr. James Stephen
Legg |
[x] |
American |
52 |
|
Mr. Dusadee Phupetch |
|
Thai |
52 |
|
Mr. William Charles
Frost |
[x] |
American |
55 |
|
Mr. King-Man Truman Yue |
|
British |
46 |
AUTHORIZED PERSON
One of the
above directors [x]
can jointly sign
with one of
the rest directors
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Joseph Robert
Maslick Jr. is
the Managing Director.
He is American
nationality with the
age of 60 years old.
Mr. Chote Soponpanich is
the Marketing Manager.
He is Thai nationality.
Ms. Renu Chavalit
is the Human Resources Manager.
She is
Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing various kinds of
food ingredients, mainly
for fast food
products, including seasoning
powder/paste, flavors, spices
and etc.
MAJOR BRAND
“GRIFFITH TNF”
PURCHASE
60% of raw materials is
purchased from local
suppliers and agents,
the remaining 40%
and machinery are
imported from United
States of America,
France, India, Republic
of China, Germany
and United Kingdom.
MAJOR SUPPLIERS
Griffith Laboratories Worldwide
Inc. : United States of
America
SALES [LOCAL]
80% of the products is
sold locally by
wholesale to dealers
and end-users, the
remaining 20% is
exported to United
States of America,
Singapore and Germany.
PARENT COMPANY
Griffith Laboratories Worldwide
Inc.
Address :
One Griffith Center,
Illinois, United States of
America
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 30-60-90 days.
Imports are by
L/C at sight or T/T.
Exports are against
L/C at sight or T/T.
BANKING
N/A
EMPLOYMENT
The subject employs
approximately 530 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
owned for administrative office, factory and
warehouse at the
heading address. Premise
is located in
an industrial area.
COMMENT
The subject was
formed in 2000
as a manufacturer,
distributor and exporter of
food ingredients. The
products are for
local consumption and
exports. Subject reported
its strong sales
due to demand of the
products has grown
steadily. Despite economic
slowdown subject’s business
remains active.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 100,000 divided into
1,000 shares of
Bht. 100 each.
On January 9,
2001, the capital
was increased to Bht. 250,965,000 divided into
2,509,650 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
September 5, 2008]
|
NAME |
HOLDING |
% |
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Griffith Laboratories Worldwide, Inc. Nationality: American Address : One Griffith
Center, Illinois, U.S.A. |
2,006,721 |
79.96 |
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Griffith Laboratories, Inc. Nationality: American Address : Illinois, U.S.A. |
501,930 |
20.00 |
|
Mr. Dean Ladd
Griffith Nationality: American Address : 1500 Sheridan
Street, Illinois, U.S.A. |
994 |
0.04 |
|
Mr. Joseph Robert
Maslick Jr. Nationality: American Address : 7556 Woodland
Court, Illinois, U.S.A. |
1 |
- |
|
Mr. James Stephen
Legg Nationality: American Address : 7525 Potavatomi Drive, Palos Height,
Illinois,
U.S.A. |
1 |
- |
Mr. William Charles
Frost Nationality: American Address : 2
Clearview Lane, Lemond,
Illinois 60439, U.S.A. |
1 |
- |
|
Mrs. Louis Joe
Griffith Nationality: American Address : 1500 Sheridan
Street, Illinois 60091, U.S.A. |
1 |
- |
|
Mr. Brian Add
Griffith Nationality: American Address : N 2312
Windward Lane Lake
Geneva,
Wisconsin 53147, U.S.A.
|
1 |
|
Total Shareholders : 8
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Vichien Thammatrakul No. 3183
BALANCE SHEET [BAHT]
The
latest financial figures
published for September
30, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
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Cash in Hand
& at Bank |
30,843,296 |
3,819,846 |
|
Trade Accts. Receivable |
108,241,001 |
95,174,020 |
|
Inventories |
78,351,979 |
90,060,295 |
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Other Current Assets
|
10,648,850 |
12,247,621 |
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|
|
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Total Current Assets
|
228,085,126 |
201,301,782 |
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Fixed Assets |
152,274,928 |
164,348,490 |
|
Goodwill |
83,145,402 |
89,419,554 |
|
Deposit |
1,238,350 |
1,499,350 |
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Total Assets |
464,743,806 |
456,569,176 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
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Bank Overdraft &
Short-term Loan from Bank |
20,000,000 |
29,037,117 |
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Trade Accts. Payable |
57,637,471 |
55,257,974 |
|
Related Company Payable |
25,653,586 |
32,719,605 |
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Accrued Expenses |
27,329,236 |
10,641,661 |
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Accrued Income Tax |
1,403,908 |
- |
|
Other Current Liabilities |
6,208,918 |
4,278,815 |
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Total Current Liabilities |
138,233,119 |
131,935,172 |
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Total Liabilities |
138,233,119 |
131,935,172 |
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Shareholders' Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 2,509,650 shares |
250,965,000 |
250,965,000 |
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Capital Paid |
250,965,000 |
250,965,000 |
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Retained Earning -
Unappropriated |
75,545,687 |
73,669,004 |
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Total Shareholders' Equity |
326,510,687 |
324,634,004 |
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Total Liabilities & Shareholders' Equity |
464,743,806 |
456,569,176 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
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Sales |
619,956,827 |
556,210,878 |
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Other Income |
1,657,683 |
1,063,782 |
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Total Revenues |
621,614,510 |
557,274,660 |
|
Expenses |
|
|
|
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|
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Cost of Goods
Sold |
429,409,049 |
410,640,434 |
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Selling & Administrative Expenses |
186,254,203 |
160,870,100 |
|
Total Expenses |
615,663,252 |
571,510,534 |
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|
|
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Profit / [Loss] before Interest
Expenses & Income Tax |
5,951,258 |
[14,235,874] |
|
Interest Expenses |
[1,153,861] |
[642,230] |
|
Income Tax |
[2,920,714] |
- |
|
|
|
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Net Profit / [Loss] |
1,876,683 |
[14,878,104] |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
11.46 |
|
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Operating Profit |
[137.51] |
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Net Profit |
112.61 |
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Fixed Assets |
[7.35] |
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Total Assets |
1.79 |
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Profitability |
|
|
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Cost of Good
Sold |
69.26 |
73.83 |
|
Operating Profit Margin |
0.96 |
[2.56] |
|
S & A
Expenses |
30.04 |
28.92 |
|
Interest Paid |
0.19 |
0.12 |
|
Other Revenues |
0.27 |
0.19 |
|
Net Profit Margin |
0.30 |
[2.67] |
|
Earning Per Shares |
0.75 |
[5.93] |
|
No. of Shares |
2,509,650 |
2,509,650 |
Net Sales was
increased by 11.46%,
Operating Profit was
decreased by 137.51%,
Net Profit was
increased by 112.61%,
Fixed Assets was
decreased by 7.35%,
Total Assets was
increased by 1.79%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 73.83%
to 69.26%, Operating
Profit Margin was
increased from -2.56%
to 0.96%, S
& A Expenses
was increased from
28.92% to 30.04%,
Interest Paid was increased
from 0.12% to
0.19%, Other Revenues
was increased from
0.19% to 0.27%,
Net Profit Margin
was increased from
-2.67% to 0.30%.
Earning Per Shares
was increased from
-5.93 baht per
share to 0.75
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.65 |
1.53 |
|
Quick-Assets Ratio |
1.01 |
0.75 |
Current Ratio was
increased from 1.53
to 1.65, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.75 to 1.01,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
0.42 |
0.41 |
|
Times Interest Earned |
5.16 |
[22.17] |
D/E Ratio was
increased from 0.41
to 0.42, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low, Times Interest Earned was
increased from -22.17
to 5.16, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
4.07 |
3.38 |
|
Total Assets Turnover |
1.33 |
1.22 |
|
Return on Assets |
0.40 |
[3.26] |
|
Return on Equity |
0.57 |
[4.58] |
|
Day's Payable |
33.47 |
35.76 |
|
Day’s Inventories |
45.50 |
58.29 |
|
Day’s Receivables |
62.85 |
61.60 |
Fixed Assets Turnover
was increased from
3.38 times to
4.07 times, Total
Assets Turnover was
increased from 1.22
times to 1.33
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
-3.26 to 0.40,
Return on Equity
was increased from
-4.58 to 0.57,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 36
days to 34
days, and Day’s
Inventories was decreased
from 59 days
to 46 days, while Day’s
Receivables was increased
from 62 days
to 63 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.33 |
|
UK Pound |
1 |
Rs.73.92 |
|
Euro |
1 |
Rs.66.69 |
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%)