MIRA
INFORM REPORT
|
Report Date : |
12.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ARTCHIT
INTERNATIONAL PEPPER AND
SPICE CO., LTD. |
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Registered Office : |
83/4 Moo 5,
Soi Suksawad 2,
Suksawad Road, Jomthong, Bangkok
10150 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
16.07.1993 |
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Com. Reg. No.: |
0105536081704 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor &
Exporter of Food
Seasoning 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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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
ARTCHIT INTERNATIONAL PEPPER AND SPICE
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 83/4
MOO 5, SOI SUKSAWAD 2,
SUKSAWAD ROAD,
JOMTHONG, BANGKOK
10150, THAILAND
TELEPHONE : [66] 2468-1232,
2477-0926, 2477-0905, 2468-5611
FAX : [66] 2632-3392,
2460-0901
E-MAIL
ADDRESS : spice@nguansoon.com, spice@artchit.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1993
REGISTRATION NO. : 0105536081704
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 : MR. VISITH LIMPRANA, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 50
LINES
OF BUSINESS : FOOD
SEASONING PRODUCTS
MANUFACTURER, DISTRIBUTOR
& EXPORTER
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 July 16,
1993 as a
private limited company under the name style
ARTCHIT INTERNATIONAL PEPPER
AND SPICE CO.,
LTD., by Thai groups, in order to
manufacture and distribute
food seasoning products
to both domestic
and international markets.
It currently employs
approximately 50 staff.
The
subject’s registered address
is 83/4 Moo
5, Soi Suksawad 2, Suksawad
Rd., Jomthong, Bangkok
10150, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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|
|
|
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|
Mr. Artchit Limprana |
|
Thai |
81 |
|
Mr. Visith Limprana |
|
Thai |
50 |
|
Mr. Viroj Sakulboonrasee |
|
Thai |
53 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Visith Limprana
is the Managing Director.
He is Thai nationality with
the age of
50 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and distributing of food
seasoning products, such
as white pepper
powder, sweeten chili
sauce and others,
under its owned
brand name “Nguan
SoonHand Brad No. 1”.
PURCHASE
100% of raw
material is purchased
from local supplier.
SALES
90% of the products is
sold locally by
wholesale to dealers,
the remaining 10% is
exported to the
countries in Europe
and Middle East.
RELATED AND AFFILIATED COMPANY
Bangkok Chili Limited
Partnership
Business Type :
Distributor of peppers
and spices.
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 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 days.
Exports are against
L/C at sight or T/T.
BANKING
Banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs approximately 50 staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading address. Premise
is located in
commercial/residential area.
Branch
office is located
at 1/14 Suksawad
2 Rd., Jomthong, Bangkok 10150.
REMARK
CREDIT
OF US$ 500,000 SHOULD
BE IN ORDER.
COMMENT
The
subject’s business performance
is good. Its
product has been
widely spread in
local market, as
well as growing
well in international markets.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
1,000,000 divided into
10,000 shares of
Bht. 100 each.
On
March 27, 2003,
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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Mrs.
Thitiporn Limprana Nationality: Thai Address : 83/4
Moo 5, Suksawad
2 Rd., Jomthong, Bangkok |
12,000 |
40.00 |
|
Mr. Visith Limprana Nationality: Thai Address : 83/4
Moo 5, Suksawad
2 Rd., Jomthong, Bangkok |
4,500 |
15.00 |
|
Mr. Viroj Sakulboonrasee Nationality: Thai Address : 156/186
Yaiwaraj Rd., Samphantawong, Bangkok |
4,500 |
15.00 |
|
Ms.
Vipaporn Limprana Nationality: Thai Address : 83/4
Moo 5, Suksawad
2 Rd., Jomthong, Bangkok |
3,000 |
10.00 |
|
Ms.
Vipawadee Limprana Nationality: Thai Address : 83/4
Moo 5, Suksawad
2 Rd., Jomthong,
Bangkok |
3,000 |
10.00 |
|
Mrs. Arunee Limprana Nationality: Thai Address : 83/4
Moo 5, Suksawad
2 Rd., Jomthong,
Bangkok |
1,500 |
5.00 |
|
Mrs. Leena Sakulboonrasee Nationality: Thai Address : 156/186
Yaiwaraj Rd., Samphantawong, Bangkok |
1,500 |
5.00 |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Thongsuk Jerdrangsee No.
0710
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
964,383.91 |
609,000.96 |
|
Trade Accts. Receivable |
4,276,839.66 |
4,119,062.66 |
|
Inventories |
14,728,583.24 |
4,697,521.40 |
|
Other Current Assets
|
231,703.47 |
92,997.85 |
|
Total Current
Assets |
20,201,510.28 |
9,518,582.87 |
|
|
|
|
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Fixed Assets |
11,045,648.44 |
1,917,169.74 |
|
Other Assets |
950.84 |
9,305,256.01 |
|
Total Assets |
31,248,109.56 |
20,741,008.62 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
859,248.59 |
214,390.55 |
|
Other Current Liabilities |
570,937.20 |
401,528.58 |
|
Total Current
Liabilities |
1,430,185.79 |
615,919.13 |
|
Long Term Loan
from Related Person |
25,200,000.00 |
15,700,000.00 |
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Total Liabilities |
26,630,185.79 |
16,315,919.13 |
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Shareholders'
Equity |
|
|
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|
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000.00 |
3,000,000.00 |
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning -
Unappropriated |
1,617,923.77 |
1,425,089.49 |
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Total
Shareholders' Equity |
4,617,923.77 |
4,425,089.49 |
|
Total
Liabilities & Shareholders' Equity |
31,248,109.56 |
20,741,008.62 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
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Sales |
40,973,332.95 |
35,982,916.05 |
|
Export Income |
39,961.34 |
- |
|
Less : Refundable |
[189,662.49] |
[173,861.04] |
|
Other Income |
24,067.19 |
18.01 |
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Total Revenues
|
40,847,698.99 |
35,809,073.02 |
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Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
34,965,994.06 |
30,636,229.80 |
|
Selling & Administrative Expenses |
5,546,537.13 |
4,726,157.07 |
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Total Expenses |
40,512,531.19 |
35,362,386.87 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
335,167.80 |
446,686.15 |
|
Interest Expenses |
[16,647.70] |
- |
|
Income Tax |
[125,685.82] |
[105,765.12] |
|
Net Profit / [Loss] |
192,834.28 |
340,921.03 |
|
Retained Earning,
beginning of year |
1,425,089.49 |
1,084,168.46 |
|
Retained Earning,
end of year |
1,617,923.77 |
1,425,089.49 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
13.98 |
|
|
Operating Profit |
[34.17] |
|
|
Net Profit |
[43.44] |
|
|
Fixed Assets |
476.14 |
|
|
Total Assets |
50.66 |
|
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Profitability |
|
|
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Cost of Good
Sold |
85.26 |
85.14 |
|
Operating Profit Margin |
0.82 |
1.24 |
|
S & A
Expenses |
13.52 |
13.13 |
|
Interest Paid |
0.04 |
0.00 |
|
Other Revenues |
[0.40] |
[0.48] |
|
Net Profit Margin |
0.47 |
0.95 |
|
Earning Per Shares |
6.43 |
11.36 |
|
No. of Shares |
30,000 |
30,000 |
Net Sales was
increased by 13.98%,
Operating Profit was
decreased by 34.17%,
Net Profit was
decreased by 43.44%,
Fixed Assets was
increased by 476.14%,
Total Assets was
increased by 50.66%.
Compare each cost
with sales, Cost of
Good Sold was increased from
85.14% to 85.26%,
Operating Profit Margin
was decreased from
1.24% to 0.82%,
S & A
Expenses was increased
from 13.13% to
13.52%, Interest Paid was
increased from 0.00%
to 0.04%, Other
Revenues was increased from -0.48% to -0.40%,
Net Profit Margin
was decreased from
0.95% to 0.47%.
Earning Per Shares
was decreased from
11.36 baht per
share to 6.43
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
14.13 |
15.45 |
|
Quick-Assets Ratio |
3.66 |
7.68 |
Current Ratio was
decreased from 15.45
to 14.13, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
7.68 to 3.66,
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 |
5.77 |
3.69 |
|
Times Interest Earned |
20.13 |
0.00 |
D/E Ratio was
increased from 3.69
to 5.77, 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
0.00 to 20.13,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
3.71 |
18.77 |
|
Total Assets Turnover |
1.31 |
1.73 |
|
Return on Assets |
0.62 |
1.64 |
|
Return on Equity |
4.18 |
7.70 |
|
Day's Payable |
7.54 |
2.14 |
|
Day’s Inventories |
129.28 |
47.00 |
|
Day’s Receivables |
37.54 |
41.21 |
Fixed Assets Turnover
was decreased from
18.77 times to
3.71 times, Total
Assets Turnover was
decreased from 1.73
times to 1.31
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 1.64 to
0.62, Return on
Equity was decreased
from 7.70 to
4.18, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 3
days to 8
days, and Day’s
Inventories was increased
from 47 days
to 130 days, while Day’s
Receivables was decreased
from 42 days
to 38 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%)