MIRA
INFORM REPORT
|
Report Date : |
12.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KELLOGG
[THAILAND] LIMITED |
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Registered Office : |
60 Moo 4, T. Pluakdaeng,
A. Pluakdaeng, Rayong 21140 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
07.11. 1995 |
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Com. Reg. No.: |
0105538132632 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer of 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 |
name of the company
KELLOGG
[THAILAND] LIMITED
SUMMARY
BUSINESS
ADDRESS : 60
MOO 4, T. PLUAKDAENG, A.
PLUAKDAENG,
RAYONG 21140,
THAILAND
TELEPHONE : [66] 38
927-199
FAX : [66] 38
927-196
E-MAIL
ADDRESS : oraphan.saencharoen@kellogg.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION NO. : 0105538132632
[Former : 2723/2538]
CAPITAL REGISTERED : BHT. 600,000,000
CAPITAL PAID-UP : BHT. 600,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
VEERAPONG NA CHIENGMAI,
THAI
GENERAL MANAGER
NO.
OF STAFF : 70
LINES
OF BUSINESS : FOOD
PRODUCTS
MANUFACTURER
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
formed on November
7, 1995 as
a private limited
company under the registered
name KELLOGG [THAILAND]
LIMITED, by American
groups, with the
business objective to
manufacture and market
cereal corn-flake and
other products to
both domestic and
international markets. It
currently employs approximately 70 staff.
The subject’s registered
address is 60
Moo 4, T. Pluakdaeng, A.
Pluakdaeng, Rayong 21140,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Veerapong Na Chiengmai |
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Thai |
51 |
|
Ms. Kanittha Longsomboon |
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Thai |
38 |
|
Mr. Hyun Soo Shin |
|
Korean |
54 |
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Mrs. Catherine Natalie Palin |
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American |
40 |
AUTHORIZED PERSON
Two of the above directors can jointly
sign on behalf
of the subject with company’s
affixed.
MANAGEMENT
Mr. Veerapong Na
Chiengmai is the General Manager.
He is Thai nationality with
the age of
51 years old.
Mr. Chitrakarn
Dechasaensiri the Customer
Service Manager.
He is Thai nationality.
Mr. Methee Kaveewongsunthorn is
the Market Manager.
He is Thai nationality.
Mr. Sheridan Field
is the Production Manager.
He is American nationality.
BUSINESS OPERATIONS
The subject operates as
a manufacturer and
marketer of cereal corn-flake
under the brand
name KELLOGG, with
the production capacity
of 40,000 tons
per annum.
IMPORT [COUNTRIES]
50% of its raw materials
mainly corn and
machinery are imported
from U.S.A.
MAJOR SUPPLIERS
Kellogg Company :
U.S.A.
SALES [LOCAL]
30% of its products is
sold locally by
Diethelm & Co., Ltd.
EXPORT [COUNTRY]
70% of its products
is exported to Malaysia, Indonesia,
Singapore, Taiwan, Hong
Kong, Pakistan, Philippines, Republic of China, Vietnam and Sri Lanka.
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 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.
Exports are against T/T.
BANKING
The Siam
Commercial Bank Public
Co., Ltd. :
[Pluakdaeng Branch,
Pluakdaeng, Rayong Province]
EMPLOYMENT
The subject employs
approximately 70 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
owned for operating
office, factory &
warehouse at the
heading address in
provincial.
COMMENT
At present, Thai
people eat cereals
with milk for
breakfast more than
previously. This is
due to lifestyle changing for
speedy meal and
less preparation. Not
only sales in
domestic market, the
products have been
exported to the
countries in the region
as well. Since
it has manufactured the products,
subject has continued
growing steadily. It
is estimated that
subject’s performance this
year would be
stable growth.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided into 10,000
shares of Bht.
100 each.
Capital was increased
later as followings
:
Bht. 120,000,000
on January 12,
1996
Bht. 470,000,000
on May 16, 1997
Bht. 600,000,000
on April 3,
2000
The latest registered
capital was increased
to Bht. 600,000,000
divided into 6,000,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2007]
|
NAME |
HOLDING |
% |
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Kellogg Company
Nationality: American Address : Michigan,
U.S.A. |
5,999,994 |
100 |
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Mr. Santos
E. Basker Nationality: American Address : 60
Moo 4, Pluakdaeng, Rayong |
1 |
- |
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Mr. Jacobus
Gruth Nationality: Dutch Address : Michigan,
U.S.A |
1 |
- |
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Mr. William J.
Mayer Nationality: American Address : Michigan,
U.S.A |
1 |
- |
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Mr. William
S. Perry Nationality: American Address : Michigan,
U.S.A |
1 |
- |
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Mr. George
A. Franklin Nationality: American Address : Michigan,
U.S.A |
1 |
- |
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Mr. Ronald
L. Dissinjer Nationality: American Address : 41-51
New South Wales,
Australia |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Anuthai Leekijwatana No. 3442
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
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Cash in Hand
& at Bank |
86,594,345 |
102,270,315 |
|
Trade Accts. Receivable - Related Company |
183,432,851 |
128,325,529 |
|
- Other Company |
10,069,572 |
6,365,252 |
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Other Receivable -
Related Company |
979,118 |
1,160,067 |
|
Inventories |
20,614,414 |
24,056,763 |
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Value Added Tax
Receivable |
1,271,519 |
1,554,696 |
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Other Current Assets
|
744,917 |
926,103 |
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Total Current
Assets |
303,706,736 |
264,658,725 |
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Fixed Assets |
359,751,740 |
374,022,160 |
|
Other Assets |
42,160 |
42,524 |
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Total Assets |
663,500,636 |
638,723,409 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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|
|
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Short-term Loan from Bank |
172,000,000 |
212,000,000 |
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Trade Accts. Payable - Related Company |
1,383,844 |
3,370,800 |
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- Other Company |
19,335,442 |
17,550,065 |
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Other Payable |
19,387,256 |
15,410,053 |
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Advance & Other
Payable - Related
Company |
19,321,727 |
8,727,025 |
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Accrued Advertising & Sales Promotion |
7,547,447 |
12,090,005 |
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Other Current Liabilities |
10,145,636 |
10,841,084 |
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Total Current
Liabilities |
249,121,352 |
279,989,032 |
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Account Payable &
Long-term Loan from
Parent Company |
464,260,416 |
524,962,589 |
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Total Liabilities |
713,381,768 |
804,951,621 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 6,000,000 shares |
600,000,000 |
600,000,000 |
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Capital Paid |
600,000,000 |
600,000,000 |
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Retained Earning -
Unappropriated |
[649,881,132] |
[766,228,212] |
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Total
Shareholders' Equity |
[49,881,132] |
[166,228,212] |
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Total
Liabilities & Shareholders' Equity |
663,500,636 |
638,723,409 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
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|
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Sales |
515,539,182 |
499,121,113 |
|
Other Income |
1,391,035 |
1,054,641 |
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Gain on Exchange
Rate |
61,731,903 |
- |
|
Total Revenues
|
578,662,120 |
500,175,754 |
|
Expenses |
|
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Cost of Goods
Sold |
351,890,407 |
344,986,089 |
|
Selling & Administrative Expenses |
100,858,526 |
82,426,874 |
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Loss on Exchange
Rate |
- |
25,155,279 |
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Total Expenses |
452,748,933 |
452,568,242 |
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Profit / [Loss] before Interest
Expenses |
125,913,187 |
47,607,512 |
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Interest Expenses |
[9,566,107] |
[7,644,860] |
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Net Profit / [Loss] |
116,347,080 |
39,962,652 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
3.29 |
|
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Operating Profit |
67.54 |
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Net Profit |
191.14 |
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Fixed Assets |
[3.82] |
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Total Assets |
3.88 |
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Profitability |
|
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Cost of Good
Sold |
68.26 |
69.12 |
|
Operating Profit Margin |
24.42 |
14.58 |
|
S & A
Expenses |
19.56 |
16.51 |
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Interest Paid |
1.86 |
1.53 |
|
Other Revenues |
12.24 |
0.21 |
|
Net Profit Margin |
22.57 |
8.01 |
|
Earning Per Shares |
19.39 |
6.66 |
|
No. of Shares |
6,000,000 |
6,000,000 |
Net Sales was
increased by 3.29%,
Operating Profit was
increased by 67.54%,
Net Profit was
increased by 191.14%,
Fixed Assets was
decreased by 3.82%,
Total Assets was
increased by 3.88%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 69.12%
to 68.26%, Operating
Profit Margin was
increased from 14.58%
to 24.42%, S
& A Expenses
was increased from
16.51% to 19.56%,
Interest Paid was increased
from 1.53% to
1.86%, Other Revenues
was increased from
0.21% to 12.24%,
Net Profit Margin
was increased from
8.01% to 22.57%.
Earning Per Shares
was increased from
6.66 baht per
share to 19.39
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.22 |
0.95 |
|
Quick-Assets Ratio |
1.13 |
0.85 |
Current Ratio was
increased from 0.95
to 1.22, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.85 to 1.13,
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 |
[14.30] |
[4.84] |
|
Times Interest Earned |
13.16 |
9.52 |
D/E Ratio was
decreased from -4.84
to -14.30, 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
9.52 to 13.16,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
1.43 |
1.33 |
|
Total Assets Turnover |
0.78 |
0.78 |
|
Return on Assets |
17.54 |
6.26 |
|
Return on Equity |
233.25 |
24.04 |
|
Day's Payable |
13.50 |
12.66 |
|
Day’s Inventories |
14.40 |
17.35 |
|
Day’s Receivables |
7.03 |
4.59 |
Fixed Assets Turnover
was increased from
1.33 times to
1.43 times, Total
Assets Turnover was decreased from
0.78 times to
0.78 times, show
the company could
use Fixed Assets
so efficiently, Return
on Assets was
increased from 6.26
to 17.54, Return
on Equity was
increased from 24.04
to 233.25, capacity
to use Assets to make
profit was good.
Day's Payable
was increased from
13 days to
14 days, while
Day’s Inventories was
decreased from 18
days to 15
days, but Day’s
Receivables was increased
from 5 days to 8
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%)