MIRA INFORM REPORT
|
Report Date : |
14.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MINOR CHEESE LIMITED |
|
|
|
|
Registered Office : |
16th Floor, Berli Jucker
House Building, 99 Sukhumvit 42 Road, Prakanong, Klongtoey, Bangkok
10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
26.06.1991 |
|
|
|
|
Com. Reg. No.: |
0105534059477 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Cheese 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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
Name
MINOR CHEESE LIMITED
SUMMARY
BUSINESS
ADDRESS : 16th FLOOR,
BERLI JUCKER HOUSE
BUILDING,
99 SUKHUMVIT
42 ROAD, PRAKANONG,
KLONGTOEY, BANGKOK
10110
TELEPHONE : [66] 2381-5123
FAX : [66] 2381-5093
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1991
REGISTRATION NO. : 0105534059477
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. MONTRI THONGSRI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 69
LINES
OF BUSINESS : CHEESE PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND 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 June 26,
1991 as a
private limited company under the name style
MINOR CHEESE LIMITED, by
Thai groups, in order
to manufacture and
distribute various kinds
of cheese and
cheese blend products
to both domestic
and overseas markets.
Subject currently employs
69 staff. It
was achieved the
ISO 9001:2000 by
SGS, on September
29, 2006.
Subject
is a wholly owned subsidiary
of The Minor Food Group
Public Co., Ltd.
The
subject’s registered address
is 99 Sukhumvit 42 Rd.,
Prakanong, Klongtoey, Bangkok
10110, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. William Ellwood Heinecke |
|
American |
59 |
|
Mr. Paul Charles Kenny |
|
Australian |
59 |
|
Mr. Montri Thongsri |
|
Thai |
52 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Montri Thongsri is
the Managing Director.
He is Thai nationality with
the age of
52 years old.
Mr. Praphan Hansanukrom is
the Factory Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and distributing various
kinds of cheese
and cheese blend
products, includes Cheddar
Cheese, Cream Cheese,
Mascarpone Cheese, Parmesan
Cheese, Mozzarella Cheese & Cheese Blends,
Yoghurt, String Cheese
and etc., with
the production capacity
of 1,500 tons
per year.
PURCHASE
Raw materials are
purchased from suppliers
and agents in
both domestic and
overseas, mainly in
Japan, India, and
Australia.
SALES
80% of the products is
sold locally by
wholesale to manufacturers and end-users, such
as food industry
and restaurant, the
remaining 20% is
exported to Japan,
Singapore, Hong Kong,
Europe and Middle
East countries.
MAJOR CUSTOMERS
- The Pizza Company : Thailand
- Swensens [Thai] Ltd. : Thailand
- Sizzler : Thailand
- Burger King : Thailand
- Dairy Queen Restaurant : Thailand
RELATED 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
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 69
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
Factory is located at 9/1 Soi Subchampa,
Mitrapap Rd., Klangdong, Pakchong,
Nakornratchasima 30320. Tel. : [66] 44 361-133-5, Fax. : [66]
44 361-132.
REMARK
CREDIT
OF US$ 500,000 ON
D/A SHOULD BE
IN ORDER.
COMMENT
The subject was
formed in 1991 as
a manufacturer, distributor
and exporter of
cheese products. The
products has been
mostly served to
the company in
The Minor Food
Group Public Company
Limited. Consumption demand of cheese
products especially from
European Foods remains
strong. Subject has
strong business performance
and potential in
long term prospect.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 25,000,000
divided into 250,000
shares of Bht. 100
each.
The
capital was increased
and decreased later
as following:
Bht. 40,000,000 on September 14,
1993
Bht. 100,000,000 on March 31,
1994
Bht. 50,000,000 on December 28, 1998 [Decreased]
Bht. 30,000,000 on December 20,
2002 [Decreased]
The
latest registered capital
was decreased to Bht. 30,000,000 divided into
600,000 shares of
Bht. 50 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 30,
2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
The Minor Food
Group Public Company
Limited Nationality: Thai Address : 99
Sukhumvit 42 Rd.,
Prakanong,
Klongtoey, Bangkok |
599,993 |
99.99 |
|
Mr. William Ellwood Heinecke Nationality: American Address : 449
Rama 9 Rd.,
Bangkapi, Huaykwang, Bangkok |
2 |
|
|
Mr. Kajornsak Chantarattikarn Nationality: Thai Address : 1414/90
Sukhumvit Rd., Prakanong,
Klongtoey, Bangkok |
1 |
|
|
Mrs. Sukanya Vasunant Nationality: Thai Address : 40/3604
Moo 1, Thasai,
Muang, Nonthaburi |
1 |
= 0.01 |
|
Mrs. Kanya Reungprateepsaeng Nationality: Thai Address : 248/1
Sukhumvit 46 Rd.,
Klongtoey, Bangkok |
1 |
|
|
Mr. Montri Thongsri Nationality: Thai Address : 1701/66
Sukhumvit 101/1 Rd.,
Bangchak, Prakanong,
Bangkok |
1 |
|
|
Mr. John Scott Heinecke Nationality: American Address : 449
Rama 9 Rd.,
Bangkapi, Huaykwang, Bangkok |
1 |
|
Total Shareholders :
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. 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
|
120,551 |
107,026 |
|
Trade Accts. Receivable |
39,838,166 |
30,315,353 |
|
Related Company Receivable |
3,114,454 |
2,677,071 |
|
Short-term Loan to Parent Company |
- |
1,679,688 |
|
Inventories |
76,678,068 |
41,492,196 |
|
Other Current Assets
|
2,793,983 |
231,901 |
|
Total Current Assets
|
122,545,222 |
76,503,235 |
|
|
|
|
|
Fixed Assets |
70,786,363 |
61,144,361 |
|
Other Assets |
31,407 |
70,279 |
|
Total Assets |
193,362,992 |
137,717,875 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Trade Accts. Payable |
22,044,974 |
14,879,252 |
|
Related Company Payable |
2,103,905 |
5,861,664 |
|
Other Payable |
7,060,125 |
4,209,211 |
|
Current Portion of Liabilities under Lease Contract |
- |
3,574,491 |
|
Short Term Loan from
Related Company |
43,578,604 |
- |
|
Accrued Income Tax |
1,590,992 |
947,830 |
|
Accrued Expenses |
2,503,499 |
1,247,893 |
|
Other Current Liabilities |
2,178,369 |
971,508 |
|
Total Current Liabilities |
81,060,468 |
31,691,849 |
|
|
|
|
|
Current Portion of Liabilities under Lease Contract, net
of Current Portion |
42,961,748 |
43,758,643 |
|
Total Liabilities |
124,022,216 |
75,450,492 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 50 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 |
2,450,000 |
2,450,000 |
|
Retained Earning -
Unappropriated |
36,890,776 |
29,817,383 |
|
Total Shareholders' Equity |
69,340,776 |
62,267,383 |
|
Total Liabilities &
Shareholders' Equity |
193,362,992 |
137,717,875 |
PROFIT & LOSS ACCOUNT
|
Sales |
2007 |
2006 |
|
|
|
|
|
Sales Income |
349,840,640 |
301,844,021 |
|
Other Income |
18,820,530 |
15,194,267 |
|
Total Saless |
368,661,170 |
317,038,288 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
317,083,928 |
265,292,446 |
|
Selling & Administrative Expenses |
41,141,025 |
38,244,117 |
|
Total Expenses |
358,224,953 |
303,536,563 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
10,436,217 |
13,501,725 |
|
Interest Expenses |
[918,098] |
[560,932] |
|
Income Tax |
[2,444,726] |
[3,596,495] |
|
Net Profit / [Loss] |
7,073,393 |
9,344,298 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
15.90 |
|
|
Operating Profit |
[33.31] |
|
|
Net Profit |
[24.30] |
|
|
Fixed Assets |
15.77 |
|
|
Total Assets |
40.41 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
90.64 |
87.89 |
|
Operating Profit Margin |
2.98 |
4.47 |
|
S & A
Expenses |
11.76 |
12.67 |
|
Interest Paid |
0.26 |
0.19 |
|
Other Saless |
5.38 |
5.03 |
|
Net Profit Margin |
2.02 |
3.10 |
|
Earning Per Shares |
11.79 |
15.57 |
|
No. of Shares |
600,000 |
600,000 |
Net Sales was
increased by 15.90%,
Operating Profit was
decreased by 33.31%,
Net Profit was
decreased by 24.30%,
Fixed Assets was
increased by 15.77%, Total Assets was
increased by 40.41%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 87.89%
to 90.64%, Operating
Profit Margin was
decreased from 4.47%
to 2.98%, S
& A Expenses
was decreased from
12.67% to 11.76%,
Interest Paid was increased
from 0.19% to
0.26%, Other Saless
was increased from
5.03% to 5.38%,
Net Profit Margin
was decreased from
3.10% to 2.02%.
Earning Per Shares
was decreased from
15.57 baht per
share to 11.79
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.51 |
2.41 |
|
Quick-Assets Ratio |
0.53 |
1.10 |
Current Ratio was
decreased from 2.41
to 1.51, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.10 to 0.53,
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 |
1.79 |
1.21 |
|
Times Interest Earned |
11.37 |
24.07 |
D/E Ratio was
increased from 1.21
to 1.79, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was decreased from
24.07 to 11.37,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
4.94 |
4.94 |
|
Total Assets Turnover |
1.81 |
2.19 |
|
Return on Assets |
3.66 |
6.79 |
|
Return on Equity |
10.20 |
15.01 |
|
Day's Payable |
22.69 |
17.75 |
|
Day’s Inventories |
78.90 |
49.49 |
|
Day’s Receivables |
41.00 |
36.16 |
Fixed Assets Turnover
was increased from
4.94 times to
4.94 times, Total
Assets Turnover was
decreased from 2.19
times to 1.81
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was decreased
from 6.79 to
3.66, Return on
Equity was decreased
from 15.01 to
10.20, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 18
days to 23
days, Day’s Inventories
was increased from
50 days to
79 days, and
Day’s Receivables was
increased from 37
days to 41
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.46 |
|
UK Pound |
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.62.96 |
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%)