MIRA
INFORM REPORT
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Report Date : |
25.11.2008 |
IDENTIFICATION DETAILS
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Name : |
DAIRY PLUS CO.,
LTD. |
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Registered Office : |
99 Moo 7, |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
03.03.1995 |
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Com. Reg. No.: |
0105538028568 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Distributor of Dairy 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
DAIRY PLUS CO.,
LTD.
SUMMARY
BUSINESS ADDRESS : 226
KRUNGTHON MUANGKAEW BUILDING,
TELEPHONE : [66] 2881-0000,
2881-0400-2
FAX : [66] 2881-1081
E-MAIL ADDRESS : export@dutchmill.co.th
REGISTRATION ADDRESS : 99
MOO 7,
MUANGHAK, PAYUHAKIRI,
NAKORNSAWAN 60130
ESTABLISHED : 1995
REGISTRATION NO.
: 0105538028568 [Former: [3] 563/2538]
CAPITAL REGISTERED
: BHT. 700,000,000
CAPITAL PAID-UP
: BHT.
700,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. ANUSONT AKARALAWAN,
THAI
CHIEF EXECUTIVE
OFFICER
NO. OF
STAFF : 950
LINES OF
BUSINESS : DAIRY
PRODUCTS
MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on March 3,
1995 as a
private limited company under
the name style
DAIRY PLUS CO.,
LTD., by Thai
groups, with the business
objective to manufacture
dairy and related
products for domestic market.
It currently employs approximately 950
staff. Subject is
a wholly owned
subsidiary of Promart
International Co., Ltd.
It achieved the
international standard certifications as
follows:
-
HACCP by TISTR-OCB
on March 30,
2005
-
GMP by TISTR-OCB
on March
24, 2005
-
ISO 9001 : 2000 by SGS
on August 19,
2003
The
subject’s registered address
is 99 Moo
7, Phaholyothin Rd.,
KM. 203, Muanghak,
Payuhakiri, Nakornsawan 60130, while
the subject’s current
operation address is
located at 226
Sirindhorn Rd., Bangplad,
Bangkok 10700.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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|
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Mr. Anusont Akaralawan |
[x] |
Thai |
55 |
|
Mr. Vichit Bankraithong |
[-] |
Thai |
48 |
|
Mr. Nithisith Jiranuchanart |
[-] |
Thai |
38 |
|
Mr. Praphan Srisuriyapatkul |
[+] |
Thai |
39 |
|
Mr. Sethapong Sritassanee |
[+] |
Thai |
- |
|
Mr. Teerayuth Chaysawangwong |
|
Thai |
59 |
|
Mr. Thada Chaysawangwong |
|
Thai |
- |
AUTHORIZED PERSON
The mentioned director
[x] can jointly
sign with one
of the rest
directors or one
of the mentioned
directors [-] and
[+] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Anusont Akaralawan is
the Chief Executive
Officer.
He is Thai
nationality with the
age of 55
years old.
Mr. Narong Kongthon is
the Finance Manager.
He is Thai
nationality.
Mr. Thanes Polsri is
the Plant Manager.
He is Thai
nationality.
Mr. Monchai Soonthornwat is
the Commercial Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and distributing dairy
and related products,
such as UHT
milk, UHT soy
milk, UHT drinking
yogurt and etc,
under “DAIRY PLUS”
brand.
PURCHASE
Raw materials such
as fresh milk,
soybean, and component
are purchased from
both local and
overseas suppliers in
Netherlands, Taiwan, Republic
of China, India
and France.
MAJOR SUPPLIERS
MHS
Co., Ltd. :
Thai
Plaspac Public Co.,
Ltd. :
SALES
100% of the
products is sold
locally by wholesale
to dealers nationwide.
PARENT COMPANY
Promart
International Co., Ltd.
RELATED/AFFILIATED COMPANIES
Dutch Mill Co.,
Ltd.
Business Type :
Manufacturer of dairy
products
LC Delight Co.,
Ltd.
Business Type :
Manufacturer and distributor
of chilled cultured
dairy products.
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.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
950 office staff
and workers.
LOCATION DETAILS
The premise
is owned for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
and warehouse are
located at 99 Moo 7,
REMARK
CREDIT
OF US$ 500,000
D/A SHOULD BE
IN ORDER.
COMMENT
The
subject is one
of the leading
manufacturer of dairy products.
Its products have
high potential as now Thai consumers are
more health conscious
than ever. Subject
has solid business
growth despite overall
market slowdown.
The
subject is doing
good business and
expand steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 30,000,000
divided into 300,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 100,000,000 on
June 20, 1997
Bht. 200,000,000 on
June 5, 1998
Bht. 350,000,000 on
February 18, 2003
Bht. 500,000,000 on
February 25, 2005
Bht. 600,000,000 on
September 6, 2006
Bht. 700,000,000 on
June 12, 2007
The
latest registered capital
was increased to Bht. 700,000,000 divided
into 70,000,000 shares of
Bht. 10 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at March
27, 2008]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Promart International Co.,
Ltd. Nationality: Thai Address : 137/6
Moo 1, Budhamonthon Sai
8 Rd., Khunkaew, Nakornchaisri, Nakornpathom |
52,499,995 |
75.00 |
|
Enable Co., Ltd. Nationality: Thai Address : |
17,500,000 |
25.00 |
|
Mr. Vichit Bankraithong Nationality: Thai Address :
38/30 Rama 4
Rd., Thungmahamek,
Sathorn, |
1 |
- |
|
Mr. Praphan Srisuriyapatkul Nationality: Thai Address : 1213/162
Ladprao 94 Rd.,
Wangthonglang, |
1 |
- |
|
Mr. Anusont Akaralawan Nationality: Thai Address : 21/493
Moo 10, Salathamsop, Taveewatana, |
1 |
- |
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Mr. Sethapong Sritassanee Nationality: Thai Address : 30/8 Charansanitwong 34
Rd., Arun Amarin,
Bangkoknoi, |
1 |
- |
|
Mr. Nithisit Jiranuchanart Nationality: Thai Address : 69/55
Moo 5, Mahasawad,
Bangkruay, Nonthaburi |
1 |
- |
Total Shareholders : 7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mrs. Unathorn Pruthtada No.
3257
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
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Cash in hand
& at Bank
|
31,625,381 |
7,870,401 |
|
Trade Accts. Receivable - Related
Companies |
594,424,103 |
628,327,841 |
|
- Other
Companies |
2,448,633 |
- |
|
Other Account Receivable |
100,952,703 |
260,460,752 |
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Inventories |
424,501,402 |
550,013,580 |
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Other Current Assets
|
20,287,825 |
41,512,279 |
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Total Current Assets
|
1,174,240,047 |
1,488,184,853 |
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Investment in Subsidiaries Company |
- |
4,499,855 |
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Fixed Assets |
1,384,405,251 |
1,535,961,913 |
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Other Assets |
46,010,051 |
36,554,660 |
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Total Assets |
2,604,655,349 |
3,065,201,281 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Short-term Loan from
Bank |
120,000,000 |
160,000,000 |
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Trade Accts. Payable - Related
Companies |
161,863,816 |
245,956,521 |
|
- Other
Companies |
- |
- |
|
Other Account Payable
|
45,688,629 |
112,801,158 |
|
Current Portion of Long-term Loan
from Bank |
128,308,000 |
362,142,000 |
|
Current Portion of
Liabilities under Finance
Lease Contract |
88,386,743 |
75,590,699 |
|
Accrued Income Tax |
3,125,860 |
- |
|
Other Current Liabilities |
209,725,035 |
253,993,860 |
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|
|
|
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Total Current Liabilities |
757,098,083 |
1,210,484,238 |
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Long-term Loan from
Bank |
492,076,000 |
620,384,000 |
|
Long-term Liabilities under
Finance Lease Contract |
351,714,915 |
348,718,392 |
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Total Liabilities |
1,600,888,998 |
2,179,586,630 |
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Shareholders' Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 70,000,000 &
60,000,000 shares in
2007 & 2006 |
700,000,000 |
600,000,000 |
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|
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Capital Paid |
700,000,000 |
600,000,000 |
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Retained Earning Appropriated for
Statutory Reserve |
33,300,000 |
20,000,000 |
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Unappropriated |
270,466,351 |
265,614,651 |
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Total Shareholders' Equity |
1,003,766,351 |
885,614,651 |
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Total Liabilities &
Shareholders' Equity |
2,604,655,349 |
3,065,201,281 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
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Sales & Raw Material Income |
4,820,492,232 |
4,640,322,284 |
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Service Income |
53,951,245 |
59,385,601 |
|
Other Income |
5,462,523 |
9,336,898 |
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Total Revenues |
4,879,906,000 |
4,709,044,783 |
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Expenses |
|
|
|
|
|
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Cost of Goods
Sold & Raw Material |
3,387,178,631 |
3,236,655,083 |
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Selling & Administrative Expenses |
1,161,170,913 |
1,135,772,802 |
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Total Expenses |
4,548,349,544 |
4,372,427,885 |
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|
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Profit / [Loss] before Interest
Expenses &
Income Tax |
331,556,456 |
336,616,898 |
|
Interest Expenses |
[55,684,184] |
[71,069,116] |
|
Income Tax |
[5,720,572] |
- |
|
|
|
|
|
Net Profit / [Loss] |
270,151,700 |
265,547,782 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
3.88 |
|
|
Operating Profit |
[5.18] |
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Net Profit |
1.73 |
|
|
Fixed Assets |
[9.87] |
|
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Total Assets |
[15.02] |
|
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Profitability |
|
|
|
Cost of Good
Sold |
70.27 |
69.75 |
|
Operating Profit Margin |
6.88 |
7.25 |
|
S & A
Expenses |
24.09 |
24.48 |
|
Interest Paid |
1.16 |
1.53 |
|
Other Revenues |
1.23 |
1.48 |
|
Net Profit Margin |
5.60 |
5.72 |
|
Earning Per Shares |
38.59 |
44.26 |
|
No. of Shares |
7,000,000 |
6,000,000 |
Net Sales was
increased by 3.88%,
Operating Profit was
decreased by 5.18%,
Net Profit was
increased by 1.73%,
Fixed Assets was
decreased by 9.87%,
Total Assets was
decreased by 15.02%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 69.75%
to 70.27%, Operating
Profit Margin was
decreased from 7.25%
to 6.88%, S
& A Expenses
was decreased from
24.48% to 24.09%,
Interest Paid was decreased
from 1.53% to
1.16%, Other Revenues
was decreased from
1.48% to 1.23%,
Net Profit Margin
was decreased from
5.72% to 5.60%.
Earning Per Shares
was decreased from
44.26 baht per share to
38.59 baht per
share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.55 |
1.23 |
|
Quick-Assets Ratio |
0.96 |
0.74 |
Current Ratio was
increased from 1.23
to 1.55, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.74 to 0.96,
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 |
1.59 |
2.46 |
|
Times Interest Earned |
5.95 |
4.74 |
D/E Ratio was
decreased from 2.46
to 1.59, show
the company had
fund from Loan more
than fund from
Equity, investment risked
of the company
is medium, Times Interest
Earned was increased
from 4.74 to
5.95, capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
3.48 |
3.02 |
|
Total Assets Turnover |
1.85 |
1.51 |
|
Return on Assets |
10.37 |
8.66 |
|
Return on Equity |
26.91 |
29.98 |
|
Day’s Inventories |
31.70 |
42.67 |
|
Day’s Receivables |
0.18 |
0.00 |
Fixed Assets Turnover
was increased from
3.02 times to
3.48 times, Total
Assets Turnover was
increased from 1.51
times to 1.85
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
8.66 to 10.37,
Return on Equity
was decreased from
29.98 to 26.91,
capacity to use
Assets to make
profit was good.
Day’s Inventories was
decreased from 43
days to 32
days, while Day’s
Receivables was increased
from 0 days
to 1 days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.97 |
|
|
1 |
Rs.75.45 |
|
Euro |
1 |
Rs.64.21 |
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%)