MIRA INFORM REPORT
|
Report Date : |
12.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
MINOR
DAIRY LIMITED |
|
|
|
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Registered Office : |
14th
Floor, Berli Jucker
House, Soi Rubia, Sukhumvit
42 Road, Prakanong, Klongtoey, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
27.06.1991 |
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Com. Reg. No.: |
0105534059931 |
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Legal Form : |
Private Limited Company |
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|
|
|
Line of Business : |
manufacturer and distributor of ice-cream
and dairy 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 : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company
name
MINOR DAIRY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 14th FLOOR,
BERLI JUCKER HOUSE,
99
SOI
RUBIA, SUKHUMVIT 42
ROAD,
PRAKANONG, KLONGTOEY,
TELEPHONE : [66] 2381-5123-32
FAX :
[66] 2381-5093
E-MAILL
ADDRESS : taweesak_ra@minornet.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1991
REGISTRATION
NO. : 0105534059931 [Former: 5991/2534 ]
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.
PAUL CHARLES KENNY,
AMERICAN
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 150
LINES
OF BUSINESS : ICE-CREAM AND
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 June 27,
1991 as a private
limited company under the
name style MINOR
DAIRY LIMITED by
Thai groups, in
order to produce
ice-cream, dairy products and
toppings under the
brand name “SWENSEN’S”
for domestic market.
It currently employs
approximately 150 staff.
Subject
is a subsidiary of The Minor Food
Group Public Co., Ltd., a member
of the Stock
Exchange of Thailand.
It is Thailand’s
largest food service
operator with more
than 500 outlets
operating under the Pizza
Company, Swensen’s, Sizzler,
Dairy Queen and Burger
King brands.
The
subject is certified
and operates under
GMP, ISO 9001 and HACCP systems,
as well as
ISO 14001 and
TIS 18000 certification.
The
subject’s registered address
is 99 Berli
Jucker House, Soi
Rubia Sukhumvit 42
Rd., Prakanong, Klongtoey,
Bangkok 10110, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. William Ellwood
Heinecke |
: Chairman |
American |
62 |
|
Mr. Paul Charles
Kenny |
|
American |
62 |
|
Mrs. Pattamavalai Ratanapol |
|
Thai |
55 |
|
Mrs. Prathana Mongkolkul |
|
Thai |
47 |
AUTHORIZED
PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Paul Charles
Kenny is the
Chief Executive Officer.
He is American
nationality with the
age of 62
years old.
Mrs. Pattamavalai Ratanapol
is the General
Manager & Chief Personnel Officer.
She is Thai
nationality.
Mr. Prathana Manomaiphiboon is
the Chief Finance
Officer.
He is Thai
nationality with the
age of 55
years old.
Ms. Samruay Srisukho is
the Chief of
Accountant.
She is Thai
nationality.
Mr. Praphan Hansanukorn is
the Business Development
Manager.
He is Thai
nationality.
Mr. Taweesak Raksantinana is
the Factory Manager.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject is
engaged in manufacturing and servicing a variety
of premium ice-cream
products and toppings
under the license
of “SWENSEN’S”, “DAIRY
QUEEN” and “DAIRY
PRIDE”.
PRODUCTION
CAPACITY
10,000 tons/year
PURCHASE
Raw materials, mainly dairy
products, flavor and
fragrance are purchased
from suppliers both
local and overseas in
United States of
America, Netherlands and
Australia.
MAJOR
SUPPLIERS
- NZ
Milk Products Co., Ltd. :
- Nutrition
Co., Ltd. :
- CPC
Aji [
SALES
100%
of its products
is marketed and distributed locally
by Swensen’s [Thai]
Limited and Minor
DQ Limited.
PARENT
COMPANY
The
Minor Food Group
Public Co., Ltd.
RELATED/ASSOCIATED
COMPANIES
Swensen’s [Thai] Limited
Business Type: Marketer and
distributor of “SWENSEN’S” ice-cream.
Minor Cheese Limited
Business Type: Manufacturer of
cheese products
Minor DQ Limited
Business Type :
Marketer of “DAIRY
QUEEN” ice cream.
Burger [
Business Type :
Operator of “BURGER
KING” restaurant.
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 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
The Siam Commercial
Bank Public Co., Ltd.
[Head Office :
Krung
Thai Bank Public
Co., Ltd.
[Head Office :
EMPLOYMENT
The
subject employs approximately
150 staff [office
staff and factory
workers].
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commerce/residential area.
Factory
is located at
9/1 Moo 6, Soi
Subchampa,
REMARK
CREDIT
OF US$ 125,000 AGAINST
D/A TERM SHOULD
BE IN ORDER.
COMMENT
The company produces the premium ice-cream
under the brand name Swensen’s,
Dairy Queen and
Dairy Pride. Its products are
sold to its ice-cream parlour at the leading department store
and supermarkets throughout the nation. Having owned, operated and franchise, quick
service and fast casual restaurants for 30 years, the subject has
continued expanding outlets
by franchising in growing
market.
FINANCIAL
INFORMATION
The
capital was initially
registered at Bht. 1,000,000 divided
into 10,000 shares of Bht.
100 each.
The
capital was increased/decreased later
as following:
Increased
were : Bht.
15,000,000 on October
30, 1992
Bht.
40,000,000 on September
14, 1993
Bht.
100,000,000 on October
3, 1994
Decreased
were : Bht.
50,000,000 on December
28, 1998
Bht.
30,000,000 on December
20, 2002
The
latest registered capital
is Bht. 30,000,000 divided into
600,000 shares of
Bht. 50 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
The Minor Food
Group Public Company Limited Nationality: Thai Address : Berli Jucker
House, 99 Sukhumvit
41 Rd., Prakanong, Klongtoey, |
599,997 |
100.00 |
|
Mr. William Ellwood
Heinecke Nationality: American Address : 449 New
Petchburi Rd., Bangkapi,
Huaykwang, |
2 |
- |
|
Mr. John Scott
Heinecke Nationality: American Address : 449 New
Petchburi Rd., Bangkapi,
Huaykwang, |
1 |
- |
Total Shareholders : 3
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Anothai Leekijwattana No.
3442
BALANCE
SHEET [BAHT]
The latest financial figures published for December 31, 2009 & 2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash Equivalent |
180,458 |
14,340,079 |
|
Trade Accts. Receivable |
91,851,928 |
96,038,087 |
|
Related Company- Receivable |
286,136 |
3,288,146 |
|
Inventories |
152,440,059 |
182,721,382 |
|
Other Current Assets
|
2,233,857 |
8,850,319 |
|
Total Current Assets
|
246,992,438 |
305,238,013 |
|
Long-term Investment |
4,272 |
5,700 |
|
Intangible Assets |
239,660 |
340,204 |
|
Fixed Assets |
235,844,596 |
256,282,173 |
|
Other Assets |
80,814 |
273,970 |
|
Total Assets |
483,161,780 |
562,140,060 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Trade Accts. Payable |
59,146,798 |
60,306,262 |
|
Related Company -Payable |
9,055,964 |
4,668,263 |
|
Other Payable |
5,353,336 |
18,432,474 |
|
Current Portion of Liabilities
Lease under Contract |
1,849,940 |
1,844,889 |
|
Short-term Loan from Parent Company |
86,810,098 |
202,752,621 |
|
Accrued Income Tax |
9,578,302 |
1,747,035 |
|
Accrued Expenses |
34,779,015 |
17,981,604 |
|
Other Current Liabilities |
2,989,369 |
136,877 |
|
Total Current Liabilities |
209,562,822 |
307,870,025 |
|
Liabilities Lease under
Contract Net of Current Portion |
29,213,786 |
31,068,778 |
|
Total Liabilities |
238,776,608 |
338,938,803 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 50
par 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 |
5,000,000 |
5,000,000 |
|
Retained Earning -
Unappropriated |
209,385,172 |
188,201,257 |
|
Total Shareholders' Equity |
244,385,172 |
223,201,257 |
|
Total Liabilities & Shareholders' Equity |
483,161,780 |
562,140,060 |
PROFIT
& LOSS ACCOUNT
|
|
2009 |
2008 |
|
|
|
|
|
Sales |
813,697,493 |
832,999,199 |
|
Other Income |
25,262,568 |
17,625,782 |
|
Total |
838,960,061 |
850,624,981 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
678,180,208 |
740,639,856 |
|
Selling Expenses |
50,033,398 |
37,397,942 |
|
Administrative Expenses |
69,533,235 |
68,036,715 |
|
Total Expenses |
797,746,841 |
846,074,513 |
|
Profit Before Financial Cost
& Income Tax |
41,213,220 |
4,550,468 |
|
Financial Cost |
[8,923,597] |
[10,356,884] |
|
Profit Before Income Tax |
32,289,623 |
[5,806,416] |
|
Income Tax |
[11,105,708] |
[2,755,920] |
|
Net Profit / [Loss] |
21,183,915 |
[8,562,336] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.18 |
0.99 |
|
QUICK RATIO |
TIMES |
0.44 |
0.37 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.45 |
3.25 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.68 |
1.48 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
82.04 |
90.05 |
|
INVENTORY TURNOVER |
TIMES |
4.45 |
4.05 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
41.20 |
42.08 |
|
RECEIVABLES TURNOVER |
TIMES |
8.86 |
8.67 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
31.83 |
29.72 |
|
CASH CONVERSION CYCLE |
DAYS |
91.41 |
102.41 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
83.35 |
88.91 |
|
SELLING & ADMINISTRATION |
% |
14.69 |
12.66 |
|
INTEREST |
% |
1.10 |
1.24 |
|
GROSS PROFIT MARGIN |
% |
19.76 |
13.20 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.06 |
0.55 |
|
NET PROFIT MARGIN |
% |
2.60 |
(1.03) |
|
RETURN ON EQUITY |
% |
8.67 |
(3.84) |
|
RETURN ON ASSET |
% |
4.38 |
(1.52) |
|
EARNING PER SHARE |
BAHT |
35.31 |
(14.27) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.49 |
0.60 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.98 |
1.52 |
|
TIME INTEREST EARNED |
TIMES |
4.62 |
0.44 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(2.32) |
|
|
OPERATING PROFIT |
% |
805.69 |
|
|
NET PROFIT |
% |
347.41 |
|
|
FIXED ASSETS |
% |
(7.97) |
|
|
TOTAL ASSETS |
% |
(14.05) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
19.76 |
Satisfactory |
Industrial Average |
23.23 |
|
Net Profit Margin |
2.60 |
Impressive |
Industrial Average |
0.04 |
|
Return on Assets |
4.38 |
Impressive |
Industrial Average |
0.04 |
|
Return on Equity |
8.67 |
Impressive |
Industrial Average |
0.11 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from sale s after accounting for the cost of
goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. The company's figure is 19.76%. When compared with
the industry average, the ratio of the company was lower. This indicated that company was originated from
the problems with control over its costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 2.6%
compared with those of its average competitors in the same industry, indicated
that business was an efficient operator
in a dominant position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets is 4.38%, higher figure when compared with those
of its average competitors in the same industry, indicated that business was an
efficient profit in a dominant position
within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity is
8.67%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the average
competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY
RATIO
|
Current Ratio |
1.18 |
Impressive |
Industrial Average |
0.78 |
|
Quick Ratio |
0.44 |
|
|
|
|
Cash Conversion Cycle |
91.41 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets are
readily available to pay off its short-term liabilities. The company's figure
is 1.18 times in 2009, increase from 0.99 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant
position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.44 times in 2009,
increase from 0.37 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 92 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE
RATIO
|
Debt Ratio |
0.49 |
Impressive |
Industrial Average |
0.89 |
|
Debt to Equity Ratio |
0.98 |
Impressive |
Industrial Average |
2.31 |
|
Times Interest Earned |
4.62 |
Impressive |
Industrial Average |
0.53 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is using less leverage and has stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 4.62 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.49 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Downtrend
ACTIVITY
RATIO
|
Fixed Assets Turnover |
3.45 |
Impressive |
Industrial Average |
1.64 |
|
Total Assets Turnover |
1.68 |
Impressive |
Industrial Average |
1.19 |
|
Inventory Conversion Period |
82.04 |
|
|
|
|
Inventory Turnover |
4.45 |
Satisfactory |
Industrial Average |
4.51 |
|
Receivables Conversion Period |
41.20 |
|
|
|
|
Receivables Turnover |
8.86 |
Impressive |
Industrial Average |
5.23 |
|
Payables Conversion Period |
31.83 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.22 |
|
|
1 |
Rs.72.26 |
|
Euro |
1 |
Rs.63.90 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.