MIRA INFORM REPORT
|
Report Date : |
27.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
LILY
TOBEKA CO., LTD. |
|
|
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Registered Office : |
700/170 Moo 1, Amata Nakorn Industrial Estate, T. Bankao, A. Panthong, Chonburi 20160 |
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Country : |
Thailand |
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|
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
24.10.2006 |
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Com. Reg. No.: |
0105549126183 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturer, distributor and exporter
of Coated nuts and
snack foods |
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No. of Employees
: |
150 persons |
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 |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
LILY TOBEKA
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 700/170 MOO
1, AMATA NAKORN
INDUSTRIAL
ESTATE, T. BANKAO,
A. PANTHONG,
CHONBURI 20160,
THAILAND
TELEPHONE : [66] 38 468-872-3, 086
313-2730
FAX :
[66] 38
468-874
E-MAIL
ADDRESS : linle@escoms.com
WEBSITE : www.khaoshongsnacks.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2006
REGISTRATION
NO. : 0105549126183
CAPITAL REGISTERED : BHT. 33,000,000
CAPITAL PAID-UP : BHT.
33,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. THAVEECHAI LADAPONGPATTANA, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 150
LINES
OF BUSINESS : COATED NUTS
AND SNACK FOODS
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 October 24,
2006 as a
private limited company under
the registered name
LILY TOBEKA CO.,
LTD., by Thai groups, with the
business objective to
manufacture and distribute
various kinds of
coated nut and
snack foods, under
its brand “KHAO
SHONG” to both
domestic and international
markets. It currently
employs approximate 150 staff.
The
subject’s registered address
is 700/170 Moo 1, Amata Nakorn
Industrial Estate, T. Bankao,
A. Panthong, Chonburi 20160,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Thaveechai Ladapongpattana |
|
Thai |
60 |
|
Ms. Yaowamal Jiralertpong |
|
Thai |
55 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Thaveechai Ladapongpattana is
the Managing Director.
He is Thai
nationality with the
age of 60
years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and distributing
various kinds of
coated nuts and
snack food products,
e.g. coffee flavor coated
peanuts, strong coffee
flavor coated peanuts,
milk flavor coated
peanuts, wasabi coated
green peas and
coconut cream flavor
coated peanuts, under
its own “KHAO
SHONG” brand.
PURCHASE
Its
raw materials are
purchased from both
domestic and overseas,
mainly in Republic
of China and
Taiwan.
SALES
Its products are
sold to customers
both local and
international markets, such
as U.S.A., Australia,
Japan, Taiwan, Hong
Kong, Korea, Singapore,
and the countries
in Europe and
Middle East region.
MAJOR
CUSTOMER
JFC
International Inc. :
U.S.A.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or 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 area against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 150 staff.
LOCATION
DETAILS
The premise is owned for
administrative office and factory
at the heading
address. Premise is
located in industrial
area.
Sale
Office : 216/2 Nanglinchee
Rd., Chongninsee, Yannawa,
Bangkok 10120
Tel : [66]
2285-2537, 2285-2538 Fax
: [66] 2285-2783
REMARK
CREDIT
OF US$ 125,000
AGAINST D/A TERMS
SHOULD BE IN
ORDER.
COMMENT
The subject’s business
performance in 2010
was satisfactory with
an increase in both
sales revenue and
net profit comparing
to the previous year. With an
improvement of economy
and purchasing power,
food sector has
grown viable.
FINANCIAL INFORMATION
The capital
was registered at Bht. 10,000,000
divided into 10,000 shares of Bht. 1,000 each with
fully paid.
The
capital was increased
later as follows:
Bht. 16,000,000
on April 30,
2002
Bht. 33,000,000
on June 21,
2011
The latest registered
capital was increased
to Bht. 33,000,000
divided into 33,000
shares of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
October 26, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Mary Jiralertpong Nationality: Thai Address : 58/56
Chuaploeng Rd., Chongnonsi,
Yannawa, Bangkok |
16,496 |
49.99 |
|
Ms. Yaowamal Jiralertpong Nationality: Thai Address : 946
Thanurat Rd., Thungwatdon, Sathorn, Bangkok |
11,504 |
34.86 |
|
Mr. Thaveechai Ladapongpattana Nationality: Thai Address : 1301/17
Sukhumvit Rd., Klongtoey,
Prakanong, Bangkok |
5,000 |
15.15 |
Total Shareholders : 3
Share Structure [as
at October 26,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
33,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
33,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Piraya Kongkasai
No. 7682
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
6,185,680.57 |
4,663,523.20 |
|
Short-term Investment |
- |
2,000,000.00 |
|
Trade Accounts Receivable |
32,952,248.43 |
13,657,597.90 |
|
Inventories |
26,134,430.08 |
26,478,088.58 |
|
Deposit for Material |
1,889,560.30 |
3,707,211.43 |
|
Other Current Assets |
1,034,200.33 |
421,861.20 |
|
|
|
|
|
Total Current Assets
|
68,196,119.71 |
50,928,282.31 |
|
|
|
|
|
Fixed Assets |
125,616,438.66 |
127,848,674.33 |
|
Other Assets |
328,100.00 |
118,000.00 |
|
Total Assets |
194,140,658.37 |
178,894,956.64 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft from
Financial Institution |
2,283,817.72 |
5,145,919.03 |
|
Trade Accounts & Notes Payable |
43,986,349.20 |
35,521,551.95 |
|
Current Portion of Long-term Liabilities |
7,752,000.00 |
7,752,000.00 |
|
Current Portion of Hire-purchase Payable |
- |
225,000.00 |
|
Accrued Expenses |
8,357,684.08 |
6,809,147.99 |
|
Other Current Liabilities |
930,826.96 |
711,138.73 |
|
|
|
|
|
Total Current Liabilities |
63,310,677.96 |
56,164,757.70 |
|
Long-term Loan from Related
Person |
17,553,953.92 |
27,824,027.27 |
|
Long-term Loan from Financial Institution |
18,116,698.47 |
25,868,698.47 |
|
Hire-purchase Payable, net
of Current Portion |
- |
- |
|
Total Liabilities |
98,981,330.35 |
109,857,483.44 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 16,000 shares |
16,000,000.00 |
16,000,000.00 |
|
|
|
|
|
Capital Paid |
16,000,000.00 |
16,000,000.00 |
|
Retained Earning-
Unappropriated |
79,159,328.02 |
53,037,473.20 |
|
Total Shareholders' Equity |
95,159,328.02 |
69,037,473.20 |
|
Total Liabilities & Shareholders' Equity |
194,140,658.37 |
178,894,956.64 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
322,768,138.62 |
307,900,037.39 |
|
Gain on Exchange
Rate |
1,405,145.58 |
1,336,768.92 |
|
Other Income |
2,953,811.59 |
5,415,321.89 |
|
Total Revenues |
327,127,095.79 |
314,652,128.20 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
258,853,724.34 |
250,957,842.76 |
|
Selling Expenses |
21,978,614.10 |
19,130,596.47 |
|
Administrative Expenses |
18,546,832.50 |
17,331,116.61 |
|
Total Expenses |
299,379,170.94 |
287,419,555.84 |
|
Profit before Financial Cost |
27,747,924.85 |
27,232,572.36 |
|
Financial Cost |
[1,626,070.03] |
[1,975,289.29] |
|
|
|
|
|
Net Profit / [Loss] |
26,121,854.82 |
25,257,283.07 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.08 |
0.91 |
|
QUICK RATIO |
TIMES |
0.62 |
0.36 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.57 |
2.41 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.66 |
1.72 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
36.85 |
38.51 |
|
INVENTORY TURNOVER |
TIMES |
9.90 |
9.48 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
37.26 |
16.19 |
|
RECEIVABLES TURNOVER |
TIMES |
9.80 |
22.54 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
62.02 |
51.66 |
|
CASH CONVERSION CYCLE |
DAYS |
12.09 |
3.04 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
80.20 |
81.51 |
|
SELLING & ADMINISTRATION |
% |
12.56 |
11.84 |
|
INTEREST |
% |
0.50 |
0.64 |
|
GROSS PROFIT MARGIN |
% |
21.15 |
20.69 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.60 |
8.84 |
|
NET PROFIT MARGIN |
% |
8.09 |
8.20 |
|
RETURN ON EQUITY |
% |
27.45 |
36.58 |
|
RETURN ON ASSET |
% |
13.46 |
14.12 |
|
EARNING PER SHARE |
BAHT |
163.26 |
157.86 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.51 |
0.61 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.04 |
1.59 |
|
TIME INTEREST EARNED |
TIMES |
17.06 |
13.79 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
4.83 |
|
|
OPERATING PROFIT |
% |
1.89 |
|
|
NET PROFIT |
% |
3.42 |
|
|
FIXED ASSETS |
% |
(1.75) |
|
|
TOTAL ASSETS |
% |
8.52 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
21.15 |
Satisfactory |
Industrial
Average |
22.49 |
|
Net Profit Margin |
8.09 |
Impressive |
Industrial Average |
(31.29) |
|
Return on Assets |
13.46 |
Impressive |
Industrial
Average |
(3.70) |
|
Return on Equity |
27.45 |
Impressive |
Industrial
Average |
2.99 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues 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 21.15%. When compared with
the industry average, the ratio of the company was lower, 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 8.09%,
higher figure when 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 ratio is
13.46%, 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 ratio
is 27.45%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.08 |
Deteriorated |
Industrial
Average |
33.40 |
|
Quick Ratio |
0.62 |
|
|
|
|
Cash Conversion Cycle |
12.09 |
|
|
|
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 1.08 times in 2010, increased from 0.91 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 lower.
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 0.62 times in 2010,
increased from 0.36 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 13 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.51 |
Impressive |
Industrial
Average |
1.26 |
|
Debt to Equity Ratio |
1.04 |
Impressive |
Industrial
Average |
2.25 |
|
Times Interest Earned |
17.06 |
Deteriorated |
Industrial
Average |
588.08 |
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 a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 17.07 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 0.51 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.57 |
Deteriorated |
Industrial
Average |
37.17 |
|
Total Assets Turnover |
1.66 |
Satisfactory |
Industrial
Average |
1.76 |
|
Inventory Conversion Period |
36.85 |
|
|
|
|
Inventory Turnover |
9.90 |
Deteriorated |
Industrial
Average |
20.21 |
|
Receivables Conversion Period |
37.26 |
|
|
|
|
Receivables Turnover |
9.80 |
Deteriorated |
Industrial
Average |
21.63 |
|
Payables Conversion Period |
62.02 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.82 |
|
UK Pound |
1 |
Rs.82.07 |
|
Euro |
1 |
Rs.68.93 |
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 |
|
---- |
NB |
New Business |
---- |
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.