MIRA INFORM
REPORT
|
Report Date : |
21.01.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
BOTANIQUE
COMPANY LIMITED |
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Registered Office : |
246, 248, 250, 252
Soi Ramkhamhaeng 2, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
27.12.2006 |
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Com. Reg. No.: |
0105549147849 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and exporter
Gift set and
fragrance products |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
company name
BOTANIQUE
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 246, 248, 250, 252 SOI
RAMKHAMHAENG 2,
A. PRAWET,
TELEPHONE : [66] 2751-7480
FAX :
[66] 2751-7482
E-MAIL
ADDRESS : botanique@botanique.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2006
REGISTRATION
NO. : 0105549147849
CAPITAL REGISTERED : BHT. 63,850,000
CAPITAL PAID-UP : BHT.
63,850,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. POOLPAT LOHACHITRANONT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 280
LINES
OF BUSINESS : GIFT
SET AND FRAGRANCE
PRODUCTS
MANUFACTURER AND
EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on December 27,
2006 as a
private limited company
under the registered
name BOTANIQUE COMPANY
LIMITED, with the registered
no. 0105549147849, under the
merger among 3
related companies, namely
“Botanique Company Limited”, the
registered no.
0105538151297, “Capstone Republic Co., Ltd.”, registered no. 0105544062331 and “Eight Egg
Company Limited”, registered
no. 0105545120873. Its business
objective is to manufacture
wide range of
gift set and
fragrance products for
exports. It currently employs
approximate 280 staff.
The
subject’s registered address
was initially located
at 6/341-4 Moo
8, Soi Ramkhamhaeng
2, Bangna-Trad Rd.,
Dokmai, Prawet, Bangkok
10250.
Later,
its registered address
has been changed
to 246, 248, 250 Soi
Ramkhamhaeng 2, Bangna-Trad
Rd., Dokmai, Prawet,
Bangkok 10250, by
the Prawet District
Office, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Poolpat Lohachitranont |
|
Thai |
44 |
|
Mr. Vuthikorn Boonyasiri |
|
Thai |
49 |
|
Mr. Vasupol Khunthong |
|
Thai |
- |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Poolpat Lohachitranont is
the Managing Director.
He is Thai
nationality with the
age of 44
years old.
Mrs. Busarin Vitanakorn is
the Sales &
Marketing Manager.
She is Thai
nationality.
Mr. Vuthikorn Boonyasiri is
the Finance Manager.
He is Thai
nationality with the
age of 49
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and servicing of
potpourri gift set,
sachets, fragrance and
aromatic incense candles
and etc.
MAJOR BRAND
“BOTANIQUE”
PURCHASE
100% of its
raw material is
purchased from local
suppliers.
EXPORT
100%
of the products
is exported worldwide
mainly to Europe,
the remaining to United
States of America ,
Australia, Asia and
Middle East countries.
RELATED AND
AFFILIATED COMPANIES
Double’ Do Company Limited.
Business Type :
Manufacturer and distributor
of potpourri products.
Femmefatale Company Limited.
Business Type :
Manufacturer and distributor
of potpourri packaging
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
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Exports are against
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
United Overseas Bank
[Thai] Public Co.,
Ltd.
Ramkhamhaeng 2 Sub
Branch : 143 Moo
8, Ramkhamhaeng 2
Rd., Pravej, Bangkok]
EMPLOYMENT
The
subject employs approximately
280 office staff
and factory workers.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
and warehouse are
located at 321
Moo 9, Ladkrabang
Industrial Estate, Chalongkrung
Rd., Lamplatiew, Ladkrabang,
Bangkok 10520.
Tel.
[66] 2739-6372, Fax. [66] 2739-6372.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
200,000.
COMMENT
Subject
reported good business in the
year 2009. Its
business is expanding steadily
with good potential
base from strong
consumption in overseas
markets.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 63,850,000
divided into 12,770,000
shares of Bht.
5 each with
fully paid
MAIN
SHAREHOLDERS :
[as at
April 20, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Poolphat Lohachitranont Nationality: Thai Address : 9
Soi Kasemsamran 8,
Klongton, Wattana, |
7,869,994 |
61.63 |
|
Mr. Vuthikorn Boonyasiri Nationality: Thai Address : Muang, Samutsakorn |
1,500,000 |
11.75 |
|
Mr. Iji Hamashi Nationality: Japanese Address : 3-23-20
Yakumo Mengaro, |
800,000 |
6.26 |
|
Japan Asia Investment
Co., Ltd. Nationality: Japanese Address : 33-11
kanda-Nishiki-sho,
Chiyoda-ku, |
800,000 |
6.26 |
|
Mr. Vasupol Khunthong Nationality: Thai Address : 91/1364
Moo 11, Klongkum,
Buengkum, |
570,000 |
4.46 |
|
Mr. Adisorn Singruedej Nationality: Thai Address : 3-23-20
Yakuma Meguro, |
280,000 |
2.19 |
|
Mr. Seree Sae-be Nationality: Thai Address : 61
Moo 2, Khaoraeng,
Muang, Ratchburi |
250,000 |
1.96 |
|
Mrs. Rasamee Khinpradit Nationality: Thai Address :
Samutprakarn |
180,000 |
1.41 |
|
Ms. Chanakarn Vatcharachaipong Nationality: Thai Address : |
150,000 |
1.17 |
|
Mr. Kriengsak Taobamrung Nationality: Thai Address : 1/1
Moo 5, Bangyapraek, Muang,
Samutsakorn |
150,000 |
1.17 |
|
Others |
220,006 |
1.74 |
Total Shareholders : 13
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Lakhana
Arpornrat No. 5904
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 &
2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash in hand
& at Bank |
4,575,708.92 |
55,037.53 |
|
Trade Accts. Receivable |
7,252,445.02 |
9,094,307.22 |
|
Inventories |
27,229,229.67 |
33,255,378.69 |
|
Other Current Assets
|
4,018,998.13 |
4,135,349.80 |
|
Total Current Assets
|
43,076,381.74 |
46,540,073.24 |
|
|
|
|
|
Fixed Assets |
75,118,943.96 |
80,069,199.11 |
|
Other Assets |
512,029.03 |
523,896.88 |
|
Total Assets |
118,707,354.73 |
127,133,169.23 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft & Short
Term Loan from Financial Institute |
19,636,930.34 |
20,145,614.57 |
|
Trade Accts. Payable |
2,888,068.54 |
8,776,950.85 |
|
Current Portion of
Financial Lease Contract Liabilities |
176,558.30 |
164,112.75 |
|
Current Portion of
Long-term Loan |
5,081,968.76 |
4,823,154.24 |
|
Other Current Liabilities |
3,317,361.15 |
5,968,456.38 |
|
Total Current Liabilities |
31,100,887.09 |
39,878,288.79 |
|
Financial Lease Contract Liabilities, net |
273,283.07 |
449,841.37 |
|
Long Term Loan
|
7,834,584.40 |
13,016,234.97 |
|
Total Liabilities |
39,208,754.56 |
53,344,365.13 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 5
par value authorized, issued
and fully paid share
capital 12,770,000 shares
|
63,850,000.00 |
63,850,000.00 |
|
Capital Paid |
61,712,500.00 |
61,712,500.00 |
|
Premium on Share
Capital |
16,400,000.00 |
16,400,000.00 |
|
Statutory Reserve |
350,000.00 |
350,000.00 |
|
Retained Earning -
Unappropriated |
1,036,100.17 |
[4,673,695.90] |
|
Total Shareholders' Equity |
79,498,600.17 |
73,788,804.10 |
|
Total Liabilities & Shareholders' Equity |
118,707,354.73 |
127,133,169.23 |
PROFIT & LOSS ACCOUNT
|
|
2009 |
2008 |
|
|
|
|
|
Sales |
110,634,091.90 |
99,363,080.58 |
|
Other Income |
609,227.51 |
1,969,652.00 |
|
Total Sales |
111,243,319.41 |
101,332,732.58 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
74,816,108.00 |
66,981,522.37 |
|
Selling Expenses |
7,452,985.61 |
9,615,602.08 |
|
Administrative Expenses |
21,243,723.46 |
27,221,740.86 |
|
Total Expenses |
103,512,817.07 |
103,818,865.31 |
|
Profit / [Loss] Before Financial
Cost |
7,730,502.34 |
[2,486,132.73] |
|
Cost of Financial
|
[2,020,706.27] |
[2,348,639.13] |
|
Net Profit / [Loss] |
5,709,796.07 |
[4,834,771.86] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.39 |
1.17 |
|
QUICK RATIO |
TIMES |
0.38 |
0.23 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.47 |
1.24 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.93 |
0.78 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
132.84 |
181.22 |
|
INVENTORY TURNOVER |
TIMES |
2.75 |
2.01 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
23.93 |
33.41 |
|
RECEIVABLES TURNOVER |
TIMES |
15.25 |
10.93 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
14.09 |
47.83 |
|
CASH CONVERSION CYCLE |
DAYS |
142.68 |
166.80 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
67.62 |
67.41 |
|
SELLING & ADMINISTRATION |
% |
25.94 |
37.07 |
|
INTEREST |
% |
1.83 |
2.36 |
|
GROSS PROFIT MARGIN |
% |
32.93 |
34.57 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.99 |
(2.50) |
|
NET PROFIT MARGIN |
% |
5.16 |
(4.87) |
|
RETURN ON EQUITY |
% |
7.18 |
(6.55) |
|
RETURN ON ASSET |
% |
4.81 |
(3.80) |
|
EARNING PER SHARE |
BAHT |
0.46 |
(0.39) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.33 |
0.42 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.49 |
0.72 |
|
TIME INTEREST EARNED |
TIMES |
3.83 |
(1.06) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
11.34 |
|
|
OPERATING PROFIT |
% |
(410.94) |
|
|
NET PROFIT |
% |
218.10 |
|
|
FIXED ASSETS |
% |
(6.18) |
|
|
TOTAL ASSETS |
% |
(6.63) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
32.93 |
Impressive |
Industrial Average |
29.50 |
|
Net Profit Margin |
5.16 |
Impressive |
Industrial Average |
(4.78) |
|
Return on Assets |
4.81 |
Impressive |
Industrial Average |
(1.10) |
|
Return on Equity |
7.18 |
Impressive |
Industrial Average |
3.27 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from sales 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 figures is 32.93%. When compared with the industry
average, the ratio of the company was higher, indicated that company was more
profitable than the same industry.
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 figures is
5.16% 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 4.81%, 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
7.18%, 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 |
1.39 |
Deteriorated |
Industrial Average |
25.86 |
|
Quick Ratio |
0.38 |
|
|
|
|
Cash Conversion Cycle |
142.68 |
|
|
|
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 1.39 times in 2009, increase from 1.17 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 0.38 times in 2009,
increase from 0.23 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 143 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.33 |
Impressive |
Industrial Average |
0.99 |
|
Debt to Equity Ratio |
0.49 |
Impressive |
Industrial Average |
1.35 |
|
Times Interest Earned |
3.83 |
Deteriorated |
Industrial Average |
432.26 |
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 3.83 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 0.33 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.47 |
Deteriorated |
Industrial Average |
2,320.83 |
|
Total Assets Turnover |
0.93 |
Acceptable |
Industrial Average |
1.42 |
|
Inventory Conversion Period |
132.84 |
|
|
|
|
Inventory Turnover |
2.75 |
Deteriorated |
Industrial Average |
13.33 |
|
Receivables Conversion Period |
23.93 |
|
|
|
|
Receivables Turnover |
15.25 |
Satisfactory |
Industrial Average |
17.84 |
|
Payables Conversion Period |
14.09 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.58 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.61.45 |
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.