MIRA INFORM REPORT
|
Report Date : |
06.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
THE
NATURAL PALM GROUP
CO., LTD. |
|
|
|
|
Registered Office : |
194/16 Soi Pirom, Songwad Road, Jakkawat, Samphantawong, Bangkok 10100 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
30.12.2009 |
|
|
|
|
Com. Reg. No.: |
0105552137760 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and Distributor of Cruded and Refined Palm Oil 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 |
|
Payment
Behaviour : |
Unknown |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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
THE NATURAL PALM
GROUP CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 194/16 SOI
PIROM, SONGWAD ROAD,
JAKKAWAT,
SAMPHANTAWONG, BANGKOK
10100, THAILAND
TELEPHONE : [66] 2622-6225-9,
2225-7792-3
FAX :
[66] 2622-6228
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION
NO. : 0105552137760
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. PAISAL KUANSONGTHAM,
THAI
PRESIDENT AND
MANAGING DIRECTOR
NO.
OF STAFF : 300
LINES
OF BUSINESS : CRUDED AND
REFINED PALM OIL
PRODUCTS
MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : -
MANAGEMENT
STANDARD : -
HISTORY
The
subject was established
on December 30,
2009 as a
private limited company
under the registered name style
THE NATURAL PALM
GROUP CO., LTD. by
Thai groups, with
a merger among
The Natural Oil Refinery Co.,
Ltd., The Natural
Palm Oil [Chumporn] Co., Ltd.
and The National
Power [Chumporn] Co., Ltd.,
in order to
manufacture and distribute
crude and refined
palm oil products
to domestic market.
It currently employs
approximately 300 staff.
The
subject’s registered address
is 194/16 Soi
Pirom, Songwad Rd.,
Jakkawat, Samphantawong, Bangkok
10100, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Paisal Kuansongtham |
|
Thai |
72 |
|
Ms. Pornthipa Kuansongtham |
|
Thai |
45 |
|
Mr. Kovit Kuansongtham |
|
Thai |
37 |
|
Ms. Cholthicha Kuansongtham |
|
Thai |
43 |
|
Ms. Chintana Kuansongtham |
|
Thai |
39 |
AUTHORIZED PERSON
Any two of the above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Paisal Kuansongtham is
the President and
Managing Director.
He is Thai
nationality with the
age of 72
years old.
Mr. Kovit Kuansongtham is
the General Manager.
He is Thai
nationality with the
age of 37 year old.
Ms. Pornthipa Kuansongtham is
the Assistant Managing
Director.
She is Thai
nationality with the
age of 45
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and
distributing various kinds of
crude and refined
palm oil products, comprising
crude palm oil,
crude palm kernel
oil, refined palm
oil, refined palm
kernel oil, and
refined palm olein.
BRAND NAME
“BEE”
The subject
is also engaged
in bio-energy power
plant business with
the production capacity
10 MW., supplying
to Provincial Electricity
Authority.
PURCHASE
100%
of raw material
and chemical are
purchased from local
planter and suppliers.
SALES
100% of the
products is sold
locally to wholesalers,
manufacturers, and end-users.
SUBSIDIARY 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.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
300 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial
area.
Factories
are located at
the following:
-
18 Moo 2,
Suksawad 45 Rd.,
Bangkru, Samutprakarn 10130.
-
250 Moo 12,
Petchkasem Rd., T.
Kron, A. Sawee, Chumporn 86130.
Tel. : [66] 77 529-800,
Fax. : [66] 77 529-848.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$ 500,000.
COMMENT
As
the subject is
a newly established
firm, a result
of a merger
among three companies
in December 2009:
The Natural Oil Refinery Co.,
Ltd., The Natural
Palm Oil [Chumporn] Co., Ltd.
and The National
Power [Chumporn] Co., Ltd.,
there was no
sales sale available
in 2009 financial
statement. However, with a large
amount of registered
and paid-up capital
to support its
current business operation, the above
credit should be
recommended.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 272,000,000 divided into
2,720,000 shares of
Bht. 100 each
with fully paid.
The
capital was increased
later as follows:
Bht. 440,000,000
on February 4,
2010
Bht. 700,000,000
on March 24,
2011
The
latest registered capital was
increased to Bht. 700
million, divided into 7,000,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at March
14, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Kovit Kuansongtham Nationality: Thai Address :
194/21-22 Songwad Rd.,
Jakkawat,
Samphantawong, Bangkok |
1,400,000 |
20.00 |
|
Mr. Paisal Kuansongtham Nationality: Thai Address : 194/21-22
Songwad Rd., Jakkawat,
Samphantawong, Bangkok |
1,050,000 |
15.00 |
|
Mrs. Ziwjing Kuansongtham Nationality: Thai Address : 194/16
Songwad Rd., Jakkawat,
Samphantawong, Bangkok |
1,050,000 |
15.00 |
|
Ms. Pornthipa Kuansongtham Nationality: Thai Address : 194/18
Songwad Rd., Jakkawat,
Samphantawong, Bangkok |
700,000 |
10.00 |
|
Ms. Chonthicha Kuansongtham Nationality: Thai Address : 192
Songwad Rd., Jakkawat,
Samphantawong, Bangkok |
700,000 |
10.00 |
|
Ms. Chintana Kuansongtham Nationality: Thai Address : 16/38
Moo 2, Bangkaenua,
Bangkae, Bangkok |
700,000 |
10.00 |
|
Ms. Shama Kuansongtham Nationality: Thai Address : 194/21-22
Songwad Rd., Jakkawat,
Samphantawong, Bangkok |
465,500 |
6.65 |
|
Master Tham Kuansongtham Nationality: Thai Address : 194/21-22
Songwad Rd., Jakkawat,
Samphantawong, Bangkok |
465,500 |
6.65 |
|
Master Bodhi Kuansongtham Nationality: Thai Address : 194/21-22
Songwad Rd., Jakkawat,
Samphantawong, Bangkok |
465,500 |
6.65 |
|
Mrs. Supamas Kuansongtham Nationality: Thai Address : 29/3
Moo 5, Sincharoen,
Phrasaeng, Suratthani |
3,500 |
0.05 |
Total Shareholders : 10
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Somsong Charoensakyothin No.
1935
Note
The
2010 financial statement
has not been
submitted to the Commercial
Registration Department
during investigation.
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2009 was :
ASSETS
|
Current Assets |
2009 |
|
|
|
|
Cash and Cash Equivalent |
25,668,247.94 |
|
Short-term Investment |
657,454.84 |
|
Trade Accounts Receivable |
21,518,458.76 |
|
Inventories |
97,728,456.26 |
|
Other Current Assets |
6,367,313.38 |
|
|
|
|
Total Current Assets
|
151,939,931.18 |
|
|
|
|
Fixed Assets |
977,352,287.79 |
|
Intangible Assets |
64,519.73 |
|
Other Assets |
53,783,955.49 |
|
Total Assets |
1,183,140,694.19 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2009 |
|
|
|
|
Short-term Loan from Financial
Institute |
180,000,000.00 |
|
Trade Accounts & Notes
Payable |
12,469,522.18 |
|
Current Portion of Long-term Loans |
78,720,000.00 |
|
Short-term Loan from Person
or Related Company |
382,939,716.59 |
|
Accrued Income Tax |
156,903.46 |
|
Other Current Liabilities |
14,692,614.65 |
|
|
|
|
Total Current Liabilities |
668,978,756.88 |
|
Long-term Loan from Financial
Institute |
227,802,000.00 |
|
Other Liabilities |
60,000.00 |
|
Total Liabilities |
896,840,756.88 |
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 2,720,000 shares |
272,000,000.00 |
|
|
|
|
Capital Paid |
271,250,000.00 |
|
Retained Earning |
7,100,000.00 |
|
Unappropriated |
7,949,937.31 |
|
Total Shareholders' Equity |
286,299,937.31 |
|
Total Liabilities & Shareholders' Equity |
1,183,140,694.19 |
PROFIT & LOSS ACCOUNT
|
Sale |
Dec. 30,
2009 – Dec. 31,
2009 |
|
|
|
|
Other Income |
5,800.25 |
|
Total Sale s |
5,800.25 |
|
Expenses |
|
|
|
|
|
Administrative Expenses |
483,365.94 |
|
Total Expenses |
483,365.94 |
|
Loss before Income Tax |
[477,565.69] |
|
Income Tax |
[1,740.08] |
|
|
|
|
Net Profit / [Loss] |
[479,305.77] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
CURRENT RATIO |
TIMES |
0.23 |
|
QUICK RATIO |
TIMES |
0.07 |
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
COST OF GOODS SOLD |
% |
- |
|
SELLING & ADMINISTRATION |
% |
- |
|
INTEREST |
% |
- |
|
GROSS PROFIT MARGIN |
% |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
- |
|
NET PROFIT MARGIN |
% |
- |
|
RETURN ON EQUITY |
% |
(0.17) |
|
RETURN ON ASSET |
% |
(0.04) |
|
EARNING PER SHARE |
BAHT |
(0.18) |
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
DEBT RATIO |
TIMES |
0.76 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.13 |
|
TIME INTEREST EARNED |
TIMES |
- |
PROFITABILITY RATIO
|
Gross Profit Margin |
- |
|
Industrial Average |
5.49 |
|
Net Profit Margin |
- |
|
Industrial Average |
1.22 |
|
Return on Assets |
(0.04) |
Deteriorated |
Industrial Average |
3.01 |
|
Return on Equity |
(0.17) |
Deteriorated |
Industrial Average |
6.44 |
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. When compared with the
industry average, it was lower, the company's figure is -0.04%.
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. When compared with the
industry average, it was lower, the company's figure is -0.17%.
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 |
0.23 |
Risky |
Industrial Average |
1.00 |
|
Quick Ratio |
0.07 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 0.23 times in 2009, increase from 0 times, then the company may not
be efficiently using its current assets. 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 0.07 times in 2009,
increase from 0 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.76 |
Impressive |
Industrial Average |
0.51 |
|
Debt to Equity Ratio |
3.13 |
Risky |
Industrial Average |
1.10 |
|
Times Interest Earned |
- |
|
Industrial Average |
1.86 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.76 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 Downtrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
3.61 |
|
Total Assets Turnover |
- |
|
Industrial Average |
2.45 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
10.24 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
9.73 |
|
Payables Conversion Period |
- |
|
|
|
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.44.85 |
|
UK Pound |
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
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.