MIRA INFORM REPORT
|
Report Date : |
07.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
EUROPEAN
FOOD PUBLIC COMPANY
LIMITED |
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|
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Registered Office : |
291 Moo 10, |
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Country : |
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Financials (as on) : |
31.12.2008 |
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Date of Incorporation : |
13.11.1984 |
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Com. Reg. No.: |
0107538000789 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacturer, Distributor & Exporter of foods &
confectionery 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 |
|
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 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
COMPANY
NAME
EUROPEAN
FOOD PUBLIC COMPANY
LIMITED
SUMMARY
ADDRESS : 291
MOO 10,
T. SAMRONGTAI,
PHRAPRADAENG,
TELEPHONE : [66] 2394-0560-2,
2384-3049, 2384-2891
FAX : [66]
2384-3719, 2394-0560
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1984
REGISTRATION
NO. : 0107538000789
CAPITAL REGISTERED : BHT.
1,210,000,000
CAPITAL PAID-UP :
BHT. 1,210,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER
31
LEGAL
STATUS : PUBLIC
LIMITED COMPANY
EXECUTIVE : MR.
SOMCHAI WACHAKORN, THAI
PRESIDENT
NO.
OF STAFF : 900
LINES
OF BUSINESS : FOODS
& CONFECTIONERY PRODUCTS
MANUFACTURER, DISTRIBUTOR &
EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject
was established on
November 13, 1984
as a private
limited company under the registered
name EUROPEAN FOOD COMPANY
LIMITED by Thai group,
Wachakorn family, in order to
produce foods and confectionery
products. On September 8, 1994
the subject received
promotional privilege from
the Board of
Investment.
On December 22,
1995 the subject’s status was
converted to a
public limited company,
under the name
EUROPEAN FOOD PUBLIC
COMPANY LIMITED. It
currently employs approximately
900 staff.
The subject’s
registered address is 291 Moo 10, Poochaosamingprai Rd., Samrongtai, Phrapradaeng,
Samutprakarn 10130, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somsak Wachakorn |
[+] |
Thai |
43 |
|
Mr. Somchai Wachakorn :
Chairman |
[x] |
Thai |
46 |
|
Mrs. Laddawan Plangsiri |
[+] |
Thai |
65 |
|
Professor Dr. Teera Ramasoota |
|
Thai |
79 |
|
Ms. Pranee Wachakorn |
[+] |
Thai |
42 |
|
Mr. Nathapol Wachakorn |
|
Thai |
29 |
AUTHORIZED PERSON
The mentioned
director [x] can
sign or two
of the mentioned
directors [+] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Somchai
Wachakorn is the
President.
He
is Thai nationality
with the age
of 46 years
old.
Mr.
Somsak Wachakorn is
the Vice President
[Production].
He
is Thai nationality
with the age
of 43 years
old.
Ms.
Pranee Wachakorn is
the Vice President
[Finance].
She
is Thai nationality.
Mrs.
Kannikar Lertkhantitham is
the Administration Manager.
She
is Thai nationality.
Mr.
Jiracharn Khampilanon is
the Export Manager.
He
is Thai nationality.
BUSINESS OPERATIONS
The
subject’s activity is a
manufacturer various kinds
of foods &
confectionery products as
the followings:
- Bakery
products: custard cake,
strawberry cake, marble
cake, and layer
cake, under
the
brand name “EURO”
- Wafer
under the
brand names “CRECO”,
“OJO”, “
“
- Candy & Sweet under
the brand names
“PIPO”, “BELO JOPPY”,
“COLLANCE”,
JEED JAAD” and “HITTO”
- Gum
: “BIGBLOOM”
- Jelly
: “PIPO”, “YAMMY”
- Lollipop
: “JOOPY JOOPS”,
“JOOPY ZAA”
- Marshmallow
: “MILDY”
IMPORT
[COUNTRIES]
50% of
raw materials and
food ingredients such
as milk powder,
chocolate & flavor
are imported from
Japan, Singapore, France,
Taiwan, Republic of
China and Spain.
SALES
[LOCAL]
70%
of the products
is distributed locally
by Bangkok Distributor
Co., Ltd. and
European Marketing Co.,
Ltd., the subject’s
affiliated companies.
EXPORT
[COUNTRIES]
30%
of its products
is exported directly
to Middle East,
Hong Kong, Taiwan,
South Korea, Philippines, United
States of America,
Republic of China,
Singapore, Laos and
Vietnam.
SUBSIDIARIES & AFFILIATED COMPANIES
|
Company |
Business Type |
% of Investment |
|
European
Snack Food Co.,
Ltd. |
Manufacturer of
snack foods |
99.99 |
|
European
Bakery Co., Ltd. |
Manufacturer of
cake products |
99.90 |
|
Bangkok
Distributor Co., Ltd. |
Distributor of
food products |
99.99 |
|
European
Marketing Co., Ltd. |
Distributor of
food products |
99.99 |
CREDIT
Sales
are on the
credits term of
30-60 days.
Local
bills are paid
on the credits
term of 30-60
days.
Imports are by
T/T.
Exports
are against L/C
at sight.
BANKING
TMB
Bank Public Co.,
Ltd.
[Poochaosamingprai Branch :
Samutprakarn]
Siam
Commercial Bank Public
Co., Ltd.
[Poochaosamingprai Branch :
Samutprakarn]
EMPLOYMENT
The
subject employs approximately
900 office staff
and factory 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 140 Moo
4, T. Nongprong
A. Srimahapoh Prachinburi
25140 Tel: [66]
37 278-777, Fax: [66]
270-778-9.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
1,000,000.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 5 million, divided into
50,000 shares of Bht. 100 each.
The
capital was increased
later as followings:
Bht. 15,000,000 on
December 12, 1991
Bht. 400,000,000
on March 25,
1994
Bht. 650,000,000
on December 22,
1995
The latest
registered capital was
increased to Bht. 1,210,000,000 divided
into 220,000,000 shares
of Bht. 5.50
each with fully
paid.
MAIN SHREHOLDERS
[as
of April
16, 2010] at Bht.
1,210,000,000 of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Somchai Wachakorn Nationality: Thai Address
: 188 Soi
Chalermprakiat R. 9, Nongbon, Prawet, |
118,814,487 |
54.00 |
|
Mr. Somchai Wachakorn Nationality: Thai Address
: 188 Soi
Chalermprakiat R. 9, Nongbon, Prawet, |
18,590,601 |
8.45 |
|
Mr. Pornchai Wachakorn Nationality: Thai Address
: 729 Moo
15, Bangkaew, Bangplee, Samutprakarn |
12,125,000 |
5.51 |
|
Ms.
Pranee Wachakorn Nationality: Thai Address
: 100/47 Soi
Chalermprakiat R. 9, Nongbon, Prawet, |
10,923,750 |
4.96 |
|
Master Thanyoo Wachakorn Nationality: Thai Address
: 188 Soi
Chalermprakiat R. 9, Nongbon, Prawet, |
8,600,000 |
3.91 |
|
Master
Sirawich Wachakorn Nationality: Thai Address
: 188 Soi
Chalermprakiat R. 9, Nongbon, Prawet, |
8,600,000 |
3.91 |
|
Mr. Nathapol Wachakorn Nationality: Thai Address
: 188 Soi
Chalermprakiat R. 9, Nongbon, Prawet, |
6,922,500 |
3.15 |
|
Ms. Varisara Wachakorn Nationality: Thai Address
: 188 Soi
Chalermprakiat R. 9, Nongbon, Prawet, |
6,540,000 |
2.97 |
|
Ms. Anchalee Thitichaiyo Nationality: Thai Address
: 172/1 Moo
8, Bangkru, Phrapradaeng, Samutprakarn |
6,140,000 |
2.79 |
|
Ms. Araya
Wachakorn Nationality: Thai Address
: 188 Soi
Chalermprakiat R. 9, Nongbon,
Prawet, |
6,108,250 |
2.78 |
|
Ms. Parichamon Wachakorn Nationality: Thai Address
: 188 Soi
Chalermprakiat R. 9, Nongbon, Prawet, |
6,100,000 |
2.77 |
|
Others |
10,535,412 |
4.80 |
Total
Shareholders : 84
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Prinda
Nganprasertkij No. 5123
BALANCE SHEET
The
latest financial figures
published as at
December 31, 2008 &
2007 were:
ASSETS
|
Current Assets |
2008 |
2007 |
|
|
|
|
|
Cash and Cash Equivalents |
218,597,800.59 |
83,508,992.85 |
|
Short-term Investment |
30,068,966.67 |
40,213,314.39 |
|
Trade Accts. & Notes Receivable |
44,879,423.19 |
67,482,545.21 |
|
Trade Accts. & Notes Receivable
in Subsidiaries Companies |
338,083,865.46 |
307,666,536.50 |
|
Inventories |
196,576,239.83 |
154,670,928.91 |
|
Other Receivable |
- |
13,085,375.88 |
|
Other Current Assets |
2,516,372.01 |
1,899,044.91 |
|
|
|
|
|
Total Current Assets
|
830,722,667.75 |
668,526,738.65 |
|
Investment in Subsidiaries Company |
40,500,010.00 |
40,500,010.00 |
|
Long-term Investment |
9,875,395.95 |
27,240,487.73 |
|
Fixed Assets |
1,042,783,287.86 |
1,114,024,880.21 |
|
Advance Payment Machinery |
9,540,480.00 |
564,080.00 |
|
Intangible Assets |
3,262,354.00 |
3,079,654.00 |
|
Cash at Bank Pledged as a Collateral |
22,394.32 |
21,905.05 |
|
Others Assets |
266,741.43 |
349,991.44 |
|
Total Assets |
1,936,973,331.31 |
1,854,307,747.08 |
LIABILITIES &
SHAREHOLDERS' EQUITY
|
Current
Liabilities |
2008 |
2007 |
|
|
|
|
|
Trade Accounts & Notes
Payable |
142,094,116.50 |
225,012,436.22 |
|
Trade Accounts Payable-Subsidiaries Company |
598,130.00 |
242,141.00 |
|
Current Portion of
Long Term Liabilities |
1,408,151.99 |
62,366,419.69 |
|
Account Payable & Other Notes Payable |
9,381,871.98 |
14,595,564.67 |
|
Accrued Income Tax |
4,706,343.46 |
- |
|
Accrued Expenses |
20,776,687.81 |
19,808,420.29 |
|
Other Current Liabilities |
5,142,009.74 |
4,698,877.94 |
|
|
|
|
|
Total Current Liabilities |
184,107,311.48 |
326,723,859.81 |
|
|
|
|
|
Long-term Loans |
- |
55,000,000.00 |
|
Long Term Liabilities Net
of Current Portion
|
1,373,386.05 |
2,781,538.04 |
|
|
|
|
|
Total Liabilities |
185,480,698.53 |
384,505,397.85 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Share Capital :
Baht. 5.50 par
value authorized issued
and fully paid
share capital 220,000,000
shares |
1,210,000,000.00 |
1,210,000,000.00 |
|
|
|
|
|
Capital Paid |
1,210,000,000.00 |
1,210,000,000.00 |
|
Premium on Shares -
Capital |
- |
1,750,000.00] |
|
Unrealized Loss from
Change in Value
of Investment |
[17,296,125.11] |
- |
|
Retained Earning |
|
|
|
- Statutory
Reserve |
29,126,937.94 |
13,077,617.46 |
|
- Unappropriated |
529,661,820.95 |
248,474,731.77 |
|
Total Shareholders' Equity |
1,751,492,633.78 |
1,469,802,349.23 |
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,936,973,331.31 |
1,854,307,747.08 |
PROFIT & LOSS ACCOUNT
|
|
2008 |
2007 |
|
|
|
|
|
Sales |
1,980,201,494.30 |
1,737,996,351.51 |
|
Other Sales |
12,013,857.02 |
11,526,234.46 |
|
Total Sales |
1,992,215,351.32 |
1,749,522,585.97 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,536,963,928.70 |
1,335,080,980.63 |
|
Selling Expenses |
10,679,416.91 |
12,284,649.93 |
|
Administrative Expenses |
134,969,105.18 |
133,173,047.24 |
|
Doubtful Accounts [Reversal] |
[24,411,904.53] |
[17,169,049.38] |
|
Director’s Remuneration |
720,000.00 |
720,000.00 |
|
Interest Income |
2,883,401.93 |
12,529,595.97 |
|
Total Expenses |
1,661,803,948.19 |
1,476,619,224.39 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses |
330,411,403.13 |
272,903,361.58 |
|
Interest Expenses |
[9,424,993.47] |
- |
|
Net Profit / [Loss] |
320,986,409.66 |
272,903,361.58 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.99 |
|
|
1 |
Rs.73.24 |
|
Euro |
1 |
Rs.62.80 |
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.