MIRA INFORM REPORT
|
Report Date : |
09.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
ABBRA
CORPORATION LTD |
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Registered Office : |
12 Prachanukul 3
[Soi 2], |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
11.09.1986 |
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Com. Reg. No.: |
0105529032108 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer & Distributor of food chemicals |
RATING & COMMENTS
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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 – 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 |
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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
ABBRA CORPORATION LTD.
SUMMARY
BUSINESS
ADDRESS : 12
PRACHANUKUL 3 [SOI
2],
BANGSUE,
TELEPHONE : [66] 2912-1919
FAX :
[66] 2912-1298
E-MAIL
ADDRESS : info@abbracorp.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1986
REGISTRATION
NO. : 0105529032108 [Former : 3210/2529]
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS.
TASSINEE VACHARASATHIEN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 68
LINES
OF BUSINESS : FOOD
CHEMICALS
IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on September
11, 1986 as
a private limited
company under the
name style ABBRA
CORPORATION LTD., by
Thai group, Vacharasathien family,
in order to
import and distribute food
chemicals to local
market. It currently
employs 68 staff.
The subject’s registered
address was initially
located at 12
Prachanukul 3 [Soi 2]
Ratchadapisek Rd., Bangsue,
Bangkok 10800.
In 2009, its
registered address has
been change to 12
Prachanukul 3 [Soi
2] Ratchadapisek Rd.,
Wongsawang, Bangsue, Bangkok
10800, by the
Bangsue District Office,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Tassinee Vacharasathien |
|
Thai |
51 |
|
Mr. Ekdanai Vacharasathien |
|
Thai |
45 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Tassinee Vacharasathien is
the Managing Director.
She is Thai
nationality with the
age of 51
years old.
Ms. Mayura Vacharasathien is
the Assistant Managing
Director & Finance Manager.
She is Thai
nationality.
Ms. Suwanna Saetang
is the Sales
Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activities
are importer and
distributor various kinds
of food chemicals
and food ingredients
as the followings :
Essential oil : Concentrated Lime
Oil, Herb and Spice
Natural Food Colors :
Caramel Color Liquid
and Caramel Color
Powder, Oleoresin
Extract, Paprika,
Protein, Smoke Flavor,
Spice Powder & Spice
Blend
Powder, Spray Dried Powder, Starch,
Synthetic Colors,
Whole Grain and
etc.
PURCHASE
90% of the products
is imported from United
Kingdom, United States of
America, Japan, Spain,
Australia and France,
and the remaining
10% is purchased
from local suppliers
and agents.
MAJOR SUPPLIERS
- Sethness Company :
- Lionel Hitchen [Essential
Oils] Ltd. :
- Juan Navarro Garcia
S.A. :
- Nakamura Chaho Corporation :
- The Solac Company :
SALES
[LOCAL]
100% of its
products is sold
locally by wholesale
to manufacturers and
dealers.
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.
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.
Imports are by
L/C at sight
or T/T on
negotiated term.
BANKING
The Siam
Commercial Bank Public
Co., Ltd.
[Bangkhen
Branch :
Bangkok Bank
Public Co., Ltd.
[Soi
Aree Branch :
EMPLOYMENT
The subject employs 68 staff.
[office, sales staff
and warehouse workers]
LOCATION DETAILS
The premise is
owned for administrative office
in a 3
storey building of
1 unit townhouse at
the heading address.
Premise is located
in commercial/residential area.
Warehouse is
located at 339
Moo 4, T. Rahaeng,
A. Ladlumkaew, Pathumthani 12140.
REMARK
CREDIT OF US$
125,000 AGAINST D/A
TERMS SHOULD BE
IN ORDER.
COMMENT
The subject has a
solid business with
strong sales sale. Its
products have been
widely used in
foods, beverages and
household consumer products. Growth is
expected to be
continued through the
year.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 200,000 divided
into 2,000 shares
of Bht. 100
each.
The capital was
increased later as
follows:
Bht. 1,000,000
on December 6,
1995
Bht. 5,000,000
on August 9,
2007
The latest registered
capital was increased
to Bht. 5,000,000
divided into 50,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE : [as of
April 30, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Tassinee Vacharasathien Nationality: Thai Address : 200/34 Soi
Prachanukul, Bangsue,
Bangsue, |
44,000 |
88.00 |
|
Mr. Ekdanai Vacharasathien Nationality: Thai Address : 73/4 Soi
Rimklongprapa, Bangsue,
Bangsue, |
5,800 |
11.60 |
|
Ms. Mayura Vacharasathien Nationality: Thai Address :
Donmuang, |
200 |
0.40 |
Total Shareholders : 3
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Pongthep
Lertpinij-amornkul No. 4632
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2009 &
2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
|
|
|
|
|
Cash and Cash
Equivalent |
277,155.65 |
360,583.89 |
|
Trade Accts. Receivable |
90,329,517.46 |
75,896,718.05 |
|
Inventories |
65,676,838.87 |
66,822,946.30 |
|
Other Current Assets
|
3,182,165.51 |
4,937,215.74 |
|
|
|
|
|
Total Current Assets
|
159,465,677.49 |
148,017,463.98 |
|
Long-term Loan to Related Company |
9,000,000.00 |
9,000,000.00 |
|
Building and Equipment, net
|
39,486,535.53 |
20,209,233.70 |
|
Total Assets |
207,952,213.02 |
177,226,697.68 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Bank Overdraft from
Financial Institution |
9,319,067.47 |
2,857,968.78 |
|
Short-term Loan from
Financial Institution |
2,500,000.00 |
9,000,000.00 |
|
Trade Accts. Payable |
44,038,882.33 |
19,253,429.02 |
|
Current Portion of
Assets Payable under
Hire- purchase Contract |
3,557,500.08 |
1,461,111.43 |
|
Other Current Liabilities |
51,986,296.50 |
60,061,917.06 |
|
|
|
|
|
Total Current Liabilities |
111,401,746.38 |
92,634,426.29 |
|
Long-term Loan from
Director |
57,614,108.50 |
53,901,330.00 |
|
Assets Payable under
Hire-purchase Contract - Net of
Current Portion |
5,582,083.73 |
937,500.00 |
|
Total Liabilities |
174,597,938.61 |
147,473,256.29 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Unappropriated |
28,354,274.41 |
24,753,441.39 |
|
Total Shareholders' Equity |
33,354,274.41 |
29,753,441.39 |
|
Total Liabilities &
Shareholders' Equity |
207,952,213.02 |
177,226,697.68 |
PROFIT & LOSS ACCOUNT
|
|
2009 |
2008 |
|
|
|
|
|
Sales |
422,569,393.26 |
405,219,061.33 |
|
Other Income |
5,286,005.30 |
6,419,102.54 |
|
Total Sales |
427,855,398.56 |
411,638,163.87 |
|
Expenses |
|
|
|
|
|
|
|
Change in Finished Goods and Work in Process |
1,146,107.43 |
[3,644,164.94] |
|
Purchase Goods |
287,656,060.07 |
275,115,579.67 |
|
Material Supplies |
172,170.96 |
91,036.29 |
|
Employees Expenses |
27,315,142.00 |
23,689,696.00 |
|
Depreciation and Amortization |
9,069,570.53 |
7,368,269.83 |
|
Other Expenses |
95,057,034.72 |
103,429,098.96 |
|
Total Expenses |
420,416,085.71 |
406,049,515.81 |
|
|
|
|
|
Profit / [Loss] before
Financial Cost & Income Tax |
7,439,312.85 |
5,588,648.06 |
|
Financial Cost |
[1,199,854.81] |
[928,448.52] |
|
Profit / [Loss] before
Income Tax |
6,239,458.04 |
4,660,199.54 |
|
Income Tax |
[2,638,625.02] |
[1,776,071.95] |
|
|
|
|
|
Net Profit / [Loss] |
3,600,833.02 |
2,884,127.59 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.43 |
1.60 |
|
QUICK RATIO |
TIMES |
0.81 |
0.82 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
10.70 |
20.05 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.03 |
2.29 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
83.34 |
88.66 |
|
INVENTORY TURNOVER |
TIMES |
4.38 |
4.12 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
78.02 |
68.36 |
|
RECEIVABLES TURNOVER |
TIMES |
4.68 |
5.34 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
55.88 |
25.54 |
|
CASH CONVERSION CYCLE |
DAYS |
105.48 |
131.47 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
68.07 |
67.89 |
|
SELLING & ADMINISTRATION |
% |
8.65 |
7.69 |
|
INTEREST |
% |
0.28 |
0.23 |
|
GROSS PROFIT MARGIN |
% |
33.18 |
33.69 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.76 |
1.38 |
|
NET PROFIT MARGIN |
% |
0.85 |
0.71 |
|
RETURN ON EQUITY |
% |
10.80 |
9.69 |
|
RETURN ON ASSET |
% |
1.73 |
1.63 |
|
EARNING PER SHARE |
BAHT |
72.02 |
57.68 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.84 |
0.83 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.23 |
4.96 |
|
TIME INTEREST EARNED |
TIMES |
6.20 |
6.02 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
4.28 |
|
|
OPERATING PROFIT |
% |
33.11 |
|
|
NET PROFIT |
% |
24.85 |
|
|
FIXED ASSETS |
% |
95.39 |
|
|
TOTAL ASSETS |
% |
17.34 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
33.18 |
Impressive |
Industrial Average |
10.07 |
|
Net Profit Margin |
0.85 |
Acceptable |
Industrial Average |
1.37 |
|
Return on Assets |
1.73 |
Deteriorated |
Industrial Average |
3.50 |
|
Return on Equity |
10.80 |
Impressive |
Industrial Average |
10.32 |
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. Gross Profit Margin is 33.18%. 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 figure is 0.85%.
When compared with the industry average, the ratio of the company was lower.
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, its was lower, the company's figure is 1.73%.
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. Which the high ratio
in 10.8%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profits 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 Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.43 |
Impressive |
Industrial Average |
1.41 |
|
Quick Ratio |
0.81 |
|
|
|
|
Cash Conversion Cycle |
105.48 |
|
|
|
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 1.43 times in 2009, decrease from 1.6 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 0.81 times in 2009,
decrease from 0.82 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 106 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.84 |
Impressive |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
5.23 |
Risky |
Industrial Average |
1.74 |
|
Times Interest Earned |
6.20 |
Impressive |
Industrial Average |
2.23 |
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 A 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 6.21 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 0.84 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
10.70 |
Impressive |
Industrial Average |
10.31 |
|
Total Assets Turnover |
2.03 |
Satisfactory |
Industrial Average |
2.56 |
|
Inventory Conversion Period |
83.34 |
|
|
|
|
Inventory Turnover |
4.38 |
Acceptable |
Industrial Average |
7.30 |
|
Receivables Conversion Period |
78.02 |
|
|
|
|
Receivables Turnover |
4.68 |
Impressive |
Industrial Average |
4.60 |
|
Payables Conversion Period |
55.88 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.03 |
|
|
1 |
Rs.72.98 |
|
Euro |
1 |
Rs.62.94 |
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.