MIRA INFORM REPORT
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Report Date : |
29.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
UNITED
PROGRESS [THAILAND] LIMITED |
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Registered Office : |
55/112 Soi Ladprao 88, Ladprao Road, Wangthonglang, Bangkok 10310 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
01.11.1988 |
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Com. Reg. No.: |
0105531085884 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and distributor of spices and herbs |
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No. of Employees
: |
35 Persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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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
UNITED PROGRESS
[THAILAND] LIMITED
SUMMARY
BUSINESS
ADDRESS : 55/112 SOI
LADPRAO 88, LADPRAO
ROAD,
WANGTHONGLANG, BANGKOK
10310
TELEPHONE : [66] 2530-1196,
2530-2297
FAX : [66] 2530-2094
E-MAIL
ADDRESS : united@upspices.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1988
REGISTRATION
NO. : 0105531085884
CAPITAL REGISTERED : BHT. 3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SANNONCHAI ROHLINK, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 35
LINES
OF BUSINESS : SPICES AND
HERBS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on November 1, 1988
as a private
limited company under the
name style UNITED PROGRESS
[THAILAND] LIMITED by
Thai groups, with the
business objective to
import and distribute
various kinds of
spices and herbs
to domestic market.
It currently employs
approximate 35 staff.
The
subject’s registered address
is 55/112 Soi
Ladprao 88, Ladprao
Rd., Wangthonglang, Bangkok
10310, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Saisamorn Charoenkij |
|
Thai |
68 |
|
Mr. Sannonchai Rohlink |
|
Thai |
39 |
|
Ms. Orn-anong Kongtrasakul |
|
Thai |
46 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Sannonchai Rohlink is
the Managing Director.
He is Thai
nationality with the
age of 39
years old.
Ms. Orn-anong Kongtrasakul is
the Marketing &
Sales Manager.
She is Thai
nationality with the
age of 46
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
re-packaging and distributing
various kinds of
herbs and spices
such as black
& white pepper,
Indian curries, chili,
cinnamon, coriander seed
and etc., for
food industry under
its own brand
“UP”.
IMPORT
Most
of the products
are imported from
India, Republic of
China, Italy and
Australia.
SALES
100% of the
products is sold
locally by wholesale
to traders, mainly
supermarket and department
store, as well
as food manufactures
and end-users particularly
hotel and restaurant.
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 on
negotiated terms.
BANKING
Bangkok Bank Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
35 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Packing
plant and warehouse
are located at
30 Moo 8,
Suwintawong Rd., Lampakchee,
Nongjok, Bangkok 10530.
REMARK
CREDIT
OF US$ 125,000
AGAINST D/A TERMS
SHOULD BE IN
ORDER.
COMMENT
The
subject was formed in
1988 as an
importer and distributor
of spices and
herbs to local
market. The subject’s
products received warm
welcome from local
food industries and consumers.
The subject is doing
good business and
expanding steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000 divided
into 30,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Saisamorn Charoenkij Nationality: Thai Address : 30/2
Moo 8, Lampakchee,
Nongjok, Bangkok |
18,150 |
60.50 |
|
Mr. Sannonchai Rohlink Nationality: Thai Address : 30/2
Moo 8, Lampakchee,
Nongjok, Bangkok |
7,175 |
23.91 |
|
Mrs. Puntarika Rohlink Nationality: Thai Address : 30/2
Moo 8, Lampakchee,
Nongjok, Bangkok |
3,000 |
10.00 |
|
Ms. Orn-anong Kongtrasakul Nationality: Thai Address : 48/70
Moo 6, Bangmaenang, Bangyai, Nonthaburi |
1,000 |
3.33 |
|
Ms. Sirimas Apiratanaphan Nationality: Thai Address : 61/88
Moo 2, Lampakchee,
Nongjok, Bangkok |
475 |
1.58 |
|
Mr. Chokechai Boontianok Nationality: Thai Address : 281/2
Soi Suksant, Bangsue,
Bangkok |
100 |
0.34 |
|
Mr. Surin Changchan Nationality: Thai Address : 64/3
Moo 6, Bangmaenang, Bangyai, Nonthaburi |
100 |
0.34 |
Total Shareholders : 7
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
30,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
30,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Preeya Chanchoom No.
6357
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
& at Bank |
10,821,500.37 |
8,258,529.16 |
|
Trade Accounts Receivable |
14,443,084.67 |
9,182,161.94 |
|
Inventories |
1,075,168.49 |
910,113.46 |
|
Other Current Assets
|
963,499.12 |
171,160.63 |
|
|
|
|
|
Total Current Assets
|
27,303,252.65 |
18,521,965.19 |
|
Fixed Assets |
7,562,113.49 |
7,658,318.65 |
|
Other Assets |
16,090.00 |
16,090.00 |
|
Total Assets |
34,881,456.14 |
26,196,373.84 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
2,789,667.64 |
3,405,229.57 |
|
Accrued Income Tax |
1,676,555.48 |
347,659.87 |
|
Accrued Expenses |
2,860,579.11 |
1,910,081.00 |
|
Current Portion of
Long-term Loan |
625,008.00 |
625,008.00 |
|
Current Portion of
Hire-purchase Payable |
135,377.12 |
135,377.12 |
|
Other Current Liabilities |
406,579.49 |
309,187.83 |
|
|
|
|
|
Total Current Liabilities |
8,493,766.84 |
6,732,543.39 |
|
Long-term Loan from
Related Person |
2,584,972.00 |
937,480.00 |
|
Hire-purchase Payable |
263,531.89 |
398,909.02 |
|
Total Liabilities |
11,342,270.73 |
8,068,932.41 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000.00 |
3,000,000.00 |
|
|
|
|
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning -
Unappropriated |
20,539,185.41 |
15,127,441.43 |
|
Total Shareholders' Equity |
23,539,185.41 |
18,127,441.43 |
|
Total Liabilities & Shareholders' Equity |
34,881,456.14 |
26,196,373.84 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
60,980,662.62 |
40,462,905.59 |
|
Other Income |
170,785.63 |
223,576.37 |
|
Total Sales |
61,151,448.25 |
40,686,481.96 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
42,248,230.22 |
27,618,068.78 |
|
Selling Expenses |
438,453.76 |
237,870.69 |
|
Administrative Expenses |
11,020,104.44 |
9,647,831.45 |
|
Total Expenses |
53,706,788.42 |
37,503,770.92 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
7,444,659.83 |
3,182,711.04 |
|
Financial Cost |
[53,658.58] |
[253,897.09] |
|
Income Tax |
[1,979,257.27] |
[612,659.87] |
|
|
|
|
|
Net Profit / [Loss] |
5,411,743.98 |
2,316,154.08 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
3.21 |
2.75 |
|
QUICK RATIO |
TIMES |
2.97 |
2.59 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
8.06 |
5.28 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.75 |
1.54 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
9.29 |
12.03 |
|
INVENTORY TURNOVER |
TIMES |
39.29 |
30.35 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
86.45 |
82.83 |
|
RECEIVABLES TURNOVER |
TIMES |
4.22 |
4.41 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
24.10 |
45.00 |
|
CASH CONVERSION CYCLE |
DAYS |
71.64 |
49.85 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
69.28 |
68.26 |
|
SELLING & ADMINISTRATION |
% |
18.79 |
24.43 |
|
INTEREST |
% |
0.09 |
0.63 |
|
GROSS PROFIT MARGIN |
% |
31.00 |
32.30 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
12.21 |
7.87 |
|
NET PROFIT MARGIN |
% |
8.87 |
5.72 |
|
RETURN ON EQUITY |
% |
22.99 |
12.78 |
|
RETURN ON ASSET |
% |
15.51 |
8.84 |
|
EARNING PER SHARE |
BAHT |
180.39 |
77.21 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.33 |
0.31 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.48 |
0.45 |
|
TIME INTEREST EARNED |
TIMES |
138.74 |
12.54 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
50.71 |
|
|
OPERATING PROFIT |
% |
133.91 |
|
|
NET PROFIT |
% |
133.65 |
|
|
FIXED ASSETS |
% |
(1.26) |
|
|
TOTAL ASSETS |
% |
33.15 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
31.00 |
Impressive |
Industrial Average |
8.23 |
|
Net Profit Margin |
8.87 |
Impressive |
Industrial Average |
0.84 |
|
Return on Assets |
15.51 |
Impressive |
Industrial Average |
2.36 |
|
Return on Equity |
22.99 |
Impressive |
Industrial Average |
7.13 |
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 31%. When compared with the
industry average, the ratio of the company was higher. This 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. Net Profit Margin ratio is 8.87%,
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
15.51%, 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 22.99%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
3.21 |
Impressive |
Industrial Average |
1.39 |
|
Quick Ratio |
2.97 |
|
|
|
|
Cash Conversion Cycle |
71.64 |
|
|
|
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 3.21 times in 2010, increase from 2.75 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 2.97 times in 2010,
increase from 2.59 times, although excluding inventory so the company still
have good short-term financial strength.
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 72 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 |
0.57 |
|
Debt to Equity Ratio |
0.48 |
Impressive |
Industrial Average |
1.57 |
|
Times Interest Earned |
138.74 |
Impressive |
Industrial Average |
1.66 |
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 138.75 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
8.06 |
Impressive |
Industrial Average |
5.75 |
|
Total Assets Turnover |
1.75 |
Acceptable |
Industrial Average |
2.52 |
|
Inventory Conversion Period |
9.29 |
|
|
|
|
Inventory Turnover |
39.29 |
Impressive |
Industrial Average |
7.57 |
|
Receivables Conversion Period |
86.45 |
|
|
|
|
Receivables Turnover |
4.22 |
Acceptable |
Industrial Average |
7.23 |
|
Payables Conversion Period |
24.10 |
|
|
|
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.51.98 |
|
UK Pound |
1 |
Rs.80.59 |
|
Euro |
1 |
Rs.69.12 |
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.