MIRA INFORM REPORT
|
Report Date : |
20.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
OBRIST
[THAILAND] CO., LTD |
|
|
|
|
Registered Office : |
978 Moo 4, Bangpoo Industrial Estate, Sukhumvit Road, Praeksa, Muang, Samutprakarn 10270 |
|
|
|
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Country : |
Thailand |
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|
|
|
Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
03.10.2005 |
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|
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Com. Reg. No.: |
0105548130047 |
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|
|
Legal Form : |
Private Limited Company |
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|
|
|
Line of Business : |
Manufacturing contractor of plastic closures
and crowns |
RATING & COMMENTS
|
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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|
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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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
OBRIST [THAILAND] CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 978
MOO 4, BANGPOO
INDUSTRIAL ESTATE,
SUKHUMVIT ROAD,
PRAEKSA, MUANG,
SAMUTPRAKARN 10270,
THAILAND
TELEPHONE : [66] 2709-3976-8,
2709-4999
FAX : [66] 2323-9512,
2710-6373
E-MAIL
ADDRESS : info@-obrist-zp@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION
NO. : 0105548130047
CAPITAL REGISTERED : BHT. 74,857,000
CAPITAL PAID-UP : BHT.
74,857,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. ANCHANA CHANTADILOK,
THAI
MANAGING
DIRECTOR
NO.
OF STAFF : 150
LINES
OF BUSINESS : PLASTIC CLOSURES
AND CROWNS
MANUFACTURING CONTRACTOR
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 October 3,
2005 as a
private limited company under
the name style OBRIST [THAILAND]
CO., LTD., by German group, with the business
objective to provide
manufacturing service wide
range of plastic
closures and plastic
crowns for various
industries. It currently
employs 150 staff.
Subject
is a wholly
owned subsidiary of
Bender GmbH., Germany.
The subject’s registered address was initially located at 405 Moo 4,
Sukhumvit Rd., Praeksa, Muang, Samutprakarn
10270.
On
August 31, 2009,
its registered address
number has been
changed from “405”
to “978”, by
the Commercial Registration
Department, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Steven Michael Flynn |
|
British |
40 |
|
Ms. Rawadee Srisomboon |
|
Thai |
40 |
|
Mr. Arwuth Arthitkaew |
|
Thai |
44 |
|
Mr. Keith Ashley Jones |
|
British |
51 |
|
Mrs. Anchana Chantadilok |
|
Thai |
44 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Anchana Chantadilok is
the Managing Director.
She is Thai
nationality with the
age of 44
years old.
BUSINESS OPERATIONS
The subject is engaged in
manufacturing service wide
range of plastic closures
and plastic crown for industrial products,
such as pharmaceuticals, beverage, cosmetics,
consumer goods and
etc.
PURCHASE
Raw materials and components are purchased from suppliers and agents
from both domestic and overseas, such as
Japan, Republic of China,
Taiwan, Germany, Hong
Kong and Singapore.
MAJOR
SUPPLIER
Bender
GmbH. : Germany
SALES/SERVICES
90% of the
products is served
locally by wholesale
to local manufacturers, the
remaining 10% is
to overseas customers,
mainly in Germany,
U.S.A. and Singapore.
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
T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 150 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office, factory
and warehouse at
the heading address.
Premise is located
in industrial area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
2,000,000.
COMMENT
The subject was formed in 2005 as
a manufacturing service of
plastic closures and
crowns. Subject’s services
are mainly for
industrial sector. Despite overall
economic slowdown has
caused to slow consumption of industrial products, subject’s business
performance remains strong, and is
capable to expand its business
into some industries such as
beverage, cosmetic and
consumer products.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 100,000 divided
into 1,000 shares
of Bht. 100
each.
On
January 26, 2006,
the capital was
increased to Bht. 74,857,000 divided
into 748,570 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
29, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Bender GmbH. Nationality: German Address : Germany |
748,565 |
100.00 |
|
Mrs. Liz Miray Ann
Nobel Nationality: French Address : France
|
1 |
- |
|
Mr. Steven Michael Flynn Nationality: British Address : Singapore |
1 |
- |
|
Mr. Patrick Louist Marie
Mutrad Nationality: French Address : Paris,
France |
1 |
- |
|
Mr. Stephen Gastine Paul
Marmi Nationality: French Address : Paris,
France |
1 |
- |
|
Mr. Bless Jean Thomas
Duote Nationality: French Address : France
|
1 |
- |
Total Shareholders : 6
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Prawit Viphusirikupt No.
3752
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
45,554,858 |
160,760,714 |
|
Trade Accounts Receivable
|
92,205,360 |
102,825,964 |
|
Inventories |
53,961,398 |
38,147,582 |
|
Refundable Value Added Tax |
2,113,803 |
6,612,949 |
|
Other Current Assets
|
8,148,603 |
6,490,403 |
|
Total Current Assets
|
201,984,022 |
314,837,612 |
|
Cash at Bank Pledged
as a Collateral |
4,000,000 |
750,000 |
|
Fixed Assets |
228,729,666 |
158,774,077 |
|
Goodwill |
322,254,607 |
394,671,606 |
|
Other Assets |
4,950,000 |
4,950,000 |
|
Total Assets |
761,918,295 |
873,983,295 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
95,906,120 |
84,299,730 |
|
Related Company Payable |
18,169,436 |
26,501,438 |
|
Accrued Income Tax |
12,166,154 |
3,126,875 |
|
Accrued Expenses |
7,820,796 |
9,658,231 |
|
Other Current Liabilities |
6,010,594 |
5,788,913 |
|
Total Current Liabilities |
140,073,100 |
129,375,187 |
|
|
|
|
|
Long-term Loan from Related Company |
425,663,016 |
577,899,816 |
|
Total Liabilities |
565,736,116 |
707,275,003 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 748,570 shares |
74,857,000 |
74,857,000 |
|
Capital Paid |
74,857,000 |
74,857,000 |
|
Retained Earning -
Unappropriated |
121,325,179 |
91,851,292 |
|
Total Shareholders' Equity |
196,182,179 |
166,708,292 |
|
Total Liabilities &
Shareholders' Equity |
761,918,295 |
873,983,295 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
631,290,390 |
615,102,486 |
|
Gain on Exchange Rate |
51,713,267 |
22,796,061 |
|
Other Income |
6,860,718 |
7,839,504 |
|
Total Sales |
689,864,375 |
645,738,051 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
479,618,122 |
455,293,709 |
|
Selling Expenses |
22,374,606 |
27,700,509 |
|
Administrative Expenses |
37,657,225 |
34,512,080 |
|
Loss on Diminution |
72,416,999 |
28,502,180 |
|
Total Expenses |
612,066,952 |
546,008,478 |
|
Profit Before Interest Expenses
& Income Tax |
77,797,423 |
99,729,573 |
|
Interest Expenses |
[29,548,231] |
[35,023,397] |
|
Profit Before Income Tax |
48,249,192 |
64,706,176 |
|
Income Tax |
[18,775,305] |
[3,132,447] |
|
Net Profit / [Loss] |
29,473,887 |
61,573,729 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.44 |
2.43 |
|
QUICK RATIO |
TIMES |
0.98 |
2.04 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.76 |
3.87 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.83 |
0.70 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
41.07 |
30.58 |
|
INVENTORY TURNOVER |
TIMES |
8.89 |
11.94 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
53.31 |
61.02 |
|
RECEIVABLES TURNOVER |
TIMES |
6.85 |
5.98 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
72.99 |
67.58 |
|
CASH CONVERSION CYCLE |
DAYS |
21.39 |
24.02 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
75.97 |
74.02 |
|
SELLING & ADMINISTRATION |
% |
9.51 |
10.11 |
|
INTEREST |
% |
4.68 |
5.69 |
|
GROSS PROFIT MARGIN |
% |
33.30 |
30.96 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
12.32 |
16.21 |
|
NET PROFIT MARGIN |
% |
4.67 |
10.01 |
|
RETURN ON EQUITY |
% |
15.02 |
36.94 |
|
RETURN ON ASSET |
% |
3.87 |
7.05 |
|
EARNING PER SHARE |
BAHT |
39.37 |
82.26 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.74 |
0.81 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.88 |
4.24 |
|
TIME INTEREST EARNED |
TIMES |
2.63 |
2.85 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
2.63 |
|
|
OPERATING PROFIT |
% |
(21.99) |
|
|
NET PROFIT |
% |
(52.13) |
|
|
FIXED ASSETS |
% |
44.06 |
|
|
TOTAL ASSETS |
% |
(12.82) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
33.30 |
Impressive |
Industrial Average |
18.20 |
|
Net Profit Margin |
4.67 |
Impressive |
Industrial Average |
1.95 |
|
Return on Assets |
3.87 |
Impressive |
Industrial Average |
2.43 |
|
Return on Equity |
15.02 |
Impressive |
Industrial Average |
6.10 |
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 33.3%. 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 is 4.67%, 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 is 3.87%,
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 15.02%, 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 |
1.44 |
Satisfactory |
Industrial Average |
1.61 |
|
Quick Ratio |
0.98 |
|
|
|
|
Cash Conversion Cycle |
21.39 |
|
|
|
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 1.44 times in 2010, decrease from 2.43 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 0.98 times in 2010,
decrease from 2.04 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 22 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.74 |
Impressive |
Industrial Average |
0.82 |
|
Debt to Equity Ratio |
2.88 |
Risky |
Industrial Average |
2.04 |
|
Times Interest Earned |
2.63 |
Impressive |
Industrial Average |
2.48 |
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 2.64 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 0.74 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.76 |
Satisfactory |
Industrial Average |
3.39 |
|
Total Assets Turnover |
0.83 |
Deteriorated |
Industrial Average |
1.73 |
|
Inventory Conversion Period |
41.07 |
|
|
|
|
Inventory Turnover |
8.89 |
Impressive |
Industrial Average |
8.48 |
|
Receivables Conversion Period |
53.31 |
|
|
|
|
Receivables Turnover |
6.85 |
Impressive |
Industrial Average |
6.48 |
|
Payables Conversion Period |
72.99 |
|
|
|
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.49.18 |
|
UK Pound |
1 |
Rs.77.49 |
|
Euro |
1 |
Rs.67.96 |
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.