MIRA
INFORM REPORT
|
Report Date : |
02.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHAI PRASIT
PRODUCTS CO., LTD. |
|
|
|
|
Registered Office : |
678/4-5, 3rd Floor,
Bamrungmuang Road, Wat Thepsirin,
Pomprabsattrupai, Bangkok
10100, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
02.01.1974 |
|
|
|
|
Com. Reg. No.: |
0105517000052 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Distributor and
exporter of agriculture
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 : |
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 – 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
CHAI
PRASIT PRODUCTS CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 678/4-5, 3rd FLOOR,
BAMRUNGMUANG ROAD,
WAT THEPSIRIN,
POMPRABSATTRUPAI,
BANGKOK 10100,
THAILAND
TELEPHONE : [66] 2224-3381,
2224-1950-1, 2223-7477
FAX :
[66] 2224-3392
E-MAIL
ADDRESS : contact@chaiprasit.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1974
REGISTRATION
NO. : 0105517000052
CAPITAL REGISTERED : BHT.
45,000,000
CAPITAL PAID-UP : BHT.
45,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PRUTTICHAI VIRIYAROJ,
THAI
PRESIDENT
& CHIEF EXECUTIVE OFFICER
NO.
OF STAFF : 150
LINES
OF BUSINESS : AGRICULTURE PRODUCTS
DISTRIBUTOR AND
EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on January
2, 1974 as
a private limited
company under the registered
name CHAI PRASIT
PRODUCTS CO., LTD.,
by Thai groups, with the
objective to be
engaged in rice
mill and trading of agricultural products. It currently
employs approximate 150
staff.
The subject’s registered address is 678/4-5,
3rd Floor, Bamrungmuang
Rd., Wat Thepsirin,
Pomprabsattrupai, Bangkok 10100,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Vipapak Viriyaroj |
|
Thai |
40 |
|
Mrs. Kanya Viriyaroj |
|
Thai |
73 |
|
Mrs. Duanden Viriyaroj |
|
Thai |
45 |
|
Mrs. Viparat Asawaviroonhakarn |
|
Thai |
51 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Pruttichai Viriyaroj is
the President and
Chief Executive Officer.
He is Thai
nationality.
Ms. Vipapak Viriyaroj is
the General Manager.
She is Thai
nationality with the
age of 40
years old.
BUSINESS OPERATIONS
The subject
is engaged in
rice mill business,
as well as
distributing and exporting
various kinds of
agriculture products, including
rice products e.g.
jasmine rice, glutinous
rice, black glutinous
rice and etc., as
well as corn,
sorghum, bean, tapioca
chip and pellet.
PRODUCTION CAPACITY
[contained]
Rice products : 1,000
metric tons per
day
Tapioca chip & pellet : 400 metric
tons per day
PURCHASE
100% of the
products is purchased
from local farmers
and suppliers.
SALES
95% of the
products is exported
to the countries
in Asia, Australia,
Africa, Europe, North
America and South
America region, the
remaining 5% is
sold locally.
RELATED AND
AFFILIATED COMPANY
CPS Starches Co.,
Ltd.
Business Type :
Manufacturer and distributor
of tapioca starch
and rice flour
modified
starch.
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.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately 150 staff.
LOCATION DETAILS
The
premise is owned for
administrative office at the heading
address. Premise is
located in commercial
area.
Rice
mill and warehouse :
-
5/3 Moo 6, T.
Champa, A. Tharua, Phranakorn
Sriayutthaya province.
-
Srisaket
province.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
1,000,000.
COMMENT
Food
consumption especially
agricultural products has
continued growing from
demand in domestic
and world market.
The subject’s business performance
in 2010 was
considered moderate. Meanwhile,
its business this
year would steadily
expand in relation
to strong demand
of food products.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 100 shares of Bht. 10,000 each with
fully paid.
The
capital was increased
later as follows:
Bht. 5,000,000
on January 19,
1977
Bht. 15,000,000
on January 20,
1984
Bht. 30,000,000
on January 29,
1998
Bht. 45,000,000
on February 25,
1999
The
latest registered capital
was increased to
Bht. 45 million , divided
into 4,500 shares
of Bht. 10,000 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at April 30,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chittipoj Viriyaroj Nationality: Thai Address : 20/10
Moo 8, Ladyao,
Jatujak, Bangkok |
1,300 |
28.89 |
|
Mr. Pruttichai Viriyaroj Nationality: Thai Address : 241
Ladprao 53 Rd.,
Wangthonglang, Bangkok |
1,100 |
24.44 |
|
Ms. Vipapak Viriyaroj Nationality: Thai Address : 20/59
Soi Chiokechai 4,
Ladprao Rd.,
Ladprao, Bangkok |
550 |
12.22 |
|
Mrs. Vipaporn Nimmanvorawut Nationality: Thai Address : 678/4-7
Bamrungmuang Rd., Wat
Thepsirin,
Pomprabsattrupai, Bangkok |
480 |
10.67 |
|
Mr. Pisit Viriyaroj Nationality: Thai Address : 241
Ladprao 53 Rd.,
Wangthonglang, Bangkok |
400 |
8.89 |
|
Mrs. Viparat Asawaviroonhakarn Nationality: Thai Address : 108
Sri-uthai Rd., Uthaimai,
Muang, Uthaithani |
285 |
6.33 |
|
Ms. Vipada Viriyaroj Nationality: Thai Address : 241
Ladprao 53 Rd.,
Wangthonglang, Bangkok |
285 |
6.33 |
|
Mrs. Kanya Viriyaroj Nationality: Thai Address : 678/4-7
Bamrungmuang Rd., Wat Thepsirin,
Pomprabsattrupai, Bangkok |
100 |
2.23 |
Total Shareholders : 8
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Vanisa Wongsitthichoke No. 5103
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
& at Bank |
5,210,502.63 |
839,896.80 |
|
Trade Accounts Receivable |
32,407,272.08 |
49,180,602.59 |
|
Inventories |
85,463,045.43 |
144,359,320.13 |
|
Other Current Assets
|
1,106,331.53 |
1,151,431.31 |
|
|
|
|
|
Total Current Assets
|
124,187,151.67 |
195,531,250.83 |
|
Fixed Assets |
20,537,622.98 |
22,436,739.46 |
|
Investment in Related
Company |
5,925,000.00 |
5,925,000.00 |
|
Loan to Related
Company |
450,000.00 |
340,000.00 |
|
Other Assets |
2,510,851.05 |
3,832,478.08 |
|
Total Assets |
153,610,625.70 |
228,065,468.37 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
69,272,968.14 |
115,740,446.75 |
|
Other Current Liabilities |
5,616,132.07 |
7,336,528.74 |
|
|
|
|
|
Total Current Liabilities |
74,889,100.21 |
123,076,975.49 |
|
Loan to Related
Company |
8,750,000.00 |
37,800,000.00 |
|
Other Liabilities |
71,500.00 |
137,500.00 |
|
Total Liabilities |
83,710,600.21 |
161,014,475.49 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10,000
par value authorized, issued
and fully paid share
capital 4,500 shares |
45,000,000.00 |
45,000,000.00 |
|
|
|
|
|
Capital Paid |
45,000,000.00 |
45,000,000.00 |
|
Retained Earning -
Unappropriated |
24,900,025.49 |
22,050,992.88 |
|
Total Shareholders' Equity |
69,900,025.49 |
67,050,992.88 |
|
Total Liabilities & Shareholders' Equity |
153,610,625.70 |
228,065,468.37 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
406,599,686.20 |
507,075,276.58 |
|
Other Income |
2,644,461.97 |
1,300,454.14 |
|
Total Revenues |
409,244,148.17 |
508,375,730.72 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
368,207,337.43 |
466,661,214.00 |
|
Selling Expenses |
22,808,199.17 |
24,102,329.61 |
|
Administrative Expenses |
13,348,011.24 |
9,925,615.80 |
|
Total Expenses |
404,365,547.84 |
500,689,159.41 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income Tax |
4,880,600.33 |
7,686,571.31 |
|
Financial Cost |
[810,553.74] |
[1,610,122.94] |
|
Income Tax |
[1,221,013.98] |
[1,822,934.51] |
|
|
|
|
|
Net Profit / [Loss] |
2,849,032.61 |
4,253,513.86 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.66 |
1.59 |
|
QUICK RATIO |
TIMES |
0.50 |
0.41 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
19.80 |
22.60 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.65 |
2.22 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
84.72 |
112.91 |
|
INVENTORY TURNOVER |
TIMES |
4.31 |
3.23 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
29.09 |
35.40 |
|
RECEIVABLES TURNOVER |
TIMES |
12.55 |
10.31 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
68.67 |
90.53 |
|
CASH CONVERSION CYCLE |
DAYS |
45.14 |
57.79 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
90.56 |
92.03 |
|
SELLING & ADMINISTRATION |
% |
8.89 |
6.71 |
|
INTEREST |
% |
0.20 |
0.32 |
|
GROSS PROFIT MARGIN |
% |
10.09 |
8.23 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.20 |
1.52 |
|
NET PROFIT MARGIN |
% |
0.70 |
0.84 |
|
RETURN ON EQUITY |
% |
4.08 |
6.34 |
|
RETURN ON ASSET |
% |
1.85 |
1.87 |
|
EARNING PER SHARE |
BAHT |
633.12 |
945.23 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.54 |
0.71 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.20 |
2.40 |
|
TIME INTEREST EARNED |
TIMES |
6.02 |
4.77 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(19.81) |
|
|
OPERATING PROFIT |
% |
(36.53) |
|
|
NET PROFIT |
% |
(33.02) |
|
|
FIXED ASSETS |
% |
(8.46) |
|
|
TOTAL ASSETS |
% |
(32.65) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
10.09 |
Impressive |
Industrial
Average |
9.02 |
|
Net Profit Margin |
0.70 |
Impressive |
Industrial
Average |
0.25 |
|
Return on Assets |
1.85 |
Impressive |
Industrial
Average |
(2.24) |
|
Return on Equity |
4.08 |
Impressive |
Industrial
Average |
2.70 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues after accounting for the cost
of goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. The company’s figure is 10.09%. 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. The company’s figure is
0.7%, 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
1.85%, 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 4.08%, 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 Downtrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.66 |
Deteriorated |
Industrial Average |
92.56 |
|
Quick Ratio |
0.50 |
|
|
|
|
Cash Conversion Cycle |
45.14 |
|
|
|
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 1.66 times in 2010, increase from 1.59 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 0.5 times in 2010,
increase from 0.41 times, then the company has not enough current assets that presumably
can be quickly converted to cash for pay financial obligations.
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 46 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.54 |
Impressive |
Industrial
Average |
2.24 |
|
Debt to Equity Ratio |
1.20 |
Impressive |
Industrial
Average |
2.44 |
|
Times Interest Earned |
6.02 |
Deteriorated |
Industrial
Average |
62.12 |
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 6.02 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 0.54 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 |
19.80 |
Deteriorated |
Industrial
Average |
355,485.24 |
|
Total Assets Turnover |
2.65 |
Acceptable |
Industrial
Average |
3.97 |
|
Inventory Conversion Period |
84.72 |
|
|
|
|
Inventory Turnover |
4.31 |
Deteriorated |
Industrial
Average |
16.21 |
|
Receivables Conversion Period |
29.09 |
|
|
|
|
Receivables Turnover |
12.55 |
Deteriorated |
Industrial
Average |
29.95 |
|
Payables Conversion Period |
68.67 |
|
|
|
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.46.01 |
|
|
1 |
Rs.75.42 |
|
Euro |
1 |
Rs.66.69 |
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.