MIRA
INFORM REPORT
|
Report Date : |
16.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
THAI FLOUR MILL INDUSTRY CO., LTD. |
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Registered Office : |
7th Floor, Regent House Building 183 Rajdamri Road, Lumpini, Pathumwan, Bangkok 10330 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
24.10.1980 |
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Com. Reg. No.: |
0105523019398 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Distributor of Flour and Related Products |
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No. of Employees : |
400 |
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 : |
Good |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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
THAI
FLOUR MILL INDUSTRY CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 7th FLOOR,
REGENT HOUSE BUILDING,
183 RAJDAMRI
ROAD, LUMPINI,
PATHUMWAN, BANGKOK
10330
TELEPHONE : [66] 2251-5220,
2253-4541
FAX :
[66] 2253-3729
E-MAIL
ADDRESS : info@chaiyong.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1980
REGISTRATION
NO. : 0105523019398
CAPITAL REGISTERED : BHT.
100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PORNCHAI SRICHAIYONGPANICH, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 400
LINES
OF BUSINESS : FLOUR
AND RELATED PRODUCTS
MANUFACTURER 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 October 24, 1980
as a private
limited company under the
registered name THAI
FLOUR MILL INDUSTRY
CO., LTD., by
Thai groups, with the business
objective to manufacture
various kinds of
flours and related
products for food
industry. It currently
employs approximate 400
staff.
It
has achieved many
international standard
certifications, such as HACCP, and
SQF 2000 by SGS [Thailand] Limited.
The subject’s registered
address is 7th
Floor, Regent House
Bldg., 183 Rajdamri Rd.,
Lumpini, Pathumwan, Bangkok 10330, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Monchai Srichaiyongpanich |
|
Thai |
53 |
|
Mr. Pornchai Srichaiyongpanich |
|
Thai |
55 |
|
Mr. Chartchai Chittaropas |
|
Thai |
55 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Pornchai Srichaiyongpanich is
the Managing Director.
He is Thai
nationality with the
age of 55
years old.
Mr. Monchai Srichaiyongpanich is
the Deputy Managing
Director.
He is Thai
nationality with the
age of 53
years old.
Ms. Vipada Srichaiyongpanich is
the Assistant Managing
Director.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and distributing
various kinds of
flours and related
products, including wheat
flour, wheat bran,
corn flour and
corn meal grits,
which are main
ingredients for a
variety of foods [bakery, noodle, biscuit,
snack] industry.
PRODUCTION CAPACITY
approximately 20,250
tons per annum
BRAND NAMES
“FROG”, “PYRAMID”
PURCHASE
100%
of raw materials
is purchased from
local suppliers.
SALES
100% of the
products has been
marketed locally by
Thai Flour Marketing
Co., Ltd..
RELATED AND
AFFILIATED COMPANY
Thai Flour Marketing
Co., Ltd.
Business Type :
Distributor of flour
and related products.
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.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs approximately
400 staff.
LOCATION DETAILS
The
premise is rented for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Factories:
-
116 Moo 4,
Suksawad Rd., T. Samrongtai, A. Phrapradaeng, Samutprakarn
10130.
Tel. : [66] 2462-7221-4, Fax. : [66]
2463-2312.
-
153-163
Huaykaew Rd., T. Suthep,
A. Muang, Chiangmai 50000.
-
59 Moo 1, T.
Changyai, A. Bangsai, Ayutthaya
13290.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
10,000,000.
COMMENT
The
subject was set
up over three
decades manufacturing high
grade flour with
various types to
serve domestic food industry.
The products have
been used in many
foods products including
bakery and noodle. Since
the products have been
served to Thai
food industry, demand
has gradually increased
each year from increasing of
domestic consumption.
Subject
is considered to
have a solid
business in flour
industry.
FINANCIAL INFORMATION
The
capital was registered at Bht. 20,000,000 divided
into 200,000 shares of
Bht. 100 each with fully
paid.
The
capital was increased
later as follows:
Bht. 40,000,000
on February
14, 1996
Bht. 100,000,000
on December 22,
1998
The
latest registered capital
was increased to Bht. 100 million, divided into 1,000,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 29, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Thai Flour Marketing
Co., Ltd. Nationality: Thai Address : 183
Rajdamri Rd., Lumpini,
Pathumwan, Bangkok |
650,999 |
65.10 |
|
Mr. Pornchai Srichaiyongpanich Nationality: Thai Address : 417
Moo 4, Suksawad
Rd., Bangpakok,
Rajburana, Bangkok |
225,000 |
22.50 |
|
Mr. Monchai Srichaiyongpanich Nationality: Thai Address : 417
Moo 4, Suksawad
Rd., Bangpakok, Rajburana, Bangkok |
102,901 |
10.29 |
|
Mr. Chartchai Chittaropas Nationality: Thai Address : 11
Ramkhamhaeng 24 Rd.,
Huamark,
Bangkapi, Bangkok |
10,000 |
1.00 |
|
Mrs. Kornkaew Kanthamanon Nationality: Thai Address :
301 Songwad Rd.,
Chakrawad,
Samphantawong, Bangkok |
10,000 |
1.00 |
|
Mr. Ouaychai Asawinvijit Nationality: Thai Address : 16
Atthaprasit Rd., Thungmahamek,
Sathorn, Bangkok |
1,000 |
0.10 |
|
Mrs. Kobkaew Chittaropas Nationality: Thai Address : 11
Ramkhamhaeng 24 Rd.,
Huamark,
Bangkapi, Bangkok |
100 |
0.01 |
Total Shareholders : 7
Share Structure [as
at April 29,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
1,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
1,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Wannee Sukpeng No.
8423
Note.
The 2011 financial
statement was not
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
8,458,131.71 |
2,257,754.58 |
|
Short-term Investment |
7,500,000.00 |
7,500,000.00 |
|
Trade Accounts Receivable |
98,862,868.44 |
66,009,534.74 |
|
Short-term Loan to Subsidiary |
16,000,000.00 |
- |
|
Inventories |
151,934,912.49 |
299,389,754.07 |
|
Prepaid Expenses |
1,578,707.16 |
1,321,081.51 |
|
Other Receivable |
17,189,844.23 |
2,312,101.65 |
|
Other Current Assets |
1,860,817.53 |
1,420,602.38 |
|
|
|
|
|
Total Current Assets
|
303,385,281.56 |
380,210,828.93 |
|
Investment in Subsidiary |
232,024,903.80 |
232,024,903.80 |
|
Long-term Investment |
1,314,000.00 |
1,314,000.00 |
|
Fixed Assets |
381,650,890.08 |
396,932,376.98 |
|
Computer Programme |
83,421.22 |
95,262.22 |
|
Cash at Bank
pledged as a
Collateral |
57,541,147.50 |
57,493,687.07 |
|
Other Assets |
501,901.17 |
557,383.31 |
|
Total Assets |
976,501,545.33 |
1,068,628,442.31 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institutions |
- |
9,623,827.04 |
|
Trade Accounts Payable |
8,581,652.34 |
79,592,651.84 |
|
Current Portion of Long-term Liabilities |
1,683,601.13 |
1,371,607.83 |
|
Short-term Loan from Parent & Related Company |
- |
121,380,282.30 |
|
Accrued Income Tax |
20,263,027.10 |
14,071,158.29 |
|
Accrued Expenses |
31,308,976.22 |
28,961,488.76 |
|
Other Current Liabilities |
11,775,390.04 |
12,859,014.17 |
|
|
|
|
|
Total Current Liabilities |
73,612,646.83 |
267,860,030.23 |
|
Long-term Liabilities, net
of Current Portion |
2,955,175.17 |
1,607,950.04 |
|
Other Non-current Liabilities |
990,362.00 |
1,000,362.00 |
|
Total Liabilities |
77,558,184.00 |
270,468,342.27 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,000,000 shares |
100,000,000.00 |
100,000,000.00 |
|
|
|
|
|
Capital Paid |
100,000,000.00 |
100,000,000.00 |
|
Surplus on Revaluation
of Assets |
208,040,687.07 |
213,431,538.61 |
|
Retained Earning |
590,902,674.26 |
484,728,561.43 |
|
Total Shareholders' Equity |
898,943,361.33 |
798,160,100.04 |
|
Total Liabilities & Shareholders' Equity |
976,501,545.33 |
1,068,628,442.31 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
1,790,364,478.54 |
1,586,595,047.83 |
|
Other Income |
71,201,443.31 |
37,568,850.11 |
|
Total Revenues |
1,861,565,921.85 |
1,624,163,897.94 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,577,177,268.43 |
1,411,979,148.49 |
|
Selling Expenses |
54,009,947.42 |
27,639,483.74 |
|
Administrative Expenses |
78,152,774.07 |
67,365,897.80 |
|
Total Expenses |
1,709,339,989.92 |
1,506,984,530.03 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
152,225,931.93 |
117,179,367.91 |
|
Financial Cost |
[5,223,858.14] |
[8,606,863.77] |
|
Profit / [Loss] before Income
Tax |
147,002,073.79 |
108,572,504.14 |
|
Income Tax |
[40,827,960.96] |
[32,533,916.78] |
|
|
|
|
|
Net Profit / [Loss] |
106,174,112.83 |
76,038,587.36 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
4.12 |
1.42 |
|
QUICK RATIO |
TIMES |
1.78 |
0.28 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.69 |
4.00 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.83 |
1.48 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
35.16 |
77.39 |
|
INVENTORY TURNOVER |
TIMES |
10.38 |
4.72 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
20.16 |
15.19 |
|
RECEIVABLES TURNOVER |
TIMES |
18.11 |
24.04 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
1.99 |
20.57 |
|
CASH CONVERSION CYCLE |
DAYS |
53.33 |
72.00 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
88.09 |
88.99 |
|
SELLING & ADMINISTRATION |
% |
7.38 |
5.99 |
|
INTEREST |
% |
0.29 |
0.54 |
|
GROSS PROFIT MARGIN |
% |
15.88 |
13.37 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.50 |
7.39 |
|
NET PROFIT MARGIN |
% |
5.93 |
4.79 |
|
RETURN ON EQUITY |
% |
11.81 |
9.53 |
|
RETURN ON ASSET |
% |
10.87 |
7.12 |
|
EARNING PER SHARE |
BAHT |
106.17 |
76.04 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.08 |
0.25 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.09 |
0.34 |
|
TIME INTEREST EARNED |
TIMES |
29.14 |
13.61 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
12.84 |
|
|
OPERATING PROFIT |
% |
29.91 |
|
|
NET PROFIT |
% |
39.63 |
|
|
FIXED ASSETS |
% |
(3.85) |
|
|
TOTAL ASSETS |
% |
(8.62) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
15.88 |
Impressive |
Industrial
Average |
12.77 |
|
Net Profit Margin |
5.93 |
Impressive |
Industrial
Average |
3.69 |
|
Return on Assets |
10.87 |
Impressive |
Industrial
Average |
4.35 |
|
Return on Equity |
11.81 |
Impressive |
Industrial
Average |
8.37 |
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 15.88%. 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 5.93%, 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 10.87%, 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 11.81%, 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 Downtrend
LIQUIDITY RATIO
|
Current Ratio |
4.12 |
Impressive |
Industrial
Average |
1.89 |
|
Quick Ratio |
1.78 |
|
|
|
|
Cash Conversion Cycle |
53.33 |
|
|
|
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 4.12 times in 2010, increased from 1.42 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 1.78 times in 2010,
increased from 0.28 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 54 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.08 |
Impressive |
Industrial
Average |
0.44 |
|
Debt to Equity Ratio |
0.09 |
Impressive |
Industrial
Average |
0.83 |
|
Times Interest Earned |
29.14 |
Impressive |
Industrial
Average |
5.15 |
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 29.15 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 0.08 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 |
4.69 |
Impressive |
Industrial
Average |
2.60 |
|
Total Assets Turnover |
1.83 |
Impressive |
Industrial
Average |
1.18 |
|
Inventory Conversion Period |
35.16 |
|
|
|
|
Inventory Turnover |
10.38 |
Impressive |
Industrial
Average |
3.60 |
|
Receivables Conversion Period |
20.16 |
|
|
|
|
Receivables Turnover |
18.11 |
Impressive |
Industrial
Average |
4.28 |
|
Payables Conversion Period |
1.99 |
|
|
|
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.51.42 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.67.67 |
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.