MIRA
INFORM REPORT
|
Report Date : |
11.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
KELLOGG
[THAILAND] LIMITED |
|
|
|
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Registered Office : |
Eastern Seaboard Industrial Estate, 60 Moo 4, T. Pluakdaeng, A. Pluakdaeng, Rayong 21140 |
|
|
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Country : |
Thailand |
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|
|
|
Financials (as on) : |
31.12.2011 |
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|
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Date of Incorporation : |
07.11.1995 |
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|
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Com. Reg. No.: |
0105538132632 |
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|
Legal Form : |
Private Limited Company |
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|
|
|
Line of Business : |
Manufacturer, Distributor &
Exporter of Food Products |
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No. of Employees : |
150 |
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 : |
Slow |
|
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 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
KELLOGG [THAILAND]
LIMITED
SUMMARY
BUSINESS
ADDRESS : EASTERN SEABOARD
INDUSTRIAL ESTATE,
60 MOO
4, T. PLUAKDAENG,
A. PLUAKDAENG,
RAYONG 21140,
THAILAND
TELEPHONE : [66] 38
927-199, 38 927-144
FAX :
[66] 38
927-196
E-MAIL
ADDRESS : oraphan.seancharoen@kellogg.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0105538132632 [Former : 2723/2538]
TAX
ID. NO. : 3011657522
CAPITAL REGISTERED : BHT. 600,000,000
CAPITAL PAID-UP : BHT.
600,000,000
SHAREHOLDER’S PROPORTION : AMERICAN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
VEERAPONG NA CHIENGMAI,
THAI
GENERAL MANAGER
NO.
OF STAFF : 150
LINES
OF BUSINESS : FOOD
PRODUCTS
MANUFACTURER, DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on November
7, 1995 as
a private limited
company under the registered
name KELLOGG [THAILAND]
LIMITED, by American
groups, with the
business objective to
manufacture and market
cereal corn-flake and
other products under
BOI promotion, to both
domestic and international
markets. It currently
employs approximate 150
staff.
The subject’s registered
address is Eastern
Seaboard Industrial Estate,
60 Moo 4, T. Pluakdaeng, A. Pluakdaeng, Rayong 21140, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Veerapong Na Chiengmai |
[x] |
Thai |
55 |
|
Ms. Kanittha
Longsomboon |
[x] |
Thai |
42 |
|
Mr. Kim Jin Hong |
|
Korean |
46 |
|
Mr. Low Chim Eng |
|
Malaysian |
42 |
AUTHORIZED PERSON
Both of the
mentioned directors [x]
can jointly sign
or one of
the mentioned directors
[x] can jointly
sign with one
of the rest
directors on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Veerapong
Na Chiengmai is
the General Manager.
He is Thai
nationality with the
age of 55
years old.
Mr. Chitrakarn Dechasaensiri the
Customer Service Manager.
He is Thai
nationality.
Mr. Methee
Kaveewongsunthorn is
the Marketing Manager.
He is Thai
nationality.
Ms. Nutcharee
Sangmaneechote is
the Q.C. Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject operates as
a manufacturer, distributor
and exporter of more than 10
different cereals corn-flake under
the brand name
KELLOGG, with the
production capacity of
40,000 tons per
annum.
IMPORT [COUNTRIES]
50% of its
raw materials mainly
corn and machinery
are imported from
United States of
America, United Kingdom,
Germany and Australia.
MAJOR SUPPLIERS
Kellogg Company :
United States of
America
SALES [LOCAL]
30% of the
products is sold
locally to wholesalers.
EXPORT [COUNTRY]
70% of its products
is exported to Malaysia,
Indonesia, Singapore, Taiwan,
Hong Kong, Pakistan,
Philippines, Republic of
China, Vietnam, Laos, Myanmar,
India, Sri Lanka and
Middle East.
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.
Exports are against
T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
[Pluakdaeng Branch,
Pluakdaeng,
Rayong
Province]
EMPLOYMENT
The subject employs
approximately 150 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
owned for operating
office, factory and
warehouse at the
heading address. Premise
is located in
provincial.
COMMENT
Kellogg (Thailand) Limited is
a Manufacturer under
BOI promotion, produces
more than 10 different cereals and
markets its products
in more than 10 countries around
Asia.
Thai consumers currently
consume cereals with
milk for breakfast
more than previous.
This was due to lifestyle
changing for speedy
meal and less
preparation. Not only
sales in domestic
market, the products
have been exported
to the countries
in this region as
well. Since the
products have been
produced, the productions
have continued growing
steadily. It is
estimated that subject’s
performance this year
would grown strongly.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
The capital was
increased later as
followings:
Bht. 120,000,000
on January 12,
1996
Bht. 470,000,000
on May 16,
1997
Bht. 600,000,000
on April 3,
2000
The latest registered
capital was increased
to Bht. 600,000,000
divided into 6,000,000
shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Kellogg Company Nationality: American Address : Michigan,
U.S.A. |
5,999,994 |
100.00 |
|
Mr. Santos E. Basker Nationality: American Address : 60
Moo 4, Pluakdaeng, Rayong |
1 |
- |
|
Mr. Jacobus Gruth Nationality: Dutch Address : Michigan,
U.S.A |
1 |
- |
|
Mr. William J. Mayer Nationality: American Address : Michigan,
U.S.A |
1 |
- |
|
Mr. William S.
Perry Nationality: American Address : Michigan,
U.S.A |
1 |
- |
|
K-Two Inc Nationality: American Address : Michigan,
U.S.A |
1 |
- |
|
K-One Inc. Nationality: American Address : Michigan,
U.S.A |
1 |
- |
Total Shareholders : 7
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
7 |
6,000,000 |
100.00 |
|
Total |
7 |
6,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Anuthai Pumisurakul No.
3873
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2011 & 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
52,899,337 |
52,402,612 |
|
Trade Accounts & Other Receivable |
142,368,728 |
170,417,326 |
|
Inventories |
79,812,489 |
51,825,173 |
|
Other Current Assets
|
13,944,285 |
9,134,070 |
|
|
|
|
|
Total Current Assets
|
289,024,839 |
283,779,181 |
|
|
|
|
|
Fixed Assets |
427,012,726 |
410,612,045 |
|
Intangible Assets |
1,256,671 |
1,318,596 |
|
Other Assets |
104,540 |
50,940 |
|
Total Assets |
717,398,776 |
695,760,762 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts & Other
Payable |
126,675,004 |
105,974,770 |
|
Accrued Income Tax |
- |
6,784,125 |
|
Other Current Liabilities |
1,480,940 |
2,430,520 |
|
|
|
|
|
Total Current Liabilities |
128,155,944 |
115,189,415 |
|
Account Payable from
Parent Company |
70,016,510 |
66,569,578 |
|
Estimated Liabilities for
Employee’s Benefit |
5,506,667 |
- |
|
Total Liabilities |
203,679,121 |
181,758,993 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 6,000,000 shares |
600,000,000 |
600,000,000 |
|
|
|
|
|
Capital Paid |
600,000,000 |
600,000,000 |
|
Retained Earning - Unappropriated |
[86,280,345] |
[85,998,231] |
|
Total Shareholders' Equity |
513,719,655 |
514,001,769 |
|
Total Liabilities & Shareholders' Equity |
717,398,776 |
695,760,762 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
733,243,350 |
694,661,690 |
|
Other Income |
706,391 |
9,127,679 |
|
Total Revenues |
733,949,741 |
703,789,369 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
616,276,560 |
543,089,886 |
|
Selling Expenses |
71,611,561 |
77,373,222 |
|
Administrative Expenses |
33,644,287 |
27,164,798 |
|
Other Expenses |
7,413,921 |
98 |
|
Total Expenses |
728,946,329 |
647,628,004 |
|
|
|
|
|
Profit / Loss] before Financial
Costs & Income Tax |
5,003,412 |
56,161,365 |
|
Financial Costs |
[1,664,000] |
- |
|
|
|
|
|
Profit / [Loss] before Income Tax |
3,339,412 |
56,161,365 |
|
Income Tax |
[3,621,526] |
[12,915,073] |
|
Net Profit / [Loss] |
[282,114] |
43,246,292 |
fINANCIAl ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.26 |
2.46 |
|
QUICK RATIO |
TIMES |
1.52 |
1.93 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.72 |
1.69 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.02 |
1.00 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
47.27 |
34.83 |
|
INVENTORY TURNOVER |
TIMES |
7.72 |
10.48 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
70.87 |
89.54 |
|
RECEIVABLES TURNOVER |
TIMES |
5.15 |
4.08 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
75.03 |
71.22 |
|
CASH CONVERSION CYCLE |
DAYS |
43.11 |
53.15 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
84.05 |
78.18 |
|
SELLING & ADMINISTRATION |
% |
14.35 |
15.05 |
|
INTEREST |
% |
0.23 |
- |
|
GROSS PROFIT MARGIN |
% |
16.05 |
23.13 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.68 |
8.08 |
|
NET PROFIT MARGIN |
% |
(0.04) |
6.23 |
|
RETURN ON EQUITY |
% |
(0.05) |
8.41 |
|
RETURN ON ASSET |
% |
(0.04) |
6.22 |
|
EARNING PER SHARE |
BAHT |
(0.05) |
7.21 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.28 |
0.26 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.40 |
0.35 |
|
TIME INTEREST EARNED |
TIMES |
3.01 |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
5.55 |
|
|
OPERATING PROFIT |
% |
(91.09) |
|
|
NET PROFIT |
% |
(100.65) |
|
|
FIXED ASSETS |
% |
3.99 |
|
|
TOTAL ASSETS |
% |
3.11 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
16.05 |
Impressive |
Industrial
Average |
13.79 |
|
Net Profit Margin |
(0.04) |
Deteriorated |
Industrial
Average |
2.59 |
|
Return on Assets |
(0.04) |
Deteriorated |
Industrial
Average |
5.15 |
|
Return on Equity |
(0.05) |
Deteriorated |
Industrial
Average |
13.01 |
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 16.05%. 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 -0.04%.
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, it was lower, the company's figure is -0.04%.
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. When compared with the
industry average, it was lower, the company's figure is -0.05%.
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 |
2.26 |
Impressive |
Industrial
Average |
1.16 |
|
Quick Ratio |
1.52 |
|
|
|
|
Cash Conversion Cycle |
43.11 |
|
|
|
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 2.26 times in 2011, decreased from 2.46 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 1.52 times in 2011,
decreased from 1.93 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 44 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.28 |
Impressive |
Industrial
Average |
0.56 |
|
Debt to Equity Ratio |
0.40 |
Impressive |
Industrial
Average |
1.41 |
|
Times Interest Earned |
3.01 |
Satisfactory |
Industrial
Average |
3.49 |
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 3.01 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 0.28 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 |
1.72 |
Acceptable |
Industrial
Average |
3.42 |
|
Total Assets Turnover |
1.02 |
Acceptable |
Industrial
Average |
1.98 |
|
Inventory Conversion Period |
47.27 |
|
|
|
|
Inventory Turnover |
7.72 |
Impressive |
Industrial
Average |
6.93 |
|
Receivables Conversion Period |
70.87 |
|
|
|
|
Receivables Turnover |
5.15 |
Satisfactory |
Industrial
Average |
5.28 |
|
Payables Conversion Period |
75.03 |
|
|
|
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.55.34 |
|
UK Pound |
1 |
Rs.86.45 |
|
Euro |
1 |
Rs.68.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.