MIRA
INFORM REPORT
|
Report Date : |
16.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
EAM HENG LONG RICE MILL [SARABURI] CO., LTD. |
|
|
|
|
Registered Office : |
7/270 Moo 6, Ban Suan Phongphet Village, T. Banmai, A. Pakkred, Nonthaburi 11120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
1996 |
|
|
|
|
Com. Reg. No.: |
0195539000381 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
line of business
: |
Distributor and Exporter of Rice Mill Producer |
|
|
|
|
No. of Employees : |
80 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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
EAM HENG LONG RICE MILL [SARABURI] CO., LTD.
SUMMARY
BUSINESS ADDRESS : 7/270 MOO 6, BAN SUAN PHONGPHET
VILLAGE,
T.
BANMAI, A. PAKKRED, NONTHABURI 11120
TELEPHONE : [66] 2575-0633-6
FAX : [66]
2980-8599, 2980-9719
E-MAIL ADDRESS : export@ricefromthailand.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1996
REGISTRATION NO. : 0195539000381 [Former: SOR BOR.
639]
TAX ID NO. : 3171009742
CAPITAL REGISTERED : BHT.
50,000,000
CAPITAL PAID-UP : BHT.
50,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. SOMKIAT TANGPITAKKUL, THAI
MANAGING
DIRECTOR
NO. OF STAFF : 80
LINES OF BUSINESS : RICE
MILL PRODUCER, DISTRIBUTOR AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR WITH NORMAL BUSINESS ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH LOW PERFORMANCE
HISTORY
The subject was
established on June
25, 1996 as
a private limited
company under the
name style EAM
HENG LONG RICE
MILL [SARABURI] CO.,
LTD., by Thai
groups, with the objective
to be engaged in
rice mill business
in Saraburi province.
It currently employs approximate 80 staff.
The subject’s registered
address was initially
located at 161/115-116
Moo 9, Sikan, Donmuang, Bangkok
10210.
On May 11,
2012, subject’s registered
address was relocated
to 7/270 Moo
6, Ban Suan
Phongphet Village, T. Banmai,
A. Pakkred, Nonthaburi 11120,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Supaporn Tangpitakkul |
|
Thai |
70 |
|
Ms. Supapich Tangpitakkul |
|
Thai |
42 |
|
Mr. Somkiat Tangpitakkul |
|
Thai |
43 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Somkiat Tangpitakkul is
the Managing Director.
He is Thai
nationality with the
age of 43
years old.
BUSINESS OPERATIONS
The subject is
engaged in rice
mill business, producing
and servicing various
kinds of rice
products with the
production capacity of
600 tons per
day, as well as
wholesale distributing and
exporting of jasmine
rice, white rice,
brown rice, glutinous rice,
parboiled rice and
red rice.
The subject also provides purchasing and selling service of paddy.
PURCHASE
100% of rice
and paddy are
purchased from farmers
in Saraburi and nearby provinces.
SALES
90% of rice
products is exported
to Russia, Hong
Kong, U.S.A., and countries
in Europe, the
remaining 10% is
sold locally.
RELATED AND AFFILIATED COMPANY
International Rice & Product Co., Ltd.
Business Type :
Operator of rice
mill and exporter
of rice 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
according to for
the past two
years.
CREDIT
Sales are by
cash or on
the credits term
of 30 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.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 80 staff.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Rice mill and silo
are located at:
121 Moo 7, T.
Nongkae, A. Phraputhabat, Saraburi
18120.
Tel. [66] 36
269-399.
39 Moo 12, T.
Phraputhabat, A. Phraputhabat, Saraburi
18120.
Tel. [66] 36
266-078, Fax. [66]
36 266-043.
COMMENT
Subject is a
wholesaler various kinds
of rice. Its
products are sold
mainly to overseas market, which
contributed a good income.
Despite Thai exporter
has faced with
strong competitor from
Vietnam due to the products
are cheaper than
Thailand, subject still
maintains as a
strong exporter.
However, it is
estimated that rice
export from Vietnam and
India would interfere
a benefit of
Thai rice in the
near future.
FINANCIAL INFORMATION
The capital was registered at Bht.
1,000,000 divided into 10,000 shares of Bht. 100 each with fully paid.
The capital was increased later as follows:
Bht.
10,000,000 on March 7, 2003
Bht.
50,000,000 on July 10, 2008
The latest registered
capital was increased
to Bht. 50 million,
divided into 500,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE
[as at April 30,
2012]
|
NAME |
HOLDING |
% |
|
Mrs. Supaporn Tangpitakkul Nationality: Thai Address : 98-100
Thai-Isarn Market Rd., T. Markkaeng, A.
Muang, Udornthani |
200,000 |
40.00 |
|
Mrs. Romaneechanut
Kanchanathappa Nationality: Thai Address : 39
Moo 12, T. Phraputhabat, A. Phraputhabat, Saraburi |
50,000 |
10.00 |
|
Mrs. Nongluck Anantanandorn Nationality: Thai Address : 41/12
Samsennok, Huaykwang, Bangkok |
50,000 |
10.00 |
|
Mrs. Amnaj Anantanandorn Nationality: Thai Address : 212/223
Petchkasem Rd., Wadthphra,
Bangkokyai, Bangkok |
50,000 |
10.00 |
|
Mr. Somkiat Tangpitakkul Nationality: Thai Address : 98-100
Thai-Isarn Market Rd.,
T. Markkaeng, A.
Muang, Udornthani |
50,000 |
10.00 |
|
Ms. Supapich Tangpitakkul Nationality: Thai Address : 60
Soi Suanluang 1, Wangmai, Pathumwan, Bangkok |
50,000 |
10.00 |
|
Mr. Somsak Tangpitakkul Nationality: Thai Address : 60
Soi Suanluang 1, Wangmai, Pathumwan, Bangkok |
50,000 |
10.00 |
Total Shareholders : 7
Share Structure
[as at April
30, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
500,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
500,000 |
100.00 |
NAME
OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Taweesak Nimmanpreechakul No.
7522
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2011
& 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash
Equivalents |
9,791,712.31 |
4,997,412.10 |
|
Trade Accounts &
Other Receivable |
62,804,251.05 |
95,245,475.11 |
|
Inventories |
245,979,963.44 |
258,248,806.51 |
|
Total Current Assets
|
318,575,926.80 |
358,491,693.72 |
|
|
|
|
|
Fixed Assets |
257,320,387.12 |
260,545,538.64 |
|
Other Non current
Assets |
36,626.10 |
36,626.10 |
|
Total Assets |
575,932,940.02 |
619,073,858.46 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from
Bank |
506,938,235.77 |
566,100,172.05 |
|
Trade Accounts &
Other Payable |
12,690,306.92 |
12,819,860.15 |
|
Short-term Loan from
Related Person |
72,255,243.30 |
31,421,597.09 |
|
Current Portion of
Long-term Loan |
- |
8,097,642.38 |
|
Total Current Liabilities |
591,883,785.99 |
618,439,271.67 |
|
Total Liabilities |
591,883,785.99 |
618,439,271.67 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 500,000 shares |
50,000,000.00 |
50,000,000.00 |
|
Capital Paid |
50,000,000.00 |
50,000,000.00 |
|
Retained Earning -
Unappropriated |
[65,950,845.97] |
[49,365,413.21] |
|
Total Shareholders' Equity |
[15,950,845.97] |
634,586.79 |
|
Total Liabilities &
Shareholders' Equity |
575,932,940.02 |
619,073,858.46 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
1,417,241,687.87 |
1,027,437,814.35 |
|
Rental Income |
4,800,000.00 |
1,600,000.00 |
|
Provision Doubtful Account [reversal] |
- |
2,383,218.87 |
|
Gain on Exchange Rate |
7,634,270.01 |
1,810,256.66 |
|
Other Income |
4,791,018.14 |
2,463,712.63 |
|
Total Revenues |
1,434,466,976.02 |
1,035,695,002.51 |
|
Expenses |
|
|
|
|
|
|
|
Change in Finished Goods |
16,236,973.55 |
235,827,338.70 |
|
Purchase of Goods |
372,291,169.10 |
103,074,317.70 |
|
Raw Material |
900,768,419.00 |
596,288,638.00 |
|
Material Suppliers and
Packaging |
32,129,202.27 |
19,154,675.66 |
|
Export Transit |
25,779,398.70 |
22,415,492.34 |
|
Employees Expenses |
12,290,080.52 |
9,531,753.82 |
|
Electrical |
13,474,860.40 |
15,624,247.49 |
|
Bad Debts |
2,656,071.01 |
- |
|
Depreciation |
27,921,049.47 |
17,766,831.82 |
|
Other Expenses |
21,400,091.42 |
14,023,949.55 |
|
Total Expenses |
1,424,947,315.44 |
1,033,707,245.08 |
|
Profit / [Loss] before Financial Cost & Income Tax |
9,519,660.58 |
1,987,757.43 |
|
Financial Cost |
[24,820,943.90] |
[17,720,903.19] |
|
Profit / [Loss] before Income
Tax |
[15,301,283.32] |
[15,733,145.76] |
|
Income Tax |
[1,284,149.44] |
[1,083,076.60] |
|
Net Profit / [Loss] |
[16,585,432.76] |
[16,816,222.36] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.54 |
0.58 |
|
QUICK RATIO |
TIMES |
0.12 |
0.16 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.53 |
3.95 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.47 |
1.66 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
68.79 |
131.19 |
|
INVENTORY TURNOVER |
TIMES |
5.31 |
2.78 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
16.12 |
33.78 |
|
RECEIVABLES TURNOVER |
TIMES |
22.64 |
10.80 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
3.55 |
6.51 |
|
CASH CONVERSION CYCLE |
DAYS |
81.36 |
158.46 |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
91.78 |
69.82 |
|
SELLING & ADMINISTRATION |
% |
6.73 |
29.27 |
|
INTEREST |
% |
1.75 |
1.72 |
|
GROSS PROFIT MARGIN |
% |
9.09 |
30.82 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.67 |
0.19 |
|
NET PROFIT MARGIN |
% |
(1.17) |
(1.63) |
|
RETURN ON EQUITY |
% |
- |
(2,649.95) |
|
RETURN ON ASSET |
% |
(2.88) |
(2.72) |
|
EARNING PER SHARE |
BAHT |
(33.17) |
(33.63) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
1.03 |
1.00 |
|
DEBT TO EQUITY RATIO |
TIMES |
(37.11) |
974.55 |
|
TIME INTEREST EARNED |
TIMES |
0.38 |
0.11 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
38.19 |
|
|
OPERATING PROFIT |
% |
378.91 |
|
|
NET PROFIT |
% |
1.37 |
|
|
FIXED ASSETS |
% |
(1.24) |
|
|
TOTAL ASSETS |
% |
(6.97) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
9.09 |
Acceptable |
Industrial Average |
16.43 |
|
Net Profit Margin |
(1.17) |
Deteriorated |
Industrial Average |
1.12 |
|
Return on Assets |
(2.88) |
Deteriorated |
Industrial Average |
3.00 |
|
Return on Equity |
- |
|
Industrial Average |
9.66 |
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 9.09%. When compared with
the industry average, the ratio of the company was lower. This indicated that
company was originated from the problems with control over its costs.
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 -1.17%.
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 -2.88%.
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 |
0.54 |
Risky |
Industrial Average |
1.35 |
|
Quick Ratio |
0.12 |
|
|
|
|
Cash Conversion Cycle |
81.36 |
|
|
|
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 0.54 times in 2011, decrease from 0.58 times, then the company may not be
efficiently using its current assets. 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 0.12 times in 2011,
decrease from 0.16 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 82 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
1.03 |
Risky |
Industrial Average |
0.68 |
|
Debt to Equity Ratio |
(37.11) |
Risky |
Industrial Average |
2.15 |
|
Times Interest Earned |
0.38 |
Risky |
Industrial Average |
1.20 |
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 0.39 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
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 |
5.53 |
Satisfactory |
Industrial Average |
7.18 |
|
Total Assets Turnover |
2.47 |
Satisfactory |
Industrial Average |
2.74 |
|
Inventory Conversion Period |
68.79 |
|
|
|
|
Inventory Turnover |
5.31 |
Impressive |
Industrial Average |
4.52 |
|
Receivables Conversion Period |
16.12 |
|
|
|
|
Receivables Turnover |
22.64 |
Impressive |
Industrial Average |
7.89 |
|
Payables Conversion Period |
3.55 |
|
|
|
Trend of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.64 |
|
UK Pound |
1 |
Rs.87.31 |
|
Euro |
1 |
Rs.68.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.