MIRA INFORM REPORT
|
Report Date : |
29.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
THE NATURAL PALM
GROUP CO., LTD. |
|
|
|
|
Registered Office : |
250 Moo 12, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
30.12.2009 |
|
|
|
|
Com. Reg. No.: |
0105552137760 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturing and distributing various
kinds of crude and
refined palm oil
products |
|
|
|
|
No. of Employees : |
300 |
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 : |
Regular |
|
|
|
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
|
Source : CIA |
Company name
THE NATURAL
PALM GROUP CO., LTD.
SUMMARY
BUSINESS ADDRESS : 250
MOO 12, PETCHKASEM
ROAD,
T. KRON, A. SAVEE,
CHUMPORN 86130, THAILAND
TELEPHONE : [66] 77
529-800
FAX :
[66] 77 529-848
E-MAIL ADDRESS : sales@naturalpalm.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2009
REGISTRATION NO. : 0105552137760
TAX ID NO. : 3033743104
CAPITAL REGISTERED
: BHT.
700,000,000
CAPITAL PAID-UP
: BHT.
700,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PAISAL KUANSONGTHAM,
THAI
PRESIDENT AND MANAGING
DIRECTOR
NO. OF
STAFF : 300
LINES OF
BUSINESS : CRUDE
AND REFINED PALM
OIL PRODUCTS
MANUFACTURER AND DISTRIBUTOR
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
December 30, 2009
as a private
limited company under
the registered name
THE NATURAL PALM
GROUP CO., LTD.
by Thai groups,
with a merger
among:
-
The
Natural Oil Refinery
Co., Ltd. [Reg. no. 0105549128321]
-
The
Natural Palm Oil
[Chumporn] Co., Ltd. [Reg. no. 0865545000049]
-
The
National Power [Chumporn]
Co., Ltd. [Reg.
no. 0865551000331]
Its business
objective is to
manufacture and distribute
crude and refined
palm oil products
to domestic market.
It currently employs
approximate 300 staff.
The subject’s
registered address was
initially located at
194/16 Soi Pirom,
Songwad Rd., Jakkawat,
Samphantawong, Bangkok 10100.
On September
10, 2012, its
registered address was
relocated to 250
Moo 12, Petchkasem Rd.,
T. Kron, A. Savee, Chumporn
86130, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Paisal
Kuansongtham |
|
Thai |
73 |
|
Ms. Pornthipa Kuansongtham |
|
Thai |
46 |
|
Mr. Kovit
Kuansongtham |
|
Thai |
38 |
|
Ms. Cholthicha Kuansongtham |
|
Thai |
44 |
|
Ms. Chintana Kuansongtham |
|
Thai |
40 |
AUTHORIZED PERSON
Any
two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Paisal Kuansongtham is
the President and
Managing Director.
He
is Thai nationality
with the age
of 73 years
old.
Mr. Kovit Kuansongtham is
the General Manager.
He
is Thai nationality
with the age
of 38 year old.
Ms. Pornthipa Kuansongtham is
the Assistant Managing
Director.
She
is Thai nationality
with the age
of 46 years
old.
BUSINESS OPERATIONS
The
subject is engaged
in manufacturing and
distributing various kinds of
crude and refined
palm oil products,
comprising crude palm
oil, crude palm
kernel oil, refined
palm oil, refined
palm kernel oil,
kernel meal, palm
fatty acid distillate,
refined palm stearin
and refined palm
olein.
The
subject is also
engaged in bio-energy
plant business using
crushed palm kernel with
the production capacity
10 MW., supplying
to Provincial Electricity
Authority.
BRAND
NAME
“BEE”
PURCHASE
100% of
raw material and
chemical are purchased
from local planters
and suppliers.
SALES
100%
of the products
is sold locally
to wholesalers, manufacturers
and end-users.
RELATED AND
AFFILIATED COMPANY
The Natural
Palm Oil Co., Ltd.
Business
Type : Manufacturer
and distributor of
palm oil, as
well as power
generating
operator
in Suratthani province
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
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
Bangkok Bank
Public Co., Ltd.
EMPLOYMENT
The subject
employs approximately 300
staff.
LOCATION DETAILS
The premise
is owned for
administrative office and
factory I at
the heading address.
Premise is located
in provincial, in the Southern
region of Thailand.
Factory II
is located at
18 Moo 2,
Suksawad 45 Rd.,
Bangkru, Samutprakarn 10130.
Bangkok office
is located at
194/16 Soi Pirom
Songwad Rd., Jakkawat, Samphantawong, Bangkok
10100. Tel.: [66]
2622-6225-9, 2225-7792-3, Fax:
[66] 2622-6228.
COMMENT
With
the merger between
experience companies, the
subject has long time experienced
in manufacture crude and
refined palm oil in
Thailand market. Its sales and marketing handle
products and service that encompass
the markets for various industries
with their professional
and skilful. Its sales has drastically increased in
line with improvement
of industrial sector
and consumption.
FINANCIAL INFORMATION
The capital
was registered at Bht. 272,000,000 divided into 2,720,000 shares
of Bht. 100
each with fully
paid.
The capital
was increased later
as follows:
Bht. 440,000,000
on February 4,
2010
Bht. 700,000,000
on March 24,
2011
The latest
registered capital was increased to Bht. 700 million, divided
into 7,000,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 25, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Kovit Kuansongtham Nationality: Thai Address
: 194/21-22 Songwad
Rd., Jakkawat, Samphantawong, Bangkok |
1,400,000 |
20.00 |
|
Mr. Paisal Kuansongtham Nationality: Thai Address
: 194/21-22 Songwad
Rd., Jakkawat, Samphantawong, Bangkok |
1,050,000 |
15.00 |
|
Mrs.
Ziwjing Kuansongtham Nationality: Thai Address
: 194/16 Songwad
Rd., Jakkawat, Samphantawong, Bangkok |
1,050,000 |
15.00 |
|
Ms.
Pornthipa Kuansongtham Nationality: Thai Address
: 194/18 Songwad
Rd., Jakkawat, Samphantawong, Bangkok |
700,000 |
10.00 |
|
Ms.
Cholthicha Kuansongtham Nationality: Thai Address
: 192 Songwad
Rd., Jakkawat, Samphantawong, Bangkok |
700,000 |
10.00 |
|
Ms.
Chintana Kuansongtham Nationality: Thai Address
: 16/38 Moo
2, Bangkaenua, Bangkae,
Bangkok |
700,000 |
10.00 |
|
Ms. Shama Kuansongtham Nationality: Thai Address
: 194/21-22 Songwad
Rd., Jakkawat, Samphantawong, Bangkok |
465,500 |
6.65 |
|
Master Tham
Kuansongtham Nationality: Thai Address
: 194/21-22 Songwad
Rd., Jakkawat, Samphantawong, Bangkok |
465,500 |
6.65 |
|
Master
Bodhi Kuansongtham Nationality: Thai Address
: 194/21-22 Songwad
Rd., Jakkawat, Samphantawong, Bangkok |
465,500 |
6.65 |
|
Mrs.
Supamas Kuansongtham Nationality: Thai Address
: 29/3 Moo
5, Sincharoen, Phrasaeng, Suratthani |
3,500 |
0.05 |
Total Shareholders
: 10
Share Structure
[as at April
25, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
10 |
7,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
10 |
7,000,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Somsong
Charoensakyothin No. 1935
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2011 & 2010
were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash
and Cash Equivalents |
44,011,157.75 |
12,023,967.87 |
|
Short-term
Investment |
- |
663,963.64 |
|
Trade
Accounts & Other Receivable |
302,339,775.76 |
156,160,917.49 |
|
Inventories |
169,201,149.11 |
212,631,370.82 |
|
|
|
|
|
Total Current
Assets |
515,552,082.62 |
381,480,219.82 |
|
|
|
|
|
Fixed Assets |
1,593,585,618.24 |
1,383,355,752.89 |
|
Intangible Assets |
495,725.46 |
750,699.25 |
|
Other
Non-current Assets |
10,659,688.35 |
8,375,381.76 |
|
Total Assets |
2,120,193,114.67 |
1,773,962,053.72 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank
Overdraft and Short-term
Loan from Financial Institutions |
233,154,219.11 |
316,718,501.65 |
|
Trade
Accounts & Other Payable |
79,176,834.82 |
44,199,128.92 |
|
Current Portion of Long-term Loans |
84,782,000.00 |
78,720,000.00 |
|
Short-term Loan from Related Person |
624,439,023.51 |
735,969,909.13 |
|
Accrued
Income Tax |
399,405.06 |
- |
|
|
|
|
|
Total Current
Liabilities |
1,021,951,482.50 |
1,175,607,539.70 |
|
Long-term Loan from Financial Institutions |
365,300,000.00 |
149,082,000.00 |
|
Other
Non-current Liabilities |
278,580.00 |
208,677.14 |
|
Total
Liabilities |
1,387,530,062.50 |
1,324,898,216.84 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share
capital : Baht 100 value authorized, issued
and fully paid
share capital 7,000,000
& 4,400,000 shares
in 2011 &
2010 respectively |
700,000,000.00 |
440,000,000.00 |
|
|
|
|
|
Capital
Paid |
700,000,000.00 |
440,000,000.00 |
|
Retained
Earning |
|
|
|
Appropriated for
Statutory Reserve |
7,100,000.00 |
7,100,000.00 |
|
Unappropriated |
25,663,052.17 |
1,963,836.88 |
|
Total
Shareholders' Equity |
732,763,052.17 |
449,063,836.88 |
|
Total
Liabilities & Shareholders' Equity |
2,120,293,114.67 |
1,773,962,053.72 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
2,682,776,115.01 |
1,590,095,847.79 |
|
Interest
Income |
167,928.88 |
50,501.13 |
|
Other
Income |
9,571,632.94 |
691,732.55 |
|
Total Revenues |
2,692,515,676.83 |
1,590,838,081.47 |
|
Expenses |
|
|
|
|
|
|
|
Cost
of Goods Sold |
2,554,560,475.22 |
1,497,623,950.12 |
|
Selling Expenses |
29,805,672.69 |
21,823,996.18 |
|
Administrative Expenses |
62,809,971.42 |
52,793,306.72 |
|
Total Expenses |
2,647,176,119.33 |
1,572,241,253.02 |
|
|
|
|
|
Profit / Loss] before
Financial Costs & Income Tax |
45,339,557.50 |
18,596,828.45 |
|
Financial Costs |
[20,967,400.61] |
[24,582,928.88] |
|
|
|
- |
|
Profit / [Loss] before
Income Tax |
24,372,156.89 |
[5,986,100.43] |
|
Income Tax |
[672,941.60] |
- |
|
Net Profit / [Loss] |
23,699,215.29 |
[5,986,100.43] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.50 |
0.32 |
|
QUICK RATIO |
TIMES |
0.34 |
0.14 |
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.68 |
1.15 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.27 |
0.90 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
24.18 |
51.82 |
|
INVENTORY TURNOVER |
TIMES |
15.10 |
7.04 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
41.13 |
35.85 |
|
RECEIVABLES TURNOVER |
TIMES |
8.87 |
10.18 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
11.31 |
10.77 |
|
CASH CONVERSION CYCLE |
DAYS |
54.00 |
76.90 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
95.22 |
94.18 |
|
SELLING & ADMINISTRATION |
% |
3.45 |
4.69 |
|
INTEREST |
% |
0.78 |
1.55 |
|
GROSS PROFIT MARGIN |
% |
5.14 |
5.86 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.69 |
1.17 |
|
NET PROFIT MARGIN |
% |
0.88 |
(0.38) |
|
RETURN ON EQUITY |
% |
3.23 |
(1.33) |
|
RETURN ON ASSET |
% |
1.12 |
(0.34) |
|
EARNING PER SHARE |
BAHT |
3.39 |
(1.36) |
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.65 |
0.75 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.89 |
2.95 |
|
TIME INTEREST EARNED |
TIMES |
2.16 |
0.76 |
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
SALES GROWTH |
% |
68.72 |
|
|
OPERATING PROFIT |
% |
143.80 |
|
|
NET PROFIT |
% |
495.90 |
|
|
FIXED ASSETS |
% |
15.20 |
|
|
TOTAL ASSETS |
% |
19.52 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.14 |
Acceptable |
Industrial Average |
8.23 |
|
Net Profit Margin |
0.88 |
Deteriorated |
Industrial Average |
2.84 |
|
Return on Assets |
1.12 |
Deteriorated |
Industrial Average |
6.74 |
|
Return on Equity |
3.23 |
Deteriorated |
Industrial Average |
13.52 |
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 5.14%. When compared with the industry average, the ratio of the company was
lower, 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 0.88%. 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 1.12%.
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
3.23%.
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 |
0.50 |
Risky |
Industrial Average |
1.15 |
|
Quick Ratio |
0.34 |
|
|
|
|
Cash Conversion Cycle |
54.00 |
|
|
|
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 0.5 times in 2011, increased from 0.32
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 0.34 times in 2011, increased from 0.14 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 54 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
RATIO
|
Debt Ratio |
0.65 |
Acceptable |
Industrial Average |
0.44 |
|
Debt to Equity Ratio |
1.89 |
Risky |
Industrial Average |
0.75 |
|
Times Interest Earned |
2.16 |
Acceptable |
Industrial Average |
3.45 |
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 2.17 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 0.65
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 Downtrend
Times Interest Earned Uptrend
ACTIVITY
RATIO
|
Fixed Assets Turnover |
1.68 |
Acceptable |
Industrial Average |
3.10 |
|
Total Assets Turnover |
1.27 |
Acceptable |
Industrial Average |
2.14 |
|
Inventory Conversion Period |
24.18 |
|
|
|
|
Inventory Turnover |
15.10 |
Satisfactory |
Industrial Average |
15.30 |
|
Receivables Conversion Period |
41.13 |
|
|
|
|
Receivables Turnover |
8.87 |
Impressive |
Industrial Average |
7.59 |
|
Payables Conversion Period |
11.31 |
|
|
|
Trend
of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.85 |
|
UK Pound |
1 |
Rs.88.40 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.