MIRA INFORM REPORT
|
Report Date : |
03.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
BEIERSDORF
[THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
12th , 17th Floor, Sathorn Thani Building 1, 90 North Sathorn Road, Silom, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
07.07.1972 |
|
|
|
|
Com. Reg. No.: |
0105515004336 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Importer &
Distributer of Consumer Products |
|
|
|
|
No. of Employees
: |
690 |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
BEIERSDORF [THAILAND]
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 12th , 17th FLOOR,
SATHORN THANI BUILDING
1,
90 NORTH
SATHORN ROAD, SILOM,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2665-7999
FAX :
[66] 2233-3415
E-MAIL
ADDRESS : info@beiersdof.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1972
REGISTRATION
NO. : 0105515004336
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
SHAREHOLDER’S PROPORTION : GERMAN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS.
SUWANNEE SRITHANYACHOTE, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 690
LINES
OF BUSINESS : CONSUMER PRODUCTS
MANUFACTURER, IMPORTER
& DISTRIBUTER
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 July
7, 1972 as
a private limited
company originally by
Thai group, Narongdej
family under the
registered name INTANIN
CO., LTD.
On January 23, 1981,
subject has joined with
Thai Hygienic Products
Co., Ltd. and Beiersdorf AG., Germany to distribute
“NIVEA” personal care
products, and has
changed its name
to be “B.D.F.
Intanin Co., Ltd.”
The name was changed later to “Beiersdorf Intanin
Co., Ltd.”, and “Beiersdorf [Thailand]
Co., Ltd.” on August
14, 1990 and
May 20, 1993,
respectively.
Presently the subject
is a subsidiary
of Beiersdorf AG,
Germany, to manufacture and
distribute a wide
range of personal
cares and plaster
products for both domestic
and international market. It is
the second largest manufacturing base
in Asia, in the
Beiersdorf Group of
Companies with a production capacity of
over 30,000 tons per annum. Subject
employs a skilled
workforce of 690
people.
In this region the Company has
administrative and production facilities,
providing support and supervision
for production and inspection at affiliates throughout the Indo-Chinese Peninsula. Its wide
array of products
have been exported
to over 44 countries around the
globe.
The subject received
many prestigious awards
from various renowned
agencies such as the standard
ISO 9002 certificate for
manufacturing & marketing
of the products
by RWTUV, “Outstanding Factory”
from The Ministry of Industry, “Good Manufacturing Practice
(GMP)” from the Ministry
of Public Health.
The subject’s registered
address is 12th, 17th Floor,
Sathorn Thani Building
1, 90 North
Sathorn Rd., Silom, Bangrak,
Bangkok 10500, and this
is the company’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Suwannee Srithanyachote |
|
Thai |
49 |
|
Mr. Sithisak Ponglertrit |
|
Thai |
47 |
|
Mr. Melanie Schrewe |
|
German |
44 |
|
Mr. Thomas Brechmann |
|
German |
42 |
AUTHORIZED PERSON
Two of the mentioned
directors can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mrs. Suwannee Srithanyachote is
the Managing Director.
She is Thai
nationality with the
age of 49
years old.
Mr. Thanachai Chaikittiwanich is
the Marketing Director.
He is Thai
nationality.
Ms. Julnatda Julpoompinit is
the Sales Manager.
She is Thai
nationality.
Ms. Netika Tansukhanan
is the Production
Manager.
She is Thai
nationality.
Mr. Sithisak Ponglertrit
is the Factory
Director.
He is Thai
nationality with the
age of 47
years old.
Mrs. Tipaporn Unakul is
the Products Director.
She is Thai
nationality.
Mrs. Puangrat Chooto is
the Cosmetic Manager.
She is Thai
nationality.
Mr. Kraisorn Jai-aya
is the Technical
Service Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in manufacturing, importing
and marketing a wide range of
personal cares and
elastic adhesive bandages,
surgical tapes and
sport tapes.
The production capacity is
31,000 tons per
annum.
MAJOR BRANDS
Personal Care: “NIVEA”, “EUCERIN”,
“LA PRAIRIE” &
“LABELLO”
Adhesives :
“HANSAPLAST”, “ELASTOPLAST” &
“FUTURO”
10% of the
subject’s products have
been supported by
Beiersdorf group in
Europe and Asia.
PURCHASE
80% of raw material
mainly silicon and chemical are
imported from Germany, Belgium and Malaysia,
the remaining 20%
is purchased locally.
MAJOR SUPPLIERS
East Asiatic Co., Ltd. :
Thailand
Beiersdorf AG. : Germany
Beiersdorf [Malaysia] Sdn. Bhn. : Malaysia
DISTRIBUTION
80% of its products
is exported to
Malaysia, Singapore, Hong Kong, Myanmar, Sri Lanka, Indonesia, Australia, Canada, Japan, Switzerland, Vietnam,
Laos, Germany, France,
United Kingdom, South
Africa, New Zealand
and etc., the
remaining 20% is
distributed locally by
Diethelm & Co., Ltd.,
Thailand.
PARENT COMPANY
Beiersdorf AG.
Address: Innestressa 48,
D 2000 Humburg
20, Innestressa 48,
Germany.
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 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
and T/T.
Exports are against
L/C at sight
and T/T.
BUSINESS TRANSACTION
In term of
sales, 100% of
the products is
sold by credit with the maximum
credit given at
30-60 days. Subject
is not found
to have problem
on its account
receivable.
BANKING
Kasikornbank Public Co.,
Ltd.
[Head Office : 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
Bangkok Bank Public
Co., Ltd.
[Head Office : 393 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
EMPLOYMENT
The subject employs
690 staff. [office
staff and factory
workers]
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial
area.
Factory & warehouse
are located at
163 Moo 17, Bangplee Industrial
Estate, Soi 3,
Bangna-Trad Rd., Bangsaothong,
Samutprakarn 10540. Tel: [66]
2315-1589, 2315-1043-5, Fax: [66]
2315-2443.
Branches:
1.
89/18 Moo
5, Bangsamak, Bangpakong,
Chachoengsao
2.
979/110 Moo
12, Sukhumvit 103
Rd., Bangna, Phrakanong,
Bangkok
3.
61/9 Moo
1, Bangna-Trad Rd.,
Srisajorakhaeyai, Samutprakarn
4.
32/4-12 Moo
7, Bangplee-Tamru, Bangpleeyai,
Samutprakarn
5.
62 Moo
1, Bangna-Trad Rd.,
Srisajorakhaeyai, Samutprakarn
6.
88,
88/1, 88/2 Moo 11,
Bangna-Trad Rd., Bangchalong,
Samutprakarn
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 10,000,000.
COMMENT
With the long term experience of 40 years, its products are sold in 170 countries,
NIVEA products have been trusted around
the world. Regarding quality as
a dynamic process of continuous
improvement in all
activities, the products have
gained tremendous success.
In Thailand the products have been
well-accepted by consumers since
NIVEA products has been launched in Thai’s market in 1982. As well
the EUCERIN medical skin-care line, has
more than a
70% share of the niche market. The
products has rapidly expanded in the market around ten years ago and expected
to gain around 9,000 million baht from the total sales in 2011.
The skin care market is growing strong.
Thailand’s market for skin-care products are worth around ten
billion baht a year.
FINANCIAL INFORMATION
The capital was
registered at Bht.
4,500,000 divided into
9,000 shares of Bht. 500
each.
The capital was
increased later as
followings:
Bht. 25,000,000
on January 23,
1981
Bht. 30,000,000
on August 29,
1985
Bht. 60,000,000
on January 5,
1989
Bht. 100,000,000 on
September 6, 1992
The latest registered
capital was increased
to Bht. 100,000,000 divided into 200,000
shares of Bht.
500 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 27, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Beiersdorf AG. Nationality: German Address : Innestressa 48,
D 2000 Hamberk
20, Germany |
199,998 |
100.00 |
|
Mr. Kasem Narongdej Nationality: Thai Address : 103 Ramkhamhaeng 24
Rd., Huaykwang, Bangkok 10310 |
1 |
- |
|
Fanex GmbH Nationality: German Address : Parkberg 11
A, 22397 Hamberg,
Germany |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 27,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
1 |
- |
|
Foreign - German |
2 |
199,999 |
100.00 |
|
Total |
3 |
200,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Kingkaew Chalermthai
No. 4496
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
816,793,945 |
354,087,328 |
|
Trade Accounts Receivable |
1,061,840,274 |
1,131,981,241 |
|
Trade Accounts
Receivable-Related Company |
288,897,055 |
273,161,734 |
|
Short-term Loans to Related
Company |
30,280,000 |
- |
|
Inventories |
483,080,294 |
468,749,737 |
|
Other Current Assets
|
83,743,046 |
65,913,136 |
|
Total Current
Assets |
2,764,634,614 |
2,293,893,176 |
|
|
|
|
|
Investment in Subsidiaries |
15,249,750 |
- |
|
Fixed Assets |
684,530,658 |
758,379,529 |
|
Intangible Assets |
6,521,161 |
5,069,593 |
|
Other Assets |
5,187,930 |
5,973,346 |
|
Total Assets
|
3,476,124,113 |
3,063,315,644 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
643,596,095 |
573,537,887 |
|
Trade Accounts Payable-Related Company |
24,195,139 |
32,730,112 |
|
Other Payable - Related Company |
128,597,083 |
136,771,321 |
|
Other Current Liabilities |
|
|
|
Accrued Income Tax |
188,387,713 |
183,574,850 |
|
Accrued Expenses |
1,091,842,031 |
898,618,851 |
|
Estimated Short-term
Liabilities |
236,565,951 |
182,749,586 |
|
Others |
15,969,135 |
15,508,665 |
|
Total Current
Liabilities |
2,329,153,147 |
2,023,491,272 |
|
Total Liabilities |
2,329,153,147 |
2,023,491,272 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 500
value Authorized &
issued share capital 200,000
shares |
100,000,000 |
100,000,000 |
|
Capital Paid |
100,000,000 |
100,000,000 |
|
Statutory Reserve |
10,000,000 |
10,000,000 |
|
Retained Earning -
Unappropriated |
1,036,970,966 |
929,824,372 |
|
Total
Shareholders' Equity |
1,146,970,966 |
1,039,824,372 |
|
Total
Liabilities & Shareholders' Equity |
3,476,124,113 |
3,063,315,644 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
6,808,324,507 |
6,205,319,976 |
|
Income from Sales
to Related Company |
1,231,199,550 |
1,312,466,285 |
|
Other Income |
60,454,409 |
85,877,094 |
|
Total Sales
|
8,099,978,466 |
7,603,663,355 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,245,557,487 |
3,118,469,033 |
|
Selling Expenses |
3,774,536,627 |
3,497,087,641 |
|
Administrative Expenses |
233,425,785 |
262,803,538 |
|
Total Expenses |
7,253,519,899 |
6,878,360,212 |
|
Profit before Financial Expenses &
Income Tax |
846,458,567 |
725,303,143 |
|
Financial Expenses |
[1,787] |
[4,453,479] |
|
Profit before Income Tax |
846,456,780 |
720,849,664 |
|
Income Tax |
[291,070,186] |
[272,609,100] |
|
Net Profit / [Loss] |
555,386,594 |
448,240,564 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.19 |
1.13 |
|
QUICK RATIO |
TIMES |
0.94 |
0.87 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
11.74 |
9.91 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.31 |
2.45 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
54.33 |
54.86 |
|
INVENTORY TURNOVER |
TIMES |
6.72 |
6.65 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
48.21 |
54.96 |
|
RECEIVABLES TURNOVER |
TIMES |
7.57 |
6.64 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
72.38 |
67.13 |
|
CASH CONVERSION CYCLE |
DAYS |
30.16 |
42.69 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
40.37 |
41.48 |
|
SELLING & ADMINISTRATION |
% |
49.85 |
50.01 |
|
INTEREST |
% |
0.00 |
0.06 |
|
GROSS PROFIT MARGIN |
% |
60.38 |
59.66 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
10.53 |
9.65 |
|
NET PROFIT MARGIN |
% |
6.91 |
5.96 |
|
RETURN ON EQUITY |
% |
48.42 |
43.11 |
|
RETURN ON ASSET |
% |
15.98 |
14.63 |
|
EARNING PER SHARE |
BAHT |
2,776.93 |
2,241.20 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.67 |
0.66 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.03 |
1.95 |
|
TIME INTEREST EARNED |
TIMES |
473,675.75 |
162.86 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
6.94 |
|
|
OPERATING PROFIT |
% |
16.70 |
|
|
NET PROFIT |
% |
23.90 |
|
|
FIXED ASSETS |
% |
(9.74) |
|
|
TOTAL ASSETS |
% |
13.48 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
60.38 |
Impressive |
Industrial
Average |
36.06 |
|
Net Profit Margin |
6.91 |
Impressive |
Industrial
Average |
(14.71) |
|
Return on Assets |
15.98 |
Impressive |
Industrial
Average |
(4.49) |
|
Return on Equity |
48.42 |
Impressive |
Industrial
Average |
(10.01) |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 60.38%. 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 6.91%,
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
15.98%, 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 48.42%, 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 Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.19 |
Deteriorated |
Industrial Average |
34.76 |
|
Quick Ratio |
0.94 |
|
|
|
|
Cash Conversion Cycle |
30.16 |
|
|
|
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 1.19 times in 2010, increased from 1.13 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 0.94 times in 2010,
increased from 0.87 times, by excluding inventory, the company may have
problems meeting current liabilities.
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 31 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.67 |
Impressive |
Industrial
Average |
0.69 |
|
Debt to Equity Ratio |
2.03 |
Risky |
Industrial
Average |
1.09 |
|
Times Interest Earned |
473,675.75 |
Impressive |
Industrial
Average |
2,540.39 |
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 473675.76 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 0.67 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 |
11.74 |
Deteriorated |
Industrial
Average |
1,982.66 |
|
Total Assets Turnover |
2.31 |
Impressive |
Industrial
Average |
1.20 |
|
Inventory Conversion Period |
54.33 |
|
|
|
|
Inventory Turnover |
6.72 |
Satisfactory |
Industrial
Average |
7.37 |
|
Receivables Conversion Period |
48.21 |
|
|
|
|
Receivables Turnover |
7.57 |
Acceptable |
Industrial
Average |
11.29 |
|
Payables Conversion Period |
72.38 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.13 |
|
UK Pound |
1 |
Rs.77.85 |
|
Euro |
1 |
Rs.64.78 |
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.