MIRA INFORM REPORT
|
Report Date : |
28.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHAREONWATANA
CO., LTD. |
|
|
|
|
Registered Office : |
839-841 Songwad Road, Chakrawad, Samphantawong, Bangkok 10100 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
27.01.1951 |
|
|
|
|
Com. Reg. No.: |
0105494000230 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer,
Distributor and exporter
of agricultural products |
|
|
|
|
No. of Employees
: |
24 |
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 : |
Satisfactory |
|
|
|
|
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
CHAREONWATANA CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 839-841 SONGWAD
ROAD, CHAKRAWAD,
SAMPHANTAWONG, BANGKOK 10100, THAILAND
TELEPHONE : [66] 2224-6381,
2224-7409-10, 2225-4090, 81
681-9712
FAX :
[66] 2224-6382,
2225-5516
E-MAIL
ADDRESS : dhanate@charoen-watana.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1951
REGISTRATION
NO. : 0105494000230
CAPITAL REGISTERED : BHT.
1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
THANES LIMPUANGTHIP, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 24
LINES
OF BUSINESS : AGRICULTURAL PRODUCTS
IMPORTER, DISTRIBUTOR
AND EXPORTOR
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 January 27, 1951
as a private
limited company under
the name style CHAREONWATANA CO., LTD., by Thai groups, with the business objective
to operate an agricultural
products trading. It currently employs
24 staff.
The
subject’s registered address
is 839-841 Songwad
Rd., Chakrawad,
Samphantawong, Bangkok 10100,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Amorn Nopporn |
|
Thai |
79 |
|
Mrs. Usanee Siritho |
|
Thai |
50 |
|
Mr. Thanes Limpuangthip |
|
Thai |
38 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Thanes Limpuangthip is
the Managing Director.
He is Thai
nationality with the
age of 38
years old.
Mrs. Usanee Siritho
is the Assistant
Managing Director.
She is Thai
nationality with the
age of 50
years old.
BUSINESS OPERATIONS
The subject is engaged
in importing, distributing, exporting
and re-exporting various
kinds of agricultural products,
such as beans,
spices, dried seafoods,
dried fruits, pepper,
pearl barley, capsicum,
herbs, malt grains, sweet
pepper, squids, shellfish,
dried seaweed, dried white
jelly fungus, cereals,
chili paste, wheat flour,
tapioca flour and etc.
PURCHASE
Most
of the products
are imported from
Republic of China,
Singapore, Japan, France,
Malaysia, Indonesia, Taiwan,
Hong Kong, Canada
and India, and
the rest is
purchased from local
suppliers.
SALES [LOCAL]
90%
of its products
is exported and
re-exported to Hong Kong,
Japan, Korea, Taiwan, Malaysia,
Laos, Vietnam, Singapore,
United States of America,
and European countries,
the remaining 10%
is sold locally
to wholesalers.
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
Bangkok Bank
Public Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok 10500]
United Oversea
Bank [Thai] Public
Co., Ltd.
[Head Office :
191 South Sathorn
Rd., Sathorn, Bangkok
10120]
EMPLOYMENT
The
subject employs 24
staff [office and
sales staff].
LOCATION
DETAILS
The premise
is rented for administrative office
and warehouse in a 3
storey building of 2 row
shop houses at the
heading address. Premise is
located in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
1,000,000.
COMMENT
The subject has been in
the business for
sixty years with strong
customers base in domestic
and international.
Subject
reported a slow sales in
2010 caused by economic sluggish.
Nevertheless, subject’s
business remained active
due to agricultural products
are in strong
demand from domestic consumption
and exports.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 1,000
shares of Bht. 1,000 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Thanes Limpuangthip Nationality: Thai Address : 561/2
Thungmahamek, Sathorn, Bangkok |
340 |
34.00 |
|
Mr. Rianthong Limpuangthip Nationality: Thai Address : 139
Nares Rd., Siphya,
Bangrak,
Bangkok 10500 |
230 |
23.00 |
|
Ms. Kamolthorn Nopporn Nationality: Thai Address : 561/2
Suanplu Rd., Thungmahamek,
Yannawa, Bangkok 10120 |
160 |
16.00 |
|
Mrs. Chantra Limpuangthip Nationality: Thai Address : 138
Nares Rd., Siphya,
Bangrak,
Bangkok 10500 |
70 |
7.00 |
|
Mrs. Usanee Siritho Nationality: Thai Address : 1334
Songwad Rd., Samphantawong,
Bangkok 10100 |
60 |
6.00 |
|
Mrs. Malinee Limpuangthip Nationality: Thai Address : 561/2
Suanplu Rd., Thungmahamek,
Yannawa, Bangkok 10120 |
40 |
4.00 |
|
Ms. Duangkamol Limpuangthip Nationality: Thai Address : 561/2
Suanplu Rd., Thungmahamek, Yannawa, Bangkok
10120 |
40 |
4.00 |
|
Ms. Amornrat Limpuangthip Nationality: Thai Address : 561/2
Suanplu Rd., Thungmahamek,
Yannawa, Bangkok 10120 |
40 |
4.00 |
|
Mr. Jinpoo Saetang Nationality: Thai Address : Hong Kong |
20 |
2.00 |
Total Shareholders : 9
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
9 |
1,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
9 |
1,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Sasithorn Ongvisit No.
4954
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash
Equivalents |
483,470.09 |
563,148.45 |
|
Trade Accounts Receivable |
22,552,298.53 |
23,231,237.56 |
|
Inventories |
103,506,790.22 |
93,282,735.03 |
|
Other Current Assets
|
2,569,234.85 |
3,674,923.51 |
|
Total Current Assets
|
129,111,793.69 |
120,752,044.55 |
|
|
|
|
|
Fixed Assets |
1,599,605.08 |
903,941.16 |
|
Total Assets |
130,711,398.77 |
121,655,985.71 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft & Short-term Loan
from Financial Institutions |
40,121,322.74 |
25,650,215.43 |
|
Trade Accounts Payable |
63,108,989.12 |
71,686,473.15 |
|
Other Trade Accounts Payable |
58,779.38 |
- |
|
Accrued Expenses |
863,407.46 |
138,491.67 |
|
Other Current Liabilities |
45,611.15 |
55,288.92 |
|
Total Current Liabilities |
104,198,109.85 |
97,530,469.17 |
|
Total Liabilities |
104,198,109.85 |
97,530,469.17 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 1,000 shares |
1,000,000.00 |
1,000,000.00 |
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning -
Unappropriated |
25,513,288.92 |
23,125,516.54 |
|
Total Shareholders' Equity |
26,513,288.92 |
24,125,516.54 |
|
Total Liabilities & Shareholders' Equity |
130,711,398.77 |
121,655,985.71 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
298,886,333.86 |
304,767,440.72 |
|
Gain on Exchange
Rate |
4,261,684.07 |
4,010,547.44 |
|
Other Income |
297,495.81 |
197,282.38 |
|
Total Sales |
303,445,513.74 |
308,975,270.54 |
|
Expenses |
|
|
|
|
|
|
|
Change in Finished Goods |
[10,224,055.19] |
32,700,358.39 |
|
Purchase of Goods |
299,403,086.27 |
257,094,143.45 |
|
Employees Expenses |
4,071,730.00 |
4,152,793.00 |
|
Depreciation |
454,414.59 |
382,271.98 |
|
Other Expenses |
6,008,290.88 |
10,451,999.48 |
|
Total Expenses |
299,713,466.55 |
304,781,566.30 |
|
Profit / [Loss] before Finance
Cost & Income Tax |
3,732,047.19 |
4,193,704.24 |
|
Finance Cost |
[708,582.10] |
[972,300.26] |
|
Profit / [Loss] before Income Tax |
3,023,465.09 |
3,221,403.98 |
|
Income Tax |
[635,692.71] |
[693,610.51] |
|
Net Profit / [Loss] |
2,387,772.38 |
2,527,793.47 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.24 |
1.24 |
|
QUICK RATIO |
TIMES |
0.22 |
0.24 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
186.85 |
337.15 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.29 |
2.51 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
126.18 |
132.43 |
|
INVENTORY TURNOVER |
TIMES |
2.89 |
2.76 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
27.54 |
27.82 |
|
RECEIVABLES TURNOVER |
TIMES |
13.25 |
13.12 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
76.94 |
101.77 |
|
CASH CONVERSION CYCLE |
DAYS |
76.79 |
58.48 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
100.17 |
84.36 |
|
SELLING & ADMINISTRATION |
% |
(1.91) |
12.22 |
|
INTEREST |
% |
0.24 |
0.32 |
|
GROSS PROFIT MARGIN |
% |
1.35 |
17.02 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.25 |
1.38 |
|
NET PROFIT MARGIN |
% |
0.80 |
0.83 |
|
RETURN ON EQUITY |
% |
9.01 |
10.48 |
|
RETURN ON ASSET |
% |
1.83 |
2.08 |
|
EARNING PER SHARE |
BAHT |
2,387.77 |
2,527.79 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.80 |
0.80 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.93 |
4.04 |
|
TIME INTEREST EARNED |
TIMES |
5.27 |
4.31 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(1.93) |
|
|
OPERATING PROFIT |
% |
(11.01) |
|
|
NET PROFIT |
% |
(5.54) |
|
|
FIXED ASSETS |
% |
76.96 |
|
|
TOTAL ASSETS |
% |
7.44 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
1.35 |
Deteriorated |
Industrial
Average |
19.07 |
|
Net Profit Margin |
0.80 |
Impressive |
Industrial
Average |
(1.78) |
|
Return on Assets |
1.83 |
Impressive |
Industrial
Average |
(0.13) |
|
Return on Equity |
9.01 |
Impressive |
Industrial
Average |
4.39 |
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 1.35%. 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 0.8%, 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
1.83%, 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 9.01%, 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 Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.24 |
Deteriorated |
Industrial Average |
67.42 |
|
Quick Ratio |
0.22 |
|
|
|
|
Cash Conversion Cycle |
76.79 |
|
|
|
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 1.24 times in 2010, equivalent
to 1.24 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 0.22 times in 2010,
decreased from 0.24 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 77 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.80 |
Impressive |
Industrial
Average |
1.11 |
|
Debt to Equity Ratio |
3.93 |
Risky |
Industrial
Average |
1.91 |
|
Times Interest Earned |
5.27 |
Deteriorated |
Industrial
Average |
67.08 |
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 5.27 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 0.8 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 |
186.85 |
Deteriorated |
Industrial
Average |
58,124.19 |
|
Total Assets Turnover |
2.29 |
Acceptable |
Industrial
Average |
3.53 |
|
Inventory Conversion Period |
126.18 |
|
|
|
|
Inventory Turnover |
2.89 |
Deteriorated |
Industrial
Average |
50.74 |
|
Receivables Conversion Period |
27.54 |
|
|
|
|
Receivables Turnover |
13.25 |
Deteriorated |
Industrial
Average |
26.99 |
|
Payables Conversion Period |
76.94 |
|
|
|
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.49.05 |
|
UK Pound |
1 |
Rs.77.78 |
|
Euro |
1 |
Rs.65.89 |
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.