MIRA
INFORM REPORT
|
Report Date : |
13.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
NUTRIX
PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
55 Moo 14,
Soi Bangchan Industrial Estate, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
05.10.1988 |
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Com. Reg. No.: |
0107546000199 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
manufacture contractor of pet foods and pet snacks |
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No. of Employees : |
280 |
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 – 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
NUTRIX PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 55
MOO 14, SOI
BANGCHAN INDUSTRIAL
ESTATE, SERITHAI
ROAD, MINBURI,
BANGKOK 10510,
THAILAND
TELEPHONE : [66] 2919-8780-4,
2517-9983-5
FAX
: [66] 2517-4404
E-MAIL
ADDRESS : info@nutrix.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1988
REGISTRATION
NO. : 0107546000199
TAX
ID NO. : 3101564266
CAPITAL REGISTERED : BHT. 91,773,500
CAPITAL PAID-UP : BHT.
80,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. PONGRAK CHINDASOMBATCHAROEN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 280
LINES
OF BUSINESS : PET
FOODS AND PET
SNACKS MANUFACTURE CONTRACTOR
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 October 5,
1988, as a
private limited company under
the initially registered
name “Thai Vet
Feeds Co., Ltd.” Reg. No. 0105531079051, by
Thai groups, with the business
objective to provide
manufacturing service of
pet foods and
pet snacks to
both domestic and
international markets. On
July 30, 2003,
its status was
converted to a public
limited company, named
NUTRIX PUBLIC COMPANY
LIMITED. It currently
employs approximate 280
staff.
The
subject’s registered address
is 55 Moo 14, Soi Bangchan
Industrial Estate, Serithai
Rd., Minburi, Bangkok
10510, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Charn Srivikorn |
|
Thai |
51 |
|
Mr. Pongrak Chindasombatcharoen |
[x] |
Thai |
51 |
|
Mr. Kraisorn Pongphan |
|
Thai |
62 |
|
Mr. Pongsapak
Chindasombatcharoen |
[x] |
Thai |
21 |
|
Mr. Paradorn Vilaikul |
|
Thai |
48 |
|
Mr. Fahfuen Tembunyakiat |
|
Thai |
52 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can jointly sign
with anyone of
the rest directors
on behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Pongrak Chindasombatcharoen is
the Managing Director.
He is Thai
nationality with the
age of 51 years
old.
Mr. Vichit Krupanyamas is
the Factory Manager.
He is Thai
nationality.
Mr. Somkiat Sanitvorapol is
the Sales & Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
contracted manufacturing of
pet foods and
pet snacks, mainly
for cat, fish,
bird, rabbit and
hamster, under customer’s
own brands, such
as “JACKY”, “RUNNER”
and others.
PRODUCTION CAPACITY
48,000 metric
tons per annum
PURCHASE
80% of ingredients,
chemicals and nutrition
products are imported
from Japan, Australia,
Republic of China,
Germany, India and
Hong Kong, and
the remaining 20%
is purchased from
local supplier.
SALES
The products have
been served to
both local and
international markets, mainly
Japan, Australia, Hong
Kong and New
Zealand.
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
T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
280 office staff
and factory workers.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in industrial area.
Factory
and warehouse are
located at 32/1
Moo 9, Suwintawong
Rd.,
T. Klongnakornnuengkhet, A. Muang,
Chachoengsao 24000.
Tel.:
[66] 38 593-116-9, 38
847-699-703, Fax: [66]
38 593-119.
COMMENT
The
company is the
leading in manufacturing
of nutritional foods
and snack for
pets, such as
cat, bird, fish and etc.
Its products have
been served both
domestic and international
markets. In 1988
Japan is the
first international market
that the products
were shipped to.
Well performance and
quality products have
enabled the subject to be
named as one of
the most popular pet foods
and snacks in
overseas markets.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 16,000,000
divided into 160,000
shares of Bht.
100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 26,000,000
on June 22,
1998
Bht. 32,000,000
on July 8,
2003
The
latest registered capital
was increased to
Bht. 91,773,500 divided into
917,735 shares of
Bht. 100 each with
80,000,000 Baht paid-up.
MAIN
SHAREHOLDERS : [as at
April 25, 2012]
at Bht. 80
million of capital
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pongrak Chindasombatcharoen Nationality: Thai Address : 7/72
Vacharapol Rd., Tharaeng,
Bangkhen, Bangkok |
39,199,990 |
49.00 |
|
Gaysorn Private Equity
Co., Ltd. Nationality: Thai Address : 999
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok |
36,799,997 |
46.00 |
|
Mr. Charn Srivikorn Nationality: Thai Address : 24
Sukhumvit 18 Rd., Klongtoey,
Bangkok |
4,000,000 |
5.00 |
|
Others |
13 |
- |
Total Shareholders : 16
Share Structure [as
at April 25,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
16 |
80,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
16 |
80,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Suvimol Kritayakian No.
2982
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
2,485,665.00 |
14,075,012.90 |
|
Trade Accounts & Other Receivable |
133,208,718.63 |
108,926,802.13 |
|
Short-term Lending |
4,000,000.00 |
- |
|
Inventories |
99,641,349.61 |
85,742,755.64 |
|
Revenue Department Receivable |
2,636,249.64 |
2,196,395.36 |
|
Other Current Assets
|
346,391.36 |
333,021.22 |
|
|
|
|
|
Total Current Assets
|
242,318,374.24 |
211,273,987.25 |
|
Investment in Associated
Company |
14,820,000.00 |
- |
|
Investment in Subsidiaries |
99,300.00 |
99,300.00 |
|
Long-term Lending |
1,921,400.00 |
302,575.00 |
|
Trade Accounts Receivable -
Installment |
630,997.23 |
1,732,154.78 |
|
Fixed Assets |
204,225,512.35 |
220,607,823.50 |
|
Land Held for use in the Future |
43,738,706.90 |
43,738,706.90 |
|
Intangible Assets |
993,564.86 |
406,677.46 |
|
Other Assets |
125,703.74 |
123,203.74 |
|
Total Assets |
508,873,559.32 |
478,284,428.63 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institutions |
183,259,853.34 |
177,084,145.02 |
|
Trade Accounts & Other
Payable |
98,056,173.50 |
87,505,278.26 |
|
Current Portion of Long-term
Liabilities |
21,710,959.36 |
28,776,580.98 |
|
Accrued Income Tax |
15,233,799.13 |
6,237,234.05 |
|
Other Current Liabilities |
1,052,510.69 |
1,184,591.01 |
|
|
|
|
|
Total Current Liabilities |
319,313,296.02 |
300,787,829.32 |
|
Financial Lease Contract Liabilities |
137,855.45 |
348,814.80 |
|
Long-term Loan |
20,000,000.00 |
26,500,000.00 |
|
Reserve for Employee’s Benefit |
2,215,260.10 |
- |
|
Total Liabilities |
341,666,411.57 |
327,636,644.12 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1
value Authorized &
issued share capital
91,773,500 shares |
91,773,500.00 |
91,773,500.00 |
|
|
|
|
|
Capital Paid |
80,000,000.00 |
80,000,000.00 |
|
Retained Earning |
|
|
|
Appropriated for Statutory
Reserve |
9,177,350.00 |
9,177,350.00 |
|
Unappropriated |
56,700,697.75 |
40,141,334.51 |
|
Other Components of
Shareholders’ Equity |
21,329,100.00 |
21,329,100.00 |
|
Total Shareholders' Equity |
167,207,147.75 |
150,647,784.51 |
|
Total Liabilities & Shareholders' Equity |
508,873,559.32 |
478,284,428.63 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
1,230,056,212.66 |
1,098,431,481.54 |
|
Other Income |
4,121,096.18 |
7,474,814.48 |
|
Total Revenues |
1,234,177,308.84 |
1,105,906,296.02 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,051,680,190.09 |
951,722,515.54 |
|
Selling Expenses |
49,125,238.17 |
55,207,882.93 |
|
Administrative Expenses |
42,342,684.19 |
34,671,019.14 |
|
Director’s Remuneration |
2,880,000.00 |
2,880,000.00 |
|
Cost of Financial |
10,339,680.06 |
9,157,157.78 |
|
Total Expenses |
1,156,367,792.51 |
1,053,638,575.39 |
|
|
|
|
|
Profit before Income Tax |
77,809,516.33 |
52,267,720.63 |
|
Income Tax |
[24,450,153.09] |
[14,810,728.43] |
|
Net Profit / [Loss] |
53,359,363.24 |
37,456,992.20 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.76 |
0.70 |
|
QUICK RATIO |
TIMES |
0.44 |
0.41 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.02 |
4.98 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.42 |
2.30 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
34.58 |
32.88 |
|
INVENTORY TURNOVER |
TIMES |
10.55 |
11.10 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
39.53 |
36.20 |
|
RECEIVABLES TURNOVER |
TIMES |
9.23 |
10.08 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
34.03 |
33.56 |
|
CASH CONVERSION CYCLE |
DAYS |
40.08 |
35.52 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
85.50 |
86.64 |
|
SELLING & ADMINISTRATION |
% |
7.44 |
8.18 |
|
INTEREST |
% |
0.84 |
0.83 |
|
GROSS PROFIT MARGIN |
% |
14.84 |
14.04 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.33 |
4.76 |
|
NET PROFIT MARGIN |
% |
4.34 |
3.41 |
|
RETURN ON EQUITY |
% |
31.91 |
24.86 |
|
RETURN ON ASSET |
% |
10.49 |
7.83 |
|
EARNING PER SHARE |
BAHT |
0.67 |
0.47 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.67 |
0.69 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.04 |
2.17 |
|
TIME INTEREST EARNED |
TIMES |
7.53 |
5.71 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
11.98 |
|
|
OPERATING PROFIT |
% |
48.87 |
|
|
NET PROFIT |
% |
42.46 |
|
|
FIXED ASSETS |
% |
(7.43) |
|
|
TOTAL ASSETS |
% |
6.40 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
14.84 |
Satisfactory |
Industrial
Average |
17.01 |
|
Net Profit Margin |
4.34 |
Impressive |
Industrial
Average |
(0.12) |
|
Return on Assets |
10.49 |
Impressive |
Industrial
Average |
0.96 |
|
Return on Equity |
31.91 |
Impressive |
Industrial
Average |
5.26 |
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 14.84%. 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 4.34%,
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
10.49%, 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 31.91%, 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 |
0.76 |
Risky |
Industrial
Average |
34.64 |
|
Quick Ratio |
0.44 |
|
|
|
|
Cash Conversion Cycle |
40.08 |
|
|
|
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 0.76 times in 2011, increased from 0.7 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 0.44 times in 2011,
increased from 0.41 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 41 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.67 |
Acceptable |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
2.04 |
Risky |
Industrial
Average |
1.73 |
|
Times Interest Earned |
7.53 |
Acceptable |
Industrial
Average |
12.20 |
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 7.53 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.02 |
Deteriorated |
Industrial
Average |
32.81 |
|
Total Assets Turnover |
2.42 |
Acceptable |
Industrial
Average |
3.65 |
|
Inventory Conversion Period |
34.58 |
|
|
|
|
Inventory Turnover |
10.55 |
Deteriorated |
Industrial
Average |
40.02 |
|
Receivables Conversion Period |
39.53 |
|
|
|
|
Receivables Turnover |
9.23 |
Deteriorated |
Industrial
Average |
25.38 |
|
Payables Conversion Period |
34.03 |
|
|
|
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.55.70 |
|
UK Pound |
1 |
Rs.86.28 |
|
Euro |
1 |
Rs.68.15 |
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.