MIRA
INFORM REPORT
|
Report Date : |
30.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
FPT
FOOD PROCESS TECHNOLOGY CO.,
LTD. |
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Registered Office : |
64 Moo 2,
Soi Wat |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
16.04.2004 |
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Com. Reg. No.: |
0105547052697 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, distributor and re-exporter of food machinery and equipment |
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No. of Employees : |
53 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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) |
|
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B1 |
B1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
FPT FOOD PROCESS TECHNOLOGY CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 64
MOO 2, SOI
WAT NAM DAENG,
SRINAKARIN ROAD,
BANGKAEW,
BANGPLEE, SAMUTPRAKARN
10540
TELEPHONE : [66] 2753-7794-6,
081 927-4346
FAX :
[66] 2753-7791
E-MAIL
ADDRESS : allfpt@fpt-asia.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0105547052697
TAX
ID NO. : 3031328396
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
FOREIGN :
49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. AXEL ARRAS,
GERMAN
MANAGING DIRECTOR
NO.
OF STAFF : 53
LINES
OF BUSINESS : FOOD
MACHINERY AND EQUIPMENT
IMPORTER, DISTRIBUTOR
AND RE-EXPORTER
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 April 16, 2004 as
a private limited
company under the name
style FPT FOOD
PROCESS TECHNOLOGY CO.,
LTD., by Thai
and foreign groups,
with the business
objective to provide
complete solutions, machines,
service and technology
for food industry
of both domestic
and international markets.
It currently employs
53 staff.
The
subject’s registered address
is 64 Moo 2,
Soi Wat Nam
Daeng, Srinakarin Rd.,
Bangkaew, Bangplee, Samutprakarn
10540, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Axel Arras |
|
German |
44 |
AUTHORIZED PERSON
Only of the
above director can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Axel Arras is
the Managing Director.
He is German
nationality with the
age of 44
years old.
Mr. Thanaipong Tangrojanakajorn is
the Office Manager.
He is Thai
nationality.
Mr. Luedej is the
Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and re-exporting
complete range of
food machinery and
equipment, including packaging
solution, thermoformer [packaging machine],
tray sealer, chamber
machine, frozen and
fresh cutting equipment
[for frozen and
fresh meat cutting, jam and
fruit juice production, pet food, candy
and confectionery, convenience and ready meal industry], multi purpose dicer,
slicing and portioning
machines [for meat, sausage
and cheese industry],
marinating, mixing and
massaging machines, etc.,
as well as
providing of after
sales services.
MAJOR BRAND
“HENNEKEN”, “FESSMANN”, “MULTIVAC”,
“BAADER”, “MAGURIT”, “WEBER”,
“VAKONA”, “SCHRODER” and etc.
IMPORT
100%
of the products
is imported from
Germany, Denmark and
United States of
America.
MAJOR SUPPLIERS
Tipper
Tie Technopack GmbH. : Germany
Wolf - Tec
Inc. : United
States of America
SFK
Systems A/S : Denmark
Fessmann
GmbH. : Germany
Linco
Food System GmbH. : Germany
SALES
Most of the
products are sold
locally by wholesale
to dealers and
manufacturers, the remaining
is re-exported to
Vietnam.
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.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
The subject’s banker
was not disclosed.
EMPLOYMENT
The
subject employs 53 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
and showroom at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
Overall food industry
environment remains prosperous. This will create a full benefit
to the company as there are ample opportunities to pursue the business. The
subject reported an
increase in sales
revenue in the
first quarter of 2012
from effective market
expansion in the past
year, and it is optimistic
that its sales
would grow subsequently
throughout the year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Axel Arras Nationality: German Address : 138
Sukhumvit Rd., Klongtoey,
Bangkok |
8,800 |
44.00 |
|
Mr. Surat Panichbhakdi Nationality: Thai Address : 263/3
Rama 3 Rd.,
Bangkorlaem, Bangkok |
8,000 |
40.00 |
|
Mr. Koor Kok Beng Nationality: Singaporean Address : 138
Sukhumvit Rd., Klongtoey,
Bangkok |
1,000 |
5.00 |
|
Ms. Bualoy Yoha Nationality: Thai Address : 16/1
Moo 7, Taboh,
Muang, Petchabun |
1,000 |
5.00 |
|
Ms. Pattama Pholdee Nationality: Thai Address : 19/478
Sukhumvit Rd., Klongtoeynua,
Wattana, Bangkok |
400 |
2.00 |
|
Mrs. Somporn Schreiber Nationality: Thai Address : 21
Moo 8, Suthep,
Muang, Chiengmai |
400 |
2.00 |
|
|
|
|
|
Mrs. Suprai Dingelsteine Nationality: Thai Address : 269
Moo 4, Maehoyngern, Doi-saked, Chiengmai |
400 |
2.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
10,200 |
51.00 |
|
Foreign |
2 |
9,800 |
49.00 |
|
Total |
7 |
20,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.:
Mr. Panya Thanhakanjanakul No. 7342
Note:
The 2011 financial
statement was not
available during the current
investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
4,727,529.00 |
2,751,399.03 |
|
Short-term Investment |
80,792.00 |
80,000.00 |
|
Trade Accounts & Notes Receivable |
26,088,053.33 |
19,361,953.72 |
|
Inventories |
40,678,503.89 |
39,357,283.68 |
|
Other Current Assets
|
16,338,773.37 |
1,564,002.11 |
|
|
|
|
|
Total Current Assets
|
87,913,651.59 |
63,114,638.54 |
|
|
|
|
|
Fixed Assets |
4,769,803.52 |
5,335,736.32 |
|
Intangible Assets |
46,375.65 |
43,128.69 |
|
Other Assets |
36,329.69 |
36,329.69 |
|
Total Assets |
92,766,160.45 |
68,529,833.24 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts & Notes
Payable |
77,305,968.29 |
54,814,658.64 |
|
Current Portion of Financial
Lease Contract Payable |
716,628.00 |
451,380.00 |
|
Other Current Liabilities |
6,035,930.88 |
2,226,752.36 |
|
|
|
|
|
Total Current Liabilities |
84,058,527.17 |
57,492,791.00 |
|
Long-term Loan from Related Person |
4,498,184.71 |
8,320,547.91 |
|
Financial Lease Contract
Payable, net |
881,792.94 |
779,160.00 |
|
Total Liabilities |
89,438,504.82 |
66,592,498.91 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
|
|
|
|
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning - Unappropriated |
1,327,655.63 |
[62,665.67] |
|
Total Shareholders' Equity |
3,327,655.63 |
1,937,334.33 |
|
Total Liabilities &
Shareholders' Equity |
92,766,160.45 |
68,529,833.24 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales & Services
|
190,771,495.69 |
90,874,922.43 |
|
Gain on Exchange Rate |
2,936,463.70 |
- |
|
Other Income |
5,068,567.21 |
60,622.46 |
|
Total Revenues |
198,776,526.60 |
90,935,544.89 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
157,696,514.72 |
67,297,111.74 |
|
Selling Expenses |
8,350,625.09 |
6,472,567.16 |
|
Administrative Expenses |
30,629,840.28 |
15,908,638.31 |
|
Total Expenses |
196,676,980.09 |
89,678,317.21 |
|
|
|
|
|
Profit / Loss] before financial
Cost & Income Tax |
2,099,546.51 |
1,257,227.68 |
|
Financial Cost |
[5,046.75] |
[1,593.93] |
|
Income Tax |
[704,178.46] |
[281,155.10] |
|
Net Profit / [Loss] |
1,390,321.30 |
974,478.65 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.05 |
1.10 |
|
QUICK RATIO |
TIMES |
0.37 |
0.39 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
40.00 |
17.03 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.06 |
1.33 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
94.15 |
213.46 |
|
INVENTORY TURNOVER |
TIMES |
3.88 |
1.71 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
49.91 |
77.77 |
|
RECEIVABLES TURNOVER |
TIMES |
7.31 |
4.69 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
178.93 |
297.30 |
|
CASH CONVERSION CYCLE |
DAYS |
(34.86) |
(6.07) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
82.66 |
74.05 |
|
SELLING & ADMINISTRATION |
% |
20.43 |
24.63 |
|
INTEREST |
% |
0.00 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
21.53 |
26.01 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.10 |
1.38 |
|
NET PROFIT MARGIN |
% |
0.73 |
1.07 |
|
RETURN ON EQUITY |
% |
41.78 |
50.30 |
|
RETURN ON ASSET |
% |
1.50 |
1.42 |
|
EARNING PER SHARE |
BAHT |
69.52 |
48.72 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.96 |
0.97 |
|
DEBT TO EQUITY RATIO |
TIMES |
26.88 |
34.37 |
|
TIME INTEREST EARNED |
TIMES |
416.02 |
788.76 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
109.93 |
|
|
OPERATING PROFIT |
% |
67.00 |
|
|
NET PROFIT |
% |
42.67 |
|
|
FIXED ASSETS |
% |
(10.61) |
|
|
TOTAL ASSETS |
% |
35.37 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
21.53 |
Impressive |
Industrial Average |
15.43 |
|
Net Profit Margin |
0.73 |
Deteriorated |
Industrial Average |
1.82 |
|
Return on Assets |
1.50 |
Deteriorated |
Industrial Average |
3.57 |
|
Return on Equity |
41.78 |
Impressive |
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. Gross Profit Margin is 21.53%. 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 0.73%.
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 1.5%.
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 41.78%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.05 |
Acceptable |
Industrial Average |
1.59 |
|
Quick Ratio |
0.37 |
|
|
|
|
Cash Conversion Cycle |
(34.86) |
|
|
|
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 1.05 times in 2010, decrease from 1.1 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 0.37 times in 2010,
decrease from 0.39 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 -35 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.96 |
Acceptable |
Industrial Average |
0.62 |
|
Debt to Equity Ratio |
26.88 |
Risky |
Industrial Average |
1.66 |
|
Times Interest Earned |
416.02 |
Impressive |
Industrial Average |
3.17 |
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 416.02 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 0.96 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 |
40.00 |
Impressive |
Industrial Average |
8.14 |
|
Total Assets Turnover |
2.06 |
Impressive |
Industrial Average |
1.96 |
|
Inventory Conversion Period |
94.15 |
|
|
|
|
Inventory Turnover |
3.88 |
Satisfactory |
Industrial Average |
4.37 |
|
Receivables Conversion Period |
49.91 |
|
|
|
|
Receivables Turnover |
7.31 |
Impressive |
Industrial Average |
4.86 |
|
Payables Conversion Period |
178.93 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.31 |
|
UK Pound |
1 |
Rs.88.06 |
|
Euro |
1 |
Rs.70.91 |
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.