MIRA INFORM REPORT
|
Report Date : |
02.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
THAI PEPPER
& SPICE CO.,
LTD. |
|
|
|
|
Registered Office : |
555 Moo
6, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.05.2011 |
|
|
|
|
Date of Incorporation : |
2004 |
|
|
|
|
Com. Reg. No.: |
0115547006547 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Importer, Distributor and Exporter Spice Products |
|
|
|
|
No. of Employees : |
40 |
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 : |
Slow but correct |
|
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
THAI
PEPPER & SPICE
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 555
MOO 6, SUKHUMVIT
ROAD, T. BANGPOOMAI,
A.
MUANG, SAMUTPRAKARN 10280,
THAILAND
TELEPHONE : [66] 2710-6077,
2710-6078
FAX :
[66] 2709-5280,
2709-5073
E-MAIL
ADDRESS : info@thaipepperandspice.com
sales@thaipepperandspice.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION
NO. : 0115547006547
TAX
ID NO. : 3031432666
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : MAY
31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PEERAYOS TAYARTSUWAN,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 40
LINES
OF BUSINESS : SPICE
PRODUCTS
MANUFACTURER, IMPORTER,
DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on June 28,
2004 as a private limited
company under the registered
name THAI PEPPER & SPICE CO.,
LTD., by Thai groups,
with the business
objective to manufacture,
import, distribute and
export of spice
products to both
domestic and international
markets. It currently
employs approximate 40
staff.
The
subject’s registered address
is 555 Moo
6, Sukhumvit Rd.,
T. Bangpoomai,
A. Muang,
Samutprakarn 10280, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
Mr. Peerayos [Wuthichai] Tayartsuwan
Note:
Mr. Peerayos Tayartsuwan changed
his name from
Mr. Wuthichai Tayartsuwan
on July 14,
2009.
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Peerayos Tayartsuwan is
the Managing Director.
He is Thai
nationality with the
age of 33
years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, distributing and
exporting of Thai
spice products, specialized
in cinnamon stick,
powder and ground
types, as well
as importing and
distributing various kinds
of spice products,
such as white & black pepper,
star aniseed, clove,
cinnamon, cardamom, nutmeg,
mace, Chuang Chia,
coriander, galangal, garlic,
curry powder and etc.
PURCHASE
The
products are purchased
from suppliers both
domestic and overseas,
mainly in Republic
of China, India
and Indonesia.
SALES
Most of the international
products are sold
locally to wholesalers
and end-users, the
remaining, as well
as Thai spice
products are exported
to Laos, India,
Indonesia, Malaysia, Republic
of China and
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
according to 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 currently employs
approximately 40 office
staff and factory
workers.
LOCATION
DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in industrial
area.
COMMENT
Sales
of products which are
related to food
industry are being
well with strong
demand from local
consumption including food industry, restaurant
and household users.
The
subject is doing
good business and
expanding steadily.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
September 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Peerayos Tayartsuwan Nationality: Thai Address : 555
Moo 6, T. Bangpoomai, A. Muang,
Samutprakarn |
6,900 |
69.00 |
|
Ms. Chat-anong Praditkijkul Nationality: Thai Address : 571
Soi Lasalle 24,
Bangna, Bangkok |
3,000 |
30.00 |
|
Ms. Chantarapim Tayartsuwan Nationality: Thai Address : 555
Moo 6, T. Bangpoomai, A. Muang,
Samutprakarn |
100 |
1.00 |
Total Shareholders : 3
Share Structure [as
at September 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Jidapa Sharingsuk No.
5491
BALANCE SHEET [BAHT]
The
latest financial figures
published for May
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
3,430,696.60 |
1,983,206.57 |
|
Trade Accounts Receivable
|
1,712,644.40 |
1,932,921.40 |
|
Inventories |
3,893,613.60 |
1,732,556.10 |
|
Other Current Assets
|
159,732.90 |
974,772.36 |
|
|
|
|
|
Total Current Assets
|
9,196,687.50 |
6,623,456.43 |
|
|
|
|
|
Fixed Assets |
2,069,893.55 |
839,054.61 |
|
Other Non-current Assets |
12,000.00 |
12,000.00 |
|
Total Assets |
11,278,581.05 |
7,474,511.04 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
170,600.00 |
686,244.00 |
|
Current Portion of Long-term
Loans |
242,628.00 |
- |
|
Other Current Liabilities |
66,002.72 |
124,879.96 |
|
|
|
|
|
Total Current Liabilities |
479,230.72 |
811,123.96 |
|
Long-term Liabilities, Net
of Current Portion |
667,227.00 |
- |
|
Long-term Loan from Related Person
|
7,000,000.00 |
3,400,000.00 |
|
Total Liabilities |
8,146,457.72 |
4,211,123.96 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning - Unappropriated |
2,132,123.33 |
2,263,387.08 |
|
Total Shareholders' Equity |
3,132,123.33 |
3,263,387.08 |
|
Total Liabilities & Shareholders' Equity |
11,278,581.05 |
7,474,511.04 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
19,735,989.10 |
15,856,024.45 |
|
Other Income |
72,761.67 |
25,587.55 |
|
Total Revenues |
19,808,750.77 |
15,881,612.00 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
15,484,862.07 |
12,407,843.56 |
|
Selling Expenses |
92,164.04 |
159,304.35 |
|
Administrative Expenses |
4,189,195.46 |
2,894,111.01 |
|
Total Expenses |
19,766,221.57 |
15,461,258.92 |
|
|
|
|
|
Profit / Loss] before Financial Costs & Income Tax |
42,529.20 |
420,353.08 |
|
Financial Costs |
[17,937.70] |
[23,114.56] |
|
|
|
|
|
Profit / [Loss] before Income Tax |
24,591.50 |
397,238.52 |
|
Income Tax |
[64,962.10] |
[121,090.86] |
|
Net Profit / [Loss] |
[40,370.60] |
276,147.66 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
19.19 |
8.17 |
|
QUICK RATIO |
TIMES |
10.73 |
4.83 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
9.53 |
18.90 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.75 |
2.12 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
91.78 |
50.97 |
|
INVENTORY TURNOVER |
TIMES |
3.98 |
7.16 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
31.67 |
44.50 |
|
RECEIVABLES TURNOVER |
TIMES |
11.52 |
8.20 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
4.02 |
20.19 |
|
CASH CONVERSION CYCLE |
DAYS |
119.43 |
75.27 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
78.46 |
78.25 |
|
SELLING & ADMINISTRATION |
% |
21.69 |
19.26 |
|
INTEREST |
% |
0.09 |
0.15 |
|
GROSS PROFIT MARGIN |
% |
21.91 |
21.91 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.22 |
2.65 |
|
NET PROFIT MARGIN |
% |
(0.20) |
1.74 |
|
RETURN ON EQUITY |
% |
(1.29) |
8.46 |
|
RETURN ON ASSET |
% |
(0.36) |
3.69 |
|
EARNING PER SHARE |
BAHT |
(4.04) |
27.61 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.72 |
0.56 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.60 |
1.29 |
|
TIME INTEREST EARNED |
TIMES |
2.37 |
18.19 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
24.47 |
|
|
OPERATING PROFIT |
% |
(89.88) |
|
|
NET PROFIT |
% |
(114.62) |
|
|
FIXED ASSETS |
% |
146.69 |
|
|
TOTAL ASSETS |
% |
50.89 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
21.91 |
Impressive |
Industrial
Average |
16.66 |
|
Net Profit Margin |
(0.20) |
Deteriorated |
Industrial
Average |
(2.08) |
|
Return on Assets |
(0.36) |
Deteriorated |
Industrial
Average |
(1.73) |
|
Return on Equity |
(1.29) |
Deteriorated |
Industrial
Average |
(10.79) |
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 21.91%. 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 -0.2%,
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 -0.36%, 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 -1.29%, 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 |
19.19 |
Impressive |
Industrial
Average |
1.17 |
|
Quick Ratio |
10.73 |
|
|
|
|
Cash Conversion Cycle |
119.43 |
|
|
|
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 19.19 times in 2011, increased from 8.17 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 10.73 times in 2011,
increased from 4.83 times, although excluding inventory so the company still
have good short-term financial strength.
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 120 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.72 |
Acceptable |
Industrial
Average |
0.38 |
|
Debt to Equity Ratio |
2.60 |
Acceptable |
Industrial
Average |
3.40 |
|
Times Interest Earned |
2.37 |
Impressive |
Industrial
Average |
(0.13) |
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 2.38 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 0.72 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
9.53 |
Impressive |
Industrial
Average |
1.42 |
|
Total Assets Turnover |
1.75 |
Impressive |
Industrial
Average |
1.13 |
|
Inventory Conversion Period |
91.78 |
|
|
|
|
Inventory Turnover |
3.98 |
Satisfactory |
Industrial
Average |
5.09 |
|
Receivables Conversion Period |
31.67 |
|
|
|
|
Receivables Turnover |
11.52 |
Impressive |
Industrial
Average |
3.28 |
|
Payables Conversion Period |
4.02 |
|
|
|
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.78 |
|
|
1 |
Rs.85.16 |
|
Euro |
1 |
Rs.67.78 |
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.