MIRA INFORM REPORT
|
Report Date : |
11.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
THAI
GREAT PRODUCTS CO.,
LTD. |
|
|
|
|
Registered Office : |
339
Moo 2, Putharaksa
Road, T. Taiban,
A. Muang, Samutprakarn 10280 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
11.04.1990 |
|
|
|
|
Com. Reg. No.: |
0105533042210 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter &
Distributor of Dog Chew Toy
& Leather Products |
|
|
|
|
No. of Employees : |
250 employees |
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 – 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 GREAT PRODUCTS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 339
MOO 2, PUTHARAKSA
ROAD, T. TAIBAN,
A. MUANG,
SAMUTPRAKARN 10280, THAILAND
TELEPHONE : [66] 2395-1192,
2703-9146
FAX
: [66] 2703-9523,
2389-1081
E-MAIL
ADDRESS : info@thaigreat.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1990
REGISTRATION
NO. : 0105533042210 [Former : 4221/2533]
TAX
ID NO. : 3271037621
CAPITAL REGISTERED : BHT. 55,000,000
CAPITAL PAID-UP : BHT.
55,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS.
KANYA WONG-APICHOKE, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 250
LINES
OF BUSINESS : DOG
CHEW TOY & LEATHER
PRODUCTS
MANUFACTURER, EXPORTER
& DISTRIBUTOR
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 11,
1990 as a
private limited company
under the name
style THAI GREAT PRODUCTS CO.,
LTD., by Thai groups,
with the business
objective to engage
in manufacturing service
of furniture and
automotive leather products
for domestic and
export markets. It
currently employs approximate
250 staff.
The subject’s registered
address is 339
Moo 2, Putharaksa
Rd., T. Taiban, A. Muang,
Samutprakarn 10280, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Kanya Wong-apichoke |
|
Thai |
53 |
|
Mr. Paisalchai Wong-apichoke |
|
Thai |
52 |
AUThORIZED
PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Kanya Wong-apichoke is
the Managing Director.
She is Thai
nationality with the
age of 53
years old.
Mr. Paisalchai Wong-apichoke is
the Deputy Managing
Director.
He is Thai
nationality with the
age of 52
years old.
Mr. Chaiyaporn Suwannakhet
is the Sales
& Marketing Manager.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject’s activity
is a manufacturer
of finished leather
for furniture, automobile
seats and dog
chew toy by
customers’ requirement.
PURCHASE
Raw materials mainly
raw hide and
chemical are purchased
from both local and
overseas suppliers in
Sweden, Australia, Republic
of China and
Hong Kong.
MAJOR SUPPLIERS
|
Name |
Country |
Products |
|
Samia [Thailand] Co., Ltd. |
Thailand |
Chemical |
|
Australia Meat Co., Ltd. |
Australia |
Raw hide |
SALES [LOCAL]
100% of finished leather products for furniture
is sold locally to manufacturers
and wholesalers.
EXPORT [COUNTRIES]
80% of dog chew
toys and automobile
leather seat are exported
to Republic of China, Taiwan,
Japan, U.S.A., Australia
and Europe, the
remaining 20% is sold locally
to manufacturers, wholesalers
and end-users.
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
Kasikornbank Public Co.,
Ltd.
[Sailuad Branch,
Sailuad Rd., Paknam,
Muang, Samutprakarn]
EMPLOYMENT
The subject employs
approximately 250 staff.
LOCATION DETAILS
The premise is
owned for operating
office & factory I at
the heading address. Premise
is located in
industrial area.
Factory II :
350 Moo 1,
Sukhumvit Rd., K.M.
30, T. Taiban,
A. Muang,
Samutprakarn 10280.
Factory III : 274 Moo 2, T. Praekasa, A. Muang, Samutprakarn 10280.
COMMENT
Subject’s
business performance were
reported strongly grown
in the past several years, while
the business in
2011 was slow
down from the
previous years due
to stagnancy in export markets. However,
exported products to
overseas markets in
the year 2012
have been improved.
FINANCIAL
INFORMATION
The capital was
registered at Bht.
1,000,000 divided into
10,000 shares of
Bht. 100 each.
The capital was
increased later as
follows:
Bht. 3,000,000 on
August 21, 1992
Bht. 20,000,000 on
December 19, 2002
Bht. 40,000,000 on
April 9, 2003
Bht. 50,000,000 on
May 6, 2009
Bht. 55,000,000 on
October 28, 2011
The latest registered
capital was increased
to Bht. 55,000,000 divided into 550,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE : [as at April
30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Kanya Wong-apichoke Nationality: Thai Address : 528/13
Sukhumvit Rd., T. Paknam,
A. Muang,
Samutprakarn |
150,000 |
27.27 |
|
Mr. Paisalchai Wong-apichoke Nationality: Thai Address : 88
Moo 4, T.
Taiban, A. Muang,
Samutprakarn |
150,000 |
27.27 |
|
Mr. Thammaroj Wong-apichoke Nationality: Thai Address : 233/473
Moo 6, T. Bangmuang, A. Muang,
Samutprakarn |
67,500 |
12.27 |
|
Mr. Chawinroj Wong-apichoke Nationality: Thai Address : 233/473
Moo 6, T. Bangmuang, A. Muang,
Samutprakarn |
67,500 |
12.27 |
|
Mr. Veerawit Wong-apichoke Nationality: Thai Address : 233/473
Moo 6, T. Bangmuang, A. Muang,
Samutprakarn |
67,500 |
12.27 |
|
Mrs. Chantima Jariyametho Nationality: Thai Address : 101/70
Moo 9, Petchkasem
Rd., Banghwa,
Pasicharoen, Bangkok |
47,500 |
8.65 |
Total Shareholders : 6
Share Structure [as
at April 30, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
550,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
6 |
550,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Natenuj Kanchanalekha No.
9410
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash in hand
& at Bank
|
848,998.28 |
6,241,706.56 |
|
Trade Accounts Receivable
|
29,855,659.86 |
50,095,754.14 |
|
Raw Material |
166,736,787.83 |
80,680,363.99 |
|
Finished Goods |
2,446,368.94 |
11,885,841.92 |
|
Goods in Process |
169,383.04 |
958,045.12 |
|
Packaging Material |
1,471,893.40 |
592,564.35 |
|
Other Current Assets
|
3,319,986.40 |
5,148,477.27 |
|
Total Current Assets
|
204,849,077.75 |
155,602,753.35 |
|
|
|
|
|
Fixed Assets |
128,613,447.23 |
129,045,058.08 |
|
Other Non-current Assets |
592,190.10 |
582,194.78 |
|
Total Assets |
334,054,715.08 |
285,230,006.21 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
161,318,293.30 |
129,314,384.43 |
|
Trade Accounts Payable |
83,112,434.05 |
93,643,850.11 |
|
Short-term Loan from Person
or Related Company |
23,000,000.00 |
- |
|
Other Current Liabilities |
6,768,858.75 |
7,905,992.75 |
|
Total Current Liabilities |
274,199,586.10 |
230,864,227.29 |
|
Total Liabilities |
274,199,586.10 |
230,864,227.29 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized &
issued share capital 550,000
& 500,000 shares in 2011 &
2010 respectively |
55,000,000.00 |
50,000,000.00 |
|
Capital Paid |
55,000,000.00 |
50,000,000.00 |
|
Retained Earning -
Unappropriated |
4,855,128.98 |
4,365,778.92 |
|
Total Shareholders' Equity |
59,855,128.98 |
54,365,778.92 |
|
Total Liabilities & Shareholders' Equity |
334,054,715.08 |
285,230,006.21 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales-Overseas |
268,867,643.74 |
381,254,211.17 |
|
Sales & Service
Income-Domestic |
40,647,420.47 |
73,822,637.62 |
|
Other Sales-Overseas |
187,495.18 |
- |
|
Miscellaneous Income |
6,900.00 |
6,600.00 |
|
Other Income-Rental |
240,000.00 |
240,000.00 |
|
Other Income-Overseas |
860,513.31 |
239,299.34 |
|
Compensation Tax [Export] |
1,351,999.01 |
2,699,405.96 |
|
Interest Income |
18,115.77 |
3,714.95 |
|
Profit/[Loss] from Exchange Rate |
[3,308.14] |
5,932,113.99 |
|
Total Revenues |
312,176,779.34 |
464,197,983.03 |
|
Expenses |
|
|
|
|
|
|
|
Change in Finished Goods and Work in
Process |
10,228,135.06 |
51,860,849.73 |
|
Raw Material and Material Supplies |
200,874,909.64 |
303,050,137.14 |
|
Purchase of Goods |
783,927.00 |
614,808.44 |
|
Employees Expenses |
38,112,761.00 |
39,650,843.00 |
|
Depreciation and Amortization |
7,614,041.93 |
7,105,293.03 |
|
Other Expenses |
45,687,677.69 |
53,065,271.26 |
|
Total Expenses |
303,301,452.32 |
455,347,202.60 |
|
Profit / [Loss] before Financial
Cost & Income Tax |
8,875,327.02 |
8,850,780.43 |
|
Financial Cost |
[8,174,063.88] |
[6,984,462.49] |
|
Profit / [Loss] before Income
Tax |
701,263.14 |
1,866,317.94 |
|
Income Tax |
[211,913.08] |
[567,895.98] |
|
Net Profit / [Loss] |
489,350.06 |
1,298,421.96 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.75 |
0.67 |
|
QUICK RATIO |
TIMES |
0.11 |
0.24 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.41 |
3.53 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.93 |
1.60 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
309.19 |
113.13 |
|
INVENTORY TURNOVER |
TIMES |
1.18 |
3.23 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
35.21 |
40.18 |
|
RECEIVABLES TURNOVER |
TIMES |
10.37 |
9.08 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
150.43 |
112.56 |
|
CASH CONVERSION CYCLE |
DAYS |
193.97 |
40.75 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
65.15 |
66.73 |
|
SELLING & ADMINISTRATION |
% |
15.62 |
20.11 |
|
INTEREST |
% |
2.64 |
1.53 |
|
GROSS PROFIT MARGIN |
% |
35.71 |
35.28 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.87 |
1.94 |
|
NET PROFIT MARGIN |
% |
0.16 |
0.29 |
|
RETURN ON EQUITY |
% |
0.82 |
2.39 |
|
RETURN ON ASSET |
% |
0.15 |
0.46 |
|
EARNING PER SHARE |
BAHT |
0.89 |
2.60 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.82 |
0.81 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.58 |
4.25 |
|
TIME INTEREST EARNED |
TIMES |
1.09 |
1.27 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(31.99) |
|
|
OPERATING PROFIT |
% |
0.28 |
|
|
NET PROFIT |
% |
(62.31) |
|
|
FIXED ASSETS |
% |
(0.33) |
|
|
TOTAL ASSETS |
% |
17.12 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
35.71 |
Impressive |
Industrial
Average |
11.62 |
|
Net Profit Margin |
0.16 |
Deteriorated |
Industrial
Average |
1.18 |
|
Return on Assets |
0.15 |
Deteriorated |
Industrial
Average |
1.30 |
|
Return on Equity |
0.82 |
Deteriorated |
Industrial
Average |
4.15 |
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 35.71%. 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 0.16%.
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 0.15%.
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. When compared with the
industry average, it was lower, the company's figure is 0.82%.
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 |
0.75 |
Risky |
Industrial
Average |
1.20 |
|
Quick Ratio |
0.11 |
|
|
|
|
Cash Conversion Cycle |
193.97 |
|
|
|
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 0.75 times in 2011, increased from 0.67 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 0.11 times in 2011,
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 194 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.82 |
Acceptable |
Industrial
Average |
0.66 |
|
Debt to Equity Ratio |
4.58 |
Risky |
Industrial
Average |
2.13 |
|
Times Interest Earned |
1.09 |
Acceptable |
Industrial
Average |
1.55 |
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 1.09 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 0.82 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 |
2.41 |
Satisfactory |
Industrial
Average |
3.02 |
|
Total Assets Turnover |
0.93 |
Satisfactory |
Industrial
Average |
1.04 |
|
Inventory Conversion Period |
309.19 |
|
|
|
|
Inventory Turnover |
1.18 |
Acceptable |
Industrial
Average |
1.94 |
|
Receivables Conversion Period |
35.21 |
|
|
|
|
Receivables Turnover |
10.37 |
Impressive |
Industrial
Average |
4.32 |
|
Payables Conversion Period |
150.43 |
|
|
|
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.53.04 |
|
UK Pound |
1 |
Rs.84.83 |
|
Euro |
1 |
Rs.68.21 |
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.