MIRA INFORM REPORT
|
Report Date : |
26.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHAI UDOM SIN CO., LTD. |
|
|
|
|
|
|
Registered Office : |
77 Naradhiwas Rajanagarindra 10 Road, Thungwatdon, Sathorn, Bangkok 10120 |
|
|
|
|
|
|
Country : |
Thailand |
|
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
|
|
Date of Incorporation : |
17.06.1993 |
|
|
|
|
|
|
Com. Reg. No.: |
0105536068961 |
|
|
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
|
|
Line of Business : |
Distributor and Exporter of Tapioca & Other Agriculture Products |
|
|
|
|
|
|
No. of Employees : |
60 |
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 (31.03.2011) |
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
CHAI
UDOM SIN CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 77
NARADHIWAS RAJANAGARINDRA 10
ROAD,
THUNGWATDON, SATHORN,
BANGKOK 10120
TELEPHONE : [66] 2286-1670,
084 874-2150, 089
779-9788
FAX :
[66] 2213-2589
E-MAIL
ADDRESS : info@chaiudomsin.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1993
REGISTRATION
NO. : 0105536068961
TAX
ID NO. : 3011289631
CAPITAL REGISTERED : BHT. 2,500,000
CAPITAL PAID-UP : BHT.
2,500,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. MONGKOL TUNGPHAISAL,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 60
LINES
OF BUSINESS : TAPIOCA &
OTHER AGRICULTURE PRODUCTS
DISTRIBUTOR AND
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 June 17, 1993
as a private
limited company under the
registered name CHAI
UDOM SIN CO.,
LTD., by Thai groups, with the
business objective to
provide various kinds
of tapiocas and
other agriculture products
to both domestic
and international markets.
It currently employs
approximate 60 staff.
The
subject’s registered address
is 77 Naradhiwas
Rajanagarindra 10 Rd.,
Thungwatdon, Sathorn, Bangkok
10120, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
Mr. Mongkol Tungphaisal
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Mongkol Tungphaisal is
the Managing Director.
He is Thai
nationality with the
age of 59
years old.
BUSINESS OPERATIONS
The subject
is engaged in
distributing and exporting
various kinds of
tapioca products, such
as native tapioca
starch, tapioca chip,
tapioca pellet, and
tapioca residue pellet,
as well as
other agriculture products,
including rice products [rice, rice
flour and defatted
rice bran], corncob
meal, acacia leaves
pellets, aloe vera
powder, corn grots,
tamarind seed, tamarind
seed powder, sugar
and etc. The
subject also provides
professional and effective
mode of transportation, warehouse
and stuffing facilities
services.
PURCHASE
100%
of the products
is purchased from
local suppliers.
SALES
The products are
sold to both
local and overseas
customers, mainly U.S.A.,
Australia and the countries
in Europe, South
Africa and Asia.
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.
Exports are against
T/T on negotiated
terms
BANKING
Kasikornbank
Public Co., Ltd.
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 60 office
staff and workers.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Warehouse
is located at
5/7 Moo 11, T.
Gudnoi, A. Seekiw, Nakornratchasima.
COMMENT
The
subject operates as
an distributor and
exporter of agricultural products.
Despite the European
debt crisis and
sluggish economic growth
in the US
and Japan, the
subject’s sales were
accounted a strong
growth. The subject
would also focus
in expanding new
market in Africa which
expected to have a
positive outturn.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 100,000 shares
of Bht. 100
each with fully
paid.
On
September 20, 1996,
the registered capital
was increased to
Bht. 2,500,000 divided
into 250,000 shares
of Bht. 10 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Mongkol Tungphaisal Nationality: Thai Address : 77
Naradhiwas Rajanagarindra 10
Rd.,
Thungwatdon, Sathorn, Bangkok
|
130,000 |
52.00 |
|
Mrs. Suntree Tungphaisal Nationality: Thai Address : 77
Naradhiwas Rajanagarindra 10
Rd.,
Thungwatdon, Sathorn, Bangkok
|
56,000 |
22.40 |
|
Mr. Burin Tungphaisal Nationality: Thai Address : 77
Naradhiwas Rajanagarindra 10
Rd.,
Thungwatdon, Sathorn, Bangkok
|
29,000 |
11.60 |
|
Mr. Suriya Tungphaisal Nationality: Thai Address : 77
Naradhiwas Rajanagarindra 10
Rd.,
Thungwatdon, Sathorn, Bangkok
|
26,000 |
10.40 |
|
Ms. Saowapa Tungphaisal Nationality: Thai Address : 77
Naradhiwas Rajanagarindra 10
Rd.,
Thungwatdon, Sathorn, Bangkok
|
9,000 |
3.60 |
Total Shareholders : 5
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
250,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
250,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Dr. Virach Apimedhithamrong No.
1378
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
5,743,535.23 |
3,277,285.79 |
|
Trade Accounts &
Other Receivable |
15,253,363.99 |
10,434,617.32 |
|
Inventories |
2,841,093.15 |
5,774,023.00 |
|
Other Current Assets
|
|
|
|
Receivable - Revenue Department
|
3,762,919.96 |
2,845,349.93 |
|
Others |
195,370.36 |
267,892.00 |
|
Total Other Current
Assets |
3,958,290.32 |
3,113,241.93 |
|
|
|
|
|
Total Current Assets
|
27,796,282.69 |
22,599,168.04 |
|
|
|
|
|
Fixed Assets |
11,921,044.56 |
10,976,482.33 |
|
Other Non-current Assets |
454.55 |
454.55 |
|
Total Assets |
39,717,781.80 |
33,576,104.92 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institutions |
9,294,287.24 |
6,279,046.31 |
|
Trade Accounts & Other
Payable |
18,390,791.85 |
16,485,841.82 |
|
Current Portion of Financial
Lease Contract Liabilities |
534,854.90 |
500,155.34 |
|
Accrued Income Tax |
595,099.88 |
525,878.23 |
|
Other Current Liabilities |
177,117.18 |
146,800.37 |
|
|
|
|
|
Total Current Liabilities |
28,992,151.05 |
23,937,722.07 |
|
|
|
|
|
Financial Lease Contract
Liabilities |
1,649,650.92 |
2,184,490.82 |
|
Reserve for Employee’s Benefit |
496,173.91 |
- |
|
Total Liabilities |
31,137,975.88 |
26,122,212.89 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
value authorized, issued
and fully paid share
capital 250,000 shares |
2,500,000.00 |
2,500,000.00 |
|
|
|
|
|
Capital Paid |
2,500,000.00 |
2,500,000.00 |
|
Retained Earning - Unappropriated |
6,079,805.92 |
4,953,892.03 |
|
Total Shareholders' Equity |
8,579,805.92 |
67,453,892.03 |
|
Total Liabilities & Shareholders' Equity |
39,717,781.80 |
33,576,104.92 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
340,593,434.09 |
343,134,508.76 |
|
Other Income |
3,490,327.37 |
972,909.58 |
|
Total Revenues |
344,083,761.46 |
344,107,418.34 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
294,525,444.48 |
294,050,937.67 |
|
Selling Expenses |
35,444,412.89 |
39,869,225.47 |
|
Administrative Expenses |
11,244,923.68 |
7,345,118.97 |
|
Cost of Financial
Institution |
518,184.11 |
149,102.11 |
|
Total Expenses |
341,732,965.16 |
341,414,384.22 |
|
|
|
|
|
Profit before Income Tax |
2,350,796.30 |
2,693,034.12 |
|
Income Tax |
[756,273.71] |
[699,729.26] |
|
Net Profit / [Loss] |
1,594,522.59 |
1,993,304.86 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.96 |
0.94 |
|
QUICK RATIO |
TIMES |
0.72 |
0.57 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
28.57 |
31.26 |
|
TOTAL ASSETS TURNOVER |
TIMES |
8.58 |
10.22 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
3.52 |
7.17 |
|
INVENTORY TURNOVER |
TIMES |
103.67 |
50.93 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
16.35 |
11.10 |
|
RECEIVABLES TURNOVER |
TIMES |
22.33 |
32.88 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
22.79 |
20.46 |
|
CASH CONVERSION CYCLE |
DAYS |
(2.92) |
(2.20) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
86.47 |
85.70 |
|
SELLING & ADMINISTRATION |
% |
13.71 |
13.76 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
14.55 |
14.59 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.69 |
0.78 |
|
NET PROFIT MARGIN |
% |
0.47 |
0.58 |
|
RETURN ON EQUITY |
% |
18.58 |
2.96 |
|
RETURN ON ASSET |
% |
4.01 |
5.94 |
|
EARNING PER SHARE |
BAHT |
6.38 |
7.97 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.78 |
0.78 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.63 |
0.39 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(0.74) |
|
|
OPERATING PROFIT |
% |
(12.71) |
|
|
NET PROFIT |
% |
(20.01) |
|
|
FIXED ASSETS |
% |
8.61 |
|
|
TOTAL ASSETS |
% |
18.29 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
14.55 |
Impressive |
Industrial
Average |
6.47 |
|
Net Profit Margin |
0.47 |
Impressive |
Industrial
Average |
0.43 |
|
Return on Assets |
4.01 |
Impressive |
Industrial
Average |
1.42 |
|
Return on Equity |
18.58 |
Impressive |
Industrial
Average |
4.61 |
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 14.55%. 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 0.47%, 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 4.01%, 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.
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 18.58%, 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 |
0.96 |
Risky |
Industrial
Average |
1.25 |
|
Quick Ratio |
0.72 |
|
|
|
|
Cash Conversion Cycle |
(2.92) |
|
|
|
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 0.96 times in 2011, increased from 0.94 times, then the company may
have problems meeting its short-term obligations. 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 0.72 times in 2011,
increased from 0.57 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 -3 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.78 |
Acceptable |
Industrial
Average |
0.67 |
|
Debt to Equity Ratio |
3.63 |
Risky |
Industrial
Average |
2.08 |
|
Times Interest Earned |
- |
|
Industrial
Average |
0.74 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.78 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 |
28.57 |
Impressive |
Industrial
Average |
7.17 |
|
Total Assets Turnover |
8.58 |
Impressive |
Industrial
Average |
3.36 |
|
Inventory Conversion Period |
3.52 |
|
|
|
|
Inventory Turnover |
103.67 |
Impressive |
Industrial
Average |
6.63 |
|
Receivables Conversion Period |
16.35 |
|
|
|
|
Receivables Turnover |
22.33 |
Impressive |
Industrial
Average |
7.41 |
|
Payables Conversion Period |
22.79 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.53 |
|
|
1 |
Rs.86.82 |
|
Euro |
1 |
Rs.69.03 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.