MIRA
INFORM REPORT
|
Report Date : |
14.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
FOOD TECH
PRODUCTS CO., LTD. |
|
|
|
|
Registered Office : |
5
Moo 2, Nimitmai
Road, Minburi, Bangkok 10510 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
24.01.1995 |
|
|
|
|
Com. Reg. No.: |
0105538010987 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in manufacturing and
distributing health food
ingredients and products,
such as textured
soy protein, extruded
rice ball, a
major material for
preparing vegetarian foods,
as well as
manufacturing and distributing of
foods, such as
Thai Sausage, ball,
salted fishes, snack
corn, snack pellets
|
|
|
|
|
No. of Employees : |
48 |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic crisis severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the next seven years with a plan to start in 2013
|
Source : CIA |
Company name
FOOD
TECH PRODUCTS CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 5
MOO 2, NIMITMAI
ROAD, MINBURI,
BANGKOK 10510
TELEPHONE : [66] 2181-0101-2,
2914-6227-8
FAX :
[66] 2181-0100
E-MAIL
ADDRESS : foodtec@truemail.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0105538010987
TAX
ID NO. : 3102961712
CAPITAL REGISTERED : BHT. 30,000,000
CAPITAL PAID-UP : BHT.
30,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. MANU SERIVIVATANAWONGSE, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 48
LINES
OF BUSINESS : HEALTH FOOD INGREDIENT
MANUFACTURER AND
DISTRIBUTOR
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 January 24, 1995 as
a private limited
company under the name style
FOOD TECH PRODUCTS CO., LTD. by
Thai groups. Its business objective
is to manufacture various kinds
of health food
ingredients to domestic market. It currently employs
48 staff.
The
subject’s registered address
was initially located
at 111 Nimitmai Rd., Minburi,
Bangkok 10510.
In
2010, its address
number “111” was
changed to “5 Moo
2”, by the
Minburi District Office,
but they are
the same location. This
is also the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Manu Serivivatanawongse |
|
Thai |
69 |
|
Mrs. Patcharee
Serivivatanawongse |
|
Thai |
70 |
|
Mr. Nuwat Serivivatanawongse |
|
Thai |
42 |
|
Ms. Nartaya Kancharak |
|
Thai |
45 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Manu Serivivatanawongse is
the Managing Director.
He is Thai
nationality with the
age of 69
years old.
BUSINESS OPERATIONS
The subject
is engaged in manufacturing and
distributing health food
ingredients and products,
such as textured
soy protein, extruded
rice ball, a
major material for
preparing vegetarian foods,
as well as
manufacturing and distributing
of foods, such
as Thai Sausage,
ball, salted fishes,
snack corn, snack
pellets
BRAND NAME
“FOOD TECH”
PURCHASE
100%
of raw material
is purchased from
local suppliers, while
machinery is imported
from U.S.A., and
Republic of China.
SALES
100% of the
products is sold
locally by wholesale
to traders, manufacturers
and
end-users.
RELATED AND AFFILIATED
COMPANY
Thai Maize Products
Co., Ltd.
Business Type :
Manufacturer of corn
starch
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 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.
BANKING
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
48 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is located
in residential area.
Factory
is located at
12/11 Moo 5, T.
Lamlukka, A. Lamlukka, Pathumthani
12150.
COMMENT
The
subject is manufacturer
and distributor of
health food products
and ingredients. The subject
enjoys steady growth and
always remains profitable.
Current domestic consumption
is likely decline from
slow spending due
to economy uncertainty.
Nevertheless, the subject
still maintains active
business.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 1,000,000 divided into
10,000 shares of Bht. 100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 5,000,000
on April 26,
2002
Bht. 30,000,000
on June 11,
2008
The
latest registered capital
was increased to
Bht. 30 million, divided
into 300,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at March 20,
2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Nuwat Serivivatanawongse Nationality: Thai Address : 42/354
Nimitmai 6/1 Rd.,
Minburi, Bangkok |
60,000 |
20.00 |
|
Ms. Nartaya Kancharak Nationality: Thai Address : 123/315
Moo 11, Kannayao,
Bangkok |
60,000 |
20.00 |
|
Mr. Manu Serivivatanawongse Nationality: Thai Address : 733/724
Moo 8, Kukot,
Lamlukka, Pathumthani |
45,000 |
15.00 |
|
Mrs. Patcharee
Serivivatanawongse Nationality: Thai Address : 53/5
Moo 1, Saikongdin,
Klongsamwa, Bangkok |
30,000 |
10.00 |
|
Mr. Niruch Serivivatanawongse Nationality: Thai Address : 53/35
Soi Vibhavadi-Rangsit 50,
Ladyao,
Jatujak, Bangkok |
30,000 |
10.00 |
|
Mr. Nawin Serivivatanawongse Nationality: Thai Address : 53/35
Soi Vibhavadi-Rangsit 50,
Ladyao,
Jatujak, Bangkok |
30,000 |
10.00 |
|
Mr. Narong Chaiyakul Nationality: Thai Address : 90/61
Moo 14, Suanluang,
Prawet, Bangkok |
26,000 |
8.66 |
|
Mrs. Pattama Lertritchai Nationality: Thai Address : 125/9
Soi Ruamrudee, Lumpini,
Pathumwan, Bangkok |
9,000 |
3.00 |
|
Ms. Pattrecia Yimcharoen Nationality: Thai Address : 53/10
Moo 3, Ladyao,
Jatujak, Bangkok |
5,000 |
1.67 |
|
Mr. Sukrit Yimcharoen Nationality: Thai Address : 53/10
Moo 3, Ladyao,
Jatujak, Bangkok |
5,000 |
1.67 |
Total Shareholders : 10
Share Structure [as
at March 20,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
10 |
300,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
10 |
300,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Kanyawee Kalaya No.
7973
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
2,708,256.44 |
2,992,025.21 |
1,141,789.56 |
|
Inventories |
4,747,546.23 |
2,555,344.45 |
2,583,510.16 |
|
Other Current Assets
|
603,190.87 |
214,021.35 |
769,858.82 |
|
|
|
|
|
|
Total Current Assets
|
8,058,993.54 |
5,761,391.01 |
4,495,158.54 |
|
|
|
|
|
|
Cash at Bank pledged as a Collateral |
|
|
|
|
Fixed Assets |
32,597,775.58 |
33,781,505.64 |
32,187,199.82 |
|
Intangible Assets |
93,836.63 |
107,662.81 |
121,488.99 |
|
Other Non-current Assets |
4,500.00 |
4,500.00 |
- |
|
Total Assets |
40,755,105.75 |
39,655,059.46 |
36,803,847.35 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts & Other Payable
|
3,327,491.53 |
2,897,860.53 |
877,779.83 |
|
Other Current Liabilities |
1,266,529.13 |
1,355,954.71 |
1,134,791.78 |
|
|
|
|
|
|
Total Current Liabilities |
4,594,020.66 |
4,253,815.24 |
2,012,571.61 |
|
Total Liabilities |
4,594,020.66 |
4,253,815.24 |
2,012,571.61 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 300,000 shares |
30,000,000.00 |
30,000,000.00 |
30,000,000.00 |
|
|
|
|
|
|
Capital Paid |
30,000,000.00 |
30,000,000.00 |
30,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
6,161,085.09 |
5,401,244.22 |
4,791,275.74 |
|
Total Shareholders' Equity |
36,161,085.09 |
35,401,244.22 |
34,791,275.74 |
|
Total Liabilities & Shareholders' Equity |
40,755,105.75 |
39,655,059.46 |
36,803,847.35 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
66,876,915.55 |
60,934,519.35 |
46,293,353.05 |
|
Other Income |
- |
28,164.13 |
- |
|
Total Revenues |
66,876,915.55 |
60,962,683.48 |
46,293,353.05 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
55,653,084.32 |
51,298,779.59 |
37,684,447.47 |
|
Selling Expenses |
1,702,958.82 |
1,482,696.93 |
1,531,892.50 |
|
Administrative Expenses |
8,522,971.16 |
7,286,249.94 |
6,254,943.29 |
|
Total Expenses |
65,879,014.30 |
60,067,726.46 |
45,471,283.26 |
|
Profit / [Loss] before Income Tax |
997,901.25 |
894,957.02 |
822,069.79 |
|
Income Tax |
[238,060.38] |
[284,988.54] |
[255,634.92] |
|
|
|
|
|
|
Net Profit / [Loss] |
759,840.87 |
609,968.48 |
566,434.87 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.75 |
1.35 |
2.23 |
|
QUICK RATIO |
TIMES |
0.59 |
0.70 |
0.57 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.05 |
1.80 |
1.44 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.64 |
1.54 |
1.26 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
31.14 |
18.18 |
25.02 |
|
INVENTORY TURNOVER |
TIMES |
11.72 |
20.08 |
14.59 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
21.82 |
20.62 |
8.50 |
|
CASH CONVERSION CYCLE |
DAYS |
9.31 |
(2.44) |
16.52 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
83.22 |
84.19 |
81.40 |
|
SELLING & ADMINISTRATION |
% |
15.29 |
14.39 |
16.82 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
16.78 |
15.86 |
18.60 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.49 |
1.47 |
1.78 |
|
NET PROFIT MARGIN |
% |
1.14 |
1.00 |
1.22 |
|
RETURN ON EQUITY |
% |
2.10 |
1.72 |
1.63 |
|
RETURN ON ASSET |
% |
1.86 |
1.54 |
1.54 |
|
EARNING PER SHARE |
BAHT |
2.53 |
2.03 |
1.89 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.11 |
0.11 |
0.05 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.13 |
0.12 |
0.06 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
9.75 |
31.63 |
|
|
OPERATING PROFIT |
% |
11.50 |
8.87 |
|
|
NET PROFIT |
% |
24.57 |
7.69 |
|
|
FIXED ASSETS |
% |
(3.50) |
4.95 |
|
|
TOTAL ASSETS |
% |
2.77 |
7.75 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 9.75%. Turnover has increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
16.78 |
Deteriorated |
Industrial
Average |
40.28 |
|
Net Profit Margin |
1.14 |
Deteriorated |
Industrial
Average |
13.31 |
|
Return on Assets |
1.86 |
Deteriorated |
Industrial
Average |
19.05 |
|
Return on Equity |
2.10 |
Deteriorated |
Industrial
Average |
24.19 |
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 16.78%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have 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 1.14%.
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 1.86%.
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 2.1%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.75 |
Satisfactory |
Industrial
Average |
2.29 |
|
Quick Ratio |
0.59 |
|
|
|
|
Cash Conversion Cycle |
9.31 |
|
|
|
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 1.75 times in 2012, increase from 1.35 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 0.59 times in 2012,
decrease from 0.7 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 10 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.11 |
Impressive |
Industrial
Average |
0.16 |
|
Debt to Equity Ratio |
0.13 |
Impressive |
Industrial Average |
(0.19) |
|
Times Interest Earned |
- |
|
Industrial
Average |
3.88 |
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 0.11 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Downtrend
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.05 |
Impressive |
Industrial
Average |
(0.26) |
|
Total Assets Turnover |
1.64 |
Satisfactory |
Industrial
Average |
1.66 |
|
Inventory Conversion Period |
31.14 |
|
|
|
|
Inventory Turnover |
11.72 |
Impressive |
Industrial
Average |
9.51 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
5.96 |
|
Payables Conversion Period |
21.82 |
|
|
|
Inventory Turnover in Days Ratio indicates the liquidity of inventory. It
estimates the number of days that it will take to sell the current inventory.
Inventory is particularly sensitive to change in business activities. The
inventory turnover in days has increased from 18 days at the end of 2011 to 31
days at the end of 2012. This represents a negative trend. And Inventory
turnover has decreased from 20.08 times in year 2011 to 11.72 times in year
2012.
The company's Total Asset Turnover is calculated as 1.64 times and 1.54
times in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
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.