MIRA
INFORM REPORT
|
Report Date : |
24.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
FOOD BLESSING [1988] CO., LTD. |
|
|
|
|
Registered Office : |
22 Soi Panichkul,
Sukhumvit 71 Road,
Prakanongnua, Wattana, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
05.09.1988 |
|
|
|
|
Com. Reg. No.: |
0105531068947 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and
Exporter of Foods and Beverages |
|
|
|
|
No. of Employees : |
250 |
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 BLESSING
[1988] CO., LTD.
SUMMARY
BUSINESS ADDRESS : 22 SOI PANICHKUL,
SUKHUMVIT 71 ROAD,
PRAKANONGNUA, WATTANA,
BANGKOK 10110,
THAILAND
TELEPHONE : [66] 2391-2505,
2711-3588-9
FAX : [66] 2381-2386
E-MAIL ADDRESS : export-info@foodblessing.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1988
REGISTRATION NO. : 0105531068947
TAX ID NO. : 3101563511
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. YODSAKDI APICHARTVORASILP, THAI
MANAGING DIRECTOR
NO. OF STAFF : 250
LINES OF BUSINESS : FOODS
AND BEVERAGES
MANUFACTURER, 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 September 5,
1988 as a
private limited company under
the registered name
FOOD BLESSING [1988]
CO., LTD., by
Thai groups, with the business
objective to manufacture
and service various
kinds of foods
and beverages to
both domestic and
international markets. It
currently employs approximately
250 staff.
The subject’s registered address
is 22 Soi
Panichkul, Sukhumvit 71
Road, Prakanongnua, Wattana,
Bangkok 10110, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Yodsakdi Apichartvorasilp |
|
Thai |
69 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Yodsakdi
Apichartvorasilp is the
Managing Director.
He is Thai
nationality with the
age of 69 years
old.
Ms. Chutiya Choosuwan is
the General Sales
Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged
in manufacturing and
distributing various kinds
of herbal beverages,
ready-to-eat frozen food,
desserts, and over
40 different variety
of seasoning sauces,
under its own
brand names “FRESH”,
“DR. SONG’S”, “PQ MATRIX”,
“YES BY SALAD
HOUSE”, “PEECOK” and
“GOLDEN SPOON”, as
well as manufacturing
service such products
to OEM customers,
under various brands,
e.g. “BIG C”, “MAKRO”,
“TESCO”, TOPS”, “7-ELEVEN”,
and others for
both local and
international markets.
PURCHASE
Raw materials are
purchased from local
suppliers, while machinery
is imported from
Italy and Japan.
SALES/SERVICES
The products are
sold and serviced
to customers both local
and overseas, such
as
U.S.A., Poland, France,
Australia, Korea, Taiwan,
Hong Kong, Israel,
and
United Arab Emirates.
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.
EMPLOYMENT
The subject currently
employs approximate 250
office staff and
factory workers.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory and warehouse
are located on
16,000 square meters
of land, at
7/17 Moo 1,
Sukhapibal 1 Road,
T. Rahaeng, A. Ladlumkaew, Pathumthani
12140.
COMMENT
Subject is a manufacturing
and marketing of
seasoning products. The
products are various
kinds of food
seasonings, which have
been well known
in local market
for years. Sales
were grown strongly
in the year 2012, while
current sales remains
promising.
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 March 21,
2000
Bht. 15,000,000 on
March 21, 2001
Bht. 30,000,000 on
March 22, 2002
The latest registered
capital was increased
to Bht. 30,000,000 divided into
300,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Yodsakdi Apichartvorasilp Nationality: Thai Address : 22
Sukhumvit 71 Road,
Prakanongnua,
Wattana, Bangkok |
150,000 |
50.00 |
|
Mrs. Puangkaew Apichartvorasilp Nationality: Thai Address : 22
Sukhumvit 71 Road,
Prakanongnua,
Wattana, Bangkok |
60,300 |
20.10 |
|
Ms. Sopacha Apichartvorasilp Nationality: Thai Address : 22
Sukhumvit 71 Road,
Prakanongnua,
Wattana, Bangkok |
37,100 |
12.36 |
|
Ms. Sasikarn Apichartvorasilp Nationality: Thai Address : 22
Sukhumvit 71 Road,
Prakanongnua,
Wattana, Bangkok |
26,100 |
8.70 |
|
Mr. Tanapon Apichartvorasilp Nationality: Thai Address : 22
Sukhumvit 71 Road,
Prakanongnua,
Wattana, Bangkok |
26,100 |
8.70 |
|
Mr. Preecha Vivitsiri Nationality: Thai Address : 22
Sukhumvit 71 Road,
Prakanongnua,
Wattana, Bangkok |
200 |
0.07 |
|
Mr. Sunthorn Phatrasan Nationality: Thai Address : 432/1
Moo 10, Bangpakok,
Rajburana, Bangkok |
200 |
0.07 |
Total Shareholders : 7
Share Structure
[as at April
30, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
300,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
300,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Meechai Prasertsri No.
2791
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 |
80,089.05 |
99,680.95 |
6,484,888.83 |
|
Trade Accounts Receivable
|
41,209,382.52 |
34,272,990.45 |
35,226,894.17 |
|
Inventories |
26,829,603.43 |
27,372,057.91 |
26,909,999.93 |
|
Other Current Assets
|
2,168,124.73 |
5,068,623.25 |
1,508,970.77 |
|
|
|
|
|
|
Total Current Assets
|
70,287,199.73 |
66,813,352.56 |
70,130,753.70 |
|
|
|
|
|
|
Fixed Assets |
23,739,132.32 |
22,619,683.79 |
24,766,025.07 |
|
Total Assets |
94,026,332.05 |
89,433,036.35 |
94,896,778.77 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
4,560,867.75 |
2,416,183.08 |
- |
|
Trade Accounts & Other Payable
|
28,537,327.54 |
25,729,655.11 |
27,655,094.38 |
|
Other Current Liabilities |
1,512,122.42 |
2,265,596.38 |
1,870,492.28 |
|
|
|
|
|
|
Total Current Liabilities |
34,610,317.71 |
30,411,434.57 |
29,525,586.66 |
|
|
|
|
|
|
Long-term Loan |
24,077,412.57 |
27,428,255.05 |
36,606,908.54 |
|
Total Liabilities |
58,687,730.28 |
57,839,689.62 |
66,132,495.20 |
|
|
|
|
|
|
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 |
5,338,601.77 |
1,593,346.73 |
[1,235,716.43] |
|
Total Shareholders' Equity |
35,338,601.77 |
31,593,346.73 |
28,764,283.57 |
|
Total Liabilities & Shareholders' Equity |
94,026,332.05 |
89,433,036.35 |
94,896,778.77 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales & Services Income |
224,653,731.20 |
185,657,209.51 |
154,021,848.40 |
|
Other Income |
- |
- |
20,403.78 |
|
Total Revenues |
224,653,731.20 |
185,657,209.51 |
154,042,252.18 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
191,126,462.31 |
152,291,016.85 |
128,029,877.35 |
|
Selling Expenses |
15,081,034.47 |
15,383,352.03 |
9,057,639.32 |
|
Administrative Expenses |
11,788,591.81 |
11,570,319.36 |
12,081,250.14 |
|
Other Expenses |
288,684.45 |
- |
- |
|
Total Expenses |
218,284,773.04 |
179,244,688.24 |
149,168,766.81 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
6,368,958.16 |
6,412,521.27 |
4,873,485.37 |
|
Financial Cost |
[1,418,760.16] |
[1,909,598.26] |
[1,117,992.75] |
|
Profit / [Loss] before Income Tax |
4,950,19800 |
4,502,923.01 |
3,755,492.62 |
|
Income Tax |
[1,204,942.96] |
[1,673,859.85] |
[1,191,596.32] |
|
|
|
|
|
|
Net Profit / [Loss] |
3,745,255.04 |
2,829,063.16 |
2,563,896.30 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.03 |
2.20 |
2.38 |
|
QUICK RATIO |
TIMES |
1.19 |
1.13 |
1.41 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
9.46 |
8.21 |
6.22 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.39 |
2.08 |
1.62 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
51.24 |
65.60 |
76.72 |
|
INVENTORY TURNOVER |
TIMES |
7.12 |
5.56 |
4.76 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
66.95 |
67.38 |
83.48 |
|
RECEIVABLES TURNOVER |
TIMES |
5.45 |
5.42 |
4.37 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
54.50 |
61.67 |
78.84 |
|
CASH CONVERSION CYCLE |
DAYS |
63.69 |
71.32 |
81.36 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
85.08 |
82.03 |
83.12 |
|
SELLING & ADMINISTRATION |
% |
11.96 |
14.52 |
13.72 |
|
INTEREST |
% |
0.63 |
1.03 |
0.73 |
|
GROSS PROFIT MARGIN |
% |
14.92 |
17.97 |
16.89 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.84 |
3.45 |
3.16 |
|
NET PROFIT MARGIN |
% |
1.67 |
1.52 |
1.66 |
|
RETURN ON EQUITY |
% |
10.60 |
8.95 |
8.91 |
|
RETURN ON ASSET |
% |
3.98 |
3.16 |
2.70 |
|
EARNING PER SHARE |
BAHT |
12.48 |
9.43 |
8.55 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.62 |
0.65 |
0.70 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.66 |
1.83 |
2.30 |
|
TIME INTEREST EARNED |
TIMES |
4.49 |
3.36 |
4.36 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
21.00 |
20.54 |
|
|
OPERATING PROFIT |
% |
(0.68) |
31.58 |
|
|
NET PROFIT |
% |
32.38 |
10.34 |
|
|
FIXED ASSETS |
% |
4.95 |
(8.67) |
|
|
TOTAL ASSETS |
% |
5.14 |
(5.76) |
|
ANNUAL GROWTH : IMPRESSIVE
An annual sales growth is 21%. Turnover has increased from THB
PROFITABILITY : RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
14.92 |
Deteriorated |
Industrial Average |
40.31 |
|
Net Profit Margin |
1.67 |
Deteriorated |
Industrial Average |
10.47 |
|
Return on Assets |
3.98 |
Deteriorated |
Industrial Average |
10.50 |
|
Return on Equity |
10.60 |
Acceptable |
Industrial Average |
14.53 |
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 14.92%. 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 1.67%.
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 3.98%.
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 10.6%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
2.03 |
Satisfactory |
Industrial Average |
2.58 |
|
Quick Ratio |
1.19 |
|
|
|
|
Cash Conversion Cycle |
63.69 |
|
|
|
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 2.03 times in 2012, decrease from 2.2 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 1.19 times in 2012,
increased from 1.13 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 64 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.62 |
Acceptable |
Industrial Average |
0.28 |
|
Debt to Equity Ratio |
1.66 |
Risky |
Industrial Average |
0.39 |
|
Times Interest Earned |
4.49 |
Impressive |
Industrial Average |
- |
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 4.49 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 0.62 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 : EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
9.46 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
2.39 |
Impressive |
Industrial Average |
1.00 |
|
Inventory Conversion Period |
51.24 |
|
|
|
|
Inventory Turnover |
7.12 |
Impressive |
Industrial Average |
4.69 |
|
Receivables Conversion Period |
66.95 |
|
|
|
|
Receivables Turnover |
5.45 |
Impressive |
Industrial Average |
3.62 |
|
Payables Conversion Period |
54.50 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.45 and
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 decreased from 66 days at the end of 2011 to
51 days at the end of 2012. This represents a positive trend. And Inventory
turnover has increased from 5.56 times in year 2011 to 7.12 times in year 2012.
The company's Total Asset Turnover is calculated as 2.39 times and 2.08
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.99 |
|
|
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.84.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.