MIRA
INFORM REPORT
|
Report Date : |
17.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHAI UDOM SIN CO., LTD. |
|
|
|
|
Registered Office : |
77 Naradhiwas
Rajanagarindra 10 Road, Thungwatdon, Sathorn, Bangkok 10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
1993 |
|
|
|
|
Com. Reg. No.: |
0105536068961 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
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 |
|
|
|
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 and address
CHAI UDOM SIN CO.,
LTD.
SUMMARY
BUSINESS ADDRESS : 77 NARADHIWAS RAJANAGARINDRA 10
ROAD,
THUNGWATDON, SATHORN,
BANGKOK 10120, THAILAND
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 AND
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 approximately 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 61
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., Russia, Australia, Republic of
China, and the
countries in Europe, South Africa, Middle East 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.
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 owned 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. Many industries have decreased their productivity from the
market downturn that has
caused a decline consumption of tapioca products in
domestic market. However, expansion in overseas markets was
offset its slow sales from local consumption.
FINANCIAL INFORMATIOn
The
capital was registered at Bht. 1,000,000 divided into 100,000 shares of
Bht. 10 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,
2013]
|
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,
2013]
|
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, 2012, 2011 & 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
4,286,613.53 |
5,743,535.23 |
3,277,285.79 |
|
Trade Accounts & Other Receivable |
28,867,411.73 |
15,253,363.99 |
10,434,617.32 |
|
Inventories
|
3,517,619.84 |
2,841,093.15 |
5,774,023.00 |
|
Other Current Assets |
|
|
|
|
Receivable - Revenue Department |
3,607,049.02 |
3,762,919.96 |
2,845,349.93 |
|
Others |
245,531.34 |
195,370.36 |
267,892.00 |
|
Total Other Current Assets |
3,852,580.36 |
3,958,290.32 |
3,113,241.93 |
|
|
|
|
|
|
Total Current Assets |
40,524,225.46 |
27,796,282.69 |
22,599,168.04 |
|
|
|
|
|
|
Fixed Assets
|
16,583,606.45 |
11,921,044.56 |
10,976,482.33 |
|
Other Non-current Assets
|
- |
454.55 |
454.55 |
|
Total Assets
|
57,107,831.91 |
39,717,781.80 |
33,576,104.92 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
17,510,871.75 |
9,294,287.24 |
6,279,046.31 |
|
Trade Accounts & Other
Payable |
25,783,009.47 |
18,390,791.85 |
16,485,841.82 |
|
Current Portion of
Financial Lease Contract Liabilities |
569,539.33 |
534,854.90 |
500,155.34 |
|
Accrued Income Tax |
520,703.60 |
595,099.88 |
525,878.23 |
|
Other Current Liabilities |
567,264.29 |
177,117.18 |
146,800.37 |
|
|
|
|
|
|
Total Current Liabilities |
44,951,388.44 |
28,992,151.05 |
23,937,722.07 |
|
|
|
|
|
|
Financial Lease Contract
Liabilities |
1,080,126.73 |
1,649,650.92 |
2,184,490.82 |
|
Reserve for Employee’s Benefit |
523,739.12 |
496,173.91 |
- |
|
Total Liabilities |
46,555,254.29 |
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 |
2,500,000.00 |
|
|
|
|
|
|
Capital Paid
|
2,500,000.00 |
2,500,000.00 |
2,500,000.00 |
|
Retained Earning -
Unappropriated |
8,052,577.62 |
6,079,805.92 |
4,953,892.03 |
|
Total Shareholders'
Equity |
10,552,577.62 |
8,579,805.92 |
7,453,892.03 |
|
Total Liabilities & Shareholders' Equity |
57,107,831.91 |
39,717,781.80 |
33,576,104.92 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales
|
384,272,565.19 |
340,593,434.09 |
343,134,508.76 |
|
Other Income
|
3,445,264.65 |
3,490,327.37 |
972,909.58 |
|
Total Revenues
|
387,717,829.84 |
344,083,761.46 |
344,107,418.34 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods Sold |
337,119,368.75 |
294,525,444.48 |
294,050,937.67 |
|
Selling Expenses |
36,042,600.43 |
35,444,412.89 |
39,869,225.47 |
|
Administrative Expenses |
11,424,428.85 |
11,244,923.68 |
7,345,118.97 |
|
Total Expenses
|
384,586,398.03 |
341,214,781.05 |
341,265,282.11 |
|
|
|
|
|
|
Profit before Financial Cost & Income Tax |
3,131,431.81 |
2,868,980.41 |
2,842,136.23 |
|
Financial Cost |
[326,549.01] |
[518,184.11] |
[149,102.11] |
|
|
|
|
|
|
Profit before Income Tax |
2,804,882.80 |
2,350,796.30 |
2,693,034.12 |
|
Income Tax |
[832,111.10] |
[756,273.71] |
[699,729.26] |
|
Net Profit / [Loss] |
1,972,771.70 |
1,594,522.59 |
1,993,304.86 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.90 |
0.96 |
0.94 |
|
QUICK RATIO |
TIMES |
0.74 |
0.72 |
0.57 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
23.17 |
28.57 |
31.26 |
|
TOTAL ASSETS TURNOVER |
TIMES |
6.73 |
8.58 |
10.22 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
3.81 |
3.52 |
7.17 |
|
INVENTORY TURNOVER |
TIMES |
95.84 |
103.67 |
50.93 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
27.42 |
16.35 |
11.10 |
|
RECEIVABLES TURNOVER |
TIMES |
13.31 |
22.33 |
32.88 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
27.92 |
22.79 |
20.46 |
|
CASH CONVERSION CYCLE |
DAYS |
3.31 |
(2.92) |
(2.20) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
87.73 |
86.47 |
85.70 |
|
SELLING & ADMINISTRATION |
% |
12.35 |
13.71 |
13.76 |
|
INTEREST |
% |
0.08 |
0.15 |
0.04 |
|
GROSS PROFIT MARGIN |
% |
13.17 |
14.55 |
14.59 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.81 |
0.84 |
0.83 |
|
NET PROFIT MARGIN |
% |
0.51 |
0.47 |
0.58 |
|
RETURN ON EQUITY |
% |
18.69 |
18.58 |
26.74 |
|
RETURN ON ASSET |
% |
3.45 |
4.01 |
5.94 |
|
EARNING PER SHARE |
BAHT |
7.89 |
6.38 |
7.97 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.82 |
0.78 |
0.78 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.41 |
3.63 |
3.50 |
|
TIME INTEREST EARNED |
TIMES |
9.59 |
5.54 |
19.06 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
12.82 |
(0.74) |
|
|
OPERATING PROFIT |
% |
9.15 |
0.94 |
|
|
NET PROFIT |
% |
23.72 |
(20.01) |
|
|
FIXED ASSETS |
% |
39.11 |
8.61 |
|
|
TOTAL ASSETS |
% |
43.78 |
18.29 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 12.82%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
13.17 |
Satisfactory |
Industrial
Average |
14.69 |
|
Net Profit Margin |
0.51 |
Satisfactory |
Industrial
Average |
0.66 |
|
Return on Assets |
3.45 |
Impressive |
Industrial
Average |
1.49 |
|
Return on Equity |
18.69 |
Impressive |
Industrial
Average |
5.25 |
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 13.17%. 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 0.51%.
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. Return on Assets ratio is
3.45%, 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 18.69%, 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 :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.90 |
Risky |
Industrial
Average |
1.10 |
|
Quick Ratio |
0.74 |
|
|
|
|
Cash Conversion Cycle |
3.31 |
|
|
|
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 0.9 times in 2012, decreased from 0.96 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 0.74 times in 2012,
increased from 0.72 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 4 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.82 |
Acceptable |
Industrial
Average |
0.74 |
|
Debt to Equity Ratio |
4.41 |
Risky |
Industrial
Average |
2.79 |
|
Times Interest Earned |
9.59 |
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 9.59 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 Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
23.17 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
6.73 |
Impressive |
Industrial
Average |
2.26 |
|
Inventory Conversion Period |
3.81 |
|
|
|
|
Inventory Turnover |
95.84 |
Impressive |
Industrial
Average |
4.02 |
|
Receivables Conversion Period |
27.42 |
|
|
|
|
Receivables Turnover |
13.31 |
Impressive |
Industrial
Average |
4.88 |
|
Payables Conversion Period |
27.92 |
|
|
|
The company's Account Receivable Ratio is calculated as 13.31 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 is 4 days at the end of 2011, same number of
days as in 2012. And Inventory turnover has decreased
from 103.67 times in year 2011 to 95.84 times in year 2012.
The company's Total Asset Turnover is calculated as 6.73 times and 8.58
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 Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.53 |
|
|
1 |
Rs.100.73 |
|
Euro |
1 |
Rs.83.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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%)