MIRA
INFORM REPORT
|
Report Date : |
23.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
HUNTER GROUP LIMITED PARTNERSHIP |
|
|
|
|
Registered Office : |
537 Soi Soonvijai 4, Praram 9 Road, Bangkapi, Huaykwang, Bangkok 10320 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
04.10.1990 |
|
|
|
|
Com. Reg. No.: |
0103533028118 |
|
|
|
|
Legal Form : |
Limited Partnership |
|
|
|
|
Line of Business : |
Manufacturing and Marketing
Various Kinds of
Pet Products Under
The Brand Name
“SLEEKY”. |
|
|
|
|
No. of Employees : |
350 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. 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 in 2013 implemented a
nation-wide 300 baht ($10) per day minimum wage policy and deployed 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 recession severely cut Thailand's exports, with most sectors
experiencing double-digit drops. In late 2011 Thailand's recovery was
interrupted by historic flooding in the industrial areas in Bangkok and its
five surrounding provinces, crippling the manufacturing sector. The government
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 following seven years. This was expected to lead to an
economic upsurge but growth has remained slow, in part due to ongoing political
unrest and resulting uncertainties. Spending on infrastructure will require
re-approval once a new government is seated.
|
Source
: CIA |
Company name
HUNTER GROUP LIMITED
PARTNERSHIP
SUMMARY
BUSINESS ADDRESS : 537
SOI SOONVIJAI 4,
PRARAM 9 ROAD,
BANGKAPI, HUAYKWANG,
BANGKOK 10320,
THAILAND
TELEPHONE : [66] 2719-6780-3,
2319-4081-3
FAX : [66] 2319-4082
E-MAIL ADDRESS : huntergroup@thailand.com
sale@huntergroupthai.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1990
REGISTRATION NO. : 0103533028118 [Former : 2811/ 2533]
TAX ID NO. : 3102752594
CAPITAL REGISTERED : BHT.
6,000,000
CAPITAL PAID-UP : BHT.
6,000,000
PARTNER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR. CHALERMPOL BOONKUMSAWASDI, THAI
MANAGING PARTNER
NO. OF STAFF : 350
LINES OF BUSINESS : PET
PRODUCTS
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 October
4, 1990 as a limited partnership under the
registered name HUNTER GROUP
LIMITED PARTNERSHIP, by Mr.
Chalermpol and Ms. Saengsom
Boonkumsawasdi, to manufacture and
market various kinds
of pet products
under the name
“SLEEKY” brand. It
currently employs approximately
350 staff.
The subject’s registered
address is 537 Soi Soonvijai 4, Praram 9 Rd., Bangkapi,
Huaykwang, Bangkok 10320,
and this is
the subject’s current
operation address.
AUTHORIZED PERSON
Mr. Chalermpol
Boonkumsawasdi signs on
behalf of the
subject with seal
affixed. He also
bears full financial
responsibility by law.
MANAGEMENT
Mr. Chalermpol
Boonkumsawasdi is the
Managing Partner.
He is Thai
nationality with the
age of 52
years old.
Mr. Wanchai Boonpojvisetkul is
the Sales & Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and marketing various
kinds of pet
products under the
brand name “SLEEKY”.
The products include
dry shampoo, powder,
soap, mosquito coil,
and spray for
eliminating ticks and
fleas, dog food,
dog supplementary food,
dog milk with
nursing bottle, biscuit
and dog chew
products in a
variety of flavors,
as well as
a wide range of
dog toys and
accessories. The products
are marketed under
the trade name, such as “BUDDY”, “AMADEUS”, “STOPP”,
“535”, “HOBBYY”, “VETZ CHOICE”,
“MAGICA”, “COCO KAT”, “DODODOC”,
“EZY GROOM”, “EZY
CHEW”, “PET TIPS”,
and “HYENA”.
PURCHASE
Raw materials and
accessories are purchased
from suppliers both
local and overseas
mainly in Japan,
Germany, Taiwan, Republic
of China, India
and Singapore.
SALES [LOCAL]
70% of the
products is sold
locally by wholesale
to dealers.
EXPORT
30% of the
products is exported
to Japan, Taiwan,
Hong Kong, Republic
of China, Switzerland,
Nepal, Russia, Malaysia,
Australia, New Zealand
and the countries in
Europe and Middle
East.
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
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
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok]
EMPLOYMENT
The subject employs
approximately 350 office
staff and factory
workers.
LOCATION DETAILS
The premise is owned
for administrative office
at the heading
address. Premise is located
in commercial area.
Factory and warehouse are
located at 237
Moo 7, Gateway City
Industrial Estate,
Huasamrong, Plangyao, Chachoengsao
24190. Tel.: [66]
38 575-410-5,
Fax. : [66] 38 575-416 on
the area of
9,600 sq. m. of
areas.
COMMENT
The subject is a
manufacturer, distributor and
exporter of pet
products for over decades. With over 20 years
of experience, it can confidently
guarantee that its variety of products
is at high
quality and can
satisfy to pet lovers.
SLEEKY brands are
widely accepted from
both local and
international markets. Sales
had significantly improved
in the past
several years. Economic
slowdown and decrease purchasing power
has contributed to
slow down the
subject’s business.
FINANCIAL INFORMATION
The capital was
registered at Bht. 6,000,000 which
was carried by
2 persons as
follows:
Name Age Holding
Mr. Chalermpol Boonkumsawasdi [52] Bht. 3,000,000
[Unlimited partner]
[Address :
537 Soi Soonvijai 4,
Praram 9 Rd., Bangkapi,
Huaykwang, Bangkok 10320]
Ms. Saengsom Boonkumsawasdi [57] Bht. 3,000,000
[Address : 537
Soi Soonvijai 4, Praram 9
Rd., Bangkapi,
Huaykwang, Bangkok
10320]
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.:
Mr. Thanachote Kowsupat No.
2612
BALANCE SHEET [BAHT]
The latest
financial figures published as
at December 31,
2013, 2012 &
2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
20,420,392.71 |
4,114,402.77 |
2,869,788.41 |
|
Short-term Investment |
381,000.00 |
381,000.00 |
381,520.24 |
|
Trade Accounts &
Other Receivable |
38,476,930.62 |
44,404,276.47 |
42,349,048.13 |
|
Inventories |
68,496,092.24 |
74,343,526.55 |
68,243,427.39 |
|
Other Current Assets
|
3,371,314.45 |
3,451,595.13 |
1,089,855.91 |
|
|
|
|
|
|
Total Current Assets
|
131,145,730.02 |
126,694,800.92 |
114,933,640.08 |
|
|
|
|
|
|
Fixed Assets |
48,755,991.99 |
54,254,355.09 |
58,288,665.32 |
|
Total Assets |
179,901,722.01 |
180,949,156.01 |
173,222,305.40 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
- |
10,472,540.88 |
6,149,061.92 |
|
Trade Accounts & Other
Payable |
36,341,923.12 |
34,658,588.90 |
41,675,169.94 |
|
Other Current Liabilities |
4,253,850.72 |
5,114,646.66 |
5,411,510.63 |
|
|
|
|
|
|
Total Current Liabilities |
40,595,773.84 |
50,245,776.44 |
53,235,742.49 |
|
Total Liabilities |
40,595,773.84 |
50,245,776.44 |
53,235,742.49 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Capital Paid |
6,000,000.00 |
6,000,000.00 |
6,000,000.00 |
|
Retained Earning Unappropriated |
133,305,948.17 |
124,703,379.57 |
113,986,562.91 |
|
Total Shareholders' Equity |
139,305,948.17 |
130,703,379.57 |
119,986,562.91 |
|
Total Liabilities &
Shareholders' Equity |
179,901,722.01 |
180,949,156.01 |
173,222,305.40 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
276,689,737.65 |
310,147,505.15 |
275,810,066.50 |
|
Other Income |
487,608.45 |
103,553.54 |
164,885.68 |
|
Total Revenues |
277,177,346.10 |
310,251,058.69 |
275,974,952.18 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
152,293,700.71 |
178,956,252.96 |
162,207,141.13 |
|
Selling Expenses |
45,947,013.16 |
49,779,378.31 |
45,830,035.33 |
|
Administrative Expenses |
48,945,277.74 |
49,601,104.30 |
46,361,129.56 |
|
Other Expenses |
820,458.88 |
883,213.67 |
114,823.41 |
|
Total Expenses |
248,006,450.49 |
279,219,949.24 |
254,513,129.43 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
29,170,895.61 |
31,031,109.45 |
21,461,822.75 |
|
Financial Costs |
[712,570.14] |
[1,264,933.08] |
[456,554.90] |
|
Profit / [Loss] before Income
Tax |
28,458,325.47 |
29,766,176.37 |
21,005,267.85 |
|
Income Tax |
[5,855,756.87] |
[7,049,359.71] |
[6,336,027.38] |
|
|
|
|
|
|
Net Profit / [Loss] |
22,602,568.60 |
22,716,816.66 |
14,669,240.47 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.23 |
2.52 |
2.16 |
|
QUICK RATIO |
TIMES |
1.46 |
0.97 |
0.86 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.67 |
5.72 |
4.73 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.54 |
1.71 |
1.59 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
164.16 |
151.63 |
153.56 |
|
INVENTORY TURNOVER |
TIMES |
2.22 |
2.41 |
2.38 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
50.76 |
52.26 |
56.04 |
|
RECEIVABLES TURNOVER |
TIMES |
7.19 |
6.98 |
6.51 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
87.10 |
70.69 |
93.78 |
|
CASH CONVERSION CYCLE |
DAYS |
127.82 |
133.20 |
115.83 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
55.04 |
57.70 |
58.81 |
|
SELLING & ADMINISTRATION |
% |
34.30 |
32.04 |
33.43 |
|
INTEREST |
% |
0.26 |
0.41 |
0.17 |
|
GROSS PROFIT MARGIN |
% |
45.13 |
42.33 |
41.25 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
10.54 |
10.01 |
7.78 |
|
NET PROFIT MARGIN |
% |
8.17 |
7.32 |
5.32 |
|
RETURN ON EQUITY |
% |
16.23 |
17.38 |
12.23 |
|
RETURN ON ASSET |
% |
12.56 |
12.55 |
8.47 |
|
EARNING PER SHARE |
BAHT |
376.71 |
378.61 |
244.49 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.23 |
0.28 |
0.31 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.29 |
0.38 |
0.44 |
|
TIME INTEREST EARNED |
TIMES |
40.94 |
24.53 |
47.01 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(10.79) |
12.45 |
|
|
OPERATING PROFIT |
% |
(5.99) |
44.59 |
|
|
NET PROFIT |
% |
(0.50) |
54.86 |
|
|
FIXED ASSETS |
% |
(10.13) |
(6.92) |
|
|
TOTAL ASSETS |
% |
(0.58) |
4.46 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -10.79%. Turnover has decreased from THB
310,147,505.15 in 2012 to THB 276,689,737.65 in 2013. While net profit has
decreased from THB 22,716,816.66 in 2012 to THB 22,602,568.60 in 2013. And
total assets has decreased from THB 180,949,156.01 in 2012 to THB
179,901,722.01 in 2013.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
45.13 |
Impressive |
Industrial Average |
2.58 |
|
Net Profit Margin |
8.17 |
Impressive |
Industrial Average |
3.21 |
|
Return on Assets |
12.56 |
Impressive |
Industrial Average |
6.10 |
|
Return on Equity |
16.23 |
Impressive |
Industrial Average |
13.84 |
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 45.13%. When compared with the industry
average, the ratio of the company was higher, 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 8.17%, 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 12.56%, 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 16.23%, 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 Downtrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
3.23 |
Impressive |
Industrial Average |
1.10 |
|
Quick Ratio |
1.46 |
|
|
|
|
Cash Conversion Cycle |
127.82 |
|
|
|
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 3.23 times in 2013, increased from 2.52 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 1.46 times in 2013,
increased from 0.97 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 128 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.23 |
Impressive |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
0.29 |
Impressive |
Industrial Average |
1.34 |
|
Times Interest Earned |
40.94 |
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 40.94 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 0.23 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
5.67 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.54 |
Satisfactory |
Industrial Average |
1.90 |
|
Inventory Conversion Period |
164.16 |
|
|
|
|
Inventory Turnover |
2.22 |
Deteriorated |
Industrial Average |
7.15 |
|
Receivables Conversion Period |
50.76 |
|
|
|
|
Receivables Turnover |
7.19 |
Impressive |
Industrial Average |
4.99 |
|
Payables Conversion Period |
87.10 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.19 and 6.98 in
2013 and 2012 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2013
increased from 2012. This would suggest the company had good performance in the
management of its debt collections.
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 152 days at the
end of 2012 to 164 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 2.41 times in year 2012 to 2.22 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.54 times and 1.71
times in 2013 and 2012 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.60.79 |
|
|
1 |
Rs.99.30 |
|
Euro |
1 |
Rs.78.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SHG |
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 |
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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.