MIRA INFORM REPORT
|
Report No. : |
322998 |
|
Report Date : |
20.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
CHAI UDOM SIN CO., LTD. |
|
|
|
|
Registered Office : |
77 Naradhiwas Rajanagarindra 10
Road, Thungwatdon, Sathorn, Bangkok
10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
17.06.1993 |
|
|
|
|
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 [rice, rice flour
and defatted rice
bran], corncob meal,
acacia leaves pellets,
aloe vera powder,
corn grits, tamarind
seed, tamarind seed
powder, sugar and
etc. The subject
also provides professional and
effective mode of
transportation, warehouse and
stuffing facilities services. |
|
|
|
|
No. of Employees : |
62 |
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 : |
Slow but correct |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 & 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 : 62
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
distribute various kinds
of tapiocas and
other agriculture products
to both domestic
and international markets.
It currently employs
62 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 62 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 grits,
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 according
to 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 62 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. Its sale was outstanding increased
from the previous
year. Sales improvement had
seen in the year 2013 from
export markets. However,
domestic consumption
slowdown may cause
to slow growth
this year.
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, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Mongkol Tungphaisal Nationality: Thai Address : 77
Naradhiwas Rajanagarindra 10
Rd., Thungwatdon, Sathorn,
Bangkok |
130,000 |
52.00 |
|
Mrs. Suntaree 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. Saovapa 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,
2014]
|
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. :
Mr. Chaiyakorn Oonpitipongsa No.
3196
BALANCE SHEET
[BAHT]
The latest financial
figures published for
December 31, 2013,
2012 & 2011
were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
4,482,862.74 |
4,286,613.53 |
5,743,535.23 |
|
Trade Accounts &
Other Receivable |
23,833,050.85 |
28,867,411.73 |
15,253,363.99 |
|
Inventories |
1,220,905.51 |
3,517,619.84 |
2,841,093.15 |
|
Other Current Assets
|
|
|
|
|
Receivable - Revenue Department
|
5,781,621.41 |
3,607,049.02 |
3,762,919.96 |
|
Others |
293,608.27 |
245,531.34 |
195,370.36 |
|
Total Other Current
Assets |
6,075,229.68 |
3,852,580.36 |
3,958,290.32 |
|
|
|
|
|
|
Total Current Assets
|
35,612,048.78 |
40,524,225.46 |
27,796,282.69 |
|
|
|
|
|
|
Fixed Assets |
27,272,471.02 |
16,583,606.45 |
11,921,044.56 |
|
Other Non-current Assets |
- |
- |
454.55 |
|
Total Assets |
62,884,519.80 |
57,107,831.91 |
39,717,781.80 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institutions |
20,624,836.80 |
17,510,871.75 |
9,294,287.24 |
|
Trade Accounts & Other
Payable |
28,459,771.73 |
25,783,009.47 |
18,390,791.85 |
|
Current Portion of Financial
Lease Contract Liabilities |
604,223.76 |
569,539.33 |
534,854.90 |
|
Accrued Income Tax |
133,109.43 |
520,703.60 |
595,099.88 |
|
Other Current Liabilities |
1,016,155.77 |
567,264.29 |
177,117.18 |
|
|
|
|
|
|
Total Current Liabilities |
50,838,097.49 |
44,951,388.44 |
28,992,151.05 |
|
|
|
|
|
|
Financial Lease Contract
Liabilities |
475,918.11 |
1,080,126.73 |
1,649,650.92 |
|
Reserve for Employee’s Benefit |
551,304.33 |
523,739.12 |
496,173.91 |
|
Total Liabilities |
51,865,319.93 |
46,555,254.29 |
31,137,975.88 |
|
|
|
|
|
|
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 |
8,519,199.87 |
8,052,577.62 |
6,079,805.92 |
|
Total Shareholders' Equity |
11,019,199.87 |
10,552,577.62 |
8,579,805.92 |
|
Total Liabilities &
Shareholders' Equity |
62,884,519.80 |
57,107,831.91 |
39,717,781.80 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales |
442,262,856.40 |
384,272,565.19 |
340,593,434.09 |
|
Other Income |
4,853,365.81 |
3,445,264.65 |
3,490,327.37 |
|
Total Revenues |
447,116,222.21 |
387,717,829.84 |
344,083,761.46 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
395,651,430.57 |
337,119,368.75 |
294,525,444.48 |
|
Selling Expenses |
37,463,715.32 |
36,042,600.43 |
35,444,412.89 |
|
Administrative Expenses |
12,855,326.71 |
11,424,428.85 |
11,244,923.68 |
|
Total Expenses |
445,970,472.60 |
384,586,398.03 |
341,214,781.05 |
|
|
|
|
|
|
Profit before Financial
Cost & Income Tax |
1,145,749.61 |
3,131,431.81 |
2,868,980.41 |
|
Financial Cost |
[469,697.56] |
[326,549.01] |
[518,184.11] |
|
|
|
|
|
|
Profit before Income Tax |
676,052.05 |
2,804,882.80 |
2,350,796.30 |
|
Income Tax |
[209,429.80] |
[832,111.10] |
[756,273.71] |
|
Net Profit / [Loss] |
466,622.25 |
1,972,771.70 |
1,594,522.59 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.70 |
0.90 |
0.96 |
|
QUICK RATIO |
TIMES |
0.56 |
0.74 |
0.72 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
16.22 |
23.17 |
28.57 |
|
TOTAL ASSETS TURNOVER |
TIMES |
7.03 |
6.73 |
8.58 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
1.13 |
3.81 |
3.52 |
|
INVENTORY TURNOVER |
TIMES |
324.06 |
95.84 |
103.67 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
19.67 |
27.42 |
16.35 |
|
RECEIVABLES TURNOVER |
TIMES |
18.56 |
13.31 |
22.33 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
26.25 |
27.92 |
22.79 |
|
CASH CONVERSION CYCLE |
DAYS |
(5.46) |
3.31 |
(2.92) |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
89.46 |
87.73 |
86.47 |
|
SELLING & ADMINISTRATION |
% |
11.38 |
12.35 |
13.71 |
|
INTEREST |
% |
0.11 |
0.08 |
0.15 |
|
GROSS PROFIT MARGIN |
% |
11.64 |
13.17 |
14.55 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.26 |
0.81 |
0.84 |
|
NET PROFIT MARGIN |
% |
0.11 |
0.51 |
0.47 |
|
RETURN ON EQUITY |
% |
4.23 |
18.69 |
18.58 |
|
RETURN ON ASSET |
% |
0.74 |
3.45 |
4.01 |
|
EARNING PER SHARE |
BAHT |
1.87 |
7.89 |
6.38 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.82 |
0.82 |
0.78 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.71 |
4.41 |
3.63 |
|
TIME INTEREST EARNED |
TIMES |
2.44 |
9.59 |
5.54 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
15.09 |
12.82 |
|
|
OPERATING PROFIT |
% |
(63.41) |
9.15 |
|
|
NET PROFIT |
% |
(76.35) |
23.72 |
|
|
FIXED ASSETS |
% |
64.45 |
39.11 |
|
|
TOTAL ASSETS |
% |
10.12 |
43.78 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 15.09%. Turnover has increased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
11.64 |
Impressive |
Industrial Average |
9.44 |
|
Net Profit Margin |
0.11 |
Deteriorated |
Industrial Average |
0.46 |
|
Return on Assets |
0.74 |
Acceptable |
Industrial Average |
1.16 |
|
Return on Equity |
4.23 |
Satisfactory |
Industrial Average |
4.72 |
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 11.64%. 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 0.11%.
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 0.74%.
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 4.23%.
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 |
0.70 |
Risky |
Industrial Average |
1.03 |
|
Quick Ratio |
0.56 |
|
|
|
|
Cash Conversion Cycle |
(5.46) |
|
|
|
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 0.7 times in 2013, decreased from 0.9 times, then the company may not be
efficiently using its current assets. 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 0.56 times in 2013,
decreased from 0.74 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 -6 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.82 |
Acceptable |
Industrial Average |
0.78 |
|
Debt to Equity Ratio |
4.71 |
Risky |
Industrial Average |
3.56 |
|
Times Interest Earned |
2.44 |
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 higher the percentage means that the company is using less
equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 2.44 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 |
16.22 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
7.03 |
Impressive |
Industrial Average |
2.50 |
|
Inventory Conversion Period |
1.13 |
|
|
|
|
Inventory Turnover |
324.06 |
Impressive |
Industrial Average |
4.77 |
|
Receivables Conversion Period |
19.67 |
|
|
|
|
Receivables Turnover |
18.56 |
Impressive |
Industrial Average |
3.64 |
|
Payables Conversion Period |
26.25 |
|
|
|
The company's Account Receivable Ratio is calculated as 18.56 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 4 days at the end
of 2012 to 1 day at the end of 2013. This represents a positive trend. And
Inventory turnover has increased from 95.84 times in year 2012 to 324.06 times
in year 2013.
The company's Total Asset Turnover is calculated as 7.03 times and 6.73 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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.69 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.71.90 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.