MIRA
INFORM REPORT
|
Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
ECOGRAND CO., LTD. |
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Registered Office : |
321/18
Nanglinchee Road, Chongnonsi, Yannawa, Bangkok
10120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2002
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Com. Reg. No.: |
0105545112633 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing and distributing various kinds of
additive feed products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name
ECOGRAND CO., LTD.
SUMMARY
BUSINESS ADDRESS : 321/18 NANGLINCHEE ROAD, CHONGNONSI,
YANNAWA, BANGKOK
10120, THAILAND
TELEPHONE : [66] 2286-0059,
2286-0062, 2678-3700-3
FAX : [66] 2287-0702,
2678-3704
E-MAIL ADDRESS : grandkem@ksc.th.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2002
REGISTRATION NO.
: 0105545112633 [Former : 010454501948]
CAPITAL
REGISTERED : BHT. 3,000,000
CAPITAL
PAID-UP : BHT. 3,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. ANANT PICHAYASAJJA, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 15
LINES OF
BUSINESS : ADDITIVE FEED PRODUCTS
IMPORTER AND
DISTRIBUTOR
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 24,
2002 as a
private limited company under the name style
ECOGRAND CO., LTD.,
by Thai groups,
in order to
import and distribute
various kinds of
additive feeds to
domestic market. It
currently employs 15 staff.
The
subject’s registered address
is 321/18 Nanglichee
Rd., Chongnonsi, Yannawa,
Bangkok 10120, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
Mr. Anant Pichayasajja
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Anant Pichayasajja is
the Managing Director.
He is Thai nationality with
the age of
56 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various kinds
of additive feed
products for animal,
such as protein,
vitamin, calcium and
etc.
PURCHASE
Most of the
products are imported
from Netherlands, United States of America, and United
Kingdom, the remaining
is purchased from
local suppliers.
SALES
100% of the
products is sold
locally to wholesalers
and end-users.
RELATED AND
AFFILIATED COMPANY
Grand Chemical
Far East Ltd.
Business Type : Importer and
distributor of industrial
chemicals.
Grand Chemical
Limited Partnership
Business Type : Importer and
distributor of industrial
chemicals.
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.
BANKING
Bangkok Bank
Public Co., Ltd.
[Bangkapi Branch, Sukhumvit
Rd., Klongtonnua, Wattana,
Bangkok]
EMPLOYMENT
The
subject employs 15
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
COMMENT
Growth of agricultural products for exports
market in the
last two years was halted
by bird flu
epidemic, while domestic
consumption had maintained
the company’s sales.
This year agricultural industry
has significantly grown and
exports of poultry
and meat products
increased.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000
divided into 30,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at April 28, 2006]
|
NAME |
HOLDING |
% |
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|
|
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Mr. Anant Pichayasajja Nationality: Thai Address : 108
Somdejchaophraya 11 Rd.,
Klongsan, Bangkok |
15,000 |
50.00 |
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Mrs. Pranee Sae-ung Nationality: Thai Address : 108 Somdejchaophraya 11 Rd., Klongsan,
Bangkok |
3,600 |
12.00 |
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Ms.
Chamaiporn Pichayasajja Nationality: Thai Address : 108
Somdejchaophraya 11 Rd.,
Klongsan, Bangkok |
3,600 |
12.00 |
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Ms.
Laddaporn Pichayasajja Nationality: Thai Address : 108
Somdejchaophraya 11 Rd.,
Klongsan, Bangkok |
3,600 |
12.00 |
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Mr. Pithaya Pichayasajja Nationality: Thai Address : 108
Somdejchaophraya 11 Rd.,
Klongsan, Bangkok |
3,600 |
12.00 |
|
Mrs.
Patchara Sae-ung Nationality: Thai Address : 518/3
Prannok Rd., Siriraj,
Bangkoknoi, Bangkok |
300 |
1.00 |
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Mrs. Sunipa Techamanapong Nationality: Thai Address : 321/18
Nanglinchee Rd., Chongnonsi,
Yannawa, Bangkok |
300 |
1.00 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Boonchai Chintakaveewat No. 4670
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
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Cash in hand
& at Bank |
3,909,251.54 |
382,583.25 |
|
Trade Accts. & Notes Receivable |
5,100,366.35 |
4,620,772.95 |
|
Inventories |
1,215,616.50 |
1,205,840.00 |
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Other Current Assets
|
69,914.38 |
40,073.26 |
|
Total Current
Assets |
10,295,148.77 |
6,249,269.46 |
|
|
|
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Fixed Assets |
3,301,619.61 |
2,810,686.24 |
|
Other Assets |
24,000.00 |
24,000.00 |
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Total Assets |
13,620,768.38 |
9,083,955.70 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institute |
6,584,538.89 |
1,967,615.34 |
|
Trade Accts. & Notes Payable |
215,230.47 |
1,041,890.31 |
|
Other Current Liabilities |
185,353.20 |
293,579.55 |
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Total Current
Liabilities |
6,985,122.56 |
3,303,085.20 |
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Total Liabilities |
6,985,122.56 |
3,303,085.20 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000.00 |
3,000,000.00 |
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning -
Unappropriated |
3,635,645.82 |
2,780,870.50 |
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Total
Shareholders' Equity |
6,635,645.82 |
5,780,870.50 |
|
Total
Liabilities & Shareholders' Equity |
13,620,768.38 |
9,083,955.70 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
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Sales |
31,571,902.65 |
16,748,813.25 |
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Other Income |
90,606.19 |
159,277.25 |
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Total Revenues
|
31,842,508.84 |
16,908,090.50 |
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Expenses |
|
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Cost of Goods
Sold |
26,673,332.41 |
12,379,156.37 |
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Selling & Administrative Expenses |
3,716,516.59 |
2,996,501.23 |
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Other Expenses |
331,877.23 |
86,221.07 |
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Total Expenses |
30,721,726.23 |
15,461,878.67 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
1,120,782.61 |
1,446,211.83 |
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Interest Expenses |
[113,004.78] |
[59,359.46] |
|
Income Tax |
[153,002.51] |
[253,783.52] |
|
Net Profit / [Loss] |
854,775.32 |
1,133,068.85 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
88.50 |
|
|
Operating Profit |
[49.71] |
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Net Profit |
[24.56] |
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Fixed Assets |
17.47 |
|
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Total Assets |
49.94 |
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Profitability |
|
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Cost of Good
Sold |
84.48 |
73.91 |
|
Operating Profit Margin |
4.60 |
9.15 |
|
S & A
Expenses |
11.77 |
17.89 |
|
Interest Paid |
0.36 |
0.35 |
|
Other Revenues |
0.86 |
0.95 |
|
Net Profit Margin |
2.71 |
6.77 |
|
Earning Per Shares |
28.49 |
37.77 |
|
No. of Shares |
30,000 |
30,000 |
Net Sales was
increased by 88.50%,
Operating Profit was
decreased by 49.71%,
Net Profit was
decreased by 24.56%,
Fixed Assets was
increased by 17.47%,
Total Assets was
increased by 49.94%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 73.91%
to 84.48%, Operating
Profit Margin was
decreased from 9.15%
to 4.60%, S
& A Expenses
was decreased from
17.89% to 11.77%,
Interest Paid was increased
from 0.35% to
0.36%, Other Revenues
was decreased from
0.95% to 0.86%,
Net Profit Margin
was decreased from
6.77% to 2.71%.
Earning Per Shares
was decreased from
37.77 baht per
share to 28.49
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.47 |
1.89 |
|
Quick-Assets Ratio |
1.29 |
1.51 |
Current Ratio was
decreased from 1.89
to 1.47, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.51 to 1.29,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
1.05 |
0.57 |
|
Times Interest Earned |
12.85 |
25.82 |
D/E Ratio was
increased from 0.57
to 1.05, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was decreased from
25.82 to 12.85,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
9.56 |
5.96 |
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Total Assets Turnover |
2.32 |
1.84 |
|
Return on Assets |
6.28 |
12.47 |
|
Return on Equity |
12.88 |
19.60 |
|
Day's Payable |
2.45 |
22.39 |
|
Day’s Inventories |
13.86 |
25.92 |
|
Day’s Receivables |
58.16 |
99.32 |
Fixed Assets Turnover
was increased from
5.96 times to
9.56 times, Total
Assets Turnover was
increased from 1.84
times to 2.32
times, show the company could
use Assets so
efficiently, Return on
Assets was decreased
from 12.47 to
6.28, Return on
Equity was decreased
from 19.60 to
12.88, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 23
days to 3
days, Day’s Inventories
was decreased from
26 days to
14 days, and
Day’s Receivables was
decreased from 100
days to 59
days.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)