MIRA
INFORM REPORT
|
Report Date : |
12.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
KEMTRADE CO., LTD. |
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Registered Office : |
25/12
Moo 10, Sukhumvit
103 Road, Nongbon, Praves,
Bangkok 10260 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1994
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Com. Reg. No.: |
0105537013443 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing and marketing
of agrochemical products |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
KEMTRADE CO., LTD.
SUMMARY
BUSINESS ADDRESS : 25/12 MOO 10, SUKHUMVIT
103 ROAD,
NONGBON, PRAVES,
BANGKOK 10260,
THAILAND
TELEPHONE : [66] 2726-2329, 2726-7498-9
FAX : [66] 2328-1196
E-MAIL ADDRESS : info@kemtradethai .com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1994
REGISTRATION NO.
: 0105537013443 [Former : [2] 497/2537]
CAPITAL
REGISTERED : BHT. 18,000,000
CAPITAL
PAID-UP : BHT. 18,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
KASEM SASISETH, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 30
LINES OF
BUSINESS : AGROCHEMICALS
IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The subject was established on February
1, 1994 as
a private limited company under the name style KEMTRADE CO., LTD. by Thai groups.
The subject is
an experience trading company specialized in importing
and marketing of agrochemicals products in domestic market. It
currently employs approximately 30 staff.
The subject’s registered
address is 25/12
Moo 10, Sukhumvit 103
Rd., Nongbon, Praves,
Bangkok 10260, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Kasem Sasiseth [x] |
Thai |
49 |
|
Mr. Prasert Chaengkhitichai |
Thai |
50 |
|
Mr. Apichai Dejteerayakorn |
Thai |
59 |
AUTHORIZED PERSON
The mentioned director
[x] can jointly
sign with one
of the rest directors on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Kasem
Sasiseth is the Managing Director.
He is Thai nationality with
the age of
49 years old.
Mr. Apichai
Dejteerayakorn is the
Deputy Managing Director.
He is Thai nationality with
the age of
59 years old.
Ms. Chularat
Chayaviwatkul is the
Accounts Manager.
She is Thai nationality.
Mr. Pornchai Thongcharoensukchai is
the Sales & Marketing Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject’s business is
trading company specializing in importing and marketing
of agrochemical products such as
insecticides, herbicides, fertilizers and fungicides in forms of spray
in aluminum can and power, as well as
other products such as fumigator, mechanical sprayers, plant
grower regulators, trace
elements, rodenticides and
etc.
The subject is also
a distributor of
mechanical chemical and
application equipment.
MAJOR BRANDS
“MONSANTO”, “PATO”, “IMMOLATE”
IMPORT [COUNTRIES]
80% of its products is
imported from Israel,
Republic of China,
India, Germany, Bulgaria,
Hungary, Japan, France,
Norway, Australia, Taiwan,
Singapore, Australia, South
Africa, Canada, Belgium,
and United States
of America, the remaining
20% is purchased locally. At present,
there are approximately 50 major suppliers from domestic and
overseas.
MAJOR SUPPLIER
Monsanto [Thailand] Ltd.
: Thailand
SALES [LOCAL]
Its products are
sold locally to wholesalers and
end-users.
MAJOR CUSTOMERS
- Agrochemical Formulators
- Re-packaging Dealers
- Pest Control Operators
SUBSIDIARIES &
AFFILIATED COMPANY
Kemfac Co.,
Ltd.
Business Type: Manufacturer
and distributor of
agrochemical.
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 credit 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 and T/T.
BUSINESS TRANSACTION
In term of
sales, most of
the products are
sold to customers
by credit with
the maximum credit given at
60 days. The
subject is not
found to have
problem on its
account receivable.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333
Silom Rd., Silom, Bangrak,
Bangkok 10500]
EMPLOYMENT
The subject employs
approximately 30 staff.
[office and sales staff]
LOCATION DETAILS
The premise is
owned for administrative office at the
heading address in
a 3 storey building of
2 row shop houses. Premise is
located in commercial/residential area.
COMMENT
The company is
a trading firm
specializing in importing
and marketing of
agrochemicals throughout Thailand.
It currently sources
the products from
more than ten
countries worldwide.
Its business model
is based on
a highly integrated,
well-organized and interactive
managerial style as well
as it is well positioned to
continue its rapid
development and quickly
gauge new trends
and market potential.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided into 10,000 shares
of Bht. 100 each.
The capital was
increased later as
followings :
Bht.
4,250,000 on December
22, 1997
Bht.
10,000,000 on August
18, 1999
Bht.
18,000,000 on December
19, 2001
The latest registered
capital was increased
to Bht. 18,000,000 divided into 180,000 shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE : [
as at
April 30,
2006]
|
NAME |
HOLDING |
% |
|
Mr. Kasem
Sasiseth Nationality: Thai Address : 4/1559 Moo 4,
Klongkum, Buengkum, Bangkok |
44,999 |
25.00 |
|
Mr. Prasert
Chaengkhitichai Nationality: Thai Address : 94/818 Moo 4,
Bangkaenua, Pasicharoen,
Bangkok 10160 |
45,000 |
25.00 |
|
Mr. Apichai
Dejteerayakorn Nationality: Thai Address : 36/1 Moo 5,
Nongbon, Praves, Bangkok
10250 |
43,200 |
24.00 |
|
Rothai Co.,
Ltd. Nationality: Thai Address : 37/246 Sathupradit 37 Rd., Nonsee, Yannawa, Bangkok 10120 |
18,000 |
10.00 |
|
Mrs.
Sunantha Chaengkhitichai Nationality: Thai Address : 94/818 Moo 4,
Bangkaenua, Pasicharoen,
Bangkok 10160 |
16,200 |
9.00 |
|
Ms. Sukhumal
Sasiseth Nationality: Thai Address : 4/1559 Moo 4,
Klongkum, Buengkum, Bangkok
|
12,600 |
7.00 |
|
Mr. Kitti
Kiatsilpin Nationality: Thai Address : 10/624 Moo 6,
Klongkum, Buengkum,
Bangkok |
1 |
- |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
CCOUNTANT NO.
:
Mr. Kasem Suthepakorn
No. 0695
BALANCE SHEET [BAHT]
The latest financial
figures published as
at December 31,
2005 & 2004
were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank [note 1] |
5,655,345.14 |
1,158,264.84 |
|
Trade Accts. Receivable |
91,325,494.44 |
94,628,943.43 |
|
Inventories |
61,524,796.72 |
98,444,601.78 |
|
Other Current Assets [note 2]
|
45,022,290.81 |
63,275,419.57 |
|
|
|
|
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Total Current
Assets |
203,527,927.11 |
257,507,229.62 |
|
Other Long Term Investment |
1,600,000.00 |
1,800,000.00 |
|
Long Term Loan
to Person or
Related Company |
8,172,000.00 |
5,000,000.00 |
|
Fixed Assets
[note 3] |
120,809,719.85 |
56,941,405.40 |
|
Other Assets |
3,482,562.61 |
3,391,839.24 |
|
Total Assets |
337,592,209.57 |
324,640,474.26 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institute |
2,818,733.96 |
3,726,175.00 |
|
Trade Accts. Payable |
224,450,856.15 |
230,613,978.49 |
|
Current Portion of
Long Term Loans |
2,768,412.00 |
1,152,000.00 |
|
Other Current Liabilities |
10,423,909.13 |
7,838,012.90 |
|
|
|
|
|
Total Current
Liabilities |
240,461,911.24 |
243,330,166.39 |
|
|
|
|
|
Other Long Term
Loans |
28,876,970.00 |
16,108,172.00 |
|
Other Liabilities |
- |
19,400.00 |
|
|
|
|
|
Total Liabilities |
269,338,881.24 |
259,457,738.39 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
Share Capital :
Baht. 100 par
value authorized issued
and fully paid
share capital 180,000 shares |
18,000,000.00 |
18,000,000.00 |
|
|
|
|
|
Capital Paid |
18,000,000.00 |
18,000,000.00 |
|
Statutory Reserve |
1,800,000.00 |
1,800,000.00 |
|
Retained Earning [Deficit] |
48,453,328.33 |
45,382,735.87 |
|
Total
Shareholders' Equity |
68,253,328.33 |
65,182,735.87 |
|
|
|
|
|
Total
Liabilities & Shareholders' Equity |
337,592,209.57 |
324,640,474.26 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
512,714,423.82 |
590,574,122.41 |
|
Other Income |
1,859,814.13 |
2,144,263.22 |
|
Total Revenues
|
514,574,237.95 |
592,718,385.63 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
439,808,941.24 |
522,843,379.55 |
|
Selling & Administrative Expenses |
57,879,788.29 |
42,948,894.43 |
|
Total Expenses |
497,688,729.53 |
565,792,273.98 |
|
Profit/[Loss] from Operation |
16,885,508.42 |
26,926,111.65 |
|
Interest Expenses |
[11,912,267.76] |
[8,162,990.68] |
|
Income Tax |
[1,902,648.20] |
[5,846,923.84] |
|
Net Profit / [Loss] |
3,070,592.46 |
12,916,197.13 |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at Bank
|
|
2005 |
|
|
|
|
Cash in hand |
11,279.50 |
|
Cash at bank |
5,644,065.64 |
|
Total
|
5,655,345.14 |
NOTE 2
Other Current Assets
|
|
2005 |
|
|
|
|
Postdated Cheque |
44,585,550.56 |
|
Prepaid Payment |
333,740.25 |
|
Advanced to Employees
|
103,000.00 |
|
Total
|
45,033,290.81 |
NOTE 3
Fixed Assets
|
|
2005 |
|
|
|
|
Land |
14,276,880.00 |
|
Building |
8,012,331.40 |
|
Building under Furniture & Construction |
83,690,894.01 |
|
Office Improvement |
3,795,391.02 |
|
Office Furniture |
5,230,303.48 |
|
Vehicle |
19,607,676.16 |
|
Machine |
5,145,302.18 |
|
Total |
139,758,778.25 |
|
Less: Depreciation |
[18,949,058.40] |
|
Total
|
120,809,719.85 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
[13.18] |
|
|
Operating Profit |
[27.77] |
|
|
Net Profit |
[76.23] |
|
|
Fixed Assets |
112.16 |
|
|
Total Assets |
3.99 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
85.78 |
88.53 |
|
Operating Profit Margin |
3.29 |
4.56 |
|
S & A
Expenses |
11.29 |
7.27 |
|
Interest Paid |
2.32 |
1.38 |
|
Other Revenues |
0.36 |
0.36 |
|
Net Profit Margin |
0.60 |
2.19 |
|
Earning Per Shares |
17.06 |
71.76 |
|
No. of Shares |
180,000 |
180,000 |
Net Sales was
decreased by 13.18%,
Operating Profit was
decreased by 27.77%,
Net Profit was
decreased by 76.23%,
Fixed Assets was
increased by 112.17%,
Total Assets was
increased by 3.99%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 88.53%
to 85.78%, Operating
Profit Margin was
decreased from 4.56%
to 3.29%, S
& A Expenses
was increased from
7.27% to 11.29%,
Interest Paid was increased
from 1.38% to
2.32%, Other Revenues
was decreased from
0.36% to 0.36%,
Net Profit Margin
was decreased from
2.19% to 0.60%.
Earning Per Shares
was decreased from
71.76 baht per
share to 17.06
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.85 |
1.06 |
|
Quick-Assets Ratio |
0.40 |
0.39 |
Current Ratio was
decreased from 1.06
to 0.85, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was increased from
0.39 to 0.40,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
3.95 |
3.98 |
|
Times Interest Earned |
1.42 |
3.30 |
D/E Ratio was
decreased from 3.98
to 3.95, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was decreased from
3.30 to 1.42,
capacity to pay
interest paid was
so good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
4.24 |
10.37 |
|
Total Assets Turnover |
1.52 |
1.82 |
|
Return on Assets |
0.91 |
3.98 |
|
Return on Equity |
4.50 |
19.82 |
|
Day's Payable |
157.60 |
140.58 |
|
Day’s Inventories |
43.20 |
60.01 |
|
Day’s Receivables |
64.12 |
57.68 |
Fixed Assets Turnover
was decreased from
10.37 times to
4.24 times, Total
Assets Turnover was
decreased from 1.82
times to 1.52
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 3.98 to
0.91, Return on
Equity was decreased
from 19.82 to
4.50, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 141
days to 158
days, while Day’s
Inventories was decreased
from 61 days
to 44 days, but Day’s
Receivables was increased
from 58 days
to 65 days.
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 |
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 |
|
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%)