MIRA
INFORM REPORT
|
Report Date : |
26th February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
PROJECT FIELD CO., LTD. |
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Registered Office : |
605/27-28
Soi Ladprao 87,
Ladprao Road, Wangthonglang, Bangkok
10310 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
05.08.1994 |
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Com. Reg. No.: |
0105537091339 [Former :
[1]1992/2537] |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing, re-packing, and distributing of agrochemical
products i.e. insecticide, herbicide, fungicide, and plant growth regulator. |
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 |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
PROJECT FIELD
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 605/27-28 SOI
LADPRAO 87, LADPRAO
ROAD,
WANGTHONGLANG, BANGKOK 10310
TELEPHONE : [66] 2539-3581
FAX :
[66] 2539-3510
E-MAIL ADDRESS :
info@projectfield.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1994
REGISTRATION NO.
:
0105537091339 [Former : [1]1992/2537]
CAPITAL
REGISTERED : BHT. 40,000,000
CAPITAL
PAID-UP : BHT. 40,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER
31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SOONTORN POOLKAMLANG, THAI
MANAGING
DIRECTOR
NO. OF
STAFF : 124
LINES OF
BUSINESS : AGROCHEMICAL PRODUCTS
MANUFACTURER 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 August 5,
1994 as a
private limited company under the name style
PROJECT FIELD CO.,
LTD., by Thai
group, to manufacture and
distribute agrochemical products
to domestic market.
It currently employs
124 staff.
Subject
has been granted
the ISO 9001 : 2000 certification, as well as
BOI promotion for
the production.
The
subject’s registered address
was initially located
at 77/277 Moo
12, Ramindra Rd.,
Ladprao, Bangkok 10230.
On
October 4, 2004,
it was relocated to 605/27-28
Ladprao 87 Rd.,
Wangthonglang, Bangkok 10310,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
Mr. Soontorn Poolkamlang
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Soontorn Poolkamlang is
the Managing Director.
He is Thai nationality with
the age of
45 years old.
Mr. Nirun Krunbutra
is the Marketing Manager.
He is Thai nationality.
Ms. Kulanit Pho-Eiam
is the Finance Manager.
She is Thai nationality.
Ms. Suwatsa Langnuay
is the Accounting Manager.
She is Thai nationality.
Mr.
Natchakorn Poolkamlang is
the Manufacturing Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, re-packing, and
distributing of agrochemical products i.e. insecticide, herbicide, fungicide, and
plant growth regulator.
MAJOR BRAND
“PROJECT FIELD”
PURCHASE
60% of concentrated chemical,
which is a
concentrated substance with
needs formulation in
final products according
to the specified formulas, is
purchased from local
suppliers, the remaining
40% is imported from Germany,
Republic of China,
Israel and India.
MAJOR SUPPLIER
K.D.
Federsen GmbH. : Germany
SALES
100% of the
products is sold
locally by wholesale
to dealers and
end-users.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor 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 30-60-90 days.
Imports are by
L/C at sight or T/T.
BANKING
Kasikornbank Public
Co., Ltd.
[Siyaek Wanghin Branch,
Ladplakao Rd., Ladprao, Bangkok]
Bangkok Bank
Public Co., Ltd.
[Ramindra
Branch, Ramindra Rd.,
Jarakaebua, Bangkok]
TMB Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs 124
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
Factory
and warehouse are
located at 101
Moo 3, T. Thungkok, A. Songpeenong, Supanburi province 72110.
Tel. & Fax.
: [66] 35 589-821-2
COMMENT
The subject
is an outstanding business, which
have been selected
by Ministry of
Industry to join
MDICP program with
modern machinery, advance
laboratory and high
quality products.
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 following:
Bht. 3,000,000 on September 4,
2000
Bht. 10,000,000
on June 28,
2002
Bht. 40,000,000
on February 17,
2004
The
latest registered capital
was increased to
Bht. 40,000,000 divided into
400,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2005]
|
NAME |
HOLDING |
% |
|
|
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Mr.
Soontorn Poolkamlang Nationality: Thai Address : 107
Moo 3, Thungkok,
Songpeenong, Supanburi |
399,964 |
99.99 |
|
Ms.
Busarakam Udomsak Nationality: Thai Address : 77/277
Ramindra Rd., Ladprao,
Bangkok |
3 |
|
|
Ms. Naiyana Udomsak Nationality: Thai Address : 1/3
Moo 1, Kokkham,
Sankaburi, Chainat |
3 |
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Mr. Suthon Poolkamlang Nationality: Thai Address : 107
Moo 3, Thungkok,
Songpeenong, Supanburi |
3 |
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Mrs. Renu Bangkhen Nationality: Thai Address : 1/3
Moo 1, Kokkham,
Sankaburi, Chainat |
3 |
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Mr.
Sitthichoke Udomsak Nationality: Thai Address : 29/627
Ramindra Rd., Anusawaree, Bangkhen, Bangkok |
3 |
|
|
Mrs.
Napajaree Udomsak Nationality: Thai Address : 29/627
Ramindra Rd., Anusawaree,
Bangkhen, Bangkok |
3 |
= 0.01 |
|
Mr. Somchai Poolkamlang Nationality: Thai Address : 107
Moo 3, Thungkok,
Songpeenong, Supanburi |
3 |
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Mr. Sompong Poolkamlang Nationality: Thai Address : 149/1
Moo 8, Srakaew,
Muang, Supanburi |
3 |
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Mr. Somsong Poolkamlang Nationality: Thai Address : 10
Nipat-uthit 14 Rd.,
Hadyai, Songkhla |
3 |
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Mr. Surapol Poolkamlang Nationality: Thai Address : 40/250
Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok |
3 |
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Ms,.
Pornkamol Poolkamlang Nationality: Thai Address : 40/250
Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok |
3 |
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|
Ms. Paphada Poolkamlang Nationality: Thai Address : 44/100
Moo 2, Bangmod,
Jomthong, Bangkok |
3 |
|
Total Shareholders : 13
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Chuangchote Chotesorayuth No.
0639
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] |
333,543.96 |
1,186,419.82 |
|
Trade Accts. &
Notes Receivable [note 2] |
36,995,106.15 |
23,247,320.05 |
|
Revenue Department Receivable |
1,940,938.95 |
79,719.99 |
|
Inventories & Material
Supplies [note 3] |
28,666,517.82 |
33,448,302.34 |
|
Other Current Assets
|
6,012,549.01 |
12,758,176.58 |
|
|
|
|
|
Total Current
Assets |
73,948,655.89 |
70,719,938.78 |
|
Fixed Assets [note 4] |
57,938,012.31 |
48,252,139.28 |
|
Other Assets |
7,110,259.55 |
4,236,464.05 |
|
Total Assets |
138,996,927.75 |
123,208,542.11 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft |
7,131,943.66 |
7,034,311.30 |
|
Short-term Loan from
Bank |
12,799,320.00 |
9,000,000.00 |
|
Trade Accts. &
Notes Payable |
59,521,735.22 |
50,464,250.01 |
|
Accrued Expenses |
672,794.20 |
1,659,928.98 |
|
Accrued Income Tax |
225,831.08 |
204,072.93 |
|
Accrued Withholding Income
Tax |
30,237.87 |
20,775.38 |
|
Other Current Liabilities |
352,880.50 |
151,500.00 |
|
|
|
|
|
Total Current
Liabilities |
80,734,742.53 |
68,534,838.60 |
|
Hire-purchase Contract Payable |
3,252,074.58 |
4,778,860.00 |
|
Long-term Loan from
Related Companies |
9,392,485.00 |
1,707,873.20 |
|
Long-term Loan from
Bank |
11,407,305.46 |
14,230,579.45 |
|
Total Liabilities |
104,786,607.57 |
89,252,151.25 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 400,000 shares |
40,000,000.00 |
40,000,000.00 |
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|
|
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Capital Paid |
40,000,000.00 |
40,000,000.00 |
|
Unappropriated
[Deficit] |
[5,789,679.82] |
[6,043,609.14] |
|
Total
Shareholders' Equity |
34,210,320.18 |
33,956,390.86 |
|
Total
Liabilities & Shareholders' Equity |
138,996,927.75 |
123,208,542.11 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Operating Income |
192,496,912.36 |
176,737,766.48 |
|
Other Income |
1,085,229.51 |
737,542.75 |
|
Gain / [Loss] from Exchange
Rate |
549,997.00 |
448,942.95 |
|
Total Revenues
|
194,132,138.87 |
177,924,252.18 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
163,980,219.58 |
150,652,632.79 |
|
Selling & Administrative Expenses |
22,680,924.52 |
22,385,438.80 |
|
Total Expenses |
186,661,144.10 |
173,038,071.59 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses &
Income Tax |
7,470,994.77 |
4,886,180.59 |
|
Interest Expenses |
[6,091,585.37] |
[3,413,770.95] |
|
Income Tax |
[413,822.82] |
[441,722.89] |
|
|
|
|
|
Profit / [Loss] before Extraordinary Item |
965,586.58 |
1,030,686.75 |
|
Unrecognized Expenses |
[711,657.26] |
[552,483.14] |
|
|
|
|
|
Net Profit / [Loss] |
253,929.32 |
478,203.61 |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at Bank
|
|
2005 |
2004 |
|
|
|
|
|
Cash in hand |
323,100.00 |
882,204.00 |
|
Cash at bank-Saving account |
443.96 |
300,911.56 |
|
-Current account |
10,000.00 |
3,304.26 |
|
Total
|
333,543.96 |
1,186,419.82 |
NOTE 2
Trade Accts. &
Notes Receivable
|
|
2005 |
2004 |
|
|
|
|
|
Trade Accts. Receivable |
34,674,768.55 |
21,638,142.33 |
|
Notes Receivable |
2,320,337.60 |
1,609,177.72 |
|
Total
|
36,995,106.15 |
23,247,320.05 |
NOTE 3
Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Raw Material |
12,091,372.60 |
20,695,040.60 |
|
Finished Goods |
15,303,788.22 |
11,292,602.74 |
|
Works in Process |
1,271,357.00 |
1,460,659.00 |
|
Total
|
28,666,517.82 |
33,448,302.34 |
NOTE 4
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land |
14,920,803.56 |
14,920,803.56 |
|
Building |
20,013,731.05 |
20,013,731.05 |
|
Vehicle |
16,252,960.10 |
17,203,737.62 |
|
Office Automation & Furniture |
2,997,026.40 |
2,253,654.59 |
|
Factory Equipment & Machinery |
8,603,188.41 |
7,892,915.41 |
|
Other |
11,750,000.00 |
- |
|
Total |
74,537,709.52 |
62,284,842.23 |
|
Less: Depreciation |
[15,322,661.29] |
[12,097,813.27] |
|
Sales of
Assets |
[1,277,035.92] |
[1,934,889.68] |
|
Total
|
57,938,012.31 |
48,252,139.28 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual Growth |
2005 |
2004 |
|
Sales |
8.92 |
|
|
Operating |
40.38 |
|
|
Net Profit |
[46.90] |
|
|
Fixed Assets |
20.07 |
|
|
Total Assets |
12.81 |
|
|
Profitability |
|
|
|
Cost of Goods
Sold |
85.19 |
85.24 |
|
Operating Profit Margin |
3.88 |
2.76 |
|
S&A expenses |
11.78 |
12.67 |
|
Interest |
3.16 |
1.93 |
|
Other Revenues |
0.85 |
0.67 |
|
Net Profit Margin |
0.13 |
0.27 |
|
Earning Per Shares |
0.63 |
1.20 |
|
No. of Shares |
400,000 |
400,000 |
Net Sales was
increased by 8.92%,
Operating Profit was
increased by 40.38%,
Net Profit was
decreased by 46.90%,
Fixed Assets was
increased by 20.07%,
Total Assets was
increased by 12.81%.
Compare each cost with sales, Cost of Goods Sold was decreased from 85.24% to 85.19%, Operating Profit Margin was increased from 2.76% to 3.88%, S & A Expenses were decreased from 12.67% to 11.78%, Interest Paid was increased from 1.93% to 3.16%, Other Revenues was increased from 0.67% to 0.85%, Net Profit Margin was decreased from 0.27% to 0.13%.
Earning Per Shares was decreased from 1.20 baht per share to 0.63 baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.92 |
1.03 |
|
Quick - assets ratio |
0.49 |
0.36 |
Current Ratio was
decreased from 1.03
to 0.92, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, and Quick-assets Ratio was increased
from 0.36 to
0.49, 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 |
3.06 |
2.63 |
|
Times Interest Earned |
1.23 |
1.43 |
D/E Ratio was
increased from 2.63
to 3.06, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high
and Times Interest
Earned was decreased from 1.43 to
1.23, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
3.32 |
3.66 |
|
Total Assets Turnover |
1.38 |
1.43 |
|
Return on Assets |
0.18 |
0.39 |
|
Return on Equity |
0.74 |
1.41 |
|
Day’s Payable |
111.32 |
102.79 |
|
Day’s Inventories |
53.61 |
68.13 |
|
Days’ Receivables |
69.19 |
47.35 |
Fixed Assets Turnover
was decreased from
3.66 times to
3.32 times, Total
Assets Turnover was
decreased from 1.43
times to 1.38
times, show the
company could not
use Assets so
efficiently, and Return
on Assets was
decreased from 0.39
to 0.18, Return
on Equity was
decreased from 1.41
to 0.74, capacity
to use Assets to make
profit was not
good.
Day’s Payable was
increased from 103
days to 112
days, while Day’s
Inventories was decreased
from 69 days
to 54 days, but Day’s
Receivables was increased
from 48 days
to 70 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%)
PRIVATE & CONFIDENTIAL : This information
is provided to you at your request, you having employed MIPL for such purpose.
You will use the information as aid only in determining the propriety of giving
credit and generally as an aid to your business and for no other purpose. You
will hold the information in strict confidence, and shall not reveal it or make
it known to the subject persons, firms or corporations or to any other. MIPL
does not warrant the correctness of the information as you hold it free of any
liability whatsoever. You will be liable to and indemnify MIPL for any loss,
damage or expense, occasioned by your breach or non observance of any one, or
more of these conditions