MIRA
INFORM REPORT
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Report Date : |
20.07.2007 |
IDENTIFICATION DETAILS
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Name : |
MAJORFAR CORPORATION CO., LTD. |
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Registered Office : |
130 Moo 6,
Soi Pinnakorn 4, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1986 |
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Com. Reg. No.: |
0105529045676 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in distributing of
agricultural products |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
MAJORFAR CORPORATION CO., LTD.
SUMMARY
BUSINESS ADDRESS : 130
MOO 6, SOI
PINNAKORN 4, BOROMRAJCHONNEE
ROAD, TALINGCHAN,
TELEPHONE : [66] 2435-4766,
2880-9380, 2880-7385-6
FAX :
[66] 2434-2570
E-MAIL ADDRESS : majorfar:me@yahoo.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1986
REGISTRATION NO. : 0105529045676 [Former : 4570/2529]
CAPITAL
REGISTERED : BHT.
12,000,000
CAPITAL
PAID-UP : BHT.
12,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SUTHEP LAOPIPATPINYO, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 25
LINES OF
BUSINESS : AGRICULTURAL PRODUCTS
IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on December
15, 1986 as a
private limited company
under the name
style MAJORFAR CORPORATION
CO., LTD., by
Thai groups, in
order to distribute
and supply wide
range of agricultural
products to local market.
It currently employs
25 staff.
The subject’s registered
address is 130
Moo 6, Soi Pinnakorn
4, Boromrajchonnee Rd.,
Talingchan, Bangkok 10170,
and this is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
Name Nationality
Age
Mr. Prawit Thongchairaveewat Thai 50
Mr. Suthep Laopipatpinyo Thai 54
Ms. Laddawan
Thongchairaveewat Thai 39
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Suthep
Laopipatpinyo is the
Managing Director.
He is Thai
nationality with the
age of 54
years old.
Mrs. Narumol
Thongchairaveewat is the
Account & Finance
Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in distributing of
agricultural products including
agro-chemical, pesticide, insecticide,
herbicide, fungicide and
fertilizer, as well as tools &
equipment and etc.
PURCHASE
70% of its
products is purchased
from local suppliers,
and the remaining
30% is imported from
Germany, United States of
America, France, United Kingdom, Italy, Taiwan,
Malaysia, Republic of
China and India.
MAJOR SUPPLIER
Global Crop Co., Ltd. :
SALES [LOCAL]
100% of its
products is sold
locally to wholesalers,
retailers and end-users.
REVENUE
In 2006, the
subject’s revenue was
increased around 15-20%
from the previous
year.
AFFILIATED COMPANY
Global Crops
Co., Ltd.
Business Type :
Manufacturer of agriculture
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 & T/T.
BANKING
Krung Thai Bank Public
Co., Ltd.
[Pinklao Branch:
Siam City
Bank Public Co., Ltd.
[Head Office : 1101 New
Kasikornbank Public
Co., Ltd.
[Head Office :
EMPLOYMENT
The subject employs
25 staff. [office
and sales staff]
LOCATION DETAILS
The premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
Demand of chemical
used for agricultural
business remains strong
and also has
a bright prospect
due to Thailand
is becoming the global
forefront of agricultural
productions.
The subject is also the leading supplier of agro-chemical products in
local market for almost twenty years.
Its operating result last
year remained healthy.
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
follows:
Bht. 2,000,000
on November 23,
2001
Bht. 12,000,000
on November 10,
2004
The latest registered
capital was increased
to Bht. 12,000,000
divided into 120,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2006]
|
NAME |
HOLDING |
% |
|
Mr. Suthep
Laopipatpinyo Nationality: Thai Address : 7/196 Moo 9,
Salathamsop, Taweewatana, |
45,000 |
37.50 |
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Mr. Prawit
Thongchairaveewat Nationality: Thai Address : 7/195 Moo 9,
Salathamsop, Taweewatana, |
45,000 |
37.50 |
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Ms. Petchara
Limpchavalit Nationality: Thai Address :
Prakanong, |
14,990 |
12.49 |
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Mrs. Narumol
Thongchairaveewat Nationality: Thai Address : 71/45 Moo 4,
A.
Muang, Khon Kaen |
14,990 |
12.49 |
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Ms. Sunantha
Ankananupong Nationality: Thai Address :
Bangkoknoi, |
10 |
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Mr. Thongchai
Thongchairaveewat Nationality: Thai Address :
Bangkhunnont, Bangkoknoi, |
5 |
=0.02 |
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Mrs. Chantana
Watanachanya Nationality: Thai Address : Bangkhunnont, Bangkoknoi, |
5 |
|
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Ms. Napaporn Sakulkoo
No. 2945
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
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|
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Cash in hand
& at Bank
|
1,211,173.78 |
2,075,623.33 |
|
Trade Accts. Receivable [note 1] |
197,894,010.31 |
160,210,427.81 |
|
Short Term Loan
to Person or
Related |
650,000.00 |
1,467,620.80 |
|
Inventories |
66,974,549.13 |
69,273,863.65 |
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Other Current Assets [note 2] |
2,151,325.49 |
10,946,562.91 |
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Total Current
Assets |
268,881,058.71 |
243,974,098.50 |
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Fixed Assets [note 3] |
16,577,131.63 |
17,068,363.30 |
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Total Assets
|
285,458,190.34 |
261,042,461.80 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
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Bank Overdraft & Short Term
Loan Financial Institution |
29,329,610.00 |
14,309,054.23 |
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Trade Accts. Payable |
223,316,703.93 |
215,299,774.30 |
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Current Portion of
Long Term Loan |
1,753,343.00 |
2,516,241.46 |
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Other Current Liabilities |
2,443,038.04 |
2,026,884.11 |
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Total Current
Liabilities |
256,842,694.97 |
234,151,954.10 |
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Other Long Term
Loan |
4,045,332.19 |
5,289,643.83 |
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Total Liabilities |
260,888,027.16 |
239,441,597.93 |
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Shareholders'
Equity |
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Share capital : Baht 100
value authorized, issued
and fully paid share
capital 120,000 shares |
12,000,000.00 |
12,000,000.00 |
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Capital Paid |
12,000,000.00 |
12,000,000.00 |
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Retained Earning -
Unappropriated |
12,570,163.18 |
9,600,863.87 |
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Total
Shareholders' Equity |
24,570,163.18 |
21,600,863.87 |
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Total
Liabilities & Shareholders' Equity |
285,458,190.34 |
261,042,461.80 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
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Sales |
678,002,853.08 |
552,094,900.34 |
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Other Income |
553,552.46 |
1,139,451.02 |
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Total Revenues
|
678,556,405.54 |
553,234,351.36 |
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Expenses |
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Cost of Goods
Sold |
632,475,405.29 |
513,575,845.76 |
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Selling & Administrative Expenses |
25,971,110.43 |
27,255,276.42 |
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Other Expenses |
5,980,795.87 |
3,407,296.11 |
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Total Expenses |
664,427,311.59 |
544,238,418.29 |
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Profit from Operation |
14,129,093.95 |
8,995,933.07 |
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Interest Expenses |
[9,614,063.08] |
[4,035,355.35] |
|
Income Tax |
[1,545,731.56] |
[1,492,722.98] |
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Net Profit / [Loss] |
2,969,299.31 |
3,467,854.74 |
FINANCIAL NOTE
NOTE 1
Trade Accts. Receivable
|
|
2005 |
2004 |
|
|
|
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Trade Accts. Receivable |
192,933,561.81 |
153,673,416.73 |
|
Postdated Cheque |
4,960,448.50 |
6,537,011.08 |
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Total Current
Assets |
197,894,010.31 |
160,210,427.81 |
NOTE 2
Other Current Assets
|
|
2005 |
2004 |
|
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Half Year Income
Tax |
750,000.00 |
632,500.00 |
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Withholding Income Tax |
165,400.58 |
125,120.89 |
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Deferred Interest |
4,875.00 |
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Goods Deposit |
1,001,983.00 |
9,893,558.10 |
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Deferred Hire-Purchase Interest |
4,449.12 |
74,756.54 |
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Prepaid Insurance Premium |
143,137.79 |
220,627.38 |
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Prepaid Consultant Fee
|
81,480.00 |
- |
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Total
|
2,151,325.49 |
10,946,562.91 |
NOTE 3
Fixed Assets
|
|
2005 |
2004 |
|
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Land |
6,534,000.00 |
6,534,000.00 |
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Building |
1,750,000.00 |
1,750,000.00 |
|
Hand Tool |
2,828,303.76 |
2,396,859.22 |
|
Office Furniture |
583,443.22 |
526,904.52 |
|
Vehicle |
14,069,348.00 |
13,217,664.00 |
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Total |
25,765,094.98 |
24,425,427.74 |
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Less: Depreciation |
[9,187,963.35] |
[7,357,064.44] |
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Total
|
16,577,131.63 |
17,068,363.30 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
22.81 |
|
|
Operating Profit |
32.03 |
|
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Net Profit |
[14.38] |
|
|
Fixed Assets |
[2.88] |
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Total Assets |
9.35 |
|
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Profitability |
|
|
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Cost of Good
Sold |
93.29 |
93.02 |
|
Operating Profit Margin |
2.97 |
2.25 |
|
S & A
Expenses |
3.83 |
4.94 |
|
Interest Paid |
1.42 |
0.73 |
|
Other Revenues |
0.08 |
0.21 |
|
Net Profit Margin |
0.44 |
0.63 |
|
Earning Per Shares |
24.74 |
28.90 |
|
No. of Shares |
120,000 |
120,000 |
Net Sales was
increased by 22.81%,
Operating Profit was
increased by 32.03%,
Net Profit was
decreased by 14.38%,
Fixed Assets was
decreased by 2.88%,
Total Assets was
increased by 9.35%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 93.02%
to 93.29%, Operating
Profit Margin was
increased from 2.25%
to 2.97%, S
& A Expenses
was decreased from
4.94% to 3.83%,
Interest Paid was increased
from 0.73% to
1.42%, Other Revenues
was decreased from
0.21% to 0.08%,
Net Profit Margin
was decreased from
0.63% to 0.44%.
Earning Per Shares
was decreased from
28.90 baht per
share to 24.74
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.05 |
1.04 |
|
Quick-Assets Ratio |
0.78 |
0.70 |
Current Ratio was
increased from 1.04
to 1.05, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.70 to 0.78,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
10.62 |
11.08 |
|
Times Interest Earned |
2.09 |
3.07 |
D/E Ratio was
decreased from 11.08
to 10.62, 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 3.07 to
2.09, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
40.90 |
32.35 |
|
Total Assets Turnover |
2.38 |
2.11 |
|
Return on Assets |
1.04 |
1.33 |
|
Return on Equity |
12.08 |
16.05 |
|
Day's Payable |
118.57 |
140.39 |
|
Day’s Inventories |
35.56 |
45.17 |
|
Day’s Receivables |
105.08 |
104.47 |
Fixed Assets Turnover
was increased from
32.35 times to
40.90 times, Total
Assets Turnover was
increased from 2.11
times to 2.38
times, show the
company could use
Assets so efficiently,
Return on Assets
was decreased from
1.33 to 1.04,
Return on Equity
was decreased from
16.05 to 12.08,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 141
days to 119
days, and Day’s
Inventories was decreased
from 46 days
to 36 days,
while Day’s Receivables
was increased from
105 days to
106 days.
RATING EXPLANATIONS
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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 |
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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%)