MIRA
INFORM REPORT
|
Report Date : |
25.04.2007 |
IDENTIFICATION DETAILS
|
Name : |
AGRO-BIOMATE CO., LTD. |
|
|
|
|
Registered Office : |
87-88
Moo 6, Soi
Pinnakorn 4, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
2002 |
|
|
|
|
Com. Reg. No.: |
0105545059422 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturing of bio-chemical. |
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 : |
Regular |
|
|
|
|
Litigation : |
Clear |
name
AGRO-BIOMATE CO., LTD.
SUMMARY
BUSINESS ADDRESS : 87-88
MOO 6, SOI
PINNAKORN 4,
TALINGCHAN,
TELEPHONE : [66] 2434-3671-3
FAX : [66] 2880-9545
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2002
REGISTRATION NO. : 0105545059422 [Former : 10754501000]
CAPITAL
REGISTERED : BHT.
5,000,000
CAPITAL
PAID-UP : BHT.
5,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VINIJ MEK-ARIYA, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 50
LINES OF
BUSINESS : BIO-CHEMICAL PRODUCTS
MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on June 10,
2002 as a
private limited company by
Thai groups, under the
name style AGRO-BIOMATE
CO., LTD., in
order to manufacture
bio-chemical products for
agricultural industry. It
currently employs approximately
50 staff.
The
subject’s registered address
was initially located
at 667/15 Atthaboon
Bldg., Charansanitwong Rd.,
Aroon Amarin, Bangkoknoi,
Bangkok 10700.
On
february 1, 2007,
it was relocated
to 87-88 Moo
6, Boromrachachonnani Rd.,
Talingchan, Bangkok 10170,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vinij Mek-ariya |
|
Thai |
48 |
|
Mrs. Danupa Mek-ariya |
|
Thai |
45 |
AUTHORIZED PERSON
One of the
above directors can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Vinij Mek-ariya
is the Managing
Director.
He is Thai
nationality with the
age of 48
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
of bio-chemical, mainly
Bacillus Thuringiensis and
etc., for agricultural
industry.
PRODUCTION
10 tons per
month
PURCHASE
Raw materials are
purchased from local
suppliers.
IMPORT
Machinery
and spare parts
are imported from
Germany, India, Israel
and U.S.A.
SALES
100% of the
products is sold
locally to wholesalers
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 days.
Imports are by
L/C at sight
or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office,
EMPLOYMENT
The
subject employs approximately
50 staff.
LOCATION DETAILS
The
premise is owned for
administrative office at the heading
address. Premise is
located in residential
area.
Factory is
located at 9 Moo 3,
Branch:
48/3 Moo 1, T.
Salaya, A. Budhamonthon, Nakornpathom
province.
COMMENT
The subject’s
sales has been
slowdown from slow
consumption in domestic
market. However, agricultural
industry in long
run is promising
for the subject’s
business.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
1,000,000 divided into
10,000 shares of
Bht. 100 each.
The
latest registered capital
was increased to
Bht. 5,000,000 divided into
50,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Vinij Mek-ariya Nationality: Thai Address : Aroon Amarin,
Bangkoknoi, |
32,497 |
64.99 |
|
Mrs.
Somsong Mek-ariya Nationality: Thai Address : 43/10
Moo 3, Chimplee,
Talingchan, |
12,499 |
25.00 |
|
Mrs. Danupa Mek-ariya Nationality: Thai Address : |
5,000 |
10.00 |
|
Mr. Pawuth Anujchalakom Nationality: Thai Address : 86/ |
1 |
|
|
Ms.
Nartwadee Anujchalakom Nationality: Thai Address : 86/ |
1 |
= 0.01 |
|
Ms.
Parichart Sukhonthang Nationality: Thai Address : |
1 |
|
|
Mrs.
Ajcharaporn Kengsakul Nationality: Thai Address : |
1 |
|
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Adirek Supakajornvanich No. 5506
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
|
13,477.65 |
3,069,205.40 |
|
Trade Accts. &
Notes Receivable |
5,141,923.45 |
9,873,757.50 |
|
Inventories |
10,820,764.10 |
12,455,529.11 |
|
Other Current Assets
|
584,098.72 |
774,323.69 |
|
|
|
|
|
Total Current
Assets |
16,560,263.92 |
26,172,815.70 |
|
Fixed Assets [note 1] |
4,434,577.79 |
4,578,088.08 |
|
Other Assets |
111,122.12 |
216,733.18 |
|
Total Assets
|
21,105,963.83 |
30,967,636.96 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
7,986,940.21 |
2,515,123.78 |
|
Trade Accts. Payable |
9,416,744.33 |
22,590,354.81 |
|
Accrued Income Tax |
- |
23,610.12 |
|
Accrued Expenses &
Other Current Liabilities |
173,899.08 |
351,502.77 |
|
|
|
|
|
Total Current
Liabilities |
17,577,583.62 |
25,480,591.48 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Unappropriated [Deficit] |
[1,471,619.79] |
487,045.48 |
|
Total
Shareholders' Equity |
3,528,380.21 |
5,487,045.48 |
|
Total
Liabilities & Shareholders' Equity |
21,105,963.83 |
30,967,636.96 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
57,620,631.85 |
78,800,932.40 |
|
Other Income |
245,385.99 |
99,676.78 |
|
Total Revenues
|
57,866,017.84 |
78,900,609.18 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
48,759,091.88 |
66,423,593.15 |
|
Selling & Administrative Expenses |
10,110,408.63 |
11,338,051.92 |
|
Total Expenses |
58,869,500.51 |
77,761,645.07 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses &
Income Tax |
[1,003,482.67] |
1,138,964.11 |
|
Interest Expenses |
[955,182.60] |
[701,563.32] |
|
Income Tax |
- |
[65,610.12] |
|
|
|
|
|
Net Profit / [Loss] |
[1,958,665.27] |
371,790.67 |
FINANCIAL NOTE
NOTE 1
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Office Automation |
472,177.02 |
442,110.02 |
|
Furniture & Fitting |
16,740.00 |
16,740.00 |
|
Machine & Hand Tools |
3,951,358.31 |
3,363,445.31 |
|
Vehicle |
427,955.00 |
427,955.00 |
|
Machine under Installation |
1,827,059.93 |
1,753,149.62 |
|
Total |
6,695,290.26 |
6,003,399.95 |
|
Less: Depreciation |
[2,260,712.47] |
[1,425,311.87] |
|
Total
|
4,434,577.79 |
4,578,088.08 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
[26.88] |
|
|
Operating Profit |
[220.49] |
|
|
Net Profit |
[626.82] |
|
|
Fixed Assets |
[3.13] |
|
|
Total Assets |
[31.85] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
84.62 |
84.29 |
|
Operating Profit Margin |
[1.74] |
1.45 |
|
S & A Expenses |
17.55 |
14.39 |
|
Interest Paid |
1.66 |
0.89 |
|
Other Revenues |
0.43 |
0.13 |
|
Net Profit Margin |
[3.40] |
0.47 |
|
Earning Per Shares |
[39.17] |
7.44 |
|
No. of Shares |
50,000 |
50,000 |
Net Sales was decreased by
26.88%, Operating Profit
was decreased by
220.49%, Net Profit
was decreased by
626.82%, Fixed Assets
was decreased by
3.13%, Total Assets
was decreased by
31.85%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 84.29%
to 84.62%, Operating
Profit Margin was
decreased from 1.45%
to -1.74%, S
& A Expenses
was increased from
14.39% to 17.55%,
Interest Paid was increased
from 0.89% to
1.66%, Other Revenues
was increased from
0.13% to 0.43%,
Net Profit Margin
was decreased from
0.47% to -3.40%.
Earning Per Shares
was decreased from
7.44 baht per
share to -39.17
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.94 |
1.03 |
|
Quick-Assets Ratio |
0.29 |
0.51 |
Current Ratio was
decreased from 1.03
to 0.94, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
Quick-Assets Ratio was
decreased from 0.51
to 0.29, 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 |
4.98 |
4.64 |
|
Times Interest Earned |
[1.05] |
1.62 |
D/E Ratio was
increased from 4.64
to 4.98, 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
1.62 to -1.05,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
12.99 |
17.21 |
|
Total Assets Turnover |
2.73 |
2.54 |
|
Return on Assets |
[9.28] |
1.20 |
|
Return on Equity |
[55.51] |
6.78 |
|
Day's Payable |
58.83 |
103.20 |
|
Day’s Inventories |
67.61 |
56.90 |
|
Day’s Receivables |
32.13 |
45.11 |
Fixed Assets Turnover
was decreased from
17.21 times to
12.99 times, Total
Assets Turnover was
increased from 2.54
times to 2.73
times, show the
company could use
Assets so efficiently,
Return on Assets
was decreased from
1.20 to -9.28,
Return on Equity
was decreased from
6.78 to -55.51,
capacity to use
Assets to make
profit was not
good.
Day’s Payable was
decreased from 104
days to 59
days, while Day’s
Inventories was increased
from 57 days
to 68 days,
but Day’s Receivables
was decreased from
46 days to
33 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%)