MIRA
INFORM REPORT
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Report Date : |
21.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
SENG THONG RICE
[1968] COMPANY LIMITED |
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Registered Office : |
33rd Floor,
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1968 |
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Com. Reg. No.: |
010551100605 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing, distributing and
exporting wide range
of agriculture 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 : |
Regular |
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Litigation : |
Clear |
name
SENG THONG RICE [1968] COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 33rd FLOOR,
82
BANGRAK,
TELEPHONE : [66] 2639-9922-40
FAX : [66] 2639-9941
E-MAIL ADDRESS : exports@sengthongrice.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1968
REGISTRATION NO. : 010551100605 [Former : 755/2511]
CAPITAL
REGISTERED : BHT.
255,000,000
CAPITAL
PAID-UP : BHT.
255,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. THEERAPONG ASWINVICHIT,
THAI
MANAGING DIRECTOR
NO. OF
STAFF : 90
LINES OF
BUSINESS : AGRICUTURE PRODUCTS
IMPORTER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on December 13,
1968 as a
private limited company under
the name style
SENG THONG RICE
[1968] COMPANY LIMITED,
by Thai groups,
in order to
engage in trading
of agriculture products.
It currently employs
approximately 90 staff.
The
subject’s registered address
is 82 Sengthong
Thani Tower, North
Sathorn Rd., Silom,
Bangrak, Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
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Mr. Ouaychai Aswinvichit |
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Thai |
80 |
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Mr. Theerapong Aswinvichit |
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Thai |
52 |
|
Mrs. Sriwanna Chiawatchai |
|
Thai |
53 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr.
Theerapong Aswinvichit is
the Managing Director.
He is Thai
nationality with the
age of 52 years
old.
BUSINESS OPERATIONS
The subject is engaged
in importing, distributing
and exporting wide
range of agriculture
products, including rice,
jasmine rice, bean,
maize, sorghum, tapioca
flour, tapioca and
etc.
PURCHASE
80% of the
products is purchased
from local supplier,
and the remaining
20% is imported
from Japan, India,
Republic of China,
Laos and European
countries.
SALES
The products are
sold to customers
both in domestic
and overseas, mainly
in Europe, U.S.A.,
Japan, Malaysia, Vietnam,
Singapore, Taiwan, Korea,
and Middle East
countries.
PARENT COMPANY
Aswinvichit Company Limited
Business Type : Property business.
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.
Exports are against T/T.
BANKING
Krung Thai Bank
Public Co., Ltd.
Bangkok Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 90
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Warehouse
is located at
2 Moo 10,
COMMENT
The
subject is the
leading in agricultural
products trading business.
Its has been
in the market
for almost forty
years.
The
subject is doing
good business and
expand steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000
divided into 5,000
shares of Bht. 1,000 each.
The
capital was increased
later as following:
Bht. 20,000,000 on January
21, 1975
Bht. 50,000,000 on August
5, 1993
Bht. 255,000,000 on December 15,
2005
The
latest registered capital
was increased to
Bht. 255,000,000 divided into
2,550,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
March 30, 2007]
|
NAME |
HOLDING |
% |
|
|
|
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Aswinvichit Company
Limited Nationality: Thai Address : 74
Chalermkhet 3 Rd.,
Thepsirin, Pomprab, |
1,600,000 |
62.75 |
|
STR Intertrade
Co., Ltd. Nationality: Thai Address : 70-72
Chalermkhet 3 Rd.,
Thepsirin, Pomprab, |
450,000 |
17.65 |
|
Mr.
Ouaychai Aswinvichit Nationality: Thai Address : 70-72
Chalermkhet 3 Rd.,
Thepsirin, Pomprab, |
150,000 |
5.88 |
|
Mr.
Theerapong Aswinvichit Nationality: Thai Address : 70-72
Chalermkhet 3 Rd.,
Thepsirin, Pomprab, |
150,000 |
5.88 |
|
Mrs.
Rapeepun Aswinvichit Nationality: Thai Address : 70-72
Chalermkhet 3 Rd.,
Thepsirin, Pomprab, |
100,000 |
3.92 |
|
Ms.
Sriwannee Aswinvichit Nationality: Thai Address : 70-72
Chalermkhet 3 Rd.,
Thepsirin, Pomprab, |
49,998 |
1.96 |
|
Mrs. Kalaya Aswinvichit Nationality: Thai Address : 70-72
Chalermkhet 3 Rd.,
Thepsirin, Pomprab, |
25,000 |
0.98 |
|
Mrs.
Anchana Aswinvichit Nationality: Thai Address : 70-72
Chalermkhet 3 Rd.,
Thepsirin, Pomprab, |
25,000 |
0.98 |
|
M. Y. Land
Company Limited Nationality: Thai Address : 74
Chalermkhet 3 Rd.,
Thepsirin, Pomprab, |
1 |
- |
|
Citicool Investment
International Ltd. Nationality: Irish Address : 344 Tortola |
1 |
- |
Total Shareholders
10
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO. :
Ms. Varaphan Seemasongkroh No. 6023
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
7,400,927.42 |
20,988,589.45 |
|
Trade Accts. Receivable
[note 1] |
32,571,724.13 |
41,891,725.01 |
|
Inventories [note 2] |
48,502,262.66 |
170,045,929.60 |
|
Deferred Interest |
347,330,771.57 |
343,910,124.36 |
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Other Current Assets
|
7,763,357.69 |
6,003,940.75 |
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Total Current
Assets |
443,569,043.47 |
582,840,309.17 |
|
Investment Accounted for
under Equity Method |
61,061,124.63 |
61,597,977.88 |
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Other Long Term
Investment |
59,439,347.40 |
60,220,297.39 |
|
Long Term Loan
to Related Company |
408,388,477.14 |
407,667,477.14 |
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Fixed Assets [note 3] |
36,712,942.87 |
42,640,411.71 |
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Deferred Expenses |
63,583,258.89 |
80,924,147.69 |
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Other Assets |
56,120,018.53 |
55,303,058.21 |
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Total Assets
|
1,128,874,212.93 |
1,291,193,679.19 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
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Bank Overdraft &
Loan from Bank |
209,660,969.99 |
218,106,474.58 |
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Trade Accts. & Notes
Payable |
5,694,057.27 |
13,768,736.53 |
|
Current Portion of Hire-purchase Payable |
438,900.00 |
703,080.00 |
|
Current Portion of Long
Term Loan |
40,812,453.84 |
48,145,075.40 |
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Accrued Expenses |
158,575,001.38 |
139,072,141.19 |
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Other Current Liabilities |
30,053,206.58 |
1,303,677.02 |
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Total Current
Liabilities |
445,234,589.06 |
421,099,184.72 |
|
Hire-purchase Payable Net
of Current Portion |
- |
438,900.00 |
|
Payable Debt-restructured |
730,730,301.61 |
939,790,218.27 |
|
Long Term Loan from
Related Person |
926,758,755.47 |
1,075,587,723.00 |
|
Other Long Term
Loan |
240,261,512.10 |
233,251,563.87 |
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Total Liabilities |
2,342,985,158.24
|
2,670,167,589.86 |
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Shareholders'
Equity |
|
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Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 2,550,000 &
50,000 shares in 2005 & 2004 |
255,000,000.00 |
50,000,000.00 |
|
Capital Paid |
255,000,000.00 |
50,000,000.00 |
|
Statutory Reserve |
593,400.00 |
593,400.00 |
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Retained Earning -
Unappropriated |
[1,470,855,041.68]
|
[1,429,453,690.04] |
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Unrealized Gain/[Loss] for
Decline Value of Investment |
1,150,696.37 |
[113,620.63] |
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Total Shareholders'
Equity |
[1,214,110,945.31] |
[1,378,973,910.67] |
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Total
Liabilities & Shareholders' Equity |
1,128,874,212.93 |
1,291,193,679.19 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
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Sales & Services |
529,123,903.66 |
559,048,685.41 |
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Interest Income |
3,433,490.20 |
4,956,949.44 |
|
Dividend Income |
194,230.00 |
215,411.75 |
|
Gain on Exchange Rate |
- |
6,469,648.31 |
|
Gain on Sales
of Assets |
- |
12,146.53 |
|
Gain on Investment |
42,293.93 |
- |
|
Share in Profit
of Investment at Equity Method |
- |
507,000.40 |
|
Other Income |
7,805,245.46 |
13,312,815.00 |
|
Total Revenues
|
540,599,163.25 |
584,522,656.84 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
517,674,061.99 |
509,415,119.59 |
|
Selling & Administrative Expenses |
34,661,395.86 |
31,590,103.68 |
|
Share in Loss
of Investment at Equity Method |
536,853.25 |
- |
|
Total Expenses |
552,872,311.10 |
541,005,223.27 |
|
Profit / [Loss] from Operation |
[12,273,147.85] |
43,517,433.57 |
|
Interest Expenses |
[29,128,203.79] |
[27,052,128.90] |
|
Profit from Debt-restructured |
- |
17,375,612.41 |
|
Net Profit / [Loss] |
[41,401,351.64] |
33,840,917.08 |
FINANCIAL NOTE
NOTE 1
Trade Accts. Receivable
|
|
2005 |
2004 |
|
|
|
|
|
Trade Accts Receivable-Local |
32,571,724.13 |
33,072,174.13 |
|
Trade Accts Receivable-Foreign |
- |
8,819,550.88 |
|
Total
|
32,571,724.13 |
41,891,725.01 |
NOTE 2
Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Rice |
21,692,109.90 |
79,942,253.29 |
|
Rice Grain |
- |
4,083,961.56 |
|
Sticky Rice |
12,200.00 |
6,197,905.00 |
|
Rice Bran |
10,320,702.80 |
57,806,393.02 |
|
Jasmine Rice Bran |
14,427,093.96 |
20,524,081.73 |
|
|
2,050,156.00 |
1,491,335.00 |
|
Total
|
48,502,262.66 |
170,045,929.60 |
NOTE 3
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land |
25,581,901.00 |
27,081,901.00 |
|
Machine & Hand Tools |
11,911,791.51 |
20,152,972.44 |
|
Stationery |
1,530,402.36 |
2,257,296.60 |
|
Office Furniture |
365,518.18 |
3,735,516.13 |
|
Vehicle |
14,337,112.12 |
18,406,040.31 |
|
Total |
53,726,725.17 |
71,633,726.48 |
|
Less: Depreciation |
[17,013,782.30] |
[28,993,314.77] |
|
Total
|
36,712,942.87 |
42,640,411.71 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
[5.35] |
|
|
Operating Profit |
[128.49] |
|
|
Net Profit |
[222.34] |
|
|
Fixed Assets |
[13.90] |
|
|
Total Assets |
[12.57] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
97.84 |
91.12 |
|
Operating Profit Margin |
[2.22] |
7.78 |
|
S & A
Expenses |
6.55 |
5.65 |
|
Interest Paid |
5.50 |
4.84 |
|
Other Revenues |
2.17 |
4.56 |
|
Net Profit Margin |
[7.82] |
6.05 |
|
Earning Per Shares |
[16.24] |
676.82 |
|
No. of Shares |
2,550,000 |
50,000 |
Net Sales was
decreased by 5.35%,
Operating Profit was
decreased by 128.49%,
Net Profit was
decreased by 222.34%,
Fixed Assets was
decreased by 13.90%,
Total Assets was
decreased by 12.57%,
Compare each cost
with sales, Cost of
Good Sold was
increased from 91.12%
to 97.84%, Operating
Profit Margin was
decreased from 7.78% to
-2.22%, S &
A Expenses was
increased from 5.65%
to 6.55%, Interest Paid
was increased from
4.84% to 5.50%,
Other Revenues was
decreased from 4.56%
to 2.17%, Net
Profit Margin was
decreased from 6.05%
to -7.82%,
Earning Per Shares
was decreased from
676.82 baht per
share to -16.24
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.00 |
1.38 |
|
Quick-Assets Ratio |
0.09 |
0.15 |
Current Ratio was
decreased from 1.38
to 1.00, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
Quick-Assets Ratio was
decreased from 0.15
to 0.09, 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 |
[1.93] |
[1.94] |
|
Times Interest Earned |
[0.40] |
1.61 |
D/E Ratio was
increased from -1.94
to -1.93, 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
1.61 to -0.40, capacity
to pay interest
paid was not
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
14.41 |
13.11 |
|
Total Assets Turnover |
0.47 |
0.43 |
|
Return on Assets |
[3.67] |
2.62 |
|
Return on Equity |
[3.41] |
2.45 |
|
Day's Payable |
3.87 |
8.87 |
|
Day’s Inventories |
33.00 |
109.50 |
|
Day’s Receivables |
22.16 |
26.98 |
Fixed Assets Turnover
was increased from
13.11 times to
14.41 times, Total
Assets Turnover was increased from
0.43 times to
0.47 times, show
the company could
use Assets so
efficiently, Return on
Assets was decreased
from 2.62 to
-3.67, Return on
Equity was decreased
from 2.45 to
-3.41, capacity to
use Assets to make
profit was not
good,
Day's Payable was
decreased from 9
days to 4
days, Day’s Inventories
was decreased from
110 days to
33 days, and
Day’s Receivables was
decreased from 27
days to 23
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%)