MIRA
INFORM REPORT
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Report Date : |
20.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
ZAGRO
[THAILAND] LIMITED |
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Formerly Known As : |
FEZAGRO CO., LTD |
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Registered Office : |
10-12th Floor, Ploenchit
Center, 2 Sukhumvit Road,
Klongtoey, Bangkok 10110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
19.08.1987 |
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Com. Reg. No.: |
0105530041778 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Formulator and Distributor of Agri-Health Products |
RATING &
COMMENTS
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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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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
ZAGRO
[THAILAND] LIMITED
[FORMER
: FEZAGRO CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 10-12th FLOOR,
PLOENCHIT CENTER,
2 SUKHUMVIT
ROAD, KLONGTOEY,
BANGKOK 10110,
THAILAND
TELEPHONE : [66] 2656-8710-54
FAX : [66] 2656-8767-9, 2656-8704
E-MAIL
ADDRESS : utis@zagro.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1987
REGISTRATION NO. : 0105530041778 [Former: 4178/2530]
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
SOMCHAI THAVEETIVARAK, THAI
GENERAL MANAGER
NO.
OF STAFF : 150
LINES
OF BUSINESS : AGRI-HEALTH PRODUCTS
FORMULATOR 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
19, 1987 as
a private limited
company under the registered
name “Protamina Co., Ltd.”
by a joint venture between
“Florimont Holding
AG”, Switzerland and The
Zuellig Group.
The subject achieved
the ISO 9002
certification for quality
management of agro
operation in 2000.
On May 21, 2001, the
subject’s 100% shares
were held by
F.E. Zuellig [Bangkok]
Ltd.
The subject has
merged its business
with the Zuellig
Agro, a division
of F.E. Zuellig
[Bangkok] Ltd, and
has changed its
name to be “Fezagro
Co., Ltd.” on
May 31, 2001.
At present, Fezagro
Co., Ltd. is a
subsidiary of Zagro
Asia Limited in
Singapore and was
changed its name
to “ZAGRO [THAILAND]
LIMITED.” on July
29, 2005. It currently
employs approximately 150
staff.
The subject’s registered
address is 10-12th Floor, Ploenchit Center,
2 Sukhumvit Rd., Klongtoey, Bangkok
10110, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
|
Mr. Somchai Thaveetivarak |
Thai |
57 |
|
Mrs. Chow Siew
Hwa |
Singaporean |
49 |
|
Mr. Soo Kam
Beng |
Malaysian |
60 |
|
Mr. Thomas S.
Zuellig |
Filipino |
50 |
|
Mr. Poh Beng
Swee |
Singaporean |
58 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Somchai
Thaveetivarak is the
General Manager.
He is Thai nationality
with the age of 57
years old.
Mr. Nicha
Attayanond is the Administration Manager.
He is Thai nationality.
Mr. Torpong
Boonkaluang is the Animal Health
Products Manager.
He is Thai nationality.
Ms. Mariyan
Limmanee is the Plant Protection
Manager.
She is Thai nationality.
Mr. Aroon
Lueng-aram is the Operation Manager.
He is Thai nationality.
Mr. Pongpipat
Preecharat is the Marketing Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is engaged
in manufacturing, marketing
& distributing of
agri-health products comprising:
·
Plant protection products,
the extensive range
of plant health
products provides preventive,
protective and nourishing
solutions for all
major commodity crops,
with formulations specifically designed for soil
and climatic conditions
in Thailand.
·
Animal health products,
the products come
in various formulae
covering every phase
of animal growth
: pig starter, pig breeder,
pig grower / finisher, layer/breeder and chick starter / broiler. To ensure the
quality standard of
its products. The
subject uses ingredients
from renowned sources
such as Roche,
Rhone-Poulenc [Aventis], BASF,
Daiichi and Takeda.
·
Aquaculture products, a
relatively new business,
aquaculture was spearheaded
as the company’s response to
the rapid development
of Thailand’s water-based
industry. It offers
a diverse range
of aqua-health products
and services, including
water treatment, aquatic
medicines, antibiotics, vitamins
and minerals. Among
the core products
are biologicals, for
example “Bacine”, “Pure
Pond” “Bio 1” and
“Bio 2”, which employ
the latest developments in biotechnology for
use in shrimp farming.
IMPORT [COUNTRIES]
Raw materials; vitamin,
mineral, additive feed
etc., for processing
mainly agro chemical
and veterinary products
are imported from
France, Netherlands, India,
Hong Kong, Singapore,
United Kingdom, Germany, Japan,
Republic of China, Taiwan
and Singapore.
MAJOR SUPPLIERS
|
Name |
Country |
|
- Zagro Singapore Pte.
Ltd. |
Singapore |
|
- Gold Coin Specialities [Thailand] Ltd. |
Thailand |
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- Roche |
France |
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- Rhodia S.A. |
France |
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- BASF Ltd. |
Germany |
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- Daiichi Corporation |
Japan |
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- Takeda Corporation |
Japan |
SALES [LOCAL]
100% of its
products is sold
locally to wholesalers
and end-users.
PARENT COMPANY
Zagro Asia
Limited
Address: Zagro Global
Hub, 5 Woodlands Terrace,
Singapore.
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
Kasikornbank Public
Co., Ltd.
[Head Office : 1
Kasikorn Lane, Rajburana
Rd., Rajburana, Bangkok 10140]
The Hong
Kong & Shanghai
Banking Corporation
[Bangkok Office : 968 Rama 4 Rd., Bangrak, Bangkok
10500]
Credit Agricole
Indosuez Bank
[Bangkok Office : 152 Wireless Rd.,
Lumpini, Pathumwan, Bangkok
10330]
EMPLOYMENT
The subject employs
approximately 150 staff.
[office staff, sales
staff and factory
workers]
LOCATION DETAILS
The premise is
rented for administrative office at the
heading address in
a prime commercial
area.
Factory & warehouse
is located at
6/3 - 6/6 Moo 4,
Rangsit - Nakornnayok Road, Tanyaburi,
Pathumthani 12110, Tel:
[66] 2577-1992-5.
REMARK
CREDIT OF US$
500,000 AGAINST D/A
TERMS SHOULD BE
IN ORDER.
COMMENT
The company is
the leading agricultural products which covered
wide range of
products needed by
Thai farmers and
agriculturists. The company
also has ambitions
plans to further
expand its products
range and market
penetration, in line
with its vision
of providing customers
with a one - stop source for
reliable agri-health solutions.
FINANCIAL INFORMATION
The capital was
registered at Bht.
20 million, divided
into 200,000 shares
of Bht. 100
each.
On May 31, 2001, the
capital was increased
to Bht. 100 million,
divided into 1,000,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 25,
2007]
|
NAME |
HOLDING |
% |
|
Zagro Asia
Limited Nationality: Singaporean Address : Zagro
Global Hub, 5 Woodlands Terrace, Singapore |
999,994 |
100.00 |
|
Mr. Thomas
S. Zuellig Nationality: Filipino Address : Central, Hong
Kong |
1 |
- |
|
Mrr. Chow
Siew Hwa Nationality: Singaporean Address : Singapore |
1 |
- |
|
Mr. Poh
Beng Swee Nationality: Singaporean Address : Singapore |
1 |
- |
|
Mr. Somchai
Thaveetivarak Nationality: Thai Address : 17/21 Moo 21,
T. Kokod, A.
Lumlukka, Pathumthanee |
1 |
- |
|
Mr. Soo
Kam Beng Nationality: Malaysian Address : Malaysia |
1 |
- |
|
Ms. Nicha
Attayanond Nationality: Thai Address : 97 Taksin
20 Rd., Bukkalo, Thonburi, Bangkok 10600 |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Vichart Lokestkravee
No. 4451
BALANCE
SHEET [BAHT]
The latest financial figures published as at
December 31, 2006
& 2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
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|
|
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Cash in hand
& at Bank
|
22,040,773 |
5,972,486 |
|
Trade Accts. Receivable |
|
|
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Related Company |
- |
1,736,121 |
|
Other Company |
141,850,816 |
160,562,642 |
|
Less: Provision for Doubtful
Accounts |
[3,842,145] |
[5,631,094] |
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|
|
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Trade Accts. Receivable [net] |
138,008,671 |
156,667,669 |
|
Inventories |
30,000 |
21,580 |
|
|
147,892,750 |
157,261,373 |
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Other Current Assets
|
2,019,935 |
2,067,283 |
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|
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Total Current
Assets |
309,992,129 |
321,990,391 |
|
Leasing Assets
Improvement & Fixed Assets |
3,727,505 |
7,912,226 |
|
Intangible Assets |
1,041,399 |
1,219,217 |
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Other Assets |
2,596,630 |
2,668,841 |
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Total Assets |
317,357,663 |
333,790,675 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Bank |
- |
15,490,657 |
|
Trade Accts. Payable - Related Companies |
18,345,988 |
6,092,662 |
|
- Other Companies |
83,271,863 |
107,359,163 |
|
|
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Trade Accts. Payable - net |
101,617,851 |
113,451,825 |
|
Related Companies Payable |
2,344,635 |
7,970,166 |
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Accrued Expenses |
21,240,001 |
18,511,308 |
|
Other Payable |
6,112,447 |
7,020,507 |
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Accrued Income Tax |
5,754,757 |
1,935,510 |
|
Other Current Liabilities |
129,094 |
195,607 |
|
|
|
|
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Total Current
Liabilities |
137,198,785 |
164,575,580 |
|
Reserve for Benefit
of Employees’ Bonus |
3,846,733 |
3,855,924 |
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Total Liabilities |
141,045,518 |
168,431,504 |
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Shareholders'
Equity |
|
|
|
|
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,000,000 shares |
100,000,000 |
100,000,000 |
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|
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Capital Paid |
100,000,000 |
100,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
3,468,409 |
211,000 |
|
Unappropriated |
72,843,736 |
65,148,171 |
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Total
Shareholders' Equity |
176,312,145 |
165,359,171 |
|
Total
Liabilities & Shareholders' Equity |
317,357,663 |
333,790,675 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales & Services
Income |
763,683,596 |
713,841,164 |
|
Other Income |
271,743 |
81,232 |
|
Total Revenues
|
763,955,339 |
713,922,396 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold & Services |
594,798,704 |
560,268,829 |
|
Selling & Administrative Expenses |
125,211,347 |
123,366,508 |
|
Total Expenses |
720,010,051 |
683,635,337 |
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|
|
|
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Profit / [Loss] before
Interest Expenses &
Income Tax |
43,945,288 |
30,287,059 |
|
Interest Expenses |
[235,502] |
[408,323] |
|
Income Tax |
[12,756,812] |
[7,036,562] |
|
|
|
|
|
Net Profit / [Loss] |
30,952,974 |
22,842,174 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
6.98 |
|
|
Operating Profit |
35.63 |
|
|
Net Profit |
35.51 |
|
|
Fixed Assets |
[52.89] |
|
|
Total Assets |
[4.92] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
77.89 |
78.49 |
|
Operating Profit Margin |
5.75 |
4.24 |
|
S & A
Expenses |
16.40 |
17.28 |
|
Interest Paid |
0.03 |
0.06 |
|
Other Revenues |
0.04 |
0.01 |
|
Net Profit Margin |
4.05 |
3.20 |
|
Earning Per Shares |
30.95 |
22.84 |
|
No. of Shares |
1,000,000 |
1,000,000 |
Net Sales was
increased by 6.98%,
Operating Profit was
increased by 35.63%,
Net Profit was
increased by 35.51%,
Fixed Assets was
decreased by 52.89%,
Total Assets was
decreased by 4.92%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 78.49%
to 77.89%, Operating
Profit Margin was
increased from 4.24%
to 5.75%, S
& A Expenses
was decreased from
17.28% to 16.40%,
Interest Paid was decreased
from 0.06% to
0.03%, Other Revenues
was increased from
0.01% to 0.04%,
Net Profit Margin
was increased from
3.20% to 4.05%.
Earning Per Shares
was increased from
22.84 baht per
share to 30.95
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
2.26 |
1.96 |
|
Quick-Assets Ratio |
2.24 |
1.94 |
Current Ratio was
increased from 1.96
to 2.26, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.94 to 2.24,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.80 |
1.02 |
|
Times Interest Earned |
186.60 |
74.17 |
D/E Ratio was
decreased from 1.02
to 0.80, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was increased from
74.17 to 186.60,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
204.88 |
90.22 |
|
Total Assets Turnover |
2.41 |
2.14 |
|
Return on Assets |
9.75 |
6.84 |
|
Return on Equity |
17.56 |
13.81 |
|
Day's Payable |
39.25 |
54.14 |
|
Day’s Inventories |
0.01 |
0.01 |
|
Day’s Receivables |
66.87 |
80.97 |
Fixed Assets Turnover
was increased from
90.22 times to
204.88 times, Total
Assets Turnover was
increased from 2.14
times to 2.41
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
6.84 to 9.75,
Return on Equity
was increased from
13.81 to 17.56,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 55
days to 40
days, while Day’s
Inventories was stable
at 1 days, but Day’s
Receivables was decreased
from 81 days
to 67 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. |
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%)