MIRA INFORM REPORT
|
Report Date : |
03.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
MONSANTO
THAILAND LIMITED |
|
|
|
|
Registered Office : |
22nd Floor, Rasa Tower I, 555 Phaholyothin Road, Chatuchak, Bangkok 10900 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.08.2010 |
|
|
|
|
Date of Incorporation : |
23.02.1968 |
|
|
|
|
Com. Reg. No.: |
0105511001065 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Research & Development of Corn Seed |
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 : |
Usually Correct |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
MONSANTO THAILAND
LIMITED
SUMMARY
BUSINESS
ADDRESS : 22nd FLOOR,
RASA TOWER I,
555
PHAHOLYOTHIN ROAD,
CHATUCHAK, BANGKOK
10900
THAILAND
TELEPHONE : [66] 2793-4888
FAX :
[66] 2937-0404
E-MAIL : wwannag@monsanto.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1968
REGISTRATION
NO. : 0105511001065
CAPITAL REGISTERED : BHT. 168,514,500
CAPITAL PAID-UP : BHT.
168,514,500
SHAREHOLDER’S PROPORTION : AMERICAN : 100%
FISCAL YEAR CLOSING DATE : AUGUST 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS.
LADA BOONCHONGKIAT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 300
LINES
OF BUSINESS : CORN
SEED
RESEARCH &
DEVELOPMENT
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 February 23,
1968 as a
private limited company under
the name style MONSANTO THAILAND LIMITED by American groups,
with the initial
business objective to be engaged
in manufacturing of
agricultural chemicals to
both local and
overseas markets. The subject
received the promotional
privilege from the
Board of Investment.
In
2010, its business
lines have been
diversified to import
corn seed for
research and development.
It currently employs
approximate 300 staff.
The
subject is a
wholly owned subsidiary
of Seminis Vegetable
Seeds Inc., in
U.S.A., a member
of Monsanto group,
worldwide.
The subject’s registered address is 22nd Flr., Rasa Tower I,
555 Phaholyothin Rd., Chatuchak,
Bangkok 10900, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Sansern Yaemklab |
|
Thai |
- |
|
Mr. Samphan Sithipanuwong |
|
Thai |
51 |
|
Ms. Lada Boonchongkiat |
|
Thai |
42 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Lada Boonchongkiat is
the Managing Director.
She is Thai
nationality with the
age of 42
years old.
Mr. Samphan Sithipanuwong is
the Scientific Affairs
Manager.
He is Thai
nationality with the age
of 51 years
old.
Mr. Sakorn Tripetchpaisal is
the Business Manager.
He is Thai
nationality.
Mr. Kongthan Charnchay is
the Public Relation
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing,
researching and developing
of corn seeds
under the name “DEKALB”
brand, with various
type names, “DEKALB
BIG 919”, “DEKALB 9901”,
“DEKALB 979” and
“DEKALB 9955”.
IMPORT
100% of corn
seeds is imported
from U.S.A.
MAJOR SUPPLIER
Seminis Vegetable Seeds
Inc. : U.S.A.
SALES [LOCAL]
Its products are
sold locally to
dealers throughout the
country.
EXPORT
The products are
exported to Vietnam,
Indonesia and Laos.
MAJOR CUSTOMER
D.A.T.T. Co., Ltd. : Thailand
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is not
found to have any
subsidiary or 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 credit term of
30 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
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
300 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Corn seed
factories:
-
229 Moo
18, Mitraphap Rd.,
T. Pakchong, A.
Pachong, Nakornratchasima Province
-
56 Moo
6, Wangthong-Kaosai Rd.,
T. Dindaeng, A.
Wangthong, Pisanuloke Province
Branch
and warehouse:
-
622/1 Moo 1, Nityo
Rd., T. Pangkhon,
A. Pangkhon, Sakolnakorn
Province.
-
99 Moo
2, T.
Maekorn, A. Muang,
Chiangrai Province.
-
341 Moo
4, T.
Banped, A. Muang,
Khonkaen Province
-
134 Moo 4, T.
Thungfair, A. Muang,
Lampang Province 52000
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
500,000.
COMMENT
The subject
is now engaged
in importing, researching
and developing of
corn seeds. Subject’s business
has grown strongly
in the past years,
as well as continue
expanding steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 100,000 divided
into 1,000 shares
of Bht. 100 each.
The
capital was increased
later as following :
Bht. 18,000,000
December 2, 1985
Bht. 168,514,500
September 30, 1997
The
latest registered capital
was increased to
Bht. 168,514,500 divided into
1,685,145 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
March 28, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Seminis Vegetable Seeds
Inc. Nationality: American Address : 800
North Linberk Boulevard
Saint Luis,
Missouri, U.S.A. |
1,685,140 |
100.00 |
|
Olympia Corp. Nationality: American Address : 800
North Linberk Boulevard
Saint Luis,
Missouri, U.S.A. |
3 |
- |
|
Monsanto Caribe, LLC. Nationality: American Address : 800
North Linberk Boulevard
Saint Luis,
Missouri, U.S.A. |
1 |
- |
|
Monsanto Inter-America Co. Nationality: American Address : 800
North Linberk Boulevard
Saint Luis,
Missouri, U.S.A. |
1 |
- |
Total Shareholders : 4
Share Structure [as
at March 28,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
4 |
1,685,145 |
100.00 |
|
Total |
4 |
1,685,145 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Permsak Wongpatcharapakorn No.
3427
Note.
The 2011 financial statement was
not submitted to the Commercial
Registration Department during investigation.
BALANCE SHEET [BAHT]
The latest financial figures published for August 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
89,102,112 |
150,781,378 |
|
Trade Accounts Receivable |
234,509,057 |
165,311,392 |
|
Trade Accounts Receivable -
Related Company |
89,241,714 |
202,423,996 |
|
Account Receivable-Related Company |
57,309,248 |
124,380,470 |
|
Inventories |
587,678,904 |
475,560,247 |
|
Deferred Income Tax |
11,642,142 |
- |
|
Other Current Assets
|
6,669,065 |
5,141,922 |
|
|
|
|
|
Total Current Assets
|
1,076,152,242 |
1,123,599,405 |
|
Fixed Assets |
454,961,992 |
413,989,144 |
|
Other Assets |
3,856,976 |
3,271,587 |
|
Total Assets |
1,534,971,210 |
1,540,860,136 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
33,087,172 |
26,141,932 |
|
Trade Accounts Payable
- Related Company |
45,191,470 |
70,080,464 |
|
Accounts Payable-Related Company |
58,504,821 |
535,915,332 |
|
Short-term Loan from
Related company |
1,050,720,986 |
406,719,130 |
|
Current Portion of Financial Lease Contract Liabilities |
16,148,567 |
- |
|
Accrued Discount |
58,665,579 |
84,170,343 |
|
Accrued Bonus |
15,702,008 |
33,006,001 |
|
Accrued Income Tax |
- |
52,458,667 |
|
Other Current Liabilities |
47,824,441 |
52,499,067 |
|
|
|
|
|
Total Current Liabilities |
1,325,845,044 |
1,260,990,936 |
|
Financial Lease Contract
Liabilities |
30,880,811 |
- |
|
Estimated Liabilities from Employees’ |
27,355,242 |
32,175,652 |
|
Total Liabilities |
1,384,081,097 |
1,293,166,588 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,685,145 shares |
168,514,500 |
168,514,500 |
|
|
|
|
|
Capital Paid |
168,514,500 |
168,514,500 |
|
Capital Surplus on
Assets Appraisal |
[59,298,166] |
[59,298,166] |
|
Retained Earning Appropriated for
Statutory Reserve
|
16,851,450 |
16,851,450 |
|
Unappropriated |
24,822,329 |
121,625,764 |
|
Total Shareholders' Equity |
150,890,113 |
247,693,548 |
|
Total Liabilities & Shareholders' Equity |
1,534,971,210 |
1,540,860,136 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
1,264,101,520 |
1,695,202,150 |
|
Gain on Disposal of Assets |
5,462,659 |
- |
|
Other Income |
12,033,130 |
29,349,303 |
|
Total Sales |
1,281,597,309 |
1,724,551,453 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
891,401,239 |
1,154,518,035 |
|
Selling Expenses |
80,427,672 |
95,150,086 |
|
Administrative Expenses |
372,428,271 |
356,778,506 |
|
Loss on Exchange Rate |
- |
4,875,668 |
|
Total Expenses |
1,344,257,182 |
1,611,322,295 |
|
|
|
|
|
Profit before Financial Cost
& Income Tax |
[62,659,873] |
113,229,158 |
|
Financial Cost |
[21,078,799] |
[19,541,772] |
|
Profit before Income Tax |
[83,738,672] |
93,687,386 |
|
Income Tax |
[13,064,763] |
[48,660,600] |
|
|
|
|
|
Net Profit / [Loss] |
[96,803,435] |
45,026,786 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.81 |
0.89 |
|
QUICK RATIO |
TIMES |
0.35 |
0.51 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.78 |
4.09 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.82 |
1.10 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
240.64 |
150.35 |
|
INVENTORY TURNOVER |
TIMES |
1.52 |
2.43 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
67.71 |
35.59 |
|
RECEIVABLES TURNOVER |
TIMES |
5.39 |
10.25 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
13.55 |
8.26 |
|
CASH CONVERSION CYCLE |
DAYS |
294.80 |
177.68 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
70.52 |
68.11 |
|
SELLING & ADMINISTRATION |
% |
35.82 |
26.66 |
|
INTEREST |
% |
1.67 |
1.15 |
|
GROSS PROFIT MARGIN |
% |
30.87 |
33.63 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(4.96) |
6.68 |
|
NET PROFIT MARGIN |
% |
(7.66) |
2.66 |
|
RETURN ON EQUITY |
% |
(64.15) |
18.18 |
|
RETURN ON ASSET |
% |
(6.31) |
2.92 |
|
EARNING PER SHARE |
BAHT |
(57.45) |
26.72 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.90 |
0.84 |
|
DEBT TO EQUITY RATIO |
TIMES |
9.17 |
5.22 |
|
TIME INTEREST EARNED |
TIMES |
(2.97) |
5.79 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(25.43) |
|
|
OPERATING PROFIT |
% |
(155.34) |
|
|
NET PROFIT |
% |
(314.99) |
|
|
FIXED ASSETS |
% |
9.90 |
|
|
TOTAL ASSETS |
% |
(0.38) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
30.87 |
Impressive |
Industrial
Average |
6.34 |
|
Net Profit Margin |
(7.66) |
Deteriorated |
Industrial
Average |
0.38 |
|
Return on Assets |
(6.31) |
Deteriorated |
Industrial
Average |
1.25 |
|
Return on Equity |
(64.15) |
Deteriorated |
Industrial
Average |
4.13 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The
company’s figure is 30.87%. When compared with the industry average, the
ratio of the company was higher, this indicated that company was more
profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is -7.66%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is -6.31%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is -64.15%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
0.81 |
Risky |
Industrial
Average |
1.24 |
|
Quick Ratio |
0.35 |
|
|
|
|
Cash Conversion Cycle |
294.80 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 0.81 times in 2010, decrease from 0.89 times, then the company may
have problems meeting its short-term obligations. When compared with the industry
average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.35 times in 2010,
decrease from 0.51 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 295 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.90 |
Acceptable |
Industrial
Average |
0.71 |
|
Debt to Equity Ratio |
9.17 |
Risky |
Industrial
Average |
2.39 |
|
Times Interest Earned |
(2.97) |
Risky |
Industrial
Average |
0.56 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -2.98 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.9 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.78 |
Deteriorated |
Industrial
Average |
6.89 |
|
Total Assets Turnover |
0.82 |
Deteriorated |
Industrial
Average |
3.46 |
|
Inventory Conversion Period |
240.64 |
|
|
|
|
Inventory Turnover |
1.52 |
Deteriorated |
Industrial
Average |
6.89 |
|
Receivables Conversion Period |
67.71 |
|
|
|
|
Receivables Turnover |
5.39 |
Acceptable |
Industrial
Average |
7.50 |
|
Payables Conversion Period |
13.55 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
UK Pound |
1 |
Rs.78.73 |
|
Euro |
1 |
Rs.67.64 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.