MIRA
INFORM REPORT
|
Report Date : |
03.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHIA TAI
COMPANY LIMITED |
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Registered Office : |
299-301
Songsawad Road, Samphantawong, Bangkok
10100 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
29.11.1983 |
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Com. Reg. No.: |
0105526049913 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importer,
Exporter & Distributor of Agricultural
Products |
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 |
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Payment Behaviour : |
No Complaints |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
CHIA
TAI COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 299-301 SONGSAWAD
ROAD,
SAMPHANTAWONG, BANGKOK
10100, THAILAND
TELEPHONE : [66] 2233-8191-9,
2639-4000
FAX :
[66] 2237-1540,
2639-1804, 2237-1539, 2639-6063
E-MAIL
ADDRESS : domestic_seed@chiataigroup.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1983
REGISTRATION
NO. : 0105526049913 [Former: 4995/2526]
CAPITAL REGISTERED : BHT. 400,000,000
CAPITAL PAID-UP : BHT.
300,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
MANOO CHIARAVANONT, THAI
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
NO. OF
STAFF : 480
LINES
OF BUSINESS : AGRICULTURAL PRODUCTS
IMPORTER, EXPORTER
& DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was established on
November 29, 1983
as a private
limited company under the
name style CHIA
TAI COMPANY LIMITED,
by Chiaravanont family,
who is the
founder of CP Group of companies,
in order to
operate as an importer, exporter and distributor
of agricultural products.
It currently employs
approximately 480 staff.
The subject’s registered
address is 299-301
Songsawad Rd., Samphantawong, Bangkok
10100, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Charan Chiaravanont |
|
Thai |
81 |
|
Mr. Montri Chiaravanont |
|
Thai |
79 |
|
Mr. Dhanin Chiaravanont |
|
Thai |
72 |
|
Mr. Wallop Chiaravanont |
|
Thai |
72 |
|
Mr. Pongthep Chiaravanont |
|
Thai |
62 |
|
Mr. Manoo Chiaravanont |
|
Thai |
57 |
|
Mr. Manas Chiaravanont |
|
Thai |
55 |
|
Mr. Min Thienvorn |
|
Thai |
75 |
AUTHORIZED PERSON
Two of the
above directors can jointly sign
on behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Manoo Chiaravanont is
the President and
Chief Executive Officer.
He is Thai
nationality with the
age of 57 years
old.
Mr. Manas Chiaravanont is the Chief
Operating Officer.
He is Thai
nationality with the
age of 55
years old.
Mr. Vinij Chuanchai
is the Vice
President.
He is Thai
nationality.
Mr. Prapoj Vuthikornvipark is
the General Manager [Production Department].
He is Thai
nationality.
Mr. Boonmee Okman
is the General
Manager [International Market Department].
He is Thai
nationality.
Mr. Wichet Pornlertpong is
the General Manager [Domestic Market
Department].
He is Thai
nationality.
Ms. Mayuree Somrerkphol is
the General Manager [Crop
Protection Department].
She is Thai
nationality.
Ms. Sunee Charnvannakul is
the Personnel Manager.
She is Thai
nationality.
Mrs. Pa-obkarn Sribuaphanburim is
the Account Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject was
engaged in agricultural
business, which can be
divided into 3
business areas as follows:
1. Seed Business
The subject has
developed over 350
hybrid varieties from its own
5 research stations
located three in
Thailand, one in
Indonesia and one
in Republic of
China. The subject
produces seed worldwide depending on
suitable and economics
of each crop.
Its products are
sold locally and
also exported worldwide,
mainly for tropical
countries in Asian region.
Its products are bitter gourd,
broccoli, cabbage, carrot,
cauliflower, Chinese cabbage,
Chinese kale, Chinese radish, coriander,
corn, cucumber, eggplant,
loofah, lettuce, melon,
mustard green, okra,
pak choy, pepper, pumpkin
& squash, tomato,
water convolvulus, watermelon
and etc. under
brand name AEROPLANE.
2. Fertilizer Business
The company markets a full range of fertilizer such as Ammonium
Sulphate, Urea and Compound Fertilizer importing from high quality fertilizer
and leading global
suppliers. The company’s
fertilizers are under brand names RABBIT,
AEROPLANE and SHOR FAH.
3. Crop Protection
Business
The subject serves
local market an environment
safe fungicides, herbicides,
insecticides, fungicide, fertilizer
and hormone for
all major crops.
The subject formulates 100
pesticide formulations liquids,
granules wetlable powders,
dusting powder and
some combination, product - butachar, 27.5%+
propanil 27.5% EC
[Butapro], as well as final
product packing, an
important aspect of
the service to
farmers.
IMPORT [COUNTRIES]
The products are
imported from United
States of America, Japan, United Kingdom, Korea, Taiwan,
Republic of China,
Singapore, France, Canada,
Germany and Israel,
as well as
are purchased locally.
MAJOR SUPPLIER [LOCAL]
C.T.T. Seeds Co., Ltd. : Thailand
Zeraim Gedera Ltd. : Israel
Chia Tai Cultivation
Technology Co., Ltd. : Thailand
DISTRIBUTION
Most of the
products are sold
locally to manufacturers, wholesalers
and end-users, while
vegetable and fruit
seeds are exported
to Japan, Republic
of China, Hong
Kong, Indonesia, Vietnam,
Malaysia, Taiwan, India,
Pakistan, Laos, Myanmar,
Singapore, Philippines,
Nepal, Bangladesh, Sri
Lanka, Middle East
and etc.
MAJOR CUSTOMERS
|
- C.P. Yangoon Co.,
Ltd. |
: Myanmar |
|
- Dong Fong Chia
Tai Ltd. |
: Republic of China |
|
- Chia Tai [Vietnam]
Co., Ltd. |
: Vietnam |
|
- PT. Tanindo Subor
Prima |
: Indonesia |
|
- Apichaya Flora Co.,
Ltd. |
: Thailand |
SUBSIDIARIES &
AFFILIATED COMPANIES
Chia Tai Produce
Co., Ltd.
Business Type :
Distributor of agricultural
products.
Chia Tai Cultivate
Technology Co., Ltd.
Business Type :
Manufacturer of agricultural
products.
South - East Agricultural Co.,
Ltd.
Business Type :
Manufacturer and distributor
of fertilizer.
Chon Charoen Farm
Co., Ltd.
Business Type :
Manufacturer & research
of seed.
Chia Tai Seed
Co., Ltd.
Business Type :
Importer & exporter
of seed, fertilizer
& etc.
Agrochemical Industry Co.,
Ltd.
Business Type :
Manufacturer & distributor
of crop protection
products.
C.T.I. Seed Co.,
Ltd.
Business Type :
Manufacturer of seed
products.
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
L/C at sight
& T/T.
BANKING
The Siam Commercial
Bank Public Co., Ltd.
[Head Office
: 9 Ratchadapisek Rd.,
Ladyao, Jatujak, Bangkok
10900]
Bangkok Bank Public
Co., Ltd.
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Citibank, NA
[Bangkok Office : 82 North
Sathorn Rd., Bangrak,
Bangkok 10500]
Kasikornbank Public Co.,
Ltd.
[Chiang Kong
Branch : Songwad Rd.,
Samphantawong, Bangkok 10100]
EMPLOYMENT
The subject employs
approximately 480 staff.
[office staff and
workers]
LOCATION DETAILS
The premise is
owned for administrative office
in a 4
storey building of
2 row shop houses
at the heading
address. Premise is
located in commercial/residential area.
Warehouse is located
at 70 Moo 6,
Petchkasem Road, T.
Omnoi, A. Krathumban,
Samutsakorn Province 74130,
Tel: [66] 2810-3031-7,
Fax: [66] 2810-3041, 2810-3050.
Branches : (Vegetable Research
Plantation)
-
Chiengmai
Branch, 85 Moo 5,
Nongkwai, Hangdong, Chiengmai
50230,
Tel: [66] 53
441-479, Fax: [66] 53
441-495.
-
Karnchanaburi
Branch, Muang District,
Kanchanaburi Province 71000,
Tel : [66]
01 846-0451.
REMARK
CREDIT OF EUR
250,000 SHOULD BE
IN ORDER.
COMMENT
As one of
the Thailand’s largest
formulators of agricultural chemical,
Chia Tai is
able to meet farmers’ needs cost-effective and
efficient with high-quality
products and services.
It supplies and
distributes excellent quality
herbicides, fungicides, insecticides,
plant growth regulators,
foliar fertilizers and
foliar micronutrients.
It is a
well-known leader in
environmentally-friendly
crop protection, with a view
to ensuring greater
focus on the
needs, and satisfying
the wants of the vegetable,
field, horticultural, and
fruit crop growers
in both Thai
and foreign markets.
The company formulates
herbicides, fungicides plant
growth regulators, foliar fertilizers,
and micronutrients for
local distribution as
well as exporting
some of them
to the overseas
markets with a
side range of
over 100 formulations
in emulsifiable concentrate
[EC], granule [G],
wetlable powder [WP]
forms etc.
To date the company has developed over 350 hybrid variety for its own 5
research stations located three in Thailand, one in Indonesia and one in
China. Its products have well accepted
by domestic and worldwide customers. It
serves at its best to the Thai market, environment-safe and appropriate for all
major corps.
The subject maintains its leading player in the industry.
FINANCIAL INFORMATION
The capital was
registered at Bht.
10,000,000 divided into
100,000 shares of
Bht. 100 each.
The capital was
increased later as
followings:
Bht. 30,000,000
on July 16,
1992
Bht. 50,000,000
on December 26,
1995
Bht. 100,000,000
on June 29,
1999
Bht. 200,000,000
on June 27,
2001
Bht. 400,000,000
on February 13,
2009
The latest registered
capital was increased
to Bht. 400,000,000
divided into 4,000,000
shares of Bht.
100 each with
Bht. 300,000,000 of
capitalization.
MAIN SHAREHOLDERS
[as at
April 30, 2011]
at Bht. 300 million of capitalization.
|
NAME |
HOLDING |
% |
|
Mr. Dhanin Chiaravanont Nationality: Thai Address : 88 Moo
17, Bangpleeyai, Bangplee, Samutprakarn
|
500,000 |
12.50 |
|
Mr. Sumeth Chiaravanont Nationality: Thai Address : 55
Sukhumvit 54 Rd.,
Prakanong, Bangkok 10110 |
500,000 |
12.50 |
|
Mr. Montri Chiaravanont Nationality: Thai Address : 908 Sukhumvit
50 Rd., Prakanong,
Bangkok 10110 |
500,000 |
12.50 |
|
Mr. Charan Chiaravanont Nationality: Thai Address : 10 Kannayao,
Buengkum, Bangkok |
500,000 |
12.50 |
|
Mr. Cherdchai Chiaravanont Nationality: Thai Address : 68/17 Sukhumvit
63 Rd., Klongton,
Prakanong, Bangkok |
250,000 |
6.25 |
|
Mr. Kiat Chiaravanont Nationality: Thai Address : 1 Phaholyothin Rd.,
Ladyao, Bangkhen, Bangkok 10900 |
250,000 |
6.25 |
|
Mr. Wallop Chiaravanont Nationality: Thai Address : 1 Phaholyothin Rd.,
Ladyao, Bangkhen, Bangkok 10900 |
250,000 |
6.25 |
|
|
|
|
|
Mr. Apichart Chiaravanont Nationality: Thai Address : 856/35 Jatejamnong
Rd., Bangplasroy, Muang, Cholburi |
250,000 |
6.25 |
|
Other Shareholders |
1,000,000 |
25.00 |
Total Shareholders : 15
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Santi Maneewong No.
6182
BALANCE SHEET [BAHT]
The
latest financial figures
published as at
December 31, 2010
& 2009 were :
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
410,403,692.55 |
1,055,541,229.97 |
|
Trade Accounts &
Notes Receivable |
871,431,667.42 |
1,291,393,393.35 |
|
Receivable & Loan to
Affiliated Company |
- |
12,000,000.00 |
|
Inventories
|
3,143,494,508.86 |
2,280,574,932.38 |
|
Other Current Assets
|
1,257,936,318.87 |
415,032,296.84 |
|
|
|
|
|
Total Current Assets
|
5,683,266,187.70 |
5,054,541,852.54 |
|
|
|
|
|
Long-term Investment |
820,865,630.55 |
805,454,230.55 |
|
Fixed Assets |
774,710,220.57 |
711,695,727.68 |
|
Other Assets |
15,932,642.90 |
18,851,109.95 |
|
Total Assets |
7,294,774,681.72 |
6,590,542,920.72 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institutions |
422,562,732.15 |
10,737,769.89 |
|
Trade Accounts Payable |
1,952,757,834.56 |
1,034,845,701.90 |
|
Accrued Income Tax |
223,973,376.30 |
537,230,156.89 |
|
Current Portion of Long-term Loans |
- |
25,000,000.00 |
|
Other Current Liabilities |
300,606,952.65 |
1,317,243,962.04 |
|
|
|
|
|
Total Current Liabilities |
2,899,900,895.66 |
2,925,057,590.72 |
|
Total Liabilities |
2,899,900,895.66 |
2,925,057,590.72 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share Capital :
Baht 100 par
value authorized issued
and fully paid
share capital
4,000,000 shares |
400,000,000.00 |
400,000,000.00 |
|
|
|
|
|
Capital Paid |
300,000,000.00 |
300,000,000.00 |
|
Statutory Reserve |
40,000,000.00 |
40,000,000.00 |
|
Unappropriated |
4,054,873,786.06 |
3,325,485,330.00 |
|
Total Shareholders' Equity |
4,394,873,786.06 |
3,665,485,330.00 |
|
|
|
|
|
Total Liabilities &
Shareholders' Equity |
7,297,774,681.72 |
6,590,542,920.72 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales |
17,412,821,049.88 |
20,755,732,853.54 |
|
Others Income |
158,533,688.28 |
89,227,671.70 |
|
Total Revenues |
17,571,354,738.16 |
20,844,960,525.24 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
15,534,120,795.93 |
17,992,616,631.99 |
|
Selling Expenses |
214,069,920.86 |
153,140,992.23 |
|
Administrative Expenses |
512,067,433.28 |
468,827,105.71 |
|
Total Expenses |
16,260,258,150.07 |
18,614,584,729.93 |
|
|
|
|
|
Profit /[Loss] Before Financial
Costs |
1,311,096,588.09 |
2,230,375,795.31 |
|
Financial Cost |
[11,741,870.37] |
[32,243,767.29] |
|
Profit /[Loss] Before Income Tax |
1,299,354,717.72 |
2,198,132,028.02 |
|
Income Tax |
[369,966,261.66] |
[657,557,189.16] |
|
Net Profit / [Loss] |
929,388,456.06 |
1,540,574,838.86 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.89 |
|
|
1 |
Rs.74.31 |
|
Euro |
1 |
Rs.65.41 |
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.