MIRA
INFORM REPORT
|
Report Date : |
13.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
GRANULAR HOLDING CO., LTD. |
|
|
|
|
Registered Office : |
4 Moo 11, Rojana Industrial Park, T. Nongbua, A. Bankhai, Rayong 21120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
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|
|
Date of Incorporation : |
11.11.2003 |
|
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Com. Reg. No.: |
0105546135882 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and Distributor of Compound Fertilizer |
|
|
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|
No. of Employees : |
150 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
GRANULAR
HOLDING CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 4
MOO 11, ROJANA
INDUSTRIAL PARK,
T.
NONGBUA, A. BANKHAI, RAYONG
21120
TELEPHONE : [66] 38
961-533, 083 845-4683
FAX :
[66] 38
961-504
E-MAIL
ADDRESS : info@granularholding.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION
NO. : 0105546135882
TAX
ID NO. : 3031232747
CAPITAL REGISTERED : BHT. 250,000,000
CAPITAL PAID-UP : BHT.
250,000,000
SHAREHOLDER’S PROPORTION : THAI :
99.60%
SINGAPOREAN :
0.40%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. JATE PIYADHAT,
THAI
MANAGING DIRECTOR
NO. OF STAFF : 150
LINES
OF BUSINESS : COMPOUND FERTILIZER
MANUFACTURER 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 November 11,
2003 as a
private limited company under
the registered name
GRANULAR HOLDING CO., LTD., by
Thai groups, with
the business objective
to manufacture and
distribute compound fertilizer
to domestic markets.
It currently employs
approximate 150 staff.
It
achieved the standard
ISO 9001 : 2008 certification
for developing and
manufacturing chemical fertilizer,
by UKAS and
SGS System Certification, on
September 15, 2011.
The
subject’s registered address
is 4 Moo
11, Rojana Industrial
Park, T. Nongbua,
T. Bankhai,
Rayong 21120, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Jate Piyadhat |
[x] |
Thai |
42 |
|
Ms. Chitlada Piyadhat |
[x] |
Thai |
40 |
|
Ms. Piyanuch Chanpatiew |
[x] |
Thai |
41 |
|
Mr. Yingsak Taenghor |
|
Thai |
40 |
|
Mr. Somporn Limchalermwong |
|
Thai |
66 |
|
Mr. Derek Gerard Glass |
|
Singaporean |
51 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Jate Piyadhat
is the Managing
Director.
He is Thai
nationality with the
age of 42
years old.
Mr. Surat Chinnawong is
the Factory Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and distributing
of compound fertilizer
specialize in Bio-fertilizer and
Bio-natural fertilizer, under
its owned brand “Granular-Two bears”.
PRODUCTION CAPACITY
3,500 tons
per day.
PURCHASE
Raw
materials and related
chemicals are purchased
from suppliers both
domestic and overseas,
mainly in Republic
of China, India,
Taiwan and Germany.
SALES
100% of the
products is sold
locally by wholesale
to traders, manufacturers
and
end-users both private
and government sectors.
MAJOR CUSTOMER
Office of The
Rubber Replanting Aid
Fund.
RELATED AND
AFFILIATED COMPANIES
Granular Transport Co.,
Ltd.
Business Type : Provider of
logistics and transportation service.
Granular Grow Co.,
Ltd.
Business Type :
Importer and distributor
of agricultural 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
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The subject currently
employs approximately 150
office staff and
factory workers.
LOCATION DETAILS
The
premise is owned for
administrative office, factory
and warehouse on
128,000 square meters
of land, at
the heading address.
Premise is located
in industrial area.
Branch
office : 13/14-15
Baromratchachonnee Rd., Chimplee,
Talingchan,
Bangkok
10170. Tel. : [66] 2448-8323-6,
Fax.: [66] 2488-8327.
COMMENT
The company is a
leader in the production
of compound fertilizers in the region, with
BOI promotion The company continues to develop
and manufacture with German and Chinese’s technology. The company has also developed products for the great
benefit of agricultures in
order to serve consumer’s strong
demand of food.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000
divided into 100,000
shares of Bht.
100 each with
fully paid.
On
March 10, 2005,
the registered capital
was increased to
Bht. 250,000,000 divided
into 2,500,000 shares
of Bht. 100 each
with fully paid.
MAIN
SHAREHOLDERS : [as
at April 30,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Jate Piyadhat Nationality: Thai Address : 10
Kochasarn Rd., Changklan,
Muang,
Chiangmai |
800,000 |
32.00 |
|
Ms. Chitlada Piyadhat Nationality: Thai Address : 10 Kochasarn
Rd., Changklan, Muang,
Chiangmai |
519,000 |
20.76 |
|
Ms. Piyanuch Chanpatiew Nationality: Thai Address : 11/6
Moo 4, Playbang,
Bangkruay, Nonthaburi |
485,000 |
19.40 |
|
Ms. Suwakhon Nawong Nationality: Thai Address : 57
Soi 20, Seri
Rd., Huamark, Bangkapi, Bangkok |
300,000 |
12.00 |
|
Mr. Pasakorn Pawaputanond Na
Mahasarakam Nationality: Thai Address : 58/52
Moo 8, Outer-Ring
Rd.,
Talingchan, Bangkok |
210,000 |
8.40 |
|
Mr. Srithai Chanpatiew Nationality: Thai Address : 11/6
Moo 4, Playbang,
Bangkruay, Nonthaburi |
100,000 |
4.00 |
|
Others |
86,000 |
3.44 |
Total Shareholders : 12
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
11 |
2,490,000 |
99.60 |
|
Foreign-Singaporean |
1 |
10,000 |
0.40 |
|
Total |
12 |
2,500,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Mangkorn Kanchanasai No.
3467
Note.
The 2011 financial
statement was not
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
13,660,775.08 |
3,626,686.06 |
|
Trade Accounts Receivable
|
585,058,649.73 |
372,991,839.00 |
|
Inventories |
1,287,247,893.74 |
337,598,140.99 |
|
Short-term Lending to
Related Company |
2,092,167.00 |
41,000.00 |
|
Other Current Assets
|
1,189,332.17 |
570,944.24 |
|
|
|
|
|
Total Current Assets
|
1,889,248,817.72 |
714,828,610.29 |
|
|
|
|
|
Fixed Assets |
490,857,620.92 |
407,124,927.60 |
|
Deposit for Factory &
Building Construction |
8,418,581.41 |
7,396,807.27 |
|
Goods Deposit |
68,874,148.45 |
24,472,840.00 |
|
Other Non current
Assets |
644,650.00 |
214,000.00 |
|
Total Assets |
2,458,043,518.50 |
1,154,037,185.16 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft from Financial Institutions |
- |
18,291,869.97 |
|
Trade Accounts Payable |
95,703,924.28 |
189,771,473.66 |
|
Other Payable |
34,882,365.73 |
46,557,795.94 |
|
Payable to Related
Company |
90,701,178.67 |
74,524,109.42 |
|
Short-term Loan from Related Person |
183,215,328.34 |
1,118,256.17 |
|
Current Portion of
Hire-purchase Liabilities |
2,127,928.46 |
860,506.00 |
|
Short-term Loan from Financial Institution |
1,645,703,579.92 |
408,568,143.92 |
|
Current Portion of Long-term
Loan from Financial Institution |
23,454,000.00 |
14,736,111.12 |
|
Deposit from Customer |
68,518,495.15 |
44,023,556.00 |
|
Accrued Expenses |
5,887,175.71 |
8,853,983.50 |
|
Other Current Liabilities |
673,926.48 |
2,206,072.59 |
|
|
|
|
|
Total Current Liabilities |
2,150,867,902.74 |
809,511,878.29 |
|
Hire-purchase Liabilities |
3,417,700.00 |
523,477.24 |
|
Long-term Loan from Financial
Institution |
57,926,274.06 |
71,351,347.78 |
|
Long-term Loan from Foreign
Company |
48,776,560.00 |
45,415,264.00 |
|
Accrued Interest |
13,910,717.71 |
12,175,231.39 |
|
Total Liabilities |
2,274,899,154.51 |
938,977,198.70 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 2,500,000 shares |
250,000,000.00 |
250,000,000.00 |
|
|
|
|
|
Capital Paid |
250,000,000.00 |
250,000,000.00 |
|
Retained Earning - Unappropriated |
[66,855,636.01] |
[34,940,013.54] |
|
Total Shareholders' Equity |
183,144,363.99 |
215,059,986.46 |
|
Total Liabilities & Shareholders' Equity |
2,458,043,518.50 |
1,154,037,185.16 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
2,204,335,891.57 |
685,964,921.82 |
|
Services Income |
8,046,924.00 |
990,960.00 |
|
Rental Income |
- |
1,383,800.00 |
|
Transit Income |
393,050.00 |
368,741.90 |
|
Interest Income |
9,930.90 |
2,997.96 |
|
Gain on Disposal of
Assets |
- |
1,354,758.10 |
|
Gain on Exchange Rate |
3,576,681.87 |
- |
|
Compensation Income |
2,835,398.45 |
- |
|
Other Income |
2,200.00 |
29,873.50 |
|
Total Revenues |
2,219,200,076.79 |
690,096,053.28 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Manufacturing |
2,077,616,370.80 |
627,597,445.54 |
|
Cost of Services |
6,125,825.10 |
1,511,015.72 |
|
Selling Expenses |
8,976,352.91 |
4,372,324.33 |
|
Administrative Expenses |
30,139,628.91 |
18,901,079.11 |
|
Doubtful Account |
52,396,363.00 |
- |
|
Loss on Exchange Rate |
- |
26,907,966.32 |
|
Total Expenses |
2,175,254,540.72 |
679,289,831.02 |
|
|
|
|
|
Profit / Loss] before Financial Costs |
43,945,536.07 |
10,806,222.26 |
|
Financial Costs |
[76,450,092.59] |
[20,165,574.66] |
|
Net Profit / [Loss] |
[32,504,556.52] |
[9,359,352.40] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.88 |
0.88 |
|
QUICK RATIO |
TIMES |
0.28 |
0.47 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.51 |
1.69 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.90 |
0.60 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
225.48 |
195.87 |
|
INVENTORY TURNOVER |
TIMES |
1.62 |
1.86 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
96.52 |
197.78 |
|
RECEIVABLES TURNOVER |
TIMES |
3.78 |
1.85 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
16.76 |
110.10 |
|
CASH CONVERSION CYCLE |
DAYS |
305.24 |
283.55 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
94.19 |
91.40 |
|
SELLING & ADMINISTRATION |
% |
1.77 |
3.38 |
|
INTEREST |
% |
3.46 |
2.93 |
|
GROSS PROFIT MARGIN |
% |
6.12 |
8.86 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.99 |
1.57 |
|
NET PROFIT MARGIN |
% |
(1.47) |
(1.36) |
|
RETURN ON EQUITY |
% |
(17.75) |
(4.35) |
|
RETURN ON ASSET |
% |
(1.32) |
(0.81) |
|
EARNING PER SHARE |
BAHT |
(13.00) |
(3.74) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.93 |
0.81 |
|
DEBT TO EQUITY RATIO |
TIMES |
12.42 |
4.37 |
|
TIME INTEREST EARNED |
TIMES |
0.57 |
0.54 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
221.41 |
|
|
OPERATING PROFIT |
% |
306.67 |
|
|
NET PROFIT |
% |
(247.29) |
|
|
FIXED ASSETS |
% |
20.57 |
|
|
TOTAL ASSETS |
% |
113.00 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
6.12 |
Deteriorated |
Industrial Average |
69.23 |
|
Net Profit Margin |
(1.47) |
Deteriorated |
Industrial Average |
32.42 |
|
Return on Assets |
(1.32) |
Deteriorated |
Industrial Average |
11.12 |
|
Return on Equity |
(17.75) |
Deteriorated |
Industrial Average |
22.82 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues 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 6.12%. When
compared with the industry average, the ratio of the company was lower, this
indicated that company was originated from the problems with control over its
costs.
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 -1.47%.
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 -1.32%.
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 -17.75%.
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 |
0.88 |
Risky |
Industrial Average |
1.28 |
|
Quick Ratio |
0.28 |
|
|
|
|
Cash Conversion Cycle |
305.24 |
|
|
|
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 0.88 times in 2010, same
figure as in 2011,
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 0.28 times in 2010,
decreased from 0.47 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 306 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.93 |
Acceptable |
Industrial Average |
0.34 |
|
Debt to Equity Ratio |
12.42 |
Risky |
Industrial Average |
0.69 |
|
Times Interest Earned |
0.57 |
Risky |
Industrial Average |
6.94 |
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 0.58 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 0.93 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 |
4.51 |
Impressive |
Industrial Average |
0.53 |
|
Total Assets Turnover |
0.90 |
Impressive |
Industrial Average |
0.34 |
|
Inventory Conversion Period |
225.48 |
|
|
|
|
Inventory Turnover |
1.62 |
Deteriorated |
Industrial Average |
24.93 |
|
Receivables Conversion Period |
96.52 |
|
|
|
|
Receivables Turnover |
3.78 |
Impressive |
Industrial Average |
1.74 |
|
Payables Conversion Period |
16.76 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
|
|
1 |
Rs.86.45 |
|
Euro |
1 |
Rs.68.04 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.