MIRA INFORM REPORT
|
Report Date : |
04.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
INTEQC
FEED CO., LTD. |
|
|
|
|
Registered Office : |
77/12, 15 Moo 2, Rama 2 Road, T. Nakhok, A. Muang, Samutsakorn 74000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
29.06.1999 |
|
|
|
|
Com. Reg. No.: |
0105542045331 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor & Exporter of Aqua Feed Products |
|
|
|
|
No. of Employees
: |
220 |
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 : |
No Complaints |
|
|
|
|
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
INTEQC FEED CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 77/12, 15 MOO
2, RAMA 2 ROAD,
T.
NAKHOK,
A. MUANG,
SAMUTSAKORN
74000, THAILAND
TELEPHONE : [66] 34
886-148, 34 851-211
FAX :
[66] 34
851-197, 34 851-132
E-MAIL
ADDRESS : inteqcfeed@inteqc.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0105542045331 [Former
: 701/2542]
CAPITAL REGISTERED : BHT. 390,000,000
CAPITAL PAID-UP : BHT.
390,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
VIBUL LAPJATUPORN, THAI
PRESIDENT AND
MANAGING DIRECTOR
NO.
OF STAFF : 220
LINES
OF BUSINESS : AQUA
FEED PRODUCTS
MANUFACTURER, DISTRIBUTOR
& EXPORTER
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 June
29, 1999 as
a private limited
company under the
name style INTEQC FEED CO., LTD. by
Thai groups, to
manufacture and distribute
aqua feed products
to both local
and overseas markets. It
was granted a
promotion privilege from Board of
Investment [BOI] on March 27, 2001. The
subject currently employs
approximate 220 staff.
It is a
member of Livestock
Group, the Thailand’s
leading company in
the animal feeds
and related products industry.
The subject’s registered address
is 77/12, 15 Moo 2, Rama 2
Rd., T. Nakhok, A.
Muang, Samutsakorn 74000,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vibul Lapjatuporn |
[x] |
Thai |
55 |
|
Mr. Vichai Lapjatuporn |
[x] |
Thai |
49 |
|
Mr. Thiwa Linthong |
|
Thai |
47 |
|
Mr. Vichien Nontapathorn |
[x] |
Thai |
40 |
AUTHORIZED PERSON
Two of the mentioned directors [x] can jointly sign on
behalf of the subject with
company’s affixed.
MANAGEMENT
Mr. Vibul Lapjatuporn
is the President
and Managing Director.
He is Thai
nationality with the
age of 55
years old.
Mr. Vichai Lapjatuporn is
the Deputy Managing
Director.
He is Thai
nationality with the
age of 49
years old.
Mr. Saengchai Saengboonrueng is
the Plant Manager.
He is Thai
nationality.
Mr. Prachuab Kraikhaw is
the Personnel Manager.
He is Thai
nationality.
Mr. Dhanapong Sangsue is
the Technique Manager.
He is Thai
nationality.
Mr. Theerapong Aunjai is
the Finance Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in manufacturing and distributing of aqua
feed products, specialized in
shrimp, fish and
squid, as well
as swine feed.
MAJOR BRANDS
“WEVE”,
“INTEQC”, “DIAMONDS”, “NEO FEED”,
“I-FISH”, “PERFEQC” and
“STARTEQC”
PRODUCTION CAPACITY
350,000
tons per annum
PURCHASE
90% of raw materials such as fish
meal, feed additives
and chemicals are purchased
from local suppliers and
agents, the remaining 10%
is imported from Republic of
China, U.S.A. and
Taiwan.
MAJOR SUPPLIER
Livestock Agricultural Business
International Co., Ltd. :
Thailand
SALES
90% of the
products are sold
locally by wholesale
to dealers and end-users,
the remaining 10% is exported
to Vietnam and
Malaysia.
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.
SUBSIDIARY AND AFFILIATED
COMPANIES
Inteqc Group of
companies consists of:
Livestock Agricultural
Business International Co., Ltd.
Business Type: Importer & distributor of
animal health products.
Prima Tech Co.,
Ltd.
Business Type: Importer of
shrimp culture equipment
Lab Inter Co.,
Ltd.
Business Type: Importer of
animal health & feed
products
Inteqc Chemical and
Ingredient Co., Ltd.
Business Type: Importer of
feed chemical products
CREDIT
Sales are on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Import are by
T/T.
Exports are against
T/T.
BANKING
Kasikornbank Public
Co., Ltd.
[Suapa
Branch : Suapa Rd., Pubplachai,
Pomprab, Bangkok 10100]
The Siam
Commercial Bank Public
Co., Ltd.
[Mahachai
Branch : Mahachai Rd.,
Muang, Samutsakorn]
Bangkok Bank
Public Co., Ltd.
[Mahachai
Branch : Mahachai Rd.,
Muang, Samutsakorn]
EMPLOYMENT
The subject employs approximately
220 staff [office, sales staff and
factory workers].
LOCATION DETAILS
The premise is
owned for administrative office,
factory and warehouse
at the heading
address. Premise is
located in provincial.
REMARK
CREDIT OF US$
125,000 AGAINST DA
TERMS SHOULD BE
IN ORDER.
COMMENT
Aqua feed industry has grown rapidly in the past few years due to increasing demand from shrimp
and fish raisers.
The aqua feed products still in high demand as the government’s strong concern has led to
the strictly rule for shrimp raisers and exporters to be free of antibiotic
contamination. High domestic consumption
has also spurred demand of
shrimp and fish
in local market.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 25,000,000 divided into 250,000
shares of Bht.
100 each.
The capital was
increased later as
follows:
Bht. 100,000,000
on August 1,
2000
Bht. 150,000,000
on March 8, 2002
Bht. 180,000,000
on January 15,
2004
Bht. 270,000,000
on June 11,
2006
Bht. 390,000,000
on July 1,
2010
The latest registered
capital was increased
to Bht. 390,000,000 divided into 3,900,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
August 1, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Vibul Lapjatuporn Nationality: Thai Address : 250/256 Moo 17,
Salathamsop, Thaveewatana, Bangkok |
1,641,300 |
42.08 |
|
Mr. Vichai Lapjatuporn Nationality: Thai Address : 250/517 Moo
17, Salathammasop,
Taweewattana, Bangkok |
1,583,100 |
40.59 |
|
Mrs. Orathai
Lapjatuporn Nationality: Thai Address : 250/517 Moo
17, Salathammasop,
Taweewattana, Bangkok |
138,700 |
3.57 |
|
Mr. Kanes Lapjatuporn Nationality: Thai Address : 250/256 Moo
17, Salathammasop,
Taweewattana, Bangkok |
133,900 |
3.43 |
|
Mr. Kanin Lapjatuporn Nationality: Thai Address : 250/256 Moo
17, Salathammasop,
Taweewattana, Bangkok |
130,000 |
3.33 |
|
Mr. Kanisorn Lapjatuporn Nationality: Thai Address : 250/256 Moo
17, Salathammasop,
Taweewattana, Bangkok |
130,000 |
3.33 |
|
Mr. Thiwa Linthong Nationality: Thai Address : 7/4 Moo 1, Paknam
Laemsingh, Laemsingh, Chantaburi |
104,000 |
2.67 |
|
Mrs. Siriporn Lapjatuporn Nationality: Thai Address : 250/256 Moo
17, Salathammasop,
Taweewattana, Bangkok |
39,000 |
1.00 |
Total Shareholders : 8
Share Structure [as
at August 1,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
3,900,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
3,900,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Kingkarn Asawarangkris No.
4495
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2010
& 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents
|
75,482,543 |
6,979,938 |
|
Trade Accounts Receivable
|
296,821,100 |
282,966,597 |
|
Less: Allowance for
Doubtful Account |
[70,262,785] |
[46,202,052] |
|
Trade Accounts Receivable-net |
226,558,315 |
236,764,545 |
|
Receivable-Related Company |
22,813,446 |
4,338,425 |
|
Inventories |
259,524,260 |
270,109,658 |
|
Other Current Assets
|
4,527,705 |
2,156,280 |
|
Total Current Assets
|
588,906,269 |
520,348,846 |
|
Cash at Financial
Institution |
44,500,000 |
44,500,000 |
|
Fixed Assets |
612,830,012 |
679,926,165 |
|
Total Assets |
1,246,236,281 |
1,244,775,011 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft & Short
Term Loan from Financial Institution |
383,014,286 |
352,158,064 |
|
Trade Accounts Payable |
120,112,982 |
132,287,012 |
|
Payable-Related Company |
26,722,106 |
61,057,438 |
|
Short Term Loan
from Related Company |
- |
11,500,000 |
|
Current Portion of Long
Term Loans |
64,132,000 |
64,132,000 |
|
Current Portion of Hire-Purchase Liabilities |
748,492 |
1,930,587 |
|
Accrued Expenses |
16,887,477 |
14,394,208 |
|
Other Payable |
12,469,385 |
8,704,151 |
|
Refundable Goods Reserve |
- |
3,000,000 |
|
Other Current Liabilities |
1,308,000 |
1,258,287 |
|
Total Current Liabilities |
625,394,728 |
650,421,747 |
|
|
|
|
|
Long Term Loan - Net
of Current Portion
|
85,420,362 |
149,552,362 |
|
Hire-Purchase Liabilities
net of
Current Portion |
687,479 |
288,269 |
|
Total Liabilities |
711,502,569 |
800,262,378 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par
value authorized, issued
and fully paid share
capital 3,900,000 &
2,700,000 shares in
2010 & 2009 respectively |
390,000,000 |
270,000,000 |
|
Capital Paid |
390,000,000 |
270,000,000 |
|
Statutory Reserve |
27,000,000 |
27,000,000 |
|
Retained Earning -
Unappropriated |
117,733,712 |
147,512,633 |
|
Total Shareholders' Equity |
534,733,712 |
444,512,633 |
|
Total Liabilities & Shareholders' Equity |
1,246,236,281 |
1,244,775,011 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
2,253,941,170 |
1,868,982,673 |
|
Gain on Exchange Rate |
25,457,343 |
3,285,676 |
|
Other Income |
7,479,658 |
5,052,901 |
|
Total Sales |
2,286,878,171 |
1,877,321,250 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,024,831,853 |
1,774,178,394 |
|
Selling Expenses |
112,524,876 |
87,293,192 |
|
Administrative Expenses |
31,227,644 |
40,107,715 |
|
Total Expenses |
2,168,584,373 |
1,901,579,301 |
|
Profit / [Loss] before
Financial Expenses |
118,293,798 |
[24,258,051] |
|
Financial Expenses |
[28,072,719] |
[38,314,096] |
|
Net Profit / [Loss] |
90,221,079 |
[62,572,147] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.94 |
0.80 |
|
QUICK RATIO |
TIMES |
0.52 |
0.38 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.68 |
2.75 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.81 |
1.50 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
46.78 |
55.57 |
|
INVENTORY TURNOVER |
TIMES |
7.80 |
6.57 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
36.69 |
46.24 |
|
RECEIVABLES TURNOVER |
TIMES |
9.95 |
7.89 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
21.65 |
27.22 |
|
CASH CONVERSION CYCLE |
DAYS |
61.82 |
74.59 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
89.84 |
94.93 |
|
SELLING & ADMINISTRATION |
% |
6.38 |
6.82 |
|
INTEREST |
% |
1.25 |
2.05 |
|
GROSS PROFIT MARGIN |
% |
11.63 |
5.52 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.25 |
(1.30) |
|
NET PROFIT MARGIN |
% |
4.00 |
(3.35) |
|
RETURN ON EQUITY |
% |
16.87 |
(14.08) |
|
RETURN ON ASSET |
% |
7.24 |
(5.03) |
|
EARNING PER SHARE |
BAHT |
23.13 |
(23.17) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.57 |
0.64 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.33 |
1.80 |
|
TIME INTEREST EARNED |
TIMES |
4.21 |
(0.63) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
20.60 |
|
|
OPERATING PROFIT |
% |
(587.65) |
|
|
NET PROFIT |
% |
244.19 |
|
|
FIXED ASSETS |
% |
(9.87) |
|
|
TOTAL ASSETS |
% |
0.12 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
11.63 |
Satisfactory |
Industrial
Average |
13.53 |
|
Net Profit Margin |
4.00 |
Impressive |
Industrial
Average |
1.92 |
|
Return on Assets |
7.24 |
Impressive |
Industrial
Average |
2.92 |
|
Return on Equity |
16.87 |
Impressive |
Industrial
Average |
9.43 |
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 11.63%. 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 4%, higher figure when compared with those of
its average competitors in the same industry, indicated that business was an
efficient operator in a dominant
position within its industry.
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. Return on Assets ratio is
7.24%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant position within its industry.
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. Return on Equity ratio is 16.87%, higher figure when compared
with those of its average competitors in the same industry, indicated that
business was an efficient profit in a
dominant position within its industry.
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 |
0.94 |
Risky |
Industrial
Average |
24.66 |
|
Quick Ratio |
0.52 |
|
|
|
|
Cash Conversion Cycle |
61.82 |
|
|
|
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 0.94 times in 2010, increased from 0.8 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 0.52 times in 2010,
increased from 0.38 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 62 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.57 |
Acceptable |
Industrial
Average |
0.51 |
|
Debt to Equity Ratio |
1.33 |
Risky |
Industrial
Average |
1.30 |
|
Times Interest Earned |
4.21 |
Deteriorated |
Industrial
Average |
14.73 |
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 4.22 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.57 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 |
3.68 |
Deteriorated |
Industrial
Average |
26.15 |
|
Total Assets Turnover |
1.81 |
Deteriorated |
Industrial
Average |
3.68 |
|
Inventory Conversion Period |
46.78 |
|
|
|
|
Inventory Turnover |
7.80 |
Deteriorated |
Industrial
Average |
31.72 |
|
Receivables Conversion Period |
36.69 |
|
|
|
|
Receivables Turnover |
9.95 |
Deteriorated |
Industrial
Average |
21.08 |
|
Payables Conversion Period |
21.65 |
|
|
|
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.53.23 |
|
UK Pound |
1 |
Rs.82.87 |
|
Euro |
1 |
Rs.69.13 |
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.