MIRA
INFORM REPORT
|
Report Date : |
06.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
AGRIEX
CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.04.2011 |
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Date of Incorporation : |
10.05.1985 |
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Com. Reg. No.: |
0105528016281 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Exporter of agricultural products |
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No. of Employees : |
16 |
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
AGRIEX CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : SUITE
14B, 14th FLOOR,
SETHIWAN TOWER,
139
PAN
ROAD, SILOM, BANGRAK,
BANGKOK
10500, THAILAND
TELEPHONE : [66] 2266-6151-4
FAX :
[66] 2266-6155,
2287-1509
E-MAIL
ADDRESS : agriex@loxinfo.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1985
REGISTRATION
NO. : 0105528016281
TAX
ID NO. : 3101344653
CAPITAL REGISTERED : BHT. 11,000,000
CAPITAL PAID-UP : BHT.
11,000,000
SHAREHOLDER’S PROPORTION : THAI :
95.45%
INDIAN :
4.55%
FISCAL YEAR CLOSING DATE : APRIL
30
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PRACHUAB KONGTHANARATANA, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 16
LINES
OF BUSINESS : AGRICULTURAL PRODUCTS
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 May 10,
1985 as a
private limited company
under the name
style AGRIEX CO.,
LTD., by Thai
and Indian groups,
in order to
export various kinds
of agricultural products.
It currently employs
16 staff.
The
subject’s registered address
is Suite 14B,
14th Floor,
Sethiwan Tower, 139
Pan Rd., Silom,
Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
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|
Mr. Prachuab Kongthanaratana |
|
Thai |
59 |
|
Mrs. Nalin Kongthanaratana |
|
Thai |
59 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Prachuab Kongthanaratana is
the Managing Director.
He is Thai
nationality with the
age of 59
years old.
Mrs. Nalin Kongthanaratana is
the Deputy Managing
Director.
She is Thai
nationality with the
age of 59
years old.
BUSINESS OPERATIONS
The subject is
engaged in exporting
various kinds of
agricultural products such
as rice, sugar,
beans, tapioca starch,
rice flour and
etc.
PURCHASE
100% of the products is
purchased from local
suppliers.
EXPORT
100% of the
products is exported
to United States
of America, Australia
and the countries in
Middle East, Europe,
Africa and Asia
region.
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
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 16
staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial
area.
COMMENT
The
subject was formed
in 1985 as
an exporter of
agricultural products. Its
products are rice,
sugar, beans, tapioca
starch and etc.
All of the
products are for
export markets. Demand of agricultural
products have grown substantially
from overseas. Subject’s
business outlook is
expanding steadily.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
600,000 divided into
6,000 shares of Bht.
100 each.
The
capital was increased
later as the
followings:
Bht. 1,200,000
on May 21,
1987
Bht. 3,200,000
on March 24,
1998
Bht. 6,200,000
on February 23, 2006
Bht. 11,000,000
on June 6,
2007
The
latest registered capital
was increased to Bht.
11,000,000 divided into
110,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE : [as
at August 28,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Vorawit Saejoo Nationality: Thai Address : 692/3
Yaowarach Rd., T. Taladyai,
A. Muang,
Phuket |
40,000 |
36.36 |
|
Mrs. Nalin Kongthanaratana Nationality: Thai Address : 568/493
Thadindaeng Rd., Klongsan,
Bangkok |
27,600 |
25.09 |
|
Mr. Prachuab Kongthanaratana Nationality: Thai Address : 273
Charansanitwong Rd., Thapra,
Bangkokyai, Bangkok |
25,200 |
22.91 |
|
Mr. Pongchai Sesthiwan Nationality: Thai Address : 233
Rajdamri Rd., Lumpini,
Pathumwan, Bangkok |
8,000 |
7.27 |
|
Mr. Chamkadnaran Kubay Nationality: Indian Address : 45/79
Ladya Rd., Somdejchaopraya,
Klongsan, Bangkok |
3,000 |
2.73 |
|
Mr. Abrahim Kukrat Nationality: Indian Address : 7
Various Manama, Balen |
2,000 |
1.82 |
|
Mr. Thanit Chobkaphol Nationality: Thai Address : 8/5
Soi Songsaengtawan, Samsennok,
Huaykwang, Bangkok |
1,500 |
1.36 |
|
|
|
|
|
Ms. Chuanpis Arjkong Nationality: Thai Address : 85/38
Mahasab, T. Nakornnayok, A. Muang,
Nakornnayok |
1,500 |
1.36 |
|
Mr. Chumphol Veeranuwatana Nationality: Thai Address : 91
Somdejchaopraya Rd., Klongsan,
Bangkok |
840 |
0.76 |
|
Ms. Sunisa Visalsart Nationality: Thai Address : 670/5
Ekachai Rd., Klongton,
Phrakanong, Bangkok |
300 |
0.28 |
|
Mr. Somkid Saelim Nationality: Thai Address : 345/25
Charoennakorn Rd.,
Bukkalo,
Thonburi, Bangkok |
60 |
0.06 |
Total Shareholders : 11
Share Structure [as
at August 28,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
9 |
105,000 |
95.45 |
|
Foreign - Indian |
2 |
5,000 |
4.55 |
|
Total |
11 |
110,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Kitisak Boonrangsan
No. 6853
BALANCE SHEET [BAHT]
The latest financial figures published for April 30, 2011 & 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
57,453.02 |
16,713.12 |
|
Trade Accounts & Notes Receivable |
90,476,794.93 |
81,756,525.71 |
|
Other Current Assets
|
13,357,485.38 |
754,705.44 |
|
|
|
|
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Total Current Assets
|
103,891,733.33 |
82,527,944.27 |
|
|
|
|
|
Fixed Assets |
253,028.76 |
150,354.33 |
|
Total Assets |
104,144,762.09 |
82,678,298.60 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft from Financial Institutions |
3,794,679.70 |
3,791,570.17 |
|
Trade Accounts & Notes Payable |
1,341,240.05 |
2,797,682.50 |
|
Short-term Loan from Person or Related Company |
- |
36,206,000.00 |
|
Other Current Liabilities |
26,766,159.02 |
7,118,126.63 |
|
|
|
|
|
Total Current Liabilities |
31,902,078.77 |
49,913,379.30 |
|
|
|
|
|
Credit Payable |
53,500,000.00 |
23,250,087.50 |
|
Total Liabilities |
85,402,078.77 |
73,163,466.80 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 110,000 shares |
11,000,000.00 |
11,000,000.00 |
|
|
|
|
|
Capital Paid |
11,000,000.00 |
11,000,000.00 |
|
Retained Earning - Unappropriated |
7,742,683.32 |
[1,485,168.20] |
|
Total Shareholders' Equity |
18,742,683.32 |
9,514,831.80 |
|
Total Liabilities & Shareholders' Equity |
104,144,762.09 |
82,678,298.60 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
2,180,027,091.77 |
1,135,192,403.57 |
|
Other Income |
2,866,702.17 |
2,206,581.81 |
|
Total Revenues |
2,182,893,793.94 |
1,137,398,985.38 |
|
Expenses |
|
|
|
|
|
|
|
Purchase of Goods |
2,059,239,607.06 |
1,082,105,148.61 |
|
Raw Material and Material Supplies |
418,593.60 |
457,100.90 |
|
Employees Expenses |
3,749,095.00 |
2,888,183.50 |
|
Depreciation and Amortization |
56,221.88 |
34,873.40 |
|
Other Expenses |
104,069,833.70 |
44,447,712.77 |
|
Total Expenses |
2,167,533,351.24 |
1,129,933,019.18 |
|
|
|
|
|
Profit / Loss] before Financial
Costs & Income Tax |
15,360,442.70 |
7,465,966.20 |
|
Financial Costs |
2,012,346.32 |
1,314,160.26 |
|
|
|
|
|
Profit / [Loss] before Income Tax |
13,348,096.38 |
6,151,805.94 |
|
Income Tax |
4,120,244.86 |
2,081,428.82 |
|
Net Profit / [Loss] |
9,227,851.52 |
4,070,377.12 |
fINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
3.26 |
1.65 |
|
QUICK RATIO |
TIMES |
2.84 |
1.64 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
8,615.73 |
7,550.11 |
|
TOTAL ASSETS TURNOVER |
TIMES |
20.93 |
13.73 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
15.15 |
26.29 |
|
RECEIVABLES TURNOVER |
TIMES |
24.09 |
13.89 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
0.24 |
0.94 |
|
CASH CONVERSION CYCLE |
DAYS |
14.91 |
25.34 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
94.48 |
95.36 |
|
SELLING & ADMINISTRATION |
% |
0.17 |
0.26 |
|
INTEREST |
% |
0.09 |
0.12 |
|
GROSS PROFIT MARGIN |
% |
5.65 |
4.83 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.70 |
0.66 |
|
NET PROFIT MARGIN |
% |
0.42 |
0.36 |
|
RETURN ON EQUITY |
% |
49.23 |
42.78 |
|
RETURN ON ASSET |
% |
8.86 |
4.92 |
|
EARNING PER SHARE |
BAHT |
83.89 |
37.00 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.82 |
0.88 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.56 |
7.69 |
|
TIME INTEREST EARNED |
TIMES |
7.63 |
5.68 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
92.04 |
|
|
OPERATING PROFIT |
% |
105.74 |
|
|
NET PROFIT |
% |
126.71 |
|
|
FIXED ASSETS |
% |
68.29 |
|
|
TOTAL ASSETS |
% |
25.96 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.65 |
Acceptable |
Industrial Average |
7.91 |
|
Net Profit Margin |
0.42 |
Deteriorated |
Industrial
Average |
0.91 |
|
Return on Assets |
8.86 |
Impressive |
Industrial
Average |
4.02 |
|
Return on Equity |
49.23 |
Impressive |
Industrial
Average |
12.10 |
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 5.65%. When
compared with the industry average, the ratio of the company was lower,
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 0.42%.
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. Return on Assets ratio is
8.86%, 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 49.23%, 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 |
3.26 |
Impressive |
Industrial
Average |
1.42 |
|
Quick Ratio |
2.84 |
|
|
|
|
Cash Conversion Cycle |
14.91 |
|
|
|
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 3.26 times in 2011, increased from 1.65 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 2.84 times in 2011,
increased from 1.64 times, although excluding inventory so the company still
have good short-term financial strength.
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 15 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.82 |
Acceptable |
Industrial
Average |
0.63 |
|
Debt to Equity Ratio |
4.56 |
Risky |
Industrial
Average |
1.76 |
|
Times Interest Earned |
7.63 |
Impressive |
Industrial
Average |
2.38 |
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 7.64 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 0.82 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 |
8,615.73 |
Impressive |
Industrial
Average |
16.27 |
|
Total Assets Turnover |
20.93 |
Impressive |
Industrial
Average |
4.50 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
12.02 |
|
Receivables Conversion Period |
15.15 |
|
|
|
|
Receivables Turnover |
24.09 |
Impressive |
Industrial
Average |
6.99 |
|
Payables Conversion Period |
0.24 |
|
|
|
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.55.03 |
|
UK Pound |
1 |
Rs.85.93 |
|
Euro |
1 |
Rs.68.97 |
INFORMATION DETAILS
|
Report Prepared by
: |
MNL |
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.