MIRA INFORM REPORT
|
Report Date : |
03.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHIA
TAI SEEDS CO.,
LTD. |
|
|
|
|
Registered Office : |
295-303 Songwad Road, Kwaeng Samphantawong, Khet Samphantawong, Bangkok 10100 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
06.01.1989 |
|
|
|
|
Com. Reg. No.: |
0105532001528 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Exporters of agricultural products |
|
|
|
|
No. of Employees : |
20 employees |
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 : |
Good |
|
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 – 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 |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
|
Source : CIA |
Company name
CHIA TAI SEEDS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 295-303 SONGWAD
ROAD,
KWAENG SAMPHANTAWONG,
KHET SAMPHANTAWONG, BANGKOK
10100
TELEPHONE : [66] 2810-3043,
2233-8191, 2810-3031-7
FAX
: [66] 2810-3044
E-MAIL
ADDRESS : chiatai@ksc.th.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1989
REGISTRATION
NO. : 0105532001528
TAX
ID NO. : 3101600735
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
MANAS CHIARAVANONT, THAI
PRESIDENT OF
GROUP
NO.
OF STAFF : 20
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 January 6, 1989
as a private
limited company under the registered name
CHIA TAI SEEDS
CO., LTD., by
Thai groups, with the business
objective to export
various local agricultural
products. It currently
employs approximate 20
staff. The subject
is a wholly
owned subsidiary of Chia
Tai Co., Ltd.,
and is also
a member of
Chia Tai Group
of companies.
The
subject’s registered address
is 295-303 Songsawad
Rd., Kwaeng Samphanatawong, Khet
Samphantawong, Bangkok 10100,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Dhanin Chiaravanont |
|
Thai |
72 |
|
Mr. Wallop Chiaravanont |
|
Thai |
72 |
|
Mr. Pongthep Chiaravanont |
|
Thai |
61 |
|
Mr. Manoo Chiaravanont |
|
Thai |
58 |
|
Mr. Manas Chiaravanont |
|
Thai |
56 |
|
Mr. Min Thienvorn |
|
Thai |
75 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Manas Chiaravanont is
the President of
Group.
He is Thai
nationality with the
age of 56
years old.
Mr. Chaiphan Lippiwan is
the Assistant Vice
President.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
exporting wide range
of local agricultural
products, including agro-seeds
[vegetable, fruit & flower], under
its name “CHIA
TAI” and others,
as well as
fertilizer and crop
protection products, e.g.
insecticide, herbicide, fungicide,
and acaricide.
PURCHASE
100%
of the products
is purchased from
Chia Tai group
of companies, and
other local suppliers.
MAJOR
SUPPLIERS
Agro
Chemical Industry Co.,
Ltd.
South
East Agricultural Co.,
Ltd.
Chia
Tai Produce Co.,
Ltd.
Chia
Tai Co., Ltd.
EXPORT
100% of the
products is exported
to Republic of
China, India, Vietnam,
Malaysia, Bangladesh, U.K.,
France, Germany, Russia,
Indonesia, Myanmar and
Pakistan.
RELATED AND AFFILIATED COMPANIES
Chia Tai Group
of companies, comprises
of:
Agro Chemical Industry
Co., Ltd.
Business Type :
Manufacturer and distributor
of crop protection
products.
Choncharoen Farm Co.,
Ltd.
Business Type :
Operator of R & D
seed products.
South East Agricultural
Co., Ltd.
Business Type :
Distributor of fertilizer & crop
protection products.
Chia Tai Cultivation
Technology Co., Ltd.
Business Type :
Distributor of greenhouse
equipment & irrigation
system, and
consulting
service.
Chia Tai Produce
Co., Ltd.
Business Type :
Manufacturer and distributor of
vegetables and fruit
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
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Exports are against
T/T on negotiated
terms.
BANKING
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
approximately 20 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
COMMENT
The company
is the pioneer
company engaged in the
seed business with
the giant C.P. Group.
The company was established exclusively
as a seed
firm in Thailand.
The expansion and introduction
of modern agricultural
equipment, including a fully
equipped laboratory, where
research and development
is currently being conducted, has
contributed to bring
the seed business
on a parity
with the best
in the whole of
Southeast Asia. To maintain and improve
the highest quality standards,
Chia Tai works
strenuously in searching of new
varieties, either through
its own hybrid
breeding or in
partnership with research stations of
well-known international companies,
to develop more
suitable varieties with higher
yields for various
climatic conditions.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 100,000
shares of Bht.
10 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Chia Tai Co.,
Ltd. Nationality: Thai Address :
299-301 Songsawad Rd.,
Kwaeng
Samphantawong, Khet
Samphantawong, Bangkok |
99,992 |
99.99 |
|
Mr. Wallop Chiaravanont Nationality: Thai Address : 1
Soi Pichaimontri, Phaholyothin Rd.,
Ladyao, Jatujak,
Bangkok |
1 |
|
|
Mr. Charan Chiaravanont Nationality: Thai Address : 10
Navathani Soi 8,
Sukhapiban Rd.,
Kannayao, Buengkum, Bangkok |
1 |
|
|
Mr. Montri Chiaravanont Nationality: Thai Address : 299-301
Songsawad Rd., Kwaeng
Samphantawong, Khet Samphantawong, Bangkok
|
1 |
= 0.01 |
|
Mr. Sumeth Chiaravanont Nationality: Thai Address : 18/59
Wireless Rd., Lumpini,
Pathumwan, Bangkok |
1 |
|
|
Mr. Dhanin Chiaravanont Nationality: Thai Address : 88
Moo 17, Bangpleeyai, Bangplee,
Samutprakarn |
1 |
|
|
Mr. Pongthep Chiaravanont Nationality: Thai Address : 45
Sukhumvit 55 Rd.,
Klongtonnua,
Klongtoey, Bangkok |
1 |
|
|
Mr. Manoo Chiaravanont Nationality: Thai Address : 12/1
Soi Daeng-udom, Sukhumvit
Rd.,
Klongton, Prakanong, Bangkok |
1 |
|
|
Mr. Manas Chiaravanont Nationality: Thai Address : 18/1
Soi Klang, Sukhumvit
Rd.,
Klongtonnua, Prakanong, Bangkok |
1 |
|
Total Shareholders : 9
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
9 |
100,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
9 |
100,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Santi Maneewong No.
6182
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
7,681,133.28 |
13,980,664.91 |
|
Short-term Investment |
25,000,000.00 |
- |
|
Trade Accounts & Other Receivable |
112,407,749.84 |
89,720,153.75 |
|
Inventories |
641,292.87 |
989,261.87 |
|
Other Current Assets
|
1,171,457.70 |
650,868.25 |
|
|
|
|
|
Total Current Assets
|
146,901,633.69 |
105,340,948.78 |
|
|
|
|
|
Fixed Assets |
611,850.35 |
702,565.83 |
|
Other Non - current Assets |
388,823.30 |
412,715.05 |
|
Total Assets |
147,902,307.34 |
106,456,229.66 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts & Other Payable |
11,126,152.42 |
14,014,796.99 |
|
Accrued Income Tax |
28,920,867.78 |
7,026,146.07 |
|
Other Current Liabilities |
10,509.39 |
102,320.09 |
|
|
|
|
|
Total Current Liabilities |
40,057,529.59 |
21,143,263.15 |
|
Total Liabilities |
40,057,529.59 |
21,143,263.15 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
value authorized, issued
and fully paid share
capital 100,000 shares |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning |
|
|
|
Appropriated for
Statutory Reserve |
100,000.00 |
100,000.00 |
|
Unappropriated |
106,744,777.75 |
84,212,966.51 |
|
Total Shareholders' Equity |
107,844,777.75 |
85,312,966.51 |
|
Total Liabilities & Shareholders' Equity |
147,902,307.34 |
106,456,229.66 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
626,171,339.24 |
545,756,252.84 |
|
Other Income |
10,563,035.30 |
1,602,834.29 |
|
Total Revenues |
636,734,374.54 |
547,359,087.13 |
|
Expenses |
|
|
|
Cost of Goods
Sold |
485,461,415.05 |
463,633,976.45 |
|
Selling Expenses |
31,650,571.51 |
42,433,178.65 |
|
Administrative Expenses |
2,138,441.30 |
1,447,881.90 |
|
Total Expenses |
519,250,427.86 |
507,515,037.00 |
|
|
|
|
|
Profit /[Loss] before Income Tax |
117,483,946.68 |
39,844,050.13 |
|
Income Tax |
[34,952,135.44] |
[11,853,646.07] |
|
Net Profit / [Loss] |
82,531,811.24 |
27,990,404.06 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
3.67 |
4.98 |
|
QUICK RATIO |
TIMES |
3.62 |
4.90 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1,023.41 |
776.80 |
|
TOTAL ASSETS TURNOVER |
TIMES |
4.23 |
5.13 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
0.48 |
0.78 |
|
INVENTORY TURNOVER |
TIMES |
757.00 |
468.67 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
65.52 |
60.00 |
|
RECEIVABLES TURNOVER |
TIMES |
5.57 |
6.08 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
8.37 |
11.03 |
|
CASH CONVERSION CYCLE |
DAYS |
57.64 |
49.75 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
77.53 |
84.95 |
|
SELLING & ADMINISTRATION |
% |
5.40 |
8.04 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
24.16 |
15.34 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
18.76 |
7.30 |
|
NET PROFIT MARGIN |
% |
13.18 |
5.13 |
|
RETURN ON EQUITY |
% |
76.53 |
32.81 |
|
RETURN ON ASSET |
% |
55.80 |
26.29 |
|
EARNING PER SHARE |
BAHT |
825.32 |
279.90 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.27 |
0.20 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.37 |
0.25 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
14.73 |
|
|
OPERATING PROFIT |
% |
194.86 |
|
|
NET PROFIT |
% |
194.86 |
|
|
FIXED ASSETS |
% |
(12.91) |
|
|
TOTAL ASSETS |
% |
38.93 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
24.16 |
Impressive |
Industrial
Average |
6.47 |
|
Net Profit Margin |
13.18 |
Impressive |
Industrial
Average |
0.43 |
|
Return on Assets |
55.80 |
Impressive |
Industrial
Average |
1.42 |
|
Return on Equity |
76.53 |
Impressive |
Industrial
Average |
4.61 |
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 24.16%. 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 13.18%,
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
55.8%, 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 76.53%, 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 |
3.67 |
Impressive |
Industrial
Average |
1.25 |
|
Quick Ratio |
3.62 |
|
|
|
|
Cash Conversion Cycle |
57.64 |
|
|
|
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 3.67 times in 2011, decreased from 4.98 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 3.62 times in 2011,
decreased from 4.9 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 58 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.27 |
Impressive |
Industrial
Average |
0.67 |
|
Debt to Equity Ratio |
0.37 |
Impressive |
Industrial
Average |
2.08 |
|
Times Interest Earned |
- |
|
Industrial
Average |
0.74 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.27 less than 0.5, most of the company's
assets are financed through equity.
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 |
1,023.41 |
Impressive |
Industrial
Average |
7.17 |
|
Total Assets Turnover |
4.23 |
Impressive |
Industrial
Average |
3.36 |
|
Inventory Conversion Period |
0.48 |
|
|
|
|
Inventory Turnover |
757.00 |
Impressive |
Industrial
Average |
6.63 |
|
Receivables Conversion Period |
65.52 |
|
|
|
|
Receivables Turnover |
5.57 |
Satisfactory |
Industrial
Average |
7.41 |
|
Payables Conversion Period |
8.37 |
|
|
|
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.72 |
|
UK Pound |
1 |
Rs.87.95 |
|
Euro |
1 |
Rs.69.66 |
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.