MIRA
INFORM REPORT
|
Report Date : |
13.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
THAIWELL AGROTEK CO., LTD. |
|
|
|
|
Registered Office : |
11th Floor, Forum Tower, 184/15 Ratchadapisek Road, Huaykwang, Bangkok 10320 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
29.01.2008 |
|
|
|
|
Com. Reg. No.: |
0105551011690 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Agrochemicals and Other Products |
|
|
|
|
No. of Employees : |
12 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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
THAIWELL
AGROTEK CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 11th FLOOR,
FORUM TOWER,
184/15 RATCHADAPISEK
ROAD, HUAYKWANG,
BANGKOK 10320,
THAILAND
TELEPHONE : [66] 2248-8518-9,
2248-1828-9
FAX :
[66] 2248-8520
E-MAIL
ADDRESS : thaiwellbkk@gmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2008
REGISTRATION
NO. : 0105551011690
TAX
ID NO. : 3032930376
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI : 51%
TAIWANESE :
49%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. LEE KUANG
TSUNG, TAIWANESE
MANAGING DIRECTOR
NO.
OF STAFF : 12
LINES
OF BUSINESS : AGROCHEMICALS AND
OTHER PRODUCTS
IMPORTER AND
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 January 29, 2008
as a private
limited company under the
registered name THAIWELL
AGROTEK CO., LTD.,
by Thai and
Taiwanese groups, with
the business objective
to import and distribute agrochemicals
and other products
to domestic market.
It currently employs
12 staff.
The
subject’s registered address
is 11th Floor,
Forum Tower, 184/15
Ratchadapisek Rd., Huaykwang,
Bangkok 10320, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
Mr. Lee Kuang Tsung
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Lee Kuang Tsung
is the Managing
Director.
He is Taiwanese
nationality with the
age of 56
years old.
BUSINESS OPERATIONS
The
subject’s main business
is engaged in
importing and distributing
of agro-chemicals, such
as pesticide, insecticide,
herbicide, fungicide and
acaricide as the
followings:
Insecticide : Abamectin,
Buprofezn, Chlorpyrifos, Cypermethrin, Carbosulfan,
Dichlorvos,
Ethion
Herbicide/Pesticide : Butachlor+Sefiner, Paraquat,
Glyphosate, Fenoxaprop-p-ethyl
Fungicide
: Metalaxyl,
Fosetyl, Mancozeb, Iprodione,
Chlorothalonil
The
subject also imports
and distributes golf
equipment, such as
“PHOENIX” golf club set,
golf ball, golf
gloves, air coolers,
Coex/PE bottles, as
well as solar
garden light for
golf court.
PURCHASE
The
products are purchased
from suppliers both
domestic and overseas,
mainly in Taiwan,
Republic of China
and India.
SALES
100% of the
products is sold
locally to wholesalers
and end-users.
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
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.
BANKING
Thanachart
Bank Public Co.,
Ltd.
[Ratchada-Huaykwang Branch,
Ratchadapisek Rd., Huaykwang,
Bangkok]
EMPLOYMENT
The
subject currently employs
12 staff.
LOCATION DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The outlook for
the agricultural industry was
promising with a
steady flow where
demand in the
world market keeps
rising. The subject’s
trend for its
business was good
because it was
confident about the
consumption demand
especially in the
barren countries like
in Africa, Middle
East and Russia.
Market
of agrochemical and
related products is
promising due to
demand remains strong
such as fertilizer,
organic food for
plants and seeds.
The subject performed
well in the
previous year, and
its business has
also continued growing.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000
divided into 50,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Lee Kuang Tsung Nationality: Taiwanese Address : 184/15
Ratchadapisek Rd., Huaykwang,
Bangkok |
24,500 |
49.00 |
|
Ms. Kanchana Amornpisarn Nationality: Thai Address : 60/5
Moo 3, T. Huadong,
A. Kaoliew, Nakornsawan |
13,000 |
26.00 |
|
Ms. Poonpis Manusboonpermpoon Nationality: Thai Address : 285-287
Kraipetch Rd., T. Namuang,
A.
Muang, Ratchburi |
12,500 |
25.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
25,500 |
51.00 |
|
Foreign-Taiwanese |
1 |
24,500 |
49.00 |
|
Total |
3 |
50,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Sakorn Buadok No.
8137
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
7,713,598.53 |
2,928,631.47 |
1,669,409.61 |
|
Trade Accounts &
Notes Receivable |
8,869,500.00 |
1,395,950.00 |
4,748,815.00 |
|
Short-term Lending to
Related Person |
4,000,000.00 |
4,000,000.00 |
5,500,000.00 |
|
Inventories |
8,859,808.45 |
2,330,673.71 |
256,876.94 |
|
Other Current Assets
|
990,317.01 |
257,058.38 |
145,126.92 |
|
|
|
|
|
|
Total Current Assets |
30,433,223.99 |
10,912,313.56 |
12,320,228.47 |
|
|
|
|
|
|
Fixed Assets |
3,195,743.51 |
135,864.18 |
105,660.12 |
|
Other Non-current Assets |
267,195.00 |
- |
- |
|
Total Assets |
33,896,162.50 |
11,048,177.74 |
12,425,888.59 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Short-term Loan From Financial Institutions |
9,224,433.62 |
1,753,100.30 |
1,703,223.37 |
|
Trade Accounts & Notes
Payable |
13,536,277.47 |
2,130,233.92 |
4,321,008.00 |
|
Current Portion of
Financial Lease Contract Liabilities |
641,586.00 |
- |
- |
|
Accrued Income Tax |
119,340.31 |
54,606.76 |
109,112.19 |
|
Other Current Liabilities |
105,380.82 |
43,132.89 |
19,592.64 |
|
|
|
|
|
|
Total Current Liabilities |
23,627,018.22 |
3,981,073.87 |
6,152,936.20 |
|
|
|
|
|
|
Financial Lease Contract
Liabilities |
2,259,002.47 |
- |
- |
|
Total Liabilities |
25,886,020.69 |
3,981,073.87 |
6,152,936.20 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
|
Capital Paid |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning Unappropriated |
3,010,141.81 |
2,067,103.87 |
1,272,952.39 |
|
Total Shareholders' Equity |
8,010,141.81 |
7,067,103.87 |
6,272,952.39 |
|
Total Liabilities & Shareholders' Equity |
33,896,162.50 |
11,048,177.74 |
12,425,888.59 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
79,753,751.20 |
52,169,726.28 |
42,781,403.95 |
|
Commission Income |
358,887.54 |
1,791,407.55 |
1,585,158.08 |
|
Other Income |
457,687.59 |
174,822.98 |
87,252.32 |
|
Total Revenues |
80,570,326.33 |
54,135,956.81 |
44,453,814.35 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
72,154,938.87 |
49,914,943.31 |
40,539,454.25 |
|
Selling Expenses |
2,045,871.45 |
1,120,145.36 |
1,519,870.82 |
|
Administrative Expenses |
5,018,809.37 |
2,164,882.95 |
1,430,998.13 |
|
Total Expenses |
79,219,619.69 |
53,199,971.62 |
43,490,323.20 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
1,350,706.64 |
935,985.19 |
963,491.15 |
|
Financial Costs |
[230,452.02] |
[26,947.96] |
[15,972.99] |
|
Profit before Income
Tax |
1,120,254.62 |
909,037.23 |
947,518.16 |
|
Income Tax |
[177,216.68] |
[114,885.75] |
[120,382.61] |
|
|
|
|
|
|
Net Profit / [Loss] |
943,037.94 |
794,151.48 |
827,135.55 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.29 |
2.74 |
2.00 |
|
QUICK RATIO |
TIMES |
0.87 |
2.09 |
1.94 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
24.96 |
383.98 |
404.90 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.35 |
4.72 |
3.44 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
44.82 |
17.04 |
2.31 |
|
INVENTORY TURNOVER |
TIMES |
8.14 |
21.42 |
157.82 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
40.59 |
9.77 |
40.52 |
|
RECEIVABLES TURNOVER |
TIMES |
8.99 |
37.37 |
9.01 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
68.47 |
15.58 |
38.90 |
|
CASH CONVERSION CYCLE |
DAYS |
16.94 |
11.23 |
3.92 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
90.47 |
95.68 |
94.76 |
|
SELLING & ADMINISTRATION |
% |
8.86 |
6.30 |
6.90 |
|
INTEREST |
% |
0.29 |
0.05 |
0.04 |
|
GROSS PROFIT MARGIN |
% |
10.55 |
8.09 |
9.15 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.69 |
1.79 |
2.25 |
|
NET PROFIT MARGIN |
% |
1.18 |
1.52 |
1.93 |
|
RETURN ON EQUITY |
% |
11.77 |
11.24 |
13.19 |
|
RETURN ON ASSET |
% |
2.78 |
7.19 |
6.66 |
|
EARNING PER SHARE |
BAHT |
18.86 |
15.88 |
16.54 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.76 |
0.36 |
0.50 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.23 |
0.56 |
0.98 |
|
TIME INTEREST EARNED |
TIMES |
5.86 |
34.73 |
60.32 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
52.87 |
21.94 |
|
|
OPERATING PROFIT |
% |
44.31 |
(2.85) |
|
|
NET PROFIT |
% |
18.75 |
(3.99) |
|
|
FIXED ASSETS |
% |
2,252.16 |
28.59 |
|
|
TOTAL ASSETS |
% |
206.80 |
(11.09) |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 52.87%. Turnover has increased from THB
52,169,726.28 in 2010 to THB 79,753,751.20 in 2011. While net profit has
increased from THB 794,151.48 in 2010 to THB 943,037.94 in 2011. And total assets
has increased from THB 11,048,177.74 in 2010 to THB 33,896,162.50 in 2011.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
10.55 |
Impressive |
Industrial
Average |
6.47 |
|
Net Profit Margin |
1.18 |
Impressive |
Industrial
Average |
0.43 |
|
Return on Assets |
2.78 |
Impressive |
Industrial
Average |
1.42 |
|
Return on Equity |
11.77 |
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 10.55%. When compared with the industry
average, the ratio of the company was higher, 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 1.18%, 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
2.78%, 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 11.77%, 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 :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.29 |
Impressive |
Industrial
Average |
1.25 |
|
Quick Ratio |
0.87 |
|
|
|
|
Cash Conversion Cycle |
16.94 |
|
|
|
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 1.29 times in 2011, decreased from 2.74 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 0.87 times in 2011,
decreased from 2.09 times, by excluding inventory, the company may have
problems meeting current liabilities.
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 17 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.76 |
Acceptable |
Industrial
Average |
0.67 |
|
Debt to Equity Ratio |
3.23 |
Risky |
Industrial
Average |
2.08 |
|
Times Interest Earned |
5.86 |
Impressive |
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.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 5.87 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 0.76 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
24.96 |
Impressive |
Industrial
Average |
7.17 |
|
Total Assets Turnover |
2.35 |
Acceptable |
Industrial
Average |
3.36 |
|
Inventory Conversion Period |
44.82 |
|
|
|
|
Inventory Turnover |
8.14 |
Impressive |
Industrial
Average |
6.63 |
|
Receivables Conversion Period |
40.59 |
|
|
|
|
Receivables Turnover |
8.99 |
Impressive |
Industrial
Average |
7.41 |
|
Payables Conversion Period |
68.47 |
|
|
|
The company's Account Receivable Ratio is calculated as 8.99 and 37.37
in 2011 and 2010 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2011
decreased from 2010. This would suggest the company had deteriorated in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 17 days at the
end of 2010 to 45 days at the end of 2011. This represents a negative trend.
And Inventory turnover has decreased from 21.42 times in year 2010 to 8.14
times in year 2011.
The company's Total Asset Turnover is calculated as 2.35 times and 4.72
times in 2011 and 2010 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
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.53.96 |
|
|
1 |
Rs.84.49 |
|
Euro |
1 |
Rs.72.23 |
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.