MIRA
INFORM REPORT
|
Report Date : |
04.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
EAST WEST SEED INTERNATIONAL LIMITED |
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Registered Office : |
50/1 Moo 2, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
08.12.2000 |
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Com. Reg. No.: |
0125543008928 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in exporting various kinds
of agro-seeds, e.g. Brassica
seed, Cucurbits seed,
Glutinous corn seed,
Leguminosae seed, Solanaceae
seed, flower seed
|
|
|
|
|
No of Employees : |
30 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
THAILAND - ECONOMIC OVERVIEW
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies, and
strong export industries, Thailand achieved steady growth due largely to
industrial and agriculture exports - mostly electronics, agricultural
commodities, automobiles and parts, and processed foods. Unemployment, at less
than 1% of the labor force, stands as one of the lowest levels in the world,
which puts upward pressure on wages in some industries. Thailand also attracts
nearly 2.5 million migrant workers from neighboring countries. The Thai
government in 2013 implemented a nation-wide 300 baht ($10) per day minimum
wage policy and deployed new tax reforms designed to lower rates on
middle-income earners. The Thai economy has weathered internal and external
economic shocks in recent years. The global economic recession severely cut
Thailand's exports, with most sectors experiencing double-digit drops. In late
2011 Thailand's recovery was interrupted by historic flooding in the industrial
areas in Bangkok and its five surrounding provinces, crippling the
manufacturing sector. The government approved flood mitigation projects worth
$11.7 billion, which were started in 2012, to prevent similar economic damage,
and an additional $75 billion for infrastructure over the following seven
years. This was expected to lead to an economic upsurge but growth has remained
slow, in part due to ongoing political unrest and resulting uncertainties.
Spending on infrastructure will require re-approval once a new government is
seated.
|
Source
: CIA |
Company Name & address
EAST WEST SEED INTERNATIONAL LIMITED
SUMMARY
BUSINESS ADDRESS : 50/1 MOO 2,
SAINOI-BANGBUATHONG ROAD,
T.
SAINOI, A. SAINOI, NONTHABURI
11150,
THAILAND
TELEPHONE : [66] 2831-7777
FAX : [66] 2597-1229
E-MAIL ADDRESS : info.th@eastwestseed.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2000
REGISTRATION NO. : 0125543008928
TAX ID NO. : 3030204318
CAPITAL REGISTERED : BHT.
401,900,000
CAPITAL PAID-UP : BHT.
401,900,000
SHAREHOLDER’S PROPORTION : THAI
: 72.92%
DUTCH
: 27.08%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
EGBERT JOHANNES VAN
DER FELTZ
VAN DER SLOOT,
DUTCH
MANAGING DIRECTOR
NO. OF STAFF : 30
LINES OF BUSINESS : AGRO-SEEDS
EXPORTER
|
|
|
CORPORATE PROFILE |
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH LOW PERFORMANCE
HISTORY
The subject was
established on December
8, 2000 as
a private limited
company under the
registered name EAST
WEST SEED INTERNATIONAL
LIMITED, by Thai and
Dutch groups, with
the business objective
to export various
kinds of agro-seeds.
It currently employs
approximately 30 staff.
The subject is
a subsidiary of
East West Seed
Co., Ltd., Thailand.
The subject’s registered
address is 50/1
Moo 2, Sainoi-Bangbuathong Road,
T. Sainoi, A. Sainoi, Nonthaburi
11150, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Jacobus Nicolaas Jozef
Pekelharing |
|
Dutch |
64 |
|
Mr. Egbert Johannes Van
Der Feltz Van
Der Sloot |
|
Dutch |
49 |
|
Mrs. Nathaphat Soontornpalin |
|
Thai |
37 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Egbert Johannes Van
Der Feltz Van
Der Sloot is
the Managing Director.
He is Dutch nationality
with the age
of 49 years old.
BUSINESS OPERATIONS
The subject is
engaged in exporting
various kinds of
agro-seeds, e.g. Brassica seed,
Cucurbits seed, Glutinous
corn seed, Leguminosae
seed, Solanaceae seed,
flower seed
PURCHASE
100% of the
products is purchased
from local suppliers.
MAJOR SUPPLIER
East West Seed
Co., Ltd. : Thailand
EXPORT
100% of the
products is exported
to Malaysia, Singapore,
Cambodia, Japan, Myanmar,
Pakistan, Egypt, South
Africa, Brunei, Taiwan, Hong Kong,
Republic of China
and others with
more than 60
countries.
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
according to IRICO’S
DATABASE 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.
The Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The subject employs
approximately 30 staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in provincial.
COMMENT
The subject’s business continued
growing well despite
of financial recession
in USA and EU
markets. The subject
has focus on
the best quality
products to the
world market.
Sales revenue in 2013
was significantly increased
and growing trend
is estimated at
strong level.
FINANCIAL INFORMATION
The capital was
registered at Bht. 2,000,000
divided into 2,000 shares
of Bht. 1,000 each
with fully paid.
The capital was
increased later as
follows:
Bht. 10,000,000
on December
25, 2003
Bht. 20,000,000
on November
30, 2004
Bht. 50,000,000
on December
21, 2005
Bht. 61,400,000
on November
7, 2008
Bht. 181,400,000
on December
16, 2010
Bht. 401,900,000
on July
15, 2013
The latest registered
capital was increased
to Bht. 401,900,000
divided into 401,900
shares of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as at
April 30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
East West Seed
Co., Ltd. Nationality: Thai Address : 50/1
Moo 2, Sainoi-Bangbuathong Road, T.
Sainoi, A. Sainoi, Nonthaburi
|
293,060 |
72.92 |
|
East West International B.V. Nationality: Dutch Address : Enkhuizen,
Netherlands |
108,836 |
27.08 |
|
Mr. Simon Jan De
Hoop Nationality: Dutch Address : 7
Moo 9, T. Maefaekmai, A. Sansai, Chiangmai |
4 |
- |
Total Shareholders : 3
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
293,060 |
72.92 |
|
Foreign - Dutch |
2 |
108,840 |
27.08 |
|
Total |
3 |
401,900 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Waleerat Akkarasrisawad No.
4411
BALANCE SHEET
[BAHT]
The latest financial figures published
as at December 31,
2013, 2012 &
2011 were:
ASSETS
[Thousand Baht]
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
51,831 |
29,714 |
21,343 |
|
Trade Accounts Receivable
|
125,827 |
97,956 |
121,311 |
|
Advance Payment to Related Company |
6,392 |
9,005 |
11,270 |
|
Current Portion of Long-term Loans to Other Companies |
196 |
189 |
- |
|
Inventories |
190,549 |
209,537 |
145,235 |
|
Refundable Income Tax |
3,175 |
2,050 |
- |
|
Value Added Tax |
5,843 |
5,125 |
5,417 |
|
Other Current Assets
|
7,216 |
7,458 |
3,766 |
|
|
|
|
|
|
Total Current Assets
|
391,029 |
361,034 |
308,342 |
|
Long-term Loan to & Deferred
Interest from Related Company |
15,184 |
39,173 |
37,512 |
|
Long-term Loan to Director |
- |
- |
2,000 |
|
Long-term Loan to Other Companies |
979 |
11,158 |
8,470 |
|
Investment in Shares of Related Parties |
55,031 |
55,031 |
55,031 |
|
Leasehold Improvement and Equipment |
10,114 |
11,453 |
12,260 |
|
Deferred Income Tax |
17,043 |
11,824 |
3,087 |
|
Other Non-current Assets |
941 |
928 |
1,214 |
|
Total Assets |
490,321 |
490,601 |
427,916 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
[Thousand
Baht]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
15,000 |
- |
- |
|
Trade Accounts Payable
|
|
|
|
|
Related company |
54,691 |
226,981 |
148,333 |
|
Other company |
3,225 |
5,107 |
8,348 |
|
Other Payable to Related Parties |
64,702 |
81,964 |
57,129 |
|
Accrued Expenses |
4,944 |
2,413 |
4,441 |
|
Accrued Interest to
Related Parties |
- |
- |
25 |
|
Accrued Income Tax |
- |
- |
4,889 |
|
Other Current Liabilities |
14,237 |
14,520 |
6,738 |
|
|
|
|
|
|
Total Current Liabilities |
156,799 |
330,985 |
229,903 |
|
|
|
|
|
|
Provision for Employee
Benefits |
1,052 |
- |
- |
|
Total Liabilities |
157,851 |
330,985 |
229,903 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share capital
401,900 shares in 2013; 181,400 shares
in 2012 & 2011 |
401,900 |
181,400 |
181,400 |
|
|
|
|
|
|
Capital Paid |
401,900 |
181,400 |
181,400 |
|
Retained Earning Unappropriated
[Deficit] |
[69,430] |
[21,784] |
16,613 |
|
Total Shareholders' Equity |
332,470 |
159,616 |
198,013 |
|
Total Liabilities & Shareholders' Equity |
490,321 |
490,601 |
427,916 |
PROFIT &
LOSS ACCOUNT
[Thousand Baht]
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
416,098 |
350,091 |
399,180 |
|
Interest Income |
1,725 |
2,266 |
2,163 |
|
Gain on Exchange Rate |
3,409 |
- |
5,681 |
|
Other Income |
4,561 |
4,102 |
5,990 |
|
Total Revenues |
425,793 |
356,459 |
413,014 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
307,901 |
274,785 |
256,975 |
|
Cost of Research |
6,913 |
6,930 |
6,200 |
|
Selling Expenses |
107,950 |
73,163 |
70,073 |
|
Administrative Expenses |
54,910 |
47,022 |
42,726 |
|
Loss on Exchange Rate |
- |
929 |
- |
|
Total Expenses |
477,674 |
402,829 |
375,974 |
|
|
|
|
|
|
Loss before Financial Cost & Income
Tax |
[51,881] |
[46,370] |
37,040 |
|
Financial Costs |
[984] |
[764] |
[2,295] |
|
Loss before Income
Tax |
[52,865] |
[47,134] |
34,745 |
|
Income Tax [ benefits] |
5,219 |
8,737 |
[11,655] |
|
|
|
|
|
|
Net Profit / [Loss] |
[47,646] |
[38,397] |
23,090 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.49 |
1.09 |
1.34 |
|
QUICK RATIO |
TIMES |
1.23 |
0.44 |
0.69 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
- |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.85 |
0.71 |
0.93 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
220.93 |
271.48 |
201.43 |
|
INVENTORY TURNOVER |
TIMES |
1.65 |
1.34 |
1.81 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
110.38 |
102.13 |
110.92 |
|
RECEIVABLES TURNOVER |
TIMES |
3.31 |
3.57 |
3.29 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
3.74 |
6.62 |
11.58 |
|
CASH CONVERSION CYCLE |
DAYS |
327.56 |
366.99 |
300.77 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
75.66 |
80.47 |
65.93 |
|
SELLING & ADMINISTRATION |
% |
39.14 |
34.33 |
28.26 |
|
INTEREST |
% |
0.24 |
0.22 |
0.57 |
|
GROSS PROFIT MARGIN |
% |
26.67 |
21.35 |
37.54 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(12.47) |
(13.25) |
9.28 |
|
NET PROFIT MARGIN |
% |
(11.45) |
(10.97) |
5.78 |
|
RETURN ON EQUITY |
% |
(14.33) |
(24.06) |
11.66 |
|
RETURN ON ASSET |
% |
(9.72) |
(7.83) |
5.40 |
|
EARNING PER SHARE |
BAHT |
(118.55) |
(211.67) |
127.29 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.32 |
0.67 |
0.54 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.47 |
2.07 |
1.16 |
|
TIME INTEREST EARNED |
TIMES |
(52.72) |
(60.69) |
16.14 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
18.85 |
(12.30) |
|
|
OPERATING PROFIT |
% |
11.88 |
(225.19) |
|
|
NET PROFIT |
% |
(24.09) |
(266.29) |
|
|
FIXED ASSETS |
% |
- |
- |
|
|
TOTAL ASSETS |
% |
(0.06) |
14.65 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 18.85%. Turnover has increased from THB
350,091,000.00 in 2012 to THB 416,098,000.00 in 2013. While net profit has decreased
from THB -38,397,000.00 in 2012 to THB -47,646,000.00 in 2013. And total assets
has decreased from THB 490,601,000.00 in 2012 to THB 490,321,000.00 in 2013.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
26.67 |
Impressive |
Industrial Average |
24.52 |
|
Net Profit Margin |
(11.45) |
Deteriorated |
Industrial Average |
1.65 |
|
Return on Assets |
(9.72) |
Deteriorated |
Industrial Average |
2.94 |
|
Return on Equity |
(14.33) |
Deteriorated |
Industrial Average |
8.68 |
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 26.67%. 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 -11.45%. 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 -9.72%.
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 -14.33%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
2.49 |
Impressive |
Industrial Average |
1.31 |
|
Quick Ratio |
1.23 |
|
|
|
|
Cash Conversion Cycle |
327.56 |
|
|
|
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 2.49 times in 2013, increased from 1.09 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 1.23 times in 2013,
increased from 0.44 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 328 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.32 |
Impressive |
Industrial Average |
0.68 |
|
Debt to Equity Ratio |
0.47 |
Impressive |
Industrial Average |
2.11 |
|
Times Interest Earned |
(52.72) |
Risky |
Industrial Average |
- |
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 -52.73 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 0.32 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 Uptrend
Times Interest Earned Stable
ACTIVITY : RISKY
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
- |
|
Total Assets Turnover |
0.85 |
Deteriorated |
Industrial Average |
1.78 |
|
Inventory Conversion Period |
220.93 |
|
|
|
|
Inventory Turnover |
1.65 |
Deteriorated |
Industrial Average |
5.41 |
|
Receivables Conversion Period |
110.38 |
|
|
|
|
Receivables Turnover |
3.31 |
Satisfactory |
Industrial Average |
4.26 |
|
Payables Conversion Period |
3.74 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.31 and 3.57 in
2013 and 2012 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 2013
decreased from 2012. 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 decreased from 271 days at the
end of 2012 to 221 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 1.34 times in year 2012 to 1.65 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.85 times and 0.71
times in 2013 and 2012 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 Stable
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.