MIRA INFORM REPORT
|
Report No. : |
314556 |
|
Report Date : |
28.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
THAI CAPITAL CROPS COMPANY LIMITED |
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|
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|
Registered Office : |
613-615-617 Songwad Road, Chakrawad, Samphantawong, Bangkok 10100 |
|
|
|
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Country : |
Thailand |
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|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
12.10.1873 |
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|
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Com. Reg. No.: |
0105516011352 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in
exporting various kinds
of Thai rice
and agricultural products |
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|
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|
No. of Employee : |
40 |
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 : |
Slow but correct |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 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
THAI CAPITAL CROPS
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 613-615-617 SONGWAD
ROAD, CHAKRAWAD,
SAMPHANTAWONG, BANGKOK
10100,
THAILAND
TELEPHONE : [66] 2224-0042
FAX :
[66] 2224-9854
E-MAIL
ADDRESS : phaiboon@chaiyaporn.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1973
REGISTRATION
NO. : 0105516011352
TAX
ID NO. : 3101087116
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PHAIBOON KUONSONGTUM,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 40
LINES
OF BUSINESS : THAI
RICE AND AGRO-PRODUCTS
EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : LOW
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The subject
was established on October 12,
1873 as a private
limited company under
the registered name
THAI CAPITAL CROPS
COMPANY LIMITED, by Thai group,
with the business
objective to export
various kinds of
Thai rice and
agricultural products. It
currently employs approximately
40 staff.
The subject’s registered address is 613-615-617
Songwad Road, Chakrawad, Samphantawong,
Bangkok 10100, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Phaiboon Kuonsongtum |
[x] |
Thai |
66 |
|
Mr. Serksak Kuonsongtum |
[x] |
Thai |
43 |
|
Mr. Viroj Kuonsongtum |
[x] |
Thai |
55 |
|
Ms. Sunisa Kounsongtum |
[x] |
Thai |
53 |
|
Mr. Veera Kuonsongtum |
[x] |
Thai |
74 |
|
Mr. Somchai Boonyamanond |
|
Thai |
74 |
|
Mrs. Sudee Uthaisaengchai |
|
Thai |
70 |
AUTHORIZED
PERSON
Any two of
the mentioned directors
[x] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Phaiboon Kuonsongtum is
the Managing Director.
He is Thai
nationality with the
age of 66
years old.
Mr. Viroj Kuonsongtum is
the Deputy Managing
Director.
He is Thai
nationality with the
age of 55
years old.
Mr. Sermsak Kuonsongtum is
the Marketing & Sales Director.
He is Thai
nationality with the
age of 43
years old.
BUSINESS
OPERATIONS
The subject
is engaged in
exporting various kinds
of Thai rice
and agricultural
products.
PURCHASE
100% of the
products is purchased
from local supplier.
EXPORT
100% of the
products is exported
to Russia and many
countries in Europe and
Middle East.
RELATED AND AFFILIATED COMPANY
Chaiyaporn Rice Co.,
Ltd.
Business Type :
Exporter of Thai
rice 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
according to 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
Krung
Thai Bank Public
Co., Ltd.
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 40 office
staff and workers
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in commercial area.
Silo
and warehouse are
located at 120
Moo 2, Soi
Wadkae, Suksawad Road,
T. Pakklong Bangplagod, A. Phrasamutjaedi, Samutprakarn
10290.
COMMENT
Exports
are continuing floundering
in coming months
due largely to
the slow economic
recovery in major
export markets and
lower farm products
prices because the
world’s economy remained
in the doldrums
and dampening purchase
demand.
Thai
farm prices have
yet to recover
in line with
the weak global
economy and tepid
purchase demand. The
major products including
rice, sugar, rubber
and processed seafood,
which also see
big drop in
exports recently.
FINANCIAL
INFORMATION
The
capital was registered at Bht. 10,000,000 divided into 10,000 shares of
Bht. 100 each with fully
paid.
The
capital was increased
later as follows:
Bht. 15,000,000
on January 2,
1986
Bht. 100,000,000
on August 16,
1999
The
latest registered capital
was increased to Bht. 100,000,000 divided
into 100,000 shares
of Bht. 1,000 each
with fully paid.
MAIN
SHAREHOLDERS
[as at
April 30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Phaiboon Kuonsongtum Nationality: Thai Address : 89
Soi Sukhumvit 85,
Bangchak, Prakanong, Bangkok |
17,527 |
17.53 |
|
Mr. Somboon Kuonsongtum Nationality: Thai Address : 187/63
Bangkoknoi-Talingchan Road,
Bangkhunnont, Bangkoknoi, Bangkok |
14,800 |
14.80 |
|
Mr. Viroj Kuonsongtum Nationality: Thai Address : 485/17
Silom Rd., Silom,
Bangrak, Bangkok |
13,277 |
13.28 |
|
Mr. Vinrat Kuonsongtum Nationality: Thai Address : 435
Soi Ruamsirimit, Ladyao,
Jatujak, Bangkok |
8,306 |
8.31 |
|
Ms. Sunisa Kuonsongtum Nationality: Thai Address : 437
Soi Ruamsirimit, Ladyao,
Jatujak, Bangkok |
8,306 |
8.31 |
|
Mrs. Babjerd Kuonsongtum Nationality: Thai Address : 89
Soi Sukhumvit 85,
Bangchak, Prakanong, Bangkok
|
6,675 |
6.67 |
|
Mr. Samatcha Kuonsongtum Nationality: Thai Address : 187/65
Bangkoknoi-Talingchan Road,
Bangkhunnont, Bangkoknoi, Bangkok |
5,384 |
5.38 |
|
Other Shareholders |
25,725 |
25.72 |
Total Shareholders : 18
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
18 |
100,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
18 |
100,000 |
100.00 |
NAMEOF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Prachuab Tantivanachai No.
3664
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December 31,
2013, 2012 &
2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
541,666.23 |
728,436.40 |
341,355.76 |
|
Trade Accounts & Other
Receivable |
19,790,181.15 |
12,728,924.66 |
10,422,424.66 |
|
Inventories |
35,291,255.40 |
39,021,289.83 |
58,849,590.56 |
|
Short-term Loans |
258,400,000.00 |
231,250,000.00 |
231,250,000.00 |
|
|
|
|
|
|
Total Current Assets
|
314,023,105.78 |
283,728,650.89 |
300,863,370.98 |
|
|
|
|
|
|
Fixed Assets |
17.00 |
17.00 |
1,150.79 |
|
Other Non - current Assets |
13,327,296.79 |
13,327,296.79 |
13,327,296.79 |
|
Total Assets |
327,350,419.57 |
297,055,964.68 |
314,191,818.56 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
31,767,746.85 |
699,818.12 |
328,877.68 |
|
Current Portion of
Long-term Liabilities |
1,953,031.24 |
3,005,675.68 |
929,705.34 |
|
Short-term Loan |
- |
- |
18,970,000.00 |
|
|
|
|
|
|
Total Current Liabilities |
33,720,778.09 |
3,705,493.80 |
20,228,583.02 |
|
Long-term Loans |
- |
- |
3,009,462.11 |
|
Total Liabilities |
33,720,778.09 |
3,705,493.80 |
23,238,045.13 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 100,000 shares |
100,000,000.00 |
100,000,000.00 |
100,000,000.00 |
|
|
|
|
|
|
Capital Paid |
100,000,000.00 |
100,000,000.00 |
100,000,000.00 |
|
Retained Earning Unappropriated |
193,629,641.48 |
193,350,470.88 |
190,953,773.43 |
|
Total Shareholders' Equity |
293,629,641.48 |
293,350,470.88 |
290,953,773.43 |
|
Total Liabilities &
Shareholders' Equity |
327,350,419.57 |
297,055,964.68 |
314,191,818.56 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
40,054,737.38 |
302,180,753.84 |
- |
|
Other Income |
2,312,500.00 |
2,595,455.17 |
2,592,494.47 |
|
Gain on Exchange Rate |
768,788.75 |
4,344,821.49 |
- |
|
Total Revenues |
43,136,026.13 |
309,121,030.50 |
2,592,494.47 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
41,151,510.82 |
258,358,067.25 |
- |
|
Administrative Expenses |
1,272,554.01 |
47,648,870.75 |
9,655,811.48 |
|
Total Expenses |
42,424,064.83 |
306,006,938.00 |
9,655,811.48 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
711,961.30 |
3,114,092.50 |
[7,063,317.01] |
|
Financial Cost |
[187,355.56] |
[266,508.23] |
[317,462.07] |
|
Profit / [Loss] before Income
Tax |
524,605.74 |
2,847,584 |
[7,380,779.08] |
|
Income Tax |
[245,435.14] |
[450,886.82] |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
279,170.60 |
2,396,697.45 |
[7,380,779.08] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
9.31 |
76.57 |
14.87 |
|
QUICK RATIO |
TIMES |
0.60 |
3.63 |
0.53 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2,356,161.02 |
17,775,338.46 |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.12 |
1.02 |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
313.02 |
55.13 |
- |
|
INVENTORY TURNOVER |
TIMES |
1.17 |
6.62 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
180.34 |
15.38 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
2.02 |
23.74 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
281.77 |
0.99 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
211.59 |
69.51 |
- |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
102.74 |
85.50 |
- |
|
SELLING & ADMINISTRATION |
% |
3.18 |
15.77 |
- |
|
INTEREST |
% |
0.47 |
0.09 |
- |
|
GROSS PROFIT MARGIN |
% |
4.95 |
16.80 |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.78 |
1.03 |
- |
|
NET PROFIT MARGIN |
% |
0.70 |
0.79 |
- |
|
RETURN ON EQUITY |
% |
0.10 |
0.82 |
(2.54) |
|
RETURN ON ASSET |
% |
0.09 |
0.81 |
(2.35) |
|
EARNING PER SHARE |
BAHT |
2.79 |
23.97 |
(73.81) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.10 |
0.01 |
0.07 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.11 |
0.01 |
0.08 |
|
TIME INTEREST EARNED |
TIMES |
3.80 |
11.68 |
(22.25) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(86.74) |
- |
|
|
OPERATING PROFIT |
% |
(77.14) |
(144.09) |
|
|
NET PROFIT |
% |
(88.35) |
132.47 |
|
|
FIXED ASSETS |
% |
- |
(98.52) |
|
|
TOTAL ASSETS |
% |
10.20 |
(5.45) |
|
ANNUALGROWTH
: RISKY
An annual sales growth is -86.74%. Turnover has decreased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
4.95 |
Impressive |
Industrial
Average |
4.08 |
|
Net Profit Margin |
0.70 |
Impressive |
Industrial
Average |
(0.18) |
|
Return on Assets |
0.09 |
Impressive |
Industrial
Average |
(0.44) |
|
Return on Equity |
0.10 |
Impressive |
Industrial
Average |
(2.43) |
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 4.95%. 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 0.7% 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
0.09%, 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 0.1%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
9.31 |
Impressive |
Industrial
Average |
1.03 |
|
Quick Ratio |
0.60 |
|
|
|
|
Cash Conversion Cycle |
211.59 |
|
|
|
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 9.31 times in 2013, decreased from 76.57 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 0.6 times in 2013,
decreased from 3.63 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 212 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.10 |
Impressive |
Industrial
Average |
0.84 |
|
Debt to Equity Ratio |
0.11 |
Impressive |
Industrial
Average |
5.07 |
|
Times Interest Earned |
3.80 |
Impressive |
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 3.81 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 0.1 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 :
ACCEPTABLE
ACTIVITY
RATIO
|
Fixed Assets Turnover |
2,356,161.02 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.12 |
Deteriorated |
Industrial
Average |
2.38 |
|
Inventory Conversion Period |
313.02 |
|
|
|
|
Inventory Turnover |
1.17 |
Deteriorated |
Industrial
Average |
4.94 |
|
Receivables Conversion Period |
180.34 |
|
|
|
|
Receivables Turnover |
2.02 |
Deteriorated |
Industrial
Average |
4.23 |
|
Payables Conversion Period |
281.77 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.02 and
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 55 days at the
end of 2012 to 313 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 6.62 times in year 2012 to 1.17 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.12 times and 1.02
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.62.61 |
|
|
1 |
Rs.92.95 |
|
Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.