|
|
|
MIRA
INFORM REPORT
|
Report No. : |
511631 |
|
Report Date : |
28.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
BENTOLI
AGRINUTRITION CO., LTD. |
|
|
|
|
Registered Office : |
333/52-53 Moo 6,
T. Bangpla, A. Bangplee, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2017 |
|
|
|
|
Date of Incorporation : |
19.09.2011 |
|
|
|
|
Com. Reg. No.: |
0105554124878 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is
engaged in importing
and distributing various
kinds of feed
additives and ingredients
such as mold
inhibitors, antimicrobials, pellet
binders, grain conditioners, toxin
binders, anti-stress agents,
acidifiers and etc., for feed
mill industry. |
|
|
|
|
No. of Employees : |
30 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
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
|
Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
THAILAND - ECONOMIC OVERVIEW
With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two-thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about one-third of the labor force. Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly from neighboring countries.
Over the last few decades, Thailand has reduced poverty substantially. In 2013, the Thai Government implemented a nationwide 300 baht (roughly $10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners.
Thailand’s economy is recovering from slow growth during the years since the 2014 coup. Thailand’s economic fundamentals are sound, with low inflation, low unemployment, and reasonable public and external debt levels. Tourism and government spending - mostly on infrastructure and short-term stimulus measures – have helped to boost the economy, and The Bank of Thailand has been supportive, with several interest rate reductions.
Over the longer-term, household debt levels, political uncertainty, and an aging population pose risks to growth.
|
Source
: CIA |
Company name
BENTOLI AGRINUTRITION CO., LTD.
SUMMARY
BUSINESS ADDRESS : 333/52-53 MOO
6, T. BANGPLA, A. BANGPLEE,
SAMUTPRAKARN 10540, THAILAND
TELEPHONE : [66] 2136-9001-2
FAX : [66] 2136-9003
E-MAIL ADDRESS : info@bentoli.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2011
REGISTRATION NO. : 0105554124878
TAX ID NO. : 3034711454
CAPITAL REGISTERED : BHT.
11,000,000
CAPITAL PAID-UP : BHT.
11,000,000
SHAREHOLDER’S PROPORTION : AMERICAN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. EDWARD STEVE ROBINSON, AMERICAN
MANAGING DIRECTOR
NO. OF STAFF : 30
LINES OF BUSINESS : FEED
ADDITIVES AND INGREDIENTS
IMPORTER AND
DISTRIBUTOR
|
CORPORATE PROFILE |
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was established on September 19,
2011 as a
private limited company
under the registered
name BENTOLI AGRINUTRITION CO., LTD., by American group, with
the business objective
to import and
distribute various kinds
of feed additives
and ingredients. It
currently employs approximately
30 staff.
The subject’s registered
address was initially
located at Room 16D,
16th Floor, Thai
Ocean Insurance Building, 163
Surawong Road, Suriyawongse,
Bangrak, Bangkok 10500.
On March 7,
2016, the registered
address was moved
to 777/31 Moo
9, T. Bangpla,
A. Bangplee, Samutprakarn
10540.
On February 28, 2017, the registered
address was finally
relocated to 333/52-53
Moo 6, T. Bangpla, A. Bangplee, Samutprakarn 10540, and
this is the
subject’s current operation
address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. William A Robinson |
|
American |
76 |
|
Mr. Edward Steve Robinson |
|
American |
49 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Edward Steve Robinson
is the Managing
Director.
He is American
nationality with the
age of 49
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of feed
additives and ingredients
such as mold
inhibitors, antimicrobials, pellet
binders, grain conditioners,
toxin binders, anti-stress
agents, acidifiers and etc., for
feed mill industry.
MAJOR BRAND
“AMONEX”, “FLAMOTIN”, “PELEX”,
“PEGABIND”, “RECITOL”, “FIXAR” and
etc.
PURCHASE
Raw materials are
purchased from both
domestic and overseas
suppliers in U.S.A.,
India, Republic of
China, Japan and
Netherlands.
MAJOR SUPPLIERS
Bentoli Inc. : U.S.A.
Bentoli Agrinutrition India
Pvt. Ltd. : India
SALES
100% of the
products is sold locally by
wholesale to traders,
manufacturers 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
according to 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
T/T.
BANKING
Bangkok Bank Public
Company Limited
EMPLOYMENT
The subject currently
employs approximately 30
staff.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is
located in provincial,
on the outskirts
of Bangkok.
COMMENT
The subject’s operating
performance in 2017
was satisfactory with an increase
in both sales or
service income and net
profit comparing to
the previous year,
caused by an
increase in consumption
of the products from local feed industry.
Generally, the subject’s
business remains promising
and growing on
a yearly basis.
FINANCIAL INFORMATION
The capital was
registered at Bht.
4,000,000 divided into
40,000 shares of
Bht. 100
each with fully
paid.
On May 7,
2013, the 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 April 30,
2018]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. William A Robinson Nationality: American Address : 333/52-53
Moo 6, T. Bangpla,
A.
Bangplee, Samutprakarn |
54,999 |
50.00 |
|
Mr. Edward Steve Robinson Nationality: American Address : 130
Cairnhill Road, Singapore |
54,999 |
50.00 |
|
Mrs. Latesia E Robinson Nationality: American Address : 2
Woodland Road, Sector
1 05-03
Woodland Spectrum, Singapore |
2 |
- |
Total Shareholders : 3
Share Structure [as
at April 30,
2018]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - American |
3 |
110,000 |
100.00 |
|
Total |
3 |
110,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Sudsawart Jennarong No. 3840
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2017,
2016 and 2015
were:
ASSETS
|
Current Assets |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Cash and Cash Equivalents |
447,708.41 |
7,850,217.56 |
3,452,359.36 |
|
Trade Accounts and
Other Receivable |
25,307,130.43 |
11,833,524.48 |
16,668,297.57 |
|
Short-term Loans |
- |
2,850,000.00 |
9,539,772.58 |
|
Inventories |
20,695,229.99 |
15,991,939.71 |
14,174,901.97 |
|
Other Current Assets |
4,653,293.39 |
2,275,331.74 |
- |
|
Total Current Assets
|
51,103,362.22 |
40,801,013.49 |
43,835,331.48 |
|
Long-term Loan |
3,476,920.29 |
- |
- |
|
Property, Plant and
Equipment |
15,145,866.74 |
3,879,137.75 |
2,645,413.37 |
|
Intangible Assets |
81,417.50 |
112,982.85 |
100,729.40 |
|
Other Non-current Assets |
2,337,971.90 |
1,120,690.00 |
100,000.00 |
|
Total Assets |
72,145,538.65 |
45,913,824.09 |
46,681,474.25 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Trade Accounts and Other
Payable |
46,936,257.60 |
30,049,460.20 |
31,438,516.47 |
|
Current Portion of Long-term Liabilities |
43,527.60 |
- |
- |
|
Other Current Liabilities |
407,588.12 |
544,690.04 |
603,254.67 |
|
Total Current Liabilities |
47,387,373.32 |
30,594,150.24 |
32,041,771.14 |
|
|
|
|
|
|
Long-term Loan |
7,798,073.35 |
- |
- |
|
Other Non-current Liabilities |
91,114.61 |
- |
- |
|
Total Liabilities |
55,276,561.28 |
30,594,150.24 |
32,041,771.14 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, and
issued share capital
110,000 shares
|
11,000,000.00 |
11,000,000.00 |
11,000,000.00 |
|
Capital Paid |
11,000,000.00 |
11,000,000.00 |
11,000,000.00 |
|
Retained Earning -Unappropriated [Deficit] |
5,868,977.37 |
4,319,673.85 |
3,639,703.11 |
|
Total Shareholders’ Equity |
16,868,977.37 |
15,319,673.85 |
14,639,703.11 |
|
Total Liabilities and
Shareholders’ Equity |
72,145,538.65 |
45,913,824.09 |
46,681,474.25 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Sales or Services Income |
128,922,983.36 |
102,389,378.33 |
97,881,796.03 |
|
Other Income |
558,072.20 |
1,687,030.51 |
237,059.62 |
|
Total Revenues |
129,481,055.56 |
104,076,408.84 |
98,118,855.65 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold or Services |
94,414,276.92 |
84,079,028.14 |
74,472,198.72 |
|
Selling Expenses |
3,351,229.79 |
5,943,777.98 |
3,917,696.69 |
|
Administrative Expenses |
30,169,245.33 |
13,120,023.14 |
17,576,107.78 |
|
Other Expenses |
- |
253,608.84 |
- |
|
Total Expenses |
127,931,752.04 |
103,396,438.10 |
95,966,003.19 |
|
|
|
|
|
|
Profit /[Loss] before Income
Tax |
1,549,303.52 |
679,970.74 |
2,152,852.46 |
|
Income Tax |
- |
- |
- |
|
Net Profit / [Loss] |
1,549,303.52 |
679,970.74 |
2,152,852.46 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2017 |
2016 |
2015 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.08 |
1.33 |
1.37 |
|
QUICK RATIO |
TIMES |
0.54 |
0.74 |
0.93 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
8.51 |
26.39 |
37.00 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.79 |
2.23 |
2.10 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
80.01 |
69.42 |
69.47 |
|
INVENTORY TURNOVER |
TIMES |
4.56 |
5.26 |
5.25 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
71.65 |
42.18 |
62.16 |
|
RECEIVABLES TURNOVER |
TIMES |
5.09 |
8.65 |
5.87 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
181.45 |
130.45 |
154.09 |
|
CASH CONVERSION CYCLE |
DAYS |
(29.80) |
(18.84) |
(22.46) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
73.23 |
82.12 |
76.08 |
|
SELLING & ADMINISTRATION |
% |
26.00 |
18.62 |
21.96 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
27.20 |
19.53 |
24.16 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.20 |
0.66 |
2.20 |
|
NET PROFIT MARGIN |
% |
1.20 |
0.66 |
2.20 |
|
RETURN ON EQUITY |
% |
9.18 |
4.44 |
14.71 |
|
RETURN ON ASSET |
% |
2.15 |
1.48 |
4.61 |
|
EARNING PER SHARE |
BAHT |
14.08 |
6.18 |
19.57 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.77 |
0.67 |
0.69 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.28 |
2.00 |
2.19 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
25.91 |
4.61 |
|
|
OPERATING PROFIT |
% |
127.85 |
(68.42) |
|
|
NET PROFIT |
% |
127.85 |
(68.42) |
|
|
FIXED ASSETS |
% |
290.44 |
46.64 |
|
|
TOTAL ASSETS |
% |
57.13 |
(1.64) |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 25.91%. Turnover has increased from THB
102,389,378.33 in 2016 to THB 128,922,983.36 in 2017. While net profit has
increased from THB 679,970.74 in 2016 to THB 1,549,303.52 in 2017. And total
assets has increased from THB 45,913,824.09 in 2016 to THB 72,145,538.65 in
2017.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
27.20 |
Impressive |
Industrial Average |
- |
|
Net Profit Margin |
1.20 |
Deteriorated |
Industrial Average |
10.39 |
|
Return on Assets |
2.15 |
Deteriorated |
Industrial Average |
21.71 |
|
Return on Equity |
9.18 |
Deteriorated |
Industrial Average |
54.15 |
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. Gross Profit Margin is 27.2%. 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 1.2%. 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
2.15%.
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 9.18%.
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 |
1.08 |
Satisfactory |
Industrial Average |
1.43 |
|
Quick Ratio |
0.54 |
|
|
|
|
Cash Conversion Cycle |
(29.80) |
|
|
|
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 1.08 times in 2017, decrease from 1.33 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 lower.
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 0.54 times in 2017,
decrease from 0.74 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 -30 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.77 |
Acceptable |
Industrial Average |
0.56 |
|
Debt to Equity Ratio |
3.28 |
Risky |
Industrial Average |
1.28 |
|
Times Interest Earned |
- |
|
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.77 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
8.51 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.79 |
Satisfactory |
Industrial Average |
2.09 |
|
Inventory Conversion Period |
80.01 |
|
|
|
|
Inventory Turnover |
4.56 |
Acceptable |
Industrial Average |
11.63 |
|
Receivables Conversion Period |
71.65 |
|
|
|
|
Receivables Turnover |
5.09 |
Satisfactory |
Industrial Average |
9.57 |
|
Payables Conversion Period |
181.45 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.09 and 8.65 in
2017 and 2016 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 2017
decreased from 2016. 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 69 days at the
end of 2016 to 80 days at the end of 2017. This represents a negative trend.
And Inventory turnover has decreased from 5.26 times in year 2016 to 4.56 times
in year 2017.
The company's Total Asset Turnover is calculated as 1.79 times and 2.23
times in 2017 and 2016 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 |
INR 68.26 |
|
|
1 |
INR 91.22 |
|
Euro |
1 |
INR 79.88 |
|
Thai Baht |
1 |
INR 2.11 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to business
in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.