%20CO%20,%20LTD%20%2016-Nov-2006_files/image002.jpg)
MIRA
INFORM REPORT
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Report Date : |
16th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
TOPS
FOODSTUFF (THAILAND) CO., LTD. |
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Registered Office : |
258/61-62,
Soi Panichthon, Charansanitwong 13 Road, Wadthaphra, Bangkokyai, Bangkok –
10600, Thailand. |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
17.06.2004 |
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Com. Reg. No.: |
0105547081441 [Former : 0107554712038 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Engaged in
distributing various kinds
of frozen seafood
such as mackerel,
catfish, squid and
other fresh-water and
sea fishes, as
well as frozen
pork liver. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Company name
TOPS FOODSTUFF
[THAILAND] CO., LTD.
SUMMARY
BUSINESS ADDRESS : 258/61-62 SOI PANICHTHON,
CHARANSANITWONG 13 ROAD, WADTHAPHRA,
BANGKOKYAI,
BANGKOK 10600
TELEPHONE : [66] 2864-0827-8, 06
383-7899
FAX : [66]
2864-0829
E-MAIL ADDRESS : esurapaul@yahoo.com,
cityhunterno10@yahoo.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 2004
REGISTRATION NO.
: 0105547081441 [Former : 0107554712038]
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP
: BHT. 5,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. NAWAPOL RASEEVISUTH, THAI
MANAGING
DIRECTOR
NO. OF
STAFF : 11
LINES OF BUSINESS : FROZEN SEAFOOD
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 June 17,
2004 as a
private limited company
under the name
style TOPS FOODSTUFF
[THAILAND] CO., LTD.,
by Thai groups,
in order to
distribute various kinds
of frozen seafood
to domestic market.
It currently employs
11 staff.
The
subject’s registered address
is 258/61-62 Soi
Panichthon, Charansanitwong 13
Rd., Wadthaphra, Bangkokyai,
Bangkok 10600, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr.
Nawapol Raseevisuth |
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Thai |
28 |
|
Mr.
Kosin Rungruengpanich |
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Thai |
28 |
|
Mr.
Piya Chaernviriyakul |
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Thai |
29 |
AUTHORIZED PERSON
Two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Nawapol
Raseevisuth is
the Managing Director.
He is
Thai nationality with
the age of
28 years old.
BUSINESS OPERATIONS
The subject
is engaged in
distributing various kinds
of frozen seafood
such as mackerel,
catfish, squid and
other fresh-water and
sea fishes, as
well as frozen
pork liver.
PURCHASE
Most of
the products are
purchased from local
suppliers, and the
remaining is imported
from Taiwan and
India.
SALES
100% of
the products is
sold locally by
wholesale to dealers.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject
is not found to have
any subsidiary nor
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 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
Kasikornbank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 11
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
REMARK
CREDIT
OF US$ 150,000 AGAINST D/A
TERM SHOULD BE
IN ORDER.
COMMENT
The
subject is recognized
as a new player in
seafood business where
the competition is intensified. However, the subject
is looking for
the new market
and establishing a
good business relationship with new client.
In general, the
subject’s second year
of business was
good and expand steadily.
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, 2006]
|
NAME |
HOLDING |
% |
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Mr. Nawapol Raseevisuth Nationality: Thai Address :
258/16 Charansanitwong Rd.,
Wad Thaphra, Bangkokyai, Bangkok
|
44,996 |
89.99 |
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Mr. Kosin
Rungruengpanich Nationality: Thai Address :
66 Moo 6, Sanamchan, Banpho, Chachoengsao |
2,500 |
5.00 |
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Mr. Piya
Chernviriyakul Nationality: Thai Address :
62/3 Moo 1, Thakham,
Bangkhunthien, Bangkok |
2,500 |
5.00 |
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Mr. Thoedsak Phalertpiriyakul Nationality: Thai Address :
33/38 Chan Rd.,
Tungwatdon, Sathorn, Bangkok |
1 |
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Mr. Polsak Raseevisuth Nationality: Thai Address :
37/38 Chan Rd.,
Tungwatdon, Sathorn, Bangkok |
1 |
=0.01 |
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Ms. Kitiporn Saetang Nationality: Thai Address :
37/38 Chan Rd., Tungwatdon,
Sathorn, Bangkok |
1 |
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Mr. Phakin Aksarachai Nationality: Thai Address :
3/260 Moo 9, Rama
2 Rd., Bangmod,
Jomthong, Bangkok |
1 |
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Total
Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Chutima Kamolsirinant No. 8227
BALANCE SHEET [BAHT]
The latest financial figures
published for December
31, 2005 & 2004 were :
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
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Cash in
Hand & at Bank |
3,718,731.68 |
1,368,800.66 |
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Inventories |
584,230.52 |
9,752,290.66 |
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Other Current
Assets |
111,230.41 |
15,859.20 |
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Total
Current Assets |
4,414,192.61 |
11,136,950.52 |
|
Fixed Assets |
23,616.04 |
- |
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Other Assets-Deposit |
68,483,445.51 |
- |
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Total
Assets |
72,921,254.16 |
11,136,950.52 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
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Trade Accts. Payable |
9,318,035.75 |
2,384,308.16 |
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Short Term
Loan from Related
Person |
56,900,000.00 |
3,735,182.38 |
|
Accrued Expenses |
885,089.37 |
- |
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Other Current
Liabilities |
188,166.17 |
59,359.59 |
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Total Current Liabilities |
67,291,291.29 |
6,178,850.13 |
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Total
Liabilities |
67,291,291.29 |
6,178,850.13 |
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Shareholders’ Equity |
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Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 50,000
shares |
5,000,000.00 |
5,000,000.00 |
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Capital Paid |
5,000,000.00 |
5,000,000.00 |
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Retained Earning – Unappropriated |
629,962.87 |
[41,899.61] |
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Total Shareholders’ Equity |
5,629,962.87 |
4,958,100.39 |
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Total Liabilities &
Shareholders’ Equity |
72,921,254.16 |
11,136,950.52 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
June 17, 2004- Dec. 31, 2004 |
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Sales Income |
180,915,886.45 |
- |
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Other Income |
84,952.31 |
10,077.38 |
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Total
Revenues |
181,000,838.76 |
10,077.38 |
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Expenses |
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Cost of
Goods Sold |
177,427,120.73 |
- |
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Selling &
Administrative Expenses |
2,659,208.80 |
51,976.99 |
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Total Expenses
|
180,086,329.53 |
51,976.99 |
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Profit/[Loss] Before
Income Tax |
914,509.23 |
[41,899.61] |
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Income Tax |
[242,646.75] |
- |
|
Net
Profit / [Loss] |
671,862.48 |
[41,899.61] |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
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Net Profit |
1,703.51 |
|
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Total Assets |
554.77 |
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Profitability |
|
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Cost of
Goods Sold |
937.98 |
- |
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Operating Profit
Margin |
4.83 |
- |
|
S&A expenses |
14.06 |
- |
|
Other Revenues |
856.87 |
- |
|
Net Profit
Margin |
3.55 |
- |
|
Earning Per
Shares |
13.44 |
[0.84] |
|
No. of
Shares |
50,000 |
50,000 |
Net Profit was
increased by 1,703.51%,
Total Assets was
increased by 554.77%.
%20CO%20,%20LTD%20%2016-Nov-2006_files/image004.gif)
Compare each cost
with sales, Cost
of Goods Sold
was 937.98%, Operating
Profit Margin was
4.83%, S &
A Expenses were
14.06%, Other Revenues
was 856.87%, Net
Profit Margin was
3.55%.
Earning Per
Shares was increased
from -0.84 baht
per share to
13.44 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.07 |
1.80 |
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Quick
- assets ratio |
0.06 |
0.22 |
Current Ratio
was decreased from
1.80 to 0.07,
show Current Assets
can not cover
Current Liabilities, Liquidity
Ratio of the
company was not
good, and Quick-assets Ratio was decreased
from 0.22 to
0.06, capacity to
pay Short Term
Loan was not
good too, because Current Assets without
Inventory can not
cover Current Liabilities.
%20CO%20,%20LTD%20%2016-Nov-2006_files/image006.gif)
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
11.95 |
1.25 |
D/E Ratio was
increased from 1.25
to 11.95, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high.
%20CO%20,%20LTD%20%2016-Nov-2006_files/image008.gif)
Efficiency
|
Efficiency |
2005 |
2004 |
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Fixed Assets
Turnover |
800.98 |
0.00 |
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Total Assets
Turnover |
0.26 |
0.00 |
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Return on
Assets |
0.92 |
[0.38] |
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Return on
Equity |
11.93 |
[0.85] |
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Day’s Payable |
177.34 |
- |
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Day’s Inventories |
11.12 |
- |
sixed Assets Turnover
was 800.98 times,
Total Assets Turnover
was 0.26 times,
show the company
could use Assets
so efficiently, and
Return on Assets
was increased from
-0.38 to 0.92,
Return on Equity
was increased from
-0.85 to 11.93,
capacity to use
Assets to make
profit was good.
Day’s Payable
was 178 days,
and Day’s Inventories
was 12 days.
%20CO%20,%20LTD%20%2016-Nov-2006_files/image010.gif)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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