MIRA
INFORM REPORT
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Report Date : |
19.07.2007 |
IDENTIFICATION DETAILS
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Name : |
TRIPLE A FRUIT LIMITED PARTNERSHIP |
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Registered Office : |
8/19
Moo 10, Klongnueng, Klongluang, Pathumthani 12120 |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2000 |
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Com. Reg. No.: |
0103543026967 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Importing and distributing various
kinds of fresh
fruits |
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 : |
Regular |
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Litigation : |
Clear |
name
TRIPLE A FRUIT LIMITED PARTNERSHIP
SUMMARY
BUSINESS ADDRESS : 8/19
MOO 10, KLONGNUENG, KLONGLUANG,
TELEPHONE : [66] 2902-8724
FAX : [66] 2902-8723
E-MAIL ADDRESS : kcs.fruit@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2000
REGISTRATION NO. : 0103543026967 [Former : [1] 183/2543]
CAPITAL
REGISTERED : BHT.
600,000
CAPITAL
PAID-UP : BHT.
600,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : LIMITED PARTNERSHIP
EXECUTIVE : MR. ANUSORN KOVITPORNSIN,
THAI
MANAGING PARTNER
NO. OF
STAFF : 5
LINES OF
BUSINESS : FRESH
FRUITS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject
was established on October
2, 2000 as
a limited partnership under the
name style TRIPLE
A FRUIT LIMITED
PARTNERSHIP, by Mr. Anusorn and
Mrs. Arunee Kovitpornsin,
in order to
import and distribute
various kinds of
fresh fruit to
local market. It
currently employs 5
staff.
The
subject’s registered address
is 8/19 Moo 10,
Klongnueng, Klongluang, Pathumthani
12120, and this
is the subject’s
current operation address.
AUTHORIZED PERSON
Mr. Anusorn Kovitpornsin bears
full financial responsibility by
law.
MANAGEMENT
Mr. Anusorn Kovitpornsin is the Managing
Partner.
He is Thai
nationality with the
age of 38
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of fresh
fruits, including apple,
grape, pear, plum,
peach, kiwis, cherry,
grapefruit, strawberry, apricot,
avocados, honeydew melons,
papayas, pineapple, orange,
mangoes, cantaloupe and etc.
PURCHASE
Most of the
products are imported
from United States
of America, Republic
of China, Malaysia,
New Zealand and
Australia, and the
remaining is purchased
from local suppliers.
SALES
100% of the
products is sold
locally by wholesale
to traders, manufacturers
and end-users.
REVENUE
In 2006, the subject’s revenue
was increased around
1-2% from the
previous year.
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
T/T.
BANKING
The Siam Commercial
Bank Public Co., Ltd.
Kasikornbank Public Co.,
Ltd.
Krung Thai Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs 5
staff.
LOCATION DETAILS
The
premise is rented
for administrative office & warehouse at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
Demand of imported
fresh fruits remains
moderate and the
subject is recognized
as one of
leading importers of
fresh fruits. Its
operating result last year
has been significantly dropped,
because of strong
competition and declining
of purchasing power.
However,
the subject’s business
has a good
potential from imported
fresh fruits especially
during festive season.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 600,000
which was divided
into 2 persons
as followed :
Name Age Holding
Mr. Anusorn
Kovitpornsin [38] Bht.
300,000 [Unlimited Partner]
Mrs. Arunee
Kovitpornsin [37] Bht.
300,000
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO. :
Mr. Prawit Luangputharangsee No.
2714
BALANCE SHEET [BAHT]
The 2006, financial
statement just has
not available during
investigation.
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
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Current Assets |
2005 |
2004 |
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Cash in hand
& at Bank
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62,060.29 |
86,722.33 |
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Trade Accts. Receivable |
12,550,000.00 |
10,154,523.00 |
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Inventories |
805,160.00 |
3,020,439.07 |
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Other Current Assets
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44,230.16 |
50,857.33 |
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Total Current
Assets |
13,461,450.45 |
13,312,541.73 |
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Fixed Assets |
1,154,899.03 |
1,720,262.37 |
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Other Assets |
210,409.42 |
301,016.34 |
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Total Assets
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14,826,758.90 |
15,333,820.44 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2005 |
2004 |
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Bank Overdraft &
Short Term Loan
from Financial Institution |
11,659,184.87 |
12,077,344.26 |
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Other Current Liabilities |
222,286.63 |
408,665.64 |
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Total Current
Liabilities |
11,881,471.50 |
12,486,009.90 |
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Total Liabilities |
11,881,471.50 |
12,486,009.90 |
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Shareholders'
Equity |
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Capital Paid |
600,000.00 |
600,000.00 |
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Retained Earning -
Unappropriated |
2,345,287.40 |
2,247,810.54 |
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Total
Shareholders' Equity |
2,945,287.40 |
2,847,810.54 |
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Total Liabilities &
Shareholders' Equity |
14,826,758.90 |
15,333,820.44 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Sales |
42,509,450.00 |
96,245,725.00 |
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Other Income |
42,795.47 |
146,180.88 |
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Total Revenues
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42,552,245.47 |
96,391,905.88 |
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Expenses |
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Cost of Goods
Sold |
38,151,516.31 |
90,513,269.31 |
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Selling & Administrative Expenses |
2,803,246.90 |
3,200,993.69 |
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Total Expenses |
40,954,763.21 |
93,714,263.00 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
1,597,482.26 |
2,677,642.88 |
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Interest Expenses |
[1,005,138.62] |
[966,696.04] |
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Income Tax |
[89,406.78] |
[330,404.50] |
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Net Profit / [Loss] |
502,936.86 |
1,380,542.34 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
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Annual Growth |
2005 |
2004 |
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Sales |
[55.83] |
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Operating |
35.08 |
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Net Profit |
[63.57] |
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Fixed Assets |
[32.86] |
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Total Assets |
[3.31] |
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Profitability |
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Cost of Goods
Sold |
89.75 |
94.04 |
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Operating Profit Margin |
3.76 |
2.78 |
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S&A expenses |
6.59 |
3.33 |
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Interest |
2.36 |
1.00 |
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Other Revenues |
0.10 |
0.15 |
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Net Profit Margin |
1.18 |
1.43 |
Net Sales was decreased by 55.83%, Operating Profit was increased by 35.08%, Net Profit was decreased by 63.57%, Fixed Assets was decreased by 32.86%, Total Assets was decreased by 3.31%.
Compare each cost with sales, Cost of Goods Sold was decreased from 94.04% to 89.75%, Operating Profit Margin was increased from 2.78% to 3.76%, S & A Expenses were increased from 3.33% to 6.59%, Interest Paid was increased from 1.00% to 2.36%, Other Revenues was decreased from 0.15% to 0.10%, Net Profit Margin was decreased from 1.43% to 1.18%.
Liquidity
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Liquidity |
2005 |
2004 |
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Current Ratio |
1.13 |
1.07 |
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Quick - assets ratio |
1.06 |
0.82 |
Current Ratio was increased from 1.07 to 1.13, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was so good, and Quick-assets Ratio was increased from 0.82 to 1.06, capacity to pay Short Term Loan was so good too, because Current Assets with out Inventory can cover Current Liabilities.
Leverage
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Leverage |
2005 |
2004 |
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D/E Ratio |
4.03 |
4.38 |
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Times Interest Earned |
1.59 |
2.77 |
D/E Ratio was decreased from 4.38 to 4.03, show the company had fund from Loan more than fund from Equity, investment risked of the company is to high and Times Interest Earned was decreased from 2.77 to 1.59, capacity to pay interest paid was so good.
Efficiency
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Efficiency |
2005 |
2004 |
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Fixed Assets Turnover |
36.81 |
55.95 |
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Total Assets Turnover |
2.87 |
6.28 |
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Return on Assets |
3.39 |
9.00 |
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Return on Equity |
17.08 |
48.48 |
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Day’s Inventories |
6.82 |
11.30 |
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Days’ Receivables |
106.28 |
37.98 |
Fixed Assets Turnover was decreased from 55.95 times to 36.81 times, Total Assets Turnover was decreased from 6.28 times to 2.87 times, show the company could not use Assets so efficiently, and Return on Assets was decreased from 9.00 to 3.39, Return on Equity was decreased from 48.48 to 17.08, capacity to use Assets to make profit was not good.
Day’s Inventories was
decreased from 12
days to 7
days, while Day’s
Receivables was increased
from 38 days
to 107 days.
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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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%)