MIRA
INFORM REPORT
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Report Date : |
10.10.2007 |
IDENTIFICATION DETAILS
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Name : |
INTER FRESH COMPANY LIMITED |
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Registered Office : |
44/35
Moo 10, Soi Aiyara
1, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1994 |
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Com. Reg. No.: |
0105537138301 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in importing
and distributing various
kinds of international 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
INTER FRESH COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 44/35
MOO 10, SOI AIYARA
1,
T. KLONGSONG,
A. KLONGLUANG,
TELEPHONE : [66] 2908-3208
FAX : [66] 2908-2382
E-MAIL ADDRESS : sh@interfresh.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1994
REGISTRATION NO. : 0105537138301 [Former : 3052/2537]
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 : MRS. PATCHARIN DEJTHEWANDAMRONG, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 15
LINES OF
BUSINESS : FRESH
FRUITS
IMPORTER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established on November
21, 1994 as
a private limited
company under the name
style INTER FRESH
COMPANY LIMITED by
Thai group, with
the business objective
to engage in international fresh
fruits trading business.
It currently employs
15 staff.
The
subject’s registered address
is 44/35 Moo
10, Aiyara 1
Rd., Klongsong, Klongluang,
Pathumthani 12120, 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. Suwaj Dejthewandamrong |
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Thai |
48 |
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Mrs. Patcharin Dejthewandamrong |
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Thai |
47 |
AUTHORIZED PERSON
One of the
above directors can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mrs.
Patcharin Dejthewandamrong is
the Managing Director.
She is Thai nationality
with the age
of 47 years
old.
BUSINESS OPERATIONS
The subject is
engaged in
importing and distributing
various kinds of
international fresh fruits
such as apple,
pear, grape and
peach, as well
as exporting Thai
seasonal fresh fruits
i.e. durian, mangosteen,
longan, lychees and
etc.
PURCHASE
Thai fruits are
purchased from local
suppliers and planters.
IMPORT
The
international fruits are
imported from Republic of
China, New Zealand,
Australia, United States of
America and South
Africa.
SALES [LOCAL]
The products
are sold locally
by wholesale to
supermarkets and end-users,
such as hotel
and restaurant.
EXPORT
The products are
exported to many
countries in Europe,
Asia and Middle
East.
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 30-60 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.
Exports are against
T/T.
BANKING
Kasikornbank Public Co.,
Ltd. [Sapanput Branch]
EMPLOYMENT
The
subject employs 15
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and warehouse at the heading
address. Premise is
located in residential
area.
COMMENT
Demand of international
fresh fruits remains
strong in local
market and also
has a bright
prospect. Many Thai
consumers turn to
consume international fresh
fruits because the
price is more
affordable than in
the past. Its
operating result in
2006 remained healthy.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
On
July 9, 2003,
the capital was
increased to Bht.
5,000,000 divided into 50,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2007]
|
NAME |
HOLDING |
% |
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Mr. Suwaj Dejthewandamrong Nationality: Thai Address : |
24,000 |
48.00 |
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Mrs.
Patcharin Dejthewandamrong Nationality: Thai Address : |
23,500 |
47.00 |
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Mrs.
Napaporn Rungrojwithayakul Nationality: Thai Address : 355/63
Moo 13, Kukot,
Lamlukka, Pathumthani |
500 |
1.00 |
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Ms.
Pornphen Saetiew Nationality: Thai Address : |
500 |
1.00 |
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Ms. Malee Pattanamongkol Nationality: Thai Address : |
500 |
1.00 |
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Ms. Lalee Vasinanurak Nationality: Thai Address :
Bangkhunnon, Bangkoknoi, |
500 |
1.00 |
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Mr. Chay Pipattanamongkol Nationality: Thai Address : |
500 |
1.00 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Dilok Srisomboon No. 3043
BALANCE SHEET
[BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
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Current Assets |
2006 |
2005 |
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Cash in hand
& at Bank
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4,341,052.16 |
380,205.53 |
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Trade Accts. & Notes
Receivable |
746,700.00 |
1,212,900.00 |
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Inventories |
14,904,286.00 |
7,125,199.15 |
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Other Current Assets
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64,705.72 |
1,498,808.80 |
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Total Current
Assets |
20,056,743.88 |
10,217,113.48 |
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Fixed Assets |
21,927,063.04 |
16,211,668.34 |
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Other Assets |
- |
3,803.74 |
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Total Assets
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41,983,806.92 |
26,432,585.56 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2006 |
2005 |
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Trade Accts. Payable |
5,741,234.01 |
985,003.49 |
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Other Current Liabilities |
464,684.49 |
501,499.23 |
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Total Current
Liabilities |
6,205,918.50 |
1,486,502.72 |
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Long Term Loan
from Person or
Related Company |
25,150,000.00 |
15,350,000.00 |
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Total Liabilities |
31,355,918.50 |
16,836,502.72 |
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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 |
5,627,888.42 |
4,596,082.84 |
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Total
Shareholders' Equity |
10,627,888.42 |
9,596,082.84 |
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Total
Liabilities & Shareholders' Equity |
41,983,806.92 |
26,432,585.56 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2006 |
2005 |
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Sales-Local |
284,306,090.00 |
165,675,680.00 |
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Sales-Foreign |
62,561,526.49 |
47,296,015.50 |
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Renting Income |
180,000.00 |
180,000.00 |
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Services Income |
472,314.97 |
137,014.01 |
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Other Income |
361,372.23 |
366,425.80 |
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Total Revenues
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347,881,303.69 |
213,655,135.31 |
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Expenses |
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Cost of Goods
Sold |
331,966,634.84 |
201,460,259.58 |
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Selling & Administrative Expenses |
14,359,541.58 |
11,449,679.64 |
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Interest Expenses |
523,321.69 |
338,331.09 |
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Total Expenses |
346,849,498.11 |
213,248,270.31 |
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Net Profit / [Loss] |
1,031,805.58 |
406,865.00 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
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Annual Growth |
2006 |
2005 |
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Net Sales |
62.93 |
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Operating Profit |
28.08 |
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Net Profit |
153.60 |
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Fixed Assets |
35.25 |
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Total Assets |
58.83 |
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Profitability |
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Cost of Good
Sold |
95.52 |
94.45 |
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Operating Profit Margin |
0.45 |
0.35 |
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S & A
Expenses |
4.13 |
5.37 |
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Interest Paid |
0.15 |
0.16 |
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Other Revenues |
0.10 |
0.17 |
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Net Profit Margin |
0.30 |
0.19 |
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Earning Per Shares |
20.64 |
8.14 |
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No. of Shares |
50,000 |
50,000 |
Net Sales was
increased by 62.93%,
Operating Profit was increased by
28.08%, Net Profit
was increased by
153.60%, Fixed Assets
was increased by
35.25%, Total Assets
was increased by
58.83%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 94.45%
to 95.52%, Operating
Profit Margin was
increased from 0.35%
to 0.45%, S
& A Expenses
was decreased from
5.37% to 4.13%,
Interest Paid was decreased
from 0.16% to
0.15%, Other Revenues
was decreased from
0.17% to 0.10%,
Net Profit Margin
was increased from
0.19% to 0.30%.
Earning Per Shares
was increased from
8.14 baht per
share to 20.64
baht per share.
Liquidity
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Liquidity |
2006 |
2005 |
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Current Ratio |
3.23 |
6.87 |
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Quick-Assets Ratio |
0.82 |
1.07 |
Current Ratio was
decreased from 6.87
to 3.23, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
so good, Quick-Assets
Ratio was decreased
from 1.07 to
0.82, capacity to
pay Short Term
Loan was not
good, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
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D/E Ratio |
2.95 |
1.75 |
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Times Interest Earned |
2.97 |
2.20 |
D/E Ratio was
increased from 1.75
to 2.95, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was increased from
2.20 to 2.97,
capacity to pay
interest paid was
good.
Efficiency
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Efficiency |
2006 |
2005 |
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Fixed Assets Turnover |
15.85 |
13.16 |
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Total Assets Turnover |
8.28 |
8.07 |
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Return on Assets |
2.46 |
1.54 |
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Return on Equity |
9.71 |
4.24 |
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Day's Payable |
5.95 |
1.66 |
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Day’s Inventories |
15.44 |
12.03 |
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Day’s Receivables |
0.77 |
2.05 |
Fixed Assets Turnover
was increased from
13.16 times to
15.85 times, Total
Assets Turnover was
increased from 8.07
times to 8.28
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
1.54 to 2.46,
Return on Equity
was increased from
4.24 to 9.71,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 2
days to 6
days, and Day’s
Inventories was increased
from 13 days
to 16 days,
while Day’s Receivables
was decreased from 3 days
to 1 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. |
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%)