MIRA
INFORM REPORT
|
Report Date : |
18.10.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
12th/Floor, |
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Country : |
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Financials (as on) : |
31.12.2001 |
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Date of Incorporation : |
1990 |
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Com. Reg. No.: |
7895/2533 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in marketing
various kinds of
seafood products |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name
SUMMARY
BUSINESS ADDRESS : 12TH/FLOOR,
RD., CHONGNONSEE,
YANNAWA,
TELEPHONE : [66] 2285-4370-7
FAX : [66] 2285-4519-20
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1990
REGISTRATION NO. : 7895/2533
CAPITAL REGISTERED : BHT.
40,000,000
CAPITAL PAID-UP : BHT.
40,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
POJ ARAMWATTANANONT, THAI
PRESIDENT
NO. OF
STAFF : 41
LINES OF
BUSINESS : SEAFOOD
PRODUCTS EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR
MANAGEMENT STANDARD : MANAGEMENT
WITH AVERAGE PERFORMANCE
HISTORY
The subject was
formed on July
6, 1990 as
a private limited
company by Thai
group, led by Mr. Poj
Aramwattananont and his
family under the name
style WALES &
CO UNIVERSE LTD. in
order to supply
various kinds of
seafood products to
local and international
market.
The subject’s worldwide
network composes of
various types of
corporations such as
agents, branch and
associated companies, exclusive
representative, joint venture,
joint investment and diversified
joint investment.
The subject’s registered
address is 12th/Floor, LPN
Tower, 216/43, 49
Nanglinchee Rd., Chongnonsee,
Yannawa, Bangkok 10120,
and this is
the company’s current
operating address. At
present, the subject
employs 41 staff.
THE BOARD
OF DIRECTOR
|
Name |
Nationality
|
Age
|
|
|
|
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|
Mr. Poj Aramwattananont |
Thai |
45 |
|
Ms. Nrathip Aramwattananont |
Thai |
42 |
|
Mrs. Vichitra Aramwattananont |
Thai |
49 |
AUTHORIZED PERSON
Two of the above mentioned directors can jointly sign on behalf of the subject with the company’s affixed.
MANAGEMENT
Mr. Poj Aramwattananont is
the President.
He is Thai
nationality with the
age of 45
years old.
Mr. Somchai Pachtrachai
is the Vice
President & Marketing
Manager.
He is Thai
nationality with the
age of 43
years old. He
is also the
Managing Director of
Andaman Seafood Co.,
Ltd., an affiliated company.
BUSINESS OPERATIONS
The subject is
engaged in marketing
various kinds of
seafood products as
follows:
-
Quick
Frozen Blanched &
Cooked Shrimps
-
Fresh
Quick Frozen Raw
Shrimps
-
Quick
Frozen Raw Squid,
Cuttlefish & Octopus
-
Quick
Frozen Coldwater Fish
-
Special
Products: Skewer [Bar-B-Q],
Mixed Seafood, Sushi
EBI
-
Bread
Products & Value-added Products
MAJOR BRANDS
“FOOD KING”,
“RUBICON”, “RUBIMEX”, “CELINE”,
“MERASAL”
PURCHASE [LOCAL]
100% of the
products is purchased
from the associated
companies in Thailand.
MAJOR SUPPLIERS
Andaman Seafood
Co., Ltd. : Thailand
S.C.C. Frozen Seafood
Co., Ltd. :
EXPORT [COUNTRIES]
100% of
the products is
exported to international
network including several
leading food retailers,
wholesale restaurant chains
and other distribution
channels in the
United States of
America, New Zealand,
Canada, Australia, Japan,
Taiwan, Cyprus, Malta,
Singapore, European countries
and so on.
MAJOR CUSTOMERS
Food King
Inc. : the United
States of America
Rubicon Resources
Inc. : the
United States
of America
SUBSIDIARIES &
AFFILIATED COMPANY
The subject
is found to
have affiliated and related
companies as follows:
Andaman Seafood
Co., Ltd.
Business Type : Manufacturer
of Seafood Products
Address : 93/28
Moo 5, Sapanpla
Rd., T. Nangrin,
A. Muang, Ranong
85000
S.C.C. Frozen
Seafood Co., Ltd.
Business
Type :
Manufacturer of Seafood
Products
Address :
LPN Tower 49 Nanglinchee
Rd.
Bangkok
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
Purchasings are by
cash or on
the credit terms
of 30-60 days.
Exports are by
L/C at sight
or T/T on
the credit terms of
30-60 days.
BUSINESS TRANSACTION
The products
are sold mainly
by credit with
the maximum credit
given at 30-60
days, and the
remaining are by L/C
at sight. The
late payment is
acceptable within 15
days. Generally, the
subject has no
problem of payment
from its customers
as the majority
of them makes
the payment on
time.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office
:
DBS - Thai Dhanu Bank Public
Co., Ltd.
[Head Office
:
Standard Chartered
Bank Public Co.,
Ltd.
[
Exim Bank
[1193 Exim Bldg.,
EMPLOYMENT
The subject employs
41 staff [office
& sales staff].
LOCATION DETAILS
The premise is
rented for administrative office
at 12th/Floor, LPN
Tower, 216/43, 49 Nanglinchee
Rd., Chongnonsee, Yannawa,
Bangkok 10120. It
is located in
a commercial/residential area.
REMARK
CREDIT OF US$ 200,000
D/A ON 90
DAYS SHOULD BE
IN ORDER.
COMMENT
Last year local sales for the
frozen seafoods had not been as good as expected, while
exports had been
interrupted since the last quarter
of 2001 resulting by
slow down of order from US market.
However, the situation has improved gradually since the second half of last
year with an increasing demand from
The industry is optimistic
as the market respond for the added value of frozen seafood products has
been satisfactory, especially in Japan as
well as helped by government programmes to stimulate the country’s economy and high purchasing power would also spurr demand of
seafood products in
domestic market.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 4,000,000, divided
into 800,000 shares
of Bht. 5
each.
The capital was
increased later as
followings:
Bht. 20,000,000 on
June 13, 1994
Bht. 30,000,000 on September 16,
1996
Bht. 40,000,000 on
August 4, 1998
The latest capital
was increased to
Bht. 40,000,000, divided
into 8,000,000 shares
of Bht. 5
each with fully
paid.
LIST OF
SHAREHOLDERS : [as at April
24,
2002] at Bht. 40,000,000
of capitalization.
NAME
HOLDING %
1. Mr.
Poj Aramwattananont 7,595,748
94.95
Nationality : Thai
Address :
437 Seri 6
Rd., Suanluang,
Praves,
Bangkok
2. Mrs.
Vichitra Aramwattananont 394,249 4.93
Nationality : Thai
Address :
437 Seri 6
Rd., Suanluang,
Praves,
Bangkok
3. Mr.
Somchai Pachtrachai 5,000
0.06
Nationality : Thai
Address :
437 Seri 6
Rd., Suanluang,
Praves, Bangkok
4. Ms.
Nrathip Aramwattananont
5,000 0.06
Nationality : Thai
Address :
437 Seri 6
Rd., Suanluang,
Praves, Bangkok
5. Master
Amornphan Aramwattananont 1 0.00
Nationality : Thai
Address :
437 Seri 6
Rd., Suanluang,
Praves, Bangkok
6. Mrs.
Thitima Trirat 1 0.00
Nationality : Thai
Address : 10
Surawong Rd.
Bangrak, Bangkok
7. Ms. Wansiri Aramwattananont 1 0.00
Nationality : Thai
Address : 233/294
Sirnakarin Rd.
A. Muang, Samutprakarn
10270
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Sahas Prairattanakorn No.
3105
BALANCE SHEET
[BAHT]
The
latest financial figures
published for December
31, 2001 &
2000 were:
ASSETS
|
Current Assets |
2001 |
2000 |
|
|
|
|
|
Cash in hand
& at Bank
[Note 1]
|
2,319,094.64 |
40,173,374.41 |
|
Short-term Investment |
43,851,975.95 |
- |
|
Trade Account Receivable [Note
2] |
111,676,731.70 |
104,733,400.71 |
|
Short-term Loans to Person & Related Company |
5,481,474.15 |
- |
|
Loan to Affiliated & Other
Company |
- |
3,934,642.15 |
|
Inventories |
16,215,197.03 |
7,112,017.36 |
|
Advanced Payment |
- |
5,810,762.35 |
|
Deferred Interest |
- |
2,886,402.44 |
|
Receivable - Tax |
- |
644,737.07 |
|
Other Current Assets [Note 3] |
14,395,034.60 |
3,074,036.76 |
|
Total Current
Assets |
193,939,508.07 |
168,369,373.25 |
|
Investment in Related Company |
135,162,055.72 |
120,318,049.33 |
|
Receivable & Loan to Director & Employees |
- |
1,098,540.77 |
|
Other Long-term Investment |
9,124,393.61 |
- |
|
Fixed Assets [Note 4] |
37,644,201.49 |
33,924,562.61 |
|
Total Assets
|
375,870,158.89 |
323,710,525.96 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2001 |
2000 |
|
|
|
|
|
Bank Overdraft &
Short-term Financial Institution |
135,091,758.77 |
104,388,219.66 |
|
Notes Payable |
- |
4,556,442.49 |
|
Trade Account Payable |
148,520,680.75 |
133,510,622.36 |
|
Short-term Loans from Person & Related Company |
14,168,526.35 |
23,439,432.33 |
|
Other Short-term Loans |
7,424,184.67 |
- |
|
Accrued Interest |
- |
359,438.39 |
|
Payable-Tax |
- |
2,124,192.10 |
|
Other Expenses |
- |
1,998,005.60 |
|
Other Current Liabilities |
16,403,755.84 |
1,031,239.18 |
|
Total Current Liabilities
|
321,608,906.38 |
271,407,592.11 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 5
value authorized, issued
and fully paid share
capital 8,000,000 shares |
40,000,000.00 |
40,000,000.00 |
|
Capital Paid |
40,000,000.00 |
40,000,000.00 |
|
Retained Earning -
Unappropriated |
14,261,252.51 |
12,302,933.85 |
|
Total
Shareholders' Equity |
54,261,252.51 |
52,302,933.85 |
|
Total
Liabilities & Shareholders' Equity |
375,870,158.89 |
323,710,525.96 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2001 |
2000 |
|
|
|
|
|
Sales & Service |
708,710,513.97 |
1,107,667,133.06 |
|
Commission Receipt |
- |
46,614,931.43 |
|
Copyright Income |
- |
428,233.64 |
|
Interest Income |
- |
1,236,375.05 |
|
Other Income |
3,375,261.38 |
732,772.94 |
|
Total Revenues
|
712,085,775.35 |
1,156,679,446.12 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
616,244,379.80 |
1,048,553,647.62 |
|
Selling & Administrative Expenses |
79,494,971.80 |
90,923,330.49 |
|
Other Expenses |
529,234.19 |
|
|
Total Expenses |
696,268,585.79 |
1,139,476,978.11 |
|
Profit / [Loss] from Operating |
15,817,189.56 |
17,202,468.01 |
|
Interest Expense |
[12,186,867.42] |
[14,337,120.47] |
|
Income Tax |
[1,672,003.48] |
[1,433,090.12] |
|
Net Profit / [Loss] |
1,958,318.66 |
1,432,257.42 |
NOTES TO
FINANCIAL STATEMENTS
Note 1
: Cash in
Hand & at
Bank
|
|
2001 |
|
Cash |
131,853.77 |
|
Cash at Bank
- Current Account |
1,058,706.38 |
|
- Saving
Account |
1,128,534.49 |
|
Total |
2,319,094.64 |
Note 2
: Trade Account
Receivable
|
|
2001 |
|
|
|
|
Trade Account Receivable
- Overseas |
77,024,989.16 |
|
- Domestic |
34,651,742.54 |
|
Total |
111,676,731.70 |
Note 3
: Other Current
Assets
|
|
2001 |
|
|
|
|
Tax Receivable |
4,567,794.67 |
|
Accrued Interest |
684,708.39 |
|
Prepaid Expenses |
1,622,920.31 |
|
Advanced Payment |
5,743,949.11 |
|
Deposit & Guarantee |
1,775,662.12 |
|
Total |
14,395,034.60 |
Note 4 : Fixed Assets
|
|
2001 |
|
|
|
|
Land |
586,615.00 |
|
Building |
25,292,719.00 |
|
Office Equipment |
4,656,168.43 |
|
Office Furniture |
5,890,376.32 |
|
Vehicle |
26,955,476.27 |
|
|
63,381,355.02 |
|
Less: Depreciation |
[25,737,153.53] |
|
Total |
37,644,201.49 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2001 |
2000 |
|
Sales |
[36.02] |
|
|
Operating |
0.75 |
|
|
Net Profit |
36.73 |
|
|
Fixed Assets |
10.96 |
|
|
Total Assets |
16.11 |
|
|
Profitability |
|
|
|
Cost of Goods
Sold |
86.95 |
94.66 |
|
Operating Profit Margin |
13.05 |
5.34 |
|
S&A expenses |
11.22 |
8.21 |
|
Interest |
1.80 |
1.29 |
|
Other Revenues |
0.48 |
4.42 |
|
Net Profit Margin |
0.28 |
0.13 |
|
Earning Per Shares |
0.24 |
0.18 |
|
No. of Shares |
8,000,000 |
8,000,000 |
Net Sales was
decreased by 36.02%,
Operating Profit was
increased by 0.75%,
Net Profit was
increased by 36.73%,
Fixed Assets was
increased by 10.96%,
Total Assets was
increased by 16.11%.
Compare each cost with sales, Cost of Goods Sold was decreased from 94.66% to 86.95%, Operating Profit Margin was increased from 5.34% to 13.05%, S & A Expenses were increased from 8.21% to 11.22%, Interest Paid was increased from 1.29% to 1.80%, Other Revenues was decreased from 4.42% to 0.48%, Net Profit Margin was increased from 0.13% to 0.28%.
Earning Per Shares
was increased from
0.18 baht per
share to 0.24
baht per share.
Liquidity
|
Liquidity |
2001 |
2000 |
|
Current Ratio |
0.60 |
0.62 |
|
Quick - assets ratio |
0.51 |
0.55 |
Current Ratio was
decreased from 0.62
to 0.60, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
and Quick-assets Ratio
was decreased from
0.55 to 0.51,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2001 |
2000 |
|
D/E Ratio |
5.93 |
5.19 |
|
Times Interest Earned |
1.01 |
[2.22] |
D/E Ratio was increased from 5.19 to 5.93, 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 increased from -2.22 to 1.01, capacity to pay interest paid was so good.
Efficiency
|
Efficiency |
2001 |
2000 |
|
Fixed Assets Turnover |
18.83 |
32.65 |
|
Total Assets Turnover |
1.89 |
3.42 |
|
Return on Assets |
0.52 |
0.44 |
|
Return on Equity |
3.61 |
2.74 |
|
Day’s Payable |
87.97 |
46.47 |
|
Day’s Inventories |
9.60 |
2.48 |
|
Days’ Receivables |
57.52 |
34.51 |
Fixed Assets Turnover was decreased from 32.65 times to 18.83 times, Total Assets Turnover was decreased from 3.42 times to 1.89 times, show the company could not use Assets so efficiently, and Return on Assets was increased from 0.44 to 0.52, Return on Equity was increased from 2.74 to 3.61, capacity to use Assets to make profit was so good.
Day’s Payable was increased from 47 days to 88 days, Day’s Inventories was increased from 3 days to 10 days, and Day’s Receivables was increased from 35 days to 58 days.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)