MIRA
INFORM REPORT
|
Report Date : |
15.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SIAM INTERSEA CO., LTD. |
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Registered Office : |
317/2 Soi Thonglor
13, Sukhumvit 55
Road, Klongtonnua,
Wattana, Bangkok 10110 |
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Country : |
Thailand |
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Financials (as on) : |
30.04.2007 |
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Date of Incorporation : |
30.06.1994 |
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Com. Reg. No.: |
0105537075902 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Exporter of Frozen Seafoods |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
No Complaints |
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Litigation : |
Clear |
name of the company
SIAM INTERSEA CO., LTD.
SUMMARY
BUSINESS ADDRESS : 317/2 SOI THONGLOR 13,
SUKHUMVIT 55 ROAD,
KLONGTONNUA, WATTANA,
BANGKOK 10110
TELEPHONE : [66]
2185-2927
FAX : [66] 2185-2918-9
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1994
REGISTRATION NO.
: 0105537075902
CAPITAL REGISTERED
: BHT.
3,000,000
CAPITAL PAID-UP
: BHT.
3,000,000
FISCAL YEAR
CLOSING DATE : APRIL 30
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
VICHIEN LERTTHAMCHINDA, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 12
LINES OF
BUSINESS : FROZEN SEAFOODS
EXPORTER
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 30,
1994 as a
private limited company under the name style
SIAM INTERSEA CO.,
LTD., by Thai
groups, with the
business objective to export
various kinds of
frozen seafood products. It currently employs 12 staff.
The
subject’s registered address
is 317/2 Soi
Thonglor 15, Sukhumvit
55 Rd., Klongtonnua, Wattana, Bangkok 10110,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
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|
Mr. Vichien Lertthamchinda |
|
Thai |
57 |
|
Mrs. Sasithorn Lertthamchinda |
|
Thai |
50 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Vichien Lertthamchinda is
the Managing Director.
He is Thai nationality with
the age of
57 years old.
Mrs. Sasithorn
Lertthamchinda is the
Assistant Managing Director [Marketing].
She is Thai nationality with
the age of
50 years old.
BUSINESS OPERATIONS
The subject is
engaged in exporting
various kinds of
frozen seafoods, such
as shrimp, fish,
squid, shark fillet
and etc.
PURCHASE
100% of the
products is purchased
from over 50
suppliers and fishery
sector.
EXPORT
100%
of the products is exported
to U.S.A. and
Japan.
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
Local bills are
paid by cash
or on the credits term
of 30-60 days.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 12
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
REMARK
CREDIT
OF D/A 500,000 SHOULD BE
IN ORDER.
COMMENT
The
subject was formed
in 1994 as
an exporter of
frozen seafoods. Its
sales were slow in
the previous year.
However, growth is
likely slowdown from
consumption decline.
Subject’s
business is estimated
to grow slowly.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000 divided
into 3,000 shares of
Bht. 1,000 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at August
31, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Vichien Lertthamchinda Nationality: Thai Address : 55/67
Moo 9, Rama
2 Rd., Bangmod,
Jomthong, Bangkok |
2,000 |
66.66 |
|
Mrs. Sasathorn Lertthamchinda Nationality: Thai Address : 7/16
Moo 1, Srinakarin Rd., Nongbon,
Prawes, Bangkok |
990 |
33.00 |
|
Mr. Wirach Lertthamchinda Nationality: Thai Address : 3/3
Dejo Rd., Suriyawongse, Bangrak, Bangkok |
2 |
|
|
Mr. Chartchai Srisombat Nationality: Thai Address : 7/16
Moo 1, Srinakarin Rd., Nongbon,
Prawes, Bangkok |
2 |
= 0.34 |
|
Master Apiwat Lertthamchinda Nationality: Thai Address : 55/67
Moo 9, Rama
2 Rd., Bangmod,
Jomthong, Bangkok |
2 |
|
|
Ms. Pijitra Lertthamachinda Nationality: Thai Address : 55/67
Moo 9, Rama
2 Rd., Bangmod,
Jomthong,
Bangkok |
2 |
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Mrs. Sujin Srisombat Nationality: Thai Address : 7/16
Moo 1, Srinakarin Rd., Nongbon,
Prawes, Bangkok |
2 |
|
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Nualchit Arunanonchai No. 4516
BALANCE SHEET [BAHT]
The
latest financial figures
published for April
30, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
8,171,728.27 |
4,695,075.37 |
|
Trade Accts. Receivable |
33,111,499.19 |
25,810,023.49 |
|
Inventories |
1,812,659.37 |
634,318.02 |
|
Short-term Investment |
3,000,000.00 |
3,000,000.00 |
|
Advanced |
108,117.18 |
191,039.90 |
|
Deferred Income |
2,646,930.35 |
980,369.00 |
|
Prepaid Expenses |
148,304.71 |
99,078.04 |
|
Withholding Income Tax |
43,274.31 |
694,898.74 |
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Other Current Assets
|
486,965.19 |
256,514.25 |
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Total Current Assets
|
49,529,478.57 |
36,361,316.81 |
|
|
|
|
|
Fixed Assets |
4,363,189.89 |
4,175,508.72 |
|
Retention & Deposit |
18,392.48 |
18,392.48 |
|
Deferred Expenses |
64,600.00 |
1,199.56 |
|
Total Assets |
53,975,660.94 |
40,556,417.57 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
|
Trade Accts. Payable |
38,803,435.11 |
25,504,568.72 |
|
Current Portion of Long-term Liabilities |
640,800.00 |
22,616.79 |
|
Accrued Expenses |
2,665,264.12 |
1,869,384.25 |
|
Value Added Tax |
95,910.16 |
[23,264.64] |
|
Revenue Department Payable |
66,301.42 |
54,469.28 |
|
Other Current Liabilities |
231,932.84 |
1,312,572.34 |
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Total Current Liabilities |
42,503,643.65 |
28,740,346.74 |
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|
|
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Hire-purchase Payable Contract |
373,800.00 |
- |
|
Loan to Director |
- |
2,000,000.00 |
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Total Liabilities |
42,877,443.65 |
30,740,346.74 |
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Shareholders' Equity |
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Share capital : Baht 1,000 value authorized, issued
and fully paid share
capital 3,000 shares |
3,000,000.00 |
3,000,000.00 |
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning -
Unappropriated |
8,098,217.29 |
6,816,070.83 |
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Total Shareholders' Equity |
11,098,217.29 |
9,816,070.83 |
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Total Liabilities & Shareholders' Equity |
53,975,660.94 |
40,556,417.57 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
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Sales Income |
138,446,737.37 |
229,980,097.91 |
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Commission |
22,762,626.82 |
28,894,118.54 |
|
Interest Income |
192,750.27 |
49,169.40 |
|
Compensation Tax |
28,610.98 |
- |
|
Other Income |
81,245.46 |
2,625.15 |
|
Total Revenues |
161,511,970.90 |
258,926,011.00 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
130,480,522.22 |
213,725,570.20 |
|
Selling & Administrative Expenses |
29,061,564.42 |
43,810,514.47 |
|
Total Expenses |
159,542,086.64 |
257,536,084.67 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
1,969,884.26 |
1,389,926.33 |
|
Interest Expenses |
[97,666.59] |
[57,379.32] |
|
Income Tax |
[592,321.21] |
[269,691.71] |
|
Net Profit / [Loss] |
1,279,896.46 |
1,062,855.30 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
[39.80] |
|
|
Operating Profit |
135.43 |
|
|
Net Profit |
20.42 |
|
|
Fixed Assets |
4.49 |
|
|
Total Assets |
33.09 |
|
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Profitability |
|
|
|
Cost of Good
Sold |
94.25 |
92.93 |
|
Operating Profit Margin |
1.42 |
0.60 |
|
S & A
Expenses |
20.99 |
19.05 |
|
Interest Paid |
0.07 |
0.02 |
|
Other Revenues |
16.66 |
12.59 |
|
Net Profit Margin |
0.92 |
0.46 |
|
Earning Per Shares |
426.63 |
354.29 |
|
No. of Shares |
3,000 |
3,000 |
Net Sales was
decreased by 39.80%,
Operating Profit was
increased by 135.43%,
Net Profit was
increased by 20.42%,
Fixed Assets was
increased by 4.49%,
Total Assets was
increased by 33.09%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 92.93%
to 94.25%, Operating
Profit Margin was
increased from 0.60%
to 1.42%, S
& A Expenses
was increased from
19.05% to 20.99%,
Interest Paid was increased
from 0.02% to
0.07%, Other Revenues
was increased from
12.59% to 16.66%,
Net Profit Margin
was increased from
0.46% to 0.92%.
Earning Per Shares
was increased from
354.29 baht per
share to 426.63
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
1.17 |
1.27 |
|
Quick-Assets Ratio |
0.97 |
1.06 |
Current Ratio was
decreased from 1.27
to 1.17, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.06 to 0.97,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
3.86 |
3.13 |
|
Times Interest Earned |
20.17 |
24.22 |
D/E Ratio was
increased from 3.13
to 3.86, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was decreased from
24.22 to 20.17,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
31.73 |
55.08 |
|
Total Assets Turnover |
2.56 |
5.67 |
|
Return on Assets |
2.37 |
2.62 |
|
Return on Equity |
11.53 |
10.83 |
|
Day's Payable |
100.90 |
39.92 |
|
Day’s Inventories |
4.71 |
0.99 |
|
Day’s Receivables |
86.10 |
40.40 |
Fixed Assets Turnover
was decreased from
55.08 times to
31.73 times, Total
Assets Turnover was
decreased from 5.67
times to 2.56
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 2.62 to
2.37, Return on
Equity was increased
from 10.83 to
11.53, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 40
days to 101
days, Day’s Inventories
was increased from
1 days to 5 days,
and Day’s Receivables
was increased from
41 days to
87 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.82 |
|
UK Pound |
1 |
Rs.73.08 |
|
Euro |
1 |
Rs.65.85 |
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 |
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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%)