MIRA
INFORM REPORT
|
Report Date : |
09.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
I.S.A.
VALUE CO., LTD. |
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Registered Office : |
101/6, 101/23, 101/24,
101/39 Moo 6, Soi
Muangsakul, Bangkhunthien Road, Samaedam, Bangkhunthien,
Bangkok 10150 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
23.06.2004 |
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Com. Reg. No.: |
0105547084211 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and
Exporter of Canned Tuna and
Related Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
I.S.A. VALUE
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 101/6, 101/23, 101/24, 101/39
MOO 6,
SOI MUANGSAKUL,
BANGKHUNTHIEN ROAD,
SAMAEDAM, BANGKHUNTHIEN, BANGKOK 10150
TELEPHONE : [66] 2894-1234
FAX : [66] 2416-8132-3, 2893-4820
E-MAIL
ADDRESS : info@isavalue.com, nuda@narong-isa.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2004
REGISTRATION NO. : 0105547084211
[Former : 0108254706532]
CAPITAL REGISTERED : BHT. 1,000,000,000
CAPITAL PAID-UP : BHT. 1,000,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. POJ ARAMWATANANOND, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 7,900
LINES
OF BUSINESS : CANNED TUNA AND RELATED
PARODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR WITH NORMAL BUSINESS ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was established
on June 23,
2004 as a
private limited company
under the name
style I.S.A. VALUE
CO., LTD., by
Thai groups, to
manufacture and market
wide range of canned
tuna and related
products to both
local and overseas
markets. It currently
employs approximately 7,900
staff.
Subject
is a subsidiary of Sea
Value Co., Ltd.
The
subject’s registered address
is 101/6, 101/23-24, 101/39
Moo 6, Bangkhunthien Rd.,
Samaedam, Bangkhunthien, Bangkok
10150, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Poj Aramwatananond |
[x] |
Thai |
50 |
|
Mrs. Vichitra Aramwatananond |
|
Thai |
55 |
|
Mr. Paibul Dusadeevuthikul |
[x] |
Thai |
50 |
|
Mr. Taweesak Laotrakul |
[x] |
Thai |
56 |
|
Mr. Apichart Laotrakul |
[x] |
Thai |
29 |
|
Mr. Udom Jariyavilaskul |
|
Thai |
61 |
|
Mr. Sunthorn Thamruangyos |
|
Thai |
53 |
|
Mr. Chang Yieng
Lee |
|
Chinese |
44 |
AUTHORIZED PERSON
Two of the mentioned directors
[x] can jointly
sign on behalf
of the subject with company’s
affixed.
MANAGEMENT
Mr. Poj Aramwatananond is
the Managing Director.
He is Thai nationality with
the age of
50 years old.
Ms. Nuda Theekarathiti is
the Sales &
Marketing Manager.
She is Thai nationality.
Mr. Suchin Sawaengsin
is the Factory Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing service wide range
of tuna products,
consist of canned
tuna, tuna in
glass jars, canned
sardines, canned mackerels,
canned pet food,
frozen tuna loins
and etc.
PRODUCTION
1,000 tons per
day
IMPORT
Tuna
and some food
ingredient are imported
from Japan, Malaysia,
Myanmar and Singapore.
SALES
The products are
sold and serviced
to both local
and overseas customers
in Europe and
Asia such as
Indonesia, Japan, Taiwan,
Malaysia, India, Sri Lanka,
France, United Kingdom,
United States of America,
Africa and Middle
East countries.
PARENT COMPANY
Sea Value
Co., Ltd.
Business
Type : Manufacturer of
seafood products.
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 credit terms
of 30-60 days.
Local bills are
paid by cash
or on the credit terms
of 30-60 days.
Imports are by L/C at sight or T/T.
Exports are against T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 7,900 office staff
and factory workers.
LOCATION DETAILS
The
premise is rented
for administrative office & factory 1 at the heading
address. Premise is
located in industrial
area.
Factory II
and warehouse are located at
44/4 Moo 1, Petchkasem
Rd., T. Yaita,
A. Sampran,
Nakornpathom 73110. Tel.:
[66] 34 323-988-9 Fax :
[66] 34 321-987
REMARK
CREDIT
OF US$ 500,000 AGAINST D/A
TERMS SHOULD BE
IN ORDER.
COMMENT
Consumption of
canned fishes: tuna,
mackerels, sardines remains
strong both domestic
and export markets.
However, raw materials
were cost higher
from various factors
such as high
fuel prices and
others have impacted
to company’s operating
cost and profit.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000 shares
of Bht. 100 each.
The
capital was increased
later as following:
Bht. 500,000,000 on October 8,
2004
Bht. 750,000,000 on December 23,
2004
Bht. 1,000,000,000 on March 20,
2007
The
latest registered capital
was increased to
Bht. 1,000,000,000 divided into
10,000,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Sea Value
Co., Ltd. Nationality: Thai Address : 216/43,49 Nanglinchee Rd., Chongnonsi, Yannawa, Bangkok |
9,999,994 |
100.00 |
|
Mr. Poj Aramwatananond Nationality: Thai Address : 437 Seri
6 Rd., Suanluang, Bangkok |
1 |
- |
|
Mr.
Taweesak Laotrakul Nationality: Thai Address : 36/36 Moo 16,
Bangkaew, Bangplee,
Samutprakarn |
1 |
- |
|
Mr. Paibul Dusadeevuthikul Nationality: Thai Address : 3531/398 Bangklo,
Bangkorlaem, Bangkok |
1 |
- |
|
Mrs.
Vichitra Aramwatananond Nationality: Thai Address : 233/294 Moo 5,
Bangmuang, Muang, Samutprakarn |
1 |
- |
|
Mr.
Apichart Laotrakul Nationality: Thai Address : 176/17 Nanglinchee Rd., Chongnonsi, Yannawa, Bangkok |
1 |
- |
Mr. Udom Jariyavilaskul
Nationality: Thai Address : 236/36 Sukhumvit
68 Rd., Bangna,
Bangkok |
1 |
- |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Pichai Dutchanapirom No.
2421
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand
& at Bank |
261,269,316.52 |
52,926,796.83 |
|
Trade Accts. Receivable |
927,823,206.57 |
1,032,546,719.92 |
|
Short-term Loan to
Related Company |
330,500,000.00 |
134,599,406.00 |
|
Short-term Loan to
Other Company |
15,000,000.00 |
- |
|
Inventories |
1,891,358,760.75 |
1,308,209,382.44 |
|
Deferred Tax Compensation |
45,689,241.39 |
1,036,549.38 |
|
Revenue Department Receivable |
103,189,465.17 |
54,041,800.08 |
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Other Current Assets
|
37,943,541.23 |
47,141,298.53 |
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|
|
|
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Total Current
Assets |
3,612,773,531.63 |
2,630,501,953.18 |
|
Cash at Bank
under Commitment |
161,386,000.00 |
110,000,000.00 |
|
Fixed Assets |
712,845,827.01 |
544,396,467.10 |
|
Goodwill |
475,132,800.00 |
534,524,400.00 |
|
Other Assets |
1,531,740.00 |
1,085,605.00 |
|
Total Assets |
4,963,669,898.64 |
3,820,508,425.28 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft & Short-term Loan from Bank |
2,558,559,025.11 |
564,970,998.24 |
|
Trade Accts. Payable |
841,056,341.13 |
1,821,501,032.35 |
|
Current Portion of Hire-purchase Payable |
3,482,707.20 |
3,257,157.79 |
|
Current Portion of Long-tern
Loan |
117,600,000.00 |
56,800,000.00 |
|
Advance Income from
Goods |
27,242,131.99 |
43,090,825.78 |
|
Accrued Expenses |
- |
10,081,123.75 |
|
Accrued Income Tax |
205,364,456.39 |
196,643,288.19 |
|
Other Current Liabilities |
307,969.00 |
1,162,162.92 |
|
|
|
|
|
Total Current
Liabilities |
3,753,612,630.82 |
2,697,506,589.02 |
|
Hire-purchase Payable -
Net |
5,676,481.79 |
4,244,533.87 |
|
Long-term Loan -
Net |
344,070,000.00 |
312,600,000.00 |
|
Total Liabilities |
4,103,359,112.61
|
3,014,351,122.89 |
|
|
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Shareholders'
Equity |
|
|
|
|
|
|
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 7,500,000 shares |
750,000,000.00 |
750,000,000.00 |
|
|
|
|
|
Capital Paid |
750,000,000.00 |
750,000,000.00 |
|
Surplus on Land
Appraisal |
46,010,000.00 |
- |
|
Retained Earning -
Unappropriated |
64,300,786.03 |
56,157,302.39 |
|
Total
Shareholders' Equity |
860,310,786.03 |
806,157,302.39 |
|
Total
Liabilities & Shareholders' Equity |
4,963,669,898.64 |
3,820,508,425.28 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
8,758,388,203.65 |
8,155,163,936.59 |
|
Sales of By-product |
118,153,175.75 |
156,818,403.47 |
|
Gain on Exchange
Rate |
115,141,206.89 |
19,755,964.29 |
|
Other Income |
95,910,635.03 |
23,689,460.01 |
|
Total Revenues
|
9,087,593,221.32 |
8,355,427,764.36 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
8,456,954,844.51 |
7,856,340,848.81 |
|
Selling & Administrative Expenses |
393,616,258.44 |
293,140,130.06 |
|
Loss on Disposal
of Assets |
8,381,195.69 |
5,452,723.88 |
|
Amortization of Goodwill |
59,391,600.00 |
59,391,600.00 |
|
Total Expenses |
8,918,343,898.64 |
8,214,325,302.75 |
|
|
|
|
|
Profit / [Loss] before Interest Expenses & Income Tax |
169,249,322.68 |
141,102,461.61 |
|
Interest Expenses |
[156,736,358.76] |
[57,233,656.73] |
|
Income Tax |
[4,369,480.28] |
[24,885,215.54] |
|
|
|
|
|
Net Profit / [Loss] |
8,143,483.64 |
58,983,589.34 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
7.40 |
|
|
Operating Profit |
7.16 |
|
|
Net Profit |
[86.19] |
|
|
Fixed Assets |
30.94 |
|
|
Total Assets |
29.92 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
96.56 |
96.34 |
|
Operating Profit Margin |
2.71 |
2.53 |
|
S & A
Expenses |
4.49 |
3.59 |
|
Interest Paid |
1.79 |
0.70 |
|
Other Revenues |
3.76 |
2.46 |
|
Net Profit Margin |
0.09 |
0.72 |
|
Earning Per Shares |
1.09 |
7.86 |
|
No. of Shares |
7,500,000 |
7,500,000 |
Net Sales was
increased by 7.40%,
Operating Profit was
increased by 7.16%,
Net Profit was decreased by
86.19%, Fixed Assets
was increased by
30.94%, Total Assets
was increased by
29.92%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 96.34%
to 96.56%, Operating
Profit Margin was increased from
2.53% to 2.71%,
S & A
Expenses was increased
from 3.59% to
4.49%, Interest Paid was
increased from 0.70%
to 1.79%, Other
Revenues was increased
from 2.46% to
3.76%, Net Profit
Margin was decreased
from 0.72% to
0.09%.
Earning Per Shares
was decreased from
7.86 baht per
share to 1.09
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.96 |
0.98 |
|
Quick-Assets Ratio |
0.41 |
0.45 |
Current Ratio was
decreased from 0.98
to 0.96, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was decreased from
0.45 to 0.41,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
4.77 |
3.74 |
|
Times Interest Earned |
1.51 |
3.60 |
D/E Ratio was
increased from 3.74
to 4.77, 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
3.60 to 1.51,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
12.29 |
14.98 |
|
Total Assets Turnover |
1.76 |
2.13 |
|
Return on Assets |
0.16 |
1.54 |
|
Return on Equity |
0.95 |
7.32 |
|
Day's Payable |
34.57 |
80.41 |
|
Day’s Inventories |
77.74 |
57.75 |
|
Day’s Receivables |
38.14 |
45.58 |
Fixed Assets Turnover
was decreased from
14.98 times to
12.29 times, Total
Assets Turnover was
decreased from 2.13
times to 1.76
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 1.54 to
0.16, Return on
Equity was decreased
from 7.32 to
0.95, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 81
days to 35
days, while Day’s
Inventories was increased
from 58 days
to 78 days, but Day’s
Receivables was decreased
from 46 days
to 39 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%)