MIRA
INFORM REPORT
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Report Date : |
11.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
THAI OMEGA FISHERY CO., LTD. |
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Registered Office : |
25/651-652 Moo 3, Sahakorn Road, Bangyapraek, Muang,
Samutsakorn Province 74000 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
18.03. 2005 |
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Com. Reg. No.: |
0105548038841 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Sea Lives Wholesaler |
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 : |
No Complaints |
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Litigation : |
Clear |
name of the company
THAI OMEGA FISHERY CO., LTD.
SUMMARY
BUSINESS ADDRESS : 25/651-652 MOO 3, SAHAKORN
ROAD,
BANGYAPRAEK, MUANG,
SAMUTSAKORN PROVINCE
74000
TELEPHONE : [66] 34 434-914
FAX : [66] 34
434-913
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2005
REGISTRATION NO.
: 0105548038841
CAPITAL REGISTERED
: BHT. 1,000,000
CAPITAL PAID-UP
: BHT. 1,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. PRACHAYA UNGRANGSEE, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 9
LINES OF
BUSINESS : SEA
LIVES
WHOLESALER
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 March 18,
2005 as a
private limited company under the name style
THAI OMEGA FISHERY
CO., LTD., by
Thai groups, with
the business objective to
wholesale various kinds
of sea lives in Samutsakorn
province. It currently
employs 9 staff.
The subject’s registered address is
25/651-2 Moo 3,
Sahakorn Rd., Bangyapraek, Muang, Samutsakorn
74000, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTOR
Mr. Prachaya Ungrangsee
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Prachaya Ungrangsee
is the Managing Director.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in wholesale
distributing various kinds
of sea lives, such as
shrimp, fish, crab,
squid, clam, etc., as well as aquatic
products.
PURCHASE
100% of the
products is purchased
from local fishery.
SALES
The products are
sold locally by
wholesale to traders
and end-users.
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
according to IRICO’S
DATABASE 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.
BANKING
The subject was
not disclosed its
banker’s name.
EMPLOYMENT
The
subject employs 9
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading address. Premise
is located in
provincial.
REMARK
CREDIT
OF US$ US$ 500,000 D/A
SHOULD ON SECURED
BASIS.
COMMENT
The
subject was formed
in 2005 as
a wholesaler of
sea lives, such
as fish, crab,
clam, squid and
etc. The products
have been supplied
by wholesale to
restaurant, fresh market
and seafood factory.
Subject operating performance
in the previous years was
healthy from strong
consumption of seafoods. However, current economic
uncertainties and sky
high oil prices
has badly affected
sea fishery industry
as many operators
have stopped going
out into the
sea which has
caused to higher
operating expenses.
Subject has
sign of being
slowdown of its
operation.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000
shares of Bht. 100 each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
[as at
April 30, 2007]
|
NAME |
HOLDING |
% |
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Mr. Prachaya Ungrangsee Nationality: Thai Address : 223/27
Somdejchaophraya Rd., Klongsan,
Bangkok |
6,800 |
68.00 |
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Mr. Chaiyuth Watanavanit Nationality: Thai Address : 1487
Charansanitwong 75 Rd.,
Bangplad, Bangkok |
2,700 |
27.00 |
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Mr. Kittipoj Watanavanit Nationality: Thai Address : 1487
Charansanitwong 75 Rd.,
Bangplad, Bangkok |
100 |
1.00 |
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Mr. Pipat Watanavanit Nationality: Thai Address : 1487
Charansanitwong 75 Rd.,
Bangplad, Bangkok |
100 |
1.00 |
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Mrs. U-sa Watanavanit Nationality: Thai Address : 1487
Charansanitwong 75 Rd.,
Bangplad, Bangkok |
100 |
1.00 |
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Mr. Jesada Ungrangsee Nationality: Thai Address : 383/44-46
Chakrapadpong Rd.,
Klongmahanark, Pomprab, Bangkok |
100 |
1.00 |
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Mrs. Narisara Ungrangsee Nationality: Thai Address : 383/44-46
Chakrapadpong Rd.,
Klongmahanark, Pomprab, Bangkok |
100 |
1.00 |
Total Shareholders :
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Ms. Benjamas Inkeaw No. 7832
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
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Cash in hand
& at Bank
|
5,245,682.66 |
185,961.48 |
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Inventories |
9,631,533.37 |
1,599,961.80 |
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Other Current Assets
|
275,157.29 |
437,404.98 |
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Total Current Assets
|
15,152,373.32 |
2,223,328.26 |
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Loan to Related
Person |
7,507,000.00 |
550,000.00 |
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Fixed Assets |
4,531,409.96 |
- |
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Total Assets |
27,190,783.28 |
2,773,328.26 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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Trade Accts. Payable |
21,299,188.80 |
1,529,224.64 |
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Current Portion of Liabilities |
3,461,000.00 |
- |
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Other Current Liabilities |
1,290,820.89 |
296,505.60 |
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Total Current Liabilities |
26,051,009.69 |
1,825,730.24 |
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Total Liabilities |
26,051,009.69 |
1,825,730.24 |
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Shareholders' Equity |
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Share capital : Baht 100 value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
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Capital Paid |
1,000,000.00 |
1,000,000.00 |
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Retained Earning -
Unappropriated |
139,773.59 |
[52,401.98] |
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Total Shareholders' Equity |
1,139,773.59 |
947,598.02 |
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Total Liabilities &
Shareholders' Equity |
27,190,783.28 |
2,773,328.26 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
March 18, 2005-Dec. 31, 2005 |
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Sales Income |
57,065,693.00 |
7,038,540.00 |
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Other Income |
680,629.55 |
543.07 |
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Total Revenues |
57,746,322.55 |
7,039,083.07 |
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Expenses |
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Cost of Goods
Sold |
56,497,390.90 |
7,028,494.53 |
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Selling & Administrative Expenses |
889,095.71 |
62,990.52 |
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Total Expenses |
57,386,486.61 |
7,091,485.05 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
359,835.94 |
[52,401.98] |
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Interest Expenses |
[141,676.14] |
- |
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Profit / [Loss] Before Income Tax |
218,159.80 |
[52,401.98] |
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Income Tax |
[25,984.23] |
- |
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Net Profit / [Loss] |
192,175.57 |
[52,401.98] |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
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Annual Growth |
2006 |
2005 |
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Net Sales |
710.76 |
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Operating Profit |
[184.70] |
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Net Profit |
466.73 |
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#DIV/0! |
#DIV/0! |
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Total Assets |
880.44 |
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Profitability |
|
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Cost of Good
Sold |
99.00 |
99.86 |
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Operating Profit Margin |
0.63 |
[0.74] |
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S & A
Expenses |
1.56 |
0.89 |
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Interest Paid |
0.25 |
0.00 |
|
Other Revenues |
1.19 |
0.01 |
|
Net Profit Margin |
0.34 |
[0.74] |
|
Earning Per Shares |
19.22 |
[5.24] |
|
No. of Shares |
10,000 |
10,000 |
Net Sales was
increased by 710.76%,
Operating Profit was
decreased by 184.70%,
Net Profit was
increased by 466.73%,
Total Assets was
increased by 880.44%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 99.86%
to 99.00%, Operating
Profit Margin was
increased from -0.74%
to 0.63%, S
& A Expenses
was increased from
0.89% to 1.56%,
Interest Paid was increased
from 0.00% to
0.25%, Other Revenues
was increased from
0.01% to 1.19%,
Net Profit Margin
was increased from
-0.74% to 0.34%.
Earning Per Shares
was increased from
-5.24 baht per
share to 19.22
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
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Current Ratio |
0.58 |
1.22 |
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Quick-Assets Ratio |
0.20 |
0.10 |
Current Ratio was
decreased from 1.22
to 0.58, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was increased from
0.10 to 0.20,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
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D/E Ratio |
22.86 |
1.93 |
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Times Interest Earned |
2.54 |
0.00 |
D/E Ratio was
increased from 1.93
to 22.86, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high, Times
Interest Earned was
increased from 0.00
to 2.54, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
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Fixed Assets Turnover |
12.59 |
0.00 |
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Total Assets Turnover |
2.10 |
2.54 |
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Return on Assets |
0.71 |
[1.89] |
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Return on Equity |
16.86 |
[5.53] |
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Day's Payable |
134.37 |
78.22 |
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Day’s Inventories |
60.76 |
81.83 |
Fixed Assets Turnover
was increased from
0.00 times to
12.59 times, Total
Assets Turnover was
decreased from 2.54
times to 2.10
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was increased
from -1.89 to
0.71, Return on
Equity was increased
from -5.53 to
16.86, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 79
days to 135
days, while Day’s
Inventories was decreased
from 82 days
to 61 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.44 |
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UK Pound |
1 |
Rs.79.62 |
|
Euro |
1 |
Rs.63.48 |
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 |
|
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 |
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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%)