MIRA INFORM REPORT
|
Report Date : |
01.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
KSD
INTERFOODS [THAILAND] CO.,
LTD. |
|
|
|
|
Registered Office : |
429 K Tawai
Road, T. Thachalom, A.
Muang, Samutsakorn 74000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.06.2011 |
|
|
|
|
Date of Incorporation : |
03.07.2007 |
|
|
|
|
Com. Reg. No.: |
0105550069449 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer, Distributor and
Exporter of Fresh and Frozen
Seafoods |
|
|
|
|
No. of Employees
: |
12 Persons |
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 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
KSD INTERFOODS
[THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 429 K
TAWAI ROAD, T. THACHALOM,
A.
MUANG, SAMUTSAKORN 74000
TELEPHONE : [66] 34
497-406,
FAX :
[66] 34 497-408
E-MAIL
ADDRESS : sam@ksdthai.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2007
REGISTRATION
NO. : 0105550069449
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
SHAREHOLDER’S PROPORTION : THAI :
51%
PAKISTANI : 49%
FISCAL YEAR CLOSING DATE : JUNE
30
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. YOU SUF,
PAKISTANI
MANAGING DIRECTOR
NO.
OF STAFF : 12
LINES
OF BUSINESS : FRESH
AND FROZEN SEAFOODS
IMPORTER, DISTRIBUTOR
AND 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 July 3, 2007 as a
private limited company under
the name style KSD INTERFOODS
[THAILAND] CO., LTD., by Pakistani
and Thai groups, with
the objective to engage in trading
business all kinds of fresh and
frozen seafoods. It
currently employs 12
staff.
The subject’s registered
address was initially located at 69/48 Phyathai Rd., Thanon Phyathi,
Rajthewi, Bangkok 10400.
On
September 21, 2009,
its registered address
was relocated to 927/94
Thaprong [Sethakij 1 ] Rd.,
T. Mahachai, A. Muang, Samutsakorn
74000, and was
moved to 429 K
Tawai Rd., T. Thachalom,
A. Muang, Samutsakorn 74000,
on January 27,
2011, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
Mr. You Suf
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. You Suf is
the Managing Director.
He is Pakistani
nationality with the
age of 41
years old.
BUSINESS OPERATIONS
The subject’s
main business is engaged in
importing and distributing various
kinds of fresh
and frozen seafoods,
such as Ribbon
Fish, Silver/Yellow Croaker,
Indian Mackerel, White/Black
Pomfret, Sole, Cuttlefish,
Squid, Baby Octopus
whole and whole
cleaned, Crab whole
and half cut,
fishes like King
fish, Reefcod, White/Red
Snapper, Job Fish,
Yellow Fin Tuna,
Skip Jack Tuna,
Indian Oil Sardine, squid,
all kinds of
shrimps, lobster, prawns
and PUD and etc.,
as well as
exporting of fresh & dry fish
and frozen seafood
products. The processing facilities
are under international
standard of EU,
ISO and HALAL
certifications.
PURCHASE
The
products are purchased
from suppliers in both
domestic and overseas,
mainly in India
and Pakistan.
SALES
The products are
sold locally to
wholesalers and end-users.
EXPORT
The products are
exported to Sri
Lanka, India, Hong
Kong and Malaysia.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or 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
· Bangkok Bank Public Co., Ltd.
· Kasikornbank 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 provincial.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
500,000.
COMMENT
The
subject was formed in 2007 as
an importer, distributor and exporter
of seafood products both
fresh, frozen and dried. Demand has significantly
increased in both
domestic and export markets. Floods
in the country
have strong impact
to local consumption due
to purchasing from
commercial sectors, e.g. hotel
and restaurant, has
significantly dropped.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht.
100 each.
On December 11, 2009,
the capital was
increased to Bht. 4,000,000
divided into 40,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
October 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. You Suf Nationality: Pakistani Address : 79/242
Phyathai Rd., Rajthewi,
Bangkok |
19,600 |
49.00 |
|
Ms. Varangkana Saengsuriya Nationality: Thai Address : 457/211
Charoenkrung Rd., Bangklo,
Bangkorlaem, Bangkok |
7,100 |
17.75 |
|
Ms. Sirintra Phansook Nationality: Thai Address : 87/60
Moo 7, T. Thajeen,
A. Muang, Samutsakorn |
7,100 |
17.75 |
|
Ms. Laddawan Inseeyong Nationality: Thai Address : 429 K
Tawai Rd., T. Thachalom, A. Muang, Samutsakorn |
6,200 |
15.50 |
Total Shareholders : 4
Share Structure : [as at October
30, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
20,400 |
51.00 |
|
Foreign - Pakistani |
1 |
19,600 |
49.00 |
|
Total |
4 |
40,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Sakorn Buadok No.
8137
bALANCE SHEET [BAHT]
The
latest financial figures
published for June
30, 2011 &
2010 were :
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash
Equivalents |
4,665,387.00 |
977,919.04 |
|
Trade Accounts Receivable
|
6,504,022.12 |
1,203,376.65 |
|
Short-term Loan to Related Person |
- |
6,100,000.00 |
|
Inventories |
19,930,639.03 |
6,948,294.64 |
|
Other Current Assets
|
1,466,719.15 |
1,070,161.18 |
|
Total Current Assets
|
32,566,767.30 |
16,299,751.51 |
|
Fixed Assets |
2,209,587.61 |
831,298.14 |
|
Total Assets |
34,776,354.91 |
17,131,049.65 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
21,207,563.97 |
6,882,543.13 |
|
Current Portion of
Hire-purchase Payable |
365,148.00 |
108,744.00 |
|
Short-term Loan from Person or Related Company |
1,900,000.00 |
- |
|
Other Current Liabilities |
1,499,274.84 |
1,799,851.03 |
|
Total Current Liabilities |
24,971,986.81 |
8,791,138.16 |
|
Hire-purchase Payable, Net |
1,064,174.00 |
323,324.00 |
|
Total Liabilities |
26,036,160.81 |
9,114,462.16 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 40,000 shares
|
4,000,000.00 |
4,000,000.00 |
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning -
Unappropriated |
4,740,194.10 |
4,016,587.49 |
|
Total Shareholders' Equity |
8,740,194.10 |
8,016,587.49 |
|
Total Liabilities &
Shareholders' Equity |
34,776,354.91 |
17,131,049.65 |
PROFIT & LOSS ACCOUNT
|
Sale |
2011 |
2010 |
|
|
|
|
|
Sales Income |
171,787,896.41 |
196,917,021.12 |
|
Other Income |
3,855,406.87 |
2,874,624.91 |
|
Total Sales |
175,643,303.28 |
199,821,646.03 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
160,549,250.48 |
188,362,344.48 |
|
Selling Expenses |
10,268,411.24 |
7,109,906.74 |
|
Administrative Expenses |
3,952,434.59 |
3,363,103.04 |
|
Total Expenses |
174,770,096.31 |
198,835,354.26 |
|
Profit / [Loss] before
Financial Cost & Income Tax |
873,206.97 |
986,291.11 |
|
Financial Cost |
[22,922.40] |
[5,386.00] |
|
Income Tax |
[126,677.96] |
[153,308.86] |
|
Net Profit /[Loss] |
723,606.61 |
827,596.91 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.30 |
1.85 |
|
QUICK RATIO |
TIMES |
0.45 |
0.94 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
77.75 |
236.88 |
|
TOTAL ASSETS TURNOVER |
TIMES |
4.94 |
11.49 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
45.31 |
13.46 |
|
INVENTORY TURNOVER |
TIMES |
8.06 |
27.11 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
13.82 |
2.23 |
|
RECEIVABLES TURNOVER |
TIMES |
26.41 |
163.64 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
48.21 |
13.34 |
|
CASH CONVERSION CYCLE |
DAYS |
10.92 |
2.36 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
93.46 |
95.66 |
|
SELLING & ADMINISTRATION |
% |
8.28 |
5.32 |
|
INTEREST |
% |
0.01 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
8.79 |
5.82 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.51 |
0.50 |
|
NET PROFIT MARGIN |
% |
0.42 |
0.42 |
|
RETURN ON EQUITY |
% |
8.28 |
10.32 |
|
RETURN ON ASSET |
% |
2.08 |
4.83 |
|
EARNING PER SHARE |
BAHT |
18.09 |
20.69 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.75 |
0.53 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.98 |
1.14 |
|
TIME INTEREST EARNED |
TIMES |
38.09 |
183.12 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(12.76) |
|
|
OPERATING PROFIT |
% |
(11.47) |
|
|
NET PROFIT |
% |
(12.57) |
|
|
FIXED ASSETS |
% |
165.80 |
|
|
TOTAL ASSETS |
% |
103.00 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
8.79 |
Acceptable |
Industrial
Average |
15.10 |
|
Net Profit Margin |
0.42 |
Impressive |
Industrial
Average |
0.36 |
|
Return on Assets |
2.08 |
Impressive |
Industrial
Average |
2.06 |
|
Return on Equity |
8.28 |
Impressive |
Industrial
Average |
4.91 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company's figure is 8.79%. When
compared with the industry average, the ratio of the company was lower,
indicated that company was originated from the problems with control over its
costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 0.42%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
2.08%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 8.28%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.30 |
Acceptable |
Industrial
Average |
2.03 |
|
Quick Ratio |
0.45 |
|
|
|
|
Cash Conversion Cycle |
10.92 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 1.3 times in 2011, decrease from 1.85 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.45 times in 2011,
decrease from 0.94 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 11 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.75 |
Acceptable |
Industrial
Average |
0.54 |
|
Debt to Equity Ratio |
2.98 |
Risky |
Industrial
Average |
1.40 |
|
Times Interest Earned |
38.09 |
Impressive |
Industrial
Average |
0.78 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 38.1 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.75 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
77.75 |
Impressive |
Industrial
Average |
15.95 |
|
Total Assets Turnover |
4.94 |
Satisfactory |
Industrial
Average |
5.71 |
|
Inventory Conversion Period |
45.31 |
|
|
|
|
Inventory Turnover |
8.06 |
Impressive |
Industrial
Average |
0.80 |
|
Receivables Conversion Period |
13.82 |
|
|
|
|
Receivables Turnover |
26.41 |
Impressive |
Industrial
Average |
9.01 |
|
Payables Conversion Period |
48.21 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.17 |
|
UK Pound |
1 |
Rs.81.29 |
|
Euro |
1 |
Rs.69.47 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.