MIRA INFORM
REPORT
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Report Date : |
04.01.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
SIRINOPPHAKUN
CO., LTD. |
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Registered Office : |
10/8 Moo 9, T. Khokkam, A. Muang, Samutsakorn 74000 |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
19.02.2004 |
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Com. Reg. No.: |
0745552000742 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
distributor of
frozen seafood products |
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 |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
SIRINOPPHAKUN CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 10/8
MOO 9, T. KHOKKAM, A.
MUANG,
TELEPHONE : [66] 34
857-705
FAX :
[66] 34
857-708
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION
NO. : 0745552000742 [Former :
0743547000274]
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. YUPIN NOPPHAKUN,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 9
LINES
OF BUSINESS : FROZEN SEAFOOD
PRODUCTS
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was originally
established on February
19, 2004 as
a limited partnership under the initially registered
name “Sirinopphakun Limited Partnership” by Ms.
Yupin Nopphakun, who is the Thai partner.
On February 20,
2009, its status
was changed to
company limited, named
SIRINOPPHAKUN CO., LTD. The
business objective is
to wholesale distribute various
kinds of frozen
seafood products, located
in Samusakorn province.
It currently employs
9 staff.
The
subject’s registered address
is 10/8 Moo
9, T. Khokkham, A. Muang,
Samutsakorn 74000, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
Ms. Yupin Nopphakun
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Yupin Nopphakun is
the Managing Director.
She is Thai
nationality with the
age of 38
years old.
BUSINESS OPERATIONS
The subject
is engaged in wholesale
distributing various kinds
of frozen seafood
products including fish,
shrimp, crab, squid,
shell and etc.,
to foods and
processed food industries.
PURCHASE
100%
of the products
is purchased from
local supplier.
SALES
100% of the
products is sold
locally by wholesale
to manufacturers and
end-users.
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.
BANKING
Krung
Thai Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 9
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and cold storage
at the heading
address. Premise is
located in provincial.
REMARK
CREDIT
OF US$ 125,000
AGAINST D/A SHOULD
BE IN ORDER.
COMMENT
Despite
an economic slowdown
in domestic market,
the company has
still successfully managed
to retain its
good sales. Its
business also has
a bright future
prospect.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100
each.
THE
SHAREHOLDERS LISTED WERE
:
[as at
April 30, 2010]
|
NAME |
HOLDING |
% |
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Ms. Yupin Nopphakun Nationality: Thai Address : 10/8
Moo 9, T. Khokkham, A. Muang, Samutsakorn |
40,000 |
80.00 |
|
Mrs. Busara Apinwattananont Nationality: Thai Address : 10/3
Moo 9, T. Khokkham, A. Muang,
Samutsakorn |
5,000 |
10.00 |
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Ms. Saowaluck Nopphakun Nationality: Thai Address : 93
Moo 11, Pangkru,
Panomtuan,
Kanchanaburi |
5,000 |
10.00 |
Total Shareholders : 3
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Boonchu Wongpakdee No.
7968
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2009 &
2008 were:
ASSETS
|
Current Assets |
2009 |
2008 |
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Cash in Hand
& at Bank |
839,211.25 |
642,582.14 |
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Inventories |
749,783.10 |
564,741.00 |
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Short-term Loan to Related Person |
130,000.00 |
1,530,000.00 |
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Other Current Assets
|
114,972.20 |
107,884.18 |
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Total Current Assets
|
1,833,966.55 |
2,845,207.32 |
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Cash at Bank
pledged as a
Collateral |
7,556,628.00 |
2,200,000.00 |
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Equipment |
1,138,712.69 |
1,944,823.97 |
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Total Assets |
10,529,307.24 |
6,990,031.29 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
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|
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Current Portion of
Long-term Loan |
1,674,000.00 |
268,037.84 |
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Current Portion of
Hire-purchase Contract Liabilities |
- |
246,620.30 |
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Accrued Income Tax |
260,574.95 |
41,975.62 |
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Accrued Expenses |
65,802.00 |
62,246.64 |
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Total Current Liabilities |
2,000,376.95 |
618,880.40 |
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Long-term Loan |
830,808.90 |
- |
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Total Liabilities |
2,831,185.85 |
618,880.40 |
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Shareholders' Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
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Capital Paid |
5,000,000.00 |
5,000,000.00 |
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Retained Earning -
Unappropriated |
2,698,121.30 |
1,371,150.89 |
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Total Shareholders' Equity |
7,698,121.39 |
6,371,150.89 |
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Total Liabilities & Shareholders' Equity |
10,529,307.24 |
6,990,031.29 |
PROFIT & LOSS ACCOUNT
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2009 |
2008 |
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Sales |
196,187,362.03 |
104,891,529.00 |
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Other Income |
926,438.53 |
38,792.68 |
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Total Sales |
197,113,800.56 |
104,930,321.68 |
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Expenses |
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Cost of Goods
Sold |
188,626,039.44 |
99,523,846.06 |
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Selling Expenses |
2,044,990.09 |
1,236,745.30 |
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Administrative Expenses |
4,127,649.01 |
3,229,484.76 |
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Other Expenses |
- |
81,064.48 |
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Total Expenses |
194,798,678.54 |
104,071,140.60 |
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Profit / [Loss] before Financial
Expenses & Income Tax |
2,315,122.02 |
859,181.08 |
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Financial Expenses |
[709,157.76] |
[323,596.92] |
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Income Tax |
[278,993.73] |
[57,837.62] |
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Net Profit / [Loss] |
1,326,970.53 |
477,746.54 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
0.92 |
4.60 |
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QUICK RATIO |
TIMES |
0.48 |
3.51 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
172.29 |
53.93 |
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TOTAL ASSETS TURNOVER |
TIMES |
18.63 |
15.01 |
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INVENTORY CONVERSION PERIOD |
DAYS |
1.45 |
2.07 |
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INVENTORY TURNOVER |
TIMES |
251.57 |
176.23 |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
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RECEIVABLES TURNOVER |
TIMES |
- |
- |
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PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
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CASH CONVERSION CYCLE |
DAYS |
1.45 |
2.07 |
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PROFITABILITY
RATIO |
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COST OF GOODS SOLD |
% |
96.15 |
94.88 |
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SELLING & ADMINISTRATION |
% |
3.15 |
4.26 |
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INTEREST |
% |
0.36 |
0.31 |
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GROSS PROFIT MARGIN |
% |
4.33 |
5.15 |
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NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.18 |
0.82 |
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NET PROFIT MARGIN |
% |
0.68 |
0.46 |
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RETURN ON EQUITY |
% |
17.24 |
7.50 |
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RETURN ON ASSET |
% |
12.60 |
6.83 |
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EARNING PER SHARE |
BAHT |
26.54 |
9.55 |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.27 |
0.09 |
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DEBT TO EQUITY RATIO |
TIMES |
0.37 |
0.10 |
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TIME INTEREST EARNED |
TIMES |
3.26 |
2.66 |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
87.04 |
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OPERATING PROFIT |
% |
169.46 |
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NET PROFIT |
% |
177.76 |
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FIXED ASSETS |
% |
(41.45) |
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TOTAL ASSETS |
% |
50.63 |
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PROFITABILITY RATIO
|
Gross Profit Margin |
4.33 |
Acceptable |
Industrial Average |
6.06 |
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Net Profit Margin |
0.68 |
Satisfactory |
Industrial Average |
0.73 |
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Return on Assets |
12.60 |
Impressive |
Industrial Average |
4.07 |
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Return on Equity |
17.24 |
Impressive |
Industrial Average |
12.34 |
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 4.33%. When
compared with the industry average, the ratio of the company was lower.
This 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 0.68%.
When compared with the industry average, the ratio of the company was lower.
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 is 12.6%,
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 is
17.24%, 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 |
0.92 |
Risky |
Industrial Average |
1.39 |
|
Quick Ratio |
0.48 |
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Cash Conversion Cycle |
1.45 |
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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 0.92 times in 2009, decrease from 4.6 times, then the company may
have problems meeting its short-term obligations. 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 0.48 times in 2009,
decrease from 3.51 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 2 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.27 |
Impressive |
Industrial Average |
0.63 |
|
Debt to Equity Ratio |
0.37 |
Impressive |
Industrial Average |
1.86 |
|
Times Interest Earned |
3.26 |
Impressive |
Industrial Average |
1.92 |
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 stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 3.27 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 0.27 less than 0.5, most of the company's
assets are financed through equity.
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 |
172.29 |
Impressive |
Industrial Average |
19.42 |
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Total Assets Turnover |
18.63 |
Impressive |
Industrial Average |
5.55 |
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Inventory Conversion Period |
1.45 |
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Inventory Turnover |
251.57 |
Impressive |
Industrial Average |
13.25 |
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Receivables Conversion Period |
- |
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Receivables Turnover |
- |
|
Industrial Average |
8.67 |
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Payables Conversion Period |
- |
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Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.67 |
|
|
1 |
Rs.69.45 |
|
Euro |
1 |
Rs.59.37 |
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.