MIRA INFORM REPORT
|
Report Date : |
08.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
SIAM
SEAFOOD INDUSTRIES LTD. |
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Registered Office : |
336/38 Rama
4 Road, Mahaprutharam, Bangrak, Bangkok
10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
01.07.2010 |
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Com. Reg. No.: |
0105553079691 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and Exporter of Seafoods |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – 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 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
SIAM SEAFOOD
INDUSTRIES LTD.
SUMMARY
BUSINESS
ADDRESS : 336/38 RAMA
4 ROAD, MAHAPRUTHARAM,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2639-4815,
089 067-4762, 083
198-0111
FAX :
[66] 2639-4815
E-MAIL
ADDRESS : contact@siamseafoods.com / sales@siamseafoods.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0105553079691
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SUDHANT CHAND,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 5
LINES
OF BUSINESS : 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 1,
2010 as a private
limited company under the
name style SIAM
SEAFOOD INDUSTRIES LTD.,
by Indian-Thai groups, with
the objective to be engaged
in trading of seafood
products. It currently
employs 5 staff.
The
subject’s registered address
is 336/38 Rama
4 Rd., Mahaprutharam, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Nishant Chand |
|
Thai |
25 |
|
Mr. Sudhant Chand |
|
Thai |
24 |
|
Ms. Namrata Singh |
|
Thai |
19 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sudhant Chand is
the Managing Director.
He is Thai
nationality with the
age of 24
years old.
BUSINESS OPERATIONS
The subject
is engaged in importing,
distributing and exporting
of seafood products,
such as Indian
Mackerel, Cuttlefish, Indian
Spanish Mackerel, Leather
Jacket fish, crabs,
Blue King crab,
squid, Black Tiger
and prawns.
PURCHASE
The
products are purchased
from suppliers in
domestic and overseas,
mainly India, Malaysia
and Indonesia.
SALES
The products are
sold to customers
both local and
overseas, such as
Hong Kong, Republic of
China, Japan, and
the countries in
Europe and Middle
East region.
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
T/T.
Exports are against
T/T.
BANKING
United
Overseas Bank [Thai]
Public Co., Ltd.
EMPLOYMENT
The
subject employs 5
staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
REMARK
CREDIT
OF US$ 125,000
AGAINST D/A TERMS
SHOULD BE ON
SECURED BASIS.
COMMENT
The
subject was established in July 2010.
Its six month operation in
2010 was relatively
slowed. Since the
beginning of 2011 its
business performance has
gradually improved. However,
current floods crisis
in the middle
region including Bangkok
has halted domestic
consumption.
FINANCIAL INFORMATION
The
capital was registered at Bht. 2,000,000 divided
into 20,000 shares of Bht.
100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
February 28, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sudhant Chand Nationality: Thai Address : 336/38
Rama 4 Rd.,
Mahaprutharam,
Bangrak, Bangkok |
10,000 |
50.00 |
|
Mr. Nishant Chand Nationality: Thai Address : 336/38
Rama 4 Rd.,
Mahaprutharam,
Bangrak, Bangkok |
6,000 |
30.00 |
|
Ms. Namrata Singh Nationality: Thai Address : 137/257
Moo 5, Tharaeng,
Bangkhen, Bangkok |
4,000 |
20.00 |
Total Shareholders : 3
Share Structure [as at
February 28, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
20,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
20,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Chaiyarak
Srisakulchairak No. 3038
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 was :
ASSETS
|
Current Assets |
2010 |
|
|
|
|
Cash in Hand
& at Bank |
234,377.57 |
|
Inventories |
923,602.10 |
|
Short-term Loan to
Related Person or Company |
900,000.00 |
|
Other Current Assets
|
2,488.67 |
|
|
|
|
Total Current Assets
|
2,060,468.34 |
|
Total Assets |
2,060,468.34 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
|
|
|
|
Short-term Loan from Related
Person |
81,550.00 |
|
Other Current Liabilities |
25,000.00 |
|
|
|
|
Total Current Liabilities |
106,550.00 |
|
Total Liabilities |
106,550.00 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Share capital : Baht 100 par
value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
|
|
|
|
Capital Paid |
2,000,000.00 |
|
Retained Earning -
Unappropriated |
[46,081.66] |
|
Total Shareholders' Equity |
1,953,915.34 |
|
Total Liabilities & Shareholders' Equity |
2,060,468.34 |
PROFIT & LOSS ACCOUNT
|
Sale |
July 1,
2010 - Dec.
31, 2010 |
|
|
|
|
Sales |
1,198,090.00 |
|
Other Income |
21,577.83 |
|
Total Sales |
1,219,667.83 |
|
Expenses |
|
|
|
|
|
Cost of Goods
Sold |
1,132,567.34 |
|
Selling Expenses |
41,498.55 |
|
Administrative Expenses |
88,244.55 |
|
Total Expenses |
1,262,310.44 |
|
|
|
|
Profit / [Loss] before Financial
Cost |
[42,642.61] |
|
Financial Cost |
[3,439.05] |
|
|
|
|
Net Profit / [Loss] |
[46,081.66] |
fINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
CURRENT RATIO |
TIMES |
19.34 |
|
QUICK RATIO |
TIMES |
10.65 |
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.58 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
297.66 |
|
INVENTORY TURNOVER |
TIMES |
1.23 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
|
CASH CONVERSION CYCLE |
DAYS |
297.66 |
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
COST OF GOODS SOLD |
% |
94.53 |
|
SELLING & ADMINISTRATION |
% |
10.83 |
|
INTEREST |
% |
0.29 |
|
GROSS PROFIT MARGIN |
% |
7.27 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(3.56) |
|
NET PROFIT MARGIN |
% |
(3.85) |
|
RETURN ON EQUITY |
% |
(2.36) |
|
RETURN ON ASSET |
% |
(2.24) |
|
EARNING PER SHARE |
BAHT |
(2.30) |
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
DEBT RATIO |
TIMES |
0.05 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.05 |
|
TIME INTEREST EARNED |
TIMES |
(12.40) |
PROFITABILITY RATIO
|
Gross Profit Margin |
7.27 |
Impressive |
Industrial
Average |
6.38 |
|
Net Profit Margin |
(3.85) |
Deteriorated |
Industrial
Average |
(0.06) |
|
Return on Assets |
(2.24) |
Deteriorated |
Industrial
Average |
(0.26) |
|
Return on Equity |
(2.36) |
Deteriorated |
Industrial
Average |
(0.87) |
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 7.27%. When compared with the industry average, the
ratio of the company was higher, this indicated that company was more
profitable than the same industry.
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 -3.85%. 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. When compared with the
industry average, it was lower, the company's figure is -2.24%.
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. When compared with the
industry average, it was lower, the company's figure is -2.36%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
19.34 |
Impressive |
Industrial
Average |
1.02 |
|
Quick Ratio |
10.65 |
|
|
|
|
Cash Conversion Cycle |
297.66 |
|
|
|
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 19.34 times in 2010, increase from 0 time, then it is generally considered
to have good short-term financial strength. When compared with the industry
average, the ratio of the company was higher, indicated that company was an
efficient operator in a dominant position within its industry.
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 10.65 times in 2010,
increase from 0 times, although excluding inventory so the company still have
good short-term financial strength.
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 298 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.05 |
Impressive |
Industrial
Average |
0.78 |
|
Debt to Equity Ratio |
0.05 |
Impressive |
Industrial
Average |
2.90 |
|
Times Interest Earned |
(12.40) |
Risky |
Industrial
Average |
0.53 |
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 -12.4 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.05 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial Average |
9.18 |
|
Total Assets Turnover |
0.58 |
Deteriorated |
Industrial Average |
4.14 |
|
Inventory Conversion Period |
297.66 |
|
|
|
|
Inventory Turnover |
1.23 |
Deteriorated |
Industrial Average |
7.48 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
6.95 |
|
Payables Conversion Period |
- |
|
|
|
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.08 |
|
UK Pound |
1 |
Rs.78.65 |
|
Euro |
1 |
Rs.67.79 |
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.