MIRA
INFORM REPORT
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Report Date : |
17.10.2011 |
IDENTIFICATION DETAILS
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Name : |
S B INTERFOOD CO., LTD. |
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Registered Office : |
53/47 Pruksa Village 16, Ekachai Road, T. Nadee, A. Muang, Samutprakarn 74000 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
13.08.2009 |
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Com. Reg. No.: |
0745552002630 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Provider of Freight Forwading and Shipping Services |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
|
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 and address
S B
INTERFOOD CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 53/47
PRUKSA VILLAGE 16,
EKACHAI ROAD,
T. NADEE, A. MUANG,
SAMUTPRAKARN 74000
TELEPHONE : [66] 34
870-787
FAX :
[66] 34
424-791
E-MAIL
ADDRESS : sbinterfood@gmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION
NO. : 0745552002630
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 : MR. NARONG PONGPICHET,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 10
LINES
OF BUSINESS : FREIGHT FORWADING
AND SHIPPING SERVICES
PROVIDER
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 August 13, 2009
as a private
limited company, under the
registered name style
S B INTERFOOD CO., LTD., by
Thai group, with the business
objective to provide complete range of international freight
forwarding, shipping and
logistic services. It
currently employs approximate
10 staff.
The subject’s registered address is 53/47
Pruksa Village 16, Ekachai Rd., T. Nadee, A. Muang, Samutsakorn
74000, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
Mr. Narong Pongpichet
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Narong Pongpichet is
the Managing Director.
He is Thai nationality with
the age of 46 years
old.
BUSINESS OPERATIONS
The subject
is engaged in
international air and
sea freight forwarding
and shipping services,
as well as
commissioning of import
frozen seafood products,
mainly fishes and
squid from Republic
of China, Pakistan
and India, as
well as exporting
shrimp to the
countries in Europe.
MAJOR
SUPPLIER
The
Siam Union Frozen
Food Co., Ltd. : Thailand
SERVICES
Most
of clients are
importer, exporter and
manufacturers both local
and international.
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
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately 10 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in provincial,
on the outskirts
of Bangkok.
REMARK
CREDIT
OF US$ 125,000
AGAINST D/A TERMS
SHOULD BE IN
ORDER.
COMMENT
International freight forwarding both by sea and air posted marginal
growth in 2010-2011 but the current severe floods in Thailand
has threatens the industry’s fragile
upturn.
Last year the company performed moderate as Asia-Pacific was outpaced
the global rate, but this year severely impact from floods has blown to the
industrial sector especially on
exporter.
This
has caused with
tight situation for
overall industry for the
rest of the year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000
shares of Bht. 100 each with
fully paid.
On February
21, 2011, the capital
was increased to Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at September 12,
2011]
|
NAME |
HOLDING |
% |
|
|
|
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Mr. Narong Pongpichet Nationality: Thai Address : 32/318
Moo 1, Klongklua,
Pakkred, Nonthaburi |
27,500 |
55.00 |
|
Mr. Pranee Boonya Nationality: Thai Address : 71
Visetkul 3 Rd.,
Thabthieng, Muang, Trang |
15,000 |
30.00 |
|
Mrs. Suris Chuanchanachai Nationality: Thai Address : 53/47
Moo 4, Ekachai
Rd., Nadee, Muang, Samutprakarn |
7,500 |
15.00 |
Total Shareholders : 3
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Ms. Sasina Thongnual No.
9168
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
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Cash and Cash Equivalent |
601,997.89 |
10,000.00 |
|
Trade Accounts Receivable |
1,772,093.96 |
- |
|
Short-term Loan from Related
Person |
720,000.00 |
990,000.00 |
|
Other Current Assets |
75,245.67 |
3,363.29 |
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|
|
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Total Current Assets
|
3,169,337.52 |
1,003,363.29 |
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Fixed Assets |
145,676.49 |
- |
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Total Assets |
3,315,014.01 |
1,003,363.29 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
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Trade Accounts Payable |
967,326.75 |
- |
|
Other Current Liabilities |
352,635.28 |
7,000.00 |
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Total Current Liabilities |
1,319,962.03 |
7,000.00 |
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Total Liabilities |
1,319,962.03 |
7,000.00 |
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Shareholders’ Equity |
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Share capital : Baht 100
par 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 |
995,051.98 |
[3,636.71] |
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Total Shareholders' Equity |
1,995,051.98 |
996,363.29 |
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Total Liabilities & Shareholders' Equity |
3,315,014.01 |
1,003,363.29 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
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Services Income |
14,467,132.07 |
- |
|
Other Income |
2.92 |
- |
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Interest Income |
25,298.29 |
3,363.29 |
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Total Revenues |
14,492,433.28 |
3,363.29 |
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Expenses |
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Cost of Services
|
10,394,877.52 |
- |
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Selling Expenses |
1,182,170.50 |
- |
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Administrative Expenses |
1,646,601.76 |
- |
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Total Expenses |
13,223,649.78 |
- |
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Profit before Financial Cost
& Income Tax |
1,268,783.50 |
3,363.29 |
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Income Tax |
[270,094.81] |
- |
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Net Profit / [Loss] |
998,688.69 |
3,363.29 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
2.40 |
143.34 |
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QUICK RATIO |
TIMES |
2.34 |
142.86 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
99.31 |
- |
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TOTAL ASSETS TURNOVER |
TIMES |
4.36 |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
44.71 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
8.16 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
33.97 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
10.74 |
- |
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PROFITABILITY
RATIO |
|
|
|
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COST OF GOODS SOLD |
% |
71.85 |
- |
|
SELLING & ADMINISTRATION |
% |
19.55 |
- |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
28.32 |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.77 |
- |
|
NET PROFIT MARGIN |
% |
6.90 |
- |
|
RETURN ON EQUITY |
% |
50.06 |
0.34 |
|
RETURN ON ASSET |
% |
30.13 |
0.34 |
|
EARNING PER SHARE |
BAHT |
99.87 |
0.34 |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.40 |
0.01 |
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DEBT TO EQUITY RATIO |
TIMES |
0.66 |
0.01 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
- |
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OPERATING PROFIT |
% |
37,624.48 |
|
|
NET PROFIT |
% |
29,593.80 |
|
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FIXED ASSETS |
% |
- |
|
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TOTAL ASSETS |
% |
230.39 |
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PROFITABILITY
RATIO
|
Gross Profit Margin |
28.32 |
Impressive |
Industrial Average |
15.00 |
|
Net Profit Margin |
6.90 |
Impressive |
Industrial Average |
2.29 |
|
Return on Assets |
30.13 |
Impressive |
Industrial Average |
4.70 |
|
Return on Equity |
50.06 |
Impressive |
Industrial Average |
12.51 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues 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 28.32%. 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 6.9%, 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
30.13%, 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 50.06%, 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 |
2.40 |
Impressive |
Industrial
Average |
1.03 |
|
Quick Ratio |
2.34 |
|
|
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Cash Conversion Cycle |
10.74 |
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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 2.4 times in 2010, decrease from 143.34 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 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 2.34 times in 2010, decrease
from 142.86 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 11 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.40 |
Impressive |
Industrial
Average |
0.64 |
|
Debt to Equity Ratio |
0.66 |
Impressive |
Industrial
Average |
1.71 |
|
Times Interest Earned |
- |
|
Industrial
Average |
1.93 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.4 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
99.31 |
Impressive |
Industrial
Average |
3.50 |
|
Total Assets Turnover |
4.36 |
Impressive |
Industrial
Average |
2.20 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
49.53 |
|
Receivables Conversion Period |
44.71 |
|
|
|
|
Receivables Turnover |
8.16 |
Impressive |
Industrial
Average |
5.65 |
|
Payables Conversion Period |
33.97 |
|
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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.49.07 |
|
|
1 |
Rs.77.42 |
|
Euro |
1 |
Rs.67.72 |
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.