MIRA INFORM REPORT
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Report Date : |
19.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
SEAFOOD
NETWORK COMPANY LIMITED |
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Registered Office : |
3/44 Moo 1,
Kanjanavanit Road, T. Kaoroopchang, A. Muang, Songkhla Province
90000 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
04.02.2009 |
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Com. Reg. No.: |
0905552000261 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer & distributor
of seafood products |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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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 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
SEAFOOD NETWORK
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 3/44
MOO 1, KANJANAVANIT
ROAD,
T.
KAOROOPCHANG, A. MUANG,
SONGKHLA PROVINCE
90000, THAILAND
TELEPHONE : [66] 83
063-8344
FAX :
[66] 74
447-236
E-MAIL
ADDRESS : seafood@windowlive.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION
NO. : 0905552000261
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 : MS.
PINSUDA MAKKITIKARN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 5
LINES
OF BUSINESS : SEAFOOD PRODUCTS
IMPORTOR &
DISTRIBUTOR
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 February 4,
2009 as a
private limited company
under the name
style SEAFOOD NETWORK COMPANY LIMITED by
Thai groups. Its business
objective is to
import and distribute
various kinds of
fresh seafood products to local market.
It currently employs
5 staff.
The
subject’s registered address
is 3/44 Moo
1, Kanjanavanit Rd.,
T. Kaoroopchang, A. Muang, Songkhla
90000, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
Ms. Pinsuda Makkitikarn
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Pinsuda Makkitikarn is
the Managing Director.
She is Thai
nationality with the
age of 34
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
various kinds of
fresh seafood products
mainly fishes, such
as Skipjack Tuna,
Yellow Fin Tuna,
Indian Mackerel, Ribbon
Fish, Red Mullet,
Sardine, Cuttlefish, Sillago and
etc., as well
as shrimp, crab,
mussel and etc.
PURCHASE
80%
of the products
is imported from
Pakistan and India,
the remaining 20% is purchased
from local fishermen.
SALES
100% of the
products is sold
locally by wholesale
to traders and
end-users, such as fresh
market, supermarket and
etc.
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
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
credit term of
30-60 days.
Imports are by
T/T.
BANKING
Kasikornbank
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 provincial,
in the Southern
region.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
300,000.
COMMENT
The
subject is engaged
in distributing of
fresh seafoods. The
products are mainly served
consumer sector. Since
the economy improvement in the
first quarter of the
year 2010, subject’s business has continued growing
and marketing channel
is also expanded
for higher business
growth.
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, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Pinsuda Makkitikarn Nationality: Thai Address : 188
Nangngam Rd., T. Boryang,
A. Muang, Songkhla |
9,998 |
99.98 |
|
Lt. Gen. Pinij Anukul Nationality: Thai Address : 38
Soi 29, Saiburi
Rd., T. Boryang, A.
Mauang, Songkhla |
1 |
0.01 |
|
Mr. Sakpawat Kulthawaiporn Nationality: Thai Address : 29/3
Satool Rd., Boryang,
Muang, Songkhla |
1 |
0.01 |
Total Shareholders : 3
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Prawit Vanicharak
No. 1607
BALANCE SHEET [BAHT]
The financial figures published for December 31, 2010 & 2009 were :
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
570,230.83 |
1,717,188.53 |
|
Short-term Loan to Related Person |
950,000.00 |
- |
|
Inventories |
1,163,680.88 |
- |
|
Other Current Assets |
2,580,369.51 |
2,033.68 |
|
|
|
|
|
Total Current Assets
|
5,264,281.22 |
1,719,222.21 |
|
Fixed Assets |
62,383.94 |
- |
|
Total Assets |
5,326,665.16 |
1,719,222.21 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
3,109,511.75 |
- |
|
Other Current Liabilities |
687,131.44 |
558,280.44 |
|
|
|
|
|
Total Current Liabilities |
3,796,643.19 |
558,280.44 |
|
Total Liabilities |
3,796,643.19 |
558,280.44 |
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|
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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 |
|
Retained Earning-
Unappropriated |
530,021.97 |
160,941.77 |
|
Total Shareholders' Equity |
1,530,021.97 |
1,160,941.77 |
|
Total Liabilities & Shareholders' Equity |
5,326,665.16 |
1,719,222.21 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
64,205,901.00 |
9,108,359.29 |
|
Other Income |
111,981.68 |
- |
|
Total Sales |
64,317,882.68 |
9,108,359.29 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
63,162,106.04 |
8,173,231.70 |
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Administrative Expenses |
740,391.65 |
767,029.12 |
|
Total Expenses |
63,902,497.69 |
8,940,260.82 |
|
Profit / [Loss] before Income
Tax |
415,384.99 |
168,098.47 |
|
Income Tax |
[46,304.79] |
[7,156.70] |
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|
|
|
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Net Profit / [Loss] |
369,080.20 |
160,941.77 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
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LIQUIDITY RATIO |
|
|
|
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CURRENT RATIO |
TIMES |
1.39 |
3.08 |
|
QUICK RATIO |
TIMES |
0.40 |
3.08 |
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|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1,029.21 |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
12.05 |
5.30 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
6.72 |
- |
|
INVENTORY TURNOVER |
TIMES |
54.28 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
17.97 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
(11.24) |
- |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
98.37 |
89.73 |
|
SELLING & ADMINISTRATION |
% |
1.15 |
8.42 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
1.80 |
10.27 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.65 |
1.85 |
|
NET PROFIT MARGIN |
% |
0.57 |
1.77 |
|
RETURN ON EQUITY |
% |
24.12 |
13.86 |
|
RETURN ON ASSET |
% |
6.93 |
9.36 |
|
EARNING PER SHARE |
BAHT |
36.91 |
16.09 |
|
|
|
|
|
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LEVERAGE RATIO |
|
|
|
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DEBT RATIO |
TIMES |
0.71 |
0.32 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.48 |
0.48 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
604.91 |
|
|
OPERATING PROFIT |
% |
147.11 |
|
|
NET PROFIT |
% |
129.33 |
|
|
FIXED ASSETS |
% |
- |
|
|
TOTAL ASSETS |
% |
209.83 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
1.80 |
Deteriorated |
Industrial
Average |
29.80 |
|
Net Profit Margin |
0.57 |
Impressive |
Industrial
Average |
(1.33) |
|
Return on Assets |
6.93 |
Impressive |
Industrial
Average |
1.74 |
|
Return on Equity |
24.12 |
Impressive |
Industrial
Average |
7.78 |
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 1.8%. 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 0.57% 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 6.93%, 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 24.12%, 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 |
1.39 |
Deteriorated |
Industrial
Average |
30.00 |
|
Quick Ratio |
0.40 |
|
|
|
|
Cash Conversion Cycle |
(11.24) |
|
|
|
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 1.39 times in 2010, decrease from 3.08 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 0.4 times in 2010,
decrease from 3.08 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 -12 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.71 |
Acceptable |
Industrial
Average |
1.07 |
|
Debt to Equity Ratio |
2.48 |
Risky |
Industrial
Average |
0.91 |
|
Times Interest Earned |
- |
|
Industrial
Average |
207.56 |
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 0.71 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
1,029.21 |
Deteriorated |
Industrial Average |
38,926.95 |
|
Total Assets Turnover |
12.05 |
Impressive |
Industrial Average |
3.31 |
|
Inventory Conversion Period |
6.72 |
|
|
|
|
Inventory Turnover |
54.28 |
Acceptable |
Industrial Average |
98.43 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
448.15 |
|
Payables Conversion Period |
17.97 |
|
|
|
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.49.14 |
|
UK Pound |
1 |
Rs.77.58 |
|
Euro |
1 |
Rs.67.58 |
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.