MIRA
INFORM REPORT
|
Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
NEW GRAND OCEAN INTERNATIONAL CO., LTD. |
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Registered Office : |
94/5 Moo 1,
T. Mabkae, A. Muang, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
24.04.2002 |
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Com. Reg. No.: |
0105545044646 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trading of Foods |
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No. of Employees : |
20 |
RATING & COMMENTS
|
MIRAs 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 March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
NEW
GRAND OCEAN INTERNATIONAL
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 94/5
MOO 1, T. MABKAE,
A. MUANG,
NAKHONPATHOM PROVINCE
73000
TELEPHONE : [66] 34
974-089, 082 298-2868
FAX :
[66] 34
974-088
E-MAIL
ADDRESS : shing_168@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0105545044646
CAPITAL REGISTERED : BHT. 25,000,000
CAPITAL PAID-UP : BHT.
25,000,000
SHAREHOLDERS PROPORTION : THAI
: 51%
CHINESE :
49%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. CHEN QIAN,
CHINESE
MANAGING DIRECTOR
NO.
OF STAFF : 20
LINES
OF BUSINESS : FOODS
TRADING COMPANY
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 April 24,
2002 as a
private limited company under the registered name NEW GRAND OCEAN INTERNATIONAL
CO., LTD., by
Thai and Chinese groups, with the
business objective to
import and export
wide range of
frozen food products.
It currently employs
approximate 20 staff.
The
subjects registered address
is 94/5 Moo
1, T. Mabkae, A. Muang,
Nakhonpathom 73000, and
this is the
subjects current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chen Qian |
|
Chinese |
40 |
|
Mrs. Liu You Mei |
|
Chinese |
71 |
|
Ms. Zhang Yi |
|
Chinese |
34 |
|
Mr. Chongsiri Zhang |
|
Thai |
44 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with companys affixed.
MANAGEMENT
Mr. Chen Qian is
the Managing Director.
He is Chinese
nationality with the
age of 40
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing, distributing and
exporting of frozen
foods products, such
as frozen meat
and poultry foods,
wing tip, gizzard,
middle stick chicken
paw grade A, beefs,
fishes and etc.
PURCHASE
The
products are purchased
from suppliers both
domestic and overseas,
mainly in Republic
of China, Taiwan
and Vietnam.
SALES
The products are sold
to customers both local and
overseas, mainly in
Republic of China, Taiwan, Hong
Kong, Vietnam, Singapore
and Europe.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor 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
The
subject was not
disclosed its bankers
name.
EMPLOYMENT
The
subject employs approximately 20
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and cold storage
at the heading
address. Premise is
located in provincial.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT USD
1,000,000.
COMMENT
The
subject is an
importer, distributor and exporter
of frozen food
products. Local consumption improvement have
a better change
of food products
including exported markets.
Demand has moderately
increased since the
year 2010. Subject
also has the good
business with its
sales has risen
gradually.
FINANCIAL INFORMATION
The capital
was registered at Bht.
10,000,000 divided into 100,000
shares of Bht. 100
each with fully
paid.
On
June 1, 2010,
capital was increased
to Bht. 25,000,000
divided into 250,000
shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chen Qian Nationality: Chinese Address : 374/28
Ladprao 47 Rd.,
Wangthonglang, Bangkok |
42,500 |
17.00 |
|
Mrs. Liu You Mei Nationality: Chinese Address : 374/28
Ladprao 47 Rd.,
Wangthonglang, Bangkok |
40,000 |
16.00 |
|
Ms. Zhang Yi Nationality: Chinese Address : 374/28
Ladprao 47 Rd.,
Wangthonglang, Bangkok |
40,000 |
16.00 |
|
Mr. Thanyapat Wangwongsiri Nationality: Thai Address : 36
Petchkasem Rd., Bangwha,
Pasicharoen, Bangkok |
37,500 |
15.00 |
|
Mrs. Manida Wangwongsiri Nationality: Thai Address : 101/67
Moo 9, Petchkasem
Rd., Bangwha, Pasicharoen, Bangkok |
30,000 |
12.00 |
|
Ms. Rangsiya Sroynark Nationality: Thai Address : 52/907
Moo 7, Lakhok,
Muang, Pathumthani |
30,000 |
12.00 |
|
Mr. Chongsiri Zhang Nationality: Thai Address : 506
Ladprao 47 Rd.,
Wangthonglang, Bangkok |
30,000 |
12.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
127,500 |
51.00 |
|
Foreign-Chinese |
3 |
122,500 |
49.00 |
|
Total |
7 |
250,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Chukiat Kosuma
No. 7804
Note.
The 2011 financial
statement has yet been
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
290,799.99 |
1,163,989.99 |
|
Trade Accounts &
Notes Receivable |
13,452,123.40 |
1,025,855.00 |
|
Inventories |
1,610,173.70 |
- |
|
Other Current Assets |
454,510.13 |
480,713.12 |
|
|
|
|
|
Total Current Assets
|
15,807,607.22 |
2,670,558.11 |
|
|
|
|
|
Fixed Assets |
34,406,727.04 |
14,776,839.21 |
|
Other Assets |
35,000.00 |
35,000.00 |
|
Total Assets |
50,249,334.26 |
17,482,397.32 |
LIABILITIES &
SHAREHOLDERS EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Current Portion of Hire-purchase Payable |
1,629,000.00 |
328,581.00 |
|
Accrued Expenses |
3,492,814.74 |
22,340.00 |
|
Accrued Income Tax |
781,910.32 |
49,699.20 |
|
Other Current Liabilities |
623,212.66 |
22,571.26 |
|
|
|
|
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Total Current Liabilities |
6,526,937.72 |
423,191.46 |
|
|
|
|
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Long-term Loan from
Related Person |
17,909,200.00 |
7,909,200.00 |
|
Total Liabilities |
24,436,137.72 |
8,332,391.46 |
|
|
|
|
|
Shareholders Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 250,000 & 100,000 shares in 2010
& 2009 respectively, |
25,000,000.00 |
10,000,000.00 |
|
|
|
|
|
Capital Paid |
25,000,000.00 |
10,000,000.00 |
|
Retained Earning Unappropriated |
813,196.54 |
[849,994.14] |
|
Total Shareholders' Equity |
25,813,196.54 |
9,150,005.86 |
|
Total Liabilities & Shareholders' Equity |
50,249,334.26 |
17,482,397.32 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
334,853,468.40 |
134,993,735.00 |
|
Other Income |
621,888.28 |
15,091.71 |
|
Total Revenues |
335,475,356.68 |
135,008,826.71 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
314,179,409.90 |
128,000,623.00 |
|
Selling Expenses |
10,039,013.95 |
3,850,780.08 |
|
Administrative Expenses |
8,711,673.35 |
2,999,119.74 |
|
Total Expenses |
332,930,097.20 |
134,850,522.82 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
2,545,259.48 |
158,303.89 |
|
Financial Cost |
[51,999.75] |
[69,333.00] |
|
Income Tax |
[830,069.05] |
[88,699.20] |
|
|
|
|
|
Net Profit / [Loss] |
1,663,190.68 |
271.69 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.42 |
6.31 |
|
QUICK RATIO |
TIMES |
2.11 |
5.17 |
|
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|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
9.73 |
9.14 |
|
TOTAL ASSETS TURNOVER |
TIMES |
6.66 |
7.72 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
1.87 |
- |
|
INVENTORY TURNOVER |
TIMES |
195.12 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
14.66 |
2.77 |
|
RECEIVABLES TURNOVER |
TIMES |
24.89 |
131.59 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
16.53 |
2.77 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
93.83 |
94.82 |
|
SELLING & ADMINISTRATION |
% |
5.60 |
5.07 |
|
INTEREST |
% |
0.02 |
0.05 |
|
GROSS PROFIT MARGIN |
% |
6.36 |
5.19 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.76 |
0.12 |
|
NET PROFIT MARGIN |
% |
0.50 |
0.00 |
|
RETURN ON EQUITY |
% |
6.44 |
0.00 |
|
RETURN ON ASSET |
% |
3.31 |
0.00 |
|
EARNING PER SHARE |
BAHT |
6.65 |
0.00 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.49 |
0.48 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.95 |
0.91 |
|
TIME INTEREST EARNED |
TIMES |
48.95 |
2.28 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
148.05 |
|
|
OPERATING PROFIT |
% |
1,507.83 |
|
|
NET PROFIT |
% |
612,064.85 |
|
|
FIXED ASSETS |
% |
132.84 |
|
|
TOTAL ASSETS |
% |
187.43 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
6.36 |
Satisfactory |
Industrial
Average |
7.60 |
|
Net Profit Margin |
0.50 |
Acceptable |
Industrial
Average |
0.79 |
|
Return on Assets |
3.31 |
Satisfactory |
Industrial
Average |
3.38 |
|
Return on Equity |
6.44 |
Acceptable |
Industrial
Average |
10.28 |
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 6.36%. 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 0.5%. 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 3.31%.
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 6.44%.
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 |
2.42 |
Impressive |
Industrial
Average |
1.37 |
|
Quick Ratio |
2.11 |
|
|
|
|
Cash Conversion Cycle |
16.53 |
|
|
|
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 2.42 times in 2010, decreased from 6.31 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 2.11 times in 2010,
decreased from 5.17 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 17 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.49 |
Impressive |
Industrial
Average |
0.65 |
|
Debt to Equity Ratio |
0.95 |
Impressive |
Industrial
Average |
1.92 |
|
Times Interest Earned |
48.95 |
Impressive |
Industrial
Average |
2.14 |
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 48.95 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 0.49 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 |
9.73 |
Acceptable |
Industrial
Average |
14.57 |
|
Total Assets Turnover |
6.66 |
Impressive |
Industrial
Average |
4.27 |
|
Inventory Conversion Period |
1.87 |
|
|
|
|
Inventory Turnover |
195.12 |
Impressive |
Industrial
Average |
11.84 |
|
Receivables Conversion Period |
14.66 |
|
|
|
|
Receivables Turnover |
24.89 |
Impressive |
Industrial
Average |
6.63 |
|
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 Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.20 |
|
|
1 |
Rs.81.50 |
|
Euro |
1 |
Rs.67.15 |
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 SCs 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.