MIRA
INFORM REPORT
|
Report Date : |
25.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
SIRINOPPHAKUN
CO., LTD. |
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|
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Registered Office : |
1/104 Moo 2, Samutsakorn Industrial Estate, Soi 12, Rama 2 Road, Thasai, Muang, Samutsakorn 74000 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
19.02.2004 |
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Com. Reg. No.: |
0745552000742 [Former : 0743547000274] |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Distributor of frozen
seafood |
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No. of Employees : |
15 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
SIRINOPPHAKUN CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 1/104
MOO 2, SAMUTSAKORN
INDUSTRIAL ESTATE,
SOI 12,
RAMA 2 ROAD,
THASAI, MUANG,
SAMUTSAKORN 74000,
THAILAND
TELEPHONE : [66] 34 490-922-4, 081
942-6759
FAX :
[66] 34
490-921
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION
NO. : 0745552000742 [Former :
0743547000274]
TAX
ID NO. : 3031250123
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE
: MS. YUPIN NOPPHAKUN,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 15
LINES
OF BUSINESS : FROZEN SEAFOOD
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD 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 private limited
company under the
name SIRINOPPHAKUN CO.,
LTD. The business
objective is to
distribute various kinds
of frozen seafood,
in Samutsakorn province.
It currently employs
15 staff.
The
subject’s registered address
was initially located
at 10/8 Moo
9, Khokkham,
Muang, Samutsakorn 74000.
On
October 26, 2011, the
subject’s registered address
was relocated to 1/104 Moo
2, Samutsakorn
Industrial Estate, Soi
12, Rama 2 Rd.,
Thasai,
Muang, Samutsakorn
74000, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
Ms. Yupin
Nopphakun
AUTHORIZED PERSON
The above director
signs 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 40
years old.
BUSINESS OPERATIONS
The
subject is engaged
in wholesale distributing
various kinds of
frozen seafood including
fish, shrimp, crab,
squid, shell and
etc., to foods
and processed food
industries.
PURCHASE
100%
of the products
is purchased from
local suppliers.
SALES
100% of the
products is sold
locally by wholesale
to manufacturers and
end-users.
MAJOR CUSTOMER
Sirinopphakun
Marketing Co., Ltd. : Thailand
RELATED/AFFILIATED COMPANIES
Sirinopphakun Marketing
Co., Ltd.
Business Type :
Distributing of frozen
seafood products.
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 15
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
and cold storage
at the heading
address. Premise is
located in provincial/industrial area.
COMMENT
The
subject’s operating performance
in 2011 was
satisfactory with increasing both
sales revenue and net profit
comparing to the
previous year. Domestic
consumption remains strong,
while its business
in 2012 is
continued growing from
demand of processed
products as well.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000
divided into 50,000
shares of Bht. 100
each.
On
June 23, 2011,
the capital was
increased to Bht. 20,000,000
divided into 200,000
shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
June 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Yupin
Nopphakun Nationality: Thai Address : 10/8
Moo 9, T. Khokkham, A. Muang, Samutsakorn |
160,000 |
80.00 |
|
Mrs. Busara
Apinwattananont Nationality: Thai Address : 10/3
Moo 9, T. Khokkham, A. Muang, Samutsakorn |
20,000 |
10.00 |
|
Mr. Pipop Chindanoi Nationality: Thai Address : 53/10
Moo 4, T. Nadee, A. Muang, Samutsakorn |
20,000 |
10.00 |
Total Shareholders : 3
Share Structure [as
at June 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
200,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
200,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Boonchu
Wongpakdee No. 7968
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
363,778.99 |
10,588,626.99 |
|
Inventories |
17,472,637.73 |
980,501.75 |
|
Short-term Lending to Related Person |
6,600,000.00 |
- |
|
Other Current Assets
|
166,038.96 |
19,561.35 |
|
|
|
|
|
Total Current Assets
|
24,602,455.68 |
11,588,690.09 |
|
Cash at Bank
pledged as a
Collateral |
20,147,945.48 |
18,723,980.81 |
|
Equipment |
44,364,585.44 |
331,510.24 |
|
Total Assets |
89,114,986.60 |
30,644,181.14 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft |
- |
11,661,050.17 |
|
Trade Accounts Payable |
11,860,563.57 |
4,508,660.00 |
|
Current Portion of
Long-term Loan |
3,285,600.00 |
1,674,000.00 |
|
Accrued Income Tax |
368,606.01 |
390,407.20 |
|
Accrued Expenses |
55,594.09 |
55,606.00 |
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|
|
|
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Total Current Liabilities |
15,570,363.67 |
18,289,723.37 |
|
Long-term Loan |
46,868,758.80 |
2,699,045.99 |
|
Total Liabilities |
62,439,122.47 |
20,988,769.36 |
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|
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Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 200,000 &
50,000 shares in 2011 & 2010 respectively |
20,000,000.00 |
5,000,000.00 |
|
|
|
|
|
Capital Paid |
20,000,000.00 |
5,000,000.00 |
|
Retained Earning - Unappropriated
|
6,675,864.13 |
4,655,411.78 |
|
Total Shareholders' Equity |
26,675,864.13 |
9,655,411.78 |
|
Total Liabilities &
Shareholders' Equity |
89,114,986.60 |
30,644,181.14 |
PROFIT & LOSS ACCOUNT
|
Sale |
2011 |
2010 |
|
|
|
|
|
Sales |
307,074,995.80 |
311,734,733.02 |
|
Other Income |
8,783,191.09 |
2,454,020.92 |
|
Total Sales |
315,858,186.89 |
314,188,753.94 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
296,631,686.38 |
299,016,874.71 |
|
Selling Expenses |
6,179,482.72 |
6,876,767.24 |
|
Administrative Expenses |
5,887,891.30 |
3,183,978.37 |
|
Total Expenses |
308,699,060.40 |
309,077,620.32 |
|
|
|
|
|
Profit / [Loss] before Financial
Expenses & Income Tax |
7,159,126.49 |
5,111,133.62 |
|
Financial Expenses |
[4,272,738.26] |
[2,664,737.90] |
|
Profit / [Loss] before Income
Tax |
2,886,388.23 |
2,446,395.72 |
|
Income Tax |
[865,935.88] |
[489,105.33] |
|
|
|
|
|
Net Profit / [Loss] |
2,020,452.35 |
1,957,290.39 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.58 |
0.63 |
|
QUICK RATIO |
TIMES |
0.02 |
0.58 |
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|
|
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|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.92 |
940.35 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.45 |
10.17 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
21.50 |
1.20 |
|
INVENTORY TURNOVER |
TIMES |
16.98 |
304.96 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
14.59 |
5.50 |
|
CASH CONVERSION CYCLE |
DAYS |
6.91 |
(4.31) |
|
|
|
|
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PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
96.60 |
95.92 |
|
SELLING & ADMINISTRATION |
% |
3.93 |
3.23 |
|
INTEREST |
% |
1.39 |
0.85 |
|
GROSS PROFIT MARGIN |
% |
6.26 |
4.87 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.33 |
1.64 |
|
NET PROFIT MARGIN |
% |
0.66 |
0.63 |
|
RETURN ON EQUITY |
% |
7.57 |
20.27 |
|
RETURN ON ASSET |
% |
2.27 |
6.39 |
|
EARNING PER SHARE |
BAHT |
10.10 |
39.15 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.70 |
0.68 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.34 |
2.17 |
|
TIME INTEREST EARNED |
TIMES |
1.68 |
1.92 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(1.49) |
|
|
OPERATING PROFIT |
% |
40.07 |
|
|
NET PROFIT |
% |
3.23 |
|
|
FIXED ASSETS |
% |
13,282.57 |
|
|
TOTAL ASSETS |
% |
190.81 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
6.26 |
Satisfactory |
Industrial Average |
7.91 |
|
Net Profit Margin |
0.66 |
Acceptable |
Industrial
Average |
0.91 |
|
Return on Assets |
2.27 |
Acceptable |
Industrial
Average |
4.02 |
|
Return on Equity |
7.57 |
Acceptable |
Industrial
Average |
12.10 |
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 6.26%. 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 0.66%.
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 2.27%.
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 7.57%.
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 |
1.58 |
Impressive |
Industrial
Average |
1.42 |
|
Quick Ratio |
0.02 |
|
|
|
|
Cash Conversion Cycle |
6.91 |
|
|
|
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 1.58 times in 2011, increased from 0.63 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 0.02 times in 2011,
decreased from 0.58 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 7 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.70 |
Acceptable |
Industrial
Average |
0.63 |
|
Debt to Equity Ratio |
2.34 |
Risky |
Industrial
Average |
1.76 |
|
Times Interest Earned |
1.68 |
Acceptable |
Industrial
Average |
2.38 |
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 1.68 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 0.7 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.92 |
Deteriorated |
Industrial
Average |
16.27 |
|
Total Assets Turnover |
3.45 |
Satisfactory |
Industrial
Average |
4.50 |
|
Inventory Conversion Period |
21.50 |
|
|
|
|
Inventory Turnover |
16.98 |
Impressive |
Industrial
Average |
12.02 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
6.99 |
|
Payables Conversion Period |
14.59 |
|
|
|
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.55.38 |
|
UK Pound |
1 |
Rs.87.80 |
|
Euro |
1 |
Rs.69.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.