MIRA
INFORM REPORT
|
Report Date : |
06.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
ASIA
PREMIUM SUPPLY CO.,
LTD. |
|
|
|
|
Formerly Known As : |
ASIA ROYAL SEAFOOD
CO., LTD. |
|
|
|
|
Registered Office : |
87-88 Moo 6,
Soi Pin-Nakorn 4, |
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Country : |
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Financials (as on) : |
30.11.2011 |
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Date of Incorporation : |
15.12.1998 |
|
|
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Com. Reg. No.: |
0105541077604 |
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|
Legal Form : |
Private Limited Company |
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|
|
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Line of Business : |
Distributor of agricultural products and frozen seafoods
and canned |
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|
No. of Employees : |
06 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
With a well-developed infrastructure, a free-enterprise economy, generally
pro-investment policies, and strong export industries,
|
Source : CIA |
Company name
ASIA PREMIUM
SUPPLY CO., LTD.
[FORMER
: ASIA ROYAL
SEAFOOD CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 87-88
MOO 6, SOI
PIN-NAKORN 4,
BOROMARACHACHONNANI ROAD,
TALINGCHAN, BANGKOK
10170, THAILAND
TELEPHONE : [66] 2434-3671-4,
2880-8057-8
FAX
:
[66] 2434-3674,
2880-8059
E-MAIL
ADDRESS : pwco5599@ksc.th.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1998
REGISTRATION
NO. : 0105541077604
TAX ID NO. : 3011979181
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : NOVEMBER 30
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VINIJ MEK-ARIYA,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 6
LINES
OF BUSINESS : FROZEN SEAFOODS
AND CANNED
AGRICULTURAL PRODUCTS
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The
subject was established
on December 15, 1998
as a private limited
company under the
originally registered name “Henson International
Co., Ltd.” by Thai groups.
On July 9,
2008, its registered
name was changed
to “Asia Royal
Seafood Co., Ltd.”,
and was finally changed to ASIA
PREMIUM SUPPLY CO.,
LTD. on November
15, 2011. Its
business objective is
to distribute various
kinds of seafood
and canned agricultural
products to domestic
market. It currently
employs 6 staff.
The subject’s registered address is 87-88
Moo 6, Soi Pin-Nakorn 4, Boromarachachonnani Road,
Talingchan, Bangkok 10170, and
this is the
subject’s current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vinij Mek-ariya |
|
Thai |
53 |
|
Mrs. Danupha Mek-ariya |
|
Thai |
50 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Vinij Mek-ariya is
the Managing Director.
He is Thai
nationality with the
age of 53 years
old.
BUSINESS OPERATIONS
The subject
is engaged in
distributing various kinds
of frozen seafood
products, such as
sea shrimp, sea
caught shrimp, squid,
octopus, squid kara-age,
cuttle fish, fish
fillet, fresh water
fish, frozen white
snapper fish, frozen
soft shell crab,
frozen spanner crab,
frozen blue swimming
crab and frozen vannamei shrimp,
as well as
canned agricultural products, e.g. canned
sweet corn, cream cord,
canned peeled tomato,
canned tomato paste,
canned red kidney
bean, canned coconut
gel and etc.
PURCHASE
100%
of the products
is purchased from
local suppliers.
SALES
100% of the
products is sold
locally to wholesalers
and end-users.
SUBSIDIARY AND AFFILIATED
COMPANIES
Parwel International Co.,
Ltd.
Business Type :
Importer and distributor
of industrial chemicals
Agro-Biomate Co., Ltd.
Business Type :
Importer and distributor
of agrochemicals
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
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
6 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in residential area.
COMMENT
Subject’s business was slow
down in 2011
due to slow
market penetration. This
has caused to slow sales
in the previous
year. However, expansion
in new market
especially in provincial has spurred
sales and increasing
demand of the
products. Subject estimated
a better business
outcome in the
year 2012 compared to the
previous year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 4,000,000
on February 8,
2005
Bht. 10,000,000
on July 9,
2008
The
latest registered capital
was increased to
Bht. 10,000,000 divided into
100,000 shares of Bht.
100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at March
30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Vinij Mek-ariya Nationality: Thai Address : 671/103
Charansanitwong Rd., Arun Amarin,
Bangkok |
52,497 |
52.50 |
|
Mrs. Vilai Vipassanaphol Nationality: Thai Address : 42/10
Moo 3, Chimplee
Rd., Chimplee,
Bangkok |
25,000 |
25.00 |
|
Parwel International Co.,
Ltd. Nationality: Thai Address :
87-88 Moo 6,
Soi Pin-Nakorn 4,
Boromarachachonnani Rd., Talingchan, Bangkok |
20,000 |
20.00 |
|
Mrs. Danupha Mek-ariya Nationality: Thai Address : 46/1
Srilanna Rd., T. Paton,
A. Muang, Chiangmai |
2,500 |
2.50 |
|
Mr. Pawuth Anujchalakom Nationality: Thai Address : 86/7
Premjairat Rd., T. Saensuk,
A.
Muang, Chonburi |
1 |
- |
|
Ms. Nathwadee Anujchalakom Nationality: Thai Address : 86/7
Premjairat Rd., T. Saensuk,
A.
Muang, Chonburi |
1 |
- |
|
Mr. Sukij Pornpromlikit Nationality: Thai Address : 40/41
Moo 7, Ladprao,
Bangkok |
1 |
- |
Total Shareholders : 7
Share Structure [as
at March 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
100,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
100,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Somnuek Sornchaithanasuk No.
3597
BALANCE SHEET [BAHT]
The
latest financial figures
published for November
30, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash in Hand
|
9,490.75 |
10,503.25 |
|
Trade Accounts Receivable
|
2,157,137.77 |
1,932,613.32 |
|
Other Receivable |
23,506,858.47 |
23,870,358.47 |
|
Inventories |
1,530,549.20 |
2,908,127.07 |
|
Other Current Assets
|
12,691.43 |
8,265.26 |
|
|
|
|
|
Total Current Assets
|
27,216,727.62 |
28,729,867.37 |
|
|
|
|
|
Fixed Assets |
1,161,903.74 |
1,803,313.13 |
|
Other Non-current Assets |
- |
6,000.00 |
|
Total Assets |
28,378,631.36 |
30,539,180.50 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft from Financial Institutions |
3,484,305.99 |
4,472,930.92 |
|
Short-term Loan |
29,301,411.30 |
29,342,780.30 |
|
Other Current Liabilities |
48,718.16 |
59,418.78 |
|
|
|
|
|
Total Current Liabilities |
32,834,435.45 |
33,875,130.00 |
|
Total Liabilities |
32,834,435.45 |
33,875,130.00 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 100,000 shares |
10,000,000.00 |
10,000,000.00 |
|
|
|
|
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning - Unappropriated |
[14,455,804.09] |
[13,335,949.50] |
|
Total Shareholders' Equity |
[4,455,804.09] |
[3,335,949.50] |
|
Total Liabilities & Shareholders' Equity |
28,378,631.36 |
30,539,180.50 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
3,028,158.62 |
10,953,247.15 |
|
Other Income |
161,170.33 |
42,000.00 |
|
Total Revenues |
3,189,328.95 |
10,995,247.15 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,866,075.84 |
10,070,592.94 |
|
Selling Expenses |
341,440.22 |
847,932.84 |
|
Administrative Expenses |
995,564.42 |
1,430,437.98 |
|
Other Expenses |
- |
219,722.49 |
|
Total Expenses |
4,203,080.48 |
12,568,686.25 |
|
|
|
|
|
Loss before Financial Costs |
[1,013,751.53] |
[1,573,439.10] |
|
Financial Costs |
[106,103.06] |
[109,730.11] |
|
Net Profit / [Loss] |
[1,119,854.59] |
[1,683,169.21] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.83 |
0.85 |
|
QUICK RATIO |
TIMES |
0.78 |
0.76 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.61 |
6.07 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.11 |
0.36 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
194.92 |
105.40 |
|
INVENTORY TURNOVER |
TIMES |
1.87 |
3.46 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
260.01 |
64.40 |
|
RECEIVABLES TURNOVER |
TIMES |
1.40 |
5.67 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
454.93 |
169.80 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
94.65 |
91.94 |
|
SELLING & ADMINISTRATION |
% |
44.15 |
20.80 |
|
INTEREST |
% |
3.50 |
1.00 |
|
GROSS PROFIT MARGIN |
% |
10.67 |
8.44 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(33.48) |
(14.37) |
|
NET PROFIT MARGIN |
% |
(36.98) |
(15.37) |
|
RETURN ON EQUITY |
% |
- |
- |
|
RETURN ON ASSET |
% |
(3.95) |
(5.51) |
|
EARNING PER SHARE |
BAHT |
(11.20) |
(16.83) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
1.16 |
1.11 |
|
DEBT TO EQUITY RATIO |
TIMES |
(7.37) |
(10.15) |
|
TIME INTEREST EARNED |
TIMES |
(9.55) |
(14.34) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(72.35) |
|
|
OPERATING PROFIT |
% |
(35.57) |
|
|
NET PROFIT |
% |
33.47 |
|
|
FIXED ASSETS |
% |
(35.57) |
|
|
TOTAL ASSETS |
% |
(7.07) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
10.67 |
Impressive |
Industrial
Average |
8.30 |
|
Net Profit Margin |
(36.98) |
Deteriorated |
Industrial
Average |
0.33 |
|
Return on Assets |
(3.95) |
Deteriorated |
Industrial
Average |
1.14 |
|
Return on Equity |
- |
|
Industrial
Average |
3.95 |
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 10.67%. 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 -36.98%.
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 -3.95%.
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 |
0.83 |
Risky |
Industrial
Average |
0.99 |
|
Quick Ratio |
0.78 |
|
|
|
|
Cash Conversion Cycle |
454.93 |
|
|
|
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 0.83 times in 2011, decreased from 0.85 times, then the company may have
problems meeting its short-term obligations. 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 0.78 times in 2011,
increased from 0.76 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 455 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
1.16 |
Risky |
Industrial
Average |
0.78 |
|
Debt to Equity Ratio |
(7.37) |
Risky |
Industrial
Average |
2.79 |
|
Times Interest Earned |
(9.55) |
Risky |
Industrial
Average |
0.76 |
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -9.56 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
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 |
2.61 |
Deteriorated |
Industrial
Average |
7.43 |
|
Total Assets Turnover |
0.11 |
Deteriorated |
Industrial
Average |
3.18 |
|
Inventory Conversion Period |
194.92 |
|
|
|
|
Inventory Turnover |
1.87 |
Deteriorated |
Industrial
Average |
8.25 |
|
Receivables Conversion Period |
260.01 |
|
|
|
|
Receivables Turnover |
1.40 |
Deteriorated |
Industrial
Average |
4.85 |
|
Payables Conversion Period |
- |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.57 |
|
UK Pound |
1 |
Rs.87.90 |
|
Euro |
1 |
Rs.71.53 |
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.