MIRA
INFORM REPORT
|
Report Date : |
10.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
C.P. TUNA CO.,
LTD. |
|
|
|
|
Registered Office : |
230/1 Moo
10, Klongmadue, Krathumban, Samutsakorn 74110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
2005 |
|
|
|
|
Com. Reg. No.: |
0745548002574 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Seafood Processing
Products, Manufacturer,
Distributor And Exporter |
|
|
|
|
No. of Employees : |
250 |
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 |
|
Maximum Credit Limit : |
US$ 1,000,000 |
|
Status : |
Good |
|
Payment Behaviour : |
No complaints |
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SUMMARY
BUSINESS
ADDRESS : 230/1
MOO 10, KLONGMADUE,
KRATHUMBAN,
SAMUTSAKORN 74110,
THAILAND
TELEPHONE : [66] 34
849-954-5
FAX :
[66] 34
849-863
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION
NO. : 0745548002574
CAPITAL REGISTERED : BHT. 16,000,000
CAPITAL PAID-UP : BHT.
16,000,000
SHAREHOLDER’S PROPORTION : THAI :
87.50%
FOREIGN :
12.50%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PORNCHAI PANSRIKAEW,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 250
LINES
OF BUSINESS : SEAFOOD PROCESSING
PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 established
on July 11, 2005
as a private
limited company under the
registered name C.P.
TUNA CO., LTD.,
by Thai and
Foreign groups, with the business
objective to manufacture
and distribute seafood
processing products to
both domestic and
international markets. It
currently employs approximate 250 staff.
It
achieved the international
standard ISO 9001 : 2008
certification by SGS [Thailand] Limited, as well as
HACCP and GMP
certificate by Department
of Fisheries, Food Safety Certificate by
Public Health and
HALAL certificate by The
Central Islamic Committee
of Thailand.
The
subject’s registered address
is 230/1 Moo
10, Klongmadue, Krathumban, Samutsakorn
74110, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pornchai Pansrikaew |
[x] |
Thai |
47 |
|
Mrs. Yupadee Pansrikaew |
|
Thai |
43 |
AUTHORIZED PERSON
The mentioned director
[x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Pornchai Pansrikaew is
the Managing Director.
He is Thai
nationality with the
age of 47
years old.
Mrs. Yupadee Pansrikaew is
the Assistant Managing
Director.
She is Thai
nationality with the
age of 43
years old.
BUSINESS OPERATIONS
The subject is engaged
in manufacturing, distributing and
exporting of seafood
processing products, mainly
tuna precooked loin [Yellow Fin, Skipjack,
Tongo, Bonito], with
the production capacity of
80-90 tons per
day. Its products
are mainly supplied
to food processed
manufacturers.
PURCHASE
100%
of its raw
materials is purchased
from local suppliers.
SALES
90% of the
products is sold
locally by wholesale
to manufacturers and
end-users, the remaining
10% is exported
to United Arab Emirates.
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.
Exports are against
T/T.
BANKING
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
250 office staff and
factory workers.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in provincial, on the
outskirts of Bangkok.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
1,000,000
COMMENT
The
subject is leading in the business for supplying Tuna
precooked Loin to many leading tuna canned in Thailand. It
commits to provide the quality product and comply with quality
& hygiene standards in order to enhance its customers satisfaction.
Subject strengthens its business by continued expanding its customer base in
the international markets.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 6,000,000 divided into
6,000 shares of Bht. 1,000 each
with fully paid.
On
December 28, 2005, the
capital was increased
to Bht. 16,000,000 divided into 16,000
shares of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as at April
25, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pornchai Pansrikaew Nationality: Thai Address : 49/363
Moo 4, Kokkham,
Muang, Samutsakorn |
6,176 |
38.60 |
|
Mrs. Yupadee Pansrikaew Nationality: Thai Address :
49/363 Moo 4,
Kokkham, Muang, Samutsakorn |
3,724 |
23.27 |
|
Mr. Pfisal Arbu Bavasia Nationality: Arabian Address : Saudi
Arabia |
2,000 |
12.50 |
|
Mr. Teerayuth Chotepathumwan Nationality: Thai Address : 520
Soi Nathong, Dindaeng,
Dindaeng, Bangkok |
1,000 |
6.25 |
|
Mr. Taweesak Ritnarongchai Nationality: Thai Address : 661/18
Sathupradit Rd., Bangpongpang,
Yannawa, Bangkok |
1,000 |
6.25 |
|
M.P.K. Precision
[Mahachai] Co., Ltd. Nationality: Thai Address : 1/20
Sethakij 1 Rd.,
Nadee, Muang, Samutsakorn
|
500 |
3.13 |
|
Mr. Virach Prachakittikul Nationality: Thai Address : 237/319
Ekachai Rd., Muang,
Samutsakorn |
500 |
3.13 |
|
|
|
|
|
Mr. Paiboon Khumkam Nationality: Thai Address : 1/2
Setthakij 1 Rd.,
Nadee, Muang, Samutsakorn |
500 |
3.12 |
|
Mr. Vasathus Priyananthawat Nationality: Thai Address : 49/494
Moo 4, Kokkham,
Muang, Samutsakorn |
500 |
3.12 |
|
Mrs. Benjamas Suwannakote Nationality: Thai Address : 199/226
Moo 5, Klongmadue,
Krathumban,
Samutsakorn |
100 |
0.63 |
Total Shareholders : 10
Share Structure
[as at April 25, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
9 |
14,000 |
87.50 |
|
Foreign |
1 |
2,000 |
12.50 |
|
Total |
10 |
16,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO
Mr. Chookiat Vorathamkul No. 7536
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
182,365.66 |
1,746,891.04 |
|
Trade Accounts Receivable |
49,803,492.02 |
30,463,335.24 |
|
Inventories |
5,236,678.61 |
16,748,581.10 |
|
Other Current Assets |
15,546.72 |
129,750.37 |
|
|
|
|
|
Total Current Assets
|
55,238,083.01 |
49,088,557.75 |
|
Cash at Bank
pledged as a
Collateral |
2,615,641.37 |
2,401,486.54 |
|
Fixed Assets |
35,058,089.26 |
35,173,431.31 |
|
Other Assets |
1,656,000.00 |
1,752,805.00 |
|
Total Assets |
94,567,813.64 |
88,416,280.60 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institution |
24,467,421.72 |
25,434,109.83 |
|
Trade Accounts & Notes Payable |
19,800,938.31 |
11,481,670.64 |
|
Current Portion of Lease Contract Liabilities |
657,598.75 |
912,085.80 |
|
Current Portion of Long-term Loans |
132,000.00 |
132,000.00 |
|
Short-term Loan from Related
Person |
650,000.00 |
10,676,425.00 |
|
Other Current Liabilities |
4,181,070.09 |
3,465,852.79 |
|
|
|
|
|
Total Current Liabilities |
49,889,028.87 |
52,102,144.06 |
|
Lease Contract Liabilities, net |
369,142.90 |
591,128.88 |
|
Long-term Loan, net |
195,619.78 |
297,529.09 |
|
Total Liabilities |
50,453,791.55 |
52,990,802.03 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 16,000 shares |
16,000,000.00 |
16,000,000.00 |
|
|
|
|
|
Capital Paid |
16,000,000.00 |
16,000,000.00 |
|
Retained Earnings Appropriated for
Statutory Reserve |
930,000.00 |
850,000.00 |
|
Unappropriated |
27,184,022.09 |
18,575,478.57 |
|
Total Shareholders' Equity |
44,114,022.09 |
35,425,478.57 |
|
Total Liabilities & Shareholders' Equity |
94,567,813.64 |
88,416,280.60 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
231,474,288.27 |
169,748,736.34 |
|
Other Income |
193,528.34 |
56,848.65 |
|
Total Revenues |
231,667,816.61 |
169,805,584.99 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
198,462,638.11 |
144,874,079.18 |
|
Selling Expenses |
4,945,123.26 |
2,674,461.02 |
|
Administrative Expenses |
16,292,746.45 |
16,471,222.78 |
|
Total Expenses |
219,700,507.82 |
164,019,762.98 |
|
|
|
|
|
Profit / [Loss] before Financial Cost |
11,967,308.79 |
5,785,822.01 |
|
Financial Cost |
[1,678,765.27] |
[895,149.12] |
|
|
|
|
|
Net Profit / [Loss] |
10,288,543.52 |
4,890,672.89 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.11 |
0.94 |
|
QUICK RATIO |
TIMES |
1.00 |
0.62 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.60 |
4.83 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.45 |
1.92 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
9.63 |
42.20 |
|
INVENTORY TURNOVER |
TIMES |
37.90 |
8.65 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
78.53 |
65.50 |
|
RECEIVABLES TURNOVER |
TIMES |
4.65 |
5.57 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
36.42 |
28.93 |
|
CASH CONVERSION CYCLE |
DAYS |
51.75 |
78.77 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
85.74 |
85.35 |
|
SELLING & ADMINISTRATION |
% |
9.18 |
11.28 |
|
INTEREST |
% |
0.73 |
0.53 |
|
GROSS PROFIT MARGIN |
% |
14.35 |
14.69 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.17 |
3.41 |
|
NET PROFIT MARGIN |
% |
4.44 |
2.88 |
|
RETURN ON EQUITY |
% |
23.32 |
13.81 |
|
RETURN ON ASSET |
% |
10.88 |
5.53 |
|
EARNING PER SHARE |
BAHT |
643.03 |
305.67 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.53 |
0.60 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.14 |
1.50 |
|
TIME INTEREST EARNED |
TIMES |
7.13 |
6.46 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
36.36 |
|
|
OPERATING PROFIT |
% |
106.84 |
|
|
NET PROFIT |
% |
110.37 |
|
|
FIXED ASSETS |
% |
(0.33) |
|
|
TOTAL ASSETS |
% |
6.96 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
14.35 |
Impressive |
Industrial Average |
7.10 |
|
Net Profit Margin |
4.44 |
Impressive |
Industrial Average |
2.81 |
|
Return on Assets |
10.88 |
Impressive |
Industrial Average |
9.20 |
|
Return on Equity |
23.32 |
Impressive |
Industrial Average |
(1.78) |
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. Gross Profit Margin is 14.35%. 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. Net Profit Margin ratio is 4.44%, 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
10.88%, 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 23.32%, 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 Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.11 |
Deteriorated |
Industrial Average |
13.76 |
|
Quick Ratio |
1.00 |
|
|
|
|
Cash Conversion Cycle |
51.75 |
|
|
|
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 1.11 times in 2010, increase from 0.94 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 1 time in 2010, increase from 0.62 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 52 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.53 |
Impressive |
Industrial Average |
0.71 |
|
Debt to Equity Ratio |
1.14 |
Impressive |
Industrial Average |
8.47 |
|
Times Interest Earned |
7.13 |
Deteriorated |
Industrial Average |
6,353.48 |
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 7.13 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 0.53 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 |
6.60 |
Acceptable |
Industrial Average |
12.64 |
|
Total Assets Turnover |
2.45 |
Impressive |
Industrial Average |
2.09 |
|
Inventory Conversion Period |
9.63 |
|
|
|
|
Inventory Turnover |
37.90 |
Impressive |
Industrial Average |
10.98 |
|
Receivables Conversion Period |
78.53 |
|
|
|
|
Receivables Turnover |
4.65 |
Deteriorated |
Industrial Average |
20.06 |
|
Payables Conversion Period |
36.42 |
|
|
|
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.49.28 |
|
|
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.65.58 |
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.