MIRA
INFORM REPORT
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Report Date : |
06.01.2012 |
IDENTIFICATION DETAILS
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Name : |
THAI INTER CANNING CO., LTD. |
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Registered Office : |
140 Moo 1, T. Nongyangsua, A. Muaklek, Saraburi 18180 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
24.07.2009 |
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Com. Reg. No.: |
0195552000594 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Distributor of Aquatic Products |
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No. of Employees : |
2 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
THAI
INTER CANNING CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 140
MOO 1, T. NONGYANGSUA, A. MUAKLEK,
SARABURI 18180,
THAILAND
TELEPHONE : [66] 36
346-201
FAX :
[66] 36
346-201
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION
NO. : 0195552000594
CAPITAL REGISTERED : BHT.
1,000,000
CAPITAL PAID-UP
: BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. KAMOLKARN THIENKHAM,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 2
LINES
OF BUSINESS : AQUATIC PRODUCTS
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on July 24,
2009 as a
private limited company under
the name style
THAI INTER CANNING
CO., LTD. by
Thai groups, with
the business objective
to operate as a
wholesale distributor various
kinds of aquatic
products to domestic
market. It is located
in Saraburi province.
Subject currently employs
2 staff.
The
subject’s registered address is 140 Moo 1, T. Nongyangsua, A. Muaklek,
Saraburi 18180, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
Ms. Kamolkarn Thienkham
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Kamolkarn Thienkham is
the Managing Director.
She is Thai
nationality with the
age of 34
years old.
BUSINESS OPERATIONS
The subject is
engaged in wholesale distributing of fresh
foods, frozen and dehydrated
aquatic products such
as prawn, shrimp,
fish, crab, mussel
and etc.
PURCHASE
100%
of the products
is purchased from
local suppliers.
SALES
100% of the
products is sold
locally by wholesale
to traders and
end-users.
RELATED AND
AFFILIATED COMPANY
Thienkham Dairy Corporation
Ltd.
Business Type :
Distributor of dairy
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.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
BANKING
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs 2
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in provincial.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
500,000.
COMMENT
Subject
was formed in July 2009
but started its
business in early
2010. It is a
distributor of aqua
frozen foods to
local market. Consumption
of aquatic products
remains strong and its
business growth is expected
to be continued
through this year.
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. Kamolkarn Thienkham Nationality: Thai Address : 136
Moo 13, Lamphyaklang, Muaklek,
Saraburi |
6,000 |
60.00 |
|
Mrs. Chuangchan Thienkham Nationality: Thai Address : 186
Moo 5, Lamphyaklang, Muaklek,
Saraburi |
2,000 |
20.00 |
|
Mr. Kampol Thienkham Nationality: Thai Address : 186
Moo 5, Lamphyaklang, Muaklek,
Saraburi |
2,000 |
20.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
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|
|
|
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|
Thai |
3 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
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Total |
3 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Sarawuth Yingsawad No.
6778
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were :
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
5,623,548.35 |
- |
|
Trade Accounts Receivable |
2,271,750.00 |
- |
|
Short-term Loan to Related Person |
- |
1,000,000.00 |
|
Inventories |
37,294,102.69 |
- |
|
Deferred Interest |
24,480.97 |
8,767.00 |
|
Total Current
Assets |
45,213,882.01 |
1,008,767.00 |
|
Fixed Assets |
97,315.07 |
- |
|
Total Assets
|
45,311,197.08 |
1,008,767.00 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2010 |
2009 |
|
|
|
|
|
Accrued Account Payable |
38,257,046.71 |
- |
|
Short-term Loan from Related Person |
441,875.00 |
- |
|
Other Current Liabilities |
5,132,151.58 |
5,000.00 |
|
Total Current
Liabilities |
43,831,073.29 |
5,000.00 |
|
Total Liabilities |
43,831,073.29 |
5,000.00 |
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Shareholders'
Equity |
|
|
|
|
|
|
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Share capital : Baht 100
value Authorized &
issued share capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning -
Unappropriated |
480,123.79 |
3,767.00 |
|
Total
Shareholders' Equity |
1,480,123.79 |
1,003,767.00 |
|
Total
Liabilities & Shareholders' Equity |
45,311,197.08 |
1,008,767.00 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
July 24,
2009 - Dec. 31,
2009 |
|
|
|
|
|
Sales Income |
108,200,092.50 |
- |
|
Other Income |
210,617.46 |
8,767.00 |
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Total Revenues
|
108,410,709.96 |
8,767.00 |
|
Expenses |
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Cost of Goods
Sold |
107,495,127.38 |
- |
|
Administrative Expenses |
364,137.00 |
5,000.00 |
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Total Expenses |
107,859,264.38 |
5,000.00 |
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Profit / [Loss] before Financial Cost
& Income Tax |
551,445.58 |
3,767.00 |
|
Financial Cost |
[17,496.41] |
- |
|
|
|
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Profit / [Loss] before Income Tax |
533,949.17 |
3,767.00 |
|
Income Tax |
[57,592.38] |
- |
|
Net Profit / [Loss] |
476,356.79 |
3,737.00 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
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|
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LIQUIDITY RATIO |
|
|
|
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CURRENT RATIO |
TIMES |
1.03 |
201.75 |
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QUICK RATIO |
TIMES |
0.18 |
200.00 |
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ACTIVITY RATIO |
|
|
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|
FIXED ASSETS TURNOVER |
TIMES |
1,111.85 |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.39 |
- |
|
INVENTORY CONVERSION PERIOD |
DAYS |
126.63 |
- |
|
INVENTORY TURNOVER |
TIMES |
2.88 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
7.66 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
47.63 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
134.30 |
- |
|
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PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
99.35 |
- |
|
SELLING & ADMINISTRATION |
% |
0.34 |
- |
|
INTEREST |
% |
0.02 |
- |
|
GROSS PROFIT MARGIN |
% |
0.85 |
- |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.51 |
- |
|
NET PROFIT MARGIN |
% |
0.44 |
- |
|
RETURN ON EQUITY |
% |
32.18 |
0.37 |
|
RETURN ON ASSET |
% |
1.05 |
0.37 |
|
EARNING PER SHARE |
BAHT |
47.64 |
0.37 |
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LEVERAGE RATIO |
|
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DEBT RATIO |
TIMES |
0.97 |
0.00 |
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DEBT TO EQUITY RATIO |
TIMES |
29.61 |
0.00 |
|
TIME INTEREST EARNED |
TIMES |
31.52 |
- |
|
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|
|
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ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
- |
|
|
OPERATING PROFIT |
% |
14,538.85 |
|
|
NET PROFIT |
% |
12,647.04 |
|
|
FIXED ASSETS |
% |
- |
|
|
TOTAL ASSETS |
% |
4,391.74 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
0.85 |
Deteriorated |
Industrial
Average |
19.42 |
|
Net Profit Margin |
0.44 |
Impressive |
Industrial
Average |
(6.85) |
|
Return on Assets |
1.05 |
Impressive |
Industrial
Average |
(0.63) |
|
Return on Equity |
32.18 |
Impressive |
Industrial
Average |
4.39 |
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 0.85%. 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 0.44%, 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 1.05%, 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 32.18%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.03 |
Deteriorated |
Industrial
Average |
36.66 |
|
Quick Ratio |
0.18 |
|
|
|
|
Cash Conversion Cycle |
134.30 |
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|
|
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 1.03 times in 2010, decreased from 201.75 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 0.18 times in 2010,
decreased from 200 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 135 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.97 |
Acceptable |
Industrial
Average |
0.80 |
|
Debt to Equity Ratio |
29.61 |
Risky |
Industrial
Average |
1.44 |
|
Times Interest Earned |
31.52 |
Deteriorated |
Industrial
Average |
379.09 |
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 31.52 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 0.97 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 |
1,111.85 |
Deteriorated |
Industrial
Average |
77,019.42 |
|
Total Assets Turnover |
2.39 |
Acceptable |
Industrial
Average |
3.79 |
|
Inventory Conversion Period |
126.63 |
|
|
|
|
Inventory Turnover |
2.88 |
Deteriorated |
Industrial
Average |
54.98 |
|
Receivables Conversion Period |
7.66 |
|
|
|
|
Receivables Turnover |
47.63 |
Impressive |
Industrial
Average |
32.92 |
|
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.78 |
|
|
1 |
Rs.82.33 |
|
Euro |
1 |
Rs.68.19 |
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.