MIRA
INFORM REPORT
|
Report Date : |
13.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
SIRINOPPHAKUN CO., LTD. |
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Formerly Known As : |
Sirinopphakun Limited Partnership |
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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) : |
31.12.2010 |
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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 : |
Frozen Seafood Products Distributor |
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No. of Employees : |
12 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 1,000,000 |
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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 – 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
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
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2009
REGISTRATION NO. : 0745552000742 [Former :
0743547000274]
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 : 12
LINES OF BUSINESS : FROZEN SEAFOOD
PRODUCTS
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 products,
located in Samusakorn
province. It currently
employs 12 staff.
The subject’s registered
address was initially
located at 10/8
Moo 9, Khokkham, Muang, Samutsakorn
74000.
On October 26,
2011, its 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
can sign 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 products 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.
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.
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
12 staff.
LOCATION DETAILS
The premise is
owned for administrative office
and cold storage
at the heading
address. Premise is located in
provincial/industrial area.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 1,000,000.
COMMENT
The subject’s operating
performance in 2010
was satisfactory with
an increase in both
sales revenue and
net profit comparing
to the previous
year. Despite of economic slowdown in domestic market, the
company still successfully managed to retain
its good sales
and expanded its
market significantly. Its
business in 2012
would have a
bright prospect in
response to a
high demand of
the seafood products
from local food
processing manufacturers.
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
22, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
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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 |
|
Ms. Saowaluck Nopphakun Nationality: Thai Address : 93
Moo 11, Pangkru,
Panomtuan, Kanchanaburi |
20,000 |
10.00 |
Total Shareholders : 3
Share Structure
[as at June
22, 2011]
|
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,
2010 & 2009
were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
10,588,626.99 |
839,211.25 |
|
Inventories |
980,501.75 |
749,783.10 |
|
Short-term Loan to Related Person |
- |
130,000.00 |
|
Other Current Assets
|
19,561.35 |
114,972.20 |
|
|
|
|
|
Total Current Assets
|
11,588,690.09 |
1,833,966.55 |
|
Cash at Bank
pledged as a
Collateral |
18,723,980.81 |
7,556,628.00 |
|
Equipment |
331,510.24 |
1,138,712.69 |
|
Total Assets |
30,644,181.14 |
10,529,307.24 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft |
11,661,050.17 |
- |
|
Trade Accounts Payable |
4,508,660.00 |
- |
|
Current Portion of
Long-term Loan |
1,674,000.00 |
1,674,000.00 |
|
Accrued Income Tax |
390,407.20 |
260,574.95 |
|
Accrued Expenses |
55,606.00 |
65,802.00 |
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|
|
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Total Current Liabilities |
18,289,723.37 |
2,000,376.95 |
|
Long-term Loan |
2,699,045.99 |
830,808.90 |
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Total Liabilities |
20,988,769.36 |
2,831,185.85 |
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Shareholders' Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 50,000 shares |
5,000,000.00 |
5,000,000.00 |
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|
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Capital Paid |
5,000,000.00 |
5,000,000.00 |
|
Retained Earning -
Unappropriated |
4,655,411.78 |
2,698,121.30 |
|
Total Shareholders' Equity |
9,655,411.78 |
7,698,121.39 |
|
Total Liabilities & Shareholders' Equity |
30,644,181.14 |
10,529,307.24 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
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Sales |
311,734,733.02 |
196,187,362.03 |
|
Other Income |
2,454,020.92 |
926,438.53 |
|
Total Revenues |
314,188,753.94 |
197,113,800.56 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
299,016,874.71 |
188,626,039.44 |
|
Selling Expenses |
6,876,767.24 |
2,962,093.09 |
|
Administrative Expenses |
3,183,978.37 |
3,210,546.01 |
|
Total Expenses |
309,077,620.32 |
194,798,678.54 |
|
|
|
|
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Profit / [Loss] before Financial
Expenses & Income Tax |
5,111,133.62 |
2,315,122.02 |
|
Financial Expenses |
[2,664,737.90] |
[709,157.76] |
|
Profit / [Loss] before Income
Tax |
2,446,395.72 |
1,605,964.26 |
|
Income Tax |
[489,105.33] |
[278,993.76] |
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|
|
|
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Net Profit / [Loss] |
1,957,290.39 |
1,326,970.50 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
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|
|
|
|
LIQUIDITY RATIO |
|
|
|
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CURRENT RATIO |
TIMES |
0.63 |
0.92 |
|
QUICK RATIO |
TIMES |
0.58 |
0.42 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
940.35 |
172.29 |
|
TOTAL ASSETS TURNOVER |
TIMES |
10.17 |
18.63 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
1.20 |
1.45 |
|
INVENTORY TURNOVER |
TIMES |
304.96 |
251.57 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
5.50 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
(4.31) |
1.45 |
|
|
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PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
95.92 |
96.15 |
|
SELLING & ADMINISTRATION |
% |
3.23 |
3.15 |
|
INTEREST |
% |
0.85 |
0.36 |
|
GROSS PROFIT MARGIN |
% |
4.87 |
4.33 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.64 |
1.18 |
|
NET PROFIT MARGIN |
% |
0.63 |
0.68 |
|
RETURN ON EQUITY |
% |
20.27 |
17.24 |
|
RETURN ON ASSET |
% |
6.39 |
12.60 |
|
EARNING PER SHARE |
BAHT |
39.15 |
26.54 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.68 |
0.27 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.17 |
0.37 |
|
TIME INTEREST EARNED |
TIMES |
1.92 |
3.26 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
58.90 |
|
|
OPERATING PROFIT |
% |
120.77 |
|
|
NET PROFIT |
% |
47.50 |
|
|
FIXED ASSETS |
% |
(70.89) |
|
|
TOTAL ASSETS |
% |
191.04 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
4.87 |
Deteriorated |
Industrial Average |
19.42 |
|
Net Profit Margin |
0.63 |
Impressive |
Industrial Average |
(6.85) |
|
Return on Assets |
6.39 |
Impressive |
Industrial Average |
(0.63) |
|
Return on Equity |
20.27 |
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 4.87%. When compared with
the industry average, the ratio of the company was lower. This 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. Net Profit Margin is 0.63%, 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
6.39%, 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 20.27%, 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 |
0.63 |
Risky |
Industrial Average |
36.66 |
|
Quick Ratio |
0.58 |
|
|
|
|
Cash Conversion Cycle |
(4.31) |
|
|
|
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 0.63 times in 2010, decrease from 0.92 times, then the company may not be
efficiently using its current assets. 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 0.58 times in 2010,
increase from 0.42 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 -5 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.68 |
Impressive |
Industrial Average |
0.80 |
|
Debt to Equity Ratio |
2.17 |
Risky |
Industrial Average |
1.44 |
|
Times Interest Earned |
1.92 |
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 1.92 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 0.68 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 |
940.35 |
Deteriorated |
Industrial Average |
77,019.42 |
|
Total Assets Turnover |
10.17 |
Impressive |
Industrial Average |
3.79 |
|
Inventory Conversion Period |
1.20 |
|
|
|
|
Inventory Turnover |
304.96 |
Impressive |
Industrial Average |
54.98 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
32.92 |
|
Payables Conversion Period |
5.50 |
|
|
|
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.51.43 |
|
|
1 |
Rs.79.10 |
|
Euro |
1 |
Rs.66.17 |
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.