MIRA
INFORM REPORT
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Report Date : |
08.11.2012 |
IDENTIFICATION DETAILS
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Name : |
SBS IMPORT & EXPORT CO., LTD. |
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Registered Office : |
130/16 Moo 7, T. Phophraya, A. Muang, Suphanburi 72000 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
20.01.2010 |
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Com. Reg. No.: |
0725553000070 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Wholesale Distributor of Frozen Seafoods |
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No. of Employees : |
4 |
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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 : |
Slow but correct |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Thailand |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure,
a free-enterprise economy, generally pro-investment policies, and strong export
industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more
than 4% per year - as it recovered from the Asian financial crisis of 1997-98.
Thai exports - mostly machinery and electronic components, agricultural
commodities, and jewelry - continue to drive the economy, accounting for more
than half of GDP. The global financial crisis of 2008-09 severely cut
Thailand's exports, with most sectors experiencing double-digit drops. In 2009,
the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its
fastest pace since 1995, as exports rebounded from their depressed 2009 level.
Steady economic growth at just below 4% during the first three quarters of 2011
was interrupted by historic flooding in October and November in the industrial
areas north of Bangkok, crippling the manufacturing sector and leading to a
revised growth rate of only 0.1% for the year. The industrial sector is poised
to recover from the second quarter of 2012 onward, however, and the government
anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while
private sector forecasts range between 3.8% and 5.7%.
Source : CIA
Company name
SBS
IMPORT & EXPORT
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 130/16 MOO
7, T. PHOPHRAYA, A. MUANG,
SUPHANBURI 72000,
THAILAND
TELEPHONE : [66] 34
833-577, 081 943-8553,
081 984-2544
FAX :
[66] 34 833-578
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0725553000070
TAX
ID NO. : 3033764475
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SAKOL APINYAWATTANANON, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 4
LINES
OF BUSINESS : FROZEN SEAFOODS
WHOLESALE DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on January 20,
2010 as a
private limited company
under the name
style SBS IMPORT & EXPORT
CO., LTD. by Thai
groups. Its business
objective is to
distribute frozen seafood
products to local
food industry. Subject
currently employs 4
staff.
The
subject’s registered address
is 130/16 Moo
7, T. Phophraya, A. Muang,
Suphanburi 72000, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
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Nationality |
Age |
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Mrs. Busara Apinyawattananon |
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Thai |
41 |
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Mr. Sakol Apinyawattananon |
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Thai |
34 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sakol Apinyawattananon is
the Managing Director.
He is Thai
nationality with the
age of 34
years old.
BUSINESS OPERATIONS
The subject is
engaged in wholesale distributing various
kinds of frozen
seafood products, such
as fish, squid,
shrimp & others, for food
processing industry.
PURCHASE
100%
of the products
is purchased from
local suppliers.
SALES
100% of the
products is sold
locally by wholesale
to food manufacturers.
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.
BANKING
Kasikornbank
Public Co., Ltd.
[Samutsakorn Branch,
Muang, Samutsakorn 74000]
EMPLOYMENT
The subject
employs 4 staff.
LOCATION DETAILS
The
premise is owned
for administrative office at
the heading address.
Premise is located
in provincial.
COMMENT
Generally, sales
of frozen seafood
have grown rapidly
in recent year from both
imported and exported
seafood products. Demand
of the products will
significantly increase during
the festive like
Christmas and New Year.
Current
market consumption remains
moderate despite slowdown in
restaurant business, because
it was only in short
period. However, its
business on yearly basis
is strong.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000 divided into 100,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
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Mr. Sakol Apinyawattananon Nationality: Thai Address : 371
Moo 4, Samaedam,
Bangkhunthien, Bangkok |
50,000 |
50.00 |
|
Mrs. Busara Apinyawattananon Nationality: Thai Address : 10/3
Moo 9, T. Kokkham,
A. Muang, Samutsakorn |
48,000 |
48.00 |
|
Ms. Yupin Nophakun Nationality: Thai Address : 10/3
Moo 9, T. Kokkham,
A. Muang, Samutsakorn |
2,000 |
2.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
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Thai |
3 |
100,000 |
100.00 |
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Foreign |
- |
- |
- |
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Total |
3 |
100,000 |
100.00 |
NAME
OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.:
Ms. Aree
Kaewpisetkarnchana No. 9405
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 and
2010 were :
ASSETS
|
Current Assets |
2011 |
2010 |
|
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Cash and Cash Equivalent |
1,282,805.39 |
2,256,226.52 |
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Other Receivable |
1,531,326.94 |
10,000.00 |
|
Inventories |
10,059,768.80 |
15,310,690.90 |
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Total Current Assets
|
12,873,901.13 |
17,576,917.42 |
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Long-term Loan |
28,000,000.00 |
6,000,000.00 |
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Fixed Assets |
1,421,771.29 |
26,285.73 |
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Total Assets |
42,295,672.42 |
23,603,203.15 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
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Short-term Loan from Financial
Institution |
29,881,440.54 |
12,478,058.55 |
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Other Payable |
117,900.00 |
105,000.00 |
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Current Portion on Hire-purchase Contract Liabilities |
272,496.00 |
- |
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Accrued Income Tax |
124,788.28 |
306,043.38 |
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Total Current Liabilities |
30,396,624.82 |
12,889,101.93 |
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Hire-purchase Contract
Liabilities, Net of Current Portion |
611,663.78 |
- |
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Total Liabilities |
31,008,288.60 |
12,889,101.93 |
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Shareholders’ Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 100,000 shares |
10,000,000.00 |
10,000,000.00 |
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Capital Paid |
10,000,000.00 |
10,000,000.00 |
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Retained Earning-
Unappropriated |
1,287,383.82 |
714,101.22 |
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Total Shareholders' Equity |
11,287,383.82 |
10,714,101.22 |
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Total Liabilities & Shareholders' Equity |
42,295,672.42 |
23,603,203.15 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
Jan. 20,
2010 – Dec. 31,
2010 |
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|
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Sales Income |
208,306,027.00 |
223,733,412.00 |
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Interest Income |
48,457.97 |
10,488.37 |
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Gain / [Loss] on Exchange
Rate |
- |
8,343.95 |
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Total Revenues |
208,354,484.97 |
223,752,244.32 |
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Expenses |
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Cost of Goods
Sold |
205,493,492.64 |
221,996,704.75 |
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Administrative Expenses |
889,756.87 |
129,124.00 |
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Total Expenses |
206,383,249.51 |
222,125,828.75 |
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Profit before Financial Cost & Income Tax |
1,971,235.46 |
1,626,415.57 |
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Financial Cost |
[1,119,945.09] |
[606,270.97] |
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Profit before Income Tax |
851,290.37 |
1,020,144.60 |
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Income Tax |
[278,007.77] |
[306,043.38] |
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Net Profit / [Loss] |
573,282.60 |
714,101.22 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
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LIQUIDITY RATIO |
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CURRENT RATIO |
TIMES |
0.42 |
1.36 |
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QUICK RATIO |
TIMES |
0.09 |
0.18 |
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ACTIVITY RATIO |
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FIXED ASSETS TURNOVER |
TIMES |
146.51 |
8,511.59 |
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TOTAL ASSETS TURNOVER |
TIMES |
4.92 |
9.48 |
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INVENTORY CONVERSION PERIOD |
DAYS |
17.87 |
25.17 |
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INVENTORY TURNOVER |
TIMES |
20.43 |
14.50 |
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RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
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RECEIVABLES TURNOVER |
TIMES |
- |
- |
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PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
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CASH CONVERSION CYCLE |
DAYS |
17.87 |
25.17 |
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PROFITABILITY
RATIO |
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COST OF GOODS SOLD |
% |
98.65 |
99.22 |
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SELLING & ADMINISTRATION |
% |
0.43 |
0.06 |
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INTEREST |
% |
0.54 |
0.27 |
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GROSS PROFIT MARGIN |
% |
1.37 |
0.78 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.95 |
0.73 |
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NET PROFIT MARGIN |
% |
0.28 |
0.32 |
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RETURN ON EQUITY |
% |
5.08 |
6.67 |
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RETURN ON ASSET |
% |
1.36 |
3.03 |
|
EARNING PER SHARE |
BAHT |
5.73 |
7.14 |
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LEVERAGE RATIO |
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DEBT RATIO |
TIMES |
0.73 |
0.55 |
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DEBT TO EQUITY RATIO |
TIMES |
2.75 |
1.20 |
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TIME INTEREST EARNED |
TIMES |
1.76 |
2.68 |
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ANNUAL GROWTH |
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SALES GROWTH |
% |
(6.90) |
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OPERATING PROFIT |
% |
21.20 |
|
|
NET PROFIT |
% |
(19.72) |
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FIXED ASSETS |
% |
5,308.91 |
|
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TOTAL ASSETS |
% |
79.19 |
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PROFITABILITY
RATIO
|
Gross Profit Margin |
1.37 |
Deteriorated |
Industrial
Average |
8.30 |
|
Net Profit Margin |
0.28 |
Satisfactory |
Industrial
Average |
0.33 |
|
Return on Assets |
1.36 |
Impressive |
Industrial
Average |
1.14 |
|
Return on Equity |
5.08 |
Impressive |
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 1.37%. 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 0.28%.
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. Return on Assets ratio is
1.36%, 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 5.08%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profits 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 Uptrend
LIQUIDITY RATIO
|
Current Ratio |
0.42 |
Risky |
Industrial
Average |
0.99 |
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Quick Ratio |
0.09 |
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Cash Conversion Cycle |
17.87 |
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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 0.42 times in 2011, decreased from 1.36 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 0.09 times in 2011,
decreased from 0.18 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 18 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.73 |
Impressive |
Industrial
Average |
0.78 |
|
Debt to Equity Ratio |
2.75 |
Acceptable |
Industrial
Average |
2.79 |
|
Times Interest Earned |
1.76 |
Impressive |
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 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 1.77 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 0.73 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 |
146.51 |
Impressive |
Industrial Average |
7.43 |
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Total Assets Turnover |
4.92 |
Impressive |
Industrial Average |
3.18 |
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Inventory Conversion Period |
17.87 |
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Inventory Turnover |
20.43 |
Impressive |
Industrial Average |
8.25 |
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Receivables Conversion Period |
- |
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Receivables Turnover |
- |
|
Industrial Average |
4.85 |
|
Payables Conversion Period |
- |
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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.54.25 |
|
|
1 |
Rs.87.00 |
|
Euro |
1 |
Rs.69.83 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.