MIRA
INFORM REPORT
|
Report Date : |
10.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
STARFOODS INDUSTRIES CO., LTD. |
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Registered Office : |
79/30 Moo 1,
T. Bangthorad, A. Muang,
Samutsakorn 74000 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
2001 |
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Com. Reg. No.: |
0745544001034 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Exporter and Distributor Frozen Seafood |
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No. of Employees : |
250 |
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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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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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
STARFOODS
INDUSTRIES CO., LTD.
SUMMARY
BUSINESS ADDRESS : 79/30 MOO 1, T.
BANGTHORAD, A. MUANG,
SAMUTSAKORN 74000
TELEPHONE : [66] 34
839-935-40
FAX : [66] 34
839-739
E-MAIL ADDRESS : marketing@starfoods.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2001
REGISTRATION NO. : 0745544001034
TAX ID NO. : 3030312297
CAPITAL REGISTERED : BHT.
115,000,000
CAPITAL PAID-UP : BHT.
115,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
KWANCHAI SAMUTPANICH, THAI
PRESIDENT
NO. OF STAFF : 250
LINES OF BUSINESS : FROZEN SEAFOODS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on June
14, 2001 as
a private limited
company under the
name style STARFOODS
INDUSTRIES CO., LTD.,
by Thai groups,
with the business
objective to manufacture
and market wide
range of frozen
seafoods to both
domestic and international
markets. It currently
employs approximate 250 staff.
It was granted
a promotional privilege
investment for frozen
seafood production, by the Board
of Investment [BOI].
The subject’s registered address is
79/30 Moo 1, T. Bangthorad, A. Muang,
Samutsakorn 74000, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
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Mr. Kwanchai Samutpanich |
[x] |
Thai |
55 |
|
Mrs. China Samutpanich |
|
Thai |
55 |
|
Mr. Oran Samutpanich |
|
Thai |
47 |
|
Mrs. Nantana Muangsiri |
[x] |
Thai |
65 |
|
Mr. Witit Muangsiri |
|
Thai |
42 |
AUTHORIZED PERSON
Both of the mentioned
directors [x] can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Kwanchai Samutpanich is
the President.
He is Thai
nationality with the
age of 55
years old.
Mr. Witit Muangsiri is
the Managing Director.
He is Thai
nationality with the
age of 42
years old.
Mrs. Kannika Apichanbancha is
the Marketing Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and marketing wide range of
seafoods such as frozen
shrimp, frozen squid
and frozen imitation
crab meat under
its own brand
“STARFOOD”.
PURCHASE
Most of raw
materials are purchased
from local suppliers,
the remaining is
imported from Malaysia,
Indonesia and Myanmar.
SALES
95% of the
products is exported
to Japan, U.S.A., Russia,
Republic of China, Hong Kong and
the countries in
Europe, the remaining
5% is sold
locally.
SUBSIDIARY AND AFFILIATED COMPANY
Starfish Co., Ltd.
Business Type :
Manufacturer of frozen
seafoods
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
according to IRICO’S
DATABASE 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.
Imports are by
T/T.
Exports are against
L/C at sight
or T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
Oversea-Chinese Banking Corporation
[Bangkok office]
EMPLOYMENT
The subject employs approximately
250 office staff
and factory workers.
LOCATION DETAILS
The premise is
owned for administrative office,
factory and cold
storage at the
heading address. Premise
is located in
provincial.
COMMENT
The subject was
formed in 2001
as a manufacturer,
distributor and exporter of
frozen seafood. Its sales
has increased significantly during
the past few
years due to strong
consumption in both domestic and export
markets. Subject reported
strong sales in
the in the
previous year. Its
business is estimated
to expand steadily.
FINANCIAL INFORMATION
The capital was
registered at Bht. 5,000,000 divided
into 500,000 shares of
Bht. 10 each with
fully paid.
The capital was
increased later as
follows:
Bht. 50,000,000 on
June 16,
2003
Bht. 95,000,000 on
April 21, 2011
Bht. 115,000,000 on
July 30,
2012
The latest registered capital was
increased to Bht. 115,000,000 divided into 11,500,000 shares
of Bht. 10 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at July
20, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Nantana Muangsiri Nationality: Thai Address : 79/8
Moo 1, T. Bangthorad, A. Muang,
Samutsakorn
|
4,025,000 |
35.00 |
|
Mr. Kwanchai Samutpanich Nationality: Thai Address : 25/553
Moo 3, T. Bangyapraek, A. Muang,
Samutsakorn |
2,875,000 |
25.00 |
|
Mrs. China Samutpanich Nationality: Thai Address : 25/553
Moo 3, T. Bangyapraek, A. Muang,
Samutsakorn |
1,380,000 |
12.00 |
|
Mr. Witit Muangsiri Nationality: Thai Address : 4
Soi Ekachai 76/1
Yaek 7, Bnagbon, Bangkok |
1,150,000 |
10.00 |
|
Mr. Oran Samutpanich Nationality: Thai Address : 2/45
Moo 6, T. Kokkam,
A. Muang, Samutsakorn |
1,150,000 |
10.00 |
|
Ms. Sajjaporn Samutpanich Nationality: Thai Address : 25/553
Moo 3, T. Bangyapraek, A. Muang,
Samutsakorn |
575,000 |
5.00 |
|
Mr. Chanin Samutpanich Nationality: Thai Address : 25/553
Moo 3, T. Bangyapraek, A. Muang,
Samutsakorn |
345,000 |
3.00 |
Total Shareholders : 7
Share Structure
[as at July 20, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
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Thai |
7 |
11,500,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
11,500,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Ms. Suree Kamolnarumeth No.
3338
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2011 & 2010
were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
2,790,138 |
4,758,837 |
|
Trade Accounts & Other Receivable |
22,277,742 |
34,622,593 |
|
Inventories |
313,224,840 |
199,214,594 |
|
Other Current Assets
|
96,751 |
50,531 |
|
Total Current Assets
|
338,389,471 |
238,646,555 |
|
Cash at Bank
pledged as a
Collateral |
1,544,461 |
1,534,706 |
|
Fixed Assets |
323,896,698 |
146,045,161 |
|
Computer Programme |
98,093 |
68,708 |
|
Other Assets-Deposit
|
25,300 |
12,000 |
|
Total Assets |
663,954,023 |
386,307,130 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
496,891,080 |
247,717,240 |
|
Trade Accounts & Other Payable |
24,417,122 |
13,761,128 |
|
Other Current Liabilities |
1,307,435 |
267,786 |
|
Total Current Liabilities |
522,615,637 |
261,746,154 |
|
Long-term Loan |
17,000,000 |
52,000,000 |
|
Estimated Liabilities for
Employee Benefit |
1,092,514 |
- |
|
Total Liabilities |
540,708,151 |
313,746,154 |
|
|
|
|
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Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
value Authorized &
issued share capital 9,500,000
& 5,000,000 shares in 2011 &
2010 respectively |
95,000,000 |
50,000,000 |
|
Capital Paid |
95,000,000 |
50,000,000 |
|
Retained Earning -
Unappropriated |
28,245,872 |
22,560,976 |
|
Total Shareholders' Equity |
123,245,872 |
72,560,976 |
|
Total Liabilities &
Shareholders' Equity |
663,954,023 |
386,307,130 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
564,221,595 |
471,055,070 |
|
Gain on Exchange Rate |
2,848,105 |
9,077,326 |
|
Other Income |
75,990 |
13,331 |
|
Total Revenues |
567,145,690 |
480,145,727 |
|
Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
510,308,294 |
429,086,000 |
|
Selling Expenses |
32,563,427 |
29,459,290 |
|
Administrative Expenses |
13,526,819 |
10,718,631 |
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Total Expenses |
556,398,540 |
469,263,921 |
|
Profit before Financial Cost |
10,747,150 |
10,881,806 |
|
Financial Cost |
[4,323,126] |
[3,653,682] |
|
Net Profit / [Loss] |
6,424,024 |
7,228,124 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
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CURRENT RATIO |
TIMES |
0.65 |
0.91 |
|
QUICK RATIO |
TIMES |
0.05 |
0.15 |
|
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ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.74 |
3.23 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.85 |
1.22 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
224.04 |
169.46 |
|
INVENTORY TURNOVER |
TIMES |
1.63 |
2.15 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
14.41 |
26.83 |
|
RECEIVABLES TURNOVER |
TIMES |
25.33 |
13.61 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
17.46 |
11.71 |
|
CASH CONVERSION CYCLE |
DAYS |
220.98 |
184.58 |
|
|
|
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|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
90.44 |
91.09 |
|
SELLING & ADMINISTRATION |
% |
8.17 |
8.53 |
|
INTEREST |
% |
0.77 |
0.78 |
|
GROSS PROFIT MARGIN |
% |
10.07 |
10.84 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.90 |
2.31 |
|
NET PROFIT MARGIN |
% |
1.14 |
1.53 |
|
RETURN ON EQUITY |
% |
5.21 |
9.96 |
|
RETURN ON ASSET |
% |
0.97 |
1.87 |
|
EARNING PER SHARE |
BAHT |
0.68 |
1.45 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.81 |
0.81 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.39 |
4.32 |
|
TIME INTEREST EARNED |
TIMES |
2.49 |
2.98 |
|
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|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
19.78 |
|
|
OPERATING PROFIT |
% |
(1.24) |
|
|
NET PROFIT |
% |
(11.12) |
|
|
FIXED ASSETS |
% |
121.78 |
|
|
TOTAL ASSETS |
% |
71.87 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
10.07 |
Impressive |
Industrial Average |
8.09 |
|
Net Profit Margin |
1.14 |
Acceptable |
Industrial Average |
2.25 |
|
Return on Assets |
0.97 |
Deteriorated |
Industrial Average |
3.95 |
|
Return on Equity |
5.21 |
Deteriorated |
Industrial Average |
14.78 |
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. The
company’s figure is 10.07%. 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 1.14%.
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 0.97%.
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. When compared with the
industry average, it was lower, the company's figure is 5.21%.
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 |
0.65 |
Risky |
Industrial Average |
1.06 |
|
Quick Ratio |
0.05 |
|
|
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Cash Conversion Cycle |
220.98 |
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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 0.65 times in 2011, decreased from 0.91 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 0.05 times in 2011,
decreased from 0.15 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 221 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.81 |
Acceptable |
Industrial Average |
0.68 |
|
Debt to Equity Ratio |
4.39 |
Risky |
Industrial Average |
2.22 |
|
Times Interest Earned |
2.49 |
Impressive |
Industrial Average |
2.40 |
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 2.49 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 0.81 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 |
1.74 |
Deteriorated |
Industrial Average |
5.03 |
|
Total Assets Turnover |
0.85 |
Deteriorated |
Industrial Average |
1.73 |
|
Inventory Conversion Period |
224.04 |
|
|
|
|
Inventory Turnover |
1.63 |
Deteriorated |
Industrial Average |
4.71 |
|
Receivables Conversion Period |
14.41 |
|
|
|
|
Receivables Turnover |
25.33 |
Impressive |
Industrial Average |
7.27 |
|
Payables Conversion Period |
17.46 |
|
|
|
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
|
|
1 |
Rs.86.97 |
|
Euro |
1 |
Rs.69.43 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.