MIRA
INFORM REPORT
|
Report Date : |
17.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
RANONG
FROZEN FOODS CO.,
LTD. |
|
|
|
|
Registered Office : |
260/44
Moo 6, T. Bangrin,
A. Muang, Ranong 85000 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
17.05.1999 |
|
|
|
|
Com. Reg. No.: |
0855542000048 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter
and Distributor of Frozen Seafood
Products |
|
|
|
|
No. of Employees : |
600 employees |
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 |
|
Status : |
Satisfactory |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
With a well-developed infrastructure, a free-enterprise economy,
generally pro-investment policies, and strong export industries,
|
Source : CIA |
Company name
RANONG FROZEN FOODS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 260/44 MOO
6, T. BANGRIN, A. MUANG,
TELEPHONE : [66] 77
825-196-8
FAX :
[66] 77
825-199
E-MAIL
ADDRESS : ranong_food@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0855542000048
TAX
ID NO. : 3831002632
CAPITAL REGISTERED : BHT. 22,000,000
CAPITAL PAID-UP : BHT.
22,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. CHUCHAI RANGSIYANANT,
THAI
PRESIDENT
NO.
OF STAFF : 600
LINES
OF BUSINESS : FROZEN SEAFOOD
PRODUCTS
MANUFACTURER, EXPORTER
AND 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 established
on May 17,
1999 as a
private limited company under
the registered name
RANONG FROZEN FOODS
CO., LTD., by Thai groups,
with the business
objective to manufacture
various kinds of frozen
seafood products for export
and domestic markets.
It currently employs
approximate 600 staff.
The
subject’s registered address
is 260/44 Moo 6, T.
Bangrin, A. Muang, Ranong
85000, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chuchai Rangsiyanant |
|
Thai |
61 |
|
Mrs. Duangchan Rangsiyanant |
|
Thai |
53 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Chuchai Rangsiyanant is
the President.
He is Thai
nationality with the
age of 61 years
old.
Mrs. Duangchan Rangsiyanant is
the Managing Director.
She is Thai
nationality with the
age of 53
years old.
Mr. Prathip Damrongsak is
the Quality Assurance
Manager.
He is Thai
nationality.
Mr. Methus Rangsiyanant is
the Factory Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, exporting and
distributing various kinds
of frozen seafood
products, such as
cuttlefish skin, cuttlefish
roe, cuttlefish wing,
soft-cuttlefish tentacle, soft
cuttlefish wing, squid
roe, squid fillet,
squid tentacle and etc.
PRODUCTION CAPACITY
4 tons
per day
PURCHASE
Most of raw
materials are purchased
from local suppliers,
the remaining is
imported from Japan.
MAJOR
SUPPLIER
Kadonaga
Seafoods Co., Ltd. : Japan
SALES
95% of the
products is exported
to Japan, Republic
of China and
Vietnam, the remaining
5% is sold
locally.
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.
Imports are by
T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 600 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,
in the Southern
region.
Branches/Factories:
-
92 Moo 4, T.
Paknam, A. Langsuan, Chumporn
86110.
-
260/98
Moo 6, T. Bangrin,
A. Muang, Ranong 85000.
COMMENT
The
subject’s business has
strong potential in
both local and exported
markets due to
consumption demand of
seafood products remains
strong. Subject also
faced with the
pinch of the
global crisis during
the past few years.
Nevertheless, its markets
of frozen seafood
products in overseas
remain upbeat.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 10
shares of Bht. 200,000 each
with fully paid.
The
capital was increased
later as follows:
Bht. 12,000,000
on October 27,
1999
Bht. 22,000,000
on June 24,
2003
The
latest registered capital
was increased to
Bht. 22,000,000 divided
into 220,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
August 14, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chuchai Rangsiyanant Nationality: Thai Address : 260/40
Moo 6, T. Bangrin,
A. Muang, Ranong |
78,700 |
35.78 |
|
Mrs. Duangchan Rangsiyanant Nationality: Thai Address : 89/398
Moo 1, T. Paknam,
A. Muang, Ranong
|
78,700 |
35.78 |
|
Mr. Kantana Rangsiyanant Nationality: Thai Address : 99
Thonburi-Pakthor Rd., T. Maeklong, A.
Muang,
Samutsongkram |
11,000 |
5.00 |
|
Mr. Methus Rangsiyanant Nationality: Thai Address : 98/10
Moo 10, T. Bangkrang, A. Muang, Nonthaburi |
11,000 |
5.00 |
|
Mr. Methakrit Poolboon Nationality: Thai Address : 260/40
Moo 6, T. Bangrin,
A. Muang, Ranong |
11,000 |
5.00 |
|
Ms. Sirataya Poolboon Nationality: Thai Address : 977
Vichienchodok Rd., T. Mahachai, A.
Muang, Samutsongkram |
11,000 |
5.00 |
|
Mr. Nachada Rangsiyanant Nationality: Thai Address : 1106/2
Sukhumvit 50 Prakanong, Klongtoey,
Bangkok |
11,000 |
5.00 |
|
Ms. Vitchapa Rangsiyanant Nationality: Thai Address : 260/40
Moo 6, T. Bangrin,
A. Muang, Ranong |
7,600 |
3.44 |
Total Shareholders : 8
Share Structure [as
at August 14,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
220,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
220,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Thanyapong Saetae No.
9644
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash in Hand
& at Bank |
1,740,102.28 |
2,378,447.22 |
|
Short-term Investment |
234,803.61 |
233,647.05 |
|
Trade Accounts Receivable |
49,584,362.86 |
24,824,789.93 |
|
Inventories |
31,187,822.86 |
26,394,901.09 |
|
Other Current Assets
|
4,530,743.37 |
2,761,749.68 |
|
|
|
|
|
Total Current Assets
|
87,277,834.98 |
56,593,534.97 |
|
Fixed Assets |
131,307,428.10 |
105,894,770.07 |
|
Other Assets |
7,197,556.24 |
8,244,405.27 |
|
Total Assets |
225,782,819.32 |
170,732,710.31 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
48,500,000.00 |
19,407,585.46 |
|
Trade Accounts Payable |
12,084,472.47 |
3,965,551.30 |
|
Short-term Loan from
Person or Related Company |
15,032,832.00 |
24,130,000.00 |
|
Current Portion of
Hire-purchase Contract Liabilities |
169,865.19 |
123,421.00 |
|
Other Current Liabilities |
616,110.09 |
759,581.99 |
|
|
|
|
|
Total Current Liabilities |
76,403,279.75 |
48,386,139.75 |
|
Hire-purchase Contract Liabilities |
211,443.22 |
- |
|
Total Liabilities |
76,614,722.97 |
48,386,139.75 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par
value authorized, issued
and fully paid share
capital 220,000 shares |
22,000,000.00 |
22,000,000.00 |
|
|
|
|
|
Capital Paid |
22,000,000.00 |
22,000,000.00 |
|
Retained Earning -
Unappropriated |
127,168,096.35 |
100,346,570.56 |
|
Total Shareholders' Equity |
149,168,096.35 |
122,346,570.56 |
|
Total Liabilities & Shareholders' Equity |
225,782,819.32 |
170,732,710.31 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
711,216,933.44 |
689,356,205.87 |
|
Other Income |
45,858,429.24 |
33,165,574.36 |
|
Total Revenues |
757,075,362.68 |
722,521,780.23 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
687,131,094.57 |
673,127,540.43 |
|
Selling Expenses |
19,071,782.97 |
22,667,896.12 |
|
Administrative Expenses |
22,319,651.70 |
22,956,817.24 |
|
Total Expenses |
728,522,529.24 |
718,752,253.79 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost |
28,552,833.44 |
3,769,526.44 |
|
Financial Cost |
[1,731,307.65] |
[1,003,533.67] |
|
|
|
|
|
Net Profit / [Loss] |
26,821,525.79 |
2,765,992.77 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.14 |
1.17 |
|
QUICK RATIO |
TIMES |
0.67 |
0.57 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.42 |
6.51 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.15 |
4.04 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
16.57 |
14.31 |
|
INVENTORY TURNOVER |
TIMES |
22.03 |
25.50 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
25.45 |
13.14 |
|
RECEIVABLES TURNOVER |
TIMES |
14.34 |
27.77 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
6.42 |
2.15 |
|
CASH CONVERSION CYCLE |
DAYS |
35.59 |
25.31 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
96.61 |
97.65 |
|
SELLING & ADMINISTRATION |
% |
5.82 |
6.62 |
|
INTEREST |
% |
0.24 |
0.15 |
|
GROSS PROFIT MARGIN |
% |
9.83 |
7.17 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.01 |
0.55 |
|
NET PROFIT MARGIN |
% |
3.77 |
0.40 |
|
RETURN ON EQUITY |
% |
17.98 |
2.26 |
|
RETURN ON ASSET |
% |
11.88 |
1.62 |
|
EARNING PER SHARE |
BAHT |
121.92 |
12.57 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.34 |
0.28 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.51 |
0.40 |
|
TIME INTEREST EARNED |
TIMES |
16.49 |
3.76 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
3.17 |
|
|
OPERATING PROFIT |
% |
657.46 |
|
|
NET PROFIT |
% |
869.69 |
|
|
FIXED ASSETS |
% |
24.00 |
|
|
TOTAL ASSETS |
% |
32.24 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
9.83 |
Impressive |
Industrial
Average |
8.09 |
|
Net Profit Margin |
3.77 |
Impressive |
Industrial Average |
2.25 |
|
Return on Assets |
11.88 |
Impressive |
Industrial
Average |
3.95 |
|
Return on Equity |
17.98 |
Impressive |
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 9.83%. 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
3.77%, 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
11.88%, 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 17.98%, 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 Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.14 |
Impressive |
Industrial
Average |
1.06 |
|
Quick Ratio |
0.67 |
|
|
|
|
Cash Conversion Cycle |
35.59 |
|
|
|
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 1.14 times in 2011, decreased from 1.17 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 higher, indicated that company was an
efficient operator in a dominant position within its industry.
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 0.67 times in 2011,
increased from 0.57 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 36 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.34 |
Impressive |
Industrial
Average |
0.68 |
|
Debt to Equity Ratio |
0.51 |
Impressive |
Industrial
Average |
2.22 |
|
Times Interest Earned |
16.49 |
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 16.5 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 0.34 less than 0.5, most of the company's
assets are financed through equity.
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 |
5.42 |
Impressive |
Industrial Average |
5.03 |
|
Total Assets Turnover |
3.15 |
Impressive |
Industrial Average |
1.73 |
|
Inventory Conversion Period |
16.57 |
|
|
|
|
Inventory Turnover |
22.03 |
Impressive |
Industrial Average |
4.71 |
|
Receivables Conversion Period |
25.45 |
|
|
|
|
Receivables Turnover |
14.34 |
Impressive |
Industrial Average |
7.27 |
|
Payables Conversion Period |
6.42 |
|
|
|
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.99 |
|
UK Pound |
1 |
Rs.87.21 |
|
Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.