MIRA
INFORM REPORT
|
Report Date : |
19.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHAIVAREE
MARINE PRODUCTS CO.,
LTD |
|
|
|
|
Registered Office : |
29/1 Moo
4, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
06.10.1986 |
|
|
|
|
Com. Reg. No.: |
0745529000162 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and
exporter of frozen seafood products |
|
|
|
|
No. of Employees : |
900 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
CHAIVAREE MARINE PRODUCTS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 29/1
MOO 4, EKACHAI
ROAD, T. NADEE,
A.
MUANG, SAMUTSAKORN 74000
TELEPHONE : [66] 34
422-226, 34 864-444
FAX : [66] 34
422-225, 34 864-222,
34 864-457
E-MAIL
ADDRESS : svaree@cscoms.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1986
REGISTRATION
NO. : 0745529000162
TAX
ID NO. : 3751002415
CAPITAL REGISTERED : BHT. 38,500,000
CAPITAL PAID-UP : BHT.
38,500,000
SHAREHOLDETR’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SUWAT CHANTAYASAKORN, THAI
PRESIDENT
NO.
OF STAFF : 900
LINES
OF BUSINESS : FROZEN SEAFOOD
PRODUCTS
MANUFACTURER AND
EXPORTER
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
October 6, 1986 as
a private limited
company under the name style CHAIVAREE MARINE PRODUCTS CO.,
LTD. by Thai group, the Chantayasakorn family.
Its business objective is
to manufacture and
export various kinds
of frozen seafood.
It currently employs
approximate 900 staff.
The
subject’s registered address is
29/1 Moo 4, Ekachai Rd., T.
Nadee, A. Muang, Samutsakorn
74000, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Suwat Chantayasakorn |
|
Thai |
73 |
|
Mrs. Chanchay Chantayasakorn |
|
Thai |
70 |
|
Mr. Vichien Chantayasakorn |
|
Thai |
49 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Suwat Chantayasakorn is
the President.
He is Thai
nationality with the
age of 73
years old.
Mr. Vichien Chantayasakorn is
the Vice President.
He is Thai
nationality with the
age of 49
years old.
Mr. Virat Chantayasakorn is the
Plant Manager.
He is Thai
nationality .
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and exporting
various kinds of
frozen seafood including
cuttlefish, shrimp, octopus,
fish and others,
supply to OEM
products manufacturers and
general customers. Range
of the products
are as follows:
Cuttlefish [Sepia
spp.]
-
Frozen cuttlefish
fillet
-
Frozen cuttlefish
tentacles beak & eyes off
-
Frozen cuttlefish
wing
-
Frozen cuttlefish
black skin
-
Frozen cuttlefish
ink
-
Frozen cuttlefish
roe
-
Frozen whole
cleaned cuttlefish
-
Frozen cuttlefish
mouth
-
Frozen cuttlefish
side meat
Shrimp [Penaeus
vannamei]
-
Frozen shrimp
headless shell on
-
Frozen shrimp
meat peeled deveined
-
Frozen shrimp
meat peeled undeveined
-
Frozen breaded
shrimp
Octopus [Octopus
spp.]
-
Frozen baby
octopus inkless flower
-
Frozen baby
octopus split
Octopus [Octopus
graptus]
-
Frozen giant
octopus inkless flower
Fish
-
Frozen sole
fish fillet [Cynoglossus spp.]
-
Frozen breaded
fish
Others
-
Frozen seasoned
caplin roe
-
Frozen breaded
cheese
BRAND NAME
“CMP”
PURCHASE
100%
of raw materials
is purchased from
local suppliers.
EXPORT
100% of the
products is exported
to Japan, U.S.A.,
and the countries
in Europe.
MAJOR CUSTOMERS
Lawson Co., Ltd. : Japan
Roxy Trading Ind. : U.S.A.
May Fresh Co.,
Ltd. : Japan
Marumoto Co., Ltd. : Japan
Ittimar Srl. : Italy
RELATED AND AFFILIATED
COMPANY
S. Chaivaree Cold Storage
Co., Ltd.
Business Type :
Cold storage service
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
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Exports are against
T/T.
BANKING
Thanachart
Bank Public Co.,
Ltd.
[Samutsakorn Branch :
1400/37 Mahachai Rd.,
Muang, Samutsakorn 74000]
Bangkok Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
900 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
and factory at
the heading address.
Premise is located
in provincial, on
the outskirts of
Bangkok.
COMMENT
Subject’s
business performance was
considered satisfactory while
the overall consumption
was sluggish. With
30 years of
processing experience and reliable
reputation, it has
been approved from all
concerning government authorities
and well known
in the field.
Its genuine OEM
products have been
high rated and satisfied
its clients for
long time.
Subject
has slow business
during the past
two years causing
by slow consumption
in exported markets.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 11,000,000
divided into 10,000
shares of Bht.
1,100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 33,000,000
on September 8,
1988
Bht. 38,500,000
on November 23,
1989
The
latest registered capital
was increased to
Bht. 38,500,000 divided
into 35,000 shares
of Bht. 1,100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 28, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Vichien Chantayasakorn Nationality: Thai Address : 29/1
Moo 4, Ekachai
Rd., Nadee, Muang, Samutsakorn |
9,750 |
27.86 |
|
Ms. Wantana Chavalitapha Nationality: Thai Address : 923/158Kor,
Ekachai Rd., Nadee,
Muang, Samutsakorn |
7,999 |
22.85 |
|
Mr. Virat Chantayasakorn Nationality: Thai Address : 65/1
Moo 4, Ekachai
Rd., Nadee, Muang, Samutsakorn |
5,750 |
16.43 |
|
Mrs. Thanyada Chantayasakorn Nationality: Thai Address : 65/2
Moo 4, Ekachai
Rd., Nadee, Muang, Samutsakorn |
5,750 |
16.43 |
|
Mr. Thanit Chantayasakorn Nationality: Thai Address : 29/1
Moo 4, Ekachai
Rd., Nadee, Muang, Samutsakorn |
5,250 |
15.00 |
|
Mr. Suwat Chantayasakorn Nationality: Thai Address : 29/1
Moo 4, Ekachai
Rd., Nadee, Muang, Samutsakorn |
500 |
1.43 |
|
Mrs. Chanchay Chantayasakorn Nationality: Thai Address : 29/1
Moo 4, Ekachai
Rd., Nadee, Muang, Samutsakorn |
1 |
- |
Total Shareholders : 7
Share Structure [as
at April 28,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
35,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
35,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Kompakorn Leevorawat No.
4092
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalent |
1,419,805.21 |
1,790,109.29 |
|
Trade Accounts Receivable |
11,363,728.97 |
12,976,161.22 |
|
Deferred Income |
2,874,494.41 |
2,685,294.67 |
|
Advance Payment |
120,000.00 |
39,000.00 |
|
Prepaid Expenses |
146,463.83 |
75,552.07 |
|
Inventories |
99,825,517.38 |
43,595,125.69 |
|
Prepaid for Goods |
11,271,857.80 |
- |
|
Other Current Assets |
94,852.55 |
171,942.32 |
|
|
|
|
|
Total Current Assets
|
127,116,720.15 |
61,333,185.26 |
|
Investment in Other
Company |
1,250,000.00 |
1,250,000.00 |
|
Fixed Assets |
38,414,556.18 |
37,988,720.21 |
|
Deposit & Retention |
67,550.00 |
68,850.00 |
|
Total Assets |
166,848,826.33 |
100,640,755.47 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
57,135,981.00 |
3,590,615.73 |
|
Trade Accounts Payable |
17,105,796.16 |
6,818,268.18 |
|
Accrued Expenses |
1,790,526.79 |
1,252,172.40 |
|
Pre-received Income |
2,348,666.60 |
1,613,000.00 |
|
Other Current Liabilities |
165,843.72 |
28,347.00 |
|
|
|
|
|
Total Current Liabilities |
78,546,814.27 |
13,302,403.31 |
|
Estimated Liabilities -
Employee Benefits |
700,712.97 |
- |
|
Total Liabilities |
79,247,527.24 |
13,302,403.31 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,100
par value authorized, issued
and fully paid share
capital 35,000 shares |
38,500,000.00 |
38,500,000.00 |
|
|
|
|
|
Capital Paid |
38,500,000.00 |
38,500,000.00 |
|
Statutory Reserve |
3,850,000.00 |
3,850,000.00 |
|
Retained Earning-
Unappropriated |
45,251,299.09 |
44,988,352.16 |
|
Total Shareholders' Equity |
87,601,299.09 |
87,338,352.16 |
|
Total Liabilities & Shareholders' Equity |
166,848,826.33 |
100,640,755.47 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
185,646,580.04 |
250,759,527.90 |
|
Rental Income |
2,904,354.75 |
4,074,704.13 |
|
Gain on Exchange Income |
702,451.42 |
4,697,806.27 |
|
Other Income |
1,735,736.23 |
5,697,714.99 |
|
Total Revenues |
190,989,122.44 |
265,229,753.29 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
169,065,563.75 |
245,619,107.34 |
|
Selling Expenses |
2,276,272.14 |
3,864,581.03 |
|
Administrative Expenses |
17,633,235.70 |
11,992,244.70 |
|
Total Expenses |
188,975,071.59 |
261,475,933.07 |
|
|
|
|
|
Profit / [Loss] before Financial
Cost Income Tax |
2,014,050.85 |
3,753,820.22 |
|
Financial Cost |
[1,101,762.42] |
[1,101,368.25] |
|
Income Tax |
[649,341.50] |
[459,863.19] |
|
|
|
|
|
Net Profit / [Loss] |
262,946.93 |
2,192,588.78 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.62 |
4.61 |
|
QUICK RATIO |
TIMES |
0.20 |
1.32 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.91 |
6.71 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.13 |
2.53 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
215.52 |
64.78 |
|
INVENTORY TURNOVER |
TIMES |
1.69 |
5.63 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
22.00 |
18.59 |
|
RECEIVABLES TURNOVER |
TIMES |
16.59 |
19.64 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
36.93 |
10.13 |
|
CASH CONVERSION CYCLE |
DAYS |
200.58 |
73.24 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
89.67 |
96.38 |
|
SELLING & ADMINISTRATION |
% |
10.56 |
6.22 |
|
INTEREST |
% |
0.58 |
0.43 |
|
GROSS PROFIT MARGIN |
% |
11.63 |
7.70 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.07 |
1.47 |
|
NET PROFIT MARGIN |
% |
0.14 |
0.86 |
|
RETURN ON EQUITY |
% |
0.30 |
2.51 |
|
RETURN ON ASSET |
% |
0.16 |
2.18 |
|
EARNING PER SHARE |
BAHT |
7.51 |
62.65 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.47 |
0.13 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.90 |
0.15 |
|
TIME INTEREST EARNED |
TIMES |
1.83 |
3.41 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(26.01) |
|
|
OPERATING PROFIT |
% |
(46.35) |
|
|
NET PROFIT |
% |
(88.01) |
|
|
FIXED ASSETS |
% |
1.12 |
|
|
TOTAL ASSETS |
% |
65.79 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
11.63 |
Impressive |
Industrial
Average |
11.27 |
|
Net Profit Margin |
0.14 |
Deteriorated |
Industrial
Average |
2.82 |
|
Return on Assets |
0.16 |
Deteriorated |
Industrial
Average |
5.10 |
|
Return on Equity |
0.30 |
Deteriorated |
Industrial
Average |
10.93 |
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 11.63%. 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 0.14%.
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 0.16%.
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 0.3%.
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 |
1.62 |
Impressive |
Industrial
Average |
1.19 |
|
Quick Ratio |
0.20 |
|
|
|
|
Cash Conversion Cycle |
200.58 |
|
|
|
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 1.62 times in 2011, decreased from 4.61 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 0.2 times in 2011,
decreased from 1.32 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 201 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.47 |
Impressive |
Industrial
Average |
0.56 |
|
Debt to Equity Ratio |
0.90 |
Impressive |
Industrial
Average |
1.15 |
|
Times Interest Earned |
1.83 |
Acceptable |
Industrial
Average |
2.60 |
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 1.83 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 0.47 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 |
4.91 |
Impressive |
Industrial
Average |
3.99 |
|
Total Assets Turnover |
1.13 |
Acceptable |
Industrial
Average |
2.09 |
|
Inventory Conversion Period |
215.52 |
|
|
|
|
Inventory Turnover |
1.69 |
Deteriorated |
Industrial
Average |
3.41 |
|
Receivables Conversion Period |
22.00 |
|
|
|
|
Receivables Turnover |
16.59 |
Impressive |
Industrial
Average |
4.72 |
|
Payables Conversion Period |
36.93 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Downtrend
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.