MIRA
INFORM REPORT
|
Report Date : |
13.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
OCEAN
WORLDWIDE PRODUCTS LIMITED
PARTNERSHIP |
|
|
|
|
Registered Office : |
50/23-25
Charoenkrung 58 Road,
Yannawa, Sathorn, Bangkok
10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
07.01.2000 |
|
|
|
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Com. Reg. No.: |
0103543000372 |
|
|
|
|
Legal Form : |
Limited Partnership |
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|
|
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Line of Business : |
Importer and distributor of frozen fish |
|
|
|
|
No. of Employees : |
15 |
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 : |
Slow but Correct |
|
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) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
OCEAN WORLDWIDE PRODUCTS
LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 50/23-25 CHAROENKRUNG
58 ROAD,
YANNAWA, SATHORN,
BANGKOK 10120,
THAILAND
TELEPHONE : [66] 2675-9019-20
FAX :
[66] 2675-5382
E-MAIL
ADDRESS : admin@oceanworldwide.com
narinpast@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION
NO. : 0103543000372 [Former
: 3/2543]
TAX
ID NO. : 3030029140
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
SHAREHOLDER’S PROPORTION : THAI : 100.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED
PARTNERSHIP
EXECUTIVE : MR. PINIT RASEEVISUTH, THAI
MANAGING PARTNER
NO.
OF STAFF : 15
LINES
OF BUSINESS : FROZEN FISH
IMPORTER 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
January 7, 2000
as a limited
partnership under the
name style OCEAN WORLDWIDE PRODUCTS LIMITED PARTNERSHIP by Thai partners,
with the business
objective to import
and distribute various
kinds of frozen fish
to domestic market.
It currently employs
15 staff.
The
subject’s registered address
is 50/23-25 Charoenkrung
58 Rd., Yannawa,
Sathorn, Bangkok 10120,
and this is
the subject’s current
operation address.
AUTHORIZED PERSON
Mr. Pinit Raseevisuth signs
on behalf of
the subject with
company’s affixed. He
also bears full
financial responsibility by
law.
MANAGEMENT
Mr. Pinit Raseevisuth is
the Managing Partner.
He is Thai
nationality with the
age of 51
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of frozen fish,
such as mackerel,
salmon, sable and
etc.
PURCHASE
Most
of the products
are imported from
India, Indonesia, Malaysia,
Pakistan and the countries
in Europe, the
remaining is purchased
from local suppliers.
SALES
100%
of the products
is sold locally
by wholesale to
traders and end-users.
RELATED AND AFFILIATED
COMPANIES
Jumpol Siam Co.,
Ltd.
Business Type :
Distributor of air conditioners.
Pattanavisuth Co., Ltd.
Business Type :
Cold storage rental
service provider.
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.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 15
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial
area.
COMMENT
The subject is an importer and distributor of fish. The
products are mainly served consumer markets.
Its business performance in 2011
was contracted. There
are many customers
who have been forced
out of business caused by massive
floods has resulted
to its business slowdown. While
consumption in 2012
is improving, but
it is still
below the level
prior to the
floods crisis.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 which
was carried by 3
persons as followed:
Name Amount
Mr. Pinit Raseevisuth Bht.
500,000 [Unlimited Partner]
Ms. Thitirat Raseevisuth Bht. 250,000
Mr. Suthee Anantawithayanont Bht. 250,000
On April 8,
2010, the capital
was held by
2 persons as
followed:
Name Age Amount
Mr. Pinit Raseevisuth 51 Bht.
500,000 [Unlimited Partner]
Ms. Pornjai Reanronayuth 51 Bht. 500,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Walapach Hiranrasmee No.
6379
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2011 & 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents
|
5,666,844.12 |
4,761,303.66 |
|
Trade Accounts & Other Receivable |
159,050.00 |
- |
|
Inventories |
2,033,515.80 |
2,177,216.00 |
|
Total Current
Assets |
7,859,409.92 |
6,938,519.66 |
|
Other Non-current Assets |
4,780.46 |
- |
|
Equipment, net |
1,238,930.64 |
1,306,680.83 |
|
Total Assets
|
9,103,121.02 |
8,245,200.49 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts & Other
Payable |
2,566,765.12 |
58,196.09 |
|
Current Portion of Long-term
Loans |
- |
188,478.00 |
|
Accrued Income Tax |
- |
66,245.75 |
|
Total Current
Liabilities |
2,566,765.12 |
312,919.84 |
|
Total Liabilities |
2,566,765.12 |
312,919.84 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning -
Unappropriated |
5,536,355.90 |
6,932,280.65 |
|
Total
Shareholders' Equity |
6,536,355.90 |
7,932,280.65 |
|
Total
Liabilities & Shareholders' Equity |
9,103,121.02 |
8,245,200.49 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
22,816,750.00 |
54,168,900.00 |
|
Other Income |
28,046.66 |
377,285.30 |
|
Total Revenues
|
22,844,796.66 |
54,546,185.30 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
22,142,944.49 |
51,419,814.73 |
|
Selling Expenses |
1,749,108.54 |
1,868,873.28 |
|
Administrative Expenses |
312,850.60 |
246,205.76 |
|
Other Expenses |
32,648.88 |
- |
|
Total Expenses |
24,237,552.51 |
53,534,893.77 |
|
Profit before Financial Cost &
Income Tax |
[1,392,755.85] |
1,011,291.53 |
|
Financial Cost |
[3,168.90] |
[851.48] |
|
Profit before Income Tax |
[1,395,924.75] |
1,010,440.05 |
|
Income Tax |
- |
[130,110.02] |
|
Net Profit / [Loss] |
[1,395,924.75] |
880,330.03 |
|
Retained Earning, Beginning of
Year |
6,932,280.65 |
6,051,950.62 |
|
Retained Earning, End of Year |
5,536,355.90 |
6,932,280.65 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
3.06 |
22.17 |
|
QUICK RATIO |
TIMES |
2.27 |
15.22 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
18.42 |
41.46 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.51 |
6.57 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
33.52 |
15.45 |
|
INVENTORY TURNOVER |
TIMES |
10.89 |
23.62 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
2.54 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
143.46 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
42.31 |
0.41 |
|
CASH CONVERSION CYCLE |
DAYS |
(6.25) |
15.04 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
97.05 |
94.92 |
|
SELLING & ADMINISTRATION |
% |
9.04 |
3.90 |
|
INTEREST |
% |
0.01 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
3.08 |
5.77 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(6.10) |
1.87 |
|
NET PROFIT MARGIN |
% |
(6.12) |
1.63 |
|
RETURN ON EQUITY |
% |
(21.36) |
11.10 |
|
RETURN ON ASSET |
% |
(15.33) |
10.68 |
|
EARNING PER SHARE |
BAHT |
(139.59) |
88.03 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.28 |
0.04 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.39 |
0.04 |
|
TIME INTEREST EARNED |
TIMES |
(439.51) |
1,187.69 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(57.88) |
|
|
OPERATING PROFIT |
% |
(237.72) |
|
|
NET PROFIT |
% |
(258.57) |
|
|
FIXED ASSETS |
% |
(5.18) |
|
|
TOTAL ASSETS |
% |
10.41 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.08 |
Deteriorated |
Industrial
Average |
8.30 |
|
Net Profit Margin |
(6.12) |
Deteriorated |
Industrial
Average |
0.33 |
|
Return on Assets |
(15.33) |
Deteriorated |
Industrial
Average |
1.14 |
|
Return on Equity |
(21.36) |
Deteriorated |
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 3.08%. 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 -6.12%.
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 -15.33%.
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 -21.36%.
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 |
3.06 |
Impressive |
Industrial
Average |
0.99 |
|
Quick Ratio |
2.27 |
|
|
|
|
Cash Conversion Cycle |
(6.25) |
|
|
|
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 3.06 times in 2011, decreased from 22.17 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 2.27 times in 2011,
decreased from 15.22 times, although excluding inventory so the company still
have good short-term financial strength.
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 -7 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.28 |
Impressive |
Industrial
Average |
0.78 |
|
Debt to Equity Ratio |
0.39 |
Impressive |
Industrial
Average |
2.79 |
|
Times Interest Earned |
(439.51) |
Risky |
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 -439.51 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.28 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
18.42 |
Impressive |
Industrial
Average |
7.43 |
|
Total Assets Turnover |
2.51 |
Satisfactory |
Industrial
Average |
3.18 |
|
Inventory Conversion Period |
33.52 |
|
|
|
|
Inventory Turnover |
10.89 |
Impressive |
Industrial
Average |
8.25 |
|
Receivables Conversion Period |
2.54 |
|
|
|
|
Receivables Turnover |
143.46 |
Impressive |
Industrial
Average |
4.85 |
|
Payables Conversion Period |
42.31 |
|
|
|
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.52.70 |
|
UK Pound |
1 |
Rs.84.51 |
|
Euro |
1 |
Rs.68.16 |
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.