MIRA INFORM REPORT
|
Report Date : |
22.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
GLOBAL
FISH CO., LTD. |
|
|
|
|
Registered Office : |
99/5 Moo 5, Ekachai Road, Khokkam, Muang, Samutsakorn 74000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
26.01.2005 |
|
|
|
|
Com. Reg. No.: |
0105548012320 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer,
distributor and exporter of frozen seafoods |
|
|
|
|
No. of Employees : |
72 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) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
GLOBAL FISH CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 99/5
MOO 5, EKACHAI
ROAD, KHOKKAM,
MUANG, SAMUTSAKORN
74000
TELEPHONE : [66] 2412-2471-2
FAX :
[66] 2864-1509-10
E-MAIL
ADDRESS : youpadee8@yahoo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION
NO. : 0105548012320 [Former
: 0108154801433]
TAX
ID NO. : 3031718296
CAPITAL REGISTERED : BHT. 8,000,000
CAPITAL PAID-UP : BHT.
8,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SUTHEE ANANTAWITHAYANONT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 72
LINES
OF BUSINESS : FROZEN SEAFOODS
IMPORTER, DISTRIBUTOR
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 January 26,
2005 as a
private limited company
under the name
style GLOBAL FISH
CO., LTD. by
Thai groups. Its
business objective is to
be engaged in
trading of frozen
seafood. It currently
employs 72 staff.
The
subject’s registered address
is 99/5 Moo
5, Ekachai Rd.,
Khokkam, Muang, Samutsakorn
74000, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Thitirat [Former : Yupadee]
Raseevisuth |
|
Thai |
50 |
|
Mr. Suthee Anantawithayanont |
|
Thai |
49 |
Note: Ms. Yupadee changed her name to Ms. Thitirat Raseevisuth on August 25, 2007.
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Suthee Anantawithayanont is
the Managing Director.
He is Thai
nationality with the
age of 49 years old.
Ms. Thitirat Raseevisuth is
the General Manager.
She is Thai
nationality with the
age of 50
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and exporting
of frozen seafood,
mainly fish, jelly
fish, shrimp and
squid. The subject also
provides cold storage
service for fresh
meat and seafood
products.
IMPORT
The
products are imported
from Japan, Indonesia,
Myanmar, Malaysia, New Zealand, Pakistan
and India, as
well as are
purchased from local
suppliers.
SALES
The products are
sold locally by
wholesale to traders
and end-users in
food industry.
EXPORT
The local products are exported to Republic of China, Japan, Malaysia,
Taiwan, Korea, Pakistan, Hong Kong,
Singapore and European countries.
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 area against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 72
office staff and
workers.
LOCATION
DETAILS
The
premises is owned
for administrative office and
cold storage at
the heading address.
Premises is located
in provincial.
COMMENT
Subject is
engaged in importing, distributing and
exporting of seafood products.
Its business in
2011 was strong
with rising demand in
overseas markets. The
flood crisis in
Thailand has no
impact on the
subject’s business performance.
In fact, there is
an increase in
number of orders
from both local
and overseas customers.
In general, the
subject’s operating performance
in 2011 was
excellent, while business outlook in
2012 remains promising.
FINANCIAL INFORMATION
The
capital was registered at
Bht. 8,000,000 divided into 80,000
shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Suthee Anantawithayanont Nationality: Thai Address : 375
Charansanitwong 12 Rd.,
Wadthaphra,
Bangkokyai, Bangkok |
25,600 |
32.00 |
|
Ms. Thitirat Raseevisuth Nationality: Thai Address : 375 Charansanitwong 12
Rd., Wadthaphra,
Bangkokyai, Bangkok |
25,600 |
32.00 |
|
Ms. Chotika Anantawithayanont Nationality: Thai Address : 375
Charansanitwong 12 Rd.,
Wadthaphra,
Bangkokyai, Bangkok |
9,600 |
12.00 |
|
Ms. Pimchanok Anantawithayanont Nationality: Thai Address : 375
Charansanitwong 12 Rd.,
Wadthaphra,
Bangkokyai, Bangkok |
9,600 |
12.00 |
|
Ms. Pathanand Anantawithayanont Nationality: Thai Address :
375 Charansanitwong 12
Rd., Wadthaphra,
Bangkokyai, Bangkok |
9,595 |
11.99 |
|
Others |
5 |
0.01 |
Total Shareholders : 10
Share Structure : [as at
April 30, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
10 |
80,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
10 |
80,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sombat Saesin No.
5922
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
2,790,418.22 |
2,754,769.58 |
|
Trade Accounts Receivable |
905,296.83 |
593,079.64 |
|
Inventories |
77,588,541.44 |
44,998,567.00 |
|
Deposit for Purchasing Goods |
- |
10,303,644.55 |
|
Other Current Assets
|
188,850.12 |
111,940.11 |
|
|
|
|
|
Total Current Assets
|
81,473,106.61 |
58,762,000.88 |
|
Cash at Bank
under Commitment |
861,812.47 |
854,620.83 |
|
Fixed Assets |
72,178,316.12 |
78,046,493.73 |
|
Other Non-current Assets |
174,763.16 |
984,102.99 |
|
Total Assets |
154,687,998.36 |
138,647,218.43 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Short-term Loan from
Financial Institution |
6,000,000.00 |
21,840,442.80 |
|
Trade Accounts &
Other Payable |
9,436,097.95 |
20,400,230.21 |
|
Current Portion of Long-term
Loan |
- |
10,437,390.00 |
|
Other Current Liabilities |
365,816.29 |
760,536.25 |
|
|
|
|
|
Total Current Liabilities |
15,801,914.24 |
53,438,599.26 |
|
Hire-purchase Payable |
- |
289,981.30 |
|
Long-term Loan from
Bank |
- |
2,176,968.20 |
|
Long-term Loan from
Related Person |
143,500,000.00 |
91,935,571.25 |
|
Total Liabilities |
159,301,914.24 |
147,841,120.01 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 80,000 shares |
8,000,000.00 |
8,000,000.00 |
|
|
|
|
|
Capital Paid |
8,000,000.00 |
8,000,000.00 |
|
Retained Earning -
Unappropriated |
[12,613,915.88] |
[17,193,901.58] |
|
Total Shareholders' Equity |
[4,613,915.88] |
[9,193,901.58] |
|
Total Liabilities & Shareholders' Equity |
154,687,998.36 |
138,647,218.43 |
PROFIT & LOSS ACCOUNT
|
Sale |
2011 |
2010 |
|
|
|
|
|
Sales & Service Income |
511,566,382.44 |
331,978,888.79 |
|
Other Income |
1,013,371.13 |
2,461,714.03 |
|
Total Sales |
512,579,753.57 |
334,440,602.82 |
|
Expenses |
|
|
|
|
|
|
|
Change in Finished Goods |
483,924,354.51 |
312,141,173.93 |
|
Material Supplies |
402,319.80 |
348,704.41 |
|
Employees Expenses |
6,411,886.00 |
6,325,943.00 |
|
Depreciation |
6,451,605.61 |
7,142,091.07 |
|
Other Expenses |
9,681,155.46 |
8,866,229.00 |
|
Total Expenses |
506,871,321.38 |
334,824,141.41 |
|
|
|
|
|
Profit / [Loss] before Financial Cost |
5,708,432.19 |
[383,538.59] |
|
Financial Cost |
[1,128,446.49] |
[1,855,871.24] |
|
|
|
|
|
Net Profit / [Loss] |
4,579,985.70 |
[2,239,409.83] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
5.16 |
1.10 |
|
QUICK RATIO |
TIMES |
0.23 |
0.06 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
7.09 |
4.25 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.31 |
2.39 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
58.52 |
52.62 |
|
INVENTORY TURNOVER |
TIMES |
6.24 |
6.94 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
0.65 |
0.65 |
|
RECEIVABLES TURNOVER |
TIMES |
565.08 |
559.75 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
7.12 |
23.85 |
|
CASH CONVERSION CYCLE |
DAYS |
52.05 |
29.42 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
94.60 |
94.02 |
|
SELLING & ADMINISTRATION |
% |
2.51 |
4.06 |
|
INTEREST |
% |
0.22 |
0.56 |
|
GROSS PROFIT MARGIN |
% |
5.60 |
6.72 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.12 |
(0.12) |
|
NET PROFIT MARGIN |
% |
0.90 |
(0.67) |
|
RETURN ON EQUITY |
% |
- |
- |
|
RETURN ON ASSET |
% |
2.96 |
(1.62) |
|
EARNING PER SHARE |
BAHT |
57.25 |
(27.99) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
1.03 |
1.07 |
|
DEBT TO EQUITY RATIO |
TIMES |
(34.53) |
(16.08) |
|
TIME INTEREST EARNED |
TIMES |
5.06 |
(0.21) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
54.10 |
|
|
OPERATING PROFIT |
% |
(1,588.36) |
|
|
NET PROFIT |
% |
304.52 |
|
|
FIXED ASSETS |
% |
(7.52) |
|
|
TOTAL ASSETS |
% |
11.57 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.60 |
Satisfactory |
Industrial
Average |
6.47 |
|
Net Profit Margin |
0.90 |
Impressive |
Industrial
Average |
0.43 |
|
Return on Assets |
2.96 |
Impressive |
Industrial
Average |
1.42 |
|
Return on Equity |
- |
|
Industrial
Average |
4.61 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales 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 5.6%. 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 0.9%,
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
2.96%, 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 |
5.16 |
Impressive |
Industrial
Average |
1.25 |
|
Quick Ratio |
0.23 |
|
|
|
|
Cash Conversion Cycle |
52.05 |
|
|
|
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 5.16 times in 2011, increased from 1.1 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 0.23 times in 2011,
increased from 0.06 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 53 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
1.03 |
Risky |
Industrial
Average |
0.67 |
|
Debt to Equity Ratio |
(34.53) |
Risky |
Industrial
Average |
2.08 |
|
Times Interest Earned |
5.06 |
Impressive |
Industrial
Average |
0.74 |
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 5.06 higher than 1, so the company can pay interest
expenses on outstanding 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 |
7.09 |
Satisfactory |
Industrial
Average |
7.17 |
|
Total Assets Turnover |
3.31 |
Satisfactory |
Industrial
Average |
3.36 |
|
Inventory Conversion Period |
58.52 |
|
|
|
|
Inventory Turnover |
6.24 |
Satisfactory |
Industrial
Average |
6.63 |
|
Receivables Conversion Period |
0.65 |
|
|
|
|
Receivables Turnover |
565.08 |
Impressive |
Industrial
Average |
7.41 |
|
Payables Conversion Period |
7.12 |
|
|
|
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.72 |
|
UK Pound |
1 |
Rs.86.15 |
|
Euro |
1 |
Rs.70.17 |
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.