MIRA
INFORM REPORT
|
Report Date : |
26.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHUANCHOM FROZENFOODS LIMITED PARTNERSHIP |
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Registered Office : |
65/71
Moo 5, T. Banchang, A. Banchang, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
08.07.2003 |
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Com. Reg. No.: |
0213546001417 [Former
: 22654600141] |
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Legal Form : |
Limited
Partnership |
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Line of Business : |
Frozen
Fishes Distributor |
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Number of Employees: |
70 (Approximately) |
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 |
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Payment Behaviour : |
No Complaint |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
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
CHUANCHOM FROZENFOODS
LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 65/71
MOO 5, T. BANCHANG,
A. BANCHANG,
RAYONG PROVINCE
21130, THAILAND
TELEPHONE : [66] 38 880-660-2, 089
667-8258, 087 143-6212
FAX :
[66] 38
880-968, 38 881-168
E-MAIL
ADDRESS : chuanchomfrozen_w@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION
NO. : 0213546001417 [Former
: 22654600141]
TAX
ID NO. : 3030998781
CAPITAL REGISTERED : BHT. 23,000,000
CAPITAL PAID-UP : BHT.
23,000,000
SHAREHOLDER’S PROPORTION : THAI : 100 %
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED
PARTNERSHIP
EXECUTIVE : MS. PRANEE THAVILHA,
THAI
MANAGING PARTNER
NO.
OF STAFF : 70
LINES
OF BUSINESS : FROZEN FISHES
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 July 8, 2003
as a limited
partnership under the
originally registered name “Chuanchom Platoothong
Limited Partnership”, by Thai
partners, with the
business objective to
distribute frozen fishes
to domestic market.
On
January 20, 2006,
the subject’s name was
changed to CHUANCHOM
FROZENFOODS LIMITED PARTNERSHIP.
It currently employs
approximate 70 staff.
The
subject’s registered address
is 65/71 Moo
5, T. Banchang, A. Banchang,
Rayong 21130, and
this is the
subject’s current operation
address.
AUTHORIZED PERSON
Ms. Pranee Thavilha signs
on behalf of
the subject with
seal affixed. She
also bears full
financial responsibility by
law.
MANAGEMENT
Ms. Pranee Thavilha is
the Managing Partner.
She is Thai
nationality with the
age of 50
years old.
Mrs. Anchalee Apiwong is
the Branch Manager [Chonburi].
She is Thai
nationality.
Mrs. Rattana Thavilha is
the Branch Manager [Prachinburi].
She is Thai
nationality.
Ms. Warangkana Jamsai is
the Marketing Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in distributing
of frozen fishes
mainly Mackerel, Indian
Mackerel and Tuna.
PURCHASE
100%
of the products
is purchased from
local suppliers.
MAJOR
SUPPLIER
Chuanchom
International [Thailand] Co.,
Ltd.
SALES
The
products are sold
locally by wholesale
to traders and
end-users.
RELATED AND AFFILIATED
COMPANY
Chuanchom
International [Thailand] Co.,
Ltd.
Business
Type : Importer
and distributor of
frozen seafood.
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 for
the past two
years.
CREDIT
Sales are by
cash or on
the credit term
of 30-60 days.
Local bills are paid
by cash or
on the credits
term of 30-60
days.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Siam
Commercial Bank Public
Co., Ltd.
Krung
Thai Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
70 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
and cold storage
at the heading
address. Premise is
located in provincial.
Branches/Cold storages :
-
196
Bangsaenlang Rd., T. Saensuk,
A. Muang, Chonburi 20130.
-
232 Moo 10, T.
Thamatoom, A. Srimahaphote, Prachinburi
25140.
-
46 Moo 2, T.
Khaobaisri, A. Thamai, Chantaburi
22120.
COMMENT
Subject
is a distributor
of frozen fishes,
such as Mackerel,
Indian Mackerel and Tuna.
The subject remains
optimistic and expects
domestic sales to
continue growing through
the year. The subject is able to
maintain profit from
strong local consumption. It
is considered to
retain a stability
and steady growth.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 23,000,000 which was carried by
6 persons as
followed:
Name Age Amount
Ms. Pranee Thavilha - Bht. 6,000,000 [Unlimited
Partner]
Mrs. Inthira Moolam - Bht. 2,000,000
Mr. Amnart Suksiri - Bht. 2,000,000
Ms. Supang Sornnil - Bht. 2,000,000
Mr. Suthep Theparat - Bht. 2,000,000
Mr. Kamthorn Musitmanee - Bht. 9,000,000
[Unlimited partner]
On August 6,
2010, the capital
was carried by
5 persons as
followed:
Name Age Amount
Ms. Pranee Thavilha 50 Bht. 18,000,000 [Unlimited
Partner]
Mrs. Inthira Moolam 52 Bht. 1,000,000
Mr. Amnart Suksiri 52 Bht. 1,000,000
Ms. Supang Sornnil 28 Bht. 1,000,000
Mr. Suthep Theparat 35 Bht. 2,000,000
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Dolaya Tantiraksaroj No.
8575
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current
Assets |
2011 |
2010 |
|
|
|
|
|
Cash in hand
& at Bank
|
132,926.97 |
388,330.96 |
|
Trade Account Receivable |
1,966,180.00 |
- |
|
Inventories |
6,874,702.81 |
1,758,000.00 |
|
Goods in Transit |
11,909,040.00 |
- |
|
Other Current Assets
|
279,645.23 |
294,645.23 |
|
Total Current
Assets |
21,162,495.01 |
2,440,976.19 |
|
|
|
|
|
Land, Building and
Equipment |
31,446,011.48 |
36,931,816.61 |
|
Total Assets
|
52,608,506.49 |
39,372,792.80 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft |
1,594,615.96 |
- |
|
Trade Accounts & Other Payable |
11,909,040.00 |
225.00 |
|
Current Portion of Long-term
Loan |
2,940,000.00 |
2,940,000.00 |
|
Short-term Loan from
Person or Related Company |
1,250,000.00 |
- |
|
Other Current Liabilities |
108,088.53 |
87,973.64 |
|
Total Current
Liabilities |
17,801,744.49 |
3,028,198.64 |
|
|
|
|
|
Long-term Loan from
Financial Institution |
10,913,570.50 |
12,580,000.00 |
|
Total Liabilities |
28,715,314.99 |
15,608,198.64 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
Capital Paid |
23,000,000.00 |
23,000,000.00 |
|
Retained Earning -
Unappropriated |
893,191.50 |
764,594.16 |
|
Total
Shareholders' Equity |
23,893,191.50 |
23,764,594.16 |
|
Total
Liabilities & Shareholders' Equity |
52,608,506.49 |
39,372,792.80 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
110,205,235.00 |
109,999,993.00 |
|
Interest Income |
- |
0.05 |
|
Total Revenues
|
110,205,235.00 |
109,999,993.05 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
103,808,906.19 |
105,456,246.89 |
|
Selling Expenses |
3,319,577.27 |
2,781,439.15 |
|
Administrative Expenses |
1,545,214.69 |
1,637,307.01 |
|
Total Expenses |
108,673,698.15 |
109,874,993.05 |
|
Profit Before Financial Cost &
Income Tax |
1,531,536.85 |
125,000.00 |
|
Financial Cost |
[1,347,826.36] |
- |
|
Profit Before Income Tax |
183,710.49 |
125,000.00 |
|
Income Tax |
[55,113.15] |
[37,500.00] |
|
Net Profit / [Loss] |
128,597.34 |
87,500.00 |
|
Retained Earning, Beginning
of Year |
764,594.16 |
677,094.16 |
|
Retained Earning, End
of Year |
893,191.50 |
764,594.16 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.19 |
0.81 |
|
QUICK RATIO |
TIMES |
0.12 |
0.13 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.50 |
2.98 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.09 |
2.79 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
66.05 |
6.08 |
|
INVENTORY TURNOVER |
TIMES |
5.53 |
59.99 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
6.51 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
56.05 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
41.87 |
0.00 |
|
CASH CONVERSION CYCLE |
DAYS |
30.68 |
6.08 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
94.20 |
95.87 |
|
SELLING & ADMINISTRATION |
% |
4.41 |
4.02 |
|
INTEREST |
% |
1.22 |
- |
|
GROSS PROFIT MARGIN |
% |
5.80 |
4.13 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.39 |
0.11 |
|
NET PROFIT MARGIN |
% |
0.12 |
0.08 |
|
RETURN ON EQUITY |
% |
0.54 |
0.37 |
|
RETURN ON ASSET |
% |
0.24 |
0.22 |
|
EARNING PER SHARE |
BAHT |
0.56 |
0.38 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.55 |
0.40 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.20 |
0.66 |
|
TIME INTEREST EARNED |
TIMES |
1.14 |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
0.19 |
|
|
OPERATING PROFIT |
% |
1,125.23 |
|
|
NET PROFIT |
% |
46.97 |
|
|
FIXED ASSETS |
% |
(14.85) |
|
|
TOTAL ASSETS |
% |
33.62 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.80 |
Deteriorated |
Industrial Average |
18.28 |
|
Net Profit Margin |
0.12 |
Deteriorated |
Industrial Average |
0.23 |
|
Return on Assets |
0.24 |
Deteriorated |
Industrial Average |
1.16 |
|
Return on Equity |
0.54 |
Deteriorated |
Industrial Average |
2.91 |
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 5.8%. 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 0.12%.
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 0.24%.
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 0.54%.
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 |
1.19 |
Acceptable |
Industrial Average |
1.87 |
|
Quick Ratio |
0.12 |
|
|
|
|
Cash Conversion Cycle |
30.68 |
|
|
|
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 1.19 times in 2011, increased from 0.81 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 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 0.12 times in 2011,
decreased from 0.13 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 31 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.55 |
Impressive |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
1.20 |
Acceptable |
Industrial Average |
1.45 |
|
Times Interest Earned |
1.14 |
Impressive |
Industrial Average |
0.66 |
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 1.14 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 0.55 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.50 |
Acceptable |
Industrial Average |
6.92 |
|
Total Assets Turnover |
2.09 |
Deteriorated |
Industrial Average |
4.22 |
|
Inventory Conversion Period |
66.05 |
|
|
|
|
Inventory Turnover |
5.53 |
Deteriorated |
Industrial Average |
13.18 |
|
Receivables Conversion Period |
6.51 |
|
|
|
|
Receivables Turnover |
56.05 |
Impressive |
Industrial Average |
7.53 |
|
Payables Conversion Period |
41.87 |
|
|
|
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.53.63 |
|
|
1 |
Rs.86.18 |
|
Euro |
1 |
Rs.69.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
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 |
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.