MIRA
INFORM REPORT
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Report Date : |
27.10.2012 |
IDENTIFICATION DETAILS
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Name : |
CHINA SIAM SEAFOOD CO., LTD. |
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Registered Office : |
69 Moo 5, Highway No. 41, T. Khaothan, A. Thachang, Suratthani 84150 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
10.07.1995 |
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Com. Reg. No.: |
0105538081477 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Exporter and Distributor of Frozen Seafood Products |
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No. of Employees : |
200 |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Thailand |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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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
CHINA
SIAM SEAFOOD CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 69
MOO 5, HIGHWAY
NO. 41, T. KHAOTHAN,
A.
THACHANG, SURATTHANI 84150
TELEPHONE : [66] 77
260-601-4
FAX :
[66] 77
260-605
E-MAIL
ADDRESS : css_foods@yahoo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0105538081477
TAX
ID NO. : 3011599013
CAPITAL REGISTERED : BHT. 80,000,000
CAPITAL PAID-UP : BHT.
80,000,000
SHAREHOLDER’S PROPORTION : TAIWANESE : 72.00%
THAI : 28.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. SUWANNA KIATSRICHART,
THAI
MANAGING DIRECTOR
NO. OF
STAFF : 200
LINES
OF BUSINESS : FROZEN SEAFOOD
PRODUCTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on July 10,
1995 as a
private limited company under
the registered name
CHINA SIAM SEAFOOD CO.,
LTD., by Thai
and Taiwanese groups.
Its business objective
is to manufacture
various kinds of
frozen seafood to
both domestic and
export market. It
currently employs approximate 200 staff.
It
also achieved the standard
HACCP and HALAL
certification for the
productions.
The
subject’s registered address
is 69 Moo 5,
Highway No. 41, T. Khaothan,
A. Thachang, Suratthani 84150,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
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Mr. Somkiat Kiatsrichart |
[x] |
Thai |
69 |
|
Mrs. Suwanna Kiatsrichart |
[-] |
Thai |
64 |
|
Mr. Rungwit Kiatsrichart |
[-] |
Thai |
33 |
|
Mr. Rungtham Kiatsrichart |
[-] |
Thai |
34 |
|
Mr. Chou Chin Huo |
|
Taiwanese |
69 |
|
Mr. Lin Wen Cher |
|
Taiwanese |
35 |
AUTHORIZED PERSON
The mentioned director
[x] can jointly
sign with anyone
of the mentioned
directors
[-] on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mrs. Suwanna Kiatsrichart is
the Managing Director.
She is Thai
nationality with the
age of 64
years old.
BUSINESS OPERATIONS
The subject’s
core business is
engaged in manufacturing, exporting
and distributing various
kinds of frozen
seafood, such as
butter fish, cuttle
fish, octopus and
etc., as well
as processed seafood
products such as
fishball, Thai fish
cake and others,
under its owned
brand “CSS”.
PURCHASE
Raw materials and
packaging are purchased
from local suppliers.
SALES
90% of the
products is exported
to Taiwan, Republic
of China, Japan
and Korea, the
remaining 10% is
sold locally.
RELATED AND
AFFILIATED COMPANY
Eksiam Product Co.,
Ltd.
Business Type :
Factory rental 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
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.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 200 staff.
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.
COMMENT
Subject’s
business performance remains
moderate as its
products have been
widely consumed in
local market. Exported
foods are expected
to rise significantly and
would make a big
gain for the
subject. Its business
outlook remains optimistic.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 50,000,000
divided into 500,000
shares of Bht.
100 each with
fully paid.
On
January 18, 1999,
registered capital was
increased to Bht. 80,000,000 divided
into 500,000 shares
of Bht. 160 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Lin Wen
Cher Nationality: Taiwanese Address : Taiwan |
91,177 |
18.24 |
|
Mr. Chou Chin
Huo Nationality: Taiwanese Address : Taiwan |
79,411 |
15.88 |
|
Mr. Lin Shou
Sian Nationality: Taiwanese Address : Taiwan |
55,882 |
11.18 |
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Mr. Somkiat Kiatsrichart Nationality: Thai Address : 37/147
Chan Rd., Thungwatdon,
Sathorn, Bangkok |
54,411 |
10.88 |
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Mr. Leo Wei
Ming Nationality: Taiwanese Address : Taiwan |
40,000 |
8.00 |
|
Mr. Chang Chee
Chen Nationality: Taiwanese Address : Taiwan
|
31,765 |
6.35 |
|
Mr. Chang Kow
Chen Nationality: Taiwanese Address : Taiwan |
31,764 |
6.35 |
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Mr. Suwanna Kiatsrichart Nationality: Thai Address : 37/147
Chan Rd., Thungwatdon,
Sathorn, Bangkok |
30,295 |
6.06 |
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Mr. Liu Zee
Pao Nationality: Taiwanese Address : Taiwan
|
30,000 |
6.00 |
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Mr. Rungwit Kiatsrichart Nationality: Thai Address : 37/147
Chan Rd., Thungwatdon,
Sathorn, Bangkok |
25,000 |
5.00 |
|
Mr. Rungtham Kiatsrichart Nationality: Thai Address : 9
Soi Yenchit, Thungwatdon,
Sathorn, Bangkok |
25,000 |
5.00 |
|
Ms. Rungthiwa Kiatsrichart Nationality: Thai Address : 37/147
Chan Rd., Thungwatdon,
Sathorn, Bangkok |
5,295 |
1.06 |
Total Shareholders : 12
Share Structure [as
at April 30,
2012 ]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
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Thai |
5 |
140,001 |
28.00 |
|
Foreign-Taiwanese |
7 |
359,999 |
72.00 |
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Total |
12 |
500,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Supat Korncharlkul No.
3913
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash in Hand
& at Bank |
1,036,249 |
907,818 |
|
Trade Accounts Receivable |
12,415,809 |
11,783,041 |
|
Inventories |
87,315,693 |
116,336,672 |
|
Deposit on Goods |
1,215,670 |
1,156,742 |
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Other Current Assets
|
491,788 |
1,258,166 |
|
|
|
|
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Total Current Assets
|
102,475,209 |
131,442,439 |
|
Fixed Assets |
53,397,003 |
57,291,499 |
|
Other Assets |
43,095 |
43,095 |
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Total Assets |
155,915,307 |
188,777,033 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Short-term Loan from Bank |
23,696,782 |
30,431,813 |
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Trade Accounts Payable |
4,372,781 |
3,613,202 |
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Advance Income from Goods |
9,395,713 |
16,380,938 |
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Accrued Expense & Other
Current Liabilities |
1,165,173 |
1,424,714 |
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Total Current Liabilities |
38,630,449 |
51,850,667 |
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Total Liabilities |
38,630,449 |
51,850,667 |
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Shareholders' Equity |
|
|
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Share capital : Baht 160
par value authorized, issued
and fully paid share
capital 500,000 shares |
80,000,000 |
80,000,000 |
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Capital Paid |
80,000,000 |
80,000,000 |
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Retained Earning Appropriated for Statutory Reserve
|
1,500,000 |
1,500,000 |
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Unappropriated |
35,784,858 |
55,426,366 |
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Total Shareholders' Equity |
117,284,858 |
136,926,366 |
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Total Liabilities & Shareholders' Equity |
155,915,307 |
188,777,033 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
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Sales |
155,150,768 |
97,045,183 |
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Other Income |
655,016 |
2,122,906 |
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Total Revenues |
155,805,784 |
99,168,089 |
|
Expenses |
|
|
|
|
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Cost of Goods
Sold |
152,093,885 |
93,135,473 |
|
Selling Expenses |
4,509,658 |
3,315,026 |
|
Administrative Expenses |
13,779,225 |
8,833,072 |
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Financial Cost |
1,037,486 |
420,024 |
|
Other Expenses |
4,027,038 |
288,442 |
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Total Expenses |
175,447,292 |
105,992,037 |
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Net Profit / [Loss] |
[19,641,508] |
[6,823,948] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
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LIQUIDITY RATIO |
|
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CURRENT RATIO |
TIMES |
2.65 |
2.54 |
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QUICK RATIO |
TIMES |
0.35 |
0.24 |
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ACTIVITY RATIO |
|
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FIXED ASSETS TURNOVER |
TIMES |
2.91 |
1.69 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.00 |
0.51 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
212.46 |
460.46 |
|
INVENTORY TURNOVER |
TIMES |
1.72 |
0.79 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
29.21 |
44.32 |
|
RECEIVABLES TURNOVER |
TIMES |
12.50 |
8.24 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
10.49 |
14.16 |
|
CASH CONVERSION CYCLE |
DAYS |
231.18 |
490.62 |
|
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PROFITABILITY
RATIO |
|
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|
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COST OF GOODS SOLD |
% |
98.03 |
95.97 |
|
SELLING & ADMINISTRATION |
% |
11.79 |
12.52 |
|
INTEREST |
% |
0.67 |
0.43 |
|
GROSS PROFIT MARGIN |
% |
2.39 |
6.22 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(12.66) |
(7.03) |
|
NET PROFIT MARGIN |
% |
(12.66) |
(7.03) |
|
RETURN ON EQUITY |
% |
(16.75) |
(4.98) |
|
RETURN ON ASSET |
% |
(12.60) |
(3.61) |
|
EARNING PER SHARE |
BAHT |
(39.28) |
(13.65) |
|
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LEVERAGE RATIO |
|
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|
|
DEBT RATIO |
TIMES |
0.25 |
0.27 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.33 |
0.38 |
|
TIME INTEREST EARNED |
TIMES |
(18.93) |
(16.25) |
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ANNUAL GROWTH |
|
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SALES GROWTH |
% |
59.87 |
|
|
OPERATING PROFIT |
% |
187.83 |
|
|
NET PROFIT |
% |
(187.83) |
|
|
FIXED ASSETS |
% |
(6.80) |
|
|
TOTAL ASSETS |
% |
(17.41) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
2.39 |
Deteriorated |
Industrial
Average |
8.30 |
|
Net Profit Margin |
(12.66) |
Deteriorated |
Industrial
Average |
0.33 |
|
Return on Assets |
(12.60) |
Deteriorated |
Industrial
Average |
1.14 |
|
Return on Equity |
(16.75) |
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 2.39%. 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 -12.66%.
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 -12.6%.
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 -16.75%.
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 |
2.65 |
Impressive |
Industrial
Average |
0.99 |
|
Quick Ratio |
0.35 |
|
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Cash Conversion Cycle |
231.18 |
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|
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 2.65 times in 2011, increased from 2.54 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 0.35 times in 2011,
increased from 0.24 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 232 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.25 |
Impressive |
Industrial
Average |
0.78 |
|
Debt to Equity Ratio |
0.33 |
Impressive |
Industrial
Average |
2.79 |
|
Times Interest Earned |
(18.93) |
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 -18.94 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 0.25 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 |
2.91 |
Deteriorated |
Industrial
Average |
7.43 |
|
Total Assets Turnover |
1.00 |
Deteriorated |
Industrial
Average |
3.18 |
|
Inventory Conversion Period |
212.46 |
|
|
|
|
Inventory Turnover |
1.72 |
Deteriorated |
Industrial
Average |
8.25 |
|
Receivables Conversion Period |
29.21 |
|
|
|
|
Receivables Turnover |
12.50 |
Impressive |
Industrial
Average |
4.85 |
|
Payables Conversion Period |
10.49 |
|
|
|
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.86.17 |
|
Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.