MIRA INFORM REPORT
|
Report Date : |
27.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
THAI
OMEGA FISHERY CO.,
LTD. |
|
|
|
|
Registered Office : |
25/651-652 Moo 3, Sahakorn Road, Bangyapraek, Muang, Samutsakorn 74000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
18.03.2005 |
|
|
|
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Com. Reg. No.: |
0105548038841 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importer
and Wholesaler of Frozen Seafood
Products |
|
|
|
|
No. of Employees : |
12 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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
THAI OMEGA
FISHERY CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 25/651-652 MOO
3, SAHAKORN ROAD,
BANGYAPRAEK, MUANG,
SAMUTSAKORN 74000
TELEPHONE : [66] 34
434-914
FAX :
[66] 34
434-913
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION
NO. : 0105548038841
TAX
ID NO. : 3380060404
CAPITAL REGISTERED : BHT.
4,500,000
CAPITAL PAID-UP : BHT.
4,500,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PRACHAYA UNGRANGSEE,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 12
LINES
OF BUSINESS : FROZEN SEAFOOD
PRODUCTS
IMPORTER AND
WHOLESALER
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 March 18,
2005 as a
private limited company
under the name
style THAI OMEGA
FISHERY CO., LTD.,
by Thai groups,
with the business objective to
wholesale various kinds
of frozen seafood
products in Samutsakorn
province. It currently
employs 12 staff.
The subject’s registered address is
25/651-652 Moo 3,
Sahakorn Rd., Bangyapraek, Muang, Samutsakorn
74000, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
Mr. Prachaya Ungrangsee
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Prachaya Ungrangsee is the Managing Director.
He is Thai
nationality with the
age of 39
years old.
BUSINESS OPERATIONS
The subject is engaged
in wholesale distributing
various kinds of
frozen seafood products, such
as frozen grouper
head, Indian Mackerel,
Yemen Mackerel, Pakistani-Indian Mackerel,
Indonesian Mackerel, Saba
fish, Omann fish
and etc.
PURCHASE
The products are
purchased from fishery
suppliers both domestic
and overseas, mainly
in Yemen, India,
Taiwan, Republic of
China and Pakistan.
SALES
100% of the
products is sold
locally by wholesale
to traders and
end-users.
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.
BANKING
The banker’s name
was not disclosed.
EMPLOYMENT
The
subject employs 12
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in provincial.
COMMENT
The
subject was formed
in 2005 as
a wholesaler of
frozen seafood products.
The products have
been supplied by
wholesale to restaurant,
fresh market and
seafood factory. Subject’s
operating performance in
2011 was slow down
from the previous years due to decreasing
of sea lives
supplied by local
fisheries, while imported products
are too expensive.
Subject
has sign of
being slowdown of
its operation.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000
shares of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 4,000,000
on September 2,
2008
Bht. 4,500,000
on December 8,
2008
The
latest registered capital
was increased to
Bht. 4,500,000 divided into
45,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Prachaya Ungrangsee Nationality: Thai Address : 2258/16 Charoenkrugn Rd.,
Bangkorlaem,
Bangkok |
44,000 |
97.78 |
|
Mr. Sawad Ungrangsee Nationality: Thai Address : 383/44-46
Chakrapadpong Rd.,
Klongmahanark, Pomprab, Bangkok |
500 |
1.11 |
|
Mrs. Narisara Ungrangsee Nationality: Thai Address : 99/206
Moo 6, Pantainorasingh, Muang,
Samutsakorn |
500 |
1.11 |
Total Shareholders : 3
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
45,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
45,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Wanchan Ungthavorn No.
5962
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
15,011,154.50 |
11,686,021.19 |
|
Other Receivable |
3,450,861.72 |
2,792,441.38 |
|
Trade Accounts Receivable
|
27,393,485.48 |
22,944,773.70 |
|
|
|
|
|
Total Current Assets
|
45,855,501.70 |
37,423,236.27 |
|
|
|
|
|
Long-term Loan to
Related Person |
19,500,000.00 |
25,000,000.00 |
|
Fixed Assets |
3,586,434.41 |
3,672,279.68 |
|
Total Assets |
68,941,936.11 |
66,095,515.95 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Short-term Loan from Financial Institutions |
58,726,712.48 |
56,602,110.95 |
|
Current Portion of Long-term
Loans |
285,000.00 |
660,000.00 |
|
Other Current Liabilities |
402,796.62 |
282,784.81 |
|
|
|
|
|
Total Current Liabilities |
59,414,509.10 |
57,544,895.76 |
|
|
|
|
|
Long-term Loan, Net |
- |
285,000.00 |
|
Total Liabilities |
59,414,509.10 |
57,829,895.76 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 45,000 shares |
4,500,000.00 |
4,500,000.00 |
|
|
|
|
|
Capital Paid |
4,500,000.00 |
4,500,000.00 |
|
Retained Earning - Unappropriated |
5,027,427.01 |
3,765,620.19 |
|
Total Shareholders' Equity |
9,527,427.01 |
8,265,620.19 |
|
Total Liabilities & Shareholders' Equity |
68,941,936.11 |
66,095,515.95 |
PROFIT & LOSS ACCOUNT
|
Sale |
2011 |
2010 |
|
|
|
|
|
Sales |
156,198,393.43 |
239,184,755.32 |
|
Other Income |
106,250.00 |
894,448.02 |
|
Total Sales |
156,304,643.43 |
240,079,203.34 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
150,106,677.10 |
236,459,352.55 |
|
Administrative Expenses |
3,633,785.55 |
905,144.65 |
|
Total Expenses |
153,740,462.65 |
237,364,497.20 |
|
|
|
|
|
Profit / Loss] before Financial Costs & Income Tax |
2,564,180.78 |
2,714,706.14 |
|
Financial Costs |
[1,047,173.69] |
[1,104,258.36] |
|
|
|
|
|
Profit / [Loss] before Income Tax |
1,517,007.09 |
1,610,447.78 |
|
Income Tax |
[255,200.27] |
[280,139.31] |
|
Net Profit / [Loss] |
1,261,806.82 |
1,330,308.47 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.77 |
0.65 |
|
QUICK RATIO |
TIMES |
0.77 |
0.65 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
43.55 |
65.13 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.27 |
3.62 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
64.01 |
35.01 |
|
RECEIVABLES TURNOVER |
TIMES |
5.70 |
10.42 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
64.01 |
35.01 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
96.10 |
98.86 |
|
SELLING & ADMINISTRATION |
% |
2.33 |
0.38 |
|
INTEREST |
% |
0.67 |
0.46 |
|
GROSS PROFIT MARGIN |
% |
3.97 |
1.51 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.64 |
1.13 |
|
NET PROFIT MARGIN |
% |
0.81 |
0.56 |
|
RETURN ON EQUITY |
% |
13.24 |
16.09 |
|
RETURN ON ASSET |
% |
1.83 |
2.01 |
|
EARNING PER SHARE |
BAHT |
28.04 |
29.56 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.86 |
0.87 |
|
DEBT TO EQUITY RATIO |
TIMES |
6.24 |
7.00 |
|
TIME INTEREST EARNED |
TIMES |
2.45 |
2.46 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(34.70) |
|
|
OPERATING PROFIT |
% |
(5.54) |
|
|
NET PROFIT |
% |
(5.15) |
|
|
FIXED ASSETS |
% |
(2.34) |
|
|
TOTAL ASSETS |
% |
4.31 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.97 |
Deteriorated |
Industrial
Average |
8.30 |
|
Net Profit Margin |
0.81 |
Impressive |
Industrial
Average |
0.33 |
|
Return on Assets |
1.83 |
Impressive |
Industrial Average |
1.14 |
|
Return on Equity |
13.24 |
Impressive |
Industrial
Average |
3.95 |
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 3.97%. 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 0.81%,
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
1.83%, 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.
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. Return on Equity ratio
is 13.24%, 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 |
0.77 |
Risky |
Industrial
Average |
0.99 |
|
Quick Ratio |
0.77 |
|
|
|
|
Cash Conversion Cycle |
64.01 |
|
|
|
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 0.77 times in 2011, increased from 0.65 times, then the company may
not be efficiently using its current assets. 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 0.77 times in 2011,
increased from 0.65 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 65 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.86 |
Acceptable |
Industrial
Average |
0.78 |
|
Debt to Equity Ratio |
6.24 |
Risky |
Industrial
Average |
2.79 |
|
Times Interest Earned |
2.45 |
Impressive |
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 2.45 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 0.86 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 |
43.55 |
Impressive |
Industrial
Average |
7.43 |
|
Total Assets Turnover |
2.27 |
Acceptable |
Industrial
Average |
3.18 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
8.25 |
|
Receivables Conversion Period |
64.01 |
|
|
|
|
Receivables Turnover |
5.70 |
Impressive |
Industrial
Average |
4.85 |
|
Payables Conversion Period |
- |
|
|
|
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.55.72 |
|
UK Pound |
1 |
Rs.87.95 |
|
Euro |
1 |
Rs.69.66 |
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.