MIRA
INFORM REPORT
|
Report Date : |
28.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
KONGPHOP
FROZEN FOODS CO.,
LTD. |
|
|
|
|
Registered Office : |
95 Moo 3, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
27.02.1991 |
|
|
|
|
Com. Reg. No.: |
0745534000175 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor
and exporter of frozen
seafoods |
|
|
|
|
No. of Employees : |
900 |
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 |
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
KONGPHOP FROZEN FOODS CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 95
MOO 3, EKACHAI
ROAD, T. NADEE,
A.
MUANG, SAMUTSAKORN 74000
TELEPHONE : [66] 34
833-403-5, 34 861-087-8
FAX :
[66] 34
833-410, 34 834-015
E-MAIL
ADDRESS : info@kongphop.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1991
REGISTRATION
NO. : 0745534000175
TAX
ID NO. : 3751006611
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SOMBAT LUESUKPRASERT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 900
LINES
OF BUSINESS : FROZEN SEAFOODS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on February 27,
1991 as a
private limited company under
the originally registered
name “Sakorn Fishery
Co., Ltd.” by Thai
groups. On July
23, 2003, its
name was changed to KONGPHOP
FROZEN FOODS CO.,
LTD. Its business
objective is to manufacture and
export frozen seafood and
related products. It
currently employs approximate
900 staff.
The subject’s
registered address is 95 Moo
3, Ekachai Rd.,
T. Nadee, A. Muang, Samutsakorn
74000, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sombat Luesukprasert |
|
Thai |
60 |
|
Ms. Jidapa Luesukprasert |
|
Thai |
32 |
|
Ms. Siriporn Luesukprasert |
|
Thai |
- |
AUTHORIZED
PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Sombat Luesukprasert is
the Managing Director.
He is Thai
nationality with the
age of 60
years old.
Mr. Pornchai Lueprasertsuk is
the Sales & Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and exporting
various kinds of
frozen seafood and
related products under
the various own
brands “KPF”, “BLUESEA”,
“SKF”, “SEA PREMIUM”
and “DM”. The
products are as
follows:
-
Shrimp [black
tiger shrimp, white
shrimp, freshwater shrimp,
pink shrimp, and
sand shrimp]
-
Squid
[cuttlefish, octopus, baby
octopus]
-
Molluscs [fish/ crab/
flathead lobster]
-
Seafood mix
-
Value-added products
-
Skewer products
PURCHASE
The
products are purchased
from suppliers and
fishermen both domestic
and overseas, mainly
in Myanmar, India,
Malaysia and Indonesia.
SALES
95% of the products
is exported to over
30 countries, such
as Russia, U.S.A.,
Canada, Chile, Egypt, Lebanon, Israel, Australia,
and countries in
Asia and Europe,
the remaining 5%
is sold locally.
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 are against
L/C or T/T.
BANKING
Kasikornbank
Public Co., Ltd.
Bangkok
Bank Public Co.,
Ltd.
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
900 office staff
and factory workers.
LOCATION DETAILS
The
premise is owned
for administrative office
and cold storage
at the heading
address. Premise is
located in provincial.
COMMENT
The subject
reported a strong
growth in 2011.
Domestic consumption is
likely to be on
a rise as
a result of
overall economy expansion.
In 2012 export
of frozen foods
are significantly increased
in Russia and
USA markets, while
other parts of
the world like
Middle East is
also promising.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 1,000 shares of
Bht. 1,000 each
with fully paid.
The
capital was increased
later as follows:
Bht. 5,000,000
on December 19,
1991
Bht. 20,000,000
on July 29,
1994
The
latest registered capital
was increased to
Bht. 20 million, divided into
20,000 shares of
Bht. 1,000 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sombat Luesukprasert Nationality: Thai Address : 95
Moo 3, Ekachai
Rd., Nadee, Muang, Samutsakorn |
10,000 |
50.00 |
|
Mrs. Jarunee Luesukprasert Nationality: Thai Address : 83/1
Moo 3, Ekachai
Rd., Nadee, Muang, Samutsakorn |
4,000 |
20.00 |
|
Mr. Sutthipong Luesukprasert Nationality: Thai Address : 83/1
Moo 3, Ekachai
Rd., Nadee, Muang, Samutsakorn |
1,000 |
5.00 |
|
Ms. Siriporn Luesukprasert Nationality: Thai Address : 83/1
Moo 3, Ekachai
Rd., Nadee, Muang, Samutsakorn |
1,000 |
5.00 |
|
Ms. Jidapa Luesukprasert Nationality: Thai Address : 83/1
Moo 3, Ekachai
Rd., Nadee, Muang, Samutsakorn |
1,000 |
5.00 |
|
Mr. Pornchai Luesukprasert Nationality: Thai Address : 2210/10
Krungthep-Nonthaburi Rd.,
Bangsue, Bangkok |
1,000 |
5.00 |
|
Mr. Surapas Luesukprasert Nationality: Thai Address :
814/213 Norasing Rd.,
Mahachai, Muang, Samutsakorn |
1,000 |
5.00 |
|
Ms. Uraiwan Chaykittibutr Nationality: Thai Address : 11/20
Sukhumvit 95 Rd.,
Bangchak,
Prakanong, Bangkok |
1,000 |
5.00 |
Total Shareholders : 8
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
20,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
20,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Charoenchai Pimolphan No.
7040
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalent |
94,496,765.73 |
13,040,009.75 |
|
Trade Accounts & Notes
Receivable |
238,763,046.52 |
278,941,894.91 |
|
Inventories |
4,194,472.34 |
4,228,835.53 |
|
Other Current Assets |
1,723,861.33 |
1,831,012.56 |
|
|
|
|
|
Total Current Assets
|
339,178,145.92 |
298,041,752.75 |
|
|
|
|
|
Fixed Assets |
104,483,269.08 |
127,435,299.36 |
|
Other Assets |
149,800.00 |
160,300.00 |
|
Total Assets |
443,811,215.00 |
425,637,352.11 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institution |
3,348,032.11 |
96,427,509.70 |
|
Trade Accounts & Notes
Payable |
289,591,727.81 |
192,080,271.44 |
|
Short-term Loan |
3,868,422.68 |
6,574,291.85 |
|
Accrued Income Tax |
5,180,007.29 |
4,023,595.76 |
|
|
|
|
|
Total Current Liabilities |
301,988,189.89 |
299,105,668.75 |
|
Total Liabilities |
301,988,189.89 |
299,105,668.75 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 20,000 shares |
20,000,000.00 |
20,000,000.00 |
|
|
|
|
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning-
Unappropriated |
121,823,025.11 |
106,531,683.36 |
|
Total Shareholders' Equity |
141,823,025.11 |
126,531,683.36 |
|
Total Liabilities & Shareholders' Equity |
443,811,215.00 |
425,637,352.11 |
PROFIT & LOSS ACCOUNT
|
Sale |
2011 |
2010 |
|
|
|
|
|
Sales Income |
2,500,586,786.25 |
2,320,459,212.03 |
|
Other Income |
33,992,413.11 |
5,671,481.40 |
|
Total Sales |
2,534,579,199.36 |
2,326,130,693.43 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,382,748,872.11 |
2,141,719,896.58 |
|
Selling Expenses |
82,023,029.89 |
105,925,519.90 |
|
Administrative Expenses |
44,547,730.03 |
50,129,854.05 |
|
Total Expenses |
2,509,319,632.03 |
2,297,775,270.53 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
25,259,567.33 |
28,355,422.90 |
|
Financial Cost |
[886,237.11] |
[3,747,382.79] |
|
Income Tax |
[9,081,988.47] |
[7,897,123.66] |
|
|
|
|
|
Net Profit / [Loss] |
15,291,341.75 |
16,710,916.45 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.12 |
1.00 |
|
QUICK RATIO |
TIMES |
1.10 |
0.98 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
23.93 |
18.21 |
|
TOTAL ASSETS TURNOVER |
TIMES |
5.63 |
5.45 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
0.64 |
0.72 |
|
INVENTORY TURNOVER |
TIMES |
568.07 |
506.46 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
34.85 |
43.88 |
|
RECEIVABLES TURNOVER |
TIMES |
10.47 |
8.32 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
44.36 |
32.74 |
|
CASH CONVERSION CYCLE |
DAYS |
(8.87) |
11.86 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
95.29 |
92.30 |
|
SELLING & ADMINISTRATION |
% |
5.06 |
6.73 |
|
INTEREST |
% |
0.04 |
0.16 |
|
GROSS PROFIT MARGIN |
% |
6.07 |
7.95 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.01 |
1.22 |
|
NET PROFIT MARGIN |
% |
0.61 |
0.72 |
|
RETURN ON EQUITY |
% |
10.78 |
13.21 |
|
RETURN ON ASSET |
% |
3.45 |
3.93 |
|
EARNING PER SHARE |
BAHT |
764.57 |
835.55 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.68 |
0.70 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.13 |
2.36 |
|
TIME INTEREST EARNED |
TIMES |
28.50 |
7.57 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
7.76 |
|
|
OPERATING PROFIT |
% |
(10.92) |
|
|
NET PROFIT |
% |
(8.49) |
|
|
FIXED ASSETS |
% |
(18.01) |
|
|
TOTAL ASSETS |
% |
4.27 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
6.07 |
Satisfactory |
Industrial Average |
8.09 |
|
Net Profit Margin |
0.61 |
Deteriorated |
Industrial Average |
2.25 |
|
Return on Assets |
3.45 |
Satisfactory |
Industrial Average |
3.95 |
|
Return on Equity |
10.78 |
Acceptable |
Industrial Average |
14.78 |
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 6.07%. 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 0.61%. 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 3.45%.
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 10.78%.
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 |
1.12 |
Impressive |
Industrial Average |
1.06 |
|
Quick Ratio |
1.10 |
|
|
|
|
Cash Conversion Cycle |
(8.87) |
|
|
|
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 1.12 times in 2011, increased from 1 time, 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 1.1 times in 2011,
increased from 0.98 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 -9 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.68 |
Acceptable |
Industrial Average |
0.68 |
|
Debt to Equity Ratio |
2.13 |
Acceptable |
Industrial Average |
2.22 |
|
Times Interest Earned |
28.50 |
Impressive |
Industrial Average |
2.40 |
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 28.51 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 0.68 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
23.93 |
Impressive |
Industrial Average |
5.03 |
|
Total Assets Turnover |
5.63 |
Impressive |
Industrial Average |
1.73 |
|
Inventory Conversion Period |
0.64 |
|
|
|
|
Inventory Turnover |
568.07 |
Impressive |
Industrial Average |
4.71 |
|
Receivables Conversion Period |
34.85 |
|
|
|
|
Receivables Turnover |
10.47 |
Impressive |
Industrial Average |
7.27 |
|
Payables Conversion Period |
44.36 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.57 |
|
|
1 |
Rs.86.60 |
|
Euro |
1 |
Rs.68.93 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.