MIRA INFORM REPORT
|
Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
SIRINOPPHAKUN CO., LTD. |
|
|
|
|
Registered Office : |
1/104
Moo 2, Samutsakorn
Industrial Estate, Soi 12,
Rama 2 Road,
Thasai, Muang, Samutsakorn 74000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
19.02.2004 |
|
|
|
|
Com. Reg. No.: |
0745552000742 [Former :
0743547000274] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Distributor of Frozen Seafood |
|
|
|
|
No. of Employees : |
15 |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
achieved steady growth due largely to industrial and agriculture exports -
mostly electronics, agricultural commodities, automobiles and parts, and
processed foods. Thailand is trying to maintain growth by encouraging domestic
consumption and public investment to offset weak exports in 2012. Unemployment,
at less than 1% of the labor force, stands as one of the lowest levels in the
world, which puts upward pressure on wages in some industries. Thailand also
attracts nearly 2.5 million migrant workers from neighboring countries. The
Thai government is implementing a nation-wide 300 baht ($10) per day minimum
wage policy and deploying new tax reforms designed to lower rates on middle-income
earners. The Thai economy has weathered internal and external economic shocks
in recent years. The global economic crisis severely cut Thailand's exports,
with most sectors experiencing double-digit drops. In 2009, the economy
contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its
fastest pace since 1995, as exports rebounded. In late 2011 growth was
interrupted by historic flooding in the industrial areas in Bangkok and its
five surrounding provinces, crippling the manufacturing sector. Industry
recovered from the second quarter of 2012 onward with GDP growth at 5.5% in
2012. The government has approved flood mitigation projects worth $11.7
billion, which were started in 2012, to prevent similar economic damage, and an
additional $75 billion for infrastructure over the next seven years with a plan
to start in 2013.
|
Source
: CIA |
company name
SIRINOPPHAKUN CO., LTD.
SUMMARY
BUSINESS ADDRESS : 1/104 MOO 2,
SAMUTSAKORN INDUSTRIAL ESTATE,
SOI 12, RAMA 2
ROAD, THASAI, MUANG,
SAMUTSAKORN 74000,
THAILAND
TELEPHONE : [66] 34
490-922-4, 081 942-6759
FAX : [66] 34
490-921
E-MAIL ADDRESS : parm.sirinopphakun@gmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2009
REGISTRATION NO. : 0745552000742 [Former
: 0743547000274]
TAX ID NO. : 3031250123
CAPITAL REGISTERED : BHT.
50,000,000
CAPITAL PAID-UP : BHT.
50,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS. YUPIN NOPPHAKUN,
THAI
MANAGING DIRECTOR
NO. OF STAFF : 15
LINES OF BUSINESS : FROZEN SEAFOOD
DISTRIBUTOR
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
originally established on
February 19, 2004
as a limited
partnership under the initially registered name “Sirinopphakun
Limited Partnership” by Ms. Yupin Nopphakun, who
is the Thai
partner. On February
20, 2009, its
status was changed
to private limited
company under the
name SIRINOPPHAKUN CO.,
LTD. The business
objective is to
distribute various kinds
of frozen seafood,
in Samutsakorn province.
It currently employs
15 staff.
The subject’s registered
address was initially
located at 10/8
Moo 9, Khokkham, Muang, Samutsakorn
74000.
On October 26,
2011, the subject’s registered
address was relocated
to 1/104 Moo 2, Samutsakorn
Industrial Estate, Soi 12,
Rama 2 Rd., Thasai,
Muang, Samutsakorn 74000,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
Ms. Yupin Nopphakun
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Yupin Nopphakun is
the Managing Director.
She is Thai
nationality with the
age of 41
years old.
BUSINESS OPERATIONS
The subject is
engaged in wholesale
distributing various kinds
of frozen seafood
including fish, shrimp,
crab, squid, shell
and etc., to
foods and processed
food industries.
PURCHASE
100% of the
products is purchased
from local suppliers.
SALES
100% of the
products is sold
locally by wholesale
to manufacturers and
end-users.
MAJOR CUSTOMER
Sirinopphakun Marketing Co.,
Ltd. : Thailand
RELATED/AFFILIATED COMPANIES
Sirinopphakun Marketing Co.,
Ltd.
Business Type :
Distributing of frozen
seafood products
Big AGA [Thailand]
Co., Ltd.
Business Type :
Manufacturing and distributing
of canned food
products
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.
BANKING
Krung Thai Bank
Public Co., Ltd.
EMPLOYMENT
The subject employs
15 staff.
LOCATION DETAILS
The premise is
owned for administrative office
and cold storage
at the heading
address. Premise is
located in industrial
area.
COMMENT
Despite of a
decrease in net
profit in 2012,
the subject’s operating
performance was considered
satisfactory with an
increase in its
sales revenue comparing to
the previous year.
Generally, domestic consumption
remains strong, while
its business in
2013 is continued
growing from demand
of processed seafood
products.
FINANCIAL INFORMATION
The capital was
registered at Bht.
5,000,000 divided into
50,000 shares of
Bht. 100 each.
The capital was
increased later as
follows:
Bht. 20,000,000
on June 23,
2011
Bht. 50,000,000
on July 19,
2013
The latest registered
capital was increased
to Bht. 50,000,000 divided
into 500,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as at July
18, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Yupin Nopphakun Nationality: Thai Address : 10/8
Moo 9, Khokkham,
Muang, Samutsakorn |
400,000 |
80.00 |
|
Mrs. Busara Apinwattananont Nationality: Thai Address : 10/3
Moo 9, Khokkham,
Muang, Samutsakorn |
50,000 |
10.00 |
|
Mr. Pipop Jindanoi Nationality: Thai Address : 53/10
Moo 4, Nadee, Muang, Samutsakorn |
50,000 |
10.00 |
Total Shareholders : 3
Share Structure
[as at July
18, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
500,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
500,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Boonchu Wongpakdee No.
7988
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2012,
2011 & 2010
were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
466,039.60 |
363,778.99 |
10,588,626.99 |
|
Inventories |
99,232,735.00 |
17,472,637.73 |
980,501.75 |
|
Short-term Lending to Related
Person |
- |
6,600,000.00 |
- |
|
Other Current Assets
|
286,685.60 |
166,038.96 |
19,561.35 |
|
|
|
|
|
|
Total Current Assets
|
99,985,460.20 |
24,602,455.68 |
11,588,690.09 |
|
Cash at Bank
pledged as a
Collateral |
26,115,724.31 |
20,147,945.48 |
18,723,980.81 |
|
Equipment |
59,115,387.96 |
44,364,585.44 |
331,510.24 |
|
Total Assets |
185,216,572.47 |
89,114,986.60 |
30,644,181.14 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft |
24,808,413.21 |
- |
11,661,050.17 |
|
Trade Accounts Payable |
12,671,611.92 |
11,860,563.57 |
4,508,660.00 |
|
Current Portion of
Long-term Loan |
9,840,000.00 |
3,285,600.00 |
1,674,000.00 |
|
Current Portion of
Financial Lease Contract Liabilities |
896,976.00 |
- |
- |
|
Accrued Income Tax |
217,161.33 |
368,606.01 |
390,407.20 |
|
Accrued Interest |
114,932.73 |
- |
- |
|
Accrued Expenses |
56,191.80 |
55,594.09 |
55,606.00 |
|
|
|
|
|
|
Total Current Liabilities |
48,605,286.99 |
15,570,363.67 |
18,289,723.37 |
|
Long-term Loan |
106,604,760.90 |
46,868,758.80 |
2,699,045.99 |
|
Financial Lease Contract Liabilities |
1,717,226.27 |
- |
- |
|
Total Liabilities |
156,927,274.16 |
62,439,122.47 |
20,988,769.36 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 200,000 shares
in 2012 & 2011; 50,000
shares in 2010 respectively |
20,000,000.00 |
20,000,000.00 |
5,000,000.00 |
|
|
|
|
|
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
5,000,000.00 |
|
Retained Earning -
Unappropriated |
8,289,298.31 |
6,675,864.13 |
4,655,411.78 |
|
Total Shareholders' Equity |
28,289,298.31 |
26,675,864.13 |
9,655,411.78 |
|
Total Liabilities &
Shareholders' Equity |
185,216,572.47 |
89,114,986.60 |
30,644,181.14 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales |
396,449,855.00 |
307,074,995.80 |
311,734,733.02 |
|
Other Income |
2,748,114.29 |
8,783,191.09 |
2,454,020.92 |
|
Total Revenues |
399,197,969.29 |
315,858,186.89 |
314,188,753.94 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
377,680,484.93 |
296,631,686.38 |
299,016,874.71 |
|
Selling Expenses |
2,619,978.00 |
6,179,482.72 |
6,876,767.24 |
|
Administrative Expenses |
10,607,049.66 |
5,887,891.30 |
3,183,978.37 |
|
Total Expenses |
390,907,512.59 |
308,699,060.40 |
309,077,620.32 |
|
|
|
|
|
|
Profit / [Loss] before Financial Expenses & Income Tax |
8,290,456.70 |
7,159,126.49 |
5,111,133.62 |
|
Financial Expenses |
[6,021,727.82] |
[4,272,738.26] |
[2,664,737.90] |
|
Profit / [Loss] before Income
Tax |
2,268,728.88 |
2,886,388.23 |
2,446,395.72 |
|
Income Tax |
[655,294.70] |
[865,935.88] |
[489,105.33] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,613,434.18 |
2,020,452.35 |
1,957,290.39 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.06 |
1.58 |
0.63 |
|
QUICK RATIO |
TIMES |
0.01 |
0.02 |
0.58 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.71 |
6.92 |
940.35 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.14 |
3.45 |
10.17 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
95.90 |
21.50 |
1.20 |
|
INVENTORY TURNOVER |
TIMES |
3.81 |
16.98 |
304.96 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
12.25 |
14.59 |
5.50 |
|
CASH CONVERSION CYCLE |
DAYS |
83.65 |
6.91 |
(4.31) |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
95.27 |
96.60 |
95.92 |
|
SELLING & ADMINISTRATION |
% |
3.34 |
3.93 |
3.23 |
|
INTEREST |
% |
1.52 |
1.39 |
0.85 |
|
GROSS PROFIT MARGIN |
% |
5.43 |
6.26 |
4.87 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.09 |
2.33 |
1.64 |
|
NET PROFIT MARGIN |
% |
0.41 |
0.66 |
0.63 |
|
RETURN ON EQUITY |
% |
5.70 |
7.57 |
20.27 |
|
RETURN ON ASSET |
% |
0.87 |
2.27 |
6.39 |
|
EARNING PER SHARE |
BAHT |
8.07 |
10.10 |
39.15 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.85 |
0.70 |
0.68 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.55 |
2.34 |
2.17 |
|
TIME INTEREST EARNED |
TIMES |
1.38 |
1.68 |
1.92 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
29.11 |
(1.49) |
|
|
OPERATING PROFIT |
% |
15.80 |
40.07 |
|
|
NET PROFIT |
% |
(20.14) |
3.23 |
|
|
FIXED ASSETS |
% |
33.25 |
13,282.57 |
|
|
TOTAL ASSETS |
% |
107.84 |
190.81 |
|
ANNUAL GROWTH : IMPRESSIVE
An annual sales growth is 29.11%. Turnover has increased from THB
307,074,995.80 in 2011 to THB 396,449,855.00 in 2012. While net profit has
decreased from THB 2,020,452.35 in 2011 to THB 1,613,434.18 in 2012. And total
assets has increased from THB 89,114,986.60 in 2011 to THB 185,216,572.47 in
2012.
PROFITABILITY : IMPRESSIVE
PROFITABILITY RATIO
|
Gross Profit Margin |
5.43 |
Acceptable |
Industrial Average |
8.94 |
|
Net Profit Margin |
0.41 |
Impressive |
Industrial Average |
(0.11) |
|
Return on Assets |
0.87 |
Impressive |
Industrial Average |
(0.30) |
|
Return on Equity |
5.70 |
Impressive |
Industrial Average |
(2.94) |
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 5.43%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have 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. Net Profit Margin ratio is 0.41%,
higher figure 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 0.87%, 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 5.7%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY : ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
2.06 |
Impressive |
Industrial Average |
0.95 |
|
Quick Ratio |
0.01 |
|
|
|
|
Cash Conversion Cycle |
83.65 |
|
|
|
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 2.06 times in 2012, increase from 1.58 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 0.01 time in 2012,
decrease from 0.02 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 84 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.85 |
Acceptable |
Industrial Average |
0.82 |
|
Debt to Equity Ratio |
5.55 |
Risky |
Industrial Average |
4.52 |
|
Times Interest Earned |
1.38 |
Impressive |
Industrial Average |
- |
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 1.38 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 0.85 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 Downtrend
ACTIVITY : IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.71 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
2.14 |
Satisfactory |
Industrial Average |
2.74 |
|
Inventory Conversion Period |
95.90 |
|
|
|
|
Inventory Turnover |
3.81 |
Satisfactory |
Industrial Average |
3.90 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
3.05 |
|
Payables Conversion Period |
12.25 |
|
|
|
Inventory Turnover in Days Ratio indicates the liquidity of inventory. It
estimates the number of days that it will take to sell the current inventory.
Inventory is particularly sensitive to change in business activities. The
inventory turnover in days has increased from 21 days at the end of 2011 to 96
days at the end of 2012. This represents a negative trend. And Inventory
turnover has decreased from 16.98 times in year 2011 to 3.81 times in year
2012.
The company's Total Asset Turnover is calculated as 2.14 times and 3.45 times
in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
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.62.14 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.83.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.