MIRA INFORM REPORT
|
Report Date : |
20.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
THAI INTER CANNING CO., LTD. |
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Registered Office : |
140 Moo 1, T. Nongyangsua, A. Muaklek, Saraburi
18180, |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
24.07.2009 |
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Com. Reg. No.: |
0195552000594 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in wholesale distributing wide range of fresh, frozen, dried and dehydrated marine products, such as prawn, shrimp, fish, crab, mussel |
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No. of Employees : |
02 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
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 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 and address
THAI INTER CANNING
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 140
MOO 1, T. NONGYANGSUA, A. MUAKLEK,
SARABURI 18180,
THAILAND
TELEPHONE : [66] 36
346-201
FAX :
[66] 36
346-201
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION
NO. : 0195552000594
TAX
ID NO. : 3033560411
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.1,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS.
KAMONKARN THIANKHAM, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 2
LINES
OF BUSINESS : MARINE PRODUCTS
DISTRIBUTOR
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The
subject was established
on July 24,
2009 as a
private limited company
under the name
style THAI INTER
CANNING CO., LTD.
by Thai groups,
with the business
objective to operate as
a wholesale distributor
various kinds of
marine products to domestic market.
Subject currently employs
2 staff.
The
subject’s registered address
is 140 Moo
1, T. Nongyangsua,
A. Muaklek, Saraburi
18180, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
Ms. Kamonkarn Thiankham
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Kamonkarn Thiankham is
the Managing Director.
She is Thai
nationality with the
age of 36
years old.
BUSINESS OPERATIONS
The subject
is engaged in
wholesale distributing wide
range of fresh,
frozen, dried and dehydrated marine
products, such as
prawn, shrimp, fish,
crab, mussel and
etc., according to
customer’s orders.
PURCHASE
100%
of the products
is purchased from
local suppliers.
SALES
100% of the
products is sold
locally by wholesale
to traders and
end-users.
RELATED AND AFFILIATED
COMPANIES
Thiankham Dairy Corporation
Ltd.
Business Type :
Distributor of dairy
products
Klongsai Dairy Co.,
Ltd.
Business Type :
Distributor of dairy
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 credit term
of 30 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
BANKING
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs 2
staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in provincial.
COMMENT
The
subject’s business were
posted at low
level in the
year 2012. However,
growth is relatively
low due to shrinking
domestic consumption caused
by economy sluggish.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000 shares of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Kamonkarn Thiankham Nationality: Thai Address : 136
Moo 13, Lamphyaklang, Muaklek,
Saraburi |
6,000 |
60.00 |
|
Mrs. Chuangchan Thiankham Nationality: Thai Address : 186
Moo 5, Lamphyaklang, Muaklek,
Saraburi |
2,000 |
20.00 |
|
Mr. Kamphol Thiankham Nationality: Thai Address : 186 Moo
5, Lamphyaklang, Muaklek,
Saraburi |
2,000 |
20.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Vorawit Narkkaew No. 5911
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 |
864,437.64 |
485,684.85 |
5,623,548.35 |
|
Trade Accounts Receivable |
100,016.20 |
522,768.80 |
2,296,213.90 |
|
Inventories |
2,862,303.13 |
10,281,300.00 |
37,294,102.69 |
|
Deferred Interest |
130.50 |
130.50 |
17.07 |
|
Total Current
Assets |
3,826,887.47 |
11,289,884.15 |
45,213,882.01 |
|
Long-term Loans |
2,840,000.00 |
25,914,165.00 |
- |
|
Fixed Assets |
58,389.45 |
77,852.26 |
97,315.07 |
|
Total Assets
|
6,725,276.92 |
37,281,901.41 |
45,311,197.08 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Accrued Account &
Other Payable |
785,145.80 |
19,935,827.63 |
43,283,995.91 |
|
Short-term Loans |
14,300,000.00 |
15,372,675.88 |
441,875.00 |
|
Accrued Income Tax |
62,973.61 |
55,217.84 |
57,592.38 |
|
Other Current Liabilities |
7,090.00 |
- |
47,610.00 |
|
Total Current
Liabilities |
15,155,209.41 |
35,363,721.35 |
43,831,073.29 |
|
Total Liabilities |
15,155,209.41 |
35,363,721.35 |
43,831,073.29 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized &
issued share capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning -
Unappropriated |
[9,429,932.49] |
918,180.06 |
480,123.79 |
|
Total Shareholders' Equity |
[8,429,932.49] |
1,918,180.06 |
1,480,123.79 |
|
Total Liabilities
& Shareholders' Equity |
6,725,276.92 |
37,281,901.41 |
45,311,197.08 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
59,136,543.40 |
204,060,497.75 |
108,200,092.50 |
|
Gain on Exchange Rate |
949,519.17 |
2,525,110.92 |
210,617.46 |
|
Total Revenues
|
60,086,062.57 |
206,585,608.67 |
108,410,709.96 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
59,466,174.67 |
205,715,381.77 |
107,495,127.38 |
|
Administrative Expenses |
10,877,329.11 |
346,952.79 |
364,137.00 |
|
Total Expenses |
70,343,503.78 |
206,062,334.56 |
107,859,264.38 |
|
Profit / [Loss] before Financial Cost
& Income Tax |
[10,257,441.21] |
523,274.11 |
551,445.58 |
|
Financial Cost |
- |
- |
[17,496.41] |
|
|
|
|
|
|
Profit / [Loss] before Income Tax |
[10,257,441.21] |
523,274.11 |
533,949.17 |
|
Income Tax |
[90,671.34] |
[85,217.84] |
[57,592.38] |
|
Net Profit / [Loss] |
[10,348,112.55] |
438,056.27 |
476,356.79 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.25 |
0.32 |
1.03 |
|
QUICK RATIO |
TIMES |
0.06 |
0.03 |
0.18 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1,012.80 |
2,621.12 |
1,111.85 |
|
TOTAL ASSETS TURNOVER |
TIMES |
8.79 |
5.47 |
2.39 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
17.57 |
18.24 |
126.63 |
|
INVENTORY TURNOVER |
TIMES |
20.78 |
20.01 |
2.88 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
0.62 |
0.94 |
7.75 |
|
RECEIVABLES TURNOVER |
TIMES |
591.27 |
390.35 |
47.12 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
4.82 |
35.37 |
146.97 |
|
CASH CONVERSION CYCLE |
DAYS |
13.37 |
(16.19) |
(12.59) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
100.56 |
100.81 |
99.35 |
|
SELLING & ADMINISTRATION |
% |
18.39 |
0.17 |
0.34 |
|
INTEREST |
% |
- |
- |
0.02 |
|
GROSS PROFIT MARGIN |
% |
1.05 |
0.43 |
0.85 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(17.35) |
0.26 |
0.51 |
|
NET PROFIT MARGIN |
% |
(17.50) |
0.21 |
0.44 |
|
RETURN ON EQUITY |
% |
- |
22.84 |
32.18 |
|
RETURN ON ASSET |
% |
(153.87) |
1.17 |
1.05 |
|
EARNING PER SHARE |
BAHT |
(1,034.81) |
43.81 |
47.64 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
2.25 |
0.95 |
0.97 |
|
DEBT TO EQUITY RATIO |
TIMES |
(1.80) |
18.44 |
29.61 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
31.52 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(71.02) |
88.60 |
|
|
OPERATING PROFIT |
% |
(2,060.24) |
(5.11) |
|
|
NET PROFIT |
% |
(2,462.28) |
(8.04) |
|
|
FIXED ASSETS |
% |
(25.00) |
(20.00) |
|
|
TOTAL ASSETS |
% |
(81.96) |
(17.72) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -71.02%. Turnover has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
1.05 |
Deteriorated |
Industrial
Average |
4.40 |
|
Net Profit Margin |
(17.50) |
Deteriorated |
Industrial
Average |
0.46 |
|
Return on Assets |
(153.87) |
Deteriorated |
Industrial
Average |
1.80 |
|
Return on Equity |
- |
|
Industrial
Average |
7.25 |
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 1.05%. 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. The company's figure is -17.5%.
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 -153.87%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.25 |
Risky |
Industrial
Average |
1.46 |
|
Quick Ratio |
0.06 |
|
|
|
|
Cash Conversion Cycle |
13.37 |
|
|
|
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 0.25 times in 2012, decreased from 0.32 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 0.06 times in 2012,
increased from 0.03 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 14 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
2.25 |
Risky |
Industrial Average |
0.69 |
|
Debt to Equity Ratio |
(1.80) |
Acceptable |
Industrial Average |
2.26 |
|
Times Interest Earned |
- |
|
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 2.25 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 Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
1,012.80 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
8.79 |
Impressive |
Industrial
Average |
3.93 |
|
Inventory Conversion Period |
17.57 |
|
|
|
|
Inventory Turnover |
20.78 |
Impressive |
Industrial
Average |
10.56 |
|
Receivables Conversion Period |
0.62 |
|
|
|
|
Receivables Turnover |
591.27 |
Impressive |
Industrial
Average |
5.13 |
|
Payables Conversion Period |
4.82 |
|
|
|
The company's Account Receivable Ratio is calculated as 591.27 and
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 is 18 days at the end of 2011, same
number of days
as in 2012.
This represents a positive trend. And Inventory turnover has increased
from 20.01 times in year 2011 to 20.78 times in year 2012.
The company's Total Asset Turnover is calculated as 8.79 times and 5.47
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 Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
|
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.