MIRA
INFORM REPORT
|
Report Date : |
28.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SEAFOOD NETWORK
COMPANY LIMITED |
|
|
|
|
Registered Office : |
3/44 Moo 1, Kanjanavanit Road, T. Kaoroopchang, A. Muang, Songkhla 90000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
04.02.2009 |
|
|
|
|
Com. Reg. No.: |
0905552000261 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in importing and
distributing various kinds
of fresh seafood
mainly fish such
as Skipjack Tuna,
Yellow Fin Tuna,
Indian Mackerel, Ribbon
Fish, Red Mullet,
Sardine, Cuttlefish, Sillago
and etc., as
well as shrimp,
crab, mussel |
|
|
|
|
No. of Employees |
5 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. 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 in 2013 implemented a nation-wide 300 baht ($10) per day minimum
wage policy and deployed 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 recession severely cut
Thailand's exports, with most sectors experiencing double-digit drops. In late
2011 Thailand's recovery was interrupted by historic flooding in the industrial
areas in Bangkok and its five surrounding provinces, crippling the
manufacturing sector. The government 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 following seven
years. This was expected to lead to an economic upsurge but growth has remained
slow, in part due to ongoing political unrest and resulting uncertainties.
Spending on infrastructure will require re-approval once a new government is
seated
|
Source
: CIA |
Company name and address
SEAFOOD
NETWORK COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 3/44
MOO 1, KANJANAVANIT
ROAD,
T.
KAOROOPCHANG, A. MUANG,
SONGKHLA 90000,
THAILAND
TELEPHONE : [66] 83
063-8344, 81 540-8338
FAX :
[66] 74
447-236
E-MAIL
ADDRESS : seafood@windowlive.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION
NO. : 0905552000261
TAX
ID NO. : 3033369960
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.
PINSUDA MAKKITIKAN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 5
LINES
OF BUSINESS : SEAFOOD
IMPORTOR AND
DISTRIBUTOR
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 February 4,
2009 as a
private limited company under
the name style SEAFOOD NETWORK COMPANY LIMITED by
Thai groups. Its business
objective is to
import and distribute
various kinds of
fresh seafood to local
market. It currently
employs 5 staff.
The
subject’s registered address
is 3/44 Moo
1, Kanjanavanit Rd.,
T. Kaoroopchang,
A. Muang,
Songkhla 90000, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
Ms. Pinsuda Makkitikan
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Pinsuda Makkitikan is
the Managing Director.
She is Thai
nationality with the
age of 37 years
old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
various kinds of
fresh seafood mainly
fish such as
Skipjack Tuna, Yellow
Fin Tuna, Indian
Mackerel, Ribbon Fish,
Red Mullet, Sardine,
Cuttlefish, Sillago and
etc., as well
as shrimp, crab,
mussel.
PURCHASE
60%
of the products
is imported from
Pakistan, Myanmar and
India, the remaining
40% is purchased
from local fishermen.
SALES
100% of the
products is sold
locally by wholesale
to traders and
end-users, such as fresh market,
supermarket and etc.
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
according 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
credit term of
30-60 days.
Imports are by
T/T.
BANKING
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs 5 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in provincial,
in the Southern
region.
COMMENT
The
subject is engaged
in distributing fresh
seafoods. The products are
mainly served consumer
sector. Last year local sales for
the frozen seafood had not been as good as expected due
to lacking of
supplies, while consumption
was also slow
from the higher prices
of such products.
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. Pinsuda Makkitikan Nationality: Thai Address : 188
Nangngam Rd., T. Boryang,
A.
Muang, Songkhla |
9,998 |
99.98 |
|
Mrs. Pranee Vanavisudh Nationality: Thai Address : 3/44
Moo 1, T. Khaoroopchang, A. Muang, Songkhla |
1 |
0.01 |
|
Mr. Sakpawat Kulthawaiporn Nationality: Thai Address : 29/3
Satool Rd., T. Boryang,
A. Muang, Songkhla |
1 |
0.01 |
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. Thanaphan Kotirat No. 1588
BALANCE SHEET [BAHT]
The
financial figures published
for December 31, 2012,
2011 & 2010 were :
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalent |
583,466.76 |
851,548.61 |
570,230.83 |
|
Trade Account Receivable |
28,595,719.00 |
- |
- |
|
Short-term Loan to Related Person |
- |
15,000,000.00 |
950,000.00 |
|
Inventories |
- |
- |
1,163,680.88 |
|
Other Current Assets |
4,272,147.58 |
1,093,197.39 |
2,580,369.51 |
|
|
|
|
|
|
Total Current Assets
|
33,451,333.34 |
16,944,746.00 |
5,264,281.22 |
|
Fixed Assets |
1,696,942.64 |
2,152,466.79 |
62,383.94 |
|
Total Assets |
35,148,275.98 |
19,097,212.79 |
5,326,665.16 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
2,787,217.53 |
2,777,558.98 |
- |
|
Trade Accounts Payable |
27,789,030.60 |
11,574,992.20 |
3,109,511.75 |
|
Current Portion of Long-term Liabilities |
342,399.96 |
342,399.96 |
- |
|
Other Current Liabilities |
239,485.90 |
538,688.26 |
687,131.44 |
|
|
|
|
|
|
Total Current Liabilities |
31,158,133.99 |
15,233,639.40 |
3,796,643.19 |
|
Hire-purchase Payable |
1,698,770.04 |
1,654,933.38 |
- |
|
Total Liabilities |
32,856,904.03 |
16,888,572.78 |
3,796,643.19 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid 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 |
1,291,371.95 |
1,208,640.01 |
530,021.97 |
|
Total Shareholders' Equity |
2,291,371.95 |
2,208,640.01 |
1,530,021.97 |
|
Total Liabilities &
Shareholders' Equity |
35,148,275.98 |
19,097,212.79 |
5,326,665.16 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
86,018,751.00 |
116,619,456.40 |
64,205,901.00 |
|
Other Income |
250,639.44 |
334,866.22 |
111,981.68 |
|
Total Revenues |
86,269,390.44 |
116,954,322.62 |
64,317,882.68 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
84,625,588.69 |
114,957,785.62 |
63,162,106.04 |
|
Administrative Expenses |
1,135,689.01 |
988,202.80 |
740,391.65 |
|
Total Expenses |
85,761,277.70 |
115,945,988.42 |
63,902,497.69 |
|
Profit before Financial Cost & Income Tax |
508,112.74 |
1,008,334.20 |
415,384.99 |
|
Financial Cost |
[325,520.79] |
[214,220.54] |
- |
|
|
|
|
|
|
Profit before Income Tax |
182,591.95 |
794,113.66 |
415,384.99 |
|
Income Tax |
[56,255.94] |
[115,495.62] |
[46,304.79] |
|
|
|
|
|
|
Net Profit / [Loss] |
126,336.01 |
678,618.04 |
369,080.20 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.07 |
1.11 |
1.39 |
|
QUICK RATIO |
TIMES |
0.94 |
1.04 |
0.40 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
50.69 |
54.18 |
1,029.21 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.45 |
6.11 |
12.05 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
6.72 |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
54.28 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
121.34 |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
3.01 |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
119.86 |
36.75 |
17.97 |
|
CASH CONVERSION CYCLE |
DAYS |
1.48 |
(36.75) |
(11.24) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
98.38 |
98.58 |
98.37 |
|
SELLING & ADMINISTRATION |
% |
1.32 |
0.85 |
1.15 |
|
INTEREST |
% |
0.38 |
0.18 |
- |
|
GROSS PROFIT MARGIN |
% |
1.91 |
1.71 |
1.80 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.59 |
0.86 |
0.65 |
|
NET PROFIT MARGIN |
% |
0.15 |
0.58 |
0.57 |
|
RETURN ON EQUITY |
% |
5.51 |
30.73 |
24.12 |
|
RETURN ON ASSET |
% |
0.36 |
3.55 |
6.93 |
|
EARNING PER SHARE |
BAHT |
12.63 |
67.86 |
36.91 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.93 |
0.88 |
0.71 |
|
DEBT TO EQUITY RATIO |
TIMES |
14.34 |
7.65 |
2.48 |
|
TIME INTEREST EARNED |
TIMES |
1.56 |
4.71 |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(26.24) |
81.63 |
|
|
OPERATING PROFIT |
% |
(49.61) |
142.75 |
|
|
NET PROFIT |
% |
(81.38) |
83.87 |
|
|
FIXED ASSETS |
% |
(21.16) |
3,350.35 |
|
|
TOTAL ASSETS |
% |
84.05 |
258.52 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -26.24%. Turnover has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
1.91 |
Deteriorated |
Industrial
Average |
4.40 |
|
Net Profit Margin |
0.15 |
Deteriorated |
Industrial
Average |
0.46 |
|
Return on Assets |
0.36 |
Deteriorated |
Industrial
Average |
1.80 |
|
Return on Equity |
5.51 |
Satisfactory |
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 1.91%. 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 0.15%.
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 0.36%.
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 5.51%.
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 |
1.07 |
Acceptable |
Industrial
Average |
1.46 |
|
Quick Ratio |
0.94 |
|
|
|
|
Cash Conversion Cycle |
1.48 |
|
|
|
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 1.07 times in 2012, decreased from 1.11 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 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 0.94 times in 2012,
decreased from 1.04 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 2 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.93 |
Acceptable |
Industrial
Average |
0.69 |
|
Debt to Equity Ratio |
14.34 |
Risky |
Industrial
Average |
2.26 |
|
Times Interest Earned |
1.56 |
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 higher the percentage means that the company is using less equity
and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 1.57 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 0.93 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
50.69 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
2.45 |
Acceptable |
Industrial
Average |
3.93 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
10.56 |
|
Receivables Conversion Period |
121.34 |
|
|
|
|
Receivables Turnover |
3.01 |
Acceptable |
Industrial
Average |
5.13 |
|
Payables Conversion Period |
119.86 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.01 and
The company's Total Asset Turnover is calculated as 2.45 times and 6.11
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.59.05 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.80.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.