MIRA
INFORM REPORT
|
Report Date : |
06.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
OCEAN WORLDWIDE PRODUCTS LIMITED PARTNERSHIP |
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Registered Office : |
50/23-25
Charoenkrung 58 Road,
Yannawa, Sathorn, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
07.01.2000 |
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Com. Reg. No.: |
0103543000372 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Subject is engaged
in importing and
distributing various kinds of
frozen fish, such
as mackerel, salmon,
sable |
|
|
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|
No. of Employees |
12 |
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 |
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Payment Behaviour : |
No complaints |
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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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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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. 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
OCEAN WORLDWIDE
PRODUCTS LIMITED PARTNERSHIP
SUMMARY
BUSINESS
ADDRESS : 50/23-25 CHAROENKRUNG
58 ROAD,
YANNAWA, SATHORN,
BANGKOK 10120,
THAILAND
TELEPHONE : [66] 2675-9019-20
FAX :
[66] 2675-5382
E-MAIL
ADDRESS : admin@oceanworldwide.com
narinpast@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION
NO. : 0103543000372 [Former
: 3/2543]
TAX
ID NO. : 3030029140
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
PARTNER’S
PROPORTION : THAI : 100.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : LIMITED
PARTNERSHIP
EXECUTIVE : MR.
PINIT RASIVISUT, THAI
MANAGING PARTNER
NO.
OF STAFF : 12
LINES
OF BUSINESS : FROZEN FISH
IMPORTER AND 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 established
on January 7, 2000
as a limited
partnership under the
name style OCEAN WORLDWIDE PRODUCTS LIMITED PARTNERSHIP by Thai
partners, with the
business objective to
import and distribute
various kinds of frozen
fish to domestic
market. It currently
employs 12 staff.
The
subject’s registered address
is 50/23-25 Charoenkrung
58 Rd., Yannawa,
Sathorn, Bangkok 10120,
and this is
the subject’s current
operation address.
AUTHORIZED PERSON
Mr. Pinit Rasivisut signs
on behalf of
the subject with
company’s affixed. He
also bears full
financial responsibility by
law.
MANAGEMENT
Mr. Pinit Rasivisut is
the Managing Partner.
He is Thai nationality with
the age of 53 years
old.
Ms. Pornpanit Rasivisut is
the Assistant Managing
Partner, Sales &
Marketing Manager
She is Thai
nationality with the
age of 17
years old.
BUSINESS OPERATIONS
The subject is engaged
in importing and
distributing various kinds of
frozen fish, such
as mackerel, salmon,
sable and etc.
PURCHASE
Most
of the products
are imported from
India, Indonesia, Malaysia,
Pakistan, Vietnam, Republic
of China, Myanmar and
the countries in
Europe, the remaining
is purchased from
local suppliers.
SALES
100%
of the products
is sold locally
by wholesale to
traders and end-users
mainly in processed
foods, hotel and
restaurant business.
RELATED AND
AFFILIATED COMPANIES
Jumpol Siam Co.,
Ltd.
Business Type :
Distributor of air
conditioners
Pattanavisut Co., Ltd.
Business Type :
Cold storage rental
service provider
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
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 12
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located
in commercial area.
COMMENT
The subject is an importer and distributor of fish. The
products are mainly served consumer markets.
Its business performance in 2013
was moderate. Good
progress has seen
since the year 2013,
while frozen fish
consumption remains strong
especially from food
processing industry.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 which
was carried by 3 persons
as followed:
Name Amount
Mr. Pinit Rasivisut Bht. 500,000 [Unlimited Partner]
Ms. Thitirat Rasivisut Bht. 250,000
Mr. Suthee Anantawithayanont Bht. 250,000
On April 8,
2010, the capital
was held by
2 persons as
followed:
Name Amount
Mr. Pinit Rasivisut Bht. 500,000 [Unlimited Partner]
Ms. Pornjai Reanronayuth Bht. 500,000
On June 25,
2014, the capital
was held by
2 persons as
followed:
Name Age Amount
Mr. Pinit Rasivisut 53 Bht.
600,000 [Unlimited Partner]
[Address : 185/33 Thungmahamek,
Sathorn, Bangkok
10120]
Ms. Pornpanit Rasivisut 17 Bht.
400,000
[Address : 185/33 Thungmahamek,
Sathorn, Bangkok
10120]
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Walapach Hiranrasmee No.
6379
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
22,461,003.55 |
595,043.34 |
5,666,844.12 |
|
Prepaid Product |
391,250.39 |
2,825,956.60 |
- |
|
Trade Accounts & Other Receivable |
- |
- |
159,050.00 |
|
Inventories |
8,140,605.85 |
7,320,728.20 |
2,033,515.80 |
|
Total Current
Assets |
30,992,859.79 |
10,741,728.14 |
7,859,409.92 |
|
|
|
|
|
|
Equipment, net |
865,754.08 |
1,090,139.17 |
1,238,930.64 |
|
Other Non-current Assets |
4,780.46 |
4,780.46 |
4,780.46 |
|
Total Assets
|
31,863,394.33 |
11,836,647.77 |
9,103,121.02 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft |
1,919,127.41 |
- |
- |
|
Trade Accounts &
Other Payable |
20,249,878.06 |
723,272.25 |
2,566,765.12 |
|
Short-term Loans |
- |
3,000,000.00 |
- |
|
Accrued Income Tax |
184,757.96 |
3,023.07 |
- |
|
Total Current
Liabilities |
22,353,763.43 |
3,726,295.32 |
2,566,765.12 |
|
Total Liabilities |
22,353,763.43 |
3,726,295.32 |
2,566,765.12 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning - Unappropriated
|
8,509,630.90 |
7,110,352.45 |
5,536,355.90 |
|
Total Shareholders' Equity |
9,509,630.90 |
8,110,352.45 |
6,536,355.90 |
|
Total Liabilities
& Shareholders' Equity |
31,863,394.33 |
11,836,647.77 |
9,103,121.02 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
120,217,830.00 |
74,632,170.00 |
22,816,750.00 |
|
Other Income |
6,166.54 |
572,920.17 |
28,046.66 |
|
Total Revenues
|
120,223,996.54 |
75,205,090.17 |
22,844,796.66 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
114,271,025.32 |
70,488,868.23 |
22,142,944.49 |
|
Selling Expenses |
2,027,994.62 |
2,474,777.54 |
1,749,108.54 |
|
Administrative Expenses |
1,584,070.81 |
401,347.80 |
312,850.60 |
|
Other Expenses |
75,402.70 |
- |
32,648.88 |
|
Total Expenses |
117,958,493.45 |
73,364,993.57 |
24,237,552.51 |
|
Profit before Financial Cost &
Income Tax |
2,265,503.09 |
1,840,096.60 |
[1,392,755.85] |
|
Financial Cost |
[516,405.03] |
[212,909.77] |
[3,168.90] |
|
Profit before Income Tax |
1,749,098.06 |
1,627,186.83 |
[1,395,924.75] |
|
Income Tax |
[349,819.61] |
[53,190.28] |
- |
|
Net Profit / [Loss] |
1,399,278.45 |
1,573,996.55 |
[1,395,924.75] |
|
Retained Earning, Beginning of
Year |
7,110,352.45 |
5,536,355.90 |
6,932,280.65 |
|
Retained Earning, End of Year |
8,509,630.90 |
7,110,352.45 |
5,536,355.90 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.39 |
2.88 |
3.06 |
|
QUICK RATIO |
TIMES |
1.02 |
0.92 |
2.27 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
138.86 |
68.46 |
18.42 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.77 |
6.31 |
2.51 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
26.00 |
37.91 |
33.52 |
|
INVENTORY TURNOVER |
TIMES |
14.04 |
9.63 |
10.89 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
2.54 |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
143.46 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
64.68 |
3.75 |
42.31 |
|
CASH CONVERSION CYCLE |
DAYS |
(38.68) |
34.16 |
(6.25) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
95.05 |
94.45 |
97.05 |
|
SELLING & ADMINISTRATION |
% |
3.00 |
3.85 |
9.04 |
|
INTEREST |
% |
0.43 |
0.29 |
0.01 |
|
GROSS PROFIT MARGIN |
% |
4.95 |
6.32 |
3.08 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.88 |
2.47 |
(6.10) |
|
NET PROFIT MARGIN |
% |
1.16 |
2.11 |
(6.12) |
|
RETURN ON EQUITY |
% |
14.71 |
19.41 |
(21.36) |
|
RETURN ON ASSET |
% |
4.39 |
13.30 |
(15.33) |
|
EARNING PER SHARE |
BAHT |
139.93 |
157.40 |
(139.59) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.70 |
0.31 |
0.28 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.35 |
0.46 |
0.39 |
|
TIME INTEREST EARNED |
TIMES |
4.39 |
8.64 |
(439.51) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
61.08 |
227.09 |
|
|
OPERATING PROFIT |
% |
23.12 |
(232.12) |
|
|
NET PROFIT |
% |
(11.10) |
212.76 |
|
|
FIXED ASSETS |
% |
(20.58) |
(12.01) |
|
|
TOTAL ASSETS |
% |
169.19 |
30.03 |
|
ANNUAL GROWTH : SATISFACTORY
An annual sales growth is 61.08%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
4.95 |
Deteriorated |
Industrial
Average |
12.60 |
|
Net Profit Margin |
1.16 |
Impressive |
Industrial
Average |
(0.06) |
|
Return on Assets |
4.39 |
Impressive |
Industrial
Average |
(0.12) |
|
Return on Equity |
14.71 |
Impressive |
Industrial
Average |
1.87 |
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 4.95%. 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 1.16%, 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
4.39%, 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 14.71%,
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 :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
1.39 |
Impressive |
Industrial
Average |
1.17 |
|
Quick Ratio |
1.02 |
|
|
|
|
Cash Conversion Cycle |
(38.68) |
|
|
|
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 1.39 times in 2013, decreased from 2.88 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 1.02 times in 2013,
increased from 0.92 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 -39 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.70 |
Impressive |
Industrial
Average |
1.10 |
|
Debt to Equity Ratio |
2.35 |
Impressive |
Industrial
Average |
9.83 |
|
Times Interest Earned |
4.39 |
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 4.39 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 0.7 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
138.86 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
3.77 |
Satisfactory |
Industrial
Average |
4.06 |
|
Inventory Conversion Period |
26.00 |
|
|
|
|
Inventory Turnover |
14.04 |
Impressive |
Industrial
Average |
6.15 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
6.59 |
|
Payables Conversion Period |
64.68 |
|
|
|
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 decreased from 38 days at the end of 2012 to
26 days at the end of 2013. This represents a positive trend. And Inventory
turnover has increased from 9.63 times in year 2012 to 14.04 times in year
2013.
The company's Total Asset Turnover is calculated as 3.77 times and 6.31
times in 2013 and 2012 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.60.44 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.78.20 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.