MIRA INFORM REPORT
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Report Date : |
13.09.2014 |
IDENTIFICATION DETAILS
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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 : |
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Financials (as on) : |
31.12.2013 |
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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 : |
Distributor of Marine Products. |
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No of Employees : |
2 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Thailand |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
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
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.
KAMONKAN 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
FAIR 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. Kamonkan
Thiankham
AUTHORIZED PERSON
The
above director signs
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Ms. Kamonkan 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 according
to 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 was posted
at lower than
the previous years. Its
business is very
slow in accordance
with slow consumption
from its customers.
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, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Kamonkan Thiankham
Nationality: Thai Address
: 136 Moo
13, T. Lamphyaklang, A. Muaklek, Saraburi |
6,000 |
60.00 |
|
Mrs. Juangjan
Thiankham Nationality: Thai Address
: 186 Moo
5, T. Lamphyaklang,
A. Muaklek, Saraburi |
2,000 |
20.00 |
|
Mr. Kamphon
Thiankham Nationality: Thai Address
: 186 Moo
5, T. Lamphyaklang, A. Muaklek, Saraburi |
2,000 |
20.00 |
Total Shareholders
: 3
Share Structure
[as at April
30, 2014]
|
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. Chamnan Posuwan No. 9923
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 |
795,768.68 |
864,437.64 |
485,684.85 |
|
Trade
Accounts Receivable |
100,016.20 |
100,016.20 |
522,768.80 |
|
Inventories |
1,854,413.44 |
2,862,303.13 |
10,281,300.00 |
|
Deferred Interest |
169.06 |
130.50 |
130.50 |
|
Total Current
Assets |
2,750,367.38 |
3,826,887.47 |
11,289,884.15 |
|
Long-term Loans |
4,300,000.00 |
2,840,000.00 |
25,914,165.00 |
|
Fixed Assets |
38,926.64 |
58,389.45 |
77,852.26 |
|
Total Assets
|
7,089,294.02 |
6,725,276.92 |
37,281,901.41 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Accrued
Account & Other Payable |
34,000.00 |
785,145.80 |
19,935,827.63 |
|
Short-term Loans |
15,400,000.00 |
14,300,000.00 |
15,372,675.88 |
|
Accrued
Income Tax |
12,222.08 |
62,973.61 |
55,217.84 |
|
Other Current Liabilities |
24,120.00 |
7,090.00 |
- |
|
Total
Current Liabilities |
15,470,342.88 |
15,155,209.41 |
35,363,721.35 |
|
Total Liabilities |
15,470,342.88 |
15,155,209.41 |
35,363,721.35 |
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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
[Deficit] |
[9,381,048.86] |
[9,429,932.49] |
918,180.06 |
|
Total Shareholders' Equity |
[8,381,048.86] |
[8,429,932.49] |
1,918,180.06 |
|
Total Liabilities
& Shareholders' Equity |
7,089,294.02 |
6,725,276.92 |
37,281,901.41 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales
Income |
37,033,363.00 |
59,136,543.40 |
204,060,497.75 |
|
Other Income |
54,905.72 |
949,519.17 |
2,525,110.92 |
|
Total Revenues
|
37,088,268.72 |
60,086,062.57 |
206,585,608.67 |
|
Expenses |
|
|
|
|
|
|
|
|
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Cost
of Goods Sold |
33,335,586.51 |
59,466,174.67 |
205,715,381.77 |
|
Administrative Expenses |
3,691,575.70 |
10,877,329.11 |
346,952.79 |
|
Total
Expenses |
37,027,162.21 |
70,343,503.78 |
206,062,334.56 |
|
|
|
|
|
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Profit / [Loss] before Income Tax |
61,106.51 |
[10,257,441.21] |
523,274.11 |
|
Income
Tax |
[12,222.88] |
[90,671.34] |
[85,217.84] |
|
Net Profit / [Loss] |
48,883.63 |
[10,348,112.55] |
438,056.27 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.18 |
0.25 |
0.32 |
|
QUICK RATIO |
TIMES |
0.06 |
0.06 |
0.03 |
|
|
|
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ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
951.36 |
1,012.80 |
2,621.12 |
|
TOTAL ASSETS TURNOVER |
TIMES |
5.22 |
8.79 |
5.47 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
20.30 |
17.57 |
18.24 |
|
INVENTORY TURNOVER |
TIMES |
17.98 |
20.78 |
20.01 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
0.99 |
0.62 |
0.94 |
|
RECEIVABLES TURNOVER |
TIMES |
370.27 |
591.27 |
390.35 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
21.29 |
18.19 |
19.18 |
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|
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PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
90.02 |
100.56 |
100.81 |
|
SELLING & ADMINISTRATION |
% |
9.97 |
18.39 |
0.17 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
10.13 |
1.05 |
0.43 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.17 |
(17.35) |
0.26 |
|
NET PROFIT MARGIN |
% |
0.13 |
(17.50) |
0.21 |
|
RETURN ON EQUITY |
% |
- |
- |
22.84 |
|
RETURN ON ASSET |
% |
0.69 |
(153.87) |
1.17 |
|
EARNING PER SHARE |
BAHT |
4.89 |
(1,034.81) |
43.81 |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
2.18 |
2.25 |
0.95 |
|
DEBT TO EQUITY RATIO |
TIMES |
(1.85) |
(1.80) |
18.44 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(37.38) |
(71.02) |
|
|
OPERATING PROFIT |
% |
(100.60) |
(2,060.24) |
|
|
NET PROFIT |
% |
100.47 |
(2,462.28) |
|
|
FIXED ASSETS |
% |
(33.33) |
(25.00) |
|
|
TOTAL ASSETS |
% |
5.41 |
(81.96) |
|
ANNUAL GROWTH: ACCEPTABLE
An annual sales growth is -37.38%. Turnover has
decreased from THB
PROFITABILITY
: SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
10.13 |
Satisfactory |
Industrial Average |
12.60 |
|
Net Profit Margin |
0.13 |
Impressive |
Industrial Average |
(0.06) |
|
Return on Assets |
0.69 |
Impressive |
Industrial Average |
(0.12) |
|
Return on Equity |
- |
|
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
10.13%. 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 0.13%, 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 0.69%,
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 |
0.18 |
Risky |
Industrial Average |
1.17 |
|
Quick Ratio |
0.06 |
|
|
|
|
Cash Conversion Cycle |
21.29 |
|
|
|
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 0.18 times in 2013, decreased from 0.25
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 2013, same
figure as 0.06 times in 2012, 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
22 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: RISKY
LEVERAGE
RATIO
|
Debt Ratio |
2.18 |
Risky |
Industrial Average |
1.10 |
|
Debt to Equity Ratio |
(1.85) |
Risky |
Industrial Average |
9.83 |
|
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 2.18
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 |
951.36 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
5.22 |
Impressive |
Industrial Average |
4.06 |
|
Inventory Conversion Period |
20.30 |
|
|
|
|
Inventory Turnover |
17.98 |
Impressive |
Industrial Average |
6.15 |
|
Receivables Conversion Period |
0.99 |
|
|
|
|
Receivables Turnover |
370.27 |
Impressive |
Industrial Average |
6.59 |
|
Payables Conversion Period |
- |
|
|
|
The company's Account Receivable Ratio is
calculated as 370.27 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 has increased from 18 days
at the end of 2012 to 20 days at the end of 2013. This represents a negative
trend. And Inventory turnover has decreased from 20.78 times in year 2012 to
17.98 times in year 2013.
The company's Total Asset Turnover is
calculated as 5.22 times and 8.79 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.60.84 |
|
UK Pound |
1 |
Rs.98.73 |
|
Euro |
1 |
Rs.78.64 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.