MIRA INFORM REPORT
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Report No. : |
336902 |
|
Report Date : |
18.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
THAI SEAFOOD PROCESSING CO., LTD. |
|
|
|
|
Registered Office : |
2/158 Moo 8, T. Krathumlom, A. Sampran, Nakhon Pathom 73220 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
10.10.2012 |
|
|
|
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Com. Reg. No.: |
0735555004633 |
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|
|
|
Legal Form : |
Private Limited Company |
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|
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Line of Business : |
Subject is
engaged in importing,
distributing, exporting and
processing of fresh
seafood, frozen seafood,
and fresh water
products such as
Indian Mackerel, Leather
Jacket, Reef Cod,
Reef Cod Red
Belly, Ribbon Fish, Sardine,
Seer Fish, Loligo squid,
White Snapper, Yellow
Fin Tuna, Jelly
Fish, Top Shell,
Razor Clam, Mud
Crabs, Blue Swimming
Crabs |
|
|
|
|
No. of Employees : |
8 |
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 : |
Small Company |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC
OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies Thailand has historically had a strong economy due in part to competitive industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. The economy experienced slow growth and declining exports in 2014, in part due to domestic political turmoil and sluggish global demand. With full employment, Thailand attracts an estimated 2-4 million migrant workers from neighboring countries, and faces labor shortages. Following the May 2014 coup d’�tat, tourism decreased 6-7% but is beginning to recover. The household debt to GDP ratio is over 80%. 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 baht has remained stable.
|
Source
: CIA |
Company
name
THAI
SEAFOOD PROCESSING CO., LTD.
SUMMARY
BUSINESS ADDRESS : 2/158 MOO 8, T.
KRATHUMLOM, A. SAMPRAN,
NAKHON PATHOM
73220, THAILAND
TELEPHONE : [66] 2404-2269,
081 850-9007
FAX : [66] 2404-2268
E-MAIL ADDRESS : info@thaiseafood.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2012
REGISTRATION NO. : 0735555004633
TAX ID NO. : 3035377970
CAPITAL REGISTERED : BHT.
5,000,000
CAPITAL PAID-UP : BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
AKHTAR JAMIL AWAN,
THAI
MANAGING DIRECTOR
NO. OF STAFF : 8
LINES OF BUSINESS : FRESH
AND FROZEN SEAFOOD
IMPORTER, DISTRIBUTOR
AND EXPORTER
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 October
10, 2012 as
a private limited
company under the
registered name THAI
SEAFOOD PROCESSING CO.,
LTD., by Thai groups,
with the objective
to be engaged
in importing, distributing,
exporting and processing
of fresh and
frozen seafood and
fresh water fishes. The
products have been
supplied to customers under
GMP and HACCP
control systems. It currently
employs 8 staff.
The subject’s registered
address is 2/158
Moo 8, T. Krathumlom, A. Sampran,
Nakhon
Pathom 73220, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Akhtar
Jamil Awan |
|
Thai |
47 |
AUTHORIZED
PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Akhtar Jamil Awan
is the Managing
Director.
He is Thai
nationality with the
age of 47 years
old.
BUSINESS
OPERATIONS
The subject is
engaged in importing,
distributing, exporting and
processing of fresh
seafood, frozen seafood,
and fresh water
products such as
Indian Mackerel, Leather
Jacket, Reef Cod,
Reef Cod Red
Belly, Ribbon Fish, Sardine,
Seer Fish, Loligo squid,
White Snapper, Yellow
Fin Tuna, Jelly
Fish, Top Shell,
Razor Clam, Mud
Crabs, Blue Swimming
Crabs.
PURCHASE
The products are
purchased through global
sourcing from over
20 coastal regions both
in domestic and
overseas in India,
Japan, Myanmar and
Indonesia.
SALES
The products are
sold to local
customers by wholesale
and retail.
EXPORT
The products are
also exported to
Middle East, Japan,
India, Pakistan, Nepal,
Bangladesh, Hong Kong and
the countries in
Africa.
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
credits term of 30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
The banker’s name
was not disclosed.
EMPLOYMENT
The subject currently employs 8 staff.
LOCATION
DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in provincial.
Branch and cold
storage are located
at 55/237 Moo
6, Suchai Road,
T. Tasai,
A. Muang, Samutsakorn 74000.
Tel. : [66] 34 406-285, Fax. :
[66] 34 406-286.
COMMENT
The subject is
responsible to provide
good quality seafood
that is safe
to the consumer.
The GMP & HACCP systems have
been formed the core
control system, which are
implemented and monitored
by qualified professionals.
Subject reported moderate
sales in the year
2014, while its
current business is promising.
FINANCIAL
INFORMATION
The capital was
registered at Bht. 5,000,000 divided
into 50,000 shares of Bht.
100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
[as at April
30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Akhtar
Jamil Awan Nationality: Thai Address
: 2/158 Moo
8, T. Krathumlom, A. Sampran, Nakhon Pathom |
27,000 |
54.00 |
|
Mr. Fahad
Awan Nationality: Thai Address
: 2/158 Moo
8, T. Krathumlom, A. Sampran, Nakhon Pathom
|
10,000 |
20.00 |
|
Ms. Iresha
Awan Nationality: Thai Address
: 2/158 Moo
8, T. Krathumlom, A. Sampran, Nakhon Pathom |
6,500 |
13.00 |
|
Ms. Sara
Awan Nationality: Thai Address
: 2/158 Moo
8, T. Krathumlom, A. Sampran, Nakhon Pathom |
6,500 |
13.00 |
Total Shareholders : 4
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
50,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
50,000 |
100.00 |
NAME
OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Vinai Niyamosot No.
2492
BALANCE
SHEET [BAHT]
The latest financial
figures published for December 31, 2014,
2013 & 2012
were :
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash
and Cash Equivalents |
79,811.51 |
652,907.58 |
40,435.33 |
|
Trade
Account & Other Receivable
|
- |
- |
2,100,977.92 |
|
Inventories |
18,654,309.00 |
11,473,808.00 |
1,766,718.00 |
|
Other
Current Assets |
131,628.04 |
289,199.88 |
59,252.49 |
|
|
|
|
|
|
Total
Current Assets |
18,865,748.55 |
12,415,915.46 |
3,967,383.74 |
|
|
|
|
|
|
Long-term Loans |
- |
- |
3,675,500.00 |
|
Fixed Assets |
1,937,261.67 |
2,435,295.13 |
6,243.56 |
|
Other
Non-current Assets |
90,000.00 |
90,000.00 |
54,000.00 |
|
Total
Assets |
20,893,010.22 |
14,941,210.59 |
7,703,127.30 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade
Account & Other Payable |
283,600.00 |
174,508.50 |
2,409,464.61 |
|
Current Portion of Liabilities |
454,932.00 |
454,932.00 |
- |
|
Accrued Income Tax |
145,204.45 |
54,846.67 |
19,731.93 |
|
Other
Current Liabilities |
37,270.97 |
12,975.76 |
12,573.80 |
|
|
|
|
|
|
Total Current Liabilities |
921,007.42 |
697,262.93 |
2,441,770.34 |
|
Long-term Loans |
13,422,606.00 |
8,256,917.00 |
- |
|
Total
Liabilities |
14,343,613.42 |
8,954,179.93 |
2,441,770.34 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share
capital : Baht 100 value
authorized and issued
share capital 50,000
shares |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
|
Capital
Paid |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Retained
Earning –Unappropriated
[deficit] |
1,549,396.80 |
987,030.66 |
261,356.96 |
|
Total
Shareholders' Equity |
6,549,396.80 |
5,987,030.66 |
5,261,356.96 |
|
Total
Liabilities & Shareholders'
Equity |
20,893,010.22 |
14,941,210.59 |
7,703,127.30 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales |
41,125,033.53 |
28,421,263.29 |
2,849,152.26 |
|
Other
Income |
90,294.68 |
593,975.01 |
169,998.61 |
|
Total
Revenues |
41,215,328.21 |
29,015,238.30 |
3,019,150.87 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost
of Goods Sold
|
35,135,037.91 |
23,479,029.62 |
2,440,495.43 |
|
Selling Expenses |
4,140,875.67 |
3,817,185.98 |
210,655.00 |
|
Administrative Expenses |
1,087,865.85 |
877,083.56 |
86,911.55 |
|
Total Expenses |
40,363,779.43 |
28,173,299.16 |
2,738,061.98 |
|
|
|
|
|
|
Profit / [Loss] before
Financial Cost & Income
Tax |
851,548.78 |
841,939.14 |
281,088.89 |
|
Financial Cost |
[48,978.19] |
[16,418.77] |
- |
|
|
|
|
|
|
Profit / [Loss] before
Income Tax |
802,570.59 |
825,520.37 |
281,088.89 |
|
Income Tax |
[240,204.45] |
[99,846.67] |
[19,731.93] |
|
Net
Profit / [Loss] |
562,366.14 |
725,673.70 |
261,356.96 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
20.48 |
17.81 |
1.62 |
|
QUICK RATIO |
TIMES |
0.09 |
0.94 |
0.88 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
21.23 |
11.67 |
456.33 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.97 |
1.90 |
0.37 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
193.79 |
178.37 |
264.23 |
|
INVENTORY TURNOVER |
TIMES |
1.88 |
2.05 |
1.38 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
269.15 |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
1.36 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
2.95 |
2.71 |
360.36 |
|
CASH CONVERSION CYCLE |
DAYS |
190.84 |
175.66 |
173.02 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
85.43 |
82.61 |
85.66 |
|
SELLING & ADMINISTRATION |
% |
12.71 |
16.52 |
10.44 |
|
INTEREST |
% |
0.12 |
0.06 |
- |
|
GROSS PROFIT MARGIN |
% |
14.78 |
19.48 |
20.31 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.07 |
2.96 |
9.87 |
|
NET PROFIT MARGIN |
% |
1.37 |
2.55 |
9.17 |
|
RETURN ON EQUITY |
% |
8.59 |
12.12 |
4.97 |
|
RETURN ON ASSET |
% |
2.69 |
4.86 |
3.39 |
|
EARNING PER SHARE |
BAHT |
11.25 |
14.51 |
5.23 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.69 |
0.60 |
0.32 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.19 |
1.50 |
0.46 |
|
TIME INTEREST EARNED |
TIMES |
17.39 |
51.28 |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
44.70 |
897.53 |
|
|
OPERATING PROFIT |
% |
1.14 |
199.53 |
|
|
NET PROFIT |
% |
(22.50) |
177.66 |
|
|
FIXED ASSETS |
% |
(20.45) |
38,904.91 |
|
|
TOTAL ASSETS |
% |
39.83 |
93.96 |
|
ANNUAL
GROWTH : SATISFACTORY
An annual sales growth is 44.7%. Turnover has increased from THB
28,421,263.29 in 2013 to THB 41,125,033.53 in 2014. While net profit has
decreased from THB 725,673.70 in 2013 to THB 562,366.14 in 2014. And total
assets has increased from THB 14,941,210.59 in 2013 to THB 20,893,010.22 in
2014.
PROFITABILITY
: EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
14.78 |
Impressive |
Industrial Average |
(4.48) |
|
Net Profit Margin |
1.37 |
Impressive |
Industrial Average |
(1.09) |
|
Return on Assets |
2.69 |
Impressive |
Industrial Average |
(2.71) |
|
Return on Equity |
8.59 |
Impressive |
Industrial Average |
(16.20) |
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 14.78%. When
compared with the industry average, the ratio of the company was higher,
indicated that company was more profitable than the same industry.
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 1.37%, 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 2.69%, 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.
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 8.59%, 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 |
20.48 |
Impressive |
Industrial Average |
1.09 |
|
Quick Ratio |
0.09 |
|
|
|
|
Cash Conversion Cycle |
190.84 |
|
|
|
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 20.48 times in 2014, increased from 17.81 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 0.09 times in 2014,
decreased from 0.94 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 191 days.
Trend of the average competitors in the same industry for last 5
years
Current Ratio Uptrend
LEVERAGE
: EXCELLENT
LEVERAGE
RATIO
|
Debt Ratio |
0.69 |
Impressive |
Industrial Average |
0.89 |
|
Debt to Equity Ratio |
2.19 |
Impressive |
Industrial Average |
8.23 |
|
Times Interest Earned |
17.39 |
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 17.39 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 0.69 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 |
21.23 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.97 |
Satisfactory |
Industrial Average |
2.48 |
|
Inventory Conversion Period |
193.79 |
|
|
|
|
Inventory Turnover |
1.88 |
Acceptable |
Industrial Average |
3.45 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
5.18 |
|
Payables Conversion Period |
2.95 |
|
|
|
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 178 days at the end of 2013
to 194 days at the end of 2014. This represents a negative trend. And Inventory
turnover has decreased from 2.05 times in year 2013 to 1.88 times in year 2014.
The company's Total Asset Turnover is calculated as 1.97 times and
1.9 times in 2014 and 2013 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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.22 |
|
UK Pound |
1 |
Rs.102.23 |
|
Euro |
1 |
Rs.72.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
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.