MIRA INFORM REPORT
|
Report No. : |
331488 |
|
Report Date : |
11.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUN FOODS TRADING COMPANY LIMITED |
|
|
|
|
Registered Office : |
605/20 Soi Charoenrat
7, Rama Iii
Road, Bangklo,
Bangkorlaem, Bangkok 10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
26.08.2008 |
|
|
|
|
Com. Reg. No.: |
0105541053331 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in importing,
distributing, exporting and
re-exporting various kinds
of food products |
|
|
|
|
No. of Employees : |
70 |
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 |
|
Payment Behaviour : |
No Complaints |
|
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 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise
economy, generally pro-investment policies, and strong export industries,
Thailand has historically had a strong economy due in part to 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 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
SUN FOODS TRADING COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 605/20 SOI CHAROENRAT
7, RAMA III
ROAD,
BANGKLO, BANGKORLAEM,
BANGKOK 10120,
THAILAND
TELEPHONE : [66] 2689-8817-8,
2689-8818
FAX : [66] 2291-2011
E-MAIL ADDRESS : sunfoods@truemail.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2008
REGISTRATION NO. : 0105541053331
TAX ID NO. : 3011958308
CAPITAL REGISTERED : BHT.
55,000,000
CAPITAL PAID-UP : BHT.
55,000,000
SHAREHOLDER’S PROPORTION : THAI
: 99.46%
CHINESE :
0.54%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SARAN THONGKINGKAEW, THAI
MANAGING DIRECTOR
NO. OF STAFF : 70
LINES OF BUSINESS : FOOD
PRODUCTS
IMPORTER, DISTRIBUTOR
& EXPORTER
|
|
|
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 August 26,
2008 as a
private limited company
under the registered name
SUN FOODS TRADING
CMPANY LIMITED, by
Thai and Chinese groups,
with the business
objective to import
and distribute various
kinds of food
products to domestic and
international markets. It currently employs approximately 70 staff.
The subject’s registered
address is 605/20
Soi Charoenrat 7,
Rama III Road,
Bangklo, Bangkorlaem, Bangkok
10120, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Saran Thongkingkaew |
|
Thai |
29 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Saran Thongkingkaew is
the Managing Director.
He is Thai
nationality with the
age of 29
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing, exporting and
re-exporting various kinds
of food products
as follows:
Dehydrated foods and
fruits
Agricultural products such as
rice, onion, pepper,
chili, grains, mushroom and etc.
Snack foods
Canned foods
PURCHASE
Most of the
products are imported
from Republic of
China, Malaysia, Indonesia,
Hong Kong, India,
Australia, the remaining
is purchased from
local suppliers.
SALES [LOCAL]
The products are
sold locally to
wholesalers.
EXPORT
The products are
exported and re-exported
to Malaysia, Korea,
Taiwan and the
European countries.
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 to 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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 70 staff.
LOCATION DETAILS
The premise is
owned for administrative office
and warehouse at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The subject’s operating
performance in 2014
was impressive with a
drastic increase on
its sales revenue
and net profit
comparing to the pervious
year. Food products remain in
strong demand from
domestic consumption. The
subject encounters a
good business growth
in the year
2015.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000
divided into 10,000 shares of
Bht. 100 each
with fully paid.
The capital was
increased later as
follows:
Bht. 2,000,000
on November 23,
2001
Bht. 3,000,000
on December 17,
2001
Bht. 5,000,000
on March 6,
2006
Bht. 10,000,000
on November 3,
2008
Bht. 35,000,000
on September 19,
2012
Bht. 55,000,000
on July 17,
2014
The latest registered
capital was increased
to Bht. 55,000,000 divided
into 550,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pongsak Thongkingkaew Nationality: Thai Address : 15/145
Moo 1, Samaedam,
Bangkhuntien,
Bangkok |
291,999 |
53.09 |
|
Mr. Saran Thongkingkaew Nationality: Thai Address : 220/921
Moo 4, T.
Naiklongbangplagod, A.
Phrasamutjaedee, Samutprakarn |
254,996 |
46.36 |
|
Mr. Andy D Nationality: Chinese Address : Taipei,
Taiwan |
3,000 |
0.54 |
|
Mrs. Rattinan Milinkulpaisal Nationality: Thai Address : 41/93
Moo 5, Kanchanapisek Road,
Bangbon, Bangkok |
5 |
0.01 |
Total Shareholders : 4
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
547,000 |
99.46 |
|
Foreign - Chinese |
1 |
3,000 |
0.54 |
|
Total |
4 |
550,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Chadil Promphan No. 3966
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 |
477,787.43 |
201,459.99 |
1,037,375.98 |
|
Trade Accounts Receivable |
24,828,545.67 |
174,135,278.00 |
220,126,020.12 |
|
Share Receivable |
8,000,000.00 |
- |
- |
|
Inventories |
54,397,970.00 |
56,313,532.42 |
95,988,399.00 |
|
Other Current Assets
|
4,200,397.81 |
4,447,314.15 |
4,137,824.75 |
|
|
|
|
|
|
Total Current Assets
|
91,904,700.91 |
235,097,584.56 |
321,289,619.85 |
|
Long-term Investment |
112,511.44 |
112,511.44 |
112,511.44 |
|
Fixed Assets |
29,150,596.24 |
10,022,163.68 |
8,784,770.92 |
|
Total Assets |
121,167,808.59 |
245,232,259.68 |
330,186,902.21 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
5,390,570.84 |
1,603,695.65 |
5,769,602.31 |
|
Trade Accounts Payable |
12,349,592.65 |
156,652,103.36 |
238,009,701.67 |
|
Current Portion of Hire-purchase Contract Liabilities |
367,640.17 |
4,344,488.76 |
2,274,073.68 |
|
Short-term Loan from
Person or Related Company |
246,745.70 |
612,700.29 |
- |
|
Accrued Income Tax |
599,018.69 |
376,623.36 |
496,671.61 |
|
Other Current Liabilities |
567,479.21 |
508,872.52 |
610,295.08 |
|
|
|
|
|
|
Total Current Liabilities |
19,521,047.26 |
164,098,483.94 |
247,160,344.35 |
|
Long-term Loans from Financial Institutions |
37,255,907.97 |
37,592,469.31 |
40,532,939.67 |
|
Total Liabilities |
56,776,955.23 |
201,690,953.25 |
287,693,284.02 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 350,000 shares
in 2013 & 2012 550,000 shares
in 2014 |
55,000,000.00 |
35,000,000.00 |
35,000,000.00 |
|
|
|
|
|
|
Capital Paid |
55,000,000.00 |
35,000,000.00 |
35,000,000.00 |
|
Retained Earning -
Unappropriated |
9,390,853.36 |
8,541,306.43 |
7,493,618.19 |
|
Total Shareholders' Equity |
64,390,853.36 |
43,541,306.43 |
42,493,618.19 |
|
Total Liabilities & Shareholders' Equity |
121,167,808.59 |
245,232,259.68 |
330,186,902.21 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
378,698,367.13 |
347,501,416.60 |
390,391,065.46 |
|
Other Income |
44,343.59 |
1,084.08 |
585,536.90 |
|
Total Revenues |
378,742,710.72 |
347,502,500.68 |
390,976,602.36 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
344,607,841.31 |
313,290,347.65 |
357,613,548.18 |
|
Selling Expenses |
9,291,511.62 |
11,819,160.56 |
14,371,838.53 |
|
Administrative Expenses |
9,627,808.00 |
10,134,065.51 |
7,772,209.39 |
|
Total Expenses |
363,527,160.92 |
335,243,573.72 |
379,757,596.10 |
|
|
|
|
|
|
Profit /[Loss] before Financial Cost & Income Tax |
15,215,549.80 |
12,258,926.96 |
11,219,006.26 |
|
Financial Cost |
[14,143,607.54] |
[11,330,481.79] |
[10,686,029.39] |
|
|
|
|
|
|
Profit /[Loss] before Income
Tax |
1,071,942.26 |
928,445.17 |
532,976.87 |
|
Income Tax |
[599,018.69] |
[376,623.36] |
[496,671.61] |
|
Net Profit / [Loss] |
472,923.57 |
551,821.81 |
36,305.26 |
SUN FOODS
TRADING COMPANY LIMITED
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
4.71 |
1.43 |
1.30 |
|
QUICK RATIO |
TIMES |
1.71 |
1.06 |
0.89 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
12.99 |
34.67 |
44.44 |
|
TOTAL ASSETS TURNOVER |
XIMES |
3.13 |
1.42 |
1.18 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
57.62 |
65.61 |
97.97 |
|
INVENTORY TURNOVER |
TIMES |
6.33 |
5.56 |
3.73 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
23.93 |
182.90 |
205.81 |
|
RECEIVABLES TURNOVER |
TIMES |
15.25 |
2.00 |
1.77 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
13.08 |
182.51 |
242.93 |
|
CASH CONVERSION CYCLE |
DAYS |
68.47 |
66.00 |
60.85 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
91.00 |
90.16 |
91.60 |
|
SELLING & ADMINISTRATION |
% |
5.00 |
6.32 |
5.67 |
|
INTEREST |
% |
3.73 |
3.26 |
2.74 |
|
GROSS PROFIT MARGIN |
% |
9.01 |
9.85 |
8.55 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.02 |
3.53 |
2.87 |
|
NET PROFIT MARGIN |
% |
0.12 |
0.16 |
0.01 |
|
RETURN ON EQUITY |
% |
0.73 |
1.27 |
0.09 |
|
RETURN ON ASSET |
% |
0.39 |
0.23 |
0.01 |
|
EARNING PER SHARE |
BAHT |
0.86 |
1.58 |
0.10 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.47 |
0.82 |
0.87 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.88 |
4.63 |
6.77 |
|
TIME INTEREST EARNED |
TIMES |
1.08 |
1.08 |
1.05 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
8.98 |
(10.99) |
|
|
OPERATING PROFIT |
% |
24.12 |
9.27 |
|
|
NET PROFIT |
% |
(14.30) |
1,419.95 |
|
|
FIXED ASSETS |
% |
190.86 |
14.09 |
|
|
TOTAL ASSETS |
% |
(50.59) |
(25.73) |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 8.98%. Turnover has increased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
9.01 |
Impressive |
Industrial Average |
8.86 |
|
Net Profit Margin |
0.12 |
Deteriorated |
Industrial Average |
1.62 |
|
Return on Assets |
0.39 |
Deteriorated |
Industrial Average |
3.76 |
|
Return on Equity |
0.73 |
Deteriorated |
Industrial Average |
17.16 |
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 9.01%. 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 0.12%.
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 0.39%.
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 0.73%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
4.71 |
Impressive |
Industrial Average |
1.07 |
|
Quick Ratio |
1.71 |
|
|
|
|
Cash Conversion Cycle |
68.47 |
|
|
|
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 4.71 times in 2014, increased from 1.43 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 1.71 times in 2014,
increased from 1.06 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 69 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.47 |
Impressive |
Industrial Average |
0.75 |
|
Debt to Equity Ratio |
0.88 |
Impressive |
Industrial Average |
2.97 |
|
Times Interest Earned |
1.08 |
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 lower the percentage means that the company is using less leverage
and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 1.08 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 0.47 less than 0.5, most of the company's
assets are financed through equity.
Trend of the average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
12.99 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
3.13 |
Impressive |
Industrial Average |
2.64 |
|
Inventory Conversion Period |
57.62 |
|
|
|
|
Inventory Turnover |
6.33 |
Impressive |
Industrial Average |
5.25 |
|
Receivables Conversion Period |
23.93 |
|
|
|
|
Receivables Turnover |
15.25 |
Impressive |
Industrial Average |
3.77 |
|
Payables Conversion Period |
13.08 |
|
|
|
The company's Account Receivable Ratio is calculated as 15.25 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 decreased from 66 days at the
end of 2013 to 58 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 5.56 times in year 2013 to 6.33 times
in year 2014.
The company's Total Asset Turnover is calculated as 3.13 times and 1.42
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.38 |
|
|
1 |
Rs.97.65 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
-- |
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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.