MIRA INFORM REPORT
|
Report No. : |
332311 |
|
Report Date : |
20.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
PHOENIX FOOD IMPORT
EXPORT CO., LTD. |
|
|
|
|
Registered Office : |
88/10
Moo 1, T. Kokkrabue, A. Muang, Samutsakorn 74000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Year of Establishment : |
2011 |
|
|
|
|
Com. Reg. No.: |
0745554004923 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in importing
and distributing various
kinds of dehydrated
foods, such as
mushroom, bean, dictyophoraindusiata, jujube,
seaweed, Chinese herb,
dried bean sheet,
dried fish maw,
dried fruits, wasabi,
cashew nut |
|
|
|
|
No. of Employee : |
30 |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
A2 |
A2 |
|
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
PHOENIX FOOD
IMPORT EXPORT CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 88/10
MOO 1, T. KOKKRABUE,
A. MUANG,
SAMUTSAKORN 74000,
THAILAND
TELEPHONE : [66] 34
867-369
FAX :
[66] 34
867-370
E-MAIL
ADDRESS : info@phoenixfood.co.th
sales@phoenixfood.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2011
REGISTRATION
NO. : 0745554004923
TAX
ID NO. : 3034756318
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.40%
CHINESE :
48.60%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. CHEN JINSONG,
CHINESE
MANAGING DIRECTOR
NO.
OF STAFF : 30
LINES
OF BUSINESS : DEHYDRATED FOODS
IMPORTER 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 October
18, 2011 as
a private limited
company under the
registered name PHOENIX FOOD
IMPORT EXPORT CO.,
LTD., by Thai and Chinese
groups, with the
business objective to
import and distribute
various kinds of
dehydrated foods to
domestic market. It
currently employs approximately
30 staff.
The
subject’s registered address was
initially at 189/544-545
Moo 5, T. Pantainorasingh, A. Muang,
Samutsakorn 74000.
On
July 16, 2013,
the subject’s registered
address was relocated
to 88/10 Moo 1,
T. Kokkrabue, A. Muang, Samutsakorn
74000, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chen Jinsong |
|
Chinese |
23 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Chen Jinsong
is the Managing
Director.
He is Chinese
nationality with the
age of 23
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
various kinds of
dehydrated foods, such
as mushroom, bean,
dictyophoraindusiata,
jujube, seaweed, Chinese
herb, dried bean
sheet, dried fish
maw, dried fruits,
wasabi, cashew nut.
PURCHASE
90%
of the products
is imported from
Republic of China,
India and Hong
Kong, the remaining
10% is purchased
from local suppliers.
SALES
100% of the
products is sold
locally by wholesale
to traders, supermarket
and food processing
industry.
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
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 currently employs
30 staff.
LOCATION DETAILS
The
premise is rented for
administrative office, packing
factory and warehouse
at the heading
address. Premise is
located in provincial.
COMMENT
Subject
reported outstanding sales in 2014.
Strong local food consumption
remains strong despite
overall economy outlook
is gloomy. The products
are mainly supplied to multi-levels of
users, including wholesalers and
traders.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided
into 20,000 shares of Bht. 100 each
with fully paid.
The
capital was increased
later as follows:
Bht. 10,000,000
on October 10,
2013
Bht. 12,000,000
on May 14,
2014
Bht. 20,000,000
on June 18,
2015
The
latest registered capital
was increased to
Bht. 20,000,000 divided into
200,000 shares of Bht. 100
each with fully.
THE SHAREHOLDERS LISTED
WERE
[as at June
18, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Somchai Saechua Nationality: Thai Address : 78
Soi Rimtangrodfai 2,
Bangyeerua,
Thonburi, Bangkok |
97,200 |
48.60 |
|
Mr. Chen Jinsong Nationality: Chinese Address : 189/544-545
Moo 5, T. Pantainorasingh, A.
Muang, Samutsakorn |
97,200 |
48.60 |
|
Mr. Tawan Tharnworakul Nationality: Thai Address : 128
Moo 3, T. Wiengpangkham, A. Maesai, Chiangrai |
5,600 |
2.80 |
Total Shareholders : 3
Share Structure [as
at June 18, 2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
102,800 |
51.40 |
|
Foreign - Chinese |
1 |
97,200 |
48.60 |
|
Total |
3 |
200,000 |
100.00 |
NAME
OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Ms. Sumalee Seelasana No. 5475
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 |
6,657,491.93 |
2,549,555.36 |
4,681,486.70 |
|
Trade Accounts & Other Receivable |
20,056,615.96 |
116,415.49 |
133,205.77 |
|
Inventories |
16,671,950.20 |
28,988,524.88 |
- |
|
Short-term Loan |
- |
- |
1,950,000.00 |
|
|
|
|
|
|
Total Current Assets
|
43,386,058.09 |
31,654,495.73 |
6,764,692.47 |
|
|
|
|
|
|
Fixed Assets |
34,837,154.30 |
14,968,619.98 |
1,055,354.76 |
|
Other Non-current Assets |
417,438.41 |
517,143.73 |
- |
|
Total Assets |
78,640,650.80 |
47,140,259.44 |
7,820,047.23 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
36,812,707.84 |
16,491,631.26 |
- |
|
Trade Accounts & Other Payable |
1,413,130.00 |
1,510,392.00 |
4,222,104.00 |
|
Accrued Income Tax |
170,506.75 |
10,887.48 |
136,355.62 |
|
Short-term Loans |
- |
4,000,000.00 |
- |
|
Current Portion of Long-term
Liabilities |
6,805,925.35 |
3,268,934.76 |
734,476.00 |
|
|
|
|
|
|
Total Current Liabilities |
45,202,269.94 |
25,281,845.50 |
5,092,935.62 |
|
|
|
|
|
|
Long-term Liabilities, net |
20,857,812.68 |
11,309,627.81 |
88,319.10 |
|
Total Liabilities |
66,060,082.62 |
36,591,473.31 |
5,181,254.72 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share capital 120,000 shares
in 2014; 100,000 shares
in 2013 & 20,000 shares
in 2012 |
12,000,000.00 |
10,000,000.00 |
2,000,000.00 |
|
|
|
|
|
|
Capital Paid |
12,000,000.00 |
10,000,000.00 |
2,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
580,568.18 |
548,786.14 |
638,792.51 |
|
Total Shareholders' Equity |
12,580,568.18 |
10,548,786.14 |
2,638,792.51 |
|
Total Liabilities &
Shareholders' Equity |
78,640,650.80 |
47,140,259.44 |
7,820,047.23 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
360,056,488.76 |
242,433,830.90 |
155,020,104.32 |
|
Other Income |
7,032.84 |
11,504.24 |
47,928.11 |
|
Total Revenues |
360,063,521.60 |
242,445,335.14 |
155,068,032.43 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
351,074,450.92 |
237,008,249.34 |
148,519,228.71 |
|
Selling Expenses |
256,302.93 |
1,146,300.00 |
4,170,000.00 |
|
Administrative Expenses |
6,768,694.95 |
3,684,725.04 |
1,754,378.27 |
|
Total Expenses |
358,099,448.80 |
241,839,274.38 |
154,443,606.98 |
|
Profit / [Loss] before
Financial Cost & Income Tax |
1,964,072.80 |
606,060.76 |
624,425.45 |
|
Financial Cost |
[1,761,784.00] |
[652,371.98] |
[5,868.17] |
|
Profit / [Loss] before Income
Tax |
202,288.80 |
[46,311.22] |
618,557.28 |
|
Income Tax |
[170,506.75] |
[43,695.16] |
[148,055.48] |
|
Net Profit / [Loss] |
31,782.05 |
[90,006.38] |
470,501.80 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.96 |
1.25 |
1.33 |
|
QUICK RATIO |
TIMES |
0.59 |
0.11 |
0.95 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
10.34 |
16.20 |
146.89 |
|
TOTAL ASSETS TURNOVER |
TIMES |
4.58 |
5.14 |
19.82 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
17.33 |
44.64 |
- |
|
INVENTORY TURNOVER |
TIMES |
21.06 |
8.18 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
20.33 |
0.18 |
0.31 |
|
RECEIVABLES TURNOVER |
TIMES |
17.95 |
2,082.49 |
1,163.76 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
1.47 |
2.33 |
10.38 |
|
CASH CONVERSION CYCLE |
DAYS |
36.20 |
42.49 |
(10.06) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
97.51 |
97.76 |
95.81 |
|
SELLING & ADMINISTRATION |
% |
1.95 |
1.99 |
3.82 |
|
INTEREST |
% |
0.49 |
0.27 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
2.50 |
2.24 |
4.22 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.55 |
0.25 |
0.40 |
|
NET PROFIT MARGIN |
% |
0.01 |
(0.04) |
0.30 |
|
RETURN ON EQUITY |
% |
0.25 |
(0.85) |
17.83 |
|
RETURN ON ASSET |
% |
0.04 |
(0.19) |
6.02 |
|
EARNING PER SHARE |
BAHT |
0.26 |
(0.90) |
23.53 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.84 |
0.78 |
0.66 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.25 |
3.47 |
1.96 |
|
TIME INTEREST EARNED |
TIMES |
1.11 |
0.93 |
106.41 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
48.52 |
56.39 |
|
|
OPERATING PROFIT |
% |
224.07 |
(2.94) |
|
|
NET PROFIT |
% |
135.31 |
(119.13) |
|
|
FIXED ASSETS |
% |
132.73 |
1,318.35 |
|
|
TOTAL ASSETS |
% |
66.82 |
502.81 |
|
ANNUAL GROWTH : EXCELLENT
An annual sales growth is 48.52%.
Turnover has increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
2.50 |
Deteriorated |
Industrial
Average |
8.86 |
|
Net Profit Margin |
0.01 |
Deteriorated |
Industrial
Average |
1.62 |
|
Return on Assets |
0.04 |
Deteriorated |
Industrial
Average |
3.76 |
|
Return on Equity |
0.25 |
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 2.5%. 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 0.01%.
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 0.04%.
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 0.25%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.96 |
Risky |
Industrial
Average |
1.07 |
|
Quick Ratio |
0.59 |
|
|
|
|
Cash Conversion Cycle |
36.20 |
|
|
|
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 0.96 times in 2014, decreased from 1.25 times, then the company may have
problems meeting its short-term obligations. 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 0.59 times in 2014,
increased from 0.11 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 37 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.84 |
Acceptable |
Industrial
Average |
0.75 |
|
Debt to Equity Ratio |
5.25 |
Risky |
Industrial
Average |
2.97 |
|
Times Interest Earned |
1.11 |
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 1.12 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 0.84 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 Downtrend
Times Interest Earned Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
10.34 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
4.58 |
Impressive |
Industrial
Average |
2.64 |
|
Inventory Conversion Period |
17.33 |
|
|
|
|
Inventory Turnover |
21.06 |
Impressive |
Industrial
Average |
5.25 |
|
Receivables Conversion Period |
20.33 |
|
|
|
|
Receivables Turnover |
17.95 |
Impressive |
Industrial
Average |
3.77 |
|
Payables Conversion Period |
1.47 |
|
|
|
The company's Account Receivable Ratio is calculated as 17.95 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 45 days at the
end of 2013 to 17 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 8.18 times in year 2013 to 21.06
times in year 2014.
The company's Total Asset Turnover is calculated as 4.58 times and 5.14 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.63.49 |
|
|
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
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.