MIRA INFORM REPORT
|
Report No. : |
329179 |
|
Report Date : |
29.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
THAI SIRIN INTERNATIONAL CO., LTD. |
|
|
|
|
Registered Office : |
232/18 Soi Sukhumvit 22, Sukhumvit Road, Klongtoey, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2004 |
|
|
|
|
Date of Incorporation : |
14.09.1995 |
|
|
|
|
Com. Reg. No.: |
0105538109665 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is engaged in importing and distributing various kinds of dried sea foods, such as Dried Sea Cucumber, with more than 15 species, such as Black Fish, Black Teat, Brown Sandfish, Curry Fish, Elephant’s Trunk Fish, Green Fish, Hong Pay Fish, Lolly Fish, Pink Fish, Ripple Fish, Sand Fish, Snake Fish, Stone Fish, Surf Redfish, Tiger Fish, White Teat |
|
|
|
|
No. of Employees : |
2 |
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 |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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
THAI SIRIN
INTERNATIONAL CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 232/18 SOI
SUKHUMVIT 22, SUKHUMVIT
ROAD,
KLONGTOEY, BANGKOK
10110, THAILAND
TELEPHONE : [66] 2663-0338,
2260-1569, 2260-9948, 081
989-9281
FAX :
[66] 2663-0339
E-MAIL
ADDRESS : anuck@thaisirin.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0105538109665
TAX
ID NO. ; -
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 : MR. ANUCK FANGMONGKOL,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 2
LINES
OF BUSINESS : DRIED
FOOD PRODUCTS
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
|
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : -
MANAGEMENT
STANDARD : -
HISTORY
The
subject was established on
September 14, 1995
as a private
limited company under
the name style THAI SIRIN
INTERNATIONAL CO., LTD.,
by Thai groups, with
the business objective
to import and
distribute various kinds of
dried food products
to domestic market.
It currently employs
2 staff.
On
December 25, 2012, its
registered name has
been withdrawn by
the Commercial Registration
Department according to the
Section 1273/3 of the
Civil and Commercial
Code, due to
the financial statement
has not been
submitted for many
consecutive years. However,
the subject confirms
that it is
still doing the
business normally.
The
subject’s registered address
is 232/18 Soi
Sukhumvit 22, Sukhumvit Rd.,
Klongtoey, Bangkok 10110,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR [before
the name has
been withdrawn]
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Anuck Fangmongkol |
|
Thai |
64 |
|
Mrs. Yupin Fangmongkol |
|
Thai |
63 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Anuck Fangmongkol is
the Managing Director.
He is Thai
nationality with the
age of 64
years old.
BUSINESS OPERATIONS
The subject is engaged
in importing and
distributing various kinds
of dried sea foods,
such as Dried
Sea Cucumber, with
more than 15
species, such as
Black Fish, Black
Teat, Brown Sandfish,
Curry Fish, Elephant’s
Trunk Fish, Green Fish, Hong
Pay Fish, Lolly
Fish, Pink Fish,
Ripple Fish, Sand
Fish, Snake Fish,
Stone Fish, Surf
Redfish, Tiger Fish,
White Teat and
etc., as well
as shark fin [white/ blue/ black] and
fish maw, as
well as cashew
nut, mainly supply
to foods and
restaurant businesses.
IMPORT [COUNTRIES]
The
products are imported
from Republic of
China, Japan, Taiwan,
Korea, Hong Kong,
U.S.A.,
Canada, India, and
etc.
MAJOR SUPPLIER
Bella
Coola Fisheries Ltd. :
Canada
SALES
100% of the
products is sold
locally by wholesale
to traders, manufacturers
and
end-users.
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.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject currently employs
2 staff.
LOCATION DETAILS
The
premise is owned for administrative office
at the heading
address. Premise is located in
commercial area.
COMMENT
The
subject was formed
in 1995 as
an importer and
distributor of dried
sea foods. Its
products are mostly
for Chinese restaurant
and hotel. The products are
premium quality and
for high-end market. However, current
economic slowdown, consumption of premium
products has fallen
from previously. Subject’s
financial condition is
doubtful, credit to
subject is not
recommended.
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, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Anuch Fangmongkol Nationality: Thai Address : 232/18
Sukhumvit 22 Rd.,
Klongtoey, Bangkok |
4,000 |
40.00 |
|
Mrs. Yupin Fangmongkol Nationality: Thai Address : 232/18
Sukhumvit 22 Rd.,
Klongtoey, Bangkok |
2,000 |
20.00 |
|
Ms. Panida Fangmongkol Nationality: Thai Address : 232/18
Sukhumvit 22 Rd.,
Klongtoey, Bangkok |
1,000 |
10.00 |
|
Mr. Natee Sukeewatana Nationality: Thai Address : 122
Charoenkrung Rd., Bangrak,
Bangkok |
1,000 |
10.00 |
|
Mrs. Suwanna Tunglaohavichien Nationality: Thai Address : 118
Charoenkrung Rd., Bangrak,
Bangkok |
1,000 |
10.00 |
|
Mr. Ampol Winyangkul Nationality: Thai Address : 83/1
Kongsai Rd., Watkate,
Muang, Chiangmai |
500 |
5.00 |
|
Mr. Worapon Sukeewatana Nationality: Thai Address : 118
Charoenkrung Rd., Bangrak,
Bangkok |
500 |
5.00 |
Total Shareholders : 7
Share
Structure [as at
April 30, 2006]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
10,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
10,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Thantawach Siriwongvibul No.
3483
BALANCE
SHEET [BAHT]
The 2005-2014 financial
statements were not
submitted to the Commercial
Registration Department.
The
latest financial figures
published for December
31, 2004, 2003 & 2002 were:
ASSETS
|
Current Assets |
2004 |
2003 |
2002 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
45,321.15 |
93,372.24 |
330,764.66 |
|
Trade Accounts Receivable |
210,000.00 |
- |
- |
|
Deposit Assets |
350,000.00 |
400,000.00 |
250,000.00 |
|
Total Current Assets
|
605,321.15 |
493,372.24 |
580,764.66 |
|
|
|
|
|
|
Receivable Loan Director &
Employees |
400,000.00 |
700,000.00 |
500,000.00 |
|
Fixed Assets |
46,601.33 |
65,372.12 |
84,142.91 |
|
Total Assets |
1,051,922.48 |
1,258,744.36 |
1,164,907.57 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2004 |
2003 |
2002 |
|
|
|
|
|
|
Accrued Expenses |
80,000.00 |
255,748.87 |
255,000.00 |
|
Total Current Liabilities |
80,000.00 |
255,748.87 |
255,000.00 |
|
Total Liabilities |
80,000.00 |
255,748.87 |
255,000.00 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par
value authorized, issued
and fully paid 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 |
[28,077.52] |
2,995.49 |
[90,092.43] |
|
Total Shareholders' Equity |
971,922.48 |
1,002,995.49 |
909,907.57 |
|
Total Liabilities &
Shareholders' Equity |
1,051,922.48 |
1,258,744.36 |
1,164,907.57 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2004 |
2003 |
2002 |
|
|
|
|
|
|
Sales |
2,416,000.00 |
10,415,000.00 |
15,970,749.00 |
|
Interest Income |
- |
- |
25,000.00 |
|
Other Income |
17,500.00 |
25,000.00 |
45,451.00 |
|
Total Revenues |
2,433,500.00 |
10,440,000.00 |
16,041,200.00 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,228,411.68 |
9,705,033.32 |
15,486,212.00 |
|
Selling &
Administrative Expenses |
236,161.33 |
641,129.89 |
645,812.60 |
|
Total Expenses |
2,464,573.01 |
10,346,163.21 |
16,132,024.60 |
|
Profit / [Loss] before Income Tax |
[31,073.01] |
93,836.79 |
90,824.60 |
|
Income Tax |
- |
[748.87] |
- |
|
Net Profit / [Loss] |
[31,073.01] |
93,087.92 |
[90,824.60] |
|
Retained Earning [deficit],
beginning of
year |
2,995.49 |
[90,092.43] |
732.17 |
|
Retained Earning [deficit],
end of
year |
[28,077.52] |
2,995.49 |
[90,092.43] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2004 |
2003 |
2002 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
7.57 |
1.93 |
2.28 |
|
QUICK RATIO |
TIMES |
7.57 |
1.93 |
2.28 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
51.84 |
159.32 |
189.81 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.30 |
8.27 |
13.71 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
31.73 |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
11.50 |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
31.73 |
- |
- |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
92.24 |
93.18 |
96.97 |
|
SELLING & ADMINISTRATION |
% |
9.77 |
6.16 |
4.04 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
8.49 |
7.06 |
3.48 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(1.29) |
0.90 |
(0.57) |
|
NET PROFIT MARGIN |
% |
(1.29) |
0.89 |
(0.57) |
|
RETURN ON EQUITY |
% |
(3.20) |
9.28 |
(9.98) |
|
RETURN ON ASSET |
% |
(2.95) |
7.40 |
(7.80) |
|
EARNING PER SHARE |
BAHT |
(3.11) |
9.31 |
(9.08) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.08 |
0.20 |
0.22 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.08 |
0.25 |
0.28 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(76.80) |
(34.79) |
|
|
OPERATING PROFIT |
% |
(133.11) |
(203.32) |
|
|
NET PROFIT |
% |
(133.38) |
202.49 |
|
|
FIXED ASSETS |
% |
(28.71) |
(22.31) |
|
|
TOTAL ASSETS |
% |
(16.43) |
8.06 |
|
ANNUAL
GROWTH : RISKY
An annual sales growth is -76.8%. Turnover has decreased from THB
10,415,000.00 in 2003 to THB 2,416,000.00 in 2004. While net profit has
decreased from THB 93,087.92 in 2003 to THB -31,073.01 in 2004. And total
assets has decreased from THB 1,258,744.36 in 2003 to THB 1,051,922.48 in 2004.
PROFITABILITY
: ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.49 |
Impressive |
Industrial Average |
(3.08) |
|
Net Profit Margin |
(1.29) |
Deteriorated |
Industrial Average |
(3.37) |
|
Return on Assets |
(2.95) |
Deteriorated |
Industrial Average |
(8.73) |
|
Return on Equity |
(3.20) |
Deteriorated |
Industrial Average |
(20.87) |
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 8.49%. 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 -1.29%,
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
-2.95%, 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 -3.2%, 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 |
7.57 |
Impressive |
Industrial Average |
0.69 |
|
Quick Ratio |
7.57 |
|
|
|
|
Cash Conversion Cycle |
31.73 |
|
|
|
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 7.57 times in 2004, increased from 1.93 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 7.57 times in 2004,
increased from 1.93 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 32 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE
RATIO
|
Debt Ratio |
0.08 |
Impressive |
Industrial Average |
1.06 |
|
Debt to Equity Ratio |
0.08 |
Impressive |
Industrial Average |
5.79 |
|
Times Interest Earned |
- |
|
Industrial Average |
1.55 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.08 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY
: IMPRESSIVE
ACTIVITY
RATIO
|
Fixed Assets Turnover |
51.84 |
Impressive |
Industrial Average |
15.10 |
|
Total Assets Turnover |
2.30 |
Satisfactory |
Industrial Average |
3.06 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
19.21 |
|
Receivables Conversion Period |
31.73 |
|
|
|
|
Receivables Turnover |
11.50 |
Impressive |
Industrial Average |
6.25 |
|
Payables Conversion Period |
- |
|
|
|
The company's Account Receivable Ratio is calculated as 11.50 and 0.00
in 2004 and 2003 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2004
increased from 2003. This would suggest the company had good performance in the
management of its debt collections.
The company's Total Asset Turnover is calculated as 2.3 times and 8.27
times in 2004 and 2003 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 Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
|
Key Areas |
Score |
Weight |
Weighted
Score |
|
LIQUIDITY RATIO |
3.56 |
25.00 |
89.00 |
|
ACTIVITY RATIO |
3.56 |
20.00 |
71.20 |
|
PROFITABILITY
RATIO |
1.00 |
25.00 |
25.00 |
|
LEVERAGE RATIO |
4.00 |
10.00 |
40.00 |
|
ANNUAL GROWTH |
- |
20.00 |
- |
|
Total Weight
(excluding - - Score) |
|
100.00 |
|
|
|
|
|
225.20 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.60 |
|
|
1 |
Rs. 100.09 |
|
Euro |
1 |
Rs. 71.23 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
DPT |
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.