MIRA INFORM REPORT
|
Report No. : |
350681 |
|
Report Date : |
23.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
SEAHORSE INTERTRADE COMPANY LIMITED |
|
|
|
|
Registered Office : |
199 Moo 3, Chana-Songkhla Road,
T. Thungwang, A. Muang, Songkhla
90000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
02.09.2008 |
|
|
|
|
Com. Reg. No.: |
0905551002057 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is engaged in manufacturing, exporting and distributing frozen seafood, canned seafood and pet food products under its own brands “SI”, “KK”, “PAI”, “OCEAN CRYSTAL” and “SEA CRYSTAL”, as well as contract manufacturing of the products under customers’ brands. |
|
|
|
|
No. of Employees : |
1,500 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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 |
Company
name
SEAHORSE INTERTRADE COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 199 MOO 3,
CHANA-SONGKHLA ROAD,
T. THUNGWANG,
A. MUANG, SONGKHLA
90000,
THAILAND
TELEPHONE : [66] 74
317-999
FAX : [66] 74
317-997
E-MAIL ADDRESS : sh.seahorse@gmail.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2008
REGISTRATION NO. : 0905551002057
TAX ID NO. : 3033274097
CAPITAL REGISTERED : BHT.
300,000,000
CAPITAL PAID-UP : BHT.
250,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
CHATREE MAHATTANADUL, THAI
MANAGING DIRECTOR
NO. OF STAFF : 1,500
LINES OF BUSINESS : FROZEN SEAFOOD
AND CANNED SEAFOOD
PRODUCTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
|
|
|
CORPORATE PROFILE |
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH LOW PERFORMANCE
HISTORY
The subject was
established on September
2, 2008 as
a private limited
company under the
registered name SEAHORSE
INTERTRADE COMPANY LIMITED by Thai
groups, Mahattanadul family.
Its business objective
is to manufacture
and distribute frozen
seafood and canned
seafood products to
both local and
overseas markets. It
currently employs approximately
1,500 staff.
The subject’s registered
address is 199
Moo 3, Chana-Songkhla Rd., T.
Thungwang,
A. Muang, Songkhla 90000,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chatree Mahattanadul |
|
Thai |
47 |
|
Ms. Suthida Mahattanadul |
|
Thai |
48 |
AUTHORIZED PERSON
Both directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Chatree Mahattanadul
is the Managing
Director.
He is Thai
nationality with the
age of 47 years
old.
Ms. Suthida Mahattanadul is
the Deputy Managing
Director.
She is Thai
nationality with the
age of 48
years old.
BUSINESS OPERATIONS
The subject is engaged in manufacturing, exporting and distributing frozen seafood, canned seafood and pet food products under its own brands “SI”, “KK”, “PAI”, “OCEAN CRYSTAL” and “SEA CRYSTAL”, as well as contract manufacturing of the products under customers’ brands.
PURCHASE
Raw materials such
as fish, squid, shrimp
and etc., are
purchased from both
local and overseas
suppliers in Malaysia,
Myanmar, Indonesia, Vietnam,
Republic of China
and India.
EXPORT [COUNTRIES]
99% of the
products is exported
to Japan, Singapore,
Malaysia, South Africa,
United States of
America and the
countries in Europe
and Middle East.
SALES [LOCAL]
1% of the products is
also sold locally
to wholesalers.
SUBSIDIARY AND
AFFILIATED COMPANIES
Seahorse [Canning] Intertrade
Co., Ltd.
Business Type :
Manufacturer and distributor
of canned seafood
Khon Kaen Corporation
[1990] Co., Ltd.
Business Type :
Distributor of frozen
seafood
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 1,500 staff.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is
located in provincial,
in the Southern
region of Thailand.
Factory I:
- 198 Moo
3, Chana-Songkhla Rd.,
T. Thungwang, A. Muang,
Songkhla 90000.
Factory II:
- 199 Moo
8, Donsak-Khanom Rd.,
T. Donsak, A.
Donsak, Suratthani 84220.
COMMENT
Subject was formed in
September 2008 as
a manufacturer of
frozen and canned seafood.
The subject has
slowed business in
the past several
years, as well
as there are
accumulated losses for
many consecutive years.
Any business engagement
should be on
secured basis only.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 20,000,000 divided into 2,000,000 shares
of Bht. 10
each.
The capital was
increased later as
the followings:
Bht. 50,000,000
on October 2,
2008
Bht. 300,000,000
on March 6,
2009
The latest registered
capital was increased
to Bht. 300,000,000
divided into 30,000,000
shares of Bht.
10 each, with
the current capital
paid-up at Bht.
250,000,000 or 10,000,000
shares of Bht. 5 each
and 20,000,000 shares
of Bht. 10
each.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2015] at Bht.
250,000,000 of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chatree Mahattanadul Nationality: Thai Address : 8
Soi 5, Sadao
Rd., T. Boryang,
A. Muang,
Songkhla |
15,000,000 |
50.00 |
|
Ms. Suthida Mahattanadul Nationality: Thai Address : 8
Soi 5, Sadao
Rd., T. Boryang,
A. Muang,
Songkhla |
14,999,998 |
50.00 |
|
Mrs. Suchitra Mahattanadul Nationality: Thai Address : 8
Soi 5, Sadao
Rd., T. Boryang,
A.
Muang, Songkhla |
2 |
- |
Total Shareholders : 3
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
30,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
30,000,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Kiatchai Vorawut No.
4757
BALANCE SHEET
[BAHT]
The latest financial figures published
as at December 31,
2014, 2013 &
2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
3,626,368 |
3,454,813 |
3,736,385 |
|
Trade Accounts &
Other Receivable |
10,618,215 |
17,346,426 |
17,779,406 |
|
Short-term Loan to Person or Related Company |
117,601,978 |
141,407,249 |
151,530,601 |
|
Inventories |
53,555,001 |
89,979,424 |
125,981,624 |
|
Other Current Assets
|
14,039,571 |
20,470,906 |
15,823,092 |
|
|
|
|
|
|
Total Current Assets
|
199,441,133 |
272,748,818 |
314,851,108 |
|
Cash at Bank pledged as a Collateral |
|
|
|
|
Investment in Subsidiaries
|
14,999,970 |
14,999,970 |
14,999,970 |
|
Fixed Assets |
339,011,621 |
381,641,417 |
400,107,639 |
|
Intangible Assets |
2 |
5,723 |
13,183 |
|
Other Non-current Assets |
155,155 |
155,155 |
160,155 |
|
Total Assets |
553,607,881 |
669,551,083 |
730,132,055 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
190,482,848 |
194,489,316 |
194,497,742 |
|
Trade Accounts & Other
Payable |
84,890,245 |
108,388,076 |
121,523,737 |
|
Current Portion of
Long-term Loans |
21,000,000 |
21,000,000 |
21,000,000 |
|
Short-term Loan from Person or Related Company |
- |
171,458 |
373,860 |
|
Accrued Expenses |
144,609,926 |
104,554,342 |
65,523,241 |
|
Pre-received Income |
9,666,926 |
10,001,090 |
13,166,137 |
|
Other Current Liabilities |
3,130,652 |
2,680,074 |
3,008,087 |
|
|
|
|
|
|
Total Current Liabilities |
453,779,755 |
441,284,356 |
419,092,804 |
|
|
|
|
|
|
Long-term Loan from Financial Institutions, Net |
310,204,606 |
347,580,190 |
348,012,277 |
|
Total Liabilities |
763,984,361 |
788,864,551 |
767,105,081 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized and
issued share capital
30,000,000 shares |
300,000,000 |
300,000,000 |
300,000,000 |
|
|
|
|
|
|
Capital Paid |
250,000,000 |
250,000,000 |
250,000,000 |
|
Retained Earning Unappropriated [Deficit] |
[460,376,480] |
[369,313,468] |
[286,973,026] |
|
Total Shareholders' Equity |
[210,376,480] |
[119,313,468] |
[36,973,026] |
|
Total Liabilities & Shareholders' Equity |
553,607,881 |
669,551,083 |
730,132,055 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
331,236,877 |
362,114,727 |
665,802,825 |
|
Other Income |
|
|
|
|
Services income |
2,759,410 |
11,441,380 |
4,589,094 |
|
Interest income |
3,680,827 |
5,048,910 |
4,910,603 |
|
Gain on exchange rate |
- |
- |
3,934,221 |
|
Others |
16,429,463 |
17,801,807 |
27,569,982 |
|
Total Revenues |
354,106,577 |
396,406,824 |
706,806,725 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
338,911,704 |
393,810,625 |
639,999,918 |
|
Selling Expenses |
23,873,911 |
22,703,374 |
25,944,329 |
|
Administrative Expenses |
25,251,851 |
14,089,617 |
19,283,564 |
|
Other Expenses |
10,863,824 |
1,219,547 |
866,432 |
|
Total Expenses |
398,901,290 |
431,823,163 |
686,094,243 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost |
[44,794,713] |
[35,416,339] |
20,712,482 |
|
Financial Cost |
[46,268,299] |
[46,924,103] |
[57,918,047] |
|
|
|
|
|
|
Net Profit / [Loss] |
[91,063,012] |
[82,340,442] |
[37,205,565] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.44 |
0.62 |
0.75 |
|
QUICK RATIO |
TIMES |
0.29 |
0.37 |
0.41 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.99 |
0.98 |
1.68 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.60 |
0.56 |
0.92 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
57.68 |
83.40 |
71.85 |
|
INVENTORY TURNOVER |
TIMES |
6.33 |
4.38 |
5.08 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
11.60 |
16.95 |
9.68 |
|
RECEIVABLES TURNOVER |
TIMES |
31.46 |
21.54 |
37.71 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
91.42 |
100.46 |
69.31 |
|
CASH CONVERSION CYCLE |
DAYS |
(22.14) |
(0.11) |
12.22 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
101.47 |
105.42 |
95.47 |
|
SELLING & ADMINISTRATION |
% |
14.71 |
9.85 |
6.75 |
|
INTEREST |
% |
13.85 |
12.56 |
8.64 |
|
GROSS PROFIT MARGIN |
% |
4.55 |
0.69 |
9.97 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(13.41) |
(9.48) |
3.09 |
|
NET PROFIT MARGIN |
% |
(27.26) |
(22.04) |
(5.55) |
|
RETURN ON EQUITY |
% |
- |
- |
- |
|
RETURN ON ASSET |
% |
(16.45) |
(12.30) |
(5.10) |
|
EARNING PER SHARE |
BAHT |
(3.64) |
(3.29) |
(1.49) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
1.38 |
1.18 |
1.05 |
|
DEBT TO EQUITY RATIO |
TIMES |
(3.63) |
(6.61) |
(20.75) |
|
TIME INTEREST EARNED |
TIMES |
(0.97) |
(0.75) |
0.36 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(10.59) |
(44.28) |
|
|
OPERATING PROFIT |
% |
26.48 |
(270.99) |
|
|
NET PROFIT |
% |
(10.59) |
(121.31) |
|
|
FIXED ASSETS |
% |
(11.17) |
(4.62) |
|
|
TOTAL ASSETS |
% |
(17.32) |
(8.30) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -10.59%. Turnover has decreased from THB 373,556,107.00
in 2013 to THB 333,996,287.00 in 2014. While net profit has decreased from THB
-82,340,442.00 in 2013 to THB -91,063,012.00 in 2014. And total assets has
decreased from THB 669,551,083.00 in 2013 to THB 553,607,881.00 in 2014.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
4.55 |
Impressive |
Industrial Average |
(0.80) |
|
Net Profit Margin |
(27.26) |
Deteriorated |
Industrial Average |
(2.07) |
|
Return on Assets |
(16.45) |
Deteriorated |
Industrial Average |
(3.03) |
|
Return on Equity |
- |
|
Industrial Average |
(15.18) |
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 4.55%. 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 -27.26%.
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 -16.45%.
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 |
0.44 |
Risky |
Industrial Average |
0.99 |
|
Quick Ratio |
0.29 |
|
|
|
|
Cash Conversion Cycle |
(22.14) |
|
|
|
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 0.44 times in 2014, decreased from 0.62 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 0.29 times in 2014,
decreased from 0.37 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 -23 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
1.38 |
Risky |
Industrial Average |
0.84 |
|
Debt to Equity Ratio |
(3.63) |
Satisfactory |
Industrial Average |
5.27 |
|
Times Interest Earned |
(0.97) |
Risky |
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 -0.97 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 1.38 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.99 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.60 |
Deteriorated |
Industrial Average |
1.46 |
|
Inventory Conversion Period |
57.68 |
|
|
|
|
Inventory Turnover |
6.33 |
Impressive |
Industrial Average |
2.94 |
|
Receivables Conversion Period |
11.60 |
|
|
|
|
Receivables Turnover |
31.46 |
Impressive |
Industrial Average |
6.79 |
|
Payables Conversion Period |
91.42 |
|
|
|
The company's Account Receivable Ratio is calculated as 31.46 and 21.54
in 2014 and 2013 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
2014 increased from 2013. This would suggest the company had good performance
in the management of its debt collections.
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 83 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 4.38 times in year 2013 to 6.33 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.6 times and 0.56
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 Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.09 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.70.85 |
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 |
-- |
|
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.