MIRA INFORM REPORT
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Report No. : |
341621 |
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Report Date : |
22.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
APRIL FOOD CO.,
LTD. |
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Registered Office : |
26/154 Moo 3, T. Bangyapreak, A. Muang, Samutsakorn 74000 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
27.10.2014 |
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Com. Reg. No.: |
0745557005980 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of
Foods, Fresh Fruit and Vegetable. |
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No. of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
APRIL FOOD CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 26/154 MOO
3, T. BANGYAPREAK, A. MUANG,
SAMUTSAKORN 74000, THAILAND
TELEPHONE : [66] 081
643-1238, 085 222-2144
FAX :
[66] 34
871-441
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2014
REGISTRATION
NO. : 0745557005980
TAX
ID NO. : -
CAPITAL REGISTERED : BHT. 2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS.
MESA KULPANAPINUNT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 3
LINES
OF BUSINESS : FOODS, FRESH
FRUIT AND VEGETABLE
IMPORTER AND DISTRIBUTOR
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on October 27,
2014 as a
private limited company
under the registered
name APRIL FOOD CO., LTD.,
by Thai group, with
the business objective to import
and distribute wide
range of foods.
It currently employs
3 staff.
The
subject’s registered address
is 26/154 Moo 3,
T. Bangyapreak, A. Muang, Samutsakorn 74000, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
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|
|
|
|
|
Ms. Mesa Kulpanapinunt |
|
Thai |
52 |
AUTHORIZED
PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Mesa Kulpanapinunt is
the Managing Director.
She is Thai
nationality with the
age of 52 years
old.
BUSINESS
OPERATIONS
The subject
is engaged in
importing and distributing
wide range of
foods, such as
frozen seafood, fresh
fruits & vegetables,
dried foods and
etc.
PURCHASE
Its products are
purchased from suppliers
both domestic and
overseas in Republic
of China, India
and Taiwan.
SALES
100% of the
products is sold
locally to wholesalers
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 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.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
3 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office at
the heading address.
Premise is located
in provincial.
Note
Refer
to your given
address, “56/154”,
please be informed
that the correct
address number is “26/154”
Moo 3,
T. Bangyapreak, A. Muang, Samutsakorn 74000.
COMMENT
The
subject was established
in October 2014.
It is an
importer and distributor
of foods, fresh
fruits & vegetables
and etc. Subject reported
its first year
operation at low
level, however, its
business has gradually
improved.
FINANCIAL
INFORMATION
The
capital was registered at Bht.
2,000,000 divided into 200,000
shares of Bht. 10 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Mesa Kulpanapinunt Nationality: Thai Address : 26/154
Moo 3, T. Bangyapreak, A. Muang,
Samutsakorn |
120,000 |
60.00 |
|
Ms. Krisana Maneedejkan Nationality: Thai Address : 48/120
Soi Rama 9 [43],
Suanluang,
Bangkok |
50,000 |
25.00 |
|
Mr. Kan Maneedejkan Nationality: Thai Address : 48/120
Soi Rama 9 [43],
Suanluang,
Bangkok |
30,000 |
15.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
200,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
200,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Tanaporn Nantavowart No.
5648
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2014 was:
ASSETS
|
Current Assets |
2014 |
|
|
|
|
Cash and Cash Equivalents
|
157,954.65 |
|
Trade Account & Other
Receivable |
3,053,116.30 |
|
|
|
|
Total Current Assets
|
3,211,070.95 |
|
Total Assets |
3,211,070.95 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
|
|
|
|
Trade Account & Other
Payable |
8,000.00 |
|
Short-term Loans |
940,000.00 |
|
|
|
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Total Current Liabilities |
948,000.00 |
|
Total Liabilities |
948,000.00 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Share capital : Baht 10
value authorized and
issued share capital
200,000 shares |
2,000,000.00 |
|
|
|
|
Capital Paid |
2,000,000.00 |
|
Retained Earning -
Unappropriated [Deficit] |
263,070.95 |
|
Total Shareholders' Equity |
2,263,070.95 |
|
Total Liabilities & Shareholders' Equity |
3,211,070.95 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
Oct. 27,
2014 - Dec. 31,
2014 |
|
|
|
|
Sales Income |
593,669.44 |
|
Other Income |
2,304.51 |
|
Total Revenues |
595,973.95 |
|
Expenses |
|
|
|
|
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Cost of Goods
Sold |
308,708.00 |
|
Administrative Expenses |
24,195.00 |
|
Total Expenses |
332,903.00 |
|
Net Profit / [Loss] |
263,070.95 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
CURRENT RATIO |
TIMES |
3.39 |
|
QUICK RATIO |
TIMES |
3.39 |
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|
|
|
|
ACTIVITY RATIO |
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.18 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
1,877.12 |
|
RECEIVABLES TURNOVER |
TIMES |
0.19 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
9.46 |
|
CASH CONVERSION CYCLE |
DAYS |
1,867.66 |
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
COST OF GOODS SOLD |
% |
52.00 |
|
SELLING & ADMINISTRATION |
% |
4.08 |
|
INTEREST |
% |
- |
|
GROSS PROFIT MARGIN |
% |
48.39 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
44.31 |
|
NET PROFIT MARGIN |
% |
44.31 |
|
RETURN ON EQUITY |
% |
11.62 |
|
RETURN ON ASSET |
% |
8.19 |
|
EARNING PER SHARE |
BAHT |
1.32 |
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
DEBT RATIO |
TIMES |
0.30 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.42 |
|
TIME INTEREST EARNED |
TIMES |
- |
PROFITABILITY
: IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
48.39 |
Impressive |
Industrial
Average |
- |
|
Net Profit Margin |
44.31 |
Impressive |
Industrial
Average |
3.49 |
|
Return on Assets |
8.19 |
Impressive |
Industrial
Average |
5.00 |
|
Return on Equity |
11.62 |
Satisfactory |
Industrial
Average |
11.92 |
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. Gross Profit Margin is
48.39%. 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. Net Profit Margin ratio is 44.31%,
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 8.19%, 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. When compared with the
industry average, it was lower, the company's figure is 11.62%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
3.39 |
Impressive |
Industrial Average |
1.81 |
|
Quick Ratio |
3.39 |
|
|
|
|
Cash Conversion Cycle |
1,867.66 |
|
|
|
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 3.39 times in 2014, increase from 0 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 3.39 times in 2014,
increase from 0 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 1868 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.30 |
Impressive |
Industrial
Average |
0.45 |
|
Debt to Equity Ratio |
0.42 |
Impressive |
Industrial
Average |
0.81 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.3 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 : RISKY
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial
Average |
- |
|
Total Assets Turnover |
0.18 |
Deteriorated |
Industrial
Average |
1.43 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
11.66 |
|
Receivables Conversion Period |
1,877.12 |
|
|
|
|
Receivables Turnover |
0.19 |
Deteriorated |
Industrial
Average |
4.18 |
|
Payables Conversion Period |
9.46 |
|
|
|
The company's Account Receivable Ratio is calculated as 0.19 in 2014. 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 0. This would
suggest the company had good performance in the management of its debt
collections.
The company's Total Asset Turnover is calculated as 0.18 times in 2014.
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.75 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.74.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
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|
Report Prepared
by : |
NIT |
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.