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MIRA INFORM REPORT
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Report No. : |
491363 |
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Report Date : |
16.02.2018 |
IDENTIFICATION DETAILS
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Name : |
THAI INTER CANNING CO., LTD. |
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Registered Office : |
140 Moo 1, T. Nongyangsua, A. Muaklek, Saraburi 18180 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2015 |
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Date of Incorporation : |
24.07.2009 |
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Com. Reg. No.: |
0195552000594 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The subject is
engaged in wholesale
distributing wide range
of fresh & frozen
marine products such
as prawn, shrimp,
fish, crab, mussel as
well as importing
and distributing dehydrated
foods according to
customer’s orders. |
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No. of Employees : |
8 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Thailand |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
THAILAND - ECONOMIC OVERVIEW
With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two-thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about one-third of the labor force. Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly from neighboring countries.
Over the last few decades, Thailand has reduced poverty substantially. In 2013, the Thai Government implemented a nationwide 300 baht (roughly $10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners.
Thailand’s economy is recovering from slow growth during the years since the 2014 coup. Thailand’s economic fundamentals are sound, with low inflation, low unemployment, and reasonable public and external debt levels. Tourism and government spending - mostly on infrastructure and short-term stimulus measures – have helped to boost the economy, and The Bank of Thailand has been supportive, with several interest rate reductions.
Over the longer-term, household debt levels, political uncertainty, and an aging population pose risks to growth.
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Source : CIA |
COMPANY
NAME
THAI
INTER CANNING CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 140
MOO 1, T. NONGYANGSUA, A. MUAKLEK,
SARABURI 18180,
THAILAND
TELEPHONE : [66] 36
346-201, 081 259-0440
FAX :
[66] 36
346-201
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION
NO. : 0195552000594
TAX
ID NO. : 3033560411
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 : MS. KITTIPORN SAETUNG,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 8
LINES
OF BUSINESS : MARINE PRODUCTS
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 July 24,
2009 as a
private limited company
under the registered name THAI
INTER CANNING CO.,
LTD. by Thai
groups, with the
business objective to
operate as a wholesale distributor
various kinds of
marine products to domestic market.
Subject currently employs
8 staff.
The
subject’s registered address
is 140 Moo 1,
T. Nongyangsua, A.
Muaklek, Saraburi 18180,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
Ms. Kittiporn Saetung
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Ms. Kittiporn Saetung is
the Managing Director.
She is Thai
nationality with the
age of 61
years old.
BUSINESS OPERATIONS
The subject
is engaged in
wholesale distributing wide
range of fresh &
frozen marine products
such as prawn,
shrimp, fish, crab, mussel
and etc., as
well as importing
and distributing dehydrated
foods according to
customer’s orders.
PURCHASE
The
products are purchased
from both domestic
and overseas suppliers
in Republic of
China and India.
SALES
100% of the
products is sold
locally by wholesale
to traders and
end-users.
SUBSIDIARY AND AFFILIATED
COMPANIES
Thiankham Dairy Corporation
Co., Ltd.
Business Type :
Distributor of dairy
products
Klongsai Dairy Co.,
Ltd.
Business Type :
Distributor of dairy
products
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 credit term
of 30 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
T/T.
BANKING
The
Siam Commercial Bank
Public Company Limited
EMPLOYMENT
The
subject employs 8
staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in provincial.
COMMENT
The subject’s operating
performance in 2015 was
satisfactory with an
increasing sales revenue
and net profit from the previous year. Its business had been improved subsequently from high demand
of the products from
local consumers and food
industry in the
past year.
However, the subject
has not submitted the
2016 financial statement
to the Commercial
Registration Department which
makes it hard
to predict its
operating performance from
sales figures, profit
or loss for
the year. Due
to this, small
credit amount should
be recommended on
a secured basis
only.
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, 2016]
|
NAME |
HOLDING |
% |
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Ms. Kamonkan Thiankham Nationality: Thai Address : 136
Moo 13, T. Lamphyaklang, A.
Muaklek, Saraburi |
6,000 |
60.00 |
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Mrs. Juangjan Thiankham Nationality: Thai Address :
186 Moo 5,
T. Lamphyaklang, A.
Muaklek, Saraburi |
2,000 |
20.00 |
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Mr. Kamphon Thiankham Nationality: Thai Address : 186
Moo 5, T. Lamphyaklang, A.
Muaklek, Saraburi |
2,000 |
20.00 |
Total Shareholders : 3
SHARE STRUCTURE [AS
AT APRIL 30,
2016]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
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Thai |
3 |
10,000 |
100.00 |
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Foreign |
- |
- |
- |
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Total |
3 |
10,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Chamnan Posuwan No. 9923
Note:
The 2016 financial
statement was not
submitted to the Commercial Registration
Department during investigation.
FINANCIALS
THAI INTER
CANNING CO., LTD.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December 31,
2015, 2014 and
2013 were :
ASSETS
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Current Assets |
2015 |
2014 |
2013 |
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Cash and Cash Equivalents |
1,243,980.90 |
253,995.55 |
795,768.68 |
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Trade Accounts and
Other Receivable |
8,767.00 |
8,767.00 |
100,016.20 |
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Inventories |
- |
1,247,299.98 |
1,854,413.44 |
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Other Current Assets |
169.06 |
169.06 |
169.06 |
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Total Current
Assets |
1,252,917.96 |
1,510,231.59 |
2,750,367.38 |
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Long-term Loans |
- |
4,300,000.00 |
4,300,000.00 |
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Property, Plant and Equipment |
1.00 |
18,926.84 |
38,926.64 |
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Total Assets
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1,252,917.96 |
5,829,158.43 |
7,089,294.02 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current
Liabilities |
2015 |
2014 |
2013 |
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Accrued Account and Other
Payable |
39,000.00 |
39,000.00 |
34,000.00 |
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Current Portion of Long-term Liabilities |
- |
13,900,000.00 |
15,400,000.00 |
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Accrued Income Tax |
10,226.15 |
48,495.60 |
12,222.88 |
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Other Current Liabilities |
4,440.00 |
18,180.00 |
24,120.00 |
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Total Current Liabilities
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53,666.15 |
14,005,675.60 |
15,470,342.88 |
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Total Liabilities |
53,666.15 |
14,005,675.60 |
15,470,342.88 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value Authorized and
issued share capital
10,000 shares |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
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Capital Paid |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
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Retained Earning - Unappropriated
[Deficit] |
199,251.81 |
[9,176,517.17] |
[9,381,048.86] |
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Total Shareholders' Equity |
1,199,251.81 |
[8,176,517.17] |
[8,381,048.86] |
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Total Liabilities and
Shareholders' Equity |
1,252,917.96 |
5,829,158.43 |
7,089,294.02 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2015 |
2014 |
2013 |
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Sales or Services Income |
82,558,496.06 |
62,236,551.55 |
37,033,363.00 |
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Other Income |
190,261.18 |
128,447.39 |
54,905.72 |
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Total Revenues |
82,748,757.24 |
62,364,998.94 |
37,088,268.72 |
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Expenses |
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Cost of Goods
Sold or Services |
78,900,940.03 |
53,565,218.16 |
33,335,586.51 |
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Selling Expenses |
- |
8,543,697.77 |
- |
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Administrative Expenses |
3,446,100.76 |
- |
3,691,575.70 |
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Total Expenses |
82,347,040.79 |
62,108,915.93 |
37,027,162.21 |
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Profit / [Loss] before Income Tax |
401,716.45 |
256,083.01 |
61,106.51 |
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Income Tax Expenses |
[10,226.15] |
[51,551.32] |
[12,222.88] |
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Net Profit / [Loss] |
391,490.30 |
204,531.69 |
48,883.63 |
Note:
Due to the
subject has not submitted
the 2016 financial
statement to the Commercial Registration Department,
there are no
relevant figures available
to proceed the
financial analysis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
INR 63.92 |
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|
1 |
INR 89.55 |
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Euro |
1 |
INR 79.68 |
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Thai baht |
1 |
INR 2.05 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.