C.P. MERCHANDISING COMPANY LIMITED

D&B Report

Delivery Date: May 27, 2021

Subscriber No: 410000050

Ticket Key: 202105265007640106

Reference: 20210526_KITA

C.P. MERCHANDISING COMPANY LIMITEDACTIVE BUSINESS

Address: C.P. Tower 313 Silom Road, Silom, BANG RAK, 10500 Bangkok Thailand

Telephone(s): (+66) 2 7668000

Facsimile(s): (+66) 2 6382139

D-U-N-S Number: 66-073-5155

O�cial Name C.P. MERCHANDISING COMPANY LIMITED

IDENTIFICATION & SUMMARY

D-U-N-S Number:

66-073-5155

Telephone(s):

(+66) 2 7668000

Registration No.:

0105532018919

Website:

www.cpf.co.th

Facsimile(s):

(+66) 2 6382139

IDENTIFICATION

Type of Business:

Private limited co

Control:

1989

SIC:

5142-0200

5142-0205

5144-0000

History:

Clear

Paid-up Capital:

THB44,549,999,996.00

Employees:

100 Estimated (Total)

Start:

1989

Line of Business:

Wholesales frozen �sh, meat, and

poultry

Exports:

Yes

Principal:

Mr Arnat Julintorn

Executive Vice President

SUMMARY

CURRENCY

All monetary amounts quoted in this report are shown in Thai Baht (THB), unless otherwise stated.

Address:

C.P. Tower

313 Silom Road

Silom

BANG RAK

10500,Bangkok,Thailand

RISK EVALUATION

Risk Indicator 3

D&B Rating 5A3

Former Rating 5A3

FINANCIAL SUMMARY

Unit of Size Thousands

FYE Dec 31, 2019

Sales / Income 33,825,777

Net Worth 10,277,862

Total Asset 77,886,326

Total Liabilities 67,606,602

Net Pro�t after Tax 6,130,426

Current Ratio 0.06

Quick Ratio 0.06

Pro�t Margin / Returnon Sales

18.12%

Return on Assets 7.87%

Total Debt to NetWorth

657.79%

D&B Notice on Coronavirus ImpactThe World Health Organization declared the novel coronavirus (COVID-19) a global emergency on 30 January

2020. As the human cost escalates, the economic cost is becoming ever more evident, and ever more

signi�cant. As individual businesses and various levels of government take steps to prevent the virus

spreading by curtailing travel and movement of people, many companies are already seeing an impact on

their business. When conducting investigation research, D&B seeks to understand and report on potential

business impacts to the subject business, especially around employees and operations. We also attempt to

gauge the general maturity of the risk management policies and procedures of the subject business. Findings

from our business research are interleaved with the product you are receiving, with any speci�c �ndings

noted in the Current Investigation section below.

For further information, please visit our website (https://www.dnb.com/perspectives/coronavirus-

info.html)

RISK ASSESSMENT

Risk Indicator

Low Risk (1) High Risk (4)

3 Risk Level of the Company is : FAIR

https://www.google.com/maps/search/+C.P.+Tower%3b+313+Silom+Road%3bSilom%3bBANG+RAK%3b10500%2cBangkok%2cThailand

https://www.dnb.com/perspectives/coronavirus-info.html

D&B Rating

Financial Strength

5A

Based on net worth

Risk Indicator

3

Fair (Slightly greater than

average Risk - Monitor

closely)

Former Rating

Financial Strength

5A

Based on net worth

Risk Indicator

3

Fair (Slightly greater than

average Risk - Monitor

closely)

The Dun & Bradstreet Rating of 5A3 indicates:

A Financial Strength of Thailand Baht 1,264,000,000 and greater (Based on net worth) and a Risk Indicator which

is Fair (Slightly greater than average Risk - Monitor closely).

TRADE PAYMENTS

TRADE PAYMENT SUMMARY

Note: Above Trade Payment Experiences Summary is derived by analysis of trade payment experiences details

within 24 month

ValueBands (THB)

No. of Exp

Total Value

Within Terms

1-30 Days

31-60 Days

61-90 Days

91+ Days

>10,000,000

0 0 0% 0% 0% 0% 0%

1,000,001 -10,000,000

0 0 0% 0% 0% 0% 0%

100,001 -1,000,000

0 0 0% 0% 0% 0% 0%

10,001 -100,000

0 0 0% 0% 0% 0% 0%

1,001 -10,000

1 10,000 100% 0% 0% 0% 0%

<1,000 0 0 0% 0% 0% 0% 0%

TOTAL 1 10,000 100% 0% 0% 0% 0%

TRADE PAYMENT EXPERIENCES

Any amounts hereafter are in local currency unless otherwise stated. Amounts may be rounded to nearest �gure in

prescribed ranges.

Payment experiences re�ect how bills are met in relation to the terms granted. In some instances, payment beyond

terms can be the result of disputes over merchandise, lost invoices, etc.

Date Paying Record

High Credit

Now Owes

Past Due

Term Last Sale

2020-07-10 PROMPT 10,000 10,000 0 7 2020-07-09

PUBLIC RECORD INFORMATION

LITIGATION

There is no legal suit �led against the company or any of its directors.

BANKS

Bank Name: BANGKOK BANK PUBLIC COMPANY LIMITED

Address: Thailand

Bank Name: CITIBANK, N.A.

Address: Thailand

Information in this report may not represent the full extent of subject's bank relationships.

CURRENT INVESTIGATION

INVESTIGATION INFORMATION

On May 27, 2021, Ms Arin -, O�cer Administration, con�rmed all information in this report.

HISTORY

C.P. MERCHANDISING COMPANY LIMITED started its operations in 1989 and was incorporated on Mar 01, 1989 as a

Private limited co.

It was registered with the Ministry of Commerce (MOC) under the registration number of 0105532018919, Bangkok,

Thailand.

It wholesales frozen �sh, meat, and poultry. An establishment of about 32 year(s), it has been in this line of business

since the commencement of its business operations. Mr Arnat Julintorn, Executive Vice President, currently heads

the company.

REASON FOR CHANGES IN LEGAL STRUCTURE

Date: Jan 01, 2006

Change: Reconstitution under local laws

Previous Registration #: 1887/2532

Registration # changed to: PRESENT NO.

CHANGES IN LEGAL NAME

Previous Name: OCEAN SEA FOOD PRODUCT COMPANY LIMITED

Change to: Present Name

Date of Change: Apr 07, 1994

CAPITAL

Authorized Capital: THB44,550,000,000.00

Issued Capital: THB44,550,000,000.00

Paid-up Capital: THB44,549,999,996.00

Ordinary Shares: THB44,550,000,000.00 at par value 10.00

SHAREHOLDERS AND SHAREHOLDINGS

The following details represent the Full Shareholders List.

ORDINARY SHARES

Total of Shareholders: 3

Shareholder as at: Dec 23, 2020

Shareholding at: THB44,549,999,996

This information provided by: search at local registry o�ce

CHANGES IN CAPITAL

The following changes were con�rmed by the local registry o�ce.


Capital Type: Authorized Capital

Nature of Change: increased

From: THB50,000,000.00

To: THB850,000,000.00

Date of Change: Mar 17, 1995



From: THB850,000,000.00

To: THB1,000,000,000.00

Date of Change: Sep 13, 1995



From: THB1,000,000,000.00

Name Country Shares Held % of Shareholders

CHAROEN POKPHANDFOODS PUBLIC COMPANYLIMITED

Thailand 87.542

CPF (THAILAND) PUBLICCOMPANY LIMITED

Thailand 12.458

Phongthep Chiaravanont Thailand 0.00

To: THB1,850,000,000.00

Date of Change: Oct 10, 2011



From: THB1,850,000,000.00

To: THB9,000,000,000.00




From: THB9,000,000,000.00

To: THB39,000,000,000.00

Date of Change: Dec 24, 2020



From: THB39,000,000,000.00

To: THB44,550,000,000.00

AUTHORISED SIGNATORIES

Any 1 of the following ( Mr. Adirek Sripratak or Mr. Prasit Boonduangprasert or Mr. Pisit Ohmpornnuwat or Mr.

Arnat Julintorn ) and any 1 of the following ( Mrs. Arunee Watcharananan or Mr. Paisarn Chirakijcharoen ) may sign

on behalf of subject with seal a�xed.

LINKAGE

PARENT

Name: CHAROEN POKPHAND FOODS PUBLIC COMPANY LIMITED

DUNS: 659673438

Location: Thailand

Holds Shares in Subject: 87.542%

AFFILIATES

Total number of A�liates: 3

Name: CP ALL PUBLIC COMPANY LIMITED

DUNS: 659741276

Location: Thailand

Subject holds shares ina�liate:

30.44%

Name: C.P. RETAIL HOLDING COMPANY LIMITED

DUNS: 662953006

Location: Thailand

Subject holds shares ina�liate:

20%

Name: CPF (THAILAND) PUBLIC COMPANY LIMITED

DUNS: 671767994

Location: Thailand

A�liate holds shares inSubject:

12.458%

SUBSIDIARIES

Total number of Subsidiaries:5.

Name: CPF FOOD AND BEVERAGE COMPANY LIMITED

DUNS: 661929690

Location: Thailand

% of Shares Owned: Subject holds 100% of shares in Subsidiary

Name: CPF TRADING COMPANY LIMITED

DUNS: 660986613

Location: Thailand


Name: CPF RESTAURANT AND FOOD CHAIN COMPANY LIMITED

DUNS: 661929666

Location: Thailand


Name: CHESTER'S FOOD COMPANY LIMITED

DUNS: 660437450

Location: Thailand


Name: CP-MEIJI COMPANY LIMITED

DUNS: 659775829

Location: Thailand


BRANCHES

Subject maintains 1 branch(es) locally.

The principal branch location(s) are as follows:

Address: 11th Floor, Amornphan 205 Tower 2, 135/29-30, Soi Nathong, RachadapisekRoad, Din Deang, Din Deang, Bangkok 10320 Thailand

Location Type: Operations o�ce

Other Details: Tel: (66) (2) (0329000) Fax: (66) (2) (0329123-25)

PRINCIPALS

CORPORATE DIRECTORS

Name: Mr Arnat Julintorn

Nationality: Thailand

Name: Mr Pisit Ohmpornnuwat


Name: Mr Adirek Sripratak


Name: Mrs Arunee Watcharananan


Name: Mr Paisarn Chirakijcharoen


Name: Mr Prasit Boonduangprasert


Name: Mr Sakda Thanitkul


Name: Mr Sombut Diew-isaret


Name: Mr Boonsak Jiemprecha


EXECUTIVES

Name: Mr Arnat Julintorn

Current Title: Executive Vice President

Related Experience Since: 2005

Active in daily operations: Yes

Name: Mr Pisit Ohmpornnuwat

Current Title: Director

Name: Mr Adirek Sripratak


Name: Mrs Arunee Watcharananan


Name: Mr Paisarn Chirakijcharoen


Name: Mr Prasit Boonduangprasert


Name: Mr Sakda Thanitkul


Name: Mr Sombut Diew-isaret


Name: Mr Boonsak Jiemprecha


OPERATIONS

LINE OF BUSINESS

PURCHASES

Purchasing Territory

Local: 100%

Purchasing Terms

Local purchase terms: Open Account 30 to 60 days bank transfer

SALES

Sales Territory

International: 100%

Export to Singapore Japan South Korea United Arab Emirates China (People's Republic) Belgium France Germany Italy Switzerland United Kingdom Russia Africa Asia Europe

Selling Terms

Wholesales frozen �sh, meat, and poultry (5142-0200)

Wholesales poultry, frozen: packaged (5142-0205)

Wholesales poultry and poultry products (5144-0000)

Export Terms: bank transfer Letter of Credit

CUSTOMERS

Major Customers

EMPLOYEES

Employee(s) - Current

Total Employees: 100 Estimated

Total includes managers and active directors

Employee(s) - Previous

Year: 2018



Year: 2013



Year: 2012



Year: 2011



Year: 2010



Wholesaler(s)

Buying Agent(s)

Manufacturer(s)

Year: 2009

Total Employees: 125


Year: 2006



LOCATION

CURRENT LOCATION

Type of Occupation: Rented

Location: Central business district

Premises used as: Operations o�ce

FINANCIAL INFORMATION

COMPARATIVES

BALANCE SHEET

Particulars FiscalDec 31, 2019

ThousandsTHB

FiscalDec 31, 2018

ThousandsTHB

FiscalDec 31, 2017

ThousandsTHB

Current Assets 4,375,830 6,412,415 6,247,513

Current Liabilities 67,417,190 64,410,461 53,577,722

Working Capital -63,041,360 -57,998,046 -47,330,209

Other Tangible Assets 73,508,634 70,545,649 59,533,090

Non-Current Liabilities 189,412 119,232 110,897

Tangible Net-Worth 10,277,862 12,428,371 12,091,984

Sales / Income 33,825,777 33,951,256 39,680,541

Pro�t (Loss) After Tax 6,130,426 7,085,942 11,780,003

Inventory 229,138 259,242 598,185

Cash & Bank 286,946 298,413 238,610

Accounts Receivable 3,752,292 5,613,501 5,294,234

Fixed Assets 3,394 3,956 17,422

Accounts Payable 10,712,499 2,503,677 1,797,165

Intangibles 1,862 926 1,372

PROFIT & LOSS

Assets FiscalDec 31, 2019

ThousandsTHB

Cash & Bank 286,946

Inventory 229,138

Accounts Receivable 3,752,292

Other Current Assets 107,454

Total Current Assets 4,375,830

Property, Plant & Equipment 3,394

Total Fixed Assets 3,394

Investment in A�liates 72,882,943

Investment Properties 1,504

Total Investments 72,884,447

Deferred Expenditure 616,050

Other Assets 4,743

Total Other Assets 620,793

Intangibles 1,862

Total Intangibles 1,862

TOTAL ASSETS 77,886,326

Liabilities FiscalDec 31, 2019

ThousandsTHB

Accounts Payable 10,712,499

Bank Loans 14,178,135

Creditors & Borrowings 42,300,000

Other Current Liabilities 226,556

Total Current Liabilities 67,417,190

Provident & Pensions 189,412

Total Non-Current Liabilities 189,412

TOTAL LIABILITIES 67,606,602

Capital 9,000,000

Legal Reserves 900,000

Retained Earnings (Loss) 379,724

TOTAL EQUITY 10,279,724

TOTAL LIABILITIES & EQUITY 77,886,326

Particulars FiscalDec 31, 201912 Month(s)Thousands

THB

FiscalDec 31, 201812 Month(s)Thousands

THB

FiscalDec 31, 201712 Month(s)Thousands

THB

Sales / Income 33,825,777 33,951,256 39,680,541

Less: Cost of Sales -23,309,859 -23,415,961 -23,947,766

Gross Pro�t (Loss) 10,515,918 10,535,295 15,732,775

Total General Expenditure -1,085,439 -936,972 -1,128,040

Accounts are audited by Manchupha Singsuksawas, CPA.6112.

RATIOS

Net Operating Pro�t(Loss) Before Taxation

9,430,479 9,598,323 14,604,735

Other Non-OperatingIncome

274,848 379,526 404,965

Depreciation & Interest -328,834 -24,983 -473,525

Total Financial Expenses -3,524,020 -3,224,269 -2,531,573

Plus (Minus) ExtraordinaryItems

0 0 0

Net Pro�t (Loss) BeforeTaxation

5,852,473 6,728,597 12,004,602

Income Tax 277,953 357,345 -224,599

Net Pro�t(Loss) afterTax

6,130,426 7,085,942 11,780,003

Plus (Minus) ExtraordinaryItems

0 0 0

Net Pro�t (Loss) AfterTaxation &Extraordinary Items

6,130,426 7,085,942 11,780,003

Particulars Dec 31, 2019 Dec 31, 2018 Dec 31, 2017

PROFITABILITY RATIOS

Pro�t Margin (%) 18.12 20.87 29.69

Return on Assets (%) 7.87 9.21 17.91

Return on Net Worth (%) 59.65 57.01 97.42

LIQUIDITY RATIOS

Current Ratio 0.06 0.10 0.12

Quick Ratio 0.06 0.09 0.10

EFFICIENCY RATIOS

Collection Period (days) 40 60 48

Asset to Sales (%) 230.26 226.68 165.78

Sales to Inventory (times) 148 131 66

Fixed Assets to Net Worth(%)

0.03 0.03 0.14

INDEBTEDNESS RATIOS

Short Term Debt to NetWorth (%)

655.95 518.25 443.09

Short Term Debt toInventory (%)

29,422.09 24,845.69 8,956.71

Total Debt to Net Worth(%)

657.79 519.21 444.00

NEWS

Economic outlooks diverging in second quarter

It is becoming obvious that the global economy, especially in some of the richer nations, is recovering. Recent

indicators such as retail sales, industrial production, purchasing managers'indices and labour market indicators,

show good signs of revival. Indeed, the International Monetary Fund this month revised upward its forecast for

world economic expansion to 6.0%-the strongest rate in four decades-from 5.5% predicted in March.

It is becoming obvious that the global economy, especially in some of the richer nations, is recovering. Recent

indicators such as retail sales, industrial production, purchasing managers'indices and labour market indicators,

show good signs of revival. Indeed, the International Monetary Fund this month revised upward its forecast for

world economic expansion to 6.0%-the strongest rate in four decades-from 5.5% predicted in March.

As well, a survey by The Economist of 21 rich countries in the �rst nine months of 2020 found their residents had

saved a total of $6 trillion. The signs are especially evident in countries where the highest proportion of people have

been vaccinated. These include Israel, the United Arab Emirates, the United States and the United Kingdom, where

vaccination rates range from 33-58%. In light of the third Covid wave, we believe the Thai economy may have some

downside risk, but not as large as other people fear.

As well, a survey by The Economist of 21 rich countries in the �rst nine months of 2020 found their residents had

saved a total of $6 trillion. The signs are especially evident in countries where the highest proportion of people have

been vaccinated. These include Israel, the United Arab Emirates, the United States and the United Kingdom, where

vaccination rates range from 33-58%. In light of the third Covid wave, we believe the Thai economy may have some

downside risk, but not as large as other people fear.

Second, we believe the spread of the virus is likely to ease in severity after April, helped by control measures and

work-from-home campaigns. Third, although the tourism outlook has deteriorated in the short term, we believe the

loss of tourism revenue will be replaced by better exports resulting from the faster economic growth. Hence, we

have upgraded our forecast for export growth this year from 6.2% to 10%.

Source: Bangkok Post Newspaper, Apr 24, 2021

APPENDICES

CUSTOMER SERVICE

Should you require any further information or have any questions, please contact D&B Thailand Customer Service

Centre at +662 6573999 ext 3100.

Inquiries should always contain the below minimum details:

D&B RATING GLOSSARY

The following ratings are available for businesses in Thailand:

D&B Rating - The D&B® Rating in Thailand consists of 2 parts, the Financial Strength Indicator and the Risk

Indicator. The Financial Strength Indicator is based on either Net Worth of a current balance sheet or Issued Capital.

Risk Indicator is used in conjunction with the Financial Strength Indicator. The Risk Indicator re�ects D&B's opinion

of the risk associated with trading with a speci�c business. The table below contains the values for the D&B Rating in

Thailand.

Financial Strength Indicator

Full Company Name

Full Headquarters Address

Telephone Number

Business Identi�cation Number

Contact Name

Reference

Order Date

EXPLANATION OF PAYDEX

A score of 80 denotes that payments reported to D&B have generally been made within terms. Scores over 80

indicate that payments reported to D&B have been made earlier than terms. The chart below outlines the speci�c 0-

100 score and what it means.

D&B PAYDEX® Payment Habit

100 Anticipate

90 Discount

Net Worth Capital From To

5A 5AA THB 1,264,000,000 And above

4A 4AA THB 252,800,000 THB 1,263,999,999

3A 3AA THB 37,920,000 THB 252,799,999

2A 2AA THB 18,960,000 THB 37,919,999

1A 1AA THB 9,480,000 THB 18,959,999

A AA THB 4,753,000 THB 9,479,999

B BB THB 2,376,000 THB 4,752,999

C CC THB 1,188,000 THB 2,375,999

D DD THB 607,000 THB 1,187,999

E EE THB 303,000 THB 606,999

F FF THB 152,000 THB 302,999

G GG THB 77,000 THB 151,999

H HH 0 THB 76,999

Alternate Ratings Used

NQ Out of Business: Business has ceased to trade

NB New Business: Less than 24 months

O Financial Strength is undisclosed; or Assigned tocompanies that do not request credit in their normalactivities (Bank, Brokerages, Insurance Co.,Associations, Government, etc..)

N Negative Net Worth

FB Foreign Branch

BR Domestic Branch

DS Assigned to records that require investigation before arating can be assigned.

Risk Indicator Condition Credit Risk Interpretation

1 Strong Minimal risk Proceed with transaction -o�er extended terms ifrequired

2 Good Low Risk Proceed with transaction

3 Fair Slightly greater thanaverage risk

Proceed with transactionbut monitor closely

4 Limited Signi�cant level of risk Review each case beforeextending credit andobtain more information.Take suitable assurancesbefore extending credit,guarantees may beneeded

- Undetermined Undetermined Risk Insu�cient information toassign a Rating

80 Prompt

70 15 days beyond terms






0-19 Over 120 days beyond terms

UN Unavailable

CONFIDENTIALITY

CONFIDENTIAL... THIS INFORMATION IS PROVIDED BY DUN & BRADSTREET SUBJECT TO THE TERMS AND

CONDITIONS OF YOUR SUBSCRIPTION CONTRACT AND IS NOT TO BE DISCLOSED.

This report is forwarded to the Subscriber in strict con�dence for the use by the Subscriber

as one factor to consider in connection with credit and other business decisions. This report

contains information compiled from information which Dun & Bradstreet does not control

and which has not been veri�ed unless otherwise indicated in this report. Dun & Bradstreet

therefore cannot accept responsibility for the accuracy, completeness or timeliness of the

report. Dun & Bradstreet disclaims all liability for any loss or damage arising out of or in

anyway related to the contents of this report. This material is con�dential and proprietary to

Dun & Bradstreet and/or third parties and may not be reproduced, published or disclosed to

others without the express authorization of Dun & Bradstreet or the General Counsel of Dun

& Bradstreet.

COPYRIGHT 2021 DUN & BRADSTREET. THIS REPORT MAY NOT BE REPRODUCED IN WHOLE OR IN PART IN ANY

FORM OR MANNER WHATSOEVER.

Documents

C.P. MERCHANDISING COMPANY LIMITED