MIRA
INFORM REPORT
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Report Date : |
31.10.2006 |
IDENTIFICATION
DETAILS
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Name : |
PORNVIWAT KAMAI CO., LTD. |
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Registered Office : |
241
Soi Sawaisuwan, Bangsue, Bangkok 10800 |
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Country : |
Thailand
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2001 |
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Com. Reg. No.: |
0105544092001 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Importer
and sole distributor of “KRONOSWISS” laminated boards
for floor, with
more than 38
colors, together with
“Crystal Clic” locking
system used for
residence, condominium, office
building, hotel &
resort, spa, sport
club, showroom, restaurant and etc., as
well as installation service
provider of flooring
systems. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
PORNVIWAT KAMAI CO., LTD.
SUMMARY
BUSINESS ADDRESS : 241 SOI
SAWAISUWAN, BANGSUE,
BANGKOK 10800,
THAILAND
TELEPHONE : [66]
2912-9292-4
FAX :
[66] 2912-8788
E-MAIL ADDRESS : info@kronoswissthailand.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 2001
REGISTRATION NO.
: 0105544092001 [Former : KOR THOR. 02-0132-44]
CAPITAL REGISTERED : BHT. 3,000,000
CAPITAL PAID-UP
: BHT. 3,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS.
THANAPORN HARNVIWATANAKUL, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 50
LINES OF
BUSINESS : LAMINATED FLOOR
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH
NORMAL BUSINESS ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on September 20,
2001 as a
private limited company
under the name
style PORNVIWAT KAMAI
CO., LTD., by Thai
group, the Harnviwatanakul family, with the
business objective to
import and distribute
laminated board floor
to domestic market.
It currently employs
approximately 50 staff.
The
subject’s products has
been distributed by
the Harnviwatanakul family
for over 40
years, and it
currently has received
an authorized agent
to be a sole distributor
of “KRONOSWISS” products
from Kronoswiss AG.,
Switzerland.
The
subject’s registered address
is 241 Soi Sawaisuwan Rd.,
Bangsue, Bangkok 10800,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
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Nationality |
Age |
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Ms.
Thanaporn Harnviwatanakul |
[x] |
Thai |
34 |
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Mrs.
Wasana Harnviwatanakul |
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Thai |
39 |
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Ms.
Thitima Harnviwatanakul |
[x] |
Thai |
48 |
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Mr.
Kamolchai Harnviwatanakul |
[x] |
Thai |
31 |
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Ms.
Somkid Harnviwatanakul |
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Thai |
42 |
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Mrs.
Arngao Saengow |
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Thai |
72 |
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Mrs.
Somnuek Foosirisap |
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Thai |
46 |
AUTHORIZED PERSON
One of
the mentioned directors
[x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Ms. Thanaporn Harnviwatanakul is the Managing Director.
She is
Thai nationality with
the age of
34 years old.
BUSINESS OPERATIONS
The subject’s
activities are importer
and sole distributor
of “KRONOSWISS” laminated boards
for floor, with
more than 38
colors, together with
“Crystal Clic” locking
system used for
residence, condominium, office
building, hotel &
resort, spa, sport club, showroom,
restaurant and etc.,
as well as installation service provider of flooring systems.
IMPORT
100%
of the products is imported
from Switzerland.
MAJOR SUPPLIER
Kronoswiss
AG. : Switzerland
SALES
The products
are sold and
serviced locally by
wholesale to dealers
and end-users, mainly
construction contractors.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject
is not found to have
any subsidiary nor
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 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
Bank of
Ayudhya Public Co.,
Ltd.
Kasikornbank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 50 office staff
and service workers.
LOCATION DETAILS
The
premise is rented
for administrative office
and showroom at
the heading address.
Premise is located
in commercial/residential area.
The
second showroom is
located in Bangpho,
Bangkok.
COMMENT
The subject’s
sales remained positive due to
continuous expansion of residence and commercial building.
Growth in construction sector
would help overall
consumption demand of the
subject’s products.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000 divided
into 6,000 shares
of Bht. 500 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 30,
2006]
|
NAME |
HOLDING |
% |
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Ms. Thanaporn Harnviwatanakul Nationality: Thai Address :
711 Prachanarumitr Rd.,
Bangsue, Bangkok |
1,200 |
20.00 |
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Ms. Thitima Harnviwatanakul Nationality: Thai Address :
65 Prachanarumitr Rd.,
Bangsue, Bangkok |
800 |
13.34 |
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Mrs. Wasana Harnviwatanakul Nationality: Thai Address :
1194 Charoenkrung Rd.,
Bangrak, Bangkok |
800 |
13.34 |
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Mrs. Arngao Sae-ngow Nationality: Thai Address :
65 Prachanarumitr Rd.,
Bangsue, Bangkok |
800 |
13.33 |
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Mr. Kamolchai Harnviwatanakul Nationality: Thai Address :
713-715 Prachanarumitr Rd.,
Bangsue, Bangkok |
800 |
13.33 |
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Mrs. Somnuek Foosirisap Nationality: Thai Address :
78 Prachanarumitr Rd.,
Bangsue, Bangkok |
800 |
13.33 |
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Ms. Somkid Harnviwatanakul Nationality: Thai Address :
65 Prachanarumitr Rd.,
Bangsue, Bangkok |
800 |
13.33 |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr.
Kanoksak Sukwatanasinith No.
5889
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
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Cash in
hand & at
Bank |
476,528.56 |
366,687.52 |
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Trade Accts.
& Notes Receivable |
4,981,573.98 |
2,361,103.58 |
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Inventories |
16,683,465.21 |
10,963,284.70 |
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Other Current
Assets |
69,079.59 |
57,805.02 |
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Total
Current Assets |
22,210,647.34 |
13,748,880.82 |
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Fixed
Assets |
1,375,961.96 |
85,519.13 |
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Other
Assets |
4,600.00 |
4,600.00 |
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Total
Assets |
23,591,209.30 |
13,838,999.95 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
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Current Liabilities |
2005 |
2004 |
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Bank Overdraft
& Loan from Bank |
4,574,821.24 |
744,947.91 |
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Payable
- Revenue Department |
19,200.54 |
10,759.37 |
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Accrued Income
Tax |
318,754.08 |
109,847.79 |
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Other Current
Liabilities |
5,021,384.21 |
1,524,138.14 |
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Total Current Liabilities |
9,934,160.07 |
2,389,693.21 |
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Long Term
Loan from Related
Person |
5,400,000.00 |
4,400,000.00 |
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Total
Liabilities |
15,334,160.07 |
6,789,693.21 |
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Shareholders' Equity |
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Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 30,000
shares |
3,000,000.00 |
3,000,000.00 |
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Capital Paid |
3,000,000.00 |
3,000,000.00 |
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Retained Earning - Unappropriated |
5,257,049.23 |
4,049,306.74 |
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Total Shareholders' Equity |
8,257,049.23 |
7,049,306.74 |
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Total Liabilities &
Shareholders' Equity |
23,591,209.30 |
13,838,999.95 |
PROFIT & LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Sales Income |
32,894,095.12 |
24,070,418.06 |
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Services Income |
248,673.00 |
690,716.02 |
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Other Income
|
214,342.80 |
177,811.93 |
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Total
Revenues |
33,357,110.92 |
24,938,946.01 |
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Expenses |
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Cost of
Goods Sold |
23,877,134.65 |
20,362,124.52 |
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Selling &
Administrative Expenses |
7,842,020.71 |
3,312,457.59 |
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Total Expenses
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31,719,155.36 |
23,674,582.11 |
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Profit
/ [Loss] Before Interest
Expenses & Income
Tax |
1,637,955.56 |
1,264,363.90 |
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Interest Expenses |
[1,907.41] |
[47.24] |
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Income Tax |
[428,305.66] |
[225,185.16] |
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Net
Profit / [Loss] |
1,207,742.49 |
1,039,131.50 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
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Annual
Growth |
2005 |
2004 |
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Sales |
36.66 |
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Operating |
[0.27] |
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Net Profit |
16.23 |
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Fixed Assets |
1,508.95 |
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Total Assets |
70.47 |
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Profitability |
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Cost of
Goods Sold |
72.59 |
84.59 |
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Operating Profit
Margin |
27.41 |
15.41 |
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S&A expenses |
23.84 |
13.76 |
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Interest |
0.01 |
0.00 |
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Other Revenues |
1.41 |
3.61 |
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Net Profit
Margin |
3.67 |
4.32 |
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Earning Per
Shares |
40.26 |
34.64 |
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No. of
Shares |
30,000 |
30,000 |
Net
Sales was increased
by 36.66%, Operating
Profit was decreased
by 0.27%, Net
Profit was increased
by 16.23%, Fixed
Assets was increased
by 1,508.95%, Total
Assets was increased
by 70.47%.
Compare each cost with sales, Cost of Goods Sold was decreased from 84.59% to 72.59%, Operating Profit Margin was increased from 15.41% to 27.41%, S & A Expenses were increased from 13.76% to 23.84%, Interest Paid was increased from 0.00% to 0.01%, Other Revenues was decreased from 3.61% to 1.41%, Net Profit Margin was decreased from 4.32% to 3.67%.
Earning Per Shares was increased from 34.64 baht per share to 40.26 baht per share.
Liquidity
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Liquidity |
2005 |
2004 |
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Current Ratio |
2.24 |
5.75 |
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Quick
- assets ratio |
0.55 |
1.14 |
Current Ratio was decreased from 5.75 to 2.24, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was decreased from 1.14 to 0.55, capacity to pay Short Term Loan was not good, because Current Assets without Inventory can not cover Current Liabilities.
Leverage
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Leverage |
2005 |
2004 |
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D/E Ratio |
1.86 |
0.96 |
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Times Interest
Earned |
615.99 |
8,379.25 |
D/E Ratio was
increased from 0.96
to 1.86, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium and Times Interest
Earned was decreased
from 8,379.25 to
615.99, capacity to
pay interest paid
was good.
Efficiency
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Efficiency |
2005 |
2004 |
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Fixed Assets
Turnover |
23.91 |
281.46 |
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Total Assets
Turnover |
1.39 |
1.74 |
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Return on
Assets |
5.12 |
7.51 |
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Return on
Equity |
14.63 |
14.74 |
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Day’s Inventories |
255.03 |
196.52 |
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Days’ Receivables |
55.28 |
35.80 |
Fixed Assets Turnover was decreased from 281.46 times to 23.91 times, Total Assets Turnover was decreased from 1.74 times to 1.39 times, show the company could not use Assets so efficiently, and Return on Assets was decreased from 7.51 to 5.12, Return on Equity was decreased from 14.74 to 14.63, capacity to use Assets to make profit was not good.
Day’s Payable was increased from 197 days to 256 days, and Day’s Receivables was increased from 36 days to 56 days.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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