MIRA
INFORM REPORT
|
Report Date : |
10.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
GUNKUL ENGINEERING CO., LTD. |
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|
|
|
Registered Office : |
1038-1046 Nakornchaisri Road, Dusit,
Bangkok 10300 |
|
|
|
|
Country : |
Thailand |
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|
|
Financials (as on) : |
31.12.2005 |
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|
|
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Date of Incorporation : |
1982 |
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|
|
|
Com. Reg. No.: |
0105525028271 |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
Importing and
distributing wide range
of high, medium
& low voltage
electrical system equipments |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory
|
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Payment Behaviour : |
No
Complaints |
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Litigation : |
Exists
|
name
GUNKUL ENGINEERING CO., LTD.
SUMMARY
ADDRESS : 1038-1046 NAKORNCHAISRI ROAD, DUSIT,
BANGKOK 10300,
THAILAND
TELEPHONE : [66] 2242-5800
FAX : [66] 2242-5880
E-MAIL
ADDRESS : lakkana@gunkul.com
REGISTERATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1982
REGISTRATION NO. : 0105525028271 [Former : 2825 /2525]
CAPITAL REGISTERED : BHT. 25,000,000
CAPITAL PAID-UP : BHT. 25,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. CHALERMPOL
SRICHAROEN, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 86
LINES
OF BUSINESS : ELECTRICAL
EQUIPMENTS IMPORTER &
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
W ITH NORMAL BUSINESS ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject
was established on August
5, 1982 as
a private limited
company under the registered
name GUNKUL ENGINEERING
CO., LTD., by Thai
groups, in order
to import and
distribute high, medium
and low voltage
electric system equipment
for domestic market.
It currently employs
86 staff.
The subject is a subsidiary
of Gunkul Group
Co., Ltd., which is a member
of Gunkul Engineering
Group, the dealing
predominantly in low,
medium and high
voltage electrical power
distribution and transmission.
The subject’s
registered address is
1038-1046 Nakornchaisri Rd.,
Nakornchaisri, Dusit, Bangkok
10300, and this
is the subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
Nationality |
Age |
|
Mr. Chalermpol Sricharoen |
Thai |
38 |
|
Mrs. Areewan
Roonpraphan |
Thai |
51 |
|
Mr. Mahannop
Manomailarp |
Thai |
51 |
AUTHORIZED PERSON
Two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Chalermpol Sricharoen is the Managing Director.
He is
Thai nationality with
the age of
38 years old.
Mrs.
Areewan Roonpraphan is the Deputy
Managing Director.
She is
Thai nationality with
the age of
51 years old.
Ms.
Noparat Sricharoen
is the General
Manager & Import - Export Manager.
She is
Thai nationality.
Mr. Somchai
Lertlamboonchai is the Assistant
Managing Director &
Sales Manager [Local
Department]. He is
Thai nationality.
Mr.
Thamrong Jangratthong is the Government
Sales Manager.
He is
Thai nationality.
Mr.
Saksith Inthai is the Assistant
Managing Director &
Project Sales Manager.
He is
Thai nationality.
Ms.
Naraporn Vacharakorn
is the Personnel Manager.
She is
Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing wide range of
high, medium &
low voltage electrical
system equipments, including
medium voltage fuses
and switches, LT
fuse switches, lighting
protection products, grounding equipment, metering, lighting
and fittings, LV/HV
surge arresters, hardware
& connectors, street
lighting luminaries &
control relays, cable,
fuse, insulator, tool,
hardware and accessories.
Subject is
also exporting of
porcelain moulds equipment.
MAJOR BRANDS
“ABCHANCE”, “ANDERSON”,
“OHIO BRASS”, “DOW
CORRNING”, “FARGO”, “GE”,
“IZUMI”, “RAYCHEM”, “SOUTHERN
STATES”, “SYLGARD”, “CHANCE”, “CHARDON”, “DAT-CONTROLER”, “THERM OWELD”, “HARU”
and etc.
IMPORT [COUNTRIES]
50% of
its products is
imported from Germany,
United Kingdom, United States of America, Canada,
Japan, France, Korea,
Taiwan, Malaysia, Hong
Kong, Australia, India
and Turkey.
MAJOR SUPPLIERS
|
Company |
Country |
Products |
|
Allis Electric
Co., Ltd. |
Taiwan |
Overhead Transmission Lines Hardware |
|
Continental Industries, Inc. |
U.S.A. |
“Thermoweld” Electrical Connection Process |
|
Henry Stern
& Co., Ind. |
U.S.A. |
“Appleton” Quartzlite Fixture [Heavy
Duty Fixed Lights], Cable
Spacer, Flexible &
Liquid Tight Conduit “Hydrotite”. |
|
IL Jin
Electric & Machinery Co.,
Ltd. |
Korea |
Cut Out
Switch, Lighting Arrester, Load Break
[Interrodter] Switch,
Fuse Link, Recloser / Sectionalizer etc. |
|
Kale Eksport Disticaret A.S. |
Turkey |
HRC Load
Switch Fuses. etc. D Fuse Cartruges |
|
General Electric,
Inc. |
U.S.A. |
- |
|
Kun HWA
Co. |
Korea |
Copper Bonded
Group Rods H.V.
T & D
Line Hardware |
|
Meco Instruments Private Ltd. |
India |
Meters |
|
Mcgraw-Edison Co. |
U.S.A. |
Surge
Arrester, Cutout, Isolator, etc. |
|
Nissei Sangyo
Co., Ltd. |
Japan |
Linemen Safety
Belt, Insulators |
|
Prosperity Trading
Co. |
Hong Kong |
Tungsten Halogen
Lamps |
|
Trade Master
International Co., Ltd. |
Taiwan |
Pat NBK
Tools, Orip, Aluminium
Grip,
Ratchet Puller Set,
Pulling Grips, etc. |
|
Izumi Electric
Ltd. |
Japan |
- |
|
Shimada Ltd. |
Japan |
- |
|
Homac Corp. |
U.S.A. |
- |
|
Fameca Ltd. |
France |
- |
|
Cooper
Power System Co., Ltd. |
U.S.A. |
- |
|
Hubbell
Power System Co., Ltd. |
U.S.A. |
- |
SALES [LOCAL]
95% of
its products is
sold locally to
Thai Government, State
Enterprise, manufacturers, wholesalers
and end-users.
EXPORT [COUNTRIES]
The subject
also exports porcelain
mould equipment to
U.S.A., France, Myanmar
and Malaysia.
SOLE DISTRIBUTOR
IN THAILAND
Bangkok
Ceramics Industry Co.,
Ltd.
103 Srethakij,
Bangkok
Products: Porcelain
Insulators
Charoong
Thai Wire &
Cable Public Co., Ltd.
Room 610,
Bangkok Insurance Bldg.,
302 Silom Rd.,
Bangkok 10500
Products: Aluminium
Cable, Copper Cable,
Telephone Cable etc.
Vichai
Electric Co., Ltd.
207/8-9 Pradipat
Road, Bangkok
Products: Aluminium
Distribution & Transmission Fittings
Asian
Insulator Co., Ltd.
9/8
Bangchan Industrial Estate,
Sukhapiban 2 Road ,
Bangkapi, Bangkok Thailand
Harchai
Electric Co., Ltd.
287 Karnchanakoonchorn, Sooksawad
Road, Bangkok, Ratburana,
Bangkok
Products: Aluminium
Cable, Copper Cable,
Telephone Cable etc.
LITIGATION
Bankruptcy
and Receivership
On May
9, 2001, the
Central Bankruptcy Court
has ordered the
subject in accordance
with decided court
case No. 325/2544 to
rehabilitate its organization. On November 15,
2001, the Court
has approved the
subject is rehabilitation plan and appointed
G. K. Assemblies Co.,
Ltd., as the
Plan Administer.
Others
There are
no legal suits
filed against the
subject for the
past two years.
PARENT COMPANY
Gunkul Group
Co., Ltd. :
Holding & investment
company
RELATED/AFFILIATED COMPANIES
|
Company |
Line
of Business |
|
Jaraslat Pattana
Electric Co., Ltd. |
General Importers, Representation of
manufacturers in Public
Tenders. |
|
Gungul Marineline Co., Ltd. |
- |
|
Gungul Trading
& Agency Co., Ltd. |
- |
|
K.P.N. Supply
Co., Ltd. |
Distributor of High
& Low Voltage
Electrical Products. |
|
G.K. Assembly
Co., Ltd. |
Manufacturer of
Lighting & Supplies. |
|
G.K. Power
Products Co., Ltd. |
- |
|
G.M. Supplies
Co., Ltd. |
- |
|
Gunkul
Engineering [Myanmar] Ltd. |
- |
|
Netta
Engineering & Chemical Co., Ltd. |
- |
CREDIT
Sales are
on the credits term of
30-60-90 days.
Local bills
are paid by
cash or on the
credits term of
30-60 days.
Imports are by L/C at
sight or on
the credits term
of 60-90 days, D/A
on 60-90 days,
D/P at sight & open
account.
Exports are
against L/C at
sight, T/T or
by open account.
BANKING
Bangkok
Bank Public Co.,
Ltd.
[Ratchawat Branch :
Nakornchaisri Rd., Dusit,
Bangkok]
TMB
Bank Public Co.,
Ltd.
[Head Office
: 3000 Phaholyothin Rd.,
Chompol, Jatujak, Bangkok]
Kasikornbank Public Co., Ltd.
[Wangburapa Branch :
Wangburapa, Phranakorn, Bangkok]
Bank
of Asia Public Co., Ltd.
[Rama 4
Branch : Chalemkhet 4 Rd.,
Klongtoey, Bangkok]
EMPLOYMENT
The subject
employs approximately 86
staff. [office & sales staff] and 260 staff
for total group companies.
LOCATION DETAILS
The premise
is owned for
administrative office and
warehouse in a
4 storey building
of 5 row shop houses on
2,000 square meters at
the heading address.
Premise is located in commercial/residential area.
REMARK
CREDIT OF
US$ 150,000 AGAINST
D/A TERMS SHOULD
BE ON SECURED BASIS.
COMMENT
The
subject’s sale performance in the past
year was moderate due to the expansion of industrial sector is helping
boost demand of
electric equipment products.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
The capital
was increased later
as followings :
Bht. 2,000,000 on June 6,
1985
Bht. 5,000,000 on
January 20, 1989
Bht. 25,000,000 on March 14,
2002
The latest
registered capital was
increased to Bht.
25,000,000 divided into
250,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at June 30, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Gunkul
Group Co., Ltd. Nationality :
Thai Address :
1038-1044 Nakornchaisri Rd., Dusit,
Bangkok |
248,610 |
99.44 |
|
Mr.
Gunkul Inkanangkul Nationality :
Thai Address :
1038/1 Nakornchaisri Rd., Dusit, Bangkok |
400 |
0.16 |
|
Mr. Veera
Inkanangkul Nationality :
Thai Address : 1038/1 Nakornchaisri Rd.,
Dusit, Bangkok |
400 |
0.16 |
|
Ms. Naruchol
Damrongpiyawuth Nationality :
Thai Address : 1038/1 Nakornchaisri Rd.,
Dusit, Bangkok |
200 |
0.08 |
|
Ms. Naowarat
Saetae Nationality
:
Thai Address :
145/54 Therdthai Rd., Pasicharoen, Bangkok |
200 |
0.08 |
|
Mr.
Kobchai Kanti-udomchai Nationality :
Thai Address :
63/61 Moo 9, Taladkwan, Muang,
Nonthaburi |
100 |
0.04 |
|
Mr.
Somwang Lohsuwankul Nationality :
Thai Address : 560 Rama 4 Rd.,
Mahapruektharam, Bangrak, Bangkok |
90 |
0.04 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Ms.
Zuzan Eiamvanitcha No.
4306
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2005 & 2004
were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in
Hand & at Bank |
18,345,414.54 |
12,591,015.03 |
|
Trade
Accts. Receivable - Related
Company |
119,346,899.08 |
69,657,228.20 |
|
- Other [note 1] |
141,711,540.18 |
242,671,123.88 |
|
Inventories [note 2] |
93,966,410.43 |
95,530,611.28 |
|
Deposit Gods |
|
|
|
- Deposit |
6,104,019.58 |
8,584,936.16 |
|
- Other
|
2,103,670.18 |
5,208,843.00 |
|
Other Current
Assets |
920,852.70 |
1,415,556.66 |
|
Total
Current Assets |
382,498,806.69 |
435,659,314.21 |
|
|
|
|
|
Cash
at Bank under Commitment |
38,980,273.57 |
42,751,575.34 |
|
Loan to
Related Person |
- |
42,253.60 |
|
Other Assets
& Long Term Loan |
82,698,814.47 |
26,967,565.44 |
|
Fixed Assets [note 3] |
21,337,926.89 |
21,886,302.21 |
|
Other Assets |
287,769.83 |
2,063,553.56 |
|
Total
Assets |
525,803,591.45 |
529,370,564.36 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft
& Short Term Loan |
40,231,143.47 |
102,142,835.47 |
|
Trade Accts. Payable -
Related Company |
35,124,891.36 |
37,515,652.66 |
|
-
Other |
41,102,918.23 |
36,674,258.41 |
|
Current Portion
of Contract Liabilities |
1,062,310.79 |
705,510.98 |
|
Current Portion
of Liabilities |
70,000,000.00 |
60,000,000.00 |
|
Short Term
Loan from Person
or Related Company |
74,051.32 |
74,051.32 |
|
Deposit Goods |
18,350,882.40 |
15,228,211.13 |
|
Accrued Expenses |
13,118,189.68 |
11,861,119.38 |
|
Accrued Adjustment |
- |
9,095,000.00 |
|
Accrued Income
Tax |
29,975,489.78 |
- |
|
Other Long
Term Loan |
3,463,718.43 |
9,037,618.52 |
|
Total Current Liabilities |
252,503,595.46 |
282,334,257.87 |
|
Long Term
Liabilities Net of Current Portion |
257,435,149.80 |
304,430,746.54 |
|
Contract Liabilities Net of Current Portion |
2,449,977.20 |
2,781,529.57 |
|
Other Liabilities |
1,855,041.00 |
- |
|
Total
Liabilities |
514,243,763.46 |
589,546,533.98 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 250,000
shares |
25,000,000.00 |
25,000,000.00 |
|
Capital Paid |
25,000,000.00 |
25,000,000.00 |
|
Retained Earning - Unappropriated |
[13,440,172.01] |
[85,175,969.62] |
|
Total Shareholders' Equity |
11,559,827.99 |
[60,175,969.62] |
|
Total Liabilities &
Shareholders' Equity |
525,803,591.45 |
529,370,564.36 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
881,993,061.11 |
646,487,665.43 |
|
Other Income |
12,240,996.24 |
3,132,847.78 |
|
Total
Revenues |
894,234,057.35 |
649,620,513.21 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold |
700,343,823.16 |
556,731,110.32 |
|
Selling &
Administrative Expenses |
76,197,122.00 |
62,938,057.08 |
|
Total Expenses
|
776,540,945.16 |
619,669,167.40 |
|
Profit
/ [Loss] from Operation |
117,693,112.19 |
29,951,345.81 |
|
Interest Expenses |
[18,758,402.74] |
[18,400,968.00] |
|
Income Tax |
[33,790,838.63] |
[4,867,849.59] |
|
Extraordinary-Gain on
Debt-restructured |
6,591,926.79 |
357,908.37 |
|
Net
Profit / [Loss] |
71,735,797.61 |
7,040,436.59 |
FINANCIAL NOTE
NOTE
1 Trade Accts. Receivable
|
|
2005 |
2004 |
|
|
|
|
|
Notes Receivable |
5,881,644.22 |
16,225,771.48 |
|
Other
Trade Accts. Receivable |
136,578,348.63 |
225,514,530.93 |
|
Refundable Cheque |
997,035.93 |
930,821.47 |
|
Total |
143,457,028.78 |
242,671,123.88 |
|
Less:
Allowance for Doubtful
Account |
[1,745,488.60] |
- |
|
Total |
141,711,540.18 |
242,671,123.88 |
NOTE
2 Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Finished Goods |
94,916,287.03 |
92,936,376.83 |
|
Goods in
Transit |
1,022,031.90 |
2,594,234.45 |
|
Total |
95,938,318.93 |
95,530,611.28 |
|
Less:
Allowance for Obsolescent Stock |
[1,971,908.50] |
- |
|
Total |
93,966,410.43 |
95,530,611.28 |
NOTE
3 Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Building & Building Improvement |
28,760,958.72 |
28,760,958.72 |
|
Hand Tools |
2,012,610.93 |
1,910,371.58 |
|
Office Automation & Furniture |
11,185,409.83 |
9,866,058.99 |
|
Vehicle |
6,919,917.82 |
15,718,317.52 |
|
Total
|
48,878,897.30 |
56,255,706.81 |
|
Less :
Depreciation |
[27,540,970.41] |
[34,369,404.60] |
|
|
|
|
|
Total
Assets |
21,337,926.89 |
21,886,302.21 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
36.43 |
|
|
Operating |
188.02 |
|
|
Net Profit |
918.91 |
|
|
Fixed Assets |
[2.51] |
|
|
Total Assets |
[0.67] |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
79.40 |
86.12 |
|
Operating Profit
Margin |
13.34 |
4.63 |
|
S&A expenses |
8.64 |
9.74 |
|
Interest |
2.13 |
2.85 |
|
Other Revenues |
1.39 |
0.48 |
|
Net Profit
Margin |
8.13 |
1.09 |
|
Earning Per
Shares |
286.94 |
28.16 |
|
No. of
Shares |
250,000 |
250,000 |
Net Sales was increased by 36.43%, Operating Profit was increased by 188.02%, Net Profit was increased by 918.91%, Fixed Assets was decreased by 2.51%, Total Assets was decreased by 0.67%.
Compare each
cost with sales,
Cost of Goods
Sold was decreased
from 86.12% to
79.40%, Operating Profit
Margin was increased
from 4.63% to
13.34%, S &
A Expenses were
decreased from 9.74%
to 8.64%, Interest
Paid was decreased
from 9.74% to
8.64%, Other Revenues
was decreased from
0.48% to 1.39%,
Net Profit Margin
was increased from
1.09% to 8.13%.
Earning Per
Shares was increased
from 28.16 baht
per share to
286.94 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current
Ratio |
1.51 |
1.54 |
|
Quick
- assets ratio |
1.14 |
1.20 |
Current Ratio
was decreased from
1.54 to 1.51,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was decreased from
1.20 to 1.14,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
44.49 |
[9.80] |
|
Times Interest
Earned |
6.27 |
1.63 |
D/E Ratio
was increased from
-9.80 to 44.49,
show the company
had fund from
Loan more than
fund from Equity,
investment risked of
the company is
high and Times
Interest Earned was
increased from 1.63
to 6.27, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
41.33 |
29.54 |
|
Total Assets
Turnover |
1.68 |
1.22 |
|
Return on
Assets |
13.64 |
1.33 |
|
Return on
Equity |
620.56 |
11.70 |
|
Day’s Payable |
16.78 |
20.42 |
|
Day’s Inventories |
38.35 |
53.20 |
|
Days’ Receivables |
57.84 |
135.13 |
Fixed Assets
Turnover was increased
from 29.54 times
to 41.33 times,
Total Assets Turnover
was increased from
1.22 times to
1.68 times, show
the company could
use Assets so
efficiently, and Return
on Assets was
increased from 1.33
to 13.64, Return
on Equity was
increased from 11.70
to 620.56, capacity
to use Assets to make
profit was good.
Day’s Payable
was decreased from
21 days to
17 days, Day’s
Inventories was decreased
from 54 days
to 39 days, and Day’s
Receivables was decreased
from 136 days
to 58 days.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|