MIRA
INFORM REPORT
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Report Date : |
12.07.2007 |
IDENTIFICATION DETAILS
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Name : |
BANGKOK MODERN GRANITE CO., LTD. |
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Registered Office : |
9/11
Moo 10, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1991 |
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Com. Reg. No.: |
0105534061617 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing and distributing various
sizes of marbles
and granite for
decoration and construction. |
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 : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
BANGKOK MODERN GRANITE CO., LTD.
SUMMARY
BUSINESS ADDRESS : 9/11
MOO 10,
SALA DHAMMASOB,
TAWEEWATTANA,
TELEPHONE : [66] 2888-7788,
2888-7762
FAX : [66] 2888-7766
E-MAIL ADDRESS : bmgthai@ksc.th.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1991
REGISTRATION NO. : 0105534061617 [Former : 6159/2534]
CAPITAL
REGISTERED : BHT.
250,060,000
CAPITAL
PAID-UP : BHT.
250,060,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS
: PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SIRICHAI SRICHAROENLAMSAM, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 120
LINES OF
BUSINESS : MARBLES AND
GRANITE
MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on July 3,
1991 as a
private limited company under
the name style
BANGKOK MODERN GRANITE
CO., LTD., by
Thai groups, in order
to manufacture and
distribute various sizes
of marbles and
granite to domestic
market. It currently
employs approximately 120
staff.
The
subject’s registered address
is 9/11 Moo
10, Boromraj Chonnee
Rd., Sala Dhammasob,
Taweewattana, Bangkok 10170,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mrs. Sri Saechua |
|
Thai |
68 |
|
Mr. Chusak Sricharoenlamsam |
[x] |
Thai |
74 |
|
Mr. Thongchai Sricharoenlamsam |
|
Thai |
46 |
|
Mr. Sirichai Sricharoenlamsam |
[x] |
Thai |
41 |
|
Mr. Pornchai Sricharoenlamsam |
|
Thai |
44 |
|
Mr. Thanawat Sricharoenlamsam |
|
Thai |
38 |
|
Ms. Euangnoi Sricharoenlamsam |
|
Thai |
44 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Sirichai Sricharoenlamsam is
the Managing Director.
He is Thai
nationality with the
age of 41
years old.
BUSINESS OPERATIONS
The subject is
engaged manufacturing and
distributing various sizes
of marbles and
granite for decoration
and construction.
PURCHASE
100% of raw
products is purchased
from local suppliers
SALES
The products is
sold locally to
wholesalers, retailers and
end-users.
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.
BANKING
Krung Thai
Bank Public Co.,
Ltd.
[Lanluang Branch,
EMPLOYMENT
The
subject employs approximately 120
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and showroom at
the heading address.
Premise is located
in commercial/residential area.
Factory
and warehouse are
located at 111/1
Moo 5, Phaholyothin
Rd., T. Maingam, A.
Muang, Tak province
63000.
COMMENT
Marble and granite
had been largely
consumed during the
booming of construction
industry. However, market
of such products
remains moderate but
not as strong
as in the
past years resulting
from overall economic
and construction industry
slowdown.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 40,000,000
divided into 400,000
shares of Bht. 100
each.
The
capital was increased
later as following:
Bht. 200,000,000 on
December 26, 2002
Bht. 250,060,000 on
December 29, 2003
The
latest registered capital
was increased to
Bht. 250,060,000 divided into
25,006,000 shares of
Bht. 10 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2006]
|
NAME |
HOLDING |
% |
|
|
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Mr. Chusak Sricharoenlamsam Nationality: Thai Address : 136/5
Moo 3, Bangrakpattana,
Bangbuathong, Nonthaburi |
19,999,994 |
79.98 |
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Mr.
Sirichai Sricharoenlamsam Nationality: Thai Address : 9/11
Moo 10, Sala Dhammasob,
Taweewattana |
5,006,001 |
20.02 |
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Mr.
Thongchai Sricharoenlamsam Nationality: Thai Address : 402/1
Pracharaj Sai 2
Rd., Bangsue, |
1 |
- |
|
Mr.
Pornchai Sricharoenlamsam Nationality: Thai Address : 402/1
Pracharaj Sai 2
Rd., Bangsue, |
1 |
- |
|
Mr.
Thanawat Sricharoenlamsam Nationality: Thai Address : 402/1
Pracharaj Sai 2
Rd., Bangsue, |
1 |
- |
|
Ms.
Euangnoi Sricharoenlamsam Nationality: Thai Address : |
1 |
- |
|
Mrs. Sri Saechua Nationality: Thai Address : |
1 |
- |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mrs. Wathanee Pueng-udom
No. 4464
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
|
3,795,840.07 |
507,120.30 |
|
Trade Accts. Receivable |
7,166,023.64 |
3,674,341.63 |
|
Inventories |
115,648,726.20 |
113,991,171.30 |
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Other Current Assets
|
780,206.23 |
786,126.96 |
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Total Current
Assets |
127,390,796.14 |
118,958,760.19 |
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Fixed Assets |
99,299,803.51 |
100,868,972.10 |
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Other Assets |
5,304,136.50 |
6,814,212.82 |
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Total Assets
|
231,994,736.15 |
226,641,945.11 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
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Bank Overdraft &
Short Term Loan from Financial Institution |
5,779.27 |
605,176.62 |
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Trade Accts. Payable |
5,446,192.37 |
5,860,767.29 |
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Other Current Liabilities |
1,290,845.66 |
101,223.52 |
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Total Current
Liabilities |
6,742,817.30 |
6,567,167.43 |
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Long Term Loan from
Person or Related Company |
4,952,847.40 |
3,900,000.00 |
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Other Liabilities |
22,455.37 |
293,777.90 |
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Total Liabilities |
11,718,120.07 |
10,760,945.33 |
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Shareholders'
Equity |
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Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 25,006,000 shares |
250,060,000.00 |
250,060,000.00 |
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Capital Paid |
250,060,000.00 |
250,060,000.00 |
|
Retained Earning - Unappropriated |
[29,783,383.92] |
[34,179,000.22] |
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Total
Shareholders' Equity |
220,276,616.08 |
215,880,999.78 |
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Total
Liabilities & Shareholders' Equity |
231,994,736.15 |
226,641,945.11 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
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Sales & Services |
78,395,063.00 |
62,115,833.77 |
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Other Income |
264,644.73 |
27,294.07 |
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Total Revenues
|
78,659,707.73 |
62,143,127.84 |
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Expenses |
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Cost of Goods
Sold |
49,329,350.77 |
40,909,098.80 |
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Selling & Administrative Expenses |
24,895,913.98 |
19,912,387.90 |
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Total Expenses |
74,225,264.75 |
60,821,486.70 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
4,434,442.98 |
1,321,641.14 |
|
Interest Expenses |
[38,826.68] |
[5,213.47] |
|
Net Profit / [Loss] |
4,395,616.30 |
1,316,427.67 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
26.21 |
|
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Operating Profit |
165.85 |
|
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Net Profit |
233.90 |
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|
Fixed Assets |
[1.56] |
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Total Assets |
2.36 |
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Profitability |
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Cost of Good
Sold |
62.92 |
65.86 |
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Operating Profit Margin |
5.66 |
2.13 |
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S & A
Expenses |
31.76 |
32.06 |
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Interest Paid |
0.05 |
0.01 |
|
Other Revenues |
0.34 |
0.04 |
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Net Profit Margin |
5.61 |
2.12 |
|
Earning Per Shares |
0.18 |
0.05 |
|
No. of Shares |
25,006,000 |
25,006,000 |
Net Sales was
increased by 26.21%,
Operating Profit was
increased by 165.85%,
Net Profit was
increased by 233.90%,
Fixed Assets was
decreased by 1.56%,
Total Assets was
increased by 2.36%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 65.86%
to 62.92%, Operating
Profit Margin was
increased from 2.13%
to 5.66%, S
& A Expenses
was decreased from
32.06% to 31.76%,
Interest Paid was increased
from 0.01% to
0.05%, Other Revenues
was increased from
0.04% to 0.34%,
Net Profit Margin
was increased from
2.12% to 5.61%.
Earning Per Shares
was increased from
0.05 baht per
share to 0.18
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
18.89 |
18.11 |
|
Quick-Assets Ratio |
1.63 |
0.64 |
Current Ratio was
increased from 18.11
to 18.89, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
so good, Quick-Assets
Ratio was increased
from 0.64 to
1.63, 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 |
0.05 |
0.05 |
|
Times Interest Earned |
114.21 |
253.51 |
D/E Ratio was
increased from 0.05
to 0.05, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was decreased from
253.51 to 114.21,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
0.79 |
0.62 |
|
Total Assets Turnover |
0.34 |
0.27 |
|
Return on Assets |
1.89 |
0.58 |
|
Return on Equity |
2.00 |
0.61 |
|
Day's Payable |
25.01 |
33.97 |
|
Day’s Inventories |
531.07 |
660.65 |
|
Day’s Receivables |
32.91 |
21.30 |
Fixed Assets Turnover
was increased from
0.62 times to
0.79 times, Total
Assets Turnover was
increased from 0.27
times to 0.34
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
0.58 to 1.89,
Return on Equity
was increased from
0.61 to 2.00,
capacity to use
Assets to make
profit was so
good.
Day's Payable was
decreased from 34
days to 26
days, and Day’s
Inventories was decreased
from 661 days
to 532 days,
while Day’s Receivables
was increased from
22 days to
33 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 |
|
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 |
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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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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%)