MIRA
INFORM REPORT
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Report Date : |
05.06.2007 |
IDENTIFICATION DETAILS
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Name : |
K.M. & A.A. CO., LTD. |
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Registered Office : |
5/2
Moo 5, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1986 |
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Com. Reg. No.: |
0105529001105 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, distributor and exporter of
grinding equipment |
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
K.M. & A.A. CO., LTD.
SUMMARY
BUSINESS ADDRESS : 5/2
MOO 5,
A.
LAMLUKKA,
TELEPHONE : [66] 2533-2393,
2994-4412
FAX : [66] 2994-4410
E-MAIL ADDRESS : kmandaa@mozart.inet.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1986
REGISTRATION NO. : 0105529001105 [Former : 110/2529]
CAPITAL
REGISTERED : BHT.
3,600,000
CAPITAL
PAID-UP : BHT.
3,600,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
CHANINT CHONGSAREESAKUL , THAI
MANAGING DIRECTOR
NO. OF
STAFF : 150
LINES OF
BUSINESS : GRINDING EQUIPMENT
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on January 10, 1986
as a private
limited company under
the name style
K.M. & A.A.
CO., LTD., by
Thai group, Chongsareesakul family,
in order to
manufacture and distribute
grinding equipment to
both domestic and
overseas markets. It
currently employs 150
staff.
The
subject’s registered address
is 5/2 Moo
5, Lamlukka Rd.,
T. Ladswai, A.
Lamlukka, Pathumthani 12150,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age
|
|
|
|
|
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Mr. Korsak Chongsareesakul |
[x] |
Thai |
51 |
|
Mr. Chanint Chongsareesakul |
[x] |
Thai |
46 |
|
Ms. Siriporn Chongsareesakul |
|
Thai |
36 |
AUTHORIZED PERSON
One of the
above directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Chanint Chongsareesakul is
the Managing Director.
He is Thai
nationality with the
age of 46
years old.
Mr. Korsak Chongsareesakul is
the Factory Manager.
He is Thai
nationality with the
age of 51
years old.
Ms. Siriporn
Chongsareesakul is the
General Manager.
She is Thai
nationality with the
age of 36
years old.
Mr. Veerachart
Chongsareesakul is the
Marketing Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject’s activities
are manufacturer, distributor
and exporter of
grinding equipment, such
as grinding stone
sheet, grinding wheel,
etc., for all
kinds of grinding
works.
BRAND NAMES
“FIVE TIGER”, “UNICON”,
“SL. CARBORUNDUM”
PURCHASE
Raw materials are
purchased from both
local and overseas
suppliers in Republic
of China, Germany
and Taiwan.
SALES
The products are
sold locally to
wholesalers and end-users.
EXPORT [COUNTRIES]
The products are
also exported to
Singapore, Malaysia, Indonesia,
Japan, Vietnam and
Hong Kong.
SUBSIDIARY AND
AFFILIATED COMPANY
-
Silacarborundum Co., Ltd. :
Business Type : Manufacturer of grinding stone sheet
- G.C. Fine
Ceramics Co., Ltd. :
Business Type
: Manufacturer of
ceramic products
- SL Group
[
Business Type : Refractory.
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.
Exports are against
L/C at sight.
BANKING
Bangkok Bank
Public Co., Ltd. : [Lamlukka
Branch]
EMPLOYMENT
The
subject employs approximately 150
staff [office staff,
sale staff and
factory workers].
LOCATION DETAILS
The
premise is owned
for administrative office
and factory I on
20,000 square meters
plot of land
at the heading
address. Premise is
located in commercial/residential area.
Factory
II is located
at 99/9 Moo
1, T. Banchang,
A. Panthong, Chonburi
20160.
COMMENT
Despite the outlook of domestic industries is
slowing down, subject’s business performance
remains moderate. Demand
of industrial tools, equipment
and machinery were slightly
low, however the
driven market was especially from
maintenance and repairing
services.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 600,000
divided into 6,000
shares of Bht.
100 each.
On
August 11, 1993,
the capital was
increased to Bht. 3,600,000 divided
into 36,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2006]
|
NAME |
HOLDING |
% |
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|
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Mr.
Veerachart Chongsareesakul Nationality: Thai Address : 5/2
Moo 5, Ladswai,
Lamlukka, Pathumthani |
9,000 |
25.00 |
Mr. Korsak
Chongsareesakul
Nationality: Thai Address :
Bangkoknoi, |
8,100 |
22.50 |
|
Mr. Chanint
Chongsareesakul Nationality: Thai Address : 126/96
Moo 9, Bangpai,
Pasicharoen, |
8,000 |
22.22 |
|
Ms. Siriporn
Chongsareesakul Nationality: Thai Address : Bangplad, |
3,600 |
10.00 |
|
Mr. Sila
Chongsareesakul Nationality: Thai Address : 108
Moo 1,
Yantakwa, Trang |
2,700 |
7.50 |
|
Mr. Sorasak
Chongsareesakul Nationality: Thai Address : 239/4
Horpakchai, Muang, Chiangmai |
2,700 |
7.50 |
|
Mrs. Laor
Chongsareesakul Nationality: Thai Address : 126/96
Moo 9, Bangpai,
Pasicharoen, |
1,000 |
2.78 |
|
Mrs. Pannee
Chongsareesakul Nationality: Thai Address :
Bangkoknoi, |
900 |
2.50 |
Total Shareholders
8
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mrs. Suchada Nakyoi
No. 6918
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
528,094.59 |
423,826.83 |
|
Trade Accts. Receivable |
12,796,312.14 |
14,398,997.88 |
|
Inventories [note 1] |
4,658,196.45 |
4,412,556.04 |
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Other Current Assets
|
48,830.59 |
11,316.00 |
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Total Current
Assets |
18,031,433.77 |
19,246,696.75 |
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|
|
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Fixed Assets [note 2] |
33,013,468.59 |
33,043,533.91 |
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Other Assets [note 3] |
186,545.45 |
186,545.45 |
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Total Assets
|
51,231,447.81 |
52,476,776.11 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
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|
|
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Bank Overdraft &
Short Term Loan
from Financial Institute |
24,239,269.48 |
21,431,140.25 |
|
Trade Accts. & Notes
Payable [note 4] |
7,093,147.05 |
8,154,738.02 |
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Current Portion of Long
Term Loans |
3,000,000.00 |
4,000,000.00 |
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Accrued Expenses |
336,164.36 |
678,127.15 |
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Other Current Liabilities |
176,190.19 |
106,156.98 |
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Total Current
Liabilities |
34,844,771.08 |
34,370,162.40 |
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Other Liabilities |
9,435,324.31 |
11,912,432.71 |
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Total Liabilities |
44,280,095.39 |
46,282,595.11 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 36,000 shares |
3,600,000.00 |
3,600,000.00 |
|
Capital Paid |
3,600,000.00 |
3,600,000.00 |
|
Retained Earning -
Unappropriated |
3,351,352.42 |
2,594,181.00 |
|
Total
Shareholders' Equity |
6,951,352.42 |
6,194,181.00 |
|
Total
Liabilities & Shareholders' Equity |
51,231,447.81 |
52,476,776.11 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
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Sales |
70,282,531.41 |
76,604,759.70 |
|
Other Income |
200.23 |
64,787.67 |
|
Total Revenues
|
70,282,731.64 |
76,669,547.37 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
57,193,366.90 |
66,262,522.97 |
|
Selling & Administrative Expenses |
10,876,647.14 |
8,798,278.12 |
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Total Expenses |
68,070,014.04 |
75,060,801.09 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
2,212,717.60 |
1,608,746.28 |
|
Interest Expenses |
[1,259,326.71] |
[647,247.03] |
|
Income Tax |
[196,219.47] |
[144,468.32] |
|
Net Profit / [Loss] |
757,171.42 |
817,030.93 |
FINANCIAL NOTES
Note 1
: Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Raw Material |
1,283,423.52 |
1,079,735.56 |
|
Inventories |
3,177,751.35 |
3,173,897.53 |
|
Material Supplies |
197,021.58 |
122,894.95 |
|
Packaging |
- |
36,028.00 |
|
Total |
4,658,196.45 |
4,412,556.04 |
Note 2
: Fixed Assets
|
|
2005 |
|
|
|
|
|
18,119,619.10 |
|
Office Automation |
412,820.62 |
|
Hand Tools |
1,878,678.62 |
|
Furniture & Equipment |
2,060,699.44 |
|
Machinery & Equipment |
9,632,810.56 |
|
Vehicle |
908,840.25 |
|
Total |
33,013,468.59 |
Note 3
: Other Assets
|
|
2005 |
2004 |
|
|
|
|
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Prepaid Income Tax |
60,545.45 |
60,545.45 |
|
Telephone Guarantee |
6,000.00 |
6,000.00 |
|
Deposit |
120,000.00 |
120,000.00 |
|
Total |
186,545.45 |
186,545.45 |
Note 4
: Trade Accounts
& Notes Payable
|
|
2005 |
2004 |
|
|
|
|
|
Trade Accounts Payable |
6,735,763.85 |
7,975,413.56 |
|
Notes Payable |
357,383.20 |
179,324.46 |
|
Total |
7,093,147.05 |
8,154,738.02 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Sales |
[8.25] |
|
|
Operating |
49.92 |
|
|
Net Profit |
[7.33] |
|
|
Fixed Assets |
[0.09] |
|
|
Total Assets |
[2.37] |
|
|
Profitability |
|
|
|
Cost of Goods
Sold |
81.38 |
86.50 |
|
Operating Profit Margin |
3.15 |
2.10 |
|
S&A expenses |
15.48 |
11.49 |
|
Interest |
1.79 |
0.84 |
|
Other Revenues |
0.00 |
0.08 |
|
Net Profit Margin |
1.08 |
1.07 |
|
Earning Per Shares |
21.03 |
22.70 |
|
No. of Shares |
36,000 |
36,000 |
Net Sales was decreased by 8.25%, Operating Profit was increased by 49.92%, Net Profit was decreased by 7.33%, Fixed Assets was decreased by 0.09%, Total Assets was decreased by 2.37%.
Compare each cost with sales, Cost of Goods Sold was decreased from 86.50% to 81.38%, Operating Profit Margin was increased from 2.10% to 3.15%, S & A Expenses were increased from 11.49% to 15.48%, Interest Paid was increased from 0.84% to 1.79%, Other Revenues was decreased from 0.08% to 0.00%, Net Profit Margin was increased from 1.07% to 1.08%.
Earning Per Shares
was decreased from
23 baht per
share to 22
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.52 |
0.56 |
|
Quick - assets ratio |
0.38 |
0.43 |
Current Ratio was
decreased from 0.56
to 0.52, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
and Quick-assets Ratio was
decreased from 0.43
to 0.38, capacity
to pay Short
Term Loan was
not good too,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
6.37 |
7.47 |
|
Times Interest Earned |
1.76 |
2.49 |
D/E Ratio was decreased from 7.47 to 6.37, show the company had fund from Loan more than fund from Equity, investment risked of the company is high and Times Interest Earned was decreased from 2.49 to 1.76, capacity to pay interest paid was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
2.13 |
2.32 |
|
Total Assets Turnover |
1.37 |
1.46 |
|
Return on Assets |
1.48 |
1.56 |
|
Return on Equity |
10.89 |
13.19 |
|
Day’s Payable |
36.33 |
38.32 |
|
Day’s Inventories |
23.86 |
20.74 |
|
Days’ Receivables |
65.55 |
67.67 |
Fixed Assets Turnover was decreased from 2.32 times to 2.13 times, Total Assets Turnover was decreased from 1.46 times to 1.37 times, show the company could not use Assets so efficiently, and Return on Assets was decreased from 1.56 to 1.48, Return on Equity was decreased from 13.19 to 10.89, capacity to use Assets to make profit was not good.
Day’s Payable was
decreased from 39
days to 37
days, while Day’s
Inventories was increased
from 21 days
to 24 days,
but Day’s Receivables
was decreased from
68 days to
66 days.
RATING EXPLANATIONS
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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 |
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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%)