MIRA
INFORM REPORT
|
Report Date : |
08.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
COBRA INTERNATIONAL CO., LTD. |
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Registered Office : |
700/478
Amata Nakorn Industrial
Estate, Moo 7, Donhuaroh,
Muang, Chonburi 20000
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1985 |
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Com. Reg. No.: |
0105528005301 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing and exporting
wide range of
fiber reinforced composites
board for water
sports. |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
COBRA INTERNATIONAL CO., LTD.
SUMMARY
BUSINESS ADDRESS : 700/478 AMATA
NAKORN INDUSTRIAL ESTATE,
MOO 7,
DONHUAROH, MUANG,
TELEPHONE : [66] 38
454-219-28
FAX : [66] 38
454-210, 38 454-110,
38 454-216
E-MAIL ADDRESS : cobra@cobrainter.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1985
REGISTRATION NO. : 0105528005301 [Former : 531/2528]
CAPITAL
REGISTERED : BHT.
120,000,000
CAPITAL
PAID-UP : BHT. 120,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
DANU CHOTIKAPANICH, THAI
CHIEF EXECUTIVE
OFFICER
NO. OF
STAFF : 3,897
LINES OF BUSINESS : WINDSURFING BOARDS
& RELATED PRODUCTS
MANUFACTURER &
EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was established on February 11, 1985 as a private limited
company under the name style COBRA
INTERNATIONAL CO., LTD. by Mr. Vorapant Chotikapanich, the company’s
President and majority shareholder, in order to manufacture high-end surfing
boards for export markets. It currently
employs 3,897 staff.
The subject is the leading OEM manufacturer of windsurfing boards with
over 50% of market shares.
It was granted a promotional privilege by Board of Investment of
Thailand, under the promotion certificated no.
5215/2543 since September 2000.
Subject achieved the
ISO 9002 certification on
November 9, 2001.
The subject’s registered
address is 700/478
Moo 7, Amata Nakorn
Industrial Estate, Donhuaroh,
Muang, Chongburi 2000,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vorapant Chotikapanich : Chairman |
[x] |
Thai |
60 |
|
Mr. Prawat Duriyabanleng |
|
Thai |
68 |
|
Mr. Danu Chotikapanich |
|
Thai |
27 |
|
Mr. Supachai Wattanangkul |
|
Thai |
63 |
AUTHORIZED PERSON
One of the
above directors [x]
can sign on
behalf of the subject with
company’s affixed.
MANAGEMENT
Mr. Danu Chotikapanich is
the Chief Executive
Officer.
He is Thai nationality with
the age of
27 years old.
Mr. Prawat
Duriyabanleng is the
Vice President [Operation].
He is Thai
nationality with the
age of 68
years old.
Mr. Supachai Wattanangkul is the
Vice President [Marketing].
He is Thai
nationality with the
age of 63
years old.
Mr. Pierre
Olivier Schnerb is
the Vice President [Technical].
He is French
nationality with the
age of 49
years old.
Mr. Phakin
Prachavanichkul is the
Vice President.
He is Thai
nationality.
Mr. Sombat
Suphasuk is the
Manufacturing 1 Division Manager.
He is Thai
nationality.
Ms. Jitsai
Panyavansiri is the
Purchasing Manager.
She is Thai
nationality.
Ms. Paritta
Jitiyaroon is the
Human Resources Manager.
She is Thai
nationality.
Mr. Suradej
Intaraprawit is the
Manufacturing 2 Division
Manager.
He is Thai
nationality.
Mr. Prathan
Duriyabanleng is the
QA. Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and exporting wide
range of fiber
reinforced composites board
for water sports
including windsurf boards,
surf boards, kiteboards,
wakeboards, water-skis, as
well as sporting
goods, accessories such
as kayaks &
paddles, snowboard bindings,
tent reinforcement battens,
backpack reinforcements and
flames, roller and
ice skate chassis,
mountain bike and
sky dive helmets,
luxury carbon racing
and recreational bike
parts and windsurfing
masts, booms and
fins, motorcycle accessories
& lightweight reinforcements for
camping gears.
The subject also produces
a board range
of custom industrial
composites for its
customers, including trucking
and shipping containers,
lighting fixtures, molded
bathroom units, high
pressure epoxy pipes
and outdoor signage
and overhead shelters.
Its products are
produced under customers’
orders and their
own brands.
MAJOR BRANDS
Company’s owned brand : “COBRA”,
“NSP”, “SOUTH POINT”
Customers’ brands : “TETS”,
“ROXY” and etc.
PRODUCTION
Approximately 300,000 sets/year
IMPORT [COUNTRIES]
60% of raw
materials and accessories
are imported from
Germany, Japan, Italy,
France and Australia.
MAJOR SUPPLIERS
MGS
EXPORT [COUNTRY]
100% of its
products is exported
to Germany, Japan,
Austria, United States
of America, France,
Australia, United Kingdom, Italy,
Netherlands, Switzerland, Western
Samoa, Hong Kong
and etc.
MAJOR CUSTOMERS
- Sonic Australia Pty
Ltd. :
- Boards & More
GmbH :
- Tiki International [Plastic] Pty, Ltd. :
- Bic Sport SA. :
- Hoff SA. :
- APM Sports GmbH :
- Burleigh Heads Co., Ltd. :
- Bruce Wylle International
Company :
- Hifly Sports GmbH :
- Global Surfindustries Inc. :
- & etc.
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.
RELATED/AFFILIATED COMPANIES
- Matcon Fibre
Co., Ltd.
Business Type: Manufacturer
of fiber-reinforced products
- Cobra Engineering
L.P.
Business Type: Manufacturer
of metal plates
- Cobra Mansion
Co., Ltd.
Business Type: Room
service rental business
- Golden Cobra Co., Ltd.
Business Type :
Real Estate business.
CREDIT
Local bills are
paid by cash
or on the
credits term of
30-60-90 days.
Imports are by
L/C at sight
or T/T on
negotiated terms.
Exports are against
L/C on the credits term
of 30-60-90 days.
BUSINESS TRANSACTION
The products are
sold to overseas
customers by credit, with maximum credit
given at 30-90
days. The subject is not found
to have problem on
its account receivable.
BANKING
Kasikornbank Public
Co., Ltd.
[Bangplee Branch :
Bangkok Bank
Public Co., Ltd.
[Chonburi Branch: Muang,
Chonburi 20000]
EMPLOYMENT
The subject employs
3,897 staff. [office
staff and factory
workers]
LOCATION DETAILS
The premise is
owned for administrative office,
factory and warehouse
on 6,400 square meters
of area at
the heading address.
Premise is located
in an industrial
area.
The subject was
relocated its office
from 112 Moo 2,
Kingkaew Rd., Bangplee,
Samutprakarn to the
current address in
September 2000.
COMMENT
The company is the leading and well
known in sailing
products for a long time
with 100% of its
products are for
oversea customers. Since
it has been established a
leadership position in the
world market as well as having the great opportunity to
earn more market share when compared to the other producers, it
has made relationships
with most major
brands in the
world of water sports.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 10,000,000 divided
into 10,000 shares
of Bht. 1,000
each.
The capital was
increased later as
followings:
Bht. 20,000,000
on February 4,
1986
Bht. 40,000,000
on February 25,
1993
Bht. 80,000,000
in 1999
Bht. 100,000,000 on
September 1, 2000
Bht. 120,000,000 on
December 21, 2005
The latest registered
capital was increased
to Bht. 120,000,000
divided into 12,000,000
shares of Bht.
10 each with
fully paid.
MAIN SHAREHOLDERS
: [as at
January 3,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Vorapant
Chotikapanich Nationality: Thai Address : Phyathai, |
10,583,597 |
88.20 |
|
Mr. Reiner
P.R. Burger Nationality: German Address : 700/478 Moo 7,
Donhuaroh, Muang, Chonburi 20000 |
720,000 |
6.00 |
|
Mr. Prawat
Duriyabanleng Nationality: Thai Address : 37 Ramkhamhaeng 44
Rd., Huamark, Bangkapi, |
72,000 |
0.60 |
|
Mr. Sombat
Supasuk Nationality: Thai Address : 17/54 Moo 1,
Kokfak, Nongjok, |
36,000 |
0.30 |
|
Mr. Manop
Pleanseenual Nationality: Thai Address : 5
Moo 12, Bangpleeyai, Bangplee, Samutprakarn |
25,200 |
0.21 |
|
Mr. Andre
Michael Plumb Nationality: German Address : 700/418
Moo 7, Donhuaroh,
Chonburi |
24,000 |
0.20 |
|
Mr. Pierre
Olivier Schnerb Nationality: German Address : 700/418
Moo 7, Donhuaroh,
Chonburi |
24,000 |
0.20 |
|
Others |
515,203 |
4.29 |
Total Shareholders
71
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO. :
Mr. Vichai Jaturanont
No. 1431
BALANCE SHEET
The
latest financial figures
published for December
31, 2005 & 2004
were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
1,692,724.43 |
1,039,352.08 |
|
Trade Accounts Receivable |
|
|
|
- Related company |
212,784,773.62 |
142,644,840.79 |
|
- Other company |
500,170,872.23 |
454,267,452.27 |
|
Other Receivable |
|
|
|
- Sales of Land |
- |
33,000,000.00 |
|
- Other |
9,818,004.50 |
12,261,636.84 |
|
Inventories [note 1] |
585,486,186.82 |
504,811,777.47 |
|
Other Current Assets
|
|
|
|
Advanced Receipt
for Goods |
32,591,559.13 |
55,495,461.86 |
|
Other [note 2] |
12,780,622.37 |
16,667,618.08 |
|
|
|
|
|
Total Current
Assets |
1,355,324,743.10 |
1,220,188,139.39 |
|
Investment in Related Company |
25,789,346.60 |
11,471,930.00 |
|
Long Term Loan
to Person & Related Company |
30,305,722.57 |
28,494,556.00 |
|
Advanced Receipt for
Land |
- |
55,747,420.00 |
|
Fixed Assets |
700,701,052.30 |
524,593,471.69 |
|
Intangible Assets |
1,494,451.12 |
2,489,939.22 |
|
Fixed Deposit [note 3] |
40,562,297.83 |
40,200,637.31 |
|
Other Assets |
2,440,618.42 |
539,368.42 |
|
Total Assets
|
2,156,618,231.94 |
1,883,725,462.03 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
1,114,699,095.56 |
1,143,715,036.03 |
|
Trade Accounts Payable |
|
|
|
- Related company |
1,935,637.74 |
20,086,388.74 |
|
- Other company |
205,948,949.74 |
144,382,613.68 |
|
Current Portion of
Long Term Loan |
63,967,641.42 |
53,427,630.68 |
|
Current Portion of
Contract Liabilities |
1,163,309.03 |
1,745,561.71 |
|
Other Current Liabilities |
153,884,277.13 |
126,698,274.01 |
|
|
|
|
|
Total Current
Liabilities |
1,541,598,910.62 |
1,490,055,504.85 |
|
Long Term Loan
Net of Current
Portion |
282 039 214.37 |
169,973,947.11 |
|
Contract Liabilities Net
of Current Portion |
1 351 919.19 |
1,466,539.67 |
|
Total Liabilities |
1 824 990 044.18 |
1 661 495 991.63 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 12,000,000 &
10,000,000 shares in
2005 & 2004 |
120,000,000.00 |
100,000,000.00 |
|
|
|
|
|
Capital Paid |
120,000,000.00 |
100,000,000.00 |
|
Premium on Share
Capital |
2,400,000.00 |
2,400,000.00 |
|
Statutory Reserve |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning -
Unappropriated |
199,228,187.76 |
109,829,470.40 |
|
Total
Shareholders' Equity |
331,628,187.76 |
222,229,470.40 |
|
Total Liabilities & Shareholders' Equity |
2,156,618,231.94 |
1,883,725,462.03 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
2,647,809,977.35 |
2,267,382,965.32 |
|
Gain on Sales
of Assets |
- |
29,720,209.30 |
|
Gain on Exchange
Rate |
3,767,819.30 |
13,752,034.28 |
|
Other Income |
19,174,118.40 |
16,548,667.72 |
|
Total Revenues
|
2,670,751,915.05 |
2,327,403,876.62 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,080,803,192.24 |
1,698,549,813.95 |
|
Selling & Administrative Expenses |
424,421,673.96 |
450,833,594.95 |
|
Total Expenses |
2,505,224,866.20 |
2,149,383,408.90 |
|
|
|
|
|
Profit / [Loss] before Interest Expenses & Income Tax |
165,527,048.85 |
178,020,467.72 |
|
Interest Expenses |
[56,128,331.49] |
[31,736,785.34] |
|
Income Tax |
- |
[6,849,826.00] |
|
Net Profit / [Loss] |
109,398,717.36 |
139,433,856.38 |
FINANCIAL NOTE
NOTE 1
Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Finished Goods |
305,796,792.24 |
248,199,757.49 |
|
Works in Progress |
87,535,670.81 |
86,778,252.30 |
|
Raw Material |
215,242,621.19 |
195,414,962.68 |
|
Goods in Transit
|
7,795,857.77 |
1,394,440.01 |
|
Material Supplies |
9,590,758.81 |
6,166,898.16 |
|
Total |
625,961,700.82 |
537,954,310.64 |
|
Less: Allowance
for Obsolescent Stock |
[40,475,514.00] |
[33,142,533.17] |
|
Total |
585,486,186.82 |
504,811,777.47 |
NOTE 2
Other Current Assets
|
|
2005 |
2004 |
|
|
|
|
|
Revenue Department Receivable |
6,289,201.57 |
12,188,714.92 |
|
Prepaid Payment |
1,751,019.86 |
1,862,004.56 |
|
Other |
4,740,400.94 |
2,616,898.60 |
|
Total |
12,780,622.37 |
16,667,618.08 |
NOTE 3
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land |
174,715,013.11 |
79,763,772.50 |
|
Building & Improvement |
355,706,403.64 |
316,317,161.63 |
|
Machinery & Equipment |
198,802,976.97 |
183,161,989.54 |
|
Furniture Fixture &
Equipment Factory |
169,180,216.84 |
148,759,724.34 |
|
Vehicle |
28,869,698.44 |
27,229,675.56 |
|
Work in Construction |
87,328,365.80 |
22,671,711.51 |
|
Total |
1,014,602,674.80 |
777,904,035.08 |
|
Less: Depreciation |
[313,901,622.50] |
[253,310,563.39] |
|
Total |
700,701,052.30 |
524,593,471.69 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
16.78 |
|
|
Operating Profit |
[20.38] |
|
|
Net Profit |
[21.54] |
|
|
Fixed Assets |
33.57 |
|
|
Total Assets |
14.49 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
78.59 |
74.91 |
|
Operating Profit Margin |
6.25 |
7.85 |
|
S & A
Expenses |
16.03 |
19.88 |
|
Interest Paid |
2.12 |
1.40 |
|
Other Revenues |
0.87 |
2.65 |
|
Net Profit Margin |
4.13 |
6.15 |
|
Earning Per Shares |
9.12 |
13.94 |
|
No. of Shares |
12,000,000 |
10,000,000 |
Net Sales was
increased by 16.78%,
Operating Profit was
decreased by 20.38%,
Net Profit was
decreased by 21.54%,
Fixed Assets was
increased by 33.57%,
Total Assets was
increased by 14.49%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 74.91%
to 78.59%, Operating
Profit Margin was
decreased from 7.85%
to 6.25%, S
& A Expenses
was decreased from
19.88% to 16.03%,
Interest Paid was increased
from 1.40% to
2.12%, Other Revenues
was decreased from
2.65% to 0.87%,
Net Profit Margin
was decreased from
6.15% to 4.13%.
Earning Per Shares
was decreased from
13.94 baht per share
to 9.12 baht
per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.88 |
0.82 |
|
Quick-Assets Ratio |
0.47 |
0.43 |
Current Ratio was
increased from 0.82
to 0.88, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
Quick-Assets Ratio was
increased from 0.43
to 0.47, 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 |
5.50 |
7.48 |
|
Times Interest Earned |
2.95 |
5.61 |
D/E Ratio was
decreased from 7.48
to 5.50, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was decreased from
5.61 to 2.95,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
3.78 |
4.32 |
|
Total Assets Turnover |
1.23 |
1.20 |
|
Return on Assets |
5.07 |
7.40 |
|
Return on Equity |
32.99 |
62.74 |
|
Day's Payable |
28.00 |
22.92 |
|
Day’s Inventories |
79.60 |
80.15 |
|
Day’s Receivables |
68.00 |
72.13 |
Fixed Assets Turnover
was decreased from
4.32 times to
3.78 times, Total
Assets Turnover was
increased from 1.20
times to 1.23
times, show the
company could use
Assets so efficiently,
Return on Assets
was decreased from
7.40 to 5.07,
Return on Equity
was decreased from
62.74 to 32.99,
capacity to use
Assets to make
profit was so
good.
Day's Payable was
increased from 23
days to 29
days, while Day’s
Inventories was decreased
from 81 days
to 80 days,
and Day’s Receivables
was decreased from
73 days to
69 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 |
|
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%)