MIRA
INFORM REPORT
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Report Date : |
27.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
SIVA MONGKOL CO., LTD. |
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Registered Office : |
27th Floor,
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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.: |
0105534003544 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing and distributing of
toy products, gift
and premium items,
home appliance products
and others, according
to customer’s requirement. Exporting of Thai’s
products, such as
infant garment, canned
foods and others,
according to customer’s
requirement. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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
SIVA MONGKOL CO., LTD.
SUMMARY
BUSINESS ADDRESS : 27th FLOOR,
OCEAN TOWER II,
75/61 A,
SUKHUMVIT 19 ROAD,
KLONGTOEYNUA,
WATTANA,
TELEPHONE : [66] 2661-7491
FAX : [66] 2661-7492
E-MAIL ADDRESS : nicha@bangkok-living.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1991
REGISTRATION NO. : 0105534003544 [Former : 354/2534]
CAPITAL
REGISTERED : BHT.
5,000,000
CAPITAL
PAID-UP : BHT.
5,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. SAPNA ASHOK
JHANGIANI, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 35
LINES OF
BUSINESS : TRADING COMPANY
IMPORTER, 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 11,
1991 as a private limited
company under the name
style SIVA MONGKOL
CO., LTD., by
Thai and Indian
groups, with the objective
to engage in
international trading business.
It currently employs
35 staff.
The
subject’s registered address
is 75/61 A, Sukhumvit
19 Rd., Klongtoeynua,
Wattana, Bangkok 10110,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Mr. Jirayu Santadas |
[x] |
Thai |
60 |
|
Mrs. Sapna Ashok Jhangiani |
[x] |
Indian |
53 |
|
Mr. Amit Ashok Jhangiani |
[x] |
Thai |
33 |
|
Ms. Teena Jhangiani |
|
Thai |
26 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on
behalf of the subject with
company’s affixed.
MANAGEMENT
Mrs. Sapna Ashok
Jhangiani is the Managing
Director.
She is Indian
nationality with the
age of 53
years old.
Mr. Kraina Kumar
Sarap is the
Business Development Manager.
He is Thai
nationality.
Mr. Wuthinan Singhathai
is the Marketing
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in international
trading business. Its
products consist of:
- Importing and
distributing of toy
products, gift and
premium items, home
appliance
products and
others, according to
customer’s requirement.
- Exporting of
Thai’s products, such
as infant garment,
canned foods and
others,
according to
customer’s requirement.
PURCHASE
The products are
purchased from suppliers
both domestic and
overseas, mainly in
India and Africa.
SALES
The products is
sold to customers
both local and
overseas, mainly in
Africa, Turkey, Hong
Kong and Republic
of China.
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.
Exports are against
L/C at sight
or T/T.
BANKING
Hong Kong
& Shanghai Banking
Corp.
[
EMPLOYMENT
The
subject employs 35
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Showroom
is located at
956 Sukhumvit 71
Rd., Klongtonnua, Wattana,
Bangkok 10110.
COMMENT
The
subject’s sales were
healthy from both
imported and exported
products. Its operating performance
is good and
in progress.
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 following:
Bht. 2,000,000
on May 4,
1992
Bht. 5,000,000
on August 11,
1995
Bht. 6,000,000
on February 23,
1996
On
September 21, 2005,
the capital was
decreased to Bht. 5,000,000 divided
into 50,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
May 9,
2007]
|
NAME |
HOLDING |
% |
|
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|
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Mr. Jirayu Santadas Nationality: Thai Address : |
17,500 |
35.00 |
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Mrs. Sapna Ashok
Jhangiani Nationality: Indian Address : |
12,500 |
25.00 |
|
Ms. Teena Jhangiani Nationality: Thai Address : |
9,000 |
18.00 |
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Mr. Amit Ashok
Jhangiani Nationality: Thai Address : |
8,000 |
16.00 |
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Mr.
Itthichet Prakobkijcharoen Nationality: Thai Address :
4/43 Moo 3, Wattana, |
2,000 |
4.00 |
|
Mr. Raj Ashok
Jhangiani Nationality: Thai Address : |
500 |
1.00 |
|
Mr.
Charoenchai Prakobkijcharoen Nationality: Thai Address : 4/43
Moo 3, Wattana, |
500 |
1.00 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Adirek Supakajornvanich No. 5506
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2005 & 2004
were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
[note 1] |
222,870.42 |
115,474.83 |
|
Trade Accts. Receivable [note 2] |
3,687,740.43 |
1,890,994.93 |
|
Inventories |
5,883,391.37 |
5,799,360.81 |
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Other Current Assets
|
2,193,490.10 |
14,415,196.31 |
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Total Current
Assets |
11,987,492.32 |
22,221,026.88 |
|
Long-term Loan to
Related Person |
37,646,000.00 |
8,990,669.16 |
|
Fixed Assets [note 3] |
15,559,590.95 |
17,175,223.82 |
|
Other Assets |
13,556.00 |
2,107,697.18 |
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Total Assets
|
65,206,639.27 |
50,494,617.04 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
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Bank Overdraft &
Short-term Loan from Bank |
33,481,096.57 |
39,769,724.38 |
|
Trade Accts. Payable |
15,552,386.27 |
862,652.68 |
|
Current Portion of Liabilities
under Hire- purchase Contract |
1,091,985.57 |
1,081,914.12 |
|
Current Portion of
Long-term Loan |
1,509,819.24 |
- |
|
Accrued Income Tax |
173,411.87 |
141,020.94 |
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Accrued Expenses &
Other Current Liabilities |
1,547,461.11 |
1,541,671.73 |
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Total Current
Liabilities |
53,356,160.63 |
43,396,983.85 |
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Liabilities under Hire-purchase Contract
- Net of Current
Portion |
507,307.99 |
1,666,507.88 |
|
Long-term Loan from
Bank - Net
of Current Portion |
6,432,814.33 |
- |
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Total Liabilities |
60,296,282.95 |
45,063,491.73 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 60,000 shares |
6,000,000.00 |
6,000,000.00 |
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Capital Paid |
6,000,000.00 |
6,000,000.00 |
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Unappropriated [Deficit] |
[1,089,643.68] |
[568,874.69] |
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Total
Shareholders' Equity |
4,910,356.32 |
5,431,125.31 |
|
Total
Liabilities & Shareholders' Equity |
65,206,639.27 |
50,494,617.04 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
53,788,698.01 |
43,612,606.38 |
|
Other Income |
11,378.96 |
475,713.00 |
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Total Revenues
|
53,800,076.97 |
44,088,319.38 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
37,519,578.67 |
28,758,946.86 |
|
Selling & Administrative Expenses |
14,036,599.47 |
13,002,935.81 |
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Total Expenses |
51,556,178.14 |
41,761,882.67 |
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|
|
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Profit / [Loss] before
Interest Expenses &
Income Tax |
2,243,898.83 |
2,326,436.71 |
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Interest Expenses |
[2,471,255.95] |
[1,572,157.46] |
|
Income Tax |
[293,411.87] |
[261,020.94] |
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|
|
|
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Net Profit / [Loss] |
[520,768.99] |
493,258.31 |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at
Bank
|
|
2005 |
2004 |
|
|
|
|
|
Cash in hand |
58,127.57 |
73,672.88 |
|
Cash at bank - Saving account |
4,056.06 |
3,054.61 |
|
-
Current account |
108,143.80 |
38,747.34 |
|
-
Fixed account |
52,542.99 |
- |
|
Total
|
222,870.42 |
115,474.83 |
NOTE 2
Trade Accts. Receivable
|
|
2005 |
2004 |
|
|
|
|
|
Trade Accts. Receivable |
4,125,485.36 |
1,890,994.93 |
|
Less: Allowance for
Doubtful Account |
[437,744.93] |
- |
|
Total
|
3,687,740.43 |
1,890,994.93 |
NOTE 3
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Building |
12,337,501.00 |
12,337,501.00 |
|
Office Automation |
1,267,777.02 |
1,075,702.31 |
|
Furniture & Fitting |
715,888.09 |
715,888.09 |
|
Machine & Equipment |
1,325,928.01 |
1,302,928.01 |
|
Vehicle |
4,866,487.49 |
4,574,500.65 |
|
Total |
20,513,581.61 |
20,006,520.06 |
|
Less: Depreciation |
[4,953,990.66] |
[2,831,296.24] |
|
Total
|
15,559,590.95 |
17,175,223.82 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
23.33 |
|
|
Operating Profit |
[21.80] |
|
|
Net Profit |
[205.58] |
|
|
Fixed Assets |
[9.41] |
|
|
Total Assets |
29.14 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
69.75 |
65.94 |
|
Operating Profit Margin |
4.17 |
5.33 |
|
S & A
Expenses |
26.10 |
29.81 |
|
Interest Paid |
4.59 |
3.60 |
|
Other Revenues |
0.02 |
1.09 |
|
Net Profit Margin |
[0.97] |
1.13 |
|
Earning Per Shares |
[8.68] |
8.22 |
|
No. of Shares |
60,000 |
60,000 |
Net Sales was
increased by 23.33%,
Operating Profit was
decreased by 21.80%,
Net Profit was
decreased by 205.58%,
Fixed Assets was
decreased by 9.41%,
Total Assets was
increased by 29.14%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 65.94%
to 69.75%, Operating
Profit Margin was
decreased from 5.33%
to 4.17%, S
& A Expenses
was decreased from
29.81% to 26.10%,
Interest Paid was increased
from 3.60% to
4.59%, Other Revenues
was decreased from
1.09% to 0.02%,
Net Profit Margin
was decreased from
1.13% to -0.97%.
Earning Per Shares
was decreased from
8.22 baht per
share to -8.68
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
0.22 |
0.51 |
|
Quick-Assets Ratio |
0.07 |
0.05 |
Current Ratio was
decreased from 0.51
to 0.22, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
Quick-Assets Ratio was
increased from 0.05
to 0.07, 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 |
12.28 |
8.30 |
|
Times Interest Earned |
0.91 |
1.48 |
D/E Ratio was
increased from 8.30
to 12.28, 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
1.48 to 0.91,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
3.46 |
2.54 |
|
Total Assets Turnover |
0.82 |
0.86 |
|
Return on Assets |
[0.80] |
0.98 |
|
Return on Equity |
[10.61] |
9.08 |
|
Day's Payable |
104.09 |
7.12 |
|
Day’s Inventories |
39.38 |
47.87 |
|
Day’s Receivables |
24.68 |
15.61 |
Fixed Assets
Turnover was increased
from 2.54 times
to 3.46 times,
Total Assets Turnover
was decreased from
0.86 times to
0.82 times, show
the company could
use Fixed Assets
so efficiently, Return
on Assets was
decreased from 0.98
to -0.80, Return
on Equity was
decreased from 9.08
to -10.61, capacity
to use Assets
to make profit
was not good.
Day's Payable was
increased from 8
days to 105
days, while Day’s
Inventories was decreased
from 48 days
to 40 days,
but Day’s Receivables
was increased from
16 days to 25 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%)