MIRA
INFORM REPORT
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Report Date : |
09.05.2007 |
IDENTIFICATION DETAILS
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Name : |
IMG ASIA CO., LTD. |
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Registered Office : |
81/3
Moo 3, T. Theparaj, A. Banpho, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2002 |
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Com. Reg. No.: |
0115545009778 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing,
distributing and exporting
the various kinds
of home furniture |
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
IMG ASIA CO., LTD.
SUMMARY
BUSINESS ADDRESS : 81/3
MOO 3, T. THEPARAJ,
A. BANPHO,
TELEPHONE : [66] 38
525-661-3
FAX : [66] 38
525-705
E-MAIL ADDRESS : hovedk@hovedk.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2002
REGISTRATION NO. : 0115545009778 [Former : 11654500975]
CAPITAL
REGISTERED : BHT.
30,000,000
CAPITAL
PAID-UP : BHT.
30,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KULTHORN SILPABANLENG,
THAI
MANAGING DIRECTOR
NO. OF
STAFF : 250
LINES OF
BUSINESS : FURNITURES
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 November 13,
2002 as a
private limited company under the
name style IMG
ASIA CO., LTD., by Thai
and Norwegian groups
to manufacture the various
kinds of furniture
for both domestic
and international markets.
It currently employs
approximately 250 staff.
It
is a subsidiary of
NBV Co., Ltd.,
The
subject’s registered address
was initially located
at 2067 Moo 10,
Sukhumvit 107 Rd.,
Samrongnua, Muang, Samutprakarn
10270.
On
February 8, 2006,
it was relocated
to 81/3 Moo
3, T. Theparaj, A. Banpho,
Chachoengsao 24140, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Kulthorn Silpabanleng |
|
Thai |
64 |
|
Mr. Yosathorn Silpabanleng |
|
Thai |
31 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Kulthorn Silpabanleng is
the Managing Director
and Factory Manager.
He is Thai nationality with
the age of 64 years
old.
Mr. Anand Tanviriyavorakul is
the Account &
Finance Manager.
He is Thai
nationality.
Mr. Yosathorn Silpabanleng is
the General Manager.
He is Thai
nationality with the
age of 31 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting the
various kinds of
home furniture such
as sofa set, table,
chair, bed set,
shelf, cabinet and
etc.
PURCHASE
100% of its
raw material is
purchased from local
suppliers.
SALES
40% of the
products is sold
locally by wholesale
to dealers.
EXPORT
60% of the
products is exported
to United States
of America, Japan,
Norway and European
countries.
PARENT COMPANIES
NBV Company
Limited
Address : 2067 Moo 15, Samrongnua, Muang, Samutprakarn
SUBSIDIARY AND
AFFILIATED COMPANY
Hove DK
Co., Ltd.
Business Type : Manufacturer of rubber wood furniture
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.
Exports are against
by L/C at
sight or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Samrong Branch :
EMPLOYMENT
The
subject employs approximately
250 office staff
and factory workers.
LOCATION DETAILS
The
premise is owned
for administrative office
and factory at
the heading address.
Premise is located
in upcountry.
REMARK
CREDIT
OF EUR 20,000
SHOULD BE IN
ORDER.
COMMENT
The maker of home furniture still has
potential as domestic consumption remains steady from new home buyers. While
export market would be tough as the products prices from Thai producers are
higher than those made by Chinese producer in international markets. However, Thai products would have
strong competitive if they were at high
quality, which could serve high- end market.
The subject’s production improvement and development would support
its growth in export markets.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000
divided into 100,000
shares of Bht. 100
each.
The
capital was increased
later as follows:
Bht. 20,000,000
on November 2,
2005
Bht. 30,000,000
in 2006
The
latest registered capital
was increased to
Bht. 30,000,000 divided into
300,000 shares of
Bht. 100 each with
fully paid.
MAIN SHAREHOLDERS
: [as at
May 19,
2006]
|
NAME |
HOLDING |
% |
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|
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NBV Company
Limited Nationality: Thai Address : 2067
Moo 15, Samrongnua, Muang,
Samutprakarn |
247,491 |
82.49 |
|
Mr. Lar Inge
Zolnodal Nationality: Norwegian Address : |
15,000 |
5.00 |
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Mr. Poolwit Thanasapsomboon Nationality: Thai Address : 984/49
Sukhumvit 71 Rd., Klongton Nua, Wattana, |
15,000 |
5.00 |
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Mr.
Thanapol Thanasapsomboon Nationality: Thai Address : 8
Sukhumvit 71 Rd., Klongton Nua,
Wattana, |
15,000 |
5.00 |
|
Mr. Bjorn Henricksen Nationality: Norwegian Address : |
7,500 |
2.50 |
|
Mr.
Kulthorn Silpabanleng Nationality: Thai Address : 56
Sukhumvit 39 Rd.,
Klongtonnua,
Wattana, |
3 |
|
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Mr.
Yosathorn Silpabanleng Nationality: Thai Address : 56
Sukhumvit 39 Rd.,
Klongtonnua,
Wattana, |
3 |
0.01 |
|
Ms. Ornpreeya
Silpabanleng Nationality: Thai Address : 56
Sukhumvit 39 Rd.,
Klongtonnua,
Wattana, |
3 |
|
Total Shareholders
8
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Suree Tinnatrakul No.
2150
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
[note 1] |
6,074,768.01 |
819,447.99 |
|
Trade Accts. Receivable |
32,931,178.46 |
13,924,719.29 |
|
Inventories [note 2] |
21,461,375.51 |
8,251,174.67 |
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Other Current Assets
|
2,419,955.08 |
282,626.82 |
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Total Current
Assets |
62,887,277.06 |
23,277,968.77 |
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Fixed Assets [note 3] |
10,809,038.03 |
5,272,803.00 |
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Guarantee |
694,000.00 |
904,000.00 |
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Total Assets
|
74,390,315.09 |
29,454,771.77 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
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|
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Trade Accts. Payable |
34,585,652.92 |
10,313,364.83 |
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Short Term Loan
from Related Company |
2,000,000.00 |
- |
|
Accrued Expenses |
1,869,614.68 |
748,122.31 |
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Other Current Liabilities |
166,136.51 |
169,244.17 |
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Total Current
Liabilities |
38,621,404.11 |
11,230,731.31 |
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Total Liabilities |
38,621,404.11 |
11,230,731.31 |
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Shareholders'
Equity |
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Share capital : Baht 100 par
value authorized, issued
and fully paid share
capital 200,000 shares |
20,000,000.00 |
20,000,000.00 |
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Capital Paid |
20,000,000.00 |
20,000,000.00 |
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Retained Earning -
Unappropriated |
15,768,910.98 |
8,224,040.46 |
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Total
Shareholders' Equity |
35,768,910.98 |
18,224,040.46 |
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Total
Liabilities & Shareholders' Equity |
74,390,315.09 |
29,454,771.77 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
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Sales |
108,844,942.31 |
62,459,210.61 |
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Other Income |
1,808,814.14 |
827,913.24 |
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Total Revenues
|
110,653,756.45 |
63,287,123.85 |
|
Expenses |
|
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Cost of Goods
Sold |
90,375,211.84 |
52,467,363.25 |
|
Selling & Administrative Expenses |
9,353,952.96 |
4,861,142.71 |
|
Total Expenses |
99,729,164.80 |
57,328,505.96 |
|
Profit / [Loss] Before Income
Tax |
10,924,591.65 |
5,958,617.89 |
|
Income Tax |
[3,379,721.13] |
[1,793,378.00] |
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Net Profit / [Loss] |
7,544,870.52 |
4,165,239.89 |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at
Bank
|
|
2005 |
2004 |
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Cash in hand |
20,000.00 |
20,000.00 |
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Cash at bank-current account |
6,005,093.16 |
- |
|
-saving account |
49,674.85 |
799,447.99 |
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Total
|
6,074,768.01 |
819,447.99 |
NOTE 2
Inventories
|
|
2005 |
2004 |
|
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Raw Material |
18,339,236.49 |
6,995,159.82 |
|
Finished Goods |
1,977,046.42 |
456,836.49 |
|
Works in Process |
1,145,092.60 |
799,178.36 |
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Total
|
21,461,375.51 |
8,251,174.67 |
NOTE 3
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
|
5,575,730.72 |
808,969.64 |
|
Office Automation |
694,529.42 |
330,968.67 |
|
Furniture & Fitting |
639,207.00 |
146,220.71 |
|
Factory Machine |
5,582,569.67 |
3,985,069.67 |
|
Factory Equipment |
836,118.71 |
608,662.20 |
|
Factory Electrical |
1,059,542.00 |
1,059,542.00 |
|
Vehicle |
880,000.00 |
800,000.00 |
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Total |
15,267,697.52 |
7,739,432.89 |
|
Less: Depreciation |
[4,458,659.49] |
[2,466,629.89] |
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Total
|
10,809,038.03 |
5,272,803.00 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
74.27 |
|
|
Operating Profit |
5.21 |
|
|
Net Profit |
81.14 |
|
|
Fixed Assets |
105.00 |
|
|
Total Assets |
152.56 |
|
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Profitability |
|
|
|
Cost of Good
Sold |
83.03 |
84.00 |
|
Operating Profit Margin |
10.04 |
9.54 |
|
S & A Expenses |
8.59 |
7.78 |
|
Other Revenues |
1.66 |
1.33 |
|
Net Profit Margin |
6.93 |
6.67 |
|
Earning Per Shares |
37.72 |
20.83 |
|
No. of Shares |
200,000 |
200,000 |
Net Sales was
increased by 74.27%,
Operating Profit was
increased by 5.21%,
Net Profit was
increased by 81.14%,
Fixed Assets was
increased by 105.00%,
Total Assets was
increased by 152.56%.
Compare each cost
with sales, Cost of
Good Sold was decreased from
84.00% to 83.03%,
Operating Profit Margin
was increased from
9.54% to 10.04%,
S & A
Expenses was increased
from 7.78% to
8.59%, Other Revenues
was increased from
1.33% to 1.66%,
Net Profit Margin
was increased from
6.67% to 6.93%.
Earning Per Shares
was increased from
20.83 baht per
share to 37.72
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.63 |
2.07 |
|
Quick-Assets Ratio |
1.01 |
1.31 |
Current Ratio was
decreased from 2.07
to 1.63, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
1.31 to 1.01,
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 |
1.08 |
0.62 |
D/E Ratio was
increased from 0.62
to 1.08, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
10.07 |
11.85 |
|
Total Assets Turnover |
1.46 |
2.12 |
|
Return on Assets |
10.14 |
14.14 |
|
Return on Equity |
21.09 |
22.86 |
|
Day's Payable |
114.39 |
59.44 |
|
Day’s Inventories |
70.98 |
47.56 |
|
Day’s Receivables |
108.92 |
80.26 |
Fixed Assets Turnover
was decreased from
11.85 times to
10.07 times, Total
Assets Turnover was
decreased from 2.12
times to 1.46
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased from
14.14 to 10.14,
Return on Equity
was decreased from
22.86 to 21.09,
capacity to use
Assets to make
profit was good.
Day's Payable was
increased from 60
days to 115
days, Day’s Inventories
was increased from
48 days to
71 days, and
Day’s Receivables was
increased from 81
days to 109
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 |
|
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%)