MIRA
INFORM REPORT
|
Report Date : |
10.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
HOVE D. K. CO., LTD. |
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Registered Office : |
2067 Moo 10, Sukhumvit 107 Road, T.
Samrong Nua, A. Muang, Samutprakarn 10270 |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1987 |
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Com. Reg. No.: |
0115530000338 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Manufacturing Scandinavian style
of laminated bent
rubber wood furniture products. |
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
HOVE D. K. CO., LTD.
SUMMARY
BUSINESS ADDRESS : 2067
MOO 10, SUKHUMVIT
107 ROAD,
T.
SAMRONG NUA, A. MUANG,
SAMUTPRAKARN 10270
TELEPHONE : [66] 2749-9614,
2749-8490
FAX : [66] 2399-4437-8
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1987
REGISTRATION NO. : 0115530000338 [Former : SOR
POR. 836]
CAPITAL
REGISTERED : BHT.
9,240,000
CAPITAL
PAID-UP : BHT.
9,240,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : DR. KULTHORN SILAPABANLENG, THAI
CHIEF EXECUTIVE
OFFICER
NO. OF
STAFF : 280
LINES OF
BUSINESS : LAMINATED RUBBERWOOD
FURNITURES
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 March 9,
1980 as a
private limited company by
a joint venture
between Hove Mobler
A/S, Norway and
D.K. Industry Co.,
Ltd.,
In
1998, the acquisition
of Hove Nobler
A/S by Hjellegjerde
ASA of Norway,
then has become
to the subject’s
major shareholder. However,
the subject currently
becomes a joint
venture between NBV
Co., Ltd., Thailand
and BVI Pte.
Ltd.,
The
subject’s registered address
is 2067 Moo
10, Sukhumvit 107
Rd., Samrong Nua,
Muang, Samutprakarn 10270,
and this is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Dr. Kulthorn Silapabanleng |
[x] |
Thai |
63 |
|
Mr. Yosathorn Silapabanleng |
[x] |
Thai |
31 |
|
Mr. Poolwit Dhanasupsomboon |
|
Thai |
65 |
|
Mr. Bjorn Henriksen |
|
Norwegian |
62 |
|
Mr. Harold Osvik |
|
Norwegian |
64 |
AUTHORIZED PERSON
One of the
mentioned directors [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Dr. Kulthorn Silapabanleng is
the Chief Executive
Officer.
He is Thai
nationality with the
age of 63
years old.
Mr. Yosathorn Silapabanleng is
the Logistics & General Manager.
He is Thai
nationality with the
age of 31
years old.
Ms. Suwanee Sajjathai
is the Assistant
to CEO.
She is Thai
nationality.
Mr. Anun Kamton
is the Accounting & Finance Manager.
He is Thai
nationality.
Mr. Chamlong Denduangboripant is
the Manufacturing Director.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
Scandinavian style of
laminated bent rubber wood
furniture products. Its
product includes senior
chairs, Beo tables,
living goods, structable
chairs, OEM components, and
etc., under its
owns brand name “HOVE
DK”.
PURCHASE
100% of its
raw material and
accessories are purchased
from local supplier.
EXPORT
80% of the
products is exported
to U.S.A., Japan,
Norway, Singapore, Hong
Kong and European
countries.
SALES [LOCAL]
20%
of the products
is sold locally
by wholesale to
dealers.
RELATED AND
AFFILIATED COMPANY
Cateno Co.,
Ltd.
Business Type : Design and
application development service.
IMG Asia
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 by
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
280 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
and warehouse are
located at 81/1
Moo 3, T. Theparach,
A. Banpho, Chachoengsao 24140.
Tel : [66] 38 525-661-3,
Fax. : [66] 38 525-705.
REMARK
CREDIT
OF EUR 20,000 SHOULD
BE IN ORDER.
COMMENT
Drawing
from its vast
reservoir of knowledge
in production technology
and marketing experience,
the Hjellegjerde Group
is optimistic about
facing the highly-competitive global
business environment.
Currently,
the group maintains
modern manufacturing facilities
in Norway and
Thailand.
The
company is doing
good business and expanding
steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 1,000
shares of Bht. 1,000 each.
The
capital was increased
later as following:
Bht. 3,000,000
on December 9,
1987
Bht. 6,000,000
on December 27,
1988
Bht. 7,200,000
on May 7,
1999
Bht. 9,240,000
on August 13,
2002
The
latest registered capital
was increased to
Bht. 9,240,000 divided into
9,240 shares of
Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
October 25,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
NBV Co.,
Ltd. Nationality: Thai Address : 81/2
Moo 3, T.Theparach, A. Banpho,
Chachoengsao |
4,320 |
46.75 |
|
BVI Pte.
Ltd. Nationality: Singaporean Address : |
2,040 |
22.08 |
|
Mr.
Yosathorn Silapabanleng Nationality: Thai Address : 56
Sukhumvit 39 Rd.,
Klongtonnua, Wattana, |
1,643 |
17.78 |
|
Mr. Harold Osvik Nationality: Norwegian Address : |
300 |
3.25 |
|
Mr. Poolwit Dhanasupsomboon Nationality: Thai Address : 984/49
Sukhumvit 71 Rd.,
Klongtonnua, Wattana, |
300 |
3.25 |
|
Mr. Bjorn Henriksen Nationality: Norwegian Address : |
240 |
2.60 |
|
Ms.
Ornpreeya Silapabanleng Nationality: Thai Address : 56
Sukhumvit 39 Rd.,
Klongtonnua, Wattana, |
231 |
2.50 |
|
Mrs.
Yayeesrichalerm Silapabanleng Nationality: Thai Address : 56
Sukhumvit 39 Rd.,
Klongtonnua, Wattana, |
100 |
1.08 |
|
Dr.
Kulthorn Silapabanleng Nationality: Thai Address : 56
Sukhumvit 39 Rd.,
Klongtonnua, Wattana, |
66 |
0.71 |
Total Shareholders
9
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Suree Tinnakul No.
2150
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]
|
237,664.52 |
316,891.89 |
|
Short-term Investment |
20,146,964.21 |
2,074,279.04 |
|
Trade Accts. Receivable [note 2] |
50,415,082.74 |
21,408,397.21 |
|
Short-term Loan to
Related Companies |
2,084,089.10 |
14,000,000.00 |
|
Loan to Employees |
339,757.51 |
295,674.57 |
|
Inventories |
16,931,208.73 |
18,500,747.51 |
|
Other Current Assets
|
2,091,840.43 |
3,191,999.50 |
|
|
|
|
|
Total Current
Assets |
92,246,607.24 |
59,787,989.72 |
|
Fixed Assets |
84,072,621.12 |
79,267,789.93 |
|
Other Assets |
802,784.05 |
940,579.86 |
|
Total Assets
|
177,122,012.41 |
139,996,359.51 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
6,215,745.22 |
770,129.82 |
|
Trade Accts. Payable |
40,526,781.54 |
32,851,332.60 |
|
Current Portion of
Hire-purchase Payable |
767,513.00 |
587,508.00 |
|
Accrued Income Tax |
5,895,693.64 |
5,393,029.59 |
|
Accrued Expenses |
209,576.00 |
304,006.99 |
|
Other Current Liabilities |
959,216.72 |
1,122,970.66 |
|
|
|
|
|
Total Current
Liabilities |
54,574,526.12 |
41,028,977.66 |
|
Hire-purchase Payable |
670,663.00 |
800,016.00 |
|
Total Liabilities |
55,245,189.12 |
41,828,993.66 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share capital
9,240 shares |
9,240,000.00 |
9,240,000.00 |
|
|
|
|
|
Capital Paid |
9,240,000.00 |
9,240,000.00 |
|
Premium on Share
Capital |
3,085,572.00 |
3,085,572.00 |
|
Retained Earning Appropriated for
Statutory Reserve |
924,000.00 |
924,000.00 |
|
Unappropriated |
108,627,251.29 |
84,917,793.85 |
|
Total
Shareholders' Equity |
121,876,823.29 |
98,167,365.85 |
|
Total
Liabilities & Shareholders' Equity |
177,122,012.41 |
139,996,359.51 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
258,705,122.82 |
213,851,881.47 |
|
Other Income |
10,823,596.40 |
13,233,940.54 |
|
Total Revenues
|
269,528,719.22 |
227,085,822.01 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
211,245,311.16 |
166,181,402.15 |
|
Selling & Administrative Expenses |
23,802,786.56 |
27,016,451.82 |
|
Total Expenses |
235,048,097.72 |
193,197,853.97 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses &
Income Tax |
34,480,621.50 |
33,887,968.04 |
|
Interest Expenses |
[235,784.65] |
[112,654.17] |
|
Income Tax |
[10,535,379.41] |
[10,417,873.00] |
|
|
|
|
|
Net Profit / [Loss] |
23,709,457.44 |
23,357,440.87 |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at
Bank
|
|
2005 |
2004 |
|
|
|
|
|
Cash in hand |
20,000.00 |
20,000.00 |
|
Tax Card |
121,063.81 |
199,978.40 |
|
Cash at bank-Current account |
19,400.00 |
19,600.00 |
|
-Saving account |
77,200.71 |
77,313.49 |
|
Total
|
237,664.52 |
316,891.89 |
NOTE 2
Trade Accts Receivable
|
|
2005 |
2004 |
|
|
|
|
|
Trade Accts. Receivable |
50,761,502.30 |
121,593,052.04 |
|
Notes |
- |
161,764.73 |
|
Less: Allowance for
Doubtful Account |
[346,419.56] |
[346,419.56] |
|
Total
|
16,931,208.73 |
21,408,397.21 |
NOTE 3
Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Raw Material |
16,931,208.73 |
14,045,189.55 |
|
Work in Process |
- |
4,455,557.96 |
|
Total
|
16,931,208.73 |
18,500,747.51 |
NOTE 4
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land |
26,171,282.50 |
26,171,282.50 |
|
Building |
32,970,433.08 |
8,022,558.66 |
|
Building under Construction |
6,403,921.99 |
27,834,155.12 |
|
Building Improvement |
2,721,228.11 |
2,660,702.11 |
|
Factory Equipment & Machine
|
25,229,523.04 |
18,980,275.19 |
|
Office Automation |
5,191,480.93 |
4,144,780.66 |
|
Vehicle |
12,673,109.71 |
10,996,992.71 |
|
Total |
111,360,979.36 |
98,810,746.95 |
|
Less: Depreciation |
[27,288,358.24] |
[19,542,957.02] |
|
Total
|
84,072,621.12 |
79,267,789.93 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
20.97 |
|
|
Operating Profit |
[15.89] |
|
|
Net Profit |
1.51 |
|
|
Fixed Assets |
6.06 |
|
|
Total Assets |
26.52 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
81.65 |
77.71 |
|
Operating Profit Margin |
13.33 |
15.85 |
|
S & A
Expenses |
9.20 |
12.63 |
|
Interest Paid |
0.09 |
0.05 |
|
Other Revenues |
4.18 |
6.19 |
|
Net Profit Margin |
9.16 |
10.92 |
|
Earning Per Shares |
2,565.96 |
2,527.86 |
|
No. of Shares |
9,240 |
9,240 |
Net Sales was increased by 20.97%, Operating Profit was decreased by 15.89%, Net Profit was increased by 1.51%, Fixed Assets was increased by 6.06%, Total Assets was increased by 26.52%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 77.71%
to 81.65%, Operating
Profit Margin was
decreased from 15.85%
to 13.33%, S
& A Expenses
was decreased from
12.63% to 9.20%,
Interest Paid was increased
from 0.05% to
0.09%, Other Revenues
was decreased from
6.19% to 4.18%,
Net Profit Margin
was decreased from
10.92% to 9.16%.
Earning Per Shares
was increased from
2,527.86 baht per
share to 2,565.96
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.69 |
1.46 |
|
Quick-Assets Ratio |
1.34 |
0.93 |
Current Ratio was
increased from 1.46
to 1.69, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.93 to 1.34,
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 |
0.45 |
0.43 |
|
Times Interest Earned |
146.24 |
300.81 |
D/E Ratio was
increased from 0.43
to 0.45, 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
300.81 to 146.24,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
3.08 |
2.70 |
|
Total Assets Turnover |
1.46 |
1.53 |
|
Return on Assets |
13.39 |
16.68 |
|
Return on Equity |
19.45 |
23.79 |
|
Day's Payable |
56.39 |
55.30 |
|
Day’s Inventories |
23.56 |
31.14 |
|
Day’s Receivables |
70.15 |
36.04 |
Fixed Assets Turnover
was increased from
2.70 times to
3.08 times, Total Assets Turnover
was decreased from
1.53 times to
1.46 times, show
the company could
use Fixed Assets
so efficiently, Return
on Assets was
decreased from 16.68
to 13.39, Return
on Equity was
decreased from 23.79
to 19.45, capacity
to use Assets
to make profit
was good.
Day's Payable was
increased from 56
days to 57
days, while Day’s
Inventories was decreased
from 32 days
to 24 days,
but Day’s Receivables
was increased from
37 days to
71 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%)