MIRA
INFORM REPORT
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Report Date : |
22.10.2007 |
IDENTIFICATION DETAILS
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Name : |
INDEX INTERFURN CO., LTD. |
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Formerly Known As : |
BANGKOK INTERFURN CO., LTD. |
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Registered Office : |
43/13 Moo 7,
Soi 50, Rama
2 Road, Samaedam, Bangkhunthien, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1983 |
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Com. Reg. No.: |
0105526037184 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing wide
range of household
steel and wooden
furniture products |
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
INDEX INTERFURN CO., LTD.
FORMER
BANGKOK INTERFURN CO., LTD.
SUMMARY
BUSINESS ADDRESS : 43/13
MOO 7, SOI
50, RAMA 2
ROAD, SAMAEDAM,
BANGKHUNTHIEN,
TELEPHONE : [66] 2415-0077,
2898-4488
FAX : [66] 2415-7399,
2898-4411
E-MAIL ADDRESS : info@index-interfurn.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1983
REGISTRATION NO. : 0105526037184
CAPITAL
REGISTERED : BHT.
200,000,000
CAPITAL
PAID-UP : BHT.
200,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PISITH PATTAMASATAYASONTHI, THAI
PRESIDENT AND
CHIEF EXECUTIVE OFFICER GROUP
NO. OF
STAFF : 1,500
LINES OF
BUSINESS : HOUSEHOLD STEEL
AND WOODEN FURNITURE
PRODUCTS
MANUFACTURER, DISTRIBUTOR AND
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 September 7,
1983 as a
private limited company under
the originally registered
name “Bangkok Interfurn Co.,
Ltd.”, by Thai
groups. On July
1, 2005, subject
was changed its name
to be INDEX
INTERFURN CO., LTD.
Its business objective
is a manufacture
wide range of
household steel and
wooden furniture for
both domestic and
international markets. It
currently employs approximately
1,500 staff. It
is a member
of Bangkok Interfurn
group of companies,
the Thailand’s leading
company in furniture
industry.
The
subject’s registered address
is 43/13 Moo
17, Rama 2
Rd., Samaedam, Bangkhunthien, Bangkok
10150, 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. Pisith Pattamasatayasonthi |
[x] |
Thai |
59 |
|
Ms. Jarinthorn
Pattamasatayasonthi |
[x] |
Thai |
31 |
|
Mr. Yingyos Udommahantisuk |
|
Thai |
56 |
|
Mrs. Khanthong Udommahantisuk |
[x] |
Thai |
54 |
AUTHORIZED PERSON
Any of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Pisith Pattamasatayasonthi is
the President and
Chief Executive Officer
Group.
He is Thai
nationality with the
age of 59
years old.
Mrs.
Khanthong Udommahantisuk is
the Vice President
Group
She is Thai
nationality with the
age of 54
years old.
Mr. Yingyos Udommahantisuk is
the General Manager.
He is Thai
nationality with the
age of 56 years old.
Mr. Preecha Phipatkusolsuk is
the Group Export
Manager.
He is Thai
nationality.
Mr. Prasith is
the Factory Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
wide range of household
steel and wooden
furniture products, such
as follows:
·
Bedroom room
: beds, night tables,
dressing tables, wardrobes,
etc.
·
Living room
: coffee tables, side
tables, sideboards, show
cabinets, etc.
·
Dining room
: dining tables, dining
chairs, buffet cabinets,
etc.
·
Kid
Furniture : beds, wardrobes,
tables, chairs & shelves, etc.
·
Kitchen room
: compact kitchen set,
kitchen trolleys, etc.
·
Home office
: tables, chairs, cabinets,
shelf & series
·
Occasional
outdoors : tables, chairs, outdoor
set, etc.
·
Cash & Carry : cloth hanger,
stools, shoe cabinets,
etc.
·
Home
accessory
MAJOR BRANDS
“INDEX”, “AKABA”
PURCHASE
Most of raw
materials and accessories
are purchased from
local suppliers, and
the remaining is
imported from Spain,
United Kingdom and
U.S.A.
SALES
The product is
marketed locally through
Index Living Mall
Co., Ltd., the
related company, and
the remaining is
exported directly to Japan, U.S.A.,
Europe, Indonesia, Vietnam,
Brunei, Iran, Sri
Lanka, Saudi Arabia,
Maldives and etc.
RELATED AND
AFFILIATED COMPANY
Index Living
Mall Co., Ltd.
Business Type :
Marketing of furniture
products.
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
Kasikornbank Public Co.,
Ltd.
Bank of Ayudhya
Public Co., Ltd.
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 1,500
office staff and
factory workers.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
and warehouse are
located at 99-99/1-2
Moo 5, Ekachai
Rd., Kokkham, Muang,
Samutsakorn 74000. Tel. : [66] 34 834-499,
Fax. : [66] 34 834-527-8.
COMMENT
The subject
is a leading
manufacturer of home
and office furniture
made from both steel
and wooden. The
subject supplies its
products in domestic
market through over
100 outlets nationwide
as well as
world renowned clienteles
in all continents. More
over theatre chairs
for movies chain in
domestic market like
SP CINEMA CITY
also supplied by the
subject.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 500,000 divided
into 500 shares
of Bht. 1,000
each.
The
capital was increased
later as following:
Bht. 30,000,000
on December 25,
1995
Bht. 60,000,000
on December 13, 1996
Bht. 100,000,000
on October 8,
1998
Bht. 200,000,000
on November 17,
1999
The
latest registered capital
was increased to
Bht. 200 million divided
into 200,000 shares
of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE :
[as at
April 30,
2007]
|
NAME |
HOLDING |
% |
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Mr. Pisith Pattamasatayasonthi Nationality: Thai Address : 43/15
Moo 7, Rama
2 Rd., Samaedam,
Bangkhunthien, |
60,000 |
30.00 |
|
Mrs.
Khanthong Udommahantisuk Nationality: Thai Address : 43/13
Moo 7, Rama
2 Rd., Samaedam,
Bangkhunthien, |
59,998 |
30.00 |
|
Ms.
Jarinthorn Pattamasatayasonthi Nationality: Thai Address : 43/13
Moo 7, Rama
2 Rd., Samaedam,
Bangkhunthien, |
20,000 |
10.00 |
|
Ms.
Pichapim Pattamasatayasonthi Nationality: Thai Address : 43/13
Moo 7, Rama
2 Rd., Samaedam,
Bangkhunthien, |
20,000 |
10.00 |
|
Mr. Ekalak Pattamasatayasonthi Nationality: Thai Address : 43/13
Moo 7, Rama
2 Rd., Samaedam,
Bangkhunthien, |
20,000 |
10.00 |
|
Mr. Ekarith Pattamasatayasonthi Nationality: Thai Address : 43/13
Moo 7, Rama
2 Rd., Samaedam,
Bangkhunthien, |
20,000 |
10.00 |
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Mr. Yingyos Udommahantisuk Nationality: Thai Address : Yannawa, |
2 |
- |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mrs. Amporn
Sotsathitsawapark No. 3486
BALANCE SHEET
[BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
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Cash in hand
& at Bank
|
2,208,653.65 |
61,571,886.51 |
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Short Term Investment |
26,885,458.19 |
16,478,278.13 |
|
Trade Accts. Receivable |
189,194,791.10 |
146,680,784.04 |
|
Inventories |
194,814,748.15 |
247,393,387.64 |
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Other Current Assets
|
27,482,408.73 |
29,248,758.84 |
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Total Current
Assets |
440,586,059.82 |
501,373,095.16 |
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Other Long Term Investment |
58,119,700.00 |
52,717,500.00 |
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Fixed Assets |
468,777,665.90 |
541,712,763.57 |
|
Intangible Assets |
2,273,705.22 |
3,777,277.73 |
|
Other Assets |
26,366,563.64 |
15,399,155.34 |
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Total Assets
|
996,123,694.58 |
1,114,979,791.80 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
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|
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Bank Overdraft &
Short Term Loan
from Financial institute |
143,217,707.16 |
143,596,419.41 |
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Trade Accts. Payable |
257,638,146.28 |
380,504,104.35 |
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Current Portion of Long
Term Loans |
36,000,000.00 |
36,000,000.00 |
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Other Current Liabilities |
44,703,836.54 |
50,359,300.59 |
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Total Current
Liabilities |
481,559,689.98 |
610,459,824.35 |
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Other Long Term Loan |
20,560,000.00 |
42,260,000.00 |
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Total Liabilities |
502,119,689.98 |
652,719,824.35 |
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Shareholders'
Equity |
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Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 200,000 shares |
200,000,000.00 |
200,000,000.00 |
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Capital Paid |
200,000,000.00 |
200,000,000.00 |
|
Statutory Reserve |
20,000,000.00 |
20,000,000.00 |
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Retained Earning -
Unappropriated |
274,004,004.60 |
242,259,967.45 |
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Total
Shareholders' Equity |
494,004,004.60 |
462,259,967.45 |
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Total Liabilities &
Shareholders' Equity |
996,123,694.58 |
1,114,979,791.80 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
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Sales-Local |
148,703,791.83 |
305,047,085.59 |
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Sales-Foreign |
2,063,231,597.30 |
2,427,254,563.22 |
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Other Income |
38,765,269.00 |
51,915,648.58 |
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Total Revenues
|
2,250,700,658.13 |
2,784,217,297.39 |
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Expenses |
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Cost of Goods
Sold |
1,935,132,747.41 |
2,424,032,438.55 |
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Selling & Administrative Expenses |
255,083,699.88 |
289,105,580.37 |
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Total Expenses |
2,190,216,447.29 |
2,713,138,018.92 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
60,484,210.84 |
71,079,278.47 |
|
Interest Expenses |
[14,475,499.42] |
[10,516,949.71] |
|
Income Tax |
[14,264,674.27] |
[19,978,390.20] |
|
Net Profit / [Loss] |
31,744,037.15 |
40,583,938.56 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[19.04] |
|
|
Operating Profit |
5.11 |
|
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Net Profit |
[21.78] |
|
|
Fixed Assets |
[13.46] |
|
|
Total Assets |
[10.66] |
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Profitability |
|
|
|
Cost of Good
Sold |
87.49 |
88.72 |
|
Operating Profit Margin |
2.73 |
2.60 |
|
S & A
Expenses |
11.53 |
10.58 |
|
Interest Paid |
0.65 |
0.38 |
|
Other Revenues |
1.75 |
1.90 |
|
Net Profit Margin |
1.44 |
1.49 |
|
Earning Per Shares |
158.72 |
202.92 |
|
No. of Shares |
200,000 |
200,000 |
Net Sales was
decreased by 19.04%,
Operating Profit was
increased by 5.11%,
Net Profit was
decreased by 21.78%,
Fixed Assets was
decreased by 13.46%,
Total Assets was
decreased by 10.66%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 88.72%
to 87.49%, Operating
Profit Margin was
increased from 2.60%
to 2.73%, S
& A Expenses
was increased from
10.58% to 11.53%,
Interest Paid was increased
from 0.38% to
0.65%, Other Revenues
was decreased from
1.90% to 1.75%,
Net Profit Margin
was decreased from
1.49% to 1.44%.
Earning Per Shares
was decreased from
202.92 baht per
share to 158.72
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.91 |
0.82 |
|
Quick-Assets Ratio |
0.45 |
0.37 |
Current Ratio was
increased from 0.82 to 0.91,
show Current Assets
can not cover
Current Liabilities, Liquidity
Ratio of the
company was not
good, Quick-Assets Ratio
was increased from
0.37 to 0.45,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
1.02 |
1.41 |
|
Times Interest Earned |
4.18 |
6.76 |
D/E Ratio was
decreased from 1.41
to 1.02, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was decreased from
6.76 to 4.18,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
4.72 |
5.04 |
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Total Assets Turnover |
2.22 |
2.45 |
|
Return on Assets |
3.19 |
3.64 |
|
Return on Equity |
6.43 |
8.78 |
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Day's Payable |
41.93 |
50.13 |
|
Day’s Inventories |
31.71 |
32.60 |
|
Day’s Receivables |
30.79 |
19.33 |
Fixed Assets Turnover
was decreased from
5.04 times to
4.72 times, Total
Assets Turnover was
decreased from 2.45
times to 2.22
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 3.64 to
3.19, Return on
Equity was decreased
from 8.78 to
6.43, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 51
days to 42
days, and Day’s
Inventories was decreased
from 33 days
to 32 days,
while Day’s Receivables
was increased from
20 days to
31 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. |
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%)