MIRA
INFORM REPORT
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Report Date : |
25.10.2007 |
IDENTIFICATION DETAILS
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Name : |
BANGKOK CABINET CO., LTD. |
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Registered Office : |
18/2 Moo 4,
Rama 2 Road, T.
Nadee A. Muang,
Samutsakorn 74000 |
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Country : |
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Financials (as on) : |
31.10.2006 |
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Date of Incorporation : |
1989 |
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Com. Reg. No.: |
0105532107784 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing services
of wooden 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
BANGKOK CABINET CO., LTD.
SUMMARY
BUSINESS ADDRESS : 18/2
MOO 4, RAMA
2 ROAD, T. NADEE
A. MUANG,
TELEPHONE : [66] 34
833-413-22
FAX : [66] 34
423-862, 34 425-720, 34 813-440,
34 834-214
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1989
REGISTRATION NO. : 0105532107784 [Former : 10777/2532]
CAPITAL
REGISTERED : BHT.
360,000,000
CAPITAL
PAID-UP : BHT.
360,000,000
FISCAL
YEAR CLOSING DATE : OCTOBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PHISIT PATAMASATAYASONTHI, THAI
PRESIDENT OF
GROUP
NO. OF
STAFF : 1,100
LINES OF
BUSINESS : WOODEN FURNITURES
MANUFACTURER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on November
9, 1989 as
a private limited
company under the name
style “BANGKOK CABINET
CO., LTD.”, by Thai
groups, in order to
manufacture and service
wide range of
wooden furniture. It
currently employs 1,100
staff.
Awards/Certification
- ISO 9001 on
December 8, 2000
- ISO 9002 on
September 18, 2000
- ISO 9002 : 2000 in
2002 by URS
The subject’s registered
address is 18/2
Moo 4, Rama 2
Rd., Nadee, Muang,
Samutsakorn 74000, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
Nationality
|
Age |
|
Mr. Phisit Patamasatayasonthi [x] |
Thai |
59 |
|
Mr. Natinai Yuthpatanasak |
Thai |
47 |
|
Mrs. Khanthong Udommahantisuk [x] |
Thai |
54 |
|
Mr. Pichayakorn Parksuwan
|
Thai |
49 |
|
Mr. Piriya Bunkittiwattana [x] |
Thai |
46 |
|
Mr. Yingyos Udommahantisuk [x] |
Thai |
56 |
AUTHORIZED PERSON
Two of the
mentioned directors [x]
can jointly sign
on behalf of
the subject with company’s affixed.
MANAGEMENT
Mr. Phisit
Patamasatayasonthi is the
President of Group.
He is Thai
nationality with the
age of 59
years old.
Mr. Piriya
Bunkittiwattana is the
Managing Director.
He is Thai
nationality with the
age of 46
years old.
Mr. Nopporn
Duangchinda is the
G.M. & Factory Manager.
He is Thai
nationality.
Mr. Prasong
Lobuth is the
Personnel Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in
manufacturing services of
wooden furniture, which made
from particle boards
& MDF boards. Its products are bedroom
furniture, kitchen set,
office furniture, dining
table, cabinet, chair and
etc. The
products are under OEM
brands.
MAJOR BRANDS
“INDEX”, “LOGICA”, “WINNER”
and “TRAN DESIGN”
PURCHASE
80% of raw
materials mainly woods and
particle board are purchased
from local suppliers,
the remaining 20% including accessories are imported
from Myanmar, Singapore,
Malaysia, Japan, Australia,
Republic of China
and Taiwan.
DISTRIBUTION
100% of the
products is supplied
to Bangkok Franchise
Co., Ltd., Bangkok Casa
Co., Ltd. and
Bangkok Interfurn Co., Ltd. for local distribution and exports. They are the subject’s related companies.
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 COMPANIES
- Bangkok Furnitech
Co., Ltd.
Business Type:
Manufacturing of steel
furniture
- Bangkok AL-TOA Co., Ltd.
Business Type:
Manufacturing of steel
tubes
- Bangkok Sunyo Spring Co., Ltd.
Business Type: Manufacturer & distributor of spring for electronic industry.
- Bangkok Casa
Co., Ltd.
Business Type:
Distributor of furniture
- Bangkok Business Co., Ltd.
Business Type:
Group’s business auditor
- Index Living
Mall Co., Ltd.
Business Type:
Importer & distributor
of furniture products
- Bangkok Masterwood
Co., Ltd.
Business Type: Manufacturer
& distributor of
- Index Interfurn
Co., Ltd.
Business Type
; Manufacturer &
exporter of furniture
products.
CREDIT
Sales & services
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.
BANKING
Siam City
Bank Public Co., Ltd.
[Mahachai-Muangmai Branch
: 59/405 Moo 2,
Rama 2 Rd.,
Kokkrabue, Muang, Samutsakorn]
Kasikornbank Public
Co., Ltd.
[Mahachai Branch :
EMPLOYMENT
The subject employs
approximately 1,100 staff.
LOCATION DETAILS
The premise is
owned for administrative office,
factory I and warehouse
at the heading
address. Premise is
located in industrial
area of Samutsakorn
province.
Factory II is
located at 18/4
Moo 4, T. Nadee,
A. Muang, Samutsakorn province.
Factory III is
located at 18/10
Moo 4, T. Nadee,
A. Muang, Samutsakorn province.
COMMENT
The subject is the leading player of mass furniture products for both
household and office. The outlook
of Thai wooden
furnitures remains bright
both domestic and
export markets. Demand of home furnitures are rapid growing
in line with increasing of new home buyers.
As well, Thai office
furnitures play a
greater role in
the world market.
Export in this
category grows steadily,
due to a
global trend towards
a natural working
environment.
Wooden furniture used
in the kitchen
has enjoyed its
growth rate, as
well as bedroom
wooden furniture has
also rapidly grown.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 5,000,000 divided
into 50,000 shares of
Bht. 100 each.
The capital was
increased later as
followings :
Bht. 25,000,000
on January 28,
1991
Bht. 50,000,000
on April 22,
1993
Bht. 100,000,000
on November 21,
1996
Bht. 160,000,000
on May 16,
1997
Bht. 180,000,000
on July 6,
1999
Bht. 220,000,000
on February 21,
2001
Bht. 360,000,000
on October 29,
2002
The latest registered
capital was increased to Bht.
360,000,000 divided into
3,600,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
February 28,
2007]
|
NAME |
HOLDING |
% |
|
Mr. Phisit
Patamasatayasonthi Nationality: Thai Address : 43/15 Moo 7,
Samaedam,
Bangkhunthien, |
1,381,000 |
38.36 |
|
Mrs. Khanthong
Udommahantisuk Nationality: Thai Address : 43/13 Moo 7,
Samaedam,
Bangkhunthien, |
1,182,000 |
32.83 |
|
Ms. Jarinthorn
Patamasatayasonthi Nationality: Thai Address : 43/13 Moo 7,
Samaedam,
Bangkhunthien, |
180,000 |
5.00 |
|
Ms. Pitchapim
Patamasatayasonthi Nationality: Thai Address : 43/3
Moo 7, Samaedam,
Bangkhunthien, |
180,000 |
5.00 |
|
Mr. Ekalak
Patamasatayasonthi Nationality: Thai Address : 43/13 Moo 7,
Samaedam,
Bangkhunthien, |
180,000 |
5.00 |
|
Mr. Ekarith
Patamasatayasonthi Nationality: Thai Address : 43/3 Moo 7,
Samaedam,
Bangkhunthien, |
180,000 |
5.00 |
|
Mr. Piriya
Bunkittiwattana Nationality: Thai Address : 100/454 Moo 5,
Bangrakpattana,
Bangbuathong, Nonthaburi |
100,000 |
2.78 |
|
Index Interfurn Co., Ltd. Nationality: Thai Address : 43/3 Moo 7,
Samaedam,
Bangkhunthien, |
95,000 |
2.64 |
|
Mr. Yingyos
Udommahantisuk Nationality: Thai Address : 150/46 Moo 4,
Thakham,
Bangkhunthien, |
40,000 |
1.11 |
|
Mr. Kijja
Pattamasattayasonthi Nationality: Thai Address : 11/41 Phaholyothin 32
Rd., Ladyao, Jatujak, |
40,000 |
1.11 |
|
Mr. Natinai Yuthpatanasak Nationality: Thai Address : Pomprab, |
26,000 |
0.72 |
|
Mr. Pichayakorn
Parksuwan Nationality: Thai Address : |
16,000 |
0.45 |
Total Shareholders
12
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Aviruth Lertnaisat
No. 7205
BALANCE SHEET
The latest financial
figures published as
at October 31,
2006 & 2005
were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
7,505,291.56 |
5,630,646.51 |
|
Trade Accts. Receivable |
|
|
|
- Related
Companies |
196,238,085.62 |
185,421,127.48 |
|
- Other
Companies |
1,127,978.88 |
1,012,112.71 |
|
Other Receivable-Related Company |
10,000,000.00 |
- |
|
Inventories |
63,643,689.49 |
133,274,498.03 |
|
Other Current Assets |
2,627,671.96 |
3,686,678.33 |
|
|
|
|
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Total Current
Assets |
281,142,717.51 |
329,025,063.06 |
|
|
|
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Investment to Related
Companies |
128,567,400.00 |
128,567,400.00 |
|
Fixed Assets |
352,360,801.55 |
392,734,635.52 |
|
Programme Computer |
4,639,057.05 |
5,299,253.14 |
|
Other Assets |
1,947,890.90 |
2,657,142.33 |
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Total Assets
|
768,657,867.01 |
858,283,494.05 |
LIABILITIES &
SHAREHOLDERS' EQUITY
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
Financial Institution |
30,000,000.00 |
80,139,009.24 |
|
Trade Accts. Payable |
|
|
|
- Related Companies |
17,069,711.49 |
7,004,230.81 |
|
- Other
Companies |
181,776,105.08 |
211,306,167.79 |
|
Current Portion of
Hire-Purchase Contract Liabilities |
81,836.50 |
245,568.00 |
|
Current Portion of
Long Term Loan
|
45,266,632.55 |
21,899,179.88 |
|
Accrued Income Tax & Accrued Expenses |
14,094,426.65 |
16,078,790.38 |
|
Other Current Liabilities |
637,561.97 |
1,407,210.48 |
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|
|
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Total Current
Liabilities |
288,926,274.24 |
338,080,156.58 |
|
Hire-Purchase Contract Liabilities, Net
of Current Portion |
- |
81,836.50 |
|
Long Term Loan
Net of Current
Portion |
40,368,417.39 |
91,104,953.28 |
|
|
|
|
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Total Liabilities |
329,294,691.63 |
429,266,946.36 |
|
|
|
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Shareholders'
Equity |
|
|
|
Share Capital :
Baht. 100 par
value authorized issued
and fully paid
share capital 3,600,000
shares |
360,000,000.00 |
360,000,000.00 |
|
|
|
|
|
Capital Paid |
360,000,000.00 |
360,000,000.00 |
|
Statutory Reserve |
2,500,000.00 |
1,000,000.00 |
|
Unappropriated |
76,863,175.38 |
68,016,547.69 |
|
Total Shareholders'
Equity |
439,363,175.38 |
429,016,547.69 |
|
|
|
|
|
Total
Liabilities & Shareholders' Equity
|
768,657,867.01 |
858,283,494.05 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales & Services |
1,089,176,240.51 |
1,133,727,791.79 |
|
Other Revenues |
20,620,647.56 |
23,330,302.91 |
|
Total Revenues
|
1,109,796,888.07 |
1,157,058,094.70 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
1,018,820,184.32 |
1,075,300,818.34 |
|
Selling & Administrative Expenses |
51,514,351.56 |
51,310,105.67 |
|
Total Expenses |
1,070,334,535.88 |
1,126,610,924.01 |
|
|
|
|
|
Profit / [Loss] before Interest
Expenses Income Tax |
39,462,352.19 |
30,447,170.69 |
|
Interest Expenses |
[9,232,224.34] |
[7,911,776.25] |
|
Income Tax |
[9,083,500.16] |
[6,772,894.93] |
|
Net Profit / [Loss] |
21,146,627.69 |
15,762,499.51 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[3.93] |
|
|
Operating Profit |
34.91 |
|
|
Net Profit |
34.16 |
|
|
Fixed Assets |
[10.28] |
|
|
Total Assets |
[10.44] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
93.54 |
94.85 |
|
Operating Profit Margin |
3.62 |
2.69 |
|
S & A
Expenses |
4.73 |
4.53 |
|
Interest Paid |
0.85 |
0.70 |
|
Other Revenues |
1.89 |
2.06 |
|
Net Profit Margin |
1.94 |
1.39 |
|
Earning Per Shares |
5.87 |
4.38 |
|
No. of Shares |
3,600,000 |
3,600,000 |
Net Sales was
decreased by 3.93%,
Operating Profit was
increased by 34.91%,
Net Profit was
increased by 34.16%,
Fixed Assets was
decreased by 10.28%,
Total Assets was
decreased by 10.44%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 94.85%
to 93.54%, Operating
Profit Margin was
increased from 2.69%
to 3.62%, S
& A Expenses
was increased from
4.53% to 4.73%,
Interest Paid was increased
from 0.70% to
0.85%, Other Revenues
was decreased from
2.06% to 1.89%,
Net Profit Margin
was increased from
1.39% to 1.94%.
Earning Per Shares
was increased from
4.38 baht per
share to 5.87
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.97 |
0.97 |
|
Quick-Assets Ratio |
0.74 |
0.57 |
Current Ratio was
decreased from 0.97
to 0.97, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
Quick-Assets Ratio was
increased from 0.57
to 0.74, 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 |
0.75 |
1.00 |
|
Times Interest Earned |
4.27 |
3.85 |
D/E Ratio was
decreased from 1.00
to 0.75, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was increased from
3.85 to 4.27,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
3.09 |
2.89 |
|
Total Assets Turnover |
1.42 |
1.32 |
|
Return on Assets |
2.75 |
1.84 |
|
Return on Equity |
4.81 |
3.67 |
|
Day's Payable |
60.08 |
67.10 |
|
Day’s Inventories |
21.04 |
42.32 |
|
Day’s Receivables |
0.37 |
0.32 |
Fixed Assets Turnover
was increased from
2.89 times to
3.09 times, Total
Assets Turnover was
increased from 1.32
times to 1.42
times, show the company could
use Assets so
efficiently, Return on
Assets was increased
from 1.84 to
2.75, Return on
Equity was increased
from 3.67 to
4.81, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 68
days to 61
days, and Day’s
Inventories was decreased
from 43 days
to 22 days,
while Day’s Receivables
was stable at
1 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%)