MIRA
INFORM REPORT
|
Report Date : |
20.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HANKY
PANKY TOYS [THAILAND] LTD. |
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Registered Office : |
30 Moo 3,
Sukhapibal 3 Road,
T. Huayyai, A.
Banglamung, Cholburi 20260 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
31.05.1990 |
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Com. Reg. No.: |
0105533061800 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Exporter and Distributor of Toys and Games
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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 : |
No Complaints |
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Litigation : |
Clear |
name of the Company
HANKY PANKY
TOYS [THAILAND] LTD.
SUMMARY
BUSINESS
ADDRESS : 30
MOO 3, SUKHAPIBAL 3 ROAD,
T. HUAYYAI,
A. BANGLAMUNG,
CHOLBURI 20260, THAILAND
TELEPHONE : [66] 38
239-531-2
FAX : [66] 38
239-533
E-MAIL
ADDRESS : mail@hankypanky_toys.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1990
REGISTRATION NO. : 0105533061800
[Former : 6181/2533]
CAPITAL REGISTERED : BHT. 12,000,000
CAPITAL PAID-UP : BHT.
12,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
HERMAN JACQUES MONSHOUWER,
DUTCH
MANAGING DIRECTOR
NO.
OF STAFF : 225
LINES
OF BUSINESS : TOYS
AND GAMES
MANUFACTURER, EXPORTER
& DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The subject was
established on May
31, 1990 as
a private limited
company by Mr.
Jacques Monshouwer, a
Dutch businessman.
In 1960, he
was set up
a Dutch toy
company and changed
its name later
to “Hanky Panky
Toys” to manufacture
toys and games.
In 1990, he
had established its
new factory in Thailand, under the name
style HANKY PANKY
TOYS [THAILAND] LTD., with
the business objective
to manufacture and
export toys and
game products. However,
its production has
been started in
1998.
In this modern
equipped factory, all
the Magic products
are completely manufactured, from design to
finished products. The
subject has its
own equipment to
process all the
raw materials to
the finished products,
such as plastic
molding injection, vacuum
forming, screen printing,
cardboard cutting, folding,
gluing etc. own
design department with
a team of professional designers,
litho graphers and printers. It currently
employs 225 staff.
The subject’s registered
address is 30
Moo 3, T. Huayyai, A. Banglamung, Chonburi 20160, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
Name Nationality
Age
Mr. Woranath Thanakorn
Monshouwer Dutch 24
Mr. Herman Jacques
Monshouwer
Dutch 63
Mr. Kovit Charoenphan Monshouwer Dutch -
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Herman
Jacques Monshouwer is
the Managing Director
& Factory Manager.
He is Dutch nationality with
the age of
63 years old.
Mr. Kovit
Charoenphan Monshouwer is
the Marketing Manager.
He is Dutch nationality.
BUSINESS OPERATIONS
The subject is
engaged in a
manufacturing of toys
and games specialized
in Magic boxes
and tricks. It
can relay on
huge databases of
Magic Trick and
Games, in almost
every language. The
products are under
various collections as
follows:-
·
Junior Magic Collection
·
Magic 2000 Collection
·
Magic Show Collection
·
Merlin Magic School
Collection
·
Secret Magic Collection
·
Pocket Tricks Collection
·
Houdini Magic Collection
·
World Magic Collection
·
Magic Start Collection
·
Professional Magic Collection
·
Family Games Collection
·
Promotional and Customized
items Collection
TRADE MARK
“HANKY PANKY”
PURCHASE
90% of raw materials; plastic
molding injection, vacuum
forming, screen printing,
cardboard cutting, folding,
gluing and etc.
are purchased from
local suppliers, and
the rest [10%]
is imported from
U.S.A., Switzerland, Japan,
Taiwan & United Kingdom.
SALES [LOCAL]
5% of its products is sold
locally to wholesalers.
EXPORT [COUNTRY]
95% of its products is
exported to United Kingdom, U.S.A., Netherlands, Australia,
Japan, Hong Kong, Korea,
France, Spain &
other countries worldwide.
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
Export Import Banking of Thailand
[Head Office, 1193 Phaholyothin Rd., Samsennai, Phyathai, Bangkok]
EMPLOYMENT
The subject employs
approximately 225 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is
owned for operating
office, factory and
warehouse at the
heading address in
provincial.
COMMENT
As the longest operating Magic
manufacturer in the
world, the subject
stands for a
huge diversify of
Magic Boxes and
Games with high
quality, excellent services
and competitive prices,
which have been
marketed worldwide for
over decade.
FINANCIAL INFORMATION
The capital was
registered at Bht.
2,000,000 divided into
20,000 shares of
Bht. 100 each.
The capital was
increased later as
follows:
Bht. 10,000,000
on March 23,
1998
Bht. 12,000,000
on October 26,
2005
On March 23,
1998 the capital
was increased to
Bht. 12,000,000 divided
into 120,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 30,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Herman
Jacques Monshouwer Nationality: Dutch Address : Kanary
Island, Spain |
119,994 |
99.99 |
|
Mr. Kovit
Charoenphan Monshouwer Nationality: Dutch Address : Kanary
Island, Spain |
1 |
|
|
Mr. Bartholomeus Johannes Westerbee Van
Eerten Nationality: Dutch Address : 30
Moo 3, Huayyai,
Banglamung, Chonburi |
1 |
|
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Mr. Peter
T. Kate Nationality: Dutch Address : Kanary
Island, Spain |
1 |
|
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Ms. Chitra
Tana Monshouwer Nationality: Dutch Address : Kanary
Island, Spain |
1 |
=0.01 |
|
Mr. Woranath
Thanakorn Monshouwer Nationality: Dutch Address : Kanary
Island, Spain |
1 |
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Mr. Louis
Carlos G. Alajo Nationality: Dutch Address : Kandelaria, Spain |
1 |
|
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Pramoon Na
Nakorn No. 5785
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in Hand
& at Bank |
1,735,306.25 |
1,373,066.09 |
|
Trade Accts. Receivable |
7,479,123.80 |
5,102,685.37 |
|
Inventories |
22,526,754.90 |
21,913,015.21 |
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Other Current Assets
Half-year Prepaid
Income Tax |
478,125.00 |
450,000.00 |
|
Deferred Income |
149,512.60 |
149,512.60 |
|
Revenue Department Receivable |
407,024.72 |
- |
|
Deposit |
424,632.61 |
244,461.08 |
|
Other Receivable |
5,240,913.03 |
6,207,361.05 |
|
Short-term Loan to
Related Person |
- |
2,267,390.52 |
|
Other Assets |
204,470.23 |
13,707.00 |
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|
|
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Total Current
Assets |
38,645,863.14 |
37,721,198.92 |
|
Fixed Assets |
33,299,418.12 |
32,994,521.88 |
|
Utility Guarantee |
1,169,933.64 |
1,169,933.64 |
|
Total Assets |
73,115,214.90 |
71,885,654.44 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
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Trade Accts. Payable |
7,641,084.37 |
8,234,308.20 |
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Other Current Liabilities Accrued Expenses |
247,070.85 |
50,000.00 |
|
Accrued Income
Tax |
745,937.93 |
764,967.37 |
|
Accrued Withholding Tax |
419,336.32 |
444,995.52 |
|
Other Payable |
363,431.75 |
161,620.93 |
|
Other Current
Liabilities |
498,106.70 |
1,548,947.59 |
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|
|
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Total Current
Liabilities |
2,273,883.55 |
2,970,531.41 |
|
Long-term Loan from
Related Person |
1,472,464.48 |
- |
|
Total Liabilities |
11,387,432.40 |
11,204,839.67 |
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Shareholders'
Equity |
|
|
|
|
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 120,000 shares |
12,000,0000.00 |
12,000,000.00 |
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|
|
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Capital Paid |
12,000,000.00 |
12,000,000.00 |
|
Retained Earning -
Unappropriated |
49,727,782.50 |
48,680,814.77 |
|
Total
Shareholders' Equity |
61,727,782.50 |
60,680,814.77 |
|
Total
Liabilities & Shareholders' Equity |
73,115,214.90 |
71,885,654.44 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
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Sales |
86,072,922.86 |
76,456,572.56 |
|
Gain on Disposal of Assets |
93,457.94 |
262,537.14 |
|
Interest Income |
- |
39,454.10 |
|
Total Revenues
|
86,166,380.80 |
76,758,563.80 |
|
Expenses |
|
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Cost of Goods
Sold |
55,085,855.03 |
41,117,232.47 |
|
Selling & Administrative Expenses |
29,272,895.47 |
33,910,658.76 |
|
Total Expenses |
84,358,750.50 |
75,027,891.23 |
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|
|
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Profit / [Loss] before Interest
Expenses & Income Tax |
1,807,630.30 |
1,730,672.57 |
|
Interest Expenses |
[14,724.64] |
[602,273.45] |
|
Income Tax |
[745,937.93] |
[764,967.37] |
|
|
|
|
|
Net Profit / [Loss] |
1,046,967.73 |
363,431.75 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
12.58 |
|
|
Operating Profit |
[7.22] |
|
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Net Profit |
188.08 |
|
|
Fixed Assets |
0.92 |
|
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Total Assets |
1.71 |
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Profitability |
|
|
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Cost of Good
Sold |
64.00 |
53.78 |
|
Operating Profit Margin |
2.10 |
2.26 |
|
S & A
Expenses |
34.01 |
44.35 |
|
Interest Paid |
0.02 |
0.79 |
|
Other Revenues |
0.11 |
0.39 |
|
Net Profit Margin |
1.22 |
0.48 |
|
Earning Per Shares |
8.72 |
3.03 |
|
No. of Shares |
120,000 |
120,000 |
Net Sales was
increased by 12.58%,
Operating Profit was
decreased by 7.22%,
Net Profit was
increased by 188.08%,
Fixed Assets was
increased by 0.92%,
Total Assets was increased by
1.71%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 53.78%
to 64.00%, Operating
Profit Margin was
decreased from 2.26%
to 2.10%, S
& A Expenses
was decreased from
44.35% to 34.01%,
Interest Paid was decreased
from 0.79% to
0.02%, Other Revenues
was decreased from
0.39% to 0.11%,
Net Profit Margin
was increased from
0.48% to 1.22%.
Earning Per Shares
was increased from
3.03 baht per
share to 8.72
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
17.00 |
12.70 |
|
Quick-Assets Ratio |
4.05 |
2.18 |
Current Ratio was
increased from 12.70
to 17.00, show
Current Assets can cover Current
Liabilities, Liquidity Ratio
of the company was good,
Quick-Assets Ratio was
increased from 2.18
to 4.05, capacity
to pay Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.18 |
0.18 |
|
Times Interest Earned |
122.76 |
2.87 |
D/E Ratio was
decreased from 0.18
to 0.18, 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
2.87 to 122.76,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
2.58 |
2.32 |
|
Total Assets Turnover |
1.18 |
1.06 |
|
Return on Assets |
1.43 |
0.51 |
|
Return on Equity |
1.70 |
0.60 |
|
Day's Payable |
31.96 |
38.77 |
|
Day’s Inventories |
94.22 |
103.18 |
|
Day’s Receivables |
31.28 |
24.03 |
Fixed Assets Turnover
was increased from
2.32 times to
2.58 times, Total
Assets Turnover was
increased from 1.06
times to 1.18
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
0.51 to 1.43,
Return on Equity
was increased from
0.60 to 1.70,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 39
days to 32
days, and Day’s
Inventories was decreased
from 104 days
to 95 days, while Day’s
Receivables was increased
from 25 days
to 32 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%)