MIRA
INFORM REPORT
|
Report Date : |
03.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PORNVIWAT KAMAI
CO., LTD. |
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Registered Office : |
241 Soi Sawaisuwan, Bangsue, Bangkok 10800 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
20.09.2001 |
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Com. Reg. No.: |
0105544092001 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Laminated Floor
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RATING &
COMMENTS
|
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 : |
No Complaints |
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Litigation : |
Clear |
name of the company
PORNVIWAT KAMAI
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 241
SOI SAWAISUWAN, BANGSUE,
BANGKOK 10800,
THAILAND
TELEPHONE : [66] 2912-9292-4,
2912-9393, 2985-6466
FAX : [66] 2912-8788,
2912-9393
E-MAIL ADDRESS : info@kronoswissthailand.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2001
REGISTRATION NO.
: 0105544092001 [Former : KOR THOR. 02-0132-44]
CAPITAL REGISTERED
: BHT. 3,000,000
CAPITAL PAID-UP
: BHT. 3,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MS. THANAPORN HARNVIWATANAKUL, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 50
LINES OF
BUSINESS : LAMINATED FLOOR
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION
: OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was established
on September 20,
2001 as a
private limited company
under the name
style PORNVIWAT KAMAI
CO., LTD., by Thai
group, the Harnviwatanakul family, with the
business objective to
import and distribute
laminated floor to
domestic market. It
currently employs approximately 50 staff.
The
subject’s products has
been distributed by
the Harnviwatanakul family
for over 40
years, and it
currently has received
an authorized agent
to be a sole distributor
of “KRONOSWISS” products
from Kronoswiss AG.,
Switzerland.
The
subject’s registered address
is 241 Soi Sawaisuwan Rd.,
Bangsue, Bangkok 10800,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Thanaporn Harnviwatanakul |
[x] |
Thai |
36 |
|
Mrs. Wasana Harnviwatanakul |
|
Thai |
41 |
|
Ms. Thitima Harnviwatanakul |
[x] |
Thai |
50 |
|
Mr. Kamolchai Harnviwatanakul |
[x] |
Thai |
33 |
|
Ms. Somkid Harnviwatanakul |
|
Thai |
44 |
|
Mrs. Arngao Saengow |
|
Thai |
74 |
|
Mrs. Somnuek Foosirisap |
|
Thai |
48 |
AUTHORIZED PERSON
One of
the mentioned directors
[x] can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Ms. Thanaporn Harnviwatanakul is
the Managing Director.
She is Thai nationality with
the age of
36 years old.
BUSINESS OPERATIONS
The subject’s activities
are importer and
sole distributor of
“KRONOSWISS” laminated boards floor,
with more than
53 colors, together
with “Crystal Clic”
locking system used
for residence, condominium,
office building, hotel &
resort, spa, sport club, showroom,
restaurant and etc.,
including installation service.
IMPORT
100%
of the products is imported
from Switzerland, U.S.A.,
Canada and European
countries.
MAJOR SUPPLIER
Kronospan
AG. : Switzerland
SALES
The products are
sold and serviced
locally by wholesale
to dealers and
end-users, mainly construction contractors.
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.
BANKING
Bank of Ayudhya
Public Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 50 office staff
and service workers.
LOCATION DETAILS
The
premise is rented
for administrative office
and showroom at
the heading address.
Premise is located
in commercial/residential area.
The
showroom is located
in Bangpho, Bangkok.
COMMENT
The subject’s
sales remained positive due to its products
have been used
substitute for wooden
floor, which is
more expensive. Current
situation of construction sector is sluggish,
but its business
has potential in
long term prospect.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 3,000,000 divided
into 6,000 shares
of Bht. 500 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 30, 2008]
|
NAME |
HOLDING |
% |
|
|
|
|
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Ms. Thanaporn Harnviwatanakul Nationality: Thai Address : 711
Prachanarumitr Rd., Bangsue,
Bangkok |
1,200 |
20.00 |
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Ms. Thitima Harnviwatanakul Nationality: Thai Address : 65
Prachanarumitr Rd., Bangsue,
Bangkok |
800 |
13.34 |
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Mrs. Wasana Harnviwatanakul Nationality: Thai Address : 1194
Charoenkrung Rd., Bangrak,
Bangkok |
800 |
13.34 |
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Mrs. Arngao Sae-ngow Nationality: Thai Address : 65
Prachanarumitr Rd., Bangsue,
Bangkok |
800 |
13.33 |
|
Mr. Kamolchai Harnviwatanakul Nationality: Thai Address : 713-715
Prachanarumitr Rd., Bangsue,
Bangkok |
800 |
13.33 |
|
Mrs. Somnuek Foosirisap Nationality: Thai Address : 78
Prachanarumitr Rd., Bangsue,
Bangkok |
800 |
13.33 |
|
Ms. Somkid Harnviwatanakul Nationality: Thai Address : 65
Prachanarumitr Rd., Bangsue,
Bangkok |
800 |
13.33 |
Total Shareholders :
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Teeranuch Sukwattanasanit
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
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Cash in hand
& at Bank
|
923,571.53 |
412,272.67 |
|
Trade Accts. Receivable |
5,410,541.66 |
7,768,980.20 |
|
Inventories |
19,083,883.01 |
17,643,794.34 |
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Other Current Assets
|
24,393.60 |
485,216.89 |
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Total Current Assets
|
25,442,389.80 |
26,310,264.10 |
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|
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Fixed Assets |
1,245,239.29 |
1,185,094.59 |
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Other Assets |
36,173.11 |
38,444.20 |
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Total Assets |
26,723,802.20 |
27,533,802.89 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2007 |
2006 |
|
|
|
|
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Trade Accts. Payable |
4,437,475.54 |
4,867,761.58 |
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Accrued Income Tax |
317,048.37 |
283,675.76 |
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Other Current Liabilities & Accrued Expenses |
1,729,309.41 |
332,964.55 |
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Total Current Liabilities |
6,483,833.32 |
5,493,401.89 |
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Long-term Loan from Person or Related Company |
8,200,000.00 |
12,000,000.00 |
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Total Liabilities |
14,683,833.32 |
17,493,401.89 |
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Shareholders' Equity |
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Share capital : Baht 100 value authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000.00 |
3,000,000.00 |
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Capital Paid |
3,000,000.00 |
3,000,000.00 |
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Retained Earning -
Unappropriated |
9,039,968.88 |
7,040,401.00 |
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Total Shareholders' Equity |
12,039,968.88 |
10,040,401.00 |
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Total Liabilities &
Shareholders' Equity |
26,723,802.20 |
27,533,802.88 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
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Sales Income |
57,832,034.97 |
55,038,961.72 |
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Other Income |
105,284.89 |
225,892.78 |
|
Total Revenues |
57,937,319.86 |
55,264,854.50 |
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Expenses |
|
|
|
|
|
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Cost of Goods
Sold |
48,009,471.99 |
49,580,609.18 |
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Selling & Administrative Expenses |
7,331,180.62 |
3,415,702.96 |
|
Total Expenses |
55,340,652.61 |
52,996,312.14 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
2,596,667.25 |
2,268,542.36 |
|
Interest Expenses |
[537.27] |
[1,131.80] |
|
Income Tax |
[596,562.10] |
[484,058.79] |
|
Net Profit / [Loss] |
1,999,567.88 |
1,783,351.77 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
5.07 |
|
|
Operating Profit |
8.94 |
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Net Profit |
12.12 |
|
|
Fixed Assets |
5.08 |
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Total Assets |
[2.94] |
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Profitability |
|
|
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Cost of Good
Sold |
83.02 |
90.08 |
|
Operating Profit Margin |
4.49 |
4.12 |
|
S & A
Expenses |
12.68 |
6.21 |
|
Interest Paid |
0.00 |
0.00 |
|
Other Revenues |
0.18 |
0.41 |
|
Net Profit Margin |
3.46 |
3.24 |
|
Earning Per Shares |
66.65 |
59.45 |
|
No. of Shares |
30,000 |
30,000 |
Net Sales was
increased by 5.07%,
Operating Profit was
increased by 8.94%,
Net Profit was
increased by 12.12%,
Fixed Assets was
increased by 5.08%,
Total Assets was
decreased by 2.94%,
Compare each cost
with sales, Cost of
Good Sold was
decreased from 90.08%
to 83.02%, Operating
Profit Margin was
increased from 4.12%
to 4.49%, S
& A Expenses
was increased from
6.21% to 12.68%,
Interest Paid was decreased
from 0.00% to
0.00%, Other Revenues
was decreased from
0.41% to 0.18%,
Net Profit Margin
was increased from
3.24% to 3.46%,
Earning Per Shares
was increased from
59.45 baht per
share to 66.65
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
3.92 |
4.79 |
|
Quick-Assets Ratio |
0.98 |
1.49 |
Current Ratio was
decreased from 4.79
to 3.92, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
so good, Quick-Assets Ratio was decreased
from 1.49 to
0.98, capacity to
pay Short Term
Loan was not
good, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
1.22 |
1.74 |
|
Times Interest Earned |
4,833.08 |
2,004.37 |
D/E Ratio was
decreased from 1.74
to 1.22, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was increased from
2,004.37 to 4,833.08,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
46.44 |
46.44 |
|
Total Assets Turnover |
2.16 |
2.00 |
|
Return on Assets |
7.48 |
6.48 |
|
Return on Equity |
16.61 |
17.76 |
|
Day's Payable |
27.62 |
31.84 |
|
Day’s Inventories |
118.80 |
115.40 |
|
Day’s Receivables |
33.68 |
50.82 |
Fixed Assets Turnover
was decreased from
46.44 times to
46.44 times, Total
Assets Turnover was
increased from 2.00
times to 2.16
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
6.48 to 7.48,
Return on Equity
was decreased from
17.76 to 16.61,
capacity to use
Assets to make
profit was so
good,
Day's Payable was
decreased from 32
days to 28 days, while
Day’s Inventories was
increased from 116
days to 119
days, but Day’s
Receivables was decreased
from 51 days
to 34 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.96 |
|
UK Pound |
1 |
Rs.80.26 |
|
Euro |
1 |
Rs.63.08 |
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 |
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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%)