MIRA
INFORM REPORT
|
Report Date : |
26.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
MONGKON MAHAKIT
CO., LTD. |
|
|
|
|
Registered Office : |
18 Soi
Petchkasem 77, Yaek
4-7, Petchkasem Road, Nongkangplu, Nongkaem,
Bangkok 10160 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
1987 |
|
|
|
|
Com. Reg. No.: |
0105530007669 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
LINE OF BUSINESS : |
MANUFACTURER,
DISTRIBUTOR AND EXPORTER OF
JEWELRY PRODUCTS LIKE GOLD CHAIN
JEWELRY FROM 8K
TO 24K, CABLE CHAIN, CURB CHAIN, BISMARK CHAIN, BOX CHAIN, FANCY CHAIN, FANCY
SOCK CHAIN, FANCY
LINK CHAIN SET,
FANCY CABLE CHAIN
NECKLACE AND ETC |
|
|
|
|
No. of Employees : |
115 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
No complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
MONGKON
MAHAKIT CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 18
SOI PETCHKASEM 77,
YAEK 4-7,
PETCHKASEM
ROAD, NONGKANGPLU, NONGKAEM,
BANGKOK 10160, THAILAND
TELEPHONE : [66] 2809-6622-6
FAX :
[66] 2809-6627
E-MAIL
ADDRESS : mkmhk@loxinfo.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1987
REGISTRATION
NO. : 0105530007669
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PRAYOON PANICHYANONT,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 115
LINES
OF BUSINESS : JEWELRY PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on February 17, 1987 as
a private limited
company under the name style MONGKON MAHAKIT CO., LTD., by
Thai groups, Panichyanont family, in
order to provide manufacturing service wide range of jewelry
products for both domestic and international
markets. It currently
employs approximately 115
staff.
The subject’s registered address was
initially located at 10/128 Petchkasem Rd., Nongkangplu, Nongkaem,
Bangkok 10160.
In
2010, its registered
address has been
changed to 18
Soi Petchkasem 77,
Yaek 4-7, Petchkasem
Rd., Nongkangplu, Nongkaem,
Bangkok 10160, by the
Nongkaem District Office,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prayoon Panichyanont |
|
Thai |
71 |
|
Mrs. Kesinee Panichyanont |
|
Thai |
64 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Prayoon Panichyanont is
the Managing Director.
He is Thai
nationality with the
age of 71
years old.
Mrs. Kesinee Panichyanont is the
Deputy Managing Director.
She is Thai
nationality with the
age of 64
years old.
BUSINESS OPERATIONS
The subject is engaged in manufacturing service wide range of gold chain jewelry from 8K to 24K. The product includes cable chain, curb chain, bismark chain, box chain, fancy chain, fancy sock chain, fancy link chain set, fancy cable chain necklace and etc., as well as satin bead, moon bead, cut bead, round bead, disco bead, oval bead, claps and ear back/post [spring lock and lobster lock tri], stamping pendants and etc.
PURCHASE
100% of its
raw materials such
as gold, silver,
gemstones and components
are purchased from
local supplier.
SALES
70% of the products
is sold and
serviced locally by
wholesale to traders,
the remaining 30% is exported
to Hong Kong,
Japan, U.S.A., Singapore
and Europe.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
or 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
according 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 against
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately 115 staff.
LOCATION DETAILS
The premise is owned for administrative office and
factory at the
heading address. Premise
is located in
commercial/residential area.
COMMENT
The
subject’s business is
moderate. Exported markets
for Europe was
slowdown whilst other
markets from Asia
and U.S.A. were growing steadily.
The subject reported
better sales performance
in 2011. The
subject anticipates an
increase in its sales revenue
in the first
half of 2012
from an increase
in number of customers
from both local
and overseas markets.
Generally, its business
is still promising.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,500,000
divided into 25,000
shares of Bht. 100
each.
The
capital was increased
later as following:
Bht. 10,000,000
on December 3,
1997
Bht. 20,000,000
on May 28,
2007
The
latest registered capital
was increased to Bht. 20
million divided into
200,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at April 19,
2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Kesinee Panichyanont Nationality: Thai Address : 130/1-4
Thanurat Rd., Thungwatdon,
Sathorn, Bangkok |
110,000 |
55.00 |
|
Mr. Siraroj Panichyanont Nationality: Thai Address : 130/1-4
Thanurat Rd., Thungwatdon,
Sathorn, Bangkok |
20,000 |
10.00 |
|
Mr. Sirawich Panichyanont Nationality: Thai Address : 130/1-4
Thanurat Rd., Thungwatdon,
Sathorn, Bangkok |
20,000 |
10.00 |
|
Mr. Sirachai Panichyanont Nationality: Thai Address : 130/1-4
Thanurat Rd., Thungwatdon, Sathorn, Bangkok |
20,000 |
10.00 |
|
|
|
|
|
Ms. Apisri Panichyanont Nationality: Thai Address : 130/1-4
Thanurat Rd., Thungwatdon,
Sathorn, Bangkok |
20,000 |
10.00 |
|
Mr. Prayoon Panichyanont Nationality: Thai Address : 144/30 Thanurat
Rd., Thungwatdon,
Sathorn, Bangkok |
9,800 |
4.90 |
|
Ms. Pornsri Lueviwatkul Nationality: Thai Address : 50/20
Chan Rd., Thungwatdon, Sathorn,
Bangkok |
200 |
0.10 |
Total Shareholders : 7
Share Structure [as
at April 19,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
200,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
200,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO
Mrs. Rosaporn Niwartwong No.
6476
Note:
The 2011 financial
statement was not
submitted to the
Commercial Registration Department.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
279,086.18 |
179,814.17 |
|
Trade Accounts Receivable |
4,310,365.02 |
5,388,630.41 |
|
Inventories |
10,297,154.98 |
11,156,073.68 |
|
Material Supplies |
- |
941,075.42 |
|
Other Current Assets
|
1,337,519.22 |
674,641.50 |
|
Total Current Assets
|
16,224,125.40 |
18,340,235.18 |
|
|
|
|
|
Other Long-term Investment |
246,470.97 |
245,256.94 |
|
Fixed Assets |
21,666,087.00 |
18,544,152.10 |
|
Deferred Machinery Installation |
- |
716,713.26 |
|
Other Assets |
242,004.74 |
230,820.57 |
|
Total Assets |
38,378,688.11 |
38,077,178.05 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institution |
12,161,816.42 |
12,573,474.48 |
|
Trade Accounts Payable |
1,574,427.12 |
2,788,433.12 |
|
Other Current Liabilities |
5,556,383.41 |
3,437,038.45 |
|
Total Current Liabilities |
19,292,626.95 |
18,798,946.05 |
|
Total Liabilities |
19,292,626.95 |
18,798,946.05 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 200,000 shares |
20,000,000.00 |
20,000,000.00 |
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning Statutory Reserve |
268,245.76 |
268,245.76 |
|
Unappropriated |
[1,182,184.60] |
[990,013.76] |
|
Total Shareholders' Equity |
19,086,061.16 |
19,278,232.00 |
|
Total Liabilities & Shareholders' Equity |
38,378,688.11 |
38,077,178.05 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales & Services
Income |
218,355,790.65 |
165,356,547.37 |
|
Other Income |
1,269,957.20 |
2,432,800.59 |
|
Total Revenues |
219,625,747.85 |
167,789,347.96 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
206,624,283.64 |
156,443,045.77 |
|
Selling Expenses |
2,181,794.43 |
1,829,785.49 |
|
Administrative Expenses |
10,639,820.53 |
10,425,889.98 |
|
Total Expenses |
219,445,898.60 |
168,698,721.24 |
|
Profit / [Loss] before Financial Costs & Income Tax |
179,849.25 |
[909,373.28] |
|
Financial Costs |
[35,611.14] |
[61,626.01] |
|
Profit / [Loss] before Income Tax |
144,238.11 |
[970,999.29] |
|
Income Tax |
[336,408.95] |
[61,016.78] |
|
Net Profit / [Loss] |
[192,170.84] |
[1,032,016.07] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.84 |
0.98 |
|
QUICK RATIO |
TIMES |
0.24 |
0.30 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
10.08 |
8.92 |
|
TOTAL ASSETS TURNOVER |
TIMES |
5.69 |
4.34 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
18.19 |
26.03 |
|
INVENTORY TURNOVER |
TIMES |
20.07 |
14.02 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
7.21 |
11.89 |
|
RECEIVABLES TURNOVER |
TIMES |
50.66 |
30.69 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
2.78 |
6.51 |
|
CASH CONVERSION CYCLE |
DAYS |
22.61 |
31.42 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
94.63 |
94.61 |
|
SELLING & ADMINISTRATION |
% |
5.87 |
7.41 |
|
INTEREST |
% |
0.02 |
0.04 |
|
GROSS PROFIT MARGIN |
% |
5.95 |
6.86 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.08 |
(0.55) |
|
NET PROFIT MARGIN |
% |
(0.09) |
(0.62) |
|
RETURN ON EQUITY |
% |
(1.01) |
(5.35) |
|
RETURN ON ASSET |
% |
(0.50) |
(2.71) |
|
EARNING PER SHARE |
BAHT |
(0.96) |
(5.16) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.50 |
0.49 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.01 |
0.98 |
|
TIME INTEREST EARNED |
TIMES |
5.05 |
(14.76) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
32.05 |
|
|
OPERATING PROFIT |
% |
(119.78) |
|
|
NET PROFIT |
% |
81.38 |
|
|
FIXED ASSETS |
% |
16.84 |
|
|
TOTAL ASSETS |
% |
0.79 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.95 |
Deteriorated |
Industrial Average |
13.94 |
|
Net Profit Margin |
(0.09) |
Deteriorated |
Industrial Average |
0.42 |
|
Return on Assets |
(0.50) |
Deteriorated |
Industrial Average |
0.66 |
|
Return on Equity |
(1.01) |
Deteriorated |
Industrial Average |
1.67 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for
the cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company's figure is 5.95%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company was originated from the problems with control over its
costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is -0.09%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is -0.5%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is -1.01%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
0.84 |
Risky |
Industrial Average |
1.64 |
|
Quick Ratio |
0.24 |
|
|
|
|
Cash Conversion Cycle |
22.61 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 0.84 times in 2010, decrease from 0.98 times, then the company may
have problems meeting its short-term obligations. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.24 times in 2010,
decrease from 0.3 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 23 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.50 |
Impressive |
Industrial Average |
0.56 |
|
Debt to Equity Ratio |
1.01 |
Satisfactory |
Industrial Average |
1.39 |
|
Times Interest Earned |
5.05 |
Impressive |
Industrial Average |
1.15 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 5.06 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.5, most of the company's assets are
financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
10.08 |
Impressive |
Industrial Average |
5.81 |
|
Total Assets Turnover |
5.69 |
Impressive |
Industrial Average |
1.55 |
|
Inventory Conversion Period |
18.19 |
|
|
|
|
Inventory Turnover |
20.07 |
Impressive |
Industrial Average |
2.51 |
|
Receivables Conversion Period |
7.21 |
|
|
|
|
Receivables Turnover |
50.66 |
Impressive |
Industrial Average |
3.79 |
|
Payables Conversion Period |
2.78 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Uptrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.73 |
|
|
1 |
Rs.87.26 |
|
Euro |
1 |
Rs.69.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.