MIRA INFORM REPORT
|
Report Date : |
19.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
MYKIE CO., LTD. |
|
|
|
|
|
|
Registered Office : |
54-54/1 Soi Wachirathamsathit 37, Sukhumvit 101/1
Road, Bangchak, Prakanong,
Bangkok 10260 |
|
|
|
|
|
|
Country : |
Thailand |
|
|
|
|
|
|
Financials (as on) : |
30.09.2011 |
|
|
|
|
|
|
Date of Incorporation : |
1983 |
|
|
|
|
|
|
Com. Reg. No.: |
0105526007501 [Former :
750/2526] |
|
|
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
|
|
Line of Business : |
Manufacturer and Contractor of Toothbrushes |
|
|
|
|
|
|
No. of Employees : |
350 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise
economy, generally pro-investment policies, and strong export industries,
Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per
year - as it recovered from the Asian financial crisis of 1997-98. Thai exports
- mostly machinery and electronic components, agricultural commodities, and
jewelry - continue to drive the economy, accounting for more than half of GDP.
The global financial crisis of 2008-09 severely cut Thailand's exports, with
most sectors experiencing double-digit drops. In 2009, the economy contracted
2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995,
as exports rebounded from their depressed 2009 level. Steady economic growth at
just below 4% during the first three quarters of 2011 was interrupted by
historic flooding in October and November in the industrial areas north of
Bangkok, crippling the manufacturing sector and leading to a revised growth
rate of only 0.1% for the year. The industrial sector is poised to recover from
the second quarter of 2012 onward, however, and the government anticipates the
economy will probably grow between 5.5 and 6.5% for 2012, while private sector
forecasts range between 3.8% and 5.7%.
Source
: CIA
COMPANY NAME
MYKIE CO., LTD.
SUMMARY
BUSINESS ADDRESS : 54-54/1 SOI WACHIRATHAMSATHIT 37,
SUKHUMVIT 101/1
ROAD, BANGCHAK,
PRAKANONG, BANGKOK
10260, THAILAND
TELEPHONE : [66] 2746-2005-6,
2746-3819
FAX : [66]
2746-1244
E-MAIL ADDRESS : sales@mykiethai.com
mykie@mykiethai.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1983
REGISTRATION NO. : 0105526007501 [Former : 750/2526]
TAX ID NO. : 3101230550
CAPITAL REGISTERED : BHT.
78,000,000
CAPITAL PAID-UP : BHT.
78,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : SEPTEMBER 30
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS.
KRISANA KASEMPAIBOONSUK, THAI
MANAGING DIRECTOR
NO. OF STAFF : 350
LINES OF BUSINESS : TOOTHBRUSHES
MANUFACTURER AND
CONTRACTOR
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 February 23,
1983 as a
private limited company
under the name
style MYKIE CO.,
LTD., by Thai
Groups, with the
business objective to
provide manufacturing service of
toothbrush to both domestic and
international markets. It
currently employs approximate
350 staff.
Subject is a
wholly owned subsidiary of
Sukserm Holding Co.,
Ltd.
The subject’s registered
address was initially
located at 48/7
Sukhumvit 101/1 Rd., Bangchak,
Prakanong, Bangkok 10260.
On March 14,
2006, its registered
address number “48/7”
was changed to “54-54/1”,
by government district
office, but they
are the same
location. This is
also the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Krisana Kasempaiboonsuk |
|
Thai |
50 |
|
Mr. Kittichai Kasempaiboonsuk |
|
Thai |
55 |
|
Mrs. Nongluck
Kasempaiboonsuk |
[x] |
Thai |
57 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign or both
of the rest
directors can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Krisana Kasempaiboonsuk is
the Managing Director.
She is Thai
nationality with the
age of 50
years old.
Mrs. Nongluck
Kasempaiboonsuk is the
General Manager.
She is Thai
nationality with the
age of 57
years old.
Mr. Kittichai Kasempaiboonsuk is
the Sales &
Marketing Manager.
He is Thai
nationality with the age of
55 years old.
Ms. Vimol Laohakitvitoon is
the Purchasing Manager.
She is Thai
nationality.
Ms. Umaporn Patrakard
is the Regional
Trade Manager.
She is Thai
nationality.
Mr. Phatrapol Gridigran is
the Factory Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturing
contractor of toothbrushes,
under its own
brands “AIM” and “ND
NINE”, as well
as OEM customer’s
brands, such as
“BIG C”, “TESCO”, “WATSONS” and
etc.
PURCHASE
70% of its
raw materials such
as pig hair,
plastic resin and
etc., are purchased
from local suppliers,
the remaining 30% is
imported from Malaysia,
Taiwan, Japan and
Republic of China.
MAJOR SUPPLIER
AMP Global Pack
Co., Ltd. : Thailand
SALES [LOCAL]
80% of its
products is sold
locally to wholesalers
and end-users.
EXPORT [COUNTRY]
20% of its
products is also
exported to Malaysia,
Taiwan, Philippines, Indonesia,
India, Hong Kong,
Myanmar, Vietnam, Singapore,
United States of
America and Middle
East countries.
MAJOR CUSTOMERS
Periscope Enterprises Inc. : United
States of America
Big C Supercenter Public
Company Limited : Thailand
Ek-Chai Distribution System
Co., Ltd. : Thailand
Central Watson Co.,
Ltd. : Thailand
SUBSIDIARY AND AFFILIATED COMPANY
J Mykie Thai Group Co., Ltd.
Business Type : Manufacturer of toothbrush
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 to IRICO’S
DATABASE 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 on the
credit term of
60 days or
T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
Krung Thai Bank
Public Co., Ltd.
EMPLOYMENT
The subject employs approximately 350 staff.
LOCATION DETAILS
The premise is owned for operating
office, factory and
warehouse at the
heading address. Premise
is located in
commercial/residential area.
Branch:
48/7 Soi Wachirathamsathit 37,
Sukhumvit Rd., Bangchak,
Prakanong, Bangkok 10260.
COMMENT
The subject is doing
good business. Its
sale revenue is
excellent in line
with strong consumption.
Its products have been
well recognized both domestic
and export markets.
Subject’s business has
expanded continuously.
FINANCIAL INFORMATION
The capital was
registered at Bht.
1 million, divided
into 1,000 shares
of Bht. 1,000 each.
The capital was
increased later as
followings:
Bht. 7,000,000 on
May 21, 1985
Bht. 10,000,000 on December 29,
1995
Bht. 20,000,000 on
November 29, 1999
Bht. 40,000,000 on
July 3, 2000
Bht. 50,000,000 on
March 2, 2007
Bht. 60,000,000 on
October 2, 2007
Bht. 78,000,000 on
November 8, 2010
The latest capital
registered was increased
to Bht. 78
million, divided into 78,000
shares of Bht.
1,000 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE
[as at January 25, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Sukserm Holding Co.,
Ltd. Nationality: Thai Address : 960
Onnuch Rd., Suanluang,
Bangkok |
77,998 |
100.00 |
|
Mrs. Nongluck Kasempaiboonsuk Nationality: Thai Address : 324
Rama 4 Rd.,
Thungmahamek, Sathorn,
Bangkok, Bangkok |
1 |
- |
|
Mrs. Krisana Kasempaiboonsuk Nationality: Thai Address : 48/7 Soi
Wachirathamsathit 37, Sukhumvit
Rd.,
Bangchak, Prakanong, Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure
[as at January 25, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
78,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
78,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Boonliam Luangnarkthongdee No.
2707
BALANCE SHEET [BAHT]
The latest financial
figures published for
September 30, 2011
& 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash
Equivalents |
34,075,412.80 |
18,085,379.42 |
|
Notes Receivable |
290,152.67 |
10,214,659.19 |
|
Trade Accounts Receivable |
104,520,967.68 |
77,493,833.17 |
|
Inventories |
73,433,310.65 |
52,860,462.38 |
|
Receivable - Revenue
Department |
1,203,584.00 |
1,575,925.54 |
|
Other Current Assets
|
5,387,554.09 |
3,716,432.34 |
|
|
|
|
|
Total Current Assets
|
218,910,981.89 |
163,946,692.04 |
|
|
|
|
|
Cash at Bank
under Commitment |
30,763,986.27 |
30,606,053.86 |
|
Fixed Assets |
192,215,816.78 |
161,961,700.96 |
|
Other Non-current Assets |
319,750.00 |
5,873,140.26 |
|
Total Assets |
442,210,534.94 |
362,387,587.12 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft & Short-term Loan from Bank |
96,705,756.99 |
82,869,273.29 |
|
Trade Accounts & Notes
Payable |
103,170,225.64 |
97,739,374.47 |
|
Current Portion of
Long-term Liabilities |
1,474,440.00 |
2,371,914.00 |
|
Current Portion of
Long-term Loan |
9,000,000.00 |
3,357,655.16 |
|
Accrued Expenses |
5,335,544.25 |
4,618,047.70 |
|
Accrued Income Tax |
3,130,718.07 |
3,245,310.76 |
|
Other Current Liabilities |
3,340,977.82 |
2,027,496.13 |
|
|
|
|
|
Total Current Liabilities |
222,157,662.77 |
196,229,071.51 |
|
Lease Contract Liabilities, Net |
890,223.26 |
2,211,796.58 |
|
Other Long-term Loan, Net |
29,250,000.00 |
- |
|
Total Liabilities |
252,297,886.03 |
198,440,868.09 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 78,000 60,000 shares
in 2011
& 2010 respectively |
78,000,000.00 |
60,000,000.00 |
|
|
|
|
|
Capital Paid |
78,000,000.00 |
60,000,000.00 |
|
Retained Earning -
Unappropriated |
111,912,648.91 |
103,946,719.03 |
|
Total Shareholders' Equity |
189,912,648.91 |
163,946,719.03 |
|
Total Liabilities &
Shareholders' Equity |
442,210,534.94 |
362,387,587.12 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
417,195,635.09 |
452,867,999.61 |
|
Other Income |
4,380,275.93 |
2,660,461.13 |
|
Total Revenues |
421,575,911.02 |
455,528,460.74 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Manufacturing |
349,773,404.62 |
382,517,719.97 |
|
Selling Expenses |
18,659,996.01 |
21,676,020.48 |
|
Administrative Expenses |
33,566,892.97 |
27,083,698.06 |
|
Total Expenses |
402,000,293.60 |
431,277,438.51 |
|
|
|
|
|
Profit before Financial Cost &
Income Tax |
19,575,617.42 |
24,251,022.23 |
|
Financial Cost |
[5,463,707.52] |
[2,873,746.52] |
|
Profit before Income
Tax |
14,111,909.90 |
21,377,275.71 |
|
Income Tax |
[6,145,980.02] |
[6,717,156.91] |
|
|
|
|
|
Net Profit / [Loss] |
7,965,929.88 |
14,660,118.80 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.99 |
0.84 |
|
QUICK RATIO |
TIMES |
0.63 |
0.54 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.17 |
2.80 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.94 |
1.25 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
76.63 |
50.44 |
|
INVENTORY TURNOVER |
TIMES |
4.76 |
7.24 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
91.44 |
62.46 |
|
RECEIVABLES TURNOVER |
TIMES |
3.99 |
5.84 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
107.66 |
93.26 |
|
CASH CONVERSION CYCLE |
DAYS |
60.41 |
19.63 |
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
83.84 |
84.47 |
|
SELLING & ADMINISTRATION |
% |
12.52 |
10.77 |
|
INTEREST |
% |
1.31 |
0.63 |
|
GROSS PROFIT MARGIN |
% |
17.21 |
16.12 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.69 |
5.35 |
|
NET PROFIT MARGIN |
% |
1.91 |
3.24 |
|
RETURN ON EQUITY |
% |
4.19 |
8.94 |
|
RETURN ON ASSET |
% |
1.80 |
4.05 |
|
EARNING PER SHARE |
BAHT |
102.13 |
244.34 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.57 |
0.55 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.33 |
1.21 |
|
TIME INTEREST EARNED |
TIMES |
3.58 |
8.44 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(7.88) |
|
|
OPERATING PROFIT |
% |
(19.28) |
|
|
NET PROFIT |
% |
(45.66) |
|
|
FIXED ASSETS |
% |
18.68 |
|
|
TOTAL ASSETS |
% |
22.03 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
17.21 |
Satisfactory |
Industrial Average |
22.28 |
|
Net Profit Margin |
1.91 |
Satisfactory |
Industrial Average |
2.20 |
|
Return on Assets |
1.80 |
Acceptable |
Industrial Average |
2.59 |
|
Return on Equity |
4.19 |
Acceptable |
Industrial Average |
5.66 |
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 17.21%. When compared with
the industry average, the ratio of the company was lower, 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 1.91%.
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 1.8%.
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 4.19%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
0.99 |
Risky |
Industrial Average |
1.71 |
|
Quick Ratio |
0.63 |
|
|
|
|
Cash Conversion Cycle |
60.41 |
|
|
|
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 0.99 times in 2011, increased from 0.84 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 0.63 times in 2011,
increased from 0.54 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 61 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.57 |
Acceptable |
Industrial Average |
0.47 |
|
Debt to Equity Ratio |
1.33 |
Risky |
Industrial Average |
1.01 |
|
Times Interest Earned |
3.58 |
Impressive |
Industrial Average |
2.34 |
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 3.59 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 0.57 greater than 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 |
2.17 |
Satisfactory |
Industrial Average |
2.80 |
|
Total Assets Turnover |
0.94 |
Satisfactory |
Industrial Average |
1.15 |
|
Inventory Conversion Period |
76.63 |
|
|
|
|
Inventory Turnover |
4.76 |
Impressive |
Industrial Average |
3.17 |
|
Receivables Conversion Period |
91.44 |
|
|
|
|
Receivables Turnover |
3.99 |
Impressive |
Industrial Average |
3.75 |
|
Payables Conversion Period |
107.66 |
|
|
|
Trend of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.97 |
|
|
1 |
Rs.85.45 |
|
Euro |
1 |
Rs.69.45 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.