MIRA
INFORM REPORT
|
Report Date : |
12.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
CK SHOES
[THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
499 Moo 7, Maliwan Road, T. Bantum, A. Muang, Khonkaen 40000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
1994 |
|
|
|
|
Com. Reg. No.: |
0405537000276 [Former: KHOR KOR. 754] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturing and exporting
wide ranges of
shoes products such as
leather shoes, safety
shoes, sport shoes,
and upper sole
|
|
|
|
|
No. of Employees : |
1,300 |
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 – 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 |
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
CK
SHOES [THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 499
MOO 7, MALIWAN ROAD,
T. BANTUM,
A. MUANG,
KHONKAEN 40000
TELEPHONE : [66] 43
255-555-7
FAX :
[66] 43
255-562-3
E-MAIL
ADDRESS : dongmanee@ckshoes.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION
NO. : 0405537000276 [Former: KHOR KOR. 754]
TAX
ID NO. : 3451009844
CAPITAL REGISTERED : BHT. 460,000,000
CAPITAL PAID-UP : BHT.
460,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SUMETH KONGPATANAKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 1,300
LINES
OF BUSINESS : SHOES
AND ACCESSORIES
MANUFACTURER AND
EXPORTER
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 22,
1994 as a
private limited company under
the name style
CK SHOES [THAILAND] CO., LTD.
by Thai
groups, in order to manufacture shoes
and accessories for
exports. It currently
employs approximate 1,300 staff.
The
subject’s registered address
is 499 Moo 7,
Maliwan Rd., T.
Bantum, A. Muang,
Khonkaen 40000, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sumeth Kongpatanakul |
[x] |
Thai |
54 |
|
Mr. Supornchai Kongpatanakul |
[x] |
Thai |
49 |
|
Ms. Panumas Pongwatananusorn |
[x] |
Thai |
57 |
|
Mr. Chalit Pongwatananusorn |
|
Thai |
86 |
|
Mr. Suchart Pongwatananusorn |
|
Thai |
59 |
|
Ms. Kaldarat Pakpraphan |
|
Thai |
52 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can jointly sign
with one of
the rest directors
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Sumeth Kongpatanakul is
the Managing Director.
He is Thai
nationality with the
age of 54
years old.
Mr. Chinapath Chunhasomboon is
the Marketing Manager.
He is Thai
nationality.
Mr. Thada Jaijongrak is
the Factory Manager.
He is Thai
nationality.
Ms. Kaldarat Pakpraphan is
the Accounting Manager.
She is Thai
nationality with the
age of 52
years old.
BUSINESS OPERATIONS
The subject is
engaged in contracted
manufacturing and exporting
wide ranges of
shoes products such as
leather shoes, safety
shoes, sport shoes,
and upper sole
under customers’ own
brands, such as
“DR. MARTIN”, “TIMBERLAND”, “LACOSTE” & others.
PRODUCTION
Approximately 15,000 - 20,000 pairs/day.
PURCHASE
Most of raw
materials i.e. leather, fabric
and components are
purchased from local
suppliers and agents.
IMPORT
Some
of raw materials
are imported from
Republic of China, Taiwan,
Japan, United States of
America, Singapore, Malaysia
and Hong Kong.
EXPORT
100% of the
products is exported
to United States of
America, Australia, Europe
and Asian Countries.
RELATED/ASSOCIATED COMPANY
CK Shoes Co., Ltd.
Business Type: Manufacturer of
shoes
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
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
TMB Bank Public
Co., Ltd.
[Khonkaen Branch :
127/12 Prachasamosorn Rd.,
T. Naimuang, A.
Muang, Khonkaen]
EMPLOYMENT
The
subject employs approximately
1,300 staff. [office,
sales staff and factory workers]
LOCATION
DETAILS
The
premise is owned
for administrative office and factory
at the heading
address. Premise is
located in provincial.
COMMENT
The subject is owned
by Thai investors, operating
as manufacturing of
world leading brands
shoes, DR. MARTIN, TIMBERLAND and LACOSTE. The
products have been widely accepted in world market.
Its performance remains brisk, in which consumption demand of the
products, e.g. industrial shoes,
casual shoes and
sport shoes has
grown continuously.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 40,000,000 divided into
400,000 shares of
Bht. 100 each.
The
capital was increased
later as follows:
Bht. 100,000,000
on September 29,
1997
Bht. 400,000,000
on June 30,
2006
Bht. 460,000,000
on February 10,
2009
The
latest registered capital
was increased to
Bht. 460,000,000 divided into
4,600,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDER LISTED WERE
[as at April 30, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Sumeth Kongpatanakul Nationality: Thai Address : 3807-3809
Rama 4 Rd., Prakanong,
Klongtoey, Bangkok 10110 |
919,999 |
20.00 |
|
Mr. Supornchai Kongpatanakul Nationality: Thai Address : 3807-3809
Rama 4 Rd., Prakanong,
Klongtoey, Bangkok 10110 |
460,000 |
10.00 |
|
Ms. Panumas Kongpatanakul Nationality: Thai Address : 81/139
Sukhumvit 46 Rd.,
Prakanong
Klongtoey, Bangkok 10110 |
460,000 |
10.00 |
|
Ms. Supaporn Kongpatanakul Nationality: Thai Address : 3807-3809
Rama 4 Rd.,
Prakanong,
Klongtoey, Bangkok 10110 |
460,000 |
10.00 |
|
Mrs. Chantana Kongpatanakul Nationality: Thai Address : 3807-3809
Rama 4 Rd.,
Prakanong,
Klongtoey, Bangkok 10110 |
460,000 |
10.00 |
|
Mr. Kasem Pongwatananusorn Nationality: Thai Address : 585 Rimtangrodfai Nonsi
Rd., Prakanong,
Klongtoey, Bangkok 10110 |
322,000 |
7.00 |
|
Mr. Suchart Pongwatananusorn Nationality: Thai Address : 127
Moo 2, Samrongtai, Phrapradaeng,
Samutprakarn |
322,000 |
7.00 |
|
Mr. Suchai Pongwatananusorn Nationality: Thai Address : 593
Rimtangrodfai Nonsi Rd.,
Prakanong,
Klongtoey, Bangkok 10110 |
322,000 |
7.00 |
|
Ms. Varaporn Pongwatananusorn Nationality: Thai Address : 1803-4
Moo 4, Teparak,
Muang,
Samutprakarn |
322,000 |
7.00 |
|
Mr. Veerasak Pongwatananusorn Nationality: Thai Address : 427
Moo 2, Samrongtai,
Muang,
Samutprakarn |
322,000 |
7.00 |
|
Mr. Chalit Pongwatananusorn Nationality: Thai Address : 593
Rimtangrodfai Rd., Klongtoey,
Bangkok |
230,000 |
5.00 |
|
|
|
|
|
Mr. Kiat Kongpatanakul Nationality: Thai Address : 3807-3809
Rama 4 Rd.,
Prakanong,
Klongtoey, Bangkok 10110 |
1 |
- |
Total Shareholders : 12
Share Structure
[as at April
30, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
12 |
4,600,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
12 |
4,600,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Chatchawal Chobthamkul No.
6800
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash
Equivalents |
12,402,208.46 |
21,921,190.21 |
|
Trade Accounts Receivable |
539,995,342.79 |
436,201,209.31 |
|
Short-term Loan to
Related Company |
6,426,700.00 |
14,544,061.84 |
|
Inventories |
233,618,858.27 |
293,232,671.84 |
|
Other Current Assets
|
22,146,181.65 |
47,727,098.17 |
|
Total Current Assets
|
814,589,291.17 |
813,626,231.37 |
|
|
|
|
|
Other Long-term Loans |
364,794,698.50 |
331,544,698.50 |
|
Fixed Assets |
377,202,417.94 |
395,922,051.32 |
|
Total Assets |
1,556,586,407.61 |
1,541,092,981.19 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft and Short-term
Loans |
716,432,274.34 |
622,549,331.11 |
|
Trade Accounts Payable |
185,240,406.30 |
169,279,598.58 |
|
Current Portion of
Long-term Liabilities |
11,546,172.24 |
86,453,214.12 |
|
Short-term Loan from Person and Related Company |
12,970,000.00 |
50,579,460.60 |
|
Other Current Liabilities |
18,380,369.20 |
15,068,879.87 |
|
Total Current Liabilities |
944,569,222.08 |
943,930,484.28 |
|
Hire-purchase Payable, Net of
Current Portion |
168,842.74 |
- |
|
Long-term Loan, Net
of Current Portion |
- |
29,287,172.57 |
|
Total Liabilities |
944,738,064.82 |
973,217,656.85 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 4,600,000 shares
|
460,000,000.00 |
460,000,000.00 |
|
Capital Paid |
460,000,000.00 |
460,000,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve |
40,000,000.00 |
40,000,000.00 |
|
Unappropriated |
111,848,342.79 |
67,875,324.34 |
|
Total Shareholders' Equity |
611,848,342.79 |
567,875,324.34 |
|
Total Liabilities & Shareholders' Equity |
1,556,586,407.61 |
1,541,092,981.19 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales & Services |
1,599,289,005.88 |
1,305,283,721.18 |
|
Other Income |
34,341,367.42 |
2,415,115.73 |
|
Total Revenues |
1,633,630,373.30 |
1,307,698,836.91 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
1,426,643,638.90 |
1,108,184,587.68 |
|
Selling Expenses |
37,533,900.43 |
25,882,913.88 |
|
Administrative Expenses |
77,365,629.23 |
85,318,214.83 |
|
Total Expenses |
1,541,543,168.56 |
1,219,385,716.39 |
|
|
|
|
|
Profit before Financial Cost |
92,087,204.74 |
88,313,120.52 |
|
Financial Cost |
[43,090,822.02] |
40,766,881.15 |
|
Profit before Income Tax |
48,996,382.72 |
47,546,239.37 |
|
Income Tax |
[5,023,364.27] |
- |
|
Net Profit / [Loss] |
43,973,018.45 |
47,546,239.37 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.86 |
0.86 |
|
QUICK RATIO |
TIMES |
0.59 |
0.50 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.24 |
3.30 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.03 |
0.85 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
59.77 |
96.58 |
|
INVENTORY TURNOVER |
TIMES |
6.11 |
3.78 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
123.24 |
121.98 |
|
RECEIVABLES TURNOVER |
TIMES |
2.96 |
2.99 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
47.39 |
55.76 |
|
CASH CONVERSION CYCLE |
DAYS |
135.62 |
162.80 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
89.20 |
84.90 |
|
SELLING & ADMINISTRATION |
% |
7.18 |
8.52 |
|
INTEREST |
% |
2.69 |
3.12 |
|
GROSS PROFIT MARGIN |
% |
12.94 |
15.29 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.76 |
6.77 |
|
NET PROFIT MARGIN |
% |
2.75 |
3.64 |
|
RETURN ON EQUITY |
% |
7.19 |
8.37 |
|
RETURN ON ASSET |
% |
2.82 |
3.09 |
|
EARNING PER SHARE |
BAHT |
9.56 |
10.34 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.61 |
0.63 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.54 |
1.71 |
|
TIME INTEREST EARNED |
TIMES |
2.14 |
2.17 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
22.52 |
|
|
OPERATING PROFIT |
% |
4.27 |
|
|
NET PROFIT |
% |
(7.52) |
|
|
FIXED ASSETS |
% |
(4.73) |
|
|
TOTAL ASSETS |
% |
1.01 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
12.94 |
Impressive |
Industrial
Average |
11.86 |
|
Net Profit Margin |
2.75 |
Impressive |
Industrial Average |
0.72 |
|
Return on Assets |
2.82 |
Impressive |
Industrial
Average |
(0.77) |
|
Return on Equity |
7.19 |
Impressive |
Industrial
Average |
(4.23) |
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 12.94%. When
compared with the industry average, the ratio of the company was higher, this
indicated that company was more profitable than the same industry.
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 2.75%, higher figure when
compared with those of its average competitors in the same industry, indicated
that business was an efficient operator
in a dominant position within its industry.
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. Return on Assets ratio is
2.82%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant position within its industry.
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. Return on Equity ratio
is 7.19%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
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 |
0.86 |
Risky |
Industrial Average |
(6.33) |
|
Quick Ratio |
0.59 |
|
|
|
|
Cash Conversion Cycle |
135.62 |
|
|
|
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 0.86 times in 2011, the same figure
0.86 times in 2010, then the company may have problems meeting its short-term
obligations. When compared with the industry average, the ratio of the company
was higher, indicated that company was an efficient operator in a dominant
position within its industry.
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 0.59 times in 2011,
increased from 0.5 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 136 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.61 |
Acceptable |
Industrial
Average |
0.51 |
|
Debt to Equity Ratio |
1.54 |
Satisfactory |
Industrial
Average |
2.43 |
|
Times Interest Earned |
2.14 |
Impressive |
Industrial
Average |
(16.97) |
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 2.14 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 0.61 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.24 |
Impressive |
Industrial Average |
(8,721.14) |
|
Total Assets Turnover |
1.03 |
Satisfactory |
Industrial Average |
1.22 |
|
Inventory Conversion Period |
59.77 |
|
|
|
|
Inventory Turnover |
6.11 |
Impressive |
Industrial Average |
(2.76) |
|
Receivables Conversion Period |
123.24 |
|
|
|
|
Receivables Turnover |
2.96 |
Impressive |
Industrial Average |
(0.71) |
|
Payables Conversion Period |
47.39 |
|
|
|
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.52 |
|
|
1 |
Rs.88.84 |
|
Euro |
1 |
Rs.70.85 |
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.