MIRA
INFORM REPORT
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Report Date : |
17.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
LITHOS
CO., LTD. |
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Registered Office : |
99/470-471 Narathiwas Ratchanakarin Road,
Chongnonsi, Yannawa, Bangkok 10120 |
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Country : |
Thailand
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2000 |
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Com. Reg. No.: |
0105543045017 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Manufacturing
and designing various kinds of jewellery products. |
RATING & COMMENTS
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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 : |
Regular |
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Litigation : |
Clear |
name
LITHOS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 99/470-471 NARATHIWAS
RATCHANAKARIN ROAD,
CHONGNONSI, YANNAWA,
BANGKOK 10120
TELEPHONE : [66]
2681-2189, 2681-2079
FAX :
[66] 2681-2080
E-MAIL ADDRESS : lithos@loxinfo.co.th
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 2000
REGISTRATION NO.
: 0105543045017 [Former : 679/2543]
CAPITAL REGISTERED : BHT. 34,000,000
CAPITAL PAID-UP
: BHT. 34,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PIERRE NAOUM NASSIF, LEBANESE
MANAGING DIRECTOR
NO. OF
STAFF : 100
LINES OF
BUSINESS : JEWELRY PRODUCTS
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 May 11,
2000 as a
private limited company under the name style
LITHOS CO., LTD.,
by a multi-nation groups,
in order to
manufacture and market
jewelry products for
international markets, with
currently employs approximately 100 staff. It
is a subsidiary of Shine
Enterprises Ltd. in
Cyprus.
The
subject’s registered address
is 99/470-471 Narathiwas
Ratchanakarin Rd., Chongnonsi,
Yannawa, Bangkok 10120,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
Mr. Pierre Naoum
Nassif
AUTHORIZED PERSON
The above
director can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Pierre
Naoum Nassif
is the Managing Director.
He is
Lebanese nationality with
the age of
46 years old.
Mr. Elic
Naoum Nassif
is the Production Manager.
He is
Lebanese nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and designing
various kinds of
jewellery products, including
chain, necklace, bracelet,
pin, ring, earring
and etc.
PURCHASE
Raw materials;
diamond and gemstones
as well as
accessories are purchased
from supplier both
local and overseas,
such as India,
Hong Kong, Malaysia,
Belgium and Russia.
SALES
The products
are sold to
customer in international, in U.S.A, Asia
and European countries.
PARENT COMPANY
Shine Enterprise
Co., Ltd. : Cyprus
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
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
Bangkok Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately 100 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
Factory
and warehouse are
located at 123/15-16
Nonsee Rd., Chongnonsi,
Yannawa, Bangkok 10120.
COMMENT
The subject’s
business remains brisk due to demand
jewelry products especially in
overseas markets has continued growing.
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 following:
Bht. 10,000,000 on February 21,
2002
Bht. 20,000,000 on July 26,
2002
Bht. 30,000,000 on February 4,
2003
Bht. 34,000,000 on December 1,
2004
The
latest registered capital
was increased to
Bht. 34,000,000 divided into
340,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
: [as at April 30,
2006]
|
NAME |
HOLDING |
% |
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Shine
Enterprises Ltd. Nationality: Cyprus Address :
Marian, Lazana, Cyprus |
213,500 |
62.78 |
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Mr. Pierre Naoum Nassif Nationality: Lebanese Address :
99/471-1 Narathiwas Ratchanakarin Rd., Chongnonsi, Yannawa,
Bangkok |
124,000 |
36.47 |
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Mr. Karim
Kuri Nationality: American Address :
9 Reimile El
Maten, Beirut, Lebanon |
500 |
0.15 |
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Mrs. Mona
Hillani Nassif Nationality: Lebanese Address :
9 Reimile El
Maten, Beirut, Lebanon |
500 |
0.15 |
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Mr. Eily
Naoum Nassif Nationality: Lebanese Address :
9 Reimile El
Maten, Beirut, Lebanon |
500 |
0.15 |
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Ms. Trecy
Pierre Nassif Nationality: Lebanese Address :
9 Reimile El
Maten, Beirut, Lebanon |
500 |
0.15 |
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Ms. Tifany Pierre Nassif Nationality: Lebanese Address :
9 Reimile El
Maten, Beirut, Lebanon |
500 |
0.15 |
Total Shareholders
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr.
Jarin Limpachote No.
1983
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
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Current Assets |
2005 |
2004 |
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Cash in
hand & at
Bank |
4,339,180.41 |
8,613,710.31 |
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Trade Accts.
Receivable |
15,676,597.11 |
3,826,722.78 |
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Inventories |
71,307,022.32 |
70,584,589.85 |
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Other Current
Assets |
1,847,824.59 |
1,505,538.79 |
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Total
Current Assets |
93,170,624.43 |
84,530,561.73 |
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Fixed
Assets |
15,789,565.92 |
4,407,188.67 |
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Other
Assets |
54,700.00 |
54,700.00 |
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Total
Assets |
109,014,890.35 |
88,992,450.40 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
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Trade Accts.
Payable |
41,485,260.75 |
52,615,942.51 |
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Other Current
Liabilities |
32,867,106.38 |
2,000,323.96 |
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Total Current Liabilities |
74,352,367.13 |
54,616,266.47 |
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Total
Liabilities |
74,352,367.13 |
54,616,266.47 |
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Shareholders' Equity |
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Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 340,000
shares |
34,000,000.00 |
34,000,000.00 |
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Capital Paid |
34,000,000.00 |
34,000,000.00 |
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Retained Earning - Unappropriated |
662,523.22 |
376,183.93 |
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Total Shareholders' Equity |
34,662,523.22 |
34,376,183.93 |
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Total Liabilities &
Shareholders' Equity |
109,014,890.35 |
88,992,450.40 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Sales |
78,624,078.89 |
72,938,137.61 |
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Other Income |
1,280,851.72 |
1,297,390.42 |
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Total
Revenues |
79,904,930.61 |
74,235,528.03 |
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Expenses |
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Cost of
Goods Sold |
73,354,008.60 |
66,149,611.44 |
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Selling &
Administrative Expenses |
6,042,759.07 |
6,974,483.82 |
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Total Expenses
|
79,396,767.67 |
73,124,095.26 |
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Profit
/ [Loss] Before Income
Tax |
508,162.94 |
1,111,432.77 |
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Income Tax |
[169,172.40] |
[333,429.83] |
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Net Profit / [Loss] |
338,990.54 |
778,002.94 |
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Retained
Earning [deficit],
beginning of year |
323,532.68 |
[401,819.01] |
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Retained
Earning, end of
year |
662,523.22 |
376,183.93 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
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Annual
Growth |
2005 |
2004 |
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Sales |
7.80 |
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Operating |
[57.59] |
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Net Profit |
[56.43] |
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Fixed Assets |
258.27 |
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Total Assets |
22.50 |
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Profitability |
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Cost of
Goods Sold |
93.30 |
90.69 |
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Operating Profit
Margin |
0.65 |
1.52 |
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S&A expenses |
7.69 |
9.56 |
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Other Revenues |
1.63 |
1.78 |
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Net Profit
Margin |
0.43 |
1.07 |
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Earning Per
Shares |
1.00 |
2.29 |
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No. of
Shares |
340,000 |
340,000 |
Net Sales was increased by 7.80%, Operating Profit was decreased by 57.59%, Net Profit was decreased by 56.43%, Fixed Assets was increased by 258.27%, Total Assets was increased by 22.50%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
90.69% to 93.30%,
Operating Profit Margin
was decreased from
1.52% to 0.65%,
S & A
Expenses were decreased
from 9.56% to
7.69%, Other Revenues
was decreased from
1.78% to 1.63%,
Net Profit Margin
was decreased from
1.07% to 0.43%.
Earning Per
Shares was decreased
from 2.29 baht
per share to
1.00 baht per
share.
Liquidity
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Liquidity |
2005 |
2004 |
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Current Ratio |
1.25 |
1.55 |
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Quick
- assets ratio |
0.27 |
0.23 |
Current Ratio was decreased from 1.55 to 1.25, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was increased from 0.23 to 0.27, capacity to pay Short Term Loan was not good, because Current Assets without Inventory can not cover Current Liabilities.
Leverage
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Leverage |
2005 |
2004 |
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D/E Ratio |
2.15 |
1.59 |
D/E Ratio was increased from 1.59 to 2.15, show the company had fund from Loan more than fund from Equity, investment risked of the company is medium.
Efficiency
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Efficiency |
2005 |
2004 |
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Fixed Assets
Turnover |
4.98 |
16.55 |
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Total Assets
Turnover |
0.72 |
0.82 |
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Return on
Assets |
0.32 |
0.87 |
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Return on
Equity |
0.98 |
2.26 |
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Day’s Payable |
189.95 |
259.70 |
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Day’s Inventories |
326.50 |
348.38 |
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Days’ Receivables |
71.78 |
18.89 |
Fixed Assets Turnover was decreased from 16.55 times to 4.98 times, Total Assets Turnover was decreased from 0.82 times to 0.72 times, show the company could not use Assets so efficiently, and Return on Assets was decreased from 0.87 to 0.32, Return on Equity was decreased from 2.26 to 0.98, capacity to use Assets to make profit was not good.
Day’s Payable
was decreased from
260 days to
190 days, and
Day’s Inventories was
decreased from 349
days to 327
days, while Day’s
Receivables was increased
from 19 days
to 72 days.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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