MIRA
INFORM REPORT
|
Report Date : |
24th
November, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
UTOPIA
JEWELLERY LTD |
|
|
|
|
Registered Office : |
60-71
Moo 13, Suksawad Road,
T. Bangpueng A. Phrapradaeng,
Samutprakarn 10130 |
|
|
|
|
Country : |
Thailand
|
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
09.08.1999 |
|
|
|
|
Com. Reg. No.: |
0105542057968
[Former: 921/2542] |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
Engaged
in manufacturing and exporting
various kinds of
jewellery products such as
chain, bracelet, ring,
barrette, earring, necklace,
pin, cuff link,
tie pin, tie
bar and etc. |
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 : |
Regular
|
|
|
|
|
Litigation : |
Clear |
Company name
UTOPIA JEWELLERY
LTD.
SUMMARY
BUSINESS ADDRESS : 60-71 MOO 13, SUKSAWAD ROAD,
T. BANGPUENG
A. PHRAPRADAENG,
SAMUTPRAKARN 10130
TELEPHONE : [66] 2818-0601-3,
2818-0606-10
FAX : [66]
2828-0601
E-MAIL ADDRESS : personnel@utopia-thai.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1999
REGISTRATION NO.
: 0105542057968 [Former: 921/2542]
CAPITAL REGISTERED : BHT. 50,000,000
CAPITAL PAID-UP
: BHT. 50,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. JOSEP CHILON,
CANADIAN
PRESIDENT
NO. OF
STAFF : 334
LINES OF
BUSINESS : JEWELLERY PRODUCTS
MANUFACTURER AND EXPORTER
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 August 9,
1999 as a
private limited company under the name style “UTOPIA JEWELLERY LTD.” by foreign
groups, in order
to manufacture jewellery
products for exports.
It currently employs
approximately 334 staff.
The
subject’s registered address
is 60-71 Moo 13, Suksawad
Rd., Bangpueng, Phrapradaeng, Samutprakarn 10130, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr.
Josep Chilon |
|
Canadian |
47 |
|
Mr.
Abraham Sarusi |
|
Israeli |
32 |
AUTHORIZED PERSON
One of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr.
Josep Chilon is
the President
He is
Canadian nationality.
Mr. Abraham
Sarusi is
the Managing Director.
He is
Israeli nationality with
the age of
32 years old.
BUSINESS OPERATIONS
The subject
is engaged in manufacturing and
exporting various kinds
of jewellery products
such as chain, bracelet, ring, barrette, earring,
necklace, pin, cuff
link, tie pin,
tie bar and etc.
under customers’ orders
and brands.
PURCHASE
Raw materials such as silver, gold, diamond, gemstone and accessories are purchased from suppliers both from domestic and overseas, such as France, India, Hong Kong and Africa.
EXPORT
100% of
the products is
exported to India,
Malaysia, Hong Kong,
Singapore, France, United
Kingdom, Italy, Switzerland and Austria.
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 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 at sight or
T/T.
Exports are
against L/C at
sight or T/T.
BANKING
Kasikornbank Public Co., Ltd.
[Head Office :
1 Kasikorn Lane,
Rajburana Rd., Rajburana,
Bangkok]
EMPLOYMENT
The
subject employs approximately 334 staff.
LOCATION DETAILS
The
premise is rented
for administrative office,
factory and warehouse
at the heading address. Premise
is located in
industrial area.
COMMENT
The
subject has expanded to become an international gem and jewellery business,
with well reputation. While being recognised as a leading in
Thailand’s gem and jewellery industry, the subject also boasts clients around
the world.
The subject produces medium to high-end
products with sophisticated design and high technology, which
most of the products have been marketed in international markets.
The
subject also maintained
its healthy sales
in 2005, as well
as its business trend is
in progress.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
10,000,000 divided into
100,000 shares of
Bht. 100 each.
On
March 21, 2000 the
capital was increased
to Bht. 50,000,000 divided
into 500,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Josep
Chilon Nationality: Canadian Address :
Ontario, Canada |
499,994 |
100.00 |
|
Ms. Gilla
Chilon Nationality: Canadian Address :
Ontario, Canada |
1 |
- |
|
Mr. Jagutnarin Tagi Nationality: Canadian Address :
Ontario, Canada |
1 |
- |
|
Ms. Zefra
Chilon Nationality: Canadian Address :
Ontario, Canada |
1 |
- |
|
Mrs. Itria Zeminara Nationality: Canadian Address :
Ontario, Canada |
1 |
- |
|
Mr.Duglas
Wood Nationality: Canadian Address :
Ontario, Canada |
1 |
- |
|
Mrs. Lora
Fiscaletti Nationality: Canadian Address :
Ontario, Canada |
1 |
- |
Total
Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Sunee Sornchaitanasuk No. 3733
BALANCE SHEET [BAHT]
The latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in
Hand & at Bank |
3,860,829.72 |
2,678,905.11 |
|
Short Term
Investment |
3,365,982.95 |
504,990.17 |
|
Trade
Accts. Receivable |
79,823,492.06 |
115,024,122.43 |
|
Receivable-Revenue Department |
4,745,165.57 |
2,240,799.96 |
|
Inventories [note 1] |
408,362,725.49 |
238,180,570.98 |
|
Other Current
Assets |
2,541,110.13 |
2,318,041.76 |
|
Total
Current Assets |
502,699,305.92 |
360,947,430.41 |
|
|
|
|
|
Fixed Assets [note 2] |
16,684,779.55 |
9,780,514.91 |
|
Other Assets |
1,877,251.12 |
2,259,813.62 |
|
Total
Assets |
521,261,336.59 |
372,987,758.94 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Trade Accts. Payable |
409,294,645.79 |
240,498,887.69 |
|
Payable Director-Non Interest |
48,840,622.41 |
91,467,662.42 |
|
Current Portion
of Hire-Purchase Payable |
3,308,357.02 |
99,996.00 |
|
Accrued Income
Tax |
1,155,868.91 |
1,269,421.05 |
|
Other Current
Liabilities |
13,183,781.38 |
2,274,950.93 |
|
Total Current Liabilities |
475,783,275.51 |
335,610,918.09 |
|
Hire-Purchase Payable
Net of Current Portion |
4,339,830.00 |
24,998.86 |
|
Total
Liabilities |
480,123,105.51 |
335,635,916.95 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 500,000
shares |
50,000,000.00 |
50,000,000.00 |
|
Capital Paid |
50,000,000.00 |
50,000,000.00 |
|
Retained Earning - Unappropriated |
[8,861,768.92] |
[12,648,158.01] |
|
Total Shareholders' Equity |
41,138,231.08 |
37,351,841.99 |
|
Total Liabilities &
Shareholders' Equity |
521,261,336.59 |
372,987,758.94 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
588,399,004.04 |
485,049,749.62 |
|
Other Income |
6,059.19 |
7,105,708.57 |
|
Total
Revenues |
588,05,063.23 |
492,155,458.19 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold |
543,706,510.67 |
462,569,937.48 |
|
Selling &
Administrative Expenses |
38,953,161.22 |
25,796,384.37 |
|
Total Expenses
|
582,659,671.89 |
488,366,321.85 |
|
Profit
/ [Loss] Before Interest Expenses
& Income
Tax |
5,745,391.34 |
3,789,136.34 |
|
Interest Expenses |
[302,133.34] |
[46,306.54] |
|
Income Tax |
[1,656,868.91] |
[1,663,171.05] |
|
Net
Profit / [Loss] |
3,786,389.09 |
2,079,658.75 |
FINANCIAL NOTE
NOTE
1 Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Inventories |
421,825,574.56 |
251,643,420.05 |
|
Less: Allowance
for Decline Value of Inventory |
[13,462,849.07] |
[13,462,849.07] |
|
Total |
408,362,725.49 |
238,180,570.98 |
NOTE
2 Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Building
& Improvement |
638,875.00 |
638,875.00 |
|
Machine
|
20,788,280.90 |
10,541,121.07 |
|
Furniture |
2,249,297.56 |
2,083,094.82 |
|
Office Automation |
3,953,431.80 |
2,724,369.34 |
|
Hand
Tools & Equipment |
6,268,057.38 |
6,147,565.18 |
|
Vehicle
|
1,777,958.15 |
1,777,958.15 |
|
Total |
35,675,900.79 |
23,912,983.56 |
|
Less:
Depreciation |
[18,991,121.24] |
[14,132,468.65] |
|
Total |
16,684,779.55 |
9,780,514.91 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
21.31 |
|
|
Operating |
25.00 |
|
|
Net Profit |
82.07 |
|
|
Fixed Assets |
70.59 |
|
|
Total Assets |
39.75 |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
92.40 |
95.37 |
|
Operating Profit
Margin |
0.98 |
0.78 |
|
S&A expenses |
6.62 |
5.32 |
|
Interest |
0.05 |
0.01 |
|
Other Revenues |
0.00 |
1.46 |
|
Net Profit
Margin |
0.64 |
0.43 |
|
Earning Per
Shares |
7.57 |
4.16 |
|
No. of
Shares |
500,000 |
500,000 |
Net Sales was
increased by 21.31%,
Operating Profit was
increased by 25.00%,
Net Profit was
increased by 82.07%,
Fixed Assets was
increased by 70.59%,
Total Assets was
increased by 39.75%.
Compare each cost
with sales, Cost
of Goods Sold
was decreased from
95.37% to 92.40%,
Operating Profit Margin
was increased from
0.78% to 0.98%,
S & A
Expenses were increased
from 5.32% to
6.62%, Interest Paid
was increased from
0.01% to 0.05%,
Other Revenues was
decreased from 1.46%
to 0.00%, Net
Profit Margin was
increased from 0.43%
to 0.64%.
Earning Per
Shares was increased
from 4.16 baht
per share to
7.57 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.06 |
1.08 |
|
Quick
- assets ratio |
0.19 |
0.36 |
Current Ratio
was decreased from
1.08 to 1.06,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was so
good, and Quick-assets Ratio was decreased
from 0.36 to
0.19, capacity to
pay Short Term
Loan was not
good, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
11.67 |
8.99 |
|
Times Interest
Earned |
19.02 |
81.83 |
D/E Ratio was
increased from 8.99
to 11.67, show
the company had fund from
Loan more than
fund from Equity,
investment risked of
the company is
high and Times
Interest Earned was
decreased from 81.83
to 19.02, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
35.27 |
49.59 |
|
Total Assets
Turnover |
1.13 |
1.30 |
|
Return on
Assets |
0.73 |
0.56 |
|
Return on
Equity |
9.20 |
5.57 |
|
Day’s Payable |
250.42 |
178.50 |
|
Day’s Inventories |
249.85 |
176.78 |
|
Days’ Receivables |
48.84 |
85.27 |
Fixed Assets Turnover
was decreased from
49.59 times to
35.27 times, Total
Assets Turnover was
decreased from 1.30
times to 1.13
times, show the
company could not
use Assets so
efficiently, and Return
on Assets was
increased from 0.56
to 0.73, Return
on Equity was
increased from 5.57
to 9.20, capacity
to use Assets to make
profit was good.
Day’s Payable
was increased from
179 days to
251 days, and
Day’s Inventories was
increased from 177
days to 250
days, while Day’s
Receivables was decreased
from 86 days
to 49 days.
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/normal. |
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 |
|