MIRA
INFORM REPORT
|
Report Date : |
31.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
YOO LIM GOLD FACTORY CO., LTD. |
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Registered Office : |
653/14 Soi Suanplu 1, Suanplu Road, T. Thungmahamek, A. Sathorn, 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 : |
1993 |
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Com. Reg. No.: |
0105536019669 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing and designing
with the full
range of 9k,
10k, 18k, gold
and platinum setting with
diamonds and gemstones
both precious and
semi-precious stones. |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name
YOO LIM GOLD FACTORY CO., LTD.
SUMMARY
BUSINESS ADDRESS : 653/14 SOI SUANPLU 1,
SUANPLU ROAD,
T. THUNGMAHAMEK, A. SATHORN,
BANGKOK 10120,
THAILAND
TELEPHONE : [66] 2677-5539,
2677-5518, 2677-5514
FAX :
[66] 2677-5538
E-MAIL ADDRESS : yoolimgl@ksc15.th.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1993
REGISTRATION NO.
: 0105536019669 [Former: 1609/2536]
CAPITAL
REGISTERED : BHT. 40,000,000
CAPITAL
PAID-UP : BHT. 40,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. CHAROEN NAWAWATTANASAP, THAI
PRESIDENT
NO. OF
STAFF : 112
LINES OF
BUSINESS : JEWELRY PRODUCTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
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 February 18,
1993 as a
private limited company under the name style YOO
LIM GOLD FACTORY CO., LTD.,
by Thai group, the Nawawattanasap family,
in order to
manufacture and distribute
wide range of
gold and platinum
jewelry products for domestic and export markets.
It currently employs
112 staff.
The
subject’s registered address
was initially located
at 1180-1182-1184 Charoenkrung Rd., Bangrak, Bangkok
10500.
On
June 29, 2005,
it was relocated to 653/14
Suanplu Rd., Thunhmahamek, Sathorn, Bangkok 10120,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Charoen Nawawattanasap |
|
Thai |
53 |
|
Mrs. Sudarat Nawawattanasap |
|
Thai |
48 |
|
Ms. Thipha [Narumol] Nawawattanasap |
|
Thai |
26 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Charoen Nawawattanasap is
the President.
He is Thai nationality with
the age of
53 years old.
Mrs. Sudarat Nawawattanasap is
the Managing Director.
She is Thai nationality with
the age of
48 years old.
Ms. Thipha
[Narumol] Nawawattanasap is
the Deputy Managing
Director.
She is Thai nationality with
the age of
26 years old.
Mr. Sathien Trakulrangsri is
the Human Resources
Manager.
He is Thai nationality.
Ms. Sunantha Taeprasit
is the Sales & Marketing
Manager.
She is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and designing with
the full range
of 9k, 10k, 18k, gold
and platinum setting
with diamonds and
gemstones both precious
and semi-precious stones,
including rings, pendants,
brooches, pins, earrings,
bracelets, necklaces, bangle
and cufflinks with
more than 2,000
collections.
PURCHASE
100% of raw
materials and accessories
are purchased from
local suppliers and
agents.
MAJOR SUPPLIER
YLG Bullion International Co., Ltd. :
Thailand
EXPORT
80%
of the products is exported
to many countries
in Europe, Middle
East, and Asia
[Japan, Hong Kong,
Singapore] and United States of America.
SALES [LOCAL]
20% of the products is
sold locally by
wholesale to traders.
RELATED AND
AFFILIATED COMPANY
YLG Bullion
International Co., Ltd.
Business Type :
Importer and exporter
of jewelry products.
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
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
L/C at sight or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangkok]
EMPLOYMENT
The
subject employs 112
office staff and
factory workers.
LOCATION DETAILS
The
premise is rented
for administrative office,
factory and warehouse
at the heading address. Premise
is located in
commercial/residential area.
COMMENT
The market for luxurious goods
had steady growth
and scenario assumed
likely a 10% increase
in consumption annually.
However, with the
increasing prices of
gold and operating
costs have caused
to currently slow
consumption.
The
company’s business performance
in the past few
years were healthy,
but its business
trend in short
to medium term is
likely slowdown.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000 shares
of Bht. 100
each.
The
capital was increased
and decreased later
as following:
Bht. 6,000,000 on October 11,
1994
Bht. 10,000,000
on December 23,
1997
Bht. 30,000,000
on October 3,
2003
Bht. 40,000,000
on November 12,
2003
The
latest registered capital
was decreased to
Bht. 40,000,000 divided into
400,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at April 30, 2006]
|
NAME |
HOLDING |
% |
|
|
|
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Mr. Charoen Nawawattanasap Nationality: Thai Address : 611/1
South Sathorn Rd.,
Thungmahamek,
Yannawa, Bangkok |
101,479 |
25.36 |
|
Ms. Sudarat
Nawawattanasap Nationality: Thai Address : 1170-1172
Charoenkrung Rd., Bangrak,
Bangkok |
99,500 |
24.88 |
|
Ms.
Naruemol Nawawattanasap Nationality: Thai Address : 611/1
South Sathorn Rd.,
Thungmahamek,
Yannawa, Bangkok |
99,500 |
24.88 |
|
Mr.
Teerapong Nawawattanasap Nationality: Thai Address : 611/1 South
Sathorn Rd., Thungmahamek,
Yannawa, Bangkok |
99.500 |
24.88 |
|
Mr.
Sutthichai Kanoklertwong Nationality: Thai Address : 1851
Moo 4, Klongkum,
Buengkum, Bangkok |
10 |
- |
|
Mrs.
Suphatra Theveelaporn Nationality: Thai Address : 433
Ladprao 64 Rd.,
Wangthonglang,
Bangkapi, Bangkok |
10 |
- |
|
Mrs.
Sripradab Phaha Nationality: Thai Address : 255
Chakrawad Rd., Klongmahanark,
Pomprab, Bangkok |
1 |
- |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mrs. Thanyahathai
Suphakasem No. 5394
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2005
& 2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank |
29,018,935.54 |
3,313,829.84 |
|
Trade Accts. Receivable |
72,097,337.08 |
72,178,324.70 |
|
Inventories |
162,047,054.76 |
150,264,253.33 |
|
Other Current Assets |
3,750,403.39 |
3,917,698.39 |
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Total Current
Assets |
266,913,730.77 |
229,674,106.26 |
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|
|
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Fixed Assets |
26,688,248.16 |
28,341,237.83 |
|
Other Assets |
1,488,807.95 |
1,449,041.85 |
|
Total Assets |
295,090,786.88 |
259,464,385.94 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
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Bank Overdraft &
Short Term Loan
from Financial Institute |
70,000,000.00 |
72,517,670.44 |
|
Trade Accts. Payable |
53,095,890.85 |
63,879,122.99 |
|
Short Term Loan
from Related Person |
97,780,000.00 |
48,700,000.00 |
|
Other Current Liabilities |
2,606,418.60 |
3,389,625.36 |
|
Total Current
Liabilities |
223,482,309.45 |
188,486,418.79 |
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|
|
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Other Liabilities |
2,427,934.81 |
4,091,129.90 |
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Total Liabilities |
225,910,244.26 |
192,577,548.69 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 400,000 shares |
40,000,000.00 |
40,000,000.00 |
|
Capital Paid |
40,000,000.00 |
40,000,000.00 |
|
Retained Earning -
Unappropriated |
29,180,542.62 |
26,886,837.25 |
|
Total
Shareholders' Equity |
69,180,542.62 |
66,886,837.25 |
|
Total
Liabilities & Shareholders' Equity |
295,090,786.88 |
259,464,385.94 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
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Sales |
640,666,749.75 |
381,461,073.42 |
|
Other Income |
1,605,905.88 |
6,111,270.05 |
|
Total Revenues
|
642,272,655.63 |
387,572,343.47 |
|
Expenses |
|
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|
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Cost of Goods
Sold |
601,436,354.04 |
344,793,103.78 |
|
Selling & Administrative Expenses |
36,244,669.65 |
34,009,339.50 |
|
Total Expenses |
637,681,023.69 |
378,802,443.28 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
4,591,631.94 |
8,769,900.19 |
|
Interest Expenses |
[801,588.66] |
[2,687,635.06] |
|
Income Tax |
[1,496,338.21] |
[2,099,315.52] |
|
Net Profit / [Loss] |
2,293,705.37 |
3,982,949.61 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Sales |
67.95 |
|
|
Operating |
[68.83] |
|
|
Net Profit |
[42.41] |
|
|
Fixed Assets |
[5.83] |
|
|
Total Assets |
13.73 |
|
|
Profitability |
|
|
|
Cost of Goods
Sold |
93.88 |
90.39 |
|
Operating Profit Margin |
0.72 |
2.30 |
|
S&A expenses |
5.66 |
8.92 |
|
Interest |
0.13 |
0.70 |
|
Other Revenues |
0.25 |
1.60 |
|
Net Profit Margin |
0.36 |
1.04 |
|
Earning Per Shares |
5.73 |
9.96 |
|
No. of Shares |
400,000 |
400,000 |
Net Sales was increased by 67.95%, Operating Profit was decreased by 68.83%, Net Profit was decreased by 42.41%, Fixed Assets was decreased by 5.83%, Total Assets was increased by 13.73%.
Compare each cost with sales, Cost of Goods Sold was increased from 90.39% to 93.88%, Operating Profit Margin was decreased from 2.30% to 0.72%, S & A Expenses were decreased from 8.92% to 5.66%, Interest Paid was decreased from 0.70% to 0.13%, Other Revenues was decreased from 1.60% to 0.25%, Net Profit Margin was decreased from 1.04% to 0.36%.
Earning Per Shares was decreased from 9.96 baht per share to 5.73 baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.19 |
1.22 |
|
Quick - assets ratio |
0.45 |
0.40 |
Current Ratio was
decreased from 1.22
to 1.19, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, and Quick-assets Ratio was increased
from 0.40 to
0.45, 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 |
3.27 |
2.88 |
|
Times Interest Earned |
5.73 |
3.26 |
D/E Ratio was increased from 2.88 to 3.27 , show the company had fund from Loan more than fund from Equity, investment risked of the company is high and Times Interest Earned was increased from 3.26 to 5.73, capacity to pay interest paid was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
24.01 |
13.46 |
|
Total Assets Turnover |
2.17 |
1.47 |
|
Return on Assets |
0.78 |
1.54 |
|
Return on Equity |
3.32 |
5.95 |
|
Day’s Payable |
29.84 |
60.29 |
|
Day’s Inventories |
91.06 |
141.81 |
|
Days’ Receivables |
40.51 |
68.12 |
Fixed Assets Turnover was increased from 13.46 times to 24.01 times, Total Assets Turnover was increased from 1.47 times to 2.17 times, show the company could use Assets so efficiently, and Return on Assets was decreased from 1.54 to 0.78, Return on Equity was decreased from 5.95 to 3.32, capacity to use Assets to make profit was not good.
Day’s Payable was decreased from 61 days to 30 days, Day’s Inventories was decreased from 142 days to 92 days, and Day’s Receivables was decreased from 69 days to 41 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 |
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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%)