MIRA
INFORM REPORT
|
Report Date : |
21.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MILLENNIUM DESIGN CO., LTD. |
|
|
|
|
Registered Office : |
221/42
Moo 10, Petchkasem Road, Bangkae, Bangkok 10150 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
1999 |
|
|
|
|
Com. Reg. No.: |
0105542030865 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturing and designing
of fine jewelry |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
name
MILLENNIUM DESIGN CO., LTD.
SUMMARY
BUSINESS ADDRESS : 221/42 MOO 10, PETCHKASEM
ROAD,
BANGKAE, BANGKOK
10150
TELEPHONE : [66] 2421-0061-3
FAX : [66] 2421-0064
E-MAIL ADDRESS : saruttaya@millenniumdesign.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1999
REGISTRATION NO.
: 0105542030865 [Former : [3]574/2542]
CAPITAL
REGISTERED : BHT. 12,000,000
CAPITAL
PAID-UP : BHT. 12,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. ERSHAD ISMAIL SHEIK, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 100
LINES OF
BUSINESS : FINE
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 GOOD PERFORMANCE
HISTORY
The
subject was established
on April 29,
1999 as a
private limited company under the name style
MILLENNIUM DESIGN CO.,
LTD., by Thai
and Indian groups, with the business objective
to manufacture and
design fine jewelry
products to both domestic and international markets. It currently
employs approximately 100
staff.
The
subject’s registered address
is 221/42 Moo
10, Petchkasem Rd.,
Bangkae, Bangkok 10160,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Imtiyaz Ahmed Mohamed
Ismail Shaikh |
|
Indian |
35 |
|
Mr. Ershad Ismail Sheik |
|
Indian |
34 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Ershad Ismail
Sheik is the Managing Director.
He is Indian nationality with
the age of
34 years old.
Mr. Imtiyaz Ahmed
Mohamed Ismail Shaikh
is the General Manager.
He is Indian nationality with
the age of
35 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and designing of
fine jewelry in
18k of diamond, gold jewelry,
and others, according
to customer’s requirement.
PURCHASE
Its raw materials
such as diamond,
gemstone and components
are purchased from
supplier both in
domestic and overseas,
mainly in India.
EXPORT
95%
of the products is exported to India, Hong
Kong, U.S.A. and
European countries.
SALES [LOCAL]
5% the products is sold
and serviced locally
to wholesalers.
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
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
The subject has not
disclosed its banker’s
name.
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.
COMMENT
The subject’s sales revenue
in 2005 was
satisfactory with an
increase in sales
amount comparing to
the previous year.
This is mainly
due an increase in demand of
the fine jewelry
products from both
local and export markets.
The overall business outlook is positive and remained in good
conditions.
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. 4,000,000 on June 15,
2000
Bht. 12,000,000
on January 9,
2002
The
latest registered capital
was increased to
Bht. 12,000,000 divided into
120,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE :
[as at
December 2,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Imtiyaz Ahmed
Mohamed Ismail Shaikh Nationality: Indian Address : 221/42
Moo 10, Petchkasem Rd., Bangkae, Bangkok |
30,000 |
25.00 |
|
Mr. Ershad Ismail
Sheik Nationality: Indian Address : 221/42
Moo 10, Petchkasem Rd., Bangkae, Bangkok |
28,800 |
24.00 |
|
Ms.
Vilaiwan Srisutham Nationality: Thai Address : 539/1722
Moo 10, Bangpueng,
Phrapradaeng, Samutprakarn |
13,200 |
11.00 |
|
Ms. Panida Punthumethawong Nationality: Thai Address : 19/129
Moo 5, Suksawad
Rd., Jomthong, Bangkok |
12,000 |
10.00 |
|
Ms. Kusalin Yooharn Nationality: Thai Address : 36/2
Moo 1, Kohkwang,
Muang, Chanthaburi |
12,000 |
10.00 |
|
Ms.
Euamporn Sukmool Nationality: Thai Address : 191/45
Nares Rd., Siphaya,
Bangrak, Bangkok |
12,000 |
10.00 |
|
Ms. Suwanna Noojuey Nationality: Thai Address : 5
Moo 13, Nongkang,
Uthumpornpisai, Srisaket |
12,000 |
10.00 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO. :
Mr. Preeda Permpusri No. 0466
BALANCE SHEET [BAHT]
The latest financial figures published as at
December 31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
200,832.26 |
623,801.70 |
|
Trade Accts. &
Notes Receivable |
11,959,970.71 |
6,178,973.00 |
|
Inventories |
6,959,858.64 |
4,616,011.52 |
|
Revenue Department Receivable |
1,384,225.35 |
2,871,889.56 |
|
Other Current Assets
|
364,256.97 |
335,049.47 |
|
|
|
|
|
Total Current
Assets |
20,869,143.93 |
14,625,725.25 |
|
Cash at Bank
pledged as a
Collateral |
5,063,341.18 |
2,508,534.99 |
|
Fixed Assets |
1,947,289.12 |
2,780,135.60 |
|
Other Assets |
488,663.66 |
387,932.55 |
|
Total Assets |
28,368,437.89 |
20,302,328.39 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft &
Loan from Bank |
- |
5,000,000.00 |
|
Trade Accts. &
Notes Payable |
16,544,219.61 |
18,151,182.77 |
|
Short-term Loan from
Related Person |
230,772.31 |
201,918.75 |
|
Other Current Liabilities |
2,576,536.64 |
726,957.40 |
|
|
|
|
|
Total Current
Liabilities |
19,351,528.56 |
24,080,058.92 |
|
Packing Credit Loans |
10,000,000.00 |
- |
|
Long-term Loan from
Related Person |
1,900,000.00 |
1,102,926.31 |
|
Total Liabilities |
31,251,528.56 |
25,182,985.23 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 120,000 shares |
12,000,000.00 |
12,000,000.00 |
|
|
|
|
|
Capital Paid |
12,000,000.00 |
12,000,000.00 |
|
Unappropriated [Deficit] |
[14,883,090.67] |
[16,880,656.84] |
|
Total
Shareholders' Equity [Deficit] |
[2,883,090.67] |
[4,880,656.84] |
|
Total
Liabilities & Shareholders' Equity |
28,368,437.89 |
20,302,328.39 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales - Export |
98,526,243.19 |
80,937,628.28 |
|
Sales - Domestic |
7,780,646.73 |
3,832,406.26 |
|
Other Income |
1,136,637.96 |
1,085,793.38 |
|
Total Revenues
|
107,443,527.88 |
85,855,827.92 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
90,028,756.35 |
73,027,448.78 |
|
Selling & Administrative Expenses |
13,821,427.60 |
11,566,215.84 |
|
Doubtful Accounts |
- |
15,493,914.38 |
|
Total Expenses |
103,850,183.95 |
100,087,579.00 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses &
Income Tax |
3,593,343.93 |
[14,231,751.08] |
|
Interest Expenses |
[304,886.00] |
[148,608.14] |
|
Income Tax |
[1,290,891.76] |
[430,489.14] |
|
|
|
|
|
Net Profit / [Loss] |
1,997,566.17 |
[14,810,848.36] |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
25.41 |
|
|
Operating Profit |
127.02 |
|
|
Net Profit |
113.49 |
|
|
Fixed Assets |
[29.96] |
|
|
Total Assets |
39.73 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
84.69 |
86.15 |
|
Operating Profit Margin |
3.38 |
1.49 |
|
S & A
Expenses |
13.00 |
13.64 |
|
Interest Paid |
0.29 |
0.18 |
|
Other Revenues |
1.07 |
1.28 |
|
Net Profit Margin |
1.88 |
[17.47] |
|
Earning Per Shares |
16.65 |
[123.42] |
|
No. of Shares |
120,000 |
120,000 |
Net Sales was
increased by 25.41%,
Operating Profit was
increased by 127.02%,
Net Profit was
increased by 113.49%,
Fixed Assets was
decreased by 29.96%,
Total Assets was
increased by 39.73%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 86.15%
to 84.69%, Operating
Profit Margin was
increased from 1.49%
to 3.38%, S
& A Expenses
was decreased from
13.64% to 13.00%,
Interest Paid was increased
from 0.18% to
0.29%, Other Revenues
was decreased from
1.28% to 1.07%,
Net Profit Margin
was increased from
-17.47% to 1.88%.
Earning Per Shares
was increased from
-123.42 baht per
share to 16.65
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.08 |
0.61 |
|
Quick-Assets Ratio |
0.70 |
0.40 |
Current Ratio was
increased from 0.61
to 1.08, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
so good, Quick-Assets Ratio was increased
from 0.40 to
0.70, 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 |
[10.84] |
[5.16] |
|
Times Interest Earned |
11.79 |
8.49 |
D/E Ratio was
decreased from -5.16
to -10.84, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high, Times
Interest Earned was
increased from 8.49
to 11.79, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
54.59 |
30.49 |
|
Total Assets Turnover |
3.75 |
4.18 |
|
Return on Assets |
7.04 |
[72.95] |
|
Return on Equity |
69.29 |
[303.46] |
|
Day's Payable |
56.03 |
77.08 |
|
Day’s Inventories |
23.57 |
19.60 |
|
Day’s Receivables |
40.50 |
26.24 |
Fixed Assets Turnover
was increased from
30.49 times to
54.59 times, Total
Assets Turnover was
decreased from 4.18
times to 3.75
times, show the
company could use
Fixed Assets so
efficiently, Return on
Assets was increased
from -72.95 to
7.04, Return on
Equity was increased
from -303.46 to
69.29, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 78
days to 57
days, while Day’s
Inventories was increased
from 20 days
to 24 days, and Day’s
Receivables was increased
from 27 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 |
|
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%)