MIRA
INFORM REPORT
|
Report Date : |
01.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
PLOY PAILIN JEWELRY MFG. CO., LTD. |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
1988 |
|
|
|
|
Com. Reg. No.: |
0135531000188 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturing and designing
various styles of
18k gold jewelry
set with diamond
and precious or 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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
NAME
PLOY PAILIN JEWELRY MFG. CO., LTD.
SUMMARY
BUSINESS ADDRESS :
SATHORN,
TELEPHONE : [66] 2213-2504,
2213-1241, 2287-1888
FAX : [66] 2213-2505
E-MAIL ADDRESS : ppjthai@ksc.th.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1988
REGISTRATION NO. : 0135531000188 [Former : POR
THOR. 266]
CAPITAL
REGISTERED : BHT.
45,000,000
CAPITAL
PAID-UP : BHT.
45,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. HENG SWEE
CHIM, SINGAPOREAN
MANAGING DIRECTOR
NO. OF
STAFF : 80
LINES OF
BUSINESS : GOLD
JEWELRY PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on February 23,
1988 as a
private limited company under
the name style
PLOY PAILIN JEWELRY
MFG. CO., LTD.,
by Thai and
Singaporean groups, with
the business objective
to manufacture and
distribute various style
of gold jewelry
products to both
domestic and international
markets. It currently
employs approximately 80
staff.
The
subject’s registered address
is 1569/17-19 Chan
Rd., Thungwatdon, Sathorn,
Bangkok 10120, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Heng Swee Chim |
|
Singaporean |
54 |
|
Ms. Rerngchit Jirajongcharoen |
|
Thai |
57 |
|
Mr. Tawee Khankaew |
|
Thai |
57 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Heng Swee
Chim is the
Managing Director.
He is Singaporean
nationality with the
age of 54
years old.
Mr. Guillaume Trifaud
is the Marketing
Manager.
He is Singaporean
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and designing various
styles of 18k
gold jewelry set
with diamond and
precious or semi-precious stones
according to customer’s
requirement.
PURCHASE
Raw materials such
as diamond, semi-precious and precious
stone, gold and
components are purchased
from suppliers both
domestic and overseas,
mainly in India
and U.S.A.
EXPORT
90%
of the products
is exported to
Hong Kong, U.S.A.,
Singapore and Republic
of China.
SALES [LOCAL]
10% of the products is
sold 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 or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
80 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and factory at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
The subject’s
sales remains upbeat
especially from export
markets. Its jewelry
products still has
strong demand from
overseas customers.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000 divided
into 10,000 shares
of Bht. 1,000
each.
The
capital was increased
later as following:
Bht. 15,000,000
on May 24,
1988
Bht. 20,000,000
on March 9,
1989
Bht. 45,000,000
on April 1,
1991
The latest
registered capital was
increased to Bht. 45,000,000 divided
into 45,000 shares
of Bht. 1,000
each with fully
paid.
MAIN SHAREHOLDERS
: [as at
April 29,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Heng Swee Chim Nationality: Singaporean Address : |
17,050 |
37.89 |
|
Mr. Tawee Khankaew Nationality: Thai Address : Bangrak, |
9,000 |
20.00 |
|
Ms.
Rerngchit Jirajongcharoen Nationality: Thai Address : |
7,225 |
16.05 |
|
Mr.
Mohammed Hussan Mohammed
Farut Nationality: Address : |
3,000 |
6.67 |
|
Mr. Lin I- Ho Nationality: Singaporean Address : Sathorn, |
2,000 |
4.44 |
|
Ms.
Raewadee Jirajongcharoen Nationality: Thai Address : |
1,600 |
3.55 |
|
Others |
5,125 |
11.40 |
Total Shareholders
14
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mrs. Vanida Techatungka No.
3135
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2005
& 2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
37,852,848.65 |
31,716,725.34 |
|
Short-term Investment |
10,052,650.00 |
9,525,438.03 |
|
Trade Accts. Receivable |
20,497,169.78 |
24,218,559.92 |
|
Inventories |
101,963,663.59 |
82,569,793.65 |
|
Other Current Assets
|
7,554,990.42 |
6,714,262.56 |
|
Total Current
Assets |
177,921,322.44 |
154,744,779.50 |
|
|
|
|
|
Fixed Assets |
5,551,473.70 |
5,124,410.88 |
|
Other Assets |
444,710.61 |
463,660.28 |
|
Total Assets
|
183,917,506.75 |
160,332,850.66 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Trade Accts. Payable |
10,045,699.55 |
12,939,953.73 |
|
Current Portion of Long
Term Loan |
236,934.00 |
- |
|
Other Current Liabilities |
28,883,058.80 |
25,127,358.43 |
|
Total Current
Liabilities |
39,165,692.35 |
38,067,312.16 |
|
Other Long Term
Loan |
78,978.00 |
- |
|
Total Liabilities |
39,244,670.35 |
38,067,312.16 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 45,000 shares |
45,000,000.00 |
45,000,000.00 |
|
Capital Paid |
45,000,000.00 |
45,000,000.00 |
|
Statutory Reserve |
4,500,000.00 |
4,500,000.00 |
|
Retained Earning -
Unappropriated |
95,172,836.40 |
72,765,538.50 |
|
Total
Shareholders' Equity |
144,672,836.40 |
122,265,538.50 |
|
Total
Liabilities & Shareholders' Equity |
183,917,506.75 |
160,332,850.66 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
238,089,482.36 |
203,763,502.94 |
|
Less : Discount & Refundable |
[1,146,938.85] |
968,179.29 |
|
Total Sales
Income-net |
236,942,543.51 |
202,795,323.65 |
|
Other Income |
|
|
|
Interest Income |
92,307.63 |
47,221.68 |
|
Compensation Tax |
505,450.15 |
417,115.69 |
|
Gain on
Exchange Rate |
286,365.42 |
87,091.62 |
|
Fine |
620,040.50 |
602,303.50 |
|
Other |
147,583.86 |
38,086.87 |
|
Total Other
Income-net |
1,651,747.56 |
1,191,819.36 |
|
Total Revenues
|
238,594,291.07 |
203,987,143.01 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
167,118,905.45 |
144,923,269.02 |
|
Selling & Administrative Expenses |
32,657,884.89 |
27,622,438.63 |
|
Total Expenses |
199,776,790.34 |
172,545,707.65 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
38,817,500.73 |
31,441,435.36 |
|
Interest Expenses |
[21,410.77] |
[125.01] |
|
Income Tax |
[11,888,792.06] |
[10,068,336.87] |
|
Net Profit / [Loss] |
26,907,297.90 |
21,372,973.48 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
16.84 |
|
|
Operating Profit |
5.67 |
|
|
Net Profit |
25.89 |
|
|
Fixed Assets |
8.33 |
|
|
Total Assets |
14.71 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
70.53 |
71.46 |
|
Operating Profit Margin |
16.38 |
15.50 |
|
S & A
Expenses |
13.78 |
13.62 |
|
Interest Paid |
0.01 |
0.00 |
|
Other Revenues |
0.70 |
0.59 |
|
Net Profit Margin |
11.36 |
10.54 |
|
Earning Per Shares |
597.94 |
474.95 |
|
No. of Shares |
45,000 |
45,000 |
Net Sales was
increased by 16.84%,
Operating Profit was
increased by 5.67%,
Net Profit was
increased by 25.89%,
Fixed Assets was
increased by 8.33%,
Total Assets was
increased by 14.71%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 71.46%
to 70.53%, Operating
Profit Margin was
increased from 15.50%
to 16.38%, S
& A Expenses
was increased from
13.62% to 13.78%,
Interest Paid was increased
from 0.00% to
0.01%, Other Revenues
was increased from
0.59% to 0.70%,
Net Profit Margin
was increased from
10.54% to 11.36%.
Earning Per Shares
was increased from
474.96 baht per
share to 597.94
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
4.54 |
4.07 |
|
Quick-Assets Ratio |
1.75 |
1.72 |
Current Ratio was
increased from 4.07
to 4.54, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.72 to 1.75,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
0.27 |
0.31 |
|
Times Interest Earned |
1,812.99 |
251,511.36 |
D/E Ratio was
decreased from 0.31
to 0.27, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low,
Times Interest Earned
was decreased from 251,511.40
to 1,812.99, capacity
to pay interest
paid was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
42.68 |
39.57 |
|
Total Assets Turnover |
1.29 |
1.26 |
|
Return on Assets |
14.63 |
13.33 |
|
Return on Equity |
18.60 |
17.48 |
|
Day's Payable |
15.26 |
22.97 |
|
Day’s Inventories |
154.92 |
146.58 |
|
Day’s Receivables |
31.14 |
42.99 |
Fixed Assets Turnover
was increased from
39.57 times to
42.68 times, Total
Assets Turnover was
increased from 1.26
times to 1.29
times, show the
company could use
Assets so efficiently,
Return on Assets
was increased from
13.33 to 14.63,
Return on Equity
was increased from
17.48 to 18.60,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 23
days to 16
days, while Day’s
Inventories was increased
from 147 days
to 155 days,
but Day’s Receivables
was decreased from 43 days
to 32 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%)