MIRA
INFORM REPORT
|
Report Date : |
03.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
SIGI CREATIONS CO., LTD. |
|
|
|
|
Registered Office : |
197/3 Soi Pradit,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
2000 |
|
|
|
|
Com. Reg. No.: |
0105543041046 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in manufacturing and
designing various kinds
of fine diamonds
and precious stone
jewelry products. |
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 : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
name
SIGI CREATIONS CO., LTD.
SUMMARY
BUSINESS ADDRESS : 197/3
SOI PRADIT,
T.
SURIYAWONGSE, A. BANGRAK,
TELEPHONE : [66] 2233-9253,
2233-7802, 2233-0661
FAX : [66] 2236-4339
E-MAIL ADDRESS : headoffice@sigigroup.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2000
REGISTRATION NO. : 0105543041046 [Former : 619/2543]
CAPITAL
REGISTERED : BHT.
24,000,000
CAPITAL
PAID-UP : BHT.
24,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. ABHISHEK RAWAT,
INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 36
LINES OF
BUSINESS : JEWELRY PRODUCTS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on April 27,
2000 as a
private limited company under
the registered name
SIGI CREATIONS CO.,
LTD. by Thai
and Indian groups, to design
and manufacture jewelry
products for domestic
and export markets.
It currently employs
36 staff.
The
subject’s registered address
is 197/3 Soi
Pradit, Surawong Rd.,
Suriyawongse, Bangrak, Bangkok
10500, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Abhishek Rawat |
|
Indian |
30 |
|
Mr. Ricchi Rawat |
|
Indian |
27 |
AUTHORIZED PERSON
One of the
above directors can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Abhishek Rawat
is the Managing
Director.
He is Indian
nationality with the
age of 30
years old.
Mr. Ricchi Rawat
is the General
Manager.
He is Indian
nationality with the
age of 27
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and designing various
kinds of fine
diamonds and precious
stone jewelry products.
PURCHASE
Most of raw
materials are purchased
from local supplier.
IMPORT
Diamonds
and precious stones
are imported from
SALES
The products is
sold and serviced
to customers both
local and overseas,
mainly in Hong
Kong, Italy, Dubai
and Japan.
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
T/T.
BANKING
Banker’s
name was not
disclosed.
EMPLOYMENT
The
subject employs 36
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
and factory at
the heading address.
Premise is located
in a prime
commercial area.
COMMENT
Economic
slowdown has caused
with slow domestic
consumption of diamond
and jewelry products.
However, export market
like
Subject
could offset declining
in sales revenue
from local consumption
by steadily grown
in export markets.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000
divided into 50,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 11,000,000
on January 20,
2003
Bht. 20,000,000
on December 1,
2004
Bht. 24,000,000
on July 5,
2006
The
latest registered capital
was increased to
Bht. 24,000,000 divided into 240,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
July 3,
2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr.
Abhishek Rawat Nationality: Indian Address : |
60,000 |
25.00 |
|
Mr. Ricchi Rawat Nationality: Indian Address : |
57,600 |
24.00 |
|
Mr. Sangiam Viengkham Nationality: Thai Address : 82
Moo 3, Buanoi,
Kantararom, Srisaket |
24,480 |
10.20 |
|
Ms.
Duangjai Kaewwong Nationality: Thai Address : 55
Moo 11, Pong,
Payao |
24,480 |
10.20 |
|
Mr. Anant Kongkeaw Nationality: Thai Address : 119/3
Moo 11, Khaolan,
Thabsakae,
Prachuabkirikhan |
24,480 |
10.20 |
|
Mr. Kaew Maliwan Nationality: Thai Address : 8
Sukhumvit 5 Rd.,
Klongtoey, |
24,480 |
10.20 |
|
Mr. Lek Leela Nationality: Thai Address : 81
Moo 3, Srangpee,
Raseesalai, Srisaket |
24,480 |
10.20 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Maj. Gen. Montri Thammanart
No. 1144
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
3,164,441.22 |
830,853.29 |
|
Trade Accts. Receivable |
21,756,037.93 |
11,184,231.53 |
|
Inventories |
29,210,646.53 |
18,137,734.90 |
|
Other Current Assets
|
442,509.55 |
389,238.91 |
|
Total Current
Assets |
54,573,635.23 |
30,542,058.63 |
|
|
|
|
|
Fixed Assets |
2,831,931.49 |
945,575.50 |
|
Other Assets |
1,030,008.96 |
554,965.32 |
|
Total Assets
|
58,435,575.68 |
32,042,599.45 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Trade Accts. Payable |
14,681,308.91 |
4,188,261.81 |
|
Other Current Liabilities |
2,429,821.01 |
2,240,106.52 |
|
Total Current
Liabilities |
17,111,129.92 |
6,428,368.33 |
|
Long Term Loan
from Person or
Related Company |
21,500,000.00 |
6,500,000.00 |
|
Other Long Term
Loan |
160,207.38 |
391,618.04 |
|
Total Liabilities |
38,771,337.30 |
13,319,986.37 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 200,000 shares |
20,000,000.00 |
20,000,000.00 |
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning -
Unappropriated |
[335,761.62] |
[1,277,386.92] |
|
Total
Shareholders' Equity |
19,664,238.38 |
18,722,613.08 |
|
Total
Liabilities & Shareholders' Equity |
58,435,575.68 |
32,042,599.45 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales |
88,939,921.90 |
58,137,252.60 |
|
Less: Refundable Goods |
[35,495,542.11] |
[28,148,782.05] |
|
Discount Paid |
[47,885.04] |
[28,148,782.05] |
|
Other Income |
1,260,092.65 |
825,220.55 |
|
Total Revenues
|
54,656,587.40 |
30,774,766.19 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
46,926,165.76 |
21,541,773.09 |
|
Selling & Administrative Expenses |
6,332,122.85 |
7,914,447.28 |
|
Total Expenses |
53,258,288.61 |
29,456,220.37 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
1,398,298.79 |
1,318,545.82 |
|
Interest Expenses |
[36,097.75] |
[33,321.00] |
|
Income Tax |
[414,277.99] |
[392,274.34] |
|
Net Profit / [Loss] |
947,923.05 |
892,950.48 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2005 |
2004 |
|
Net Sales |
78.29 |
|
|
Operating Profit |
[40.52] |
|
|
Net Profit |
6.16 |
|
|
Fixed Assets |
199.49 |
|
|
Total Assets |
82.37 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
87.88 |
71.93 |
|
Operating Profit Margin |
2.62 |
4.40 |
|
S & A
Expenses |
11.86 |
26.43 |
|
Interest Paid |
0.07 |
0.11 |
|
Other Revenues |
2.36 |
2.76 |
|
Net Profit Margin |
1.78 |
2.98 |
|
Earning Per Shares |
4.74 |
4.46 |
|
No. of Shares |
200,000 |
200,000 |
Net Sales was
increased by 78.29%,
Operating Profit was
decreased by 40.52%,
Net Profit was
increased by 6.16%,
Fixed Assets was
increased by 199.49%,
Total Assets was
increased by 82.37%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 71.93%
to 87.88%, Operating
Profit Margin was
decreased from 4.40%
to 2.62%, S
& A Expenses
was decreased from
26.43% to 11.86%,
Interest Paid was decreased
from 0.11% to
0.07%, Other Revenues
was decreased from
2.76% to 2.36%,
Net Profit Margin
was decreased from
2.98% to 1.78%.
Earning Per Shares
was increased from
4.46 baht per
share to 4.74
baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
3.19 |
4.75 |
|
Quick-Assets Ratio |
1.46 |
1.87 |
Current Ratio was
decreased from 4.75
to 3.19, show
Current Assets can cover Current
Liabilities, Liquidity Ratio
of the company
was good, Quick-Assets
Ratio was decreased
from 1.87 to
1.46, 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 |
1.97 |
0.71 |
|
Times Interest Earned |
38.74 |
39.57 |
D/E Ratio was
increased from 0.71
to 1.97, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was decreased from
39.57 to 38.74,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
18.86 |
31.67 |
|
Total Assets Turnover |
0.91 |
0.93 |
|
Return on Assets |
1.62 |
2.79 |
|
Return on Equity |
4.82 |
4.77 |
|
Day's Payable |
98.98 |
50.34 |
|
Day’s Inventories |
196.94 |
218.02 |
|
Day’s Receivables |
146.68 |
134.44 |
Fixed Assets Turnover
was decreased from
31.67 times to
18.86 times, Total
Assets Turnover was
decreased from 0.93
times to 0.91
times, show the
company could not
use Assets so efficiently, Return
on Assets was
decreased from 2.79
to 1.62, Return
on Equity was
increased from 4.77
to 4.82, capacity
to use Assets
to make profit
was good.
Day's Payable was
increased from 51
days to 99
days, while Day’s
Inventories was decreased
from 219 days
to 197 days,
but Day’s Receivables
was increased from
135 days to
147 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%)