MIRA
INFORM REPORT
|
Report Date : |
28.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BEAUTY GEMS FACTORY CO., LTD. |
|
|
|
|
Registered Office : |
31
Beauty Gems Center,
Saladaeng Road, Silom, Bangrak,
Bangkok 10500 |
|
|
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Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
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Date of Incorporation : |
1973 |
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|
|
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Com. Reg. No.: |
0105516005794 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in
international Gems and
Jewelry business, by
manufacturing wide range
of 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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name
BEAUTY GEMS FACTORY CO., LTD.
SUMMARY
BUSINESS ADDRESS : 31
BEAUTY GEMS CENTER,
SALADAENG ROAD,
SILOM, BANGRAK,
BANGKOK 10500, THAILAND
TELEPHONE : [66] 2233-7630-4, 2237-8680-9
FAX : [66] 2236-6784,
2237-5664-5
E-MAIL ADDRESS : info@beautygems.com
REGISTRATION ADDRESS : 1240-1242 CHAROENKRUNG ROAD, BANGRAK, BANGKOK 10500
ESTABLISHED : 1973
REGISTRATION NO.
: 0105516005794 [Former : 581/2516]
CAPITAL
REGISTERED : BHT.
300,000,000
CAPITAL
PAID-UP : BHT.
300,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : DR.
SUNEE SRIORATHAIKUL, THAI
SENIOR PRESIDENT
NO. OF
STAFF : 3,497
LINES OF
BUSINESS : GEMS
AND JEWELLERY PRODUCTS
MANUFACTURER, EXPORTER & DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH AVERAGE PERFORMANCE
HISTORY
The subject was
established on June
5, 1973 as
a private limited
company under the
name style BEAUTY
GEMS FACTORY CO., LTD.
by Mr. Pornsit
Sriorathaikul and Thai
Partners, in order to engage
in international gems
and jewellery business, as well as distributing and
exporting the products to domestic and overseas markets. It
currently employs 3,497
staff.
The subject’s registered
address is 1240-1242
Charoenkrung Rd., Bangrak,
Bangkok 10500, while
the subject’s current
administrative office is
at 31 Beauty Gems Center,
Saladaeng Rd., Silom,
Bangrak, Bangkok 10500.
Awards and Honours
Tangible recognition for
Beauty Gems Factory Co., Ltd.’s dedication to excellence has come in the form
of an exceptional collection of international awards and honours. Each award received reflects the creativity
and talent of its employees, and serves as inspiration to achieve even greater
standards
1981-2
International Asia Award Singapore-Bangkok
1986 The American Award, U.S.A.
1987 The Top Exporter of the Year Award
1988 Diamonds International Award for diamond
and onyx earrings, De Beers in
France
The International Europe Award II,
France
1991-2 The Best 100
Products, Consumer Protection Society of Thailand
1993
Hong
Kong Diamond Design Award
1994
Top Ten
Jewel Fest II (three awards)
1995
Top Ten
Jewel Fest III (five awards)
1996
Top Ten
Jewel Fest IV (four awards)
Silver medal, 33rd
International Youth Skill Olympics, Lyons, France
1997
Excellent
Quality Award
International Diamond Star for
Quality, Mexico
Top Ten Jewel Award V (seven awards)
1998
Top Ten
Jewel Award VI (seven awards)
1999
Thailand’s
Brand Certificate, presented by Mr. Chuan Leekpai, Prime Minister
2000
First
Invisible Precious Stones with Diamond Jewel Award, Thai Gem and Jewelry
Traders Association
Second Diamond Jewelry Jewel
Award
2001
ISO
9001 certification by UKAS
First, Third and Fourth prize
winner in the category of Jewelry Set with
Marcasites and
Genuine Gemstones and Marcasites
FANTASTIKA, the 3rd Thailand Jewelry Design
Contest
Etc.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pornsit Sriorathaikul |
: Chairman [x] |
Thai |
59 |
|
Dr. Sunee Sriorathaikul |
[x] |
Thai |
58 |
|
Mr. Surasit Sriorathaikul |
[x] |
Thai |
36 |
|
Mr. Suriyon Sriorathaikul |
[x] |
Thai |
34 |
|
Mrs. Surang Sriorathaikul |
|
Thai |
35 |
|
Mr. Pichait Palanugool |
[x] |
Thai |
63 |
|
Mrs. Hatairat Jor-Khunopakorn |
: Vice Chairman |
Thai |
52 |
|
Mrs. Yupin Laiteerapong |
[x] |
Thai |
56 |
|
Mr. Montri Nerakanthee |
[x] |
Thai |
50 |
|
Mrs. Ajchariya Wong-ariya |
|
Thai |
33 |
|
Mr. Veerasak Sathienwantanee |
|
Thai |
56 |
|
Mr. Arthorn Sitthisomboon |
|
Thai |
45 |
AUTHORIZED PERSON
Two of the above directors
[x] can jointly
sign on behalf
of the subject with company’s
affixed.
MANAGEMENT
Dr. Sunee
Sriorathaikul is the
Senior President.
She is Thai nationality with
the age of
58 years old.
Mr. Surasit
Sriorathaikul is the
President.
He is Thai nationality with
the age of
36 years old.
Mrs. Yupin
Laiteerapong is the
Vice President.
She is Thai nationality with
the age of
56 years old.
Mr. Suriyon
Sriorathaikul is the
Managing Director
He is Thai nationality with
the age of
34 years old.
BUSINESS OPERATIONS
The subject
is engaged in international Gems and Jewelry
business, by manufacturing wide range of
jewelry products; Diamond
Ring, Diamond Earrings,
Diamond and Ruby
Rings, Diamond and
Rhodolite Ring, Diamond
and Sapphire Rings
and etc., under
customers’ requirements.
PURCHASE
Raw materials; diamond,
gold and accessories are purchased
from both domestic
and overseas suppliers
in South Africa,
India and Belgium.
DISTRIBUTION
90% of its products is
exported to Japan,
United Kingdom, Germany, France, Italy and United States of
America, and the
rest 10% is
sold locally by
through 14 showrooms
and outlets in Bangkok
and provincial as
follows:
- Central Department Store,
Rama 2 Branch
- Central Department Store,
Rama 3 Branch
- Central Department Store,
Rangsit Branch
- Central Department Store,
Ramindra Branch
- Central Department Store,
Hadyai Branch
- Siam Discovery, Rama 1
Rd., Pathumwan, Bangkok
- Robinson Department Store,
Bangrak Branch
- Robinson Department Store,
Bangkae Branch
- Robinson Department Store,
Ratchadapisek Branch
- Robinson Department Store,
Rangsit Branch
- Robinson Department Store,
Ramindra Branch
- 1240-1242 Charoenkrung Rd.,
Bangrak, Bangkok
- Dusit Thani Hotel
- Robinson Department Store,
Srinakarin Branch
Related Companies
Beauty Gems group
of companies, consists
of
- Beauty Gems Enterprise
Co., Ltd.
Business Type: Distributor
of jewellery
- Beauty Gems
LP.
Business Type: Distributor
of jewellery
- Beauty Gems Group
Co., Ltd.
Business Type: Manufacturer & distributor of
jewellery products
- Beauty Gems
International Co., Ltd.
Business Type: Land
developer
- Beauty Gems and
Jewellery Co., Ltd.
Business Type: Distributor
of jewelry
- Beauty of Bangkok Co., Ltd.
Business Type: Land Developer
- Beauty Gems
Center Co., Ltd.
Business Type: Properties business
- Beauty Gems
Holding Co., Ltd.
Business Type: Manufacturer & distributor 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 30-60-90 days.
Imports are by
L/C at sight or T/T
on negotiated term.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Kasikornbank Public
Co., Ltd.
[Head Office : 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
EMPLOYMENT
The subject employs
approximately 3,497 staff. [office
staff and factory
workers]
LOCATION DETAILS
The premise is
rented for administrative office at the
heading address. Premise
is located in
commercial area.
Factory is located
at 99/9 Soi
Poonsapsin, Ramkhamhaeng Rd.,
Huamark, Bangkapi, Bangkok
10240, Tel: [66] 2718-5361-5, 2718-5371-5, Fax:
[66] 2318-0774.
COMMENT
The subject has
long been recognized
as the pioneers in Thailand’s
gems and jewelry
industry. Its products
are renowned for
its perfection in
the world’s leading
markets.
The subject has developed a reputation that is synonymous with museum
quality, exquisite design and sophisticated
high-end pieces for
a discerning market.
This sparkling reputation has
generated more than 4,000 million bath in revenue in the past year.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 3,000,000 divided
into 1,000 shares
of Bht. 3,000
each with fully
paid.
The capital was
increased later as
follows:
Bht. 13,000,000 on
January 28, 1985
Bht. 30,000,000 on
June 30, 1989
Bht. 150,000,000 on August 21,
1990
Bht. 300,000,000 on September 12,
2006
The latest registered
capital was increased
to Bht. 300,000,000 divided
into 100,000 shares
of Bht. 3,000
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
: [as at
April 30, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pornsit
Sriorathaikul Nationality: Thai Address : 1240-1242 Charoenkrung Rd., Bangrak, Bangkok 10500 |
25,000 |
25.00 |
|
Dr. Sunee
Sriorathaikul Nationality: Thai Address : 36-38 Charoenkrung Rd., Bangrak, Bangkok 10500 |
25,000 |
25.00 |
|
Mr. Surasit
Sriorathaikul Nationality: Thai Address : 39 Sukhumvit Rd.,
Klongtonnua, Wattana, Bangkok
10110 |
21,000 |
21.00 |
|
Mr. Suriyon
Sriorathaikul Nationality: Thai Address : 39 Sukhumvit Rd.,
Klongtonnua, Wattana, Bangkok
10110 |
21,000 |
21.00 |
|
Mr. Pichait
Palanugool Nationality: Thai Address : 198 Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok 10240 |
5,000 |
5.00 |
|
Mrs. Yupin
Layteerapong Nationality: Thai Address : 35/11 Saladaeng
Rd., Silom, Bangrak, Bangkok 10500 |
1,000 |
1.00 |
|
Mrs. Hatairat
Jor-Khunopakorn Nationality: Thai Address : 59/169 Moo 4,
Sapansung, Buengkum,
Bangkok |
500 |
0.50 |
|
Mrs. Surang
Sriorathaikul Nationality: Thai Address : 27/14 Sukhumvit
Klongtoeynua, Wattana, Bangkok
10110 |
500 |
0.50 |
|
Mrs. Ajchariya
Wong-araya Nationality: Thai Address : 39 Sukhumvit Rd.,
Klongtonnua, Wattana, Bangkok
10110 |
500 |
0.50 |
|
Others |
500 |
0.50 |
Total Shareholders
19
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Sathien Sathienpanich No. 2893
BALANCE SHEET [BAHT]
The latest financial figures published as at
December 31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
60,352,170.24 |
37,655,563.54 |
|
Trade Accts. Receivable |
1,221,644,943.89 |
1,169,207,812.05 |
|
Inventories |
1,452,033,382.29 |
1,771,786,413.67 |
|
Other Current Assets
|
38,303,744.93 |
61,685,984.95 |
|
|
|
|
|
Total Current
Assets |
2,772,334,241.35 |
3,040,335,774.21 |
|
Other Long-term Investment |
197,599,437.80 |
182,083,955.00 |
|
Long-term Loan to
Person or Related
Companies |
103,200,000.00 |
159,773,947.00 |
|
Fixed Assets |
331,977,504.93 |
272,417,834.94 |
|
Other Assets |
27,143,165.28 |
1,721,947.31 |
|
Total Assets |
3,432,254,349.36 |
3,656,333,458.46 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Bank |
2,003,303,378.61 |
1,924,880,045.30 |
|
Trade Accts. Payable |
436,099,632.13 |
944,400,474.65 |
|
Other Current Liabilities |
112,683,489.73 |
137,129,569.84 |
|
|
|
|
|
Total Current
Liabilities |
2,552,086,500.47 |
3,006,410,089.79
|
|
Other Liabilities |
133,346.34 |
2,459,574.90 |
|
Total Liabilities |
2,552,219,846.81 |
3,008,869,664.69
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 3,000
par value authorized, issued
and fully paid share
capital 100,000 &
50,000 shares in 2006 & 2005 |
300,000,000.00 |
150,000,000.00 |
|
|
|
|
|
Capital Paid |
300,000,000.00 |
150,000,000.00 |
|
Unappropriated |
580,034,502.55 |
497,463,793.77 |
|
Total
Shareholders' Equity |
880,034,502.55 |
647,463,793.77 |
|
Total
Liabilities & Shareholders' Equity |
3,432,254,349.36 |
3,656,333,458.46 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales - Export |
4,242,855,246.28 |
4,040,948,300.16 |
|
Sales - Domestic |
37,358,987.21 |
25,756,351.57 |
|
Rental Income |
2,492,000.00 |
1,560,000.00 |
|
Other Income |
99,255,755.51 |
10,142,249.88 |
|
Total Revenues
|
4,381,961,989.00 |
4,078,406,901.61 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,735,353,104.62 |
3,478,222,388.92 |
|
Selling & Administrative Expenses |
406,783,275.85 |
452,100,340.77 |
|
Other Expenses |
48,916.49 |
- |
|
Total Expenses |
4,142,185,296.96 |
3,930,322,729.69 |
|
|
|
|
|
Profit / [Loss] before
Interest Expenses &
Income Tax |
239,776,692.04 |
148,084,171.92 |
|
Interest Expenses |
[116,419,301.26] |
[65,610,234.06] |
|
Income Tax |
[40,786,682.00] |
[38,186,356.68] |
|
|
|
|
|
Net Profit / [Loss] |
82,570,708.78 |
44,287,581.18 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
5.25 |
|
|
Operating Profit |
53.87 |
|
|
Net Profit |
86.44 |
|
|
Fixed Assets |
21.86 |
|
|
Total Assets |
[6.13] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
87.27 |
85.53 |
|
Operating Profit Margin |
5.60 |
3.64 |
|
S & A
Expenses |
9.50 |
11.12 |
|
Interest Paid |
2.72 |
1.61 |
|
Other Revenues |
2.38 |
0.29 |
|
Net Profit Margin |
1.93 |
1.09 |
|
Earning Per Shares |
825.71 |
885.75 |
|
No. of Shares |
100,000 |
50,000 |
Net Sales was
increased by 5.25%,
Operating Profit was
increased by 53.87%,
Net Profit was
increased by 86.44%,
Fixed Assets was
increased by 21.86%,
Total Assets was
decreased by 6.13%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 85.53%
to 87.27%, Operating
Profit Margin was
increased from 3.64%
to 5.60%, S
& A Expenses
was decreased from
11.12% to 9.50%,
Interest Paid was increased
from 1.61% to
2.72%, Other Revenues
was increased from
0.29% to 2.38%,
Net Profit Margin
was increased from
1.09% to 1.93%.
Earning Per Shares
was decreased from
885.75 baht per
share to 825.71
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.09 |
1.01 |
|
Quick-Assets Ratio |
0.50 |
0.40 |
Current Ratio was
increased from 1.01
to 1.09, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
0.40 to 0.50,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
2.90 |
4.65 |
|
Times Interest Earned |
2.06 |
2.26 |
D/E Ratio was
decreased from 4.65
to 2.90, 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
2.26 to 2.06,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
12.89 |
14.93 |
|
Total Assets Turnover |
1.25 |
1.11 |
|
Return on Assets |
2.41 |
1.21 |
|
Return on Equity |
9.38 |
6.84 |
|
Day's Payable |
36.68 |
83.60 |
|
Day’s Inventories |
122.13 |
156.85 |
|
Day’s Receivables |
102.75 |
103.50 |
Fixed Assets Turnover
was decreased from
14.93 times to
12.89 times, Total
Assets Turnover was
increased from 1.11
times to 1.25
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from
1.21 to 2.41,
Return on Equity
was increased from
6.84 to 9.38,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 84
days to 37
days, Day’s Inventories
was decreased from
157 days to
123 days, and
Day’s Receivables was
decreased from 104
days to 103
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. |
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%)