MIRA
INFORM REPORT
|
Report Date : |
24th
February, 2007 |
IDENTIFICATION DETAILS
|
Name : |
UTOPIA JEWELLERY
LTD |
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Registered Office : |
60-71 Moo 13, Suksawad Road, T. Bangpueng A. Phrapradaeng, Samutprakarn 10130. |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
09.08.1999 |
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Com. Reg. No.: |
0105542057968
[Former: 921/2542] |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Engaged in manufacturing
and exporting various kinds of jewellery products such as chain, bracelet,
ring, barrette, earring, necklace, pin, cuff link, tiepin, tie bar and
etc. |
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 : |
Regular |
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Litigation : |
Clear |
Company name
UTOPIA JEWELLERY
LTD.
SUMMARY
BUSINESS ADDRESS : 60-71
MOO 13, SUKSAWAD ROAD,
T. BANGPUENG
A. PHRAPRADAENG, SAMUTPRAKARN 10130
TELEPHONE : [66] 2818-0601-3,
2818-0606-10
FAX : [66]
2828-0601
E-MAIL ADDRESS : personnel@utopia-thai.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1999
REGISTRATION NO.
: 0105542057968 [Former: 921/2542]
CAPITAL REGISTERED : BHT. 50,000,000
CAPITAL PAID-UP
: BHT. 50,000,000
FISCAL YEAR CLOSING DATE : DECEMBER
31
LEGAL STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE : MR. JOSEP
CHILON, CANADIAN
PRESIDENT
NO. OF STAFF
: 334
LINES OF
BUSINESS : JEWELLERY
PRODUCTS
MANUFACTURER AND EXPORTER
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 August
9, 1999 as
a private limited
company under the name
style “UTOPIA JEWELLERY LTD.” by
foreign groups, in
order to manufacture
jewellery products for
exports. It currently
employs approximately 334
staff.
The subject’s registered
address is 60-71 Moo 13,
Suksawad Rd., Bangpueng,
Phrapradaeng, Samutprakarn 10130,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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|
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Mr. Josep Chilon |
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Canadian |
47 |
|
Mr. Abraham Sarusi |
|
Israeli |
32 |
AUTHORIZED PERSON
One of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr.
Josep Chilon is the President
He is
Canadian nationality.
Mr. Abraham
Sarusi is
the Managing Director.
He is
Israeli nationality with
the age of
32 years old.
BUSINESS OPERATIONS
The subject
is engaged in manufacturing and
exporting various kinds
of jewellery products
such as chain, bracelet,
ring, barrette, earring,
necklace, pin, cuff
link, tie pin,
tie bar and etc.
under customers’ orders
and brands.
PURCHASE
Raw materials such as silver, gold, diamond, gemstone and accessories are purchased from suppliers both from domestic and overseas, such as France, India, Hong Kong and Africa.
EXPORT
100% of
the products is
exported to India,
Malaysia, Hong Kong,
Singapore, France, United
Kingdom, Italy, Switzerland and Austria.
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
Kasikornbank Public Co., Ltd.
[Head Office :
1 Kasikorn Lane,
Rajburana Rd., Rajburana,
Bangkok]
EMPLOYMENT
The subject employs
approximately 334 staff.
LOCATION DETAILS
The premise is
rented for administrative office, factory and
warehouse at the
heading address. Premise
is located in
industrial area.
COMMENT
The subject has
expanded to become an international gem and jewellery business, with well reputation. While being recognised as a leading in Thailand’s gem and
jewellery industry, the subject also boasts clients around the world.
The subject produces medium to high-end products with sophisticated
design and high technology, which most of the products have been marketed in
international markets.
The subject also
maintained its healthy
sales in 2005,
as well as its
business trend is
in progress.
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 10,000,000 divided
into 100,000 shares
of Bht. 100
each.
On March 21,
2000 the capital was
increased to Bht. 50,000,000 divided into 500,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as at April 30, 2006]
|
NAME |
HOLDING |
% |
|
|
|
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Mr. Josep
Chilon Nationality: Canadian Address :
Ontario, Canada |
499,994 |
100.00 |
|
Ms. Gilla
Chilon Nationality: Canadian Address :
Ontario, Canada |
1 |
- |
|
Mr. Jagutnarin Tagi Nationality: Canadian Address :
Ontario, Canada |
1 |
- |
|
Ms. Zefra
Chilon Nationality: Canadian Address :
Ontario, Canada |
1 |
- |
|
Mrs. Itria Zeminara Nationality: Canadian Address :
Ontario, Canada |
1 |
- |
|
Mr.Duglas
Wood Nationality: Canadian Address :
Ontario, Canada |
1 |
- |
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Mrs. Lora
Fiscaletti Nationality: Canadian Address :
Ontario, Canada |
1 |
- |
Total
Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mrs. Sunee Sornchaitanasuk No. 3733
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current
Assets |
2005 |
2004 |
|
|
|
|
|
Cash in
Hand & at Bank |
3,860,829.72 |
2,678,905.11 |
|
Short Term
Investment |
3,365,982.95 |
504,990.17 |
|
Trade Accts.
Receivable |
79,823,492.06 |
115,024,122.43 |
|
Receivable-Revenue Department |
4,745,165.57 |
2,240,799.96 |
|
Inventories [note 1] |
408,362,725.49 |
238,180,570.98 |
|
Other Current
Assets |
2,541,110.13 |
2,318,041.76 |
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Total
Current Assets
|
502,699,305.92 |
360,947,430.41 |
|
|
|
|
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Fixed Assets [note 2] |
16,684,779.55 |
9,780,514.91 |
|
Other Assets |
1,877,251.12 |
2,259,813.62 |
|
Total
Assets |
521,261,336.59 |
372,987,758.94 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2005 |
2004 |
|
|
|
|
|
Trade Accts. Payable |
409,294,645.79 |
240,498,887.69 |
|
Payable Director-Non Interest |
48,840,622.41 |
91,467,662.42 |
|
Current Portion
of Hire-Purchase Payable |
3,308,357.02 |
99,996.00 |
|
Accrued Income
Tax |
1,155,868.91 |
1,269,421.05 |
|
Other Current
Liabilities |
13,183,781.38 |
2,274,950.93 |
|
Total Current Liabilities |
475,783,275.51 |
335,610,918.09 |
|
Hire-Purchase Payable
Net of Current Portion |
4,339,830.00 |
24,998.86 |
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Total
Liabilities |
480,123,105.51 |
335,635,916.95 |
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Shareholders' Equity |
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Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 500,000
shares |
50,000,000.00 |
50,000,000.00 |
|
Capital Paid |
50,000,000.00 |
50,000,000.00 |
|
Retained Earning - Unappropriated |
[8,861,768.92] |
[12,648,158.01] |
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Total Shareholders' Equity |
41,138,231.08 |
37,351,841.99 |
|
Total Liabilities &
Shareholders' Equity |
521,261,336.59 |
372,987,758.94 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
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Sales |
588,399,004.04 |
485,049,749.62 |
|
Other Income |
6,059.19 |
7,105,708.57 |
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Total
Revenues |
588,05,063.23 |
492,155,458.19 |
|
Expenses |
|
|
|
|
|
|
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Cost of
Goods Sold |
543,706,510.67 |
462,569,937.48 |
|
Selling &
Administrative Expenses |
38,953,161.22 |
25,796,384.37 |
|
Total Expenses
|
582,659,671.89 |
488,366,321.85 |
|
Profit /
[Loss] Before Interest Expenses &
Income
Tax |
5,745,391.34 |
3,789,136.34 |
|
Interest Expenses |
[302,133.34] |
[46,306.54] |
|
Income Tax |
[1,656,868.91] |
[1,663,171.05] |
|
Net
Profit / [Loss] |
3,786,389.09 |
2,079,658.75 |
FINANCIAL NOTE
NOTE
1 Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Inventories |
421,825,574.56 |
251,643,420.05 |
|
Less: Allowance
for Decline Value of Inventory |
[13,462,849.07] |
[13,462,849.07] |
|
Total |
408,362,725.49 |
238,180,570.98 |
NOTE
2 Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Building &
Improvement |
638,875.00 |
638,875.00 |
|
Machine |
20,788,280.90 |
10,541,121.07 |
|
Furniture |
2,249,297.56 |
2,083,094.82 |
|
Office Automation |
3,953,431.80 |
2,724,369.34 |
|
Hand Tools &
Equipment |
6,268,057.38 |
6,147,565.18 |
|
Vehicle |
1,777,958.15 |
1,777,958.15 |
|
Total |
35,675,900.79 |
23,912,983.56 |
|
Less:
Depreciation |
[18,991,121.24] |
[14,132,468.65] |
|
Total |
16,684,779.55 |
9,780,514.91 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
21.31 |
|
|
Operating |
25.00 |
|
|
Net Profit |
82.07 |
|
|
Fixed Assets |
70.59 |
|
|
Total Assets |
39.75 |
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Profitability |
|
|
|
Cost of
Goods Sold |
92.40 |
95.37 |
|
Operating Profit
Margin |
0.98 |
0.78 |
|
S&A expenses |
6.62 |
5.32 |
|
Interest |
0.05 |
0.01 |
|
Other Revenues |
0.00 |
1.46 |
|
Net Profit
Margin |
0.64 |
0.43 |
|
Earning Per
Shares |
7.57 |
4.16 |
|
No. of
Shares |
500,000 |
500,000 |
Net Sales was
increased by 21.31%,
Operating Profit was
increased by 25.00%,
Net Profit was
increased by 82.07%,
Fixed Assets was
increased by 70.59%,
Total Assets was
increased by 39.75%.
Compare each cost
with sales, Cost
of Goods Sold
was decreased from
95.37% to 92.40%,
Operating Profit Margin
was increased from
0.78% to 0.98%,
S & A
Expenses were increased
from 5.32% to
6.62%, Interest Paid
was increased from
0.01% to 0.05%,
Other Revenues was
decreased from 1.46%
to 0.00%, Net
Profit Margin was
increased from 0.43%
to 0.64%.
Earning Per
Shares was increased
from 4.16 baht
per share to
7.57 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.06 |
1.08 |
|
Quick -
assets ratio |
0.19 |
0.36 |
Current Ratio
was decreased from
1.08 to 1.06,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was so
good, and Quick-assets Ratio was decreased
from 0.36 to
0.19, 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 |
11.67 |
8.99 |
|
Times Interest
Earned |
19.02 |
81.83 |
D/E Ratio was
increased from 8.99
to 11.67, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high
and Times Interest
Earned was decreased
from 81.83 to
19.02, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
35.27 |
49.59 |
|
Total Assets
Turnover |
1.13 |
1.30 |
|
Return on
Assets |
0.73 |
0.56 |
|
Return on
Equity |
9.20 |
5.57 |
|
Day’s Payable |
250.42 |
178.50 |
|
Day’s Inventories |
249.85 |
176.78 |
|
Days’ Receivables |
48.84 |
85.27 |
Fixed Assets Turnover
was decreased from
49.59 times to
35.27 times, Total
Assets Turnover was
decreased from 1.30
times to 1.13
times, show the
company could not
use Assets so
efficiently, and Return
on Assets was
increased from 0.56
to 0.73, Return
on Equity was
increased from 5.57
to 9.20, capacity
to use Assets to make
profit was good.
Day’s Payable
was increased from
179 days to
251 days, and
Day’s Inventories was
increased from 177
days to 250
days, while Day’s
Receivables was decreased
from 86 days
to 49 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%)
PRIVATE & CONFIDENTIAL : This information
is provided to you at your request, you having employed MIPL for such purpose.
You will use the information as aid only in determining the propriety of giving
credit and generally as an aid to your business and for no other purpose. You
will hold the information in strict confidence, and shall not reveal it or make
it known to the subject persons, firms or corporations or to any other. MIPL
does not warrant the correctness of the information as you hold it free of any
liability whatsoever. You will be liable to and indemnify MIPL for any loss,
damage or expense, occasioned by your breach or non observance of any one, or
more of these conditions