MIRA
INFORM REPORT
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Report Date : |
24th
January, 2007 |
IDENTIFICATION DETAILS
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Name : |
THIEN PO JEWELRY LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
22.03.1984 |
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Com. Reg. No.: |
0105527012029 [Former : 1203/2527] |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Engaged in
manufacturing and exporting
various kinds of
fine jewellery products. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
THIEN PO
JEWELRY LTD.
SUMMARY
BUSINESS ADDRESS :
BANGRAK,
TELEPHONE : [66] 2631-4684-9
FAX :
[66] 2631-4680, 2236-7922
E-MAIL ADDRESS : sales@thienpo.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1984
REGISTRATION NO. : 0105527012029 [Former : 1203/2527]
CAPITAL REGISTERED : BHT. 80,000,000
CAPITAL PAID-UP
: BHT. 80,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PIPAT
SAELO, THAI
MANAGING
DIRECTOR
NO. OF
STAFF : 200
LINES OF
BUSINESS : FINE JEWELLERY
PRODUCTS
MANUFACTURER
& 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 March
22, 1984 as
a private limited
company under the
registered name JOHN
ALLAN LTD., by Thai
and foreign groups, in
order to manufacture
jewelry products for
exports. It currently
employs approximately 200
staff.
On
March 27, 1986
the subject’s name was
changed to “THIEN PO
JEWELRY LTD”.
The subject’s registered
address is 326/12-15
Surawong Rd., Siphya,
Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
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Nationality |
Age |
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Mr. Pipat
Saelo |
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Thai |
78 |
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Mr. Lo
Zo Wan |
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Taiwanese |
46 |
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Mrs. Lo Wanny
Liang |
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Taiwanese |
- |
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Mrs. Lo
Hui Hwa |
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Taiwanese |
- |
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Ms. Lo
Hui Kia |
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Singaporean |
46 |
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Mr. Kenneth,
Lo Ngian Hong |
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Singaporean |
48 |
AUTHORIZED PERSON
One of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr.
Pipat Saelo
is the Managing
Director.
He is
Thai nationality with
the age of
78 years old.
Mr.
Kenneth, Lo Ngian
Hong is
the Marketing Manager.
He is
Singaporean nationality with
the age of
48 years old.
Mr.
Sombat Chiewvanich
is the Import/Export
Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and exporting
various kinds of
fine jewelry products,
in 14K and
18K gold, under
customer’s requirements.
PURCHASE
Raw
materials such as
cut and polish diamond, gemstone,
bold and accessories
are purchased from
suppliers both local
and overseas in
India, Belgium and
Singapore.
EXPORT
100% of
the products is
exported to United States
of America, Japan,
India, Singapore, Hong
Kong, Australia, Middle
East and European
countries.
RELATED COMPANY
Thien
Po [
Business
Type : Distributor of
diamonds
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
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.
Exports
are against L/C
at sight or
T/T..
BANKING
Bangkok Bank
Public Co., Ltd.
[Silom Branch :
Bank of
Ayudhya Public Co., Ltd.
[Head Office : 1222 Rama 3
Rd., Bangpongpang, Yannawa,
EMPLOYMENT
The
subject employs approximately 200
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
47/27 Moo 4, Sukhapibal
2 Rd., Dokmai,
Pravet, Bangkok 10250,
Tel: [66] 2727-0629, 2727-0241-5,
Fax: [66] 2727-0630, 2727-0240.
COMMENT
The subject has
been in jewelry business for more than 20 years and also obtained the exclusive
rights from some leading brands in
The subject remains an attractive production
base for leading jewelry trading with demand growing continuously each
year.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
5,000,000 divided into
5,000 shares of
Bht. 1,000 each.
The
capital was increased
later as follows:
Bht. 20,000,000
on September 18,
1986
Bht. 50,000,000
on July 31,
1992
Bht. 80,000,000
on November 2,
2004
The
latest registered capital
was increased to
Bht. 80,000,000 divided
into 80,000 shares
of Bht. 1,000
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE
[as
at April 30,
2006]
|
NAME |
HOLDING |
% |
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Mr.
Pipat Saelo Nationality:
Thai Address : Sathorn, |
40,310 |
39.02 |
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Mr.
Kenneth, Lo Ngian
Hong Nationality:
Singaporean Address
: |
5,670 |
7.14 |
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Mr.
Lo Zo Wan Nationality:
Taiwanese Address : Sathorn, |
5,670 |
7.14 |
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Mr.
Sukhon Charnpreeda Nationality:
Thai Address : Sathorn, |
5,670 |
7.14 |
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Mrs.
Lo Wanny Liang Nationality: Taiwanese Address : Sathorn, |
5,670 |
7.14 |
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Mr.
Sophon Loo Nationality: Singaporean Address : Sathorn, |
5,670 |
7.14 |
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Mrs.
Lo Hui Hwa Nationality:
Taiwanese Address : Sathorn, |
5,670 |
7.14 |
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Ms.
Lo Hui Kia Nationality:
Singaporean Address : Sathorn, |
5,670 |
7.14 |
Total
Shareholders : 8
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mrs. Kannikar Tanthay No. 2876
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
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Cash in
hand & at
Bank |
29,859,245.86 |
16,188,831.29 |
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Trade Accts.
Receivable |
983,586,266.64 |
961,348,108.57 |
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Inventories [note 1] |
146,701,256.24 |
92,312,327.63 |
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Other Current
Assets [note 2] |
4,004,900.44 |
2,307,645.44 |
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Total
Current Assets |
1,164,151,669.18 |
1,072,156,912.93 |
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Fixed
Assets [note 3] |
65,618,005.10 |
61,633,893.09 |
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Other
Assets |
183,150.00 |
183,150.00 |
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Total
Assets |
1,229,952,824.28 |
1,133,973,956.02 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
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Bank Overdraft
& Short Term
Loan from Financial
Institution |
- |
763,687.04 |
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Trade Accts.
Payable |
670,253,317.57 |
530,626,184.49 |
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Other Payable |
- |
991,277.55 |
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Current Portion of
Long Term Loan |
168,394,000.00 |
111,227,000.00 |
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Short Term
Loan from Related
Person |
4,060,000.00 |
50,560,000.00 |
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Other Current
Liabilities |
54,197,352.13 |
55,740,748.62 |
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Total Current Liabilities |
896,904,669.70 |
749,908,897.70 |
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Long Term
Loan from Related
Person |
74,728,439.21 |
140,067,412.53 |
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Other Long
Term Loan |
10,324,025.88 |
10,324,025.88 |
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Total
Liabilities |
981,957,134.79 |
900,300,336.11 |
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Shareholders' Equity |
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Share
capital : Baht 1,000 par
value authorized,
issued and fully
paid
share capital 80,000
shares |
80,000,000.00 |
80,000,000.00 |
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Capital Paid |
80,000,000.00 |
80,000,000.00 |
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Retained Earning - Unappropriated |
167,995,689.49 |
153,673,619.91 |
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Total Shareholders' Equity |
247,995,689.49 |
233,673,619.91 |
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Total Liabilities &
Shareholders' Equity |
1,229,952,824.28 |
1,133,973,956.02 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
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Sales |
1,233,717,344.91 |
1,213,556,321.76 |
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Other Income |
16,478,584.42 |
5,011,810.31 |
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Total
Revenues |
1,250,195,929.33 |
1,218,568,132.07 |
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Expenses |
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Cost of
Goods Sold |
1,088,436,168.57 |
1,048,993,484.72 |
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Selling &
Administrative Expenses |
103,289,694.80 |
102,823,882.88 |
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Other
Expenses |
23,059,156.30 |
6,263,226.36 |
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Total Expenses
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1,214,785,019.67 |
1,158,080,593.96 |
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Profit
/ [Loss] from Operation |
35,410,909.66 |
60,487,538.11 |
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Interest Expenses |
[3,145,066.47] |
[3,105,208.93] |
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Income Tax |
[17,943,773.61] |
[17,667,822.56] |
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Net
Profit / [Loss] |
14,322,069.58 |
39,714,506.62 |
FINANCIAL NOTE
NOTE
1 Inventories
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2005 |
2004 |
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Raw Material |
139,435,445.49 |
85,046,516.88 |
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Finished Goods |
7,265,810.75 |
7,265,810.75 |
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Total |
146,701,256.24 |
92,312,327.63 |
NOTE
2 Other Current
Assets
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2005 |
2004 |
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Prepaid Goods |
34,929.43 |
35,525.66 |
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Deferred Income |
430,000.00 |
500,000.00 |
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Deferred Value
Added Tax |
2,702,339.27 |
943,800.20 |
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Prepaid Expenses |
796,721.16 |
827,132.03 |
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Other Current Assets |
40,910.58 |
1,187.55 |
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Total |
4,004,900.44 |
2,307,645.44 |
NOTE
3 Fixed Assets
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2005 |
2004 |
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Land |
17,560,800.00 |
17,560,800.00 |
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Building under
Construction |
15,218,860.04 |
7,761,410.00 |
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Building |
44,656,178.33 |
44,656,178.33 |
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Elevator |
1,158,878.50 |
1,158,878.50 |
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Office Automation-Computer |
8,965,833.09 |
8,104,388.73 |
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Machine-Equipment-Hand
Tools |
22,748,070.16 |
22,263,246.06 |
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Electrical Equipment |
3,834,366.04 |
3,828,010.90 |
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|
356,838.83 |
356,838.83 |
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Vehicle |
19,651,700.00 |
19,651,700.00 |
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Total |
134,151,524.99 |
125,341,451.35 |
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Less:
Depreciation |
[68,533,519.89] |
[63,707,558.26] |
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Total |
65,618,005.10 |
61,633,893.09 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
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Annual
Growth |
2005 |
2004 |
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Sales |
1.66 |
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Operating |
[13.84] |
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Net Profit |
[63.94] |
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Fixed Assets |
6.46 |
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Total Assets |
8.46 |
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Profitability |
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Cost of
Goods Sold |
88.22 |
86.44 |
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Operating Profit
Margin |
4.74 |
5.50 |
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S&A expenses |
8.37 |
8.47 |
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Interest |
0.25 |
0.26 |
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Other Revenues |
1.34 |
0.41 |
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Net Profit
Margin |
1.16 |
3.27 |
|
Earning Per
Shares |
179.03 |
496.43 |
|
No. of
Shares |
80,000 |
80,000 |
Net Sales was
increased by 1.66%,
Operating Profit was
decreased by 13.84%,
Net Profit was
decreased by 63.94%,
Fixed Assets was
increased by 6.46%,
Total Assets was
increased by 8.46%.
Compare each cost with sales, Cost of Goods Sold was increased from 86.44% to 88.22%, Operating Profit Margin was decreased from 5.50% to 4.74%, S & A Expenses were decreased from 8.47% to 8.37%, Interest Paid was decreased from 0.26% to 0.25%, Other Revenues was increased from 0.41% to 1.34%, Net Profit Margin was decreased from 3.27% to 1.16%.
Earning Per Shares was decreased from 496.43 baht per share to 179.03 baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.30 |
1.43 |
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Quick
- assets ratio |
1.13 |
1.30 |
Current Ratio
was decreased from
1.43 to 1.30,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company
was good, and
Quick-assets Ratio was
decreased from 1.30
to 1.13, capacity
to pay Short
Term Loan was
good too, because
Current Assets without
Inventory can cover
Current Liabilities.
Leverage
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Leverage |
2005 |
2004 |
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D/E Ratio |
3.96 |
3.85 |
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Times Interest
Earned |
18.59 |
21.50 |
D/E Ratio was
increased from 3.85
to 3.96, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium
and Times Interest
Earned was decreased
from 21.50 to
18.59, capacity to
pay interest paid
was good.
Efficiency
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Efficiency |
2005 |
2004 |
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Fixed Assets
Turnover |
18.80 |
19.69 |
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Total Assets
Turnover |
1.00 |
1.07 |
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Return on
Assets |
1.16 |
3.50 |
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Return on
Equity |
5.78 |
17.00 |
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Day’s Payable |
195.58 |
157.41 |
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Day’s Inventories |
42.81 |
27.38 |
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Days’ Receivables |
287.01 |
285.18 |
Fixed Assets Turnover
was decreased from
19.69 times to
18.80 times, Total
Assets Turnover was
decreased from 1.07
times to 1.00
times, show the
company could not
use Assets so
efficiently, and Return
on Assets was
decreased from 3.50
to 1.16, Return
on Equity was
decreased from 17.00
to 5.78, capacity
to use Assets
to make profit
was not good.
Day’s Payable
was increased from
158 days to
196 days, Day’s
Inventories was increased
from 28 days
to 43 days,
and Day’s Receivables
was increased from
296 days to
288 days.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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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 |
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