MIRA
INFORM REPORT
|
Report Date : |
27th
January, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
THAI SILP JEWELRY CO., LTD. |
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Registered Office : |
248
Surawongse Road, Siphya, Bangrak, Bangkok 10500, Thailand |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
12.03.1987 |
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Com. Reg. No.: |
0105530011976 [Former
: 1194/2530] |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Manufacturing and
Exporting wide range
of fine jewellery. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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
THAI SILP
JEWELRY CO., LTD.
SUMMARY
BUSINESS ADDRESS : 248 SURAWONGSE ROAD, SIPHYA,
BANGRAK, BANGKOK 10500,
THAILAND
TELEPHONE : [66] 2233-5658,
2237-2113, 2237-2095-6
FAX : [66]
2236-8303, 2631-6538
E-MAIL ADDRESS : thaisilp@loxinfo.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1987
REGISTRATION NO.
: 0105530011976 [Former
: 1194/2530]
CAPITAL REGISTERED : BHT. 5,000,000
CAPITAL PAID-UP
: BHT. 5,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER
31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KRIENG
SRIRAVEEVILAS, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 160
LINES OF
BUSINESS : FINE JEWELRY PRODUCTS
MANUFACTURER AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject
was established on
March 12, 1987
as a private limited company
under the name
style THAI SILP
JEWELRY CO., LTD.
by Thai group, Sriraveevilas family, in order
to manufacture jewelry
products for exports.
It currently employs
160 staff.
The subject’s
registered address is
248 Surawongse Rd.,
Siphya, Bangrak, Bangkok
10500, and this
is the company’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
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|
|
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Mr. Krieng
Sriraveevilas |
Thai |
59 |
|
Mrs. Amornrat
Sriraveevilas |
Thai |
58 |
AUTHORIZED PERSON
One of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr.
Krieng Sriraveevilas
is the Managing Director.
He is
Thai nationality with
the age of
59 years old.
Mrs.
Amornrat Sriraveevilas
is the Deputy Managing Director.
She is
Thai nationality with
the age of
58 years old.
Mr.
Jane Sriraveevilas
is the Assistant Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and exporting
wide range of
fine jewelry in
14K, 18K and
24K gold settings as
well as diamond,
color stone, pink
sapphire tanzanite, sap/ruby/emerald, semi-precious, topaz and
etc. The products are included
ring, pendant, earring,
bracelet and others
in accordance with
customer’s orders.
PURCHASE
Raw materials
such as diamond,
gemstones, and accessories
are purchased from
both local and
overseas suppliers in
India, Hong Kong,
Japan and Belgium.
EXPORT [COUNTRY]
100% of
the products is
exported to France,
United Kingdom, Italy,
Germany, United States of
America, Switzerland, Hong
Kong, Japan, Singapore,
Australia and etc.
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
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 and T/T
on negotiated term.
BUSINESS TRANSACTION
Most of
the import and
export are by
L/C at sight. The subject is not
found to have problem on
both accounts receivable
and accounts payable.
BANKING
Kasikornbank Public Co., Ltd.
[Silom
Branch : Silom
Rd., Bangrak, Bangkok]
EMPLOYMENT
The subject
employs 160 office,
sales staff and
factory workers.
LOCATION DETAILS
The premise
is rented for
administrative office and
factory at the
heading address. It
is located in commercial
area.
COMMENT
The
subject operates as an producer and exporter of jewelry products
with modern design
and expertise in producing. The
key factors in assessing the company’s growth are its experience,
reputation and recognition
from its customers.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 5,000,000 divided
into 1,000 shares
of Bht. 5,000
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 30, 2006]
|
NAME |
HOLDING |
% |
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Mr.
Krieng Sriraveevilas Nationality
: Thai Address :
248 Surawongse Rd., Siphya, Bangrak, Bangkok 10500 |
690 |
69.00 |
|
Mrs.
Amornrat Sriraveevilas Nationality
: Thai Address :
248 Surawongse Rd., Siphya, Bangrak, Bangkok 10500 |
300 |
30.00 |
|
Mr.
Pracha Phan-uthaiwat Nationality
: Thai Address :
27/81 Moo 19,
Suanluang, Prakanong, Bangkok 10260 |
2 |
0.20 |
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Mr.
Chatri Phan-uthaiwat Nationality
: Thai Address
:
1073/44-45 New Petchburi
Rd., Makkasan, Phyathai, Bangkok
10400 |
2 |
0.20 |
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Mrs.
Amornphan Phan-uthaiwat Nationality
: Thai Address :
27/81 Moo 19,
Suanluang, Prakanong, Bangkok 10260 |
2 |
0.20 |
|
Mrs.
Chiewlin Phan-uthaiwat Nationality
: Thai Address :
1073/44-45 New Petchburi
Rd., Makkasan, Phyathai, Bangkok
10400 |
2 |
0.20 |
|
Mrs.
Amornsri Phan-uthaiwat Nationality
: Thai Address :
1442/2-3 Ramkhamhaeng Rd.,
Huamark, Bangkapi, Bangkok |
2 |
0.20 |
Total
Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Vinai
Srisudto No. 6021
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2005 & 2004
were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
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|
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Cash in
hand & at
Bank [note 1] |
509,001.53 |
4,963,539.04 |
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Trade Accts.
Receivable |
279,437,004.86 |
303,180,770.12 |
|
Inventories [note 2] |
57,031,338.60 |
79,174,813.63 |
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Other Current
Assets [note 3] |
5,019,007.84 |
8,031,220.02 |
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Total
Current Assets |
341,996,352.83 |
395,350,342.81 |
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Fixed
Assets [note 4] |
12,779,867.50 |
15,861,277.72 |
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Other
Assets |
779,766.00 |
779,766.00 |
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Total
Assets |
355,555,986.33 |
411,991,386.53 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
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|
|
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Bank Overdraft |
1,268,640.55 |
- |
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Trade Accts.
Payable |
176,048,401.71 |
260,782,269.71 |
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Other Current
Liabilities |
12,157,541.30 |
14,061,016.33 |
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Total Current Liabilities |
189,474,583.56 |
274,843,286.04 |
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Total
Liabilities |
189,474,583.56 |
274,843,286.04 |
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Shareholders' Equity |
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Share
capital : Baht 1,000 par
value authorized, issued and fully
paid
share capital 5,000
shares |
5,000,000.00 |
5,000,000.00 |
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Capital Paid |
5,000,000.00 |
5,000,000.00 |
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Retained Earning - Unappropriated |
161,081,402.77 |
132,148,100.49 |
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Total Shareholders' Equity |
166,081,402.77 |
137,148,100.49 |
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Total Liabilities &
Shareholders' Equity |
355,555,986.33 |
411,991,386.53 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
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Sales |
1,077,637,657.27 |
1,152,653,430.37 |
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Other Income |
33,195,615.16 |
15,559,805.55 |
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Total
Revenues |
1,110,833,272.43 |
1,168,213,235.92 |
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Expenses |
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Cost of
Goods Sold |
1,034,084,542.57 |
1,092,490,687.62 |
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Selling &
Administrative Expenses |
34,418,521.75 |
31,517,172.45 |
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Total Expenses
|
1,068,503,064.32 |
1,124,007,860.07 |
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Profit
/ [Loss] Before Interest
Expenses & Income
Tax |
42,330,208.11 |
44,205,375.85 |
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Interest Expenses |
[316,906.41] |
[168,917.10] |
|
Income Tax |
[13,079,999.42] |
[13,768,529.18] |
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Net
Profit / [Loss] |
28,933,302.28 |
30,267,929.57 |
FINANCIAL NOTES
NOTE
1 Cash in Hand & at Bank
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|
2005 |
2004 |
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Cash in
hand |
509,001.53 |
467,661.05 |
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Cash at
bank |
- |
4,495,877.99 |
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Total |
509,001.53 |
4,963,539.04 |
NOTE
2 : Inventories
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|
2005 |
2004 |
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Finished Goods |
24,676,217.00 |
41,982,031.00 |
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Raw Material
|
32,355,121.60 |
37,192,782.63 |
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Total |
57,031,338.60 |
79,174,813.63 |
NOTE
3 : Other Current Assets
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|
2005 |
2004 |
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Deposit Paid |
234,065.25 |
- |
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Account Receivable - Revenue Department |
4,128,326.74 |
6,974,251.24 |
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Export Tax
Compensation |
656,615.85 |
1,056,968.78 |
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Total |
5,019,007.84 |
8,031,220.02 |
NOTE
4 : Fixed Assets
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|
2005 |
2004 |
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Office Furniture |
538,666.30 |
603,058.90 |
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Office Automation & Equipment |
1,393,161.21 |
1,594,538.34 |
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Stationery |
169,332.13 |
211,665.16 |
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Cart |
222.31 |
277.89 |
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Vehicle |
13,862,792.18 |
16,805,168.31 |
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Total |
15,964,174.13 |
19,214,708.60 |
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Less:
Depreciation |
[3,184,306.63] |
[3,353,430.88] |
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Total |
12,779,867.50 |
15,861,277.72 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
[6.51] |
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Operating |
2.42 |
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Net Profit |
[4.41] |
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Fixed Assets |
[19.43] |
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Total Assets |
[13.70] |
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Profitability |
|
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Cost of
Goods Sold |
95.96 |
94.78 |
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Operating Profit
Margin |
3.93 |
3.84 |
|
S&A expenses |
3.19 |
2.73 |
|
Interest |
0.03 |
0.01 |
|
Other Revenues |
3.08 |
1.35 |
|
Net Profit
Margin |
2.68 |
2.63 |
|
Earning Per
Shares |
5,786.66 |
6,053.59 |
|
No. of
Shares |
5,000 |
5,000 |
Net Sales was
decreased by 6.51%,
Operating Profit was
increased by 2.42%,
Net Profit was
decreased by 4.41%,
Fixed Assets was
decreased by 19.43%,
Total Assets was
decreased by 13.70%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
94.78% to 95.96%,
Operating Profit Margin
was increased from
3.84% to 3.93%,
S & A
Expenses were increased
from 2.73% to
3.19%, Interest Paid
was increased from
0.01% to 0.03%,
Other Revenues was
increased from 1.35%
to 3.08%, Net
Profit Margin was
increased from 2.63%
to 2.68%.
Earning Per
Shares was decreased
from 6,053.59 baht
per share to
5,786.66 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.80 |
1.44 |
|
Quick
- assets ratio |
1.48 |
1.12 |
Current Ratio
was increased from
1.44 to 1.80,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was increased from
1.12 to 1.48,
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 |
1.14 |
2.00 |
|
Times Interest
Earned |
133.57 |
261.70 |
D/E Ratio was
decreased from 2.00
to 1.14, 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 261.70 to
133.57, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
84.32 |
72.67 |
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Total Assets
Turnover |
3.03 |
2.80 |
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Return on
Assets |
8.14 |
7.35 |
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Return on
Equity |
17.42 |
22.07 |
|
Day’s Payable |
58.81 |
81.45 |
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Day’s Inventories |
19.05 |
24.73 |
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Days’ Receivables |
93.35 |
94.69 |
Fixed Assets Turnover
was increased from
72.67 times to
84.32 times, Total
Assets Turnover was
increased from 2.80
times to 3.03
times, show the
company could use
Assets so efficiently, and Return on
Assets was increased
from 7.35 to
8.14, Return on
Equity was decreased
from 22.07 to
17.42, capacity to
use Assets to
make profit was
good.
Day’s Payable
was decreased from
82 days to
59 days, Day’s
Inventories was decreased
from 25 days
to 20 days, and Day’s
Receivables was decreased
from 95 days
to 94 days.
RATING EXPLANATIONS
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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 |
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<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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