MIRA
INFORM REPORT
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Report Date : |
30th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
TINA JEWELRY CO., LTD. |
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Registered Office : |
45
Moo 5, T. Raiking, A. Sampran, Nakornpathom
Provice 73220 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
11.04.2005 |
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Com. Reg. No.: |
0735548001021 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Manufacturing
Service and Exporting Various kinds
of jewellery. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
New
Company |
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Payment Behaviour : |
-- |
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Litigation : |
Clear |
Company Name
TINA JEWELRY
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 45 MOO 5, T. RAIKING, A. SAMPRAN,
NAKORNPATHOM PROVICE 73220
TELEPHONE : [66] 2812-7081-2, 2812-7241-5
FAX : [66]
2812-7084-6
E-MAIL ADDRESS : info@tinajewelry.net
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 2005
REGISTRATION NO.
: 0735548001021
CAPITAL REGISTERED : BHT. 12,000,000
CAPITAL PAID-UP
: BHT. 12,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. NOPHARAT THONGKONG,
THAI
MANAGING
DIRECTOR
NO. OF
STAFF : 185
LINES OF
BUSINESS : JEWELRY PRODUCTS
MANUFACTURER AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : EARLY STAGE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on April 11,
2005 as a
private limited company under the name style
TINA JEWELRY CO.,
LTD., by Thai
group, the Thongkong
family, in order
to manufacture various
kinds of jewelry
products for exports.
It currently employs
185 staff.
The
subject’s registered address
was initially located
at 9/653-5 Moo
8, Krathumlom, Sampran,
Nakornpathom 73220.
In
the late 2006,
the subject’s registered
address was relocated
to 45 Moo 5, Raikhing,
Sampran, Nakornpathom 73220,
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.
Nopharat Thongkong |
[x] |
Thai |
37 |
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Mrs.
Visinee Thongkong |
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Thai |
34 |
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Mr.
Chana Thongkong |
|
Thai |
46 |
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Mr.
Samai Thongkong |
|
Thai |
68 |
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Mr.
Visarut Thongkong |
|
Thai |
23 |
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Mr.
Tarasai Supakvachirakul |
|
Thai |
39 |
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Mrs.
Rathapanee Supakvachirakul |
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Thai |
58 |
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Mr.
Nithisiri Pinsirinat |
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Thai |
38 |
AUTHORIZED PERSON
Only the
mentioned director [x] can
sign on behalf
of the subject with company’s
affixed.
MANAGEMENT
Mr. Nopharat Thongkong is the Managing Director.
He is
Thai nationality with
the age of
37 years old.
Mrs. Visinee Thongkong is the Sales &
Marketing Manager.
She is
Thai nationality with
the age of
34 years old.
Mr. Santi
Thongpracham is the Factory Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing service and
exporting various kinds
of jewelry products
with over 1,000
constantly updated styles,
as well as
designing service to
tailor products for
customer in particular
market.
PURCHASE
Raw materials;
diamond, gemstone and
accessories are purchased
from suppliers both
local and overseas,
mainly in India,
Japan and Hong
Kong.
EXPORT
100%
of the products is exported
to United States
of America, Australia
and European countries.
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 T/T.
BANKING
Siam
City Bank Public
Co., Ltd.
[Salaya Branch :
135/111-115 Budhamonthon Sai
4 Rd., Salaya,
Budhamonthon,
Nakornpathom]
EMPLOYMENT
The
subject employs 185
office staff and
factory workers.
LOCATION DETAILS
The
premise is rented
for administrative office,
factory and warehouse
at the heading address. Premise
is located in
outskirts of Bangkok
area.
COMMENT
The
company’s productions are
properly run by
expertise with design
team. Its in-house
designers have over
20 years experience
in European design, keeping up to date with
the latest jewelry
trends.
The
subject’s is doing
good business, and
expanding steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 12,000,000
divided into 1,200,000
shares of Bht.
10 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2006]
|
NAME |
HOLDING |
% |
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Mr. Nopharat Thongkong Nationality: Thai Address :
29/380 Moo 11,
Bangbon, Bangkok |
612,000 |
51.00 |
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Mr. Tarasai Supakvachirakul Nationality: Thai Address :
39 Moo 1,
Borploy, Kanchanaburi |
97,999 |
8.00 |
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Mrs. Rathapanee Supakvachirakul Nationality: Thai Address :
9/653 Moo 8,
Krathumlom, Sampran, Nakornpathom |
97,999 |
8.00 |
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Mr. Nithisiri Pinsirinat Nationality: Thai Address :
9/655 Moo 8,
Krathumlom, Sampran, Nakornpathom |
97,999 |
8.00 |
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Mr. Chana
Thongkong Nationality: Thai Address :
25 Moo 5,
Nakok, Muang, Samutsakorn |
97,999 |
8.00 |
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Mr. Visarut Thongkong Nationality: Thai Address :
16/2 Moo 5,
Nakok, Muang, Samutsakorn |
97,999 |
8.00 |
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Mr. Samai
Thongkong Nationality: Thai Address :
16 Moo 5,
Nakok, Muang, Samutsakorn |
97,999 |
8.00 |
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Mrs. Visinee Thongkong Nationality: Thai Address : 29/380 Moo 11,
Bangbon, Bangkok |
6 |
1.00 |
Total
Shareholders : 8
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO
Mrs.
Suchada Nakyoi No.
6918
BALANCE SHEET [BAHT]
The latest financial figures
published for December
31, 2005 was:
ASSETS
|
Current Assets |
2005 |
|
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Cash in
hand & at
Bank [note 1] |
14,309,499.04 |
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Trade Accts.
Receivable |
9,914,794.40 |
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Inventories |
15,376,135.81 |
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Other Current
Assets [note 2] |
2,129,282.19 |
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Total
Current Assets |
41,729,711.44 |
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Fixed
Assets [note 3] |
10,698,325.42 |
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Other
Assets |
41,200.00 |
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Total
Assets |
52,469,236.86 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
|
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Trade Accts.
& Notes Payable |
23,032,314.37 |
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Other Current
Liabilities |
170,907.56 |
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Total Current Liabilities |
23,203,221.93 |
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Long Term
Loan from Related
Company |
18,000,000.00 |
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Total
Liabilities |
41,203,221.93 |
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Shareholders' Equity |
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Share
capital : Baht 10 par
value authorized, issued and fully
paid
share capital 1,200,000
shares |
12,000,000.00 |
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Capital Paid |
12,000,000.00 |
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Retained Earning - Unappropriated |
[733,985.07] |
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Total Shareholders' Equity |
11,266,014.93 |
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Total Liabilities &
Shareholders' Equity |
52,469,236.86 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
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Sales |
89,894,466.61 |
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Other Income |
91,085.58 |
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Total
Revenues |
89,985,552.19 |
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Expenses |
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Cost of
Goods Sold |
80,300,407.21 |
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Selling &
Administrative Expenses |
10,382,502.75 |
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Total Expenses
|
90,682,909.96 |
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Profit
/ [Loss] Before Interest
Expenses |
[697,357.70] |
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Interest Expenses
|
[36,627.30] |
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Net
Profit / [Loss] |
[733,985.07] |
FINANCIAL NOTE
NOTE
1 Cash in Hand & at Bank
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2005 |
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Cash in
hand |
491,544.25 |
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Cash at
bank |
13,817,954.79 |
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Total |
14,309,499.04 |
NOTE
2 Other Current
Assets
|
|
2005 |
|
|
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Withholding Income
Tax |
175.17 |
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Deferred Interest |
30,444.64 |
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Prepaid Insurance
Premium |
16,336.77 |
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Undue Business
Tax |
32,931.36 |
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Deferred Business
Tax |
805.0 |
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Deposit |
331,360.00 |
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Receivable-Revenue Department |
1,717,229.25 |
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Total |
2,129,282.19 |
NOTE
3 Fixed Assets
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2005 |
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Building Improvement |
3,087,755.40 |
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Machine
& Hand Tools |
4,762,402.71 |
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Office Automation |
2,963,284.97 |
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Office Furniture |
138,289.00 |
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Vehicle
|
615,783.18 |
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Total |
11,565,515.26 |
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Less:
Depreciation |
[867,189.84] |
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Total |
10,698,325.42 |
FINANCIAL ANALYSIS
Profitability
|
Profitability |
2005 |
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Cost of
Goods Sold |
89.33 |
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Operating Profit
Margin |
[0.78] |
|
S&A expenses |
11.55 |
|
Interest |
0.04 |
|
Other Revenues |
0.10 |
|
Net Profit
Margin |
[0.82] |
|
Earning Per
Shares |
[0.61] |
|
No. of
Shares |
1,200,000 |
Compare each cost
with sales, Cost
of Goods Sold
was 89.33%, Operating
Profit Margin was
-0.78%, S &
A Expenses were
11.55%, Interest Paid
was 0.04%, Other
Revenues was 0.10%,
Net Profit Margin
was -0.82%.
Earning Per
Shares was -0.61
baht per share.
Liquidity
|
Liquidity |
2005 |
|
Current Ratio |
1.80 |
|
Quick
- assets ratio |
1.04 |
Current Ratio
was 1.80, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
so good, and
Quick-assets Ratio was
1.04, capacity to
pay Short Term
Loan was so
good too, because
Current Assets without
Inventory can cover
Current Liabilities.
Leverage
|
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Leverage |
2005 |
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D/E Ratio |
3.66 |
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Times Interest
Earned |
[19.04] |
D/E Ratio was
3.66, show the
company had fund
from Loan more
than fund from
Equity, investment risked
of the company is high
and Times Interest
Earned was -19.04,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2005 |
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Fixed Assets
Turnover |
8.40 |
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Total Assets
Turnover |
1.71 |
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Return on
Assets |
[1.40] |
|
Return on
Equity |
[6.52] |
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Day’s Payable |
92.24 |
|
Day’s Inventories |
61.58 |
|
Days’ Receivables |
39.71 |
Fixed Assets Turnover
was 8.40 times,
Total Assets Turnover
was 1.71 times,
show the company
could use Assets
so efficiently, and
Return on Assets
was -1.40, Return
on Equity was
-6.52, capacity to
use Assets to
make profit was
not good.
Day’s Payable
was 93 days, Day’s Inventories
was 62 days, and Day’s
Receivables was 40
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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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