MIRA
INFORM REPORT
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Report Date : |
04.07.2007 |
IDENTIFICATION DETAILS
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Name : |
UTOPIA JEWELLERY LTD. |
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Registered Office : |
60-71 Moo 13, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1999 |
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Com. Reg. No.: |
0105542057968 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing and exporting
various kinds of
jewellery products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 |
name
UTOPIA JEWELLERY LTD.
SUMMARY
BUSINESS ADDRESS : 60-71
MOO 13,
A.
PHRAPRADAENG, SAMUTPRAKARN 10130
TELEPHONE : [66] 2818-0601-3, 2818-0606-10
FAX : [66] 2828-0601
E-MAIL ADDRESS : sales@utopia.thai.com, 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 : 310
LINES OF
BUSINESS : JEWELLERY PRODUCTS
MANUFACTURER AND
EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
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 310 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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|
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Mr. Josep Chilon |
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Canadian |
49 |
|
Mr. Abraham Sarusi |
|
Israeli |
34 |
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 with the
age of 49
years old.
Mr. Abraham Sarusi
is the Managing
Director.
He is Israeli
nationality with the
age of 34
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, Japan 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 :
EMPLOYMENT
The
subject employs approximately 310
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
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 2006.
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 : |
499,994 |
100.00 |
|
Ms. Gilla Chilon Nationality: Canadian Address : |
1 |
- |
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Mr.
Jagutnarin Tagi Nationality: Canadian Address : |
1 |
- |
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Ms. Zefra Chilon Nationality: Canadian Address : |
1 |
- |
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Mrs. Itria Zeminara Nationality: Canadian Address : |
1 |
- |
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Mr.Duglas Wood Nationality: Canadian Address : |
1 |
- |
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Mrs. Lora Fiscaletti Nationality: Canadian Address : |
1 |
- |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO. :
Mrs. Sunee Sornchaitanasuk No. 3733
BALANCE SHEET [BAHT]
2006 financial statement
has not yet
available during this
current investigation.
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 |
3,860,829.72 |
2,678,905.11 |
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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 |
|
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 |
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Total Assets
|
521,261,336.59 |
372,987,758.94 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
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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 |
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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 |
|
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 |
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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 |
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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] |
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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 |
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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%)