MIRA
INFORM REPORT
|
Report Date : |
28th February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
TRIMORO COMPANY LIMITED |
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Registered Office : |
211/11-14
Nonsi Road, Chongnonsi, Yannawa, Bangkok
10120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
07.03.1989 |
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Com. Reg. No.: |
0105532020859 [Former: 2080/
2532] |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing and exporting various
kinds of 18k
gold [yellow/white] jewelry
with diamonds, other
precious and semi
precious stones and
platinum jewelry styles
classic and elegant
line. |
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 |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
Company Name
TRIMORO COMPANY
LIMITED
SUMMARY
BUSINESS ADDRESS : 211/11-14 NONSI
ROAD, CHONGNONSI,
YANNAWA,
BANGKOK 10120
TELEPHONE : [66] 2295-3078,
2295-2930, 2295-2943
FAX : [66] 2295-3079
E-MAIL ADDRESS : info@trimoro.com, office@trimoro.com
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1989
REGISTRATION NO.
:
0105532020859 [Former: 2080/ 2532]
CAPITAL
REGISTERED : BHT. 20,000,000
CAPITAL
PAID-UP : BHT. 20,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER
31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. ROBERT JEAN
EDOUARD BRAUN, FRENCH
MANAGING
DIRECTOR
NO. OF
STAFF : 60
LINES OF
BUSINESS : JEWELRY 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 March 7,
1989 as a
private limited company under the name style
TRIMORO COMPANY LIMITED, by French groups, in order to
manufacture jewelry products
for export. It
currently employs 60
staff.
The
subject’s registered address
is 211/11-14 Nonsi
Rd., Chongnonsi, Yannawa,
Bangkok 10120, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
Mr. Robert Jean Edouard
Braun
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Robert Jean
Edouard Braun is
the Managing Director.
He is French nationality with
the age of
44 years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and exporting various
kinds of 18k
gold [yellow/white] jewelry
with diamonds, other
precious and semi
precious stones and
platinum jewelry styles
classic and elegant
line. Design line
coverage Latin America,
USA, Europe, Middle East
and South East
Asia.
The subject is
also an importer of diamond and gemstones.
PURCHASE
Raw materials, diamond,
gemstones and accessories
are purchased from
suppliers both domestic
and overseas, mainly
in India, Switzerland, Hong Kong, Japan
and South Africa.
EXPORT
100% of
the products is
exported to Hong
Kong, France, United
States of America,
European countries, Japan
and Middle East.
PARENT COMPANY
Deraco Inc. : Switzerland
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 or T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok]
EMPLOYMENT
The
subject employs 60
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
COMMENT
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 is doing
good business and
its business trend
is progress.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 500,000 divided into 5,000 shares
of Bht. 100
each.
The
capital was increased
later as following:
Bht. 5,000,000 on August 17,
1989
Bht. 12,000,000
on January 13,
1998
Bht. 20,000,000
on December 13,
2004
The
latest registered capital
was increased to
Bht. 20,000,000 divided into
200,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2006]
|
NAME |
HOLDING |
% |
|
|
|
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|
Deraco Inc. Nationality: Swiss Address : Geneva,
Switzerland |
150,000 |
75.00 |
|
Mr. Robert Jean
Edouard Braun Nationality: French Address : 35
Silom Rd., Silom,
Bangrak, Bangkok |
24,750 |
12.37 |
|
Ms.
Wenstein Braun Nationality: French Address : Arlusia,
Argentina |
24,750 |
12.37 |
|
Ms. Suphalak Viset Nationality: Thai Address : 46
Wad Bovornnives, Phranakorn, Bangkok |
496 |
0.25 |
|
Mrs.
Khemawadee Uavirojkul Nationality: Thai Address : 1484/ 3
Sukhumvit Rd., Prakanong, Klongtoey, Bangkok |
1 |
|
|
Ms.
Nathawadee Viboonsilp Nationality: Thai Address : 346
Petchkasem Rd., Nahmuang,
Muang, Ratchburi |
1 |
=0.01 |
|
Mr. Sanont Viboonsilp Nationality: Thai Address : 146
Bamrungmuang Rd., Wad
Rajborpit,
Phranakorn, Bangkok |
1 |
|
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Mr. Visith Uavirojkul Nationality: Thai Address : 1484/ 3
Sukhumvit Rd., Prakanong,
Klongtoey, Bangkok |
1 |
|
Total Shareholders : 8
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Valit Panpoonsap No. 4018
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2005 & 2004
were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in hand
& at Bank
|
337,052.45 |
2,317,485.89 |
|
Trade Accts. Receivable |
39,502,235.73 |
28,157,472.19 |
|
Inventories [note 1] |
59,727,368.69 |
44,244,784.22 |
|
Other Current Assets
|
3,075,708.09 |
1,739,381.50 |
|
Total Current
Assets |
102,642,364.96 |
76,459,123.80 |
|
|
|
|
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Fixed Assets [note 2] |
24,793,653.97 |
19,852,033.27 |
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Other Assets |
145,300.00 |
91,831.26 |
|
Total Assets |
127,581,318.93 |
96,402,988.33 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan from Financial Institute |
3,356,794.13 |
- |
|
Trade Accts. Payable |
59,020,376.77 |
30,412,315.12 |
|
Advanced Receipt from
Custom |
600,548.43 |
5,112,936.46 |
|
Accrued Income Tax |
474,038.50 |
789,482.24 |
|
Current Portion of Hire-Purchase Contract Liabilities |
708,900.00 |
447,967.93 |
|
Current Portion of
Long Term Loan |
647,471.24 |
- |
|
Other Current Liabilities |
5,802,284.97 |
5,708,958.80 |
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Total Current
Liabilities |
70,610,414.04 |
42,471,660.55 |
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|
|
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Loan from Directors |
3,126,957.26 |
3,296,957.26 |
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Hire-Purchase Contract Liabilities Net of Current Portion |
508,378.00 |
486,982.00 |
|
Long Term Loan
Net of Current
Portion |
1,196,391.11 |
- |
|
Total Liabilities |
75,442,140.41 |
46,255,599.81 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 20,000,000 shares |
20,000,000.00 |
20,000,000.00 |
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning -
Unappropriated |
32,139,178.52 |
30,147,388.52 |
|
Total Shareholders'
Equity |
52,139,178.52 |
50,147,388.52 |
|
Total
Liabilities & Shareholders' Equity |
127,581,318.93 |
96,402,988.33 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
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Sales |
187,271,959.07 |
149,524,894.31 |
|
Other Income |
4,505,283.94 |
3,919,485.76 |
|
Total Revenues
|
191,777,243.01 |
153,444,380.07 |
|
Expenses |
|
|
|
|
|
|
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Cost of Goods
Sold |
161,800,309.36 |
122,379,186.56 |
|
Selling & Administrative Expenses |
26,750,637.40 |
26,066,300.22 |
|
Total Expenses |
188,550,946.76 |
148,445,486.78 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
3,226,296.25 |
4,998,893.29 |
|
Interest Expenses |
[254,186.49] |
[552,541.94] |
|
Income Tax |
[980,319.76] |
[1,366,982.24] |
|
Net Profit / [Loss] |
1,991,790.00 |
3,079,369.11 |
FINANCIAL NOTE
NOTE 1
Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Raw Material |
28,522,869.71 |
16,592,217.49 |
|
Finished Goods |
31,204,498.98 |
27,652,566.73 |
|
Total
|
59,727,368.69 |
44,244,784.22 |
NOTE 2
Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
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Land |
7,324,316.37 |
7,324,316.37 |
|
Building |
10,360,610.73 |
4,886,682.03 |
|
Building Improvement |
3,351,406.45 |
3,351,406.45 |
|
Office Furniture |
1,831,828.63 |
1,527,561.13 |
|
Office Automation |
4,815,138.14 |
3,885,112.79 |
|
Vehicle |
4,228,597.94 |
2,911,109.94 |
|
Machine & Equipment |
5,177,472.33 |
4,571,208.49 |
|
Building under Construction |
558,000.00 |
1,603,738.33 |
|
Total |
37,647,370.59 |
30,061,135.53 |
|
Less: Depreciation |
[12,853,716.62] |
[10,209,102.26] |
|
Total
|
24,793,653.97 |
19,852,033.27 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual Growth |
2005 |
2004 |
|
Sales |
25.24 |
|
|
Operating |
[48.47] |
|
|
Net Profit |
[35.32] |
|
|
Fixed Assets |
24.89 |
|
|
Total Assets |
32.34 |
|
|
Profitability |
|
|
|
Cost of Goods
Sold |
86.40 |
81.85 |
|
Operating Profit Margin |
1.72 |
3.34 |
|
S&A expenses |
14.28 |
17.43 |
|
Interest |
0.14 |
0.37 |
|
Other Revenues |
2.41 |
2.62 |
|
Net Profit Margin |
1.06 |
2.06 |
|
Earning Per Shares |
0.10 |
0.15 |
|
No. of Shares |
20,000,000 |
20,000,000 |
Net Sales was
increased by 25.24%,
Operating Profit was
decreased by 48.47%,
Net Profit was
decreased by 35.32%,
Fixed Assets was increased by
24.89%, Total Assets
was increased by
32.34%.
Compare each cost with sales, Cost of Goods Sold was increased from 81.85% to 86.40%, Operating Profit Margin was decreased from 3.34% to 1.72%, S & A Expenses were decreased from 17.43% to 14.28%, Interest Paid was decreased from 0.37% to 0.14%, Other Revenues was decreased from 2.62% to 2.41%, Net Profit Margin was decreased from 2.06% to 1.06%.
Earning Per Shares was decreased from 0.15 baht per share to 0.10 baht per share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.45 |
1.80 |
|
Quick - assets ratio |
0.56 |
0.72 |
Current Ratio was
decreased from 1.80
to 1.45, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, and Quick-assets Ratio was decreased
from 0.72 to
0.56, 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 |
1.45 |
0.92 |
|
Times Interest Earned |
12.69 |
9.05 |
D/E Ratio was
increased from 0.92
to 1.45, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium
and Times Interest
Earned was increased
from 9.05 to
12.69, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets Turnover |
7.55 |
7.53 |
|
Total Assets Turnover |
1.47 |
1.55 |
|
Return on Assets |
1.56 |
3.19 |
|
Return on Equity |
3.82 |
6.14 |
|
Day’s Payable |
113.46 |
73.22 |
|
Day’s Inventories |
114.82 |
106.52 |
|
Days’ Receivables |
75.94 |
67.79 |
Fixed Assets Turnover
was increased from
7.53 times to
7.55 times, Total
Assets Turnover was
decreased from 1.55
times to 1.47
times, show the
company could use
Fixed Assets so
efficiently, and Return
on Assets was
decreased from 3.19
to 1.56, Return
on Equity was
decreased from 6.14
to 3.82, capacity
to use Assets to make
profit was not
good.
Day’s Payable was
increased from 74
days to 114
days, Day’s Inventories
was increased from
107 days to
115 days, and
Day’s Receivables was
increased from 68
days to 76
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