MIRA
INFORM REPORT
|
Report Date : |
2nd March, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
ARTINIAN CO., LTD. |
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Registered Office : |
41/18-20
Soi Silom 19,
Silom Road, Bangrak, Bangkok
10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2004 |
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Date of Incorporation : |
27.02.1997 |
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Com. Reg. No.: |
0105540020617 [Former :
304/2540] |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing, designing and exporting
fine jewelry collection products,
with 14k and
18k gold, as
well as diamond
and semi-precious stones. |
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
ARTINIAN CO.,
LTD.
SUMMARY
BUSINESS ADDRESS : 41/18-20 SOI
SILOM 19, SILOM
ROAD,
BANGRAK,
BANGKOK 10500
TELEPHONE : [66]
2234-7565-7
FAX :
[66] 2234-7574
E-MAIL ADDRESS :
jewelry@artinian.net
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1997
REGISTRATION NO.
:
0105540020617 [Former : 304/2540]
CAPITAL
REGISTERED : BHT. 18,000,000
CAPITAL
PAID-UP : BHT. 18,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER
31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. ARTO ARTINIAN,
ARMENIAN
MANAGING
DIRECTOR
NO. OF
STAFF : 300
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
FAIR PERFORMANCE
HISTORY
The
subject was established on February 27, 1997
as a private limited company under the name style
ARTINIAN CO., LTD.,
by Syrian groups
with the business
objective to manufacture fine
jewelry products for
exports. It currently employs
approximately 300 staff.
The
subject’s registered address
is 41/18-20 Soi
Silom 19, Silom Rd.,
Silom, Bangrak, Bangkok
10500, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
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|
|
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Mr. Arto Artinian |
|
Armenian |
36 |
|
Mr. Saro Artinian |
|
Syrian |
34 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Arto Artinian
is the Managing Director.
He is Armenian nationality with
the age of
36 years old.
Mr. Saro Artinian
is the General Manager.
He is Syrian nationality with
the age of
34 years old.
Mr. Supachai Thanavuthidilok is
the Senior Accounting
Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, designing and exporting
fine jewelry collection products,
with 14k and
18k gold, as
well as diamond
and semi-precious stones.
MAJOR BRAND
“SARTORO”
PURCHASE
Raw materials such
as diamonds, precious
and semi-precious stones,
gold & accessories
are purchased from
both local and
overseas suppliers, mainly
in India.
EXPORT
100% of the
products is exported
to Hong Kong,
Dubai, U.S.A., Canada
and Europe.
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
Banker’s
name was not
disclosed.
EMPLOYMENT
The
subject employs approximately 300 office staff
and factory workers.
LOCATION DETAILS
The
premise is rented
for administrative office
and factory at
the heading address.
Premise is located
in a prime commercial area.
COMMENT
Thai jewelry
products still perform
well in international markets. The subject
is also doing
good business and
expanding steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 6,000,000 on December 16,
1997
Bht. 16,000,000 on February 23,
2000
Bht. 18,000,000 on July 13,
2001
The
latest registered capital
was increased to
Bht. 18,000,000 divided into 180,000 shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as at April
30, 2005]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Arto Artinian Nationality: Armenian Address : 41/19
Silom 19 Rd.,
Silom, Bangrak, Bangkok |
100,800 |
56.00 |
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Mr. Saro Artinian Nationality: Syrian Address : 41/19
Silom 19 Rd.,
Silom, Bangrak, Bangkok |
79,195 |
44.00 |
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Ms. Ajchara Jiwaramonaikul Nationality: Thai Address : 201/11
Charansanitwong Rd., Bangkhunsri,
Bangkoknoi, Bangkok |
1 |
- |
|
Ms.
Wanthana Viboonpin Nationality: Thai Address : 549/470
Charansanitwong Rd., Bangkhunsri,
Bangkoknoi, Bangkok |
1 |
- |
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Ms. Varinya Chantaboon Nationality: Thai Address : 46
Moo 5, Na-or,
Muang, Loei |
1 |
- |
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Mr. Win Tangchantuek Nationality: Thai Address : 132
Moo 4, Nonghan,
Seekiw,
Nakornratchasima |
1 |
- |
|
Mr. Samran Srimuang Nationality: Thai Address : 104
Moo 2, Banhan,
Seekiw, Nakornratchasima |
1 |
- |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Sompote Saechueng No.
5381
BALANCE SHEET [BAHT]
The 2005
financial statement was
not submitted during
this current investigation.
The
latest financial figures
published for December
31, 2004 &
2003 were:
ASSETS
|
Current Assets |
2004 |
2003 |
|
|
|
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Cash in hand
& at Bank
|
2,210,144.25 |
1,246,505.74 |
|
Trade Accts. Receivable |
46,375,556.47 |
61,758,559.59 |
|
Inventories |
95,312,788.73 |
62,421,793.75 |
|
Receivable-Revenue Department |
492,101.36 |
579,541.57 |
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Other Current Assets
|
1,705,829.59 |
1,003,271.47 |
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Total Current
Assets |
146,096,420.40 |
127,009,672.12 |
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|
|
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Fixed Assets |
7,356,125.24 |
7,342,331.01 |
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Total Assets |
153,452,545.64 |
134,352,003.13 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2004 |
2003 |
|
|
|
|
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Trade Accts. Payable |
99,660,071.21 |
84,782,688.57 |
|
Current Portion of Hire-Purchase Contract Liabilities |
232,008.00 |
403,032.00 |
|
Accrued Expenses |
2,427,829.22 |
2,003,155.74 |
|
Accrued Income Tax |
619,141.83 |
549,511.86 |
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Other Current Liabilities |
1,764,478.33 |
1,037,250.79 |
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Total Current
Liabilities |
104,703,528.62 |
88,775,638.96 |
|
Hire-Purchase Contract Liabilities |
953,611.22 |
470,205.00 |
|
Payable Loan from
Bank in Local |
8,645.34 |
272,759.66 |
|
Payable Loan Director |
12,050,000.00 |
10,450,000.00 |
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Payable Loan from
Foreign |
15,681,000.00 |
15,895,120.00 |
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Total Liabilities |
133,396,785.18 |
115,863,723.62 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 180,000 shares |
18,000,000.00 |
18,000,000.00 |
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Capital Paid |
18,000,000.00 |
18,000,000.00 |
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Retained Earning -
Unappropriated |
2,055,760.46 |
488,279.51 |
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Total
Shareholders' Equity |
20,055,760.46 |
18,488,279.51 |
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Total
Liabilities & Shareholders' Equity |
153,452,545.64 |
134,352,003.13 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2004 |
2003 |
|
|
|
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Export Income |
199,543,083.79 |
144,357,851.16 |
|
Less: Discount Paid |
[9,581,079.79] |
- |
|
Profit/[Loss] on Exchange
Rate |
933,484.45 |
2,956,288.75 |
|
Interest Income |
1,093.26 |
1,604.86 |
|
Loss on Sales
of Assets |
[332,544.89] |
- |
|
Other Income |
- |
530.00 |
|
Total Revenues
|
190,564,036.82 |
147,316,274.77 |
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Expenses |
|
|
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Cost of Goods
Sold |
162,197,781.73 |
126,301,944.38 |
|
Selling & Administrative Expenses |
25,185,417.10 |
19,848,232.65 |
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Total Expenses |
187,383,198.83 |
146,150,177.03 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
3,180,837.99 |
1,166,097.74 |
|
Interest Expenses |
[694,215.21] |
[695,083.08] |
|
Income Tax |
[919,141.83] |
[319,042.97] |
|
Net Profit / [Loss] |
1,567,480.95 |
151,971.69 |
RATING
EXPLANATIONS
|
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 |
|
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