MIRA
INFORM REPORT
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Report Date : |
22.05.2007 |
IDENTIFICATION DETAILS
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Name : |
LITHOS CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2000 |
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Com. Reg. No.: |
0105543045017 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing and designing
various kinds of
gold and platinum
jewelry products |
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 |
name
LITHOS CO., LTD.
SUMMARY
BUSINESS ADDRESS :
CHONGNONSI, YANNAWA,
TELEPHONE : [66] 2681-2189,
2681-2079
FAX : [66] 2681-2080
E-MAIL ADDRESS : lithos@loxinfo.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2000
REGISTRATION NO. : 0105543045017 [Former : 679/2543]
CAPITAL
REGISTERED : BHT.
34,000,000
CAPITAL
PAID-UP : BHT.
34,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PIERRE NAOUM
NASSIF, LEBANESE
MANAGING DIRECTOR
NO. OF
STAFF : 100
LINES OF
BUSINESS : JEWELRY PRODUCTS
MANUFACTURER AND
EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on May 11,
2000 as a
private limited company under
the name style
LITHOS CO., LTD.,
by a multi-nation groups, in
order to manufacture
and market jewelry
products to international
markets. It currently
employs approximately 100
staff. The subject
is a subsidiary
of Shine Enterprises
Ltd. in
The
subject’s registered address
is 99/470-471 Narathiwas
Ratchanakarin Rd., Chongnonsi,
Yannawa, Bangkok 10120,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
Mr. Pierre Naoum Nassif
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Pierre Naoum
Nassif is the
Managing Director.
He is Lebanese
nationality with the
age of 47 years old.
Mr. Elic Naoum
Nassif is the
Production Manager.
He is Lebanese
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and designing various
kinds of gold
and platinum jewelry
products, including chain,
necklace, bracelet, pin,
ring, earring and
etc.
PURCHASE
Raw materials; diamond
and gemstones as
well as accessories
are purchased from
supplier both local
and overseas, such
as India, Hong
Kong, Malaysia, Belgium
and Russia.
SALES
The products are
sold to customer
in international markets,
mainly in U.S.A,
Asia and European
countries.
PARENT COMPANY
Shine Enterprise Co.,
Ltd. :
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.
EMPLOYMENT
The
subject employs approximately 100
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
and warehouse are
located at 123/15-16
Nonsee Rd., Chongnonsi,
Yannawa, Bangkok 10120.
COMMENT
The
subject is doing
good business as
demand of jewelry
products remain strong
from international markets.
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. 10,000,000
on February 21,
2002
Bht. 20,000,000
on July 26,
2002
Bht. 30,000,000
on February 4,
2003
Bht. 34,000,000
on December 1,
2004
The
latest registered capital
was increased to
Bht. 34,000,000 divided into
340,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2006]
|
NAME |
HOLDING |
% |
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Shine Enterprises
Ltd. Nationality: Address : Marian,
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213,500 |
62.78 |
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Mr. Pierre Naoum
Nassif Nationality: Lebanese Address :
Chongnonsi, Yannawa, |
124,000 |
36.47 |
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Mr. Karim Kuri Nationality: American Address : 9
Reimile El Maten,
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500 |
0.15 |
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Mrs. Mona Hillani
Nassif Nationality: Lebanese Address : 9
Reimile El Maten,
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500 |
0.15 |
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Mr. Eily Naoum
Nassif Nationality: Lebanese Address : 9
Reimile El Maten,
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500 |
0.15 |
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Ms. Trecy Pierre
Nassif Nationality: Lebanese Address : 9
Reimile El Maten,
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500 |
0.15 |
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Ms. Tifany Pierre
Nassif Nationality: Lebanese Address : 9
Reimile El Maten,
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500 |
0.15 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Jarin Limpachote No.
1983
BALANCE SHEET [BAHT]
The 2006 financial
statement has not yet
available during this current
investigation.
The
latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
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Current Assets |
2005 |
2004 |
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Cash in hand
& at Bank
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4,339,180.41 |
8,613,710.31 |
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Trade Accts. Receivable |
15,676,597.11 |
3,826,722.78 |
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Inventories |
71,307,022.32 |
70,584,589.85 |
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Other Current Assets
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1,847,824.59 |
1,505,538.79 |
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Total Current
Assets |
93,170,624.43 |
84,530,561.73 |
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Fixed Assets |
15,789,565.92 |
4,407,188.67 |
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Other Assets |
54,700.00 |
54,700.00 |
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Total Assets
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109,014,890.35 |
88,992,450.40 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2005 |
2004 |
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Trade Accts. Payable |
41,485,260.75 |
52,615,942.51 |
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Other Current Liabilities |
32,867,106.38 |
2,000,323.96 |
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Total Current
Liabilities |
74,352,367.13 |
54,616,266.47 |
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Total Liabilities |
74,352,367.13 |
54,616,266.47 |
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Shareholders'
Equity |
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Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 340,000 shares |
34,000,000.00 |
34,000,000.00 |
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Capital Paid |
34,000,000.00 |
34,000,000.00 |
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Retained Earning -
Unappropriated |
662,523.22 |
376,183.93 |
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Total
Shareholders' Equity |
34,662,523.22 |
34,376,183.93 |
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Total
Liabilities & Shareholders' Equity |
109,014,890.35 |
88,992,450.40 |
PROFIT &
LOSS ACCOUNT
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Revenue |
2005 |
2004 |
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Sales |
78,624,078.89 |
72,938,137.61 |
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Other Income |
1,280,851.72 |
1,297,390.42 |
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Total Revenues
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79,904,930.61 |
74,235,528.03 |
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Expenses |
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Cost of Goods
Sold |
73,354,008.60 |
66,149,611.44 |
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Selling & Administrative Expenses |
6,042,759.07 |
6,974,483.82 |
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Total Expenses |
79,396,767.67 |
73,124,095.26 |
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Profit / [Loss] Before Income
Tax |
508,162.94 |
1,111,432.77 |
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Income Tax |
[169,172.40] |
[333,429.83] |
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Net Profit / [Loss] |
338,990.54 |
778,002.94 |
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Retained Earning [deficit], beginning
of year |
323,532.68 |
[401,819.01] |
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Retained Earning,
end of year |
662,523.22 |
376,183.93 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
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Annual Growth |
2005 |
2004 |
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Sales |
7.80 |
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Operating |
[57.59] |
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Net Profit |
[56.43] |
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Fixed Assets |
258.27 |
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Total Assets |
22.50 |
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Profitability |
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Cost of Goods
Sold |
93.30 |
90.69 |
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Operating Profit Margin |
0.65 |
1.52 |
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S&A expenses |
7.69 |
9.56 |
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Other Revenues |
1.63 |
1.78 |
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Net Profit Margin |
0.43 |
1.07 |
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Earning Per Shares |
1.00 |
2.29 |
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No. of Shares |
340,000 |
340,000 |
Net Sales was increased by 7.80%, Operating Profit was decreased by 57.59%, Net Profit was decreased by 56.43%, Fixed Assets was increased by 258.27%, Total Assets was increased by 22.50%.
Compare each cost with sales, Cost of Goods Sold was increased from 90.69% to 93.30%, Operating Profit Margin was decreased from 1.52% to 0.65%, S & A Expenses were decreased from 9.56% to 7.69%, Other Revenues was decreased from 1.78% to 1.63%, Net Profit Margin was decreased from 1.07% to 0.43%.
Earning Per Shares
was decreased from
2.29 baht per
share to 1.00
baht per share.
Liquidity
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Liquidity |
2005 |
2004 |
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Current Ratio |
1.25 |
1.55 |
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Quick - assets ratio |
0.27 |
0.23 |
Current Ratio was decreased from 1.55 to 1.25, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was increased from 0.23 to 0.27, capacity to pay Short Term Loan was not good, because Current Assets without Inventory can not cover Current Liabilities.
Leverage
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Leverage |
2005 |
2004 |
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D/E Ratio |
2.15 |
1.59 |
D/E Ratio was increased from 1.59 to 2.15, show the company had fund from Loan more than fund from Equity, investment risked of the company is medium.
Efficiency
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Efficiency |
2005 |
2004 |
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Fixed Assets Turnover |
4.98 |
16.55 |
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Total Assets Turnover |
0.72 |
0.82 |
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Return on Assets |
0.32 |
0.87 |
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Return on Equity |
0.98 |
2.26 |
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Day’s Payable |
189.95 |
259.70 |
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Day’s Inventories |
326.50 |
348.38 |
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Days’ Receivables |
71.78 |
18.89 |
Fixed Assets Turnover was decreased from 16.55 times to 4.98 times, Total Assets Turnover was decreased from 0.82 times to 0.72 times, show the company could not use Assets so efficiently, and Return on Assets was decreased from 0.87 to 0.32, Return on Equity was decreased from 2.26 to 0.98, capacity to use Assets to make profit was not good.
Day’s Payable was
decreased from 260
days to 190
days, and Day’s
Inventories was decreased
from 349 days
to 327 days,
while Day’s Receivables
was increased from
19 days to
72 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 |
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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 |
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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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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%)