MIRA
INFORM REPORT
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Report Date : |
29.05.2007 |
IDENTIFICATION DETAILS
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Name : |
THAI SILP JEWELRY 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 : |
1987 |
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Com. Reg. No.: |
0105530011976 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Manufacturing and
Exporting wide range of fine jewellery. |
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 |
Company Name
THAI SILP JEWELRY
CO., LTD.
SUMMARY
BUSINESS ADDRESS :
BANGRAK,
TELEPHONE : [66]
2233-5658, 2237-2113, 2237-2095-6
FAX : [66] 2236-8303, 2631-6538
E-MAIL ADDRESS : thaisilp@loxinfo.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1987
REGISTRATION NO. : 0105530011976 [Former
: 1194/2530]
CAPITAL REGISTERED : BHT.
5,000,000
CAPITAL PAID-UP
: BHT.
5,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE : MR.
KRIENG SRIRAVEEVILAS, THAI
MANAGING DIRECTOR
NO. OF STAFF :
160
LINES OF
BUSINESS : FINE
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
March 12, 1987
as a private
limited company under
the name style
THAI SILP JEWELRY
CO., LTD. by
Thai group, Sriraveevilas family,
in order to
manufacture jewelry products
for exports. It
currently employs 160
staff.
The subject’s
registered address is 248 Surawongse
Rd., Siphya, Bangrak,
Bangkok 10500, and
this is the
company’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
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Mr. Krieng
Sriraveevilas |
Thai |
59 |
|
Mrs. Amornrat
Sriraveevilas |
Thai |
58 |
AUTHORIZED PERSON
One of
the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr.
Krieng Sriraveevilas
is the Managing
Director.
He is
Thai nationality with
the age of
59 years old.
Mrs.
Amornrat Sriraveevilas
is the Deputy
Managing Director.
She is
Thai nationality with
the age of
58 years old.
Mr.
Jane Sriraveevilas
is the Assistant
Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and exporting
wide range of
fine jewelry in
14K, 18K and
24K gold settings as
well as diamond,
color stone, pink
sapphire tanzanite, sap/ruby/emerald, semi-precious, topaz and etc. The
products are included
ring, pendant, earring,
bracelet and others
in accordance with
customer’s orders.
PURCHASE
Raw materials
such as diamond,
gemstones, and accessories
are purchased from
both local and
overseas suppliers in
India, Hong Kong,
Japan and Belgium.
EXPORT [COUNTRY]
100% of
the products is
exported to France,
United Kingdom, Italy,
Germany, United States of
America, Switzerland, Hong
Kong, Japan, Singapore,
Australia and etc.
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 and T/T
on negotiated term.
BUSINESS TRANSACTION
Most of
the import and
export are by
L/C at sight.
The subject is not found to have
problem on both
accounts receivable and
accounts payable.
BANKING
Kasikornbank
Public Co., Ltd.
[Silom
Branch :
EMPLOYMENT
The subject
employs 160 office,
sales staff and
factory workers.
LOCATION DETAILS
The premise
is rented for
administrative office and
factory at the
heading address. It
is located in
commercial area.
COMMENT
The subject
operates as an producer and exporter of jewelry
products with modern
design and expertise in
producing. The key factors in assessing
the company’s growth are its experience, reputation and
recognition from its customers.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 5,000,000 divided
into 1,000 shares
of Bht. 5,000
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE [as
at
April 30,
2006]
|
NAME |
HOLDING |
% |
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|
|
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Mr.
Krieng Sriraveevilas Nationality
: Thai Address :
|
690 |
69.00 |
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Mrs.
Amornrat Sriraveevilas Nationality
: Thai Address :
|
300 |
30.00 |
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Mr.
Pracha Phan-uthaiwat Nationality
: Thai Address :
27/81 Moo 19,
Suanluang, Prakanong, |
2 |
0.20 |
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Mr.
Chatri Phan-uthaiwat Nationality
: Thai Address :
1073/44-45 New Phyathai,
|
2 |
0.20 |
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Mrs.
Amornphan Phan-uthaiwat Nationality
: Thai Address :
27/81 Moo 19,
Suanluang, Prakanong, |
2 |
0.20 |
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Mrs.
Chiewlin Phan-uthaiwat Nationality
: Thai Address :
1073/44-45 New Phyathai, |
2 |
0.20 |
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Mrs.
Amornsri Phan-uthaiwat Nationality
: Thai Address :
Bangkapi, |
2 |
0.20 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Vinai
Srisudto No. 6021
BALANCE SHEET [BAHT]
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 [note 1] |
509,001.53 |
4,963,539.04 |
|
Trade Accts.
Receivable |
279,437,004.86 |
303,180,770.12 |
|
Inventories [note 2] |
57,031,338.60 |
79,174,813.63 |
|
Other Current
Assets [note 3] |
5,019,007.84 |
8,031,220.02 |
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Total
Current Assets
|
341,996,352.83 |
395,350,342.81 |
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Fixed Assets [note 4] |
12,779,867.50 |
15,861,277.72 |
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Other Assets |
779,766.00 |
779,766.00 |
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Total
Assets |
355,555,986.33 |
411,991,386.53 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2005 |
2004 |
|
|
|
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Bank Overdraft |
1,268,640.55 |
- |
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Trade Accts.
Payable |
176,048,401.71 |
260,782,269.71 |
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Other Current
Liabilities |
12,157,541.30 |
14,061,016.33 |
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Total Current Liabilities |
189,474,583.56 |
274,843,286.04 |
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Total
Liabilities |
189,474,583.56 |
274,843,286.04 |
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Shareholders' Equity |
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Share
capital : Baht 1,000 par
value authorized,
issued and fully
paid
share capital 5,000
shares |
5,000,000.00 |
5,000,000.00 |
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Capital Paid |
5,000,000.00 |
5,000,000.00 |
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Retained Earning - Unappropriated |
161,081,402.77 |
132,148,100.49 |
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Total Shareholders' Equity |
166,081,402.77 |
137,148,100.49 |
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Total Liabilities &
Shareholders' Equity |
355,555,986.33 |
411,991,386.53 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
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Sales |
1,077,637,657.27 |
1,152,653,430.37 |
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Other Income |
33,195,615.16 |
15,559,805.55 |
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Total
Revenues |
1,110,833,272.43 |
1,168,213,235.92 |
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Expenses |
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Cost of
Goods Sold |
1,034,084,542.57 |
1,092,490,687.62 |
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Selling &
Administrative Expenses |
34,418,521.75 |
31,517,172.45 |
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Total Expenses
|
1,068,503,064.32 |
1,124,007,860.07 |
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Profit /
[Loss] Before Interest
Expenses & Income
Tax |
42,330,208.11 |
44,205,375.85 |
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Interest Expenses |
[316,906.41] |
[168,917.10] |
|
Income Tax |
[13,079,999.42] |
[13,768,529.18] |
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Net
Profit / [Loss] |
28,933,302.28 |
30,267,929.57 |
FINANCIAL NOTES
NOTE
1 Cash in Hand & at Bank
|
|
2005 |
2004 |
|
|
|
|
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Cash in
hand |
509,001.53 |
467,661.05 |
|
Cash at
bank |
- |
4,495,877.99 |
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Total |
509,001.53 |
4,963,539.04 |
NOTE
2 : Inventories
|
|
2005 |
2004 |
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Finished Goods |
24,676,217.00 |
41,982,031.00 |
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Raw Material
|
32,355,121.60 |
37,192,782.63 |
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|
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Total |
57,031,338.60 |
79,174,813.63 |
NOTE
3 : Other
Current Assets
|
|
2005 |
2004 |
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Deposit Paid |
234,065.25 |
- |
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Account Receivable
- Revenue Department |
4,128,326.74 |
6,974,251.24 |
|
Export Tax
Compensation |
656,615.85 |
1,056,968.78 |
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|
|
|
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Total |
5,019,007.84 |
8,031,220.02 |
NOTE
4 : Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Office Furniture |
538,666.30 |
603,058.90 |
|
Office Automation
& Equipment |
1,393,161.21 |
1,594,538.34 |
|
Stationery |
169,332.13 |
211,665.16 |
|
Cart |
222.31 |
277.89 |
|
Vehicle |
13,862,792.18 |
16,805,168.31 |
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Total |
15,964,174.13 |
19,214,708.60 |
|
Less:
Depreciation |
[3,184,306.63] |
[3,353,430.88] |
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|
|
|
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Total |
12,779,867.50 |
15,861,277.72 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
[6.51] |
|
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Operating |
2.42 |
|
|
Net Profit |
[4.41] |
|
|
Fixed Assets |
[19.43] |
|
|
Total Assets |
[13.70] |
|
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Profitability |
|
|
|
Cost of
Goods Sold |
95.96 |
94.78 |
|
Operating Profit
Margin |
3.93 |
3.84 |
|
S&A expenses |
3.19 |
2.73 |
|
Interest |
0.03 |
0.01 |
|
Other Revenues |
3.08 |
1.35 |
|
Net Profit
Margin |
2.68 |
2.63 |
|
Earning Per
Shares |
5,786.66 |
6,053.59 |
|
No. of
Shares |
5,000 |
5,000 |
Net Sales was
decreased by 6.51%,
Operating Profit was
increased by 2.42%,
Net Profit was
decreased by 4.41%,
Fixed Assets was
decreased by 19.43%,
Total Assets was
decreased by 13.70%.
Compare each cost
with sales, Cost
of Goods Sold
was increased from
94.78% to 95.96%,
Operating Profit Margin
was increased from
3.84% to 3.93%,
S & A
Expenses were increased
from 2.73% to
3.19%, Interest Paid
was increased from
0.01% to 0.03%,
Other Revenues was
increased from 1.35%
to 3.08%, Net
Profit Margin was
increased from 2.63%
to 2.68%.
Earning Per
Shares was decreased
from 6,053.59 baht
per share to
5,786.66 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.80 |
1.44 |
|
Quick -
assets ratio |
1.48 |
1.12 |
Current Ratio
was increased from
1.44 to 1.80,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company
was good, and
Quick-assets Ratio was
increased from 1.12
to 1.48, capacity
to pay Short
Term Loan was
good too, because
Current Assets without
Inventory can cover
Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
1.14 |
2.00 |
|
Times Interest
Earned |
133.57 |
261.70 |
D/E Ratio was
decreased from 2.00
to 1.14, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium
and Times Interest
Earned was decreased
from 261.70 to
133.57, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
84.32 |
72.67 |
|
Total Assets
Turnover |
3.03 |
2.80 |
|
Return on
Assets |
8.14 |
7.35 |
|
Return on
Equity |
17.42 |
22.07 |
|
Day’s Payable |
58.81 |
81.45 |
|
Day’s Inventories |
19.05 |
24.73 |
|
Days’ Receivables |
93.35 |
94.69 |
Fixed Assets Turnover
was increased from
72.67 times to
84.32 times, Total
Assets Turnover was
increased from 2.80
times to 3.03
times, show the
company could use
Assets so efficiently,
and Return on
Assets was increased
from 7.35 to
8.14, Return on
Equity was decreased
from 22.07 to
17.42, capacity to
use Assets to
make profit was
good.
Day’s Payable
was decreased from
82 days to
59 days, Day’s
Inventories was decreased
from 25 days
to 20 days,
and Day’s Receivables
was decreased from
95 days to
94 days.
RATING EXPLANATIONS
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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%)