MIRA
INFORM REPORT
|
Report Date : |
02.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
NOBLE MERCHANDISE CO., LTD. |
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Registered Office : |
919
Moo 15, Teparak Road,
Bangsaothong, Samutprakarn 10540 |
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Country : |
Thailand |
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|
Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1995 |
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Com. Reg. No.: |
0105538119181 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in importing
and exporting various
styles of jewelry
products with precious stone,
diamonds, gold [18K,
14K], silver and
also importing diamonds
& accessories for
local manufacturers. |
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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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
NOBLE MERCHANDISE CO., LTD.
SUMMARY
BUSINESS ADDRESS : 919
MOO 15, TEPARAK ROAD,
BANGSAOTHONG,
SAMUTPRAKARN 10540,
THAILAND
TELEPHONE : [66] 2706-0163-5
FAX : [66] 2313-1820,
2706-0986
E-MAIL ADDRESS : noble@noblemerchandise.com.
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1995
REGISTRATION NO.
: 0105538119181 [Former : 2445/2538]
CAPITAL
REGISTERED : BHT.
60,000,000
CAPITAL
PAID-UP : BHT.
60,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
LUCIEN, YI - PEI CHI,
AMERICAN
MANAGING DIRECTOR
NO. OF
STAFF : 175
LINES OF
BUSINESS : JEWELLERY PRODUCTS
IMPORTER &
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
October 5, 1995
as a private limited company
under the name
style NOBLE MERCHANDISE CO.,
LTD., by a joint venture
between Thai and
foreign partners, initially to
produce & market exquisitely crafted
jewelry for domestic
and overseas market.
It
is a sister company of
Noble Jewelry Manufacturer Co., Ltd., the leading
crafted jewelry manufacturer in Thailand.
In
the mid of
2004, the subject became
to be marketing and distributing company for jewelry
products. It currently
employs 175 staff.
The
subject’s registered address
is 919 Moo 15, Teparak Rd., Bangsaothong, Samutprakarn 10540,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Robert Mark
Kempler |
|
American |
45 |
|
Ms. Sukhon Suharitdamrong |
|
Thai |
44 |
|
Mr. Lucien Yi - Pei
Chi |
|
American |
54 |
|
Mr. Choi Chung Youen |
|
Hong Kong |
56 |
|
Mr. Somnuek Kanchanapachara |
|
Thai |
43 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Lucien Yi - Pei Chi is the Managing Director.
He is American nationality with
the age of
54 years old.
Mr. Min
Way Chi is
the Sales Manager.
He is Chinese
nationality.
BUSINESS OPERATIONS
The subject is engaged in
importing and exporting
various styles of
jewelry products with precious
stone, diamonds, gold [18K, 14K], silver and also
importing diamonds &
accessories for local
manufacturers.
IMPORT
80% of
the raw material
and accessories are imported
from India, Malaysia
and Singapore.
MAJOR SUPPLIER
Noble
Jewelry Manufacturer Co., Ltd. :
Thailand
SALES
The
imported products are
sold locally to
manufacturers.
EXPORT
The
local products is
exported to United States of America, Europe and
Asian countries.
RELATED COMPANY
Noble Jewelry
Manufacturer Co., Ltd.
Business Type: Manufacturer
& exporter of
jewelry products
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
and T/T on
negotiated term.
Exports
are against L/C
at sight or
on negotiated term
& T/T.
BUSINESS TRANSACTION
The
products are sold
both by cash
and credit, with
the maximum credit
given at 30-60
days. There is
no problem on
its account.
BANKING
Kasikornbank Public Co., Ltd.
[Head Office : 1 Kasikorn Lane, Rajburana Rd., Rajburana, Bangkok 10140]
EMPLOYMENT
The
subject employs approximately 175 staff [office
staff and factory
workers].
LOCATION DETAILS
The
premise is rented for
administrative office at
the heading address.
Premise is located
in an industrial area.
Showroom
is located at
130-136 Charoennakorn 56
Rd., Samreh, Thonburi,
Bangkok 10600. Tel./ Fax. : [66] 2460-1631.
NOTE
Refer
to your given
name “Nobel Merchandise Co.,
Ltd.”. Please be
informed that, the
correct name should
be “Noble Merchandise Co.,
Ltd.”
COMMENT
The subject is enjoying a sparkling reputation in the international market, from
high-end custom pieces to mass-produced accessories. The subject, which owned
by international partners, has taken advantage of the country’s growing
reputation in the market and its superior craftsmanship with reasonable
prices.
Thai
jewelry exporter has
faced with high
tariff from US
market since July
1, 2007 due
to the USA has cut
GST privilege for
Thai jewelry products.
This has turned
Thai products a
tough competition with
other countries. To
offset with decline
export to US
market Thai producer
has to look into other
potential market like
Middle East countries,
where consumption demand
remains strong.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
100,000,000 divided into 10,000,000 shares of Bht.
10 each.
On
December 26, 2002, the
capital was decreased
to Bht. 60,000,000
divided into 6,000,000
shares of Bht.
10 each with
fully paid.
THE SHAREHOLDERS LISTED WERE : [
as at
April 23, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Sukhon
Suharitdamrong Nationality: Thai Address : 220 Pattanakarn Rd., Suanluang,
Bangkok 10250 |
2,978,400 |
49.64 |
|
Mr. Robert
Mark Kempler Nationality: American Address : Larchmont, New
York, U.S.A. |
1,980,000 |
33.00 |
|
Well Venture
Investments Limited Nationality: Hong Kong Address : 41
Man-u Rd., Hanghome,
Kaoloon, Hong Kong |
480,000 |
8.00 |
|
Mr. Luchien
Yi - Pei Chi Nationality: American Address : 251/4-5 Charoennakorn 60 Rd., Thonburi, Bangkok 10600 |
420,000 |
7.00 |
|
Mr. Pichai
Suharitdamrong Nationality: Thai Address : 111 Moo 1, Wangnamkiew, Nakornratchasima |
35,400 |
0.59 |
|
Mrs. Sunipa
Kozashi Nationality: Thai Address : 338 Mahesak
Rd., Suriyawongse, Bangrak, Bangkok
10500 |
35,400 |
0.59 |
|
Mr. Somnuek
Karnchanapachara Nationality: Thai Address : 215/2 Pomprab,
Bangkok 10100 |
35,400 |
0.59 |
|
Mr. Prasert
Suharitdamrong Nationality: Thai Address : 70/2 Moo 4,
Thunglooknok, Kampaengsaen, Nakornpathom |
35,400 |
0.59 |
Total Shareholders
8
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mr. Jiraphat Akarapanuvithaya No. 4032
BALANCE SHEET
[BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
402,236 |
333,675 |
|
Trade Accts. Receivable - Related company |
5,598,543 |
4,298,023 |
|
- Non related company |
129,293,343 |
142,625,791 |
|
Total Trade Accts.
Receivable |
134,891,886 |
146,923,814 |
|
Inventories |
228,508,705 |
224,191,853 |
|
Deposit |
1,030,580 |
4,956,016 |
|
Withholding Income Tax |
3,312,777 |
2,462,499 |
|
Deferred Value Added Tax |
4,252,775 |
5,890,012 |
|
Other Current Assets
|
3,127,899 |
2,109,644 |
|
Total Current
Assets |
375,526,858 |
386,867,513 |
|
Investment in Related
Company |
3,000,000 |
3,000,000 |
|
Fixed Assets |
44,811,219 |
48,310,291 |
|
Total Assets |
423,338,077 |
438,177,804 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institute |
238,796,888 |
157,962,291 |
|
Trade Accts. Payable - Related company |
54,906,089 |
89,725,756 |
|
- Non related company |
58,393,052 |
95,377,695 |
|
Total Trade Accts.
Payable |
113,299,141 |
185,103,451 |
|
Other Payable |
881,733 |
1,007,155 |
|
Deposit Goods |
2,214,955 |
979,488 |
|
Other Current Liabilities |
5,156,660 |
5,376,871 |
|
Total Current
Liabilities |
360,349,377 |
350,429,256 |
|
Total Liabilities |
360,349,377 |
350,429,256 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 10 par value
authorized, issued
and fully paid share
capital 6,000,000 shares |
60,000,000 |
60,000,000 |
|
Capital Paid |
60,000,000 |
60,000,000 |
|
Statutory Reserve |
3,300,000 |
3,300,000 |
|
Retained Earning - Unappropriated |
[311,300] |
24,448,548 |
|
Total
Shareholders' Equity |
62,988,700 |
87,748,548 |
|
Total
Liabilities & Shareholders' Equity |
423,338,077 |
438,177,804 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
891,458,849 |
767,562,384 |
|
Renting & Services |
10,284,603 |
9,014,230 |
|
Gain on Exchange Rate |
- |
515,016 |
|
Other Income |
2,874,854 |
2,608,176 |
|
Total Revenues
|
904,618,306 |
779,699,806 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
855,686,415 |
719,614,274 |
|
Selling & Administrative Expenses |
52,834,611 |
47,328,677 |
|
Loss on Exchange Rate |
5,383,918 |
- |
|
Total Expenses |
913,904,944 |
766,942,951 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
[9,286,638] |
12,756,855 |
|
Interest Expenses |
[15,473,210] |
[7,248,779] |
|
Income Tax |
- |
[1,685,138] |
|
Net Profit / [Loss] |
[24,759,848] |
3,822,938 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
16.14 |
|
|
Operating Profit |
[126.34] |
|
|
Net Profit |
[747.67] |
|
|
Fixed Assets |
[7.24] |
|
|
Total Assets |
[3.39] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
95.99 |
93.75 |
|
Operating Profit Margin |
[0.44] |
1.66 |
|
S & A
Expenses |
5.93 |
6.17 |
|
Interest Paid |
1.74 |
0.94 |
|
Other Revenues |
1.48 |
1.58 |
|
Net Profit Margin |
[2.78] |
0.50 |
|
Earning Per Shares |
[4.13] |
0.64 |
|
No. of Shares |
6,000,000 |
6,000,000 |
Net Sales was
increased by 16.14%,
Operating Profit was
decreased by 126.34%,
Net Profit was
decreased by 747.67%,
Fixed Assets was
decreased by 7.24%,
Total Assets was
decreased by 3.39%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 93.75%
to 95.99%, Operating
Profit Margin was
decreased from 1.66%
to -0.44%, S
& A Expenses
was decreased from
6.17% to 5.93%,
Interest Paid was increased
from 0.94% to
1.74%, Other Revenues
was decreased from
1.58% to 1.48%,
Net Profit Margin
was decreased from
0.50% to -2.78%.
Earning Per Shares
was decreased from
0.64 baht per
share to -4.13
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.04 |
1.10 |
|
Quick-Assets Ratio |
0.38 |
0.42 |
Current Ratio was
decreased from 1.10
to 1.04, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.42 to 0.38,
capacity to pay
Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
5.72 |
3.99 |
|
Times Interest Earned |
[0.25] |
1.76 |
D/E Ratio was
increased from 3.99
to 5.72, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was decreased from
1.76 to -0.25,
capacity to pay
interest paid was
not good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
19.89 |
15.89 |
|
Total Assets Turnover |
2.11 |
1.75 |
|
Return on Assets |
[5.85] |
0.87 |
|
Return on Equity |
[39.31] |
4.36 |
|
Day's Payable |
23.58 |
44.73 |
|
Day’s Inventories |
92.28 |
105.15 |
|
Day’s Receivables |
52.21 |
66.89 |
Fixed Assets Turnover
was increased from
15.89 times to
19.89 times, Total
Assets Turnover was
increased from 1.75
times to 2.11
times, show the
company could use
Assets so efficiently, Return on Assets
was decreased from
0.87 to -5.85,
Return on Equity
was decreased from
4.36 to -39.31,
capacity to use
Assets to make
profit was not
good.
Day's Payable was
decreased from 45
days to 24
days, Day’s Inventories
was decreased from
106 days to
93 days, and
Day’s Receivables was
decreased from 67
days to 53
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. |
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%)