MIRA
INFORM REPORT
|
Report Date : |
04.10.2007 |
IDENTIFICATION DETAILS
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Name : |
BEAUTY GEMS FACTORY CO., LTD. |
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Registered Office : |
31 |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1973 |
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Com. Reg. No.: |
0105516005794 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Engaged in
international Gems and
Jewelry business, by
manufacturing wide range
of jewelry products. |
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 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
BEAUTY GEMS FACTORY CO., LTD.
SUMMARY
BUSINESS ADDRESS : 31 BEAUTY
GEMS CENTER,
SILOM, BANGRAK,
TELEPHONE : [66]
2233-7630-4, 2237-8680-9
FAX :
[66] 2236-6784,
2237-5664-5
E-MAIL ADDRESS : info@beautygems.com
REGISTRATION ADDRESS :
ESTABLISHED : 1973
REGISTRATION NO. : 0105516005794 [Former : 581/2516]
CAPITAL REGISTERED : BHT. 300,000,000
CAPITAL PAID-UP
: BHT. 300,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : DR. SUNEE
SRIORATHAIKUL, THAI
SENIOR PRESIDENT
NO. OF
STAFF : 2,698
LINES OF
BUSINESS : GEMS AND
JEWELLERY PRODUCTS
MANUFACTURER, EXPORTER & DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
AVERAGE PERFORMANCE
HISTORY
The subject
was established on
June 5, 1973
as a private
limited company under
the name style
BEAUTY GEMS FACTORY
CO., LTD. by Mr.
Pornsit Sriorathaikul and
Thai Partners, in order to
engage in international
gems and jewellery
business, as well as distributing and exporting to domestic and overseas
markets. It currently
employs 2,698 staff.
The subject’s
registered address is
1240-1242 Charoenkrung Rd.,
Bangrak, Bangkok 10500,
while the subject’s
current administrative office
is at 31
Beauty Gems Center,
Saladaeng Rd., Silom,
Bangrak, Bangkok 10500.
Awards and
Honours
Tangible recognition for Beauty Gems Factory Co., Ltd.’s dedication to excellence has come in the form of an exceptional collection of international awards and honours. Each award received reflects the creativity and talent of its employees, and serves as inspiration to achieve even greater standards
1981-2 International Asia
Award Singapore-Bangkok
1986 The American Award , U.S.A.
1987 The Top
Exporter Of The Year Award
1988 Diamonds
International Award For Diamond And Onyx Earrings, De Beers In France
The International Europe Award Ii , France
1991-2
The Best 100 Products, Consumer Protection Society Of Thailand
1993
Hong Kong Diamond Design Award
1994
Top Ten Jewel Fest Ii (Three Awards)
1995
Top Ten Jewel Fest Iii (Five Awards)
1996
Top Ten Jewel Fest Iv (Four Awards)
Silver
Medal, 33rd International Youth Skill Olympics, Lyons , France
1997
Excellent Quality Award
International Diamond Star For Quality ,
Mexico
Top Ten Jewel Award V (Seven Awards)
1998
Top Ten Jewel Award Vi (Seven Awards)
1999
Thailand
2000
First Invisible Precious Stones With Diamond Jewel Award,
Thai Gem And Jewelry
Traders Association
Second
Diamond Jewelry Jewel Award
2001
Iso 9001 Certification By Ukas
First, Third And Fourth Prize
Winner In The Category Of Jewelry Set With Marcasites And
Genuine Gemstones And Marcasites
Fantastika, The 3rd Thailand
Contest
Etc.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pornsit
Sriorathaikul |
: Chairman
[x] |
Thai |
59 |
|
Dr. Sunee
Sriorathaikul |
[x] |
Thai |
58 |
|
Mr. Surasit
Sriorathaikul |
[x] |
Thai |
36 |
|
Mr. Suriyon
Sriorathaikul |
[x] |
Thai |
34 |
|
Mrs. Surang
Sriorathaikul |
|
Thai |
35 |
|
Mr. Pichait
Palanugool |
[x] |
Thai |
63 |
|
Mrs. Hatairat
Jor-Khunopakorn |
: Vice
Chairman |
Thai |
52 |
|
Mrs. Yupin
Laiteerapong |
[x] |
Thai |
56 |
|
Mr. Montri
Nerakanthee |
[x] |
Thai |
50 |
|
Mrs.
Ajchariya Wong-ariya |
|
Thai |
33 |
|
Mr.
Veerasak Sathienwantanee |
|
Thai |
56 |
|
Mr.
Arthorn Sitthisomboon |
|
Thai |
45 |
AUTHORIZED PERSON
Two of
the above directors
[x] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Dr.
Sunee Sriorathaikul
is the Senior
President.
She is
Thai nationality with
the age of
58 years old.
Mr.
Surasit Sriorathaikul
is the President.
He is
Thai nationality with
the age of 36 years
old.
Mrs.
Yupin Laiteerapong
is the Vice
President.
She is
Thai nationality with
the age of
56 years old.
Mr.
Suriyon Sriorathaikul
is the Managing
Director
He is
Thai nationality with
the age of
34 years old.
BUSINESS OPERATIONS
The subject
is engaged in international
Gems and Jewelry
business, by manufacturing
wide range of
jewelry products; Diamond
Ring, Diamond Earrings,
Diamond and Ruby
Rings, Diamond and
Rhodolite Ring, Diamond
and Sapphire Rings
and etc., under
customers’ requirements.
PURCHASE
Raw materials;
diamond, gold and
accessories are purchased
from both domestic
and overseas suppliers
in South Africa,
India and Belgium.
DISTRIBUTION
90% of
its products is
exported to Japan,
United Kingdom, Germany, France, Italy
and United States of
America, and the
rest 10% is
sold locally by
through 14 showrooms
and outlets in Bangkok
and provincial as
follows:
-
Central Department Store,
Rama 2 Branch
-
Central Department Store,
Rama 3 Branch
-
Central Department Store,
Rangsit Branch
-
Central Department Store,
Ramindra Branch
-
Central Department Store,
Hadyai Branch
-
-
-
-
-
-
-
1240-1242 Charoenkrung Rd.,
Bangrak,
-
Dusit Thani Hotel
-
Related Companies
Beauty Gems
group of companies,
consists of
- Beauty Gems
Enterprise Co., Ltd.
Business Type: Distributor
of jewellery
- Beauty
Gems LP.
Business Type: Distributor
of jewellery
- Beauty Gems
Group Co., Ltd.
Business Type: Manufacturer & distributor of
jewellery products
- Beauty
Gems International Co., Ltd.
Business Type: Land
developer
- Beauty Gems
and Jewellery Co., Ltd.
Business Type: Distributor
of jewelry
- Beauty of
Bangkok Co., Ltd.
Business Type: Land Developer
- Beauty
Gems Center Co., Ltd.
Business Type: Properties business
- Beauty
Gems Holding Co.,
Ltd.
Business Type: Manufacturer & distributor 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 30-60-90 days.
Imports are
by L/C at
sight or T/T
on negotiated term.
BANKING
Bangkok
Bank Public Co.,
Ltd.
[Head
Office :
Kasikornbank
Public Co., Ltd.
[Head
Office :
EMPLOYMENT
The subject
employs approximately 2,698
staff. [office staff
and factory workers]
LOCATION DETAILS
The premise
is rented for
administrative office at
the heading address.
Premise is located
in commercial area.
Factory is
located at 99/9
Soi Poonsapsin, Ramkhamhaeng
Rd., Huamark, Bangkapi,
Bangkok 10240, Tel: [66]
2718-5361-5, 2718-5371-5, Fax: [66]
2318-0774.
COMMENT
The subject
has long been
recognized as the
pioneers in Thailand’s
gems and jewelry
industry. Its products
are renowned for
its perfection in
the world’s leading markets.
The
subject has developed a reputation that is synonymous with museum quality,
exquisite design and sophisticated
high-end pieces for
a discerning market.
This
sparkling reputation has generated more
than 4,000 million bath in revenue in the past year.
FINANCIAL INFORMATION
The capital
was initially registered
at Bht. 3,000,000
divided into 1,000
shares of Bht.
3,000 each with
fully paid.
The capital
was increased later
as follows:
Bht. 13,000,000
on
January 28, 1985
Bht.
30,000,000 on
June 30, 1989
Bht. 150,000,000
on August 21,
1990
Bht. 300,000,000
on September 12,
2006
The latest
registered capital was
increased to Bht.
300,000,000 divided into
100,000 shares of
Bht. 3,000 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
September 6, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr.
Pornsit Sriorathaikul Nationality:
Thai Address : |
25,000 |
25.00 |
|
Dr.
Sunee Sriorathaikul Nationality:
Thai Address : |
25,000 |
25.00 |
|
Mr.
Surasit Sriorathaikul Nationality:
Thai Address : Wattana, |
21,000 |
21.00 |
|
Mr.
Suriyon Sriorathaikul Nationality:
Thai Address : Wattana, |
21,000 |
21.00 |
|
Mr.
Pichait Palanugool Nationality:
Thai Address : Bangkapi, |
5,000 |
5.00 |
|
Mrs.
Yupin Layteerapong Nationality:
Thai Address : |
1,000 |
1.00 |
|
Mrs.
Hatairat Jor-Khunopakorn Nationality:
Thai Address : 59/169
Moo 4, Sapansung, Buengkum, |
500 |
0.50 |
|
Mrs.
Surang Sriorathaikul Nationality:
Thai Address : 27/14
Sukhumvit Klongtoeynua, Wattana,
|
500 |
0.50 |
|
Mrs.
Ajchariya Wong-araya Nationality:
Thai Address : Wattana, |
500 |
0.50 |
|
Others |
500 |
0.50 |
Total Shareholders
19
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Sathien
Sathienpanich No. 2893
BALANCE SHEET [BAHT]
The latest
financial figures published as at December
31, 2005 & 2004
were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in
hand & at
Bank [note 1]
|
37,655,563.54 |
62,425,942.03 |
|
Trade Accts.
Receivable |
1,169,207,812.05 |
1,027,912,421.08 |
|
Inventories [note 2] |
1,771,786,413.67 |
1,176,177,473.00 |
|
Other Current
Assets |
61,685,984.95 |
65,983,522.07 |
|
|
|
|
|
Total
Current Assets |
3,040,335,774.21 |
2,332,499,358.18 |
|
Other Long-term
Investment |
182,083,955.00 |
132,628,825.00 |
|
Long-term Loan
to Person or
Related Companies |
159,773,947.00 |
90,461,678.78 |
|
Fixed
Assets |
272,417,834.94 |
258,431,564.83 |
|
Other
Assets |
1,721,947.31 |
1,722,705.43 |
|
Total
Assets |
3,656,333,458.46 |
2,815,744,132.22 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Bank Overdraft
& Short-term Loan from Bank |
1,924,880,045.30 |
1,451,977,035.99 |
|
Trade Accts.
Payable |
944,400,474.65 |
661,511,527.39 |
|
Other Current
Liabilities |
137,129,569.84 |
96,038,364.25 |
|
|
|
|
|
Total Current Liabilities |
3,006,410,089.79 |
2,209,526,927.63 |
|
Other Liabilities |
2,459,574.90 |
3,040,992.00 |
|
Total
Liabilities |
3,008,869,664.69 |
2,212,567,919.63 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 3,000
par value authorized,
issued and fully
paid
share capital 50,000
shares |
150,000,000.00 |
150,000,000.00 |
|
|
|
|
|
Capital Paid |
150,000,000.00 |
150,000,000.00 |
|
Unappropriated |
497,463,793.77 |
453,176,212.59 |
|
Total Shareholders' Equity |
647,463,793.77 |
603,176,212.59 |
|
Total Liabilities & Shareholders' Equity |
3,656,333,458.46 |
2,815,744,132.22 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales -
Export |
4,040,948,300.16 |
3,789,021,527.22 |
|
Sales -
Domestic |
25,756,351.57 |
28,869,512.76 |
|
Rental Income |
1,560,000.00 |
1,200,000.00 |
|
Other Income |
10,142,249.88 |
9,564,772.06 |
|
Total
Revenues |
4,078,406,901.61 |
3,828,655,812.04 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold |
3,478,222,388.92 |
3,404,453,472.38 |
|
Selling &
Administrative Expenses |
452,100,340.77 |
386,850,634.27 |
|
Total Expenses
|
3,930,322,729.69 |
3,791,304,106.65 |
|
|
|
|
|
Profit
/ [Loss] before Interest Expenses
& Income
Tax |
148,084,171.92 |
37,351,705.39 |
|
Interest Expenses |
[65,610,234.06] |
[33,741,207.57] |
|
Income Tax |
[38,186,356.68] |
[8,037,651.53] |
|
|
|
|
|
Net
Profit / [Loss] |
44,287,581.18 |
[4,427,153.71] |
FINANCIAL NOTE
Note 1
Cash in Hand & at
Bank
|
|
2005 |
2004 |
|
|
|
|
|
Cash in
hand |
10,265,985.79 |
9,649,816.69 |
|
Cash at
bank |
27,389,577.75 |
52,776,125.34 |
|
Total |
37,655,563.54 |
62,425,942.03 |
Note 2
Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Finished Goods |
209,839,619.29 |
357,668,682.57 |
|
Raw Material |
1,561,946,794.38 |
818,508,790.43 |
|
Total |
1,771,786,413.67 |
1,176,177,473.00 |
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
6.52 |
|
|
Operating |
272.20 |
|
|
Net Profit |
1,100.36 |
|
|
Fixed Assets |
5.41 |
|
|
Total Assets |
29.85 |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
85.53 |
89.17 |
|
Operating Profit
Margin |
3.64 |
0.98 |
|
S&A expenses |
11.12 |
10.13 |
|
Interest |
1.61 |
0.88 |
|
Other Revenues |
0.29 |
0.28 |
|
Net Profit
Margin |
1.09 |
[0.12] |
|
Earning Per
Shares |
885.75 |
[88.54] |
|
No. of
Shares |
50,000 |
50,000 |
Net Sales was increased by 6.52%, Operating Profit was increased by 272.20%, Net Profit was increased by 1,100.36%, Fixed Assets was increased by 5.41%, Total Assets was increased by 29.85%.
Compare each cost with sales, Cost of Goods Sold was decreased from 89.17% to 85.53%, Operating Profit Margin was increased from 0.98% to 3.64%, S & A Expenses were increased from 10.13% to 11.12%, Interest Paid was increased from 0.88% to 1.61%, Other Revenues was increased from 0.28% to 0.29%, Net Profit Margin was increased from -0.12% to 1.09%.
Earning Per
Shares was increased
from -88.54 baht
per share to
885.75 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.01 |
1.06 |
|
Quick
- assets ratio |
0.40 |
0.49 |
Current Ratio was decreased from 1.06 to 1.01, show Current Assets can cover Current Liabilities, Liquidity Ratio of the company was good, and Quick-assets Ratio was decreased from 0.49 to 0.40, 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 |
4.65 |
3.67 |
|
Times Interest
Earned |
2.26 |
1.11 |
D/E Ratio was increased from 3.67 to 4.65, show the company had fund from Loan more than fund from Equity, investment risked of the company is high and Times Interest Earned was increased from 1.11 to 2.26, capacity to pay interest paid was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
14.93 |
14.77 |
|
Total Assets
Turnover |
1.11 |
1.36 |
|
Return on
Assets |
1.21 |
[0.16] |
|
Return on
Equity |
6.84 |
[0.73] |
|
Day’s Payable |
83.60 |
62.38 |
|
Day’s Inventories |
156.85 |
110.91 |
|
Days’ Receivables |
103.85 |
96.92 |
Fixed Assets Turnover was increased from 14.77 times to 14.93 times, Total Assets Turnover was decreased from 1.36 times to 1.11 times, show the company could use Fixed Assets so efficiently, and Return on Assets was increased from -0.16 to 1.21, Return on Equity was increased from -0.73 to 6.84, capacity to use Assets to make profit was good.
Day’s Payable
was increased from
63 days to
84 days, Day’s
Inventories was increased
from 111 days
to 157 days,
and Day’s Receivables
was increased from
97 days to
104 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 |
|