MIRA
INFORM REPORT
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Report Date : |
18.09.2007 |
IDENTIFICATION DETAILS
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Name : |
K. S. JEWELRY INTERNATIONAL CO., LTD. |
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Registered Office : |
149/36-37
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1999 |
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Com. Reg. No.: |
0105542028143 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing, designing
and servicing wide
range of fashionable
and high precision
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
K. S. JEWELRY INTERNATIONAL CO., LTD.
SUMMARY
BUSINESS ADDRESS : 149/36-37
SURIYAWONGSE, BANGRAK,
TELEPHONE : [66] 2634-4150-5
FAX : [66] 2238-2765
E-MAIL ADDRESS : manachai@ksjewelry.com
chadaporn@ksjewelrycom
sales@ksjewelrycom
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1999
REGISTRATION NO. : 0105542028143 [Former: 438/2542]
CAPITAL
REGISTERED : BHT.
10,000,000
CAPITAL
PAID-UP : BHT.
10,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KLAUS PETER
STENZHORN, GERMAN
MANAGING DIRECTOR
NO. OF
STAFF : 200
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 April 21,
1999 as a
private limited company
under the originally
registered name “K.
S. Jewelry Factory
Co., Ltd.,” by Thai
and German groups.
On July 21,
1999 subject was
changed its name
to be K. S.
JEWELRY INTERNATIONAL CO.,
LTD. The business
objective is to
manufacture jewelry products
for exports. It currently employs
200 staff.
The
subject’s registered address
is 149/36-37 Surawong
Rd., Suriyawongse, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
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Ms. Chadaporn Piyasiranont |
|
Thai |
44 |
|
Mr. Michael Andrew Oliver |
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Australian |
47 |
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Mr. Klaus Peter Stenzhorn |
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German |
51 |
AUTHORIZED PERSON
One of the above
directors can sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Klaus Peter
Stenzhorn is the
Managing Director.
He is German
nationality with the
age of 51
years old.
Ms. Chadaporn Piyasiranont is
the General Manager.
She is Thai
nationality with the
age of 44
years old.
Mr. Michael Andrew
Oliver is the
Export Manager.
He is Australian
nationality with the
age of 47 years
old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, designing
and servicing wide
range of fashionable
and high precision
jewelry products including gold
jewelry, platinum jewelry
with diamonds and precious
stones, fine jewelry
in 14k, 18k
gold and etc.
MAJOR BRAND
“AMANDA”
PURCHASE
Most of raw
materials such as diamonds,
precious stones, and
accessories are imported
from India, Germany,
Malaysia, South Africa,
Hong Kong and
Australia, and the
remaining is purchased
locally.
EXPORT
100 % of the products
is exported to
Hong Kong, United Kingdom, India,
Germany, Australia, Japan,
Singapore, Italy, Switzerland
and United States of America.
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.
[Head Office :
EMPLOYMENT
The
subject employs 200
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
Subject has strong
customer bases in European
market. Its sales
has grown steadily
despite slow consumption
in world market.
Sales
is likely to grow
at slowly pace
this year.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
5,000,000 divided into
100 shares of Bht. 50,000
each.
On
February 28, 2000,
the capital was
increased to Bht. 10,000,000 divided
into 200 shares
of Bht. 50,000
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30,
2007]
|
NAME |
HOLDING |
% |
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Mr. Klaus Peter
Stenzhorn Nationality: German Address : 19/1
Soi Yen-arkart 1,
Thungmahamek, Yannawa, |
96 |
48.00 |
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Ms.
Chadaporn Piyasiranont Nationality: Thai Address : Sathorn, |
94 |
47.00 |
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Mr.
Sachanai Puakiatsakul Nationality: Thai Address :
Phyathai, |
2 |
1.00 |
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Mr.
Amorndej Sirinuch Nationality: Thai Address :
Phyathai, |
2 |
1.00 |
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Mr.
Trairong Kitikosol Nationality: Thai Address :
Phyathai, |
2 |
1.00 |
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Mr. Paruhas Glad-am Nationality: Thai Address :
Phyathai, |
2 |
1.00 |
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Mr. Michael Andrew
Oliver Nationality: Australian Address : 60/115
Moo 6, Rajathewa,
Bangplee, Samutprakarn |
2 |
1.00 |
Total Shareholders
7
NAME OF
AUDITOR & CERTIFIED
PUBLIC
ACCOUNTANT NO.
Mrs. Varaporn Chaintavaralak No. 3252
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
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Cash in hand
& at Bank |
4,883,653.65 |
5,297,679.44 |
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Trade Accts. Receivable |
101,349,324.57 |
141,290,336.70 |
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Inventories |
125,019,908.88 |
99,714,339.97 |
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Other Current Assets
|
|
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Deferred Value
Added Tax |
2,595,167.66 |
2,619,910.15 |
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Prepayment Expenses |
1,518,098.63 |
249,331.13 |
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Deferred Interest |
138,954.28 |
63,144.14 |
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Advanced Paid |
89,346.65 |
876,312.00 |
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Total Current
Assets |
235,594,454.32 |
250,111,053.60 |
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Long Term Loan
to Related Company |
2,459,469.43 |
3,735,448.49 |
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Fixed Assets |
14,450,171.67 |
12,278,846.80 |
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Intangible at Assets |
1,640,664.08 |
1,264,503.17 |
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Other Assets |
3,403,574.00 |
1,540,478.42 |
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Total Assets
|
257,548,333.50 |
268,930,330.48 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
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Trade Accts. Payable |
110,942,932.85 |
119,055,254.83 |
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Current Portion of Hire-purchase Contract Liabilities |
1,326,476.05 |
605,049.00 |
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Other Current Liabilities |
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Accrued Expenses |
46,300,796.87 |
64,438,069.72 |
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Accrued Income
Tax |
3,054,309.35 |
5,900,364.73 |
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Accrued Interest |
1,444,727.46 |
919,276.57 |
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Deposit |
2,472,742.09 |
3,290,762.40 |
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Others |
315,802.53 |
339,806.41 |
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Total Current
Liabilities |
165,857,787.20 |
194,548,583.66 |
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Long Term Loan
from Directors |
2,883,434.65 |
2,370,466.05 |
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Hire-purchase Contract Liabilities
Net of
Current Portion |
2,754,118.81 |
883,584.11 |
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Other Long Term
Loan |
12,101,087.20 |
8,646,666.00 |
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Guarantee Employees |
1,251,549.00 |
1,158,652.00 |
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Total Liabilities |
184,847,976.86 |
207,607,951.82 |
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Shareholders'
Equity |
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Share capital : Baht 50,000
par value authorized, issued
and fully paid share
capital 200 shares |
10,000,000.00 |
10,000,000.00 |
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Capital Paid |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning -
Unappropriated |
62,700,356.64 |
51,322,378.66 |
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Total
Shareholders' Equity |
72,700,356.64 |
61,322,378.66 |
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Total
Liabilities & Shareholders' Equity |
257,548,333.50 |
268,930,330.48 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
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Sales Income |
391,055,493.28 |
340,221,216.06 |
|
Services Income |
650,826.22 |
538,382.97 |
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Other Income |
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Interest Income |
138,954.28 |
63,144.14 |
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Gain on
Sales of Assets |
200,427.31 |
36,594.81 |
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Gain on
Exchange Rate |
- |
9,644,165.33 |
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Others |
1,461,569.73 |
107,548.09 |
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Total Revenues
|
393,507,270.82 |
350,611,051.40 |
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Expenses |
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Cost of Goods
Sold & Services |
306,314,485.32 |
262,184,065.50 |
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Selling & Administrative Expenses |
59,361,359.12 |
65,931,379.86 |
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Loss from Exchange
Rate |
8,937,751.18 |
- |
|
Total Expenses |
374,613,595.62 |
328,115,445.36 |
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Profit / [Loss] Before Interest
Expenses & Income Tax |
18,893,675.20 |
22,495,606.04 |
|
Interest Expenses |
[799,493.55] |
[603,499.03] |
|
Income Tax |
[6,716,203.67] |
[7,307,432.01] |
|
Net Profit / [Loss] |
11,377,977.98 |
14,584,675.00 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
14.95 |
|
|
Operating Profit |
7.63 |
|
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Net Profit |
[21.99] |
|
|
Fixed Assets |
17.68 |
|
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Total Assets |
[4.23] |
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Profitability |
|
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Cost of Good
Sold |
78.20 |
76.94 |
|
Operating Profit Margin |
7.11 |
6.60 |
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S & A
Expenses |
15.15 |
19.35 |
|
Interest Paid |
0.20 |
0.18 |
|
Other Revenues |
0.46 |
2.89 |
|
Net Profit Margin |
2.90 |
4.28 |
|
Earning Per Shares |
56,889.89 |
72,923.38 |
|
No. of Shares |
200 |
200 |
Net Sales was increased by 14.95%, Operating Profit was increased by 7.63%, Net Profit was decreased by 21.99%, Fixed Assets was increased by 17.68%, Total Assets was decreased by 4.23%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 76.94%
to 78.20%, Operating
Profit Margin was
increased from 6.60%
to 7.11%, S
& A Expenses
was decreased from
19.35% to 15.15%,
Interest Paid was increased
from 0.18% to
0.20%, Other Revenues
was decreased from
2.89% to 0.46%,
Net Profit Margin
was decreased from
4.28% to 2.90%.
Earning Per Shares
was decreased from
72,923.38 baht per
share to 56,889.89
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.42 |
1.29 |
|
Quick-Assets Ratio |
0.64 |
0.75 |
Current Ratio was
increased from 1.29
to 1.42, show
Current Assets can
cover Current Liabilities,
Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was decreased from
0.75 to 0.64,
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 |
2.54 |
3.39 |
|
Times Interest Earned |
34.81 |
37.28 |
D/E Ratio was
decreased from 3.39
to 2.54, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium,
Times Interest Earned
was decreased from
37.28 to 34.81,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
27.11 |
27.75 |
|
Total Assets Turnover |
1.52 |
1.27 |
|
Return on Assets |
4.42 |
5.42 |
|
Return on Equity |
15.65 |
23.78 |
|
Day's Payable |
101.96 |
125.78 |
|
Day’s Inventories |
114.90 |
105.34 |
|
Day’s Receivables |
93.15 |
149.27 |
Fixed Assets Turnover
was decreased from
27.75 times to
27.11 times, Total
Assets Turnover was
increased from 1.27
times to 1.52
times, show the
company could use
Assets so efficiently,
Return on Assets
was decreased from
5.42 to 4.42,
Return on Equity
was decreased from
23.78 to 15.65,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 126
days to 102
days, while Day’s
Inventories was increased
from 106 days
to 115 days,
but Day’s Receivables
was decreased from
150 days to
94 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 |
|
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 |
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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%)