MIRA
INFORM REPORT
|
Report Date : |
19.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FELICIA
[THAILAND] LTD. |
|
|
|
|
Registered Office : |
7, 8, 9th
Floor, S & B Tower,
68-68/6 Pan Road,T. Silom, A. Bangrak,
Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
30.04.2007 |
|
|
|
|
Date of Incorporation : |
19.10.1995 |
|
|
|
|
Com. Reg. No.: |
0105548125563 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Importer and
Trader of Jewelry Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name of the company
FELICIA
[THAILAND] LTD.
SUMMARY
BUSINESS
ADDRESS : 7, 8, 9th FLOOR,
S & B TOWER, 68-68/6
PAN ROAD,
T.
SILOM, A. BANGRAK, BANGKOK
10500
TELEPHONE : [66] 2637-6998
FAX : [66] 2637-6991
E-MAIL
ADDRESS : sales@felicia.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1995
REGISTRATION NO. : 0105548125563
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT. 4,000,000
FISCAL YEAR CLOSING DATE : APRIL 30
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MS. VEBEKE LYSSAND LEIRVAG, NORWEGIAN
MANAGING DIRECTOR
NO.
OF STAFF : 50
LINES
OF BUSINESS : JEWELRY PRODUCTS
MANUFACTURER, IMPORTER
AND TRADER
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 19,
1995 as a
private limited company under the name style
FELICIA [THAILAND] LTD., by
Norwegian groups, with
the business objective
to provide manufacturing service of jewelry
products to both
domestic and international markets. It currently
employs approximately 50
staff.
The
subject’s registered address
is 68-68/6 Pan
Rd., Silom, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Ms. Vebeke Lyssand Leirvag |
|
Norwegian |
40 |
|
Mr. Knut Hanzen |
|
Norwegian |
65 |
|
Mr. Bjorn Granerod |
|
Norwegian |
68 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Vebeke Lyssand
Leirvag is the Managing Director.
She is Norwegian
nationality with the
age of 40 years old.
Mr. Knut Hanzen
is the Marketing & Sales
Manager.
He is Norwegian
nationality with the
age of 65 years old.
BUSINESS OPERATIONS
The subject is
engaged in designing,
distributing and exporting
wide range of
silver and gold jewelry products, as
well as importing
and supplying of
diamonds and gemstones
to jewelry traders
and manufacturers. The
jewelry products are supplied by local jewelry
manufacture contractor.
PURCHASE
Diamonds and gemstones
are purchased from
suppliers both domestic
and overseas, mainly
in India, Hong
Kong and Pakistan.
SALES
The products are
sold by wholesale
to customers both
local and overseas, mainly
in U.S.A., and
European countries.
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
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
T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 50 staff.
LOCATION DETAILS
The
premise is rented
for administrative office,
factory and warehouse
at the heading address. Premise
is located in
commercial/residential area.
REMARK
CREDIT
OF US$ 10,000,000 AGAINST
D/A TERMS SHOULD
BE ON SECURED BASIS.
COMMENT
The
subject’s business was
moderate growth. Sales
of jewelry in
international markets remains
strong. However, consumption
of diamond and
gemstone in local
market is likely slow from decline
purchasing power and
economic uncertainty.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht. 100 each.
On
September 1, 2006,
the capital was increased
to Bht. 4,000,000 divided
into 40,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as
at November 27,
2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Vebeke Lyssand
Leirvag Nationality: Norwegian Address : 27/2
Sukhumvit 101 Rd.,
Bangchak,
Prakanong, Bangkok |
39,992 |
99.98 |
|
Mrs. Pranee Siriphoka Nationality: Thai Address : 155/2
Moo 13, Nongprue,
Banglamung, Chonburi |
2 |
|
|
Mr. Aroon Sawaschua Nationality: Thai Address : 213/1
Moo 4, Krungyan,
Thungyai,
Nakornsrithammarat |
2 |
|
|
Ms.
Sasithorn Poonsombat Nationality: Thai Address : 22
Dindaeng, Bangkok |
1 |
= 0.02 |
|
Ms.
Vichitra Piewchan Nationality: Thai Address : 36
Moo 8, Nongkong,
Talsum,
Ubonratchathani |
1 |
|
|
Mrs.
Khempetch Namjaidee Nationality: Thai Address : 22
Dindaeng, Bangkok |
1 |
|
|
Mr.
Krichanond Poonsombat Nationality: Thai Address : 22
Dindaeng, Bangkok |
1 |
|
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Wuthipong Panthukampol No. 3775
BALANCE SHEET [BAHT]
The
latest financial figures
published for April
30, 2007 &
2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
|
|
Cash in hand
& at Bank
|
8,085,328 |
771,878 |
|
Trade Accts. Receivable [note 1] |
9,971,617 |
12,770,143 |
|
Revenue Department Receivable |
1,182,465 |
1,089,809 |
|
Inventories [note 2] |
8,066,262 |
7,854,698 |
|
Other Current Assets
|
330,124 |
808,474 |
|
Total Current
Assets |
27,635,796 |
23,295,002 |
|
|
|
|
|
Fixed Assets |
8,361,642 |
6,952,232 |
|
Other Assets |
709,800 |
467,100 |
|
Total Assets |
36,707,238 |
30,714,334 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2007 |
2006 |
|
|
|
|
|
Trade Accts. Payable |
2,755,974 |
3,199,900 |
|
Pre-receipt Goods |
33,180 |
545,588 |
|
Accrued Income Tax |
3,098,823 |
847,346 |
|
Other Current Liabilities |
3,655,729 |
8,816,090 |
|
Total Current
Liabilities |
9,543,706 |
13,408,924 |
|
Total Liabilities |
9,543,706 |
13,408,924 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 50,000 &
20,000 shares in 2007 & 2006 |
4,000,000 |
2,000,000 |
|
Capital Paid |
4,000,000 |
2,000,000 |
|
Statutory Reserve |
200,000 |
200,000 |
|
Retained Earning -
Unappropriated |
22,963,532 |
15,105,410 |
|
Total
Shareholders' Equity |
27,163,532 |
17,305,410 |
|
Total
Liabilities & Shareholders' Equity |
36,707,238 |
30,714,334 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
|
|
|
|
|
Sales |
128,224,104 |
109,797,321 |
|
Other Income |
500,722 |
59,105 |
|
Total Revenues
|
128,724,826 |
109,856,426 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
89,803,601 |
78,817,653 |
|
Selling & Administrative Expenses |
21,717,689 |
20,020,662 |
|
Total Expenses |
111,521,290 |
98,838,315 |
|
Profit / [Loss] Before Income
Tax |
17,203,536 |
11,018,111 |
|
Income Tax |
[5,345,414] |
[3,335,090] |
|
Net Profit / [Loss] |
11,858,122 |
7,683,021 |
FINANCIAL NOTE
NOTE 1
Trade Accts. Receivable
|
|
2007 |
2006 |
|
|
|
|
|
Trade Accts. Receivable |
10,613,945 |
12,770,143 |
|
Less: Allowance for
Doubtful Account |
[642,328] |
- |
|
Total
|
9,971,617 |
12,770,143 |
NOTE 2
Inventories
|
|
2007 |
2006 |
|
|
|
|
|
Raw Material |
7,627,605 |
7,589,491 |
|
Finished Goods |
438,657 |
265,207 |
|
Total
|
8,066,262 |
7,854,698 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
16.78 |
|
|
Operating Profit |
33.70 |
|
|
Net Profit |
54.34 |
|
|
Fixed Assets |
20.27 |
|
|
Total Assets |
19.51 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
70.04 |
71.78 |
|
Operating Profit Margin |
13.42 |
10.03 |
|
S & A
Expenses |
16.94 |
18.23 |
|
Other Revenues |
0.39 |
0.05 |
|
Net Profit Margin |
9.25 |
7.00 |
|
Earning Per Shares |
296.45 |
384.15 |
|
No. of Shares |
40,000 |
20,000 |
Net Sales was
increased by 16.78%,
Operating Profit was
increased by 33.70%,
Net Profit was
increased by 54.34%,
Fixed Assets was
increased by 20.27%,
Total Assets was
increased by 19.51%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 71.78%
to 70.04%, Operating
Profit Margin was
increased from 10.03%
to 13.42%, S
& A Expenses
was decreased from
18.23% to 16.94%,
Other Revenues was
increased from 0.05%
to 0.39%, Net
Profit Margin was
increased from 7.00%
to 9.25%.
Earning Per Shares
was decreased from
384.15 baht per
share to 296.45
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
2.90 |
1.74 |
|
Quick-Assets Ratio |
2.02 |
1.09 |
Current Ratio was
increased from 1.74
to 2.90, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.09 to 2.02,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
0.35 |
0.77 |
D/E Ratio was
decreased from 0.77
to 0.35, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
15.33 |
15.79 |
|
Total Assets Turnover |
3.49 |
3.57 |
|
Return on Assets |
32.30 |
25.01 |
|
Return on Equity |
43.65 |
44.40 |
|
Day's Payable |
7.74 |
10.49 |
|
Day’s Inventories |
22.65 |
25.75 |
|
Day’s Receivables |
28.00 |
41.87 |
Fixed Assets Turnover
was decreased from
15.79 times to
15.33 times, Total
Assets Turnover was
decreased from 3.57
times to 3.49
times, show the
company could not
use Assets so
efficiently, Return on
Assets was increased
from 25.01 to
32.30, Return on
Equity was decreased
from 44.40 to
43.65, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 11
days to 8 days, Day’s
Inventories was decreased
from 26 days
to 23 days, and Day’s
Receivables was decreased
from 42 days
to 28 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%)